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 ...

Dutch Bros Inc. (NYSE:BROS) Q3 2022 Results Conference Call November 9, 2022 5:00 PM ET Company Participants Paddy Warren - Investor Relations Joth Ricci - President and CEO Charley Jemley - CFO Conference Call Participants Andrew Charles - Cowen Sara Senatore - Bank of America David Tarantino - Baird John Ivankoe - JP Morgan Nicole Miller - Piper Sandler Jeffrey Bernstein - Barclays Sharon Zackfia - William Blair Patrick Johnson - Stifel Operator Greetings, and welcome to the Dutch Bros Inc. Third Quarter ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-Q ______________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Title of Each Class Trading Symbol Name of Exchange on which Registered Class A Common Stock, par value $0.00001 per share BROS The New York Stock Exchange For the Quarterly Period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

Financial Data and Key Metrics Changes - The company reported revenue of $186.4 million for Q2 2022, a 44.2% increase from Q2 2021 [9] - Adjusted EBITDA for the quarter was $23.9 million, aligning with the company's expectations [15] - Company-operated shop contribution grew 20% year-over-year to $39.5 million, with a sequential margin improvement of 630 basis points from Q1 2022 [15][32] - Year-to-date consolidated revenue grew 48% [38] Business Line Data and Key Metrics Changes - Company-operated shop revenue increased 56% in Q2 to $161 million [38] - Same shop sales declined 3.3% in Q2, with a positive pricing benefit of approximately 5.3% [11][40] - The company opened 31 new shops in Q2, bringing the total to 336 company-operated shops, a 62% increase year-over-year [39] Market Data and Key Metrics Changes - The pressure on same-store sales was primarily driven by headwinds in California, where gas prices remained over 30% higher than the national average [11][70] - The company experienced a decline in visits from lower-income customers, with a 45% drop in traffic for households earning below $40,000 in California [72] Company Strategy and Development Direction - The company aims to open at least 130 new shops in 2022, with a long-term goal of reaching 4,000 shops in the next 10 to 15 years [10][16] - The market-entry strategy focuses on establishing operational scale quickly and balancing market demand [12] - The company is investing in technology to improve customer experience and expanding its Dutch Rewards program, which now has over 4 million users [25][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the dynamic macroeconomic environment but expressed confidence in the team's agility to navigate challenges [17] - The company plans to evaluate additional menu pricing actions in Q3 to address elevated input costs [14][30] - Management remains focused on long-term growth despite short-term headwinds, emphasizing the importance of brand strength and customer engagement [61] Other Important Information - The company celebrated its 600th shop opening and achieved $1 billion in trailing 12-month system-wide sales [35] - The Dutch Bros Foundation has been active in charitable contributions, raising over $2.3 million for ALS research [34] Q&A Session Summary Question: Discussion on promotions and targeted offers - Management confirmed successful execution of promotions around Blue Rebel and Freeze, leading to improved sales in June and July [63][65] Question: Inquiry about commodity inflation expectations - Management expects inflation to moderate to high single digits in the back half of the year, without including an additional price increase in guidance [64] Question: Clarification on same-store sales trends - Management noted that California's performance significantly impacted overall same-store sales, with a notable decline in lower-income customer visits [70][72] Question: Insights on productivity gains and margin improvements - Management highlighted that productivity gains contributed to margin improvements, with expectations for continued upward movement in margins for the second half of the year [78][81] Question: Unit growth and long-term guidance - Management reiterated plans to maintain mid-teens growth in new shop openings, emphasizing the importance of both new unit growth and market share expansion [96][99]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-Q ______________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Title of Each Class Trading Symbol Name of Exchange on which Registered Class A Common Stock, par value $0.00001 per share BROS The New York Stock Exchange For the Quarterly Period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECU ...

Dutch Bros Inc. (NYSE:BROS) Q1 2022 Earnings Conference Call May 11, 2022 5:00 PM ET Company Participants Paddy Warren - Director of IR & Corporate Development. Joth Ricci - President & CEO Charley Jemley - CFO Conference Call Participants Nicole Miller - Piper Sandler Sara Senatore - Bank of America John Ivankoe - JPMorgan Andy Barish - Jefferies Jeffrey Bernstein - Barclays David Tarantino - Robert W. Baird Sharon Zackfia - William Blair Andrew Charles - Cowen & Company Jeff Farmer - Gordon Haskett Operat ...

Title of Each Class Trading Symbol Name of Exchange on which Registered Class A Common Stock, par value $0.00001 per share BROS The New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-Q ______________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SEC ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ Title of Each Class Trading Symbol Name of Exchange on which Registered Class A Common Stock, par value $0.00001 per share BROS The New York Stock Exchange FORM 10-K ______________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...

Dutch Bros Inc. (NYSE:BROS) Q4 2021 Earnings Conference Call March 1, 2022 5:00 PM ET Company Participants Paddy Warren - Director of Investor Relations and Corporate Development. Joth Ricci - President and Chief Executive Officer Charley Jemley - Chief Financial Officer Conference Call Participants John Ivankoe - JPMorgan Chase Sara Senatore - Bank of America Merrill Lynch Andy Barish - Jefferies David Tarantino - Baird Jeff Bernstein - Barclays Andrew Charles - Cowen & Company Chris O'Cull - Stifel Nicol ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-Q ______________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Title of Each Class Trading Symbol Name of Exchange on which Registered Class A Common Stock, par value $0.00001 per share BROS The New York Stock Exchange For the Quarterly Period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...