As we continue on this journey, we will always put our people first and remain committed to making a massive difference in the lives of our employees, customers, and communities.. Parker, told us by email that they are hoping to have this new Dutch Bros. open sometime in December. Biscuit Belly, a gourmet brunch restaurant, is expanding in Lexington. Reconciliation of GAAP to non-GAAP results is provided in the section "Non-GAAP Financial Measures". Dutch Bros star is rising, but is it poised to take over the world? We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. So it looks like more caffeine-seeking consumers than ever may be able to order off ofDutch Bros' famous secret menunext year. A fourth Dutch Bros. in San Antonio opened Friday morning at 5398 Walzem Road on the far Northeast Side, and fifth location is opening on Feb. 11 at 527 Rittiman Road on the Northeast Side. Weighted-average shares of Class A and Class D common stock outstanding - basic with addition of dilutive impacts of RSAs and RSUs, as well as the assumed exchange of the weighted-average shares of Class B and Class C common stock. Thats probably because I was a teenager. Francesca DAnnunzio, Special Contributor. The new location is expected to open in mid-August. See details Payments: Special financing available. Get Morning Report and other email newsletters. In addition to historical information, this release contains a number of "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. A fourth Dutch Bros. in San Antonio opened Friday morning at 5398 Walzem Road on the far Northeast Side, and fifth location is opening on Feb. 11 at 527 Rittiman In April 2020, we permitted franchise partners to skip one month of royalty payments to support their cash flow needs. I tried it to see what all the hype was about. The number of shops included in the systemwide and company-operated comparable bases for the respective periods are presented in the following table. in English and Media Studies from UC Berkeley. This combination of hand-crafted and high-quality beverages, our unique drive-thru experience and our community-driven, people-first culture has allowed us to successfully open new shops and continue to share the Dutch Luv at 538 locations across 12 states as of December 31, 2021. It also has locations in Universal City and Castle Hills in the works. Coffeeholics will soon have three new spots to check out in the San Antonio area. Id actually lied to the barista I have tried Dutch Brosonce before, when I was 17. Raphael Gross The new location will be locally operated by Kristin Leddige. We will also publish earnings presentation slides related to these financial results on our website https://investors.dutchbros.com under "Events & Presentations". Annual Revenues Increased Almost 50% Year-over-Year to $739.0 million Driven by 133 New Systemwide Shop Openings in 2022. WebAnderson Dutch Bros Coffee; Auburn Dutch Bros Coffee Locations (2) Dutch Bros Coffee in 95602-2013 at 3995 Grass Valley Hwy; Dutch Bros Coffee in 95603-3713 at 405 Grass Valley Hwy; Carmichael Dutch Bros Coffee At the close of 2022's first quarter, Dutch Bros had 572 locations spread out over 12 states. Dutch Brosis an Oregon-based coffee chain known for its sweet drinks and friendly service. We believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period. Customers who visit the new location at 442 S Pleasant Grove Boulevard can grab any drink for just $3 on Friday. Net loss was $(19.3) million6 as compared to $(117.9) million4 in 2021. Five new Dutch Bros. Coffee locations are slated to open in San Antonio this year. Their sugary lattes served by famously friendly bro-istas took off, and today, Dutch Broshas more than 400 locations in nine different states. Outlook. A third Dutch Bros. drive-thru will be located at 6024 West Ave. in Castle Hills and is expected to open early next year, according to a spokesperson. Weighted-average shares and net loss per share of Class A and Class D common stock on a diluted basis is applicable only for the period September 14, 2021 through December 31, 2021, which is the period effective with and following the IPO and Reorganization Transactions. Find him taking walks around town; he is always looking for story tips. Two years ago, we entered 2020 with just 370 shops in 7 states. Dane, who lived with his wife and three kids in a trailer on the farm, was skeptical about espresso after sampling a bitter cup in a local Italian restaurant, read a Forbes profile of the company. Joth Ricci, Chief Executive Officer and President of Dutch Bros Inc., stated, 2021 was a fantastic year for Dutch Bros. We started the year with the launch of the brand in Texas, which was a major milestone for the Company. Weighted-average shares of Class A and Class D common stock outstanding: The Company identified an immaterial error related to the accrual of employee sick leave and the application of ASC 710, Compensation - General, which resulted in corrections to prior period reported amounts within the consolidated statement of operations with impacted line items presented below for the three and twelve months ended December 31, 2021, respectively. Dutch Bros Additionally, we expect to be within striking distance of $1 billion in revenue in 2023 and 1,000 systemwide shops by the first half of 2025, creating jobs and opportunities for our employees and the communities in which we serve. The Oregon-based company serves specialty