Dutch Bros Inc. Reports Second Quarter 2024 Financial Results
Dutch Bros reported strong financial results for Q2 2024, with $325 million in revenues, marking a 30% YoY increase.
The company opened 36 new shops, surpassing the 900th shop milestone. Same-shop sales grew by 4.1%, while company-operated shop revenues rose 33.6% to $295.3 million. Net income reached $22.2 million, up from $9.7 million in Q2 2023, and adjusted EBITDA increased by 34.1% to $65.2 million.
CEO Christine Barone highlighted the success of traffic-driving initiatives and mobile order roll-out. Dutch Bros also raised its 2024 revenue guidance to between $1.215 billion and $1.230 billion.
Dutch Bros ha riportato risultati finanziari forti per il secondo trimestre del 2024, con 325 milioni di dollari di fatturato, segnando un aumento del 30% rispetto all'anno precedente.
L'azienda ha aperto 36 nuovi negozi, superando la soglia dei 900 negozi. Le vendite nei negozi già esistenti sono cresciute del 4,1%, mentre i ricavi dei negozi gestiti dall'azienda sono aumentati del 33,6% arrivando a 295,3 milioni di dollari. L'utile netto ha raggiunto i 22,2 milioni di dollari, in aumento rispetto ai 9,7 milioni di dollari del Q2 2023, e l'EBITDA rettificato è aumentato del 34,1% a 65,2 milioni di dollari.
Il CEO Christine Barone ha evidenziato il successo delle iniziative per attrarre clienti e il lancio degli ordini tramite mobile. Dutch Bros ha anche alzato le previsioni di fatturato per il 2024 tra 1,215 miliardi e 1,230 miliardi di dollari.
Dutch Bros reportó resultados financieros sólidos para el segundo trimestre de 2024, con 325 millones de dólares en ingresos, marcando un aumento del 30% en comparación con el año anterior.
La empresa abrió 36 nuevas tiendas, superando el umbral de 900 tiendas. Las ventas en tiendas comparables crecieron un 4.1%, mientras que los ingresos de las tiendas operadas por la empresa aumentaron un 33.6%, alcanzando los 295.3 millones de dólares. La utilidad neta alcanzó los 22.2 millones de dólares, en comparación con los 9.7 millones de dólares en el segundo trimestre de 2023, y el EBITDA ajustado aumentó un 34.1% a 65.2 millones de dólares.
La CEO Christine Barone destacó el éxito de las iniciativas para atraer tráfico y el lanzamiento de pedidos móviles. Dutch Bros también elevó su pronóstico de ingresos para 2024 entre 1.215 y 1.230 millones de dólares.
Dutch Bros는 2024년 2분기 강력한 재무 결과를 보고했으며, 3억 2천5백만 달러의 매출을 기록하여 전년대비 30% 증가했습니다.
회사는 36개의 새로운 매장을 열어 900번째 매장 이정표를 넘어섰습니다. 기존 매장 매출은 4.1% 증가했으며, 회사 운영 매장 수익은 33.6% 증가하여 2억 9천5백3십만 달러에 달했습니다. 순이익은 2천2백20만 달러에 도달하여 2023년 2분기 9백7십만 달러에서 증가했으며, 조정된 EBITDA는 34.1% 증가하여 6천5백2십만 달러에 이르렀습니다.
CEO 크리스틴 바로네는 고객 유치를 위한 이니셔티브와 모바일 주문 출시의 성공을 강조했습니다. Dutch Bros는 또한 2024년 매출 전망을 12억 1천5백만 달러와 12억 2천3백만 달러 사이로 상향 조정했습니다.
Dutch Bros a déclaré de solides résultats financiers pour le deuxième trimestre 2024, avec 325 millions de dollars de revenus, représentant une augmentation de 30 % par rapport à l'année précédente.
L'entreprise a ouvert 36 nouveaux magasins, franchissant ainsi le cap des 900 magasins. Les ventes dans les mêmes magasins ont augmenté de 4,1 %, tandis que les revenus des magasins exploités par l'entreprise ont grimpé de 33,6 % pour atteindre 295,3 millions de dollars. Le bénéfice net a atteint 22,2 millions de dollars, contre 9,7 millions de dollars au deuxième trimestre 2023, et l'EBITDA ajusté a augmenté de 34,1 % pour atteindre 65,2 millions de dollars.
La PDG Christine Barone a souligné le succès des initiatives visant à attirer les clients et le déploiement des commandes mobiles. Dutch Bros a également relevé ses prévisions de revenus pour 2024 entre 1,215 milliard et 1,230 milliard de dollars.
Dutch Bros meldete starke finanzielle Ergebnisse für das zweite Quartal 2024 mit 325 Millionen Dollar Umsatz, was einem Anstieg von 30% im Jahresvergleich entspricht.
