Allbirds Reports Third Quarter 2024 Financial Results
Allbirds (NASDAQ: BIRD) reported Q3 2024 financial results with net revenue decreasing 24.9% to $43.0 million. Gross margin improved by 90 basis points to 44.4%. The company posted a net loss of $21.2 million, or $2.68 per share, with adjusted EBITDA loss of $16.2 million. Inventory decreased 28.1% to $57.5 million. The company maintains $78.6 million in cash with no outstanding borrowings. Allbirds completed its transition to distributor models in China and Europe, and updated its full-year 2024 revenue guidance to $187-193 million, down from previous $190-210 million guidance.
Allbirds (NASDAQ: BIRD) ha riportato i risultati finanziari del terzo trimestre 2024, con un calo del fatturato netto del 24,9% a 43,0 milioni di dollari. Il margine lordo è migliorato di 90 punti base, raggiungendo il 44,4%. L'azienda ha registrato una perdita netta di 21,2 milioni di dollari, ovvero 2,68 dollari per azione, con una perdita di EBITDA rettificato di 16,2 milioni di dollari. L'inventario è diminuito del 28,1% a 57,5 milioni di dollari. L'azienda mantiene 78,6 milioni di dollari in liquidità senza prestiti pendenti. Allbirds ha completato la transizione verso modelli di distribuzione in Cina e in Europa e ha aggiornato le previsioni di fatturato per l'intero anno 2024 a 187-193 milioni di dollari, in calo rispetto alla precedente stima di 190-210 milioni di dollari.
Allbirds (NASDAQ: BIRD) informó los resultados financieros del tercer trimestre de 2024, con ingresos netos que disminuyeron un 24,9% a 43,0 millones de dólares. El margen bruto mejoró en 90 puntos básicos, alcanzando el 44,4%. La empresa reportó una pérdida neta de 21,2 millones de dólares, o 2,68 dólares por acción, con una pérdida de EBITDA ajustado de 16,2 millones de dólares. El inventario disminuyó un 28,1% a 57,5 millones de dólares. La compañía mantiene 78,6 millones de dólares en efectivo sin préstamos pendientes. Allbirds completó su transición a modelos de distribución en China y Europa, y actualizó su guía de ingresos para todo el año 2024 a 187-193 millones de dólares, disminuyendo desde la anterior guía de 190-210 millones de dólares.
올버드 (NASDAQ: BIRD)는 2024년 3분기 재무 결과를 발표했으며, 순수익이 24.9% 감소하여 4,300만 달러에 달했습니다. 총 이익률은 90bp 개선되어 44.4%에 도달했습니다. 회사는 2,120만 달러의 순손실을 기록했으며, 주당 2.68 달러의 손실을 나타냈고, 조정된 EBITDA의 손실은 1,620만 달러였습니다. 재고는 28.1% 감소하여 5,750만 달러에 도달했습니다. 회사는 차입금 없이 7,860만 달러의 현금을 보유하고 있습니다. 올버드는 중국과 유럽에서 유통 모델로의 전환을 완료하였고, 2024년 전체 연도 매출 가이드를 이전의 1억 9천-2억 1천만 달러에서 1억 8천 7백만-1억 9천 3백만 달러로 업데이트했습니다.
Allbirds (NASDAQ: BIRD) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires net en baisse de 24,9% à 43,0 millions de dollars. La marge brute a augmenté de 90 points de base pour atteindre 44,4%. L'entreprise a enregistré une perte nette de 21,2 millions de dollars, soit 2,68 dollars par action, avec une perte d'EBITDA ajusté de 16,2 millions de dollars. Les stocks ont diminué de 28,1% pour s'établir à 57,5 millions de dollars. L'entreprise maintient 78,6 millions de dollars en liquidités sans emprunts en cours. Allbirds a achevé sa transition vers des modèles de distribution en Chine et en Europe, et a mis à jour ses prévisions de chiffre d'affaires pour l'année 2024 à 187-193 millions de dollars, contre des prévisions précédentes de 190-210 millions de dollars.
