Dutch Bros Inc. · NYSE:BROS
Dutch Bros — Q1 2025 Earnings Presentation
21 slides from Dutch Bros's earnings presentation, May 7, 2025
Slide 1: Supplemental Earnings Slides Q1 2025
Supplemental Earnings Slides Q1 2025 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: Quarterly Financials
SHOPS REVENUE 136 ($M) $355 (UNITS) 1012 $80M 16% 876 $275 29% 113 695 QUARTERLY FINANCIALS 582 19% $78M $326 $248 32% 294 317 $27 $29 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Company-Operated Franchised Company-Operated Franchised COMPANY-OPERATED SHOP ADJUSTED NET INCOME AND ADJUSTED CONTRIBUTION MARGIN 1
Slide 5: Same Shop Sales
SAME SHOP SALES SAME SHOP SALES VS PRIOR YEARS 2023 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Fiscal year ending December, Systemwide Same Shop Sales (2.0)% 3.8 % 4.0 % 5.0 % 2.8 % 10.0 % 4.1 % 2.7 % 6.9 % 5.3 % 4.7 % Ticket 6.3 % 6.4 % 9.5 % 5.4 % 7.3 % 8.8 % 6.1 % 1.9 % 4.6 % 5.4 % 3.4 % Transact
Slide 6: Company-Operated Shop Results
COMPANY-OPERATED SHOP RESULTS Three Months Ended March 31, 2025 2024 ($ in millions) $ % $ % Company-operated shop revenue $326.4 100.0 % $248.1 100.0 % Beverage, food and packaging 81.4 25.0 63.7 25.7 Labor costs 89.4 27.4 65.4 26.4 Occupancy and other costs 53.9 16.5 41.5 16.7 Pre-opening costs 5.
Slide 7: Company-Operated Shop Contribution Margin Bridge
COMPANY-OPERATED SHOP 1 CONTRIBUTION MARGIN BRIDGE Q1 2024 to Q1 2025 Company-Operated Shop Contribution Margin1 Bridge 2.3% 0.3% 29.8% 29.4% (1.6)% (0.7)% (0.4)% (0.2)% (0.1)% Q1 2024 Pricing Impacts Volume Labor Costs Pre-opening Costs Ingredient Costs New shop related items Other Q1 2025 Contribu
Slide 8: Outlook
OUTLOOK FY 2025 Outlook1 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 EBITDA2 between $265 million to $275 million Capital Expenditures between $240 million to $260 million 2025 Outlook is Derived
Slide 9: SG&A Leverage
SG&A LEVERAGE 2023 2024 2025 ($ in thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Total revenues $197,267 $249,879 $264,507 $254,123 $275,099 $324,918 $338,212 $342,786 $ 355,152 Selling, general, and administrative 1 $45,976 $51,662 $50,490 $56,946 $46,194 $58,097 $57,536 $72,170 $ 58,921 As a percentage of
Slide 10: Appendix
APPENDIX
Slide 11: Income Statement
INCOME STATEMENT Three Months Ended March 31, ($ in thousands; except per share data) 2025 2024 Revenues: Company-operated stores $326,421 $248,085 Franchising and other 28,731 27,014 Total revenues $355,152 $275,099 Costs and expenses: Cost of sales 265,159 203,326 Selling, general and administrati
Slide 12: Income Statement - Segments
INCOME STATEMENT - SEGMENTS Three Months Ended March 31, (in thousands) 2025 2024 Revenues Company-operated shops $ 326,421 $ 248,085 Franchising and other 28,731 27,014 Total revenues 355,152 275,099 Cost of sales Company-operated shops Beverage, food & packaging 81,379 63,716 Labor costs 89,439 65
Slide 13: Select Financial Metrics
SELECT FINANCIAL METRICS Three Months Ended March 31, (in thousands, except number of shops data) 2025 2024 Shop count, beginning of period Company-operated 670 542 Franchised 312 289 982 831 Company-operated new openings 25 40 Franchised new openings 5 5 Shop count, end of period Company-operated 6
Slide 14: Select Financial Metrics (Cont'd)
SELECT FINANCIAL METRICS (CONT'D) 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 nu
Slide 15: Summary Quarterly Data
SUMMARY QUARTERLY DATA 2022 2023 2024 2025 ($ in millions; except Shop Count) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Company-Operated Shop Count 310 336 370 396 438 473 510 542 582 612 645 670 695 Total Shop Count 572 603 641 671 716 754 794 831 831 912 950 982 1012 Company-Operated Shop Revenue $13
Slide 16: Common Units Outstanding
COMMON UNITS OUTSTANDING The following table summarizes the ownership interest in Dutch Bros OpCo1: March 31, 2025 (in thousands) OpCo Units Ownership % Dutch Bros OpCo Class A common units held by Dutch Bros Inc. 125,174 70.5% Dutch Bros OpCo Class A common units held by non-controlling interest ho
Slide 17: Non-GAAP Adjustments
NON-GAAP ADJUSTMENTS Below are the definitions of the non-GAAP adjustments that are used in the calculation of our non-GAAP measures, which are included in the GAAP to non-GAAP reconciliations on the following slides. Equity-based compensation — Non-cash expenses related to the grant and vesting of
Slide 18: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION 2023 2024 2025 ($ in thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net income (loss) $(9,391) $ 9,711 $13,401 $(3,769) $16,215 $22,156 $21,712 $6,367 $ 22,480 Depreciation and amortization 14,779 16,516 18,116 19,724 21,253 22,350 23,881 25,521 26,430 Interest expense, net 7,8
Slide 19: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION Three Months Ended March 31, 2025 2024 Net income (loss) $ 22,480 $ 16,215 Equity-based compensation 4,194 1,933 Expenses associated with equity offering — 961 Executive transition — 75 TRAs remeasurements — (5,687) Organization realignment and restructuring: Emplo
Slide 20: 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 20
Slide 21: - TRAV BOERSMA
47'S ABOUT ie) FUN, ITS ABOUT PEOPLE © AND IT'S ABOUT GREAT COFFEE. ™....