Bird Announces Fourth Quarter and Full Year 2021 Financial Results
Bird Global, Inc. (NYSE:BRDS) reported a significant financial performance for the fourth quarter and full year 2021, with revenues increasing by 117% year-over-year to $205.1 million. In Q4 alone, revenue surged 126% to $54.0 million, supported by a rise in rides exceeding 100%. The company achieved its first full year of positive gross margin, reaching 19% in 2021. Despite a net loss of $(196.3) million, adjusted EBITDA losses improved by 62%. For 2022, Bird anticipates first-quarter revenues between $34 million and $36 million and full-year revenues of at least $350 million.
- Revenue growth of 117% year-over-year to $205.1 million.
- Fourth quarter revenue increased 126% to $54.0 million.
- Ride profit (before vehicle depreciation) rose 181% year-over-year.
- Achieved first full year of positive gross margin at 19%.
- Adjusted EBITDA loss improved by 62% compared to the previous year.
- Net loss reported at $(196.3) million, although improved from $(208.2) million the prior year.
- Total operating expenses increased by 44% year-over-year, largely due to stock-based compensation.
Delivers Record Fourth Quarter and Full Year Performance
Fiscal 2021 Revenue Increased by
Provides First Quarter and Full Year 2022 Revenue Outlook
Fourth Quarter Ended
-
Revenue was
, representing an increase of$54.0 million 126% compared to in the same period in 2020 ("the prior year period").$23.9 million -
Gross margin, which is net of vehicle depreciation, as a percentage of revenue was
15% , representing a 23 percentage point increase compared to the prior year period. -
Ride Profit (before Vehicle Depreciation) was
, representing an increase of$23.8 million 181% compared to in the prior year period. Ride Profit (before Vehicle Depreciation) as a percentage of Sharing revenue was$8.5 million 53% compared to41% for the prior year period. -
Total operating expenses were
, including$136.6 million of non-cash stock-based compensation expense; Adjusted Operating Expenses, which excludes the non-cash stock-based compensation expense as well as certain non-cash, non-recurring items or non-core expenses, increased$82.3 million 28% year-over-year. -
Net loss was
compared to net loss of$(39.6) million in the prior year period.$(44.1) million -
Adjusted EBITDA loss was
compared to$(21.5) million in the prior year period.$(28.0) million
Full Year Ended
-
Revenue was
, representing an increase of$205.1 million 117% compared to in 2020.$94.6 million -
Gross margin, which is net of vehicle depreciation, as a percentage of revenue was
19% , representing a 44 percentage point increase compared to the prior year. -
Ride Profit (before Vehicle Depreciation) was
compared to$91.3 million in 2020. Ride Profit (before Vehicle Depreciation) as a percentage of Sharing revenue was$15.7 million 49% compared to20% for the prior year. -
Total operating expenses were
, including$259.3 million of non-cash stock-based compensation expense; Adjusted Operating Expenses, which excludes the non-cash stock-based compensation expense as well as certain non-cash, non-recurring items or non-core expenses, decreased$86.6 million 14% year-over-year. -
Net loss was
compared to net loss of$(196.3) million in the prior year.$(208.2) million -
Adjusted EBITDA loss was
compared to$(66.9) million in the prior year.$(176.2) million
“Our fiscal 2021 results demonstrate the strength of our model and our continued focus on profitability as we delivered Adjusted EBITDA above our expectations, driven in part by significant margin improvement. Our Ride Profit Margin (before Vehicle Depreciation) increased to
Q1 & FY 2022 Outlook
The Company has provided the below outlook for 2022:
-
First quarter revenue is expected to be between
and$34 million .$36 million -
Full year revenue is expected to be at least
.$350 million
The above outlook assumes no material deterioration in the Company's current business operations and supply chain as a result of geopolitical instability as well as COVID-19, its variants, or any other unforeseen macro developments, aside from the known impact of COVID-19 in Q1.
