Dutch Bros Results Presentation Deck
ADJUSTED EBITDA RECONCILIATION
($ in thousands)
Net income (loss)
Depreciation and amortization
Interest expense, net
Income tax expense (benefit)
EBITDA
Equity-based compensation
Expenses associated w/IPO
Donations associated w/IPO
COVID-19: "thank you pay" and catastrophic leave
COVID-19: prepaid costs not utilized
Milestone events
Executive transition costs
TRA remeasurement
Adjusted EBITDA
Adjusted EBITDA margin
Q1
Q2
$(4,822) $11,889
5,350
1,017
43
5,681
1,838
521
$ 1,588
14,650
76
2021 ¹
2,371
$ 19,929
8,332
2,253
185
Q3
$(116,830) $ (8,168)
6,696
7,490
2,393
1,845
2,489
(912) (214)
255 $(4,822) $13,269
(1,280)
$(109,021) $
124,779
3,332
1,392
9,900
10,446
473
Q4
$ 18,685 $ 30,699 $ 20,955
18.9 % 23.8 % 16.1%
9,955
862
2,400
321
Q1
$ 13,793
9.8 %
Q2
950
1,200
2,434
2022
Q3
224
227
Q4
25,217
44,728
18,018
$(16,279) $ (1,751) $ 1,594 $(2,817) $ (117,931) $ (19,253)
9,182 10,539 11,810 13,197
3,596 5,011 6,922
(3,371) 5,299
$ 15,044 $22,601 $ (87,249) $
10,649 10,662
7,093
(1,628)
885
2,599
46,092
41,657
1,910
$ 9,662 $ 23,939 $ 27,830
6.4 % 12.8 % 14.0 %
67
1,105
Year Ended December 31,
2021
14.7%
157,716
6,523
3,792
3,350
691
(5,376)
$29,750 $ 84,132 $
16.9 %
2022
1,468
2,305
2,434
691
(3,466)
91,181
12.3 %
1 Refer to NOTE 2 Basis of Presentation and Summary of Significant Accounting Policies on our Annual Report on Form 10-K and statements of operations on our fourth quarter 2022 earnings press release for the three months and year ended
December 31, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave accrual.
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