Das Unternehmen hat 36 neue Geschäfte eröffnet und damit die 900er-Marke überschritten. Die Umsätze in den bestehenden Geschäften stiegen um 4,1%, während die Einnahmen der vom Unternehmen betriebenen Geschäfte um 33,6% auf 295,3 Millionen Dollar zunahmen. Der Nettogewinn erreichte 22,2 Millionen Dollar, im Vergleich zu 9,7 Millionen Dollar im Q2 2023, und das bereinigte EBITDA stieg um 34,1% auf 65,2 Millionen Dollar.
CEO Christine Barone hob den Erfolg von kundenverkehrserzeugenden Initiativen und der Einführung von Mobilbestellungen hervor. Dutch Bros hat zudem die Umsatzprognose für 2024 auf zwischen 1,215 Milliarden und 1,230 Milliarden Dollar angehoben.
- Total revenues grew 30% to $324.9 million.
- Opened 36 new shops, surpassing 900th shop milestone.
- Net income rose to $22.2 million, compared to $9.7 million in Q2 2023.
- Adjusted EBITDA increased 34.1% to $65.2 million.
- Raised 2024 revenue guidance to $1.215-$1.230 billion.
- None.
Insights
Dutch Bros' Q2 2024 results showcase robust growth and operational efficiency. Revenue surged 30% YoY to
Profitability metrics are equally impressive. Company-operated shop gross margin improved by 10bps to
The revised 2024 outlook reflects management's confidence, with revenue guidance raised to
Dutch Bros' performance demonstrates its resilience in a challenging consumer environment. The
The company's focus on customer engagement through its rewards program is paying off, with
The expansion of mobile order capabilities, now in approximately 200 shops, is a strategic move to enhance customer convenience and potentially increase order frequency. The plan to roll out mobile ordering to a majority of shops by year-end could be a significant driver for future growth, aligning with consumer preferences for digital ordering.
Dutch Bros' technology investments are yielding positive results. The enhanced app and Dutch Rewards program are driving customer engagement, with
The accelerated rollout of mobile ordering capabilities is a strategic move. Expanding from 38 shops in Q2 to approximately 200 by July-end demonstrates the company's agility in tech implementation. The goal to have mobile ordering in most shops by year-end could significantly enhance operational efficiency and customer convenience, potentially driving higher order frequency and average ticket size.
However, investors should monitor the impact of these tech investments on SG&A expenses, which have increased year-over-year, albeit at a slower rate than revenue growth.
Achieves
36 New Shop Openings During Quarter, Surpasses 900th Shop Milestone
Raises Revenue and Adj. EBITDA Guidance
Christine Barone, Chief Executive Officer and President of Dutch Bros, stated, “Our quarterly performance demonstrates the long runway ahead for Dutch Bros as we once again delivered strong top-line and profitability growth. Revenue rose
Barone continued, “The traffic-driving initiatives that we began implementing in 2023 are continuing to drive our business momentum. Approximately
Barone concluded, “We also continued with successful new shop openings and our mobile order roll-out. We added 36 shops in the second quarter, marking the 12th consecutive quarter of 30 or more new shop openings. As of June 30th, we had 38 shops in
Second Quarter 2024 Highlights
- Opened 36 new shops, 30 of which were company-operated, across 13 states.
-
Total revenues grew
30.0% to$324.9 million $249.9 million -
System same shop sales1 increased
4.1% relative to the same period in 2023, inclusive of the impact of our fortressing strategy, where some sales are being transferred from existing shops to new shops. Company-operated same shop sales increased5.2% , relative to the same period of 2023. -
Company-operated shop revenues increased
33.6% to$295.3 million $221.0 million -
Company-operated shop gross profit was
$70.0 million $52.1 million 23.7% , a year-over-year increase of 10bps. -
Company-operated shop contribution2, a non-GAAP financial measure, grew
36.1% to$91.1 million $66.9 million 30.8% , a year-over-year increase of 50 bps. -
Selling, general, and administrative expenses were
$58.1 million 17.9% of revenue) as compared to$51.7 million 20.7% of revenue) in the same period of 2023. -
Adjusted selling, general, and administrative expenses2, a non-GAAP financial measure, were
$47.6 million 14.6% of revenue) as compared to$38.9 million 15.6% of revenue) in the same period of 2023. -
Net income was
$22.2 million $9.7 million -
Adjusted EBITDA2, a non-GAAP financial measure, grew
34.1% to$65.2 million $48.6 million -
Adjusted net income2, a non-GAAP financial measure, was
$31.2 million $20.9 million -
Net income per share of Class A and Class D common stock - diluted was
$0.12 $0.05 -
Adjusted net income per fully exchanged share of diluted common stock2, a non-GAAP financial measure, was
$0.19 $0.13
Revised 2024 Outlook
-
Total revenues are now projected to be between
$1.21 5 billion$1.23 0 billion$1.20 billion $1.21 5 billion - Same shop sales growth is expected to remain in the low single digits.
-
Adjusted EBITDA3 is now estimated to be between
$200 million $210 million $195 million $205 million $190 million $200 million $183 million $189 million - Total system shop openings in 2024 are now expected to be at the lower end of the previously communicated range of 150 to 165.
