Dutch Bros Inc. (NYSE: BROS) Q4 2022 Earnings Call Transcript February 22, 2023. Though there maybe is something a little off-putting about their whole good vibes only shtick Eater calls it toxic positivity. In 2020, the company removed all Black Lives Matter signs in their shops, saying, We removed the signs not because we dont support the Black Lives Matter movement. Hannah joined Community Impact Newspaper as a reporter in May 2016 after graduating with a degree in journalism from Sam Houston State University in Huntsville, Texas. Prior to CI, Hannah served as associate editor of The Houstonian, interned with Community Impact Newspaper and spent time writing for the Sam Houston State University College of Fine Arts and Mass Communication and The Huntsville Item. Company-operated shop revenues increased 58.4% to $639.7 million6, as compared to $403.7 million in 2021. They also dont take themselves too seriously: Their founder is a flip-flop wearing bro-dude who says rad a lot, and they sell cotton candy milkshakes and electric red caffeinated juice called the Double Rainbro. I mean, it sounds disgusting, but in an era where you can spend as much as $75 on an extremely fancy hand-poured cup of coffee, theres something sort of refreshing about that. The number of shops included in the systemwide and company-operated comparable bases for the respective periods are presented in the following table. WebAs a result, many of its 20- and 30-something franchisees are high school dropouts now banking upwards of $200,000 a year in profits. Net income (loss) before interest expense (net of interest income), income taxes expense (benefit), and depreciation and amortization expense. Dear Abby: Why do they imply my husband is a freak? The coffee chain has more than 450 locations across 11 states. Following are the reconciliations of the most comparable GAAP financial measure to non-GAAP financial measure. Dutch Bros Coffee. For full year 2022 , Dutch Bros is providing the following outlook: For Q1 2022, Dutch Bros is providing the following outlook: 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. Same shop sales data is based on different shop bases for each time period. Net loss per share of Class A and Class D common stock - diluted6 was $(0.01)6 as compared to net loss per share of $(0.03) in the same period of 2021. So it looks like more caffeine-seeking consumers than ever may be able to order off ofDutch Bros' famous secret menunext year. Dutch Bros is an Oregon-based coffee chain known for its sweet drinks and friendly service. 2005-2022 Community Impact Newspaper Co. All rights reserved. Opened 98 Shops in 2021, Expects At Least 125 Shop Openings in 2022, System Same Shop Sales Grew 10.1% in Fourth Quarter and 8.4% in 2021. The lack of conventional coffee on the menu was not a sticking point for residents at a city-held neighborhood meeting last year regarding the developments planning. The Mango Tree Indian Kitchen to open locations in Spokane Valley and the South Hill, Dirt starts moving for future Idaho Central Spokane Valley Performing Arts Center. CONCORD The popular drive-thru chain Dutch Bros. Coffee plans to open a location in Concord if it gets the city Planning Commissions approval next week. A second location is anticipated to open at 1000 Kitty Hawk Rd. Editor's note: The story has been updated to include a third The bro-istas (yes, theyre really called that) eyes lit up. 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. Led by a talented pipeline of regional operators and long-term franchise partners, unit growth accelerated to 98 new shop openings, revenue grew 52.1% and same shop sales increased 8.4%. Adjusted EBITDA Margin definition and/or calculation. Dutch Bros business model is perfectly primed to create a cult following: They have a secret menu, baristas who are literally required to be super friendly ("We simply don't tolerate toxic or cancerous behavior to the culture," Boersma told Forbes) and collectable stickers. Adjusted EBITDA definition and/or calculation. 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. World Coffee Portal notes that Dutch Bros began 2022 with a plan to open 125 new locations, but over the year, that number has been revised to 130. The new location will be locally operated by Kristin Leddige. Adjusted net income per fully exchanged share of diluted common stock. March 01, 2023 6:00 AM. (Courtesy Dutch Bros Coffee). That location will likely re-open next year. 