brds-20220630

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________

FORM 10-Q/A

(Amendment No. 1)

______________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________

Commission File Number: 001-41019

______________________

Bird Global, Inc.

(Exact Name of Registrant as Specified in its Charter)

______________________


Delaware						86-3723155
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

392 NE 191st Street, #20388 Miami, Florida						33179
(Address of principal executive offices)						(Zip Code)

(866) 205-2442

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

______________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Class A Common Stock,
$0.0001 par value per share

BRDS

New York Stock Exchange

Warrants, each whole warrant exercisable for one share of Class A Common Stock

BRDS WS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of July 31, 2022, there were 250,604,363 shares of the registrant’s Class A Common Stock, $0.0001 par value per share, outstanding, which includes restricted shares of our Class A Common Stock held by certain equity award holders under the Bird Global, Inc. 2021 Equity Incentive Plan, as well as restricted shares of Class A Common Stock issued upon early exercises of options, and 34,534,930 shares of the registrant’s Class X Common Stock, $0.0001 par value per share, outstanding.

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EXPLANATORY NOTE

Bird Global, Inc. (the “Company”) is filing this Amendment No. 1 on Form 10-Q/A (this “Form 10-Q/A”) to amend and restate its condensed consolidated financial statements as of June 30, 2022, and for the three and six months ended June 30, 2022 and 2021, previously included in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2022 (the “Original Report”). This Form 10-Q/A also amends certain other Items in the Original Report, as listed in “Items Amended in this Form 10-Q/A” below.

Restatement Background

In connection with the preparation of our condensed consolidated financial statements for the three and nine months ended September 30, 2022, the Company identified an error related to its business system configuration that impacted the recognition of revenue on certain trips completed by customers of its Sharing business ("Rides") for which collectability was not probable. Specifically, for customers with insufficient preloaded "wallet" balances, following the completion of Rides our business systems recorded revenue for uncollectible balances. The error resulted in an overstatement of Sharing revenue of $9.9 million and $4.4 million for the three months ended June 30, 2022 and 2021, respectively, and $12.5 million and $5.8 million in the condensed consolidated statements of operations for the six months ended June 30, 2022 and 2021, respectively, and an understatement of deferred revenue of $31.6 million and $19.1 million in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively.

On November 11, 2022, the Audit Committee of the Board of Directors of the Company, after discussion with its management, concluded that the condensed consolidated financial statements included in the Original Report should be restated to reflect the impact of these errors and accordingly, should no longer be relied upon. Similarly, any previously furnished or filed reports, related earnings releases, investor presentations or similar communications of the Company describing the Company’s financial results contained in the Original Report should no longer be relied upon.

In connection with the misstatement, management has re-evaluated the effectiveness of the Company’s disclosure controls and procedures. Management has concluded that the Company’s disclosure controls and procedures were not effective as of June 30, 2022 due to a material weakness in internal control over financial reporting related to the ineffective design of controls around our business systems that resulted in the recording of revenue for uncollectible balances following the completion of certain Rides that should not have been recorded. For a discussion of management’s evaluation of our disclosure controls and procedures and the material weakness identified, see Part I, Item 4, “Controls and Procedures” of this Form 10-Q/A.

Items Amended in this Form 10-Q/A

This Form 10-Q/A presents the Original Report, amended and restated in its entirety, with modifications as necessary to reflect the foregoing restatement. The following items have been amended to reflect the restatement:

•Forward-Looking Statements

•Part I, Item 1. Financial Statements

•Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

•Part I, Item 4. Controls and Procedures

In addition, in accordance with applicable SEC rules, this Form 10-Q/A includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 from our Chief Executive Officer (as principal executive officer) and our Chief Financial Officer (as principal financial officer) dated as of the filing date of this Form 10-Q/A.

Except as described above and in Note 13, this Form 10-Q/A does not amend, update or change any other items or disclosures in the Original Report and does not purport to reflect any information or events subsequent to the filing thereof. As such, this Form 10-Q/A speaks only as of the date the Original Report was filed, and we have not undertaken herein to amend, supplement or update any information contained in the Original Report to give effect to any subsequent events, except as described in Note 13. Among other things, forward looking statements made in the Original Report have not been revised to reflect events, results or developments that occurred or facts that became known to us after the date of the Original Report, other than the restatement and the item described in Note 13. Accordingly, this Form 10-Q/A should be read in conjunction with our filings made with the SEC subsequent to the filing of the Original Report, including any amendments to those filings.

