Delaware |
7389 |
86-3723155 | ||
(State or other jurisdiction of incorporation or organization) |
(Primary Standard Industrial Classification Code Number) |
(I.R.S. Employer Identification Number) |
Large accelerated filer |
☐ |
Accelerated filer |
☐ | |||
☒ |
Smaller reporting company |
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Emerging growth company |
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F-1 |
• | the impact of the COVID-19 pandemic on our business, financial condition, and results of operations; |
• | risks related to our relatively short operating history and our new and evolving business model, which makes it difficult to evaluate our future prospects, forecast financial results, and assess the risks and challenges we may face; |
• | our ability to achieve or maintain profitability in the future; |
• | our ability to retain existing riders or add new riders; |
• | our Fleet Managers’ (as defined below) ability to maintain vehicle quality or service levels; |
• | our ability to evaluate our business and prospects in the new and rapidly changing industry in which we operate; |
• | risks related to the impact of poor weather and seasonality; |
• | our ability to obtain vehicles that meet our quality specifications in sufficient quantities on commercially reasonable terms; |
• | our ability to compete successfully in the highly competitive industries in which we operate; |
• | risks related to our substantial indebtedness; |
• | our ability to secure additional financing; |
• | risks related to the effective operation of mobile operating systems, networks, and standards that we do not control; |
• | risks related to action by governmental authorities to restrict access to our products and services in their localities; |
• | risks related to claims, lawsuits, arbitration proceedings, government investigations, and other proceedings that we are regularly subject to; |
• | risks related to compliance, market, and other risks, including the ongoing conflict between Ukraine and Russia, in relation to any expansion by us into international markets; |
• | our being a “controlled company” within the meaning of the NYSE rules and, as a result, qualifying for exemptions from certain corporate governance requirements, as a result of which our stockholders may |
not have the same protections afforded to stockholders of companies that are subject to such requirements; and |
• | other factors detailed under the section of this prospectus entitled “Risk Factors.” |
• | The COVID-19 pandemic and the impact of the actions taken to mitigate the pandemic, as well as labor and inflationary pressures spurred by the pandemic, have adversely affected, and may continue to adversely affect, our business, financial condition, and results of operations. |
• | We have a relatively short operating history and a new and evolving business model, which makes it difficult to evaluate our future prospects, forecast financial results and assess the risks and challenges we may face. |
• | We have incurred significant operating losses in the past and may not be able to achieve or maintain profitability in the future. |
• | If we fail to retain existing riders or add new riders, or if our riders decrease their level of engagement with our products and services, our business, financial condition, and results of operations may be significantly harmed. |
• | We are expanding our Fleet Manager network. Any failure by our Fleet Managers to maintain vehicle quality or service levels, or material changes to labor classifications or franchise regulations, could have a negative impact on our reputation and business. |
• | We operate in a new and rapidly changing industry, which makes it difficult to evaluate our business and prospects. |
• | Poor weather adversely affects the use of our services, which causes seasonality in our business and could negatively impact our financial performance from period to period. |
• | Future operating results depend upon our ability to obtain vehicles that meet our quality specifications in sufficient quantities on commercially reasonable terms, which has been affected by global supply chain constraints. |
• | We may need additional capital, and we cannot be certain that additional financing will be available. |
• | Our user growth and engagement on mobile devices depend upon effective operation with mobile operating systems, networks, and standards that we do not control. |
• | Action by governmental authorities to restrict access to our products and services in their localities could substantially harm our business and financial results. |
• | We are regularly subject to claims, lawsuits, arbitration proceedings, government investigations, and other proceedings that may adversely affect our business, financial condition, and results of operations. |
• | Any expansion by Bird into international markets will expose it to additional tax, compliance, market, and other risks, including the ongoing conflict between Ukraine and Russia, and there can be no assurance that any such expansion will be successful. |
• | Our ability to utilize historic losses to offset income in future years may be limited, including as a result of significant changes in our stockholder base or as a result of acquisition activity. |
• | Because we are a “controlled company” within the meaning of the NYSE rules, our stockholders may not have certain corporate governance protections that are available to stockholders of companies that are not controlled companies. |
• | A significant portion of the total outstanding shares of our Class A common stock (or shares of our Class A common stock that may be issued in the future pursuant to conversion of our Class X common stock) are restricted from immediate resale but may be sold into the market in the near future. This could cause the market price of our securities to drop significantly, even if our business is doing well. |
• | It is not possible to predict the actual number of shares we will sell under the Purchase Agreement to the Selling Securityholder, or the actual gross proceeds resulting from those sales. Further, we may not have access to the full amount available under the Purchase Agreement with the Selling Securityholder. |
• | being permitted to present only two years of audited financial statements and selected financial data and only two years of related “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our periodic reports and registration statements, including this prospectus, subject to certain exceptions; |
• | not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”); |
• | reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements, and registration statements, including in this prospectus; |
• | not being required to comply with any requirement that may be adopted by the Public Company Accounting Oversight Board (the “PCAOB”) regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements; and |
• | exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. |
• | December 31, 2026 (the last day of the fiscal year that follows the fifth anniversary of the effectiveness of our Registration Statement on Form S-4 in connection with the Business Combination); |
• | the last day of the fiscal year in which we have total annual gross revenue of at least $1.07 billion; |
• | the date on which we are deemed to be a “large accelerated filer,” as defined in the Exchange Act; and |
• | the date on which we have issued more than $1 billion in non-convertible debt over a three-year period. |
Issuer |
Bird Global, Inc. |
Shares of Class A Common Stock Offered by the Selling Securityholder |
55,217,203 shares of Class A common stock, consisting of (i) 217,203 Commitment Shares and (ii) up to 55,000,000 shares of Class A common stock we may elect, in our discretion, to issue and sell to the Selling Securityholder under the Purchase Agreement from time to time. |
Terms of the Offering |
The Selling Securityholder will determine when and how it will dispose of any shares of Class A common stock registered under this prospectus for resale. |
Class A Common Stock Outstanding Before this Offering |
244,238,090 shares of Class A common stock. |
Class A Common Stock Outstanding After this Offering |
299,455,293 shares of Class A common stock. |
Use of Proceeds |
We will not receive any proceeds from the resale of shares of Class A common stock included in this prospectus by the Selling Securityholder. However, we may receive up to $100,000,000 in aggregate gross proceeds under the Purchase Agreement from sales of Class A common stock that we may elect to make to the Selling Securityholder pursuant to the Purchase Agreement, if any, from time to time in our discretion. |
We expect to use the net proceeds that we receive under the Purchase Agreement, including from any Pre-Advance Loan under the Promissory Note, for working capital and general corporate purposes, which may include capital expenditures, potential acquisitions, growth opportunities, strategic transactions, and stock repurchases. However, we have not designated any specific uses and have no current agreement with respect to any acquisition or strategic transaction. See “Use of Proceeds.” |
Risk Factors |
See “Risk Factors” beginning on page 12 and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in the securities being offered by this prospectus. |
Trading Symbol |
Our Class A common stock is listed and traded on the NYSE under the symbols “BRDS.” |
• | the issuance of up to 30,000,000 Earnout Shares or Restricted Earnout Shares (each as defined below), or the forfeiture of up to 1,976,563 Switchback Founder Earn Back Shares (as defined below); |
• | 12,874,972 shares of Class A common stock issuable upon exercise of outstanding warrants at an exercise price of $11.50 per share (6,324,972 of which were previously public warrants of Switchback (the “public warrants”) and 6,550,000 of which were previously private placement warrants of Switchback (the “private placement warrants” and, collectively with the public warrants, the “warrants”), in each case, governed by that certain Warrant Agreement, dated as of January 7, 2021, between Switchback and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agreement”); |
• | 59,908 shares of Class A common stock issuable upon exercise of outstanding warrants at an exercise price of $13.36 per share (the “C-1 Warrants”); |
• | 34,534,930 shares of Class A common stock issuable upon conversion of outstanding shares of Class X common stock; |
• | 77,321,418 shares of Class A common stock initially reserved for future grant or issuance under the Bird Global, Inc. 2021 Incentive Award Plan (the “2021 Plan”) (which number does not include a possible annual increase on January 1 of each year beginning in 2022 and ending in 2031 by an amount equal to up to 5% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year); |
• | 5,485,613 shares of Class A common stock initially reserved for future issuance under the Bird Global, Inc. 2021 Employee Stock Purchase Plan (the “ESPP”) (which number does not include a possible annual increase on January 1 of each year beginning in 2022 and ending in 2031 by an amount equal to up to 1% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year, up to a maximum number of 50,000,000 shares); |
• | 17,820,688 shares of Class A common stock reserved for issuance under the 2017 Plan; |
• | 217,203 Commitment Shares issued and to be issued to the Selling Securityholder pursuant to the Purchase Agreement in three equal installments of 72,401 shares of Class A common stock. |
• | 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 and services on mobile devices as a result of actions by us or third parties on which we rely to distribute our products and deliver our services; |
• | there are 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 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 (“R&D”), 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 and services in various markets; |
• | political, social and/or economic instability; |
• | expanded privacy laws and regulations 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, mission, and values; |
• | 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 vision, mission, 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 our industry in general; |
• | announcements of significant acquisitions, strategic partnerships, joint ventures, collaborations, or capital commitments; |
• | operating and share price performance of other companies in our industry or related markets; |
• | the timing and magnitude of investments in the growth of our business; |
• | actual or anticipated changes in laws and regulations; |
• | additions or departures of key management or other personnel; |
• | increased materials or 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 our Class A common stock by our directors, 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; |
• | general economic, political and market conditions; and |
• | other factors described in this “Risk Factors” section and elsewhere in this prospectus. |
• | a classified board of directors with staggered, three-year terms; |
• | the ability of our board of directors to issue shares of preferred stock, including “blank check” preferred stock, and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer; |
• | prohibition on cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates; |
• | the limitation of the liability of, and the indemnification of, our directors and officers; |
• | the ability of our board of directors to amend the Bylaws, which may allow our board of directors to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend the Bylaws to facilitate an unsolicited takeover attempt; and |