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. Downtown San Jose housing tower edges close to construction start Whats your most popular drink? I stammered. Earn Points. We implemented an hourly wage supplement program for shop employees who continued to work while their state or county was under a stay at home order or similar lockdown requirement. Dutch Bros OpCo refers to Dutch Mafia, LLC, a Delaware limited liability company, and a direct subsidiary of Dutch Bros Inc. Related Articles Dutch Bros Inc. Reports Preliminary Fourth Quarter and Fiscal Year 2022 New Shop Openings and Same Shop 8:40 AM Oct 6, 2021 CDT, Dutch Bros Coffee serves hot, iced and blended coffee along with teas, lemonade and smoothies. Webcast: https://investors.dutchbros.com under Events & Presentations. 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. The webcast will be archived shortly after the conference call has concluded. Costs incurred as a result of our stock offerings. Editor's note: The story has been updated to include a third Dutch Bros. location in Castle Hills. Chipotle Mexican Grill adds a TikTok favorite to its digital-only menu The impact has been small in the Lone Star State. On ExpressNews.com:The famously enormous cinnamon rolls from the closed Lulus Bakery & Cafe are coming back. Dutch Bros. Coffee is a popular drive-thru coffee chain that is opening its first Alamo City location in early fall on the far West Side. Business | Did he think I took a wrong turn on the way to Dutch BrosSoup? Ricci believes the chain has white space for 4,000 units, which should take Dutch Bros into the next 10 to 15 years. You're About To Start Seeing A Lot More Dutch Bros Coffee Locations. This is a standard metric used across the industry by our investors. WebDutch Bros. Coffee to open 3 more stores in metro Phoenix, Construction began Monday on a Dutch Bros. Coffee drive-through in east Mesa at Greenfield Road and Southern Avenue. 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. The coffee chain opened its first San Antonio location last September at 8614 Potranco Rd. 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. To learn more about Dutch Bros, visit www.dutchbros.com, follow Dutch Bros Coffee on Instagram, Facebook, Twitter, and TikTok, and download the Dutch Bros app to earn points and score rewards! Opened 133 new shops, 120 of which were company-operated, across 11 states. 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 the evolving COVID-19 pandemic, disruptions in our supply chain, ability to hire and retain employees; and other risks, including those described under the heading Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 filed with the SEC on November 12, 2021 and in our future reports to be filed with the SEC, including our Annual Report on Form 10-K for the full year ended December 31, 2021. Despite concerns about the effects of inflation and the pressure it puts on profitability, Dutch Bros isn't finished growing yet. He put out some feelers, trying to figure out how best to get me hooked. It was equally as sweet, but in more of a chocolatey way, which was sort of an improvement. Cheesecake Factory marks 45th anniversary this week WebThe site is located in-between the main Wanderemere neighborhood and Whitworth University and will be the 11th location for the chain in Spokane area. A single sip immediately transported me back to glugging little cartons of chocolate milk in the elementary school cafeteria. However, the companys CEO Check Out Dutch Bros' New Holiday Drinks For 2021 ICYMI, Dutch Bros Has 5 New Holiday Drinks, and They're a Gift to Us All. I cant remember what I ordered, but I liked it. Forward-looking statements include, without limitation, information concerning Dutch Bros possible or assumed future results of operations, including guidance for 2023, new shop openings, business strategies, and potential growth opportunities. 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 538 locations across 12 states as of December 31, 2021. Thats probably because I was a teenager. Francesca is a freelancer covering the D-FW suburbs. Net income (loss) per share of Class A and Class D common stock diluted, excluding per share impacts of equity-based compensation expense, expenses and donations associated with equity offering, COVID-19: thank you pay and catastrophic leave expenses, COVID-19: royalty abatement expenses, COVID-19: first responder donation, impacts of transition from paper stamp card to Dutch Rewards loyalty app, and expenses associated with the exit of our in-house merchandising business, Dutchwear, income tax effects of items excluding from net income (loss), and removal of per share impacts of controlling and non-controlling interests. In addition to moving east, we are excited about further expansion in existing markets, including Southern California, a market we believe will be a significant growth driver. 