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 |
☐ |
Accelerated filer |
☐ | |||
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☒ |
Smaller reporting company |
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Emerging growth company |
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Page |
||||||
PART I |
||||||
Item 1. |
||||||
Bird Global, Inc. Balance Sheets (unaudited) |
||||||
5 |
||||||
6 |
||||||
Bird Rides, Inc. Condensed Consolidated Financial Statements (unaudited) |
||||||
8 |
||||||
9 |
||||||
11 |
||||||
13 |
||||||
14 |
||||||
Item 2. |
30 |
|||||
Item 3. |
49 |
|||||
Item 4. |
50 |
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PART II |
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Item 1. |
52 |
|||||
Item 1A. |
52 |
|||||
Item 2. |
88 |
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Item 3. |
89 |
|||||
Item 4. |
89 |
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Item 5. |
89 |
|||||
Item 6. |
90 |
|||||
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 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Total assets |
$ | $ | ||||||
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|||||
Liabilities and Stockholders’ Deficit |
||||||||
Total liabilities |
||||||||
Commitments and contingencies |
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Stockholders’ Equity |
||||||||
Ordinary shares, $ |
||||||||
Due from stockholder |
( |
) | ( |
) | ||||
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Total stockholders’ equity |
||||||||
Total liabilities and stockholders’ equit y |
$ | $ | ||||||
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September 30, 2021 |
December 31, 2020 |
|||||||
(Unaudited) | ||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Restricted cash and cash equivalents |
||||||||
Accounts receivable, net |
||||||||
Inventory |
||||||||
Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment, net |
||||||||
Vehicle deposits |
||||||||
Vehicles, net |
||||||||
Goodwill |
||||||||
Other assets |
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Total assets |
$ | |||||||
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|||||
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Deficit |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued expenses |
||||||||
Deferred revenue |
||||||||
Notes payable |
||||||||
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 |
||||||||
Commitments and contingencies |
||||||||
Redeemable Convertible Preferred Stock |
||||||||
Redeemable convertible senior preferred stock, $ |
— | |||||||
Redeemable convertible prime preferred stock and exchanged common stock, $ |
— | |||||||
Redeemable convertible preferred stock, $ |
— | |||||||
Stockholders’ Deficit |
||||||||
Founders convertible preferred stock, $ |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated other comprehensive income |
||||||||
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, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Revenues: |
||||||||||||||||
Sharing |
$ | |||||||||||||||
Product sales |
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Total Revenues |
||||||||||||||||
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 |
( |
) | ||||||||||||||
Other operating expenses: |
||||||||||||||||
General and administrative |
||||||||||||||||
Selling and marketing |
||||||||||||||||
Research and development |
||||||||||||||||
Tariff reimbursement |
— | — | — | ( |
) | |||||||||||
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Total operating expenses |
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|||||||||
Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Interest expense, net |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other (expense) income, net |
( |
) | ( |
) | ||||||||||||
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Loss before income taxes |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
(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 |
( |
) | ( |
) | $ | ( |
) | ( |
) | |||||||
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, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ( |
) | $ | ( |
) | |||||
Other comprehensive loss, net of tax: |
||||||||||||||||
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 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Other Comprehensive (Loss) Income |
Accumulated Deficit |
Total Stockholders’ Deficit |
|||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 |
— |
$ | — | — | $ | — |
$ |
— | — |
$ |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||||||||||||||||||||||||||||||||||||
