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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
 
FORM
10-Q
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________________ to ___________________
Commission File Number:
001-41019
 
 
Bird Global, Inc.
(Exact Name of Registrant as Specified in its Charter)
 
 
 
Delaware
 
86-3723155
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
   
406 Broadway, Suite 369
Santa Monica, California
 
90401
(Address of principal executive offices)
 
(Zip Code)
(866)
205-2442
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
Class A Common Stock, $0.0001 par value per share
  
BRDS
  
New York Stock Exchange
Warrants, each whole warrant exercisable for one share of Class A Common Stock
  
BRDS WS
  
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☐    No  ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer
 
  
Accelerated filer
 
       
Non-accelerated filer
 
  
Smaller reporting company
 
       
Emerging growth company
 
  
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  ☐    No  
As of November 15, 2021, there were 239,815,262 shares of the registrant’s Class A Common Stock, par value $0.0001, outstanding and 34,534,930 shares of the registrant’s Class X Common Stock, par value $0.0001, outstanding.  
 
 
 

Table of Contents
TABLE OF CONTENTS
 
 
 
 
  
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
 
PART II
 
  
Item 1.
 
  
 
52
 
Item 1A.
 
  
 
52
 
Item 2.
 
  
 
88
 
Item 3.
 
  
 
89
 
Item 4.
 
  
 
89
 
Item 5.
 
  
 
89
 
Item 6.
 
  
 
90
 
 
  
 
91
 
 
2

Table of Contents
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form
10-Q
contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report on Form
10-Q
may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form
10-Q
include, but are not limited to, statements regarding our future results of operations and financial position, industry and business trends, equity compensation, business strategy, plans, market growth and our objectives for future operations.
The forward-looking statements in this Quarterly Report on Form
10-Q
are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part II, Item 1A. “Risk Factors” in this Quarterly Report on Form
10-Q.
The forward-looking statements in this Quarterly Report on Form
10-Q
are based upon information available to us as of the date of this Quarterly Report on Form
10-Q,
and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
You should read this Quarterly Report on Form
10-Q
and the documents that we reference in this Quarterly Report on Form
10-Q
and have filed as exhibits to this Quarterly Report on Form
10-Q
with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report on Form
10-Q.
Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report on Form
10-Q,
whether as a result of any new information, future events or otherwise.
 
3

Table of Contents
SUMMARY RISK FACTORS
Our business is subject to numerous risks and uncertainties, including those described in Part II, Item 1A. “Risk Factors” in this Quarterly Report on Form
10-Q.
You should carefully consider these risks and uncertainties when investing in the securities of Bird Global, Inc. (“Bird Global” and, together with its subsidiaries, “Bird”). The principal risks and uncertainties affecting our business include the following:
 
   
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.
 
4

Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
Bird Global, Inc.
Balance Sheets
 
 
  
September 30,
2021
 
 
May 4, 2021
 
 
  
(Unaudited)
 
 
 
 
Assets
  
     
 
     
Total assets
   $ —       $ —    
    
 
 
   
 
 
 
Liabilities and Stockholders’ Deficit
                
Total liabilities
     —         —    
Commitments and contingencies
           
Stockholders’ Equity
                
Ordinary shares, $0.000001 par value; 100 shares issued and outstanding
     0.01       0.01  
Due from stockholder
     (0.01     (0.01
    
 
 
   
 
 
 
Total stockholders’ equity
     —         —    
Total liabilities and stockholders’ equit
y
   $ —       $ —    
    
 
 
   
 
 
 
 
5

Table of Contents
Note 1: Background and Nature of Operations
Bird Global, Inc. (the “Company”) was incorporated in Delaware on May 4, 2021
 as a wholly owned subsidiary of Bird Rides, Inc. (“Bird”). The Company was formed for the purpose of completing the transactions contemplated by the Business Combination Agreement, dated May 11, 2021 (as amended, the “Business Combination Agreement”), by and among Switchback II Corporation (“Switchback”), Maverick Merger Sub Inc., a direct and wholly owned subsidiary of Switchback (“Merger Sub”), Bird, and the Company. 
A
s described in more detail in Note 4, on November 4, 2021, the transactions contemplated by the Business Combination Agreement were consummated, and the Company became the surviving publicly traded corporation, owning all of the equity interests in Bird.
Note 2: Summary of Significant Accounting Policies
Basis of Presentation
The balance sheet is presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Separate statements of income and comprehensive income, changes in stockholder’s equity, and cash flows have not been presented because there have been no activities in this entity as of September 30, 2021.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates
.
Organization Costs
Costs related to incorporation of the Company will be paid by Bird and recorded as an expense of Bird.
Note 3: Stockholder’s Equity
The Company’s authorized capital stock consists of 100
shares of
common stock
, par value
 $0.000001
per share (“Common Stock”). On May 4, 2021, the Company issued
 100
shares of Common Stock to Bird for aggregate consideration of
 $0.0001.
Note 4: Subsequent Events
On November 3, 2021, as contemplated by the Business Combination Agreement and described in the section titled “The Business Combination” beginning on page 103 of the final prospectus and definitive proxy statement, dated October 7, 2021 (the “Proxy Statement/Prospectus”) and filed by the Company with the Securities and Exchange Commission, Switchback reincorporated to the State of Delaware by merging with and into the Company, with the Company surviving and becoming the sole owner of Merger Sub (such merger, the “Domestication Merger”). At the effective time of the Domestication Merger, by virtue of the Domestication Merger: (a) each then-outstanding share of the Company’s Common Stock was redeemed for par value; (b) each then-outstanding Class
 A ordinary share, par value $0.0001 per share, of Switchback (the “Class A Ordinary Shares”) was canceled and converted, on a
one-for-one
basis, into a share of Class A common stock, par value $0.0001 per share, of the Company (the “Class A Common Stock”); (c) each then-outstanding Class B ordinary share, par value $0.0001
per share, of Switchback was canceled and converted, on
a
 
