Dutch Bros Inc. Reports Third Quarter 2024 Financial Results
Dutch Bros reported strong Q3 2024 results with revenue growing 27.9% to $338.2 million. The company opened 38 new shops across 11 states and achieved system same shop sales growth of 2.7%. Company-operated same shop sales increased 4.0%. Net income reached $21.7 million, up from $13.4 million in Q3 2023. The company completed its mobile order capability rollout, reaching 90% system coverage. Dutch Bros raised its 2024 guidance, now projecting revenues between $1.255-1.260 billion and Adjusted EBITDA between $215-220 million.
Dutch Bros ha riportato risultati solidi per il terzo trimestre del 2024, con un aumento del fatturato del 27,9% a $338,2 milioni. L'azienda ha aperto 38 nuovi negozi in 11 stati e ha registrato una crescita delle vendite nei negozi esistenti del 2,7%. Le vendite nei negozi gestiti dall'azienda sono aumentate del 4,0%. Il reddito netto ha raggiunto $21,7 milioni, in aumento rispetto ai 13,4 milioni di dollari del Q3 2023. L'azienda ha completato il lancio della funzionalità di ordini mobili, raggiungendo una copertura del 90% del sistema. Dutch Bros ha alzato le sue previsioni per il 2024, ora prevedendo ricavi compresi tra $1,255 e $1,260 miliardi e un EBITDA rettificato tra $215 e $220 milioni.
Dutch Bros informó resultados sólidos para el tercer trimestre de 2024, con un crecimiento de ingresos del 27,9% a $338,2 millones. La empresa abrió 38 nuevas tiendas en 11 estados y logró un crecimiento en las ventas de tiendas comparables del 2,7%. Las ventas de las tiendas operadas por la empresa aumentaron un 4,0%. El ingreso neto alcanzó $21,7 millones, en comparación con los 13,4 millones de dólares en el tercer trimestre de 2023. La empresa completó el lanzamiento de su capacidad de pedidos móviles, alcanzando una cobertura del 90% en el sistema. Dutch Bros elevó su guía para 2024, proyectando ahora ingresos entre $1,255 y $1,260 mil millones y un EBITDA ajustado entre $215 y $220 millones.
더치 브로스는 2024년 3분기 강력한 실적을 보고하며, 수익이 27.9% 증가하여 $338.2 백만에 이르렀습니다. 이 회사는 11개 주에 38개의 새로운 매장을 열었고, 동종 매장 매출은 2.7% 성장했습니다. 회사 운영 매장 매출은 4.0% 증가했습니다. 순이익은 $21.7 백만에 달했으며, 이는 2023년 3분기의 13.4 백만 달러보다 증가한 것입니다. 더치 브로스는 모바일 주문 기능 롤아웃을 완료하고, 시스템 커버리지를 90% 도달했습니다. 이 회사는 2024년 전망을 상향 조정하며, 이제 수익을 $1.255-1.260 억 및 조정 EBITDA를 $215-220 백만으로 예상하고 있습니다.
Dutch Bros a présenté de solides résultats pour le troisième trimestre 2024, avec une croissance du chiffre d'affaires de 27,9 % atteignant $338,2 millions. L'entreprise a ouvert 38 nouveaux magasins dans 11 États et a réalisé une croissance des ventes dans les magasins comparables de 2,7 %. Les ventes des magasins exploités par l'entreprise ont augmenté de 4,0 %. Le revenu net a atteint $21,7 millions, contre 13,4 millions de dollars au T3 2023. L'entreprise a achevé le déploiement de sa capacité de commande mobile, atteignant une couverture de 90 % du système. Dutch Bros a relevé ses prévisions pour 2024, projetant désormais des revenus entre 1,255 et 1,260 milliards de dollars et un EBITDA ajusté entre 215 et 220 millions de dollars.
Dutch Bros meldete für das dritte Quartal 2024 starke Ergebnisse mit einem Umsatzwachstum von 27,9% auf $338,2 Millionen. Das Unternehmen eröffnete 38 neue Filialen in 11 Bundesstaaten und erzielte ein Umsatzwachstum von 2,7% in den bestehenden Geschäften. Der Umsatz in den unternehmenseigenen Filialen stieg um 4,0%. Der Nettogewinn erreichte $21,7 Millionen, im Vergleich zu 13,4 Millionen Dollar im dritten Quartal 2023. Das Unternehmen schloss die Einführung seiner mobilen Bestellmöglichkeit ab und erreichte eine Abdeckung von 90% im System. Dutch Bros hob seine Prognose für 2024 an und erwartet nun Umsätze zwischen 1.255 und 1.260 Milliarden Dollar sowie ein bereinigtes EBITDA zwischen 215 und 220 Millionen Dollar.
