0001866581-23-000110 | 10-Q | XBRL Viewer

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Financial Statements PresentationThe Company’s condensed consolidated financial statements as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC, consistent in all material respects with those applied in the Company’s 2022 Form 10-K and as updated by this Form 10-Q

Use of Estimates

The Company has made estimates and judgments affecting the amounts reported in its condensed consolidated financial statements and the accompanying notes. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could differ from those estimates. This report should be read in conjunction with the consolidated financial statements in the Company’s 2022 Form 10-K that includes additional information on accounting estimates, policies, and the methods and assumptions used in its estimates.In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s consolidated financial statements for the periods presented. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023.

Advertising Expense

Advertising expense was as follows for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Advertising expense	$	6,867	$	7,058	$	13,037	$	14,682

Recently Adopted Accounting Standard

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update provide specific guidance to address diversity in practice related to (1) recognition of an acquired contract liability, and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 are applied on a prospective basis, and are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company’s adoption of this standard effective January 1, 2023 did not have a material impact on its condensed consolidated financial statements.

Fair Value Measurements

The Company’s condensed consolidated financial statements include cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities, for which the carrying amounts approximate fair value due to their short-term maturity. The fair value of the Company’s variable-rate term loan and revolving loans approximate their carrying amounts; these debt instruments are designated as Level 2 within the fair value hierarchy. The Company’s cost of borrowing is variable and approximates current market rates.

Non-Controlling Interests - Summary of changes in ownership of LLC (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Noncontrolling Interest [Line Items]
Net income (loss) attributable to Dutch Bros Inc.	$ 2,752	$ (906)	$ (1,090)	$ (5,853)
Other comprehensive income:
Unrealized loss on derivative securities, effective portion, net of income tax benefit	1,097	566	255	566
Transfers from (to) non-controlling interests:
Decrease in accumulated deficit as a result of the adoption of ASC 842	0	0	0	386
Increase in additional paid-in capital as a result of equity-based compensation	3,545	3,305	6,745	6,427
Decrease in additional paid-in capital as a result of common stock issuances pursuant to vesting of equity awards, net of stock withheld for tax	0	0	(661)	(1,145)
Increase in additional paid-in capital as a result of the acquisition of Dutch Bros OpCo Class A common units	68	52	1,122	4,880
Total effect of changes in ownership interest on equity attributable to Dutch Bros Inc.	6,680	2,596	6,208	4,840
Accumulated Other Comprehensive Income
Other comprehensive income:
Unrealized loss on derivative securities, effective portion, net of income tax benefit	$ 315	$ 145	$ 92	$ 145

Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

NOTE 5 — Inventories

Inventories, net consist of the following:



(in thousands)	June 30, 2023		December 31, 2022
Raw materials	$	30,471	$	21,335
Finished goods	17,137		17,894
Total inventories	$	47,608	$	39,229

As of June 30, 2023 and December 31, 2022, reserves for inventories were $0.1 million and $0.1 million, respectively.

Debt - Maturity schedule (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Remainder of 2023	$ 1,306
2024	4,491
2025	6,998
2026	13,256
2027	71,295
Thereafter	1,383
Total debt	$ 98,729

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Subsequent Event (Details) - USD ($)	Aug. 04, 2023	Aug. 03, 2023	Feb. 28, 2022
The 2022 Credit Facility
Subsequent Event [Line Items]
Borrowing capacity			$ 500,000,000
The 2022 Credit Facility \| Revolving Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Borrowing capacity			250,000,000
The 2022 Credit Facility \| Bridge Loan \| Line of Credit
Subsequent Event [Line Items]
Borrowing capacity			15,000,000
The 2022 Credit Facility \| Letter of Credit \| Line of Credit
Subsequent Event [Line Items]
Borrowing capacity			$ 50,000,000
The 2022 Credit Facility \| Subsequent event \| Line of Credit
Subsequent Event [Line Items]
Increase in borrowing capacity	$ 150,000,000
The 2022 Credit Facility \| Subsequent event \| Revolving Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Borrowing capacity		$ 250,000,000
The 2023 Credit Facility \| Subsequent event \| Line of Credit
Subsequent Event [Line Items]
Borrowing capacity	650,000,000
The 2023 Credit Facility \| Subsequent event \| Revolving Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Borrowing capacity	350,000,000
The 2023 Credit Facility \| Subsequent event \| Term Loan Facility \| Line of Credit
Subsequent Event [Line Items]
Borrowing capacity	100,000,000
The 2023 Credit Facility \| Subsequent event \| Delayed Draw Term Loan Facility \| Line of Credit
Subsequent Event [Line Items]
Borrowing capacity	$ 200,000,000	150,000,000
The 2023 Credit Facility \| Subsequent event \| Bridge Loan \| Line of Credit
Subsequent Event [Line Items]
Borrowing capacity		15,000,000
The 2023 Credit Facility \| Subsequent event \| Letter of Credit \| Line of Credit
Subsequent Event [Line Items]
Borrowing capacity		$ 50,000,000

Leases - Additional lease information (Details)	Jun. 30, 2023
Leases [Abstract]
Weighted-average remaining lease term (years), Finance leases	16 years 2 months 12 days
Weighted-average remaining lease term (years), Operating leases	14 years 8 months 12 days
Weighted-average discount rate (percentages), Finance leases	5.50%
Weighted-average discount rate (percentages), Operating leases	4.40%

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Class A common stock	Class B common stock	Class C common stock	Class D common stock	Common Stock Class A common stock	Common Stock Class B common stock	Common Stock Class C common stock	Common Stock Class D common stock	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Non-Controlling Interests	Non-Controlling Interests Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Dec. 31, 2021							34,433,000	64,699,000	49,006,000	15,441,000
Beginning balance at Dec. 31, 2021	$ 213,729	$ 1,343					$ 0	$ 1	$ 1	$ 0	$ 107,193	$ 0	$ (12,679)	$ 386	$ 119,213	$ 957
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(18,030)												(5,853)		(12,177)
Unrealized gain (loss) on derivative securities, effective portion, net of income tax (benefit) expense	566											145			421
Equity-based compensation expense	20,346										6,427				13,919
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures (in shares)							125,000
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures	(3,900)										(1,145)				(2,755)
Tax impact of other equity-based compensation transactions	9,183										9,183
Effect of exchange of Dutch Bros OpCo Class A common units	0										4,880				(4,880)
Surrender and cancellation of Class C & D common stock (in shares)							5,000,000		3,620,000	1,379,000
Ending balance (in shares) at Jun. 30, 2022							39,558,000	64,699,000	45,386,000	14,062,000
Ending balance at Jun. 30, 2022	223,237						$ 0	$ 1	$ 1	$ 0	126,538	145	(18,146)		114,698
Beginning balance (in shares) at Mar. 31, 2022							39,557,000	64,699,000	45,386,000	14,062,000
Beginning balance at Mar. 31, 2022	213,450						$ 0	$ 1	$ 1	$ 0	122,655	0	(17,240)		108,033
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,751)												(906)		(845)
Unrealized gain (loss) on derivative securities, effective portion, net of income tax (benefit) expense	566											145			421
Equity-based compensation expense	10,446										3,305				7,141
Tax impact of other equity-based compensation transactions	526										526
Effect of exchange of Dutch Bros OpCo Class A common units	0										52				(52)
Ending balance (in shares) at Jun. 30, 2022							39,558,000	64,699,000	45,386,000	14,062,000
Ending balance at Jun. 30, 2022	223,237						$ 0	$ 1	$ 1	$ 0	126,538	145	(18,146)		114,698
Beginning balance (in shares) at Dec. 31, 2022			45,544,000	64,699,000	41,056,000	12,411,000	45,544,000	64,699,000	41,056,000	12,411,000
Beginning balance at Dec. 31, 2022	251,976						$ 1	$ 1	$ 0	$ 0	145,613	813	(17,310)		122,858
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	320												(1,090)		1,410
Unrealized gain (loss) on derivative securities, effective portion, net of income tax (benefit) expense	255										(19)	92			182
Equity-based compensation expense	19,319										6,745				12,574
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures (in shares)							130,000
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures	(1,895)										(661)				(1,234)
Tax impact of other equity-based compensation transactions	100										100
Effect of exchange of Dutch Bros OpCo Class A common units	0										1,122				(1,122)
Ending balance (in shares) at Jun. 30, 2023			45,674,000	64,699,000	41,056,000	12,411,000	45,674,000	64,699,000	41,056,000	12,411,000
Ending balance at Jun. 30, 2023	270,075						$ 1	$ 1	$ 0	$ 0	152,900	905	(18,400)		134,668
Beginning balance (in shares) at Mar. 31, 2023							45,666,000	64,699,000	41,056,000	12,411,000
Beginning balance at Mar. 31, 2023	248,703						$ 1	$ 1	$ 0	$ 0	148,873	590	(21,152)		120,390
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	9,711												2,752		6,959
Unrealized gain (loss) on derivative securities, effective portion, net of income tax (benefit) expense	1,097										(1)	315			783
Equity-based compensation expense	10,149										3,545				6,604
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures (in shares)							8,000
Tax impact of other equity-based compensation transactions	415										415
Effect of exchange of Dutch Bros OpCo Class A common units	0										68				(68)
Ending balance (in shares) at Jun. 30, 2023			45,674,000	64,699,000	41,056,000	12,411,000	45,674,000	64,699,000	41,056,000	12,411,000
Ending balance at Jun. 30, 2023	$ 270,075						$ 1	$ 1	$ 0	$ 0	$ 152,900	$ 905	$ (18,400)		$ 134,668

Inventories - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory valuation reserves	$ 0.1	$ 0.1

Non-Controlling Interests (Tables)

6 Months Ended

Jun. 30, 2023

Noncontrolling Interest [Abstract]

Schedule of ownership interest

The following table summarizes the ownership interest in Dutch Bros OpCo:


	June 30, 2023
(in thousands)	OpCo Units	Ownership %
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.1	58,085	35.5	%
Dutch Bros OpCo Class A common units held by non-controlling interest holders	105,756	64.5	%
Total Dutch Bros OpCo Class A common units outstanding	163,841	100.0	%

_________________

1 Includes approximately 1.3 million Dutch Bros OpCo Class A common units related to unvested restricted stock awards held by former Profits Interest Units holders. These Dutch Bros OpCo Class A common units are excluded from non-controlling interest calculations.

