0001866581-21-000010.txt : 20211117 0001866581-21-000010.hdr.sgml : 20211117 20211117081858 ACCESSION NUMBER: 0001866581-21-000010 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20211117 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211117 DATE AS OF CHANGE: 20211117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Dutch Bros Inc. CENTRAL INDEX KEY: 0001866581 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING & DRINKING PLACES [5810] IRS NUMBER: 871041305 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-40798 FILM NUMBER: 211418470 BUSINESS ADDRESS: STREET 1: 110 SW 4TH STREET CITY: GRANTS PASS STATE: OR ZIP: 97526 BUSINESS PHONE: (206) 390-8860 MAIL ADDRESS: STREET 1: PO BOX 1929 CITY: GRANTS PASS STATE: OR ZIP: 97528-0163 8-K/A 1 bros-20211117.htm 8-K/A bros-20211117
0001866581TRUE11/17/202100018665812021-11-172021-11-17

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
FORM 8-K/A
_______________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 17, 2021
_______________________________________________________
bros-20211117_g1.jpg
DUTCH BROS INC.
(Exact name of registrant as specified in its charter)
_______________________________________________________
Delaware001-4079887-1041305
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification Number)
110 SW 4th Street
97526
Grants Pass,Oregon
(Address of principal
executive offices)		(Zip Code)
(541) 955-4700
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Exchange on which Registered
Class A Common Stock,
par value $0.00001 per share		BROSThe New York Stock Exchange




Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Explanatory Note
The sole purpose of this amendment to the Current Report on Form 8-K filed with the Securities and Exchange Commission on November 10, 2021 is to (i) add supplemental non-GAAP disclosures of a reconciliation of (a) net loss per share of Class A and Class D common stock - diluted to adjusted net income per fully exchanged share of common stock - diluted and (b) weighted-average shares of Class A and Class D common stock outstanding - diluted to adjusted fully exchanged weighted-average shares of common stock outstanding - diluted and (ii) update the previously reported non-GAAP adjusted net income per share to include fully exchanged and diluted shares. These updates do not reflect the non-GAAP measure Adjusted net income as previously reported.


Item 2.02. Results of Operations and Financial Condition.
Issued on November 10, 2021, amended November 17, 2021, Dutch Bros Inc. (the "Company") announced its financial results for the quarter ended September 30, 2021, . A copy of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
The information included in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01.    Financial Statements and Exhibits
(d)    Exhibits
Exhibit No.Description
Amended Earnings Release issued by Dutch Bros Inc. on November 17, 2021
104Cover Page with Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DUTCH BROS INC.
(Registrant)
Date:November 17, 2021By:/s/ Charles L. Jemley
Charles L. Jemley
Chief Financial Officer

 EX-99.1 2 a2021-q3_ex991a.htm EX-99.1 Document
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Dutch Bros Inc. Reports Third Quarter 2021 Financial Results
Surpassed 500 shops, Company-owned shops revenue expands 62.9%
Reiterates long-term potential of at least 4,000 shops nationwide

GRANTS PASS, OREGON - issued November 10, 2021, amended November 17, 2021 - Dutch Bros Inc. (NYSE: BROS), one of the fastest-growing brands in the food service and restaurant industry in the United States by location count, today reported financial results for the third quarter ended September 30, 2021. We also provided our fourth quarter 2021 financial outlook and our preliminary outlook for 2022 new shop openings.

Joth Ricci, Chief Executive Officer and President of Dutch Bros Inc., stated, “We are very pleased with the strength of our third quarter and year-to-date results which are exceeding the optimistic set of expectations we established going into 2021. While we are excited to have recently begun our journey as a public company, we are already focused on a clear set of growth-minded objectives that make Dutch Bros a national brand. This includes expanding what is already a strong pipeline of homegrown regional operators and combining that with a disciplined, people-led growth strategy that creates the potential for at least 4,000 shops nationwide. As we open new stores in both existing and new markets, we will provide our customers with unique drive-thru experiences based upon Speed, Quality and Service while solidifying our strong commitment to communities.”