- Revenue increased 27.9% YoY to $338.2 million
- Net income grew to $21.7 million from $13.4 million YoY
- System same shop sales grew 2.7%
- Company-operated same shop sales increased 4.0%
- Raised full-year revenue guidance to $1.255-1.260 billion
- Increased Adjusted EBITDA guidance to $215-220 million
- Company-operated shop gross margin decreased 190 bps to 22.2%
- Company-operated shop contribution margin declined 150 bps to 29.5%
Achieves
Completes Mobile Order Capability Rollout
Raises Revenue and Adjusted EBITDA Guidance
Christine Barone, Chief Executive Officer and President of Dutch Bros, stated, “We delivered exceptional performance in the third quarter as we executed our strategic and operational initiatives. We believe our brand is resonating with customers, as we had the highest same shop transaction growth quarter in two years, outside of the impact of Leap Day. In the third quarter we delivered a
Barone continued, “We believe our refined real estate strategy is working, as we are seeing strong new shop productivity as we have shifted our development focus and elevated our site selection process. We continue to demonstrate remarkable consistency in our shop opening cadence with 38 shop openings in the third quarter. We are making major investments in our development and construction teams and our 2025 pipeline is strong, positioning us to accelerate new shop growth.”
Barone concluded, "In the quarter, we accelerated our mobile order rollout, achieving
Third Quarter 2024 Highlights
- Opened 38 new shops, 33 of which were company-operated, across 11 states.
-
Total revenues grew
27.9% to as compared to$338.2 million in the same period of 2023.$264.5 million -
System same shop sales1 and transactions increased
2.7% and0.8% , respectively, relative to the same period in 2023. Company-operated same shop sales1 and transactions increased4.0% and2.4% , respectively, relative to the same period of 2023. -
Company-operated shop revenues increased
30.4% to , as compared to$308.3 million in the same period of 2023.$236.5 million -
Company-operated shop gross profit was
as compared to$68.4 million in the same period of 2023. In the third quarter of 2024, company-operated shop gross margin, which includes 120 bps of pre-opening costs, was$57.0 million 22.2% , a year-over-year decrease of 190 bps. -
Company-operated shop contribution2, a non-GAAP financial measure, grew
23.9% to as compared to$90.8 million in the same period of 2023. In the third quarter of 2024, company-operated shop contribution margin, which includes 120 bps of pre-opening costs, was$73.3 million 29.5% , a year-over-year decrease of 150 bps. -
Selling, general, and administrative expenses were
($57.5 million 17.0% of revenue) as compared to ($50.5 million 19.1% of revenue) in the same period of 2023. -
Adjusted selling, general, and administrative expenses2, a non-GAAP financial measure, were
($50.3 million 14.9% of revenue) as compared to ($40.2 million 15.2% of revenue) in the same period of 2023. -
Net income was
as compared to$21.7 million in the same period of 2023.$13.4 million -
Adjusted EBITDA2, a non-GAAP financial measure, grew
20.3% to as compared to$63.8 million in the same period of 2023.$53.0 million -
Adjusted net income2, a non-GAAP financial measure, was
as compared to$27.7 million in the same period of 2023.$22.4 million -
Net income per share of Class A and Class D common stock - diluted was
as compared to$0.11 per share in the same period of 2023.$0.07 -
Adjusted net income per fully exchanged share of diluted common stock2, a non-GAAP financial measure, was
as compared to$0.16 in the same period of 2023.$0.14
Revised 2024 Outlook
-
Total revenues are now projected to be between
and$1.25 5 billion , up from the prior range of$1.26 0 billion to$1.21 5 billion .$1.23 0 billion -
Total system shop openings in 2024 are now expected to be 150, consistent with the previously communicated outlook at the lower end of 150 to 165. Capital expenditures are estimated to be between
to$245 million , down from the prior range of$265 million to$270 million .$290 million -
Same shop sales1 growth for 2024 is expected to be approximately
4.25% , from low single digits previously. Same shop sales1 growth for the fourth quarter of 2024 is expected to be between1% and2% . -
Adjusted SG&A3 is estimated to be between
and$195 million , from$200 million to$190 million previously.$200 million -
Adjusted EBITDA3 is now estimated to be between
and$215 million , up from the prior range of$220 million to$200 million .$210 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 third quarter ended September 30, 2024.