Schedule of changes in ownership

The following table summarizes the effect of changes in ownership of Dutch Bros OpCo on the Company’s equity for the periods presented:


(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss) attributable to Dutch Bros Inc.	$	2,752	$	(906)	$	(1,090)	$	(5,853)
Other comprehensive income:
Unrealized gain on derivative securities, effective portion, net of income tax expense	315		145		92		145
Transfers from (to) non-controlling interests:

Decrease in accumulated deficit as a result of the adoption of ASC 842	—		—		—		386
Increase in additional paid-in capital as a result of equity-based compensation	3,545		3,305		6,745		6,427
Decrease in additional paid-in capital as a result of common stock issuances pursuant to vesting of equity awards, net of stock withheld for tax	—		—		(661)		(1,145)
Increase in additional paid-in capital as a result of the acquisition of Dutch Bros OpCo Class A common units	68		52		1,122		4,880
Total effect of changes in ownership interest on equity attributable to Dutch Bros Inc.	$	6,680	$	2,596	$	6,208	$	4,840

Schedule of non-controlling interest holders' weighted-average ownership percentage

The non-controlling interest holders’ weighted-average ownership percentage were as follows for the periods presented:


	Three Months Ended June 30,			Six Months Ended June 30,
	2023		2022	2023		2022
Weighted-average ownership percentage	65.1	%	68.4%	65.1	%	69.2%

Leases - Future minimum lease payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finance
Remainder of 2023	$ 13,718
2024	27,599
2025	28,285
2026	28,573
2027	29,239
Thereafter	373,221
Total	500,635
Less: imputed interest	(175,383)
Present value of minimum lease payments	325,252
Less: current portion	(9,867)	$ (7,971)
Finance lease liabilities, net of current portion	315,385	237,130
Operating
Remainder of 2023	8,462
2024	17,196
2025	16,944
2026	16,786
2027	16,465
Thereafter	171,244
Total	247,097
Less: imputed interest	(68,041)
Present value of minimum lease payments	179,056
Less: current portion	(9,612)	(9,317)
Operating lease liabilities, net of current portion	$ 169,444	$ 161,228

Non-Controlling Interests - Narrative (Details)	Jun. 30, 2023 $ / shares
Class A common stock \| Public Stock Offering - Shares From Continuing Members
Noncontrolling Interest [Line Items]
Number of shares issued in reorganization transaction	$ 1

Intangible Assets and Goodwill - Summary of intangible assets amortization expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cost of sales
Finite-Lived Intangible Assets [Line Items]
Cost of sales	$ 858	$ 1,042	$ 1,769	$ 1,957

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of vendor incentives and advertising costs

Advertising expense was as follows for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Advertising expense	$	6,867	$	7,058	$	13,037	$	14,682

Debt - Narrative (Details) - USD ($)		6 Months Ended
Debt - Narrative (Details) - USD ($)	Feb. 28, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Line of Credit Facility [Line Items]
Proceeds from line of credit		$ 70,000,000	$ 82,705,000
Long-term debt		98,729,000
The 2022 Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity	$ 500,000,000
The 2022 Credit Facility \| Secured Debt
Line of Credit Facility [Line Items]
Delayed draw term loan facility	150,000,000
Borrowing capacity on term loan	100,000,000
Increase to borrowing capacity	$ 150,000,000
Term of credit facility	5 years
Amount drawn on credit facility	$ 100,000,000
Long-term debt		96,900,000
Balance outstanding on line of credit facility		96,875,000		$ 98,125,000
The 2022 Credit Facility \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	250,000,000
Proceeds from line of credit	$ 28,000,000
Balance outstanding on line of credit facility		182,700,000
Remaining borrowing capacity		$ 67,300,000
Interest rate on term loan		7.45%
Interest rate on line of credit facility		7.47%
The 2022 Credit Facility \| Revolving Credit Facility \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.20%
The 2022 Credit Facility \| Revolving Credit Facility \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.45%
The 2022 Credit Facility \| Letter of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	$ 50,000,000
The 2022 Credit Facility \| Bridge Loan \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	$ 15,000,000

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Summary of finance and operation lease right-of-use assets and lease liabilities

A summary of finance and operating lease right-of-use assets and lease liabilities as of June 30, 2023 is as follows:


(in thousands)	Balance Sheet Classification	June 30, 2023		December 31, 2022
Right-of-use assets
Finance leases	Finance lease right-of-use assets, net	$	332,790	$	247,943
Operating leases	Operating lease right-of-use assets, net	177,605		169,302
Total right-of-use assets		$	510,395	$	417,245

Lease liabilities
Finance leases	Current portion of finance lease liabilities	$	9,867	$	7,971
	Finance lease liabilities, net of current portion	315,385		237,130

Operating leases	Current portion of operating lease liabilities	9,612		9,317
	Operating lease liabilities, net of current portion	169,444		161,228
Total lease liabilities		$	504,308	$	415,646

A summary of lease terms and discount rates for finance and operating leases is as follows:


						June 30, 2023
Weighted-average remaining lease term (years)
Finance leases						16.2
Operating leases						14.7

Weighted-average discount rate (percentages)
Finance leases						5.5%
Operating leases						4.4%

Summary of components of lease cost

The components of lease cost were as follows for the periods presented:


		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Statement of Operations Classification	2023		2022		2023		2022
Finance lease cost
Amortization of right-of-use assets	Cost of sales	$	5,107	$	2,604	$	9,453	$	4,798
Interest on lease liabilities	Interest expense	4,134		2,056		7,589		3,779
Total finance lease cost		9,241		4,660		17,042		8,577


Operating lease cost	Cost of sales	4,686		4,034		9,198		$	7,881






Variable lease cost	Cost of sales	1,066		566		2,444		1,059
Total lease cost		$	14,993	$	9,260	$	28,684	$	17,517

Summary of future minimum lease payments for financing lease liabilities

Future minimum lease payments for finance and operating lease liabilities as of June 30, 2023 are as follows:


(in thousands)	Finance		Operating
Remainder of 2023	$	13,718	$	8,462
2024	27,599		17,196
2025	28,285		16,944
2026	28,573		16,786
2027	29,239		16,465

Thereafter	373,221		171,244
Total	$	500,635	$	247,097
Less: imputed interest	(175,383)		(68,041)
Present value of minimum lease payments	325,252		179,056
Less: current portion	(9,867)		(9,612)
Lease liabilities, net of current portion	$	315,385	$	169,444

Summary of future minimum lease payments for operating lease liabilities

Future minimum lease payments for finance and operating lease liabilities as of June 30, 2023 are as follows:


(in thousands)	Finance		Operating
Remainder of 2023	$	13,718	$	8,462
2024	27,599		17,196
2025	28,285		16,944
2026	28,573		16,786
2027	29,239		16,465

Thereafter	373,221		171,244
Total	$	500,635	$	247,097
Less: imputed interest	(175,383)		(68,041)
Present value of minimum lease payments	325,252		179,056
Less: current portion	(9,867)		(9,612)
Lease liabilities, net of current portion	$	315,385	$	169,444

Schedule of cash flow, supplemental disclosures

Supplemental cash flow information related to leases as of June 30, 2023 is as follows for the periods presented:


	Six Months Ended June 30,
(in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	7,589	$	3,779
Operating cash flows from operating leases	8,696		7,471
Financing cash flows from finance leases	7,049		1,789
Right-of-use assets obtained in exchange for lease obligations1:
Finance leases	87,201		90,947
Operating leases	13,495		163,511

________________

1 The 2022 amounts include the transition adjustment for the adoption of ASU 2016-02, as amended.

Debt - Schedule of debt instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Finance obligation	$ 1,383	$ 1,379
Total debt	98,729	100,028
Less: loan origination fees	(985)	(1,122)
Less: current portion	(3,238)	(2,609)
Long-term debt, net of current portion	94,506	96,297
Secured Debt \| The 2022 Credit Facility
Line of Credit Facility [Line Items]
Term loan under credit facility	96,875	98,125
Unsecured Debt
Line of Credit Facility [Line Items]
Unsecured note payable	$ 471	$ 524

Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

NOTE 7 — Intangible Assets and Goodwill

Intangible Assets

The details of the intangible assets are as follows:



(in thousands)	Weighted-average amortization period (in years)	June 30, 2023		December 31, 2022
Reacquired franchise rights	3.27	$	27,049	$	27,049
Less: accumulated amortization		(20,014)		(18,245)
Intangibles, net		$	7,035	$	8,804

Amortization expense included in the Company’s condensed consolidated statements of operations was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cost of sales	$	858	$	1,042	$	1,769	$	1,957

The estimated future amortization expense of the reacquired franchise rights as of June 30, 2023 is as follows:


(in thousands)
Remainder of 2023	$	1,620
2024	2,469
2025	1,435
2026	681
2027	383

Thereafter	447
Total	$	7,035

Goodwill

Goodwill is allocated entirely to the Company-operated shops segment. The carrying amount and activity of goodwill was as follows:


(in thousands)


Balance, December 31, 2022	$	21,629
Business combinations	—
Balance, June 30, 2023	$	21,629

No impairment charges were recognized for the three and six months ended June 30, 2023 and 2022.

Property and Equipment - Summary of property and equipment depreciation expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation	$ 10,551,000	$ 6,893,000	$ 20,073,000	$ 12,966,000
Goodwill, impairment charges	0	0	0	0
Cost of sales
Property, Plant and Equipment [Line Items]
Depreciation	10,136,000	6,180,000	19,246,000	11,554,000
Selling, general and administrative expenses
Property, Plant and Equipment [Line Items]
Depreciation	$ 415,000	$ 713,000	$ 827,000	$ 1,412,000

Equity and Equity-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Equity and Equity-Based Compensation

NOTE 13 — Equity and Equity-Based Compensation

Equity Awards

As of June 30, 2023, the Company had equity-based compensation awards outstanding consisting of RSAs and RSUs.

Restricted Stock Awards

Activity for the Company’s RSAs was as follows:


(in thousands, except per share amounts)	Restricted Stock Awards	Weighted-average grant date fair value per share



Balance, December 31, 2022	2,667	$	23.00


Vested	(1,333)	23.00
Forfeitures	(18)	23.00
Balance, June 30, 2023	1,316	$	23.00

Restricted Stock Units

Activity for the Company’s RSUs was as follows:


(in thousands, except per share amounts)	Restricted Stock Units	Weighted-average grant date fair value per share



Balance, December 31, 2022	583	$	44.34

New grants	419	31.51
Vested	(217)	42.30
Forfeitures	(158)	43.46
Balance, June 30, 2023	627	$	36.70

Total release date fair value of vested restricted stock awards and units for the six months ended June 30, 2023 and 2022 are presented below.


(in thousands, except per share amounts)	Six Months Ended June 30, 2023		Weighted-average vest date fair value per share		Six Months Ended June 30, 2022		Weighted-average vest date fair value per share
Restricted stock awards	$	36,451	$	27.34	$	69,604	$	52.21
Restricted stock units	5,907		27.17		10,442		52.34

Equity-Based Compensation

Equity-based compensation expense is recognized on a straight-line basis and is included in the Company’s condensed consolidated statements of operations as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022

Selling, general, and administrative expenses	$	10,149	$	10,446	$	19,319	$	20,346

As of June 30, 2023, total unrecognized stock-based compensation related to unvested stock awards was $34.2 million, which will be recognized as follows:


(in thousands)
Remainder of 2023	$	20,193

2024	8,061
2025	5,129
2026	850


Total unrecognized stock-based compensation	$	34,233

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

NOTE 2 — Basis of Presentation and Summary of Significant Accounting Policies

Financial Statements Presentation

The Company’s condensed consolidated financial statements as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC, consistent in all material respects with those applied in the Company’s 2022 Form 10-K and as updated by this Form 10-Q.

In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s consolidated financial statements for the periods presented. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023.

