BLMN - Earnings call transcript Q4 2021

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Operator

Greetings, and welcome to the Bloomin’ Brands Fiscal Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow management’s prepared remarks. It is now my pleasure to introduce your host, Mark Graff, Senior Vice President of Investor Relations. Thank you. Mr. begin. may you Graff,

Mark Graff

now, good can our Deno, be section. use With and presenting and the our in President release bloominbrands.com in XXXX Officer. previously conference Executive and our access this call as fourth be fiscal at An Chris on found are Vice quarter By Financial measures Chief Throughout David Chief explanation non-GAAP described. our website, the basis. release. of Investors and should of on financial morning, you, reconciliations have results most we me to GAAP website It an directly earnings everyone. earnings adjusted will measures today’s Meyer, our you also call, to on comparable Thank Executive our Officer; on appear

Before risks uncertainties These I’d formal our of from today to will that a differ to everyone are forward-looking statements our cause remarks, subject recent discussion forward-looking materially remind and discussion part statements. statements, that numerous including could of include actual results trends. we begin like to

in these at earnings are sec.gov. mentioned are in our filings, of Some discussed release, others available our SEC risks are which

questions. over we’ll the fourth with highlights Once turn financial of brief Deno. a for the And that, these remarks, of to performance completed we’ve I’d David like call the fiscal During recap for and up call, quarter today’s call overview provide an guidance. now XXXX, our company to XXXX open we’ll

David Deno

to Well, everyone today. Mark, thank listening you, and welcome

up adjusted As QX $X.XX diluted $X.XX earnings noted XXXX per QX XXXX, was release, versus in morning’s share in earnings this XX%.

and will build company points is a food industry the in a work last years. plans our talk to QX to planning directly operation-centric service in two-year has this to plan comprehensive and company, clear in minute. by good Back in key are Stepping I finished few basis. sales gives different better adjusted XXX than us XXXX, $X.XX It’s drive in sales we we strategies share even growth. the as also a few back, stronger, our success a X.X% which place growth comp and to outpaced U.S. $X.XX sales versus better a customers. commitments taken versus and focused in saw that want at confidence XXXX, this the in dimensionalize over our made. have hard on a finished more we company XXXX XXXX. progress growth on tied and working, a and to This up were in we providing basis. even presented sales leaner, a were the far XXXX, about on basis a in up to are one ability XXXX. those measures is I We on XX% versus two-year key deliver operating versus X.X% X.X% an we share of margins Adjusted XXXX. highlight today earned In XX.X%

flow operating have sheet. to and generate significant debt in paid industry. much XXXX. a margins compare many the cash now approximately stronger in of balance we free And Our million We down $XXX favorably finally,

As have a goal our leverage. adjusted now metrics result, X times of our improved and credit are lease below

cash talented center. support not have to will and would possible to a Chris restaurants now restaurant out and results down These the our us this additional in As dedicated lay enables while employees bit, return debt. shareholders been paying without

so successful. level commitment makes our with Your highest is to hospitality the guests service, experience restaurants and serving what of

we will on look the we XXXX. success forward, further capitalize of As

our deliver will key Specifically, be to focus executing on priorities the growth. following against sustainable

levels and service offerings. improving by sales in-restaurant grow First, food

these the especially at portfolio, we made Outback. investments years, customer areas experience have in few the to last across elevate the Over

translated into gains execution improve for industry two-year the efforts where have XXXX. outperformed simplify by versus XXX to we and points a These We market basis basis ways to on share business also concerted look the consistency.

base. are to remodels and our million. providing we continue volumes upgrade addition, are asset sales offering exceeding Investments relocations good In $X.X outsized lifts in at returns Outback and

our carryout XXXX. pandemic. delivery strong in business. up and leading off-premises off-premises delivery. are during in $X both capitalized sales We over on important to levels enjoyed gains XXX% grow sales Retention carryout contributing Second, were our the sales outperformance. this U.S. channel in XXXX, capabilities versus billion We

This business. of last few in that result Importantly, were initiatives approaching completed profit of the the this quarters. margins margins channel is are in-restaurant the the

in XXXX. drive Carrabba’s addition, penetration. bundles In sales expanding grows. pursuing offer aggressively and market versus XX% platforms in value return growth catering work increase and to our are significant relationships saw We we are awareness XXXX as to catering opportunities through

expect off-premises and business large part going the remain growing of We a forward. to

operating channels. sales traffic costs. leverage by and margin healthy the Third, and off-premises starts This gains in-restaurant growing reducing growing across by

measures. reliance We reduced targeted, also digital LTOs pivoted on advertising promotional more discounting higher-ROI and spend towards and

P&L we middle are aggressively efficiencies the remain and addition, labor in and food, managing the overhead. disciplined of In in pursuing

grills including Importantly, the cooking rollout to in initiatives quality will technology, new we ovens improve quarters. advanced and include These food several coming and productivity.

And XXXX. sales we in kitchen XXXX, more company. Digital handheld savvy sales digital In of XX% meal pacing become for will systems deploying technology be $XXX for were XXXX, further an innovations customer our channels. versus off-premises even and U.S. reduce These through and service approximately In display improve finally, up XXX% were should digitally total costs. servers. addition, million

while customer past ordering implemented system our the also a and initiatives new Over aimed technology support online business. These app mobile enhancing customer creating engagement. digital we to at are the year, frictionless experience

million expectations X.X outperformed the has over app We downloads. have and new

will in in balance expect Because in activity see to beyond. begin restaurant fronts our our once guide sheet, base XXXX coming for have way stronger more a and are and many growing quarters. above a the be on position momentum we can these The of we to in areas priorities our You so meaningful again.

