Dutch Bros (BROS) Q4 FY2023 earnings: revenue $254 million, up 25.9% on the year

Dutch Bros Inc. (BROS) reported revenue of $254 million for Q4 FY2023, the quarter ended 31 December 2023, up 25.9% on the same quarter a year earlier. Net income was -$1 million, and diluted earnings per share $-0.02. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$254 millionup 25.9%

Net income-$1 million

Diluted EPS$-0.02

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	254	265	n/a	n/a
Cost of revenue	195	189	n/a	n/a
Gross profit	59.1	75.2	n/a	n/a
Gross margin	23.3%	28.4%	n/a
Selling, general and administrative	56.9	50.5	n/a	n/a
Operating income	2.2	24.7	n/a	n/a
Operating margin	0.9%	9.3%	n/a
Income tax	0.7	1.8	n/a	n/a
Net income	-1.4	4.2	n/a	n/a
Net margin	-0.6%	1.6%	n/a
Diluted EPS	-$0.02	$0.07	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	45.0	49.1	n/a	n/a
Capital expenditure	60.7	65.4	n/a	n/a
Free cash flow	-15.7	-16.4	n/a	n/a
Free cash flow margin	-6.2%	-6.2%	n/a
Cash from investing	-59.8	-65.4	n/a	n/a
Cash from financing	-1.4	142	n/a	n/a
Depreciation and amortisation	19.7	18.1	n/a	n/a
Share-based compensation	10.2	9.7	n/a	n/a
Diluted shares, weighted	75m	60m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	364	332	n/a	n/a
Non-controlling interest	312	339	n/a	n/a
Debt	99.1	98.1	n/a	n/a
Operating lease liabilities	191	182	n/a	n/a
Finance lease liabilities	368	348	n/a	n/a
Other liabilities	430	340	n/a	n/a
Total liabilities and equity	1,764	1,639	n/a	n/a
Fixed assets	542	499	n/a	n/a
Goodwill	21.6	21.6	n/a	n/a
Intangible assets	5.4	6.2	n/a	n/a
Cash and equivalents	134	150	n/a	n/a
Receivables	9.1	9.1	n/a	n/a
Inventory	47.0	50.3	n/a	n/a
Other assets	1,005	903	n/a	n/a
Total assets	1,764	1,639	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	265	254	275	325	338	343	355	416	424	444	464	551
Cost of revenue	189	195	203	235	248	255	265	296	317	336	357	400
Gross profit	75.2	59.1	71.8	90.3	90.1	88.0	90.0	120	107	107	107	151
Gross margin	28%	23%	26%	28%	27%	26%	25%	29%	25%	24%	23%	27%
SG&A	50.5	56.9	46.2	58.1	57.5	72.2	58.9	65.4	65.3	73.2	73.2	80.7
Operating income	24.7	2.2	25.6	32.2	32.5	15.8	31.1	54.7	41.5	34.0	34.3	70.4
Operating margin	9%	1%	9%	10%	10%	5%	9%	13%	10%	8%	7%	13%
Net income	4.2	-1.4	7.1	11.9	12.6	3.6	15.4	25.6	17.5	21.4	16.1	37.4
Net margin	2%	-1%	3%	4%	4%	1%	4%	6%	4%	5%	3%	7%
Diluted EPS	$0.07	-$0.02	$0.08	$0.12	$0.11	$0.03	$0.13	$0.20	$0.14	$0.17	$0.13	$0.28
Operating cash flow	49.1	45.0	41.2	59.5	83.5	62.2	36.9	89.9	89.1	79.6	84.7	112
Capital expenditure	65.4	60.7	57.5	64.4	57.1	42.8	45.6	54.2	70.2	71.2	57.0	72.3
Free cash flow	-16.4	-15.7	-16.3	-4.9	26.4	19.5	-8.7	35.7	18.9	8.5	27.7	39.9
Shares outstanding	n/a	n/a	n/a	n/a	n/a	154m	n/a	n/a	n/a	n/a	n/a	n/a
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0001866581-24-000038: the filing on EDGAR. All of Dutch Bros Inc.'s filings: EDGAR company page.

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