The restatement is more fully described in Note 1 of the notes to the condensed consolidated financial statements included herein.

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TABLE OF CONTENTS


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited , restated )	4
	Condensed Consolidated Balance Sheets as of June 30, 2022 (unaudited , as restated ) and December 31, 2021 (audited , as restated )	5
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (unaudited , restated )	6
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2022 and 2021 (unaudited , restated )	7
	Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity for the three and six months ended June 30, 2022 and 2021 (unaudited , restated )	8
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited , restated )	10
	Notes to Condensed Consolidated Financial Statements (unaudited , restated )	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations (restated)	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures (restated)	43

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3.	Defaults Upon Senior Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	46
Signatures		47

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FORWARD-LOOKING STATEMENTS

This Form 10-Q/A contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 (as amended, the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”). All statements other than statements of historical facts contained in this Form 10-Q/A may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential,” “would,” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Form 10-Q/A include, but are not limited to, statements regarding our future results of operations and financial position, industry and business trends, equity compensation, business strategy, plans, market growth, our ability to remediate the material weakness in our internal control over financial reporting, our ability to continue as a going concern, and our objectives for future operations.

The forward-looking statements in this Form 10-Q/A are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: risks relating to the restatement of our consolidated financial statements; the potential impact of a material weakness in our internal control over financial reporting; the current macroeconomic environment, including as a result of the ongoing COVID-19 pandemic, labor and inflationary pressures, and rising interest rates, on our business, financial condition, and results of operations; our ability to cure our New York Stock Exchange (“NYSE”) price deficiency and meet the continued listing requirements of the NYSE; 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’ 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 on our business; 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 to which we are regularly subject; 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; risks related to the impact of impairment of our long-lived assets; and the other important factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K/A for the year ended December 31, 2021 (the “2021 Form 10-K/A”) and described from time to time in our future reports filed with the SEC. The forward-looking statements in this Form 10-Q/A are based upon information available to us as of the date of this Form 10-Q/A, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this Form 10-Q/A and the documents that we reference in this Form 10-Q/A and have filed as exhibits to this Form 10-Q/A with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Form 10-Q/A. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Form 10-Q/A, whether as a result of any new information, future events or otherwise.

Unless the context otherwise requires, all references in this Form 10-Q/A to the “Company,” “we,” “us,” “our,” or “Bird” refer to Bird Global, Inc. and its subsidiaries. References to “Bird Global” refer to Bird Global, Inc. and references to “Bird Rides” refer to Bird Rides, Inc.

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

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Bird Global, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts and number of shares)


	June 30, 2022		December 31, 2021
	(Unaudited) (As Restated)		(As Restated)
Assets
Current assets:
Cash and cash equivalents	$	57,140	$	128,556
Restricted cash and cash equivalents—current	46,399		30,142
Accounts receivable, net	4,704		8,397
Inventory, net	5,475		28,242
Prepaid expenses and other current assets	27,825		33,778
Total current assets	141,543		229,115
Restricted cash and cash equivalents—non current	1,566		1,203
Vehicle deposits	61,516		117,071
Vehicles, net	118,570		118,949
Goodwill	—		121,169
Other assets	8,124		9,754
Total assets	$	331,319	$	597,261
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	16,881	$	5,002
Accrued expenses	42,199		31,428
Deferred revenue	69,171		62,439
Notes payable	124,786		49,094
Other current liabilities	8,659		5,089
Total current liabilities	261,696		153,052
Derivative liabilities	1,260		136,196
Other liabilities	4,579		6,282
Total liabilities	267,535		295,530
Commitments and contingencies
Stockholders’ Equity
Class A common stock, $0.0001 par value, 1,000,000,000 shares authorized, and 245,910,621 and 238,089,017 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively, and Class X common stock, $0.0001 par value, 50,000,000 shares authorized, 34,534,930 shares issued and outstanding as of June 30, 2022 and December 31, 2021	28		27
Additional paid-in capital	1,565,957		1,475,300
Accumulated other comprehensive (loss) income	(8,498)		7,538
Accumulated deficit	(1,493,703)		(1,181,134)
Total stockholders’ equity	63,784		301,731
Total liabilities and stockholders’ equity	$	331,319	$	597,261

