What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-08-07 compared with 2024-05-08 · 241 added, 148 removed, 485 unchanged (45% of the section changed)

2 unchanged sentences

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

MARCH 31, 2024 DECEMBER 31, 2023

JUNE 30, 2024 DECEMBER 31, 2023

Current assets

26 unchanged sentences

Preferred stock, $ 0.01 par value, 25,000,000 shares authorized;

no shares issued and outstanding as of March 31, 2024 and December 31, 2023

no shares issued and outstanding as of June 30, 2024 and December 31, 2023

Common stock, $ 0.01 par value, 475,000,000 shares authorized;

87,811,312 and 86,968,536 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively

85,776,033 and 86,968,536 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

Additional paid-in capital 1,309,482 1,115,387

7 unchanged sentences

BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)

THIRTEEN WEEKS ENDED

MARCH 31, 2024 MARCH 26, 2023

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

JUNE 30, 2024 JUNE 25, 2023 JUNE 30, 2024 JUNE 25, 2023

Restaurant sales $ 1,103,565 $ 1,137,330 $ 2,283,052 $ 2,365,564

12 unchanged sentences

Interest expense, net ( 14,802 ) ( 12,961 ) ( 28,418 ) ( 25,405 )

(Loss) income before provision for income taxes ( 72,320 ) 108,189

Income (loss) before provision for income taxes 31,329 76,485 ( 40,991 ) 184,674

Provision for income taxes 1,698 6,483 11,668 21,244

Net (loss) income ( 82,290 ) 93,428

Net income (loss) 29,631 70,002 ( 52,659 ) 163,430

net income attributable to noncontrolling interests 1,228 1,725 2,810 3,842

Net (loss) income attributable to Bloomin’ Brands

Net income (loss) attributable to Bloomin’ Brands

$ 28,403 $ 68,277 $ ( 55,469 ) $ 159,588

Net (loss) income $ ( 82,290 ) $ 93,428

Other comprehensive (loss) income:

Net income (loss) $ 29,631 $ 70,002 $ ( 52,659 ) $ 163,430

Other comprehensive income (loss):

Foreign currency translation adjustment ( 9,858 ) 4,502 ( 11,789 ) 3,368

Net gain on derivatives, net of tax 330 — 1,487 —

Comprehensive (loss) income ( 83,064 ) 92,294

Comprehensive income (loss) 20,103 74,504 ( 62,961 ) 166,798

comprehensive income attributable to noncontrolling interests 1,228 1,725 2,810 3,842

Comprehensive (loss) income attributable to Bloomin’ Brands $ ( 84,646 ) $ 90,177

(Loss) earnings per share:

Comprehensive income (loss) attributable to Bloomin’ Brands $ 18,875 $ 72,779 $ ( 65,771 ) $ 162,956

Earnings (loss) per share:

Basic $ 0.33 $ 0.77 $ ( 0.64 ) $ 1.80

12 unchanged sentences

SHARES AMOUNT

March 31, 2024 87,811 $ 878 $ 1,290,765 $ ( 809,880 ) $ ( 179,078 ) $ 2,750 $ 305,435

Net income — — — 28,403 — 1,228 29,631

Other comprehensive loss, net of tax — — — — ( 9,528 ) — ( 9,528 )

Cash dividends declared, $ 0.24 per common share

— — ( 20,762 ) — — — ( 20,762 )

Repurchase and retirement of common stock, including excise tax of $ 151

( 2,156 ) ( 21 ) 38,319 ( 53,449 ) — — ( 15,151 )

Stock-based compensation — — 483 — — — 483

Common stock issued under stock plans (1) 121 1 677 — — — 678

Distributions to noncontrolling interests — — — — — ( 1,431 ) ( 1,431 )

Contributions from noncontrolling interests — — — — — 338 338

June 30, 2024 85,776 $ 858 $ 1,309,482 $ ( 834,926 ) $ ( 188,606 ) $ 2,885 $ 289,693

December 31, 2023 86,969 $ 870 $ 1,115,387 $ ( 528,831 ) $ ( 178,304 ) $ 2,881 $ 412,003

3 unchanged sentences

— — ( 41,837 ) — — — ( 41,837 )

Repurchase and retirement of common stock ( 6,948 ) ( 69 ) ( 44,000 ) ( 188,834 ) — — ( 232,903 )

Repurchase and retirement of common stock, including excise tax of $ 151

( 9,104 ) ( 90 ) ( 5,681 ) ( 242,283 ) — — ( 248,054 )

Stock-based compensation — — 2,931 — — — 2,931

5 unchanged sentences

Retirement of warrants — — ( 102,213 ) — — — ( 102,213 )

March 31, 2024 87,811 $ 878 $ 1,290,765 $ ( 809,880 ) $ ( 179,078 ) $ 2,750 $ 305,435

June 30, 2024 85,776 $ 858 $ 1,309,482 $ ( 834,926 ) $ ( 188,606 ) $ 2,885 $ 289,693

(CONTINUED...)

BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)

BLOOMIN’ BRANDS, INC.

