Slide 1: Supplemental Earnings Slides Q3 2024
Supplemental Earnings Slides Q3 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: Quarterly Financials
SHOPS REVENUE 156 950 ($M) (UNITS) $338 794 $74M 20% $265 28% 135 645 510 QUARTERLY FINANCIALS 26% $72M $308 $236 30% 284 305 $28 $30 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Company-Operated Franchised Company-Operated Franchised COMPANY-OPERATED SHOP NET INCOME AND ADJUSTED EBITDA 1 CONTRIBUTION MARGIN 1 2
Slide 5: Same Shop Sales
SAME SHOP SALES SAME SHOP SALES VS PRIOR YEARS 2023 2024 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Fiscal year ending December, Systemwide Same Shop Sales (2.0)% 3.8 % 4.0 % 5.0 % 2.8 % 10.0 % 4.1 % 2.7 % Ticket 6.3 % 6.4 % 9.5 % 5.4 % 7.2 % 8.8 % 6.1 % 1.9 % Transactions (8.3)% (2.6)% (5.5)% (0.4)% (4.4)% 1.2 % (2.0
Slide 6: Company-Operated Shop Margin Progression
COMPANY-OPERATED SHOP MARGIN PROGRESSION Company-Operated Shop Gross Profit (%) 30% 24% 22% 17% 20% 10% —% (10)% (20)% (27)% Quarters after Opening (30)% 1st Q 2nd Q 3rd Q 4th Q 2020 - 2024 average 6
Slide 7: Company-Operated Shop Results
COMPANY-OPERATED SHOP RESULTS Three Months Ended September 30, 2024 2023 ($ in millions) $ % $ % Company-operated shop revenue $308.3 100.0 % $236.5 100.0 % Beverage, food and packaging 78.1 25.3 61.3 25.9 Labor costs 85.1 27.6 61.5 26.0 Occupancy and other costs 50.7 16.4 36.1 15.3 Pre-opening cost
Slide 8: Company-Operated Shop Contribution Margin Bridge
COMPANY-OPERATED SHOP 1 CONTRIBUTION MARGIN BRIDGE Q3 2023 to Q3 2024 Company-Operated Shop Contribution Margin1 Bridge 2.5% 31.0% 29.5% (2.1)% (0.7)% (0.6)% (0.3)% (0.3)% Q3 2023 Pricing Impacts Labor Costs Repairs and maintenance Discounts New shop related items (including Other Q3 2024 Contributi
Slide 9: Outlook
OUTLOOK 2024 Outlook Total System New Shop Openings 150 Revenue between $1.255 billion to $1.260 billion Full Year: approximately 4.25% Same Shop Sales Growth Q4: between 1% and 2% Adjusted EBITDA 1 between $215 million to $220 million Adjusted SG&A 1 between $195 million to $200 million Capital Exp
Slide 10: SG&A Leverage
SG&A LEVERAGE 2022 2023 2024 ($ in thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Total revenues $152,156 $186,381 $198,648 $201,827 $197,267 $249,879 $264,507 $254,123 $275,099 $324,918 $338,212 Selling, general, and administrative 1 $45,214 $42,342 $45,378 $50,594 $45,976 $51,662 $50,490 $56,946 $46,
Slide 11: Appendix
APPENDIX
Slide 12: Income Statement
INCOME STATEMENT Three Months Ended September 30, ($ in thousands; except per share data) 2024 2023 Revenues: Company-operated stores $308,295 $236,472 Franchising and other 29,917 28,035 Total revenues $338,212 $264,507 Costs and expenses: Cost of sales 248,161 189,323 Selling, general and administ
Slide 13: Income Statement – Segments
INCOME STATEMENT – SEGMENTS Three Months Ended September 30, ($ in thousands) 2024 2023 Revenues: Company-operated shops 308,295 236,472 Franchising and other 29,917 28,035 Total revenues $338,212 $264,507 Cost of Sales: Company-operated shops 239,918 179,480 Franchising and other 8,243 9,843 Total
Slide 14: Summary Quarterly Data
SUMMARY QUARTERLY DATA 2022 2023 2024 ($ in millions; except Shop Count) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Company-Operated Shop Count 310 336 370 396 438 473 510 542 582 612 645 Total Shop Count 572 603 641 671 716 754 794 831 831 912 950 Company-Operated Shop Revenue $130.2 $160.5 $173.5 $175.5 $17
Slide 15: Common Units Outstanding
COMMON UNITS OUTSTANDING The following table summarizes the ownership interest in Dutch Bros OpCo1: September 30, 2024 (in thousands) OpCo Units Ownership % Dutch Bros OpCo Class A common units held by Dutch Bros Inc. 113,823 64.2% Dutch Bros OpCo Class A common units held by non-controlling interes
Slide 16: Non-GAAP Adjustments
NON-GAAP ADJUSTMENTS Below are the definitions of the non-GAAP adjustments that are used in the calculation of our non-GAAP measures, which are included in the GAAP to non-GAAP reconciliations on the following slides. Equity-based compensation — Non-cash expenses related to the grant and vesting of
Slide 17: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION 2022 2023 2024 ($ in thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net income (loss) $(16,279) $(1,751) $1,594 $(2,817) $(9,391) $9,711 $13,401 $(3,769) $16,215 $22,156 $21,712 Depreciation and amortization 9,182 10,539 11,810 13,197 14,779 16,516 18,116 19,724 21,253 22
Slide 18: 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 18
Slide 19: - TRAV BOERSMA
47'S ABOUT ie) FUN, ITS ABOUT PEOPLE © AND IT'S ABOUT GREAT COFFEE. ™....