• | advance notice procedures with which stockholders must comply to nominate candidates to our board of directors or to propose matters to be acted upon at a stockholders’ meeting, which could preclude stockholders from bringing matters before annual or special meetings of stockholders and delay changes in our board of directors and also may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of us. |
• | the amount under any single Advance does not exceed $20,000,000 of shares, unless otherwise agreed by the parties; |
• | the maximum number of shares of Class A common stock that the Selling Securityholder is required to purchase in any single Advance under the Purchase Agreement is equal to: |
• | 150% of the average daily trading volume during regular trading hours as reported by Bloomberg L.P., for the three consecutive trading days immediately preceding an Advance Notice; or |
• | 50% of the average daily trading volume during regular trading hours as reported by Bloomberg L.P., for the three trading days immediately preceding an Advance Notice; and |
• | the applicable pricing period for all prior Advances has been completed and all shares of Class A common stock subject to all prior Advances have been received by the Selling Securityholder (the “Advance Date”). |
• | the accuracy in all material respects of our representations and warranties included in the Purchase Agreement; |
• | there being an effective registration statement pursuant to which the Selling Stockholder is permitted to utilize the prospectus thereunder to resell all of the Advance Shares pursuant to such Advance Notice; |
• | the sale and issuance of such Advance Shares being legally permitted by all laws and regulations to which we are subject; |
• | no Material Outside Event (as such term is defined in the Purchase Agreement) shall have occurred and be continuing; |
• | us having performed, satisfied, and complied in all material respects with all covenants, agreements, and conditions required by the Purchase Agreement to be performed, satisfied, or complied with by us; |
• | no statute, rule, regulation, executive order, decree, ruling, or injunction having been enacted, entered, promulgated, or endorsed by any court or governmental authority of competent jurisdiction that prohibits or directly, materially, and adversely affects any of the transactions contemplated by the Purchaser Agreement; and |
• | the Class A common stock being quoted for trading on the NYSE and us having not received any written notice that is then still pending threatening the continued quotation of the Class A common stock on the NYSE. |
• | the first day of the month next following the 36-month anniversary of the date of the Purchase Agreement; and |
• | the date on which the Selling Securityholder shall have purchased shares of Class A common stock under the Purchase Agreement for an aggregate gross purchase price equal to $100,000,000; |
Assumed Average Purchase Price Per Share |
Number of Registered Shares to be Issued if Full Purchase (1) |
Percentage of Outstanding Shares After Giving Effect to the Issuance to the Selling Securityholder (2) |
Gross Proceeds from the Sale of Shares to the Selling Securityholder Under the Purchase Agreement | |||
$0.80 (3) |
125,000,000 | 33.8% | $100,000,000 | |||
$0.91 (4) |
109,890,110 | 31.01% | $100,000,000 | |||
$2.00 | 50,000,000 | 16.98% | $100,000,000 | |||
$3.00 | 33,333,333 | 12.00% | $99,999,999 | |||
$4.00 | 25,000,000 | 9.27% | $100,000,000 | |||
$5.00 | 20,000,000 | 7.56% | $100,000,000 |
(1) | Does not include the aggregate amount of 217,203 Commitment Shares that we issued or will issue to the Selling Securityholder as consideration for its commitment to purchase shares of Class A common stock under the Purchase Agreement. The number of shares of Class A common stock offered by this prospectus may not cover all the shares we ultimately sell to the Selling Securityholder under the Purchase Agreement, depending on the purchase price per share. We have included in this column only those shares being offered for resale by the Selling Securityholder under this prospectus (excluding the 217,203 Commitment Shares), without regard for the Beneficial Ownership Limitation. The assumed average purchase prices are solely for illustration and are not intended to be estimates or predictions of future stock performance. |
(2) | The denominator is based on 244,238,090 shares outstanding as of May 15, 2022 (which includes the aggregate amount of 217,203 Commitment Shares we issued or will issue to the Selling Securityholder), |
adjusted to include the issuance of the number of shares set forth in the second column that we would have sold to the Selling Securityholder, assuming the average purchase price in the first column. The numerator is based on the number of shares of Class A common stock set forth in the second column. |
(3) | Represents the closing price of the Class A common stock on the NYSE on May 24, 2022, the trading day prior to the filing of the registration statement of which this prospectus forms a part. |
(4) | Represents the closing price of the Class A common stock on the NYSE on May 11, 2022, the trading day prior to execution of the Purchase Agreement. |
• | upon the occurrence of Earnout Triggering Event I (as defined below), a one-time issuance of 10,000,000 Earnout Shares; |
• | upon the occurrence of Earnout Triggering Event II (as defined below), a one-time issuance of 10,000,000 Earnout Shares; and |
• | upon the occurrence of Earnout Triggering Event III (as defined below), a one-time issuance of 10,000,000 Earnout Shares. |
Three Months Ended March 31, |
||||||||||||||||
2022 |
2021 |
$ Change |
% Change |
|||||||||||||
(in thousands, except percentages) |
||||||||||||||||
Revenues: |
||||||||||||||||
Sharing |
$ | 33,577 | $ | 21,649 | $ | 11,928 | 55.1 | % | ||||||||
Product sales |
4,401 | 4,021 | 380 | 9.5 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenues |
37,978 | 25,670 | 12,308 | 47.9 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cost of Sharing, exclusive of depreciation |
21,386 | 14,398 | (6,988 | ) | (48.5 | ) | ||||||||||
Cost of Product Sales |
4,229 | 4,215 | (14 | ) | (0.3 | ) | ||||||||||
Depreciation on sharing vehicles |
8,940 | 5,017 | (3,923 | ) | (78.2 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
3,423 | 2,040 | 1,383 | 67.8 | ||||||||||||
Other operating expenses (1) : |
||||||||||||||||
General and administrative |
84,650 | 30,190 | (54,460 | ) | (180.4 | ) | ||||||||||
Selling and marketing |
5,051 | 3,507 | (1,544 | ) | (44.0 | ) | ||||||||||
Research and development |
10,513 | 7,299 | (3,214 | ) | (44.0 | ) | ||||||||||
Total operating expenses |
100,214 | 40,996 | (59,218 | ) | (144.4 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(96,791 | ) | (38,956 | ) | (57,835 | ) | (148.5 | ) | ||||||||
Interest expense, net |
(1,401 | ) | (1,572 | ) | 171 | 10.9 | ||||||||||
Other income (expense), net |
108,580 | (35,652 | ) | 144,232 | 404.6 | |||||||||||
Income (loss) before income taxes |
10,388 | (76,180 | ) | 86,568 | 113.6 | |||||||||||
Provision for income taxes |
37 | 20 | (17 | ) | (85.0 | ) | ||||||||||
Net loss |
$ | 10,351 | $ | (76,200 | ) | $ | 86,551 | 113.6 | % | |||||||
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|
|
|
|
|
|
|
(1) | Includes stock-based compensation expense as follows: |
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
(in thousands, except percentages) |
||||||||
General and administrative |
44,678 | 1,104 | ||||||
Selling and marketing |
841 | 179 | ||||||
Research and development |
3,185 | 202 | ||||||
|
|
|
|
|||||
Total |
$ | 48,704 | $ | 1,485 | ||||
|
|
|
|
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Revenue |
100 | % | 100 | % | ||||
Cost of Sharing, exclusive of depreciation |
56.3 | 56.1 | ||||||
Cost of Product Sales |
11.1 | 16.4 | ||||||
Depreciation on sharing vehicles |
23.5 | 19.5 | ||||||
Gross margin |
9.0 | 7.9 | ||||||
Other operating expenses: |
||||||||
General and administrative |
222.9 | 117.6 | ||||||
Selling and marketing |
13.3 | 13.7 | ||||||
Research and development |
27.7 | 28.4 | ||||||
Total operating expenses |
263.9 | 159.7 | ||||||
|
|
|
|
|||||
Loss from operations |
(254.9 | ) | (151.8 | ) | ||||
|
|
|
|
|||||
Interest expense, net |
(3.7 | ) | (6.1 | ) | ||||
Other income (expense), net |
285.9 | (138.9 | ) | |||||
|
|
|
|
|||||
Income (loss) before income taxes |
27.4 | (296.8 | ) | |||||
Provision for income taxes |
0.1 | 0.1 | ||||||
Net income (loss) |
27.3 | % | (296.8 | )% | ||||
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|
|
|
Year Ended December 31, |
||||||||||||||||
2021 |
2020 |
$ Change |
% Change |
|||||||||||||
(in thousands, except percentages) |
||||||||||||||||
Revenues: |
||||||||||||||||
Sharing |
$ | 187,327 | $ | 79,941 | $ | 107,386 | 134.3 | % | ||||||||
Product sales |
17,815 | 14,660 | 3,155 | 21.5 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenues |
205,142 |
94,601 |
110,541 |
116.8 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cost of Sharing, exclusive of depreciation |
101,061 | 71,628 | (29,433 | ) | (41.1 | ) | ||||||||||
Cost of Product Sales |
17,340 | 22,716 | 5,376 | 23.7 | ||||||||||||
Depreciation on sharing vehicles |
47,335 | 23,791 | (23,544 | ) | (99.0 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
39,406 | (23,534 | ) | 62,940 | 267.4 | |||||||||||
Other operating expenses (1) : |
||||||||||||||||
General and administrative |
209,998 | 152,910 | (57,088 | ) | (37.3 | ) | ||||||||||
Selling and marketing |
17,906 | 18,404 | 498 | 2.7 | ||||||||||||
Research and development |
31,426 | 34,376 | 2,950 | 8.6 | ||||||||||||
Tariff reimbursement |
— | (24,986 | ) | (24,986 | ) | 100.0 | ||||||||||
Total operating expenses |
259,330 | 180,704 | (78,626 | ) | (43.5 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(219,924 | ) | (204,238 | ) | (15,686 | ) | (7.7 | ) | ||||||||
Interest expense, net |
(6,073 | ) | (6,562 | ) | 489 | 7.5 | ||||||||||
Other income, net |
29,873 | 2,634 | 27,239 | * | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss before income taxes |
(196,124 | ) | (208,166 | ) | 12,042 | 5.8 | ||||||||||
Provision for income taxes |
209 | 64 | (145 | ) | (226.6 | ) | ||||||||||
Net loss |
$ | (196,333 | ) | $ | (208,230 | ) | $ | 11,897 | 5.7 | % | ||||||
|
|
|
|
|
|
|
|
* | Percentage not meaningful. |
(1) | Includes stock-based compensation expense as follows: |
Year Ended December 31, |
||||||||||||||||
2021 |
2020 |
$ Change |
% Change |
|||||||||||||
(in thousands, except percentages) |
||||||||||||||||
Cost of revenue |
$ | — | $ | 15 | $ | (15 | ) | * | ||||||||
General and administrative |
78,735 | 4,372 | 74,363 | * | ||||||||||||
Selling and marketing |
2,714 | 895 | 1,819 | 203.2 | % | |||||||||||
Research and development |
5,182 | 892 | 4,290 | 480.9 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
86,631 |
$ |
6,174 |
$ |
80,457 |
* |
|||||||||
|
|
|
|
|
|
|
|
* | Percentage not meaningful. |
Year Ended December 31, |
||||||||
2021 |
2020 |
|||||||
Revenues |
100.0 | % | 100.0 | % | ||||
Cost of Sharing, exclusive of depreciation |
49.3 | 75.7 | ||||||
Cost of Product Sales |
8.5 | 24.0 | ||||||
Depreciation on sharing vehicles |
23.1 | 25.1 | ||||||
Gross margin |
19.2 | (24.9 | ) | |||||
Other operating expenses: |
||||||||
General and administrative |
102.4 | 161.6 | ||||||
Selling and marketing |
8.7 | 19.5 | ||||||
Research and development |
15.3 | 36.3 | ||||||
Tariff reimbursement |
— | (26.4 | ) | |||||
Total operating expenses |
126.4 | 191.0 | ||||||
|
|
|
|
|||||
Loss from operations |
(107.2 |
) |
(215.9 |
) | ||||
|
|
|
|
|||||
Interest expense, net |
(3.0 | ) | (6.9 | ) | ||||
Other income, net |
14.6 | 2.8 | ||||||
|
|
|
|
|||||
Loss before income taxes |
(95.6 | ) | (220.0 | ) | ||||
Provision for income taxes |
0.1 | 0.1 | ||||||
Net loss |
(95.7 | )% | (220.1 | )% | ||||
|
|
|
|
Year Ended December 31, |
||||||||||||||||
2020 |
2019 |
$ Change |
% Change |
|||||||||||||
(in thousands, except percentages) |
||||||||||||||||
Revenues: |
||||||||||||||||
Sharing |
$ | 79,941 | $ | 140,448 | $ | (60,507 | ) | (43.1 | )% | |||||||
Product sales |
14,660 | 10,076 | 4,584 | 45.5 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenues |
94,601 | 150,524 | (55,923 | ) | (37.2 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cost of Sharing, exclusive of depreciation |
71,628 | 153,646 | (82,018 | ) | (53.4 | ) | ||||||||||
Cost of Product Sales |
22,716 | 20,319 | 2,397 | 11.8 | ||||||||||||
Depreciation on sharing vehicles |
23,791 | 112,234 | (88,443 | ) | (78.8 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross margin |
(23,534 | ) | (135,675 | ) | 112,141 | (82.7 | ) | |||||||||
Other operating expenses: |
||||||||||||||||
General and administrative |
152,910 | 192,063 | (39,153 | ) | (20.4 | ) | ||||||||||
Selling and marketing |
18,404 | 16,656 | 1,748 | 10.5 | ||||||||||||
Research and development |
34,376 | 40,836 | (6,460 | ) | (15.8 | ) | ||||||||||
Tariff reimbursement |
(24,986 | ) | — | (24,986 | ) | |||||||||||
Total operating expenses |
180,704 | 249,555 | (68,851 | ) | (27.6 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations |
(204,238 | ) | (385,230 | ) | 180,992 | (47.0 | ) | |||||||||
Interest income |
282 | 1,837 | (1,555 | ) | (84.6 | ) | ||||||||||
Interest expense |
(6,844 | ) | (6,792 | ) | (52 | ) | 0.8 | |||||||||
Other income, net |
2,634 | 2,979 | (345 | ) | (11.6 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss before income taxes |
(208,166 | ) | (387,206 | ) | 179,040 | (46.2 | ) | |||||||||
Provision for income taxes |
64 | 276 | (212 | ) | (76.8 | ) | ||||||||||
Net loss |
$ | (208,230 | ) | $ | (387,482 | ) | $ | 179,252 | (46.3 | )% | ||||||
|
|
|
|
|
|
|
|
* | Percentage not meaningful. |
Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