Allbirds (NASDAQ: BIRD) hat die finanziellen Ergebnisse des dritten Quartals 2024 veröffentlicht, wobei der Netto-Umsatz um 24,9% auf 43,0 Millionen Dollar gesunken ist. Die Bruttomarge verbesserte sich um 90 Basispunkte auf 44,4%. Das Unternehmen verzeichnete einen Nettoverlust von 21,2 Millionen Dollar, was 2,68 Dollar pro Aktie entspricht, mit einem bereinigten EBITDA-Verlust von 16,2 Millionen Dollar. Der Lagerbestand ging um 28,1% auf 57,5 Millionen Dollar zurück. Das Unternehmen hält 78,6 Millionen Dollar in bar ohne ausstehende Kredite. Allbirds hat die Umstellung auf Vertriebsmodelle in China und Europa abgeschlossen und die Umsatzprognose für das Gesamtjahr 2024 auf 187-193 Millionen Dollar aktualisiert, im Vergleich zur vorherigen Schätzung von 190-210 Millionen Dollar.
- Gross margin improved 90 basis points to 44.4%
- Inventory reduced by 28.1% to $57.5 million
- Strong cash position of $78.6 million with no debt
- 22% reduction in per unit carbon footprint
- Net revenue declined 24.9% to $43.0 million
- Net loss of $21.2 million ($2.68 per share)
- Adjusted EBITDA loss of $16.2 million
- Lowered full-year revenue guidance to $187-193 million from $190-210 million
Insights
The Q3 results paint a concerning picture for Allbirds, with
The revised full-year guidance reduction from
The strategic pivot to distributor models across Europe, China and Latin America reflects a fundamental shift in Allbirds' business model. This retrenchment, while potentially reducing operational costs, signals significant challenges in maintaining direct-to-consumer operations globally. The
The planned retail store closures and reduced marketing spend suggest a defensive posture, focusing on survival rather than growth. The higher average selling prices in direct business haven't offset the declining unit sales, indicating potential market positioning or demand issues.
Q3 2024 Results Within Guidance Ranges
Updates Full Year Outlook
SAN FRANCISCO, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Allbirds, Inc. (NASDAQ: BIRD), a global lifestyle brand that innovates with sustainable materials to make better products in a better way, today reported financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Overview
- Third quarter net revenue decreased
24.9% to$43.0 million versus a year ago, within the Company’s guidance range. - Third quarter gross margin improved approximately 90 basis points to
44.4% versus a year ago. - Third quarter net loss of
$21.2 million , or$2.68 per basic and diluted share. - Third quarter adjusted EBITDA1 loss of
$16.2 million , within the Company’s guidance range. - Inventory at quarter end of
$57.5 million , representing a decrease of28.1% versus a year ago. - As of September 30, 2024, the Company had
$78.6 million of cash and cash equivalents and no outstanding borrowings under its$50.0 million revolving credit facility. - The Company completed its transition to a distributor model in China and entered into a new distributor agreement covering six countries across mainland Europe.
- Subsequent to quarter end, the Company entered into a new distributor agreement covering six countries in Latin America.
- The Company’s latest sustainability report, the Allbirds 2023 Flight Status, reported a
22% reduction of its per unit carbon footprint2 in 2023 compared to 2022.
“We are pleased to deliver Q3 results within our expectations as we continue to advance our three strategic focus areas,” said Joe Vernachio, Chief Executive Officer. “Our teams are delivering strong execution across the board and we are energized by the opportunity ahead as we prepare to bring our reignited product to market in 2025.”
Third Quarter Operating Results
In the third quarter of 2024, net revenue decreased
Gross profit totaled
Selling, general, and administrative expense (SG&A) was
Marketing expense totaled
In the third quarter of 2024, net loss was
In the third quarter of 2024, adjusted EBITDA1 was a loss of
_______________
1 For a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP financial measure, please refer to the reconciliation tables in the section titled “Non-GAAP Financial Measures” below.