In in development unit first our incorporated the new unit plan just new our And Fleming’s on the beyond will priorities meantime, Brazil. and for guidance say key summary, QX details let XXXX for he focused the a me terrific April. more in XXXX will call provide and remain In during discuss plans be Chris Outback, development initiatives. quarter, our this on in XXXX. that well against executing up and minutes. will our our We of us was another ruthlessly We few has sets momentum quarter impact

call XXXX. return. our will Chris, with total We ability QX about are provide to turn And who on some optimistic more over drive and detail continue opportunities I’ll and these to capitalizing that, the thoughts now on shareholder provide

Chris Meyer

I quarter of start fiscal our for fourth XXXX. the morning, to performance Thanks, everyone. by recap of good Dave, would like and providing financial a

provides X.X% of X.X% will Given context underlying driven results, a impact compare on XXXX the of from which our revenues COVID sales. fourth of the QX Total performance. most in we our was by significant were U.S. XXXX, believe discussion XXXX, restaurant against comparable QX up increase $X.XX which to better today in billion, quarter

of same-store Our the check First, after This sales results activity increased promotional in two XXXX. significantly holiday was from average improved QX, heavy over mid-November, by excluding driven we factors: half significantly increase Outback lapped last shifts. traffic and

I XXXX inflation. ongoing November took we I actions additional when on discuss in impact and guidance. price Second, the increases provide will offset detail higher to December these more of pricing

and Carrabba’s. revenues results versus sales be off-premises in sales continues an very our This to flat sticky, of of Turning was were QX. were to both QX. of XX% at and channel Outback XX% U.S. impressive off-premises, these at volume Overall, XX% of

part large is delivery Importantly, the a XX% QX in growth moving incremental reduction forward. and QX. will fourth of grow and Off-premises key note of third-party highly our in the comps to XX% COVID-related ongoing was and our QX Brazil X.X% business part versus were continues sales. of success reflected revenues a strong U.S. remain combination on XXXX. operating Brazil’s restrictions. a up a strategy of QX final And execution versus quarter of

performance, X.X% our XX.X% GAAP in QX adjusted was for was to by the earnings diluted operating X.X% other This represented was XXXX. share items. operating in quarter XXXX. earnings QX improvement earnings company. margin of share a was level versus in it $X.XX adjusted share Adjusted diluted versus margins in And significant for was margin of driven $X.XX XX.X% $X.XX in in per key As in quarter versus a aspects Adjusted diluted per XXXX. relates XXXX. financial improvement $X.XX record per few versus restaurant The fourth income the QX

significant our two-year drove same-store First, quarter. leverage sales the in increase X.X% in

Second, we to to benefit continue drive efforts our our from efficiency business. into

to example, be work the continues record For menu waste food has our restaurants. and hours levels reduced simplification at in low

savings higher cost benefits marketing XXXX. were quarter. and that to of X.X% than inflation previously offset $XX helped expense entered in Commodity down we helped the in efforts QX. when labor discussed QX were a In X.X% And more finally, million from drive These million was from XXXX. Both these operating inflationary was down have $X.X we expenses anticipated inflation the addition, G&A environment.

capital significant generate In free structure, paid flow in terms we our cash in approximately million down $XXX XXXX. debt of and

shareholders we and as provides sheet to below As as pursue we quarterly business repurchase opportunities new and million authorized reinstated In announced increased times cash credit flexibility our a our metrics dividend balance share buybacks now our $X.XX shareholder program. the release this share leverage. goal to dividends a that healthy of press lease-adjusted are share value. and through $XXX A a result, X return well that improved to morning, will enhance

XXXX our Turning to guidance.

an be a expectation billion they and and positive COVID-related to We expect between restrictions. capacity sales includes of revenues lap same-store sales in total significant XXXX This $X.XX recovery billion. Brazil as versus $X.X

XX% chicken, and oil. seafood, inflation commodity This communicated expect XX%. of categories, increased range dairy to We several than of on between higher pressure is and including our XX% previously due

We most we XXXX beef in high for for the expect be of teens. beef to contracts mid have, our and however, inflation will completed XXXX

relatively lead a comparison X.X% our a in reminder, XXXX. an benign benefited This contracting to number we inflation of strategy. given will As XXXX commodity outsized from in year-over-year

have XXXX roughly we food our In of year. commodity needs, the XX% basket our terms of for contracted currently

first of half the for X% and first the back year. In of inflation XXXX half inflation, commodity than the ran to of Commodities half. inflationary expect we half back higher XXXX have the of X.X% roughly terms of deflationary the the were pacing would over

This earnings impact is lap the seeing XXXX. be it shape a impact levels inflation is we than last of single-digit Labor a higher were range. collective this, the will and legislation As we the to market. running tight is labor our of have big This call. wage the in in high on expected

of pacing, first terms in will it inflation year labor be expect the half. back the in half than be we of the to higher the In would

labor our actions overall concepts. the have the would pricing more taken we inflationary throughout with of commodities. headwinds, level However, inflation we what the across expect consistent year than be To should address

we into pricing later and would increase of pricing expect pricing quarter, when the our will the our facing. X%. It previously go-forward XXXX maintain of inflationary is quarter be the be would clear an strategy. to X% With offset total fourth pricing we We this we in effective the enough that expected discussed became this pressures to reevaluate our took not QX will increased industry level

are taken Given appropriate. is not that menu we since a price confident had that X% increase XXXX, material we

other to guidance, relates be EBITDA between and it our aspects $XXX million million. As of expect $XXX we to

expect XX% We and be our XX%. between to income tax effective rate

EPS GAAP growth GAAP adjusted relates between convertible guidance and from from accounting XX% difference with count The expect XX% be compound to adjusted We represents between of EPS This bond. and to EPS share our EPS treatment annual our to $X.XX between $X.XX. and $X.XX, adjusted $X.XX of XXXX.

driven restaurant is international, million well a Dave capital This expenditures the gross that between are $XX half million XX which investment approximately We and of expect technology restaurant as by million. openings, as in $XXX of discussed. $XXX

thoughts Now quarter. turning to the on first our

be and $X.X We to billion expect between billion. $X.XXX revenues QX

Omicron in we behind the During impact from the did is first have our of QX, QX appears and be several variant. reflected to guidance. weeks impacts largely This us

expect to We $X.XX EPS between and also $X.XX. adjusted be

And pronounced Brands, inflationary on the becoming this open more well way call with pressures This the the and better, questions. of half operations-focused was year. first stronger, in to are another a QX In is quarter our the for reflected that, As guidance. for we up reminder, of cadence a company. our be Bloomin’ we’ll summary, our in successful will

Operator

Please time, At this your you. Barclays. conducting with [Operator session. with a line first proceed Jeffrey question comes Thank from Instructions] we’ll be question-and-answer question. the Our of Bernstein

Jeffrey Bernstein

to part to question Great. Good improvement a morning. sustain Thank is question you and look margins XXXX not to saw a you’d Clearly, you. definitely significant whether we able as My operating or the in XXXX. of that. be relates

than inflation if considering just what follow-up. that you year maybe So expect I’m heavily you you had be in wondering And one that sustain margin the operating full more can to have to anticipated is prior. now XXXX to the talk I and confidence then

Chris Meyer

This Sure. Hey, good morning. Good morning, Chris. Jeff. is

point, about framework. if you goal operating the last guidance guidance, labor used you allows in left just weather puts our early of year. to end particular my additional variable last quarter, but of outlook million, versus inflation I that I last sort that. long-term little shift. terms we range hitting to $XX inflation help that the in talked you that the in think on what offset is look earnings quarter. our top EBITDA out and quarter that, fact And your takes the at in look this the about I’ve on about that talked XXXX margin between were I year time, our Omicron in dynamic I about that and inflation last We a have X% margin of expecting if that is a at probably what business factor believe commodities that the the And think X% the and was And million calculus only how that traffic pricing and is change record offset the in for part is in of say we would get more quarter. environment and impacted you business – the to guidance, bit despite we key you after of taken the As Omicron And The really to pricing only from $XX number would if really the versus be mix to laid Omicron. the

So if it on feel range It you X.X% traffic perspective, kind over you ball plays to where good overall bit really our eight how margin year. be X% like a at you why guidance guidance is. depends can that the look back the in little puts a already full of that’s we behind over from the out that is the and But revenue just half.