Third Quarter 2021 Highlights:

•Surpassed 500 operating shops with our Hutto, Texas opening (Northeast of Austin).
•Opened 33 new shops, of which 30 were company-operated
•Total revenues grew 49.8% to $129.8 million as compared to the same period last year.
•Company-operated shops revenues increased 62.9% to $108.7 million as compared to $66.7 million in the same period last year.
•System same shop sales grew 7.3% in the third quarter and 10.7% on a two-year basis. Company-operated same shop sales grew 4.7% in the third quarter and 10.1% on a two-year basis.
•Company-operated shop gross profit grew 18.0% to $22.8 million as compared to $19.3 million in the same period last year. Company-operated contribution1, excluding pre-opening and COVID costs grew 23.8% to $27.1 million as compared to $21.9 million in the same period last year.
•Net income (loss) was $(117.1) million, or $(0.15) per diluted share as compared to $6.7 million in the same period last year. In the third quarter of 2021, we recognized $124.8 million of non-cash equity-based compensation related to our initial public offering.
•Adjusted net income1 was $11.0 million, or $0.07 adjusted net income per diluted share, as compared to $16.2 million in the same period last year.
•Adjusted EBITDA1 decreased 2.6% to $20.6 million as compared to $21.2 million in the same period last year. The decrease was primarily due to abnormally low systemwide discounts last year during the initial COVID-19 pandemic outbreak.

Initial Public Offering

On September 17, 2021, we successfully closed our initial public offering ("IPO") of 24,210,526 shares of Class A common stock, including the exercise in full of the underwriters’ option to purchase 3,157,894 additional shares, at a price to the public of $23.00 per share. Proceeds from the IPO were approximately $556.8 million, before deducting underwriting discounts and commissions and other offering expenses.

1Adjusted net income, Adjusted EBITDA, and Company-operated shop contribution are non-GAAP financial measures frequently used by analysts, investors and other interested parties to evaluate companies in our industry. However, our non-GAAP financial measures are not necessarily comparable to similarly titled captions of other companies due to different methods of calculation. Please see definitions and the reconciliation of these non-GAAP financial measures accompanying this release.


Our Class A common stock began trading on The New York Stock Exchange (“NYSE”) under the symbol “BROS” on September 15, 2021.


Outlook

For the fourth quarter, we are providing the following outlook:
•Total system shop openings are expected to be at least 30.
•Total revenue is projected to be in the range of $125.0 million - $128.0 million.
•Same shop sales are estimated in the mid single-digits.
•Adjusted EBITDA2 is projected to be in the range of $12.5 million - $13.5 million.

For the year 2022, we are providing the following preliminary outlook for new shop openings:
•Total system shop openings are expected to be at least 112.


Conference Call and Webcast Today

Joth Ricci, Chief Executive Officer and President, and Charles Jemley, Chief Financial Officer, will host a conference call and webcast to discuss financial results for the third quarter ended September 30, 2021 today at 5:00 p.m. Eastern Time (ET).

Event: Third Quarter 2021 Conference Call and Webcast
Date: Wednesday, November 10, 2021
Time: 5:00 p.m. ET
Dial In: 1-201-493-6779
Webcast: https://investors.dutchbros.com under “Events & Presentations”.

The webcast will be archived shortly after the conference call has concluded. We will also publish earnings presentation slides related to these financial results on our website https://investors.dutchbros.com under “Events & Presentations”.

About Dutch Bros Inc.

Dutch Bros (NYSE: BROS) is a high growth operator and franchisor of drive-thru shops that focus on serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. While espresso-based beverages are still at the core of what we do, Dutch Bros now offers a wide variety of unique, customizable cold and hot beverages that delight a broad array of customers. We believe Dutch Bros is more than just the products we serve—we are dedicated to making a massive difference in the lives of our employees, customers and communities. This combination of hand-crafted and high-quality beverages, our unique drive-thru experience and our community-driven, people-first culture has allowed us to successfully open new shops and continue to share the “Dutch Luv” at more than 500 locations across 11 states as of September 30, 2021.

To learn more about Dutch Bros, visit www.dutchbros.com, follow Dutch Bros Coffee on Instagram, Facebook, Twitter, & TikTok, and download the Dutch Bros app to earn points and score rewards!