one-for-one
basis, into a share of Class B common stock, par value $0.0001 per share,
 
6

Table of Contents
of the Company (the “Class B Common Stock”) (with such shares of Class B Common Stock thereafter converting, on a
one-for-one
basis, into a share of Class A Common Stock in connection with the Acquisition Merger (as defined below)); (d) each then-outstanding warrant of Switchback (the “Switchback Warrants”) was assumed and converted automatically into a warrant to purchase one share of Class A Common Stock (the “Warrants”), pursuant to that certain warrant agreement by and between Switchback and Continental Stock Transfer & Trust Company; and (e) each then-outstanding unit of Switchback, each consisting of one Class A Ordinary Share and
one-fifth
of one
Switchback Warrant, was canceled and converted into a unit of the Company (the “Units”), each consisting of one share of Class A Common Stock and
one-fifth
of one Warrant.
On November 4, 2021, as contemplated by the Business Combination Agreement and described in the section titled “The Business Combination” beginning on page 103 of the Proxy Statement/Prospectus, Merger Sub merged with and into Bird (the “Acquisition Merger”), with Bird surviving the Acquisition Merger as a wholly owned subsidiary of the Company. Substantially concurrently with the consummation of the Acquisition Merger, certain investors purchased an aggregate of
16,000,000 shares of Class A Common Stock for a purchase price of $10.00
per share pursuant to subscription agreements.
On November 4, 2021, as contemplated by the Business Combination Agreement and described in the section titled “The Business Combination” beginning on page 103 of the Proxy Statement/Prospectus, immediately prior to the effective time of the Acquisition Merger, each then-outstanding share of preferred stock of Bird converted automatically into a number of shares of common stock, par value $0.000001 per share, of Bird (“Bird Common Stock”) at the then-effective conversion rate as calculated pursuant to the certificate of incorporation of Bird (the “Conversion”).
A
t the effective time of the Acquisition Merger, pursuant to the Acquisition Merger: (a) each then-outstanding share of Bird Common Stock, including shares of Bird Common Stock resulting from the Conversion, but excluding shares of Bird’s outstanding restricted stock (“Bird Restricted Stock”), were canceled and automatically converted into the right to receive (i) (A) with respect to Travis VanderZanden, the number of shares of Class X common stock, par value $0.0001 per share, of the Company and (B) with respect to any other persons who held Bird Common Stock, the number of shares of Class A Common Stock, in each case, equal to the applicable exchange ratio (determined in accordance with the Business Combination Agreement and as further described in the Proxy Statement/Prospectus) (the “Exchange Ratio”) and (ii) the contingent right to receive certain earnout shares; (b) each then-outstanding and unexercised warrant of Bird
was
 automatically assumed and converted into a Warrant based on the Exchange Ratio and at an adjusted exercise price per share (determined in accordance with the Business Combination Agreement and as further described in the Proxy Statement/Prospectus); (c) each then-outstanding and unexercised option of Bird was converted into (i) an option exercisable for shares of Class A Common Stock based on the Exchange Ratio and (ii) the contingent right to receive certain earnout shares; (d) each then-outstanding award of Bird Restricted Stock was converted into (i) an award covering shares of Class A Common Stock based on the Exchange Ratio and (ii) the contingent right to receive certain earnout shares; and (e) each then-outstanding award of restricted stock units of Bird was converted into (i) an award covering shares of Class A Common Stock based on the Exchange Ratio and (ii) the contingent right to receive certain earnout shares. At the effective time of the Acquisition Merger and in connection with the Acquisition Merger, each outstanding share of Class B Common Stock was converted, on a
one-for-one
basis, into a share of Class A Common Stock and each Unit separated into one share of Class A Common Stock and
one-fifth
of one Warrant.
 
