Dutch Bros (BROS) reported earnings on Wed 22 Feb 23 (a/h)

 ** charts before earnings **

** charts after earnings **

Dutch Bros misses by $0.03, beats on revs; guides FY23 revs in-line

• Reports Q4 (Dec) earnings of $0.03 per share, excluding non-recurring items, $0.03 worse than the S&P Capital IQ Consensus of $0.06; revenues rose 44.1% year/year to $201.83 mln vs the $196.44 mln S&P Capital IQ Consensus.
  • System same shop sales2 grew 1.0%, inclusive of the impact of our fortressing strategy, which results in sales being transferred from existing shops to new ones, as compared to 2021 and 11.4% on a 3-year stacked basis3. Company-operated same shop sales grew 0.6%, inclusive of the impact of our fortressing strategy, as compared to 2021 and 10.4% on a 3-year stacked basis3.
  • Adjusted EBITDA5, a non-GAAP financial measure, increased 8.4% to $91.2 million6 as compared to $84.1 million4 in 2021.
• Co issues in-line guidance for FY23, sees FY23 revs of $950-1000 mln vs. $981.07 mln S&P Capital IQ Consensus.
  • Same shop sales growth is estimated to be in the low single digits. At this point we have no plans to take additional menu pricing in 2023. We expect low-single digits growth from pricing to roll-over into 2023 from menu pricing taken in 2022.
  • Adjusted EBITDA is estimated to be approximately $125 million.