COMMON STOCK ADDITIONAL PAID-IN CAPITAL ACCUM-

2 unchanged sentences

SHARES AMOUNT

March 26, 2023 87,465 $ 875 $ 1,141,017 $ ( 635,451 ) $ ( 186,445 ) $ 2,845 $ 322,841

Net income — — — 68,277 — 1,725 70,002

Other comprehensive income — — — — 4,502 — 4,502

Cash dividends declared, $ 0.24 per common share

— — ( 20,990 ) — — — ( 20,990 )

Repurchase and retirement of common stock, including excise tax of $ 31

( 619 ) ( 6 ) — ( 15,564 ) — — ( 15,570 )

Stock-based compensation — — 5,138 — — — 5,138

Common stock issued under stock plans (1) 493 4 7,567 — — — 7,571

Distributions to noncontrolling interests — — — — — ( 2,085 ) ( 2,085 )

Contributions from noncontrolling interests — — — — — 459 459

June 25, 2023 87,339 $ 873 $ 1,132,732 $ ( 582,738 ) $ ( 181,943 ) $ 2,944 $ 371,868

December 25, 2022 87,696 $ 877 $ 1,161,912 $ ( 706,109 ) $ ( 185,311 ) $ 2,540 $ 273,909

Net income — — — 159,588 — 3,842 163,430

Other comprehensive loss — — — — ( 1,134 ) — ( 1,134 )

Other comprehensive income — — — — 3,368 — 3,368

Cash dividends declared, $ 0.48 per common share

6 unchanged sentences

Contributions from noncontrolling interests — — — — — 1,202 1,202

March 26, 2023 87,465 $ 875 $ 1,141,017 $ ( 635,451 ) $ ( 186,445 ) $ 2,845 $ 322,841

June 25, 2023 87,339 $ 873 $ 1,132,732 $ ( 582,738 ) $ ( 181,943 ) $ 2,944 $ 371,868

________________

4 unchanged sentences

(DOLLARS IN THOUSANDS, UNAUDITED)

THIRTEEN WEEKS ENDED

MARCH 31, 2024 MARCH 26, 2023

TWENTY-SIX WEEKS ENDED

JUNE 30, 2024 JUNE 25, 2023

Cash flows provided by operating activities:

7 unchanged sentences

Stock-based compensation expense 2,931 8,042

Deferred income tax expense 797 1,682

Deferred income tax benefit ( 6,293 ) ( 1,164 )

Loss on extinguishment of debt 135,797 —

13 unchanged sentences

Payments for retirement of warrants ( 102,213 ) —

Payment of taxes from share-based compensation, net ( 2,397 ) ( 2,778 )

(Payment of taxes) proceeds from share-based compensation, net ( 1,719 ) 4,793

Distributions to noncontrolling interests ( 3,474 ) ( 4,640 )

51 unchanged sentences

The disclosure requirements are first effective for the Company beginning with the 2026 Form 10-K.

In April 2024, the SEC voluntarily stayed the final rule due to pending legal challenges.

The Company is currently evaluating the impact this rule will have on its disclosures.

4 unchanged sentences

Revenue Recognition

The following table includes the disaggregation of Restaurant sales and franchise revenues by restaurant concept and major international market for the periods indicated:

The following tables include the disaggregation of Restaurant sales and franchise revenues by restaurant concept and major international market for the periods indicated:

THIRTEEN WEEKS ENDED

MARCH 31, 2024 MARCH 26, 2023

JUNE 30, 2024 JUNE 25, 2023

(dollars in thousands) RESTAURANT SALES FRANCHISE REVENUES RESTAURANT SALES FRANCHISE REVENUES

10 unchanged sentences

Total $ 1,103,565 $ 12,116 $ 1,137,330 $ 12,568

TWENTY-SIX WEEKS ENDED

JUNE 30, 2024 JUNE 25, 2023

(dollars in thousands) RESTAURANT SALES FRANCHISE REVENUES RESTAURANT SALES FRANCHISE REVENUES

Outback Steakhouse $ 1,166,517 $ 16,396 $ 1,205,172 $ 16,763

Carrabba’s Italian Grill 359,005 1,488 364,708 1,553

Bonefish Grill 278,782 288 301,147 266

Fleming’s Prime Steakhouse & Wine Bar 184,552 — 195,624 —

Other 4,128 56 7,356 25

total 1,992,984 18,228 2,074,007 18,607

International

Outback Steakhouse - Brazil (1) 243,194 — 241,311 —

Other (1)(2) 46,874 6,698 50,246 7,484

International total 290,068 6,698 291,557 7,484

Total $ 2,283,052 $ 24,926 $ 2,365,564 $ 26,091

________________

(1) Includes $ 9.6 million of Restaurant sales during the thirteen weeks ended March 26, 2023 in connection with value added tax exemptions resulting from Brazil tax legislation.

(1) Includes $ 9.6 million and $ 19.2 million of Restaurant sales during the thirteen and twenty-six weeks ended June 25, 2023, respectively, in connection with value added tax exemptions resulting from Brazil tax legislation.

See Note 15 - Income Taxes for details regarding the Brazil tax legislation.

1 unchanged sentence

Franchise revenues primarily include revenues from franchised Outback Steakhouse restaurants.

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:

(dollars in thousands) MARCH 31, 2024 DECEMBER 31, 2023

(dollars in thousands) JUNE 30, 2024 DECEMBER 31, 2023

Other current assets, net

8 unchanged sentences

Deferred franchise fees - non-current $ 3,896 $ 4,036

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

The following table is a rollforward of deferred gift card sales commissions for the periods indicated:

THIRTEEN WEEKS ENDED

(dollars in thousands) MARCH 31, 2024 MARCH 26, 2023

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 30, 2024 JUNE 25, 2023 JUNE 30, 2024 JUNE 25, 2023

Balance, beginning of the period $ 13,520 $ 13,403 $ 18,081 $ 17,755

4 unchanged sentences

The following table is a rollforward of unearned gift card revenue for the periods indicated:

THIRTEEN WEEKS ENDED

(dollars in thousands) MARCH 31, 2024 MARCH 26, 2023

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 30, 2024 JUNE 25, 2023 JUNE 30, 2024 JUNE 25, 2023

Balance, beginning of the period $ 312,283 $ 314,096 $ 374,274 $ 386,495

3 unchanged sentences

Balance, end of the period $ 300,590 $ 304,942 $ 300,590 $ 304,942

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

Impairments and Exit Costs

The components of Provision for impaired assets and restaurant closings are as follows for the period indicated:

THIRTEEN WEEKS ENDED

(dollars in thousands) MARCH 31, 2024

The components of Provision for impaired assets and restaurant closings are as follows for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 30, 2024 JUNE 30, 2024

Impairment losses

Restaurant closure charges (benefits)

(1) $ — $ 1,852

International (2) 14,048 14,048

Total impairment losses $ 14,048 $ 15,900

Restaurant closure charges

(1) $ 2,135 $ 11,219

International (2) 78 15

Total restaurant closure charges 2,213 11,234

Provision for impaired assets and restaurant closings $ 16,261 $ 27,134

2023 Closure Initiative - During 2023, the Company closed three U.S.

________________

(1) Primarily includes charges in connection with the 2023 Restaurant Closures, as discussed below.