Significant Accounting Policies Updates

Advertising Expense

Advertising expense was as follows for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Advertising expense	$	6,867	$	7,058	$	13,037	$	14,682

Recently Adopted Accounting Standard

Revenue Recognition - Deferred revenue activity related to the Company’s gift card and loyalty programs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Change In Contract With Customer, Liability [Roll Forward]
Less: current portion	$ (22,300)		$ (25,335)
Deferred revenue, net of current portion, gift card and loyalty programs	5,956		6,119
Card, reward redemptions and breakage
Change In Contract With Customer, Liability [Roll Forward]
Beginning balance	26,904	$ 22,765
Revenue deferred - gift card activations, loyalty app loads, and loyalty points and rewards earned	167,556	118,685
Revenue recognized - gift card, loyalty app, and loyalty rewards redemptions, and breakage	(168,598)	(115,010)
Ending balance	25,862	26,440	$ 26,904
Less: current portion	(21,875)	(23,750)
Deferred revenue, net of current portion, gift card and loyalty programs	$ 3,987	$ 2,690

Leases - Nature of Leases (Details)	6 Months Ended
Leases - Nature of Leases (Details)	Jun. 30, 2023 renewal
Real Estate \| Real Estate Lease, Five Year Renewal Option
Lessee, Lease, Description [Line Items]
Term of lease renewals	5 years
Land \| Ground Lease, Five Year Renewal Option
Lessee, Lease, Description [Line Items]
Number of renewal options	1
Term of lease renewals	5 years
Minimum \| Real Estate
Lessee, Lease, Description [Line Items]
Initial terms of real estate leases	15 years
Minimum \| Real Estate \| Real Estate Lease, Five Year Renewal Option
Lessee, Lease, Description [Line Items]
Number of renewal options	2
Maximum \| Real Estate \| Real Estate Lease, Five Year Renewal Option
Lessee, Lease, Description [Line Items]
Number of renewal options	3

Income (Loss) Per Share - Computation of basic and diluted loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss) attributable to Dutch Bros Inc.	$ 2,752	$ (906)	$ (1,090)	$ (5,853)
Denominator:
Weighted-average number of shares of Class A and Class D common stock outstanding - basic (in shares)	56,734	50,926	56,699	49,500
Basic net income (loss) per share attributable to common stockholders (in dollars per share)	$ 0.05	$ (0.02)	$ (0.02)	$ (0.12)
Numerator:
Net income (loss) attributable to Dutch Bros Inc.	$ 2,752	$ (906)	$ (1,090)	$ (5,853)
Increase in net income (loss) attributable to common stockholders upon conversion of potentially dilutive instruments	30	0	0	0
Allocation of undistributed net income (loss)	$ 2,782	$ (906)	$ (1,090)	$ (5,853)
Denominator:
Weighted-average number of shares of Class A and Class D common stock outstanding - basic (in shares)	56,734	50,926	56,699	49,500
Weighted-average number of shares of Class A and Class D common stock outstanding (in shares)	57,428	50,926	56,699	49,500
Diluted net income (loss) per share attributable to common stockholders (in dollars per share)	$ 0.05	$ (0.02)	$ (0.02)	$ (0.12)
Restricted stock awards
Denominator:
Weighted-average effect of dilutive securities, restricted stock awards (in shares)	694	0	0	0

Organization and Background (Details)	Jun. 30, 2023 store state
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of stores	754
Number of states in which entity operates \| state	14
Percentage of voting interest held	100.00%
Class A common units held by Dutch Bros Inc.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Class A common units held by Dutch Bros.	35.50%
Continuing LLC Equity Owners
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Voting interest held by noncontrolling interest	0.00%
Dutch Bros OpCo Class A common units held by non-controlling interest holders
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interest economic interest held	64.50%
Company-operated shops
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of stores	473
Franchising
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of stores	281

Organization and Background	6 Months Ended
Organization and Background	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Background	NOTE 1 — Organization and Background Business Dutch Bros is in the business of operating and franchising drive-thru coffee shops as well as the wholesale and distribution of coffee, coffee-related products, and accessories. As of June 30, 2023, there were 754 shops in operation in 14 U.S. states, of which 473 were company-operated and 281 were franchised. Organization Dutch Bros Inc. was formed on June 4, 2021 as a Delaware corporation for the purpose of facilitating an IPO and other related transactions in order to carry on the business of Dutch Bros OpCo. Dutch Bros Inc. is the sole managing member of Dutch Bros OpCo and operates and controls all of the business and affairs of Dutch Bros OpCo. As a result, Dutch Bros Inc. consolidates the financial results of Dutch Bros OpCo and reports a non-controlling interest representing the economic interest in Dutch Bros OpCo held by the other members of Dutch Bros OpCo. The Company’s fiscal year end is December 31. As of June 30, 2023, Dutch Bros Inc. held 100.0% of the voting interest and 35.5% of the economic interest of Dutch Bros OpCo. The Continuing Members held none of the voting interest and the remaining 64.5% of the economic interest of Dutch Bros OpCo.

Revenue Recognition - Deferred revenue liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gift card redemptions
Disaggregation of Revenue [Line Items]
Deferred revenue recognized	$ 953	$ 804	$ 4,189	$ 3,148
Franchising
Disaggregation of Revenue [Line Items]
Deferred revenue recognized	$ 114	$ 117	$ 228	$ 273

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
NET INCOME (LOSS) ATTRIBUTABLE TO DUTCH BROS INC.	$ 2,752	$ (906)	$ (1,090)	$ (5,853)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Intangible Assets and Goodwill - Schedule of amortization of reacquired franchise rights (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangibles, net	$ 7,035	$ 8,804
Reacquired franchise rights
Finite-Lived Intangible Assets [Line Items]
Remainder of 2023	1,620
2024	2,469
2025	1,435
2026	681
2027	383
Thereafter	447
Intangibles, net	$ 7,035

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party
Related Party Transaction [Line Items]
Donations to Dutch Bros Foundation	$ 63	$ 1,847	$ 126	$ 3,220

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Unrealized loss on derivative securities, income tax expense	$ 105	$ 50	$ 25	$ 50

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Unrealized loss on derivative securities, income tax expense	$ 105	$ 50	$ 25	$ 50

Revenue Recognition - Franchise fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Franchising
Disaggregation of Revenue [Line Items]
Earned franchise fees	$ 114	$ 117	$ 228	$ 273

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

NOTE 9 — Debt

Credit Facility

On February 28, 2022 (the Effective Date), the Company amended its credit facility entered into on May 12, 2021 with JPMorgan Chase, N.A. (the Senior Secured Credit Facility). The amended facility (the 2022 Credit Facility) has a total capacity of $500 million, consisting of a $250 million revolving credit facility, a delayed draw term loan facility of up to $150 million, and a term loan facility of up to $100 million. The revolving credit facility includes sub-limits for issuance of letters of credit and swing line loans of up to $50 million and $15 million, respectively. The 2022 Credit Facility also contains an option allowing the Company to increase the size of the 2022 Credit Facility by up to an additional $150 million, with the agreement of the committing lenders. The 2022 Credit Facility expires five years after the Effective Date.

Upon entering into the 2022 Credit Facility in February 2022, the Company drew the full $100 million term loan facility and approximately $28 million in revolving loans, and the existing credit facility was repaid and terminated.

Interest on borrowings under the 2022 Credit Facility is based on (a) the Alternate Base Rate plus an applicable margin, or (b) the Adjusted Term SOFR plus an applicable margin, and is payable in accordance with the selected interest rate period (at least quarterly) and upon maturity. Principal payments for the term loans are required on a quarterly basis in accordance with an amortization schedule and upon certain disposition of assets.

The Company is required to pay a commitment fee on a quarterly basis, at a per annum rate of between 0.20% and 0.45% (depending on the Company’s maximum net lease-adjusted total leverage ratio) based on the (i) average daily unused portion of the revolving credit facility, and (ii) the daily undrawn amount of the delayed draw term loan facility. These fees are recorded as interest expense on the Company’s condensed consolidated statements of operations.

The 2022 Credit Facility contains financial covenants that require the Company to not exceed a maximum net lease-adjusted total leverage ratio and maintain a minimum fixed charge coverage ratio. The 2022 Credit Facility also contains certain negative covenants that, among other things, limit the Company’s ability to incur additional debt, grant liens on assets, merge with or acquire other companies, make other investments, dispose of assets, and enter into sale and leaseback transactions and swap agreements. Obligations under the 2022 Credit Facility are guaranteed by Dutch Bros OpCo and its subsidiaries, and secured by a first priority perfected security interest in substantially all of the assets of the guarantors.

As of June 30, 2023, approximately $96.9 million and $182.7 million of principal amounts were outstanding on the term loan and revolving loans, respectively, and $67.3 million was available for borrowing on the revolving loans. The term loan bears interest at 7.45% and revolving loans bear interest at approximately 7.47% as of June 30, 2023. The Company was in compliance with its financial covenants as of that date.

See NOTE 19 — Subsequent Event for additional details related to the the Company’s credit facility

Long-Term Debt

The Company’s long-term debt consisted of the following for the periods presented:



(in thousands)	June 30, 2023		December 31, 2022
Term loan under credit facility	$	96,875	$	98,125
Finance obligation1	1,383		1,379
Unsecured note payable	471		524
Total debt	98,729		100,028
Less: loan origination fees	(985)		(1,122)
Less: current portion	(3,238)		(2,609)
Total long-term debt, net of current portion	$	94,506	$	96,297

_______________

1 Represents failed sale-leaseback arrangements under ASC 842.

Future annual maturities of long-term debt as of June 30, 2023 are as follows:


(in thousands)
Remainder of 2023	$	1,306
2024	4,491
2025	6,998
2026	13,256
2027	71,295

Thereafter	1,383
Total	$	98,729

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Income (Loss) Per Share - Reconciliation of numerator for loss per share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 9,711	$ (1,751)	$ 320	$ (18,030)
Less: Net income (loss) attributable to non-controlling interests	6,959	(845)	1,410	(12,177)
Net income (loss) attributable to Dutch Bros Inc.	$ 2,752	$ (906)	$ (1,090)	$ (5,853)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Equity and Equity-Based Compensation - Stock-based expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Selling, general and administrative expenses
Class of Stock [Line Items]
Selling, general, and administrative expenses	$ 10,149	$ 10,446	$ 19,319	$ 20,346

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Non-Controlling Interests - Schedule of non-controlling interest holders' weighted-average ownership percentage (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Noncontrolling Interest [Abstract]
Weighted-average ownership percentage	65.10%	68.40%	65.10%	69.20%

Inventories - Schedule of inventories, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 30,471	$ 21,335
Finished goods	17,137	17,894
Total inventories	$ 47,608	$ 39,229

Derivative Financial Instruments - Narrative (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Interest rate swap contract - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swap outstanding		$ 70,000,000
Fixed interest rate		2.67%
Expected reclassification of gain within the next twelve months	$ 1,700,000
SOFR
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable interest rate	5.10%

Intangible Assets and Goodwill - Schedule of intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Less: accumulated amortization	$ (20,014)	$ (18,245)
Intangibles, net	$ 7,035	8,804
Franchise rights
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	3 years 3 months 7 days
Reacquired franchise rights	$ 27,049	$ 27,049

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes


	Three Months Ended June 30,							Six Months Ended June 30,
(in thousands)	2023			2022			2023	2022
Income tax expense	$	1,851		$	885			$	4,431		$	671
Effective tax rate	16.0		%	(102.2)		%		93.3		%	(3.9)		%

Non-Controlling Interests - Schedule of ownership interest (Details)	Jun. 30, 2023 shares
Restricted stock awards
Noncontrolling Interest [Line Items]
Number of RSAs not vested (in shares)	1,300,000
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.
Noncontrolling Interest [Line Items]
Common units outstanding (in units)	58,085,000
Class A common units held by Dutch Bros.	35.50%
Dutch Bros OpCo Class A common units held by non-controlling interest holders
Noncontrolling Interest [Line Items]
Common units outstanding (in units)	105,756,000
Dutch Bros OpCo Class A common units held by non-controlling interest holders	64.50%
Total Dutch Bros OpCo Class A common units outstanding
Noncontrolling Interest [Line Items]
Common units outstanding (in units)	163,841,000
Ownership %	100.00%