-
Capital Expenditures are estimated to be between
$270 million $290 million $280 million $320 million
_________________ |
||
1 |
Same shop sales is defined in the section “Select Financial Metrics”. |
|
2 |
Reconciliation of 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 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 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 second quarter ended June 30, 2024.
Event: Second Quarter 2024 Conference Call and Webcast
Date: Wednesday, August 7, 2024
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
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. Blue 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, information and expectations regarding Dutch Bros’ leadership transitions, estimated capital expenditures, Dutch Bros’ possible or assumed future results of operations, including guidance for 2024, 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,” “projected,” “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 current expectations regarding Dutch Bros’ leadership performance, the effectiveness of our marketing initiatives, general economic conditions, commodity inflation, increased labor costs, disruptions in our supply chain, ability to hire and retain employees, and other risks, including those described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 23, 2024, and in our future reports to be filed with the SEC, including our Quarterly Report on Form 10-Q for the three months ended June 30, 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
|
|
Six Months Ended
|
||||||||||||
(in thousands, except per share amounts; unaudited) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
REVENUES |
|
|
|
|
|
|
|
|
||||||||
Company-operated shops |
|
$ |
295,268 |
|
|
$ |
220,952 |
|
|
$ |
543,353 |
|
|
$ |
394,116 |
|
Franchising and other |
|
|
29,650 |
|
|
|
28,927 |
|
|
|
56,664 |
|
|
|
53,030 |
|
Total revenues |
|
|
324,918 |
|
|
|
249,879 |
|
|
|
600,017 |
|
|
|
447,146 |
|
|
|
|
|
|
|
|
|
|
||||||||
COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
||||||||
Cost of sales |
|
|
234,637 |
|
|
|
178,636 |
|
|
|
437,887 |
|
|
|
330,159 |
|
Selling, general and administrative |
|
|
58,097 |
|
|
|
51,662 |
|
|
|
104,330 |
|
|
|
97,638 |
|
Total costs and expenses |
|
|
292,734 |
|
|
|
230,298 |
|
|
|
542,217 |
|
|
|
427,797 |
|
|
|
|
|
|
|
|
|
|
||||||||
INCOME FROM OPERATIONS |
|
|
32,184 |
|
|
|
19,581 |
|
|
|
57,800 |
|
|
|
19,349 |
|
|
|
|
|
|
|
|
|
|
||||||||
OTHER EXPENSE |
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
|
(6,997 |
) |
|
|
(9,058 |
) |
|
|
(13,390 |
) |
|
|
(16,944 |
) |
Other income, net |
|
|
829 |
|
|
|
1,039 |
|
|
|
6,593 |
|
|
|
2,346 |
|
Total other expense |
|
|
(6,168 |
) |
|
|
(8,019 |
) |
|
|
(6,797 |
) |
|
|
(14,598 |
) |
|
|
|
|
|
|
|
|
|
||||||||
INCOME BEFORE INCOME TAXES |
|
|
26,016 |
|
|
|
11,562 |
|
|
|
51,003 |
|
|
|
4,751 |
|
Income tax expense |
|
|
3,860 |
|
|
|
1,851 |
|
|
|
12,632 |
|
|
|
4,431 |
|
NET INCOME |
|
$ |
22,156 |
|
|
$ |
9,711 |
|
|
$ |
38,371 |
|
|
$ |
320 |
|
Less: Net income attributable to non-controlling interests |
|
|
10,216 |
|
|
|
6,959 |
|
|
|
19,369 |
|
|
|
1,410 |
|
NET INCOME (LOSS) ATTRIBUTABLE TO DUTCH BROS INC. |
|
$ |
11,940 |
|
|
$ |
2,752 |
|
|
$ |
19,002 |
|
|
$ |
(1,090 |
) |
Net income (loss) per share of Class A and Class D common stock: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.12 |
|
|
$ |
0.05 |
|
|
$ |
0.21 |
|
|
$ |
(0.02 |
) |
Diluted |
|
$ |
0.12 |
|
|
$ |
0.05 |
|
|
$ |
0.20 |
|
|
$ |
(0.02 |
) |
Weighted-average shares of Class A and Class D common stock outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
101,965 |
|
|
|
56,734 |
|
|
|
92,647 |
|
|
|
56,699 |
|
Diluted |
|
|
102,356 |
|
|
|
57,428 |
|
|
|
93,049 |
|
|
|
56,699 |
|
DUTCH BROS INC. Segment Financials |
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands; unaudited) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Company-operated shops |
|
$ |
295,268 |
|
|
$ |
220,952 |
|
|
$ |
543,353 |
|
|
$ |
394,116 |
|