(2) Primarily includes charges in connection with the Q2 2024 decision to close nine restaurants in Hong Kong.

2023 Restaurant Closures - During the fourth quarter of 2023, the Company closed three U.S.

and two international Aussie Grill restaurants and made the decision to close 36 predominantly older, underperforming U.S.

restaurants (the “2023 Closure Initiative”).

The Company has completed all restaurant closures under the 2023 Closure Initiative.

Following is a summary of expenses related to the 2023 Closure Initiative charges recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the period indicated (dollars in thousands):

DESCRIPTION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION THIRTEEN WEEKS ENDED

MARCH 31, 2024

restaurants (the “2023 Restaurant Closures”).

Following is a summary of expenses recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the period indicated (dollars in thousands):

DESCRIPTION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION TWENTY-SIX WEEKS ENDED

JUNE 30, 2024

Asset impairments and closure charges Provision for impaired assets and restaurant closings $ 11,714

1 unchanged sentence

Closure-related labor costs Labor and other related 434

The remaining impairment and closure charges during the period presented resulted primarily from locations identified for closure.

________________

(1) During the fourth quarter of 2023, the Company recognized $ 32.4 million of net charges in connection with the 2023 Restaurant Closures.

BLOOMIN’ BRANDS, INC.

1 unchanged sentence

(UNAUDITED) - Continued

(Loss) Earnings Per Share

The following table presents the computation of basic and diluted (loss) earnings per share for the periods indicated:

THIRTEEN WEEKS ENDED

(in thousands, except per share data) MARCH 31, 2024 MARCH 26, 2023

Net (loss) income attributable to Bloomin’ Brands

Earnings (Loss) Per Share

The following table presents the computation of basic and diluted earnings (loss) per share for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(in thousands, except per share data) JUNE 30, 2024 JUNE 25, 2023 JUNE 30, 2024 JUNE 25, 2023

Net income (loss) attributable to Bloomin’ Brands

$ 28,403 $ 68,277 $ ( 55,469 ) $ 159,588

7 unchanged sentences

Diluted weighted average common shares outstanding 88,632 97,401 86,856 97,706

Basic (loss) earnings per share $ ( 0.96 ) $ 1.02

Diluted (loss) earnings per share $ ( 0.96 ) $ 0.93

Share-based compensation-related weighted average securities outstanding not included in the computation of (loss) earnings per share because their effect was antidilutive were as follows for the periods indicated:

THIRTEEN WEEKS ENDED

(shares in thousands) MARCH 31, 2024 MARCH 26, 2023

Basic earnings (loss) per share $ 0.33 $ 0.77 $ ( 0.64 ) $ 1.80

Diluted earnings (loss) per share $ 0.32 $ 0.70 $ ( 0.64 ) $ 1.63

________________

(1) During the twenty-six weeks ended June 30, 2024, the Company repurchased $ 83.6 million of the convertible notes due in 2025 and settled the corresponding portion of the related note hedges and warrants (the “2025 Notes Partial Repurchase”).

Share-based compensation-related weighted average securities outstanding not included in the computation of earnings (loss) per share because their effect was antidilutive were as follows for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(shares in thousands) JUNE 30, 2024 JUNE 25, 2023 JUNE 30, 2024 JUNE 25, 2023

Stock options 324 689 451 707

3 unchanged sentences

The Company recognized stock-based compensation expense as follows for the periods indicated:

THIRTEEN WEEKS ENDED

(dollars in thousands) MARCH 31, 2024 MARCH 26, 2023

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 30, 2024 JUNE 25, 2023 JUNE 30, 2024 JUNE 25, 2023

Performance-based share units (1) $ ( 1,556 ) $ 2,297 $ ( 1,063 ) $ 3,220

Restricted stock units 2,021 1,985 3,958 3,948

Stock options — 835 — 835

Total stock-based compensation expense, net of capitalized expense $ 465 $ 5,117 $ 2,895 $ 8,003

________________

(1) The thirteen and twenty-six weeks ended June 30, 2024 include a cumulative life-to-date adjustment to decrease expense for PSUs granted in fiscal year 2023 based on updated assumptions regarding the criteria set forth in the award agreements.

BLOOMIN’ BRANDS, INC.

9 unchanged sentences

Forfeited ( 86 ) $ 27.57

Outstanding as of March 31, 2024 826 $ 27.44 $ 23,697

Expected to vest as of March 31, 2024 (3) 489 $ 14,017

Outstanding as of June 30, 2024 786 $ 27.43 $ 15,107

Expected to vest as of June 30, 2024 (3) 288 $ 5,543

________________

(1) Based on the $ 28.15 and $ 28.68 share price of the Company’s common stock on December 29, 2023 and March 28, 2024, the last trading day of the year ended December 31, 2023 and thirteen weeks ended March 31, 2024, respectively.

(1) Based on the $ 28.15 and $ 19.23 share price of the Company’s common stock on December 29, 2023 and June 28, 2024, the last trading day of the year ended December 31, 2023 and twenty-six weeks ended June 30, 2024, respectively.

(2) Represents adjustment to 200 % payout for PSUs granted during 2021.