Revenues |
100.0 | % | 100.0 | % | ||||
Cost of Sharing, exclusive of depreciation |
75.7 | 102.1 | ||||||
Cost of Product Sales |
24.0 | 13.5 | ||||||
Depreciation on sharing vehicles |
25.1 | 74.6 | ||||||
Gross margin |
(24.9 | ) | (90.1 | ) | ||||
Other operating expenses: |
||||||||
General and administrative |
161.6 | 127.6 | ||||||
Selling and marketing |
19.5 | 11.1 | ||||||
Research and development |
36.3 | 27.1 | ||||||
Tariff reimbursement |
(26.4 | ) | — | |||||
Total operating expenses |
191.0 | 165.8 | ||||||
|
|
|
|
|||||
Loss from operations |
(215.9 | ) | (255.9 | ) | ||||
|
|
|
|
|||||
Interest income |
0.3 | 1.2 | ||||||
Interest expense |
(7.2 | ) | (4.5 | ) | ||||
Other income, net |
2.8 | 2.0 | ||||||
|
|
|
|
|||||
Loss before income taxes |
(220.0 | ) | (257.2 | ) | ||||
Provision for income taxes |
0.1 | 0.2 | ||||||
Net loss |
(220.1 | )% | (257.4 | )% | ||||
|
|
|
|
For the Three Months Ended March 31, |
For the Year Ended December 31, |
|||||||||||||||||||
2022 |
2021 |
2021 |
2020 |
2019 |
||||||||||||||||
(in millions, except as otherwise noted) |
||||||||||||||||||||
Operating Metrics: |
||||||||||||||||||||
Rides |
7.3 | 4.4 | 40.2 | 18.3 | 40.1 | |||||||||||||||
Average Rides per Deployed Vehicle per Day |
1.0x | 1.1x | 1.6x | 1.3x | 2.5x | |||||||||||||||
Average Deployed Vehicles (in thousands) |
78.9 | 47.0 | 68.6 | 37.6 | 43.5 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Transaction Value |
$ | 43.1 | $ | 31.3 | $ | 241.5 | $ | 115.2 | $ | 161.9 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Non-GAAP Financial Metrics: |
||||||||||||||||||||
Ride Profit (before Vehicle Depreciation) |
$ | 13.0 | $ | 7.6 | $ | 91.3 | $ | 15.7 | $ | (3.5 | ) | |||||||||
% of Sharing Revenue |
39 | % | 35 | % | 48.8 | % | 19.6 | % | (2.5 | )% | ||||||||||
Ride Profit (after Vehicle Depreciation) |
$ | 3.8 | $ | 2.0 | $ | 41.5 | $ | (10.1 | ) | $ | (115.7 | ) | ||||||||
% of Sharing Revenue |
11 | % | 9 | % | 22.2 | % | (12.7 | )% | (82.3 | )% | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA |
$ | (36.8 | ) | $ | (29.5 | ) | $ | (66.9 | ) | $ | (176.2 | ) | $ | (228.0 | ) | |||||
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
For the Year Ended December 31, |
|||||||||||||||||||
2022 |
2021 |
2021 |
2020 |
2019 |
||||||||||||||||
(in millions) |
||||||||||||||||||||
Revenue |
38.0 | 25.7 | $ | 205.1 | $ | 94.6 | $ | 150.5 | ||||||||||||
Contra Revenue |
3.1 | 3.3 | 17.7 | 10.6 | 10.6 | |||||||||||||||
Platform Adjustment (1) |
2.1 | 2.3 | 18.7 | 10.0 | 0.8 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Transaction Value |
43.1 | 31.3 | $ | 241.5 | $ | 115.2 | $ | 161.9 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Represents the difference between the full amount charged to Bird Platform partner riders (excluding applicable taxes) and the revenue we recognized. |
For the Three Months Ended March 31, |
For the Year Ended December 31, |
|||||||||||||||||||
2022 |
2021 |
2021 |
2020 |
2019 |
||||||||||||||||
(in millions) |
||||||||||||||||||||
Gross margin |
3.4 | 2.0 | $ | 39.4 | $ | (23.5 | ) | $ | (135.7 | ) | ||||||||||
Vehicle depreciation (1) |
9.2 | 5.6 | 49.8 | 25.8 | 112.2 | |||||||||||||||
Vehicle count adjustments (2) |
0.6 | (0.2 | ) | 2.6 | 5.5 | 9.7 | ||||||||||||||
Product Sales division (3) |
(0.2 | ) | 0.2 | (0.5 | ) | 7.9 | 10.3 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ride Profit (before Vehicle Depreciation) |
13.0 | 7.6 | 91.3 | 15.7 | (3.5 | ) | ||||||||||||||
Vehicle depreciation (1) |
(9.2 | ) | (5.6 | ) | $ | (49.8 | ) | $ | (25.8 | ) | $ | (112.2 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ride Profit (after Vehicle Depreciation) |
3.8 | 2.0 | $ | 41.5 | $ | (10.1 | ) | $ | (115.7 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | We exclude vehicle depreciation as these costs are non-cash in nature. Vehicle depreciation excludes tariff depreciation and other adjustments, which were $(2.5) million and $(2.0) million for the years ended December 31, 2021 and 2020, respectively, and $(0.3) and $(0.6) for the three months ended March 31, 2022 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. |
For the Three Months Ended March 31, |
For the Year Ended December 31, |
|||||||||||||||||||
2022 |
2021 |
2021 |
2020 |
2010 |
||||||||||||||||
(in millions) |
||||||||||||||||||||
Net income (loss) |
10.4 | (76.2 | ) | $ | (196.3 | ) | $ | (208.2 | ) | $ | (387.5 | ) | ||||||||
Interest expense, net |
1.4 | 1.6 | 6.1 | 6.6 | 5.0 | |||||||||||||||
Provision for income taxes |
0.0 | 0.0 | 0.2 | 0.1 | 0.3 | |||||||||||||||
Depreciation and amortization (1) |
9.8 | 6.9 | 54.9 | 35.4 | 116.1 | |||||||||||||||
Vehicle count adjustments |
0.6 | (0.2 | ) | 2.6 | 5.5 | 9.7 | ||||||||||||||
Stock-based compensation expense |
48.7 | 1.5 | $ | 86.7 | $ | 6.1 | $ | 30.6 | ||||||||||||
Tariff refunds (2) |
— | — | — | (25.0 | ) | — | ||||||||||||||
Other (income) expense, net |
(108.6 | ) | 35.7 | (29.9 | ) | (2.6 | ) | (3.0 | ) | |||||||||||
Legal settlements and reserves |
0.9 | 1.2 | 7.4 | 5.9 | 0.8 | |||||||||||||||
Other non-recurring, non-cash, or non-core items (3) |
— | — | 1.4 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA |
(36.8 | ) | (29.5 | ) | $ | (66.9 | ) | $ | (176.2 | ) | $ | (228.0 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
(1) | Depreciation and amortization excludes tariff depreciation and other adjustments, which were $(3.3) million and $(2.9) million for the years ended December 31, 2021 and 2020, respectively, and $(0.3) and (0.6) for the three months ended March 31, 2022 and 2021, respectively. |
(2) | Consists of a refund for import duties that were charged to import our products from China into the United States. We exclude this as it is non-recurring in nature and not indicative of our core operating performance. |
(3) | Consists of $1.4 million of non-recurring costs incurred in connection with the Business Combination, including a one-time IPO-related bonus to Fleet Managers, for the year ended December 31, 2021. |
Three Months Ended March 31, |
Year Ended December 31, |
|||||||||||||||||||
2022 |
2021 |
2021 |
2020 |
2019 |
||||||||||||||||
(in thousands) |
||||||||||||||||||||
Net cash used in operating activities |
$ | (42,565 | ) | (36,337 | ) | $ | (131,627 | ) | $ | (150,151 | ) | $ | (209,377 | ) | ||||||
Net cash (used in) provided by investing activities |
(63,615 | ) | (12,183 | ) | (215,698 | ) | 56,302 | (108,731 | ) | |||||||||||
Net cash provided by financing activities |
17,629 | 188,216 | 433,371 | 31,866 | 318,612 |
Payments Due by Period |
||||||||||||||||
Total |
Less than 1 year |
1-3 years |
3-5 years |
|||||||||||||
(in thousands) |
||||||||||||||||
Debt and leases: |
||||||||||||||||
Debt obligations |
$ | 49,094 | $ | 49,094 | $ | — | $ | — | ||||||||
Operating leases |
6,626 | 4,410 | 2,048 | 168 | ||||||||||||
Other: |
||||||||||||||||
Software and hosting purchase commitments (1) |
50,233 | 12,206 | 25,309 | 12,718 | ||||||||||||
Vehicle purchase commitments |
21,358 | 21,358 | — | — | ||||||||||||
Total |
$ |
127,311 |
$ |
87,068 |
$ |
27,357 |
$ |
12,886 |
||||||||
|
|
|
|
|
|
|
|
(1) | As of December 31, 2021, our software and hosting purchase commitments primarily pertained to the purchase of network and cloud services. The purchase commitments end on various dates that extend into 2025. These purchase commitments were not recorded as liabilities on the consolidated balance sheet as of December 31, 2021 as we had not yet incurred the related services. |
• | contemporaneous valuations performed at periodic intervals; |
• | rights, preferences, and privileges of our preferred stock relative to those of our common stock; |
• | our actual and expected operating and financial performance; |
• | pricing and timing of transactions in our equity; |
• | likelihood of achieving a liquidity event, such as an initial public offering; |
• | market multiples of comparable companies in our industry; |
• | stage of development; |
• | industry information, such as market size and growth; |
• | illiquidity of stock-based awards involving securities in a private company; and |
• | macroeconomic conditions. |
• | Community Focused |
• | Inclusive |
• | Efficient |
• | Entrepreneurial |
• | Impact Oriented |
Name |
Age |
Position(s) | ||||
Executive Officers |
||||||
Travis VanderZanden |
43 | President, Chief Executive Officer, and Director | ||||
Yibo Ling |
39 | Chief Financial Officer | ||||
William S. Rushforth |
37 | Chief Vehicle Officer | ||||
Shane Torchiana |
38 | Chief Operating Officer | ||||
Rebecca Hahn |
45 | Chief Communications Officer | ||||
Lisa Murison |
45 | General Counsel and Secretary | ||||
Non-Employee Directors |
||||||
Roelof F. Botha (1)(2) |
48 | Director | ||||
Daniel Friedland (2)(3) |
48 | Director | ||||
Nathaniel Justin Kan (3) |
38 | Director | ||||
Robert Komin (1) |
59 | Director | ||||
James E. Mutrie (1)(3) |
49 | Director | ||||
Racquel Russell (2) |
43 | Director | ||||
David Sacks (3) |
49 | Director |
(1) | Member of the audit committee. |
(2) | Member of the nominating and corporate governance committee. |
(3) | Member of the compensation committee. |
• | the Class I directors are Roelof F. Botha and David Sacks and their terms will expire at the annual meeting of stockholders to be held in 2022; |
• | the Class II directors are Daniel Friedland, Nathaniel Justin Kan, and Jim Mutrie and their terms will expire at the annual meeting of stockholders to be held in 2023; and |
• | the Class III directors are Robert Komin, Racquel Russell, and Travis VanderZanden and their terms will expire at the annual meeting of stockholders to be held in 2024. |
• | that a majority of our board of directors consist of directors who qualify as “independent” as defined under the rules of NYSE; |
• | that we have a nominating and corporate governance committee composed entirely of independent directors; and |
• | that we have a compensation committee composed entirely of independent directors. |
• | Travis VanderZanden, President and Chief Executive Officer |
• | Yibo Ling, Chief Financial Officer and |
• | William S. Rushforth, Chief Vehicle Officer |
Name and Principal Position |
Year |
Salary ($) |
Stock Awards ($) (1) |
Option Awards ($) |
All Other Compensation ($) (2) |
Total ($) |
||||||||||||||||||
Travis VanderZanden |
2021 | 1,116 | 155,738,700 | — | 300 | 155,740,116 | ||||||||||||||||||
President & Chief Executive Officer |
2020 | 25,884 | — | — | 400 | 26,284 | ||||||||||||||||||
Yibo Ling |
2021 | 300,000 | 18,153,891 | — | 1,500 | 18,455,391 | ||||||||||||||||||
Chief Financial Officer |
2020 | 300,000 | — | 152,987 | 600 | 453,587 | ||||||||||||||||||
William S. Rushforth |
2021 | 400,000 | 18,397,209 | — | 1,900 | 18,799,109 | ||||||||||||||||||
Chief Vehicle Officer |
2020 | 400,550 | — | 45,178 | 600 | 446,328 |
(1) | Amount reflects the aggregate grant-date fair market value of Restricted Earnout Shares (as defined below) and RSUs granted to the applicable named executive officer during the year ended December 31, 2021, computed in accordance with FASB ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). See Note 12 of the audited consolidated financial statements included elsewhere in this prospectus for a discussion of the relevant assumptions used in calculating this amount. |
(2) | For 2021, “All Other Compensation” consists of reimbursement by us of certain cell phone and internet expenses, meals, and wellness services incurred by our named executive officers. |
• | Mr. VanderZanden’s time-based RSU award vests quarterly based on Mr. VanderZanden’s continued service over a four-year period beginning June 1, 2021. |
• | Mr. Rushforth’s time-based RSU award vests (i) with respect to 25% of the total RSUs underlying the award on the first anniversary of the applicable vesting commencement date (December 1, 2021) and (ii) with respect to 75% of the total RSUs underlying the award on each of the first 12 quarterly anniversaries of the vesting commencement date thereafter, in each case, subject to his continued employment through the applicable vesting date. |
• | Mr. Ling’s time-based RSU award vests quarterly based on Mr. Ling’s continued employment over a one-year period beginning November 4, 2021. This award is subject to certain accelerated vesting provisions in connection with a qualifying termination of employment. See “—Executive Compensation Arrangements” for a description of those accelerated vesting provisions. |
Named Executive Officer |
2021 Restricted Earnout Shares |
2021 Time- Based RSUs Granted |
2021 Performance- Based RSUs Granted |
|||||||||
Travis VanderZanden |
— | 5,872,500 | 17,617,500 | |||||||||
Yibo Ling |
189,877 | 2,345,274 | — | |||||||||
William S. Rushforth |
154,655 | 1,000,000 | 1,500,000 |
• | medical, dental, and vision benefits; |
• | flexible spending accounts; |
• | short-term and long-term disability insurance; |
• | basic life and accidental death and dismemberment insurance; and |
• | vacation and paid holidays. |
Option Awards |
Stock Awards |
|||||||||||||||||||||||||||||||||||||||
Name |
Grant Date |
Vesting Commencement Date |
Number of Securities Underlying Unexercised Options (#) Exercisable |
Number of Securities Underlying Unexercised Options (#) Unexercisable |
Option Exercise Price ($) |
Option Expiration Date |
Number of Shares or Units of Stock that Have Not Vested (#) |
Market Value of Shares or Units of Stock that Have Not Vested ($) (1) |
Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#) |
Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($) (1) |
||||||||||||||||||||||||||||||
Travis Vander Zanden |
11/9/2021 | (2) |
6/1/2021 | — | — | — | — | 5,138,438 | 31,704,162 | — | — | |||||||||||||||||||||||||||||
11/9/2021 | (3) |