Franchising and other |
|
|
29,650 |
|
|
|
28,927 |
|
|
|
56,664 |
|
|
|
53,030 |
|
Total revenues |
|
|
324,918 |
|
|
|
249,879 |
|
|
|
600,017 |
|
|
|
447,146 |
|
Cost of Sales: |
|
|
|
|
|
|
|
|
||||||||
Company-operated shops |
|
|
225,252 |
|
|
|
168,873 |
|
|
|
419,032 |
|
|
|
313,165 |
|
Franchising and other |
|
|
9,385 |
|
|
|
9,763 |
|
|
|
18,855 |
|
|
|
16,994 |
|
Total cost of sales |
|
|
234,637 |
|
|
|
178,636 |
|
|
|
437,887 |
|
|
|
330,159 |
|
Segment gross profit: |
|
|
|
|
|
|
|
|
||||||||
Company-operated shops |
|
|
70,016 |
|
|
|
52,079 |
|
|
|
124,321 |
|
|
|
80,951 |
|
Franchising and other |
|
|
20,265 |
|
|
|
19,164 |
|
|
|
37,809 |
|
|
|
36,036 |
|
Total gross profit |
|
|
90,281 |
|
|
|
71,243 |
|
|
|
162,130 |
|
|
|
116,987 |
|
Depreciation and amortization: |
|
|
|
|
|
|
|
|
||||||||
Company-operated shops |
|
|
21,038 |
|
|
|
14,799 |
|
|
|
40,732 |
|
|
|
27,800 |
|
Franchising and other |
|
|
1,077 |
|
|
|
1,297 |
|
|
|
2,372 |
|
|
|
2,658 |
|
All other ¹ |
|
|
235 |
|
|
|
420 |
|
|
|
499 |
|
|
|
837 |
|
Total depreciation and amortization |
|
|
22,350 |
|
|
|
16,516 |
|
|
|
43,603 |
|
|
|
31,295 |
|
Segment contribution: |
|
|
|
|
|
|
|
|
||||||||
Company-operated shops |
|
|
91,054 |
|
|
|
66,878 |
|
|
|
165,053 |
|
|
|
108,751 |
|
Franchising and other |
|
|
21,342 |
|
|
|
20,461 |
|
|
|
40,181 |
|
|
|
38,694 |
|
Total segment contribution |
|
|
112,396 |
|
|
|
87,339 |
|
|
|
205,234 |
|
|
|
147,445 |
|
Selling, general and administrative |
|
|
(58,097 |
) |
|
|
(51,662 |
) |
|
|
(104,330 |
) |
|
|
(97,638 |
) |
Interest expense, net |
|
|
(6,997 |
) |
|
|
(9,058 |
) |
|
|
(13,390 |
) |
|
|
(16,944 |
) |
Other income, net |
|
|
829 |
|
|
|
1,039 |
|
|
|
6,593 |
|
|
|
2,346 |
|
Income before income taxes |
|
$ |
26,016 |
|
|
$ |
11,562 |
|
|
$ |
51,003 |
|
|
$ |
4,751 |
|
_________________ |
||
1 |
All other depreciation and amortization is included in selling, general and administrative expenses and is not part of the segment contribution calculations. |
|
DUTCH BROS INC. Company-Operated Shop Results |
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
(in thousands; unaudited) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
Company-operated shops revenue |
|
295,268 |
|
100.0 |
|
220,952 |
|
100.0 |
|
543,353 |
|
100.0 |
|
394,116 |
|
100.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beverage, food and packaging costs |
|
75,147 |
|
25.5 |
|
59,433 |
|
26.8 |
|
138,863 |
|
25.5 |
|
108,385 |
|
27.6 |
Labor costs |
|
80,236 |
|
27.2 |
|
58,735 |
|
26.6 |
|
145,663 |
|
26.8 |
|
107,284 |
|
27.2 |
Occupancy and other costs |
|
44,277 |
|
15.0 |
|
32,642 |
|
14.8 |
|
85,773 |
|
15.8 |
|
63,201 |
|
16.0 |
Pre-opening costs |
|
4,554 |
|
1.5 |
|
3,264 |
|
1.5 |
|
8,001 |
|
1.5 |
|
6,495 |
|
1.6 |
Depreciation and amortization |
|
21,038 |
|
7.1 |
|
14,799 |
|
6.7 |
|
40,732 |
|
7.5 |
|
27,800 |
|
7.1 |
Company-operated shop costs and expenses |
|
225,252 |
|
76.3 |
|
168,873 |
|
76.4 |
|
419,032 |
|
77.1 |
|
313,165 |
|
79.5 |
Company-operated shops gross profit |
|
70,016 |
|
23.7 |
|
52,079 |
|
23.6 |
|
124,321 |
|
22.9 |
|
80,951 |
|
20.5 |
Company-operated shops contribution 1 |
|
91,054 |
|
30.8 |
|
66,878 |
|
30.3 |
|
165,053 |
|
30.4 |
|
108,751 |
|
27.6 |
_________________ |
||
1 |
Reconciliation of GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”. |
|
DUTCH BROS INC. Summary Cash Flows Data |
||||||||
|
|
Six Months Ended
|
||||||
(in thousands; unaudited) |
|
2024 |
|
2023 |
||||
Net cash provided by operating activities |
|
$ |
100,729 |
|
|
$ |
45,843 |
|
Net cash used in investing activities |
|
|
(113,240 |
) |
|
|
(102,058 |
) |
Net cash provided by financing activities |
|
|
139,888 |
|
|
|
59,754 |
|
Net increase in cash and cash equivalents |
|
$ |
127,377 |
|
|
$ |
3,539 |
|
Cash and cash equivalents at beginning of period |
|
|
133,545 |
|
|
|
20,178 |
|
Cash and cash equivalents at end of period |
|
$ |
260,922 |
|
|
$ |
23,717 |
|
DUTCH BROS INC. Condensed Consolidated Balance Sheets |
|||||||
(in thousands; unaudited) |