Event: Third Quarter 2024 Conference Call and Webcast
Date: Wednesday, November 6, 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, the success of Dutch Bros’ mobile order capabilities and expansion of such capabilities, 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,” “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 current expectations regarding Dutch Bros’ leadership performance, the effectiveness of our marketing initiatives and technological advancements, 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 September 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
|
|
Nine Months Ended
|
||||||||||||
(in thousands, except per share amounts; unaudited) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
REVENUES |
|
|
|
|
|
|
|
|
||||||||
Company-operated shops |
|
$ |
308,295 |
|
|
$ |
236,472 |
|
|
$ |
851,648 |
|
|
$ |
630,588 |
|
Franchising and other |
|
|
29,917 |
|
|
|
28,035 |
|
|
|
86,581 |
|
|
|
81,065 |
|
Total revenues |
|
|
338,212 |
|
|
|
264,507 |
|
|
|
938,229 |
|
|
|
711,653 |
|
|
|
|
|
|
|
|
|
|
||||||||
COSTS AND EXPENSES |
|
|
|
|
|
|
|
|
||||||||
Cost of sales |
|
|
248,161 |
|
|
|
189,323 |
|
|
|
686,048 |
|
|
|
519,482 |
|
Selling, general and administrative |
|
|
57,536 |
|
|
|
50,490 |
|
|
|
161,866 |
|
|
|
148,128 |
|
Total costs and expenses |
|
|
305,697 |
|
|
|
239,813 |
|
|
|
847,914 |
|
|
|
667,610 |
|
|
|
|
|
|
|
|
|
|
||||||||
INCOME FROM OPERATIONS |
|
|
32,515 |
|
|
|
24,694 |
|
|
|
90,315 |
|
|
|
44,043 |
|
|
|
|
|
|
|
|
|
|
||||||||
OTHER EXPENSE |
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
|
(6,869 |
) |
|
|
(9,325 |
) |
|
|
(20,259 |
) |
|
|
(26,269 |
) |
Other income (expense), net |
|
|
764 |
|
|
|
(140 |
) |
|
|
7,357 |
|
|
|
2,206 |
|
Total other expense |
|
|
(6,105 |
) |
|
|
(9,465 |
) |
|
|
(12,902 |
) |
|
|
(24,063 |
) |
|
|
|
|
|
|
|
|
|
||||||||
INCOME BEFORE INCOME TAXES |
|
|
26,410 |
|
|
|
15,229 |
|
|
|
77,413 |
|
|
|
19,980 |
|
Income tax expense |
|
|
4,698 |
|
|
|
1,828 |
|
|
|
17,330 |
|
|
|
6,259 |
|
NET INCOME |
|
$ |
21,712 |
|
|
$ |
13,401 |
|
|
$ |
60,083 |
|
|
$ |
13,721 |
|
Less: Net income attributable to non-controlling interests |
|
|
9,068 |
|
|
|
9,191 |
|
|
|
28,437 |
|
|
|
10,601 |
|
NET INCOME ATTRIBUTABLE TO DUTCH BROS INC. |
|
$ |
12,644 |
|
|
$ |
4,210 |
|
|
$ |
31,646 |
|
|
$ |
3,120 |
|
Net income per share of Class A and Class D common stock: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.11 |
|
|
$ |
0.07 |
|
|
$ |
0.32 |
|
|
$ |
0.05 |
|
Diluted |
|
$ |
0.11 |
|
|
$ |
0.07 |
|
|
$ |
0.32 |
|
|
$ |
0.05 |
|
Weighted-average shares of Class A and Class D common stock outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
113,819 |
|
|
|
59,366 |
|
|
|
99,756 |
|
|
|
57,598 |
|
Diluted |
|
|
114,252 |
|
|
|
60,214 |
|
|
|
100,070 |
|
|
|
57,598 |
|
DUTCH BROS INC. |
||||||||||||||||
Segment Financials |
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in thousands; unaudited) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Company-operated shops |
|
$ |
308,295 |
|
|
$ |
236,472 |
|
|
$ |
851,648 |
|
|
$ |
630,588 |
|
Franchising and other |
|
|
29,917 |
|
|
|
28,035 |
|
|
|
86,581 |
|
|
|
81,065 |
|
Total revenues |
|
|
338,212 |
|
|
|
264,507 |
|
|
|
938,229 |
|
|
|
711,653 |
|
Cost of Sales: |