Forward-Looking Statements

In addition to historical information, this release may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include,
2We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort.


without limitation, information concerning Dutch Bros’ possible or assumed future results of operations, new shop openings, business strategies, competitive position, industry environment, potential growth opportunities and the effects of regulation. These statements are based on Dutch Bros’ current expectations and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “should,” “future,” “guidance,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Dutch Bros’ control that could cause actual results to differ materially from the results discussed in the forward-looking statements, including those related to the evolving COVID-19 pandemic, disruptions in our supply chain, ability to hire and retain employees; and other risks, including those described under the heading “Risk Factors” in our final prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, dated September 16, 2021 and in our future reports to be filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021. Forward-looking statements contained in this press release are made as of this date, and Dutch Bros undertakes no duty to update such information except as required under applicable law

For Investor Relations inquiries:
Raphael Gross
ICR
(203) 682-8253
investors@dutchbros.com
 
For Media Relations inquiries:
Jessical Liddell
ICR
(203) 682-8208
jessica.liddell@icrinc.com



DUTCH BROS INC.
Condensed Consolidated Statements of Operations

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share amounts; unaudited)2021202020212020
REVENUES
Company-operated stores$108,661 $66,695 $289,548 $175,767 
Franchising and other21,142 19,963 68,248 61,750 
Total revenues129,803 86,658 357,796 237,517 
COSTS AND EXPENSES
Cost of sales91,060 52,502 239,869 147,431 
Selling, general and administrative153,727 26,197 223,595 74,497 
Total costs and expenses244,787 78,699 463,464 221,928 
INCOME (LOSS) FROM OPERATIONS(114,984)7,959 (105,668)15,589 
OTHER EXPENSE
Interest expense, net(2,393)(950)(5,248)(2,650)
Other expense, net(1,041)(353)(1,099)(669)
Total other expense(3,434)(1,303)(6,347)(3,319)
INCOME (LOSS) BEFORE INCOME TAXES(118,418)6,656 (112,015)12,270 
Income tax expense (benefit)(1,280)— (716)338 
NET INCOME (LOSS)$(117,138)$6,656 $(111,299)$11,932 
Less: Net loss attributable to Dutch Bros OpCo prior to the Reorganization Transactions(74,441)— (68,602)— 
Less: Net loss attributable to non-controlling interests(35,959)— (35,959)— 
NET INCOME (LOSS) ATTRIBUTABLE TO DUTCH BROS INC.$(6,738)$6,656 $(6,738)$11,932 
Net loss per share of Class A and Class D common stock:
Basic$(0.15)N/A$(0.15)N/A
Diluted$(0.15)N/A$(0.15)N/A
Weighted-average shares of Class A and Class D common stock outstanding:
Basic44,991 N/A44,991 N/A
Diluted47,232 N/A47,232 N/A






DUTCH BROS INC.
Segment Financials

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands; unaudited)2021202020212020
Revenues:
Company-operated shops$108,661 $66,695 $289,548 $175,767 
Franchising and other21,142 19,963 68,248 61,750 
Total revenues129,803 86,658 357,796 237,517 
Cost of Sales:
Company-operated shops85,853 47,374 220,510 129,392 
Franchising and other5,207 5,128 19,359 18,039 
Total cost of sales91,060 52,502 239,869 147,431 
Segment profit:
Company-operated shops22,808 19,321 69,038 46,375 
Franchising and other15,935 14,835 48,889 43,711 
Total gross profit38,743 34,156 117,927 90,086 
Selling, general and administrative(153,727)(26,197)(223,595)(74,497)
Interest expense, net(2,393)(950)(5,248)(2,650)
Other expense, net(1,041)(353)(1,099)(669)
Income (loss) before income taxes$(118,418)$6,656 $(112,015)$12,270 
Depreciation and amortization:
Company-operated shops$4,294 $2,564 $11,038 $6,907 
Franchising and other1,703 1,156 4,728 3,129 
All other699 347 1,961 1,120 
Total depreciation and amortization$6,696 $4,067 $17,727 $11,156 



DUTCH BROS INC.
Company-Operated Shop Results


 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands; unaudited)2021202020212020
$%$%$%$%
Company-operated shop revenue108,661 100.0 66,695 100.0 289,548 100.0 175,767 100.0 
Beverage, food and packaging costs27,846 25.6 14,618 21.9 71,564 24.7 39,047 22.2 
Labor costs33,610 30.9 18,800 28.2 88,798 30.7 51,205 29.1 
Occupancy and other costs17,041 15.7 9,789 14.7 42,484 14.7 26,549 15.1 
Pre-opening costs3,062 2.8 1,603 2.4 6,626 2.3 5,684 3.2 
Depreciation4,294 4.0 2,564 3.8 11,038 3.8 6,907 3.9 
Company-operated shop gross profit22,808 21.0 19,321 29.0 69,038 23.8 46,375 26.4 
Company-operated shop contribution 1
27,102 24.9 21,885 32.8 80,076 27.7 53,282 30.3 

1 Reconciliation of GAAP to non-GAAP results are provided below in the “Reconciliation of GAAP Financial Metrics to Non-GAAP” section of this press release.


