Part I [Financial Statements (Unaudited)](index=8&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Allbirds' unaudited financials as of June 30, 2023, reflect decreased assets, a wider net loss, and improved operating cash flow [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$405.8 million** as of June 30, 2023, from **$462.4 million** at year-end 2022, primarily due to lower cash and inventory Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $139,909 | $167,136 | | Inventory | $92,849 | $116,796 | | Total current assets | $253,220 | $308,934 | | **Total assets** | **$405,820** | **$462,364** | | **Liabilities & Equity** | | | | Total current liabilities | $45,156 | $50,012 | | Total liabilities | $141,974 | $145,595 | | **Total stockholders' equity** | **$263,846** | **$316,769** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Net revenue decreased for both three and six-month periods ended June 30, 2023, with the six-month net loss widening to **$64.1 million** Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net revenue | $70,480 | $78,174 | $124,832 | $140,937 | | Gross profit | $30,148 | $28,191 | $51,965 | $60,794 | | Loss from operations | $(29,624) | $(29,329) | $(65,302) | $(49,308) | | **Net loss** | **$(28,937)** | **$(29,368)** | **$(64,103)** | **$(51,247)** | | Net loss per share | $(0.19) | $(0.20) | $(0.43) | $(0.35) | [Condensed Consolidated Statements of Stockholders' Equity](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Total stockholders' equity decreased to **$263.8 million** as of June 30, 2023, from **$316.8 million** at year-end 2022, primarily due to the net loss - The primary driver for the reduction in stockholders' equity during the first six months of 2023 was the **net loss of $64.1 million**[486](index=486&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly improved to **$20.1 million** for the six months ended June 30, 2023, from **$64.6 million** in the prior year Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(20,085) | $(64,632) | | Net cash used in investing activities | $(6,997) | $(16,933) | | Net cash provided by financing activities | $313 | $2,342 | | **Net decrease in cash** | **$(27,222)** | **$(80,652)** | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, inventory reserves, a Q1 2023 restructuring plan, an amended **$50 million** credit agreement, and legal proceedings - In March 2023, the company initiated a strategic transformation plan, resulting in restructuring charges for professional fees and severance[557](index=557&type=chunk) - On April 17, 2023, the company amended its credit agreement, increasing the committed amount from **$40.0 million** to **$50.0 million** and extending the maturity date to April 17, 2026[5](index=5&type=chunk) - The company is facing two substantially similar securities class action lawsuits filed in April and May 2023, alleging violations of the Securities and Exchange Act of 1934 and the Securities Act of 1933[42](index=42&type=chunk) Inventory Reserve (in thousands) | Date | Reserve Amount | | :--- | :--- | | June 30, 2023 | $12,495 | | Dec 31, 2022 | $8,269 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses an **11.4%** decrease in net revenue for the first six months of 2023, a strategic transformation plan, and sufficient liquidity with **$139.9 million** cash [Recent Developments](index=32&type=section&id=Recent%20Developments) Recent developments include a strategic transformation plan initiated in March 2023, a **9%** workforce reduction, and a transition to a new footwear manufacturing partner - A strategic transformation plan was announced in March 2023 to reignite growth, improve capital efficiency, and drive profitability[50](index=50&type=chunk) - Cost-saving initiatives include a **9%** reduction in the global corporate workforce in May 2023 and transitioning to a new footwear manufacturing partner by the end of 2023[51](index=51&type=chunk) - The company is evaluating a transition to a distributor model in certain international markets, signing non-binding letters of intent for Canada and South Korea in August 2023[630](index=630&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2023, net revenue decreased **11.4%** to **$124.8 million**, and net loss widened to **$64.1 million**, driven by lower prices and increased operating expenses Comparison of Six Months Ended June 30, 2023 and 2022 (in thousands) | Metric | 2023 | 2022 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Revenue | $124,832 | $140,937 | $(16,105) | (11.4)% | | Gross Profit | $51,965 | $60,794 | $(8,829) | (14.5)% | | Gross Margin | 41.6% | 43.1% | - | (3.5)% | | Total Operating Expense | $117,267 | $110,102 | $7,165 | 6.5% | | Net Loss | $(64,103) | $(51,247) | $(12,856) | 25.1% | - SG&A expenses for the six months increased by **$8.5 million (10.6%)**, driven by higher depreciation, rent, personnel costs due to more stores, and stock-based compensation[81](index=81&type=chunk)[82](index=82&type=chunk) - Marketing expenses for the six months decreased by **$5.6 million (19.0%)** due to reduced digital advertising spend[73](index=73&type=chunk) - Restructuring expenses of **$4.3 million** were incurred in the first six months of 2023 related to the new strategic plan, with no comparable expense in 2022[83](index=83&type=chunk) [Non-GAAP Financial Measures](index=43&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA, a key non-GAAP measure, showed an increased loss of **$39.9 million** for the six months ended June 30, 