Achieves 35% Year-Over-Year Revenue Growth
in the Fourth Quarter
Delivers 6.9% system and 9.5%
company-operated Same Shop Sales Growth in the Fourth
Quarter
Provides Initial 2025 Guidance
Dutch Bros Inc. (NYSE: BROS; “Dutch Bros” or the “Company”), one
of the fastest-growing brands in the quick service beverage
industry in the United States by location count, today reported
financial results for the fourth quarter and year ended December
31, 2024.
Christine Barone, Chief Executive Officer and President of Dutch
Bros, stated, “We delivered exceptional performance in the fourth
quarter as we ended 2024 on a high note. In the quarter, we drove
an impressive 35% revenue growth and system same shop sales growth
of 6.9%. We believe our brand is resonating with customers, as we
delivered 2.3% system same shop transaction growth, the largest
year-over-year increase in over two years.”
Barone continued, “Our efforts to develop our foundational
transaction drivers - innovation, paid media, and our Dutch Rewards
loyalty program - are working. We believe these efforts are
contributing to current momentum and that there is considerable
runway for further growth. Additionally, we see a clear path
forward with multi-year transaction driving initiatives that layer
on top of this foundation with opportunity to unlock throughput and
ramp mobile order in 2025. In 2026 and beyond, we are excited about
opportunities with expanding our food offerings.”
Fourth Quarter 2024 Highlights
- Opened 32 new shops, 25 of which were company-operated,
across 11 states.
- Total revenues grew 34.9% to $342.8 million as compared
to $254.1 million in the same period of 2023.
- System same shop sales1 and transactions
increased 6.9% and 2.3%, respectively, relative to the same period
in 2023. Company-operated same shop sales1 and transactions
increased 9.5% and 5.2%, respectively, relative to the same period
of 2023.
- Company-operated shop revenues increased 38.2% to $314.2
million, as compared to $227.4 million in the same period of
2023.
- Company-operated shop gross profit was $67.3 million as
compared to $42.3 million in the same period of 2023. In the fourth
quarter of 2024, company-operated shop gross margin, which includes
110 bps of pre-opening costs, was 21.4%, a year-over-year increase
of 280 bps.
- Company-operated shop contribution2, a non-GAAP
financial measure, grew 50.8% to $90.9 million as compared to $60.2
million in the same period of 2023. In the fourth quarter of 2024,
company-operated shop contribution margin, which includes 110 bps
of pre-opening costs, was 28.9%, a year-over-year increase of 240
bps.
- Selling, general, and administrative expenses were $72.2
million (21.1% of revenue) as compared to $56.9 million (22.4% of
revenue) in the same period of 2023.
- Adjusted selling, general, and administrative expenses2,
a non-GAAP financial measure, were $64.4 million (18.8% of revenue)
as compared to $43.8 million (17.2% of revenue) in the same period
of 2023.
- Net income was $6.4 million as compared to a net loss of
$3.8 million in the same period of 2023.
- Adjusted EBITDA2, a non-GAAP financial measure, grew
41.2% to $48.8 million as compared to $34.6 million in the same
period of 2023.
- Adjusted net income2, a non-GAAP financial measure, was
$12.5 million as compared to $7.4 million in the same period of
2023.
- Net income (loss) per share of Class A and Class D common
stock - diluted was $0.03 as compared to $(0.02) per share in
the same period of 2023.
- Adjusted net income per fully exchanged share of diluted
common stock2, a non-GAAP financial measure, was $0.07 as
compared to $0.04 in the same period of 2023.
Full Year 2024 Highlights:
- Opened 151 new shops, 128 of which were
company-operated, across 18 states.
- Total revenues grew 32.6% to $1.28 billion as compared
to $965.8 million in 2023.
- System same shop sales1 increased 5.3% and transactions
decreased 0.1% compared to 2023. Company-operated same shop sales
and transactions increased 6.8% and 1.5%, respectively, compared to
2023.
- Company-operated shop revenues increased 35.9% to $1.17
billion, as compared to $857.9 million in 2023.
- Company-operated shop gross profit was $260.0 million as
compared to $180.2 million in 2023. In 2024, company-operated shop
gross margin, which includes 130 bps of pre-opening costs, improved
to 22.3%, a year-over-year increase of 130 bps.
- Company-operated shop contribution2, a non-GAAP
financial measure, grew 43.1% to $346.8 million as compared to
$242.3 million in 2023. In 2024, company-operated shop contribution
margin, which includes 130 bps of pre-opening costs, improved to
29.7%, a year-over-year increase of 150 bps.
- Selling, general, and administrative expenses were
$234.0 million (18.3% of revenue) as compared to $205.1 million
(21.2% of revenue) in 2023.
