Bloomin’ brands announces 2021 q4 financial results with strong operating margin expansion
Tampa, fla.--(business wire)--bloomin’ brands, inc. (nasdaq: blmn) today reported results for the fourth quarter 2021 (“q4 2021”) and fiscal year ended december 26, 2021 (“fiscal year 2021”) compared to the fourth quarter 2020 (“q4 2020”) and fiscal year ended december 27, 2020 (“fiscal year 2020”). ceo comments “q4 was another quarter of strong results with significant sales, margin and earnings growth,” said david deno, chief executive officer. “over the past year we executed against our strategy resulting in sustained gains in off-premises, higher digital engagement, and improved operational efficiencies in the restaurants. as we move into 2022 we are well positioned to deliver on our long-term goals of growing sales and maximizing total shareholder return.” diluted eps and adjusted diluted eps the following tables reconcile diluted earnings (loss) per share attributable to common stockholders to adjusted diluted earnings (loss) per share for the periods indicated: q4 2021 2020 change q4 2019 (1) diluted earnings (loss) per share attributable to common stockholders $ 0.59 $ (0.16) $ 0.75 $ 0.32 adjustments (2) 0.01 0.18 (0.17) — adjusted diluted earnings per share (2) $ 0.60 $ 0.02 $ 0.58 $ 0.32 fiscal year fiscal year 2021 2020 change 2019 (1) diluted earnings (loss) per share attributable to common stockholders $ 2.00 $ (1.85) $ 3.85 $ 1.45 adjustments (2)(3) 0.70 1.16 (0.46) 0.09 adjusted diluted earnings (loss) per share (2)(3) $ 2.70 $ (0.69) $ 3.39 $ 1.54 (1) presented for improved comparability. (2) see non-gaap measures later in this release. (3) includes a $61.9 million payment made to the founders of our carrabba’s italian grill concept during 2021 in connection with an agreement to terminate future royalty payments. fourth quarter financial results (dollars in millions) q4 2021 q4 2020 change q4 2019 (1) total revenues $ 1,047.1 $ 812.5 28.9 % $ 1,022.2 restaurant-level operating margin 16.5 % 11.8 % 4.7 % 14.4 % adjusted restaurant-level operating margin (2) 16.5 % 12.4 % 4.1 % 13.9 % operating income (loss) margin 7.5 % (0.9) % 8.4 % 4.2 % adjusted operating income margin (2) 7.8 % 1.3 % 6.5 % 4.2 % (1) presented for improved comparability. (2) see non-gaap measures later in this release. the increase in total revenues was primarily due to: (i) higher comparable restaurant sales from recovery of in-restaurant dining from the significantly reduced levels in 2020 after the onset of the pandemic and strong retention of off-premises sales, (ii) higher franchise revenues and (iii) the net impact of restaurant openings and closures. restaurant-level operating margin increased primarily due to higher comparable restaurant sales from in-restaurant dining and strong retention of off-premises sales, and higher franchise revenues. these increases were partially offset by higher labor costs and commodity inflation and higher utilities, operating and rent expense. operating income margin increased due to an increase in restaurant-level operating margin as described above and 2020 asset impairment charges related to the covid-19 pandemic. adjusted operating income excludes the impact of charges related to the covid-19 pandemic. fourth quarter comparable restaurant sales fourth quarter u.s. comparable restaurant sales results increased 27.9% versus 2020 and 5.3% on a two-year basis given strong retention of off-premises sales. during the quarter we chose not to replicate the significant promotional activity from 2019 at outback steakhouse given the evolving consumer environment. as expected, we saw a significant increase in outback steakhouse comparable restaurant sales once we lapped this activity in mid-november. the following table includes company-owned comparable restaurant sales for the fourth quarter ended december 26, 2021 relative to 2019 and 2020: thirteen weeks ended december 26, 2021 comparable restaurant sales (stores open 18 months or more): comparable to 2019 (1) comparable to 2020 u.s. outback steakhouse 2.5 % 20.7 % carrabba’s italian grill 10.3 % 24.4 % bonefish grill 1.3 % 39.0 % fleming’s prime steakhouse & wine bar 20.3 % 71.1 % combined u.s. 5.3 % 27.9 % international outback steakhouse - brazil (2) 8.5 % 26.5 % (1) represents comparable restaurant sales increases relative to 2019 for improved comparability due to the impact of covid-19 