Bird Global, Inc.

CIK:0001861449|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 54,330,000	$ 72,859,000	$ 132,201,000	$ 174,999,000
Cost of revenues:
Cost of revenues	25,680,000	33,467,000	61,598,000	98,891,000
Depreciation on sharing vehicles	9,411,000	11,681,000	26,929,000	39,045,000
Impairment of product sales inventory			0	31,769,000
Total cost of revenues	35,091,000	45,148,000	88,527,000	169,705,000
Total gross profit	19,239,000	27,711,000	43,674,000	5,294,000
Other operating expenses:
General and administrative	31,390,000	16,876,000	93,454,000	185,919,000
Selling and marketing	963,000	3,177,000	4,082,000	13,587,000
Research and development	1,412,000	9,386,000	12,125,000	32,223,000
Impairment of assets	0	0	0	215,822,000
Loss on Disposal of Fixed Assets	107,000	0	848,000	0
Total operating expenses	33,872,000	29,439,000	110,509,000	447,551,000
Loss from operations	(14,633,000)	(1,728,000)	(66,835,000)	(442,257,000)
Interest income	6,000	14,000	118,000	95,000
Interest expense	(2,020,000)	(3,779,000)	(5,894,000)	(7,871,000)
Other income (expense), net	86,000	(3,884,000)	2,374,000	128,214,000
Loss before income taxes	(16,561,000)	(9,377,000)	(70,237,000)	(321,819,000)
Provision for income taxes	3,251,000	389,000	3,203,000	515,000
Net loss	$ (19,812,000)	$ (9,766,000)	$ (73,440,000)	$ (322,334,000)
Loss per share
Basic (in dollars per share)	$ (1.47)	$ (0.86)	$ (5.66)	$ (28.98)
Diluted (in dollars per share)	$ (1.47)	$ (0.86)	$ (5.66)	$ (28.98)
Weighted-average shares of common stock outstanding, basic and diluted
Basic (shares)	13,485,315	11,387,016	12,974,265	11,122,388
Diluted (shares)	13,485,315	11,387,016	12,974,265	11,122,388
Revenues from sharing
Revenues:
Total revenues	$ 51,923,000	$ 67,279,000	$ 127,204,000	$ 158,109,000
Cost of revenues:
Cost of revenues	23,666,000	31,262,000	58,110,000	85,665,000
Depreciation on sharing vehicles	9,411,000	11,681,000	26,929,000	39,045,000
Cost of product sales	33,077,000	42,943,000	85,039,000	124,710,000
Revenues from platform partner services
Revenues:
Total revenues	923,000	1,479,000	2,279,000	4,085,000
Cost of revenues:
Cost of revenues	391,000	579,000	997,000	1,447,000
Revenues from product sales
Revenues:
Total revenues	1,484,000	4,101,000	2,718,000	12,805,000
Cost of revenues:
Cost of revenues	1,623,000	1,626,000	2,491,000	11,779,000
Impairment of product sales inventory	$ 0	$ 0	$ 0	$ 31,769,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ (73,440)	$ (322,334)
Adjustments to reconcile net loss to net cash used in operating activities:
Mark-to-market adjustments of derivative liabilities and fair valued convertible notes	(2,690)	(132,580)
Impairment of assets	0	215,822
Impairment of product sales inventory	0	31,769
Depreciation and amortization	28,078	40,965
Non-cash vehicle expenses	4,938	10,328
Loss on disposal of vehicles	848	0
Stock-based compensation expense	17,436	82,038
Amortization of debt issuance costs and discounts	1,805	2,348
Bad debt (recovery) expense	(330)	5,096
Other	49	1,025
Changes in assets and liabilities:
Accounts receivable	1,966	(2,327)
Inventory	1,886	14,686
Prepaid expenses and other current assets	8,302	(16,912)
Other assets	933	83
Accounts payable	5,271	10,514
Deferred revenue	(8,159)	11,174
Accrued expenses and other current liabilities	(494)	4,602
Other liabilities	(2,926)	(1,200)
Net cash used in operating activities	(16,527)	(44,903)
Cash flows from investing activities
Business Acquisitions, net of cash acquired	(6,794)	0
Proceeds from disposal of used vehicles	358	0
Purchases of property and equipment	(186)	(437)
Purchases of vehicles	(3,231)	(86,349)
Net cash used in investing activities	(9,853)	(86,786)
Cash flows from financing activities
Proceeds from borrowings, net of issuance costs	6,000	109,106
Proceeds from issuance of convertible debt, net of issuance costs	8,614	0
Proceeds from the issuance of common stock	256	372
Proceeds from issuance of ATM Facility shares, net of fees	191	0
Payments for taxes related to net share settlement	(4)	(2,161)
Payment for settlement of debt	(13,494)	(54,706)
Proceeds from issuance of convertible debt from Bird Canada acquisition	994	0
Net cash provided by financing activities	2,557	52,611
Effect of exchange rate changes on cash	(1,463)	6,889
Net decrease in cash and cash equivalents and restricted cash and cash equivalents	(25,286)	(72,189)
Beginning of period	39,045	159,901
End of period	13,759	87,712
Cash and cash equivalents	10,235	38,529
Restricted cash and cash equivalents	3,524	49,183
Total cash and cash equivalents and restricted cash and cash equivalents	$ 13,759	$ 87,712

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 10,235	$ 33,469
Restricted cash and cash equivalents—current	2,964	4,978
Accounts receivable, net	1,241	2,188
Inventory	1,842	1,535
Prepaid expenses and other current assets, net	12,635	22,615
Total current assets	28,917	64,785
Restricted cash and cash equivalents—non current	560	598
Vehicle deposits	43,184	48,783
Vehicles, net	107,056	100,088
Goodwill	29,815	0
Other assets	12,905	11,402
Total assets	222,437	225,656
Current liabilities:
Accounts payable	29,615	20,235
Accrued expenses	31,722	33,413
Deferred revenue	48,736	47,820
Notes payable—current	19,131	22,200
Other current liabilities	26,251	10,950
Total current liabilities	155,455	134,618
Notes payable—non current (including $59.0 million at September 30, 2023 and $30.1 million at December 31, 2022 of Convertible Senior Secured Notes measured at fair value)	83,160	56,205
Derivative liabilities	26	1,892
Other liabilities	8,958	7,831
Total liabilities	247,599	200,546
Commitments and contingencies (Note 12)
Stockholders’ (Deficit) Equity
Class A common stock, $0.0001 par value, 40,000,000 shares authorized, and 14,183,016 and 10,507,830 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively, and Class X common stock, $0.0001 par value, 2,000,000 shares authorized, 1,381,398 shares issued and outstanding as of September 30, 2023 and December 31, 2022	32	30
Additional paid-in capital	1,596,449	1,572,576
Accumulated other comprehensive loss	(8,328)	(7,621)
Accumulated deficit	(1,613,315)	(1,539,875)
Total stockholders’ (deficit) equity	(25,162)	25,110
Total liabilities and stockholders’ equity	$ 222,437	$ 225,656