- Adjusted selling, general, and administrative expenses2,
a non-GAAP financial measure, were $202.7 million (15.8% of
revenue) as compared to $159.1 million4 (16.5% of revenue) in
2023.
- Net income was $66.5 million as compared to $10.0
million in 2023.
- Adjusted EBITDA2, a non-GAAP financial measure,
increased 43.9% to $230.3 million as compared to $160.1 million in
2023.
- Adjusted net income2, a non-GAAP financial measure, was
$87.8 million as compared to $50.2 million in 2023.
- Net income per share of Class A and Class D common stock -
diluted was $0.34 as compared to $0.03 in 2023.
- Adjusted net income per fully exchanged share of common
stock2, a non-GAAP financial measure, was $0.49 as compared to
$0.30 in 2023.
Initial 2025 Guidance
- Total revenues are estimated to be between $1.555
billion and $1.575 billion.
- Total system shop openings in 2025 are estimated to be
at least 160. Capital expenditures are estimated to be
between $240 million to $260 million.
- Same shop sales1 growth for 2025 is estimated to be in
the range of 2% to 4%.
- Adjusted EBITDA3 is estimated to be between $265 million
and $275 million, which assumes the impact of elevated coffee
costs, partially offset by approximately 80 basis points of
Adjusted SG&A leverage year-over-year.
_________________
1
Same shop sales is defined in the section
“Select Financial Metrics”.
2
Reconciliation of U.S. GAAP to non-GAAP
results is provided in the section “Non-GAAP Financial
Measures”.
3
We have not reconciled guidance for
Adjusted EBITDA or Adjusted SG&A to the corresponding U.S. GAAP
financial measure because we do not provide guidance for the
various reconciling items. We are unable to provide guidance for
these reconciling items because we cannot determine their probable
significance, as certain items are outside of our control and
cannot be reasonably predicted due to the fact that these items
could vary significantly from period to period. Accordingly,
reconciliation to the corresponding U.S. GAAP financial measure is
not available without unreasonable effort.
Conference Call and Webcast Today
Christine Barone, Chief Executive Officer and President, and
Josh Guenser, Chief Financial Officer, will host a conference call
and webcast today at 5:00 p.m. Eastern Time (ET) to discuss
financial results for the fourth quarter and year ended December
31, 2024.
Event: Fourth Quarter 2024 Conference Call and
Webcast
Date: Wednesday, February 12, 2025
Time: 5:00 p.m. ET
Dial In: 1-201-493-6779
Webcast: https://investors.dutchbros.com under “Events
& Presentations”.
The webcast will be archived shortly after the conference call
has concluded. We will also publish earnings presentation slides
related to these financial results on our website
https://investors.dutchbros.com under “Events &
Presentations”.
About Dutch Bros Inc.
Dutch Bros Inc. (NYSE: BROS) is a high growth operator and
franchisor of drive-thru shops that focus on serving high QUALITY,
hand-crafted beverages with unparalleled SPEED and superior
SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch
Bros began with a double-head espresso machine and a pushcart in
Grants Pass, Oregon. While espresso-based beverages are still at
the core of what we do, Dutch Bros now offers a wide variety of
unique, customizable cold and hot beverages that delight a broad
array of customers. We believe Dutch Bros is more than just the
products we serve—we are dedicated to making a massive difference
in the lives of our employees, customers and communities. This
combination of hand-crafted and high-quality beverages, our unique
drive-thru experience and our community-driven, people-first
culture has allowed us to successfully open new shops and continue
to share the “Dutch Luv” at 982 locations across 18 states as of
December 31, 2024.
To learn more about Dutch Bros, visit www.dutchbros.com, follow
Dutch Bros Coffee on Instagram, Facebook, X, and TikTok, and
download the Dutch Bros app to earn points and score rewards!
Dutch Bros, our Windmill logo, Dutch Bros Rebel, and our other
registered and common law trade names, trademarks and service marks
are the property of Dutch Bros Inc. All other trademarks, trade
names and service marks appearing in this Earnings Release are the
property of their respective owners. Solely for convenience, the
trademarks and trade names in this Earnings Release may be referred
to without the ® and ™ symbols, but such references should not be
construed as any indicator that their respective owners will not
assert their rights thereto.