|
|
|
|
|
|
|
|
||||||||
Company-operated shops |
|
|
239,918 |
|
|
|
179,480 |
|
|
|
658,950 |
|
|
|
492,645 |
|
Franchising and other |
|
|
8,243 |
|
|
|
9,843 |
|
|
|
27,098 |
|
|
|
26,837 |
|
Total cost of sales |
|
|
248,161 |
|
|
|
189,323 |
|
|
|
686,048 |
|
|
|
519,482 |
|
Segment gross profit: |
|
|
|
|
|
|
|
|
||||||||
Company-operated shops |
|
|
68,377 |
|
|
|
56,992 |
|
|
|
192,698 |
|
|
|
137,943 |
|
Franchising and other |
|
|
21,674 |
|
|
|
18,192 |
|
|
|
59,483 |
|
|
|
54,228 |
|
Total gross profit |
|
|
90,051 |
|
|
|
75,184 |
|
|
|
252,181 |
|
|
|
192,171 |
|
Depreciation and amortization: |
|
|
|
|
|
|
|
|
||||||||
Company-operated shops |
|
|
22,470 |
|
|
|
16,332 |
|
|
|
63,202 |
|
|
|
44,132 |
|
Franchising and other |
|
|
1,022 |
|
|
|
1,371 |
|
|
|
3,394 |
|
|
|
4,029 |
|
All other ¹ |
|
|
389 |
|
|
|
413 |
|
|
|
888 |
|
|
|
1,250 |
|
Total depreciation and amortization |
|
|
23,881 |
|
|
|
18,116 |
|
|
|
67,484 |
|
|
|
49,411 |
|
Segment contribution: |
|
|
|
|
|
|
|
|
||||||||
Company-operated shops |
|
|
90,847 |
|
|
|
73,324 |
|
|
|
255,900 |
|
|
|
182,075 |
|
Franchising and other |
|
|
22,696 |
|
|
|
19,563 |
|
|
|
62,877 |
|
|
|
58,257 |
|
Total segment contribution |
|
|
113,543 |
|
|
|
92,887 |
|
|
|
318,777 |
|
|
|
240,332 |
|
Selling, general and administrative |
|
|
(57,536 |
) |
|
|
(50,490 |
) |
|
|
(161,866 |
) |
|
|
(148,128 |
) |
Interest expense, net |
|
|
(6,869 |
) |
|
|
(9,325 |
) |
|
|
(20,259 |
) |
|
|
(26,269 |
) |
Other income (expense), net |
|
|
764 |
|
|
|
(140 |
) |
|
|
7,357 |
|
|
|
2,206 |
|
Income before income taxes |
|
$ |
26,410 |
|
|
$ |
15,229 |
|
|
$ |
77,413 |
|
|
$ |
19,980 |
|
__________________ |
||
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
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
(in thousands; unaudited) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
Company-operated shops revenue |
|
308,295 |
|
100.0 |
|
236,472 |
|
100.0 |
|
851,648 |
|
100.0 |
|
630,588 |
|
100.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beverage, food and packaging costs |
|
78,060 |
|
25.3 |
|
61,317 |
|
25.9 |
|
216,923 |
|
25.5 |
|
169,702 |
|
26.8 |
Labor costs |
|
85,144 |
|
27.6 |
|
61,521 |
|
26.0 |
|
230,807 |
|
27.1 |
|
168,805 |
|
26.8 |
Occupancy and other costs |
|
50,693 |
|
16.4 |
|
36,126 |
|
15.3 |
|
136,466 |
|
16.0 |
|
99,327 |
|
15.8 |
Pre-opening costs |
|
3,551 |
|
1.2 |
|
4,184 |
|
1.8 |
|
11,552 |
|
1.4 |
|
10,679 |
|
1.7 |
Depreciation and amortization |
|
22,470 |
|
7.3 |
|
16,332 |
|
6.9 |
|
63,202 |
|
7.4 |
|
44,132 |
|
7.0 |
Company-operated shop costs and expenses |
|
239,918 |
|
77.8 |
|
179,480 |
|
75.9 |
|
658,950 |
|
77.4 |
|
492,645 |
|
78.1 |
Company-operated shops gross profit |
|
68,377 |
|
22.2 |
|
56,992 |
|
24.1 |
|
192,698 |
|
22.6 |
|
137,943 |
|
21.9 |
Company-operated shops contribution 1 |
|
90,847 |
|
29.5 |
|
73,324 |
|
31.0 |
|
255,900 |
|
30.0 |
|
182,075 |
|
28.9 |
_________________ |
||
1 |
|
Reconciliation of GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”. |
DUTCH BROS INC. Summary Cash Flows Data |
||||||||
|
|
Nine Months Ended
|
||||||
(in thousands; unaudited) |
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
|
$ |
184,195 |
|
|
$ |
94,906 |
|
Net cash used in investing activities |
