Dutch Bros Inc

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 23, 2024

BROS$35.29-2.0%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Operations

	Year Ended December 31,
(in thousands, except per share amounts)	2023	2022	2021
REVENUES
Company-operated shops	$857,939	$639,710	$403,746
Franchising and other	107,837	99,302	94,130
Total revenues	965,776	739,012	497,876
COSTS AND EXPENSES
Cost of sales	714,480	558,096	344,573
Selling, general and administrative	205,074	183,528	264,529
Total costs and expenses	919,554	741,624	609,102
INCOME (LOSS) FROM OPERATIONS	46,222	(2,612)	(111,226)
OTHER EXPENSE
Interest expense, net	(32,321)	(18,018)	(7,093)
Other income (expense)	3,018	3,976	(1,240)
Total other expense	(29,303)	(14,042)	(8,333)
INCOME (LOSS) BEFORE INCOME TAXES	16,919	(16,654)	(119,559)
Income tax expense (benefit)	6,967	2,599	(1,628)
NET INCOME (LOSS)	$9,952	$(19,253)	$(117,931)
Less: Net loss attributable to Dutch Bros OpCo prior to the Reorganization Transactions	—	—	(67,374)
Less: Net income (loss) attributable to non-controlling interests	8,234	(14,500)	(37,878)
NET INCOME (LOSS) ATTRIBUTABLE TO DUTCH BROS INC.	$1,718	$(4,753)	$(12,679)
Net income (loss) per share of Class A and Class D common stock:
Basic	$0.03	$(0.09)	$(0.28)
Diluted	$0.03	$(0.09)	$(0.28)
Weighted-average shares of Class A and Class D common stock outstanding:
Basic	62,074	51,871	45,864
Diluted	62,074	51,871	45,864

Consolidated Statements of Comprehensive Income (Loss)

	Year Ended December 31,
(in thousands)	2023	2022	2021
Net income (loss)	$9,952	$(19,253)	$(117,931)
Other comprehensive income (loss)
Unrealized gain (loss) on derivative securities, effective portion, net of income tax expense of $10, $273, and $— respectively	(748)	2,908	—
Comprehensive income (loss)	9,204	(16,345)	(117,931)
Less: comprehensive loss attributable to Dutch Bros OpCo prior to the Reorganization Transactions	—	—	(67,374)
Less: comprehensive income (loss) attributable to non-controlling interests	7,755	(12,405)	(37,878)
Comprehensive income (loss) attributable to Dutch Bros Inc.	$1,449	$(3,940)	$(12,679)

Consolidated Statements of Stockholders’ Equity

Year Ended December 31, 2023
	Dutch Bros Inc. Stockholders’ Equity
Class ACommon Stock · Class BCommon Stock · Class CCommon Stock · Class DCommon Stock
(in thousands)	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Non-Controlling Interests	Total Equity
Balance, December 31, 2022	45,544	$1	64,699	$1	41,056	$—	12,411	$—	$145,613	$813	$(17,310)	$122,858	$251,976
Net income	—	—	—	—	—	—	—	—	—	—	1,718	8,234	9,952
Unrealized loss on derivative securities, effective portion, net of income tax expense of $10	—	—	—	—	—	—	—	—	(217)	(269)	—	(479)	(965)
Equity-based compensation expense	—	—	—	—	—	—	—	—	15,177	—	—	24,045	39,222
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures	140	—	—	—	—	—	—	—	(661)	—	—	(1,234)	(1,895)
Issuance of Class A common stock sold pursuant to follow-on offering, net of offering costs	13,269	—	—	—	—	—	—	—	330,081	—	—	—	330,081
Tax impacts of follow-on offering	—	—	—	—	—	—	—	—	46,594	—	—	—	46,594
Tax impacts of other equity-related transactions	—	—	—	—	—	—	—	—	655	—	—	—	655
Impacts of Tax Receivable Agreements	—	—	—	—	—	—	—	—	301	—	—	—	301
Effect of acquisition of Dutch Bros OpCo Class A common units	11,005	—	(4,070)	—	—	—	—	—	(158,152)	—	—	158,152	—
Surrender and cancellation of Class C & D common stock	—	—	—	—	(5,192)	—	(1,742)	—	—	—	—	—	—
Balance, December 31, 2023	69,958	$1	60,629	$1	35,864	$—	10,669	$—	$379,391	$544	$(15,592)	$311,576	$675,921