Forward-Looking Statements
In addition to historical information, this release contains a
number of “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, the success of Dutch Bros’
mobile order capabilities and expansion of such capabilities,
continued transaction volume growth from the Dutch Rewards loyalty
program, Dutch Bros’ ability to successfully expand its food
offerings, estimated capital expenditures, Dutch Bros’ possible or
assumed future results of operations, including guidance for 2025,
new shop openings, business strategies, and potential growth
opportunities. These statements are based on Dutch Bros’ current
expectations and beliefs, as well as a number of assumptions
concerning future events. When used in this press release, the
words “estimates,” “project,” “expects,” “should,” “guidance,” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. Such forward-looking statements are
subject to known and unknown risks, uncertainties, assumptions and
other important factors, many of which are outside Dutch Bros’
control that could cause actual results to differ materially from
the results discussed in the forward-looking statements, including
those related to increased customer use of Dutch Bros’ mobile order
capabilities and the Dutch Rewards loyalty program, general
economic conditions, commodity inflation, increased labor costs,
disruptions in our supply chain, ability to hire and retain
employees, the availability of suitable new shop sites and our
ability to negotiate acceptable agreements regarding the new shop
sites, and other risks, including those described under the heading
“Risk Factors” in our Quarterly Report on Form 10-Q for the quarter
ended September 30, 2024 filed with the SEC on November 7, 2024,
and in our future reports to be filed with the SEC, including our
Annual Report on Form 10-K for the year ended December 31, 2024.
Forward-looking statements contained in this press release are made
as of this date, and Dutch Bros undertakes no duty to update such
information except as required under applicable law.
DUTCH BROS INC.
Condensed Consolidated Statements
of Operations
Three Months Ended
December 31,
Year Ended December
31,
(in thousands, except per share amounts;
unaudited)
2024
2023
2024
2023
Revenues
Company-operated shops
$
314,182
$
227,351
$
1,165,830
$
857,939
Franchising and other
28,604
26,772
115,185
107,837
Total revenues
342,786
254,123
1,281,015
965,776
Costs and Expenses
Cost of sales
254,838
194,998
940,886
714,480
Selling, general and administrative
72,170
56,946
234,036
205,074
Total costs and expenses
327,008
251,944
1,174,922
919,554
Income from operations
15,778
2,179
106,093
46,222
Other expense
Interest expense, net
(6,761
)
(6,052
)
(27,020
)
(32,321
)
Other income (expense), net
(1,545
)
812
5,812
3,018
Total other expense
(8,306
)
(5,240
)
(21,208
)
(29,303
)
Income (loss) before income taxes
7,472
(3,061
)
84,885
16,919
Income tax expense
1,105
708
18,435
6,967
Net income (loss)
$
6,367
$
(3,769
)
$
66,450
$
9,952
Less: Net income (loss) attributable to
non-controlling interests
2,755
(2,367
)
31,192
8,234
Net income (loss) attributable to Dutch
Bros Inc.
$
3,612
$
(1,402
)
$
35,258
$
1,718
Net income (loss) per share of Class A and
Class D common stock:
Basic
$
0.03
$
(0.02
)
$
0.34
$
0.03
Diluted
$
0.03
$
(0.02
)
$
0.34
$
0.03
Weighted-average shares of Class A and
Class D common stock outstanding:
Basic
114,668
75,356
103,504
62,074
Diluted
115,248
75,356
104,129
62,074
DUTCH BROS INC.
Segment Financials
Three Months Ended December
31,
Year Ended December
31,
(in thousands; unaudited)
2024
2023
2024
2023
Revenues
Company-operated shops
$
314,182
$
227,351
$
1,165,830
$
857,939
Franchising and other
28,604
26,772
115,185
107,837
Total revenues
342,786
254,123
1,281,015
965,776
Cost of sales
Company-operated shops
Beverage, food & packaging
79,829
60,431
296,752
230,133
Labor costs
84,998
61,700
315,805
230,505
Occupancy & other costs
54,906
41,568
191,372
140,895
Pre-opening costs
3,581
3,404
15,133
14,083
Franchising and other
6,396
8,570
30,100
31,378
Segment cost of sales1
229,710
175,673
849,162
646,994
Segment contribution
Company-operated shops
90,868
60,248
346,768
242,323
Franchising and other
22,208
18,202
85,085
76,459
Total segment contribution
$
113,076
$
78,450
$
431,853
$
318,782
Segment depreciation and amortization
(25,128
)
(19,325
)
(91,724
)
(67,486
)
Selling, general and administrative
(72,170
)
(56,946
)
(234,036
)
(205,074
)
Interest expense, net
(6,761
)
(6,052
)
(27,020
)
(32,321
)
Other income (expense), net
(1,545
)
812
5,812
3,018
Income (loss) before income
taxes
$
7,472
$
(3,061
)
$
84,885
$
16,919
__________________
1
Segment cost of sales for this
presentation excludes impact of depreciation and amortization.
DUTCH BROS INC.