— | — | — | — | — | — | — | 17,617,500 | 108,699,975 | ||||||||||||||||||||||||||||||
Yibo Ling |
10/5/2018 | (4) |
10/5/2018 | 278,477 | 198,913 | 0.16 | 10/4/2028 | — | — | — | — | |||||||||||||||||||||||||||||
3/31/2019 | (5) |
4/1/2019 | 27,486 | 27,487 | 0.16 | 3/30/2029 | — | — | — | — | ||||||||||||||||||||||||||||||
3/19/2020 | (6) |
2/1/2020 | 412,301 | 687,169 | 0.16 | 3/18/2030 | — | — | — | — | ||||||||||||||||||||||||||||||
11/9/2021 | (7) |
— | — | — | — | — | — | — | 189,877 | 1,171,541 | ||||||||||||||||||||||||||||||
12/22/2021 | (8) |
11/4/2021 | — | — | — | — | 2,345,274 | 14,470,341 | — | — | ||||||||||||||||||||||||||||||
William S. Rushforth |
9/21/2017 | (9) |
8/9/2017 | 438,757 | — | 0.10 | 8/8/2027 | — | — | — | — | |||||||||||||||||||||||||||||
1/27/2018 | (10) |
2/1/2018 | 235,041 | 11,427 | 0.16 | 1/26/2028 | — | — | — | — | ||||||||||||||||||||||||||||||
3/31/2019 | (11) |
4/1/2019 | 132,218 | 60,100 | 0.16 | 3/30/2029 | — | — | — | — | ||||||||||||||||||||||||||||||
3/19/2020 | (12) |
2/1/2020 | 210,731 | 229,057 | 0.16 | 3/18/2030 | — | — | — | — | ||||||||||||||||||||||||||||||
11/9/2021 | (2) |
— | — | — | — | — | — | — | 154,655 | 954,221 | ||||||||||||||||||||||||||||||
11/9/2021 | (13) |
12/1/2021 | — | — | — | — | 1,000,000 | 6,170,000 | — | — | ||||||||||||||||||||||||||||||
11/9/2021 | (14) |
— | — | — | — | — | — | — | 1,500,000 | 9,255,000 |
(1) | Amount reflects the per share value of Class A common stock as of December 31, 2021 ($6.17), multiplied by the number of unvested shares subject to the applicable award as of December 31, 2021. |
(2) | This RSU award vests based on the achievement of both service and market performance conditions: (i) the service condition is satisfied based on the executive’s continued service over a four-year period with respect to 1/16th of the RSUs underlying the award on each quarterly anniversary of the vesting commencement date; and (ii) the market performance condition is satisfied over the Earnout Period with respect to one-third of the RSUs underlying the award on the achievement of the applicable Price Per Share Goal, in each case, subject to the executive’s continued service through the applicable vesting date. This award is subject to certain accelerated vesting provisions in connection with a qualifying termination of the executive’s employment. See “—Executive Compensation Arrangements.” for a description of those accelerated vesting provisions. |
(3) | This option vests over a four-year period with respect to 1/48th of the shares underlying the award on each monthly anniversary of the vesting commencement date, subject to the executive’s continued service through the applicable vesting date; this option may be exercised at any time. |
(4) | This option vests over a four-year period (i) with respect to 25% of the shares underlying the award on the first anniversary of the vesting commencement date and (ii) with respect to 1/48th of the shares underlying the award on each monthly anniversary thereafter, subject to the executive’s continued service through the applicable vesting date; this option may be exercised at any time. |
(5) | This option vests over a four-year period with respect to 1/48th of the shares underlying the award on each monthly anniversary of the vesting commencement date (less one day), subject to the executive’s continued service through the applicable vesting date. |
(6) | These Restricted Earnout Shares will vest to the extent that the executive would have otherwise been entitled to receive a vested “Earnout Share” (as defined in the Business Combination Agreement) pursuant to the Business Combination Agreement upon the satisfaction of the applicable stock price goals set forth in the Business Combination Agreement during the Earnout Period No Restricted Earnout Shares vested prior to December 31, 2021. |
(7) | This RSU award vests over a four-year period with respect to 1/16th of the RSUs underlying the award on each quarterly anniversary of the vesting commencement date, subject to the executive’s continued service through the applicable vesting date. This award is subject to certain accelerated vesting provisions in connection with a qualifying termination of the executive’s employment. See “—Executive Compensation Arrangements.” for a description of those accelerated vesting provisions. |
(8) | This RSU award vests over a one-year period with respect to 25% of the RSUs underlying the award on each of the first four quarterly anniversaries of the vesting commencement date, subject to the executive’s continued employment through the applicable vesting date. |
This award is subject to certain accelerated vesting provisions in connection with a qualifying termination of the executive’s employment. See “—Executive Compensation Arrangements.” for a description of those accelerated vesting provisions. |
(9) | This option was vested in full as of December 31, 2021. |
(10) | This option vests over a four-year period with respect to 1/48th of the shares underlying the award on each monthly anniversary of the vesting commencement date, subject to the executive’s continued service through the applicable vesting date; this option may be exercised at any time. |
(11) | This option vests and becomes exercisable over a four-year period (i) with respect to 25% of the shares underlying the award on the first anniversary of the vesting commencement date and (ii) with respect to 1/48th of the shares underlying the award on each monthly anniversary thereafter, subject to the executive’s continued service through the applicable vesting date. |
(12) | This option vests and becomes exercisable over a four-year period with respect to 1/48th of the shares underlying the award on each monthly anniversary of the vesting commencement date (less one day), subject to the executive’s continued service through the applicable vesting date. |
(13) | This RSU award vests (i) with respect to 25% of the total RSUs underlying the award on the first anniversary of the vesting commencement date and (ii) with respect to 75% of the total RSUs underlying the award on each of the first 12 quarterly anniversaries of the vesting commencement date thereafter, subject to the executive’s continued employment through the applicable vesting date. |
(14) | This RSU award vests based on the achievement of both service and market performance conditions: (i) the service condition is satisfied based on the executive’s continued service over a four-year period with respect to 1/16th of the RSUs underlying the award on each quarterly anniversary of the vesting commencement date; and (ii) the market performance condition is satisfied over the Earnout Period with respect to one-third of the RSUs underlying the award on the achievement of the applicable Price Per Share Goal, in each case, subject to the executive’s continued service through the applicable vesting date. |
Name (1) |
Fees Earned or Paid in Cash ($) (2) |
Stock Awards ($) (3) |
Total ($) |
|||||||||
Roelof F. Botha |
— | — | — | |||||||||
Daniel Friedland |
— | — | — | |||||||||
Antonio Gracias (4) |
— | — | — | |||||||||
Nathaniel Justin Kan |
— | — | — | |||||||||
Robert Komin (5) |
16,767 | 725,000 | 741,767 | |||||||||
James E. Mutrie (5) |
— | — | — | |||||||||
Racquel Russell (5) |
35,068 | 723,643 | 758,711 | |||||||||
David Sacks |
— | — | — | |||||||||
Jeffrey Smith (4) |
— | — | — |
(1) | Travis VanderZanden, our Chief Executive Officer, did not receive any compensation for his services as a member of our board in 2021. See “—Summary Compensation Table” for the compensation paid to Mr. VanderZanden for the services he provided to us during 2021. |
(2) | Amounts represent the cash retainer fees paid to Mr. Komin and Ms. Russell pursuant to their respective director offer letters with the Company, dated as of May 13, 2021 and November 25, 2020, respectively. |
(3) | Amounts reflect the full grant-date fair value of the awards of RSUs granted during 2021 computed in accordance with ASC 718, rather than the amounts paid to or realized by the named individual. See Note 12 of the audited consolidated financial statements included elsewhere in this prospectus for a discussion of the relevant assumptions used in calculating this amount. |
(4) | The services of each of Messrs. Gracias and Smith on our board ended upon the consummation of the Business Combination. |
(5) | The services of Mr. Mutrie on our board began upon the consummation of the Business Combination. The services of Mr. Komin and Ms. Russell on our board began in June 2021 and February 2021, respectively. |
Name (1) |
Options Outstanding at Fiscal Year End |
RSUs Outstanding at Fiscal Year End (#) |
Restricted Earnout Shares Outstanding at Fiscal Year End (#) |
|||||||||
Roelof F. Botha |
— | — | — | |||||||||
Daniel Friedland |
— | — | — | |||||||||
Antonio Gracias |
— | — | — | |||||||||
Nathaniel Justin Kan |
— | — | — | |||||||||
Robert Komin |
— | 100,000 | — | |||||||||
James E. Mutrie |
— | — | — | |||||||||
Racquel Russell |
— | 87,957 | 10,234 | |||||||||
David Sacks |
— | — | — | |||||||||
Jeffrey Smith |
— | — | — |
• | Annual Retainer: $45,000 |
• | Annual Committee Chair Retainer: |
• | Audit: $20,000 |
• | Compensation: $15,000 |
• | Nominating and Corporate Governance: $10,000 |
• | Annual Committee Member (Non-Chair) Retainer: |
• | Audit: $10,000 |
• | Compensation: $7,500 |
• | Nominating and Corporate Governance: $5,000 |
• | Lead Independent Director: $20,000 |
Plan Category |
(a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (1) |
(b) Weighted Average Exercise Price of Outstanding Options, Warrants and Rights (2) |
(c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (3) |
|||||||||
Equity compensation plans approved by security holders |
65,031,525 | $ | 0.30 | 16,480,057 | ||||||||
Equity compensation plans not approved by security holders |
— | — | — | |||||||||
|
|
|
|
|
|
|||||||
Total |
65,031,525 | $ | 0.30 | 16,480,057 | ||||||||
|
|
|
|
|
|
(1) | Includes shares subject to outstanding awards granted under our 2021 Plan and 2017 Plan as of December 31, 2021, of which 12,303,050 shares are subject to outstanding options under the 2017 Plan, 46,958,551 shares are subject to outstanding RSUs under the 2021 Plan, 1,808,524 shares are subject to outstanding Restricted Earnout Shares, and 296,850 restricted shares of Class A common stock that were issued pursuant to early exercises of options. The Restricted Earnout Shares and restricted shares of Class A common stock that were issued pursuant to early exercises of options are not otherwise counted as issued and outstanding shares of our common stock. The 2017 Plan was terminated in connection with the adoption of the 2021 Plan. Awards under the 2017 Plan that remained outstanding as of November 4, 2021 (the date on which the Business Combination was consummated) continue to be subject to the terms of the 2017 Plan. |
(2) | As of December 31, 2021, the weighted-average exercise price of outstanding options under the 2017 Plan was $0.30. No options have been granted under the 2021 Plan. The weighted average exercise price is calculated based solely on the exercise prices of the outstanding options and does not reflect the shares that will be issued upon the vesting of outstanding RSUs, which have no exercise price. |
(3) | As of December 31, 2021, an aggregate of 10,994,444 shares of Class A common stock were available for issuance under the 2021 Plan and 5,485,613 shares of Class A common stock were available for issuance under the ESPP. There are no shares available for future issuance under our 2017 Plan. |
• | each person who is known to us to be the beneficial owner of more than 5% of our common stock; |
• | each of our named executive officers and directors; and |
• | all of our executive officers and directors as a group. |
Class A Common Stock Owned |
Combined Voting Power |
|||||||||||
Number |
% |
% |
||||||||||
Name of Beneficial Owner |
||||||||||||
5% Stockholders |
||||||||||||
Entities affiliated with FMR LLC (1) |
33,332,657 | 13.9 | % | 3.6 | % | |||||||
Entities affiliated with Craft Ventures (2) |
26,948,429 | 11.2 | % | 2.9 | % | |||||||
Entities affiliated with Valor Equity Partners (3) |
22,274,968 | 9.3 | % | 2.4 | % | |||||||
Entities affiliated with Goldcrest Capital (4) |
19,651,739 | 8.2 | % | 2.1 | % | |||||||
Entities affiliated with Sequoia Capital (5) |
17,018,541 | 7.1 | % | 1.8 | % | |||||||
Entities affiliated with NGP Switchback II, LLC (6) |
14,376,250 | 6.0 | % | 1.5 | % |
Class A Common Stock Owned |
Combined Voting Power |
|||||||||||
Number |
% |
% |
||||||||||
Directors and Executive Officers |
||||||||||||
Travis VanderZanden (7) |
35,657,642 | 12.8 | % | 74.0 | % | |||||||
Yibo Ling (8) |
3,126,201 | 1.3 | % | * | ||||||||
William S. Rushforth (9) |
1,483, 816 | * | * | |||||||||
Roelof F. Botha (10) |
33,639 | * | * | |||||||||
Daniel Friedland (11) |
19,685,378 | 8.1 | % | 2.1 | % | |||||||
Nathaniel Justin Kan (12) |
582,830 | * | * | |||||||||
Robert Komin (13) |
33,333 | * | * | |||||||||
James E. Mutrie (14) |
14,409,889 | 5.9 | % | 1.5 | % | |||||||
Racquel Russell (15) |
46,882 | * | * | |||||||||
David Sacks (16) |
26,982,068 | 11.0 | % | 2.9 | % | |||||||
All directors and executive officers as a group (13 individuals) (17) |
103,866,756 | 36.5 | % | 80.8 | % |
* | Less than one percent. |
