Dutch Bros sees FY23 adjusted EBITDA $150M-$155M

The company said, “Dutch Bros is providing the following guidance for the year 2023: Our expectation for total system shop openings in 2023 remains unchanged. We expect to open at least 150 new shops, of which at least 130 will be company-operated. Our expectation for capital expenditures remains unchanged, which we expect to be in the range of $225 million to $250 million. This includes approximately $15 million to $20 million in spending in 2023 for a new roasting facility, which is projected to open in 2024. Our estimate of system same shop sales growth in the low single digits remains unchanged. Our expectation that revenue would be at the lower end of the range of $950 million to $1 billion remains unchanged. Given the strength of company-operated shops and continued SG&A leverage, we now estimate Adjusted EBITDA will be between $150 million to $155 million, up $15 million from last quarter. This reflects stronger than expected year-to-date profitability in Q3, partially offset by the increased shop labor investments in the range of $1.5 million to $2.0 million as well as certain investments we intend to make in business building activities throughout the fourth quarter.”