|
Three Months Ended |
Twelve Months Ended |
||||||||||||
|
|
2021 |
|
|
2020 |
|
% Change |
|
2021 |
|
|
2020 |
|
% Change |
(in millions, except as otherwise noted) |
|
|
|
|
|
|
||||||||
Rides |
|
9.4 |
|
|
4.6 |
|
|
|
40.2 |
|
|
18.3 |
|
|
Avg. Rides per Deployed Vehicles per Day |
1.3x |
0.9x |
|
1.6x |
1.3x |
|
||||||||
Average Deployed Vehicles (in thousands) |
|
79.0 |
|
|
53.0 |
|
|
|
68.6 |
|
|
37.6 |
|
|
Gross Transaction Value |
$ |
59.5 |
|
$ |
29.2 |
|
|
$ |
241.5 |
|
$ |
115.2 |
|
|
Revenue |
$ |
54.0 |
|
$ |
23.9 |
|
|
$ |
205.1 |
|
$ |
94.6 |
|
|
Ride Profit (before Vehicle Depreciation) (1) |
$ |
23.8 |
|
$ |
8.5 |
|
|
$ |
91.3 |
|
$ |
15.7 |
|
** |
Ride Profit (after Vehicle Depreciation) (1) |
$ |
9.9 |
|
$ |
2.1 |
|
** |
$ |
41.5 |
|
$ |
(10.1 |
) |
** |
Gross margin |
$ |
8.2 |
|
$ |
(2.0 |
) |
** |
$ |
39.4 |
|
$ |
(23.5 |
) |
** |
Total operating expenses |
$ |
136.6 |
|
$ |
43.2 |
|
|
$ |
259.3 |
|
$ |
180.7 |
|
|
Adjusted Operating Expenses (1) |
$ |
46.2 |
|
$ |
36.2 |
|
|
$ |
158.8 |
|
$ |
184.1 |
|
(14) % |
Net loss |
$ |
(39.6 |
) |
$ |
(44.1 |
) |
|
$ |
(196.3 |
) |
$ |
(208.2 |
) |
|
Adjusted EBITDA (1) |
$ |
(21.5 |
) |
$ |
(28.0 |
) |
|
$ |
(66.9 |
) |
$ |
(176.2 |
) |
|
**Percentage not meaningful |
(1) Ride Profit, Adjusted Operating Expenses and Adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Metrics” for additional information on non-GAAP financial measures and the appendix to this press release for a reconciliation to the most comparable GAAP measures. |
Business Highlights
In addition to delivering strong financial results, Bird continued its track record of operational success over the course of 2021 across a number of categories, most notably:
-
Vehicle Innovation: Bird continues to be a leader in micromobility technology, and in 2021 released new technology for the Company’s Sharing and Product Sales businesses:
- Unveiling of Bird’s consumer e-bike, the Bird Bike, targeted at capturing demand for privately owned e-bikes
-
Roll-out of the Bird Three, Bird’s third generation e-scooter, which represented
37% of Bird’s fleet at year-end and alongside other Bird-designed Sharing business vehicles continues to extend its operating life - Debut of cutting edge smart sidewalk detection technology to prevent sidewalk and footpath riding
-
Global Reach: Bird’s fast path of expansion continued in 2021 with new notable launches across the Sharing business:
- Introduction of Bird’s e-bike sharing service, which expanded the Company’s serviceable addressable market by five billion trips annually
-
Launch of Bird’s shared e-scooters in
New York City , for which we expect our fleet size to double in size this spring; program extensions inWashington DC andMarseille, France
Presentation
This press release presents historical results, for certain periods presented, of
Conference Call Information
A conference call to discuss the Company’s fourth quarter and full year 2021 financial results and other business updates is scheduled for today,
A recording of the conference call will be available approximately two hours following the call and can be accessed online for 90 days.