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Net loss |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock to Board of Directors |
— |
— |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance stock options and expiration of repurchase provision for early exercises |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Common Stock |
— |
— |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D Redeemable Convertible Preferred Stock, net of issuance costs |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D and D-2 Redeemable Convertible Preferred Stock for acquisition of CIRC |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Balance at March 31, 2020 |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
— |
$ |
— |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Net loss |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Common Stock |
— |
— |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||
Balance at June 30, 2020 |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Net loss |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Common Stock |
— |
— |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Balance at September 30, 2020 |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||||||||||||||
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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 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Other Comprehensive (Loss) Income |
Accumulated Deficit |
Total Stockholders’ Deficit |
|||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 |
— |
$ |
— |
— |
$ |
— |
$ |
$ |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Net loss |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Common Stock |
— |
— |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock through conversion of Redeemable Convertible Preferred Stock to Common Stock |
( |
) |
( |
) |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Redeemable Convertible Senior Preferred Stock, net of derivatives and issuance costs, and conversion of Common Stock to Redeemable Convertible Prime Preferred Stock |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exchanged Common Stock |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in kind dividends |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Balance at March 31, 2021 |
$ |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||||||||||||||||
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Net loss |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Common Stock |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Redeemable Convertible Senior Preferred Stock, net of derivatives and issuance costs, and conversion of Common Stock to Redeemable Convertible Prime Preferred Stock |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exchanged Common Stock |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in kind dividends |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
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|||||||||||||||||||||||||||||
Balance at June 30, 2021 |
$ |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Net loss |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Common Stock |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in kind dividends |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Balance at September 30, 2021 |
$ |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||||||||||||||||||
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|
Nine Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Cash flows from operating activities |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Issuance of and mark-to-market |
— | |||||||
Depreciation and amortization |
||||||||
Non cash vehicle expenses |
||||||||
Share-based compensation |
||||||||
Loss on extinguishment of debt |
— | |||||||
Loss on disposal of property and equipment |
||||||||
Debt discount accretion |
||||||||
Bad debt expense |
||||||||
Other |
( |
) | ||||||
Changes in assets and liabilities, net of impact of business acquisitions and disposals: |
||||||||
Accounts receivable |
( |
) | ||||||
Inventory |
( |
) | ( |
) | ||||
Prepaid expenses and other current assets |
( |
) | ||||||
Other assets |
( |
) | ( |
) | ||||
Accounts payable |
( |
) | ( |
) | ||||
Deferred revenue |
||||||||
Accrued expenses and other current liabilities |
||||||||
Other liabilities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash used in operating activities |
( |
) | ( |
) | ||||
Cash flows from investing activities |
||||||||
Purchases of property and equipment |
( |
) | ( |
) | ||||
Purchases of vehicles |
( |
) | ( |
) | ||||
Net cash acquired in acquisitions |
— | |||||||
|
|
|
|
|||||
Net cash (used in) provided by investing activities |
