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The COVID-19 pandemic has disrupted and is expected to continue to disrupt our business, and could continue to materially and adversely affect our business, revenues, financial condition and results of operations for an extended period of time.
−Removed: COVID-19 was first detected in Wuhan, China in late 2019, and in March 2020, the World Health Organization declared COVID-19 a global pandemic.
+Added: In March 2020, the World Health Organization declared COVID-19 a global pandemic.
Governmental authorities around the world have since implemented measures to reduce the spread of COVID-19, and COVID-19 and related preventative and protective measures have impacted, and are expected to continue to impact, our business globally, including through restaurant closures, reductions in operating hours, capacity restrictions and decreased restaurant traffic.
In the United States and in foreign countries in which we operate, individuals are encouraged to practice social distancing, and numerous jurisdictions have imposed on a temporary or on-going basis, and others in the future may impose or reinstate, restrictions from gathering in groups, restriction from non-essential movements outside of ones’ home, shelter-in-place orders, quarantines, executive orders and similar governmental orders and restrictions for residents to control the spread of COVID-19.
−Removed: While certain of these restrictions have been lifted or reduced in the past few months, the recent resurgence of cases has caused governments to slow or roll back their re-opening plans, and this trend may continue.
−Removed: These preventative and protective measures, which vary significantly across the jurisdictions where our restaurants are located.
−Removed: create a rapidly changing and complicated system for ensuring compliance and predicting our revenues and cost structure.
+Added: While certain of these restrictions have been lifted or reduced in the past few months, a resurgence of cases may cause governments to slow or roll back re-opening plans.
+Added: These preventative and protective measures, which vary significantly across the jurisdictions where our restaurants are located, create a rapidly changing and complicated system for ensuring compliance and predicting our revenues and cost structure.
In response to the COVID-19 pandemic and these changing conditions, we have modified work hours for our team members, identified and implemented cost savings measures throughout our operations, shifted the majority of our corporate employees to remote working and temporarily limited our services in the U.S.
to carry-out and delivery only beginning in March 2020.
−Removed: In early May 2020, we began to reopen our restaurant dining rooms with limited seating capacity in compliance with state and local regulations and, as of June 28, 2020, we had reopened substantially all of our restaurant dining rooms with limited seating capacity.
+Added: In early May 2020, we began to reopen our restaurant dining rooms with limited seating capacity in compliance with state and local regulations.
+Added: As of September 27, 2020, our restaurant dining rooms have reopened but many are still subject to seating capacity restrictions.
The temporary closure of our dining rooms and the limitations on seating capacity in our reopened dining rooms has resulted in significantly reduced traffic in our restaurants.
In the normal course of business, the majority of our sales are generated through on-premises dining in our restaurants, and the COVID-19 pandemic has affected and will continue to adversely affect our guest traffic, sales and operating costs.
−Removed: Even with substantially all of our restaurant dining rooms open for on-premises dining, however there can be no assurances that on-premises sales will return to prior levels given capacity restrictions, continued uncertainties surrounding the economic and public health impact of the COVID-19 pandemic, or that any of the restaurants we have reopened, or any additional restaurants we may reopen in the future, will not be subject to additional closures or limitations on our capacity or the services we may provide.
−Removed: We are unable to accurately predict with certainty the ultimate impact that COVID-19 will have on our operations going forward due to uncertainties including the currently unknowable duration of the COVID-19 pandemic and impact of further
+Added: Even with our restaurant dining rooms open for on-premises dining there can be no assurances that on-premises sales will return to prior levels given capacity restrictions, continued uncertainties surrounding the economic and public health impact of the COVID-19 pandemic, or that any of the restaurants we have reopened will not be subject to additional closures or limitations on our capacity or the services we may provide.
+Added: We are unable to accurately predict with certainty the ultimate impact that COVID-19 will have on our operations going forward due to uncertainties including the currently unknowable duration of the COVID-19 pandemic and impact of further governmental regulations that might be imposed or reinstated in response to the pandemic.
+Added: The longer our restaurants remain under restrictions for on-premises dining, however, the greater impact we expect it will have on
BLOOMIN’ BRANDS, INC.
−Removed: governmental regulations that might be imposed or reinstated in response to the pandemic.
−Removed: The longer our restaurants remain closed to the public or under restrictions for on-premises dining, however, the greater impact we expect it will have on our financial results.
