Dutch Bros Inc. · NYSE:BROS
Dutch Bros — Q4 2024 Earnings Presentation
20 slides from Dutch Bros's earnings presentation, Feb 12, 2025
Slide 1: Supplemental Earnings Slides Q4 2024
Supplemental Earnings Slides Q4 2024 1
Slide 2: Disclaimer
DISCLAIMER Forward-Looking Statements. Statements in this presentation and the accompanying oral presentation that are not statements of historical fact are forward-looking statements. Such forward-looking statements include, without limitation, statements regarding the Company’s future results of o
Slide 3: Dutch Bros is a fun loving, mind-blowing company
“DUTCH BROS IS A FUN LOVING, MIND-BLOWING COMPANY MAKING A MASSIVE DIFFERENCE, ONE CUP AT A TIME.”
Slide 4: Annual Financials
SHOPS REVENUE ($M) $1,281 (UNITS) 151 982 $315 M 831 18% 33% $966 128 670 M $308 $1,166 542 24% % $858 36 ANNUAL FINANCIALS 289 312 $108 $115 2023 2024 2023 2024 Company-Operated Franchised Company-Operated Franchised COMPANY-OPERATED SHOP NET INCOME AND ADJUSTED EBITDA 1 3 CONTRIBUTION MARGIN 1 2 (
Slide 5: Same Shop Sales
SAME SHOP SALES SAME SHOP SALES VS PRIOR YEARS 2023 2024 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Fiscal year ending December, Systemwide Same Shop Sales (2.0)% 3.8 % 4.0 % 5.0 % 2.8 % 10.0 % 4.1 % 2.7 % 6.9 % 5.3 % Ticket 6.3 % 6.4 % 9.5 % 5.4 % 7.3 % 8.8 % 6.1 % 1.9 % 4.6 % 5.4 % Transactions (8.3)% (2.6)% (
Slide 6: Company-Operated Shop Results
COMPANY-OPERATED SHOP RESULTS Three Months Ended December 31, 2024 2023 ($ in millions) $ % $ % Company-operated shop revenue $314.2 100.0 % $227.4 100.0 % Beverage, food and packaging 79.8 25.4 60.4 26.6 Labor costs 85.0 27.1 61.7 27.1 Occupancy and other costs 54.9 17.5 41.6 18.3 Pre-opening costs
Slide 7: Company-Operated Shops Contribution
COMPANY-OPERATED SHOPS CONTRIBUTION 2023 to 2024 Company-Operated Shops Contribution Bridge 2.7% 0.2% 29.7% 28.2% (1.4)% 2023 Contribution Margin ¹ Labor Costs Menu Prices Other, Net 2024 Contribution Margin ¹ 1 Company-operated shop contribution margin is a non-GAAP measure, the definition and the
Slide 8: Outlook
OUTLOOK FY 2025 Outlook Total System New Shop Openings At least 160 Revenue between $1.555 billion to $1.575 billion Same Shop Sales Growth Approximately 2% to 4% Adjusted EBITDA1 between $265 million to $275 million Capital Expenditures between $240 million to $260 million 2025 Outlook is Derived F
Slide 9: SG&A Leverage
SG&A LEVERAGE 2023 2024 Year Ended December 31, ($ in thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 Total revenues $197,267 $249,879 $264,507 $254,123 $275,099 $324,918 $338,212 $342,786 $ 965,776 $ 1,281,015 Selling, general, and administrative 1 $45,976 $51,662 $50,490 $56,946 $46,194 $58,097 $57,5
Slide 10: Appendix
APPENDIX
Slide 11: Income Statement
INCOME STATEMENT Three Months Ended December 31, Year Ended December 31, ($ in thousands; except per share data) 2024 2023 2024 2023 Revenues: Company-operated stores $314,182 $227,351 $ 1,165,830 $ 857,939 Franchising and other 28,604 26,772 115,185 107,837 Total revenues $342,786 $254,123 $ 1,281,
Slide 12: Income Statement - Segments
INCOME STATEMENT - SEGMENTS Three Months Ended December 31, Year Ended December 31, (in thousands) 2024 2023 2024 2023 Revenues Company-operated shops $ 314,182 $ 227,351 $ 1,165,830 $ 857,939 Franchising and other 28,604 26,772 115,185 107,837 Total revenues 342,786 254,123 1,281,015 965,776 Cost o
Slide 13: Select Financial Metrics
SELECT FINANCIAL METRICS Three Months Ended December 31, Year Ended December 31, (in thousands, except number of shops data) 2024 2023 2024 2023 Shop count, beginning of period Company-operated 645 510 542 396 Franchised 305 284 289 275 950 794 831 671 Company-operated new openings 25 32 128 146 Fra
Slide 14: Select Financial Metrics (Cont'd)
SELECT FINANCIAL METRICS (CONT'D) 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 sy
Slide 15: Summary Quarterly Data
SUMMARY QUARTERLY DATA 2022 2023 2024 ($ in millions; except Shop Count) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Company-Operated Shop Count 310 336 370 396 438 473 510 542 582 612 645 670 Total Shop Count 572 603 641 671 716 754 794 831 831 912 950 982 Company-Operated Shop Revenue $130.2 $160.5 $173.5
Slide 16: Common Units Outstanding
COMMON UNITS OUTSTANDING The following table summarizes the ownership interest in Dutch Bros OpCo1: December 31, 2024 (in thousands) OpCo Units Ownership % Dutch Bros OpCo Class A common units held by Dutch Bros Inc. 115,432 65.1% Dutch Bros OpCo Class A common units held by non-controlling interest
Slide 17: Non-GAAP Adjustments
NON-GAAP ADJUSTMENTS Below are the definitions of the non-GAAP adjustments that are used in the calculation of our non-GAAP measures, which are included in the GAAP to non-GAAP reconciliations on the following slides. Equity-based compensation — Non-cash expenses related to the grant and vesting of
Slide 18: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Year Ended 2023 2024 December 31, ($ in thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 Net income (loss) $(9,391) $ 9,711 $13,401 $(3,769) $16,215 $22,156 $21,712 $6,367 $ 9,952 $ 66,450 Depreciation and amortization 14,779 16,516 18,116 19,724 21,253 22,350 23,881 25,52
Slide 19: Contact Information
CONTACT INFORMATION INVESTOR CONTACT Jeff Priester ICR investors@dutchbros.com (332) 242-4370 MEDIA CONTACT Jessica Liddell ICR Jessica.Liddell@icrinc.com (203) 682-8208 19
Slide 20: - TRAV BOERSMA
47'S ABOUT ie) FUN, ITS ABOUT PEOPLE © AND IT'S ABOUT GREAT COFFEE. ™....