About Bird
Bird is an electric vehicle company dedicated to bringing affordable, environmentally friendly transportation solutions such as e-scooters and e-bikes to communities across the world. Founded in 2017 by transportation pioneer
Non-GAAP Financial Measures and Key Metrics
This press release contains “Ride Profit,” “Ride Profit Margin,” “Adjusted Operating Expenses,” and “Adjusted EBITDA,” which are measures that are not prepared and presented in accordance with generally accepted accounting principles in
This press release also contains certain key business metrics which are used to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions. Gross Transaction Value (“GTV”) reflects the total dollar value, excluding any applicable taxes, of Rides in our Sharing business and vehicle sales to retail customers and Bird Platform partners, in each case without any adjustment for retail discounts or refunds. In order to calculate GTV, we add back contra revenues from both Sharing and Product Sales and adjustments to the Bird platform revenue we recognize. GTV is a key indicator of the scale of our business and ultimately drives revenue. We calculate Rides as the total number of trips completed by customers of our Sharing business. Rides are seasonal to a certain degree. Deployed Vehicles reflects the number of vehicles available to riders through our Sharing business. We calculate Deployed Vehicles on a pro-rata basis over a 24-hour period, wherein two vehicles deployed for a combined period of 24 hours equate to one Deployed Vehicle. Rides per Deployed Vehicle per Day (“RpD”) reflects the rate at which our shared vehicles are utilized by riders. We calculate RpD as the total number of Rides divided by total Deployed Vehicles in our Sharing business each calendar day.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, revenue for the first quarter and full year 2022, losses, projected costs, prospects, plans, and objectives of our management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project,” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: the COVID-19 pandemic and the impact of the actions taken to mitigate the pandemic; the Company’s relatively short operating history and new and evolving business model; the fact that the Company has incurred significant operating losses in the past and may not be able to achieve or maintain profitability in the future; the Company’s ability to retain existing riders or add new riders, or maintain or increase riders’ level of engagement with the Company’s products and services; the Company’s ability to attract and continue to work with qualified Fleet Managers, or manage Fleet Managers’ utilization rates; changes to the Company’s pricing and its effect on the Company’s ability to attract or retain the services of qualified Fleet Managers and riders; the ability of Fleet Managers to maintain vehicle quality or service levels, or material changes to labor classifications or franchise regulations; competition in the Company’s new and rapidly changing industry; the impact of poor weather and seasonality on the use of the Company’s products and services; the Company’s ability to obtain vehicles that meet quality specifications in sufficient quantities on commercially reasonable terms, which has been affected by global supply chain