(1) | Pursuant to a Schedule 13G/A filed with the SEC on February 9, 2022, includes 12,583,322 shares held by Fidelity Blue Chip Growth Fund. This and other accounts are managed by direct or indirect subsidiaries of FMR LLC. Abigail P. Johnson is a Director, the Chairman, the Chief Executive Officer and the President of FMR LLC. Members of the Johnson family, including Abigail P. Johnson, are the predominant owners, directly or through trusts, of Series B voting common shares of FMR LLC, representing 49% of the voting power of FMR LLC. The Johnson family group and all other Series B shareholders have entered into a shareholders’ voting agreement under which all Series B voting common shares will be voted in accordance with the majority vote of Series B voting common shares. Accordingly, through their ownership of voting common shares and the execution of the shareholders’ voting agreement, members of the Johnson family may be deemed, under the Investment Company Act of 1940, as amended (the “Investment Company Act”), to form a controlling group with respect to FMR LLC. Neither FMR LLC nor Abigail P. Johnson has the sole power to vote or direct the voting of the shares owned directly by the various investment companies registered under the Investment Company Act (the “Fidelity Funds”) advised by Fidelity Management & Research Company, a wholly owned subsidiary of FMR LLC, which power resides with the Fidelity Funds’ Boards of Trustees. Fidelity Management & Research Company carries out the voting of the shares under written guidelines established by the Fidelity Funds’ Boards of Trustees. The address for each of the persons and entities identified in this footnote is 245 Summer Street, Boston, Massachusetts 02210. |
(2) | Pursuant to a Schedule 13D filed with the SEC on November 23, 2021, consists of (i) 20,769,528 shares of our Class A common stock held of record by Craft Ventures I, L.P.; (ii) 3,888,286 shares of our Class A common stock held of record by Craft Ventures I-A, L.P.; and (iii) 2,290,615 shares of our Class A common stock held of record by Craft Ventures I-B, L.P (collectively, the “Craft I Funds”). David Sacks, one of our directors, is a managing member of Craft Ventures GP I, LLC, which is the general partner of each of the Craft I Funds, and makes investment and voting decisions on behalf of the Craft I Funds. The address for each of the entities and persons identified in this footnote is 855 Front Street, San Francisco, California 94111. |
(3) | Pursuant to a Schedule 13G/A filed with the SEC on February 10, 2022, consists of (i) 11,019,943 shares of our Class A common stock held of record by Valor Bird Holdings, LLC; (ii) 2,100,939 shares of our Class A common stock held of record by Valor Bird Fund IV Grant Holdings LLC; (iii) 4,201,878 shares of our Class A common stock held of record by Valor Bird Fund V Grant Holdings LLC; (iv) 4,131,348 shares of our Class A common stock held of record by Valor Fund V Bird Holdings, L.P.; and (v) 820,860 shares of our Class A common stock held of record by Valor R&D Series LLC (Series CP, CY, and EZ) (collectively, the “Valor Bird Funds”). Valor Fund V Bird GP Holdings, LLC is the general partner of Valor |
Fund V Bird Holdings L.P. and Valor R&D Management LLC is the manager of Valor R&D Series LLC (Series CP, CY, & EZ). Valor Management L.P. is the managing member of Valor Equity Capital IV LLC, |
which is the general partner of Valor Equity Associates IV L.P., which, in turn, is the general partner of Valor Equity Partners IV L.P., which serves as the managing member of Valor Bird Fund IV Grant Holdings LLC. Valor Management L.P. is the managing member of Valor Equity Capital V LLC, which is the general partner of Valor Equity Associates V L.P., which, in turn, is the general partner of Valor Equity Partners V L.P., which serves as the managing member of Valor Bird Fund V Grant Holdings LLC. Decisions regarding the voting and disposition of the shares held by the Valor Bird Funds other than Valor R&D Series LLC (Series CP, CY, & EZ) are made through an investment committee at the Valor Equity Associates IV L.P. and Valor Equity Associates V L.P. level that consists of at least three individuals. By virtue of his role and various positions with the Valor Equity Partners entities named herein, Antonio Gracias may be deemed to share beneficial ownership over the shares held of record by the Valor Bird Funds. Other than with respect to the shares held by Valor R&D Series LLC (Series CP, CY, & EZ), Mr. Gracias disclaims beneficial ownership of the shares held by the Valor Bird Funds for purposes of Sections 13(d) or 13(g) of the Exchange Act. The address for each of the persons and entities identified in this footnote is c/o Valor Equity Partners, 875 North Michigan Avenue, Suite 3214, Chicago, Illinois 60611. |
(4) | Pursuant to a Schedule 13D filed with the SEC on November 16, 2021, consists of (i) 2,912,224 shares of our Class A common stock held of record by Goldcrest Capital Bird-B SPV, LLC; (ii) 1,664,017 shares of our Class A common stock held of record by Goldcrest Capital Bird-C SPV, LLC; (iii) 871,048 shares of our Class A common stock held of record by Goldcrest Capital Bird-C-1 SPV, LLC; (iv) 103,589 shares of our Class A common stock held of record by Goldcrest Capital Bird-D SPV, LLC; (v) 2,820,759 shares of our Class A common stock held of record by Goldcrest Capital II-A, LP, for itself and as nominee for Goldcrest Capital II-B, LP and Goldcrest Capital II-C, LP; (vi) 10,107,652 shares of our Class A common stock held of record by Goldcrest Capital QP, LP; and (vii) 1,172,450 shares of our Class A common stock held of record by Goldcrest Capital, LP. (collectively, the “Goldcrest Funds”). Daniel Friedland, one of our directors, and Adam Ross are the sole managing members or managers, as applicable, of each of the Goldcrest Funds. As a result, Messrs. Friedland and Ross may be deemed to share beneficial ownership of the shares of Class A common stock held of record by each of the Goldcrest Funds. The address for each of the persons and entities identified in this footnote is 5956 Sherry Lane, Suite 1818, Dallas, Texas 75225. |
(5) | Pursuant to a Schedule 13D filed with the SEC on November 15, 2021, consists of (i) 5,685,761 shares of our Class A common stock held of record by Sequoia Capital U.S. Growth Fund VII, L.P. (“GFVII”); (ii) 423,239 shares of our Class A common stock held of record by Sequoia Capital U.S. Growth VII Principals Fund, L.P. (“GFVII PF”); (iii) 6,195,430 shares of our Class A common stock held of record by Sequoia Capital U.S. Growth Fund VIII, L.P. (“GFVIII”); (iv) 4,627,595 shares of our Class A common stock held of record by Sequoia Grove II, LLC (“Grove II”); and (v) 86,516 shares of our Class A common stock held of record by Sequoia Grove UK, L.P. (“Grove UK” and, together with Grove II, the “Grove Funds”). SC US (TTGP), Ltd. is (i) the general partner of SC U.S. Growth VII Management, L.P., which is the general partner of each of GFVII and GFVII PF (collectively, the “GFVII Funds”), and (ii) the general partner of SC U.S. Growth VIII Management, L.P., which is the general partner of GFVIII. The directors and stockholders of SC US (TTGP), Ltd. who exercise voting and investment discretion with respect to the GFVII Funds and GFVIII include Roelof Botha, one of our directors. As a result, and by virtue of the relationships described in this paragraph, each such person may be deemed to share voting and dispositive power with respect to the shares held by the GFVII Funds, GFVIII, and the Grove Funds, as applicable. Sequoia Grove Manager, LLC is the manager of Grove II. As a result, Sequoia Grove Manager, LLC may be deemed to share beneficial ownership with respect to the shares held by Grove II. Mr. Botha expressly disclaims beneficial ownership of the shares held by the GFVII Funds, GFVIII, and the Grove Funds. The address for each of the persons and entities identified in this footnote is 2800 Sand Hill Road, Suite 101, Menlo Park, California 94025. |
(6) | Pursuant to a Schedule 13G/A filed with the SEC on February 9, 2022, NGP Switchback II, LLC is the record holder of the securities reported herein. Scott K. McNeill is a manager and the Co-Chief Executive Officer of NGP Switchback II, LLC. James E. Mutrie, one of our directors, is a manager and the Co-Chief Executive Officer of NGP Switchback II, LLC. As such, Messrs. McNeill and Mutrie may be deemed to have or share beneficial ownership of the securities held directly by NGP Switchback II, LLC. Messrs. |
McNeill and Mutrie disclaim any such beneficial ownership of such securities. Christopher G. Carter, Scott Gieselman, Sam Stoutner, and Philip J. Deutch are managers of NGP Switchback II, LLC. In addition, NGP ETP III Investments, LLC directly or indirectly owns a majority of the limited liability company interests of NGP Switchback II, LLC through its wholly owned subsidiary, NGP ETP III Investments, LLC, and NGP ETP III Investments, LLC’s majority owned subsidiary, NGP Energy Technology Partners III, LLC. NGP XII US Holdings, L.P. is the sole member of NGP ETP III Investments, LLC, NGP XII Holdings GP, L.L.C. is the sole general partner of NGP XII US Holdings, L.P., and NGP Natural Resources XII, L.P. is the sole member of NGP XII Holdings GP, L.L.C. G.F.W. Energy XII, L.P. is the sole general partner of NGP Natural Resources XII, L.P., and GFW XII, L.L.C. is the sole general partner of G.F.W. Energy XII, L.P. GFW XII, L.L.C. has delegated full power and authority to manage NGP XII US Holdings, L.P. to NGP Energy Capital Management, L.L.C. Christopher G. Carter, Craig Glick, and Jill Lampert serve on the Executive Committee of NGP Energy Capital Management, L.L.C. The address for each of the entities and persons identified in this footnote is 2850 N. Harwood Street, 19th Floor, Dallas, Texas 75201. |
(7) | Consists of (i) 34,534,930 shares of Class X common stock held by Mr. VanderZanden, (ii) 755,680 shares of Class A common stock held by Mr. VanderZanden, and (iii) 367,032 shares of Class A common stock issuable to Mr. VanderZanden upon the vesting of RSUs within 60 days of May 15, 2022. Shares of Class X common stock are convertible on a one-to-one basis into shares of Class A common stock at the option of the holder. Except as otherwise expressly provided in the Charter or by applicable law, each holder of Class X common stock will have the right to 20 votes per share of Class X common stock held of record by such holder. |
(8) | Consists of (i) 920,145 shares of Class A common stock held by Mr. Ling, (ii) 1,172,637 shares of Class A common stock issuable to Mr. Ling upon the vesting of RSUs within 60 days of May 15, 2022 and (iii) 1,033,419 shares of Class A common stock issuable to Mr. Ling upon the exercise of options exercisable within 60 days of May 15, 2022. |
(9) | Consists of (i) 225,509 shares of Class A common stock held by Mr. Rushforth, (ii) 151,119 shares of Class A common stock issuable to Mr. Rushforth upon the vesting of RSUs within 60 days of May 15, 2022 and (iii) 1,107,188 shares of Class A common stock issuable to Mr. Rushforth upon the exercise of options exercisable within 60 days of May 15, 2022. |
(10) | See footnote (5). Includes 33,639 shares of Class A common stock issuable to Mr. Botha upon the vesting of RSUs within 60 days of May 15, 2022. |
(11) | Reflects holdings disclosed in footnote (4); also includes 33,639 shares of Class A common stock issuable to Mr. Friedland upon the vesting of RSUs within 60 days of May 15, 2022. |
(12) | Consists of (i) 495,025 shares of Class A common stock held by Mr. Kan, (ii) 33,639 shares of Class A common stock issuable to Mr. Kan upon the vesting of RSUs within 60 days of May 15, 2022, and (iii) 54,166 shares of Class A common stock held of record by Nathaniel Justin Kan Revocable Trust. |
(13) | Consists of (i) 16,666 shares of Class A common stock held by Mr. Komin and (ii) 16,667 shares of Class A common stock issuable to Mr. Komin upon the vesting of RSUs within 60 days of May 15, 2022. |
(14) | Reflects holdings disclosed in footnote (6). Also includes 33,639 shares of Class A common stock issuable to Mr. Mutrie upon the vesting of RSUs within 60 days of May 15, 2022. |
(15) | Consists of (i) 32,223 shares of Class A common stock held by Ms. Russell and (ii) 14,659 shares of Class A common stock issuable to Ms. Russell upon the vesting of RSUs within 60 days of May 15, 2022. |
(16) | Reflects holdings disclosed in footnote (2); also includes 33,639 shares of Class A common stock issuable to Mr. Sacks upon the vesting of RSUs within 60 days of May 15, 2022. |
(17) | Consists of (i) 57,192,084 shares of Class A common stock, (ii) 34,534,930 shares of Class X common stock, (iii) 5,589,742 shares of Class A common stock issuable upon the vesting of RSUs within 60 days of May 15, 2022 or upon the exercise of options exercisable within 60 days of May 15, 2022, and (iv) 6,550,000 shares of Class A common stock issuable upon exercise of warrants within 60 days of May 15, 2022 owned of record by NGP Switchback II, LLC, of which Mr. Mutrie may be deemed to have or share beneficial ownership; Mr. Mutrie disclaims any such beneficial ownership of such securities. |
Name of Selling Securityholder |
Number of Shares of Class A Common Stock Beneficially Owned |
Maximum Number of Shares of Class A Common Stock Being Offered |
Shares of Class A Common Stock Beneficially Owned After the Offered Shares of Class A Common Stock Are Sold |
|||||||||||||||||
Number (1) |
Percent |
Number (2) |
Percent |
|||||||||||||||||
YA II PN, Ltd. (3) |
72,401 | * | 55,217,203 | 72,401 | * |
* | Less than one percent. |
