Q4 Diluted EPS of $0.59 and Adjusted Diluted EPS of $0.60
Q4 Comparable Restaurant Sales Growth of 20.7% at Outback Steakhouse and 27.9% Combined U.S.
Reinstates Quarterly Dividend and Authorizes New $125 Million Share Repurchase Program
Provides Full Year 2022 Financial Outlook
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.
|
|||||||||
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.
|
- 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.
|
|||
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.
|
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.
|
||
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,
|
|
DECEMBER 27,
|
|
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,
|
|
DECEMBER 27,
|
|
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)
|
|
|
|
|
|
|
|
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.
|
|||||||
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,
|
|
DECEMBER 27,
|
|
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,
|
|
DECEMBER 27,
|
|
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,
|
|
DECEMBER 27,
|
|
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)
QUARTER TO
|
||||||
|
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
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 % |
| __________ | |||||||||
| (1) The table set forth below titled “Restaurant-level Operating Margin Adjustments” provides additional information regarding the adjustments for each period presented. | |||||||||
(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) |
| ___________ | |||||
| (i) Adjustment recorded within the international segment. | |||||
(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,
|
|
DECEMBER 27,
|
|
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 |
| ____________ | |||||||
| (1) Severance, professional fees and other costs incurred as a result of transformational and restructuring activities. (2) Payment made to the founders of our Carrabba’s Italian Grill concept in connection with an agreement to terminate future royalty payments. (3) For 2021, includes: (i) a $3.1 million benefit from the recognition of recoverable PIS and COFINS taxes, including accrued interest, within other revenues as a result of favorable court rulings and (ii) an accrual of $2.7 million for Imposto sobre Serviços (“ISS”), a Brazilian municipal service tax, in connection with royalties from our Brazilian subsidiary over the past five years, including related penalties and interest, recorded within Other restaurant operating expense as a result of an unfavorable Brazilian Supreme Court ruling. (4) Costs incurred in connection with the COVID-19 pandemic, primarily consisting of fixed asset and right-of-use asset impairments, restructuring charges, inventory obsolescence and spoilage, contingent lease liabilities and current expected credit losses. (5) Primarily includes a lease termination gain of $2.8 million. (6) Adjustment for interest expense related to our convertible senior notes (the “2025 Notes”) weighted for the portion of the period prior to our election under the 2025 Notes indenture to settle the principal portion of our 2025 Notes in cash. The calculation of adjusted diluted earnings per share excludes the 2025 Notes interest adjustment. (7) Amortization of debt discount related to the issuance of the 2025 Notes. (8) Income tax effect of the adjustments for the periods presented. Also includes a $4.2 million adjustment during the thirteen weeks and fiscal year ended December 26, 2021 for the reduction of certain unrecognized tax benefits related to tax positions taken during a prior period. (9) Consideration paid in excess of the carrying value for the redemption of preferred stock of our Abbraccio concept. (10) Due to the GAAP net loss, the effect of dilutive securities was excluded from the calculation of GAAP diluted loss per share for the thirteen weeks and fiscal year ended December 27, 2020. For adjusted diluted earnings per share, the calculation included dilutive shares of 476 and 228 related to stock-based compensation and outstanding warrants, respectively, for the thirteen weeks ended December 27, 2020. However, we excluded from our adjusted diluted shares outstanding calculation the dilutive impact of the convertible notes based on the bond hedge contracts in place that will deliver shares to offset the dilution. (11) For fiscal year 2021, adjusted diluted weighted average common shares outstanding was calculated assuming our February 2021 election to settle the principal portion of the 2025 Notes in cash was in effect for the entire fiscal year. For the thirteen weeks and fiscal year ended December 26, 2021, adjusted diluted weighted average common shares outstanding was calculated excluding the dilutive effect of 8,610 and 9,992 shares, respectively, to be issued upon conversion of the 2025 Notes to satisfy the amount in excess of the principal since our convertible note hedge offsets the dilutive impact of the shares underlying the 2025 Notes. |
|||||||
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,
|
|
DECEMBER 27,
|
|
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,
|
|
DECEMBER 27,
|
|
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) % |
| ___________ | |||||||
| (1) Payment made to the founders of our Carrabba’s Italian Grill concept in connection with an agreement to terminate future royalty payments. (2) Costs incurred in connection with the COVID-19 pandemic, primarily consisting of fixed asset and right-of-use asset impairments, restructuring charges, inventory obsolescence and spoilage, contingent lease liabilities and current expected credit losses. (3) Primarily includes a lease termination gain of $2.8 million. |
|||||||
TABLE EIGHT |
|||||||
BLOOMIN’ BRANDS, INC. |
|||||||
COMPARATIVE RESTAURANT AND OFF-PREMISES ONLY KITCHEN INFORMATION |
|||||||
(UNAUDITED) |
|||||||
Number of restaurants: |
SEPTEMBER 26,
|
|
OPENINGS |
|
CLOSURES |
|
DECEMBER 26,
|
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 |
| __________ | |||||||
| (1) Restaurant counts as of September 26, 2021 have been adjusted to exclude off-premises only kitchens included in the table below. (2) The restaurant counts for Brazil are reported as of August 31, 2021 and November 30, 2021, respectively, to correspond with the balance sheet dates of this subsidiary. (3) International Company-owned Other and International Franchised Other included two and three Aussie Grill locations, respectively, as of December 26, 2021. |
|||||||
Number of kitchens (1): |
SEPTEMBER 26,
|
|
OPENINGS |
|
CLOSURES |
|
DECEMBER 26,
|
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,
|
|
DECEMBER 27,
|
|
2021 |
|
2020 |
||||
|
COMPARABLE
|
|
COMPARABLE
|
|
COMPARABLE
|
|
COMPARABLE
|
|
COMPARABLE
|
|
COMPARABLE
|
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) % |
| __________ | |||||||||||
| (1) Represents comparable restaurant sales, traffic and average check per person increases (decreases) relative to fiscal year 2019 for improved comparability due to the impact of COVID-19 on fiscal year 2020 restaurant sales. (2) Relocated restaurants closed more than 60 days are excluded from comparable restaurant sales until at least 18 months after reopening. (3) Excludes the effect of fluctuations in foreign currency rates. Includes trading day impact from calendar period reporting. (4) Average check per person includes the impact of menu pricing changes, product mix and discounts. |
|||||||||||
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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220216006324/en/
Contacts
Mark Graff
SVP, Financial Planning and Investor Relations
(813) 830-5311