2 The annual per unit carbon footprint is the average carbon footprint calculated based on the product carbon footprints in that year and the units produced in that year. In other words, it is the total product-related emissions in that year, divided by the total number of units produced in that year.
Nine Month Operating Results
Net revenue in the first nine months of 2024 decreased
Gross profit in the first nine months of 2024 totaled
SG&A in the first nine months of 2024 was
Marketing expense in the first nine months of 2024 totaled
Restructuring expense in the first nine months of 2024 totaled
Net loss in the first nine months of 2024 was
Adjusted EBITDA loss1 in the first nine months of 2024 was
Balance Sheet Highlights
Allbirds ended the quarter with
2024 Financial Outlook
The Company is updating its full year 2024 revenue guidance and narrowing its Adjusted EBITDA guidance range as follows:
- Net revenue of
$187 million to$193 million , compared to prior guidance of$190 million to$210 million .- US net revenue of
$143 million to$147 million , including a$10 million to$12 million impact resulting from anticipated store closures - International net revenue of
$44 million to$46 million , including$13 million to$16 million of impact resulting from transitions to a distributor model in certain international markets
- US net revenue of
- Adjusted EBITDA3 loss of
$75 million to$71 million compared to prior guidance for a loss of$75 million to$63 million .
The Company is maintaining its full year 2024 gross margin guidance:
- Gross margin of
43% to46%
The Company is providing the following guidance for the fourth quarter of 2024:
- Net revenue of
$53 million to$59 million - US net revenue of
$45 million to$49 million - International net revenue of
$8 million to$10 million
- US net revenue of
- Adjusted EBITDA3 loss of
$25 million to$21 million
_______________
3 A reconciliation of these non-GAAP financial measures to corresponding GAAP financial measures is not available on a forward-looking basis without unreasonable effort as we are currently unable to predict with a reasonable degree of certainty certain expense items that are excluded in calculating adjusted EBITDA, although it is important to note that these factors could be material to our results computed in accordance with GAAP. We have provided a reconciliation of GAAP to non-GAAP financial measures in the section titled “Reconciliation of GAAP to Non-GAAP Financial Measures” for our third quarter 2024 and 2023 results included in this press release.
Conference Call Information
Allbirds will host a conference call to discuss the results, followed by Q&A, at 5:00 p.m. Eastern Time today, November 6, 2024. A live webcast and replay of the conference call will be available on the investor relations section of the Allbirds website at https://ir.allbirds.com. Information on the Company’s website is not, and will not be deemed to be, a part of this press release or incorporated into any other filings the Company may make with the Securities and Exchange Commission. A replay of the webcast will also be archived on the Allbirds website for 12 months.
About Allbirds, Inc.
Based in San Francisco, with its roots in New Zealand, Allbirds launched in 2016 with a single shoe: the now iconic Wool Runner. In the years since, Allbirds has sold millions of pairs of shoes, and has maintained its commitment to incredible comfort, versatile style and unmatched quality. This is made possible with materials like Allbirds’s sugarcane-based midsole technology, SweetFoam™, and textiles made with eucalyptus fibers and Merino wool – so consumers don't have to compromise between the best products and their impact on the earth. www.allbirds.com
Forward-Looking Statements
This press release and related conference call contain “forward-looking” statements, as the term is defined under federal securities laws, that are based on management’s beliefs and assumptions and on information currently available to management. All statements other than statements of historical facts, including statements regarding our strategic transformation plan and related efforts, future financial performance, including our financial outlook on financial results and guidance targets, planned transition to a distributor model in certain international markets, anticipated distributor model arrangements, focus on improving efficiencies and driving profitability, restructuring charges, estimated and/or targeted cost savings, medium-term financial targets, market position, future results of operations, financial condition, business strategy and plans, reducing the carbon footprint of our products, materials innovation and new product launches, and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “designed,” “objective,” “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties which could cause actual results or facts to differ materially from those statements expressed or implied in the forward-looking statements, including, but not limited to: unfavorable economic conditions; our ability to execute our strategic transformation plans, simplification initiatives or our long-term growth strategy; fluctuations in our operating results; our ability to achieve the financial outlook and guidance targets for the third quarter and full year of 2024; our ability to complete transitions to a distributor model in certain international markets; our ability to achieve our cost savings targets by 2025; deteriorating economic conditions, including economic recession, inflation, tax rates, foreign currency exchange rates, or the availability of capital; impairment of long-lived assets; the strength of our brand; our introduction of new products; our net losses since inception; the competitive marketplace; our reliance on technical and materials innovation; our use of sustainable high-quality materials and environmentally friendly manufacturing processes and supply chain practices; our ability to attract new customers and increase sales to existing customers; the impact of climate change and government and investor focus on sustainability issues; our ability to anticipate product trends and consumer preferences, including with respect to the product launches we have planned for the fourth quarter of 2024 and mid-2025; breaches of security or privacy of business information; and our ability to forecast consumer demand. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results or performance to differ materially from those contained in any forward-looking statements we may make.
