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Mar 31, 2023
Dutch Bros Q1 2023 Earnings Report
Dutch Bros reported first quarter 2023 financial results, including a record 45 new systemwide shop openings and revenue increase of nearly 30%.
Key Takeaways
Dutch Bros Inc. reported strong first-quarter 2023 financial results, with a record 45 new systemwide shop openings and a revenue increase of nearly 30% to $197.3 million. The company also saw meaningful margin expansion due to improvements in labor efficiency and G&A leverage.
Opened 45 new shops system-wide, 42 of which were company-operated, across 9 states.
Total revenues grew 29.6% to $197.3 million as compared to the same period of 2022.
Company-operated shop revenues increased 33.0% to $173.2 million, as compared to the same period of 2022.
Net loss was $9.4 million as compared to $16.3 million in the same period of 2022.
Dutch Bros
Dutch Bros
Dutch Bros Revenue by Segment
Revenue by Segment
Company-operated shops Revenue
CapyFin.comFranchising and other Revenue
CapyFin.com Forward Guidance
Dutch Bros is reaffirming the following full-year 2023 outlook:
Positive Outlook
- Total system shop openings in 2023 are expected to be at least 150, of which at least 130 shops will be company-operated.
- Total revenues are projected to be between $950 million and $1 billion.
- Same shop sales growth is estimated to be in the low single digits.
- Expect low-single digits growth from pricing to roll-over into 2023 from pricing action taken in 2022.
- Adjusted EBITDA is estimated to be approximately $125 million.
Challenges Ahead
- Includes approximately $8 million elected to make in labor investments related to wage increases in federal minimum wage markets.
- Includes approximately $11 million in mandated wage increases in markets that do not adhere to the federal minimum wage standard.
- Capital expenditures are estimated to be in the range of $225 million to $250 million.
- Includes approximately $15 million to $20 million in spending in 2023 for our new roasting facility projected to open in 2024.
- At this point we have no plans to take additional pricing action in 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income