Company-Operated Shop Results
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
(in thousands; unaudited)
$
%
$
%
$
%
$
%
Company-operated shops revenue
314,182
100.0
227,351
100.0
1,165,830
100.0
857,939
100.0
Beverage, food and packaging costs
79,829
25.4
60,431
26.6
296,752
25.5
230,133
26.9
Labor costs
84,998
27.1
61,700
27.1
315,805
27.1
230,505
26.9
Occupancy and other costs
54,906
17.5
41,568
18.3
191,372
16.4
140,895
16.4
Pre-opening costs
3,581
1.1
3,404
1.5
15,133
1.3
14,083
1.6
Depreciation and amortization
23,607
7.5
17,956
7.9
86,809
7.4
62,088
7.2
Company-operated shop costs and
expenses
246,921
78.6
185,059
81.4
905,871
77.7
677,704
79.0
Company-operated shop gross profit
67,261
21.4
42,292
18.6
259,959
22.3
180,235
21.0
Company-operated shop contribution 1
90,868
28.9
60,248
26.5
346,768
29.7
242,323
28.2
_________________
1
Reconciliation of GAAP to non-GAAP results
is provided in the section “Non-GAAP Financial Measures”.
DUTCH BROS INC.
Summary Cash Flows Data
Year Ended December
31,
(in thousands; unaudited)
2024
2023
Net cash provided by operating
activities
$
246,432
$
139,915
Net cash used in investing activities
(212,072
)
(227,280
)
Net cash provided by financing
activities
125,449
200,732
Net increase in cash and cash
equivalents
$
159,809
$
113,367
Cash and cash equivalents at beginning of
period
133,545
20,178
Cash and cash equivalents at end of
period
$
293,354
$
133,545
DUTCH BROS INC.
Condensed Consolidated Balance
Sheets
(in thousands; unaudited)
December 31,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
293,354
$
133,545
Accounts receivable, net
10,598
9,124
Inventories, net
36,488
46,953
Prepaid expenses and other current
assets
17,501
15,637
Total current assets
357,941
205,259
Property and equipment, net
683,971
542,440
Finance lease right-of-use assets, net
374,623
382,734
Operating lease right-of-use assets,
net
315,256
199,673
Intangibles, net
2,947
5,415
Goodwill
21,629
21,629
Deferred income tax assets, net
742,126
402,995
Other long-term assets
2,592
3,865
Total assets
$
2,501,085
$
1,764,010
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
32,225
$
29,957
Accrued compensation and benefits
49,778
31,405
Other accrued liabilities
26,516
15,770
Other current liabilities
7,067
6,423
Deferred revenue
42,868
30,349
Current portion of tax receivable
agreements liability
71
—
Current portion of finance lease
liabilities
13,256
9,482
Current portion of operating lease
liabilities
13,979
10,239
Current portion of long-term debt
17,311
4,491
Total current liabilities
203,071
138,116
Deferred revenue, net of current
portion
8,015
6,676
Finance lease liabilities, net of current
portion
369,297
367,775
Operating lease liabilities, net of
current portion
309,311
191,419
Long-term debt, net of current portion
219,755
93,175
Tax receivable agreements liability
627,763
290,920
Other long-term liabilities
8
8
Total liabilities
1,737,220
1,088,089
Equity:
Common stock
1
2
Additional paid in capital
517,074
379,391
Accumulated other comprehensive income
628
544
Retained earnings (accumulated
deficit)
19,666
(15,592
)
Total stockholders' equity attributable to
Dutch Bros Inc.
537,369
364,345
Non-controlling interests
226,496
311,576
Total equity
763,865
675,921
Total liabilities and equity
$
2,501,085
$
1,764,010
DUTCH BROS INC.
