{"id":6433,"date":"2023-03-08T09:51:37","date_gmt":"2023-03-08T17:51:37","guid":{"rendered":"https:\/\/southernoregonbusiness.com\/?p=6433"},"modified":"2023-03-08T11:13:09","modified_gmt":"2023-03-08T19:13:09","slug":"dutch-bros-inc-reports-fourth-quarter-and-fiscal-year-2022-financial-results","status":"publish","type":"post","link":"https:\/\/southernoregonbusiness.com\/dutch-bros-inc-reports-fourth-quarter-and-fiscal-year-2022-financial-results\/","title":{"rendered":"Dutch Bros Inc. Reports Fourth Quarter and Fiscal Year 2022 Financial Results"},"content":{"rendered":"\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6505 lazyload\" data-src=\"https:\/\/southernoregonbusiness.com\/wp-content\/uploads\/2023\/03\/Dutch-Bros-Image.png\" alt=\"\" width=\"1236\" height=\"502\" data-srcset=\"https:\/\/southernoregonbusiness.com\/wp-content\/uploads\/2023\/03\/Dutch-Bros-Image.png 1236w, https:\/\/southernoregonbusiness.com\/wp-content\/uploads\/2023\/03\/Dutch-Bros-Image-300x122.png 300w, https:\/\/southernoregonbusiness.com\/wp-content\/uploads\/2023\/03\/Dutch-Bros-Image-1024x416.png 1024w, https:\/\/southernoregonbusiness.com\/wp-content\/uploads\/2023\/03\/Dutch-Bros-Image-768x312.png 768w\" data-sizes=\"(max-width: 1236px) 100vw, 1236px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1236px; --smush-placeholder-aspect-ratio: 1236\/502;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6505\" src=\"https:\/\/southernoregonbusiness.com\/wp-content\/uploads\/2023\/03\/Dutch-Bros-Image.png\" alt=\"\" width=\"1236\" height=\"502\" srcset=\"https:\/\/southernoregonbusiness.com\/wp-content\/uploads\/2023\/03\/Dutch-Bros-Image.png 1236w, https:\/\/southernoregonbusiness.com\/wp-content\/uploads\/2023\/03\/Dutch-Bros-Image-300x122.png 300w, https:\/\/southernoregonbusiness.com\/wp-content\/uploads\/2023\/03\/Dutch-Bros-Image-1024x416.png 1024w, https:\/\/southernoregonbusiness.com\/wp-content\/uploads\/2023\/03\/Dutch-Bros-Image-768x312.png 768w\" sizes=\"(max-width: 1236px) 100vw, 1236px\" \/><\/noscript><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Annual Revenues Increased Almost 50% Year-over-Year to $739.0 million Driven by 133 New Systemwide Shop Openings in 2022<\/p>\r\n\r\n\r\n\r\n<p>Welcomes New President, Christine Barone<\/p>\r\n\r\n\r\n\r\n<p>Issues Additional Guidance for 2023<\/p>\r\n\r\n\r\n\r\n<p>GRANTS PASS, Ore.&#8211;(BUSINESS WIRE)&#8211;\u00a0Dutch Bros Inc. (NYSE: BROS; \u201cDutch Bros\u201d or the \u201cCompany\u201d) 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.<\/p>\r\n\r\n\r\n\r\n<p>Joth Ricci, Chief Executive Officer of Dutch Bros Inc., stated, \u201cIn 2022, we delivered another strong year of growth with revenue increasing almost 50% to $739.0 million, driven by 133 new shop openings systemwide. For the third consecutive year, we have exceeded our new shop development targets, doubling our shop count since March 2019, despite unprecedented disruption to communities and the economy. These results are a testament to our team\u2019s ongoing ability to execute our proven strategy. As we continue on our 30+ year growth journey, we\u2019re entering 2023 in a position to build market share, supported by our strong people development and new shop pipelines.\u201d<\/p>\r\n\r\n\r\n\r\n<p>He added, \u201cThis 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. 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.\u201d<\/p>\r\n\r\n\r\n\r\n<p>He added, \u201cOn February 6, we welcomed Christine Barone as our new President. 