|
June 30,
|
|
December 31,
|
|||
ASSETS |
|
|
|
|
|||
Current assets: |
|
|
|
|
|||
Cash and cash equivalents |
|
$ |
260,922 |
|
$ |
133,545 |
|
Accounts receivable, net |
|
|
12,338 |
|
|
9,124 |
|
Inventories, net |
|
|
46,651 |
|
|
46,953 |
|
Prepaid expenses and other current assets |
|
|
14,700 |
|
|
15,637 |
|
Total current assets |
|
|
334,611 |
|
|
205,259 |
|
Property and equipment, net |
|
|
627,500 |
|
|
542,440 |
|
Finance lease right-of-use assets, net |
|
|
380,999 |
|
|
382,734 |
|
Operating lease right-of-use assets, net |
|
|
282,838 |
|
|
199,673 |
|
Intangibles, net |
|
|
3,963 |
|
|
5,415 |
|
Goodwill |
|
|
21,629 |
|
|
21,629 |
|
Deferred income tax assets, net |
|
|
721,691 |
|
|
402,995 |
|
Other long-term assets |
|
|
4,055 |
|
|
3,865 |
|
Total assets |
|
$ |
2,377,286 |
|
$ |
1,764,010 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|||
Current liabilities: |
|
|
|
|
|||
Accounts payable |
|
$ |
36,092 |
|
$ |
29,957 |
|
Accrued compensation and benefits |
|
|
31,842 |
|
|
31,405 |
|
Other accrued liabilities |
|
|
19,293 |
|
|
15,770 |
|
Other current liabilities |
|
|
5,873 |
|
|
6,423 |
|
Deferred revenue |
|
|
31,405 |
|
|
30,349 |
|
Current portion of finance lease liabilities |
|
|
11,927 |
|
|
9,482 |
|
Current portion of operating lease liabilities |
|
|
2,483 |
|
|
10,239 |
|
Current portion of long-term debt |
|
|
14,182 |
|
|
4,491 |
|
Total current liabilities |
|
|
153,097 |
|
|
138,116 |
|
Deferred revenue, net of current portion |
|
|
7,115 |
|
|
6,676 |
|
Finance lease liabilities, net of current portion |
|
|
370,412 |
|
|
367,775 |
|
Operating lease liabilities, net of current portion |
|
|
282,873 |
|
|
191,419 |
|
Long-term debt, net of current portion |
|
|
228,966 |
|
|
93,175 |
|
Tax receivable agreements liability |
|
|
605,003 |
|
|
290,920 |
|
Other long-term liabilities |
|
|
8 |
|
|
8 |
|
Total liabilities |
|
|
1,647,474 |
|
|
1,088,089 |
|
Equity: |
|
|
|
|
|||
Common stock |
|
|
1 |
|
|
2 |
|
Additional paid in capital |
|
|
504,657 |
|
|
379,391 |
|
Accumulated other comprehensive income |
|
|
1,072 |
|
|
544 |
|
Retained earnings (accumulated deficit) |
|
|
3,410 |
|
|
(15,592 |
) |
Total stockholders' equity attributable to Dutch Bros Inc. |
|
|
509,140 |
|
|
364,345 |
|
Non-controlling interests |
|
|
220,672 |
|
|
311,576 |
|
Total equity |
|
|
729,812 |
|
|
675,921 |
|
Total liabilities and equity |
|
$ |
2,377,286 |
|
$ |
1,764,010 |
|
DUTCH BROS INC. Select Financial Metrics |
||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands, except number of shops data; unaudited) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Shop count, beginning of period |
|
|
|
|
|
|
|
|
||||||||
Company-operated |
|
|
582 |
|
|
|
438 |
|
|
|
542 |
|
|
|
396 |
|
Franchised |
|
|
294 |
|
|
|
278 |
|
|
|
289 |
|
|
|
275 |
|
|
|
|
876 |
|
|
|
716 |
|
|
|
831 |
|
|
|
671 |
|
Company-operated new openings |
|
|
30 |
|
|
|
35 |
|
|
|
70 |
|
|
|
77 |
|
Franchised new openings |
|
|
6 |
|
|
|
3 |
|
|
|
11 |
|
|
|
6 |
|
Shop count, end of period |
|
|
|
|
|
|
|
|
||||||||
Company-operated |
|
|
612 |
|
|
|
473 |
|
|
|
612 |
|
|
|
473 |
|
Franchised |
|
|
300 |
|
|
|
281 |
|
|
|
300 |
|
|
|
281 |
|
Total shop count |
|
|
912 |
|
|
|
754 |
|
|
|
912 |
|
|
|
754 |
|
|
|
|
|
|
|
|
|
|
||||||||
Systemwide AUV 1 |
|
|
N/A |
|
|
|
N/A |
|
|
$ |
2,005 |
|
|
$ |
1,928 |
|
Company-operated shops AUV 1 |
|
|
N/A |
|
|
|
N/A |
|
|
$ |
1,923 |
|
|
$ |
1,880 |
|
|
|
|
|
|
|
|
|
|
||||||||
Systemwide same shop sales 2, 3 |
|
|
4.1 |
% |
|
|
3.8 |
% |
|
|
6.8 |
% |
|
|
1.1 |
% |
Company-operated same shop sales 2 |
|
|
5.2 |
% |
|
|
1.6 |
% |
|
|
7.8 |
% |
|
|
(0.8 |
)% |
|
|
|
|
|
|
|
|
|
||||||||
Systemwide sales 3 |
|
$ |
466,432 |
|
|
$ |
375,216 |
|
|
$ |
863,985 |
|
|
$ |
677,998 |
|
Company-operated operating weeks 4 |
|
|
7,709 |
|
|
|
5,854 |
|
|
|
14,983 |
|
|
|
11,176 |
|
Franchising and other operating weeks 4 |
|
|
3,842 |
|
|
|
3,632 |
|
|
|
7,621 |
|
|
|
7,178 |
|
Dutch Rewards transactions as a percentage of total transactions 5 |