( |
) | ||||||
Cash flows from financing activities |
||||||||
Proceeds from issuance of debt, net of issuance costs |
— | |||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs |
— | |||||||
Proceeds from issuance of redeemable convertible senior preferred stock and derivatives, net of issuance costs |
— | |||||||
Proceeds from issuance of common stock |
||||||||
Payment for settlement of warrants |
( |
) | ( |
) | ||||
Payment for settlement of debt |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash provided by financing activities |
||||||||
Effect of exchange rate changes on cash |
( |
) | ||||||
|
|
|
|
|||||
Net increase (decrease) in cash, cash equivalents, and restricted cash |
( |
) | ||||||
Cash and cash equivalents, and restricted cash and cash equivalents |
||||||||
Beginning of period |
||||||||
|
|
|
|
|||||
End of period |
$ | $ | ||||||
|
|
|
|
|||||
Components of cash, cash equivalents, and restricted cash |
||||||||
Cash and cash equivalents |
||||||||
Restricted cash |
||||||||
|
|
|
|
|||||
Total cash, cash equivalents, and restricted cash |
$ | $ | ||||||
|
|
|
|
|||||
Non-cash activities: |
||||||||
Fair Value of net assets acquired in noncash acquisition |
$ | — | $ |
• | Level 1: Inputs that reflect quoted prices for identical assets or liabilities in active markets that are observable. |
• | Level 2: Inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. |
• | Level 3: Inputs that are unobservable to the extent that observable inputs are not available for the asset or liability at the measurement date and include management’s judgment about assumptions market participants would use in pricing the asset or liability. |
September 30, 2021 |
December 31, 2020 |
|||||||
Deployed vehicles |
$ | $ | ||||||
Undeployed vehicles |
||||||||
Spare parts |
||||||||
Less: Accumulated depreciation |
( |
) | ( |
) | ||||
Total vehicles, net |
$ | $ | ||||||
Fair Value |
||||
Assets acquired: |
||||
Current assets |
$ | |||
Vehicles |
||||
Intangible assets: |
||||
Customer relationships |
||||
Government relationships |
||||
Net liabilities assumed |
( |
) | ||
Total assets acquired, net |
$ | |||
Total purchase price |
$ | |||
Goodwill |
$ | |||
North America |
Europe, Middle East, and Africa |
Other |
||||||||||
Balance as of December 31, 2020 |
$ | $ | — | |||||||||
Foreign currency translation adjustment |
— | ( |
) | — | ||||||||
Balance as of September 30, 2021 |
$ | $ | $ | — | ||||||||
Series |
Shares Authorized |
Shares Issued and Outstanding |
||||||
Senior preferred stock |
||||||||
Series Seed redeemable convertible prime preferred stock |
||||||||
Series A redeemable convertible prime preferred stock |
||||||||
Series B redeemable convertible prime preferred stock |
||||||||
Series C redeemable convertible prime preferred stock |
||||||||
Series C-1 redeemable convertible prime preferred stock |
||||||||
Series D redeemable convertible prime preferred stock |
||||||||
Series D-1 redeemable convertible prime preferred stock |
||||||||
Series D-2 redeemable convertible prime preferred stock |
||||||||
|
|
|
|
|||||
Total redeemable convertible sen prime preferred stockior and |
||||||||
|
|
|
|
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Sales and marketing |
$ | $ | $ | $ | ||||||||||||
Research and development |
||||||||||||||||
General and administrative |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
Three months ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Numerator: |
||||||||||||||||
Net loss attributable to common stockholders |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Denominator: |
||||||||||||||||
Basic and diluted weighted-average shares outstanding |
||||||||||||||||
Loss per share: |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted loss per share |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) |
As of September 30, |
||||||||
2021 |
2020 |
|||||||
Redeemable convertible preferred stock |
— | |||||||
Redeemable convertible senior preferred stock |
— | |||||||
Redeemable convertible prime preferred stock |
— | |||||||
Exchanged common stock |
— | |||||||
Founders convertible preferred stock |
||||||||
Unvested common stock shares |
||||||||
Stock options |
||||||||
Restricted stock units |
— | |||||||
Warrants to purchase redeemable convertible preferred stock |
||||||||
Warrants to purchase redeemable convertible prime preferred stock |
— | |||||||
Warrants to purchase redeemable convertible senior preferred stock |
— | |||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
Segment |
Description | |
North America (NA) | ||
Europe, Middle East and Africa (EMEA) |
||
Other |
Three Months Ended September 30, |