on fiscal year 2020 restaurant sales. (2) outback steakhouse brazil results are presented on a calendar basis and reported on a one-month lag through november 30, 2021. excludes the effect of fluctuations in foreign currency rates. includes trading day impact from calendar period reporting. reinstated quarterly dividend and share repurchase authorization on february 8, 2022, our board of directors reinstated a quarterly dividend and declared a quarterly cash dividend of $0.14 per share to be paid on march 16, 2022 to all stockholders of record as of the close of business on march 2, 2022. on february 8, 2022, our board of directors approved a $125 million share repurchase program. this authorization will expire on august 9, 2023. fiscal 2022 financial outlook the tables below present our expectations for selected 2022 financial reporting and operating results. our outlook assumes no additional significant business interruptions related to covid-19: financial results: 2022 guidance total revenues $4.30b to $4.35b ebitda (1) $495m to $515m gaap diluted earnings per share (2) $2.13 to $2.22 adjusted diluted earnings per share (3) $2.35 to $2.45 effective income tax rate 16% to 17% other selected financial data: 2022 guidance commodity inflation 11% to 13% labor inflation high single digits capital expenditures $225m - $240m number of new system-wide restaurants approx. 30 (1) see ebitda outlook reconciliation later in this release. (2) for gaap purposes assumes weighted-average diluted shares of approximately 106 million. (3) assumes weighted-average adjusted diluted shares of approximately 96 million, which includes the benefit of the convertible note hedge entered into in may 2020. q1 2022 financial outlook the table below presents our expectations for selected fiscal q1 2022 operating results. our outlook assumes no additional business interruptions related to covid-19: selected financial data: q1 2022 outlook total revenues $1.10b to $1.135b gaap diluted earnings per share (1) $0.64 to $0.69 adjusted diluted earnings per share (2) $0.70 to $0.75 __________ (1) for gaap purposes assumes weighted-average diluted shares of approximately 104 million. (2) assumes weighted-average adjusted diluted shares of approximately 95 million, which includes the benefit of the convertible note hedge entered into in may 2020. conference call the company will host a conference call today, february 18, 2022 at 8:15 am est. the conference call will be webcast live from the company’s website at http://www.bloominbrands.com under the investors section. a replay of this webcast will be available on the company’s website after the call. non-gaap measures in addition to the results provided in accordance with gaap, this press release and related tables include certain non-gaap measures, which present operating results on an adjusted basis. these are supplemental measures of performance that are not required by or presented in accordance with gaap and include the following: (i) adjusted restaurant-level operating margin, (ii) adjusted income (loss) from operations and the corresponding margin, (iii) adjusted net income (loss), (iv) adjusted diluted earnings (loss) per share, (v) adjusted segment restaurant-level operating margin, (vi) adjusted segment income (loss) from operations and the corresponding margin and (vii) earnings before interest, taxes, depreciation and amortization (“ebitda”). we believe that our use of non-gaap financial measures permits investors to assess the operating performance of our business relative to our performance based on gaap results and relative to other companies within the restaurant industry by isolating the effects of certain items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies. however, our inclusion of these adjusted measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. we believe that the disclosure of these non-gaap measures is useful to investors as they form part of the basis for how our management team and board of directors evaluate our operating performance, allocate resources and administer employee incentive plans. these non-gaap financial measures are not intended to replace gaap financial measures, and they are not necessarily standardized or comparable to similarly titled measures used by other companies. we maintain internal guidelines with respect to the types of adjustments we include in our non-gaap measures. these