Non-Controlling Interests

6 Months Ended

Jun. 30, 2023

Noncontrolling Interest [Abstract]

Non-Controlling Interests

NOTE 14 — Non-Controlling Interests

Dutch Bros Inc. is the sole managing member of Dutch Bros OpCo, and, as a result, consolidates the financial results of Dutch Bros OpCo. The Company reports a non-controlling interest representing the economic interest in the Dutch Bros OpCo held by the other members of Dutch Bros OpCo. The Amended and Restated Limited Liability Company Agreement of Dutch Bros OpCo provides that holders of Dutch Bros OpCo Class A common units may, from time to time, require Dutch Bros OpCo to redeem all or a portion of its Dutch Bros OpCo Class A common units for newly-issued shares of Class A common stock on a one-for-one basis. In connection with any redemption or exchange, Dutch Bros Inc. will receive a corresponding number of Dutch Bros OpCo Class A common units, increasing Dutch Bros Inc.’s total ownership in Dutch Bros OpCo. Changes in Dutch Bros Inc.’s ownership in Dutch Bros OpCo, while Dutch Bros Inc. retains its controlling interest in Dutch Bros OpCo, will be accounted for as equity transactions. As such, future redemptions or direct exchanges of Dutch Bros OpCo Class A common units by the other members of Dutch Bros OpCo will result in a change in ownership and reduce the amount recorded as non-controlling interest and increase additional paid-in-capital.

The following table summarizes the ownership interest in Dutch Bros OpCo:


	June 30, 2023
(in thousands)	OpCo Units	Ownership %
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.1	58,085	35.5	%
Dutch Bros OpCo Class A common units held by non-controlling interest holders	105,756	64.5	%
Total Dutch Bros OpCo Class A common units outstanding	163,841	100.0	%

_________________

The following table summarizes the effect of changes in ownership of Dutch Bros OpCo on the Company’s equity for the periods presented:


(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss) attributable to Dutch Bros Inc.	$	2,752	$	(906)	$	(1,090)	$	(5,853)
Other comprehensive income:
Unrealized gain on derivative securities, effective portion, net of income tax expense	315		145		92		145
Transfers from (to) non-controlling interests:

Decrease in accumulated deficit as a result of the adoption of ASC 842	—		—		—		386
Increase in additional paid-in capital as a result of equity-based compensation	3,545		3,305		6,745		6,427
Decrease in additional paid-in capital as a result of common stock issuances pursuant to vesting of equity awards, net of stock withheld for tax	—		—		(661)		(1,145)
Increase in additional paid-in capital as a result of the acquisition of Dutch Bros OpCo Class A common units	68		52		1,122		4,880
Total effect of changes in ownership interest on equity attributable to Dutch Bros Inc.	$	6,680	$	2,596	$	6,208	$	4,840

The weighted-average ownership percentage for the applicable reporting period is used to attribute net income (loss) to Dutch Bros Inc. and the non-controlling interest holders. The non-controlling interest holders’ weighted-average ownership percentage were as follows for the periods presented:


	Three Months Ended June 30,			Six Months Ended June 30,
	2023		2022	2023		2022
Weighted-average ownership percentage	65.1	%	68.4%	65.1	%	69.2%

Income (Loss) Per Share - Antidilutive securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive securities (in shares)	627	3,217	1,942	3,217
Restricted stock awards
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive securities (in shares)	0	2,667	1,315	2,667
Restricted stock units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive securities (in shares)	627	550	627	550

Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

NOTE 3 — Revenue Recognition

Revenue

The following table disaggregates revenue by major component:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Company-operated shops	$	220,952	$	160,512	$	394,116	$	290,699
Franchising	27,524		24,453		50,169		45,226
Other	1,403		1,416		2,861		2,612
Total revenues	$	249,879	$	186,381	$	447,146	$	338,537

Deferred Revenue

Deferred revenue activity related to the Company’s gift card and loyalty programs was as follows:


	Six Months Ended June 30,
(in thousands)	2023		2022
Beginning balance	$	26,904	$	22,765
Revenue deferred - gift card activations, loyalty app loads, and loyalty points and rewards earned	167,556		118,685
Revenue recognized - gift card, loyalty app, and loyalty rewards redemptions, and breakage	(168,598)		(115,010)
Ending balance	25,862		26,440
Less: current portion	(21,875)		(23,750)
Deferred revenue, net of current portion, gift card and loyalty programs	$	3,987	$	2,690

Deferred revenue also includes sales to distributors where the performance obligation has not been satisfied and control has not been transferred to the customer as of the reporting date, as well as initial unearned franchise fees from franchise partners. These deferred revenues reported in the Company’s condensed consolidated balance sheets were as follows:



(in thousands)	June 30, 2023		December 31, 2022
Outstanding performance obligations	$	—	$	2,152
Initial unearned franchise fees from franchise partners	2,394		2,398
Total deferred revenue, excluding gift card and loyalty programs	2,394		4,550
Less: current portion	(425)		(2,587)
Deferred revenue, net of current portion, excluding gift card and loyalty programs	$	1,969	$	1,963

Revenue recognized from initial unearned franchise fees was as follows for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022

Earned franchise fees	$	114	$	117	$	228	$	273

Revenue recognized during the three and six months ended June 30, 2023 and 2022 that was included in the respective deferred revenue liability balances at the beginning of the period are shown below.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Gift card redemptions 1	$	953	$	804	$	4,189	$	3,148
Initial unearned franchise fees	114		117		228		273

_____________________

1 Amounts exclude cash loads and transactions related to the Company’s loyalty rewards program.

Future recognition of initial unearned franchise fees as of June 30, 2023 is as follows:


(in thousands)
Remainder of 2023	$	221
2024	394
2025	340
2026	298
2027	253

Thereafter	888
Total	$	2,394

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES
Total revenues	$ 249,879	$ 186,381	$ 447,146	$ 338,537
COSTS AND EXPENSES
Cost of sales	178,636	141,370	330,159	262,537
Selling, general and administrative	51,662	42,342	97,638	87,556
Total costs and expenses	230,298	183,712	427,797	350,093
INCOME (LOSS) FROM OPERATIONS	19,581	2,669	19,349	(11,556)
OTHER EXPENSE
Interest expense, net	(9,058)	(3,596)	(16,944)	(6,085)
Other income	1,039	61	2,346	282
Total other expense	(8,019)	(3,535)	(14,598)	(5,803)
INCOME (LOSS) BEFORE INCOME TAXES	11,562	(866)	4,751	(17,359)
Income tax expense	1,851	885	4,431	671
NET INCOME (LOSS)	9,711	(1,751)	320	(18,030)
Less: Net income (loss) attributable to non-controlling interests	6,959	(845)	1,410	(12,177)
NET INCOME (LOSS) ATTRIBUTABLE TO DUTCH BROS INC.	$ 2,752	$ (906)	$ (1,090)	$ (5,853)
Net income (loss) per share of Class A and Class D common stock:
Basic (in dollars per share)	$ 0.05	$ (0.02)	$ (0.02)	$ (0.12)
Diluted (in dollars per share)	$ 0.05	$ (0.02)	$ (0.02)	$ (0.12)
Weighted-average shares of Class A and Class D common stock outstanding:
Basic (in shares)	56,734	50,926	56,699	49,500
Diluted (in shares)	57,428	50,926	56,699	49,500
Company-operated shops
REVENUES
Total revenues	$ 220,952	$ 160,512	$ 394,116	$ 290,699
Franchising and other
REVENUES
Total revenues	$ 28,927	$ 25,869	$ 53,030	$ 47,838

Equity and Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of activity schedule for company's restricted stock

Activity for the Company’s RSAs was as follows:


(in thousands, except per share amounts)	Restricted Stock Awards	Weighted-average grant date fair value per share



Balance, December 31, 2022	2,667	$	23.00


Vested	(1,333)	23.00
Forfeitures	(18)	23.00
Balance, June 30, 2023	1,316	$	23.00

Schedule of activity schedule for company's RSUs

Activity for the Company’s RSUs was as follows:


(in thousands, except per share amounts)	Restricted Stock Units	Weighted-average grant date fair value per share



Balance, December 31, 2022	583	$	44.34

New grants	419	31.51
Vested	(217)	42.30
Forfeitures	(158)	43.46
Balance, June 30, 2023	627	$	36.70

Total release date fair value of vested restricted stock awards and units for the six months ended June 30, 2023 and 2022 are presented below.


(in thousands, except per share amounts)	Six Months Ended June 30, 2023		Weighted-average vest date fair value per share		Six Months Ended June 30, 2022		Weighted-average vest date fair value per share
Restricted stock awards	$	36,451	$	27.34	$	69,604	$	52.21
Restricted stock units	5,907		27.17		10,442		52.34

Schedule of share-based compensation expense

Equity-based compensation expense is recognized on a straight-line basis and is included in the Company’s condensed consolidated statements of operations as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022

Selling, general, and administrative expenses	$	10,149	$	10,446	$	19,319	$	20,346

Schedule of total unrecognized stock based compensation related to unvested stock awards.

As of June 30, 2023, total unrecognized stock-based compensation related to unvested stock awards was $34.2 million, which will be recognized as follows:


(in thousands)
Remainder of 2023	$	20,193

2024	8,061
2025	5,129
2026	850


Total unrecognized stock-based compensation	$	34,233

Equity and Equity-Based Compensation - Restricted stock awards (Details) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares) \| shares	2,667
Vested (in shares) \| shares	(1,333)
Forfeitures (in shares) \| shares	(18)
Ending balance (in shares) \| shares	1,316
Weighted-average grant date fair value per share
Beginning balance (in dollars per share)	$ 23.00
Vested (in dollars per share)	23.00
Forfeitures (in dollars per share)	23.00
Ending balance (in dollars per share)	$ 23.00
Fair value of vested share-based payment awards \| $	$ 36,451	$ 69,604
Weighted-average vest date fair value per share (in dollars per share)	27.34	52.21
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares) \| shares	583
New grants (in shares) \| shares	419
Vested (in shares) \| shares	(217)
Forfeitures (in shares) \| shares	(158)
Ending balance (in shares) \| shares	627
Weighted-average grant date fair value per share
Beginning balance (in dollars per share)	$ 44.34
New grants (in dollars per share)	31.51
Vested (in dollars per share)	42.30
Forfeitures (in dollars per share)	43.46
Ending balance (in dollars per share)	$ 36.70
Fair value of vested share-based payment awards \| $	$ 5,907	$ 10,442
Weighted-average vest date fair value per share (in dollars per share)	27.17	52.34

Income (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Income (Loss) Per Share

NOTE 15 — Income (Loss) Per Share

Basic net income (loss) per share of Class A and Class D common stock is computed by dividing net income (loss) attributable to Dutch Bros Inc. by the weighted-average number of shares of Class A and Class D common stock outstanding during the period.