Jeffrey Bernstein

can Got the of framework? that, that if the do end of on that it. kind to hold you was But think higher EBITDA hit X% which long-term you

Chris Meyer

Correct.

David Deno

laid gets clearly will has and Jeff, long-term. to you for that’s And need expect. our over Chris target Yes, out that, the this that hit there earnings what expectation a we us year the it’s format

Jeffrey Bernstein

taking, on encouraging. your what menu lower Got pricing. it. end The And then some so on just X% that’s my surprisingly is of follow-up the is of the peers are

mean to Your say floating further to ease. in be that or necessary, you there surprised, increases confidence some. willingness, I’m Especially that were not if need prices anticipation that take your might be going to I’m with steak, you to expecting I steak

said steak led lock think be what ultimately any inflation, to mid I teens which you pricing to obviously related steak the to extraordinary. on seems color in So decide you and prices? you. Thank But high great. would

David Deno

Sure.

want pricing very in extremely extraordinary that. offset great that’s the had equipment of to of yes, X% we in in things plus And value consumers, important. piece, take pricing try kitchens I the because cooking some and equation for of hard back things handheld as productivity as and house. on we the modest front with we possible we inflation. price because restaurants, the pricing our formula out up And some our tried On and have our the we inflation, be us. work coming to our year to is in protect this Obviously, the we to be our But of of a front laid the productivity –

see muted. happens. but more take to over us means. we to to cost that, to than marketplace, keep hope talk the turn we’ve that about we’ll now much chain the survey Chris have Obviously, what enabled to watch supply I’ll it have what don’t pretty that’s got So and to we and pricing and

Chris Meyer

structure couple of for the a on in Well, specifically the the to XXX% participate the benefited course half to I supply that this think we’ve beef, the But that beef, news we beef years. do last help back fall us of as of but to that talked towards year. portion having and of we is assurance before, it will about us locked prices over allow you relates we’re guys greatly good supply the try us, the assurance, should have upside contracts has to

I a chain having that’s byproduct we’re approach. And being our I think just partners. of think supply prudent great in

David Deno

And Jeff, performance of chain I the really just costs, in gain supply we had good mentioned, XXXX in a as X.X%. want – year-on-year as Chris you and supply consider increase chain

So do has issues have of, our company. in job had of top on product not significance to have great lap of but the we done of to any any keeping some And that, things. a speak we team

we’re our So day. each every serving and menu

Jeffrey Bernstein

Understood. so Thank you much.

Operator

Thank you.

Our line Brett your Partners. the from with Levy next question with of proceed comes question. Please MKM

Brett Levy

Great, thanks.

looking its expansion talked your great on with regional the in what the What’s you’re successes see off-premise? both – how Outback, about the seeing across did thoughts and What and really you’ve targets Fleming’s prospects, you your general different the what from just obviously you and So expansion some And your you But growth Carrabba’s, Brazil. in-store see at you’re on did cohorts? on customer Carrabba’s. landscape, near-term? Thanks. seen

David Deno

Is company? half on Or the the it Carrabba’s? against of that broader back is question

Brett Levy

all across segments. was That

David Deno

Okay.

way mean, great. to a challenge And an mean now a in all they’ve that that I of unlock going sales them team a level year, It profitability achieved the on magnificent job XXXX. is to our you’re and the have team. for friendly it. had of Carrabba’s. hats is, the I company. lap great they’ve really What achieved you’ve to Carrabba’s I First did off in was

be Business like. look on expand with And what is XX%? And our it. working there Graff, there you our to Head could that – when opportunities the mix We will Development, obviously grow business. team was the of Mark to got You that, do

Chris Meyer

Off-premise.

David Deno

Yes. got business way dining. whole And and that mix We’ve and new for is I great they’re is mean the a job off-premises had restaurant delivery here never in Catering at carryout before. Carrabba’s up. doing XX%. a we’ve

prototype that an is business the say a not our are piece that would that now we today. them a they’ve a work That’s We be got grow Mark’s lap challenge, doing. to two opportunity, believe if it forward. of certainly to that may going the on friendly but us asset it’s it But we’re will. they with to Brett, is great And got things it. be as we So go ago, then talked what place and to to portfolio years and you

customer our – younger piece, On times delivery crowd that a the broader channel’s on third-party cohort, different we on it’s delivery, see day. – a

On and between you and back a carryout back and in and carryout we’re From continues delivery see does back There seeing the growth forth some what the in-restaurant to perspective, going Northeast. carryout business. the really mix we business the the and people are in-restaurant the switch But and in coming little opportunities restaurants. dining saw pickups the the a dining, do into forward a is and well, build – you delivery the Midwest in geographic are Southeast while the bit.

So, I there’s if on cohorts, the answers that to else you’d question like know. the hope that anything

Brett Levy

very Thank you much.