guidelines endeavor to differentiate between types of gains and expenses that are reflective of our core operations in a period, and those that may vary from period to period without correlation to our core performance in that period. however, implementation of these guidelines necessarily involves the application of judgment, and the treatment of any items not directly addressed by, or changes to, our guidelines will be considered by our disclosure committee. you should refer to the reconciliations of non-gaap measures in tables five, six, seven, ten and eleven included later in this release for descriptions of the actual adjustments made in the current period and the corresponding prior period. about bloomin’ brands, inc. bloomin’ brands, inc. is one of the largest casual dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. the company has four founder-inspired brands: outback steakhouse, carrabba’s italian grill, bonefish grill and fleming’s prime steakhouse & wine bar. the company operates more than 1,450 full-service restaurants and off-premises only kitchens in 47 states, guam and 17 countries, some of which are franchise locations. for more information, please visit www.bloominbrands.com. forward-looking statements certain statements contained herein, including statements under the headings “ceo comments”, “fiscal 2022 financial outlook” and “q1 2022 financial outlook” are not based on historical fact and are “forward-looking statements” within the meaning of applicable securities laws. generally, these statements can be identified by the use of words such as “guidance,” “believes,” “estimates,” “anticipates,” “expects,” “on track,” “feels,” “forecasts,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. these forward-looking statements include all matters that are not historical facts. by their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the company’s forward-looking statements. these risks and uncertainties include, but are not limited to: consumer reaction to public health and food safety issues; the effects of the covid-19 pandemic and uncertainties about its depth and duration, as well as the impacts to economic conditions and consumer behavior, including, among others: the inability of workers, including delivery drivers, to work due to illness, quarantine, or government mandates, temporary restaurant closures and capacity restrictions due to reduced workforces or government mandates, the unemployment rate, the extent, availability and effectiveness of any covid-19 stimulus packages or loan programs, the ability of our franchisees to operate their restaurants during the pandemic and pay royalties, and trends in consumer behavior and spending during and after the end of the pandemic; increases in labor costs and fluctuations in the availability of employees; increases in unemployment rates and taxes; price and availability of commodities; competition; local, regional, national and international economic conditions; our ability to preserve the value of and grow our brands; interruption or breach of our systems or loss of consumer or employee information; our dependence on a limited number of suppliers and distributors; legal conditions in international markets and their effects on foreign operations and foreign currency exchange rates; government actions and policies; the effects of changes in tax laws; changes in patterns of consumer traffic, consumer tastes and dietary habits; challenges associated with our remodeling, relocation and expansion plans; consumer confidence and spending patterns; political, social and the seasonality of the company’s business; weather, acts of god and other disasters; compliance with debt covenants and the company’s ability to make debt payments and planned investments; the cost and availability of credit; interest rate changes; and any impairments in the carrying value of goodwill and other assets. further information on potential factors that could affect the financial results of the company and its forward-looking statements is included in its most recent form 10-k and subsequent filings with the securities and exchange commission. the company assumes no obligation to update any forward-looking statement, except as may be required by law. these forward-looking statements speak only as of the date of this release. all forward-looking statements are qualified in their entirety by this