See Accompanying Notes to Condensed Consolidated Financial Statements

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Bird Global, Inc.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share amounts and number of shares)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(Restated)		(Restated)		(Restated)		(Restated)
Revenues:
Sharing	62,498		52,248		$	93,471	72,474
Product sales	4,267		3,406		$	8,668	7,427
Total revenues	66,765		55,654		102,139		79,901
Cost of revenues:
Cost of sharing, exclusive of depreciation	34,086		30,531		55,472		44,929
Depreciation on sharing vehicles	18,424		11,541		27,364		16,558
Cost of product sales	5,728		3,433		9,957		7,648
Impairment of product sales inventory	31,769		—		31,769		—
Total cost of revenues	90,007		45,505		124,562		69,135
Gross margin:
Sharing	9,988		10,176		10,635		10,987
Product sales	(33,230)		(27)		(33,058)		(221)
Total gross margin	(23,242)		10,149		(22,423)		10,766
Other operating expenses: (1)
General and administrative	84,393		31,765		169,043		61,144
Selling and marketing	5,359		3,981		10,410		7,488
Research and development	12,324		5,993		22,837		13,292
Impairment of assets	215,822		—		215,822		—
Total operating expenses	317,898		41,739		418,112		81,924
Loss from operations	(341,140)		(31,590)		(440,535)		(71,158)
Interest expense, net	(2,610)		(3,114)		(4,011)		(4,686)
Other income (expense), net	23,518		(14,462)		132,098		(50,114)
Loss before income taxes	(320,232)		(49,166)		(312,448)		(125,958)
Provision for income taxes	84		110		121		130
Net loss	(320,316)		(49,276)		(312,569)		(126,088)
Loss per share attributable to common stockholders, basic and diluted	$	(1.18)	$	(1.12)	$	(1.15)	$	(2.79)
Weighted-average shares of common stock, basic and diluted (2)	272,017,438		49,723,885		270,927,285		48,114,106

(1)Includes stock-based compensation expense as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
General and administrative	38,433		989		83,111		2,093
Sales and marketing	625		102		1,466		281
Research and development	4,592		192		7,777		394
Stock-based compensation expense	$	43,650	$	1,283	$	92,354	$	2,768

(1)Weighted-average shares outstanding have been retroactively restated for the three and six months ended June 30, 2021 to give effect to the Business Combination.

See Accompanying Notes to Condensed Consolidated Financial Statements

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Bird Global, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited, in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022	2021
	(Restated)		(Restated)		(Restated)	(Restated)
Net loss	$	(320,316)	$	(49,276)	(312,569)	$	(126,088)
Other comprehensive (loss) income, net of tax:
Change in currency translation adjustment	(11,563)		735		(16,036)	(1,590)
Other comprehensive (loss) income	(11,563)		735		(16,036)	(1,590)
Total comprehensive loss	$	(331,879)	$	(48,541)	(328,605)	$	(127,678)

See Accompanying Notes to Condensed Consolidated Financial Statements

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Bird Global, Inc.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity

(Unaudited, in thousands, except number of shares)


	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 (Loss)		Accumulated Deficit		Total Stockholders’ (Deficit) Equity
Balance at December 31, 2020 (1) (As Restated)	135,225,157	$	1,044,282	—	$	—	—	$	—	3,993,432	—		47,713,169	—		$	92,654	$	9,693	$	(966,210)	$	(863,863)
Net loss (Restated)																				(76,812)		(76,812)
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises													1,592,693	—		435						435
Vesting of Common Stock													1,951,826	—								—
Stock-based compensation expense																1,485						1,485
Conversion of Redeemable Convertible Preferred Stock to Common Stock	(135,225,157)	(1,044,282)											135,225,157	—		1,044,282						1,044,282
Conversion of Common Stock to Redeemable Convertible Prime Preferred Stock and Exchanged Common Stock				135,225,157	1,044,282								(135,225,157)			(1,044,282)						(1,044,282)
Issuance of Redeemable Convertible Senior Preferred Stock, net of derivatives and issuance costs, and accrual of paid-in kind dividends							19,833,612	80,570								(2,030)						(2,030)
Foreign currency translation adjustment																		(2,325)				(2,325)
Balance at March 31, 2021 (As Restated)	—	$	—	135,225,157	$	1,044,282	19,833,612	$	80,570	3,993,432	$	—	51,257,688	$	—	$	92,544	$	7,368	$	(1,043,022)	$	(943,110)
Net loss (Restated)																				(49,276)		(49,276)
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises													1,322,254	—		18						18
Vesting of Common Stock													1,951,825	—								—
Stock-based compensation expense																1,283						1,283
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							5,880,074	46,897								(6,328)						(6,328)
Foreign currency translation adjustment																		735				735
Balance at Balance at June 30, 2021 (As Restated)	—	$	—	135,225,157	$	1,044,282	25,713,687	$	127,467	3,993,432	$	—	54,531,766	$	—	$	87,517	$	8,103	$	(1,092,298)	$	(996,678)