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.\u201d<\/p>\r\n\r\n\r\n\r\n<p>Fourth Quarter 2022 Highlights:<\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li>Opened\u00a030 new shops, 26 of which were company-operated, across 11 states.<\/li>\r\n\r\n\r\n\r\n<li>Total revenues\u00a0grew 44.1% to $201.8 million6\u00a0as compared to $140.1 million in the same period of 2021.<\/li>\r\n\r\n\r\n\r\n<li>System same shop sales2\u00a0declined (0.6)%, 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 2021 and grew 15.2% on a 3-year stacked basis3. Company-operated same shop sales declined (2.1)%, inclusive of the impact of our fortressing strategy, as compared to the same period of 2021 and grew 16.2% on a 3-year stacked basis3.<\/li>\r\n\r\n\r\n\r\n<li>Company-operated shop revenues\u00a0increased 53.7% to $175.5 million6, as compared to $114.2 million in the same period of 2021.<\/li>\r\n\r\n\r\n\r\n<li>Company-operated shop gross profit\u00a0was $38.8 million as compared to $16.6 million4\u00a0in the same period of 2021. In the fourth quarter of 2022, company-operated shop gross margins, which includes 220bps of pre-opening expenses and 210bps of Dutch Rewards loyalty app breakage related to 20216, improved to 22.1%. Year-over-year, company-operated shop gross margins increased 760bps.<\/li>\r\n\r\n\r\n\r\n<li>Company-operated shop contribution5, a non-GAAP financial measure, grew 129.2% to $50.0 million as compared to $21.8 million4\u00a0in the same period of 2021. In the fourth quarter of 2022, company-operated shop contribution margins, which includes 220bps of pre-opening expenses and 210bps of Dutch Rewards loyalty app breakage related to 20216, improved to 28.5%. Year-over-year, company-operated shop margins increased 940 bps.<\/li>\r\n\r\n\r\n\r\n<li>Selling, general, and administrative expenses\u00a0were $50.6 million (25.1% of revenue) as compared to $41.4 million4\u00a0(29.5% of revenue) in the same period of 2021.<\/li>\r\n\r\n\r\n\r\n<li>Adjusted selling, general, and administrative expenses5,\u00a0a non-GAAP financial measure, were $38.1 million (18.9% of revenue) as compared to $28.1 million4\u00a0(20.1% of revenue) in the same period of 2021.<\/li>\r\n\r\n\r\n\r\n<li>Net loss\u00a0was $(2.8) million6\u00a0as compared to $(8.2) million4\u00a0in the same period of 2021.<\/li>\r\n\r\n\r\n\r\n<li>Adjusted EBITDA5,\u00a0a non-GAAP financial measure, grew 115.7% to $29.8 million6\u00a0as compared to $13.8 million4\u00a0in the same period of 2021.<\/li>\r\n\r\n\r\n\r\n<li>Adjusted net income5, a non-GAAP financial measure, was $4.8 million6\u00a0as compared to $5.1 million4\u00a0in the same period of 2021.<\/li>\r\n\r\n\r\n\r\n<li>Net loss per share of Class A and Class D common stock &#8211; diluted6\u00a0was $(0.01)6\u00a0as compared to net loss per share of $(0.03) in the same period of 2021.<\/li>\r\n\r\n\r\n\r\n<li>Adjusted net income per fully exchanged share of common stock5, a non-GAAP financial measure, was $0.036\u00a0as compared to $0.03 in the same period of 2021.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><strong>Full Year 2022 Highlights:<\/strong><\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li>Opened\u00a0133 new shops, 120 of which were company-operated, across 11 states.<\/li>\r\n\r\n\r\n\r\n<li>Total revenues\u00a0grew 48.4% to $739.0 million6\u00a0as compared to $497.9 million in 2021.