Allbirds Restructuring Presentation Deck
November 2023
Legal Disclaimer
This presentation contains "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that are
based on our management's current expectations and projections about
future events and financial trends that we believe may affect our financial
condition, results of operations, business strategy, short-term and
long-term business operations and objectives and financial needs. All
statements contained in this presentation other than statements of
historical facts, including statements regarding our our product and
brand strategy; efforts to optimize U.S. stores and slow pace of openings;
transition from a direct go-to-market model to third party distributor
model; capital efficiency and productivity activities; increasing traffic and
conversion; SG&A reductions; cash optimization actions; estimated
and/or targeted cost savings; COGS reductions; product line and core
franchise management; sustainability targets; new financial profile,
including business mix, cost of goods savings target and SG&A savings
target; long-term goals; targets and guidance, including cash flow
profitability, cash position and EBITDA. These forward-looking statements
are subject to a number of risks, uncertainties and assumptions including
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 financial outlook and guidance targets; our
ability to successfully transition to a distributor model in certain
international markets; our ability to achieve our cost savings targets by
2025; economic uncertainty in our key markets; impairment of long-lived
assets; the strength of our brand; 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
allbirds
trends and consumer preferences, including with respect to the product
launches we have planned for the second half of 2023; 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.
Further information on these risks 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 September 30, 2023, and future reports we may file with
the SEC from time to time. The forward-looking statements contained in
this presentation are made as of November 14, 2023. If this presentation is
reviewed after November 14, 2023, even if made available by us, on our
website or otherwise, it may not contain current or accurate information.
We disclaim any obligation to update or revise any forward-looking
statement based on new information, future events or otherwise, except
as required by applicable 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.
In addition, this presentation contains certain "non-GAAP financial
measures." The non-GAAP measures are presented for supplemental
informational purposes only. Reconciliations to the most directly
Strategic Transformation Plan
comparable financial measure calculated and presented in accordance
with GAAP are provided at the end of this presentation.
This presentation includes market data and other statistical information
from our own internal estimates and research as well as surveys
conducted by third parties. While we believe that surveys conducted by
third parties are reliable, we have not independently verified third-party
sources. While we believe our internal company research is reliable and
the definitions of our market and industry are appropriate, neither such
research nor these definitions have been verified by any independent
source.
This presentation includes references to our Net Promoter Score, which
we use to measure our customers' brand loyalty and satisfaction and
which can range from -100 to +100 based on the question: "How likely
are you to recommend Allbirds to a friend or colleague?" Responses
were collected from 0 (Would definitely not recommend) to 10 (Would
definitely recommend). Our Net Promoter Score is based on a survey of
approximately 2,000 consumers, commissioned by us and conducted by
Boston Consulting Group in January 2023. Our Net Promoter Score was
calculated by using the standard methodology of subtracting the
percentage of customers who responded that they are not likely to
recommend Allbirds (a score of 6 or lower) from the percentage of
customers who responded that they are very likely to recommend
Allbirds (a score of 9 or 10) and averaged across all geographic markets.
The Net Promoter Score gives no weight to customers who declined to
answer the survey question. This method is substantially consistent with
how businesses across our industry and other industries typically
calculate their Net Promoter Score.
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