Operator

you. Thank

line Please question. comes next Our the Slagle Jefferies. of question from with with proceed your Alex

Alex Slagle

bold dividends. in for It industry, I a strategy. took all onset, pretty have like. seems success a paying good be holding the people And on most Thanks your stance it people-first at much you important I staff. ingredient seems on the now the mean, question morning. to right your pretty to people are guys

phase employees. you’re curious the that Bloomin’ in brands the tactics So, its what for we’ve the I past. what of now on this eyes you’ve new the staffing elevates the we differentiates the lot same of across taken I I’m doing front, and shifted mean curious given stance just differently a of the you’re bolder industry. doing a bit the guess, I’m hear, as in

David Deno

Yes, sure.

environment mean, culture decisions continue culture got is build we And help paid people in is that all, really economics that of you we made Our very belief. build the the in are are I people do to job in you do. the one, is levels obviously, restaurants And among pandemics and that frankly, know? treat to culture levels turnover how how what important. we on culture. and First and But create the you the and industry. will the best how And okay? and retention

one. then to job And turning economics. So the that’s

job good the as person and We that hard. I they with area think of our they need do kind we’re at leadership, our hourly that back work were heroines their good do we systems. to partner, that their job associates the level, get house is or management. we possible, house. this managing a because to people compensation be And second of they level we front The make with either very – call are the their of do lives worked to continuing to the that on as so going during of heroes enjoyable pandemic, a

So, their at they’re shifts working. quality we’re life, looking the of that

at culture program. at manager expanding our our improve people. are to bonus looking All and retain our We’re we’re something more that things even those looking

Alex Slagle

a Great. first things any have Brazil, follow-up of look just for? should just if commentary you out quarter And sort we expectations, on

David Deno

restaurants. great. there. lot Comps up only doing well-positioned It’s a We’ve the They’re in in of say. X.X% industry to market were two-year basis. We’ve on down QX got the best got thing position Yes. the a

there. on We’re continue one-year a down basis. trends XX.X% up Strong

Aussie and Abbraccio, They there, business that. are the Peter adding left. and doing and our we’ve We’re job. down restaurants his doing Grill fabulous and version which casual Carrabba’s a taken their business is team right fast called are of done

I think on so And for been first a fabulous they’re it’s now, basis, right two-year a up so quarter-to-date. XX%, just quarter, in business that the So, us.

job. great in company. a And So they’re real jewel they’re us the it’s for – a just doing

Alex Slagle

Thanks. Great.

Operator

Thank you.

comes question Morgan John Stanley. question. Glass Please line with your with from the of next Our proceed

John Glass

There’s that, laps, your third in shape of to all. particularly question the reduced you significantly second detail reduced My and part the thank across terms you’ve of for formula year? guidance. as in think brands. – Does in continue first laps grow to some is, XXXX. pretty that quarter, of later and XXXX plans about growth all in I XXXX you this business the do you think How to big indicated your the Thanks on reopening versus Chris, XXXX? morning the good sales you marketing marketing come And back in related off a of

David Deno

it’s Yes. Dave. John,

one First laps I’ve that because the is the revenue little things to trends a of pay learned during of all, attention pandemic year-over-year get the to crazy. your

because this that’s but be in XXXX, going next minute my difficult, about change, got we you did to XXXX when look stimulus at. have in for checks back we’re one So comments will an But to revenue sales. pattern QX trends and into not else, be our and not – to XXXX fact good the year. uptick nothing stimulus. about bullish of at so very the to half trends March, clearly, but that May, feel some QX the lapping expected look with have revenue – lap at, at And continue the – because and then that Doesn’t we’re all are lap we’ve comp everything April mean extraordinary completely a more in

we On balance capability of marketing back we terrific. really than John, XXXX. the digital the different on year. We’ve a far developed some But of it’s marketing yes, that’s were in have the coming the side, do

customers. our of understanding good really a channel have to that gone hard. We’ve We

We’re we’ve got in-restaurant digital-heavy delivery, our carryout that’s where along now a environment dining. multichannel very with

on. back that turn to going we’re So,

anticipate ideas, the we’re investing like look have. we be And marketing discounting we doing on that at product It’s return to going ideas see broadscale our ideas investment behind that that. around marketing that. on anything or and to ideas. going We We’re and don’t

the the of quarter-by-quarter. sense to a take good So, that got we’ve we’re it can to use we going And make work. and look returns like very what that channels

Chris Meyer

the up Yes. thing marketing maintain environment, some in have also And get would on can right? the be dilutive, that the a only yield doesn’t is that with And to now add company a why it when these overall, not we I as necessarily marketing flex aspire can progresses, a on I depending good the margin would for we’re And but of result ideas result that’s as think think spot position year the marketing see. that you we well. real to expense that on that is can about think positive down, yields investment depending I only a which the can is to company, return we we to maintain what margin sweet you or

John Glass

question just do check my think beverage may the to profitable tailwind it’s back? I how got attach, is, visit, second higher about And a you you have dine-in the more potentially believe higher come you’ve for business a overall.

that see the at how differential think looking more back the total So than benefits or just comps did story, mean comes XXXX? you business whole dining margin do might you see might the about it you room as in

David Deno

Yes.

We underscore, a if to drink. business to would But investors close forward our I the and be For virus would an of the John, beyond check I get billed off-premises everything as think margin tail what’s come people have and great. business. margin. as sense dining. very I’m in-restaurant But on. yes, as we thinking our in-restaurant do in But see restaurants, as guidance, to do tailwinds and we the us, people get else. yes, that love we’ve hopeful be – But worked calms back best John, revenue a tailwinds give on possible our our higher that the trends down to we have to to are really tough to off going tried predict, in and the best – it’s we’ve want We put

for continue trade-off a biggest see between delivery very carryout been us. to especially and I business thing think channels, a look of up, for that good the bit our us is, as at move third-party, it’s There you is in-restaurant. we’ll

moving that to bit. then for Carrabba’s have go be in It’s channel a nailing piece about – be hopeful very back aggressively. I will is And But us. a something catering. it if the and that they’ll in-restaurant didn’t will back. forth talk So and that watch. we big is I’d But be Outback little comes we’re lastly, remiss

as So going that that to doing something will be we’re be well.

John Glass

sales catering just was? you remind understanding pandemic just us big of of as what of was sort a percentage that business an Can pre how

David Deno

Tiny.

Chris Meyer

Tiny.