Diluted net income (loss) per share of Class A and Class D common stock is computed by dividing net income (loss) attributable to the Company, adjusted for the assumed exchange of all potentially dilutive instruments for Class A common stock, by the weighted-average number of shares of Class A and Class D common stock outstanding, adjusted to give effect to potentially dilutive elements. Share counts used in the diluted net income (loss) per share calculations are adjusted for the deemed repurchases provided for in the treasury stock method for restricted stock awards and restricted stock units, and under the if-converted method for the outstanding convertible Class B and Class C common stock.

The following tables set forth the numerators and denominators used to compute basic and diluted net income (loss) per share of Class A and Class D common stock for the periods presented.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Numerator:
Net income (loss)	$	9,711	$	(1,751)	$	320	$	(18,030)

Less: Net income (loss) attributable to non-controlling interests	6,959		(845)		1,410		(12,177)
Net income (loss) attributable to Dutch Bros Inc.	$	2,752	(906)		$	(1,090)	$	(5,853)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Basic net income (loss) per share attributable to common stockholders
Numerator:
Net income (loss) attributable to Dutch Bros Inc.	$	2,752	$	(906)	$	(1,090)	$	(5,853)
Denominator:
Weighted-average number of shares of Class A and Class D common stock outstanding - basic	56,734		50,926		56,699		49,500




Basic net income (loss) per share attributable to common stockholders	$	0.05	$	(0.02)	$	(0.02)	$	(0.12)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Diluted net income (loss) per share attributable to common stockholders
Numerator:
Undistributed net income (loss) for basic computation	$	2,752	$	(906)	$	(1,090)	$	(5,853)
Increase in net income (loss) attributable to common stockholders upon conversion of potentially dilutive instruments	30		—		—		—
Allocation of undistributed net income (loss)	$	2,782	$	(906)	$	(1,090)	$	(5,853)

Denominator:
Number of shares used in basic computation	56,734		50,926		56,699		49,500
Add: weighted-average effect of dilutive securities
Restricted stock awards	694		—		—		—

Weighted-average number of shares of Class A and Class D common stock outstanding used to calculate diluted net loss per share	57,428		50,926		56,699		49,500
Diluted net income (loss) per share attributable to common stockholders	$	0.05	$	(0.02)	$	(0.02)	$	(0.12)

Shares of the Company’s Class B and Class C common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted income (loss) per share of Class B and Class C common stock under the two-class method has not been presented.

The following common stock equivalents were excluded from diluted net income (loss) per share in the periods presented because they were anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2023	2022	2023	2022
Restricted stock awards	—	2,667	1,315	2,667
Restricted stock units	627	550	627	550
Total anti-dilutive securities	627	3,217	1,942	3,217

Basis of Presentation and Summary of Significant Accounting Policies - Advertising expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Advertising expense	$ 6,867	$ 7,058	$ 13,037	$ 14,682

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of debt instruments

The Company’s long-term debt consisted of the following for the periods presented:



(in thousands)	June 30, 2023		December 31, 2022
Term loan under credit facility	$	96,875	$	98,125
Finance obligation1	1,383		1,379
Unsecured note payable	471		524
Total debt	98,729		100,028
Less: loan origination fees	(985)		(1,122)
Less: current portion	(3,238)		(2,609)
Total long-term debt, net of current portion	$	94,506	$	96,297

_______________

1 Represents failed sale-leaseback arrangements under ASC 842.

Schedule of maturities of long-term debt

Future annual maturities of long-term debt as of June 30, 2023 are as follows:


(in thousands)
Remainder of 2023	$	1,306
2024	4,491
2025	6,998
2026	13,256
2027	71,295

Thereafter	1,383
Total	$	98,729

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value derivative instruments included in condensed consolidated balance sheets

The fair value and effect of the derivative instrument included in the Company’s condensed consolidated financial statements was as follows:


(in thousands)	Balance Sheet Classification	June 30, 2023		December 31, 2022
Derivative instrument designated as cash flow hedge:
Interest rate swap contract	Prepaid expenses and other current assets	$	1,738	$	1,457
	Other long-term assets	1,706		1,706
Total derivative instrument designated as cash flow hedge		$	3,444	$	3,163

Schedule of derivatives instruments effect on condensed consolidated statement of operations


		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Financial Statements Classification	2023		2022		2023		2022
Derivative instrument designated as cash flow hedge:
Income recognized in other comprehensive income (loss) before reclassifications	Statement of Comprehensive Income (Loss)	$	1,621	$	284	$	1,050	$	284
Reclassification from accumulated other comprehensive income to earnings for the effective portion	Statement of Operations - Interest expense, net	(418)		332		$	(751)	332
Income tax expense	Statement of Operations - Income tax expense	(105)		(50)		$	(25)	(50)

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Brian Maxwell, the Company’s Chief Operating Officer, adopted a Rule 10b5-1 Preset Diversification Program on June 5, 2023 (the Trading Plan), providing for the potential sale of up to 150,000 shares of our Class A common stock between September 4, 2023 and May 17, 2024.
Brian Maxwell [Member]
Trading Arrangements, by Individual
Name		Brian Maxwell
Title		Chief Operating Officer
Rule 10b5-1 Arrangement Adopted		true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date		June 5, 2023
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Arrangement Duration		256 days
Aggregate Available	150,000	150,000

Intangible Assets and Goodwill - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment charges	$ 0	$ 0	$ 0	$ 0

Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

NOTE 18 — Segment Reporting

Segment information is prepared on the same basis that the Company’s CEO, who is the chief operating decision maker (CODM), manages the segments, evaluates financial results and makes key operating decisions. The Company’s CEO evaluates the financial performance of the Company based on two operating segments: Company-operated shops and Franchising and other. The Company-operated shops segment includes coffee shop sales to customers. The Franchising and other segment includes bean and product sales to franchise partners and includes the initial franchise fees, royalties, and marketing fees.

The CODM reviews segment performance and allocates resources based upon segment contribution, which is defined as segment gross profit before depreciation and amortization.

All segment revenue is earned in the United States, and there are no intersegment revenues. The CODM does not evaluate operating segments using discrete asset information, and we do not identify or allocate assets by operating segments.

Selling, general and administrative expenses primarily consist of the Company’s unallocated corporate expenses. Unallocated corporate expenses include corporate administrative functions that support the segments but are not directly attributable to or managed by any segment and are not included in the reported financial results of the segments.

No changes have been made to the Company’s segments during the three and six months ended June 30, 2023. In addition, no customer represented 10% or more of total revenue for the three and six months ended June 30, 2023 and 2022.

Financial information for the Company’s reportable segments was as follows for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Revenues:
Company-operated shops	$	220,952	$	160,512	$	394,116	$	290,699
Franchising and other	28,927		25,869		53,030		47,838
Total revenues	249,879		186,381		447,146		338,537
Cost of sales:
Company-operated shops	168,873		129,294		313,165		242,842
Franchising and other	9,763		12,076		16,994		19,695
Total cost of sales	178,636		141,370		330,159		262,537
Segment contribution:
Company-operated shops	66,878		39,525		108,751		63,304
Franchising and other	20,461		15,313		38,694		31,005
Total segment contribution	$	87,339	$	54,838	$	147,445	$	94,309
Depreciation and amortization:
Company-operated shops	14,799		8,307		27,800		15,447
Franchising and other	1,297		1,520		2,658		2,862
Total depreciation and amortization	16,096		9,827		30,458		18,309
Selling, general and administrative	(51,662)		(42,342)		(97,638)		(87,556)
Interest expense, net	(9,058)		(3,596)		(16,944)		(6,085)
Other income	1,039		61		2,346		282
Income (loss) before income taxes	$	11,562	$	(866)	$	4,751	$	(17,359)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of inventories, net

Inventories, net consist of the following:



(in thousands)	June 30, 2023		December 31, 2022
Raw materials	$	30,471	$	21,335
Finished goods	17,137		17,894
Total inventories	$	47,608	$	39,229

Derivative Financial Instruments - Schedule of fair value derivative instruments included in condensed consolidated balance sheets (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivative instrument designated as cash flow hedge	$ 3,444	$ 3,163
Interest rate swap contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Prepaid expenses and other current assets	1,738	1,457
Other long-term assets	$ 1,706	$ 1,706

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 23,717	$ 20,178
Accounts receivable, net	9,379	11,966
Inventories, net	47,608	39,229
Prepaid expenses and other current assets	14,115	10,949
Total current assets	94,819	82,322
Property and equipment, net	446,565	365,468
Finance lease right-of-use assets, net	332,790	247,943
Operating lease right-of-use assets, net	177,605	169,302
Intangibles, net	7,035	8,804
Goodwill	21,629	21,629
Deferred income tax assets, net	284,777	288,765
Other long-term assets	3,060	2,127
Total assets	1,368,280	1,186,360
Current liabilities:
Accounts payable	24,648	21,270
Accrued liabilities	35,872	27,452
Other current liabilities	7,511	7,860
Deferred revenue	22,300	25,335
Line of credit	181,090	110,865
Current portion of finance lease liabilities	9,867	7,971
Current portion of operating lease liabilities	9,612	9,317
Current portion of long-term debt	3,238	2,609
Total current liabilities	294,138	212,679
Deferred revenue, net of current portion	5,956	6,119
Tax receivable agreements liability, net of current portion	218,768	220,923
Finance lease liabilities, net of current portion	315,385	237,130
Operating lease liabilities, net of current portion	169,444	161,228
Long-term debt, net of current portion	94,506	96,297
Other long-term liabilities	8	8
Total liabilities	1,098,205	934,384
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of June 30, 2023 and December 31, 2022	0	0
Additional paid in capital	152,900	145,613
Accumulated other comprehensive income	905	813
Accumulated deficit	(18,400)	(17,310)
Total stockholders' equity attributable to Dutch Bros Inc.	135,407	129,118
Non-controlling interests	134,668	122,858
Total equity	270,075	251,976
Total liabilities and equity	1,368,280	1,186,360
Class A common stock
Stockholders’ equity:
Common stock	1	1
Class B common stock
Stockholders’ equity:
Common stock	1	1
Class C common stock
Stockholders’ equity:
Common stock	0	0
Class D common stock
Stockholders’ equity:
Common stock	$ 0	$ 0

Shop Acquisitions	6 Months Ended
Shop Acquisitions	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Shop Acquisitions	NOTE 4 — Shop AcquisitionsDuring the three and six months ended June 30, 2023, the Company did not repurchase the franchise rights and assets of any shops from franchise partners.

Revenue Recognition - Deferred revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Less: current portion	$ (22,300)	$ (25,335)
Deferred revenue, net of current portion, gift card and loyalty programs	5,956	6,119
Customer Advances And Sales To Distributors
Disaggregation of Revenue [Line Items]
Outstanding performance obligations	0	2,152
Franchising
Disaggregation of Revenue [Line Items]
Outstanding performance obligation	2,394	2,398
Customer advances and sales to distributors and franchise fee
Disaggregation of Revenue [Line Items]
Outstanding performance obligation	2,394	4,550
Less: current portion	(425)	(2,587)
Deferred revenue, net of current portion, gift card and loyalty programs	$ 1,969	$ 1,963

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Property and Equipment - Summary of property and equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 538,988	$ 437,964
Less: accumulated depreciation	(92,423)	(72,496)
Property and equipment, net	$ 446,565	365,468
Software
Property, Plant and Equipment [Line Items]
Useful Life (Years)	3 years
Property and equipment, gross	$ 7,430	7,430
Equipment and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 128,440	93,908
Equipment and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	3 years
Equipment and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 36,034	29,985
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	15 years
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 209,129	158,250
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	10 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	20 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,715	7,956
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,195	9,195
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 141,045	$ 131,240

Leases - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease cost (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finance lease cost
Amortization of right-of-use assets	$ 5,107	$ 2,604	$ 9,453	$ 4,798
Interest on lease liabilities	4,134	2,056	7,589	3,779
Total finance lease cost	9,241	4,660	17,042	8,577
Operating lease cost	4,686	4,034	9,198	7,881
Variable lease cost	1,066	566	2,444	1,059
Total lease cost	$ 14,993	$ 9,260	$ 28,684	$ 17,517

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

NOTE 11 — Derivative Financial Instruments

From time to time, the Company may enter into interest rate swaps to fix a portion of interest expense. The Company does not enter into derivative instruments for any other purpose other than to manage its risks related to fluctuations in interest rates and does not engage in interest rate speculation using derivative instruments.