DUTCH BROS INC.
Summary Cash Flows Data


Nine Months Ended September 30,
(in thousands; unaudited)20212020
Net cash flows provided by operating activities$72,304 $42,664 
Net cash flows used in investing activities(76,781)(25,488)
Net cash provided by (used in) financing activities(1,300)4,694 
Net increase (decrease) in cash$(5,777)$21,870 
Cash and cash equivalents at beginning of period31,640 15,584 
Cash and cash equivalents at end of period$25,863 $37,454 


DUTCH BROS INC.
Condensed Consolidated Balance Sheets

As of
(in thousands; unaudited)September 30, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$25,863 $31,640 
Accounts receivable, net11,019 10,837 
Inventory18,494 15,580 
Prepaid expenses and other current assets7,152 5,015 
Total current assets62,528 63,072 
Property and equipment, net250,110 165,423 
Intangibles, net12,054 11,323 
Goodwill18,715 18,075 
Deferred income tax asset158,663 — 
Other long-term assets1,562 1,766 
Total assets$503,632 $259,659 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$24,605 $16,092 
Accrued expenses17,924 10,036 
Other current liabilities5,041 1,429 
Deferred revenue17,177 11,192 
Line of credit34,053 15,000 
Current portion of capital lease obligations3,060 2,331 
Current portion of long-term debt101 3,788 
Total current liabilities101,961 59,868 
Deferred revenue, net of current portion4,378 4,746 
Tax receivable agreements liability, net of current portion109,733 — 
Capital lease obligations, net of current portion72,348 49,637 
Long-term debt, net of current portion2,035 24,367 
Profits interest liability— 41,845 
Deferred rent2,983 2,740 
Other long-term liabilities572 466 
Total liabilities294,010 183,669 
Equity:
Members’ equity— 75,990 
Common stock 2 — 
Additional paid in capital101,614 — 
Retained earnings (deficit)(6,738)— 
Total stockholders' equity attributable to Dutch Bros Inc. / members’ equity94,878 75,990 
Non-controlling interests114,744 — 
Total equity209,622 75,990 
Total liabilities and equity$503,632 $259,659 


DUTCH BROS INC.
Select Financial Metrics

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except number of shops data; unaudited)2021202020212020
Shop count, beginning of period
Company-operated207146182118
Franchised264255259252
 471401441 370
Company-operated new openings30115239
Franchised new openings33117
Ownership transfers4—7—
Closures 1
(1)—(1)(1)
Shop count, end of period
Company-operated241157241 157
Franchised262258262 258
Total shop count503415503 415
Average unit volume (AUV) 2
N/AN/A1,8081,653
Company-operated shopsN/AN/A1,6991,462
Same shop sales growth7.3 %2.4 %8.0 %0.6 %
Company-operated shops4.7 %2.5 %8.3 %(0.5)%
Company-operated shop revenue108,66166,695289,548175,767
Company-operated gross profit 3
22,80819,32169,03846,375
Company-operated shop contribution 3
27,10221,88580,07653,282
% of company-operated shop revenue24.9 %32.8 %27.7 %30.3 %
Net income (loss) 3
(117,138)6,656(111,299)11,932
Adjusted EBITDA 3
20,64721,19568,80356,720
% of revenue15.9 %24.5 %19.2 %23.9 %
Systemwide sales 4
241,254182,094673,297511,866
Dutch Rewards member activations 5
509—2,738—
___________
1 Represents a temporary shop closure in 2021 and a permanent shop closure in 2020.

2 At Dutch Bros we track systemwide and company-operated shop AUVs. AUVs for any trailing twelve-month period consist of the net sales of systemwide and company-operated shops, respectively, for all shops that have been open for the entire 15-month measurement period. AUVs are calculated by dividing the total net sales by the total number of systemwide and company-operated shops, respectively, that were open for 15 months at the time of AUV calculation.