1 unchanged sentence

Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the periods indicated:

THIRTEEN WEEKS ENDED

MARCH 31, 2024 MARCH 26, 2023

TWENTY-SIX WEEKS ENDED

JUNE 30, 2024 JUNE 25, 2023

Risk-free interest rate (1) 4.37 % 4.26 %

7 unchanged sentences

(3) Based on the historical volatility of the Company’s stock over the last seven years.

(4) Represents a discount below and a premium above the grant date per share value of the Company’s common stock for the relative total shareholder return modifier of ( 1.6 )% and 2.7 % during the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively.

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of March 31, 2024:

(4) Represents a discount below and a premium above the grant date per share value of the Company’s common stock for the relative total shareholder return modifier of ( 1.6 )% and 2.7 % during the twenty-six weeks ended June 30, 2024 and June 25, 2023, respectively.

The following represents unrecognized stock-based compensation expense and the remaining weighted average recognition period as of June 30, 2024:

UNRECOGNIZED COMPENSATION EXPENSE

(dollars in thousands) REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)

(dollars in thousands) REMAINING WEIGHTED AVERAGE RECOGNITION PERIOD (in years)

Performance-based share units $ 6,976 2.7

5 unchanged sentences

Other current assets, net, consisted of the following as of the periods indicated:

(dollars in thousands) MARCH 31, 2024 DECEMBER 31, 2023

(dollars in thousands) JUNE 30, 2024 DECEMBER 31, 2023

Prepaid expenses $ 32,186 $ 26,674

6 unchanged sentences

$ 108,211 $ 153,002

Goodwill and Intangible Assets, Net

Annual Goodwill and Intangible Assets Impairment Assessment - The Company performs its annual assessment for impairment of goodwill and other indefinite-lived intangible assets during its second fiscal quarter.

The Company’s 2024 assessment was qualitative and the 2023 assessment was quantitative.

In connection with these assessments, the Company did no t record any impairment charges.

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following as of the periods indicated:

(dollars in thousands) MARCH 31, 2024 DECEMBER 31, 2023

(dollars in thousands) JUNE 30, 2024 DECEMBER 31, 2023

Accrued payroll and other compensation $ 78,729 $ 98,903

2 unchanged sentences

$ 210,657 $ 255,814

________________

(1) During the thirteen weeks ended March 31, 2024, accrued payroll and other compensation decreased primarily due to timing of bonus payments and salary accruals.

Long-term Debt, Net

Following is a summary of outstanding Long-term debt, net, as of the periods indicated:

MARCH 31, 2024 DECEMBER 31, 2023

JUNE 30, 2024 DECEMBER 31, 2023

(dollars in thousands) OUTSTANDING BALANCE INTEREST RATE OUTSTANDING BALANCE INTEREST RATE

6 unchanged sentences

(1) Interest rate represents the weighted average interest rate as of the respective periods.

(2) During the thirteen weeks ended March 31, 2024, the Company repurchased $ 83.6 million of the 2025 Notes and as a result, wrote off $ 0.8 million of debt issuance costs.

(2) During the twenty-six weeks ended June 30, 2024, the Company repurchased $ 83.6 million of the 2025 Notes and as a result, wrote off $ 0.8 million of debt issuance costs.

See Note 10 - Convertible Senior Notes for additional details.

Debt Covenants - As of March 31, 2024 and December 31, 2023, the Company was in compliance with its debt covenants.

Convertible Senior Notes

2025 Notes - On February 29, 2024, the Company entered into exchange agreements (the “Exchange Agreements”) with certain holders (the “Noteholders”) of its 5.00 % Convertible Senior Notes due 2025 (the “2025 Notes”).

The Exchange Agreements provided for the Company to deliver and pay at the closing of the transactions on March 5, 2024, an aggregate of approximately 7.5 million shares of Common Stock and $ 3.3 million in cash, including

Debt Covenants - As of June 30, 2024 and December 31, 2023, the Company was in compliance with its debt covenants.

BLOOMIN’ BRANDS, INC.

1 unchanged sentence

(UNAUDITED) - Continued

accrued interest, in exchange for $ 83.6 million in aggregate principal amount of the Company’s outstanding 2025 Notes (the “2025 Notes Partial Repurchase”).

In connection with the 2025 Notes Partial Repurchase, the Company recognized a loss on extinguishment of debt of $ 135.8 million and recorded a $ 216.1 million increase to Additional paid-in capital during the thirteen weeks ended March 31, 2024.

In connection with dividends paid during the thirteen weeks ended March 31, 2024, the conversion rate for the Company’s remaining 2025 Notes decreased to approximately $ 11.05 per share, which represents 90.494 shares of common stock per $ 1,000 principal amount of the 2025 Notes, or a total of approximately 1.875 million shares.

Convertible Senior Notes

The Exchange Agreements provided for the Company to deliver and pay at the closing of the transactions on March 5, 2024, an aggregate of approximately 7.5 million shares of its common stock and $ 3.3 million in cash, including accrued interest, in exchange for $ 83.6 million in aggregate principal amount of the Company’s outstanding 2025 Notes (the “2025 Notes Partial Repurchase”).

In connection with dividends paid during the twenty-six weeks ended June 30, 2024, the conversion rate for the Company’s remaining 2025 Notes decreased to approximately $ 10.94 per share, which represents 91.403 shares of common stock per $ 1,000 principal amount of the 2025 Notes, or a total of approximately 1.894 million shares.

The following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the periods indicated:

(dollars in thousands) MARCH 31, 2024 DECEMBER 31, 2023

(dollars in thousands) JUNE 30, 2024 DECEMBER 31, 2023

Principal $ 20,724 $ 104,786

2 unchanged sentences

________________

(1) During the thirteen weeks ended March 31, 2024, the Company wrote off $ 0.8 million of debt issuance costs as a result of the 2025 Notes Partial Repurchase.

(1) During the twenty-six weeks ended June 30, 2024, the Company wrote off $ 0.8 million of debt issuance costs as a result of the 2025 Notes Partial Repurchase.