A further discussion of these and other factors that could cause our financial results, performance, and achievements to differ materially from any results, performance, or achievements anticipated, expressed, or implied by these forward-looking statements is included in the filings we make with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and future reports we may file with the SEC from time to time. The forward-looking statements contained in this press release and related conference call relate only to events as of the date stated or, if no date is stated, as of the date of this press release and related conference call. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in or expressed by, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.
Use of Non-GAAP Financial Measures
This press release and accompanying financial tables include references to adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures. We believe that providing these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, and not in isolation or as substitutes for analysis of our results of operations under GAAP, are useful to investors as they are widely used measures of performance, and the adjustments we make to these non-GAAP financial measures may provide investors further insight into our profitability and additional perspectives in comparing our performance to other companies and in comparing our performance over time on a consistent basis. These non-GAAP financial measures should not be considered as alternatives to net loss or net loss margin as calculated and presented in accordance with GAAP.
Adjusted EBITDA is defined as net loss before stock-based compensation expense, depreciation and amortization expense, impairment expense, restructuring expense (consisting of professional fees, personnel and related expenses, and other related charges resulting from our strategic initiatives), non-cash gains or losses on the sales of businesses relating to our March 2023 initiatives, other income or expense (consisting of non-cash gains or losses on foreign currency, non-cash gains or losses on sales of property and equipment, and non-cash gains or losses on modifications or terminations of leases), interest income or expense, and income tax provision or benefit.
Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenue.
Other companies, including companies in our industry, may calculate these adjusted financial measures differently, which reduces their usefulness as comparative measures. Because of these limitations, we consider, and investors should consider, these adjusted financial measures together with other operating and financial performance measures presented in accordance with GAAP.