2023, compared to the prior year - Adjusted EBITDA is defined as net loss excluding stock-based compensation, depreciation & amortization, impairment, restructuring expense, other income/expense, interest, and taxes[88](index=88&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(28,937) | $(29,368) | $(64,103) | $(51,247) | | **Adjusted EBITDA** | **$(18,284)** | **$(20,839)** | **$(39,943)** | **$(33,052)** | [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company held **$139.9 million** in cash, with an amended **$50 million** credit facility, and expects sufficient liquidity for the next 12 months - The company held **$139.9 million** in cash and cash equivalents as of June 30, 2023[106](index=106&type=chunk) - In April 2023, the credit agreement was amended to increase the committed amount to **$50.0 million** and extend the maturity to April 2026[94](index=94&type=chunk) - Net cash used in operating activities for the six months ended June 30, 2023, was **$20.1 million**, a significant improvement from **$64.6 million** in the prior year, primarily due to a **$16.3 million** decrease in inventory[96](index=96&type=chunk)[109](index=109&type=chunk) - Management believes existing cash and available credit will be sufficient to meet cash requirements over the next 12 months[134](index=134&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks including interest rate, foreign currency, and inflation, though a **10%** change in rates would not have a material impact as of June 30, 2023 - The company is exposed to interest rate risk on its variable-rate credit facility, but had no amounts outstanding as of June 30, 2023[115](index=115&type=chunk)[144](index=144&type=chunk) - Foreign currency risk exists due to international subsidiaries, with translation adjustments recorded in other comprehensive income (loss), resulting in a **$0.5 million** loss for the six months ended June 30, 2023[116](index=116&type=chunk)[145](index=145&type=chunk)[419](index=419&type=chunk) - Inflation risk could increase supply chain, materials, and labor costs, potentially impacting gross margin if not offset by price increases or cost reductions[117](index=117&type=chunk)[146](index=146&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting - Management concluded that as of June 30, 2023, the company's disclosure controls and procedures were effective at the reasonable assurance level[119](index=119&type=chunk) - There were no material changes to the company's internal control over financial reporting during the quarter ended June 30, 2023[150](index=150&type=chunk) Part II—Other Information [Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company and certain executives are defendants in consolidated securities class action lawsuits filed in April and May 2023, which the company intends to vigorously defend - Allbirds and certain executives were named as defendants in two securities class action lawsuits in April and May 2023, which have since been consolidated[42](index=42&type=chunk) - The lawsuits allege materially false and/or misleading statements about the company's business, operations, and prospects; the company intends to defend itself vigorously[42](index=42&type=chunk)[152](index=152&type=chunk) [Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) The company faces numerous risks, including challenges in executing its strategic transformation plan, economic uncertainty, intense competition, supply chain concentration, and its dual-class stock structure - The company may be unable to successfully execute its strategic transformation plan announced in March 2023, which is designed to reignite growth, optimize stores, and improve cost savings[124](index=124&type=chunk)[421](index=421&type=chunk) - Economic uncertainty and inflationary pressures may continue to adversely affect consumer demand for discretionary items like the company's products[181](index=181&type=chunk)[410](index=410&type=chunk) - The business is subject to the risk of manufacturer concentration, having transitioned all new footwear manufacturing to a single partner in Vietnam during 2023[253](index=253&type=chunk)[278](index=278&type=chunk) - The dual-class stock structure concentrates voting control with co-founders and insiders, limiting the influence of other stockholders[708](index=708&type=chunk)[453](index=453&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=91&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section reports no unregistered sales of equity securities during the period - There were no unregistered sales of equity securities[760](index=760&type=chunk)[795](index=795&type=chunk) [Defaults Upon Senior Securities](index=91&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section reports no defaults upon senior securities - There were no defaults upon senior securities[761](index=761&type=chunk) [Mine Safety Disclosures](index=91&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not applicable[786](index=786&type=chunk) [Other Information](index=92&type=section&id=Item%205.%20Other%20Information) This section reports no other information - There is no other information to report[796](index=796&type=chunk) [Exhibits](index=92&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the quarterly report, including officer certifications and XBRL data files, incorporating previously filed documents by reference - The exhibits include officer certifications pursuant to the Sarbanes-Oxley Act of 2002 and XBRL data files[787](index=787&type=chunk)

