Dutch Bros Inc. (NYSE:BROS) Q4 2023 Earnings Conference Call February 21, 2024 4:30 PM ET

Company Participants

Paddy Warren - Director, Investor Relations & Corporate Development

Christine Barone - Chief Executive Officer & President

Charley Jemley - Chief Financial Officer

Conference Call Participants

Andrew Charles - TD Cowen

Jeffrey Bernstein - Barclays

Chris O'Cull - Stifel

Sara Senatore - Bank of America

David Tarantino - Robert W. Baird

John Ivankoe - JPMorgan

Jeff Farmer - Gordon Haskett

Andy Barish - Jefferies

Nick Setyan - Wedbush Securities

Operator

Thank you for standing by and welcome to the Dutch Brothers Inc. Fourth Quarter And Fiscal Year 2023 Earnings Conference Call and Webcast. This conference call and webcast are being recorded today Wednesday, February 21, 2024 at 4:30 PM Eastern Time and will be available for replay shortly after just concluded. Following the company's presentation, we will open up the lines for questions and instructions for queuing up will be provided at that time.

I would now like to turn the call over to Paddy Warren, Dutch Brothers' Director, Investor Relations and Corporate Development. Please go ahead sir.

Paddy Warren

Good afternoon and welcome. I'm joined by Christine Barone, CEO and President; Charley Jemley, CFO. We issued our earnings press release for the fourth quarter and year ended December 31, 2023 after the market closed today. The earnings press release along with supplemental information deck has been posted to our Investor Relations website at investors.dutchbros.com.

Please be aware that all statements in our prepared remarks and in responses to your questions, other than those of historical fact 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 substitute 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 Christine.

Christine Barone

Thank you, Paddy. Good afternoon, everyone. We had an exceptional 2023 and we entered 2024 with great momentum. Revenue grew 31% year-over-year and adjusted EBITDA grew an outstanding 76% from 2022. We opened 159 shops of which 146 were company operated. In Q4, we opened 37 new shops, marking our 10th consecutive quarter of 30 or more new shop openings and demonstrating the more remarkable consistency of our growth story.