Achieves $275 million in Revenues in
Quarter, a 39% Increase Year-over-Year
Delivers 10.0% Same Shop Sales Growth and
Ties Record New Shop Openings
Raises 2024 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 first quarter ended March 31, 2024.
Christine Barone, Chief Executive Officer and President of Dutch
Bros, stated, “We are pleased with our performance in the first
quarter - we delivered exceptional results and witnessed the
momentum we saw leaving 2023 continue into Q1. Headlining Q1
performance was 10.0% system same shop sales growth, the strongest
single quarter since Q4 2021, and 39% year-over-year growth in
revenue to $275 million. These outstanding top-line metrics were
underpinned by excellent margin flow through. Given this strong
start to 2024, and despite a continued volatile economic backdrop
for the consumer, we are comfortable raising our guidance for the
year.”
She continued, “System same shop sales growth featured a healthy
combination of ticket expansion and traffic. Our traffic trajectory
is particularly encouraging, and has now improved for two
consecutive quarters. We believe our success is due in part to the
plans we began setting in motion last year, underscored by two
strong new product launches in Q1. Notably, a record 66% of all
transactions in Q1 came through Dutch Rewards members, which allows
us to efficiently and effectively connect with our customers. We
are also seeing traction driving awareness in new markets, and are
investing more to capitalize on this opportunity.”
Barone added, “Bolstered by strong system same shop sales
growth, system AUVs expanded to $2.0 million, once again the
highest on record. We also continued to deliver strong new shop
openings, tying a record 45 new shops opened in the quarter. This
marks the 11th consecutive quarter of 30 or more new shop openings
and demonstrates the consistency by which we are executing our
growth plans.”
First Quarter 2024 Highlights
- Opened 45 new shops, 40 of which were company-operated,
across 14 states.
- Total revenues grew 39.5% to $275.1 million as compared
to $197.3 million in the same period of 2023.
- System same shop sales1 increased 10.0%, inclusive of
the impact of our fortressing strategy, which results in sales
being transferred from existing shops to new ones, as compared to
the same period in 2023. Company-operated same shop sales increased
10.9%, as compared to the same period of 2023.
- Company-operated shop revenues increased 43.3% to $248.1
million, as compared to $173.2 million in the same period of
2023.
- Company-operated shop gross profit was $54.3 million as
compared to $28.9 million in the same period of 2023. In the first
quarter of 2024, company-operated shop gross margin, which includes
140bps of pre-opening costs, was 21.9%, a year-over-year increase
of 520bps.
- Company-operated shop contribution2, a non-GAAP
financial measure, grew 76.7% to $74.0 million as compared to $41.9
million in the same period of 2023. In the first quarter of 2024,
company-operated shop contribution margin, which includes 140bps of
pre-opening costs, was 29.8%, a year-over-year increase of 560
bps.
- Selling, general, and administrative expenses were $46.2
million (16.8% of revenue) as compared to $46.0 million (23.3% of
revenue) in the same period of 2023.
- Adjusted selling, general, and administrative expenses2,
a non-GAAP financial measure, were $40.4 million (14.7% of revenue)
as compared to $36.2 million (18.4% of revenue) in the same period
of 2023.
- Net income (loss) was $16.2 million as compared to
$(9.4) million in the same period of 2023.
- Adjusted EBITDA2, a non-GAAP financial measure, grew
120.0% to $52.5 million as compared to $23.9 million in the same
period of 2023.
- Adjusted net income (loss)2, a non-GAAP financial
measure, was $16.5 million as compared to $(0.5) million in the
same period of 2023.
- Net income (loss) per share of Class A and Class D common
stock - diluted was $0.08 as compared to $(0.07) per share in
the same period of 2023.
- Adjusted net income (loss) per fully exchanged share of
diluted common stock2, a non-GAAP financial measure, was $0.09
as compared to $0.00 in the same period of 2023.
Revised 2024 Outlook
- Total system shop openings in 2024 are expected to
remain in the range of 150 to 165.
- Total revenues are now projected to be between $1.20
billion and $1.215 billion up from the prior range of $1.190
billion and $1.205 billion.
- Same shop sales growth is expected to remain in the low
single digits.
- Adjusted EBITDA3 is now estimated to be between $195
million and $205 million up from the prior range of $185 million to
$195 million.
- Capital Expenditures are estimated to remain between
$280 million to $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 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.