||||||||||||||||||||||||||||||||
2021 |
2020 |
|||||||||||||||||||||||||||||||
NA |
EMEA |
Other |
Total Segments |
NA |
EMEA |
Other |
Total Segments |
|||||||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||||||||||
Sharing |
$ |
— |
$ |
— |
||||||||||||||||||||||||||||
Product sales |
— |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Revenues |
— |
|||||||||||||||||||||||||||||||
Cost of sharing, exclusive of depreciation |
— |
|||||||||||||||||||||||||||||||
Cost of product sales |
— |
— |
||||||||||||||||||||||||||||||
Depreciation on revenue earning vehicles |
— |
— |
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Gross margin |
$ |
( |
) |
— |
$ |
( |
) |
( |
) |
|||||||||||||||||||||||
Reconciling items: |
||||||||||||||||||||||||||||||||
Total expenses |
$ |
$ |
||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Loss before income taxes |
$ |
( |
) |
$ |
( |
) |
Nine Months Ended September 30, |
||||||||||||||||||||||||||||||||
2021 |
2020 |
|||||||||||||||||||||||||||||||
NA |
EMEA |
Other |
Total Segments |
NA |
EMEA |
Other |
Total Segments |
|||||||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||||||||||
Sharing |
$ |
— |
$ |
|||||||||||||||||||||||||||||
Product sales |
— |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Revenues |
— |
|||||||||||||||||||||||||||||||
Cost of sharing, exclusive of depreciation |
— |
|||||||||||||||||||||||||||||||
Cost of product sales |
— |
|||||||||||||||||||||||||||||||
Depreciation on revenue earning vehicles |
— |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Gross margin |
$ |
( |
) |
— |
$ |
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||||||
Reconciling items: |
||||||||||||||||||||||||||||||||
Total expenses |
$ |
$ |
||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Loss before income taxes |
$ |
( |
) |
$ |
( |
) |
Three Months Ended September 30, |
||||||||||||||||
2021 |
2020 |
$ Change |
% Change |
|||||||||||||
(in thousands, except percentages) |
||||||||||||||||
Revenues: |
||||||||||||||||
Sharing |
$ | 64,027 | $ | 33,579 | $ | 30,448 | 90.7 | % | ||||||||
Product sales |
1,379 | 6,606 | (5,227 | ) | (79.1 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Revenues |
65,406 | 40,185 | 25,221 | 62.8 | ||||||||||||
Cost of sharing, exclusive of depreciation |
33,312 | 24,517 | (8,795 | ) | (35.9 | ) | ||||||||||
Cost of product sales |
1,378 | 6,683 | 5,305 | 79.4 | ||||||||||||
Depreciation on revenue earning vehicles |
17,253 | 7,904 | (9,349 | ) | (118.3 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
13,463 | 1,081 | 12,382 | ** | ||||||||||||
Other operating expenses: |
||||||||||||||||
General and administrative |
30,837 | 35,381 | 4,544 | 12.8 | ||||||||||||
Selling and marketing |
3,392 | 4,283 | 891 | 20.8 | ||||||||||||
Research and development |
5,804 | 6,157 | 353 | 5.7 | ||||||||||||
Total operating expenses |
40,033 | 45,821 | 5,788 | 12.6 | ||||||||||||
|
|
|
|
|
|
|
|
Loss from operations |
(26,570 | ) | (44,740 | ) | 18,170 | 40.6 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Interest expense, net |
(325 | ) | (1,515 | ) | 1,190 | 78.5 | ||||||||||
Other (expense) income, net |
(9,993 | ) | 2,520 | (12,513 | ) | (496.5 | ) | |||||||||
Loss before income taxes |
(36,888 | ) | (43,735 | ) | 6,847 | 15.7 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
(Benefit from) provision for income taxes |
(20 | ) | 60 | 80 | 133.3 | |||||||||||
Net loss |
$ | (36,868 | ) | (43,795 | ) | $ | 6,927 | 15.8 | % | |||||||
|
|
|
|
|
|
|
|
** | Percentage not meaningful |
Three Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Revenue |
100.0 | % | 100.0 | % | ||||
Cost of sharing, exclusive of depreciation |
50.9 | 61.0 | ||||||
Cost of product sales |
2.1 | 16.6 | ||||||
|
|
|
|
|||||
Depreciation on revenue earning vehicles |
26.4 | 19.7 | ||||||
Gross margin |
20.6 | 2.7 | ||||||
Other operating expenses: |
||||||||
General and administrative |
47.1 | 88.0 | ||||||
Selling and marketing |
5.2 | 10.7 | ||||||
Research and development |
8.9 | 15.3 | ||||||
|
|
|
|
|||||
Total operating expenses |
61.2 | 114.0 | ||||||
|
|
|
|
|||||
Loss from operations |
(40.6 | ) | (111.3 | ) | ||||
Interest expense, net |
(0.5 | ) | (3.8 | ) | ||||
Other (expense) income, net |
(15.3 | ) | 6.3 | |||||
|
|
|
|
|||||
Loss before income taxes |
(56.4 | ) | (108.8 | ) | ||||
(Benefit from) provision for income taxes |
(0.0 | ) | 0.1 | |||||
Net loss |
(56.4 | )% | (109.0 | )% | ||||
|
|
|
|
Nine Months Ended September 30, |
||||||||||||||||
2021 |
2020 |
$ Change |
% Change |
|||||||||||||
(In thousands, except percentages) |
||||||||||||||||
Revenues: |
||||||||||||||||
Sharing |