(1) | Represents the first installment, issued on May 16, 2022, of the aggregate amount of 217,203 Commitment Shares we issued or will issue to the Selling Securityholder in consideration for entering into the Purchase Agreement with us. In accordance with Rule 13d-3(d) under the Exchange Act, we have excluded from the number of shares beneficially owned prior to the offering all of the shares that the Selling Securityholder may be required to purchase under the Purchase Agreement, because the issuance of such shares is at our discretion and is subject to conditions contained in the Purchase Agreement, the satisfaction of which are entirely outside of the Selling Securityholder’s control, including the registration statement that includes this prospectus becoming and remaining effective. Furthermore, the Advances of Class A common stock under the Purchase Agreement are subject to certain agreed upon maximum amount limitations set forth in the Purchase Agreement. Also, the Purchase Agreement prohibits us from issuing and selling any shares of our Class A common stock to the Selling Securityholder to the extent such shares, when aggregated with all other shares of our Class A common stock then beneficially owned by the Selling Securityholder, would cause the Selling Securityholder’s beneficial ownership of our Class A common stock to exceed the 4.99% Beneficial Ownership Limitation. The Purchase Agreement also prohibits us from issuing or selling shares of our Common Stock under the Purchase Agreement in excess of the 19.99% Exchange Cap, unless we obtain stockholder approval to do so, or unless all applicable sales of shares of Class A common stock under the Purchase Agreement equal or exceed the “Minimum Price” (as such term is defined in Section 312.03 of the NYSE Listed Company Manual) or, as to any Advance, the issuance of the Class A common stock pursuant to an Advance Notice would be excluded from the Exchange Cap under NYSE rules (or interpretive guidance provided by the NYSE with respect thereto), in which case the Exchange Cap limitation would no longer apply under applicable NYSE rules. |
(2) | Assumes the sale of all shares being offered pursuant to this prospectus. |
(3) | YA II PN, Ltd. is a fund managed by Yorkville Advisors Global, LP (“Yorkville LP”). Yorkville Advisors Global II, LLC (“Yorkville LLC”) is the General Partner of Yorkville LP. All investment decisions for YA II PN, Ltd. are made by Yorkville LLC’s President and Managing Member, Mr. Mark Angelo. The business address of YA is 1012 Springfield Avenue, Mountainside, NJ 07092. |
• | less than $12.50, then no Earnout Shares will be issuable; |
• | greater than or equal to $12.50 but less than $20.00, then, (a) immediately prior to such change of control, we will issue 10,000,000 shares of our common stock (less any Earnout Shares issued prior to such change of control) to the Eligible Bird Equityholders with respect to the change of control and (b) no further Earnout Shares will be issuable; |
• | greater than or equal to $20.00 but less than $30.00, then, (a) immediately prior to such change of control, we will issue 20,000,000 shares of our common stock (less any Earnout Shares issued prior to such change of control) to the Eligible Bird Equityholders with respect to the change of control and (b) no further Earnout Shares will be issuable; or |
• | greater than or equal to $30.00, then, (a) immediately prior to such change of control, we will issue 30,000,000 shares of our common stock (less any Earnout Shares issued prior to such change of control) to the Eligible Bird Equityholders with respect to the change of control and (b) no further Earnout Shares will be issuable. |
• | any person who is, or at any time during the applicable period was, one of our directors or executive officers; |
• | any person who is known by us to be the beneficial owner of more than 5% of our voting stock; |
• | any immediate family member of any of the foregoing persons, which means any child, step-child, parent, step-parent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of a director, executive officer, or beneficial owner of more than 5% of our voting stock, and any person (other than a tenant or employee) sharing the household of such director, executive officer, or beneficial owner of more than 5% of our voting stock; and |
• | any firm, corporation, or other entity in which any of the foregoing persons is a partner or principal, or in a similar position, or in which such person has a 10% or greater beneficial ownership interest. |
• | our board approved the acquisition prior to its consummation; |
• | the interested stockholder owned at least 85% of the outstanding voting stock upon consummation of the acquisition; or |
• | the business combination is approved by our board, and by a two-thirds vote of the other stockholders in a meeting. |
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and |
• | if, and only if, the last sale price of our Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations, and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the public warrant holders. |
• | in whole and not in part; |
• | at $0.10 per public warrant; provided that holders will be able to exercise their public warrants on a cashless basis prior to redemption and receive that number of shares of our Class A common stock to be determined by reference to the table below, based on the redemption date and the “fair market value” (as defined below) of our shares of our Class A common stock except as otherwise described below; |
• | upon a minimum of 30 days’ prior written notice of redemption; and |
• | if, and only if, the last sale price of our Class A common stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations, and the like) on the trading day prior to the date on which we send the notice of redemption to the warrant holders. |
Redemption Date |
Fair Market Value of Shares of Class A Common Stock |
|||||||||||||||||||||||||||||||||||
(period to expiration of warrants) |
<$10.00 |
$11.00 |
$12.00 |
$13.00 |
$14.00 |
$15.00 |
$16.00 |
$17.00 |
>$18.00 |
|||||||||||||||||||||||||||
60 months |
0.261 | 0.281 | 0.297 | 0.311 | 0.324 | 0.337 | 0.318 | 0.358 | 0.361 | |||||||||||||||||||||||||||
57 months |
0.257 | 0.277 | 0.294 | 0.310 | 0.324 | 0.337 | 0.348 | 0.358 | 0.361 | |||||||||||||||||||||||||||
54 months |
0.252 | 0.272 | 0.291 | 0.307 | 0.322 | 0.335 | 0.347 | 0.357 | 0.361 | |||||||||||||||||||||||||||
51 months |
0.246 | 0.268 | 0.287 | 0.304 | 0.320 | 0.333 | 0.346 | 0.357 | 0.361 | |||||||||||||||||||||||||||
48 months |
0.241 | 0.263 | 0.283 | 0.301 | 0.317 | 0.32 | 0.344 | 0.356 | 0.361 | |||||||||||||||||||||||||||
45 months |
0.235 | 0.258 | 0.279 | 0.298 | 0.315 | 0.330 | 0.343 | 0.356 | 0.361 | |||||||||||||||||||||||||||
42 months |
0.228 | 0.252 | 0.274 | 0.294 | 0.312 | 0.328 | 0.342 | 0.355 | 0.361 | |||||||||||||||||||||||||||
39 months |
0.221 | 0.246 | 0.269 | 0.290 | 0.309 | 0.325 | 0.340 | 0.354 | 0.361 | |||||||||||||||||||||||||||
36 months |
0.213 | 0.239 | 0.263 | 0.285 | 0.305 | 0.323 | 0.339 | 0.353 | 0.361 | |||||||||||||||||||||||||||
33 months |
0.205 | 0.232 | 0.257 | 0.280 | 0.301 | 0.320 | 0.337 | 0.352 | 0.361 | |||||||||||||||||||||||||||
30 months |
0.196 | 0.224 | 0.250 | 0.274 | 0.297 | 0.316 | 0.335 | 0.351 | 0.361 | |||||||||||||||||||||||||||
27 months |
0.185 | 0.214 | 0.242 | 0.268 | 0.291 | 0.313 | 0.332 | 0.350 | 0.361 | |||||||||||||||||||||||||||
24 months |
0.173 | 0.204 | 0.233 | 0.260 | 0.285 | 0.308 | 0.329 | 0.348 | 0.361 | |||||||||||||||||||||||||||
21 months |
0.161 | 0.193 | 0.223 | 0.252 | 0.279 | 0.304 | 0.326 | 0.347 | 0.361 | |||||||||||||||||||||||||||
18 months |
0.146 | 0.179 | 0.211 | 0.242 | 0.271 | 0.298 | 0.322 | 0.345 | 0.361 | |||||||||||||||||||||||||||
15 months |
0.130 | 0.164 | 0.197 | 0.230 | 0.262 | 0.291 | 0.317 | 0.342 | 0.361 | |||||||||||||||||||||||||||
12 months |
0.111 | 0.146 | 0.181 | 0.216 | 0.250 | 0.282 | 0.312 | 0.339 | 0.361 | |||||||||||||||||||||||||||
9 months |
0.090 | 0.125 | 0.162 | 0.199 | 0.237 | 0.272 | 0.305 | 0.336 | 0.361 | |||||||||||||||||||||||||||
6 months |
0.065 | 0.099 | 0.137 | 0.178 | 0.219 | 0.259 | 0.296 | 0.331 | 0.361 | |||||||||||||||||||||||||||
3 months |
0.034 | 0.065 | 0.104 | 0.150 | 0.197 | 0.243 | 0.286 | 0.326 | 0.361 | |||||||||||||||||||||||||||
0 months |
0.000 | 0.000 | 0.042 | 0.115 | 0.179 | 0.233 | 0.281 | 0.323 | 0.361 |
• | 1% of the total number of shares of our common stock then outstanding; and |
• | the average weekly reported trading volume of our common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale. |
• | ordinary brokers’ transactions; |
• | transactions involving cross or block trades; |
• | through brokers, dealers, or underwriters who may act solely as agents; |
• | “at the market” into an existing market for our Class A common stock; |
• | in other ways not involving market makers or established business markets, including direct sales to purchasers or sales effected through agents; |
• | in privately negotiated transactions; or |
• | any combination of the foregoing. |
Page |
||||
Bird Global, Inc. Audited Consolidated Financial Statements |
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F-2 | ||||
F-3 | ||||
F-4 | ||||
F-5 | ||||
F-6 | ||||
F-10 | ||||
F-12 |
Bird Global, Inc. Unaudited Consolidated Financial Statements |
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F-38 | ||||
F-39 | ||||
F-40 | ||||
F-41 | ||||
F-43 | ||||
F-44 |
December 31, |
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2021 |
2020 |
|||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Restricted cash and cash equivalents—current |
||||||||
Accounts receivable, net |
||||||||
Inventory |
||||||||
Prepaid expenses and other current assets |
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|
|
|||||
Total current assets |
||||||||
Restricted cash and cash equivalents—non current |
||||||||
Property and equipment, net |
||||||||
Vehicle deposits |
||||||||
Vehicles, net |
||||||||
Goodwill |
||||||||
Other assets |
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|
|
|
|||||
Total assets |
$ | |||||||
|
|
|
|
|||||
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit) |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued expenses |
||||||||
Deferred revenue |
||||||||
Notes payable—current |
||||||||
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 (1) |
||||||||
Redeemable convertible preferred stock, $ |
||||||||
Stockholders’ Equity (Deficit) (1) |
||||||||
Founders convertible preferred stock, $ |
||||||||
Class A common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated other comprehensive income |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total stockholders’ equity (deficit) |
( |
) | ||||||
|
|
|
|
|||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) |
$ | $ | ||||||
|
|
|
|
(1) |
Shares of preferred stock and common stock have been retroactively restated to give effect to the Business Combination. |
December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Revenues: |
||||||||||||
Sharing |
$ | |||||||||||
Product sales |
||||||||||||
|
|
|
|
|
|
|||||||
Total revenues |
||||||||||||
Cost of sharing, exclusive of depreciation |
||||||||||||
Cost of product sales |
||||||||||||
Depreciation on sharing vehicles |
||||||||||||
|
|
|
|
|
|
|||||||
Gross margin |
( |
) | ( |
) | ||||||||
Other operating expenses: |
||||||||||||
General and administrative (including stock-based compensation expense of $ $ respectively) |
||||||||||||
Selling and marketing (including stock-based compensation expense of $ $ respectively) |
||||||||||||
Research and development (including stock-based compensation expense of $ $ respectively) |
||||||||||||
Tariff reimbursement |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Total operating expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Loss from operations |
( |
) | ( |
) | ( |
) | ||||||
Interest expense, net |
( |
) | ( |
) | ( |
) | ||||||
Other income, net |
||||||||||||
|
|
|
|
|
|
|||||||
Loss before income taxes |
( |
) | ( |
) | ( |
) | ||||||
Provision for income taxes |
||||||||||||
|
|
|
|
|
|
|||||||
Net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
|
|
|
|
|
|
|||||||
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 (1) |
(1) | Weighted-average shares have been retroactively restated to give effect to the Business Combination. |
December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Other comprehensive (loss) income, net of tax: |
||||||||||||
Change in currency translation adjustment |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Other comprehensive (loss) income, net of tax |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Total comprehensive loss, net of tax |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
|
|
|
|
|
|
Redeemable Convertible Preferred Stock |
Redeemable Convertible Prime Preferred Stock and Exchanged Common Stock |
Redeemable Convertible Senior Preferred Stock |
Founders Convertible Preferred Stock |
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive (Loss) Income |
Accumulated Deficit |
Total Stockholders’ (Deficit) Equity |
||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amounts |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2019 (1) |
— | — | — | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||
Retroactive application of Business Combination |
( |
) | — | — | — | — | — | ( |
) | — | ( |
) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Adjusted balance, beginning of period |
— | — | — | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||
Net loss |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock to Board of Directors |
— | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises |
— | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Common Stock |
— | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series C-1 Redeemable Convertible Preferred Stock, net of issuance costs |
— | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D Redeemable Convertible Preferred Stock, net of issuance costs |
— | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series D-1 Redeemable Convertible Preferred Stock for acquisition |
— | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 |
— | — | — | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock |
Redeemable Convertible Prime Preferred Stock and Exchanged Common Stock |