<\/li>\r\n\r\n\r\n\r\n<li>System same shop sales2\u00a0grew 1.0%, inclusive of the impact of our fortressing strategy, which results in sales being transferred from existing shops to new ones, as compared to 2021 and 11.4% on a 3-year stacked basis3. Company-operated same shop sales grew 0.6%, inclusive of the impact of our fortressing strategy, as compared to 2021 and 10.4% on a 3-year stacked basis3.<\/li>\r\n\r\n\r\n\r\n<li>Company-operated shop revenues\u00a0increased 58.4% to $639.7 million6, as compared to $403.7 million in 2021.<\/li>\r\n\r\n\r\n\r\n<li>Company-operated shop gross profit\u00a0was $121.3 million as compared to $86.7 million4\u00a0in 2021. In 2022, company-operated shop gross margins, which includes 280bps of pre-opening expenses and 50bps of Dutch Rewards loyalty app breakage related to 20216, improved to 19.0%. Year-over-year, company-operated shop gross margins decreased 250 bps.<\/li>\r\n\r\n\r\n\r\n<li>Company-operated shop contribution5, a non-GAAP financial measure, grew 53.1% to $157.6 million as compared to $103.0 million4\u00a0in 2021. In 2022, company-operated shop contribution margins, which includes 280bps of pre-opening expenses and 50bps of Dutch Rewards loyalty app breakage related to 20216, improved to 24.6%. Year-over-year, company-operated shop margins decreased 90 bps.<\/li>\r\n\r\n\r\n\r\n<li>Selling, general, and administrative expenses\u00a0were $183.5 million (24.8% of revenue) as compared to $264.5 million4\u00a0(53.1% of revenue) in 2021.<\/li>\r\n\r\n\r\n\r\n<li>Adjusted selling, general, and administrative expenses5\u00a0were $136.4 million (18.5% of revenue) as compared to $96.5 million4\u00a0(19.4% of revenue) in 2021.<\/li>\r\n\r\n\r\n\r\n<li>Net loss\u00a0was $(19.3) million6\u00a0as compared to $(117.9) million4\u00a0in 2021.<\/li>\r\n\r\n\r\n\r\n<li>Adjusted EBITDA5,\u00a0a non-GAAP financial measure, increased 8.4% to $91.2 million6\u00a0as compared to $84.1 million4\u00a0in 2021.<\/li>\r\n\r\n\r\n\r\n<li>Adjusted net income5, a non-GAAP financial measure, was $25.2 million6\u00a0as compared to $51.4 million4\u00a0in 2021.<\/li>\r\n\r\n\r\n\r\n<li>Net loss per share of Class A and Class D common stock &#8211; diluted\u00a0was $(0.09)6\u00a0as compared to $(0.28) in 2021.<\/li>\r\n\r\n\r\n\r\n<li>Adjusted net income per fully exchanged share of common stock5, a non-GAAP financial measure, was $0.166\u00a0as compared to $0.32 in 2021.\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><strong>Outlook<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Dutch Bros is providing the following full-year 2023 outlook:<\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li>Total system shop openings\u00a0in 2023 are expected to be at least 150, of which at least 130 shops will be company-operated.<\/li>\r\n\r\n\r\n\r\n<li>Total revenues\u00a0are projected to be between $950 million and $1 billion.<\/li>\r\n\r\n\r\n\r\n<li>Same shop sales\u00a0growth is estimated to be in the low single digits. At this point we have no plans to take additional menu pricing in 2023. We expect low-single digits growth from pricing to roll-over into 2023 from menu pricing taken in 2022.<\/li>\r\n\r\n\r\n\r\n<li>Adjusted EBITDA\u00a0is estimated to be approximately $125 million. This includes approximately $8 million in labor investments related to wage increases in federal minimum wage markets and approximately $11 million in mandated wage increases in markets that do not adhere to the federal minimum wage standard. This Adjusted EBITDA estimate includes our present assumption around no menu price increases in 2023.