7

Table of Contents
Bird Rides, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts and number of shares)
 
    
September 30, 2021
   
December 31, 2020
 
     (Unaudited)        
Assets
                
Current assets:
                
Cash and cash equivalents
   $ 38,667     $ 43,158  
Restricted cash and cash equivalents
     23,027       9,609  
Accounts receivable, net
     473       2,857  
Inventory
     17,735       5,256  
Prepaid expenses 
and
other current assets
     18,755       8,254  
    
 
 
   
 
 
 
Total current assets
     98,657       69,134  
Property and equipment, net
     1,852       4,152  
Vehicle deposits
     70,380       13,290  
Vehicles, net
     91,517       81,105  
Goodwill
     124,059       131,255  
Other assets
     8,308       4,944  
    
 
 
   
 
 
 
Total assets
   $ 394,773       303,880  
    
 
 
   
 
 
 
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Deficit
                
Current liabilities:
                
Accounts payable
   $ 9,637     $ 12,212  
Accrued expenses
     23,468       20,004  
Deferred revenue
     45,332       42,900  
Notes payable
     11,274       29,280  
Other current liabilities
     6,909       5,078  
    
 
 
   
 
 
 
Total current liabilities
     96,620       109,474  
Derivative liabilities
     142,777       450  
Other liabilities
     7,264       9,722  
    
 
 
   
 
 
 
Total liabilities
     246,661       119,646  
Commitments and contingencies
           
Redeemable Convertible Preferred Stock
                
Redeemable convertible senior preferred stock, $0.000001 par value, 37,500,000 shares authorized and 29,234,172 shares issued and outstanding as of September 30, 2021
     132,407       —    
Redeemable convertible prime preferred stock and exchanged common stock, $0.000001 par value, 154,060,656 shares authorized and 153,738,961 shares issued and outstanding as of September 30, 2021
     1,044,282       —    
Redeemable convertible preferred stock, $0.000001 par value, 173,212,667 shares authorized and 153,738,961 shares issued and outstanding as of December 31, 2020
     —         1,044,282  
Stockholders’ Deficit
                
Founders convertible preferred stock, $0.000001 par value, 7,493,443 shares authorized, 4,540,177 shares issued and outstanding as of September 30, 2021 and December 31, 2020
     —         —    
Common stock, $0.000001 par value, 287,921,028 and 275,000,000 shares authorized, 62,947,411 and 54,245,623 shares issued and outstanding, respectively as of September 30, 2021 and December 31, 2020
     —         —    
Additional
paid-in
capital
     84,114       92,654  
Accumulated other comprehensive income
     9,770       13,005  
Accumulated deficit
     (1,122,461     (965,707
    
 
 
   
 
 
 
Total stockholders’ deficit
     (1,028,577     (860,048
    
 
 
   
 
 
 
Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit
   $ 394,773     $ 303,880  
    
 
 
   
 
 
 
 
8

Table of Contents
Bird Rides, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts and number of shares)
 
    
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
    
2021
   
2020
   
2021
   
2020
 
Revenues:
                                
Sharing
     64,027       33,579     $ 142,314       59,320  
Product sales
     1,379       6,606       8,806       11,363  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total Revenues
     65,406       40,185       151,120       70,683  
Cost of sharing, exclusive of depreciation
     33,312       24,517       77,041       55,378  
Cost of product sales
     1,378       6,683       9,026       18,940  
Depreciation on revenue earning vehicles
     17,253       7,904       33,811       18,033  
    
 
 
   
 
 
   
 
 
   
 
 
 
Gross margin
     13,463       1,081       31,242       (21,668
Other operating expenses:
                                
General 
and
administrative
     30,837       35,381       92,792       120,175  
Selling 
and
marketing
     3,392       4,283       10,880       13,633  
Research 
and
development
     5,804       6,157       19,096       28,265  
Tariff reimbursement
     —         —         —         (24,637
    
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
     40,033       45,821       122,768       137,436  
    
 
 
   
 
 
   
 
 
   
 
 
 
Loss from operations
     (26,570     (44,740     (91,526     (159,104
Interest expense, net
     (325     (1,515     (5,011     (5,006
Other (expense) income, net
     (9,993     2,520       (60,107     163  
    
 
 
   
 
 
   
 
 
   
 
 
 
Loss before income taxes
     (36,888     (43,735     (156,644     (163,947
(Benefit from) provision for income taxes
     (20     60       110       147  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net loss
     (36,868     (43,795     (156,754     (164,094
    
 
 
   
 
 
   
 
 
   
 
 
 
Adjustment to net loss attributable to common stockholders
     (4,940     —         (13,298     —    
    
 
 
   
 
 
   
 
 
   
 
 
 
