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Segment Reporting | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | NOTE 17 — Segment Reporting Segment information is prepared on the same basis that the Company’s CEO, who is the chief operating decision maker (the 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 months ended March 31, 2024. In addition, no customer represented 10% or more of total revenue for the three months ended March 31, 2024 and 2023. Financial information for the Company’s reportable segments was as follows for the periods presented:
|  | Three Months Ended March 31, |  |
(in thousands) |  | 2024 |  | 2023 |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |
Company-operated shops |  | $ | 248,085 |  |  | $ | 173,164 |  |  |  |  |  |  |
Franchising and other |  | 27,014 |  |  | 24,103 |  |  |  |  |  |  |
Total revenues |  | 275,099 |  |  | 197,267 |  |  |  |  |  |  |
Cost of sales: |  |  |  |  |  |  |  |  |  |
Company-operated shops |  | 193,780 |  |  | 144,292 |  |  |  |  |  |  |
Franchising and other |  | 9,546 |  |  | 7,231 |  |  |  |  |  |  |
Total cost of sales |  | 203,326 |  |  | 151,523 |  |  |  |  |  |  |
Segment contribution: |  |  |  |  |  |  |  |  |  |
Company-operated shops |  | 73,999 |  |  | 41,873 |  |  |  |  |  |  |
Franchising and other |  | 18,763 |  |  | 18,233 |  |  |  |  |  |  |
Total segment contribution |  | $ | 92,762 |  |  | $ | 60,106 |  |  |  |  |  |  |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |
Company-operated shops |  | 19,694 |  |  | 13,001 |  |  |  |  |  |  |
Franchising and other |  | 1,295 |  |  | 1,361 |  |  |  |  |  |  |
Total depreciation and amortization |  | 20,989 |  |  | 14,362 |  |  |  |  |  |  |
Selling, general and administrative |  | (46,194) |  |  | (45,976) |  |  |  |  |  |  |
Interest expense, net |  | (6,393) |  |  | (7,886) |  |  |  |  |  |  |
Other income, net |  | 5,801 |  |  | 1,307 |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | 24,987 |  |  | $ | (6,811) |  |  |  |  |  |  |

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- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -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 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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