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Sep 30, 2022
Dutch Bros Q3 2022 Earnings Report
Dutch Bros' financial performance in Q3 2022 was marked by record shop openings and significant revenue growth.
Key Takeaways
Dutch Bros Inc. reported a 53% increase in revenue to $198.6 million, driven by a record 38 new shop openings. The company also raised its annual revenue guidance and is targeting 150 new shop openings for 2023.
Opened a record 38 new shops, 34 of which were company-operated, across 11 states.
Total revenues grew 53.0% to $198.6 million as compared to the same period of 2021.
System same shop sales grew 1.7% as compared to the same period in 2021 and 11.4% on a 3-year stacked basis.
Net income was $1.6 million as compared to a net loss of $(116.8) million in the same period of 2021.
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 raising guidance for total revenues and reaffirming other elements of its full-year 2022 outlook.
Positive Outlook
- Total system shop openings in 2022 are expected to be at least 130, of which at least 110 shops will be company-operated.
- In 2023, total system shop openings are expected to be at least 150.
- Total revenues are now projected to be at least $725 million.
- Adjusted EBITDA is estimated to be at least $90 million.
- Capital expenditures are estimated to be in the range of $175 million to $200 million, which includes approximately $15 million to $20 million for our new roasting facility that we project will open in late 2023 / early 2024.
Challenges Ahead
- Same shop sales growth is estimated to be approximately flat.
Revenue & Expenses
Visualization of income flow from segment revenue to net income