Bloomin' Brands, Inc. (NASDAQ:BLMN) Q2 2022 Earnings Conference Call July 29, 2022 8:15 AM ET

Company Participants

Mark Graff – Senior Vice President-Investor Relations

David Deno – Chief Executive Officer

Chris Meyer – Executive Vice President and Chief Financial Officer

Conference Call Participants

Jeffrey Bernstein – Barclays

Sharon Zackfia – William Blair

Alex Slagle – Jefferies

Lauren Silberman – Credit Suisse

John Glass – Morgan Stanley

John Ivankoe – JPMorgan

Jeff Farmer – Gordon Haskett

Jon Tower – Citi

Brian Vaccaro – Raymond James

Jared Garber – Goldman Sachs

Brian Mullan – Deutsche Bank

Operator

Greetings. And welcome to the Bloomin' Brands Fiscal Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow managements’ prepared remarks.

It is now my pleasure to introduce your host, Mark Graff, Senior Vice President of Investor Relations. Thank you, Mr. Graff, you may begin.

Mark Graff

Thank you, and good morning, everyone. With me on today's call are David Deno, our Chief Executive Officer; and Chris Meyer, Executive Vice President and Chief Financial Officer. By now you should have access to our fiscal second quarter 2022 earnings release. It can also be found on our website at bloominbrands.com in the Investors section.

Throughout this conference call, we will be presenting results on an adjusted basis. An explanation of our use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures appear in our earnings release on our website as previously described.

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

Some of these risks are mentioned in our earnings release. Others are discussed in our SEC filings, which are available at sec.gov. During today's call, we'll provide a brief recap of our financial performance for the fiscal second quarter 2022, an overview of company highlights and an update to 2022 guidance. Once we've completed these remarks, we'll open up the call for questions.

And with that, I'd now like to turn the call over to David Deno.

David Deno

Well, thank you, Mark. And welcome to everyone listening today. As noted in this morning's earnings release, adjusted Q2 2022 diluted earnings per share was $0.68 versus $0.81 in Q2 2021. While results were below last year, our Q2 earnings per share was nearly doubled of what we achieved in 2019. As it relates to 2021, we were lapping exceptional earnings due to stimulus payments and pent-up consumer demands.