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Dec 31, 2023
Dutch Bros Q4 2023 Earnings Report
Dutch Bros reported strong Q4 2023 results with significant revenue growth and new shop openings.
Key Takeaways
Dutch Bros Inc. reported a 25.9% increase in total revenues, reaching $254.1 million for the fourth quarter of 2023. The company opened 37 new shops, with system same shop sales increasing by 5.0%. Despite the revenue growth, the company reported a net loss of $3.8 million.
Total revenues grew by 25.9% to $254.1 million compared to Q4 2022.
System same shop sales increased by 5.0%, and company-operated same shop sales increased by 4.6%.
Opened 37 new shops, 32 of which were company-operated.
Net loss was $3.8 million, compared to $2.8 million in the same period of 2022.
Revenue by Segment
Forward Guidance
Dutch Bros anticipates total system shop openings between 150 to 165 and projects total revenues between $1.190 billion and $1.205 billion for 2024.
Positive Outlook
- Total system shop openings are expected to be in the range of 150 to 165.
- Total revenues are projected to be between $1.190 billion and $1.205 billion.
- Same shop sales growth is estimated to be in the low single digits.
- Adjusted EBITDA is estimated to be between $185 million to $195 million.
- Adjusted SG&A is estimated to be between $183 million and $189 million.
Challenges Ahead
- Costs related to the support center expansion in Arizona will be excluded from Adjusted EBITDA and Adjusted SG&A.
- Capital Expenditures are estimated to be between $280 million to $320 million, primarily related to new shop construction.
- This estimate includes approximately $10 million in incremental spend related to our roasting facility.
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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