cautionary statement. note: numerical figures included in this release have been subject to rounding adjustments. table one bloomin’ brands, inc. consolidated statements of operations thirteen weeks ended fiscal year (in thousands, except per share data) december 26, 2021 december 27, 2020 2021 2020 (unaudited) (unaudited) (unaudited) revenues restaurant sales $ 1,029,697 $ 805,651 $ 4,061,093 $ 3,144,636 franchise and other revenues 17,386 6,854 61,292 25,925 total revenues 1,047,083 812,505 4,122,385 3,170,561 costs and expenses food and beverage costs 321,417 251,704 1,229,689 982,702 labor and other related 294,740 243,628 1,154,623 1,005,295 other restaurant operating 243,840 214,864 1,006,371 846,566 depreciation and amortization 40,799 42,792 163,391 180,261 general and administrative 63,026 56,624 245,616 254,356 provision for impaired assets and restaurant closings 4,775 10,131 13,737 76,354 total costs and expenses 968,597 819,743 3,813,427 3,345,534 income (loss) from operations 78,486 (7,238) 308,958 (174,973) loss on extinguishment and modification of debt — — (2,073) (237) other income, net — 342 26 131 interest expense, net (13,751) (17,795) (57,614) (64,442) income (loss) before provision (benefit) for income taxes 64,735 (24,691) 249,297 (239,521) provision (benefit) for income taxes 1,557 (10,516) 26,384 (80,726) net income (loss) 63,178 (14,175) 222,913 (158,795) less: net income (loss) attributable to noncontrolling interests 2,479 36 7,358 (80) net income (loss) attributable to bloomin’ brands 60,699 (14,211) 215,555 (158,715) redemption of preferred stock in excess of carrying value — — — (3,496) net income (loss) attributable to common stockholders 60,699 (14,211) 215,555 (162,211) convertible senior notes if-converted method interest adjustment, net of tax — — 345 — diluted net income (loss) attributable to common stockholders $ 60,699 $ (14,211) $ 215,900 $ (162,211) earnings (loss) per share attributable to common stockholders: basic $ 0.68 $ (0.16) $ 2.42 $ (1.85) diluted $ 0.59 $ (0.16) $ 2.00 $ (1.85) weighted average common shares outstanding: basic 89,251 87,689 88,981 87,468 diluted 102,985 87,689 107,803 87,468 table two bloomin’ brands, inc. segment results (unaudited) (dollars in thousands) thirteen weeks ended fiscal year u.s. segment december 26, 2021 december 27, 2020 2021 2020 revenues restaurant sales $ 925,706 $ 728,485 $ 3,714,848 $ 2,869,547 franchise and other revenues 13,566 3,742 45,133 15,995 total revenues $ 939,272 $ 732,227 $ 3,759,981 $ 2,885,542 restaurant-level operating margin 16.9 % 11.1 % 17.1 % 9.8 % income (loss) from operations $ 109,561 $ 20,338 $ 443,887 $ (1,630) operating income (loss) margin 11.7 % 2.8 % 11.8 % (0.1) % international segment revenues restaurant sales $ 103,991 $ 77,166 $ 346,245 $ 275,089 franchise and other revenues (1) 3,820 3,112 16,159 9,930 total revenues $ 107,811 $ 80,278 $ 362,404 $ 285,019 restaurant-level operating margin 17.2 % 14.9 % 12.7 % 8.3 % income (loss) from operations $ 9,238 $ 4,730 $ 16,657 $ (13,479) operating income (loss) margin 8.6 % 5.9 % 4.6 % (4.7) % reconciliation of segment income (loss) from operations to consolidated income (loss) from operations segment income (loss) from operations u.s. $ 109,561 $ 20,338 $ 443,887 $ (1,630) international 9,238 4,730 16,657 (13,479) total segment income (loss) from operations 118,799 25,068 460,544 (15,109) unallocated corporate operating expense (2) (40,313) (32,306) (151,586) (159,864) total income (loss) from operations $ 78,486 $ (7,238) $ 308,958 $ (174,973) (1) fiscal year 2021 includes a $3.1 million benefit from the recognition of recoverable program of social integration (“pis”) and contribution for the financing of social security (“cofins”) taxes, including accrued interest within other revenues in connection with favorable court rulings in brazil regarding the calculation methodology and taxable base. (2) the thirteen weeks and fiscal year ended december 27, 2020 include $3.6 million and $32.4 million, respectively, of charges that were not allocated to our segments related to our transformational initiatives. table three bloomin’ brands, inc. supplemental balance sheet information december 26, 2021 december 27, 2020 (dollars in thousands) (unaudited) cash and cash equivalents $ 87,585 $ 109,980 net working capital (deficit) (1) $ (631,833) $ (626,250) total assets $ 3,294,271 $ 3,362,107 total