Select Financial Metrics
Three Months Ended
December 31,
Year Ended December
31,
(in thousands, except number of shops
data; unaudited)
2024
2023
2024
2023
Shop count, beginning of period
Company-operated
645
510
542
396
Franchised
305
284
289
275
950
794
831
671
Company-operated new openings
25
32
128
146
Franchised new openings
7
5
23
13
Re-openings 1
—
—
—
1
Shop count, end of period
Company-operated
670
542
670
542
Franchised
312
289
312
289
Total shop count
982
831
982
831
Systemwide AUV 2
N/A
N/A
$
2,018
$
1,973
Company-operated shops AUV 2
N/A
N/A
$
1,933
$
1,902
Systemwide same shop sales 3, 4
6.9
%
5.0
%
5.3
%
2.8
%
Ticket
4.6
%
5.4
%
5.4
%
7.3
%
Transactions
2.3
%
(0.4
)%
(0.1
)%
(4.5
)%
Company-operated same shop sales 3
9.5
%
4.6
%
6.8
%
1.5
%
Ticket
4.3
%
4.9
%
5.3
%
7.2
%
Transactions
5.2
%
(0.3
)%
1.5
%
(5.7
)%
Systemwide sales 4
$
476,268
$
375,149
$
1,819,018
$
1,444,433
Company-operated operating weeks 5
8,513
6,819
31,708
24,395
Franchising and other operating weeks
5
4,003
3,743
15,579
14,624
Dutch Rewards transactions as a percentage
of total transactions 6
70.6
%
65.4
%
67.8
%
64.5
%
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
(in thousands; unaudited)
$
%
$
%
$
%
$
%
Company-operated shop revenues
314,182
100.0
227,351
100.0
1,165,830
100.0
857,939
100.0
Company-operated shop gross profit
67,261
21.4
42,292
18.6
259,959
22.3
180,235
21.0
Company-operated shop contribution 7
90,868
28.9
60,248
26.5
346,768
29.7
242,323
28.2
Selling, general, and administrative
expenses
72,170
21.1
56,946
22.4
234,036
18.3
205,074
21.2
Adjusted selling, general, and
administrative expenses 7
64,399
18.8
43,790
17.2
202,720
15.8
159,101
16.5
Net income (loss)
6,367
1.9
(3,769
)
(1.5
)
66,450
5.2
9,952
1.0
Adjusted EBITDA 7
48,822
14.2
34,575
13.6
230,283
18.0
160,062
16.6
_________________
1
Re-opening of a shop that was temporarily
closed in 2021.
2
AUVs are determined based on the net sales
for any trailing twelve-month period for systemwide and
company-operated shops that have been open a minimum of 15 months.
AUVs are calculated by dividing the systemwide and company-operated
shop net sales by the total number of systemwide and
company-operated shops, respectively. Management uses these metrics
as an indicator of shop growth and future expectations of mature
locations.
3
Same shop sales represents the estimated
percentage change in year-over-year sales for the comparable shop
base, which we define as shops open for 15 complete months or
longer as of the first day of the reporting period. Same shop sales
can be impacted by changes in customer transaction counts and by
changes in the per-ticket amounts. Management uses these metrics as
an indicator of shop growth and future expansion strategy. The
number of shops included in the systemwide and company-operated
comparable bases for the respective periods are presented in the
following table.
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Systemwide shop base
754
603
641
503
Company-operated shop base
473
336
370
246
4
Systemwide sales and systemwide same shop
sales are operating measures that include sales at company-operated
shops and sales at franchised shops during the comparable periods
presented. Franchise sales represent sales at all franchise shops
and are revenues to our franchisees. We do not record franchise
sales as revenues; however, our royalty revenues and advertising
fund contributions are calculated based on a percentage of
franchise sales. As these metrics include sales reported to us by
our non-consolidated franchise partners, these metrics should be
considered as a supplement to, not a substitute for, our results as
reported under U.S. GAAP. Management uses these metrics as
indicators of our system’s overall financial health, growth and
future expansion prospects.
5
Company-operated and franchise shops
operating weeks are calculated based on the number operating days
for the shop base and dividing by 7. Our shop base is defined as
shops opened as of the end date of the periods presented. The
operating weeks calculations reflect re-acquired franchises through
2022. Management uses these metrics as indicators of our system’s
overall financial health, growth and future expansion
prospects.
6
Dutch Rewards is our digitally-based
rewards program available exclusively through the Dutch Rewards
app. Management uses this metric as an indicator of customer
loyalty adoption of our Dutch Rewards app and future promotional
plans.
7
Reconciliation of U.S. GAAP to non-GAAP
results is provided in the section “Non-GAAP Financial
Measures”.
Non-GAAP Financial Measures
In addition to disclosing financial results in accordance with
U.S. GAAP, this release contains references to the non-GAAP
financial measures below. We believe these non-GAAP financial
measures provide investors with useful supplemental information
about our operating performance, enable comparison of financial
trends and results between periods where certain items may vary
independent of business performance, and allow for greater
transparency with respect to key metrics used by management in
operating our business and measuring our performance.
Our non-GAAP financial measures reflect adjustments based on one
or more of the following items, as well as the related income tax
effects where applicable. Income tax effects have been calculated
based on the combined total non-GAAP adjustments using our total
effective tax rate. These non-GAAP financial measures should not be
considered a substitute for, or superior to, financial measures
calculated in accordance with U.S. GAAP, and the financial results
calculated in accordance with U.S. GAAP and reconciliations from
these results should be carefully evaluated.
Company-operated shop contribution (in dollars and as a
percentage of revenue)
Definition and/or calculation
Company-operated shop segment gross profit, before
company-operated shop depreciation and amortization.