constraints; the Company’s reliance on third-party insurance policies; illegal, improper or inappropriate activity of riders; exposure to product liability in the event of significant vehicle damage or reliability issues; the Company’s metrics and estimates, including the Company’s key metrics, being subject to inherent challenges in measurement; the Company’s general reliance on third party distributors, partners, and payment processors for various parts of our business and the Company’s ability to manage these relationships; defects in our vehicles, mobile applications, or other services; action by governmental authorities to restrict access to Bird’s products and services in their localities; the Company’s presence and expansion in international markets and associated risks, including the ongoing conflict between
Consolidated Balance Sheets |
|||||||
(In thousands, except per share amounts and number of shares) |
|||||||
|
|
||||||
|
2021 |
|
2020 |
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
128,556 |
|
|
$ |
43,158 |
|
Restricted cash and cash equivalents—current |
|
30,142 |
|
|
|
9,609 |
|
Accounts receivable, net |
|
8,397 |
|
|
|
2,857 |
|
Inventory |
|
28,242 |
|
|
|
5,256 |
|
Prepaid expenses and other current assets |
|
33,778 |
|
|
|
8,254 |
|
Total current assets |
|
229,115 |
|
|
|
69,134 |
|
Restricted cash and cash equivalents—non current |
|
1,203 |
|
|
|
1,000 |
|
Property and equipment, net |
|
1,526 |
|
|
|
4,152 |
|
Vehicle deposits |
|
117,071 |
|
|
|
13,290 |
|
Vehicles, net |
|
118,949 |
|
|
|
81,105 |
|
|
|
121,169 |
|
|
|
131,255 |
|
Other assets |
|
8,228 |
|
|
|
3,944 |
|
Total assets |
$ |
597,261 |
|
|
|
303,880 |
|
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit) |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
5,002 |
|
|
$ |
12,212 |
|
Accrued expenses |
|
31,428 |
|
|
|
20,004 |
|
Deferred revenue |
|
43,345 |
|
|
|
42,900 |
|
Notes payable—current |
|
49,094 |
|
|
|
29,280 |
|
Other current liabilities |
|
5,089 |
|
|
|
5,078 |
|
Total current liabilities |
|
133,958 |
|
|
|
109,474 |
|
Derivative liabilities |
|
136,196 |
|
|
|
450 |
|
Other liabilities |
|
6,282 |
|
|
|
9,722 |
|
Total liabilities |
|
276,436 |
|
|
|
119,646 |
|
Commitments and contingencies |
|
|
|
||||
Redeemable Convertible Preferred Stock(1) |
|
|
|
||||
Redeemable convertible preferred stock, |
|
— |
|
|
|
1,044,282 |
|
Stockholders’ Equity (Deficit)(1) |
|
|
|
||||
Founders convertible preferred stock, |
|
— |
|
|
|
— |
|
Class A common stock, |
|
27 |
|
|
|
— |
|
Additional paid-in capital |
|
1,475,300 |
|
|
|
92,654 |
|
Accumulated other comprehensive income |
|
7,538 |
|
|
|
13,005 |
|
Accumulated deficit |
|
(1,162,040 |
) |
|
|
(965,707 |
) |
Total stockholders’ equity (deficit) |
|
320,825 |
|
|
|
(860,048 |
) |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) |
$ |
597,261 |
|
|
$ |
303,880 |
|
(1) Shares of preferred stock and common stock have been retroactively restated to give effect to the Business Combination. |
Consolidated Statements of Operations |
|||||||||||||||
(In thousands, except per share amounts and number of shares) |
|||||||||||||||
|
For the Year Ended |
|
Three Months Ended |
||||||||||||
|
|
||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Sharing |
$ |
187,327 |
|
|
|
79,941 |
|
|
$ |
45,013 |
|
|
|
20,621 |
|
