Dutch Bros Inc
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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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.
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Consolidated Statements of Operations
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands, except per share amounts) | 2024 | 2023 | 2022 |
| Revenues | |||
| Company-operated shops | $1,165,830 | $857,939 | $639,710 |
| Franchising and other | 115,185 | 107,837 | 99,302 |
| Total revenues | 1,281,015 | 965,776 | 739,012 |
| Costs and Expenses | |||
| Cost of sales | 940,886 | 714,480 | 558,096 |
| Selling, general and administrative | 234,036 | 205,074 | 183,528 |
| Total costs and expenses | 1,174,922 | 919,554 | 741,624 |
| Income (loss) from operations | 106,093 | 46,222 | (2,612) |
| Other expense | |||
| Interest expense, net | (27,020) | (32,321) | (18,018) |
| Other income | 5,812 | 3,018 | 3,976 |
| Total other expense | (21,208) | (29,303) | (14,042) |
| Income (loss) before income taxes | 84,885 | 16,919 | (16,654) |
| Income tax expense | 18,435 | 6,967 | 2,599 |
| Net income (loss) | $66,450 | $9,952 | $(19,253) |
| Less: Net income (loss) attributable to non-controlling interests | 31,192 | 8,234 | (14,500) |
| Net income (loss) attributable to Dutch Bros Inc. | $35,258 | $1,718 | $(4,753) |
| Net income (loss) per share of Class A and Class D common stock: | |||
| Basic | $0.34 | $0.03 | $(0.09) |
| Diluted | $0.34 | $0.03 | $(0.09) |
| Weighted-average shares of Class A and Class D common stock outstanding: | |||
| Basic | 103,504 | 62,074 | 51,871 |
| Diluted | 104,129 | 62,074 | 51,871 |
Consolidated Statements of Comprehensive Income (Loss)
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Net income (loss) | $66,450 | $9,952 | $(19,253) |
| Other comprehensive income (loss): | |||
| Unrealized gain (loss) on derivative securities, effective portion, net of income tax expense (benefit) of $(83), $10, and $273, respectively | (1) | (748) | 2,908 |
| Comprehensive income (loss) | 66,449 | 9,204 | (16,345) |
| Less: comprehensive income (loss) attributable to non-controlling interests | 31,107 | 7,755 | (12,405) |
| Comprehensive income (loss) attributable to Dutch Bros Inc. | $35,342 | $1,449 | $(3,940) |
Consolidated Statements of Stockholders’ Equity
| Year Ended December 31, 2024 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | Retained Earnings (Accumulated Deficit) | Non-Controlling Interests | Total Equity |
| Balance, December 31, 2023 | 69,958 | $1 | 60,629 | $1 | 35,864 | $— | 10,669 | $— | $379,391 | $544 | $(15,592) | $311,576 | $675,921 |
| Net income | — | — | — | — | — | — | — | — | — | — | 35,258 | 31,192 | 66,450 |
| Unrealized gain (loss) on derivative securities, effective portion, net of income tax benefit of $83 | — | — | — | — | — | — | — | — | (338) | 84 | — | (85) | (339) |
| Equity-based compensation expense | — | — | — | — | — | — | — | — | 6,980 | — | — | 4,502 | 11,482 |
| Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures | 83 | — | — | — | — | — | — | — | 1,743 | — | — | (2,812) | (1,069) |
| Issuance of Class A common stock in exchange for surrender and cancellation of Class D common stock, and conversion of Dutch Bros OpCo Class A common units for surrender and cancellation of Class B and C common stock, pursuant to exchange transactions | 45,391 | — | (2,402) | — | (32,319) | — | (10,669) | — | — | — | — | — | — |
| Effect of equity transactions of Dutch Bros OpCo Class A common units | — | — | — | — | — | — | — | — | 115,989 | — | — | (115,989) | — |
| Impacts of Tax Receivable Agreements | — | — | — | — | — | — | — | — | 12,921 | — | — | — | 12,921 |
| Tax impacts of other equity-related transactions | — | — | — | — | — | — | — | — | 388 | — | — | — | 388 |
| Class B common stock decoupled from Dutch Bros OpCo Class A common units, surrendered and cancelled | — | — | (23,000) | (1) | — | — | — | — | — | — | — | — | (1) |
| Distributions paid to non-controlling interest holders | — | — | — | — | — | — | — | — | — | — | — | (1,888) | (1,888) |
| Balance, December 31, 2024 | 115,432 | $1 | 35,227 | $— | 3,545 | $— | — | $— | $517,074 | $628 | $19,666 | $226,496 | $763,865 |
Consolidated Statements of Stockholders’ Equity (continued)
| 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 | — | — | — | — | — | — | — | — | 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 |
| Issuance of Class A common stock in exchange for surrender and cancellation of Class D common stock, and conversion of Dutch Bros OpCo Class A common units for surrender and cancellation of Class B and C common stock, pursuant to exchange transactions | 11,005 | — | (4,070) | — | (5,192) | — | (1,742) | — | — | — | — | — | — |
| Effect of equity transactions of Dutch Bros OpCo Class A common units | — | — | — | — | — | — | — | — | (158,152) | — | — | 158,152 | — |
| 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 |
| 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) |
| Issuance of Class A common stock, in exchange for surrender and cancellation of Class D common stock, and conversion of Dutch Bros OpCo Class A common units for surrender and cancellation of Class C common stock, pursuant to exchange transactions | 10,980 | 1 | — | — | (7,950) | (1) | (3,030) | — | — | — | — | — | — |
| Impact of Tax Receivable Agreements | — | — | — | — | — | — | — | — | 16,429 | — | — | — | 16,429 |
| Effect of equity transactions of Dutch Bros OpCo Class A common units | — | — | — | — | — | — | — | — | 9,410 | — | — | (9,410) | — |
| Balance, December 31, 2022 | 45,544 | $1 | 64,699 | $1 | 41,056 | $— | 12,411 | $— | $145,613 | $813 | $(17,310) | $122,858 | $251,976 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.