QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
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(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer |
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Accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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Page |
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PART I |
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Item 1. |
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Bird Global, Inc. Balance Sheets (unaudited) |
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5 |
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6 |
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Bird Rides, Inc. Condensed Consolidated Financial Statements (unaudited) |
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8 |
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9 |
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11 |
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13 |
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14 |
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Item 2. |
30 |
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Item 3. |
49 |
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Item 4. |
50 |
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PART II |
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Item 1. |
52 |
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Item 1A. |
52 |
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Item 2. |
88 |
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Item 3. |
89 |
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Item 4. |
89 |
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Item 5. |
89 |
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Item 6. |
90 |
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91 |
• | The COVID-19 pandemic and the impact of the actions taken to mitigate the pandemic has adversely affected, and may continue to adversely affect, Bird’s business, financial condition, and results of operations. |
• | Bird has a relatively short operating history and a new and evolving business model, which makes it difficult to evaluate its future prospects, forecast financial results, and assess the risks and challenges Bird may face. |
• | Bird has incurred significant operating losses in the past and may not be able to achieve or maintain profitability in the future. |
• | Action by governmental authorities to restrict access to Bird’s products and services in their localities could substantially harm Bird’s business and financial results. |
• | If Bird fails to retain existing riders or add new riders, or if its riders decrease their level of engagement with Bird’s products and services, Bird’s business, financial condition, and results of operations may be significantly harmed. |
• | Bird is expanding its Fleet Manager network. Any failure by Fleet Managers to maintain vehicle quality or service levels, or material changes to labor classifications or franchise regulations, could have a negative impact on Bird’s reputation and business. |
• | Bird operates in a new and rapidly changing industry, which makes it difficult to evaluate its business and prospects. |
• | Future operating results depend upon Bird’s ability to obtain vehicles that meet its quality specifications in sufficient quantities on commercially reasonable terms, which has been affected by global supply chain constraints. |
• | The markets in which Bird operates are highly competitive, and competition represents an ongoing threat to the growth and success of Bird’s business. |
• | Bird’s user growth and engagement on mobile devices depend upon effective operation with mobile operating systems, networks, and standards that Bird does not control. |
• | Any expansion by Bird into international markets will expose it to additional tax, compliance, market, and other risks and there can be no assurance that any such expansion will be successful. |
September 30, 2021 |
May 4, 2021 |
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(Unaudited) |
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Assets |
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Total assets |
$ | $ | ||||||
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Liabilities and Stockholders’ Deficit |
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Total liabilities |
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Commitments and contingencies |
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Stockholders’ Equity |
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Ordinary shares, $ |
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Due from stockholder |
( |
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Total stockholders’ equity |
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Total liabilities and stockholders’ equit y |
$ | $ | ||||||
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September 30, 2021 |
December 31, 2020 |
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(Unaudited) | ||||||||
Assets |
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Current assets: |
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Cash and cash equivalents |
$ | $ | ||||||
Restricted cash and cash equivalents |
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Accounts receivable, net |
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Inventory |
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Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment, net |
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Vehicle deposits |
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Vehicles, net |
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Goodwill |
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Other assets |
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Total assets |
$ | |||||||
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Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Deficit |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued expenses |
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Deferred revenue |
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Notes payable |
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Other current liabilities |
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Total current liabilities |
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Derivative liabilities |
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Other liabilities |
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Total liabilities |
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Commitments and contingencies |
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Redeemable Convertible Preferred Stock |
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Redeemable convertible senior preferred stock, $ |
— | |||||||
Redeemable convertible prime preferred stock and exchanged common stock, $ |
— | |||||||
Redeemable convertible preferred stock, $ |
— | |||||||
Stockholders’ Deficit |
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Founders convertible preferred stock, $ |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated other comprehensive income |
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Accumulated deficit |
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Total stockholders’ deficit |
( |
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Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit |
$ | $ | ||||||
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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2021 |
2020 |
2021 |
2020 |
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Revenues: |
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Sharing |
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Product sales |
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Total Revenues |
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Cost of sharing, exclusive of depreciation |
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Cost of product sales |
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Depreciation on revenue earning vehicles |
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Gross margin |
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Other operating expenses: |
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General and administrative |
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Selling and marketing |
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Research and development |
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Tariff reimbursement |
— | — | — | ( |
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Total operating expenses |
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Loss from operations |
( |
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Interest expense, net |
( |
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Other (expense) income, net |
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Loss before income taxes |
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(Benefit from) provision for income taxes |
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Net loss |
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Adjustment to net loss attributable to common stockholders |
( |
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Net loss attributable to common stockholders |
( |
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Net loss per share attributable to common stockholders, basic and diluted |
( |
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Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2021 |
2020 |
2021 |
2020 |
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Net loss |
$ | ( |
) | $ | ( |
) | ( |
) | $ | ( |
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Other comprehensive loss, net of tax: |
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Change in currency translation adjustment |
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Other comprehensive (loss) income |
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Total comprehensive loss |
$ | ( |
) | $ | ( |
) | ( |
) | $ | ( |
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Redeemable Convertible Senior Preferred Stock |
Redeemable Convertible Prime Preferred Stock and Exchanged Common Stock |
Redeemable Convertible Preferred Stock |
Common Stock |
Founders Convertible Preferred Stock |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Other Comprehensive (Loss) Income |
Accumulated Deficit |
Total Stockholders’ Deficit |
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Balance at January 1, 2020 |
— |
$ | — | — | $ | — |
$ |
— | — |
$ |
$ | ( |
) | $ | ( |
) | $ | ( |
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Net loss |
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Issuance of Common Stock to Board of Directors |
— |
— |
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Issuance stock options and expiration of repurchase provision for early exercises |
— |
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Vesting of Common Stock |
— |
— |
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Stock-based compensation |
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Issuance of Series D Redeemable Convertible Preferred Stock, net of issuance costs |
— |
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Issuance of Series D and D-2 Redeemable Convertible Preferred Stock for acquisition of CIRC |
— |
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Foreign currency translation adjustment |
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Balance at March 31, 2020 |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
— |
$ |
— |
$ |
$ |
( |
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$ |
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$ |
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Net loss |
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Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises |
— |
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Vesting of Common Stock |
— |
— |
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Stock-based compensation |
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Foreign currency translation adjustment |
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Balance at June 30, 2020 |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
— |
$ |
— |
$ |
$ |
$ |
( |
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$ |
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Net loss |
( |
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( |
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Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises |
— |
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Vesting of Common Stock |
— |
— |
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Stock-based compensation |
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Foreign currency translation adjustment |
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Balance at September 30, 2020 |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
— |
$ |
— |
$ |
$ |
$ |
( |
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$ |
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Redeemable Convertible Senior Preferred Stock |
Redeemable Convertible Prime Preferred Stock and Exchanged Common Stock |
Redeemable Convertible Preferred Stock |
Common Stock |
Founders Convertible Preferred Stock |
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Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Other Comprehensive (Loss) Income |
Accumulated Deficit |
Total Stockholders’ Deficit |
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Balance at January 1, 2021 |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
— |
$ |
— |
$ |
$ |
$ |
( |
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$ |
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Net loss |
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( |
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Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises |
— |
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Vesting of Common Stock |
— |
— |
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Stock-based compensation |
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Issuance of Common Stock through conversion of Redeemable Convertible Preferred Stock to Common Stock |
( |
) |
( |
) |
— |