Product sales |
|
17,815 |
|
|
|
14,660 |
|
|
|
9,009 |
|
|
|
3,297 |
|
Total revenues |
|
205,142 |
|
|
|
94,601 |
|
|
|
54,022 |
|
|
|
23,918 |
|
Cost of sharing, exclusive of depreciation |
|
101,061 |
|
|
|
71,628 |
|
|
|
24,020 |
|
|
|
16,360 |
|
Cost of product sales |
|
17,340 |
|
|
|
22,716 |
|
|
|
8,314 |
|
|
|
3,776 |
|
Depreciation on sharing vehicles |
|
47,335 |
|
|
|
23,791 |
|
|
|
13,524 |
|
|
|
5,758 |
|
Gross margin |
|
39,406 |
|
|
|
(23,534 |
) |
|
|
8,164 |
|
|
|
(1,976 |
) |
Other operating expenses: |
|
|
|
|
|
|
|
||||||||
General and administrative (including stock-based compensation expense of |
|
209,998 |
|
|
|
152,910 |
|
|
|
117,206 |
|
|
|
32,625 |
|
Selling and marketing (including stock-based compensation expense of |
|
17,906 |
|
|
|
18,404 |
|
|
|
7,026 |
|
|
|
4,771 |
|
Research and development (including stock-based compensation expense of |
|
31,426 |
|
|
|
34,376 |
|
|
|
12,330 |
|
|
|
6,111 |
|
Tariff reimbursement |
|
— |
|
|
|
(24,986 |
) |
|
|
— |
|
|
|
(349 |
) |
Total operating expenses |
|
259,330 |
|
|
|
180,704 |
|
|
|
136,562 |
|
|
|
43,158 |
|
Loss from operations |
|
(219,924 |
) |
|
|
(204,238 |
) |
|
|
(128,398 |
) |
|
|
(45,134 |
) |
Interest expense, net |
|
(6,073 |
) |
|
|
(6,562 |
) |
|
|
(1,062 |
) |
|
|
(1,556 |
) |
Other income, net |
|
29,873 |
|
|
|
2,634 |
|
|
|
89,980 |
|
|
|
2,471 |
|
Loss before income taxes |
|
(196,124 |
) |
|
|
(208,166 |
) |
|
|
(39,480 |
) |
|
|
(44,219 |
) |
Provision for income taxes |
|
209 |
|
|
|
64 |
|
|
|
99 |
|
|
|
(83 |
) |
Net loss |
$ |
(196,333 |
) |
|
$ |
(208,230 |
) |
|
$ |
(39,579 |
) |
|
$ |
(44,136 |
) |
(In thousands) |
|||||||
|
|
||||||
|
|
2021 |
|
|
|
2020 |
|
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(196,333 |
) |
|
$ |
(208,230 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Expensed transaction costs and mark-to-market adjustments of derivative liabilities |
|
(37,811 |
) |
|
|
— |
|
Depreciation and amortization |
|
51,592 |
|
|
|
32,495 |
|
Non-cash vehicle expenses |
|
7,233 |
|
|
|
11,998 |
|
Share-based compensation expense |
|
86,631 |
|
|
|
6,174 |
|
Debt discount accretion |
|
1,695 |
|
|
|
2,635 |
|
Bad debt expense |
|
2,766 |
|
|
|
463 |
|
Loss on extinguishment of debt |
|
2,304 |
|
|
|
— |
|
Loss on disposal of property and equipment |
|
156 |
|
|
|
3,407 |
|
Other |
|
392 |
|
|
|
(300 |
) |
Changes in assets and liabilities, net of impact of business acquisitions and disposals: |
|
|
|
||||
Accounts receivable |
|
(8,372 |
) |
|
|
(662 |
) |
Inventory |
|
(9,331 |
) |
|
|
(901 |
) |
Prepaid expenses and other current assets |
|
(24,176 |
) |
|
|
7,095 |
|
Other assets |
|
200 |
|
|
|
(162 |
) |
Accounts payable |
|
(7,485 |
) |
|
|
(15,096 |
) |
Deferred revenue |
|
16 |
|
|
|
6,203 |
|
Accrued expenses and other current liabilities |
|
2,335 |
|
|
|
6,454 |
|
Other liabilities |
|
(3,439 |
) |
|
|
(1,724 |
) |
Net cash used in operating activities |
|
(131,627 |
) |
|
|
(150,151 |
) |
Cash flows from investing activities |
|
|
|
||||
Purchases of property and equipment |
|
(846 |
) |
|
|
(500 |
) |
Purchases of vehicles |
|
(214,852 |
) |
|
|
(11,862 |
) |
Net cash acquired (used) in acquisitions |
|
— |
|
|
|
68,664 |
|
Net cash (used in) provided by investing activities |
|
(215,698 |
) |
|
|
56,302 |
|
Cash flows from financing activities |
|
|