Following is a summary of interest expense for the 2025 Notes by component for the periods indicated:

THIRTEEN WEEKS ENDED

(dollars in thousands) MARCH 31, 2024 MARCH 26, 2023

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 30, 2024 JUNE 25, 2023 JUNE 30, 2024 JUNE 25, 2023

Coupon interest $ 259 $ 1,310 $ 1,265 $ 2,622

3 unchanged sentences

(1) The effective rate of the 2025 Notes over their expected life is 5.85 %.

Based on the daily closing prices of the Company’s stock during the quarter ended March 31, 2024, the remaining holders of the 2025 Notes are eligible to convert their notes during the second quarter of 2024.

The decrease in interest expense during the thirteen and twenty-six weeks ended June 30, 2024 relates to the 2025 Notes Partial Repurchase in February 2024.

Based on the daily closing prices of the Company’s stock during the quarter ended June 30, 2024, the remaining holders of the 2025 Notes are eligible to convert their notes during the third quarter of 2024.

Convertible Note Hedge and Warrant Transactions - In connection with the 2025 Notes Partial Repurchase, on February 29, 2024, the Company entered into partial unwind agreements with certain financial institutions (the “Derivative Counterparties”) relating to a portion of the convertible note hedge transactions (the “Note Hedge Early Termination Agreements”) and a portion of the warrant transactions (the “Warrant Early Termination Agreements” and together with the Note Hedge Early Termination Agreements, the “Early Termination Agreements”) that were previously entered into by the Company in connection with the issuance of the 2025 Notes.

Pursuant to the Early Termination Agreements, the Derivative Counterparties made a termination payment to the Company which consisted of approximately $ 118.2 million in cash and 0.3 million shares of common stock, and the Company made a termination payment to the Derivative Counterparties in an aggregate amount of approximately $ 102.2 million in cash.

In connection with the Note Hedge Early Termination Agreements and the Warrant Early Termination Agreements, the Company recorded a $ 126.5 million increase and a $ 102.2 million decrease, respectively, to Additional paid-in capital during the thirteen weeks ended March 31, 2024.

The Company also recorded a $ 8.3 million increase to Accumulated deficit in connection with the Note Hedge Early Termination Agreements.

The remaining warrants have a dilutive effect on the Company’s common stock to the extent that the price of its common stock exceeds the strike price of the warrants.

In connection with dividends paid during thirteen weeks ended March 31, 2024, the strike price for the remaining warrants decreased to $ 15.47 .

The Company also recorded an $ 8.3 million increase to Accumulated deficit in connection with the Note Hedge Early Termination Agreements.

BLOOMIN’ BRANDS, INC.

1 unchanged sentence

(UNAUDITED) - Continued

The remaining warrants have a dilutive effect on the Company’s common stock to the extent that the price of its common stock exceeds the strike price of the warrants.

In connection with dividends paid during twenty-six weeks ended June 30, 2024, the strike price for the remaining warrants decreased to $ 15.32 .

Stockholders’ Equity

4 unchanged sentences

Under the ASR Agreement, the Company made an aggregate payment of $ 220.0 million to Wells Fargo and received an aggregate initial delivery of approximately 6.5 million shares of common stock on March 4, 2024, representing approximately 80 % of the total shares that were estimated to be repurchased under the ASR Agreement based on the price per share of common stock as of that date.

The $ 176.0 million fair value of the initial shares received was recorded as a reduction to Accumulated deficit and the par value from Common stock, with the remaining $ 44.0 million recorded within Additional paid-in capital during the thirteen weeks ended March 31, 2024.

The exact number of shares the Company repurchased under the ASR Agreement was based generally on the average of the daily volume-weighted average price per share of common stock during the repurchase period, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreement.

On April 23, 2024, the Company received 1.4 million additional shares of common stock from Wells Fargo in connection with the final settlement of the ASR Agreement.

In connection with the settlement, the Company reduced Accumulated deficit and the par value from Common stock by an aggregate of $ 38.3 million based on the fair value of the shares delivered on the date of settlement, with an offset of $ 38.3 million within Additional paid-in capital during the thirteen weeks ended June 30, 2024.

The Company funded the payment under the ASR Agreement, together with the cash portion of the amounts payable under the Exchange Agreements, primarily with borrowings under the revolving credit facility and net proceeds from the Early Termination Agreements.

As of March 31, 2024, $ 130.0 million remained available for repurchase under the 2024 Share Repurchase Program.

As of June 30, 2024, $ 115.0 million remained available for repurchase under the 2024 Share Repurchase Program.

Following is a summary of the shares repurchased during fiscal year 2024:

1 unchanged sentence

First fiscal quarter 6,948 $ 27.13 $ 188,500

Second fiscal quarter (1) 2,156 $ 27.36 59,000

Total common stock repurchases (2) 9,104 $ 27.18 $ 247,500

________________

(1) Excludes $ 0.4 million of fees recorded in Additional paid-in capital related to repurchases under the ASR Agreement.

Also excludes $ 44.0 million paid in March 2024 for the repurchase of 1.4 million shares that settled on April 23, 2024 in connection with the ASR Agreement.

(1) Includes $ 44.0 million of share repurchases in connection with the ASR Agreement that settled during the thirteen weeks ended June 30, 2024.

(2) Excludes $ 0.4 million of fees recorded in Accumulated deficit related to repurchases under the ASR Agreement.

Subsequent to June 30, 2024, the Company repurchased 823 thousand shares of its common stock for $ 15.6 million under the 2024 Share Repurchase Program through August 2, 2024 under a Rule 10b5-1 plan.

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

Dividends - The Company declared and paid dividends per share during fiscal year 2024 as follows:

1 unchanged sentence

First fiscal quarter $ 0.24 $ 21,075

In April 2024, the Board declared a quarterly cash dividend of $ 0.24 per share, payable on May 31, 2024 to shareholders of record at the close of business on May 20, 2024 .