<\/li>\r\n\r\n\r\n\r\n<li>Capital expenditures\u00a0are estimated to be in the range of $225 million to $250 million, which includes approximately $15 million to $20 million for our new roasting facility projected to open in 2024.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>_________________<\/p>\r\n\r\n\r\n\r\n<p>1<\/p>\r\n\r\n\r\n\r\n<p>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, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort.<\/p>\r\n\r\n\r\n\r\n<p>2<\/p>\r\n\r\n\r\n\r\n<p>\u00a0Same shop sales is defined in the section \u201cSelect Financial Metrics\u201d.<\/p>\r\n\r\n\r\n\r\n<p>3<\/p>\r\n\r\n\r\n\r\n<p>\u00a03-Year Stack is calculated as current quarter same shop sales growth plus the sum of the same shop sales growth from the same period of the prior two years. Same shop sales data is based on different shop bases for each time period.<\/p>\r\n\r\n\r\n\r\n<p>4<\/p>\r\n\r\n\r\n\r\n<p>\u00a0The Company\u2019s historical results have been revised to reflect an immaterial error correction related to employee sick leave accrual. For additional information, see sections \u201cConsolidated Statements of Operations\u201d, \u201cCompany-operated Shop Results\u201d, and \u201cSupplemental Reconciliation of GAAP Actuals to Non-GAAP Actuals\u201d.<\/p>\r\n\r\n\r\n\r\n<p>5<\/p>\r\n\r\n\r\n\r\n<p>\u00a0Reconciliation of GAAP to non-GAAP results is provided in the section \u201cNon-GAAP Financial Measures\u201d.<\/p>\r\n\r\n\r\n\r\n<p>6<\/p>\r\n\r\n\r\n\r\n<p>\u00a0For the three months and year ended December 31, 2022, we recognized loyalty app breakage revenue of $7.4 million, including $4.9 million for points collected prior to January 1, 2022 that expired on December 31, 2022.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>By Press Release<\/p>\r\n\r\n\r\n\r\n<p>Dutch Bros<\/p>\r\n\r\n\r\n\r\n<p><a href=\"https:\/\/investors.dutchbros.com\/news\/news-details\/2023\/Dutch-Bros-Inc.-Reports-Fourth-Quarter-and-Fiscal-Year-2022-Financial-Results\/default.aspx\">https:\/\/investors.dutchbros.com\/news\/news-details\/2023\/Dutch-Bros-Inc.-Reports-Fourth-Quarter-and-Fiscal-Year-2022-Financial-Results\/default.aspx<\/a><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Annual Revenues Increased Almost 50% Year-over-Year to $739.0 million Driven by 133 New Systemwide Shop Openings in 2022 Welcomes New President, Christine Barone Issues Additional Guidance for 2023 GRANTS PASS, Ore.&#8211;(BUSINESS WIRE)&#8211;\u00a0Dutch Bros Inc. (NYSE: BROS; \u201cDutch Bros\u201d or the \u201cCompany\u201d) one of the fastest-growing brands in the food service and restaurant industry in&hellip;<\/p>\n","protected":false},"author":26,"featured_media":6505,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","_wp_rev_ctl_limit":""},"categories":[18,127],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dutch Bros Inc. Reports Fourth Quarter and Fiscal Year 2022 Financial Results - Southern Oregon Business Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southernoregonbusiness.com\/dutch-bros-inc-reports-fourth-quarter-and-fiscal-year-2022-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dutch Bros Inc. Reports Fourth Quarter and Fiscal Year 2022 Financial Results - Southern Oregon Business Journal\" \/>\n<meta property=\"og:description\" content=\"&nbsp; Annual Revenues Increased Almost 50% Year-over-Year to $739.0 million Driven by 133 New Systemwide Shop Openings in 2022 Welcomes New President, Christine Barone Issues Additional Guidance for 2023 GRANTS PASS, Ore.&#8211;(BUSINESS WIRE)&#8211;\u00a0Dutch Bros Inc. 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