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. Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals. By Zara Flores By assuming the full exchange of all of our outstanding Class B and Class C common stock and related net income adjustments, we believe these measures facilitate a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period. For additional information, see sections "Consolidated Statements of Operations", "Company-operated Shop Results", and "Supplemental Reconciliation of GAAP Actuals to Non-GAAP Actuals". Pulling up to the drive-through window at Dutch Broson a recent trip to Portland, I panicked when I realized I had no idea what to order. During 2020, we made specific donations to the First Responders First organization to support the acquisition and distribution of personal protective equipment for first responders. 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. 3:20 PM Nov 11, 2021 CST Long term, the company envisions over 4,000 locations, and growing toward this goal will be a major theme in 2023 and beyond. At the close of 2022's first quarter, Dutch Bros had 572 locations spread out over 12 states. She is originally from Michigan and graduated from Wayne State University with degrees in broadcast journalism and international studies. We cant wait to plant roots here and look forward to serving our new community.. In 2022, we have committed to opening at least 125 new shops, supported by a robust pipeline and strong consumer acceptance of Dutch Bros. He previously reported in Contra Costa County and before joining the Bay Area News Group he worked in Eureka and Santa Barbara. Beehive Boutique and Garden of New Caney to celebrate first anniversary with fall festival, Caldwell Companies now selling homes for The Highlands development in Porter, Lowes distribution center opens in New Caney, Bigotes Street Tacos coming to Deerbrook Mall in December in Humble, Pinspiration in Kingwood to celebrate 1-year anniversary. Adjusted EBITDA5, a non-GAAP financial measure, grew 115.7% to $29.8 million6 as compared to $13.8 million4 in the same period of 2021. The Oregon-based coffee chain known for eschewing pretentious third-wave coffee culture in favor of sugar-crammed iced lattes and electric green energy drinks was not my usual cup of tea (Im more of a black coffee only, snobby Chemex-using kind of gal). Dutch Bros, which is open 24/7, was the only thing nearby that was open. Selling, general, and administrative expenses were $50.6 million (25.1% of revenue) as compared to $41.4 million4 (29.5% of revenue) in the same period of 2021. Dutch Bros Inc. (NYSE: BROS) Q4 2022 Earnings Call Transcript February 22, 2023. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, Controlling and non-controlling interest adjustments. WebThe Dutch Bros app is here to hook you up with Dutch Rewards and awesome new features. We expect low-single digits growth from pricing to roll-over into 2023 from menu pricing taken in 2022. India state launches probe into fire at Apple supplier Foxlink, TIMELINE-How Elon Musk has missed his targets on delivering affordable cars, MORNING BID AMERICAS-Markets March on China boomlet. Total revenues are projected to be between $950 million and $1 billion. Joth Ricci, Chief Executive Officer and President of Dutch Bros Inc., stated, 2021 was a fantastic year for Dutch Bros. We started the year with the launch of the brand in Texas, which was a major milestone for the Company. As part of our IPO, we made a donation to the Dutch Bros Foundation. Updated 10:19 AM May 14, 2021 CDT Dutch Bros Coffee is now open in McKinney. Adjusted net income5, a non-GAAP financial measure, was $25.2 million6 as compared to $51.4 million4 in 2021. It has since opened locations across the West Coast, and last year expanded into Texas and Oklahoma. Year-over-year, company-operated shop margins decreased 90 bps. Year-over-year, company-operated shop gross margins increased 760bps. Uhh Ive never been here before. WebDUTCH BROS COFFEE - 32 Photos & 39 Reviews - Rio Rancho, New Mexico - Coffee & Tea - Phone Number - Menu - Yelp Restaurants Auto Services Dutch Bros Coffee 40 reviews Claimed Coffee & Tea, Juice Bars & Smoothies Edit Open 5:00 AM - 10:00 PM Hours updated 2 months ago See hours See all 32 photos Write a review Add photo I mean, the Portland bro-ista was genuinely really, really nice. These statements are based on Dutch Bros current expectations and beliefs, as well as a number of assumptions concerning future events. Shomik Mukherjee covers Oakland, with a focus on local politics, developments and activism. Dutch Bros., which was founded in Southern Oregon and now has dozens of California locations, famously does not sell regular hot or iced drip coffee. Hannah covers education, local government, transportation, business, real estate development and nonprofits in these communities. Two new locations will open, according to the Louisville-based chain. 