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    Nerses Setyan

    Managing Director and Senior Equity Research Analyst who specialized in the restaurant sector at Wedbush Securities

    Nerses (Nick) Setyan is a Managing Director and Senior Equity Research Analyst who specialized in the restaurant sector at Wedbush Securities, where he built a reputation for deep industry coverage and insight. Over his tenure, he covered major publicly traded restaurant companies including Denny’s and Chuy’s Holdings, maintaining a track record that positioned him among the top analysts in the sector with over 15 years of experience. Setyan began his career at Wedbush Securities and rose through positions of increasing responsibility, ultimately leading restaurant sector research before joining Mizuho Americas as Managing Director in 2025. He holds a Bachelor of Arts in Economics and Government from Cornell University, was a Bretschneider Fellow at Pembroke College, University of Oxford, and is a registered securities professional with appropriate industry licenses.

    Nerses Setyan's questions to Dutch Bros (BROS) leadership

    Nerses Setyan's questions to Dutch Bros (BROS) leadership • Q4 2024

    Question

    Nerses Setyan inquired about potential inflation in cost of goods sold aside from coffee and asked for an update on the food test, including its scale, expansion plans, and any performance metrics.

    Answer

    CFO Josh Guenser clarified that the COGS guidance, which projects 110 basis points of pressure, is a net figure that includes all commodity impacts and pricing, with coffee being the vast majority of the headwind. CEO Christine Barone stated that the food test remains in a very early stage, operating in just eight shops, and the company is still refining assortment and operations, making it premature to share further details.

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