coffee, teas, smoothies and its own "Blue Rebel" energy drink. Cheesecake Factory marks 45th anniversary this week Is this peppy sugar factory the type of coffee shop we deserve in 2021? Construction on its first He also confirmed this location will be the first in the Spokane market to have a lobby with indoor seating. These days, its just Travis running the company, as Dane passed away from amyotrophic lateral sclerosis (ALS) in 2009. For the three months and year ended December 31, 2022, we recognized loyalty app breakage revenue of $7.4 million, including $4.9 million for points collected prior to January 1, 2022 that expired on December 31, 2022. Adjusted EBITDA definition and/or calculation. Humphry Slocombe finally arrives in the South Bay (hello, boozy ice cream) Dutch Bros offers specialty coffee, smoothies, cold brew, teas and energy drinks. And as a born-and-raised Pacific Northwesterner, I really wanted to feel a burst of regional pride with my first sip of the Kicker. Despite concerns about the effects of inflation and the pressure it puts on profitability, Dutch Bros isn't finished growing yet. Year-over-year, company-operated shop margins decreased 90 bps. Dutch Bros "broistas" serve up a menu of more than 10,000 drink combinations in 14 states. jessica.liddell@icrinc.com, Internet Explorer presents a security risk. Please refer to "Explanation of Non-GAAP Financial Measures" in this release for a detailed explanation of the adjustments made to the comparable U.S. GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors. Hannah covers education, local government, transportation, business, real estate development and nonprofits in these communities. This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. The webcast will be archived shortly after the conference call has concluded. It did, however, shake me wide awake after an early morning flight. on the West Side and has added two more locations in the area since. Joth Ricci, Chief Executive Officer and President, and Charles Jemley, Chief Financial Officer, will host a conference call and webcast to discuss financial results for the fourth quarter and full year ended December 31, 2021 today at 5:00 p.m. Eastern Time (ET). (Courtesy Dutch Bros Coffee). And those of you who love the Dutch Bros' culture, with its "broistas" slinging coffee and devoted fans calling themselves the "Dutch Mafia," should know that 2023 holds even more good news (viaRestaurant Business Online). Ricci believes the chain has white space for 4,000 units, which should take Dutch Bros into the next 10 to 15 years. Weighted-average shares of Class B and C common stock that are assumed to be exchanged for Class A common stock. Welcome to Dutch Bros! Through all this, we delivered financial results that exceeded our expectations and kept our brand promise of speed, quality and service., He added, In 2022, we celebrate Dutch Bros milestone 30th anniversary, and begin our expansion east with our entrance into Nashville. Expenses associated with equity offerings. Specifically, they worried that the drive-thru would increase traffic on Bailey Road and lead to long queues of cars backed up on the street, Lenhardt said. The coffee chain has more than 450 locations across 11 states. Prior to SFGATE, she was an associate editor at East Bay Express and freelance writer covering the Bay Area music scene. Same shop sales data is based on different shop bases for each time period. Dutch Bros will open a new coffee shop at 20347 I-35, Kyle, and is expected to open in mid-2022 at the earliest. A fourth Dutch Bros. in San Antonio opened Friday morning at 5398 Walzem Road on the far Northeast Side, and fifth location is opening on Feb. 11 at 527 Rittiman Road on the Northeast Side. Was my rental car not idling in the drive-through line for Dutch BrosCoffee? Event: Fourth Quarter 2022 Conference Call and Webcast. Year-over-year, company-operated shop gross margins increased 760bps. Adjusted net income per fully exchanged share of common stock5, a non-GAAP financial measure, was $0.166 as compared to $0.32 in 2021. It made its Texas debut in College Station earlier this year. Dutch Bros coined the term broistas, referring to its baristas. Importantly, new shops are opening at higher average unit volumes than the system average, including in new markets. Adjusted net income per fully exchanged share of common stock5, a non-GAAP financial measure, was $0.036 as compared to $0.03 in the same period of 2021. Jessical Liddell Dutch Broswas started in 1992 by two actual Dutch American brothers, Travis and Dane Boersma. The bro-istas (yes, theyre really called that) eyes lit up. Hannah joined Community Impact Newspaper as a reporter in May 2016 after graduating with a degree in journalism from Sam Houston State University in Huntsville, Texas. In fact, there is barely a single beverage that has escaped a heavy dosing of flavored syrup. Biscuit Belly, a gourmet brunch restaurant, is expanding in Lexington. She grew up in the Seattle area and received her B.A. They opened their first pushcart in Grants Pass, Oregon, in an attempt to move on from their familys failing dairy farm. Year-over-year, company-operated shop margins increased 940 bps. It would be the chains third Bay Area location; the other drive-thru eateries are in Brentwood and Oakley. Barista I have tried Dutch Brosonce before, when I was 17 will also publish presentation. 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