Bloomin' Brands, Inc. Announces Fourth Quarter Adjusted Diluted Earnings Per Share Of $0.20, An Increase Of $0.10; Fourth Quarter GAAP Diluted Earnings Per Share Of $0.15, A Decrease Of $0.13; Eleventh Consecutive Quarter Of Growth For Core Domestic Comparable Sales
Adjusted income from operations, Adjusted net income attributable to Bloomin' Brands, Inc. and Adjusted diluted earnings per share are non-GAAP measures calculated by eliminating from income from operations, net income and diluted earnings per share the impact of items that are not considered indicative of ongoing operations. The Company provides these adjusted operating results because it believes they are useful for investors to assess the operating performance of the business without the effect of certain adjustments. For the periods presented, the non-GAAP adjustments include transaction-related expenses primarily attributable to costs incurred in association with the IPO, the refinancing of long-term debt and other deal costs, management fees paid to the management company associated with the Company's sponsors and founders, losses incurred on the extinguishment and modification of long-term debt, collection of a promissory note and other amounts associated with the 2009 sale of one of the Company's restaurant concepts and the tax effect of these items.
The use of these measures permits a comparative assessment of the Company's operating performance relative to it's performance based on U.S. GAAP results, while isolating the effects of certain items that vary from period to period without correlation to core operating performance or that vary widely among similar companies. However, the inclusion of these adjusted measures should not be construed as an indication that future results will be unaffected by unusual or infrequent items or that the items for which the adjustments have been made are unusual or infrequent. In the future, the Company may incur expenses or generate income similar to the adjusted items. The Company further believes that the disclosure of these non-GAAP measures is useful to investors as they form the basis for how the management team and Board of Directors evaluate the Company's performance. By disclosing these non-GAAP measures, the Company believes that it is creating for investors a greater understanding of, and an enhanced level of transparency into, the means by which the management team operates the business.
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