Consolidated Statements of Stockholders’ Equity (continued)

Year Ended December 31, 2022
	Dutch Bros. Inc. Stockholders’ Equity
Class ACommon Stock · Class BCommon Stock · Class CCommon Stock · Class DCommon Stock
(in thousands)	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Non-Controlling Interests	Total Equity
Balance, December 31, 2021	34,433	$—	64,699	$1	49,006	$1	15,441	$—	$107,193	$—	$(12,679)	$119,213	$213,729
Adoption of ASU 2016-02, as amended	—	—	—	—	—	—	—	—	—	—	122	301	423
Net loss	—	—	—	—	—	—	—	—	—	—	(4,753)	(14,500)	(19,253)
Unrealized gain on derivative securities, effective portion, net of income tax expense of $273	—	—	—	—	—	—	—	—	(17)	813	—	2,095	2,891
Equity-based compensation	—	—	—	—	—	—	—	—	13,743	—	—	27,914	41,657
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax	131	—	—	—	—	—	—	—	(1,145)	—	—	(2,755)	(3,900)
Impact of Tax Receivable Agreements	—	—	—	—	—	—	—	—	16,429	—	—	—	16,429
Effect of exchange of Dutch Bros OpCo Class A common units	—	—	—	—	—	—	—	—	9,410	—	—	(9,410)	—
Surrender and cancellation of Class C & D common stock	10,980	1	—	—	(7,950)	(1)	(3,030)	—	—	—	—	—	—
Balance, December 31, 2022	45,544	$1	64,699	$1	41,056	$—	12,411	$—	$145,613	$813	$(17,310)	$122,858	$251,976

Consolidated Statements of Stockholders’ Equity (continued)

Year Ended December 31, 2021
Dutch Mafia LLC(Prior to Reorganization Transactions)
	Dutch Bros. Inc. Stockholders’ Equity
Class ACommon Stock · Class BCommon Stock · Class CCommon Stock · Class DCommon Stock
(in thousands)	Members’ Equity	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Additional Paid-in-Capital	Accumulated Deficit	Non-Controlling Interests	Total Equity
Balance, December 31, 2020	$77,487	—	$—	—	$—	—	$—	—	$—	$—	$—	—	77,487
Net loss prior to the Reorganization Transactions	(67,374)	—	—	—	—	—	—	—	—	—	—	—	(67,374)
Reclass of profits interest liability to equity	76,596	—	—	—	—	—	—	—	—	—	—	—	76,596
Member distributions	(213,308)	—	—	—	—	—	—	—	—	—	—	—	(213,308)
Equity-based compensation recognized prior to the Reorganization Transactions	78,579	—	—	—	—	—	—	—	—	—	—	—	78,579
Effect of the Reorganization Transactions and initial public offering on non-controlling interests	48,020	9,877	—	71,408	1	54,068	1	17,036	—	(195,936)	—	147,914	—
Issuance of Class A common stock sold in initial public offering, net of offering costs	—	24,211	—	—	—	—	—	—	—	520,804	—	—	520,804
Purchase of OpCo Units in connection with the initial public offering	—	—	—	(6,709)	—	(5,062)	—	—	—	(239,421)	—	(13,849)	(253,270)
Net loss subsequent to the Reorganization Transactions	—	—	—	—	—	—	—	—	—	—	(12,679)	(37,878)	(50,557)
Equity-based compensation recognized subsequent to the Reorganization Transactions	—	—	—	—	—	—	—	—	—	12,663	—	31,390	44,053
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax	—	345	—	—	—	—	—	—	—	(3,258)	—	(8,075)	(11,333)
Impact of Tax Receivable Agreements	—	—	—	—	—	—	—	—	—	46,446	—	—	46,446
Effect of exchange of OpCo Class A common units	—	—	—	—	—	—	—	—	—	289	—	(289)	—
Surrender and cancellation of Class C & D common stock	—	—	—	—	—	—	—	(1,595)	—	(34,394)	—	—	(34,394)
Balance, December 31, 2021	$—	34,433	$—	64,699	$1	49,006	$1	15,441	$—	$107,193	$(12,679)	$119,213	$213,729

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.