Dutch Bros, Inc. (NYSE:BROS) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET

Company Participants

Paddy Warren - Senior Director-Investor Relations and Capital Markets
Christine Barone - President and Chief Executive Officer
Charley Jemley - Chief Financial Officer

Conference Call Participants

John Ivankoe - JPMorgan
Andy Barish - Jefferies
Sharon Zackfia - William Blair
Patrick Johnson - Stifel
Brian Mullan - Piper Sandler
Sara Senatore - Bank of America
David Tarantino - Baird
Jeffrey Bernstein - Barclays
Nick Setyan - Wedbush Securities
Andrew Charles - TD Cowen
Jeff Farmer - Gordon Haskett
Dennis Geiger - UBS

Operator

Thank you for standing by and welcome to the Dutch Bros, Inc. First Quarter 2024 Earnings Conference Call and Webcast. This conference call and webcast are being recorded today, May 7, 2024 at 5:00 PM eastern Time and will be available for replay shortly after it has concluded. Following the company's presentation, we will open up the lines for questions. Instructions to queue up will be provided at that time.

I would now like to turn the conference over to Paddy Warren, Dutch Bros' Senior Director, Investor Relations and Capital Markets. Please go ahead.

Paddy Warren

Good afternoon and welcome. I'm joined by Christine Barone, CEO and President and Charley Jemley, CFO. We issued our earnings press release for the quarter ended March 31st, 2024, 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 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 Risk Factors in our latest SEC filings, including our most recent Annual Report on Form 10-K and our 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 Christine.

Christine Barone

Thank you, Paddy. Good afternoon, everyone. We delivered exceptional results in quarter one as the momentum we saw leaving 2023 continued into the new year. Headlining this performance was 10% same shop sales growth, the strongest single quarter since Q4 2021. We delivered $275 million in revenue, an increase of 39% year-over-year. These outstanding top-line results were coupled with excellent flow through as we delivered $53 million of adjusted EBITDA, an increase of 120% year-over-year.