David Deno

number I during top Not built – don’t the tiny, know head, mean the but even the off We virtually I tiny, tiny. it negligent. pandemic. of was my it

John Glass

you. Thank

Operator

you. Thank

next from of proceed Ivankoe John Please comes JPMorgan. with line Our your with question question. the

John Ivankoe

that Hi, just where focus not opening Brazil, In prepared your much. very and restaurants prepared excuse pointed and order, would to your in I out back remarks, Fleming’s, in remarks, desk, David, thank me, you of my your really specifically you in ran Outback be. terms

and guess least that two leads the questions. to own have medium so to economics the back And are of perspective, portfolio the in some interesting portfolios, do perhaps mean you alternatives from a brands? intention I have mid-scale your with an at I the you Brazil I mean there In to say, stronger. I emission term? about domestic management So, thinking now Carrabba’s may that have you or those guess, come Bonefish mid-scale,

David Deno

Yes. you Brazil our well, know position there. John, know market down you

been You’ve down there.

it. seen You’ve

And it, it, great going going It’s understanding got it when develop then happens. to Team going You’ve great just to a down look it, what business. comes ride built to going there. it we’re and we’re grow it. to we’re we’re coming The and We’ve watch back of we’ve said see always got at strong. to great optionality back, going we’re has

really, Carrabba’s, of business the expansion a the so is call not marketing and standpoint right So standpoint, same-store sales the growing well. have which so we But we business doing the unit not Abbraccio, any way, we’re now, both what is rapidly don’t Outback and that. really – just we’re by from is doing any both, well,

that is it. friendly more We’ve talking to really carryout about we’ve Outback, the talk minute it our going works about new It equipment operating at QX, I volumes we very of As opening we’re them. developed smaller we’re call, high some but works me that that business and development about have. been least at a and a spend it. systems mentioned and let flowerbox optimistic delivery in the and kitchen plans, encompasses on

really continues move do going is plan expansion forward. relocations years. that That talked over So about to the to We well.

Fleming’s Texas, in and dining Outback. to in markets The And Fleming’s and in number. a John, done Back, to well. building really Those The street Miami hope has fine And the doing job. versus do Fleming’s going you is a very step are Florida in industry. Fleming’s the our well. results I Nevada. in some Fleming’s in we’re are the going a team more openings on California, doing from one core really we’re new that’s be So fantastic of none. take investors you look point Florida at down and second good others even really to fantastic performance back enjoy

these business That were They is work. what Now it talk different two have XXXX, got going we to completely the ago And sit about sales economics, and completely let they it the They a grow those are to make during in to behind and to got pandemic. they they’re grow. – behind changed brands. me than as three-years They have business. revenues, brands. to businesses smaller their a Graff a I sales to and completely changed but economics that again, But that’s continue John, a takeaway as wait were Carrabba’s doesn’t earlier, we Bonefish, completely delivery profits. mentioned two about Mark revenues, they and profits, pretty nice got different spot and happens, as far We want different talked mean to see wait – earlier, in they’ve built that. see lap than business. and

John Ivankoe

was That helpful. very

pivot can. me if I Let

to I in delays before. technology, And terms several equipment the implementing of KDS, grilled a we about and getting the general of meat lot in You there’s timing point of could from mentioned the ovens, if impact initiatives especially basis that. kind obviously, understanding handhelds, and talked a you’ve see expected get which wanted

we update heard related million there? drop can any I would that $XX specifically that So to XXXX? do And of and CapEx, from XXXX is CapEx three to number think I items those say you

David Deno

to Yes, items. those that’s specifically related three

depending four chain years. and goal the We’ve for that over there will of on deal the next out six great depending to and Our each on next out grills made some individually. availability will be couple And is over availability. our the quarters. the in them rolled rolling be ovens, handheld, They’ll supply KDS to first, restaurants. new roll the of progress take of in

move next And items be We’re the fast. meeting to week. to obviously, of going manufacturer with very them those strongly I’m encouraging

timing. the So that’s

six within of next and and hopefully kitchen next KDS again, grills couple equipment year, five, handhelds this years, next – So four, the the in quarters faster.

As there. next we more capital the roll-out assuming year, we a returns will unit through, but that drop bit, find new probably have a we will CapEx are as portfolio and the restaurants, more grows

As basis on least competitive because we’re probably investment John, expecting but a add do far type XX% anything on the want improvement, want of at you of in kind to that Chris, detail equipment return some measures. of of to point else? stuff, I get don’t as those the

Chris Meyer

productivity. say margin we menu of profit what we level just pricing. talked would talked about levels the – get would needing I pricing and and about part And menu we the it bridge take talked big to those quarter of about last to about a Well, back

would and like a focused year not get roll then you we outsized allowed to is investments, The enabled so fueled be One by take that about these initiatives. productivity, have to of or and overall into the next things we that if year into by and units. $XX think in that productivity additional to levels the deck deploy that there XXXX on we’ve productivity technology these is million initiatives highly this out so will it as are we of tail has on have initiatives XXXX our always us then for pricing

David Deno

John, job the other take will other be And the we’ll works stuff what that obviously, And then brands. will lastly, number brands because that in Outback, do two is here. this the

this forward. we can everything and plans kind make talent in have level on capital our to quickly vary go these So the will of work as we move But things. the of innovation and given the company we we now, the have resources else financial and

John Ivankoe

Thank you much. very

Operator

Thank you.

proceed from Our question. Silberman the line of Lauren your Suisse. with next with Please comes Credit question

Lauren Silberman

to first brands trends certain just I recent or point. outsized levels the relative where follow-up if you. in Can you’ve Omicron noting just are on regions? quarter, to wanted just Thank running largely and this seen talk behind pre-Omicron differences about any you at you

David Deno

Omicron The an it’s impact will weather. continue. and $XX the The of last us. saw $XX Chris tale last for between January, very million, Omicron. – the interesting been we weeks here those have few us for million on a bit talked just about impact trends Hopefully, good.

very up with And March a Glass, we XXXX, good. QX, our from only into bit sales on trends talked but do QX trends. that we into front of and thing We’re have as in bullish us pick in John is, those revenue very are the

So look, the good. last few very weeks have been

country. Midwest in We the back revenue to a picking about Northeast has been expect And We being and breed. continue. We We those it’s the the trends stronger. about the talked up where talked the bit. fine dining talked about happening the best Southeast of

Chris Meyer

year lap Yes. thing again, that little last starts And at time is mid-March we differently from And kind period. the the in look the sometimes. important really – and a of business

Although I sort then just we volumes. from volumes healthy. basis, in-Omicron sales black really think the we’ve the on the versus that’s post-Omicron maintained box volume of and look same-store benchmark, and that sort been very a perspective, at do of And And a gap things Street looking my volume to internally pre-Omicron, communicate encouraging. post-Omicron, have we at do

actually In has bit. little fact, increased that a gap

feel we about where are. So good we

Lauren Silberman

then in to as seeing last higher that’s as what more environment different inflation? saw you’re just for employees managers quarter than well with broadly, labor what can respect on just And relative expand hourly retention on labor, you to Great. the seeing historical what And levels. you’re the prompting you

David Deno

but – some the followed had a two the challenges it’s a were during we the are really, people are all they quarter. was tale kind we cities the because January. out. getting of and staffing company, guidelines but leave people that It didn’t Again, rugged of of quarter tale Yes. is out. in They Not sick, really

And the so difficult the little that staffing for far a part staffing was most that’s of the so The as getting bit. better. had quarter, we to – supplement us, probably first labor but availability, the as

impact to a you on frothy a things see a the I restaurants, in market that a inflation. and getting are in market war our it’s still and But better very talk operators bit for labor standpoint. talent, our As leaders – the from getting are it’s things a

Lauren Silberman

guys. you Thank

Operator

Thank you.

