Allbirds, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Allbirds, Inc. has filed its 2023 10-K report detailing its fiscal year performance and corporate information.</b>

AI Summary

Allbirds, Inc. (BIRD) filed a Annual Report (10-K) with the SEC on March 13, 2024. Allbirds, Inc. reported its 2023 fiscal year results on March 13, 2024. The company's principal executive offices are located at 730 Montgomery Street, San Francisco, CA. Allbirds, Inc. was formerly known as Bozz, Inc. until September 23, 2015. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking Allbirds, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Allbirds' financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. Understanding the details within this report, such as financial statements, risk factors, and executive compensation, is essential for stakeholders to make informed investment decisions and evaluate management's effectiveness.

Risk Assessment

Risk Level: medium — Allbirds, Inc. shows moderate risk based on this filing. The company's financial performance and ability to achieve profitability are subject to market conditions and consumer demand, as indicated by the need for detailed financial reporting in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Allbirds' path to profitability and market competitiveness.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-13 — Filing Date (Date of submission)
• 2015-09-23 — Date of Name Change (From Bozz, Inc. to Allbirds, Inc.)

Key Players & Entities

• Allbirds, Inc. (company) — Filer name
• Bozz, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-13 (date) — Filing date
• 730 Montgomery Street (address) — Business address
• San Francisco (location) — Business address city
• DE (location) — State of incorporation
• 001-40963 (filing_id) — SEC file number

FAQ

Industry Context

Allbirds operates in the apparel and footwear industry, focusing on sustainable and comfortable products.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information.

What Investors Should Do

1. Review Allbirds' 2023 financial statements for revenue, net income, and expenses.
2. Analyze the risk factors section to understand potential challenges and mitigation strategies.
3. Examine executive compensation details to assess management incentives and alignment with shareholder interests.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-13: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings which would have covered earlier periods.

Key Financial Figures

• $0.0001 — which registered Class A Common Stock, $0.0001 par value per share BIRD The Nasdaq Glo
• $1.26 — quarter), based on the closing price of $1.26 for shares of the Registrant's Class A

Filing Documents

• bird-20231231.htm (10-K) — 1740KB
• consentofindependentregist.htm (EX-23.1) — 2KB
• bird-q423x10xqexx311.htm (EX-31.1) — 9KB
• bird-q423x10xqexx312.htm (EX-31.2) — 9KB
• bird-q423x10xqexx321.htm (EX-32.1) — 5KB
• bird-q423x10xqexx322.htm (EX-32.2) — 4KB
• incentivecompensationrecou.htm (EX-97.1) — 41KB
• 0001653909-24-000015.txt (&nbsp;) — 8490KB
• bird-20231231.xsd (EX-101.SCH) — 60KB
• bird-20231231_cal.xml (EX-101.CAL) — 103KB
• bird-20231231_def.xml (EX-101.DEF) — 301KB
• bird-20231231_lab.xml (EX-101.LAB) — 703KB
• bird-20231231_pre.xml (EX-101.PRE) — 530KB
• bird-20231231_htm.xml (XML) — 1046KB

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 51 I tem 1C. Cybersecurity 51

Properties

Item 2. Properties 52

Legal Proceedings

Item 3. Legal Proceedings 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 54

[Reserved]

Item 6. [Reserved] 54

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 54

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 69

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 70

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 100

Controls and Procedures

Item 9A. Controls and Procedures 100

Other Information

Item 9B. Other Information 100

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 100 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 101

Executive Compensation

Item 11. Executive Compensation 101

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 101

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 101

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 101 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 102

Form 10-K Summary

Item 16. Form 10-K Summary 104

Signatures

Signatures 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which statements involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including, but not limited to, statements regarding our future results of operations, financial condition, business strategy and plans, efforts related to our strategic transformation plan, sustainability-related efforts, market growth 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 "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. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Annual Report on Form 10-K primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks and uncertainties, including the factors described in "Part I, Item 1A. Risk Factors" and elsewhere in this Annual Report on Form 10-K. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and unc

Business

Item 1. Business Overview Allbirds is a global lifestyle brand that innovates with sustainable materials to make better footwear and apparel products in a better way, while treading lighter on our planet. We began our journey in 2015 with three fundamental beliefs about the emerging generation of consumers: first, these consumers recognize that climate change is an existential threat to the human race; second, these consumers connect their purchase decisions with their impact on the planet, demanding more from businesses; and third, these consumers do not want to compromise between looking good, feeling good, and doing good. We became a public benefit corporation, or PBC, under Delaware law and earned our B Corporation, or B Corp, certification in 2016, codifying how we take into account the impact our actions have on all of our stakeholders, including the environment, our flock of employees, communities, consumers, and investors. Our strong brand equity is fueled by our differentiated footwear and apparel products created by sustainability-driven innovation. Our Products Our product development engine consists of a fully integrated team across strategy, sustainability, design, sourcing, development, and production, both in our U.S. headquarters and within our manufacturing and supply chain innovation partners, combining to deliver Super Natural Comfort with sustainability at the core and distinctly simple design and performance comfort in mind. We offer many different products across our footwear and apparel categories, including lifestyle and performance products. Each product adheres to our product design principles, with a goal of creating a timeless, fad-resistant product. Footwear represents the vast majority of our revenue and is the foundation of our brand. Our core franchises include lifestyle and performance shoes, such as the Dasher and the Runner. We think of each franchise as a unique design that can leverage new materials innovations, colors, pa

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