Executive Leadership Transitions
Pursuant to the previously announced planned senior leadership
changes, the Board of Directors appointed Joshua Guenser to the
role of Chief Financial Officer from his previous role as Incoming
Chief Financial Officer, effective as of May 9, 2024. Guenser will
succeed Charley Jemley, who will step into the role of Strategic
Advisor, to provide support for a transitional period prior to his
planned retirement.
This transition follows the previously announced appointment by
the Board of Directors of Brian Maxwell to the newly created role
of Vice Chair, and Sumi Ghosh to the role of President of
Operations from his previous role of Incoming President of
Operations, effective April 1.
Christine Barone stated, “I would like to express my deepest
gratitude to Charley for his almost five years of exceptional
service to Dutch Bros. Charley’s leadership and steady hand has
been invaluable to shepherding us through our IPO and our
subsequent growth and success. His dedication to the Dutch Bros
family will be greatly missed. On behalf of the entire team, thank
you, Charley, for your unwavering commitment and outstanding
contributions to our company.”
She added, “Working with Josh and Sumi over the past several
months has solidified my belief that they are great additions to
the Dutch Bros senior leadership team and terrific examples of the
Dutch Bros culture. Both Josh and Sumi exemplify Dutch Bros' core
values, including a passion for serving others and a commitment to
excellence. I look forward to working closely together to continue
Dutch Bros' growth and success in this next chapter.”
Conference Call and Webcast Today
Christine Barone, Chief Executive Officer and President, and
Charles Jemley, 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 first quarter ended March 31, 2024.
Event: First Quarter 2024 Conference Call and Webcast
Date: Tuesday, May 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
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 876 locations across 17 states as of
March 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. 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, 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 March 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
March 31,
(in thousands, except per share amounts;
unaudited)
2024
2023
REVENUES
Company-operated shops
$
248,085
$
173,164
Franchising and other
27,014
24,103
Total revenues
275,099
197,267
COSTS AND EXPENSES
Cost of sales
203,326
151,523
Selling, general and administrative
46,194
45,976
Total costs and expenses
249,520
197,499
INCOME (LOSS) FROM OPERATIONS
25,579
(232
)
OTHER EXPENSE
Interest expense, net
(6,393
)
(7,886
)
Other income, net
5,801
1,307
Total other expense
(592
)
(6,579
)
INCOME (LOSS) BEFORE INCOME TAXES
24,987
(6,811
)
Income tax expense
8,772
2,580
NET INCOME (LOSS)
$
16,215
$
(9,391
)
Less: Net income (loss) attributable to
non-controlling interests
9,153
(5,549
)
NET INCOME (LOSS) ATTRIBUTABLE TO DUTCH
BROS INC.
$
7,062
$
(3,842
)
Net income (loss) per share of Class A and
Class D common stock:
Basic
$
0.08
$
(0.07
)
Diluted
$
0.08
$
(0.07
)
Weighted-average shares of Class A and
Class D common stock outstanding:
Basic
83,328
56,664
Diluted
83,410
56,664
DUTCH BROS INC.
Segment Financials
Three Months Ended
March 31,
(in thousands; unaudited)
2024
2023
Revenues:
Company-operated shops
$
248,085
$
173,164
Franchising and other
27,014
24,103
Total revenues
275,099
197,267
Cost of Sales:
Company-operated shops
193,780
144,292
Franchising and other
9,546
7,231
Total cost of sales
203,326
151,523
Segment gross profit:
Company-operated shops
54,305
28,872
Franchising and other
17,468
16,872
Total gross profit
71,773
45,744
Depreciation and amortization:
Company-operated shops
19,694
13,001
Franchising and other
1,295
1,361
All other 1
264
417
Total depreciation and amortization
21,253
14,779
Segment contribution:
Company-operated shops
73,999
41,873
Franchising and other
18,763
18,233
Total segment contribution
92,762
60,106
Selling, general and administrative
(46,194
)
(45,976
)
Interest expense, net
(6,393
)
(7,886
)
Other income, net
5,801
1,307
Income (loss) before income taxes
$
24,987
$
(6,811
)
_________________
1
Included in selling, general and
administrative expenses and not part of segment contribution
calculation.
DUTCH BROS INC.
Company-Operated Shop Results
Three Months Ended
March 31,
2024
2023
(in thousands; unaudited)
$
%
$
%
Company-operated shops revenue
248,085
100.0
173,164
100.0
Beverage, food and packaging costs
63,716
25.7
48,952
28.3
Labor costs
65,427
26.4
48,549
28.0
Occupancy and other costs
41,496
16.7
30,559
17.6
Pre-opening costs
3,447
1.4
3,231
1.9
Depreciation and amortization
19,694
7.9
13,001
7.5
Company-operated shop costs and
expenses
193,780
78.1
144,292
83.3
Company-operated shops gross profit
54,305
21.9
28,872
16.7
Company-operated shops contribution 1
73,999
29.8
41,873
24.2
_________________
1
Reconciliation of GAAP to non-GAAP results
is provided in the section “Non-GAAP Financial Measures”.