(1)Shares of preferred stock and common stock have been retroactively restated to give effect to the Business Combination.

See Accompanying Notes to Condensed Consolidated Financial Statements

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Bird Global, Inc.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity

(Unaudited, in thousands, except number of shares)


	Common Stock
	Shares	Amount		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ (Deficit) Equity
Balance at December 31, 2021 (As Restated)	272,623,947	$	27	$	1,475,300	$	7,538	$	(1,181,134)	$	301,731
Net income (Restated)								7,748		7,748
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises	843,591	—		169						169
Issuance of Common Stock through settlement of restricted stock units	1,817,226	—								—
Shares of Common Stock withheld related to net share settlement	(607,936)	—		(1,903)						(1,903)
Stock-based compensation expense				48,704						48,704
Foreign currency translation adjustment						(4,473)				(4,473)
Balance at March 31, 2022 (As Restated)	274,676,828	$	27	$	1,522,270	$	3,065	$	(1,173,386)	$	351,976
Net loss (Restated)								$	(320,316)	$	(320,316)
Issuance of Common Stock through exercise of stock options and expiration of repurchase provision for early exercises	228,696	—		88						88
Issuance of Common Stock through settlement of restricted stock units	5,612,054	1								1
Shares of Common Stock withheld related to net share settlement	(144,428)	—		(108)						(108)
Issuance of Commitment Fee Shares	72,401	—		56						56
Stock-based compensation expense				$	43,650					$	43,650
Foreign currency translation adjustment						$	(11,563)			$	(11,563)
Balance at June 30, 2022 (As Restated)	280,445,551	$	28	$	1,565,956	$	(8,498)	$	(1,493,703)	$	63,784

See Accompanying Notes to Condensed Consolidated Financial Statements

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Bird Global, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)


	Six Months Ended June 30,
	2022		2021
	(Restated)		(Restated)
Cash flows from operating activities
Net loss	$	(312,569)	$	(126,088)
Adjustments to reconcile net loss to net cash used in operating activities:
Issuance of and mark-to-market adjustments of derivative liabilities	(134,936)		47,259
Impairment of assets	215,822		—
Impairment of product sales inventory	31,769		—
Depreciation and amortization	28,829		18,616
Non-cash vehicle expenses	7,160		(195)
Stock-based compensation expense	92,354		2,768
Loss on extinguishment of debt	—		2,304
Amortization of debt issuance costs and discounts	1,127		1,180
Bad debt expense	4,898		910
Other	(779)		(739)
Changes in assets and liabilities:
Accounts receivable	(1,223)		1,022
Inventory	7,725		4,044
Prepaid expenses and other current assets	(13,332)		(8,628)
Other assets	267		(83)
Accounts payable	11,642		(4,337)
Deferred revenue	6,106		7,487
Accrued expenses and other current liabilities	9,703		8,731
Other liabilities	(1,703)		150
Net cash used in operating activities	(47,141)		(45,599)
Cash flows from investing activities
Purchases of property and equipment	(430)		(66)
Purchases of vehicles	(82,883)		(71,313)
Net cash used in investing activities	(83,313)		(71,379)
Cash flows from financing activities
Proceeds from borrowings, net of issuance costs	95,365		9,152
Debt repayments	(21,452)		(33,550)
Proceeds from issuance of redeemable convertible senior preferred stock and derivatives, net of issuance costs	—		207,814
Payment for settlements of warrants	—		(600)
Payment for taxes related to net share settlement	(2,011)		—
Proceeds from the issuance of common stock	258		453
Net cash provided by financing activities	72,160		183,269
Effect of exchange rate changes on cash	3,498		3,832
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents	(54,796)		70,123
Cash and cash equivalents and restricted cash and cash equivalents
Beginning of period	159,901		53,767
End of period	$	105,105	$	123,890
Components of cash and cash equivalents and restricted cash and cash equivalents
Cash and cash equivalents	57,140		101,340
Restricted cash and cash equivalents	47,965		22,550
Total cash and cash equivalents and restricted cash and cash equivalents	$	105,105	$	123,890