Usefulness to management and
investors
This non-GAAP measure is used by our management in making
performance decisions without the impact of non-cash depreciation
and amortization charges. This is a standard metric used across our
industry by investors.
EBITDA, Adjusted EBITDA (in dollars and as a percentage of
revenue)
EBITDA — definition and/or
calculation
Net income (loss) before interest expense (net of interest
income), income tax expense, and depreciation and amortization
expense.
Adjusted EBITDA — definition and/or
calculation
Defined as EBITDA (as defined above), excluding equity-based
compensation, expenses associated with equity offerings, executive
transitions, (gain) loss on the remeasurement of the liability
related to the Tax Receivable Agreements (TRAs), legal proceedings,
sale of Aircraft, and organization realignment and restructuring
costs.
Usefulness to management and
investors
These non-GAAP measures are supplemental operating performance
measures we believe facilitate comparisons to historical
performance and competitors’ operating results. We believe these
non-GAAP measures presented provide investors with a supplemental
view of our operating performance that facilitates analysis and
comparisons of our ongoing business operations because they exclude
items that may not be indicative of our ongoing operating
performance.
Adjusted selling, general, and administrative (in dollars and
as a percentage of revenue)
Definition and/or calculation
Selling, general, and administrative expenses, excluding
depreciation and amortization, equity-based compensation expense,
expenses associated with equity offerings, executive transitions,
legal proceedings, and organization realignment and restructuring
costs.
Usefulness to management and
investors
This non-GAAP measure is used as a supplemental measure of
operating performance that we believe is useful to evaluate our
performance period over period and relative to our competitors. We
believe the non-GAAP measure presented provides investors with a
supplemental view of our operating performance that facilitates
analysis and comparisons of our ongoing business operations because
it excludes items that may not be indicative of our ongoing
operating performance.
Adjusted net income
Definition and/or calculation
Net income (loss), excluding equity-based compensation expense,
expenses associated with equity offerings, executive transitions,
(gain) loss on the remeasurement of the liability related to the
TRAs, legal proceedings, sale of Aircraft, organization realignment
and restructuring costs, and income tax effects of items excluded
from net income (loss).
Usefulness to management and
investors
This non-GAAP measure is used as a supplemental measure of
operating performance that we believe is useful to evaluate our
performance period over period and relative to our competitors. We
believe this measure facilitates a better comparison with other
companies that have different organizational and tax structures, as
well as comparisons period over period.
Adjusted fully exchanged weighted-average shares of diluted
common stock outstanding
Definition and/or calculation
Weighted-average shares of Class A and Class D common stock
outstanding - basic with addition of dilutive impacts of restricted
stock awards and units, as well as the assumed exchange of all of
the Dutch Bros OpCo Class A common units not held by Dutch Bros
Inc. for Dutch Bros Inc. Class A common stock.
Usefulness to management and
investors
This non-GAAP measure is used as a supplemental measure of
operating performance that we believe is useful to evaluate our
performance period over period and relative to our competitors. By
adding in the assumed exchange of all of the outstanding Dutch Bros
OpCo Class A common units not held by Dutch Bros Inc. for Dutch
Bros Inc. Class A common stock, we believe this measure facilitates
a better comparison with other companies that have different
organizational and tax structures, as well as comparisons period
over period.
Adjusted net income per fully exchanged share of diluted
common stock
Definition and/or calculation
Net income per share of Class A and Class D common stock -
diluted, excluding per share impacts of equity-based compensation
expense, expenses associated with equity offerings, executives
transition costs, (gain) loss on the remeasurement of the liability
related to the TRAs, legal proceedings, sale of Aircraft,
organization realignment and restructuring costs, income tax
effects of items excluded from net income (loss), and removal of
per share impacts of controlling and non-controlling interests.
Usefulness to management and
investors
This non-GAAP measure is used as a supplemental measure of
operating performance that we believe is useful to evaluate our
performance period over period and relative to our competitors. By
assuming the full exchange of all of the outstanding Dutch Bros
OpCo Class A common units not held by Dutch Bros Inc. for Dutch
Bros Inc. Class A common stock and related net income (loss)
adjustments, we believe this measure facilitates a better
comparison with other companies that have different organizational
and tax structures, as well as comparisons period over period.
Non-GAAP adjustments
Below are the definitions of the non-GAAP adjustments that are
used in the calculation of our non-GAAP measures, as described
above.
Equity-based compensation
Non-cash expenses related to the grant and vesting of stock
awards, including restricted stock awards and restricted stock
units in Dutch Bros Inc. to certain eligible employees.