Investor Relations:
ir@allbirds.com
Media Contact:
press@allbirds.com
| Allbirds, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share, per share amounts, and percentages) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net revenue | $ | 42,996 | $ | 57,244 | $ | 133,905 | $ | 182,075 | |||||||
| Cost of revenue | 23,921 | 32,351 | 70,319 | 105,218 | |||||||||||
| Gross profit | 19,075 | 24,893 | 63,586 | 76,857 | |||||||||||
| Operating expense: | |||||||||||||||
| Selling, general, and administrative expense | 30,967 | 43,545 | 104,226 | 132,516 | |||||||||||
| Marketing expense | 9,855 | 10,176 | 29,354 | 34,192 | |||||||||||
| Restructuring expense | 35 | 1,234 | 1,788 | 5,514 | |||||||||||
| Total operating expense | 40,857 | 54,955 | 135,368 | 172,222 | |||||||||||
| Loss from operations | (21,782 | ) | (30,062 | ) | (71,782 | ) | (95,365 | ) | |||||||
| Net loss from the sales of businesses | (236 | ) | (2,346 | ) | (430 | ) | (2,346 | ) | |||||||
| Interest income | 744 | 1,120 | 2,992 | 2,961 | |||||||||||
| Other income (expense) | 183 | (153 | ) | 2,457 | (298 | ) | |||||||||
| Loss before provision for income taxes | (21,091 | ) | (31,441 | ) | (66,763 | ) | (95,048 | ) | |||||||
| Income tax provision | (86 | ) | (134 | ) | (877 | ) | (631 | ) | |||||||
| Net loss | $ | (21,177 | ) | $ | (31,575 | ) | $ | (67,640 | ) | $ | (95,679 | ) | |||
| Net loss per share data: | |||||||||||||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (2.68 | ) | $ | (4.15 | ) | $ | (8.64 | ) | $ | (12.67 | ) | |||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 7,900,246 | 7,605,191 | 7,831,158 | 7,550,254 | |||||||||||
| Other comprehensive income (loss): | |||||||||||||||
| Foreign currency translation income (loss) | 1,880 | (906 | ) | 355 | (1,438 | ) | |||||||||
| Total comprehensive loss | $ | (19,297 | ) | $ | (32,481 | ) | $ | (67,285 | ) | $ | (97,117 | ) | |||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Statements of Operations Data, as a Percentage of Net Revenue: | |||||||||||||||
| Net revenue | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||
| Cost of revenue | 55.6 | % | 56.5 | % | 52.5 | % | 57.8 | % | |||||||
| Gross profit | 44.4 | % | 43.5 | % | 47.5 | % | 42.2 | % | |||||||
| Operating expense: | |||||||||||||||
| Selling, general, and administrative expense | 72.0 | % | 76.1 | % | 77.8 | % | 72.8 | % | |||||||
| Marketing expense | 22.9 | % | 17.8 | % | 21.9 | % | 18.8 | % | |||||||
| Restructuring expense | 0.1 | % | 2.2 | % | 1.3 | % | 3.0 | % | |||||||
| Total operating expense | 95.0 | % | 96.0 | % | 101.1 | % | 94.6 | % | |||||||
| Loss from operations | (50.7 | )% | (52.5 | )% | (53.6 | )% | (52.4 | )% | |||||||
| Net loss from the sales of businesses | (0.5 | )% | (4.1 | )% | (0.3 | )% | (1.3 | )% | |||||||
| Interest income | 1.7 | % | 2.0 | % | 2.2 | % | 1.6 | % | |||||||
| Other income (expense) | 0.4 | % | (0.3 | )% | 1.8 | % | (0.2 | )% | |||||||
| Loss before provision for income taxes | (49.1 | )% | (54.9 | )% | (49.9 | )% | (52.2 | )% | |||||||
| Income tax provision | (0.2 | )% | (0.2 | )% | (0.7 | )% | (0.3 | )% | |||||||
| Net loss | (49.3 | )% | (55.2 | )% | (50.5 | )% | (52.5 | )% | |||||||
| Other comprehensive income (loss): | |||||||||||||||
| Foreign currency translation income (loss) | 4.4 | % | (1.6 | )% | 0.3 | % | (0.8 | )% | |||||||
| Total comprehensive loss | (44.9 | )% | (56.7 | )% | (50.2 | )% | (53.3 | )% | |||||||
| Allbirds, Inc. Condensed Consolidated Balance Sheets (in thousands, except share amounts) | |||||||
| September 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 78,627 | $ | 130,032 | |||
| Accounts receivable | 5,672 | 8,188 | |||||
| Inventory | 57,459 | 57,763 | |||||
| Prepaid expenses and other current assets | 13,571 | 16,423 | |||||