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See Accompanying Notes to Condensed Consolidated Financial Statements

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Bird Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1 – Organization and Summary of Significant Accounting Policies

Company Overview

Bird Global, Inc. (“Bird Global” and, together with its subsidiaries, “Bird”, the “Company”, “our”, or “we”) was incorporated in Delaware on May 4, 2021 as a wholly owned subsidiary of Bird Rides, Inc. (“Bird Rides”). Bird Global was formed for the purpose of completing the transactions contemplated by the Business Combination Agreement, dated May 11, 2021 (as amended, the “Business Combination Agreement” and the transactions contemplated thereby, the “Business Combination”), by and among Switchback II Corporation (“Switchback”), Maverick Merger Sub Inc., a direct and wholly owned subsidiary of Switchback (“Merger Sub”), Bird Rides, and Bird Global.

Bird is a micromobility company engaged in delivering electric transportation solutions for short distances. The Company partners with cities to bring lightweight, electric vehicles to residents and visitors in an effort to replace car trips by providing an alternative sustainable transportation option. Bird’s offerings include its core vehicle-sharing business and operations (“Sharing”), and sales of Bird-designed vehicles for personal use (“Product Sales”).

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements (“condensed consolidated financial statements”) include the accounts of the Company and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting disclosure rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2021. All intercompany balances and transactions are eliminated upon consolidation.

The consolidated balance sheet as of December 31, 2021 included herein was derived from the audited annual consolidated financial statements as of that date. The condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations, comprehensive loss, stockholders’ (deficit) equity, and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period.

There have been no material changes to the Company’s significant accounting policies as described in the audited consolidated financial statements as of December 31, 2021.

Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. None of these reclassifications had a material impact on the Company's condensed consolidated financial statements.

Restatement of Condensed Consolidated Financial Statements

In connection with the preparation of the Company's condensed consolidated financial statements for the three and nine months ended September 30, 2022, the Company identified an error related to its business system configuration that impacted the recognition of revenue on certain trips completed by customers of its Sharing business ("Rides") for which collectability was not probable. Specifically, for certain customers with insufficient preloaded "wallet" balances, the Company's business systems recorded revenue for uncollectible balances following the completion of certain Rides that should not have been recorded. The error resulted in an overstatement of Sharing revenue in the condensed consolidated statements of operations for the three and six months ended June 30, 2022 and 2021, and an understatement of deferred revenue in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. The Company also corrected certain other previously identified immaterial errors included in the financial statements as of and for the three

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and six months ended June 30, 2021 and 2020, and as of and for the year ended December 31, 2020, as disclosed in the 2021 Form 10-K/A.

Impact of Restatement

See below for a reconciliation from the previously reported amounts to the restated amounts as of June 30, 2022, and for the three and six months ended June 30, 2022 and 2021. The previously reported amounts were derived from the Company's Quarterly Report on Form 10-Q for the six months ended June 30, 2022 filed with the SEC on August 15, 2022 (the “Original Report”). These amounts are labeled as “As Previously Reported” in the tables below. The amounts labeled “Restatement Adjustment” represent the effects of this restatement described above. Also included in the amounts labeled “Restatement Adjustment” are the correction of certain other previously identified immaterial errors as of and for the three and six months ended June 30, 2021 and 2020, and as of and for the year ended December 31, 2020.