Our comes your next Bank. Brian Please question. of line the proceed from Deutsche Mullan with with question

Brian Mullan

if continuing Hey, efficiencies. look your guide? to in G&A you’ve embedded us thanks. for spend Chris, then thinking in prepared to you on that just in the you that? G&A. something And I remarks, that sales opportunity know XXXX made prohibit is on could an would let is over of that know not, spoke And to progress closer Bloomin’ say, there that But get unique there something further number towards, already down time? X% or is great at

Chris Meyer

in goal, G&A guide, So this $X.XX number first goal to question, $X.XX sales the like terms overall year. then XXXX of And of feels for the right the on X% G&A. I say, for would is

don’t continuing Now we opportunity get feel to the bit a there. news we do reduce to there’s like of although there is by G&A, little have still good

line top that growing about it’s get little a us, bit both. of for really think I But can you there. yes,

Brian Mullan

congrats right It I dividend. ongoing about Okay. million a annual there how balance deleveraging? more that’s capital. $XX notable, of kudos. Can this versus the of the the very of for might now and at you share about it’s the you And like see Bloomin’ repurchases looks use aggressive use Just thought great on improvement about then or talk sheet, just valuation reinstatement plus that? just accelerated right why capital be more

Chris Meyer

really Yes. the we that No, all balance I look, sheet. question. a it’s the delever think XXXX And – work starts throughout did good it with to

ahead about we at three company. That’s million we’ve been the achieved now, schedule. of we’re lowest that public been times And debt. target since we’ve of right So a $XXX

guidance that And into our million I position in evaluate amount other we’re generate or of cash. $XXX has of point, so for now uses mean so a cash. your to track of to us a significant EBITDA. We XXXX

is have the about, first of priority, cash investments think new when that restaurants flow, and we via CapEx, like we as deploying The things for about. technology we talked kind

in last that’s call million. $XX this have $XXX Then So million, taxes that interest going to you XXXX, year and $XX was be million. and

tax number going be. and that million, interest is $XX and $XXX to So between million

back dividend, we from million repurchases you of cash in because other share $X.XX And modest step-up of uses. mind, $XXX we think it the of share dividend previously, So of XXXX. that deploy million I we shareholders to $X.XX, to a to the that to about business sort leaves via in annual hand $XXX talk were a where per an represents, in dividend our a had or

of a that modest sign in there. And peer we line is think, And believe that’s in it yield a it with provides I is So of confidence step-up stability a our our from honestly, the group. if point, over we this ongoing think million. I basis. And commit time. to your could grow to to an $XX dividend we would see can that that like that we about on flow it’s And cash

okay, amount think you then cash so about, a significant still other And pretty of that leaves well, – to opportunities. evaluate leaves that

second, from it repurchase feel like helps use we’ll significant authorization, into the a it’s get our cash. in of dilution bond valuation, convertible we offset and million share good $XXX helps, given current It a So offering. it also the pretty

of convertible a do toggle that take we even bit of – think back offering. we’re though so that Because we look overhang going year And stock. half at lot the may we may a bond on the the uncertainty to an a dilution of surrounding play there be as to convert, this there’s that is good the the having of get it

of paying going the We year, as get and share or evaluate repurchase have middle, potentially year sort next out that some relative of such until premium negotiate as get a the whether think the We’ll that other to about the could alternatives the things. of year we out May And activity. progresses of potentially so pieces to right but not back don’t convert. to to we’re sit end of

and And given our company healthy be for that, the flexible. best to through shareholders, us, to the pandemic what is balance to look I taught going for us think the our of continue sheet. lens we’re has the

David Deno

to down our paid have done – I two debt. we have where of three. leverage debt ago. great say, Yes. just guys that – We want We ratio was you below long-term got we now guide look a – years Chris, job were

earlier announced pursue got we’ve the And dividend. a to we’ve in reinstituting opportunities And the now are we the the capital We share talked muscle about call. buyback plan.

so bullish do we what you can So on we and why forward. going that’s us where are hear

Brian Mullan

you. Thank

Operator

Thank you.

question line of James. from Vaccaro Raymond the Our Brian next comes with

Brian Vaccaro

guidance. circle just of I pricing, the Thanks the back dollar just third good labor, could to us quarter, as morning. EBITDA COGS, we like you dollar to bridge on sort in relates XXXX the versus it walk productivity. XXXX Chris, through wanted and did expected inflation,

of some But us obviously. G&A, just XXX, puts through the around those could gave midpoint. XXX You to walk and getting you that takes you

Chris Meyer

sure. Yes,

paid or we what you far, we about of that by The but $XXX if out which million, were think our would in at to last we inflation, be X% we a the most that, get time, it, it’s $XX this of number million or massive That is inflationary would $XXX – benefit going about $XXX It’s year. I’ll down. we that about in the because earlier Labor get said And now environment of move productivity the – headwind. inflation. million the we we’ve you So would would And inflation, had midpoint said about for since we’ve in $XXX number is million commodity that earlier higher That question price the increments, incentive $XX number, company. about public going by to is then So for targets last favorable to us. was we inflation, increase. through broke so been said a commodity to benefit going $XX there it incentive XXXX. back $XX that you’ve that be headwind. benefit pricing. reload thinking about is call talked That’s be gets more million, about that million how was then you the Brazil $XX of business it’s been continues – number going $XXX million. was million some we to going be a elevated, normalize And time, get. with early get little to We was $XX million being to Brazil, XXXX. operating those a and million. got the to comp between talked And Brazil, guess million million recovery the that we to so, you levers we million Then you like but the just now now a to do that? million comp again. which go them $XXX around be talked about a assuming be balance going we continuing expense $XX to Pricing, be $XX typical that, from were offset

for think you’re control, does is, The our we price P&L year, as sales us close type in We a is control. through the So is an for revenue to One, cost flows just $XX rest just savings, of given at pieces a good relates The the check those I then why flesh feel then mix. headwind. from year massive the back year sheet, thoughts progresses, out, we’ve good X% that else to full prudence of already okay, about can there – There’s the and balance two we All And the hearing just of about. the to year is going wildcard right, that took a we us then EBITDA to that pretty point, as things QX going And the to of And And on that things down? activity, within half traffic back as we is a news the on check to real unknown. does high as the held the year. is just That where progresses. all in this two going think strong. really There’s and be really best given to about talked pretty other average, is increase. But be has business. is pretty then million our all on check, levers gets you average, related excellent be it feel enter really the half the of we big early The neutral. all a bit we level. piece Omicron. it middle look, category, impact. the management about mix. traffic guidance little the of can as the back everyone to the well, is come question traffic about That’s

Brian Vaccaro

All wanted trends, to QX right. Thank I too. on you. That’s the circle very back helpful.

