Dutch Bros Inc. · Q1 2022 earnings

Briefing

Dutch Bros' first quarter results were announced, featuring revenue growth and new shop openings, but also margin pressure from inflation.

Dutch Bros Inc. reported a 54% increase in total revenues to $152.2 million for the first quarter of 2022, driven by new shop openings and same shop sales growth. However, the company experienced a net loss of $16.3 million and margin pressure due to record inflation, leading to a revised full-year outlook with a more conservative stance on adjusted EBITDA.

• Opened 34 new shops, all company-operated, marking the second-highest quarterly opening count on record.
• Total revenues increased by 54.0% to $152.2 million compared to the same period in 2021.
• System same shop sales grew by 6.0% in the first quarter, and company-operated same shop sales grew by 5.1%.
• Revised full-year 2022 outlook includes plans to open at least 130 new shops and projects total revenues between $700 million and $715 million.

Headline financials

Revenue & EPS history

For the full year 2022, Dutch Bros expects to open at least 130 total system shops, with at least 110 being company-operated. Total revenues are projected to be in the range of $700 million to $715 million. Same shop sales growth is estimated to be approximately flat, and adjusted EBITDA is expected to be at least $90 million. Capital expenditures are still estimated to be in the range of $175 million and $200 million including the new roasting facility.