|
|
66.7 |
% |
|
|
64.6 |
% |
|
|
66.6 |
% |
|
|
64.8 |
% |
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
(in thousands; unaudited) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
Company-operated shop revenues |
|
295,268 |
|
100.0 |
|
220,952 |
|
100.0 |
|
543,353 |
|
100.0 |
|
394,116 |
|
100.0 |
Company-operated gross profit |
|
70,016 |
|
23.7 |
|
52,079 |
|
23.6 |
|
124,321 |
|
22.9 |
|
80,951 |
|
20.5 |
Company-operated shop contribution 6 |
|
91,054 |
|
30.8 |
|
66,878 |
|
30.3 |
|
165,053 |
|
30.4 |
|
108,751 |
|
27.6 |
Selling, general, and administrative expenses |
|
58,097 |
|
17.9 |
|
51,662 |
|
20.7 |
|
104,330 |
|
17.4 |
|
97,638 |
|
21.8 |
Adjusted selling, general, and administrative expenses 6 |
|
47,584 |
|
14.6 |
|
38,918 |
|
15.6 |
|
88,053 |
|
14.7 |
|
75,157 |
|
16.8 |
Net income |
|
22,156 |
|
6.8 |
|
9,711 |
|
3.9 |
|
38,371 |
|
6.4 |
|
320 |
|
0.1 |
Adjusted EBITDA 6 |
|
65,159 |
|
20.1 |
|
48,599 |
|
19.4 |
|
117,699 |
|
19.6 |
|
72,479 |
|
16.2 |
___________ |
||
1 |
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 this metric as an indicator of shop growth and future expectations of mature locations. |
|
2 |
Same shop sales reflects the 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. Management uses this metric 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 June 30, |
|
Six Months Ended June 30, |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Systemwide shop base |
|
671 |
|
538 |
|
641 |
|
503 |
Company-operated shop base |
|
396 |
|
276 |
|
370 |
|
246 |
3 |
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 GAAP. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects. |
|
4 |
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. |
|
5 |
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. |
|
6 |
Reconciliation of 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
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
Company-operated shop contribution (in dollars and as a percentage of revenue)
Definition and/or calculation
Company-operated segment gross profit, before company-operated shop depreciation and amortization. Company-operated shop contribution in dollars (as defined), taken as a percentage of company-operated shop revenue.
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 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 TRAs, legal proceedings, sale of aircraft, and organization realignment and restructuring costs.
Adjusted EBITDA in dollars (as defined), taken as a percentage of total revenue.
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.
Adjusted selling, general, and administrative in dollars (as defined), taken as a percentage of total revenue.
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, 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.
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 the weighted-average shares of Class B and Class C 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 full exchange of all of our outstanding Class B and Class C 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, 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 our outstanding Class B and Class C common stock and related net income 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 TSG Consumer Partners, L.P. and certain of its affiliates. 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 the Company airplane 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, and the resulting realignment activities that have occurred in 2023 and 2024, and are expected to continue for at least the next year. Given this strategic initiative's magnitude and scope, the Company does not expect such costs will recur in the foreseeable future. The Company does not consider such costs reflective of the ongoing costs necessary to operate its 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 Class B and Class C shares of common stock
Weighted-average shares of Class B and Class C common stock that are assumed to be exchanged for Class A common stock.