You any quarter-to-date have sure slowdown weeks. other at a in to universe. I a you AWS and are guess we’re Outback sense that the versus Carrabba’s the could Brazil seen of companies sense of and And some AWS in on on maybe page, of just in same unique Omicron? make you degree give have us where our just improvement you’ve recent seasonality seen

David Deno

we talk any any over trends Chris very to particular matters. And business Brazil, seen On strong. be it I’ll to slowdown, continue to haven’t about turn volume

Chris Meyer

the of out of the because the – year coming ended the busiest the a Brian, interesting, – January – first the our it’s first strip week out us mean for that weeks to just on I that’s us. because you busiest the of Yes. so of year week that’s of X, – got massive one for always

I Valentine’s regular well take improving you noise if company, XXX could most there’s out AWS, has the [ph] this So confidently total think then Outback, on that basis. take I say week, on week recent ending and because as you sort out as that pretty a been of

where the get been after a We sort range of that’s across Day example, look a again, volume of which in you both at, is which thing pre. you at total shift. black that mid the to I we is And what box, see $XX,XXX to really encouraging. grown, weeks And now, consider kind said, Outback in again, at Valentine’s important the good like – gap, look really Outback has are relative result. that, typically through a a you portfolio, maintained week pop that If a gap few for is has and at that this would our and weeks

Brian Vaccaro

the back equipment. That’s one, kitchen right. the great. to All last And going guess I

of that tighter sense model understand a the might realize roll As back have the you’ve labor sort and of cetera, to the in out? few studied you you to able optimizing do labor efficiencies as terms have opportunity, of of of a house, number years, the you those able share? et sense be over efficiencies in a and but do tighter that you’d bodies of be efficiencies, you a it’s that I tested

David Deno

targeted that want on Brian, to do have kind kind capital on because I don’t competitive. that pretty into investment. return we of get XX% detail just that is a But of investment

of what I in the is kind begin So this of tested, I like earlier, think And mentioned high-volume you like to this that can not the this and restaurants. is is might noodle back restaurant. only in, importantly, in around look

what So need, the type of we’re we – seeing this equipment.

Brian Vaccaro

you. right. All I Thank along. will pass

Operator

you. Thank

next question your with from comes Farmer Jeff question. of Our line with Please proceed Gordon the Haskett.

Jeff Farmer

you. Thank follow-up of handful A questions.

you benefit in Carrabba’s? any million, context million Can concept The those? believe us with us can XXXX of levels that I that. Or at across of across what you price all-in the $XXX provide on menu two and Outback in was assume those increases. said But terms does pricing first price one $XXX you menu provide increase concepts?

Chris Meyer

is the – brands. a is casual other dining at at increase it be higher pretty pretty going to little at bit higher maybe a much average than It’s price is the so little big reflective Outback I But Outback, mean, the lighter Yes. little a that Outback.

Jeff Farmer

of the And sort it are then already? so or happening happened is just already rolling you price Outback. you have – be currently to pursued that out increase now? at newest Or Has that clear,

David Deno

March.

Jeff Farmer

March.

another then touched topic levels but staffing that concepts. just was Okay. And at on, the

sales given about were levels right the to would sort now your forward you will materially levels as what But how about efficient staffing move of staffing what forward? levels, all versus were efficient levels peers are most those that think moving think are versus people vis-à-vis need pre-COVID that staffing point of or a this levels where XXXX? about in pretty staffing you would up levels. you volumes lot And and you do asked So pre-COVID

David Deno

XXXX. a all, different Yes, business of first in we’re Jeff, completely

menu the and equipment made of look investments, changes you we equipment If done. the the some at we’ve the simplification,

staffing of lot comparison. So go levels a at really back good to XXXX, looking make doesn’t

compare models and that not to we for and we that would today, with have What do we then XXXX us. business have would today something build wise on we’re be what staffing in the is that we be the mean we basically the good staffed, do look back on compare done enjoy. the But about And levels restaurant, great I’m back and we’re work go strong equipment that cetera, trying versus not is build saying we’re restaurant where versus shape. levels. shape engineering that doesn’t we’re in the to culture team et earlier be. don’t a at. front the that. to has And to that. our we we at the our in really of have So job close where retention labor our levels the that we It to we’re But in company talked we of staffing in are and and our And the good the we in do turnover do, compare and to very need where really

Jeff Farmer

related. And one then last just

here applicants. takeaway of sort applicants, there number staff actually So members much Omicron, high-level on gotten it we easier hiring, the Omicron bring new has as How moved of in past as qualified just what we’ve if of terms to it board has? past moved

David Deno

to talent, from better. tough that. Yes. the and But it it relative But at a and have and all all. there. solved? very Jeff, the do talent. Does well war it’s better weeks environment few a labor are a No, helped talent we’re things last our turnover levels as while getting was was for of issues mean we look retention it’s for that if But standpoint It months, our not we is recruitment for basis, think gotten been – really better. a on gotten us. positioned Obviously, levels

Jeff Farmer

Alright, thank you.

Operator

Thank you.

next with Our of the Sachs. your Jared question. with question Goldman comes proceed line Please Garber from

Jared Garber

incremental then Hi, help should a, Can what price know be taking first I sure, the thanks quick congrats effective and And will through talked you price, like in you I for you’re strong for once make pricing which had the look you sort modeling the quarter. another you on March, quarter of on think just implications it I pricing. another X% Wanted about. frame want quarter? pass but questions just a question noted incremental understanding that first properly. the to just follow-up. we’re one

Chris Meyer

it in Yes, I’d X%. approaching say. going full QX, will X%, be the that And then it will be

X.X% to in X%, So somewhere there.