DUTCH BROS INC.
Summary Cash Flows Data
Three Months Ended
March 31,
(in thousands; unaudited)
2024
2023
Net cash provided by operating
activities
$
41,193
$
3,077
Net cash used in investing activities
(57,462
)
(43,043
)
Net cash provided by financing
activities
145,443
34,084
Net increase (decrease) in cash and cash
equivalents
$
129,174
$
(5,882
)
Cash and cash equivalents at beginning of
period
133,545
20,178
Cash and cash equivalents at end of
period
$
262,719
$
14,296
DUTCH BROS INC.
Condensed Consolidated Balance
Sheets
(in thousands; unaudited)
March 31, 2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
262,719
$
133,545
Accounts receivable, net
11,659
9,124
Inventories, net
45,393
46,953
Prepaid expenses and other current
assets
15,308
15,637
Total current assets
335,079
205,259
Property and equipment, net
585,271
542,440
Finance lease right-of-use assets, net
380,932
382,734
Operating lease right-of-use assets,
net
234,352
199,673
Intangibles, net
4,615
5,415
Goodwill
21,629
21,629
Deferred income tax assets, net
507,357
402,995
Other long-term assets
4,080
3,865
Total assets
$
2,073,315
$
1,764,010
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
38,763
$
29,957
Accrued compensation and benefits
23,061
31,405
Other accrued liabilities
17,281
15,770
Other current liabilities
5,613
6,423
Deferred revenue
29,110
30,349
Current portion of finance lease
liabilities
10,681
9,482
Current portion of operating lease
liabilities
9,417
10,239
Current portion of long-term debt
12,618
4,491
Total current liabilities
146,544
138,116
Deferred revenue, net of current
portion
6,313
6,676
Finance lease liabilities, net of current
portion
368,198
367,775
Operating lease liabilities, net of
current portion
226,877
191,419
Long-term debt, net of current portion
233,571
93,175
Tax receivable agreements liability
395,841
290,920
Other long-term liabilities
8
8
Total liabilities
1,377,352
1,088,089
Equity:
Common stock
2
2
Additional paid in capital
424,721
379,391
Accumulated other comprehensive income
925
544
Accumulated deficit
(8,530
)
(15,592
)
Total stockholders' equity attributable to
Dutch Bros Inc.
417,118
364,345
Non-controlling interests
278,845
311,576
Total equity
695,963
675,921
Total liabilities and equity
$
2,073,315
$
1,764,010
DUTCH BROS INC.
Select Financial Metrics
Three Months Ended
March 31,
(in thousands, except number of shops
data; unaudited)
2024
2023
Shop count, beginning of period
Company-operated
542
396
Franchised
289
275
831
671
Company-operated new openings
40
42
Franchised new openings
5
3
Shop count, end of period
Company-operated
582
438
Franchised
294
278
Total shop count
876
716
Systemwide AUV 1
$
1,995
$
1,916
Company-operated shops AUV 1
$
1,915
$
1,879
Systemwide same shop sales 2, 3
10.0
%
(2.0
)%
Company-operated same shop sales 2
10.9
%
(3.5
)%
Systemwide sales 3
$
397,553
$
302,782
Company-operated operating weeks 4
7,274
5,322
Franchising and other operating weeks
4
3,779
3,546
Dutch Rewards transactions as a percentage
of total transactions 5
66.5
%
65.0
%
Three Months Ended
March 31,
2024
2023
(in thousands; unaudited)
$
%
$
%
Company-operated shop revenues
248,085
100.0
173,164
100.0
Company-operated gross profit
54,305
21.9
28,872
16.7
Company-operated shop contribution 6
73,999
29.8
41,873
24.2
Selling, general, and administrative
expenses
46,194
16.8
45,976
23.3
Adjusted selling, general, and
administrative expenses 6
40,430
14.7
36,239
18.4
Net income (loss)
16,215
5.9
(9,391
)
(4.8
)
Adjusted EBITDA 6
52,540
19.1
23,880
12.1
___________
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 March
31,
2024
2023
Systemwide shop base
641
503
Company-operated shop base
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
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 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 (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, executives
transition, (gain) loss on the remeasurement of the liability
related to the TRAs, 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, executives transition,
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 (loss)
Definition and/or calculation
Net income (loss), excluding equity-based compensation expense,
expenses associated with equity offerings, executives transition
costs, (gain) loss on the remeasurement of the liability related to
the TRAs, 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 RSAs and
RSUs, 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 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 (loss) per fully exchanged share of
diluted common stock
Definition and/or calculation
Net income (loss) 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, 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 our outstanding Class B and
Class C 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.
