NYSE$BROS
Dutch Bros Inc. · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Dutch Bros reported first quarter 2023 financial results, including a record 45 new systemwide shop openings and revenue increase of nearly 30%.
Dutch Bros Inc. reported strong first-quarter 2023 financial results, with a record 45 new systemwide shop openings and a revenue increase of nearly 30% to $197.3 million. The company also saw meaningful margin expansion due to improvements in labor efficiency and G&A leverage.
- Opened 45 new shops system-wide, 42 of which were company-operated, across 9 states.
- Total revenues grew 29.6% to $197.3 million as compared to the same period of 2022.
- Company-operated shop revenues increased 33.0% to $173.2 million, as compared to the same period of 2022.
- Net loss was $9.4 million as compared to $16.3 million in the same period of 2022.
Headline financials
Revenue & EPS history
Dutch Bros · Revenue · Quarterly
$197M
Revenue by segment
Dutch Bros · $197M total across 2 segments · Q1 2023
- Company-operated shops$173M+33.0%87.8%
- Franchising and other$24.1M+9.7%12.2%
Forward guidance
Dutch Bros is reaffirming the following full-year 2023 outlook:
Tailwinds
- 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.
- Expect low-single digits growth from pricing to roll-over into 2023 from pricing action taken in 2022.
- Adjusted EBITDA is estimated to be approximately $125 million.
Headwinds
- Includes approximately $8 million elected to make in labor investments related to wage increases in federal minimum wage markets.
- Includes approximately $11 million in mandated wage increases in markets that do not adhere to the federal minimum wage standard.
- Capital expenditures are estimated to be in the range of $225 million to $250 million.
- Includes approximately $15 million to $20 million in spending in 2023 for our new roasting facility projected to open in 2024.
- At this point we have no plans to take additional pricing action in 2023.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q1 2023
+1.6%
Avg return
Earnings day
+3.5%
Avg return
5 days after
+3.0%
Avg return
30 days after
61%
11 / 18 earnings
Positive
+33.1%
Q3 2024
Best reaction
-38.5%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -9.2% | -14.2% | -6.0% | |
| Q4 2025 | +4.7% | +5.1% | -6.9% | |
| Q3 2025 | -4.2% | +0.8% | +5.2% | |
| Q1 2025 | +8.9% | +18.6% | +23.4% | |
| Q4 2024 | +29.1% | +31.9% | -3.4% | |
| Q3 2024 | +33.1% | +44.0% | +64.0% | |
| Q2 2024 | -19.9% | -22.8% | -15.6% | |
| Q1 2024 | +12.1% | +27.1% | +36.2% | |
| Q4 2023 | +1.0% | +6.2% | +23.7% | |
| Q3 2023 | +1.1% | +3.5% | +3.6% | |
| Q2 2023 | +18.2% | +19.4% | -4.0% | |
| Q1 2023 | -11.5% | -19.4% | -6.3% | |
| Q4 2022 | -8.9% | -12.1% | -23.3% | |
| Q3 2022 | +10.7% | +2.3% | +0.2% | |
| Q2 2022 | +8.9% | +10.9% | -12.9% | |
| Q1 2022 | -38.5% | -37.5% | -15.7% | |
| Q4 2021 | -8.3% | +2.4% | +14.6% | |
| Q3 2021 | +2.2% | -3.1% | -22.1% | |
| Q2 2021 | — | — | — | |
| Q1 2021 | — | — | — | |
| Q4 2020 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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