Second fiscal quarter 0.24 20,762

Total cash dividends declared and paid $ 0.48 $ 41,837

In July 2024, the Board declared a quarterly cash dividend of $ 0.24 per share, payable on September 4, 2024 to shareholders of record at the close of business on August 20, 2024 .

Accumulated Other Comprehensive Loss (“AOCL”) - Following are the components of AOCL as of the periods indicated:

(dollars in thousands) MARCH 31, 2024 DECEMBER 31, 2023

(dollars in thousands) JUNE 30, 2024 DECEMBER 31, 2023

Foreign currency translation adjustment $ ( 189,478 ) $ ( 177,689 )

1 unchanged sentence

Accumulated other comprehensive loss $ ( 188,606 ) $ ( 178,304 )

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

Following are the components of Other comprehensive loss attributable to Bloomin’ Brands for the periods indicated:

THIRTEEN WEEKS ENDED

(dollars in thousands) MARCH 31, 2024 MARCH 26, 2023

Following are the components of Other comprehensive (loss) income attributable to Bloomin’ Brands for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 30, 2024 JUNE 25, 2023 JUNE 30, 2024 JUNE 25, 2023

Foreign currency translation adjustment $ ( 9,858 ) $ 4,502 $ ( 11,789 ) $ 3,368

Change in fair value of derivatives, net of tax 898 — 2,333 —

Reclassification realized in Net (loss) income, net of tax ( 278 ) —

Reclassification realized in Net income (loss), net of tax ( 568 ) — ( 846 ) —

Gain on derivatives, net of tax 330 — 1,487 —

Other comprehensive loss attributable to Bloomin’ Brands $ ( 774 ) $ ( 1,134 )

Other comprehensive (loss) income attributable to Bloomin’ Brands $ ( 9,528 ) $ 4,502 $ ( 10,302 ) $ 3,368

Derivative Instruments and Hedging Activities

10 unchanged sentences

The Swap Transactions have an embedded floor of minus 0.10 %.

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

The Swap Transactions have been designated and qualify as cash flow hedges, are recognized on the Company’s Consolidated Balance Sheets at fair value and are classified based on the instruments’ maturity dates.

The Company estimated $ 1.6 million of interest income will be reclassified to Interest expense, net over the next 12 months related to the Company’s Swap Transactions.

The Company estimates $ 1.6 million of interest income will be reclassified to Interest expense, net over the next 12 months related to the Company’s Swap Transactions.

The following table presents the fair value and classification of the Company’s swap agreements as of the periods indicated:

(dollars in thousands) MARCH 31, 2024 DECEMBER 31, 2023 CONSOLIDATED BALANCE SHEET CLASSIFICATION

(dollars in thousands) JUNE 30, 2024 DECEMBER 31, 2023 CONSOLIDATED BALANCE SHEET CLASSIFICATION

Interest rate swaps - asset (1) $ 1,591 $ 320 Other current assets, net

4 unchanged sentences

(1) See Note 14 - Fair Value Measurements for fair value discussion of the interest rate swaps.

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

By utilizing the interest rate swaps, the Company is exposed to credit-related losses in the event that the counterparty fails to perform under the terms of the derivative contract.

1 unchanged sentence

The Company continually assesses the creditworthiness of its counterparties.

As of March 31, 2024, all counterparties to the interest rate swaps performed in accordance with their contractual obligations.

The Company has agreements with each of its derivative counterparties that contain a provision whereby the Company could be declared in default on its derivative obligations if the repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on indebtedness.

As of December 31, 2023, the fair value of the Company’s interest rate swaps was in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk, of $ 0.8 million.

As of December 31, 2023, the Company has not posted any collateral related to these agreements.

If the Company had breached any of these provisions as of December 31, 2023, it could have been required to settle its obligations under the agreements at their termination value of $ 0.8 million.

As of June 30, 2024, all counterparties to the Swap Transactions performed in accordance with their contractual obligations.

The Swap Transactions contain provisions whereby the Company could be declared in default on its derivative obligations if the repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on indebtedness.

As of December 31, 2023, the fair value of the Swap Transactions was in a net liability position, including accrued interest but excluding any adjustment for nonperformance risk, of $ 0.8 million.

As of December 31, 2023, the Company has not posted any collateral related to the Swap Transactions.

If the Company had breached any of these provisions as of December 31, 2023, it could have been required to settle its obligations under the Swap Transactions at their termination value of $ 0.8 million.

The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:

(dollars in thousands) CONSOLIDATED BALANCE SHEET CLASSIFICATION MARCH 31, 2024 DECEMBER 31, 2023

(dollars in thousands) CONSOLIDATED BALANCE SHEET CLASSIFICATION JUNE 30, 2024 DECEMBER 31, 2023

Operating lease right-of-use assets Operating lease right-of-use assets $ 1,074,261 $ 1,084,951

7 unchanged sentences

________________

(1) Net of accumulated amortization of $ 5.4 million and $ 4.7 million as of March 31, 2024 and December 31, 2023, respectively.

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION THIRTEEN WEEKS ENDED

(dollars in thousands) MARCH 31, 2024 MARCH 26, 2023

(1) Net of accumulated amortization of $ 6.1 million and $ 4.7 million as of June 30, 2024 and December 31, 2023, respectively.

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 30, 2024 JUNE 25, 2023 JUNE 30, 2024 JUNE 25, 2023

Operating lease cost (1) Other restaurant operating $ 45,131 $ 46,237 $ 90,935 $ 91,984

6 unchanged sentences

________________

(1) Excludes rent expense for office facilities and Company-owned closed or subleased properties of $ 3.5 million and $ 3.0 million for the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively, which is included in General and administrative expense.