Executives transition
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 early 2024.
TRAs remeasurements
(Gain) loss impacts on condensed consolidated statements of
operations related to adjustments of our TRAs liabilities.
Organization realignment and
restructuring
Fees and costs, including consulting fees and costs, related to
a 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 RSAs and
RSUs
Addition of incremental shares of RSAs and RSUs 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 allocation for controlling and
non-controlling interests
Removal of the net income (loss) allocation 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 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 U.S.
GAAP, and the reconciliations from U.S. GAAP to Non-GAAP actuals
should be carefully evaluated. Please refer to "Explanation of
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 March
31,
2024
2023
(in thousands; unaudited)
$
%
$
%
Company-operated shop gross
profit
54,305
21.9
28,872
16.7
Depreciation and amortization
19,694
7.9
13,001
7.5
Company-operated shop
contribution
73,999
29.8
41,873
24.2
Three Months Ended March
31,
2024
2023
(in thousands; unaudited)
$
%
$
%
Net income (loss)
16,215
5.9
(9,391
)
(4.8
)
Depreciation and amortization
21,253
7.7
14,779
7.5
Interest expense, net
6,393
2.3
7,886
4.0
Income tax expense
8,772
3.2
2,580
1.3
EBITDA
52,633
19.1
15,854
8.0
Equity-based compensation
1,933
0.7
9,170
4.6
Expenses associated with equity
offerings
961
0.3
—
—
Executives transition
75
—
150
0.1
TRAs remeasurements
(5,687
)
(2.0
)
(1,294
)
(0.6
)
Organization realignment and
restructuring:
Employee-related costs
2,625
1.0
—
—
Adjusted EBITDA
52,540
19.1
23,880
12.1
Three Months Ended March
31,
2024
2023
(in thousands; unaudited)
$
%
$
%
Selling, general, and
administrative
46,194
16.8
45,976
23.3
Depreciation and amortization
(264
)
(0.1
)
(417
)
(0.2
)
Equity-based compensation
(1,839
)
(0.7
)
(9,170
)
(4.6
)
Expenses associated with equity
offerings
(961
)
(0.3
)
—
—
Executives transition
(75
)
—
(150
)
(0.1
)
Organization realignment and
restructuring:
Employee-related costs
(2,625
)
(1.0
)
—
—
Adjusted selling, general, and
administrative
40,430
14.7
36,239
18.4
Three Months Ended March
31,
(in thousands; unaudited)
2024
2023
Net income (loss)
$
16,215
$
(9,391
)
Equity-based compensation
1,933
9,170
Expenses associated with equity
offerings
961
—
Executives transition
75
150
TRAs remeasurements
(5,687
)
(1,294
)
Organization realignment and
restructuring:
Employee-related costs
2,625
—
Income tax effects
350
830
Adjusted net income (loss)
$
16,472
$
(535
)
Three Months Ended March
31,
(in thousands, except per share amounts;
unaudited)
2024
2023
Weighted-average shares of Class A and
Class D common stock outstanding - basic
83,328
56,664
Dilutive effects of RSUs and RSAs
82
—
Weighted-average shares of Class A and
Class D common stock outstanding - diluted
83,410
56,664
Assumed exchange of weighted-average Class
B and Class C shares of common stock
93,777
105,756
Adjusted fully exchanged
weighted-average shares of common stock outstanding -
diluted
177,187
162,420
Net income (loss) per share of Class A
and Class D common stock - diluted
$
0.08
$
(0.07
)
Controlling and non-controlling interest
adjustments
0.01
0.01
Equity-based compensation
0.01
0.06
Expenses associated with equity
offerings
0.01
—
Executives transition
—
—
TRAs remeasurements
(0.03
)
(0.01
)
Organization realignment and
restructuring:
Employee-related costs
0.01
—
Income tax effects
—
0.01
Adjusted net income (loss) per fully
exchanged share of diluted common stock
$
0.09
$
—
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240507530847/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
Dutch Bros (NYSE:BROS)
過去 株価チャート
から 4 2024 まで 5 2024
Dutch Bros (NYSE:BROS)
過去 株価チャート
から 5 2023 まで 5 2024