During 2022, the Company entered into a receive-variable (Receive Leg), pay-fixed (Pay Leg) interest rate swap with JPMorgan Chase Bank, N.A with respect to $70 million of the term loan under the 2022 Credit Facility. The interest rate swap matures on February 28, 2027 and has a fixed rate of 2.67% per annum for the Pay Leg. The variable rate on the Receive Leg of the interest rate swap is the one-month adjusted term SOFR plus an applicable margin. As of June 30, 2023, the one-month adjusted term SOFR was 5.10%.

The Company typically designates all interest rate swaps as cash flow hedges, and accordingly, records the change in fair value for the effective portion of the interest rate swap in AOCI rather than in current period earnings until the underlying hedged transaction affects earnings. As of June 30, 2023, the Company expects to reclassify a gain of approximately $1.7 million from AOCI to earnings within the next twelve months.

The fair value and effect of the derivative instrument included in the Company’s condensed consolidated financial statements was as follows:


(in thousands)	Balance Sheet Classification	June 30, 2023		December 31, 2022
Derivative instrument designated as cash flow hedge:
Interest rate swap contract	Prepaid expenses and other current assets	$	1,738	$	1,457
	Other long-term assets	1,706		1,706
Total derivative instrument designated as cash flow hedge		$	3,444	$	3,163


		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Financial Statements Classification	2023		2022		2023		2022
Derivative instrument designated as cash flow hedge:
Income recognized in other comprehensive income (loss) before reclassifications	Statement of Comprehensive Income (Loss)	$	1,621	$	284	$	1,050	$	284
Reclassification from accumulated other comprehensive income to earnings for the effective portion	Statement of Operations - Interest expense, net	(418)		332		$	(751)	332
Income tax expense	Statement of Operations - Income tax expense	(105)		(50)		$	(25)	(50)

For additional information related to the Company’s derivative instrument, see NOTE 10 — Fair Value Measurements.

Intangible Assets and Goodwill - Schedule of goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 21,629
Business combinations	0
Goodwill, ending balance	$ 21,629

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Summary of financial information for reportable segments

Financial information for the Company’s reportable segments was as follows for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Revenues:
Company-operated shops	$	220,952	$	160,512	$	394,116	$	290,699
Franchising and other	28,927		25,869		53,030		47,838
Total revenues	249,879		186,381		447,146		338,537
Cost of sales:
Company-operated shops	168,873		129,294		313,165		242,842
Franchising and other	9,763		12,076		16,994		19,695
Total cost of sales	178,636		141,370		330,159		262,537
Segment contribution:
Company-operated shops	66,878		39,525		108,751		63,304
Franchising and other	20,461		15,313		38,694		31,005
Total segment contribution	$	87,339	$	54,838	$	147,445	$	94,309
Depreciation and amortization:
Company-operated shops	14,799		8,307		27,800		15,447
Franchising and other	1,297		1,520		2,658		2,862
Total depreciation and amortization	16,096		9,827		30,458		18,309
Selling, general and administrative	(51,662)		(42,342)		(97,638)		(87,556)
Interest expense, net	(9,058)		(3,596)		(16,944)		(6,085)
Other income	1,039		61		2,346		282
Income (loss) before income taxes	$	11,562	$	(866)	$	4,751	$	(17,359)

Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,851	$ 885	$ 4,431	$ 671
Effective tax rate	16.00%	(102.20%)	93.30%	(3.90%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	NOTE 19 — Subsequent Event Credit Facility On August 4, 2023, the Company amended its 2022 Credit Facility to increase borrowing capacity by a total of $150 million (the Amended 2022 Credit Facility). The Amended 2022 Credit Facility has a total capacity of $650 million, consisting of a $350 million revolving credit facility (increased from $250 million), a term loan facility of up to $100 million (no change), and a delayed draw term loan facility of up to $200 million (increased from $150 million). The Amended 2022 Credit Facility also includes sublimits for letters of credit and swingline loans of up to $50 million and $15 million, respectively. The Amended 2022 Credit Facility expires on February 28, 2027 (the Maturity Date), and portions of the delayed draw term loan facility expire if they remain undrawn on certain dates prior to the Maturity Date. Interest on borrowings under the Amended 2022 Credit Facility is based on (a) the Alternate Base Rate plus an applicable margin, or (b) the Adjusted Term SOFR plus an applicable margin, and is payable in accordance with the selected interest rate period (at least quarterly) and upon maturity. Principal payments for the term loans are required on a quarterly basis in accordance with an amortization schedule up through and including the Maturity Date. Obligations under the Amended 2022 Credit Facility are guaranteed by each of Dutch Bros Inc.’s subsidiaries, and secured by a first priority perfected security interest in substantially all of the assets of the guarantors.

Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of loss per share

The following tables set forth the numerators and denominators used to compute basic and diluted net income (loss) per share of Class A and Class D common stock for the periods presented.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Numerator:
Net income (loss)	$	9,711	$	(1,751)	$	320	$	(18,030)

Less: Net income (loss) attributable to non-controlling interests	6,959		(845)		1,410		(12,177)
Net income (loss) attributable to Dutch Bros Inc.	$	2,752	(906)		$	(1,090)	$	(5,853)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Basic net income (loss) per share attributable to common stockholders
Numerator:
Net income (loss) attributable to Dutch Bros Inc.	$	2,752	$	(906)	$	(1,090)	$	(5,853)
Denominator:
Weighted-average number of shares of Class A and Class D common stock outstanding - basic	56,734		50,926		56,699		49,500




Basic net income (loss) per share attributable to common stockholders	$	0.05	$	(0.02)	$	(0.02)	$	(0.12)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Diluted net income (loss) per share attributable to common stockholders
Numerator:
Undistributed net income (loss) for basic computation	$	2,752	$	(906)	$	(1,090)	$	(5,853)
Increase in net income (loss) attributable to common stockholders upon conversion of potentially dilutive instruments	30		—		—		—
Allocation of undistributed net income (loss)	$	2,782	$	(906)	$	(1,090)	$	(5,853)

Denominator:
Number of shares used in basic computation	56,734		50,926		56,699		49,500
Add: weighted-average effect of dilutive securities
Restricted stock awards	694		—		—		—

Weighted-average number of shares of Class A and Class D common stock outstanding used to calculate diluted net loss per share	57,428		50,926		56,699		49,500
Diluted net income (loss) per share attributable to common stockholders	$	0.05	$	(0.02)	$	(0.02)	$	(0.12)

Schedule of weighted average potentially dilutive securities

The following common stock equivalents were excluded from diluted net income (loss) per share in the periods presented because they were anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
(in thousands)	2023	2022	2023	2022
Restricted stock awards	—	2,667	1,315	2,667
Restricted stock units	627	550	627	550
Total anti-dilutive securities	627	3,217	1,942	3,217

Property and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 6 — Property and Equipment

Property and equipment, net consists of the following:



(in thousands)	Useful Life (Years)			June 30, 2023		December 31, 2022
Software	3			$	7,430	$	7,430

Equipment and fixtures	3	—	7	128,440		93,908
Leasehold improvements	5	—	15	36,034		29,985
Buildings	10	—	20	209,129		158,250
Land	N/A			7,715		7,956
Aircraft 1	N/A			9,195		9,195
Construction-in-progress 2	N/A			141,045		131,240
Property and equipment, gross				538,988		437,964
Less: accumulated depreciation				(92,423)		(72,496)
Property and equipment, net				$	446,565	$	365,468

_______________

1 Aircraft is depreciated under the consumption method.

2 Construction-in-progress primarily consists of construction and equipment costs for new and existing shops, as well as our new roasting facility in Texas.

Depreciation expense included in the Company’s condensed consolidated statements of operations was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cost of sales	$	10,136	$	6,180	$	19,246	$	11,554
Selling, general and administrative expenses	415		713		827		1,412
Total depreciation expense	$	10,551	$	6,893	$	20,073	$	12,966

No impairment charges were recognized for the three and six months ended June 30, 2023 and 2022.

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of related party transactions

The Company’s donations to the Dutch Bros Foundation (Foundation), a not-for-profit founded by the Company that provides philanthropy to coffee farmers and local communities and for which the Company’s Chief Executive Officer (CEO) and Chief Operating Officer (COO) serve on the board of directors, were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Donations to Dutch Bros Foundation	$	63	$	1,847	$	126	$	3,220

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

The details of the intangible assets are as follows:



(in thousands)	Weighted-average amortization period (in years)	June 30, 2023		December 31, 2022
Reacquired franchise rights	3.27	$	27,049	$	27,049
Less: accumulated amortization		(20,014)		(18,245)
Intangibles, net		$	7,035	$	8,804

Summary of intangible assets amortization expense

Amortization expense included in the Company’s condensed consolidated statements of operations was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cost of sales	$	858	$	1,042	$	1,769	$	1,957

The estimated future amortization expense of the reacquired franchise rights as of June 30, 2023 is as follows:


(in thousands)
Remainder of 2023	$	1,620
2024	2,469
2025	1,435
2026	681
2027	383

Thereafter	447
Total	$	7,035

Schedule of goodwill

The carrying amount and activity of goodwill was as follows:


(in thousands)


Balance, December 31, 2022	$	21,629
Business combinations	—
Balance, June 30, 2023	$	21,629

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 320	$ (18,030)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	31,295	19,721
Non-cash interest expense	363	329
Gain on disposal of assets	(224)	(266)
Equity-based compensation	19,319	20,346
Deferred income taxes	4,064	5
Remeasurement gain on TRAs	(2,155)	0
Non-cash operating lease cost	5,487	4,746
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	2,587	(3,426)
Inventories, net	(8,379)	(9,442)
Prepaid expenses and other current assets	(2,885)	1,969
Other long-term assets	(933)	1,160
Accounts payable	2,587	999
Accrued liabilities	2,928	(238)
Other current liabilities	(349)	(379)
Deferred revenue	(3,198)	3,570
Other long-term liabilities	0	(16)
Operating lease liabilities	(4,984)	(4,335)
Net cash provided by operating activities	45,843	16,713
Cash flows from investing activities:
Purchases of property and equipment	(102,307)	(83,856)
Proceeds from disposal of fixed assets	249	1,274
Acquisition of shops from franchisees	0	(6,051)
Net cash used in investing activities	(102,058)	(88,633)
Cash flows from financing activities:
Proceeds from line of credit	70,000	82,705
Payments on finance lease liabilities	(7,049)	(1,789)
Proceeds from long-term debt	0	1,375
Payments on long-term debt	(1,301)	(685)
Payments of debt issuance costs	0	(2,749)
Payments of IPO issuance costs	0	(250)
Tax withholding payments upon vesting of equity awards	(1,896)	(3,900)
Net cash provided by financing activities	59,754	74,707
Net increase in cash and cash equivalents	3,539	2,787
Cash and cash equivalents, beginning of period	20,178	18,506
Cash and cash equivalents, end of period	23,717	21,293
Supplemental disclosure of cash flow information
Cash paid for interest	17,310	5,538
Income taxes paid	1,305	741
Supplemental disclosure of noncash investing and financing activities
Additions of property and equipment accrued as of end of period	13,013	7,815
Transfer between line of credit and term loan facility	$ 0	$ 100,000

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 12 — Income Taxes


	Three Months Ended June 30,							Six Months Ended June 30,
(in thousands)	2023			2022			2023	2022
Income tax expense	$	1,851		$	885			$	4,431		$	671
Effective tax rate	16.0		%	(102.2)		%		93.3		%	(3.9)		%

Three Months Ended June 30, 2023 v. 2022

The increase in tax expense was primarily driven by increased current year pre-tax income and changes in state earnings mix.