Removal of per share impacts of controlling and non-controlling interests
Removal of the net income allocated to controlling and non-controlling interests to align the numerator of the net income per share to the denominator, which assumes the full exchange of shares of Class B and Class C common stock.
Supplemental Reconciliations of 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
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
(in thousands; unaudited) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
Company-operated shop gross profit |
|
70,016 |
|
23.7 |
|
52,079 |
|
23.6 |
|
124,321 |
|
22.9 |
|
80,951 |
|
20.5 |
Depreciation and amortization |
|
21,038 |
|
7.1 |
|
14,799 |
|
6.7 |
|
40,732 |
|
7.5 |
|
27,800 |
|
7.1 |
Company-operated shop contribution |
|
91,054 |
|
30.8 |
|
66,878 |
|
30.3 |
|
165,053 |
|
30.4 |
|
108,751 |
|
27.6 |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||
(in thousands; unaudited) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
||||||||
Net income |
|
22,156 |
|
|
6.8 |
|
|
9,711 |
|
|
3.9 |
|
|
38,371 |
|
|
6.4 |
|
|
320 |
|
|
0.1 |
|
Depreciation and amortization |
|
22,350 |
|
|
6.9 |
|
|
16,516 |
|
|
6.7 |
|
|
43,603 |
|
|
7.3 |
|
|
31,295 |
|
|
7.0 |
|
Interest expense, net |
|
6,997 |
|
|
2.2 |
|
|
9,058 |
|
|
3.6 |
|
|
13,390 |
|
|
2.2 |
|
|
16,944 |
|
|
3.8 |
|
Income tax expense |
|
3,860 |
|
|
1.1 |
|
|
1,851 |
|
|
0.7 |
|
|
12,632 |
|
|
2.1 |
|
|
4,431 |
|
|
1.0 |
|
EBITDA |
|
55,363 |
|
|
17.0 |
|
|
37,136 |
|
|
14.9 |
|
|
107,996 |
|
|
18.0 |
|
|
52,990 |
|
|
11.9 |
|
Equity-based compensation |
|
3,326 |
|
|
1.0 |
|
|
10,149 |
|
|
4.1 |
|
|
5,259 |
|
|
0.9 |
|
|
19,319 |
|
|
4.3 |
|
Expenses associated with equity offerings |
|
528 |
|
|
0.2 |
|
|
— |
|
|
— |
|
|
1,489 |
|
|
0.2 |
|
|
— |
|
|
— |
|
Executive transitions |
|
— |
|
|
— |
|
|
225 |
|
|
0.1 |
|
|
75 |
|
|
— |
|
|
375 |
|
|
0.1 |
|
TRAs remeasurements |
|
— |
|
|
— |
|
|
(861 |
) |
|
(0.5 |
) |
|
(5,687 |
) |
|
(0.9 |
) |
|
(2,155 |
) |
|
(0.5 |
) |
Legal proceedings |
|
— |
|
|
— |
|
|
1,950 |
|
|
0.8 |
|
|
— |
|
|
— |
|
|
1,950 |
|
|
0.4 |
|
Sale of aircraft |
|
(752 |
) |
|
(0.2 |
) |
|
— |
|
|
— |
|
|
(752 |
) |
|
(0.1 |
) |
|
— |
|
|
— |
|
Organization realignment and restructuring: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Employee-related costs |
|
6,664 |
|
|
2.1 |
|
|
— |
|
|
— |
|
|
9,289 |
|
|
1.5 |
|
|
— |
|
|
— |
|
Other costs |
|
30 |
|
|
— |
|
|
— |
|
|
— |
|
|
30 |
|
|
— |
|
|
— |
|
|
— |
|
Total organization realignment and restructuring |
|
6,694 |
|
|
2.1 |
|
|
— |
|
|
— |
|
|
9,319 |
|
|
1.5 |
|
|
— |
|
|
— |
|
Adjusted EBITDA |
|
65,159 |
|
|
20.1 |
|
|
48,599 |
|
|
19.4 |
|
|
117,699 |
|
|
19.6 |
|
|
72,479 |
|
|
16.2 |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||
(in thousands; unaudited) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
||||||||
Selling, general, and administrative |
|
58,097 |
|
|
17.9 |
|
|
51,662 |
|
|
20.7 |
|
|
104,330 |
|
|
17.4 |
|
|
97,638 |
|
|
21.8 |
|
Depreciation and amortization |
|
(235 |
) |
|
(0.1 |
) |
|
(420 |
) |
|
(0.1 |
) |
|
(499 |
) |
|
(0.1 |
) |
|
(837 |
) |
|
(0.2 |
) |
Equity-based compensation |
|
(3,056 |
) |
|
(0.9 |
) |
|
(10,149 |
) |
|
(4.1 |
) |
|
(4,895 |
) |
|
(0.9 |
) |
|
(19,319 |
) |
|
(4.3 |
) |
Expenses associated with equity offerings |
|
(528 |
) |
|
(0.2 |
) |
|
— |
|
|
— |
|
|
(1,489 |
) |
|
(0.2 |
