As of September 30, 2024, Dutch Bros Inc. reported significant financial growth compared to the previous fiscal period. The company’s total revenues for the third quarter reached $338.2 million, a 27.9% increase from $264.5 million in Q3 2023. For the nine months ended September 30, 2024, total revenues were $938.2 million, up from $711.7 million in the same period last year. This growth was primarily driven by a 30.4% increase in revenues from company-operated shops, which generated $308.3 million in Q3 2024, compared to $236.5 million in Q3 2023.
Net income for Q3 2024 was $21.7 million, reflecting a 62.1% increase from $13.4 million in Q3 2023. For the nine months ended September 30, 2024, net income surged to $60.1 million, compared to $13.7 million in the prior year. The net income attributable to Dutch Bros Inc. also saw substantial growth, reaching $12.6 million in Q3 2024, up from $4.2 million in Q3 2023, and $31.6 million for the nine months, compared to $3.1 million in the same period last year.
The company’s operational efficiency improved, with income from operations for Q3 2024 at $32.5 million, up from $24.7 million in Q3 2023. The segment contribution from company-operated shops also increased, reaching $90.8 million in Q3 2024, compared to $73.3 million in Q3 2023.
Dutch Bros Inc. has expanded its footprint, operating 950 coffee shops across 18 U.S. states as of September 30, 2024, with 645 being company-operated and 305 franchised. The company opened 103 new company-operated shops during the nine months ended September 30, 2024.
Financially, the company reported cash and cash equivalents of $281.1 million, a significant increase from $133.5 million at the end of 2023. Total assets rose to $2.4 billion from $1.8 billion, while total liabilities increased to $1.7 billion from $1.1 billion, largely due to a rise in long-term debt, which reached $224.4 million compared to $93.2 million at the end of 2023.
In terms of strategic developments, Dutch Bros announced an organizational realignment and restructuring plan in January 2024, which will relocate approximately 40% of its support operations staff to Phoenix, Arizona, by January 1, 2025. This initiative is expected to incur costs between $18 million and $22 million.
The company also amended its senior secured credit facility in August 2023, increasing its borrowing capacity by $150 million, totaling $650 million. As of September 30, 2024, Dutch Bros had $237.8 million outstanding on its term loan facilities, with no amounts drawn on its revolving credit facility.
About Dutch Bros Inc.
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