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 ...

Financial Data and Key Metrics - Net revenue growth of 26% compared to 2021 and 49% versus 2020, with adjusted EBITDA in line with expectations [8] - US business grew 35%, driven by digital-savvy omnichannel model and post-pandemic retail recovery [11] - International sales grew 3%, impacted by headwinds in consumer spending in the EU and China due to geopolitical and COVID-related factors [12] - Adjusted EBITDA for Q1 was negative $12.2 million, within the guidance target range [50] - Gross profit increased by 26% to $33 million, with gross margin at 51.9%, down 10 basis points year-over-year [47] - Inventory increased by 11% from year-end, with in-transit inventory up 15% [51] Business Line Performance - US retail grew over 150% year-over-year, driven by the opening of four new stores, including a flagship in Manhattan [35] - International growth slowed due to macro factors, with an estimated $15 million to $20 million impact on full-year revenue [13][53] - The company launched new products, including the Tree Flyer, which has a 70% rebound rate and a 20% reduction in carbon footprint [22][23] - The collaboration with Adidas resulted in over 90% of inventory sold within three days [17] Market Performance - US market showed strong growth, with digital and physical retail performing well [9] - International markets, particularly China and the EU, faced demand headwinds due to COVID restrictions and geopolitical tensions [10][12] - The strengthening dollar in international markets, especially in Europe and Japan, created a drag on revenue [12] Strategic Direction and Industry Competition - The company's growth pillars include product innovation, expanding the store portfolio, and scaling the international business [15] - Allbirds is leveraging third-party partnerships, such as Zalando in Europe and Public Lands in the US, to increase brand awareness and drive growth [39][40] - The company is focused on sustainable innovation, with products like the Tree Flyer showcasing its commitment to reducing carbon footprint [22][23] - Allbirds' vertical retail model differentiates it from competitors, with over 99% of distribution conducted through this model [38] Management Commentary on Operating Environment and Future Outlook - Management expects strong top-line growth of 21% to 24% in 2022, within the medium-term revenue growth target of 20% to 30% [14] - The company is managing a cautious outlook due to transitory factors affecting the international business, including the Ukraine crisis and COVID restrictions in China [13][53] - Management remains confident in achieving medium-term targets, including gross margins north of 60% and adjusted EBITDA margins in the mid-to-high teens [62][63] Other Important Information - The company is navigating logistics and distribution center cost headwinds, with an estimated 450 to 500 basis points of impact over a two-year period [57] - Allbirds is focusing on responsible growth, balancing top-line and bottom-line performance, and managing SG&A spending to offset external headwinds [61][64] - The company is targeting breakeven adjusted EBITDA in the second half of 2022, driven by strong product pipeline, retail expansion, and third-party partnerships [60][61] Q&A Session Summary Question: Confidence in second-half reacceleration - Drivers include a strong product pipeline, more retail stores, and increased velocity in the omnichannel flywheel [66] Question: Impact of promotions and pricing - The company has not observed significant pushback on recent price increases, reflecting the strength of the brand and product quality [68][69] Question: Second-quarter guidance and international impact - The majority of the downward revision is due to international headwinds, particularly in China and Europe, with some signs of recovery in demand [72][73] Question: Inventory composition and supply chain impact - The company has moved footwear production out of China, with most production now in Vietnam and Korea, minimizing supply chain disruptions [76][77] Question: Long-term gross margin outlook - Management remains confident in achieving long-term gross margin targets, driven by growth in retail and international businesses, strong pricing power, and new higher-margin products [125][129] Question: Store growth and international expansion - The company plans to open 16 to 17 stores in 2022, heavily weighted towards the US, with a focus on dynamic and rightsized strategies for international markets [135][136]