| Total current assets | 155,329 | 212,406 | |||||
| Property and equipment—net | 18,972 | 26,085 | |||||
| Operating lease right-of-use assets | 42,877 | 67,085 | |||||
| Other assets | 4,736 | 7,129 | |||||
| Total assets | $ | 221,914 | $ | 312,705 | |||
| Liabilities and stockholders' equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | 18,359 | 5,851 | |||||
| Accrued expenses and other current liabilities | 13,306 | 22,987 | |||||
| Current lease liabilities | 10,604 | 15,218 | |||||
| Deferred revenue | 3,613 | 4,551 | |||||
| Total current liabilities | 45,882 | 48,607 | |||||
| Noncurrent liabilities: | |||||||
| Noncurrent lease liabilities | 48,649 | 78,731 | |||||
| Other long-term liabilities | 38 | 38 | |||||
| Total noncurrent liabilities | 48,687 | 78,769 | |||||
| Total liabilities | $ | 94,569 | $ | 127,376 | |||
| Commitments and contingencies (Note 11) | |||||||
| Stockholders' equity: | |||||||
| Class A Common Stock, | 1 | 1 | |||||
| Class B Common Stock, | — | — | |||||
| Additional paid-in capital | 589,164 | 579,862 | |||||
| Accumulated other comprehensive loss | (2,981 | ) | (3,335 | ) | |||
| Accumulated deficit | (458,839 | ) | (391,199 | ) | |||
| Total stockholders' equity | 127,345 | 185,329 | |||||
| Total liabilities and stockholders' equity | $ | 221,914 | $ | 312,705 | |||
[1] Amounts have been adjusted to reflect the 1-for-20 reverse stock split that became effective on September 4, 2024.
| Allbirds, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) | |||||||
| Nine Months Ended September 30, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (67,640 | ) | $ | (95,679 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 10,226 | 15,142 | |||||
| Amortization of debt issuance costs | 8 | 37 | |||||
| Stock-based compensation | 8,893 | 15,662 | |||||
| Inventory write-down | 1,248 | 9,149 | |||||
| Realized loss on equity investments | — | 84 | |||||
| Provision for bad debt | 253 | — | |||||
| Net loss from sales of businesses | 468 | 2,376 | |||||
| Deferred taxes | 393 | — | |||||
| Changes in assets and liabilities: | |||||||
| Accounts receivable | 2,247 | 3,799 | |||||
| Inventory | (4,494 | ) | 23,090 | ||||
| Prepaid expenses and other current assets | 3,526 | 750 | |||||
| Operating lease right-of-use assets and current and noncurrent lease liabilities | (10,572 | ) | 2,919 | ||||
| Accounts payable and accrued expenses | 3,188 | (2,783 | ) | ||||
| Other long-term liabilities | — | 9 | |||||
| Deferred revenue | (763 | ) | (53 | ) | |||
| Net cash used in operating activities | (53,019 | ) | (25,498 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchase of property and equipment | (3,083 | ) | (9,657 | ) | |||
| Changes in security deposits | 2,156 | 758 | |||||
| Proceeds from sale of equity investment | — | 166 | |||||
| Proceeds from sale of businesses | 2,459 | — | |||||
| Net cash provided by (used in) investing activities | 1,532 | (8,733 | ) | ||||
| Cash flows from financing activities: | |||||||
| Proceeds from the exercise of stock options | 34 | 516 | |||||
| Taxes withheld and paid on employee stock awards | (1 | ) | (359 | ) | |||
| Proceeds from issuance of common stock under employee stock purchase plan | 150 | 233 | |||||
| Net cash provided by financing activities | 183 | 390 | |||||
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 105 | (804 | ) | ||||
| Net decrease in cash, cash equivalents, and restricted cash | (51,199 | ) | (34,645 | ) | |||
| Cash, cash equivalents, and restricted cash—beginning of period | 130,673 | 167,767 | |||||
| Cash, cash equivalents, and restricted cash—end of period | $ | 79,474 | $ | 133,122 | |||
| Supplemental disclosures of cash flow information: | |||||||
| Cash paid for interest | $ | 99 | $ | 86 | |||
| Cash paid for taxes | $ | 1,307 | $ | 1,477 | |||
