Business Combinations and Dispositions

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Business Combinations and Dispositions

Business Combinations and Dispositions

Dispositions

Japan

On May 27, 2024, we entered into an asset purchase agreement with an unrelated third party for the sale of certain net assets used in connection with the operation of our Japan subsidiary, Allbirds G.K. The net assets sold primarily included inventory and property and equipment related to our retail store leases, partially offset by sales return liabilities and gift card liabilities. As part of this transaction, we are to be paid total consideration of $0.9 million, recorded in other receivables within prepaid expenses and other current assets on our condensed consolidated balance sheet. Consideration received was more than the net book value of the transferred net assets of $0.8 million, resulting in an immaterial gain, which was recorded within net loss from the sale of businesses in the condensed consolidated statement of operations and comprehensive loss for the three and six months ended June 30, 2024.

Australasia

On June 26, 2024, we entered into an asset purchase agreement with an unrelated third party for the sale of certain net assets used in connection with the operation of our New Zealand subsidiary, Allbirds (New Zealand) Limited. The net assets sold primarily included inventory, partially offset by gift card liabilities. As part of this transaction, we are to be paid total consideration of $0.3 million, recorded in other receivables within prepaid expense and other current assets on our condensed consolidated balance sheet. Consideration received was less than the net book value of the transferred net assets of $0.5 million, resulting in a loss of $0.2 million, which was recorded within loss from the sale of businesses in the condensed consolidated statement of operations and comprehensive loss for the three and six months ended June 30, 2024.