Redeemable Convertible Senior Preferred Stock |
Founders Convertible Preferred Stock |
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive (Loss) Income |
Accumulated Deficit |
Total Stockholders’ (Deficit) Equity |
||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amounts |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||||||||||||
Net loss |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock to Board of Directors |
— | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises |
— | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Common Stock |
— | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
— | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 |
— | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 (1) |
— | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock |
Redeemable Convertible Prime Preferred Stock and Exchanged Common Stock |
Redeemable Convertible Senior Preferred Stock |
Founders Convertible Preferred Stock |
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive (Loss) Income |
Accumulated Deficit |
Total Stockholders’ (Deficit) Equity |
||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amounts |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||||||||||||
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 expense |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Redeemable Convertible Preferred Stock to Common Stock |
( |
) | ( |
) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Common Stock to Redeemable Convertible Prime Preferred Stock and Exchanged Common Stock |
( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Redeemable Convertible Senior Preferred Stock, net of issuance costs, and accrual of paid-in kind dividends |
( |
) | ( |
) |
Redeemable Convertible Preferred Stock |
Redeemable Convertible Prime Preferred Stock and Exchanged Common Stock |
Redeemable Convertible Senior Preferred Stock |
Founders Convertible Preferred Stock |
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive (Loss) Income |
Accumulated Deficit |
Total Stockholders’ (Deficit) Equity |
||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amounts |
Shares |
Amount |
|||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Redeemable Convertible Prime Preferred Stock, Exchanged Common Stock, Redeemable Convertible Senior Preferred Stock, and Founders Convertible Preferred Stock to Common Stock |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | — | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Stock through Business Combination and PIPE financing, net of transaction costs |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Balance at December 31, 2021 |
— | — | — | — | — | — | — | — | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Shares of Redeemable Convertible Preferred Stock, Redeemable Convertible Prime Preferred Stock and Exchanged Common Stock, Redeemable Convertible Senior Preferred Stock, Founders Convertible Preferred Stock, and common stock have been retroactively restated to give effect to the Business Combination. |
December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Cash flows from operating activities |
||||||||||||
Net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||||||
Expensed transaction costs and mark-to-market adjustments of derivative liabilities |
( |
) | — | — | ||||||||
Depreciation and amortization |
||||||||||||
Non-cash vehicle expenses |
||||||||||||
Share-based compensation expense |
||||||||||||
Debt discount accretion |
||||||||||||
Bad debt expense |
||||||||||||
Loss on extinguishment of debt |
— | |||||||||||
Loss on disposal of property and equipment |
— | |||||||||||
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 (used) in acquisitions |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Net cash (used in) provided by investing activities |
( |
) | ( |
) | ||||||||
Cash flows from financing activities |
||||||||||||
Proceeds from Business Combination and PIPE financing |
— | — | ||||||||||
Transaction costs paid in connection with Business Combination and PIPE financing |
( |
) | — | — | ||||||||
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 |
December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents |
( |
) | ( |
) | ||||||||
Cash and cash equivalents and restricted cash and cash equivalents |
||||||||||||
Beginning of period |
||||||||||||
|
|
|
|
|
|
|||||||
End of period |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
Components of cash and cash equivalents and restricted cash and cash equivalents |
||||||||||||
Cash and cash equivalents |
||||||||||||
Restricted cash and cash equivalents |
||||||||||||
|
|
|
|
|
|
|||||||
Total cash and cash equivalents and restricted cash and cash equivalents |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
Non-cash activities: |
||||||||||||
Conversion of redeemable convertible preferred stock to common stock in connection with the Business Combination |
$ | |||||||||||
Transaction costs not yet paid |
$ | $ | — | $ | — | |||||||
Fair value of net asset acquired in non cash acquisition |
$ | — | $ | $ | — | |||||||
Conversion of convertible debt to redeemable convertible preferred stock in acquisition |
$ | — | $ | — | $ | |||||||
Supplemental disclosures of cash flow information |
||||||||||||
Cash paid for: | ||||||||||||
Interest |
$ | $ | $ | |||||||||
Income taxes |
$ | $ | $ |
Estimated Useful Life | ||
Computer hardware, software, and equipment | ||
Furniture and fixtures | ||
Leasehold improvements |
• | “Earnout Triggering Event I” is the date on which the daily volume-weighted average sale price of one share of Class A Common Stock quoted on the NYSE is greater than or equal to $ |
• | “Earnout Triggering Event II” is the date on which the daily volume-weighted average sale price of one share of Class A Common Stock quoted on the NYSE is greater than or equal to $ |
• | “Earnout Triggering Event III” is the date on which the daily volume-weighted average sale price of one share of Class A Common Stock quoted on the NYSE is greater than or equal to $ |
• | 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. |
• |
the results of contemporaneous unrelated third-party valuations of the Company’s common stock; |
• |
the prices of the recent redeemable convertible preferred stock sales by the Company to investors; |
• |
the rights, preferences, and privileges of preferred stock relative to those of common stock; |
• |
market multiples of comparable public companies in the industry as indicated by their market capitalization and guideline merger and acquisition transactions; |
• |
the Company’s performance and market position relative to competitors, which is subject to change from time to time; |
• |
the Company’s historical financial results and estimated trends and prospects for the Company’s future performance; |
• |
the economic and competitive environment; |
• |
the Company’s financial condition, results of operations, and capital resources; |
• |
the industry outlook; |
• |
the valuation of comparable companies; and |
• |
the likelihood and timeline of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions. |
December 31, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Earnout Shares |
$ | $ | $ | $ | ||||||||||||
Switchback Founder Earn Back Shares |
||||||||||||||||
Private Placement Warrants |
— |
— |
||||||||||||||
Public Warrants |
— |
— |
||||||||||||||
C-1 Warrants |
— |
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
December 31, |
||||||||
2021 |
2020 |
|||||||
Computer hardware, software, and equipment |
$ | $ | ||||||
Leasehold improvements |
||||||||
Furniture and fixtures |
||||||||
Less: Accumulated depreciation |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total property and equipment, net |
$ | $ | ||||||
|
|
|
|
December 31, |
||||||||
2021 |
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, 2019 |
$ | $ | $ | — | ||||||||
Acquisitions |
— | — | ||||||||||
Foreign currency translation adjustment |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Balance as of December 31, 2020 |
$ | — | ||||||||||
Foreign currency translation adjustment |
— | ( |
) | — | ||||||||
|
|
|
|
|
|
|||||||
Balance as of December 31, 2021 |
$ | $ | $ | — | ||||||||
|
|
|
|
|
|
December 31, |
||||||||
2021 |
2020 |
|||||||
U.S. |
$ | ( |
) | $ | ( |
) | ||
Foreign |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Loss before income taxes |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
December 31, |
||||||||
2021 |
2020 |
|||||||
Current |
||||||||
Federal |
$ | $ | ||||||
State |
||||||||
Foreign |
||||||||
|
|
|
|
|||||
Total current tax expense |
$ | $ | ||||||
|
|
|
|
|||||
Deferred |
||||||||
Federal |
$ | $ | ||||||
State |
||||||||
Foreign |
||||||||
Total deferred tax expense |
||||||||
|
|
|
|
|||||
Total provision for income taxes |
$ | $ | ||||||
|
|
|
|
December 31, |
||||||||
2021 |
2020 |
|||||||
Federal statutory income tax rate |
% | % | ||||||
Mark-to-market adjustments of Earnout and Earn Back Shares |
% | % | ||||||
Executive compensation |
|
|
( |
)% |
|
|
|
% |
Valuation allowance |
( |
)% | ( |
)% | ||||
Other |
% | % | ||||||
|
|
|
|
|||||
Effective income tax rate |
( |
)% | % | |||||
|
|
|
|
December 31, |
||||||||
2021 |
2020 |
|||||||
Deferred tax assets |
||||||||
Net operating losses |
$ | $ | ||||||
Other |
||||||||
|
|
|
|
|||||
Total deferred tax assets |
$ | $ | ||||||
|
|
|
|
|||||
Deferred tax liabilities |
||||||||
Property and equipment, net |
$ | ( |
) | $ | ( |
) | ||
Other |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total deferred tax liabilities |
$ | ( |
) | $ | ( |
) | ||
Less: Valuation allowance |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net deferred tax assets |
$ | $ | ||||||
|
|
|
|
December 31, |
||||||||
2021 |
2020 |
|||||||
Unrecognized tax benefits at beginning of year |
$ | $ | ||||||
Gross increases—current year positions |
||||||||
Gross decreases—prior year positions |
( |
) | ||||||
Unrecognized tax benefits at end of year |
$ | $ | ||||||
Jurisdiction |
Tax Years |
|||
U.S. Federal |
||||
U.S. State |
||||
Netherlands |
December 31, |
||||||||
2021 |
2020 |
|||||||
Accrued legal and regulatory expenses |
$ | $ | ||||||
Accrued other |
||||||||
Total accrued expenses |
$ | $ | ||||||
Number of Options Outstanding |
Weighted-Average Exercise Price Per Share |
Aggregate Intrinsic Value (in thousands) |
Weighted-Average Remaining Contractual Life (in years) |
|||||||||||||
As of December 31, 2019 |
$ | |||||||||||||||
Granted |
||||||||||||||||
Exercised |
( |
) | ( |
) | ||||||||||||
Forfeited and canceled |
( |
) | ( |
) | ||||||||||||
Expired |
( |
) | ( |
) | ||||||||||||
As of December 31, 2020 |
$ | |||||||||||||||
Granted |
||||||||||||||||
Exercised |
( |
) | ( |
) | ||||||||||||
Forfeited and canceled |
( |
) | ( |
) | ||||||||||||
Expired |
( |
) | ( |
) | ||||||||||||
As of December 31, 2021 |
$ | |||||||||||||||
Vested and expected to vest as of December 31, 2021 |
||||||||||||||||
Exercisable as of December 31, 2021 |
$ | |||||||||||||||
December 31, |
||||||||
2021 |
2020 |
|||||||
Expected term (in years) |
||||||||
Risk-free interest rate |
% |
% | ||||||
Expected volatility |
% |
% | ||||||
Expected dividend yield |
% |
% |
Number of Shares |
Aggregate intrinsic value (in thousands) |
Weighted Average Grant Date Fair Value |
||||||||||
Nonvested at December 31, 2019 |
$ | $ | ||||||||||
Granted |
— | — | ||||||||||
Vested |
( |
) | $ | |||||||||
Forfeited |
— | — | ||||||||||
Nonvested at December 31, 2020 |
$ | $ | ||||||||||
Granted |
— | — | ||||||||||
Vested |
( |
) | $ | |||||||||
Forfeited |
— | — | ||||||||||
Unvested at December 31, 2021 |
$ | $ | ||||||||||
Vested at December 31, 2021 |
$ | $ | ||||||||||
Number of Restricted Stock Units |
Weighted Average Grant Date Fair Value |
|||||||
Balance at December 31, 2020 |
$ | |||||||
Granted |
||||||||
Canceled |
( |
) | $ | ( |
) | |||
Forfeited |
( |
) | $ | ( |
) | |||
Balance at December 31, 2021 |
$ | |||||||
December 31, |
||||||||
2021 |
2020 |
|||||||
Cost of revenue |
$ | $ | ||||||
Selling and marketing |
||||||||
Research and development |
||||||||
General and administrative |
||||||||
Total |
$ | $ | ||||||
December 31, |
||||||||
2021 |
2020 |
|||||||
Numerator: |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustment to net loss attributable to common stockholders |
( |
) | — | |||||
Net loss attributable to common stockholders |
$ | ( |
) | $ | ( |
) | ||
Denominator: |
||||||||
Basic and diluted weighted-average shares outstanding |
||||||||
Loss per share: |
||||||||
Basic and diluted loss per share |
$ | ( |
) | $ | ( |
) | ||
December 31, |
||||||||
2021 |
2020 |
|||||||
Redeemable convertible preferred shares |
||||||||
Founders convertible preferred stock |
||||||||
Unvested shares of common stock |
||||||||
Stock options |
||||||||
RSUs |
||||||||
Management Award RSUs |
||||||||
Early exercises of stock options |
||||||||
Warrants to purchase redeemable convertible preferred stock |
||||||||
Warrants to purchase Class A common stock |
||||||||
Contingently issuable shares |
||||||||
Total |
||||||||
Year Ended December 31, |
Amount |
|||
2022 |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
Thereafter |
||||
Total future lease payments |
$ | |||
Year Ended December 31, |
Amount |
|||
2022 |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
Total |
$ | |||
Segment |
Description | |
North America | ||
Europe, Middle East and Africa (EMEA) | ||
Other |
Year Ended December 31, |
||||||||||||||||||||||||||||||||
2021 |
2020 |
|||||||||||||||||||||||||||||||
North America |
EMEA |
Other |
Total Segments |
North America |
EMEA |
Other |
Total Segments |
|||||||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||||||||||
Sharing |
$ | $ | ||||||||||||||||||||||||||||||