|
|
(169,363 |
) |
|
|
(167,461 |
) |
Net cash provided by financing activities |
|
|
132,757 |
|
|
|
202,163 |
|
Net increase in cash and cash equivalents |
|
$ |
147,589 |
|
|
$ |
129,608 |
|
Cash and cash equivalents at beginning of period |
|
|
133,545 |
|
|
|
20,178 |
|
Cash and cash equivalents at end of period |
|
$ |
281,134 |
|
|
$ |
149,786 |
|
DUTCH BROS INC. |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(in thousands; unaudited) |
|
September 30,
|
|
December 31,
|
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
281,134 |
|
$ |
133,545 |
|
|
Accounts receivable, net |
|
|
10,362 |
|
|
|
9,124 |
|
Inventories, net |
|
|
38,381 |
|
|
|
46,953 |
|
Prepaid expenses and other current assets |
|
|
12,168 |
|
|
|
15,637 |
|
Total current assets |
|
|
342,045 |
|
|
|
205,259 |
|
Property and equipment, net |
|
|
662,759 |
|
|
|
542,440 |
|
Finance lease right-of-use assets, net |
|
|
377,561 |
|
|
|
382,734 |
|
Operating lease right-of-use assets, net |
|
|
301,896 |
|
|
|
199,673 |
|
Intangibles, net |
|
|
3,455 |
|
|
|
5,415 |
|
Goodwill |
|
|
21,629 |
|
|
|
21,629 |
|
Deferred income tax assets, net |
|
|
718,543 |
|
|
|
402,995 |
|
Other long-term assets |
|
|
3,628 |
|
|
|
3,865 |
|
Total assets |
|
$ |
2,431,516 |
|
|
$ |
1,764,010 |
|
LIABILITIES AND EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
31,880 |
|
|
$ |
29,957 |
|
Accrued compensation and benefits |
|
|
39,106 |
|
|
|
31,405 |
|
Other accrued liabilities |
|
|
26,162 |
|
|
|
15,770 |
|
Other current liabilities |
|
|
5,962 |
|
|
|
6,423 |
|
Deferred revenue |
|
|
35,738 |
|
|
|
30,349 |
|
Current portion of finance lease liabilities |
|
|
12,845 |
|
|
|
9,482 |
|
Current portion of operating lease liabilities |
|
|
12,987 |
|
|
|
10,239 |
|
Current portion of long-term debt |
|
|
15,746 |
|
|
|
4,491 |
|
Total current liabilities |
|
|
180,426 |
|
|
|
138,116 |
|
Deferred revenue, net of current portion |
|
|
6,367 |
|
|
|
6,676 |
|
Finance lease liabilities, net of current portion |
|
|
369,206 |
|
|
|
367,775 |
|
Operating lease liabilities, net of current portion |
|
|
293,474 |
|
|
|
191,419 |
|
Long-term debt, net of current portion |
|
|
224,361 |
|
|
|
93,175 |
|
Tax receivable agreements liability |
|
|
605,003 |
|
|
|
290,920 |
|
Other long-term liabilities |
|
|
8 |
|
|
|
8 |
|
Total liabilities |
|
|
1,678,845 |
|
|
|
1,088,089 |
|
Equity: |
|
|
|
|
||||
Common stock |
|
|
1 |
|
|
|
2 |
|
Additional paid in capital |
|
|
506,785 |
|
|
|
379,391 |
|
Accumulated other comprehensive income |
|
|
310 |
|
|
|
544 |
|
Retained earnings (accumulated deficit) |
|
|
16,054 |
|
|
|
(15,592 |
) |
Total stockholders' equity attributable to Dutch Bros Inc. |
|
|
523,150 |
|
|
|
364,345 |
|
Non-controlling interests |
|
|
229,521 |
|
|
|
311,576 |
|
Total equity |
|
|
752,671 |
|
|
|
675,921 |
|
Total liabilities and equity |
|
$ |
2,431,516 |
|
|
$ |
1,764,010 |
|
DUTCH BROS INC. |
||||||||||||||||
Select Financial Metrics |
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in thousands, except number of shops data; unaudited) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Shop count, beginning of period |
|
|
|
|
|
|
|
|
||||||||
Company-operated |
|
|
612 |
|
|
|
473 |
|
|
|
542 |
|
|
|
396 |
|
Franchised |