$ | 142,314 | $ | 59,320 | $ | 82,994 | 139.9 | % | ||||||||
Product sales |
8,806 | 11,363 | (2,557 | ) | (22.5 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Revenues |
151,120 | 70,683 | 80,437 | 113.8 | ||||||||||||
Cost of sharing, exclusive of depreciation |
77,041 | 55,378 | (21,663 | ) | (39.1 | ) | ||||||||||
Cost of product sales |
9,026 | 18,940 | 9,914 | 52.3 | ||||||||||||
Depreciation on revenue earning vehicles |
33,811 | 18,033 | (15,778 | ) | (87.5 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
31,242 | (21,668 | ) | 52,910 | 244.2 | |||||||||||
Other operating expenses: |
||||||||||||||||
General and administrative |
92,792 | 120,175 | 27,383 | 22.8 | ||||||||||||
Selling and marketing |
10,880 | 13,633 | 2,753 | 20.2 | ||||||||||||
Research and development |
19,096 | 28,265 | 9,169 | 32.4 | ||||||||||||
Tariff reimbursement |
— | (24,637 | ) | (24,637 | ) | 100.0 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses |
122,768 | 137,436 | 14,668 | 10.7 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(91,526 | ) | (159,104 | ) | 67,578 | 42.5 | ||||||||||
Interest expense, net |
(5,011 | ) | (5,006 | ) | (5 | ) | (0.1 | ) | ||||||||
Other (expense) income, net |
(60,107 | ) | 163 | (60,270 | ) | ** | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss before income taxes |
(156,644 | ) | (163,947 | ) | 7,303 | 4.5 | ||||||||||
(Benefit from) provision for income taxes |
110 | 147 | 37 | 25.2 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
$ | (156,754 | ) | (164,094 | ) | $ | 7,340 | 4.5 | % | |||||||
|
|
|
|
|
|
|
|
** | Percentage not meaningful |
Nine Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Revenue |
100.0 | % | 100.0 | % | ||||
Cost of sharing, exclusive of depreciation |
51.0 | 78.3 | ||||||
Cost of product sales |
6.0 | 26.8 | ||||||
Depreciation on revenue earning vehicles |
22.4 | 25.5 | ||||||
|
|
|
|
|||||
Gross margin |
20.7 | (30.7 | ) | |||||
Other operating expenses: |
||||||||
General and administrative |
61.4 | 170.0 | ||||||
Selling and marketing |
7.2 | 19.3 | ||||||
Research and development |
12.6 | 40.0 | ||||||
Tariff reimbursement |
0.0 | (34.9 | ) | |||||
|
|
|
|
|||||
Total operating expenses |
81.2 | 194.4 | ||||||
|
|
|
|
|||||
Loss from operations |
(60.6 | ) | (225.1 | ) | ||||
Interest expense, net |
(3.3 | ) | (7.1 | ) | ||||
Other (expense) income, net |
(39.8 | ) | 0.2 | |||||
|
|
|
|
|||||
Loss before income taxes |
(103.7 | ) | (231.9 | ) | ||||
(Benefit from) provision for income taxes |
0.1 | 0.2 | ||||||
|
|
|
|
|||||
Net loss |
(103.7 | )% | (232.2 | )% | ||||
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(in millions, except as otherwise noted) |
(in millions, except as otherwise noted) |
|||||||||||||||
Operating Metrics |
||||||||||||||||
Rides |
15.1 | 7.5 | 30.8 | 13.7 | ||||||||||||
Avg. Rides per Deployed Vehicles per Day (x) |
2.1x | 1.6x | 1.7x | 1.5x | ||||||||||||
Average Deployed Vehicles (in thousands) |
78.5 | 51.7 | 65.1 | 32.4 | ||||||||||||
Gross Transaction Value |
$ | 79.5 | $ | 49.6 | $ | 182.1 | $ | 86.0 | ||||||||
Non-GAAP Financial Metrics (1) |
||||||||||||||||
Ride Profit (before Vehicle Depreciation) |
$ | 31.9 | $ | 14.5 | $ | 67.5 | $ | 7.1 | ||||||||
% of Sharing Revenue |
50 | % | 43 | % | 47 | % | 12 | % | ||||||||
Ride Profit (after Vehicle Depreciation) |
$ | 14.1 | $ | 5.5 | $ | 31.6 | $ | (12.3 | ) | |||||||
% of Sharing Revenue |
22 | % | 16 | % | 22 | % | -21 | % | ||||||||
Adjusted EBITDA |
$ | (5.3 | ) | $ | (28.0 | ) | $ | (47.4 | ) | $ | (149.6 | ) |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(in millions, except as otherwise noted) | ||||||||||||||||
Revenue |
65.4 | 40.2 | 151.1 | 70.7 | ||||||||||||
Contra Revenue |
6.6 | 4.5 | 15.0 | 7.6 | ||||||||||||
Platform Adjustment (1) |
7.5 | 4.9 | 16.0 | 7.7 | ||||||||||||
Gross Transaction Value |
79.5 | 49.6 | 182.1 | 86.0 |
(1) | Represents the difference between the full amount charged to Bird Platform partner riders (excluding applicable taxes) and the revenue recognized by Bird. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(in millions, except as otherwise noted) | ||||||||||||||||
Gross margin |
13.5 | 1.1 | 31.2 | (21.7 | ) | |||||||||||
Vehicle depreciation (1) |
17.8 | 9.0 | 35.9 | 19.4 | ||||||||||||
Vehicle count adjustments (2) |
0.6 | 4.4 | 0.2 | 1.9 | ||||||||||||
Product Sales division (3) |
0.0 | 0.0 | 0.2 | 7.5 | ||||||||||||
Ride Profit (before Vehicle Depreciation) |
31.9 | 14.5 | 67.5 | 7.1 | ||||||||||||
Vehicle depreciation (1) |
(17.8 | ) | (9.0 | ) | (35.9 | ) | (19.4 | ) | ||||||||
Ride Profit (after Vehicle Depreciation) |
14.1 | 5.5 | 31.6 | (12.3 | ) |