3 Reconciliation of GAAP to non-GAAP results is provided in “Non-GAAP Financial Metrics” section.



4 Systemwide sales and systemwide same shop sales include company-operated shop revenue and sales at franchised shops during the comparable periods noted. As these metrics include sales reported to us by our non-consolidated franchise partners, these metrics should be considered as a supplement to, not a substitute for, our results as reported under GAAP.

5 Dutch Rewards, a digitally-based rewards program available exclusively through the Dutch Rewards app, was launched February 2021. As such, there is no information for the comparable periods of 2020.

Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release contains non-GAAP financial results, including adjusted net income, EBITDA and Adjusted EBITDA. We use these non-GAAP measures to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. In addition to our results determined in accordance with GAAP, we believe that providing these non-GAAP financial measures are useful to our investors as they present an informative supplemental view of our results from period to period by removing the effect of non-recurring items.

However, the non-GAAP financial measures presented herein are specific to us and may not be comparable to similar measures disclosed by other companies because of differing methods used by other companies in calculating them. These measures are also not intended to be measures of free cash flow for management’s discretionary use, as they do not reflect tax payments, debt service requirements and certain other cash costs that may recur in the future, including, among other things, cash requirements for working capital needs. Management compensates for these limitations by relying on our GAAP results in addition to using these non-GAAP financial measures. The non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Company-operated shop contribution
Company-operated shop contribution, a non-GAAP financial measure, is defined as net sales less beverage, food and packaging costs, labor, occupancy and other costs, and pre-opening costs. Company-operated shop contribution is included in this press release because it is a key metric used by management and our board of directors to assess our financial performance, frequently used by analysts, investors and other interested parties to evaluate companies in our industry.

EBITDA and Adjusted EBITDA
We define EBITDA, a non-GAAP financial measure, as GAAP net income (loss) adjusted for interest income or expense, income tax expense (benefit) and other income or expense, depreciation and amortization. Additionally, we define Adjusted EBITDA, a non-GAAP financial measure, as EBITDA adjusted for equity-based compensation, expenses related to public or private offerings, pandemic-related costs, and other non-recurring items as determined by management. EBITDA and Adjusted EBITDA are included in this press release because they are key metrics used by management and our board of directors to assess our financial performance, frequently used by analysts, investors, and other interested parties to evaluate companies in our industry.

Adjusted Net Income

We define Adjusted Net Income, a non-GAAP financial measure, as GAAP net income (loss) adjusted for equity-based compensation, expenses related to public or private offerings, pandemic-related costs, and other non-recurring items as determined by management, net of income tax effects. Adjusted Net Income is included in this press release because it is a key metric used by management and our board of directors to assess our financial performance, and is frequently used by analysts, investors, and other interested parties to evaluate companies in our industry.


Adjusted net income per fully exchanged share of common stock - diluted

We define Adjusted net income per fully exchanged share of common stock - diluted, a non-GAAP financial measure, as GAAP net loss per share of Class A and Class D common stock - diluted adjusted for the removal of allocation for non-controlling and controlling interests, and per share impacts of net income (loss) adjustments. Adjusted net income per fully exchanged share of common stock - diluted is included in this press release because it is a key metric used by management and our board of directors to assess our financial performance, and is frequently used by analysts, investors, and other interested parties to evaluate companies in our industry.

Following are the reconciliations of the most comparable GAAP metric to non-GAAP metrics presented:



DUTCH BROS INC.
Reconciliation of GAAP Financial Metrics to Non-GAAP

Reconciliation of company-operated shop gross profit to company-operated shop contribution

Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
(in thousands; unaudited)$%$%$%$%
Company-operated shop gross profit$22,808 21.0 $19,321 29.0 $69,038 23.8 $46,375 26.4 
Depreciation4,294 4.0 2,564 3.8 11,038 3.8 6,907 3.9 
Company-operated shop contribution$27,102 24.9 $21,885 32.8 $80,076 27.7 $53,282 30.3 

