Bloomin' Brands, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bloomin' Brands, Inc. has submitted its 2023 10-K filing, providing a comprehensive overview of its financial performance and business operations.</b>

AI Summary

Bloomin' Brands, Inc. (BLMN) filed a Annual Report (10-K) with the SEC on February 28, 2024. Bloomin' Brands, Inc. filed its annual report for the fiscal year ended December 31, 2023. The company's principal business is operating casual dining restaurants. The filing includes financial statements and disclosures for the fiscal years 2023, 2022, and 2021. Key financial data such as revenue, net income, and EPS are presented for these periods. The report details the company's business address in Tampa, Florida, and its IRS number.

Why It Matters

For investors and stakeholders tracking Bloomin' Brands, Inc., this filing contains several important signals. This 10-K filing provides investors with detailed financial statements and disclosures for the fiscal year 2023, enabling a thorough assessment of the company's performance and financial health. The report outlines the company's operational structure and financial position, offering insights into its revenue streams, assets, liabilities, and equity, which are crucial for investment decisions.

Risk Assessment

Risk Level: medium — Bloomin' Brands, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative trends without further analysis of the specific numbers and risk factors.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Bloomin' Brands' performance and identify potential investment opportunities or risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-28 — Filing Date (As of date)
• 3,428 — Value (Likely representing a financial metric, context missing)
• 10,207 — Value (Likely representing a financial metric, context missing)

Key Players & Entities

• Bloomin' Brands, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• Tampa, Florida (location) — Business address
• 5812 (other) — Standard Industrial Classification

FAQ

Industry Context

Bloomin' Brands, Inc. operates within the retail-eating places sector, a segment of the broader food and beverage industry characterized by casual dining establishments.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Analyze the consolidated financial statements for the fiscal years ended December 31, 2023, 2022, and 2021.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers.
3. Examine the Risk Factors section for potential challenges and uncertainties facing Bloomin' Brands.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $40,000 — full-service restaurants are generally $40,000 for U.S. franchisees and range between
• $30,000 — for U.S. franchisees and range between $30,000 and $75,000 for international franchise
• $75,000 — anchisees and range between $30,000 and $75,000 for international franchisees, dependin

Filing Documents

• blmn-20231231.htm (10-K) — 3203KB
• blmn-123123_ex105.htm (EX-10.5) — 146KB
• blmn-123123_ex1035.htm (EX-10.35) — 42KB
• blmn-123123_ex1036.htm (EX-10.36) — 103KB
• blmn-123123_ex211.htm (EX-21.1) — 76KB
• blmn-123123_ex231.htm (EX-23.1) — 2KB
• blmn-123123_ex311.htm (EX-31.1) — 11KB
• blmn-123123_ex312.htm (EX-31.2) — 11KB
• blmn-123123_ex321.htm (EX-32.1) — 5KB
• blmn-123123_ex322.htm (EX-32.2) — 5KB
• blmn-123123_ex971.htm (EX-97.1) — 23KB
• blmn-20231231_g1.jpg (GRAPHIC) — 37KB
• blmn-20231231_g2.jpg (GRAPHIC) — 169KB
• image_0.jpg (GRAPHIC) — 25KB
• blmnlogov3.jpg (GRAPHIC) — 37KB
• blmnlogov3a.jpg (GRAPHIC) — 37KB
• letterhead-footer.jpg (GRAPHIC) — 41KB
• 0001546417-24-000037.txt (&nbsp;) — 19100KB
• blmn-20231231.xsd (EX-101.SCH) — 122KB
• blmn-20231231_cal.xml (EX-101.CAL) — 147KB
• blmn-20231231_def.xml (EX-101.DEF) — 778KB
• blmn-20231231_lab.xml (EX-101.LAB) — 1389KB
• blmn-20231231_pre.xml (EX-101.PRE) — 1128KB
• blmn-20231231_htm.xml (XML) — 3078KB

Business

Item 1. Business 5

Risk Factors

Item 1A. Risk Factors 17

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 30

Cybersecurity

Item 1C. Cybersecurity 30

Properties

Item 2. Properties 32

Legal Proceedings

Item 3. Legal Proceedings 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33

[Reserved]

Item 6. [Reserved] 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 57

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 59

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 107

Controls and Procedures

Item 9A. Controls and Procedures 107

Other Information

Item 9B. Other Information 107

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 107 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 108

Executive Compensation

Item 11. Executive Compensation 108

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 108

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 108

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 109 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 110

Form 10-K Summary

Item 16. Form 10-K Summary 113

Signatures

Signatures 114 2 Table of Contents BLOOMIN' BRANDS, INC. PART I Cautionary Statement This Annual Report on Form 10-K (the "Report") includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "feels," "seeks," "forecasts," "projects," "intends," "plans," "may," "will," "should," "could" or "would" or, in each case, their negative or other variations or comparable terminology, although not all forward-looking statements are accompanied by such terms. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this Report. In addition, even if our

Business

Item 1. Business Bloomin' Brands, Inc. ("Bloomin' Brands," the "Company," "we," "us," and "our" and similar terms mean Bloomin' Brands, Inc. and its subsidiaries except where the context otherwise requires) is one of the largest casual dining restaurant companies in the world, with a portfolio of leading, differentiated restaurant concepts. We have four founder-inspired concepts: Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse & Wine Bar. Our restaurant concepts range in price point and degree of formality from casual (Outback Steakhouse and Carrabba's Italian Grill) to upscale casual (Bonefish Grill) and fine dining (Fleming's Prime Steakhouse & Wine Bar). OSI Restaurant Partners, LLC ("OSI"), a wholly-owned subsidiary of Bloomin' Brands, is our primary operating entity. MARKETS As of December 31, 2023, we owned and operated 1,189 restaurants and franchised 291 restaurants across 47 states, Guam and 13 countries. Our Segments We consider each of our restaurant concepts and international markets to be operating segments, which reflects how we manage our business, review operating performance and allocate resources. We aggregate our operating segments into two reportable segments, U.S. and international. The U.S. segment includes all restaurants operating in the U.S. while restaurants operating outside the U.S. are included in the international segment. Following is a summary of reportable segments as of December 31, 2023: REPORTABLE SEGMENT (1) CONCEPT GEOGRAPHIC LOCATION U.S. Outback Steakhouse United States of America Carrabba's Italian Grill Bonefish Grill Fleming's Prime Steakhouse & Wine Bar International Outback Steakhouse Brazil, Hong Kong/China Carrabba's Italian Grill (Abbraccio) Brazil _________________ (1) Includes franchise locations. See Item 2. Properties for disclosure of our restaurant count by country and territory. U.S. Segment As of December 31, 2023, in our U.S. segment, we owne