Product sales |
||||||||||||||||||||||||||||||||
Total revenues |
||||||||||||||||||||||||||||||||
Cost of sharing, exclusive of depreciation |
||||||||||||||||||||||||||||||||
Cost of product sales |
||||||||||||||||||||||||||||||||
Depreciation on sharing vehicles |
||||||||||||||||||||||||||||||||
Gross margin |
$ | ( |
) | $ | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Reconciling items: |
||||||||||||||||||||||||||||||||
Total expenses |
$ | $ | ||||||||||||||||||||||||||||||
Loss before income taxes |
$ | ( |
) | $ | ( |
) |
March 31, 2022 |
December 31, 2021 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Restricted cash and cash equivalents—current |
||||||||
Accounts receivable, net |
||||||||
Inventory, net |
||||||||
Prepaid expenses and other current assets |
||||||||
|
|
|
|
|||||
Total current assets |
||||||||
Restricted cash and cash equivalents—non current |
||||||||
Property and equipment, net |
||||||||
Vehicle deposits |
||||||||
Vehicles, net |
||||||||
Goodwill |
||||||||
Other assets |
||||||||
|
|
|
|
|||||
Total assets |
$ | $ | ||||||
|
|
|
|
|||||
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued expenses |
||||||||
Deferred revenue |
||||||||
Notes payable |
||||||||
Other current liabilities |
||||||||
|
|
|
|
|||||
Total current liabilities |
||||||||
Derivative liabilities |
||||||||
Other liabilities |
||||||||
|
|
|
|
|||||
Total liabilities |
||||||||
Commitments and contingencies |
||||||||
Stockholders’ Equity |
||||||||
Class A common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated other comprehensive income |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total stockholders’ equity |
||||||||
|
|
|
|
|||||
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity |
$ | $ | ||||||
|
|
|
|
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Revenues: |
||||||||
Sharing |
||||||||
Product sales |
||||||||
|
|
|
|
|||||
Total revenues |
||||||||
Cost of sharing, exclusive of depreciation |
||||||||
Cost of product sales |
||||||||
Depreciation on sharing vehicles |
||||||||
|
|
|
|
|||||
Gross margin |
||||||||
Other operating expenses: |
||||||||
General and administrative (including stock-based compensation expense of $ |
||||||||
Selling and marketing (including stock-based compensation expense of $ |
||||||||
Research and development (including stock-based compensation expense of $ |
||||||||
|
|
|
|
|||||
Total operating expenses |
||||||||
Loss from operations |
( |
) | ( |
) | ||||
Interest expense, net |
( |
) | ( |
) | ||||
Other income (expense), net |
( |
) | ||||||
|
|
|
|
|||||
Income (loss) before income taxes |
( |
) | ||||||
Provision for income taxes |
||||||||
|
|
|
|
|||||
Net income (loss) |
( |
) | ||||||
|
|
|
|
|||||
Earnings (loss) per share attributable to common stockholders |
||||||||
Basic |
$ | $ | ( |
) | ||||
|
|
|
|
|||||
Diluted |
$ | $ | ( |
) | ||||
|
|
|
|
|||||
Weighted-average shares of common stock outstanding: (1) |
||||||||
Basic |
||||||||
|
|
|
|
|||||
Diluted |
||||||||
|
|
|
|
(1) | Weighted-average shares outstanding have been retroactively restated for the quarter ended March 31, 2021 to give effect to the Business Combination |
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Net income (loss) |
$ | $ | ( |
) | ||||
Other comprehensive loss, net of tax: |
||||||||
Change in currency translation adjustment |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Other comprehensive loss |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total comprehensive income (loss) |
$ | $ | ( |
) | ||||
|
|
|
|
Redeemable Convertible Preferred Stock |
Redeemable Convertible Prime Preferred Stock and Exchanged Common Stock |
Redeemable Convertible Senior Preferred Stock |
Founders Convertible Preferred Stock |
Common Stock |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income |
Accumulated Deficit |
Total Stockholders’ (Deficit) Equity |
|||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 (1) |
$ | $ | $ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
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 expense |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Redeemable Convertible Preferred Stock to Common Stock |
( |
) | ( |
) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Common Stock to Redeemable Convertible Prime Preferred Stock and Exchanged Common Stock |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Redeemable Convertible Senior Preferred Stock, net of derivatives and issuance costs, and accrual of paid-in kind dividends |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Balance at March 31, 2021 |
$ | $ | $ | $ | $ | $ | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Shares of preferred stock and common stock have been retroactively restated to give effect to the Business Combination. |
F-41 |
Common Stock |
||||||||||||||||||||||||
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income |
Accumulated Deficit |
Total Stockholders’ (Deficit) Equity |
|||||||||||||||||||
Balance at December 31, 2021 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income |
||||||||||||||||||||||||
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises |
— | |||||||||||||||||||||||
Issuance of Common Stock through settlement of restricted stock units |
— | — | ||||||||||||||||||||||
Shares of Common Stock withheld related to net share settlement |
( |
) | — | ( |
) | ( |
) | |||||||||||||||||
Stock-based compensation expense |
||||||||||||||||||||||||
Foreign currency translation adjustment |
( |
) | ( |
) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at March 31, 2022 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Cash flows from operating activities |
||||||||
Net income (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 |
||||||||
Stock-based compensation expense |
||||||||
Amortization of debt issuance costs and discounts |
||||||||
Bad debt expense |
||||||||
Other |
( |
) | ||||||
Changes in assets and liabilities: |
||||||||
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 used in investing activities |
( |
) | ( |
) | ||||
Cash flows from financing activities |
||||||||
Proceeds from borrowings, net of issuance costs |
||||||||
Proceeds from issuance of redeemable convertible senior preferred stock and derivatives, net of issuance costs |
||||||||
Payment for taxes related to net share settlement |
( |
) | ||||||
Proceeds from the issuance of common stock |
||||||||
Debt repayments |
( |
) | ||||||
|
|
|
|
|||||
Net cash provided by financing activities |
||||||||
Effect of exchange rate changes on cash |
( |
) | ||||||
|
|
|
|
|||||
Net (decrease) increase in cash and cash equivalents and restricted cash and cash |
( |
) | ||||||
Cash and cash equivalents and restricted cash and cash equivalents |
||||||||
Beginning of period |
||||||||
|
|
|
|
|||||
End of period |
$ | $ | ||||||
|
|
|
|
|||||
Components of cash and cash equivalents and restricted cash and cash equivalents |
||||||||
Cash and cash equivalents |
||||||||
Restricted cash and cash equivalents |
||||||||
|
|
|
|
|||||
Total cash and cash equivalents and restricted cash and cash equivalents |
$ | $ |
• | 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. |
March 31, 2022 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Earnout Shares |
$ | $ | $ | $ | ||||||||||||
Switchback Founder Earn Back Shares |
||||||||||||||||
Warrants |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
December 31, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Earnout Shares |
$ | $ | $ | $ | ||||||||||||
Switchback Founder Earn Back Shares |
||||||||||||||||
Warrants |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
March 31, 2022 |
December 31, 2021 |
|||||||
Deployed vehicles |
$ | $ | ||||||
Undeployed vehicles |
||||||||
Spare parts |
||||||||
Less: Accumulated depreciation |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total vehicles, net |
$ | $ | ||||||
|
|
|
|
March 31, 2022 |
December 31, 2021 |
|||||||
Inventory deposits |
$ | $ | ||||||
Tariff reimbursement receivable |
||||||||
Prepaid expenses and other current assets |
||||||||
|
|
|
|
|||||
Total prepaid expenses and other current assets |
$ | $ | ||||||
|
|
|
|
Three months ended March 31, |
||||||||
2022 |
2021 |
|||||||
General and administrative |
||||||||
Sales and marketing |
||||||||
Research and development |
||||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Numerator: |
||||||||
Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to net income (loss) |
( |
) | ||||||
|
|
|
|
|||||
Net income (loss) attributable to common stockholders |
$ | $ | ( |
) | ||||
Denominator: |
||||||||
Weighted-average shares outstanding |
||||||||
Earnings (loss) per share: |
||||||||
|
|
|
|
|||||
Basic earnings (loss) per share |
$ | $ | ( |
) | ||||
|
|
|
|
Three Months Ended March 31, |
||||||||
2022 |
2021 |
|||||||
Numerator: |
||||||||
Net income (loss) |
$ | $ | ( |
) | ||||
Adjustments to net income (loss) |
( |
) | ||||||
|
|
|
|
|||||
Net income (loss) attributable to common stockholders |
$ | $ | ( |
) | ||||
Denominator: |
||||||||
Weighted-average shares outstanding |
||||||||
Stock options |
||||||||
RSUs |
||||||||
|
|
|
|
|||||
Diluted weighted-average number of shares |
||||||||
Earnings (loss) per share: |
||||||||
|
|
|
|
|||||
Diluted earnings (loss) per share |
$ | $ | ( |
) |
As of March 31, |
||||||||
2022 |
2021 |
|||||||
Redeemable Convertible Senior Preferred Stock |
||||||||
Redeemable Convertible Prime Preferred Stock and Exchanged Common Stock |
||||||||
Founders Convertible Preferred Stock |
||||||||
Unvested shares of Common Stock |
||||||||
Stock options |
||||||||
RSUs |
||||||||
Management Award RSUs |
||||||||
Warrants to purchase Redeemable Convertible Prime Preferred Stock |
||||||||
Warrants to purchase Redeemable Convertible Senior Preferred Stock |
||||||||
Warrants to purchase Class A Common Stock |
||||||||
Contingently issuable shares |
||||||||
Total |
||||||||
Segment |
Description | |
North America | ||
Europe, Middle East and Africa (EMEA) |
||
Other |
Three Months Ended March 31, |
||||||||||||||||||||||||||||||||
2022 |
2021 |
|||||||||||||||||||||||||||||||
North America |
EMEA |
Other |
Total Segments |
North America |
EMEA |
Other |
Total Segments |
|||||||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||||||||||
Sharing |
$ | $ | ||||||||||||||||||||||||||||||
Product sales |
||||||||||||||||||||||||||||||||
Total revenues |
||||||||||||||||||||||||||||||||
Cost of sharing, exclusive of depreciation |
||||||||||||||||||||||||||||||||
Cost of product sales |
||||||||||||||||||||||||||||||||
Depreciation on sharing vehicles |
||||||||||||||||||||||||||||||||
Gross margin |
$ | ( |
) | $ | ( |
) | ||||||||||||||||||||||||||
Reconciling items: |
||||||||||||||||||||||||||||||||
Total expenses |
$ | ( |
) | $ | ||||||||||||||||||||||||||||
Loss before income taxes |
$ | $ | ( |
) |
SEC registration fee |
$ | 4,146.09 | ||
Accounting fees and expenses |
* | |||
Legal fees and expenses |
* | |||
Financial printing and miscellaneous expenses |
* | |||
|
|
|||
Total |
$ | * |
* | These fees are calculated based on the securities offered and the number of issuances and accordingly cannot be defined at this time. |
• | On May 10, 2021, the Company issued 100 shares of its common stock, par value $0.000001 per share, to Bird Rides, Inc. in exchange for the payment of all expenses of the Company incurred through that date related to its organization. |
• | On November 3, 2021, the Company issued an aggregate of 7,906,250 shares of its Class B common stock to the Sponsor and certain of Switchback’s independent directors, Ray Kubis, and Precious Williams Owodunni, in exchange for such holders’ Class B ordinary shares. This exchange took place on a private placement basis simultaneously with the consummation of the Domestication Merger. |
• | On November 4, 2021, the Company issued 16,000,000 shares of Class A common stock to certain qualified institutional buyers and accredited investors that agreed to purchase such shares in connection with the Business Combination for aggregate consideration of $160,000,000. |
• | On May 16, 2022, the Company issued 72,401 shares of Class A common stock to the Selling Securityholder pursuant to the Purchase Agreement in consideration for the Selling Stockholder’s irrevocable commitment to purchase shares of the Company’s Class A common stock. |
Exhibit Number |
Description | |
23.1 | Consent of Ernst & Young LLP. | |
23.2 | Consent of Latham & Watkins LLP (included as part of Exhibit 5.1 hereto). | |
24.1 | Power of Attorney (included on the signature page to this registration statement). | |
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 in Inline XBRL (included within the Exhibit 101 attachments) | |
107 | Calculation of Filing Fee Table. |
+ | The annexes, schedules, and certain exhibits to this Exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby agrees to furnish supplementally a copy of any omitted annex, schedule, or exhibit to the SEC upon request. |
† | Indicates a management contract or compensatory plan. |
BIRD GLOBAL, INC. | ||
By: |
/s/ Travis VanderZanden | |
Name: Travis VanderZanden | ||
Title: Chief Executive Officer |
Signature |
Title | |
/s/ Travis VanderZanden Travis VanderZanden |
Chief Executive Officer and Director (Principal Executive Officer) | |
/s/ Yibo Ling Yibo Ling |
Chief Financial Officer (Principal Financial Officer) | |
/s/ Gregory Wright Gregory Wright |
Controller (Principal Accounting Officer) | |
/s/ Roelof F. Botha Roelof F. Botha |
Director | |
/s/ Daniel Friedland Daniel Friedland |
Director | |
/s/ Nathaniel Justin Kan Nathaniel Justin Kan |
Director |
/s/ Robert Komin Robert Komin |
Director | |
/s/ Raquel Russell Raquel Russell |
Director | |
/s/ David Sacks David Sacks |
Director |