The correction of this misstatement resulted in a decrease in Sharing revenue of $9.9 million and $4.4 million for the three months ended June 30, 2022 and 2021, respectively, and $12.5 million and $5.8 million for the six months ended June 30, 2022 and 2021, respectively, in the condensed consolidated statements of operations, and an increase in deferred revenue of $31.6 million and $19.1 million in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively. The following presents a reconciliation of the impacted financial statement line items as previously reported to the restated amounts as of June 30, 2022 and December 31, 2021, and for the three and six months ended June 30, 2022 and 2021:


	June 30, 2022			December 31, 2021
Condensed Consolidated Balance Sheets	As Previously Reported	Restatement Adjustment	As Restated	As Previously Reported	Restatement Adjustment	As Restated
Deferred revenue	37,576	31,595	69,171	43,345	19,094	62,439
Total current liabilities	230,101	31,595	261,696	133,958	19,094	153,052
Total liabilities	235,940	31,595	267,535	276,436	19,094	295,530
Accumulated deficit	(1,462,108)	(31,595)	(1,493,703)	(1,162,040)	(19,094)	(1,181,134)
Total stockholders' equity	95,379	(31,595)	63,784	320,825	(19,094)	301,731


	Three Months Ended June 30, 2022			Three Months Ended June 30, 2021
Condensed Consolidated Statements of Operations	As Previously Reported	Restatement Adjustment	Restated	As Previously Reported	Restatement Adjustment	Restated
Revenues:
Sharing	72,395	(9,897)	62,498	56,638	(4,390)	52,248
Total revenues	76,662	(9,897)	66,765	60,044	(4,390)	55,654
Cost of revenues:
Cost of sharing, exclusive of depreciation	34,086	—	34,086	29,331	1,200	30,531
Total cost of revenues	90,007	—	90,007	44,305	1,200	45,505
Gross margin:
Sharing	19,885	(9,897)	9,988	15,766	(5,590)	10,176
Total gross margin	(13,345)	(9,897)	(23,242)	15,739	(5,590)	10,149
Loss from operations	(331,243)	(9,897)	(341,140)	(26,000)	(5,590)	(31,590)
Loss before income taxes	(310,335)	(9,897)	(320,232)	(43,576)	(5,590)	(49,166)
Net loss	(310,419)	(9,897)	(320,316)	(43,686)	(5,590)	(49,276)
Loss per share attributable to common stockholders, basic and diluted	(1.14)	(0.04)	(1.18)	(1.01)	(0.11)	(1.12)

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	Six Months Ended June 30, 2022			Six Months Ended June 30, 2021
Condensed Consolidated Statements of Operations	As Previously Reported	Restatement Adjustment	Restated	As Previously Reported	Restatement Adjustment	Restated
Revenues:
Sharing	105,972	(12,501)	93,471	78,287	(5,813)	72,474
Total revenues	114,640	(12,501)	102,139	85,714	(5,813)	79,901
Cost of revenues:
Cost of sharing, exclusive of depreciation	55,472	—	55,472	43,729	1,200	44,929
Total cost of revenues	124,562	—	124,562	67,935	1,200	69,135
Gross margin:
Sharing	23,136	(12,501)	10,635	18,000	(7,013)	10,987
Total gross margin	(9,922)	(12,501)	(22,423)	17,779	(7,013)	10,766
General and administrative	169,043	—	169,043	61,955	(811)	61,144
Total operating expenses	418,112	—	418,112	82,735	(811)	81,924
Loss from operations	(428,034)	(12,501)	(440,535)	(64,956)	(6,202)	(71,158)
Loss before income taxes	(299,947)	(12,501)	(312,448)	(119,756)	(6,202)	(125,958)
Net loss	(300,068)	(12,501)	(312,569)	(119,886)	(6,202)	(126,088)
Loss per share attributable to common stockholders, basic and diluted	(1.11)	(0.04)	(1.15)	(2.67)	(0.12)	(2.79)


	Three Months Ended June 30, 2022			Three Months Ended June 30, 2021
Consolidated Statements of Comprehensive Loss	As Previously Reported	Restatement Adjustment	Restated	As Previously Reported	Restatement Adjustment	Restated
Net loss	(310,419)	(9,897)	(320,316)	(43,686)	(5,590)	(49,276)
Total comprehensive loss, net of tax	(321,982)	(9,897)	(331,879)	(42,951)	(5,590)	(48,541)

Six Months Ended June 30, 2022

Six Months Ended June 30, 2021

Consolidated Statements of Comprehensive Loss

As Previously Reported

Restatement Adjustment

Restated

As Previously Reported

Restatement Adjustment

Restated

Net loss

(300,068)

(12,501)

(312,569)

(