Reconciliation of net income (loss) to EBITDA and adjusted EBITDA

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands; unaudited)2021202020212020
Net income (loss)$(117,138)$6,656 $(111,299)$11,932 
Depreciation and amortization6,696 4,067 17,727 11,156 
Interest expense, net2,393 950 5,248 2,650 
Income tax expense (benefit)(1,280)— (716)338 
EBITDA$(109,329)$11,673 $(89,040)$26,076 
Equity-based compensation 1
124,779 9,815 147,761 23,372 
Expenses associated with equity offering 2
3,332 — 5,661 — 
Donation associated with equity offering 3
1,392 — 1,392 — 
COVID-19: "thank you” pay and catastrophic leave 4
473 218 3,029 3,242 
COVID-19: royalty abatement 5
— — — 1,400 
COVID-19: first responder donation 6
— — — 2,000 
Dutch Rewards transition 7
— (1,250)— (1,292)
Dutchwear merchandising adjustment 8
— 739 — 1,922 
Adjusted EBITDA$20,647 $21,195 $68,803 $56,720 
Adjusted EBITDA margin 9
15.9 %24.5 %19.2 %23.9 %
__________
1 Represents non-cash expenses related to the grant and vesting of stock awards, restricted stock awards and restricted stock units in Dutch Bros Inc. and/or Profits Interest Units in Dutch Bros OpCo to certain employees. These awards are accounted for in accordance with guidance prescribed for accounting for share-based compensation.

2 Represents costs incurred as a result of our IPO. These costs include legal fees, consulting fees, tax and accounting fees, and payroll taxes related to the grant and vesting of stock awards for certain employees.

3 As part of our IPO, we made a one-time donation to the Dutch Bros Foundation. This donation is separate from other donations to the Dutch Bros Foundation that we may periodically make.



4 Represents costs related to two separate programs established to support employees during the COVID-19 pandemic. We implemented an hourly wage supplement program for shop employees who continued to work while their state or county was under a stay at home order or similar lockdown requirement. This program lasted in various markets until April 2021. We also established a catastrophic leave policy that provided paid leave to employees who were required to quarantine due to in-shop exposures and could not work their regular hours. All COVID-19-related protocols, including catastrophic leave, will remain in effect until the end of the COVID-19 pandemic as determined by the appropriate government agency.

5 In April 2020, we permitted franchise partners to skip one month of royalty payments to support their cash flow needs. We discontinued this support one month later in May 2020.

6 During 2020, we made specific donations to the First Responders First organization to support the acquisition and distribution of personal protective equipment for first responders.

7 We recorded a benefit related to our transition from a paper-based stamp card loyalty program to our current app-based loyalty rewards program.

8 During 2020, we incurred a series of one-time costs associated with the strategic decision to exit our internal merchandising business related to Dutch-branded goods such as mugs and cups. These costs include write-off and disposal of obsolete inventory and severance for staff dedicated to in-house support services related to our Dutchwear business.

9 Calculated as a percentage of total revenue.



Reconciliation of net income (loss) to adjusted net income and weighted-average shares of Class A and Class D common stock outstanding - diluted to adjusted fully exchanged weighted-average shares of common stock outstanding - diluted

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands; unaudited)2021202020212020
Numerator
Net income (loss)$(117,138)$6,656 $(111,299)$11,932 
Equity-based compensation 1
124,779 9,815 147,761 23,372 
Expenses associated with equity offering 2
3,332 — 5,661 — 
Donation associated with equity offering 3
1,392 — 1,392 — 
COVID-19: "thank you pay" and catastrophic leave 4
473 218 3,029 3,242 
COVID-19: royalty abatement 5
— — — 1,400 
COVID-19: first responder donation 6
— — — 2,000 
Dutch Rewards transition 7
— (1,250)— (1,292)
Dutchwear merchandising adjustment 8
— 739 — 1,922 
Income tax effects(1,793)— (1,793)— 
Adjusted net income$11,045 $16,178 $44,751 $42,576 
Denominator
Weighted-average shares of Class A and Class D common stock outstanding - diluted47,232 N/A47,232 N/A
Assumed exchange of weighted-average Class B and Class C shares of common stock 9
121,692 121,692 
Adjusted fully exchanged weighted-average shares of common stock outstanding - diluted168,924 N/A168,924 N/A
Adjusted Net income per fully exchanged share of common stock - diluted$0.07 N/A$0.26 N/A
___________
1 Represents non-cash expenses related to the grant and vesting of stock awards, restricted stock awards and restricted stock units in Dutch Bros PubCo and/or Profits Interest Units in Dutch Bros OpCo to certain employees. These awards are accounted for in accordance with guidance prescribed for accounting for share-based compensation.

2 Represents costs incurred as a result of our IPO. These costs include legal fees, consulting fees, tax and accounting fees, and payroll taxes related to the grant and vesting of stock awards for certain employees.

