Dutch Bros (BROS) Q1 FY2024 earnings: revenue $275 million, up 39.5% on the year

Dutch Bros Inc. (BROS) reported revenue of $275 million for Q1 FY2024, the quarter ended 31 March 2024, up 39.5% on the same quarter a year earlier. Net income was $7 million, and diluted earnings per share $0.08. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$275 millionup 39.5%

Net income$7 million

Diluted EPS$0.08

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	275	254	n/a	n/a
Cost of revenue	203	195	n/a	n/a
Gross profit	71.8	59.1	n/a	n/a
Gross margin	26.1%	23.3%	n/a
Selling, general and administrative	46.2	56.9	n/a	n/a
Operating income	25.6	2.2	n/a	n/a
Operating margin	9.3%	0.9%	n/a
Income tax	8.8	0.7	n/a	n/a
Net income	7.1	-1.4	n/a	n/a
Net margin	2.6%	-0.6%	n/a
Diluted EPS	$0.08	-$0.02	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	41.2	45.0	n/a	n/a
Capital expenditure	57.5	60.7	n/a	n/a
Free cash flow	-16.3	-15.7	n/a	n/a
Free cash flow margin	-5.9%	-6.2%	n/a
Cash from investing	-57.5	-59.8	n/a	n/a
Cash from financing	145	-1.4	n/a	n/a
Depreciation and amortisation	21.3	19.7	n/a	n/a
Share-based compensation	1.9	10.2	n/a	n/a
Diluted shares, weighted	83m	75m	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	417	364	n/a	n/a
Non-controlling interest	279	312	n/a	n/a
Debt	247	99.1	n/a	n/a
Operating lease liabilities	227	191	n/a	n/a
Finance lease liabilities	368	368	n/a	n/a
Other liabilities	535	430	n/a	n/a
Total liabilities and equity	2,073	1,764	n/a	n/a
Fixed assets	585	542	n/a	n/a
Goodwill	21.6	21.6	n/a	n/a
Intangible assets	4.6	5.4	n/a	n/a
Cash and equivalents	263	134	n/a	n/a
Receivables	11.7	9.1	n/a	n/a
Inventory	45.4	47.0	n/a	n/a
Other assets	1,142	1,005	n/a	n/a
Total assets	2,073	1,764	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-Q for the period ended 31 March 2024, filed 8 May 2024, accession 0001866581-24-000134: the filing on EDGAR. All of Dutch Bros Inc.'s filings: EDGAR company page.

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