+Added: our financial results.
In addition, if we revert to solely or primarily off-premises sales, there can be no assurance that our off-premises sales will grow or remain at levels experienced while our dining rooms were previously closed.
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These changes may materially adversely affect our ability to grow our business, particularly if these pauses are in place for a significant amount of time or further closures are appropriate.
−Removed: In order to increase our cash position and preserve financial flexibility, we have made significant draws under our revolving credit facility and issued $230.0 million of convertible senior notes.
+Added: In order to increase our cash position and preserve financial flexibility, we issued $230.0 million of convertible senior notes.
Our resulting aggregate debt levels have significantly increased from levels prior to COVID-19.
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If the business interruptions caused by COVID-19 last longer than we expect or our assumptions regarding liquidity needs prove inaccurate, we may need to seek other sources of liquidity.
−Removed: The COVID-19 pandemic is adversely affecting the availability of liquidity generally in the credit markets, and there can be no guarantee that additional liquidity will be readily available or available on favorable terms, especially the longer the COVID-19 pandemic lasts.
+Added: At times, the COVID-19 pandemic adversely affected the availability of liquidity generally in the credit markets, and there can be no guarantee that additional liquidity will be readily available or available on favorable terms, especially the longer the COVID-19 pandemic lasts.
In an effort to preserve liquidity, we have and may continue to take certain actions with respect to some or all of our leases, including negotiating with landlords to obtain rent abatement or deferrals, terminating certain leases or discontinuing payment.
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We also primarily use one supplier in the U.S.
−Removed: and Brazil, respectively, to process beef raw materials
−Removed: BLOOMIN’ BRANDS, INC.
−Removed: to our specifications and we use one distribution company to provide distribution services in the U.S and Brazil, respectively.
+Added: and Brazil, respectively, to process beef raw materials to our specifications and we use one distribution company to provide distribution services in the U.S and Brazil, respectively.
Consequently, our operations could be adversely affected if any of these suppliers or distributors were unable to fulfill their responsibilities and we were unable to locate substitutes in a timely manner.
−Removed: Although we have not experienced material adverse impacts to date, additional or prolonged closures of meat processing facilities that have occurred due to the effects of COVID-19 could adversely impact our supply chain and the products that we offer.
+Added: Although we have not experienced material adverse impacts to date, additional or prolonged closures of meat processing facilities that
+Added: BLOOMIN’ BRANDS, INC.
+Added: have occurred due to the effects of COVID-19 could adversely impact our supply chain and the products that we offer.
In addition to decisions we have made and may make in the future relating to the compensation and benefits of our employees, additional government regulations or legislation as a result of COVID-19 could also have an adverse effect on our business.
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In order to support our off-premises business and ensure we would be prepared to re-open our restaurants to on-premises dining when permitted, we retained our restaurant management across all of our brands.
−Removed: We have taken and continue to evaluate compensation and benefit actions to support our restaurant team members during the COVID-19 business interruption, including relief pay to hourly employees and continued payments to employees who have been quarantined or who had a personal illness related to COVID-19.
+Added: We have taken compensation and benefit actions to support our restaurant team members during the COVID-19 business interruption, including relief pay to hourly employees and continued payments to employees who have been quarantined or who had a personal illness related to COVID-19.
Those actions may be insufficient to compensate our team members for the entire duration of any business interruption resulting from COVID-19, and our team members might seek and find other employment during that interruption, which could adversely affect our ability to properly staff and reopen our restaurants with experienced team members when the business interruptions caused by COVID-19 abate or end.
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To the extent the COVID-19 pandemic adversely affects our business and financial results, it may also have the effect of heightening many of the other risks described in “Risk Factors” under Item 1A and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” under Item 7 of our Annual Report on Form 10-K that we filed with the SEC on February 26, 2020, including without limitation risks relating to competition in the restaurant industry, consumer preferences and perceptions, our level of indebtedness, availability of adequate capital, our ability to execute business plans related to remodeling, relocation and expansions, our lease obligations, our franchisees, disruptions to our supply chain and third-party delivery service providers, foreign currency exchange rates, regulatory restrictions and compliance, government proceedings or litigation arising out of claims from our customers, employees, business partners and stockholders, vulnerability of our data systems and volatility in the price of our common stock.
−Removed: BLOOMIN’ BRANDS, INC.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.