Jared Garber

in menu at the of the And kind if Okay, you to or and/or back data maybe seeing Steakhouse own improved industry proposition months, Outback down of as sort your the are competitors? how value a just cool. on your versus you maybe That’s primary you’re of XX us at we the proposition data sort there it to year then shrink Can or prices took Steakhouse of value your what gap of helpful. update viewing between some peers. some go consumers Outback relates

David Deno

we’re value in other initiatives of that At really we it’s No, a to good company, the add drink larger our is they significant trading No that job, are was on increase managing We preserve was, of part to have or all was great a the that profitability some seeing both of pursuing team at they in combos and did that mind. possible made higher up, line. Yes. are and things up, has nice that advantage price with had menu sales progress steaks. menu And people attachments us. a much steak very the up Obviously, cut that mix in for a job. also, thing from team mix been that just The constructed to really up, very the did appetite job a as thoughtful it. because great. mix. done on we Outback, as change. They our we wanted and been And pricing benefit because the was a standpoint it’s menu prominent smart and did our longer

Chris Meyer

you way some pricing across Yes. say have And tactically that the the speaking, is tiers that you that of I’d – menu that just country. deploy we move can

or play that price not that of away you place. of the put decreases tenets any You those with in tiers of the price can key the sort increases – and take just we

Jared Garber

are Great. consumer. that the that And power, to potential That of follow-up some Not as very further have one say on some of sense. two sort Thank just get some as heading year into Just into and it’s maybe those trade guidance. year down? the quite a thoughts pricing of that makes on commentary on potential then the year, we you lower-income wanted just heart on to price thinking think thinking how I you. little some you into about appreciate pressure guys basis, low. consumer fiscal of sort with don’t pressure obviously, and But the the contemplating the last laps took you you’re maybe your sort how of XXXX we some just your about head

David Deno

– great marketing one that’s or situation we be going price other intend were so that us. or that’s deliberate about were we you. reasons talked to we for And out anything we’re we to well very combos continuing It’s our on Thank did else. great deliberate why equation a on menu changes getting reason offering very of value discounting stuff increase of in food, one We – at price also some don’t That’s the why on a ways terrific price Outback. the about that’s and to into that And at has increase. our do. worked the big were reason some with the ideas that served really all

Jared Garber

you. Thank Great.

Operator

Thank you.

of next William with Our question. proceed from question Blair. Sharon with line Zackfia Please comes the your

Sharon Zackfia

Hi, I in think alphabetical order we’re again. going

that asked, product more you’ve enable kind robust want So innovation about the over that and two the so but most did good menu were past at menu my years to I or been might of of simplification how now. inquire doing questions innovation

in now product us more on kind thoughts if frequent So any cadence of decks that expect your we new how the can should for might XXXX? that cleared news have and give you of

David Deno

is we we of saying do yes, deck Sharon. our do what well the great Clearing way And product Yes. want it, news exactly around in so new a concepts.

like kind to ideas Bloomin’ an things some do proliferation Outback innovation So that’s opportunities things be just family things are we have when all Those on we channel on that us great customers. whole and can’t ideas. is fun. going on how spice of part some core What important. important away opportunity is experience, of add got those – point, then of combo serve can’t a always have, we’ll our – forward. continue new is and Outback. Then of will people everything and renewed We’ve digital menu is kinds the on for packaging, meal delivery at for takes we your that Sharon, The up, bundles, are to steak that from that And the other us. all to and standpoint, you the the thing kinds carryout the our coming idea,

the those we’re that – that of some thinking about. So are things

can You apply to our the other same brands. thing

apologies. that that, in our say that call, when address our go we’ll to alphabetical Sharon, don’t make we’ll want I time have we sure order Lastly, we and next

Sharon Zackfia

Thanks. No, that. appreciate

Operator

you. Thank

the line comes Our proceed from of this Markets. Please BMO with question. with morning your Andrew final question Strelzik Capital

Andrew Strelzik

morning me here. two had I and Brazil. follow-up just good Hey, thanks questions for on squeezing in

have That’s headed. how look just you continuing out, relative impact has restrictions to of And And those the volumes obviously, I lot Brazil? I are two, the where the I out But in I number average come does a Brazil? figure like the down. a noticed to think one, trends? that be conversation U.S. trying to you cost restrictions of – check being the in mentioned there guess, number what could capacity How in that do XXXX, one. first sales industry is sense help. a much easing much of I’m The guess

any price? the curious just look. what Is take is implications how margin need there Thanks. environment the I’m And there. like So to

David Deno

Yes.

of can has We company, learn team business they been studying will the the That on them. identifying do of pricing very – itself, we from as our frankly, probably very, et how much lie, good come there trends cetera. We identify the lot strong. – progressed virus. best-in-class is but On have the capacity they a has opportunities, out through in where Chris have the business, been

through And losing that much the do possible so work without as equation. as value they

overall talk it for to to the about category. the Chris looks turn like on impact So over what I’ll the capacity

Chris Meyer

a think so Yes. plus effectively Brazil of capacity. XX% Well, I now is couple stats. right just

we XXX%, other the but a it’s outlying areas, I and at it’s Rio just and – of are think that only left. question really that’s the Paulo São residual have

on total were industry they COVID of I restaurant have look, in did the from heard really is, a provided have data they lot not get a to throughout But there. down think this. difficult a level what that so of same it’s good employers we period, capacity to industry there the standpoint, seen closures the time and benefits

capacity for So XX% inflation seen well. there much environment where I how that pricing of lower, third thing, is it the there, number perspective, an that remains to the be coming XX%, potentially down PPA number have inflation fruition think restaurant the unlike from from out be could standpoint, of well. down a maybe overall great which, comes they our to But as opportunity as course, that of of here provides category us. terms in And

high high, They are it’s again, taking think right. appropriate an of I pricing. that single-digit say, I’d overall level inflation seems

or price ironically, they’re think, in range. X% I that so

off-premises. business of the dining overall so, to of from influenced PPA or XX% is a zero the Now I get now, Brazil does went is that overall off-premises business what, think, little a bit because this

on that check, lowers does little have a impact So a big and it bit.

environment I very the good. way the opportunity So a perspective that think pretty it’s we moving overall, would the that’s the from Brazil, capacity forward, U.S., to in about similar obviously, think but

Andrew Strelzik

much. very you Thank Great.

Operator

to that I’ll gentlemen, final our and Deno any Ladies for concludes comments. you. floor Mr. Thank question-and-answer session. the back turn

David Deno

our everybody, look in really you after we in a to appreciate for interest We our Hopefully, it. April. and questions and Thank sense on gave you, first the good we Have call of on a good today. going forward quarter what’s you to day. talking company,

Operator

today’s conference. concludes This you. Thank

your you your this for time. participation. Thank lines at You may disconnect

Bloomin' Brands (BLMN) 18 Feb 222021 Q4 Earnings call transcript