Dutch Bros Inc. (NYSE:BROS) Q4 2022 Earnings Conference Call February 22, 2023 5:00 PM ET
Company Participants
Paddy Warren - IR
Joth Ricci - CEO
Charley Jemley - CFO
Conference Call Participants
David Tarantino - Baird
Sharon Zackfia - William Blair
Chris O'Cull - Stifel
Andrew Charles - Cowen and Company
Sara Senatore - Bank of America
John Ivankoe - JPMorgan
Jeff Farmer - Gordon Haskett
Nick Setyan - Wedbush Securities
Gregory Francfort - Guggenheim Securities
Operator
Greetings, and welcome to the Dutch Bros Fourth Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Paddy Warren. Please go ahead.
Paddy Warren
Good afternoon, and welcome. I'm joined today by Joth Ricci, CEO; and Charley Jemley, CFO. We issued our earnings press release for the fourth quarter and year end December 31, 2022, after the market closed today. The earnings press release, along with the supplemental information deck, have also now been posted on our Investor Relations website at investors.dutchbros.com.
Please be aware that all statements in our prepared remarks and in response to your questions, other than those of historical fact are forward-looking statements and are subject to risks, uncertainty and assumptions that may cause actual results to differ materially. They are qualified by the cautionary statements in our earnings press release and the risk factors in our latest SEC filings, including our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. We assume no obligation to update any forward-looking statements.
We will also reference non-GAAP financial measures on today's call. As a reminder, non-GAAP financial measures are neither substitutes for or superior to measures that are prepared under GAAP. Please review the reconciliations of non-GAAP measures to comparable GAAP results in our earnings press release.
With that, I would now like to turn the call over to Joth.
Joth Ricci
Thank you, Paddy. Good afternoon, everyone. We appreciate your continued interest in Dutch Bros.
In 2022, we delivered another year of growth with 133 new shop openings systemwide, a testament to our team's ability to execute our proven strategy. Despite the well-documented economic disruption, we've exceeded our new shop development targets for the third consecutive year and have now doubled our shop count since March of 2019.