Allbirds, Inc. (NASDAQ:BIRD) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET Company Participants Katina Metzidakis - Vice President, Investor Relations & Business Development Joe Zwillinger - Co-Founder & Co-Chief Executive Officer Andy Mitchell - Chief Financial Officer Tim Brown - Co-Founder & Co-Chief Executive Officer Conference Call Participants Lorraine Hutchinson - Bank of America Alex Straton - Morgan Stanley Bob Drbul - Guggenheim Janine Stichter - BTIG Jim Duffy - Stifel Dana Telsey - Tel ...

11 As of March 31, 2023 and December 31, 2022, there were no amounts outstanding under the Credit Agreement. Preferred Stock Voting—Holders of Class A common stock are entitled to one vote per share on all matters to be voted upon by the stockholders, and holders of Class B common stock are entitled to 10 votes per share on all matters to be voted upon by the stockholders. The holders of our Class A common stock and Class B common stock generally vote together as a single class on all matters submitted to a ...

Financial Data and Key Metrics Changes - In Q4 2022, Allbirds reported nearly $300 million in net revenue, representing a 7% year-over-year growth, or 10% growth excluding an $8 million impact related to foreign exchange [4][30] - The adjusted EBITDA for the year was negative $60 million, which included a $17 million impact from the discontinuation of certain first-generation apparel [43][66] - Cash burn was $13.6 million in Q4, continuing a trend of slowing cash burn rate [38][70] Business Line Data and Key Metrics Changes - The US business saw a decline of 14%, driven by digital softness, which offset an 8% growth in retail [68] - Full-price sell-through was approximately 85% for the year, aligning with expectations of 80% to 85% and well above the industry average [35] - The company plans to slow the pace of new store openings in 2023, with only three new stores planned compared to 19 opened in the previous year [52] Market Data and Key Metrics Changes - Active customers decreased by 11% in Q4, indicating weaker-than-expected new customer acquisition and repeat purchase behavior [97] - International growth remains vital, with a potential shift to a partnership model with distributors expected to improve profitability and reduce complexity [24][56] Company Strategy and Development Direction - The company is focusing on four key areas: reconnecting with core consumers, slowing store openings, evaluating international go-to-market strategies, and enhancing cost savings and capital efficiency [6][45] - A new Chief Transformation Officer has been appointed to drive operational improvements [6] - The company aims to achieve cash flow profitability and positive adjusted EBITDA by 2025 [31][62] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need to improve performance and emphasized the importance of reconnecting with core consumers [12][13] - The company expects continued gross margin pressure due to markdowns and inventory management challenges in 2023 [30][100] - Management expressed confidence in the brand's strength and the potential for growth beginning in 2024 [62][82] Other Important Information - The company has made leadership changes, including the appointment of a new CFO, Annie Mitchell, who has extensive experience in the industry [29][60] - The restructuring and impairment lines in the income statement will reflect costs associated with the strategic transformation [33][64] Q&A Session Summary Question: What is the product strategy moving forward? - The company plans to focus on core products and align marketing efforts to better resonate with consumers [112][113] Question: How effective are the partnerships in acquiring new customers? - Partnerships are expected to enhance brand awareness and support strong sell-through, which is critical for success [135][136] Question: What are the costs associated with exiting the direct footprint in international markets? - Costs will be evaluated as the company transitions to a distributor model, with expectations for cash neutrality or positivity [149][150] Question: Is the company open to exploring the idea of not being an independent entity? - The management believes in the long-term opportunity as an independent public company and is focused on maximizing shareholder value [128]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-K ___________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-40963 ___________________________________ A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | |----------------------------------------------------------------------------| | | | For transition period from Commission File Number 001-40963 | | | | Allbirds, Inc. (Exact na ...

Allbirds, Inc. (NASDAQ:BIRD) Q3 2022 Earnings Conference Call November 8, 2022 5:00 PM ET Company Participants Katina Metzidakis - VP, IR & Business Development Joseph Zwillinger - Co-Founder, Co-CEO, President, Treasurer, Secretary & Director Timothy Brown - Co-Founder, Co-CEO & Director Michael Bufano - CFO Conference Call Participants Lorraine Hutchinson - Bank of America Merrill Lynch Edward Yruma - Piper Sandler Matthew Boss - JPMorgan Chase & Co. Dylan Carden - William Blair & Company Robert Drbul - G ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | |----------------------------------------------------------------------------| | | | For transition period from Commission File Number 001-40963 | | | | Allbirds, Inc. (Exact name of ...

Allbirds, Inc. (NASDAQ:BIRD) Q2 2022 Earnings Conference Call August 8, 2022 5:00 PM ET Company Participants Katina Metzidakis - Vice President of Investor Relations & Business Development Joey Zwillinger - Co-Chief Executive Officer & Co-Founder Tim Brown - Co-Chief Executive Officer & Co-Founder Mike Bufano - Chief Financial Officer Conference Call Participants Alex Straton - Morgan Stanley Bob Drbul - Guggenheim Lorraine Hutchinson - Bank of America Mark Altschwager - Baird Matthew Boss - JPMorgan Dana T ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | |----------------------------------------------------------------------------| | | | For transition period from Commission File Number 001-40963 | | | | Allbirds, Inc. (Exact name o ...