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. Floor & Decor, an Atlanta based chain retailer of flooring has its sights set on Spokane. Humphry Slocombe finally arrives in the South Bay (hello, boozy ice cream) Webcast: https://investors.dutchbros.com under "Events & Presentations". Annual Revenues Increased Almost 50% Year-over-Year to $739.0 million Driven by 133 New Systemwide Shop Openings in 2022. Business | We believe Dutch Bros is more than just the products we servewe are dedicated to making a massive difference in the lives of our employees, customers and communities. Removal of the net income 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. Get the scoop on the latest openings, closings, and where and what to eat and drink. on the far West Side. This non-GAAP measure is used by our management in making performance decisions without the impact of non-cash depreciation charges. EXPLAINER-Can Republicans topple Biden's ESG investing rule in court? Net loss per share of Class A and Class D common stock - diluted was $(0.09)6 as compared to $(0.28) in 2021. We will also publish earnings presentation slides related to these financial results on our website https://investors.dutchbros.com under "Events & Presentations". Where to get the It's-It flavors you can't find at corner stores, This quirky spaghetti restaurant is a dying breed in SF, How a circus worker opened the Bay Area's best butcher shop, Bay Area restaurant to replace celebrity owned burger chain, Madeline Wells is a reporter for SFGATE covering food and drink in the Bay Area. Over the next 10 to 15 years, we foresee at least 4,000 shops across the United States. Specifically, they worried that the drive-thru would increase traffic on Bailey Road and lead to long queues of cars backed up on the street, Lenhardt said. Some people also suggested that the outdoor playground at Kiddie Academys child care center could be too noisy for tenants of Vintage Brook Senior Apartments, which would be located directly south of the new business. Reconciliation of GAAP to non-GAAP results is provided in the section Non-GAAP Financial Measures. 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. Nation's Restaurant News reports that annual revenue for the business is nearly $200 million, and the company ended the third quarter of 2022 with a net profit of $1.6 million, fueled largely by its rapid expansion. Adjusted fully exchanged weighted-average shares of diluted common stock outstanding. For Investor Relations inquiries: UPDATE (7/16): Dutch Bros opened its new location at 2901 Calloway Drive today. Most Bay Area locals I know have never heard of Dutch Bros, but the brand has a pretty strong regional following, which calls itself the Dutch Mafia. It seems mostly beloved by young people, from sweet-toothed teenagers to bleary-eyed college students searching for caffeinated fuel to pull them through all-nighters. Non-cash expenses related to the grant and vesting of stock awards, restricted stock awards and restricted stock units in Dutch Bros Pubco8 and/or Profit Interest Units in Dutch Bros Opco9 to certain eligible employees. Some have even called it the "In-N-Out of the coffee world.". As we continue on our 30+ year growth journey, were entering 2023 in a position to build market share, supported by our strong people development and new shop pipelines. All three locations will be locally operated by Todd Sesock, and the company is currently hiring for each of the new locations. We got them iced, because that seems to be the Dutch Brosway. Since 2022, the virus has infected nearly 60 million U.S. birds. Christine will be instrumental in our next phase of growth, helping ensure we are scaling the business in a meaningful, efficient and effective way as we navigate market uncertainty.". Additionally, we expect to be within striking distance of $1 billion in revenue in 2023 and 1,000 systemwide shops by the first half of 2025, creating jobs and opportunities