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

(1) Excludes rent expense for office facilities and Company-owned closed or subleased properties of $ 3.7 million and $ 3.0 million for the thirteen weeks ended June 30, 2024 and June 25, 2023, respectively, and $ 7.2 million and $ 6.0 million for the twenty-six weeks ended June 30, 2024 and June 25, 2023, respectively, which is included in General and administrative expense.

The following table is a summary of cash flow impacts to the Company’s Consolidated Financial Statements related to its leases for the periods indicated:

THIRTEEN WEEKS ENDED

(dollars in thousands) MARCH 31, 2024 MARCH 26, 2023

TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 30, 2024 JUNE 25, 2023

Cash flows from operating activities:

6 unchanged sentences

Level 3 Unobservable inputs that cannot be corroborated by observable market data

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

Fair Value Measurements on a Recurring Basis - The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:

MARCH 31, 2024 DECEMBER 31, 2023

JUNE 30, 2024 DECEMBER 31, 2023

(dollars in thousands) TOTAL LEVEL 1 LEVEL 2 TOTAL LEVEL 1 LEVEL 2

19 unchanged sentences

The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements.

As of March 31, 2024 and December 31, 2023, the Company determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

As of June 30, 2024 and December 31, 2023, the Company determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.

Interim Disclosures about Fair Value of Financial Instruments - The Company’s non-derivative financial instruments consist of cash equivalents, accounts receivable, accounts payable and long-term debt.

3 unchanged sentences

The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:

MARCH 31, 2024 DECEMBER 31, 2023

JUNE 30, 2024 DECEMBER 31, 2023

(dollars in thousands) CARRYING VALUE FAIR VALUE LEVEL 2 CARRYING VALUE FAIR VALUE LEVEL 2

2 unchanged sentences

2029 Notes $ 300,000 $ 270,342 $ 300,000 $ 277,809

THIRTEEN WEEKS ENDED

(dollars in thousands) MARCH 31, 2024 MARCH 26, 2023

(Loss) income before provision for income taxes $ ( 72,320 ) $ 108,189

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 30, 2024 JUNE 25, 2023 JUNE 30, 2024 JUNE 25, 2023

Income (loss) before provision for income taxes $ 31,329 $ 76,485 $ ( 40,991 ) $ 184,674

Provision for income taxes $ 1,698 $ 6,483 $ 11,668 $ 21,244

Effective income tax rate 5.4 % 8.5 % ( 28.5 ) % 11.5 %

The effective income tax rate for the thirteen weeks ended March 31, 2024 includes the impact of nondeductible losses associated with the 2025 Notes Partial Repurchase which, relative to a pre-tax book loss during the quarter, resulted in a negative effective income tax rate.

On January 24, 2024, the Company’s Brazilian subsidiary received an unfavorable second level court ruling related to its ongoing litigation regarding its eligibility for tax exemptions under the Brazil tax legislation, that temporarily granted certain industries a 100 % exemption from income tax (IRPJ and CSLL) and federal value added taxes (PIS and COFINS) for a five-year period.

The Company will appeal this ruling, and believes that it will more likely than not prevail in this appeal and accordingly has not recorded any expense or liability for the disputed amounts.

The effective income tax rate for the thirteen weeks ended June 30, 2024 decreased by 3.1 percentage points as compared to the thirteen weeks ended June 25, 2023 as a result of lower forecasted annual pre-tax book income for the thirteen weeks ended June 30, 2024 relative to the prior quarter in 2024.

The effective income tax rate for the twenty-six weeks ended June 30, 2024 includes the impact of nondeductible losses associated with the 2025 Notes Partial Repurchase which, relative to a pre-tax book loss during the period, resulted in a negative effective income tax rate.

This legislation temporarily granted certain industries a 100 % exemption from income tax (IRPJ and CSLL) and federal value added taxes (PIS and COFINS).

The Company claimed this benefit for the periods between September 2022 and December 2023.

The Company is appealing this ruling and in connection with the appeal made a cash judicial deposit of $ 42.9 million in July 2024 which was recorded in Other assets, net, on the Company’s Consolidated Balance Sheet.

The Company believes that it will more likely than not prevail in this appeal and, accordingly, has not recorded any expense or liability for the disputed amounts.

During the second quarter of 2024, Brazil enacted new tax legislation that temporarily grants certain industries a 100 % exemption from income tax (IRPJ and CSLL) for the periods between May 23, 2024 and December 2024 and 100 % exemption from federal value added taxes (PIS and COFINS) for the periods between May 23, 2024 and December 2026.

The Company applied for this exemption and was approved by the Brazilian tax authorities.

The Company’s estimated annual effective income tax rate for the thirteen and twenty-six weeks ended June 30, 2024 includes the benefit expected from this legislation.

The new Brazil tax legislation also established a country-wide limitation to the total benefits that will be granted under this law.

The exemption from value added taxes could end before December 2026 due to this country-wide limitation.

In the U.S., a restaurant company employer may claim a credit against its federal income taxes for FICA taxes paid on certain tipped wages (the “FICA tax credit”).

The level of FICA tax credits is primarily driven by U.S.

Restaurant sales and is not impacted by costs incurred that may reduce (Loss) income before provision for income taxes.

The effective income tax rate for the thirteen weeks ended March 31, 2024 was lower than the Company’s blended federal and state statutory rate of approximately 26 % primarily due to the benefit of FICA tax credits on certain tipped wages and the impact of nondeductible losses associated with the 2025 Notes Partial Repurchase which, relative to a pre-tax book loss during the quarter, resulted in a negative effective income tax rate.

The effective income tax rate for the thirteen weeks ended March 26, 2023 was lower than the Company’s blended federal and state statutory rate of approximately 26 % primarily due to the benefit of FICA tax credits on certain tipped wages and benefits of Brazil tax legislation that include a temporary reduction in the Brazilian income tax rate from 34 % to 0 %.

