Dutch Bros, Inc. (NYSE:BROS) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET
Company Participants
Paddy Warren - Director, IR at Corporate Development
Jonathan Ricci - CEO & Director
Christine Barone - President
Charley Jemley - CFO
Conference Call Participants
Jeffrey Bernstein - Barclays Bank
Sara Senatore - Bank of America Merrill Lynch
Jeffrey Farmer - Gordon Haskett
Rahul Krotthapalli - JPMorgan Chase & Co.
Nick Setyan - Wedbush Securities
Brian Mullan - Piper Sandler & Co.
Gregory Francfort - Guggenheim Securities
Operator
Ladies and gentlemen, greetings, and welcome to the Dutch Bros, Inc. Third Quarter 2020 Earnings 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].
It is now my pleasure to introduce your host, Paddy Warren, Director of IR at Corporate Development. Please go ahead.
Paddy Warren
Thank you. Good afternoon, and welcome. I'm joined by Joth Ricci, CEO; Christine Barone, President and Charley Jemley, CFO. We issued our earnings press release for the quarter ended September 30, 2023, after the market closed today. The earnings press release, along with the supplemental information deck have been posted to 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 facts are forward-looking statements and are subject to risks, uncertainties 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 measures are neither substitutes for nor superior to, measures that are prepared under GAAP. Please review the reconciliation 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.
Jonathan Ricci
Thank you, Paddy. Good afternoon, everyone. By all accounts, Q3 was a fantastic quarter, and we are extremely pleased with our unit openings, same shop sales, revenue and profitability results. We opened 39 new shops and system same-shop sales grew 4%. We delivered record performance since our IPO across both our top and bottom line with $265 million in revenue and $53 million in adjusted EBITDA, reflecting increases of 33% and 91%, respectively, year-over-year.