Six Months Ended June 30, 2023 v. 2022The increase in tax expense was primarily driven by increased current year pre-tax income, vested equity-based compensation adjustments, and changes in state earnings mix.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of property and equipment, net

Property and equipment, net consists of the following:



(in thousands)	Useful Life (Years)			June 30, 2023		December 31, 2022
Software	3			$	7,430	$	7,430

Equipment and fixtures	3	—	7	128,440		93,908
Leasehold improvements	5	—	15	36,034		29,985
Buildings	10	—	20	209,129		158,250
Land	N/A			7,715		7,956
Aircraft 1	N/A			9,195		9,195
Construction-in-progress 2	N/A			141,045		131,240
Property and equipment, gross				538,988		437,964
Less: accumulated depreciation				(92,423)		(72,496)
Property and equipment, net				$	446,565	$	365,468

_______________

1 Aircraft is depreciated under the consumption method.

2 Construction-in-progress primarily consists of construction and equipment costs for new and existing shops, as well as our new roasting facility in Texas.

Depreciation expense included in the Company’s condensed consolidated statements of operations was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cost of sales	$	10,136	$	6,180	$	19,246	$	11,554
Selling, general and administrative expenses	415		713		827		1,412
Total depreciation expense	$	10,551	$	6,893	$	20,073	$	12,966

Leases - Summary of finance and operating lease right-of-use assets and lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Right-of-use assets
Finance lease right-of-use assets, net	$ 332,790	$ 247,943
Operating lease right-of-use assets, net	177,605	169,302
Total right-of-use assets	510,395	417,245
Finance leases
Current portion of finance lease liabilities	9,867	7,971
Finance lease liabilities, net of current portion	315,385	237,130
Operating leases
Current portion of operating lease liabilities	9,612	9,317
Operating lease liabilities, net of current portion	169,444	161,228
Total lease liabilities	$ 504,308	$ 415,646

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 10 — Fair Value Measurements The Company’s condensed consolidated financial statements include cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities, for which the carrying amounts approximate fair value due to their short-term maturity. The fair value of the Company’s variable-rate term loan and revolving loans approximate their carrying amounts; these debt instruments are designated as Level 2 within the fair value hierarchy. The Company’s cost of borrowing is variable and approximates current market rates. The Company has an interest rate swap, which is required to be measured at fair value on a recurring basis. Designated as a Level 2 instrument within the fair value hierarchy, the interest rate swap as of June 30, 2023 had a fair value of $3.4 million, and is recorded as an asset on the Company’s condensed consolidated balance sheet. The fair value of the Company’s interest rate swap was determined based on the present value of expected future cash flows considering the risks involved, including nonperformance risk, and using discount rates appropriate for the duration based on observable inputs. See NOTE 11 — Derivative Financial Instruments for additional details related to the interest rate swap.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

NOTE 17 — Related Party Transactions


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Donations to Dutch Bros Foundation	$	63	$	1,847	$	126	$	3,220

For the three and six months ended June 30, 2023, the Company and Foundation focused on local community givebacks.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 9,711	$ (1,751)	$ 320	$ (18,030)
Other comprehensive income
Unrealized gain on derivative securities, effective portion, net of income tax expense of $105, $50, $25 and $50 respectively	1,098	566	274	566
Comprehensive income (loss)	10,809	(1,185)	594	(17,464)
Less: comprehensive income (loss) attributable to non-controlling interests	7,742	(424)	1,592	(11,756)
Comprehensive income (loss) attributable to Dutch Bros Inc.	$ 3,067	$ (761)	$ (998)	$ (5,708)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Tax receivable agreements liability, net of current portion	$ 218,768	$ 220,923
Accrued liabilities	2,000
Property Lease Guarantee
Other Commitments [Line Items]
Guarantor obligation in franchise lease payment	$ 1,500	$ 1,600

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details

Leases - Supplemental cash flow information regarding leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 7,589	$ 3,779
Operating cash flows from operating leases	8,696	7,471
Financing cash flows from finance leases	7,049	1,789
Right-of-use assets obtained in exchange for lease obligations
Finance leases	87,201	90,947
Operating leases	$ 13,495	$ 163,511

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 16 — Commitments and Contingencies Purchase Obligations The Company enters into fixed-price and price-to-be fixed green coffee purchase commitments. For both fixed-price and price-to-be fixed purchase commitments, the Company expects to take delivery of green coffee and to utilize the coffee in a reasonable period of time in the ordinary course of business. Such contracts are used in the normal purchases of green coffee and not for speculative purposes. The Company does not enter into futures contracts or other derivative instruments related to its green coffee purchase commitments. Guarantees The Company periodically provides guarantees to franchise partners for lease payments. Annually, the Company determines if a liability needs to be recorded related to these guarantees. As of June 30, 2023 and December 31, 2022, the Company had guaranteed approximately $1.5 million and $1.6 million, respectively, in franchise partners’ lease payments and has not established a liability for these guarantees as any liability arising from the guarantees is not material to the condensed consolidated financial statements. Legal Proceedings The Company is a party to routine legal actions arising in the ordinary course of and incidental to its business. These claims, legal proceedings and litigation principally arise from alleged casualty, employment, and other disputes. In regard to estimated expense related to such alleged legal disputes, the Company accrued a liability of approximately $2 million, included within accrued liabilities on the Company’s condensed consolidated balance sheet as of June 30, 2023. The related expense is reflected in selling, general and administrative expense for the three and six months ended June 30, 2023. In determining loss contingencies, the Company considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recognized when it is considered probable that a liability has been incurred and when the amount of loss can be reasonably estimated. Because litigation is inherently unpredictable, assessing contingencies is highly subjective and requires judgments about future events. When evaluating litigation contingencies, we may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, developments in legislation or regulations that affect the validity of certain claims and defenses, the availability of appellate remedies, insurance coverage related to the claim or claims in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matter. Any claim, proceeding or litigation has an element of uncertainty, and an unfavorable outcome may have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Litigation Related to Securities Claims On March 1, 2023, plaintiff Jerry Peacock filed a putative class action lawsuit in U.S. District Court for the Southern District of New York against Dutch Bros Inc. and certain of its executive officers for alleged violations of U.S. federal securities laws. On August 3, 2023, the court appointed a lead plaintiff and re-captioned the case Douglas Rein, Individually and On Behalf of All Others Similarly Situated v. Dutch Bros, Inc. et al. The plaintiff purports to bring claims on behalf of a class of acquirers of Dutch Bros Inc. securities between March 1, 2022 and May 11, 2022, and generally alleges that the defendants made false or misleading statements about the impact of commodity inflation on the Company’s financial results for the first quarter of 2022. The complaint primarily seeks compensatory damages for all affected members of the purported class. In addition, on June 14, 2023, June 30, 2023, and July 18, 2023, respectively, plaintiffs Brennan Hudson, Darren Wakefield, and Amanda Boster each filed a putative stockholder derivative lawsuit in U.S. District Court for the Southern District of New York. The complaints name Dutch Bros Inc. as a nominal defendant and purport to bring claims on behalf of Dutch Bros Inc. against certain of Dutch Bros Inc.’s directors and executive officers for alleged breaches of their fiduciary duties in relation to substantially the same factual allegations as the above-described putative class action lawsuit. The complaints each primarily seek to recover for Dutch Bros Inc. compensatory damages for losses allegedly sustained by Dutch Bros Inc. related to the facts alleged, restitution, and equitable relief in the form of revisions to Dutch Bros Inc.’s governing documents. The Company intends to vigorously defend these lawsuits. Given the nature of these cases, including that the proceedings are in their early stages, the Company is unable to predict the ultimate outcome of these cases or estimate the range of potential loss, if any. Liabilities Under Tax Receivable Agreements Under the TRAs, Dutch Bros Inc. is contractually committed to pay the non-controlling interest holders 85% of the amount of any tax benefits that Dutch Bros Inc. actually realizes, or in some cases is deemed to realize, as a result of certain transactions. As of June 30, 2023, Dutch Bros Inc. recognized $218.8 million of liabilities related to its obligations under the TRAs.

Fair Value Measurements (Details) $ in Millions	Jun. 30, 2023 USD ($)
Interest rate swap contract \| Level 2 \| Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative instrument designated as cash flow hedge	$ 3.4

- Definition

+ References

+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40798
Entity Registrant Name	DUTCH BROS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1041305
Entity Address, Address Line One	110 SW 4th Street
Entity Address, City or Town	Grants Pass,
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97526
City Area Code	541
Local Phone Number	955-4700
Title of 12(b) Security	Class A Common Stock, par value $0.00001 per share
Trading Symbol	BROS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001866581
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		45,673,542
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		64,699,136
Class C common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		41,056,429
Class D common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,411,419

Equity and Equity-Based Compensation - Schedule of recognition of stock based compensation expense (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Share-Based Payment Arrangement [Abstract]
Remainder of 2023	$ 20,193
2024	8,061
2025	5,129
2026	850
Total unrecognized stock-based compensation	$ 34,233

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, authorized (in Shares)	20,000,000	20,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding ( in shares)	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized ( in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	45,674,000	45,544,000
Common stock, outstanding (in shares)	45,674,000	45,544,000
Class B common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized ( in shares)	144,000,000	144,000,000
Common stock, issued (in shares)	64,699,000	64,699,000
Common stock, outstanding (in shares)	64,699,000	64,699,000
Class C common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized ( in shares)	105,000,000	105,000,000
Common stock, issued (in shares)	41,056,000	41,056,000
Common stock, outstanding (in shares)	41,056,000	41,056,000
Class D common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized ( in shares)	42,000,000	42,000,000
Common stock, issued (in shares)	12,411,000	12,411,000
Common stock, outstanding (in shares)	12,411,000	12,411,000

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue by major component

The following table disaggregates revenue by major component:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Company-operated shops	$	220,952	$	160,512	$	394,116	$	290,699
Franchising	27,524		24,453		50,169		45,226
Other	1,403		1,416		2,861		2,612
Total revenues	$	249,879	$	186,381	$	447,146	$	338,537

Schedule of deferred revenue activity

Deferred revenue activity related to the Company’s gift card and loyalty programs was as follows:


	Six Months Ended June 30,
(in thousands)	2023		2022
Beginning balance	$	26,904	$	22,765
Revenue deferred - gift card activations, loyalty app loads, and loyalty points and rewards earned	167,556		118,685
Revenue recognized - gift card, loyalty app, and loyalty rewards redemptions, and breakage	(168,598)		(115,010)
Ending balance	25,862		26,440
Less: current portion	(21,875)		(23,750)
Deferred revenue, net of current portion, gift card and loyalty programs	$	3,987	$	2,690

These deferred revenues reported in the Company’s condensed consolidated balance sheets were as follows:



(in thousands)	June 30, 2023		December 31, 2022
Outstanding performance obligations	$	—	$	2,152
Initial unearned franchise fees from franchise partners	2,394		2,398
Total deferred revenue, excluding gift card and loyalty programs	2,394		4,550
Less: current portion	(425)		(2,587)
Deferred revenue, net of current portion, excluding gift card and loyalty programs	$	1,969	$	1,963

Revenue recognized during the three and six months ended June 30, 2023 and 2022 that was included in the respective deferred revenue liability balances at the beginning of the period are shown below.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Gift card redemptions 1	$	953	$	804	$	4,189	$	3,148
Initial unearned franchise fees	114		117		228		273

_____________________

1 Amounts exclude cash loads and transactions related to the Company’s loyalty rewards program.

Schedule of unearned franchise fees

Revenue recognized from initial unearned franchise fees was as follows for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022

Earned franchise fees	$	114	$	117	$	228	$	273

Future recognition of initial unearned franchise fees as of June 30, 2023 is as follows:


(in thousands)
Remainder of 2023	$	221
2024	394
2025	340
2026	298
2027	253

Thereafter	888
Total	$	2,394

Derivative Financial Instruments - Schedule of derivatives instruments effect on condensed consolidated statement of operations (Details) - Interest rate swap contract - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Income recognized in other comprehensive income (loss) before reclassifications	$ 1,621	$ 284	$ 1,050	$ 284
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from accumulated other comprehensive income to earnings for the effective portion	(418)	332	(751)	332
Income Tax Expense
Derivative Instruments, Gain (Loss) [Line Items]
Income tax expense	$ (105)	$ (50)	$ (25)	$ (50)

Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of operating segments \| segment			2
Revenues:	$ 249,879	$ 186,381	$ 447,146	$ 338,537
Cost of sales:	178,636	141,370	330,159	262,537
Depreciation and amortization:			31,295	19,721
Selling, general and administrative	(51,662)	(42,342)	(97,638)	(87,556)
Interest expense, net	(9,058)	(3,596)	(16,944)	(6,085)
Other income	1,039	61	2,346	282
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues:	249,879	186,381	447,146	338,537
Cost of sales:	178,636	141,370	330,159	262,537
Segment contribution:	87,339	54,838	147,445	94,309
Depreciation and amortization:	16,096	9,827	30,458	18,309
Corporate, Non-Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Selling, general and administrative	(51,662)	(42,342)	(97,638)	(87,556)
Interest expense, net	(9,058)	(3,596)	(16,944)	(6,085)
Other income	1,039	61	2,346	282
Income (loss) before income taxes	11,562	(866)	4,751	(17,359)
Company-operated shops
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues:	220,952	160,512	394,116	290,699
Company-operated shops \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues:	220,952	160,512	394,116	290,699
Cost of sales:	168,873	129,294	313,165	242,842
Segment contribution:	66,878	39,525	108,751	63,304
Depreciation and amortization:	14,799	8,307	27,800	15,447
Franchising and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues:	28,927	25,869	53,030	47,838
Franchising and other \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues:	28,927	25,869	53,030	47,838
Cost of sales:	9,763	12,076	16,994	19,695
Segment contribution:	20,461	15,313	38,694	31,005
Depreciation and amortization:	$ 1,297	$ 1,520	$ 2,658	$ 2,862

Revenue Recognition - Disaggregation of revenue by major component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue by major component	$ 249,879	$ 186,381	$ 447,146	$ 338,537
Company-operated shops
Disaggregation of Revenue [Line Items]
Revenue by major component	220,952	160,512	394,116	290,699
Franchising
Disaggregation of Revenue [Line Items]
Revenue by major component	27,524	24,453	50,169	45,226
Other
Disaggregation of Revenue [Line Items]
Revenue by major component	$ 1,403	$ 1,416	$ 2,861	$ 2,612

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Revenue Recognition - Future recognition of unearned franchise fees (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unearned franchise fees, future recognition	$ 2,394
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Unearned franchise fees, future recognition	$ 221
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Unearned franchise fees, future recognition	$ 394
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Unearned franchise fees, future recognition	$ 340
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Unearned franchise fees, future recognition	$ 298
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Unearned franchise fees, future recognition	$ 253
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Unearned franchise fees, future recognition	$ 888

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

NOTE 8 — Leases

Nature of Leases

The Company leases all of its domestic company-operated shops, warehouse facilities, most headquarters buildings, and certain equipment under various non-cancelable lease agreements that expire on various dates through 2043.

The Company’s real estate leases consist of commercial ground leases (land only) and build-to-suit leases (land and building). Generally, the Company’s real estate leases have an initial term of 15 years and typically include two to three renewal options of five-years each. These renewal options are included in the lease term when it is reasonably certain that the option will be exercised. For commercial ground leases, one five-year renewal is included in the Company’s initial lease term calculations. For operating leases, the Company recognizes straight-line lease expense over the lease term from the date the Company takes possession of the leased property. For finance leases, lease expense follows an accelerated expense recognition. Lease expense incurred prior to lease commencement is included in the calculation of the right-of-use asset. Once a lease commences, the Company records lease expense in the Company’s condensed consolidated statements of operations. Variable lease costs generally include payments for additional rent such as real estate taxes, insurance, and common area maintenance, and are excluded from the measurement of the lease liability.

The Company calculates right-of-use assets and lease liabilities based on the present value of the fixed lease payments, including any estimated lease incentives, at lease commencement using its incremental borrowing rate, which is established by a third party. The discount rate is equal to the rate the Company would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms.

A summary of finance and operating lease right-of-use assets and lease liabilities as of June 30, 2023 is as follows:


(in thousands)	Balance Sheet Classification	June 30, 2023		December 31, 2022
Right-of-use assets
Finance leases	Finance lease right-of-use assets, net	$	332,790	$	247,943
Operating leases	Operating lease right-of-use assets, net	177,605		169,302
Total right-of-use assets		$	510,395	$	417,245

Lease liabilities
Finance leases	Current portion of finance lease liabilities	$	9,867	$	7,971
	Finance lease liabilities, net of current portion	315,385		237,130

Operating leases	Current portion of operating lease liabilities	9,612		9,317
	Operating lease liabilities, net of current portion	169,444		161,228
Total lease liabilities		$	504,308	$	415,646

The components of lease cost were as follows for the periods presented:


		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Statement of Operations Classification	2023		2022		2023		2022
Finance lease cost
Amortization of right-of-use assets	Cost of sales	$	5,107	$	2,604	$	9,453	$	4,798
Interest on lease liabilities	Interest expense	4,134		2,056		7,589		3,779
Total finance lease cost		9,241		4,660		17,042		8,577


Operating lease cost	Cost of sales	4,686		4,034		9,198		$	7,881






Variable lease cost	Cost of sales	1,066		566		2,444		1,059
Total lease cost		$	14,993	$	9,260	$	28,684	$	17,517

Future minimum lease payments for finance and operating lease liabilities as of June 30, 2023 are as follows:


(in thousands)	Finance		Operating
Remainder of 2023	$	13,718	$	8,462
2024	27,599		17,196
2025	28,285		16,944
2026	28,573		16,786
2027	29,239		16,465

Thereafter	373,221		171,244
Total	$	500,635	$	247,097
Less: imputed interest	(175,383)		(68,041)
Present value of minimum lease payments	325,252		179,056
Less: current portion	(9,867)		(9,612)
Lease liabilities, net of current portion	$	315,385	$	169,444

A summary of lease terms and discount rates for finance and operating leases is as follows:


						June 30, 2023
Weighted-average remaining lease term (years)
Finance leases						16.2
Operating leases						14.7

Weighted-average discount rate (percentages)
Finance leases						5.5%
Operating leases						4.4%

Supplemental cash flow information related to leases as of June 30, 2023 is as follows for the periods presented:


	Six Months Ended June 30,
(in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	7,589	$	3,779
Operating cash flows from operating leases	8,696		7,471
Financing cash flows from finance leases	7,049		1,789
Right-of-use assets obtained in exchange for lease obligations1:
Finance leases	87,201		90,947
Operating leases	13,495		163,511

________________

1 The 2022 amounts include the transition adjustment for the adoption of ASU 2016-02, as amended.

Leases

NOTE 8 — Leases

Nature of Leases

A summary of finance and operating lease right-of-use assets and lease liabilities as of June 30, 2023 is as follows:


(in thousands)	Balance Sheet Classification	June 30, 2023		December 31, 2022
Right-of-use assets
Finance leases	Finance lease right-of-use assets, net	$	332,790	$	247,943
Operating leases	Operating lease right-of-use assets, net	177,605		169,302
Total right-of-use assets		$	510,395	$	417,245

Lease liabilities
Finance leases	Current portion of finance lease liabilities	$	9,867	$	7,971
	Finance lease liabilities, net of current portion	315,385		237,130

Operating leases	Current portion of operating lease liabilities	9,612		9,317
	Operating lease liabilities, net of current portion	169,444		161,228
Total lease liabilities		$	504,308	$	415,646

The components of lease cost were as follows for the periods presented:


		Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	Statement of Operations Classification	2023		2022		2023		2022
Finance lease cost
Amortization of right-of-use assets	Cost of sales	$	5,107	$	2,604	$	9,453	$	4,798
Interest on lease liabilities	Interest expense	4,134		2,056		7,589		3,779
Total finance lease cost		9,241		4,660		17,042		8,577


Operating lease cost	Cost of sales	4,686		4,034		9,198		$	7,881






Variable lease cost	Cost of sales	1,066		566		2,444		1,059
Total lease cost		$	14,993	$	9,260	$	28,684	$	17,517

Future minimum lease payments for finance and operating lease liabilities as of June 30, 2023 are as follows:


(in thousands)	Finance		Operating
Remainder of 2023	$	13,718	$	8,462
2024	27,599		17,196
2025	28,285		16,944
2026	28,573		16,786
2027	29,239		16,465

Thereafter	373,221		171,244
Total	$	500,635	$	247,097
Less: imputed interest	(175,383)		(68,041)
Present value of minimum lease payments	325,252		179,056
Less: current portion	(9,867)		(9,612)
Lease liabilities, net of current portion	$	315,385	$	169,444

A summary of lease terms and discount rates for finance and operating leases is as follows:


						June 30, 2023
Weighted-average remaining lease term (years)
Finance leases						16.2
Operating leases						14.7

Weighted-average discount rate (percentages)
Finance leases						5.5%
Operating leases						4.4%

Supplemental cash flow information related to leases as of June 30, 2023 is as follows for the periods presented:


	Six Months Ended June 30,
(in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	7,589	$	3,779
Operating cash flows from operating leases	8,696		7,471
Financing cash flows from finance leases	7,049		1,789
Right-of-use assets obtained in exchange for lease obligations1:
Finance leases	87,201		90,947
Operating leases	13,495		163,511

________________

1 The 2022 amounts include the transition adjustment for the adoption of ASU 2016-02, as amended.