Restaurant sales and is not impacted by costs incurred that may reduce Income before provision for income taxes.

The effective income tax rate for the thirteen weeks ended June 30, 2024 was lower than the Company’s blended federal and state statutory rate of approximately 26 % primarily due to the benefit of FICA tax credits on certain tipped wages and the temporary reduction in the Brazilian income tax rate from 34 % to 0 % under the new Brazil tax legislation.

The effective income tax rate for the twenty-six weeks ended June 30, 2024 was lower than the Company’s blended federal and state statutory rate of approximately 26 % primarily due to the impact of nondeductible losses associated with the 2025 Notes Partial Repurchase which, relative to a pre-tax book loss during the period, resulted in a negative effective income tax rate.

The effective income tax rates for the thirteen and twenty-six weeks ended June 25, 2023 were lower than the Company’s blended federal and state statutory rate of approximately 26 % primarily due to the benefit of FICA tax credits on certain tipped wages, benefits of Brazil tax legislation that include a temporary reduction in the Brazilian income tax rate from 34 % to 0 %, and the revaluation of Brazilian deferred tax assets and l iabilities.

BLOOMIN’ BRANDS, INC.

2 unchanged sentences

Commitments and Contingencies

Litigation and Other Matters - The Company recorded reserves of $ 9.5 million and $ 13.3 million for certain of its outstanding legal proceedings as of March 31, 2024 and December 31, 2023, respectively, within Accrued and other current liabilities on its Consolidated Balance Sheets.

Litigation and Other Matters - The Company recorded reserves of $ 5.4 million and $ 13.3 million for certain of its outstanding legal proceedings as of June 30, 2024 and December 31, 2023, respectively, within Accrued and other current liabilities on its Consolidated Balance Sheets.

While the Company believes that additional losses beyond these accruals are reasonably possible, it cannot estimate a possible loss contingency or range of reasonably possible loss contingencies beyond these accruals.

1 unchanged sentence

These leases have varying terms, the latest of which expires in 2032.

As of March 31, 2024, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was $ 18.9 million.

The present value of these potential payments discounted at the Company’s incremental borrowing rate as of March 31, 2024 was $ 15.1 million.

As of June 30, 2024, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was $ 12.3 million.

The present value of these potential payments discounted at the Company’s incremental borrowing rate as of June 30, 2024 was $ 9.8 million.

In the event of default, the indemnity clauses in the Company’s purchase and sale agreements generally govern its ability to pursue and recover damages incurred.

As of March 31, 2024 and December 31, 2023, the Company’s recorded contingent lease liability was $ 4.8 million and $ 5.3 million, respectively.

As of June 30, 2024 and December 31, 2023, the Company’s recorded contingent lease liability was $ 2.3 million and $ 5.3 million, respectively.

Segment Reporting

16 unchanged sentences

(UNAUDITED) - Continued

The following tables summarize Total revenues, Depreciation and amortization, and Income from operations by segment for the periods indicated:

THIRTEEN WEEKS ENDED MARCH 31, 2024

The following tables summarize Total revenues, Depreciation and amortization, and Income (loss) from operations by segment for the periods indicated:

THIRTEEN WEEKS ENDED JUNE 30, 2024

(dollars in thousands) U.S.

2 unchanged sentences

Depreciation and amortization $ 40,616 $ 6,695 $ 2,214 $ 49,525

Income from operations $ 97,484 $ 15,762 $ ( 36,153 ) $ 77,093

THIRTEEN WEEKS ENDED MARCH 26, 2023

Income (loss) from operations $ 79,677 $ ( 874 ) $ ( 32,672 ) $ 46,131

THIRTEEN WEEKS ENDED JUNE 25, 2023

(dollars in thousands) U.S.

2 unchanged sentences

Depreciation and amortization $ 39,375 $ 6,126 $ 2,064 $ 47,565

Income from operations $ 133,243 $ 24,508 $ ( 37,118 ) $ 120,633

The following table is a reconciliation of segment income from operations to (Loss) income before provision for income taxes for the periods indicated:

THIRTEEN WEEKS ENDED

(dollars in thousands) MARCH 31, 2024 MARCH 26, 2023

Income (loss) from operations $ 103,008 $ 20,486 $ ( 34,048 ) $ 89,446

TWENTY-SIX WEEKS ENDED JUNE 30, 2024

(dollars in thousands) U.S.

INTERNATIONAL CORPORATE CONSOLIDATED

Total revenues $ 2,017,277 $ 296,916 $ — $ 2,314,193

Depreciation and amortization $ 80,584 $ 13,956 $ 4,267 $ 98,807

Income (loss) from operations $ 177,161 $ 14,888 $ ( 68,825 ) $ 123,224

TWENTY-SIX WEEKS ENDED JUNE 25, 2023

(dollars in thousands) U.S.

INTERNATIONAL CORPORATE CONSOLIDATED

Total revenues $ 2,098,225 $ 299,215 $ — $ 2,397,440

Depreciation and amortization $ 77,538 $ 12,045 $ 4,284 $ 93,867

Income (loss) from operations $ 236,251 $ 44,994 $ ( 71,166 ) $ 210,079

The following table is a reconciliation of segment income from operations to Income (loss) before provision for income taxes for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 30, 2024 JUNE 25, 2023 JUNE 30, 2024 JUNE 25, 2023

Income from operations $ 46,131 $ 89,446 $ 123,224 $ 210,079

1 unchanged sentence

Interest expense, net ( 14,802 ) ( 12,961 ) ( 28,418 ) ( 25,405 )

(Loss) income before provision for income taxes $ ( 72,320 ) $ 108,189

Income (loss) before provision for income taxes $ 31,329 $ 76,485 $ ( 40,991 ) $ 184,674

BLOOMIN’ BRANDS, INC.

2 unchanged sentences

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.

What changed 10-Q

Item 1. Financial Statements