|
||||
Proceeds from Business Combination and PIPE financing |
|
249,610 |
|
|
|
— |
|
Transaction costs paid in connection with Business Combination and PIPE financing |
|
(25,946 |
) |
|
|
— |
|
Proceeds from issuance of debt, net of issuance costs |
|
52,680 |
|
|
|
— |
|
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs |
|
— |
|
|
|
51,711 |
|
Proceeds from issuance of redeemable convertible senior preferred stock and derivatives, net of issuance costs |
|
207,814 |
|
|
|
— |
|
Proceeds from issuance of common stock |
|
423 |
|
|
|
933 |
|
Payment for settlement of warrants |
|
(600 |
) |
|
|
(2,002 |
) |
Payment for settlement of debt |
|
(40,610 |
) |
|
|
(18,776 |
) |
Net cash provided by financing activities |
|
443,371 |
|
|
|
31,866 |
|
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents |
|
10,088 |
|
|
|
(3,590 |
) |
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents |
|
106,134 |
|
|
|
(65,573 |
) |
Cash and cash equivalents and restricted cash and cash equivalents |
|
|
|
||||
Beginning of period |
|
53,767 |
|
|
|
119,340 |
|
End of period |
$ |
159,901 |
|
|
$ |
53,767 |
|
Components of cash and cash equivalents and restricted cash and cash equivalents |
|
|
|
||||
Cash and cash equivalents |
|
128,556 |
|
|
|
43,158 |
|
Restricted cash and cash equivalents |
|
31,345 |
|
|
|
10,609 |
|
Total cash and cash equivalents and restricted cash and cash equivalents |
$ |
159,901 |
|
|
$ |
53,767 |
|
Non-cash activities: |
|
|
|
||||
Conversion of redeemable convertible preferred stock to common stock in connection with the Business Combination |
$ |
1,300,121 |
|
|
$ |
— |
|
Transaction costs not yet paid |
$ |
6,563 |
|
|
$ |
— |
|
Fair value of net asset acquired in non cash acquisition |
$ |
— |
|
|
$ |
190,000 |
|
Conversion of convertible debt to redeemable convertible preferred stock in acquisition |
$ |
— |
|
|
$ |
— |
|
Supplemental disclosures of cash flow information |
|
|
|
||||
Cash paid for: |
|
|
|
||||
Interest |
$ |
695 |
|
|
$ |
4,278 |
|
Income taxes |
$ |
263 |
|
|
$ |
214 |
|
|
|||||||||||
Reconciliation of Gross Transaction Value to Revenue |
|||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
|
(in millions, except as otherwise noted) |
|
(in millions, except as otherwise noted) |
||||||||
Revenue |
$ |
54.0 |
|
$ |
23.9 |
|
$ |
205.1 |
|
$ |
94.6 |
Contra Revenue |
|
2.7 |
|
|
3.0 |
|
|
17.7 |
|
|
10.6 |
Platform Adjustment(1) |
|
2.8 |
|
|
2.3 |
|
|
18.7 |
|
|
10.0 |
Gross Transaction Value |
$ |
59.5 |
|
$ |
29.2 |
|
$ |
241.5 |
|
$ |
115.2 |
1. Represents the difference between the full amount charged to Bird Platform partner riders (excluding applicable taxes) and the revenue recognized by Bird. |
Reconciliation of Adjusted EBITDA to Net Loss |
||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
(in millions, except as otherwise noted) |
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
$ |
(39.6 |
) |
|
$ |
(44.1 |
) |
|
$ |
(196.3 |
) |
|
$ |
(208.2 |
) |
Interest expense, net |
|
|
1.1 |
|
|
|
1.6 |
|
|
|
6.1 |
|
|
|
6.6 |
|
Provision for income taxes |
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
0.2 |
|
|
|
0.1 |
|
Depreciation and amortization (1) |
|
|
15.3 |
|
|
|
8.0 |
|
|
|
54.9 |
|
|
|
35.4 |
|
Vehicle count adjustments |
|
|
2.4 |
|
|
|
3.6 |
|
|
|
2.6 |
|
|
|
5.5 |
|
Stock-based compensation expense |