) |
|
— |
|
|
— |
|
Executive transitions |
|
— |
|
|
— |
|
|
(225 |
) |
|
(0.1 |
) |
|
(75 |
) |
|
— |
|
|
(375 |
) |
|
(0.1 |
) |
Legal proceedings |
|
— |
|
|
— |
|
|
(1,950 |
) |
|
(0.8 |
) |
|
— |
|
|
— |
|
|
(1,950 |
) |
|
(0.4 |
) |
Organization realignment and restructuring: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Employee-related costs |
|
(6,664 |
) |
|
(2.1 |
) |
|
— |
|
|
— |
|
|
(9,289 |
) |
|
(1.5 |
) |
|
— |
|
|
— |
|
Other costs |
|
(30 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(30 |
) |
|
— |
|
|
— |
|
|
— |
|
Total organization realignment and restructuring |
|
(6,694 |
) |
|
(2.1 |
) |
|
— |
|
|
— |
|
|
(9,319 |
) |
|
(1.5 |
) |
|
— |
|
|
— |
|
Adjusted selling, general, and administrative |
|
47,584 |
|
|
14.6 |
|
|
38,918 |
|
|
15.6 |
|
|
88,053 |
|
|
14.7 |
|
|
75,157 |
|
|
16.8 |
|
|
|
Three Months Ended June 30, |
||||||
(in thousands; unaudited) |
|
2024 |
|
2023 |
||||
Net income |
|
$ |
22,156 |
|
|
$ |
9,711 |
|
Equity-based compensation |
|
|
3,326 |
|
|
|
10,149 |
|
Expenses associated with equity offerings |
|
|
528 |
|
|
|
— |
|
Executive transitions |
|
|
— |
|
|
|
225 |
|
TRAs remeasurements |
|
|
— |
|
|
|
(861 |
) |
Legal proceedings |
|
|
— |
|
|
|
1,950 |
|
Sale of aircraft |
|
|
(752 |
) |
|
|
— |
|
Organization realignment and restructuring: |
|
|
|
|
||||
Employee-related costs |
|
|
6,664 |
|
|
|
— |
|
Other costs |
|
|
30 |
|
|
|
— |
|
Subtotal: Organization realignment and restructuring |
|
|
6,694 |
|
|
|
— |
|
Income tax effects |
|
|
(770 |
) |
|
|
(284 |
) |
Adjusted net income |
|
$ |
31,182 |
|
|
$ |
20,890 |
|
|
|
Three Months Ended June 30, |
|||||
(in thousands, except per share amounts; unaudited) |
|
2024 |
|
2023 |
|||
Weighted-average shares of Class A and Class D common stock outstanding - basic |
|
|
101,965 |
|
|
56,734 |
|
Dilutive effects of restricted stock awards and units |
|
|
391 |
|
|
694 |
|
Weighted-average shares of Class A and Class D common stock outstanding - diluted |
|
|
102,356 |
|
|
57,428 |
|
Assumed exchange of weighted-average Class B and Class C shares of common stock |
|
|
63,828 |
|
|
105,756 |
|
Adjusted fully exchanged weighted-average shares of common stock outstanding - diluted |
|
|
166,184 |
|
|
163,184 |
|
|
|
|
|
|
|||
Net income per share of Class A and Class D common stock - diluted |
|
$ |
0.12 |
|
$ |
0.05 |
|
Controlling and non-controlling interest adjustments |
|
|
0.01 |
|
|
0.02 |
|
Equity-based compensation |
|
|
0.02 |
|
|
0.06 |
|
Expenses associated with equity offerings |
|
|
— |
|
|
— |
|
Executive transitions |
|
|
— |
|
|
— |
|
TRAs remeasurements |
|
|
— |
|
|
(0.01 |
) |
Legal proceedings |
|
|
— |
|
|
0.01 |
|
Sale of aircraft |
|
|
— |
|
|
— |
|
Organization realignment and restructuring: |
|
|
|
|
|||
Employee-related costs |
|
|
0.04 |
|
|
— |
|
Other costs |
|
|
— |
|
|
— |
|
Subtotal: Organization realignment and restructuring |
|
|
0.04 |
|
|
— |
|
Income tax effects |
|
|
— |
|
|
— |
|
Adjusted net income per fully exchanged share of diluted common stock |
|
$ |
0.19 |
|
$ |
0.13 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807966434/en/
For Investor Relations inquiries:
Raphael Gross
ICR
(203) 682-8253
investors@dutchbros.com
For Media Relations inquiries:
Jessica Liddell
ICR
(203) 682-8208
jessica.liddell@icrinc.com
Source: Dutch Bros Inc.
FAQ
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