|
|
300 |
|
|
|
281 |
|
|
|
289 |
|
|
|
275 |
|
|
|
|
912 |
|
|
|
754 |
|
|
|
831 |
|
|
|
671 |
|
Company-operated new openings |
|
|
33 |
|
|
|
37 |
|
|
|
103 |
|
|
|
114 |
|
Franchised new openings |
|
|
5 |
|
|
|
2 |
|
|
|
16 |
|
|
|
8 |
|
Re-openings 1 |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
Shop count, end of period |
|
|
|
|
|
|
|
|
||||||||
Company-operated |
|
|
645 |
|
|
|
510 |
|
|
|
645 |
|
|
|
510 |
|
Franchised |
|
|
305 |
|
|
|
284 |
|
|
|
305 |
|
|
|
284 |
|
Total shop count |
|
|
950 |
|
|
|
794 |
|
|
|
950 |
|
|
|
794 |
|
|
|
|
|
|
|
|
|
|
||||||||
Systemwide AUV 2 |
|
|
N/A |
|
|
|
N/A |
|
|
$ |
2,004 |
|
|
$ |
1,950 |
|
Company-operated shops AUV 2 |
|
|
N/A |
|
|
|
N/A |
|
|
$ |
1,921 |
|
|
$ |
1,901 |
|
|
|
|
|
|
|
|
|
|
||||||||
Systemwide same shop sales 3, 4 |
|
|
2.7 |
% |
|
|
4.0 |
% |
|
|
5.2 |
% |
|
|
2.1 |
% |
Ticket |
|
|
1.9 |
% |
|
|
9.5 |
% |
|
|
5.6 |
% |
|
|
7.6 |
% |
Transactions |
|
|
0.8 |
% |
|
|
(5.5 |
)% |
|
|
(0.4 |
)% |
|
|
(5.5 |
)% |
Company-operated same shop sales 3 |
|
|
4.0 |
% |
|
|
2.8 |
% |
|
|
6.3 |
% |
|
|
0.5 |
% |
Ticket |
|
|
1.6 |
% |
|
|
9.1 |
% |
|
|
5.3 |
% |
|
|
7.6 |
% |
Transactions |
|
|
2.4 |
% |
|
|
(6.3 |
)% |
|
|
1.0 |
% |
|
|
(7.1 |
)% |
|
|
|
|
|
|
|
|
|
||||||||
Systemwide sales 4 |
|
$ |
478,765 |
|
|
$ |
391,286 |
|
|
$ |
1,342,750 |
|
|
$ |
1,069,284 |
|
Company-operated operating weeks 5 |
|
|
8,212 |
|
|
|
6,400 |
|
|
|
23,195 |
|
|
|
17,576 |
|
Franchising and other operating weeks 5 |
|
|
3,955 |
|
|
|
3,703 |
|
|
|
11,576 |
|
|
|
10,881 |
|
Dutch Rewards transactions as a percentage of total transactions 6 |
|
|
67.2 |
% |
|
|
63.1 |
% |
|
|
66.8 |
% |
|
|
64.2 |
% |
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
(in thousands; unaudited) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
Company-operated shop revenues |
|
308,295 |
|
100.0 |
|
236,472 |
|
100.0 |
|
851,648 |
|
100.0 |
|
630,588 |
|
100.0 |
Company-operated gross profit |
|
68,377 |
|
22.2 |
|
56,992 |
|
24.1 |
|
192,698 |
|
22.6 |
|
137,943 |
|
21.9 |
Company-operated shop contribution 7 |
|
90,847 |
|
29.5 |
|
73,324 |
|
31.0 |
|
255,900 |
|
30.0 |
|
182,075 |
|
28.9 |
Selling, general, and administrative expenses |
|
57,536 |
|
17.0 |
|
50,490 |
|
19.1 |
|
161,866 |
|
17.3 |
|
148,128 |
|
20.8 |
Adjusted selling, general, and administrative expenses 7 |
|
50,268 |
|
14.9 |
|
40,154 |
|
15.2 |
|
138,321 |
|
14.7 |
|
115,311 |
|
16.2 |
Net income |
|
21,712 |
|
6.4 |
|
13,401 |
|
5.1 |
|
60,083 |
|
6.4 |
|
13,721 |
|
1.9 |
Adjusted EBITDA 7 |
|
63,762 |
|
18.9 |
|
53,008 |
|
20.0 |
|
181,461 |
|
19.3 |
|
125,487 |
|
17.6 |
___________ |
||
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 this metric as an indicator of shop growth and future expectations of mature locations. |
3 |
|
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. Same shop sales can be impacted by changes in customer transaction counts and by changes in the per-ticket amounts. 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
|
|
Nine Months Ended
|
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Systemwide shop base |
|
716 |
|
572 |
|
641 |
|
503 |
Company-operated shop base |
|
438 |
|
310 |
|
