XML 22 R9.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Revenue Recognition
6 Months Ended
Jun. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue Recognition Revenue Recognition
The following tables include the disaggregation of Restaurant sales and franchise revenues by restaurant concept and major international market for the periods indicated:
THIRTEEN WEEKS ENDED
JUNE 30, 2024JUNE 25, 2023
(dollars in thousands)RESTAURANT SALESFRANCHISE REVENUESRESTAURANT SALESFRANCHISE REVENUES
U.S.
Outback Steakhouse$562,904 $8,076 $576,989 $8,219 
Carrabba’s Italian Grill174,576 752 176,666 758 
Bonefish Grill134,279 128 143,458 95 
Fleming’s Prime Steakhouse & Wine Bar88,390 — 92,851 — 
Other1,939 18 3,474 10 
U.S. total962,088 8,974 993,438 9,082 
International
Outback Steakhouse - Brazil (1)118,357 — 119,295 — 
Other (1)(2)23,120 3,142 24,597 3,486 
International total141,477 3,142 143,892 3,486 
Total$1,103,565 $12,116 $1,137,330 $12,568 
TWENTY-SIX WEEKS ENDED
JUNE 30, 2024JUNE 25, 2023
(dollars in thousands)RESTAURANT SALESFRANCHISE REVENUESRESTAURANT SALESFRANCHISE REVENUES
U.S.
Outback Steakhouse$1,166,517 $16,396 $1,205,172 $16,763 
Carrabba’s Italian Grill359,005 1,488 364,708 1,553 
Bonefish Grill278,782 288 301,147 266 
Fleming’s Prime Steakhouse & Wine Bar184,552 — 195,624 — 
Other4,128 56 7,356 25 
U.S. total1,992,984 18,228 2,074,007 18,607 
International
Outback Steakhouse - Brazil (1)243,194 — 241,311 — 
Other (1)(2)46,874 6,698 50,246 7,484 
International total290,068 6,698 291,557 7,484 
Total$2,283,052 $24,926 $2,365,564 $26,091 
________________
(1)Includes $9.6 million and $19.2 million of Restaurant sales during the thirteen and twenty-six weeks ended June 25, 2023, respectively, in connection with value added tax exemptions resulting from Brazil tax legislation. See Note 15 - Income Taxes for details regarding the Brazil tax legislation.
(2)Includes Restaurant sales for Company-owned Outback Steakhouse restaurants outside of Brazil and Abbraccio restaurants in Brazil. Franchise revenues primarily include revenues from franchised Outback Steakhouse restaurants.
The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:
(dollars in thousands)JUNE 30, 2024DECEMBER 31, 2023
Other current assets, net
Deferred gift card sales commissions$12,650 $18,081 
Unearned revenue
Deferred gift card revenue$300,590 $374,274 
Deferred loyalty revenue6,461 5,664 
Deferred franchise fees - current460 473 
Other1,504 1,466 
Total Unearned revenue$309,015 $381,877 
Other long-term liabilities, net
Deferred franchise fees - non-current$3,896 $4,036 

The following table is a rollforward of deferred gift card sales commissions for the periods indicated:
THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
(dollars in thousands)JUNE 30, 2024JUNE 25, 2023JUNE 30, 2024JUNE 25, 2023
Balance, beginning of the period$13,520 $13,403 $18,081 $17,755 
Deferred gift card sales commissions amortization(5,163)(5,383)(12,661)(13,180)
Deferred gift card sales commissions capitalization4,942 5,340 8,856 9,743 
Other(649)(666)(1,626)(1,624)
Balance, end of the period$12,650 $12,694 $12,650 $12,694 

The following table is a rollforward of unearned gift card revenue for the periods indicated:
THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
(dollars in thousands)JUNE 30, 2024JUNE 25, 2023JUNE 30, 2024JUNE 25, 2023
Balance, beginning of the period$312,283 $314,096 $374,274 $386,495 
Gift card sales59,336 65,338 105,945 118,343 
Gift card redemptions(66,854)(70,175)(169,324)(188,458)
Gift card breakage(4,175)(4,317)(10,305)(11,438)
Balance, end of the period$300,590 $304,942 $300,590 $304,942