3 As part of our IPO, we made a donation to the Dutch Bros Foundation. This donation is separate from other donations to the Dutch Bros Foundation that we may periodically make.

4 Represents costs related to two separate programs established to support employees during the COVID-19 pandemic. We implemented an hourly wage supplement program for shop employees who continued to work while their state or county was under a stay at home order or similar lockdown requirement. This program lasted in various markets until April 2021. We also established a catastrophic leave policy that provided paid leave to employees who were required to quarantine due to in-shop exposures and could not work their regular hours. All COVID-19-related protocols, including catastrophic leave, will remain in effect until the end of the COVID-19 pandemic as determined by the appropriate government agency.

5 In April 2020, we permitted franchise partners to skip one month of royalty payments to support their cash flow needs. We discontinued this support one month later in May 2020.



6 During 2020, we made specific donations to the First Responders First organization to support the acquisition and distribution of personal protective equipment for first responders.

7 We recorded a benefit related to our transition from a paper-based stamp card loyalty program to our current app-based loyalty rewards program.

8 During 2020, we incurred a series of one-time costs associated with the strategic decision to exit our internal merchandising business related to Dutch-branded goods such as mugs and cups. These costs include write-off and disposal of obsolete inventory and severance for staff dedicated to in-house support services related to our Dutchwear business.
9 Assumes the full exchange of our outstanding weighted-average shares of Class B and Class C common stock.


Reconciliation of Net loss per share of Class A and Class D common stock - diluted to Adjusted net income per fully exchanged share of common stock - diluted
Three Months Ended September 30,Nine Months Ended September 30,
(unaudited)2021202020212020
Net loss per share of Class A and Class D common stock - diluted$(0.15)N/A$(0.15)N/A
Removal of allocation for non-controlling and controlling interest 1
(0.54)(0.51)
Non-GAAP adjustments 2
0.76 0.92 
Adjusted Net income per fully exchanged share of common stock - diluted$0.07 N/A$0.26 N/A
___________
1 Represents the removal of the per share impacts for the allocation of our net income to non-controlling and controlling interests.

2 Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation of net income (loss) adjusted net income above.

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DE 001-40798 87-1041305 110 SW 4th Street 97526 Grants Pass, OR 541 955-4700 false false false false Class A Common Stock, par value $0.00001 per share BROS NYSE true false Explanatory NoteThe sole purpose of this amendment to the Current Report on Form 8-K filed with the Securities and Exchange Commission on November 10, 2021 is to (i) add supplemental non-GAAP disclosures of a reconciliation of (a) net loss per share of Class A and Class D common stock - diluted to adjusted net income per fully exchanged share of common stock - diluted and (b) weighted-average shares of Class A and Class D common stock outstanding - diluted to adjusted fully exchanged weighted-average shares of common stock outstanding - diluted and (ii) update the previously reported non-GAAP adjusted net income per share to include fully exchanged and diluted shares. These updates do not reflect the non-GAAP measure Adjusted net income as previously reported. XML 9 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Cover
Nov. 17, 2021
Cover [Abstract]  
Document Type 8-K/A
Entity Registrant Name DUTCH BROS INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-40798
Entity Tax Identification Number 87-1041305
Entity Address, Postal Zip Code 97526
Entity Address, Address Line One 110 SW 4th Street
Entity Address, State or Province OR
Entity Address, City or Town Grants Pass,
City Area Code 541
Local Phone Number 955-4700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, par value $0.00001 per share
Trading Symbol BROS
Security Exchange Name NYSE
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001866581
Amendment Flag true
Document Period End Date Nov. 17, 2021
Amendment Description Explanatory NoteThe sole purpose of this amendment to the Current Report on Form 8-K filed with the Securities and Exchange Commission on November 10, 2021 is to (i) add supplemental non-GAAP disclosures of a reconciliation of (a) net loss per share of Class A and Class D common stock - diluted to adjusted net income per fully exchanged share of common stock - diluted and (b) weighted-average shares of Class A and Class D common stock outstanding - diluted to adjusted fully exchanged weighted-average shares of common stock outstanding - diluted and (ii) update the previously reported non-GAAP adjusted net income per share to include fully exchanged and diluted shares. These updates do not reflect the non-GAAP measure Adjusted net income as previously reported.
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