Expenses associated with equity
offerings
Costs incurred as a result of our equity offerings, including
secondary offerings by our Sponsor. These costs include, but are
not limited to, legal fees, consulting fees, tax fees, and
accounting fees.
Executive transitions
Employee severance and related benefit costs, as well as sign-on
bonus(es) for several executive level transitions occurring in 2022
and 2023, and amortized through the first quarter of 2024.
TRAs remeasurements
(Gain) loss impacts related to adjustments of our TRAs
liabilities.
Legal proceedings
Loss accrual related to certain legal disputes.
Sale of Aircraft
Gain impact related to the sale of our airplane, hangar and
related equipment to our Co-Founder.
Organization realignment and
restructuring
Fees and costs, including consulting, employee-related and other
costs, in connection with our comprehensive initiative to develop
and implement a long-term strategy involving changes to our
organizational structure to support our growth. This initiative
resulted in realignment activities that occurred in 2023, and
restructuring activities that commenced in 2024, and are expected
to continue through the first half of 2025. Given this strategic
initiative's magnitude and scope, we do not expect such costs will
recur in the foreseeable future, and do not consider such costs
reflective of the ongoing costs necessary to operate our
business.
Dilutive effects of restricted stock
awards and units
Addition of incremental shares of restricted stock awards and
units calculated under the treasury stock method, when they are
dilutive for the calculation of weighted-average shares on a
non-GAAP basis.
Assumed exchange of weighted-average LLC
interests for shares of Class A common stock
Weighted-average of all outstanding Dutch Bros OpCo Class A
common units not held by Dutch Bros Inc. that are assumed to be
exchanged for Dutch Bros Inc. Class A common stock.
Controlling and non-controlling interest
adjustments
Adjustments to controlling and non-controlling interests to
align the numerator of the net income (loss) per share to the
denominator, which assumes the full exchange of all outstanding
Dutch Bros OpCo Class A common units not held by Dutch Bros Inc.
for Dutch Bros Inc. Class A common stock.
Supplemental Reconciliations of U.S. GAAP Actuals to Non-GAAP
Actuals
Following are the reconciliations of the most comparable GAAP
financial measure to non-GAAP financial measure. These non-GAAP
financial measures should not be considered a substitute for, or
superior to, financial measures calculated in accordance with U.S.
GAAP, and the reconciliations from U.S. GAAP to Non-GAAP measures
should be carefully evaluated. Please refer to "Non-GAAP Financial
Measures" in this release for a detailed explanation of the
adjustments made to the comparable U.S. GAAP measures, the ways
management uses the non-GAAP measures, and the reasons why
management believes the non-GAAP measures provide useful
information for investors.
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
(in thousands; unaudited)
$
%
$
%
$
%
$
%
Company-operated shop gross
profit
67,261
21.4
42,292
18.6
259,959
22.3
180,235
21.0
Depreciation and amortization
23,607
7.5
17,956
7.9
86,809
7.4
62,088
7.2
Company-operated shop
contribution
90,868
28.9
60,248
26.5
346,768
29.7
242,323
28.2
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
(in thousands; unaudited)
$
%
$
%
$
%
$
%
Net income (loss)
6,367
1.9
(3,769
)
(1.5
)
66,450
5.2
9,952
1.0
Depreciation and amortization
25,521
7.4
19,724
7.7
93,005
7.3
69,135
7.2
Interest expense, net
6,761
2.0
6,052
2.4
27,020
2.1
32,321
3.3
Income tax expense
1,105
0.3
708
0.3
18,435
1.4
6,967
0.8
EBITDA
39,754
11.6
22,715
8.9
204,910
16.0
118,375
12.3
Equity-based compensation
3,262
1.0
10,205
4.0
11,482
0.9
39,222
4.1
Expenses associated with equity
offerings
—
—
—
—
1,489
0.1
—
—
Executive transitions
—
—
400
0.2
75
—
1,000
0.1
TRAs remeasurements
1,440
0.3
(898
)
(0.3
)
(4,247
)
(0.3
)
(2,638
)
(0.3
)
Legal proceedings