for our employees and the communities in which we serve. WebSpecialties: Dutch Bros Coffee is a fun-loving company serving coffee, Rebel energy drinks, cold brew, frozen drinks, tea, and sodas. Dutch Bros offers specialty coffee, smoothies, cold brew, teas and energy drinks. The first San Antonio location will open on 8614 Potranco Rd. GRANTS PASS, Ore., February 22, 2023--(BUSINESS WIRE)--Dutch Bros Inc. (NYSE: BROS; "Dutch Bros" or the "Company") one of the fastest-growing brands in the food service and restaurant industry in the United States by location count, today reported financial results for the fourth quarter and year ended December 31, 2022. Get Drinks. A good portion of the menu is represented by variations of Blue Rebel, Dutch Bros' neon-colored energy drink, as well as noncaffeinated milkshakes, smoothies, lemonades and sodas. We finished 2021 with 538 shops in 12 states. Construction on its first EBITDA, Adjusted EBITDA (in dollars and as a percentage of revenue). Jessical Liddell Company-operated shop contribution (in dollars and as a percentage of revenue). The company has since opened locations in McKinney, Princeton, Plano, Euless and other nearby cities. ", He added, "This year, we are targeting 150 new systemwide shops, which will enable us to achieve our five-year goal of 800 systemwide shops by year-end. While co-founder Dane sadly passed away in 2009 of Lou Gehrig's disease, his brother currently carries the torch of the coffee chain and made headlines in 2021 when Forbes reported that the Dutch BrosCoffee Company wasgoing public, with an initial public offering that made Travis a billionaire overnight. I know theyre anxious to move forward with the project, city planner Ryan Lenhardt said. Adjusted selling, general, and administrative expenses5 were $136.4 million (18.5% of revenue) as compared to $96.5 million4 (19.4% of revenue) in 2021. The Oregon-based coffee company serves specialty coffee, smoothies, freezes, teas and more. Francesca DAnnunzio, Special Contributor. Adjusted selling, general, and administrative expenses5, a non-GAAP financial measure, were $38.1 million (18.9% of revenue) as compared to $28.1 million4 (20.1% of revenue) in the same period of 2021. Represents a temporary shop closure in 2021 and a permanent shop closure in 2020. Despite my apprehension, I took the bro-istas recommendations: the Kicker for me, made with espresso, half and half and Irish cream syrup, and the Caramelizer for my boyfriend, made with chocolate milk, espresso and caramel sauce. Reconciliation of GAAP to non-GAAP results are provided below in the Reconciliation of GAAP Financial Metrics to Non-GAAP section of this press release. Was my rental car not idling in the drive-through line for Dutch BrosCoffee? 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. In fact, there is barely a single beverage that has escaped a heavy dosing of flavored syrup. Welcome to Dutch Bros! These awards are accounted for in accordance with guidance prescribed for in accounting for share-based compensation. IRS delays tax deadline for Bay Area, but California has not followed: What should you do? Dow and X-energy to build U.S. Gulf Coast nuclear demonstration plant. A fourth Dutch Bros. in San Antonio opened Friday morning at 5398 Walzem Road on the far Northeast Side, and fifth location is opening on Feb. 11 at 527 Rittiman Things to do in San Francisco this weekend, 'Zero visibility' conditions: All roads to Tahoe are closed, My meal at this landmark SF spot was too expensive to be so bad, One of the largest movie theaters in SF to close permanently, 'Really cool sight': Rare waterspout forms in Northern California, Report: Matthew McConaughey has a massive Salesforce paycheck, Man shot dead near San Francisco Ferry Building, A different horse': Bay Area will likely continue to see rain, 'Life threatening': Tahoe braces for massive blizzard, 'Lady in the fridge' murder victim ID'd as Bay Area mother of 3, Snow shuts down over 70 miles of I-80 in Northern California, Horoscope for Wednesday, 3/01/23 by Christopher Renstrom, These East Bay gems are a haven for music lovers, Why every Californian needs an air quality monitor, 6 Cabo hotels for your spring break vacation, Where to get the It's-It flavors you can't find at corner stores, This quirky spaghetti restaurant is a dying breed in SF, How a circus worker opened the Bay Area's best butcher shop, Bay Area restaurant to replace celebrity owned burger chain, Your Privacy Choices (Opt Out of Sale/Targeted Ads). 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