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 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 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 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, 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 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 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 for at least the next year. 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 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 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
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
(in thousands; unaudited) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
Company-operated shop gross profit |
|
68,377 |
|
22.2 |
|
56,992 |
|
24.1 |
|
192,698 |
|
22.6 |
|
137,943 |
|
21.9 |
Depreciation and amortization |
|
22,470 |
|
7.3 |
|
16,332 |
|
6.9 |
|
63,202 |
|
7.4 |
|
44,132 |
|
7.0 |
Company-operated shop contribution |
|
90,847 |
|
29.5 |
|
73,324 |
|
31.0 |
|
255,900 |
|
30.0 |
|
182,075 |
|
28.9 |
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||
(in thousands; unaudited) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
||||||
Net income |
|
21,712 |
|
|
6.4 |
|
|
13,401 |
|
5.1 |
|
60,083 |
|
|
6.4 |
|
|
13,721 |
|
|
1.9 |
|
Depreciation and amortization |
|
23,881 |
|
|
7.1 |
|
|
18,116 |
|
6.8 |
|
67,484 |
|
|
7.2 |
|
|
49,411 |
|
|
6.9 |
|
Interest expense, net |
|
6,869 |
|
|
2.0 |
|
|
9,325 |
|
3.5 |
|
20,259 |
|
|
2.2 |
|
|
26,269 |
|
|
3.7 |
|
Income tax expense |
|
4,698 |
|
|
1.4 |
|
|
1,828 |
|
0.7 |
|
17,330 |
|
|
1.8 |
|
|
6,259 |
|
|
0.9 |
|
EBITDA |
|
57,160 |
|
|
16.9 |
|
|
42,670 |
|
16.1 |
|
165,156 |
|
|
17.6 |
|
|
95,660 |
|
|
13.4 |
|
Equity-based compensation |
|
2,961 |
|
|
0.9 |
|
|
9,698 |
|
3.7 |
|
8,220 |
|
|
0.8 |
|
|
29,017 |
|
|
4.0 |
|
Expenses associated with equity offerings |
|
— |
|
|
— |
|
|
— |
|
— |
|
1,489 |
|
|
0.2 |
|
|
— |
|
|
— |
|
Executive transitions |
|
— |
|
|
— |
|
|
225 |
|
0.1 |
|
75 |
|
|
— |
|
|
600 |
|
|
0.1 |
|
TRAs remeasurements |
|
— |
|
|
— |
|
|
415 |
|
0.1 |
|
(5,687 |
) |
|
(0.6 |
) |
|
(1,740 |
) |
|
(0.2 |
) |
Legal proceedings |
|
— |
|
|
— |
|
|
— |
|
— |
|
— |
|
|
— |
|
|
1,950 |
|
|
0.3 |
|
Sale of Aircraft |
|
(550 |
) |
|
(0.2 |
) |
|
— |
|
— |
|
(1,302 |
) |
|
(0.1 |
) |
|
— |
|
|
— |
|
Organization realignment and restructuring: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Employee-related costs |
|
3,998 |
|
|
1.2 |
|
|
— |
|
— |
|
13,287 |
|
|
1.4 |
|
|
— |
|
|
— |
|
Other costs |
|
193 |
|
|
0.1 |
|
|
— |
|
— |
|
223 |
|
|
— |
|
|
— |
|
|
— |
|
Total organization realignment and restructuring |
|
4,191 |
|
|
1.3 |
|
|
— |
|
— |
|
13,510 |
|
|
1.4 |
|
|
— |
|
|
— |
|
Adjusted EBITDA |
|
63,762 |
|
|
18.9 |
|
|
53,008 |
|
20.0 |
|
181,461 |
|
|
19.3 |
|
|
125,487 |
|
|
17.6 |
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||
(in thousands; unaudited) |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
||||||||
Selling, general, and administrative |
|
57,536 |
|
|
17.0 |
|
|
50,490 |
|
|
19.1 |
|
|
161,866 |
|
|
17.3 |
|
|
148,128 |
|
|
20.8 |
|
Depreciation and amortization |
|
(389 |
) |
|
— |
|
|
(413 |
) |
|
(0.1 |
) |
|
(888 |
) |
|
(0.2 |
) |
|
(1,250 |
) |
|
(0.2 |
) |
Equity-based compensation |
|
(2,688 |
) |
|
(0.8 |
) |
|
(9,698 |
) |
|
(3.7 |
) |
