Dutch Bros (BROS)

Company Profile

Dutch Bros is a high growth operator and franchisor of drive-thru shops that focus on serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. While espresso-based beverages are still at the core of what the company does, Dutch Bros now offers a wide variety of unique, customizable cold and hot beverages that delight a broad array of customers. Dutch Bros is more than just the products the company serves—it is dedicated to making a massive difference in the lives of its employees, customers and communities. This combination of hand-crafted and high-quality beverages, its unique drive-thru experience and its community-driven, people-first culture has allowed us to successfully open new shops and continue to share the “Dutch Luv” at 471 locations in 11 states as of June 30, 2021.

Company profile

Ticker

BROS

Exchange

Website

Incorporated

Location

Fiscal year end

Sector

Accommodation and Food Services > Food Service Contractors

Industry (SIC)

Retail - Eating & Drinking Places

Starbucks • Wendy`s • Dunkin Brands • Drive Shack • Cannae • Luckin Coffee • iPic Entertainment • Shake Shack • Amergent Hospitality • Muscle Maker ...

SEC CIK

0001866581

Corporate docs

Underwriting Agreements

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

Dutch Mafia, LLC • Boersma Bros. LLC • DB Franchising USA, LLC • DB Management Co. • Dutch Bros., LLC • Dutchwear, LLC • BB Holdings • BB Holdings NV, LLC • BB Holdings OK Group, LLC ...

IRS number

871041305

BROS stock data

1M 1Y 5Y

Analyst ratings and price targets

Last 3 months

Average target

$35.00

Low target

$31.00

High target

$37.00

Latest filings (excl ownership)

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S-8

Registration of securities for employees

27 Feb 23

Dutch Bros Inc. Reports Fourth Quarter and Fiscal Year 2022 Financial Results

22 Feb 23

8-K/A

Dutch Bros Inc. Reports Preliminary Fourth Quarter and Fiscal Year 2022 New Shop Openings and Same Shop Sales Results

12 Jan 23

8-K

Dutch Bros Inc. Reports Preliminary Fourth Quarter and Fiscal Year 2022 New Shop Openings and Same Shop Sales Results

9 Jan 23

8-K

Departure of Directors or Certain Officers

10 Nov 22

Dutch Bros Inc. Announces Third Quarter 2022 Financial Results

9 Nov 22

8-K

NIKE executive joins Dutch Bros Board of Directors

11 Aug 22

Transcripts

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BROS

Earnings call transcript

2022 Q4

22 Feb 23

BROS

Earnings call transcript

2022 Q3

10 Nov 22

BROS

Earnings call transcript

2022 Q2

11 Aug 22

BROS

Earnings call transcript

2022 Q1

12 May 22

BROS

Earnings call transcript

2021 Q4

2 Mar 22

BROS

Earnings call transcript

2021 Q3

11 Nov 21

Latest ownership filings

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TSG Consumer Partners LP

Financial summary

Financial statements Chart BROS financial data

Quarter (USD)	Dec 22	Sep 22	Jun 22	Mar 22
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 22	Dec 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	20.18 mm	20.18 mm	20.18 mm	20.18 mm	20.18 mm	20.18 mm
Cash burn (monthly)	4.80 mm	(no burn)	(no burn)	217.67 k	939.00 k	310.83 k
Cash used (since last report)	14.56 mm	n/a	n/a	660.69 k	2.85 mm	943.49 k
Cash remaining	5.62 mm	n/a	n/a	19.52 mm	17.33 mm	19.23 mm
Runway (months of cash)	1.2	n/a	n/a	89.7	18.5	61.9

Beta Read what these cash burn values mean

Financial data from Dutch Bros earnings reports.

Institutional ownership, Q4 2022

BROS institutional ownership history Ownership history

13F holders	Current	Prev Q	Change
Total holders	192	189	+1.6%
Opened positions	38	31	+22.6%
Closed positions	35	31	+12.9%
Increased positions	58	60	-3.3%
Reduced positions	50	53	-5.7%

13F shares	Current	Prev Q	Change
Total value	2.10 tn	5.58 bn	+37506.8%
Total shares	178.67 mm	177.89 mm	+0.4%
Total puts	1.29 mm	1.25 mm	+3.4%
Total calls	1.02 mm	1.00 mm	+1.3%
Total put/call ratio	1.3	1.2	+2.0%

Largest owners	Shares	Value	Change
TSG7 A Management	64.47 mm	$3.28 bn	0.0%
TSG Consumer Partners	53.49 mm	$1.51 tn	0.0%
Travis Boersma	39.30 mm	$0.00	0.0%
FMR	6.20 mm	$174.89 bn	+61.2%
Vanguard	3.43 mm	$96.61 bn	+23.3%
BEN Franklin Resources	1.28 mm	$36.21 bn	-3.7%
Marshall Wace	1.23 mm	$34.79 bn	-26.5%
BLK Blackrock	548.71 k	$15.47 bn	+7.9%
T. Rowe Price Investment Management	528.59 k	$14.97 bn	-30.5%
Clearbridge Advisors	525.53 k	$14.81 bn	+1.3%

Largest transactions	Shares	Bought/sold	Change
FMR	6.20 mm	+2.36 mm	+61.2%
Vanguard	3.43 mm	+646.61 k	+23.3%
Jane Street	12.94 k	-643.07 k	-98.0%
Citadel Advisors	269.10 k	-484.71 k	-64.3%
Marshall Wace	1.23 mm	-445.57 k	-26.5%
Balyasny Asset Management	12.55 k	-275.51 k	-95.6%
HBK Sorce Advisory	470.00 k	+235.00 k	+100.0%
T. Rowe Price Investment Management	528.59 k	-231.49 k	-30.5%
JHG Janus Henderson	0.00	-217.13 k	EXIT
Simplex Trading	0.00	-213.58 k	EXIT

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

BROS insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	#Shares	#Remaining
1 Mar 23	Joth Ricci	RSU Class A Common Stock	Grant	Acquire A	No	No	39,074	39,074
1 Mar 23	Christine Barone	RSU Class A Common Stock	Grant	Acquire A	No	No	58,612	58,612
1 Mar 23	Christine Barone	RSU Class A Common Stock	Grant	Acquire A	No	No	39,074	39,074
1 Mar 23	Jemley Charles	RSU Class A Common Stock	Grant	Acquire A	No	No	18,755	18,755
1 Mar 23	Brian Maxwell	RSU Class A Common Stock	Grant	Acquire A	No	No	14,066	14,066
1 Mar 23	Victoria J Tullett	RSU Class A Common Stock	Grant	Acquire A	No	No	14,066	14,066