Net loss attributable to common stockholders
     (41,808     (43,795     (170,052     (164,094
    
 
 
   
 
 
   
 
 
   
 
 
 
Net loss per share attributable to common stockholders, basic and diluted
     (0.72     (0.98   $ (3.04     (4.09
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted
     58,156,529       44,660,774       55,865,840       40,117,503  
 
9

Table of Contents
Bird Rides, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited, in thousands)
 
    
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
    
2021
   
2020
   
2021
   
2020
 
Net loss
   $ (36,868   $ (43,795     (156,754   $ (164,094
Other comprehensive loss, net of tax:
                                
Change in currency translation adjustment
     (1,645     4,695       (3,235     8,137  
    
 
 
   
 
 
   
 
 
   
 
 
 
Other comprehensive (loss) income
     (1,645     4,695       (3,235     8,137  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive loss
   $ (38,513   $ (39,100     (159,989   $ (155,957
    
 
 
   
 
 
   
 
 
   
 
 
 
 
10

Table of Contents
Bird Rides, Inc.
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit
(Unaudited, in thousands, except number of shares)
 
 
 
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
 
 
  
    $ —         —       $
  
      135,023,946    
$
802,571       34,810,649       —       4,540,177
 
   
  
 
 
$
85,547     $ (670   $ (757,477   $ (672,600
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(70,210
 
 
(70,210
Issuance of Common Stock to Board of Directors
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,777,162
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Issuance
 
of
 
Common
 
Stock
 
through
 
exercise
 
of
stock options and expiration of repurchase provision for early exercises
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,966,818
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
183
 
 
 
 
 
 
 
 
 
 
 
183
 
Vesting of Common Stock 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,219,052
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Stock-based compensation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,375
 
 
 
 
 
 
 
 
 
 
 
2,375
 
Issuance of Series D Redeemable Convertible Preferred Stock, net of issuance costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,006,516
 
 
 
51,711
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Issuance of Series D and
D-2
Redeemable Convertible Preferred Stock for acquisition of CIRC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14,708,499
 
 
 
190,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(418
 
 
 
 
 
 
(418
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2020
 
 
  
 
 
$
  
 
 
 
  
 
 
$
  
 
 
 
153,738,961
 
 
$
1,044,282
 
 
 
44,773,681
 
 
$
  
 
 
 
4,540,177
 
 
$
  
 
 
$
88,105
 
 
$
(1,088
 
$
(827,687
 
$
(740,670
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(50,089
 
 
(50,089
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
530,923
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
84
 
 
 
 
 
 
 
 
 
 
 
84
 
Vesting of Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,219,052
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Stock-based compensation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,171
 
 
 
 
 
 
 
 
 
 
 
1,171
 
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,860
 
 
 
 
 
 
 
3,860
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2020
 
 
  
 
 
$
  
 
 
 
  
 
 
$
  
 
 
 
153,738,961
 
 
$
1,044,282
 
 
 
47,523,656
 
 
$
  
 
 
 
4,540,177
 
 
$
  
 
 
$
89,360
 
 
$
2,772
 
 
$
(877,776
 
$
(785,644
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(43,795
 
 
(43,795
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
475,611
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
429
 
 
 
 
 
 
 
 
 
 
 
429
 
Vesting of Common Stock 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,219,052
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,208
 
 
 
 
 
 
 
 
 
 
 
1,208
 
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,695
 
 
 
 
 
 
 
4,695
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at September 30, 2020
 
 
  
 
 
$
  
 
 
 
  
 
 
$
  
 
 
 
153,738,961
 
 
$
1,044,282
 
 
 
50,218,319
 
 
$
  
 
 
 
4,540,177
 
 
$
  
 
 
$
90,997
 
 
$
7,467
 
 
$
(921,571
 
$
(823,107
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
11

Table of Contents
Bird Rides, Inc.
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit
(Unaudited, in thousands, except number of shares)
 
 
 
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
 
 
  
 
 
$
  
 
 
 
  
 
 
$
  
 
 
 
153,738,961
 
 
$
1,044,282
 
 
 
54,245,623
 
 
$
  
 
 
 
4,540,177
 
 
$
  
 
 
$
92,654
 
 
$
13,005
 
 
$
(965,707
 
$
(860,048
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(76,200
 
 
(76,200
Issuance of Common
Stock through exercise
of stock options and
expiration of
repurchase provision
for early exercises
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,810,750
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
435
 
 
 
 
 
 
 
 
 
 
 
435
 
Vesting of Common Stock 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,219,052
 
 
 
—  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
—  
 
Stock-based compensation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,485
 
 
 
 
 
 
 
 
 
 
 
1,485
 
Issuance of Common Stock through conversion of Redeemable Convertible Preferred Stock to Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(153,738,961
 
 
(1,044,282
 
 
153,738,961
 
 
 
—