| Noncash investing and financing activities: | |||||||
| Purchase of property and equipment included in accounts payable | $ | 8 | $ | 30 | |||
| Stock-based compensation included in capitalized internal-use software | $ | 228 | $ | 677 | |||
| Reconciliation of cash, cash equivalents, and restricted cash: | |||||||
| Cash and cash equivalents | $ | 78,627 | $ | 132,483 | |||
| Restricted cash included in prepaid expenses and other current assets | 848 | 639 | |||||
| Total cash, cash equivalents, and restricted cash | $ | 79,474 | $ | 133,122 | |||
| Allbirds, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except share, per share amounts, and percentages) (unaudited) |
The following tables present a reconciliation of adjusted EBITDA to its most comparable GAAP measure, net loss, and presentation of net loss margin and adjusted EBITDA margin for the periods indicated:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (21,177 | ) | $ | (31,575 | ) | $ | (67,640 | ) | $ | (95,679 | ) | |||
| Add (deduct): | |||||||||||||||
| Stock-based compensation expense | 2,620 | 4,690 | 8,893 | 15,662 | |||||||||||
| Depreciation and amortization expense | 2,886 | 5,162 | 10,240 | 15,269 | |||||||||||
| Restructuring expense | 35 | 1,234 | 1,788 | 5,514 | |||||||||||
| Net loss from the sales of businesses | 236 | 2,346 | 430 | 2,346 | |||||||||||
| Other (income) expense | (183 | ) | 153 | (2,457 | ) | 298 | |||||||||
| Interest income | (744 | ) | (1,120 | ) | (2,992 | ) | (2,961 | ) | |||||||
| Income tax provision | 86 | 134 | 877 | 631 | |||||||||||
| Adjusted EBITDA | $ | (16,241 | ) | $ | (18,976 | ) | $ | (50,861 | ) | $ | (58,920 | ) | |||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net revenue | $ | 51,582 | $ | 70,480 | $ | 90,909 | $ | 124,832 | |||||||
| Net loss | $ | (19,133 | ) | $ | (28,937 | ) | $ | (46,463 | ) | $ | (64,103 | ) | |||
| Net loss margin | (37.1 | )% | (41.1 | )% | (51.1 | )% | (51.4 | )% | |||||||
| Adjusted EBITDA | $ | (13,733 | ) | $ | (18,284 | ) | $ | (34,619 | ) | $ | (39,943 | ) | |||
| Adjusted EBITDA margin | (26.6 | )% | (25.9 | )% | (38.1 | )% | (32.0 | )% | |||||||
| Allbirds, Inc. Net Revenue and Store Count by Primary Geographical Market (in thousands, except for store count) (unaudited) | |||||||||||||||
| Net Revenue by Primary Geographical Market | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| United States | $ | 32,041 | $ | 43,671 | $ | 97,901 | $ | 135,555 | |||||||
| International | 10,955 | 13,573 | 36,004 | 46,520 | |||||||||||
| Total net revenue | $ | 42,996 | $ | 57,244 | $ | 133,905 | $ | 182,075 | |||||||
| Store Count by Primary Geographical Market | ||||||||||||||||||
| September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | ||||||||||
| United States [1] | 38 | 42 | 42 | 44 | 45 | 45 | 42 | 32 | 31 | |||||||||
| International [2] | 13 | 16 | 17 | 18 | 15 | 15 | 15 | 11 | 3 | |||||||||
| Total stores | 51 | 58 | 59 | 62 | 60 | 60 | 57 | 43 | 34 | |||||||||
[1] In the first quarter of 2024, we closed the operations of three stores in the US. In the second quarter of 2024, we closed the operations of ten stores in the US. In the third quarter of 2024, we closed the operation of one store in the US.
[2] In the third quarter of 2023, we transitioned the operations of two stores in Canada and one store in South Korea to unrelated third-party distributors. In the second quarter of 2024, we transitioned the operations of two stores in Japan and one store in New Zealand to unrelated third-party distributors and closed one store in Europe. In the third quarter of 2024, we transitioned the operations of six stores in China to an unrelated third-party distributor and closed two stores in Europe.
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