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Sep 30, 2023
Dutch Bros Q3 2023 Earnings Report
Reported a strong Q3 2023 with significant growth in revenue, shop openings, and same shop sales.
Key Takeaways
Dutch Bros Inc. reported a successful third quarter in 2023, marked by record revenue of $265 million, a 33% increase year-over-year. The company opened 39 new systemwide shops and achieved a 4.0% increase in systemwide same shop sales. They also updated their 2023 guidance, increasing the range for adjusted EBITDA.
Opened 39 new shops systemwide, including entry into Alabama and Kentucky.
Increased total revenues by 33.2% to $264.5 million compared to the same period in 2022.
System same shop sales increased by 4.0%.
Net income was $13.4 million, compared to $1.6 million in the same period of 2022.
Revenue by Segment
Forward Guidance
Dutch Bros provided its outlook for the year 2023, expecting to open at least 150 new shops, with at least 130 being company-operated. They anticipate revenue to be at the lower end of the $950 million to $1 billion range and have increased their Adjusted EBITDA estimate to be between $150 million to $155 million.
Positive Outlook
- Expect to open at least 150 new shops, with at least 130 being company-operated.
- Expect system same shop sales growth in the low single digits.
- Estimate Adjusted EBITDA to be between $150 million to $155 million.
- Expect capital expenditures to be in the range of $225 million to $250 million.
- Expect to spend approximately $15 million to $20 million for a new roasting facility, which is projected to open in 2024.
Challenges Ahead
- Expect revenue would be at the lower end of the range of $950 million to $1 billion.
- Increased shop labor investments in the range of $1.5 million to $2.0 million.
- Intend to make certain investments in business building activities throughout the fourth quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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