Dutch Bros Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 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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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands; unaudited) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income | $60,083 | $13,721 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 67,484 | 49,411 |
| Non-cash interest expense | 834 | 609 |
| Gain on disposal of assets | (1,373) | (245) |
| Equity-based compensation | 8,220 | 29,017 |
| Deferred income taxes | 15,335 | 5,600 |
| Remeasurement gain on TRAs | (5,687) | (1,740) |
| Non-cash operating lease cost | 11,334 | 8,363 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (1,238) | 2,830 |
| Inventories, net | 8,572 | (11,067) |
| Prepaid expenses and other current assets | 2,894 | (943) |
| Other long-term assets | (729) | (544) |
| Accounts payable | 3,236 | 3,429 |
| Accrued compensation and benefits | 7,701 | 4,196 |
| Other accrued liabilities | 9,804 | 3,894 |
| Other current liabilities | (461) | (466) |
| Deferred revenue | 5,080 | (3,516) |
| Operating lease liabilities | (6,894) | (7,643) |
| Net cash provided by operating activities | 184,195 | 94,906 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (178,969) | (167,732) |
| Proceeds from disposal of fixed assets | 9,606 | 271 |
| Net cash used in investing activities | (169,363) | (167,461) |
| Cash flows from financing activities: | ||
| Proceeds from line of credit | — | 90,000 |
| Payments on line of credit | — | (202,705) |
| Payments on finance lease liabilities | (7,726) | (10,556) |
| Proceeds from long-term debt | 150,000 | — |
| Payments on long-term debt | (7,898) | (1,951) |
| Payments of debt issuance costs | — | (1,350) |
| Proceeds from equity offering, net of underwriting discounts and commissions | — | 331,200 |
| Payment of deferred offering costs | — | (579) |
| Tax withholding payments upon vesting of equity awards | (932) | (1,896) |
| Distributions to non-controlling interest holders | (687) | — |
| Net cash provided by financing activities | 132,757 | 202,163 |
| Net increase in cash and cash equivalents | 147,589 | 129,608 |
| Cash and cash equivalents, beginning of period | 133,545 | 20,178 |
| Cash and cash equivalents, end of period | $281,134 | $149,786 |
Condensed Consolidated Statements of Cash Flows (continued)
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands; unaudited) | 2024 | 2023 |
| Supplemental disclosure of cash flow information | ||
| Interest paid | $29,125 | $27,663 |
| Income taxes paid, net of refunds | 1,824 | 1,447 |
| Supplemental disclosure of noncash investing and financing activities | ||
| Additions of property and equipment accrued as of end of period | 13,155 | 14,207 |
| Deferred offering costs accrued | — | 523 |
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