Dutch Bros Inc

For the period ended Dec 31, 2024. Filed Feb 13, 2025.

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.

FY2024 · Filed Feb 13, 2025

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

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

See the whole filing, with its images and exhibits

Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

	Year Ended December 31,
(in thousands)	2024	2023	2022
Cash flows from operating activities:
Net income (loss)	$66,450	$9,952	$(19,253)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	93,005	69,135	44,728
Non-cash interest expense	1,113	887	691
Non-cash donation expense	1,811	—	—
Gain on disposal of assets	(1,277)	(23)	(340)
Equity-based compensation	11,482	39,222	41,657
Deferred income taxes	15,421	5,946	1,078
Remeasurement gain on TRAs	(4,247)	(2,638)	(3,466)
Non-cash operating lease cost	15,765	11,413	9,919
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(1,474)	2,842	(1,322)
Inventories, net	10,465	(7,724)	(15,817)
Prepaid expenses and other current assets	(2,282)	(4,775)	(695)
Other long-term assets	611	(578)	1,147
Accounts payable	3,658	3,903	1,606
Accrued compensation and benefits	18,373	11,699	5,333
Other accrued liabilities	10,601	3,738	643
Other current liabilities	644	484	1,001
Deferred revenue	13,858	5,571	3,367
Other long-term liabilities	—	—	(672)
Operating lease liabilities	(7,545)	(9,139)	(9,722)
Net cash provided by operating activities	246,432	139,915	59,883
Cash flows from investing activities:
Purchases of property and equipment	(221,738)	(228,457)	(187,880)
Proceeds from disposal of fixed assets	9,666	1,177	1,359
Acquisition of shops from franchisees	—	—	(6,051)
Net cash used in investing activities	(212,072)	(227,280)	(192,572)
Cash flows from financing activities:
Proceeds from line of credit	2,449	90,000	157,705
Payments on line of credit	(2,449)	(202,705)	(10,000)
Payments on finance lease liabilities	(10,541)	(12,432)	(5,838)
Proceeds from long-term debt	150,000	1,647	1,375
Payments on long-term debt	(11,053)	(2,613)	(1,982)
Payments of debt issuance costs	—	(1,350)	(2,749)
Proceeds from equity offering, net of underwriting discounts and commissions	—	331,200	—
Payment of deferred offering costs	—	(1,119)	(250)
Tax withholding payments upon vesting of equity awards	(1,069)	(1,896)	(3,900)
Distributions to non-controlling interest holders	(1,888)	—	—
Net cash provided by financing activities	125,449	200,732	134,361
Net increase in cash and cash equivalents	159,809	113,367	1,672
Cash and cash equivalents, beginning of period	133,545	20,178	18,506
Cash and cash equivalents, end of period	$293,354	$133,545	$20,178

Consolidated Statements of Cash Flows (continued)

	Year Ended December 31,
(in thousands)	2024	2023	2022
Supplemental disclosure of cash flow information
Interest paid	$39,103	$34,969	$17,613
Income taxes paid, net of refunds	2,253	1,731	1,316
Supplemental disclosure of noncash investing and financing activities
Additions of property and equipment accrued as of end of period	12,635	13,880	6,731
Transfer between line of credit and term loan facility	—	—	100,000

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.