How do you interpret expired loyalty rewards — deferred revenue recognized?

An increase suggests lower customer engagement or a higher rate of point expiration, while a decrease indicates higher customer retention and active participation in the rewards program.

How does expired loyalty rewards — deferred revenue recognized compare across companies?

Comparable to breakage revenue recognized by retailers and restaurant chains with structured loyalty or gift card programs.

Dutch Bros BROS Expired loyalty rewards — Deferred revenue recognized

Discontinued — last reported Q4 '22

Similar metrics at other companies

BJRewards Program — Deferred Revenue

$43.1M+7.8%

SFMLoyalty Points — Issued during the period but not redeemed / deferred during the period, net of amount redeemed or expired

-$696K—

DECKLoyalty Programs — Contract with Customer, Liability

$21M+13.1%

HDeferred Revenue Related To Loyalty Program — Total

$1.71B+20.1%

HDeferred revenue related to the loyalty program

$105M+16.7%

DECKLoyalty Programs — Contract With Customer, Liability, Increase (Decrease) For Redemptions, Expirations, And Adjustments To Net Sales

-$26.27M-54.3%

Other financials

Income statement

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Revenue$464.4M+30.8%

Gross profit$107.5M+19.4%

Operating income$34.3M+10.4%

Net income$16.1M+4.8%

EPS (diluted)$0.130.0%

Balance sheet

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Cash & equivalents$263.5M-16.7%

Total debt$1.1B+12.1%

Total equity$696.4M+16.3%

Total assets$3.1B+12.3%

Cash flow

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Operating cash flow$84.7M+130%

CapEx$57.0M+25.1%

Free cash flow$27.7M+420%

Valuation

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Market cap$9.7B-10.3%

Enterprise value$10.58B-7.2%

P/E120.4×-128×

P/S5.6×-2.4×

Profitability

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Gross margin25.3%-1.1pp

Operating margin9.4%+1.2pp

Net margin4.6%+1.4pp

FCF margin5.2%+2.8pp

Returns & leverage

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Return on equity12.4%+3.9pp

Debt / equity1.6×-0.1×

Current ratio1.3×-0.6×

Where this comes from

Reported directly by Dutch Bros in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerLiabilityRevenueRecognized.

The official record: Dutch Bros’s 10-K, filed February 27, 2023, on SEC EDGAR. View the filing →

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Questions, answered.

What is Dutch Bros's expired loyalty rewards — deferred revenue recognized?: Dutch Bros (BROS) reported expired loyalty rewards — deferred revenue recognized of $2.3M in Q4 2022.
What does expired loyalty rewards — deferred revenue recognized mean?: Revenue recognized from customer loyalty points that expired without being used.
How do you interpret expired loyalty rewards — deferred revenue recognized?: An increase suggests lower customer engagement or a higher rate of point expiration, while a decrease indicates higher customer retention and active participation in the rewards program.
How does expired loyalty rewards — deferred revenue recognized compare across companies?: Comparable to breakage revenue recognized by retailers and restaurant chains with structured loyalty or gift card programs.