debt, net $ 793,065 $ 1,036,480 total stockholders’ equity $ 222,850 $ 10,957 (1) we have, and in the future may continue to have, negative working capital balances (as is common for many restaurant companies). we operate successfully with negative working capital because cash collected on restaurant sales is typically received before payment is due on our current liabilities, and our inventory turnover rates require relatively low investment in inventories. additionally, ongoing cash flows from restaurant operations and gift card sales are typically used to service debt obligations and to make capital expenditures. table four bloomin’ brands, inc. restaurant-level operating margin reconciliations (unaudited) consolidated thirteen weeks ended fiscal year (dollars in thousands) december 26, 2021 december 27, 2020 2021 2020 income (loss) from operations $ 78,486 $ (7,238) $ 308,958 $ (174,973) operating income (loss) margin 7.5 % (0.9) % 7.5 % (5.5) % less: franchise and other revenues 17,386 6,854 61,292 25,925 plus: depreciation and amortization 40,799 42,792 163,391 180,261 general and administrative 63,026 56,624 245,616 254,356 provision for impaired assets and restaurant closings 4,775 10,131 13,737 76,354 restaurant-level operating income $ 169,700 $ 95,455 $ 670,410 $ 310,073 restaurant-level operating margin 16.5 % 11.8 % 16.5 % 9.9 % u.s. thirteen weeks ended fiscal year (dollars in thousands) december 26, 2021 december 27, 2020 2021 2020 income (loss) from operations $ 109,561 $ 20,338 $ 443,887 $ (1,630) operating income (loss) margin 11.7 % 2.8 % 11.8 % (0.1) % less: franchise and other revenues 13,566 3,742 45,133 15,995 plus: depreciation and amortization 33,599 34,293 134,244 144,298 general and administrative 23,271 19,581 89,314 88,536 provision for impaired assets and restaurant closings 3,690 10,098 12,368 66,487 restaurant-level operating income $ 156,555 $ 80,568 $ 634,680 $ 281,696 restaurant-level operating margin 16.9 % 11.1 % 17.1 % 9.8 % international thirteen weeks ended fiscal year (dollars in thousands) december 26, 2021 december 27, 2020 2021 2020 income (loss) from operations $ 9,238 $ 4,730 $ 16,657 $ (13,479) operating income (loss) margin 8.6 % 5.9 % 4.6 % (4.7) % less: franchise and other revenues 3,820 3,112 16,159 9,930 plus: depreciation and amortization 5,522 5,408 22,650 23,722 general and administrative 5,898 4,503 19,679 18,916 provision for impaired assets and restaurant closings 1,073 — 1,100 3,640 restaurant-level operating income $ 17,911 $ 11,529 $ 43,927 $ 22,869 restaurant-level operating margin 17.2 % 14.9 % 12.7 % 8.3 % table five bloomin’ brands, inc. restaurant-level operating margin non-gaap reconciliations (unaudited) thirteen weeks ended (unfavorable) favorable change in adjusted quarter to date december 26, 2021 december 27, 2020 consolidated: reported adjusted reported adjusted (1) restaurant sales 100.0 % 100.0 % 100.0 % 100.0 % food and beverage costs 31.2 % 31.2 % 31.2 % 30.8 % (0.4) % labor and other related 28.6 % 28.6 % 30.2 % 30.2 % 1.6 % other restaurant operating 23.7 % 23.7 % 26.7 % 26.6 % 2.9 % restaurant-level operating margin (2) 16.5 % 16.5 % 11.8 % 12.4 % 4.1 % segments - restaurant-level operating margin: u.s. (2) 16.9 % 16.9 % 11.1 % 11.7 % 5.2 % international (2) 17.2 % 17.2 % 14.9 % 14.9 % 2.3 % fiscal year favorable change in adjusted year to date 2021 2020 consolidated: reported adjusted (1) reported adjusted (1) restaurant sales 100.0 % 100.0 % 100.0 % 100.0 % food and beverage costs 30.3 % 30.3 % 31.3 % 30.9 % 0.6 % labor and other related 28.4 % 28.4 % 32.0 % 32.0 % 3.6 % other restaurant operating 24.8 % 23.2 % 26.9 % 26.9 % 3.7 % restaurant-level operating margin (2) 16.5 % 18.1 % 9.9 % 10.2 % 7.9 % segments - restaurant-level operating margin: u.s. (2) 17.1 % 18.8 % 9.8 % 10.2 % 8.6 % international (2) 12.7 % 13.5 % 8.3 % 9.0 % 4.5 % (2) the following categories of our revenue and operating expenses are not included in restaurant-level operating margin because we do not consider them reflective of operating performance at the restaurant-level within a period: (a) franchise and other revenues, which are earned primarily from franchise royalties and other non-food and beverage revenue streams, such as rental and sublease income. (b) depreciation and amortization which, although substantially all of which is related to restaurant-level assets, represent historical sunk