(1) | We exclude vehicle depreciation as these costs are non-cash in nature. Vehicle depreciation excludes tariff depreciation adjustments, which were $(1.1) million and $(0.6) million for the three months ended September 30, 2020 and 2021, respectively, and $(1.4) million and $(2.1) million for the nine months ended September 30, 2020 and 2021, respectively. |
(2) | We exclude vehicle count adjustments as these are adjustments made based on results of physical inventory counts, which are non-cash in nature. |
(3) | We exclude the revenue and cost of revenue associated with vehicle sales to retail customers and Bird Platform partners. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(in millions, except as otherwise noted) | ||||||||||||||||
Net loss |
(36.9 | ) | (43.8 | ) | (156.8 | ) | (164.1 | ) | ||||||||
Interest (income) expense, net |
0.3 | 1.5 | 5.0 | 5.0 | ||||||||||||
Provision for (benefit from) income taxes |
0.0 | 0.1 | 0.1 | 0.2 | ||||||||||||
Depreciation and amortization (1) |
19.2 | 11.1 | 39.7 | 27.4 | ||||||||||||
Vehicle count adjustments |
0.6 | 4.4 | 0.2 | 1.9 | ||||||||||||
Share-based compensation |
1.5 | 1.2 | 4.3 | 4.7 | ||||||||||||
Tariff refunds (2) |
0.0 | 0.0 | 0.0 | (24.6 | ) | |||||||||||
Non-recurring, non-cash, and non-core items |
0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Other (income) expense, net, including foreign currency (3) |
10.0 | (2.5 | ) | 60.1 | (0.1 | ) | ||||||||||
Adjusted EBITDA |
(5.3 | ) | (28.0 | ) | (47.4 | ) | (149.6 | ) |
(1) | Depreciation and amortization excludes tariff depreciation and other adjustments, which were $(1.4) million and $(0.7) million for the three months ended September 30, 2020 and 2021, respectively, and $(2.3) million and $(2.6) million for the nine months ended September 30, 2020 and 2021, respectively. |
(2) | Consists of a refund for import duties that were charged to import our products from China into the markets in which we operate. We exclude this as it is non-recurring in nature and not indicative of our core operating performance. |
(3) | Consists of $6.4 million and $53.6 million of non-cash expense attributable to liability-classified warrants and embedded derivatives and $3.3 million and $6.4 million due to foreign currency exchange rate fluctuations for the three and nine months ended September 30, 2021, respectively. |
Nine Months Ended September 30, |
||||||||
(in thousands) |
2021 |
2020 |
||||||
Net cash used in operating activities |
$ | (66,353 | ) | $ | (108,383 | ) | ||
Net cash (used in) provided by investing activities |
(115,470 | ) | 52,434 | |||||
Net cash provided by financing activities |
184,618 | 31,653 |
• | make operating decisions and evaluate our future prospects and the risks and challenges we may encounter; |
• | forecast our revenue and budget for and manage our expenses; |
• | attract new riders and retain existing riders in a cost-effective manner; |
• | comply with existing and new or modified laws and regulations applicable to our business; |
• | manage our software platform and our business assets and expenses; |
• | plan for and manage capital expenditures for our current and future offerings, including our Sharing business, and manage our supply chain and supplier relationships related to our current and future offerings; |
• | develop, manufacture, source, deploy, maintain, and ensure utilization of our assets, including our network of vehicles; |
• | anticipate and respond to macroeconomic changes and changes in the markets in which we operate; |
• | maintain and enhance the value of our reputation and brand; |
• | effectively manage our growth and business operations; |
• | successfully expand our geographic reach, including long-tail markets; |
• | hire, integrate and retain talented people at all levels of our organization; and |
• | successfully develop new features, offerings and services to enhance the experience of customers. |
• | riders increasingly engage with other competitive products or services; |
• | local governments and municipalities restrict our ability to operate our products and services in various jurisdictions at the level at which we desire to operate, or at all; |
• | there are adverse changes to our products, services or business model that are mandated by legislation, regulatory authorities, or litigation; |
• | we fail to introduce new features, products, or services that riders find engaging; |
• | we introduce new products or services, or make changes to existing products and services, that are not favorably received; |
• | riders have difficulty installing, updating, or otherwise accessing our products on mobile devices as a result of actions by us or third parties that we rely on to distribute our products and deliver our services; |
