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Jun 30, 2024
Dutch Bros Q2 2024 Earnings Report
Dutch Bros reported strong Q2 2024 results, achieving a 30% increase in revenue year-over-year and surpassing the 900th shop milestone.
Key Takeaways
Dutch Bros Inc. reported strong financial results for the second quarter ended June 30, 2024. Total revenues grew by 30.0% to $324.9 million compared to the same period in 2023. The company opened 36 new shops and raised its revenue and Adjusted EBITDA guidance for the year.
Opened 36 new shops, 30 of which were company-operated, across 13 states.
Total revenues grew 30.0% to $324.9 million as compared to the same period of 2023.
System same shop sales increased 4.1% relative to the same period in 2023.
Net income was $22.2 million as compared to $9.7 million in the same period of 2023.
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 revised its 2024 outlook, projecting total revenues between $1.215 billion and $1.230 billion. Same shop sales growth is expected to remain in the low single digits. Adjusted EBITDA is estimated to be between $200 million and $210 million.
Positive Outlook
- Total revenues are now projected to be between $1.215 billion and $1.230 billion, up from the prior range of $1.20 billion and $1.215 billion.
- Same shop sales growth is expected to remain in the low single digits.
- Adjusted EBITDA is now estimated to be between $200 million and $210 million, up from the prior range of $195 million to $205 million
- Adjusted SG&A is estimated to be between $190 million and $200 million, up from the prior range of $183 million and $189 million.
- Capital Expenditures are estimated to be between $270 million to $290 million from the prior range of $280 million to $320 million.
Challenges Ahead
- Total system shop openings in 2024 are now expected to be at the lower end of the previously communicated range of 150 to 165.
- We have not reconciled guidance for Adjusted EBITDA or Adjusted SG&A 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, reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort.
- The company expects commodity inflation, increased labor costs, disruptions in our supply chain, ability to hire and retain employees
Revenue & Expenses
Visualization of income flow from segment revenue to net income