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Dec 31, 2022
Dutch Bros Q4 2022 Earnings Report
Dutch Bros reported strong Q4 2022 results with revenue growth and new shop openings.
Key Takeaways
Dutch Bros Inc. reported a 44.1% increase in total revenues to $201.8 million for the fourth quarter of 2022, driven by 30 new shop openings. System same shop sales decreased by 0.6%, while company-operated same shop sales decreased by 2.1%. The company's net loss was $(2.8) million, an improvement from $(8.2) million in the same period of 2021.
Opened 30 new shops, 26 of which were company-operated, across 11 states.
Total revenues grew 44.1% to $201.8 million as compared to the same period of 2021.
System same shop sales decreased (0.6)%, inclusive of the impact of our fortressing strategy.
Net loss was $(2.8) million as compared to $(8.2) million in the same period of 2021.
Revenue by Segment
Forward Guidance
Dutch Bros is providing the following full-year 2023 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.
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.
- Adjusted EBITDA is estimated to be approximately $125 million.
- Capital expenditures are 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.
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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