• | changes in rider preferences or behavior, including decreases in the frequency of use of our products and services; |
• | there are decreases in rider sentiment about the quality, affordability, or usefulness of our products or concerns related to privacy, safety, security or other factors; |
• | riders adopt new products and services where our products and services may be displaced in favor of other products or services, or may not be featured or otherwise available; |
• | technical or other problems prevent us from delivering our products in a rapid and reliable manner or otherwise affect the rider experience; |
• | we adopt terms, policies or procedures related to areas such as rider data that are perceived negatively by our riders or the general public; |
• | we elect to focus our product decisions on longer-term initiatives that do not prioritize near-term rider growth and engagement, or if initiatives designed to attract and retain riders and engagement are unsuccessful or discontinued, whether as a result of actions by us, third parties, or otherwise; |
• | we fail to provide adequate customer service to riders, Fleet Managers, or other Bird Platform partners; or |
• | we, or other partners and companies in our industry, are the subject of adverse media reports or other negative publicity, even if factually incorrect or based on isolated incidents. |
• | changes in consumer demographics and public tastes and preferences; |
• | changes in the method for distribution of our mobile application and products and services; |
• | the availability and popularity of vehicle sharing; and |
• | general economic conditions, particularly economic conditions adversely affecting discretionary consumer spending and demand for vehicle sharing. |
• | longer operating histories; |
• | significantly greater financial, technical, marketing, research and development, manufacturing, and other resources; |
• | greater experience within the industry; |
• | stronger brand and consumer recognition regionally or worldwide; |
• | a larger user base; |
• | economies of scale and the ability to integrate or leverage synergies or compatibilities with other business units, brands, or products; |
• | the capacity to leverage their marketing expenditures across a broader portfolio of products; |
• | more substantial intellectual property of their own from which they can develop mobile applications and which may predate our intellectual property; |
• | lower labor and development costs and better overall economies of scale; |
• | greater platform-specific focus, experience, and expertise; and |
• | broader global distribution and presence. |
• | risks related to compliance with a variety of local and international laws, governmental regulations, and licensing and permit processes, and unexpected changes in laws, regulatory requirements and enforcement; |
• | maintaining our company culture across our locations; |
• | difficulties in staffing and managing global operations and increased travel, infrastructure and legal compliance costs associated with multiple locations and marketplaces; |
• | compliance with statutory equity requirements in certain international markets; |
• | varying levels of Internet and mobile technology adoption and infrastructure; |
• | competition from local incumbents that better understand the local market, may market and operate more effectively, and may enjoy greater local affinity or awareness; |
• | localizing our products and services for each market, and uncertainty regarding the popularity of our products in various markets; |
• | political, social and/or economic instability; |
• | expanded privacy laws and rules in local and foreign jurisdictions, which can be burdensome to comply with and create additional enforcement risks; |
• | public health concerns or emergencies, such as the COVID-19 pandemic and other highly communicable diseases or viruses; |
• | fluctuations in currency exchange rates; |
• | U.S. and foreign government trade restrictions, tariffs and price or exchange controls; |
• | higher levels of credit risk and payment fraud; |
• | enhanced difficulties of integrating acquisitions; |
• | reduced, nonexistent or unforeseeable protection for intellectual property rights in some countries; and |
• | management of tax consequences. |
• | failure to identify, attract, reward, and retain people in leadership positions in our organization who share and further our culture, values, and mission; |
• | the increasing size and geographic diversity of our workforce; |