|
|
82.4 |
|
|
|
1.4 |
|
|
|
86.7 |
|
|
|
6.1 |
|
Tariff refunds (2) |
|
|
— |
|
|
|
(0.4 |
) |
|
|
— |
|
|
|
(25.0 |
) |
Other income, net |
|
|
(90.0 |
) |
|
|
(2.5 |
) |
|
|
(29.9 |
) |
|
|
(2.6 |
) |
Legal settlements and reserves |
|
|
5.4 |
|
|
|
4.5 |
|
|
|
7.4 |
|
|
|
5.9 |
|
Other non-recurring, non-cash, or non-core items (3) |
|
|
1.4 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
(21.5 |
) |
|
$ |
(28.0 |
) |
|
$ |
(66.9 |
) |
|
$ |
(176.2 |
) |
1. |
Depreciation and amortization excludes tariff depreciation and other adjustments, which were |
|
2. |
Consists of a refund for import duties that were charged to import our products from |
|
3. |
Consists of |
Reconciliation of Ride Profit to Gross Margin |
|||||||||||||||
|
Three Months Ended December |
|
Year Ended |
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
(in millions, except as otherwise noted) |
|
|
|
|
|
|
|
||||||||
Gross margin |
$ |
8.2 |
|
|
$ |
(2.0 |
) |
|
$ |
39.4 |
|
|
$ |
(23.5 |
) |
Vehicle depreciation (1) |
|
13.9 |
|
|
|
6.4 |
|
|
|
49.8 |
|
|
|
25.8 |
|
Vehicle count adjustments (2) |
|
2.4 |
|
|
|
3.6 |
|
|
|
2.6 |
|
|
|
5.5 |
|
Product Sales division (3) |
|
(0.7 |
) |
|
|
0.5 |
|
|
|
(0.5 |
) |
|
|
7.9 |
|
Ride Profit (before Vehicle Depreciation) |
|
23.8 |
|
|
|
8.5 |
|
|
|
91.3 |
|
|
|
15.7 |
|
Vehicle depreciation (1) |
|
(13.9 |
) |
|
|
(6.4 |
) |
|
|
(49.8 |
) |
|
|
(25.8 |
) |
Ride Profit (after Vehicle Depreciation) |
$ |
9.9 |
|
|
$ |
2.1 |
|
|
$ |
41.5 |
|
|
$ |
(10.1 |
) |
1. |
We exclude vehicle depreciation as these costs are non-cash in nature. Vehicle depreciation excludes tariff depreciation and other adjustments, which were |
|
2. | We exclude vehicle count adjustments as these adjustments are 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. |
Reconciliation of Adjusted Operating Expenses to Total Operating Expenses |
||||||||||||||||
|
|
Three Months Ended |
Year Ended |
|||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
(in millions, except as otherwise noted) |
|
|
|
|
|
|
|
|
||||||||
Total operating expenses |
|
$ |
136.6 |
|
|
$ |
43.2 |
|
|
$ |
259.3 |
|
|
$ |
180.7 |
|
Depreciation and amortization (1) |
|
$ |
(1.3 |
) |
|
$ |
(1.5 |
) |
|
$ |
(5.1 |
) |
|
$ |
(9.5 |
) |
Stock-based compensation expense |
|
$ |
(82.3 |
) |
|
$ |
(1.4 |
) |
|
$ |
(86.6 |
) |
|
$ |
(6.2 |
) |
Tariff refunds (2) |
|
$ |
— |
|
|
$ |
0.4 |
|
|
$ |
— |
|
|
$ |
25.0 |
|
Legal settlements and reserves |
|
$ |
(5.4 |
) |
|
$ |
(4.5 |
) |
|
$ |
(7.4 |
) |
|
$ |
(5.9 |
) |
Other non-recurring, non-cash, or non-core items (3) |
|
$ |
(1.4 |
) |
|
$ |
— |
|
|
$ |
(1.4 |
) |
|
$ |
— |
|
Adjusted Operating Expenses |
|
$ |
46.2 |
|
|
$ |
36.2 |
|
|
$ |
158.8 |
|
|
$ |
184.1 |
|
% of Revenue |
|
|
85 |
% |
|
|
151 |
% |
|
|
77 |
% |
|
|
195 |
% |
1. | Depreciation and amortization excludes vehicle depreciation and tariff depreciation. |
|
2. |
Consists of a refund for import duties that were charged to import our products from |
|
3. |
Consists of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220315005894/en/
Investor Contact
Investor@bird.co
Media Contact
press@bird.co
Source:
FAQ
What were Bird Global's Q4 2021 financial results for BRDS?
How did Bird Global perform in 2021 overall?
What is Bird Global's outlook for Q1 2022?
How much was Bird Global's net loss in 2021?