—
—
—
—
—
—
1,950
0.2
Sale of Aircraft
—
—
—
—
(1,302
)
(0.1
)
—
—
Organization realignment and
restructuring:
Consulting
—
—
2,153
0.8
—
—
2,153
0.2
Employee-related costs
2,262
0.7
—
—
15,549
1.2
—
—
Other costs
2,104
0.6
—
—
2,327
0.2
—
—
Total organization realignment and
restructuring
4,366
1.3
2,153
0.8
17,876
1.4
2,153
0.2
Adjusted EBITDA
48,822
14.2
34,575
13.6
230,283
18.0
160,062
16.6
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
(in thousands; unaudited)
$
%
$
%
$
%
$
%
Selling, general, and
administrative
72,170
21.1
56,946
22.4
234,036
18.3
205,074
21.2
Depreciation and amortization
(393
)
(0.1
)
(398
)
(0.2
)
(1,281
)
(0.2
)
(1,648
)
(0.1
)
Equity-based compensation
(3,012
)
(0.9
)
(10,205
)
(4.0
)
(10,595
)
(0.8
)
(39,222
)
(4.1
)
Expenses associated with equity
offerings
—
—
—
—
(1,489
)
(0.1
)
—
—
Executive transitions
—
—
(400
)
(0.2
)
(75
)
—
(1,000
)
(0.1
)
Legal proceedings
—
—
—
—
—
—
(1,950
)
(0.2
)
Organization realignment and
restructuring:
Consulting
—
—
(2,153
)
(0.8
)
—
—
(2,153
)
(0.2
)
Employee-related costs
(2,262
)
(0.7
)
—
—
(15,549
)
(1.2
)
—
—
Other costs
(2,104
)
(0.6
)
—
—
(2,327
)
(0.2
)
—
—
Total organization realignment and
restructuring
(4,366
)
(1.3
)
(2,153
)
(0.8
)
(17,876
)
(1.4
)
(2,153
)
(0.2
)
Adjusted selling, general, and
administrative
64,399
18.8
43,790
17.2
202,720
15.8
159,101
16.5
Three Months Ended December
31,
Year Ended December
31,
(in thousands; unaudited)
2024
2023
2024
2023
Net income (loss)
$
6,367
$
(3,769
)
$
66,450
$
9,952
Equity-based compensation
3,262
10,205
11,482
39,222
Expenses associated with equity
offerings
—
—
1,489
—
Executive transitions
—
400
75
1,000
TRAs remeasurements
1,440
(898
)
(4,247
)
(2,638
)
Legal proceedings
—
—
—
1,950
Sale of Aircraft
—
—
(1,302
)
—
Organization realignment and
restructuring:
Consulting
—
2,153
—
2,153
Employee-related costs
2,262
—
15,549
—
Other costs
2,104
—
2,327
—
Total organization realignment and
restructuring
4,366
2,153
17,876
2,153
Income tax effects
(2,925
)
(675
)
(3,997
)
(1,456
)
Adjusted net income
$
12,510
$
7,416
$
87,826
$
50,183
Three Months Ended December
31,
Year Ended December
31,
(in thousands, except per share amounts;
unaudited)
2024
2023
2024
2023
Weighted-average shares of Class A and
Class D common stock outstanding - basic
114,668
75,356
103,504
62,074
Dilutive effects of restricted stock
awards and units
580
—
625
—
Weighted-average shares of Class A and
Class D common stock outstanding - diluted
115,248
75,356
104,129
62,074
Dilutive effects of restricted stock
awards and units
—
1,154
—
826
Assumed exchange of weighted-average Dutch
Bros OpCo Class A common units for shares of Dutch Bros Inc. Class
A common stock
62,530
100,454
73,660
104,419
Adjusted fully exchanged
weighted-average shares of common stock outstanding -
diluted
177,778
176,964
177,789
167,319
Net income per share of Class A and
Class D common stock - diluted
$
0.03
$
(0.02
)
$
0.34
$
0.03
Controlling and non-controlling interest
adjustments
0.01
—
0.03
0.03
Equity-based compensation
0.02
0.06
0.06
0.24
Expenses associated with equity
offerings
—
—
0.01
—
Executive transitions
—
—
—
0.01
TRAs remeasurements
0.01
(0.01
)
(0.02
)
(0.02
)
Legal proceedings
—
—
—
0.01
Sale of Aircraft
—
—
(0.01
)
—
Organization realignment and
restructuring:
Consulting
—
0.01
—
0.01
Employee-related costs
0.01
—
0.09
—
Other costs
0.01
—
0.01
—
Total organization realignment and
restructuring
0.02
0.01
0.10
0.01
Income tax effects
(0.02
)
—
(0.02
)
(0.01
)
Adjusted net income per fully exchanged
share of diluted common stock
$
0.07
$
0.04
$
0.49
$
0.30
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250212569291/en/
For Investor Relations inquiries: Jeff Priester ICR (332)
242-4370 investors@dutchbros.com
For Media Relations inquiries: Jessica Liddell ICR (203)
682-8208 jessica.liddell@icrinc.com
Dutch Bros (NYSE:BROS)
Graphique Historique de l'Action
De Fév 2025 à Mar 2025
Dutch Bros (NYSE:BROS)
Graphique Historique de l'Action
De Mar 2024 à Mar 2025
