Dutch Bros Q4 2023 Earnings Report
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.
Dutch Bros
Dutch Bros
Dutch Bros 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.
- This estimate includes $6 million to $10 million in capital expenditures related to the Arizona office expansion.
- Stock based compensation, which is also excluded from Adjusted EBITDA and Adjusted SG&A, is estimated to be in the range of $12 million to $17 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income