Dutch Bros Inc

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

About this filing

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

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

	Year Ended December 31,
(in thousands)	2023	2022	2021
Cash flows from operating activities:
Net income (loss)	$9,952	$(19,253)	$(117,931)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	69,135	44,728	25,217
Non-cash interest expense	887	691	280
Loss (gain) on disposal of assets	(23)	(340)	657
Loss on extinguishment of debt	—	—	1,286
Equity-based compensation	39,222	41,657	157,716
Deferred income taxes	5,946	1,078	(2,663)
Remeasurement gain on TRAs	(2,638)	(3,466)	—
Non-cash operating lease cost	11,413	9,919	—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	2,842	(1,322)	193
Inventories, net	(7,724)	(15,817)	(7,668)
Prepaid expenses and other current assets	(4,775)	(695)	(3,761)
Other long-term assets	(578)	1,147	13
Accounts payable	3,903	1,606	2,154
Accrued compensation and benefits	11,699	5,333	5,224
Other accrued liabilities	3,738	643	2,864
Other current liabilities	484	1,001	4,794
Deferred revenue	5,571	3,367	11,706
Deferred rent	—	—	412
Other long-term liabilities	—	(672)	(118)
Operating lease liabilities	(9,139)	(9,722)	—
Net cash provided by operating activities	139,915	59,883	80,375
Cash flows from investing activities:
Purchases of property and equipment	(228,457)	(187,880)	(118,444)
Proceeds from disposal of fixed assets	1,177	1,359	2,742
Acquisition of shops from franchisees	—	(6,051)	(5,387)
Net cash used in investing activities	(227,280)	(192,572)	(121,089)
Cash flows from financing activities:
Proceeds from line of credit	90,000	157,705	65,000
Payments on line of credit	(202,705)	(10,000)	(15,000)
Payments on finance lease liabilities	(12,432)	(5,838)	(2,653)
Proceeds from financing lease obligations	—	—	1,484
Proceeds from long-term debt	1,647	1,375	200,000
Payments on long-term debt	(2,613)	(1,982)	(227,594)
Payments of debt issuance costs	(1,350)	(2,749)	(2,406)
Proceeds from equity offering, net of underwriting discounts and commissions	331,200	—	524,858
Distributions paid to members	—	—	(213,308)
Payments to repurchase outstanding equity/member units	—	—	(287,664)
Payment of deferred offering costs	(1,119)	(250)	(3,804)
Tax withholding payments upon vesting of equity awards	(1,896)	(3,900)	(11,333)
Net cash provided by financing activities	200,732	134,361	27,580
Net increase (decrease) in cash and cash equivalents	113,367	1,672	(13,134)
Cash and cash equivalents, beginning of period	20,178	18,506	31,640
Cash and cash equivalents, end of period	$133,545	$20,178	$18,506

Consolidated Statements of Cash Flows (continued)

	Year Ended December 31,
(in thousands)	2023	2022	2021
Supplemental disclosure of cash flow information
Cash paid for interest	$34,969	$17,613	$7,350
Income taxes paid	1,731	1,316	886
Supplemental disclosure of noncash investing and financing activities
Additions of property with capital leases	—	—	35,169
Additions of property and equipment accrued as of end of period	13,880	6,731	6,452
Deferred offering costs accrued	—	—	250
Transfer between line of credit and term loan facility	—	100,000	—

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