costs rather than cash outlays for the restaurants. (c) general and administrative expense which includes primarily non-restaurant-level costs associated with support of the restaurants and other activities at our corporate offices. (d) asset impairment charges and restaurant closing costs which are not reflective of ongoing restaurant performance in a period. restaurant-level operating margin adjustments - following is a summary of (favorable) unfavorable restaurant-level operating margin adjustments recorded in other restaurant operating expense (unless otherwise noted below) for the following activities, as described in table six of this release for the periods indicated: thirteen weeks ended fiscal year (dollars in millions) december 27, 2020 2021 2020 royalty termination expense $ — $ (61.9) $ — legal and other matters (i) — (2.7) — covid-19 related costs (ii) (4.5) — (14.3) asset impairments and closing costs — — 2.7 $ (4.5) $ (64.6) $ (11.6) (ii) includes $3.7 million and $11.0 million of adjustments recorded in food and beverage costs during the thirteen weeks and fiscal year ended december 27, 2020, respectively, including $2.0 million of adjustments recorded in the international segment during fiscal year ended december 27, 2020. all other adjustments were recorded within the u.s. segment. table six bloomin’ brands, inc. income (loss) from operations, net income (loss) and diluted earnings (loss) per share non-gaap reconciliations (unaudited) thirteen weeks ended fiscal year (in thousands, except per share data) december 26, 2021 december 27, 2020 2021 2020 income (loss) from operations $ 78,486 $ (7,238) $ 308,958 $ (174,973) operating income (loss) margin 7.5 % (0.9) % 7.5 % (5.5) % adjustments: severance and other transformational costs (1) 2,764 3,557 2,764 32,404 royalty termination expense (2) — — 61,880 — legal and other matters (3) — — (372) 178 covid-19-related costs (4) — 14,593 — 93,811 asset impairments and closure costs (5) — — — (2,205) total income (loss) from operations adjustments 2,764 18,150 64,272 124,188 adjusted income (loss) from operations $ 81,250 $ 10,912 $ 373,230 $ (50,785) adjusted operating income (loss) margin 7.8 % 1.3 % 9.1 % (1.6) % diluted net income (loss) attributable to common stockholders $ 60,699 $ (14,211) $ 215,900 $ (162,211) convertible senior notes if-converted method interest adjustment, net of tax (6) — — 345 — net income (loss) attributable to common stockholders 60,699 (14,211) 215,555 (162,211) adjustments: income (loss) from operations adjustments 2,764 18,150 64,272 124,188 loss on extinguishment and modification of debt — — 2,073 — amortization of debt discount (7) — 2,489 — 6,275 total adjustments, before income taxes 2,764 20,639 66,345 130,463 adjustment to provision for income taxes (8) (6,587) (4,497) (21,222) (32,526) redemption of preferred stock in excess of carrying value (9) — — — 3,496 net adjustments (3,823) 16,142 45,123 101,433 adjusted net income (loss) $ 56,876 $ 1,931 $ 260,678 $ (60,778) diluted earnings (loss) per share attributable to common stockholders (10) $ 0.59 $ (0.16) $ 2.00 $ (1.85) adjusted diluted earnings (loss) per share (10)(11) $ 0.60 $ 0.02 $ 2.70 $ (0.69) diluted weighted average common shares outstanding (10) 102,985 88,393 107,803 87,468 adjusted diluted weighted average common shares outstanding (11) 94,375 88,393 96,426 87,468 following is a summary of the financial statement line item classification of the net income (loss) adjustments: thirteen weeks ended fiscal year (dollars in thousands) december 26, 2021 december 27, 2020 2021 2020 franchise and other revenues $ — $ — $ (3,133) $ — food and beverage costs — 3,703 — 11,048 other restaurant operating — 752 64,641 576 depreciation and amortization — — — 407 general and administrative 2,764 3,652 2,764 35,708 provision for impaired assets and restaurant closings — 10,043 — 76,449 loss on extinguishment and modification of debt — — 2,073 — interest expense, net — 2,489 — 6,275 provision (benefit) for income taxes (6,587) (4,497) (21,222) (32,526) redemption of preferred stock in excess of carrying value — — — 3,496 net adjustments $ (3,823) $ 16,142 $ 45,123 $ 101,433 table seven bloomin’ brands, inc. segment income (loss) from operations non-gaap reconciliations (unaudited) (dollars in thousands) thirteen weeks ended fiscal year u.s. segment december 26, 2021 december 27, 2020 2021 2020 income (loss) from operations $ 109,561 $ 20,338 $ 443,887 $ (1,630) operating income (loss) margin 11.7 % 2.8 % 11.8 % (0.1) % adjustments: severance 1,108 — 1,108 — royalty agreement termination (1) — — 61,880 — covid-19-related costs (2) — 14,593 — 87,377 asset impairments and closure costs (3) — — — (2,205) adjusted income from operations $ 110,669 $ 34,931 $ 506,875 $ 83,542 adjusted operating income margin 11.8 % 4.8 % 13.5 % 2.9 % international segment income (loss) from operations $ 9,238 $ 4,730 $ 16,657 $ (13,479) operating income (loss) margin 8.6 % 5.9 % 4.6 % (4.7) % adjustments: legal and other matters — — (372) — covid-19 related costs (2) — — — 5,651 adjusted income (loss) from operations $ 9,238 $ 4,730 $ 16,285 $ (7,828) adjusted operating income (loss) margin 8.6 % 5.9 % 4.5 % (2.7) % table eight bloomin’ brands, inc. comparative restaurant and off-premises only kitchen information (unaudited) number of restaurants: september 26, 2021 openings closures december 26, 2021 u.s.: outback steakhouse company-owned 564 1 (1) 564 franchised 130 — — 130 total 694 1 (1) 694 carrabba’s italian grill company-owned 199 — — 199 franchised 20 — — 20 total 219 — — 219 bonefish grill company-owned 178 — — 178 franchised 7 — — 7 total 185 — — 185 fleming’s prime steakhouse & wine bar company-owned 64 — — 64 aussie grill company-owned (1) 4 1 — 5 u.s. total 1,166 2 (1) 1,167 international: company-owned outback steakhouse - brazil (2) 113 9 — 122 other (1)(3) 33 — — 33 franchised outback steakhouse - south korea (1) 77 1 — 78 other (3) 54 3 (3) 54 international total 277 13 (3) 287 system-wide total 1,443 15 (4) 1,454 system-wide total - company-owned 1,155 11 (1) 1,165 system-wide total - franchised 288 4 (3) 289 number of kitchens (1): september 26, 2021 openings closures december 26, 2021 u.s: company-owned 3 — — 3 international: company-owned 1 — — 1 franchised - south korea 37 3 — 40 system-wide total 41 3 — 44 (1) excludes virtual concepts that operate out of existing restaurants and sports venue locations. table nine bloomin’ brands, inc. comparable restaurant sales information (unaudited) thirteen weeks ended fiscal year december 26, 2021 december 27, 2020 2021 2020 comparable to 2019 (1) comparable to 2020 comparable to 2019 comparable to 2019 (1) comparable to 2020 comparable to 2019 year over year percentage change: comparable restaurant sales (stores open 18 months or more): u.s. (2) outback steakhouse 2.5 % 20.7 % (15.2) % 3.2 % 24.2 % (16.9) % carrabba’s italian grill 10.3 % 24.4 % (11.4) % 10.5 % 32.2 % (16.4) % bonefish grill 1.3 % 39.0 % (27.1) % (1.7) % 40.6 % (30.1) % fleming’s prime steakhouse & wine bar 20.3 % 71.1 % (29.7) % 13.4 % 60.9 % (29.5) % combined u.s. 5.3 % 27.9 % (17.7) % 4.5 % 30.5 % (19.9) % international outback steakhouse - brazil (3) 8.5 % 26.5 % (14.8) % (12.0) % 28.7 % (31.4) % traffic: u.s. outback steakhouse (4.5) % 13.6 % (16.1) % (2.6) % 18.1 % (17.6) % carrabba’s italian grill 2.3 % 17.9 % (13.2) % 6.4 % 24.6 % (14.6) % bonefish grill (3.1) % 27.2 % (22.0) % (2.0) % 24.3 % (20.0) % fleming’s prime steakhouse & wine bar 9.5 % 51.7 % (27.8) % 3.8 % 41.7 % (26.7) % combined u.s. (2.5) % 17.0 % (16.6) % (0.6) % 20.7 % (17.6) % international outback steakhouse - brazil 9.5 % 20.1 % (9.0) % (3.6) % 23.5 % (21.5) % average check per person (4): u.s. outback steakhouse 7.0 % 7.1 % 0.9 % 5.8 % 6.1 % 0.7 % carrabba’s italian grill 8.0 % 6.5 % 1.8 % 4.1 % 7.6 % (1.8) % bonefish grill 4.4 % 11.8 % (5.1) % 0.3 % 16.3 % (10.1) % fleming’s prime steakhouse & wine bar 10.8 % 19.4 % (1.9) % 9.6 % 19.2 % (2.8) % combined u.s. 7.8 % 10.9 % (1.1) % 5.1 % 9.8 % (2.3) % international outback steakhouse - brazil (1.8) % 6.1 % (5.9) % (8.2) % 5.6 % (9.9) % table ten bloomin’ brands, inc. ebitda reconciliations (unaudited) thirteen weeks ended fiscal year (dollars in thousands) december 26, 2021 2021 net income attributable to common stockholders $ 60,699 $ 215,555 provision for income taxes 1,557 26,384 interest expense, net 13,751 57,614 depreciation and amortization 40,799 163,391 ebitda $ 116,806 $ 462,944 table eleven bloomin’ brands, inc. fiscal year 2022 ebitda outlook reconciliation (unaudited) fiscal year (dollars in millions) 2022 net income attributable to common stockholders $226m to $236m provision for income taxes $44m to $50m interest expense, net $51m to $52m depreciation and amortization $174m to $177m ebitda $495m to $515m