|
(7,583 |
) |
|
(0.8 |
) |
|
(29,017 |
) |
|
(4.0 |
) |
Expenses associated with equity offerings |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,489 |
) |
|
(0.2 |
) |
|
— |
|
|
— |
|
Executive transitions |
|
— |
|
|
— |
|
|
(225 |
) |
|
(0.1 |
) |
|
(75 |
) |
|
— |
|
|
(600 |
) |
|
(0.1 |
) |
Legal proceedings |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,950 |
) |
|
(0.3 |
) |
Organization realignment and restructuring: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Employee-related costs |
|
(3,998 |
) |
|
(1.2 |
) |
|
— |
|
|
— |
|
|
(13,287 |
) |
|
(1.4 |
) |
|
— |
|
|
— |
|
Other costs |
|
(193 |
) |
|
(0.1 |
) |
|
— |
|
|
— |
|
|
(223 |
) |
|
— |
|
|
— |
|
|
— |
|
Total organization realignment and restructuring |
|
(4,191 |
) |
|
(1.3 |
) |
|
— |
|
|
— |
|
|
(13,510 |
) |
|
(1.4 |
) |
|
— |
|
|
— |
|
Adjusted selling, general, and administrative |
|
50,268 |
|
|
14.9 |
|
|
40,154 |
|
|
15.2 |
|
|
138,321 |
|
|
14.7 |
|
|
115,311 |
|
|
16.2 |
|
|
|
Three Months Ended
|
||||||
(in thousands; unaudited) |
|
|
2024 |
|
|
|
2023 |
|
Net income |
|
$ |
21,712 |
|
|
$ |
13,401 |
|
Equity-based compensation |
|
|
2,961 |
|
|
|
9,698 |
|
Executive transitions |
|
|
— |
|
|
|
225 |
|
TRAs remeasurements |
|
|
— |
|
|
|
415 |
|
Sale of Aircraft |
|
|
(550 |
) |
|
|
— |
|
Organization realignment and restructuring: |
|
|
|
|
||||
Employee-related costs |
|
|
3,998 |
|
|
|
— |
|
Other costs |
|
|
193 |
|
|
|
— |
|
Subtotal: Organization realignment and restructuring |
|
|
4,191 |
|
|
|
— |
|
Income tax effects |
|
|
(652 |
) |
|
|
(1,327 |
) |
Adjusted net income |
|
$ |
27,662 |
|
|
$ |
22,412 |
|
|
|
Three Months Ended
|
||||||
(in thousands, except per share amounts; unaudited) |
|
|
2024 |
|
|
|
2023 |
|
Weighted-average shares of Class A and Class D common stock outstanding - basic |
|
|
113,819 |
|
|
59,366 |
|
|
Dilutive effects of restricted stock awards and units |
|
|
433 |
|
|
|
848 |
|
Weighted-average shares of Class A and Class D common stock outstanding - diluted |
|
|
114,252 |
|
|
|
60,214 |
|
Assumed exchange of weighted-average Dutch Bros OpCo Class A common units for shares of Dutch Bros Inc. Class A common stock |
|
|
63,369 |
|
|
|
105,756 |
|
Adjusted fully exchanged weighted-average shares of common stock outstanding - diluted |
|
|
177,621 |
|
|
|
165,970 |
|
|
|
|
|
|
||||
Net income per share of Class A and Class D common stock - diluted |
|
$ |
0.11 |
|
|
$ |
0.07 |
|
Controlling and non-controlling interest adjustments |
|
|
0.01 |
|
|
|
0.02 |
|
Equity-based compensation |
|
|
0.02 |
|
|
|
0.06 |
|
Executive transitions |
|
|
— |
|
|
|
— |
|
TRAs remeasurements |
|
|
— |
|
|
|
— |
|
Sale of Aircraft |
|
|
— |
|
|
|
— |
|
Organization realignment and restructuring: |
|
|
|
|
||||
Employee-related costs |
|
|
0.02 |
|
|
|
— |
|
Other costs |
|
|
— |
|
|
|
— |
|
Subtotal: Organization realignment and restructuring |
|
|
0.02 |
|
|
|
— |
|
Income tax effects |
|
|
— |
|
|
|
(0.01 |
) |
Adjusted net income per fully exchanged share of diluted common stock |
|
$ |
0.16 |
|
|
$ |
0.14 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106782709/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
Source: Dutch Bros Inc.
FAQ
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