• | work-from-home policies implemented in light of the COVID-19 pandemic that may continue for most of our employee base for the foreseeable future; |
• | the inability to achieve adherence to our internal policies and core values; |
• | competitive pressures to move in directions that may divert us from our mission, vision, and values; |
• | the continued challenges of a rapidly evolving industry; |
• | the increasing need to develop expertise in new areas of business that affect us; |
• | negative perception of our treatment of employees or our response to employee sentiment related to political or social causes or actions of management; and |
• | the integration of new personnel and businesses from acquisitions. |
• | actual or anticipated fluctuations in operating results; |
• | failure to meet or exceed financial estimates and projections of the investment community or that we provide to the public; |
• | issuance of new or updated research or reports by securities analysts or changed recommendations for the industry in general; |
• | announcements of significant acquisitions, strategic partnerships, joint ventures, collaborations or capital commitments; |
• | operating and share price performance of other companies in the industry or related markets; |
• | the timing and magnitude of investments in the growth of the business; |
• | actual or anticipated changes in laws and regulations; |
• | additions or departures of key management or other personnel; |
• | increased labor costs; |
• | disputes or other developments related to intellectual property or other proprietary rights, including litigation; |
• | disputes or other developments related to allegations of misclassification of service providers, including Fleet Managers, as independent contractors, including litigation; |
• | the ability to market new and enhanced solutions on a timely basis; |
• | sales of substantial amounts of the Bird Global’s Class A Common Stock by the board of directors of Bird Global (the “Bird Global Board”), executive officers or significant stockholders or the perception that such sales could occur; |
• | changes in capital structure, including future issuances of securities or the incurrence of debt; and |
• | general economic, political and market conditions. |
Incorporated by Reference |
Filed / Furnished Herewith | |||||||||||
Exhibit Number |
Exhibit Description |
Form |
File No. |
Exhibit |
Filing Date | |||||||
2.1 |
S-4 |
333-256187 |
2.1 |
05/13/2021 |
||||||||
3.1 |
S-8 |
333-260893 |
4.1 |
11/09/2021 |
||||||||
3.2 | Amended and Restated Bylaws of the Company. | * | ||||||||||
4.1 |
S-4/A |
333-256187 |
4.1 |
07/15/2021 |
||||||||
4.2 |
S-4/A |
333-256187 |
4.2 |
07/15/2021 |
||||||||
4.3 |
S-4/A |
333-256187 |
4.3 |
07/15/2021 |
||||||||
4.4 |
S-4/A |
333-256187 |
4.4 |
07/15/2021 |
||||||||
4.5 |
S-4/A |
333-256187 |
4.5 |
07/15/2021 |
||||||||
4.6 |
S-4/A |
333-256187 |
4.6 |
07/15/2021 |
||||||||
10.1 |
8-K |
001-41019 |
10.1 |
11/09/2021 |
||||||||
10.2 |
8-K |
001-41019 |
10.2 |
11/09/2021 |
||||||||
10.3 |
S-8 |
333-260893 |
99.4 |
11/09/2021 |
||||||||
10.4 |
8-K |
333-256187 |
10.1 |
10/18/2021 |
||||||||
10.5 |
8-K |
333-256187 |
10.2 |
10/18/2021 |
||||||||
10.6 |
S-8 |
333-260893 |
99.5 |
11/09/2021 |
||||||||
10.7 |
S-8 |
333-260893 |
99.6 |
11/09/2021 |
||||||||
10.8 |
S-8 |
333-260893 |
99.7 |
11/09/2021 |
||||||||
10.9 | Form of Performance-Based Restricted Stock Grant Notice and Performance-Based Restricted Stock Grant Agreement (Restricted Earnout Shares) (under Bird Global, Inc. 2021 Incentive Award Plan). | S-8 |
333-260893 |
99.8 | 11/09/2021 | |||||||
10.10 |
S-8 |
333-260893 |
99.9 |
11/09/2021 |
||||||||
10.11 |
S-8 |
333-260893 |
99.10 |
11/09/2021 |
||||||||
31.1 |
* | |||||||||||
31.2 |
* | |||||||||||
32.1 |
** | |||||||||||
32.2 |
** | |||||||||||
101.INS |
Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
* | ||||||||||
101.SCH |
Inline XBRL Taxonomy Extension Schema Document |
* | ||||||||||
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
* | ||||||||||
101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document |
* | ||||||||||
101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document |
* | ||||||||||
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
* | ||||||||||
104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* |
* | Filed herewith. |
** | Furnished herewith. |
BIRD GLOBAL, INC. | ||||||
Date: November 15, 2021 | By: | /s/ Travis Vander Zanden | ||||
Travis Vander Zanden | ||||||
Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
Date: November 15, 2021 | By: | /s/ Yibo Ling | ||||
Yibo Ling | ||||||
Chief Financial Officer | ||||||
(Principal Financial Officer) |