Bird Announces Fourth Quarter and Full Year 2022 Financial Results
Bird Global, Inc. (NYSE: BRDS) reported a full year 2022 revenue of $245 million, marking a 28% increase from 2021. In Q4, revenue reached $69.7 million, up from $49.5 million in the prior year, driven by an improved gross margin of 42% and a narrowed free cash flow loss of $14.6 million. The acquisition of Bird Canada's operations contributed over $30 million in capital and positive cash flow. For 2023, guidance indicates adjusted EBITDA between $15 to $20 million and positive cash flow of $5 to $10 million. Despite a net loss of $358.7 million for the year, management emphasized enhancements in operational efficiency and a focus on profitability.
- Full year 2022 revenue increased by 28% to $245 million.
- Q4 revenue rose 41% year-over-year to $69.7 million.
- Achieved adjusted EBITDA of $6.1 million in Q4, a significant improvement from a loss of $23.8 million.
- Acquisition of Bird Canada added over $30 million in capital and positive cash flow.
- 2023 guidance targets adjusted EBITDA of $15 to $20 million and positive cash flow of $5 to $10 million.
- Gross margin improved to 42% in Q4 2022 compared to 7% in Q4 2021.
- 2022 net loss widened to $358.7 million from $214.9 million in 2021.
- Total operating expenses increased by 96% year-over-year to $506.1 million.
- Adjusted operating expenses increased by 10% year-over-year.
Full Year 2022 Revenue of
Successful Completion of Bird Canada Acquisition, Provides Over
New 2023 Guidance with Adjusted EBITDA of
Fourth Quarter Ended
-
Revenue was
compared to$69.7 million in the same period in 2021 ("the prior year period"). Revenue in the fourth quarter included$49.5 million unredeemed preloaded wallet balances from prior periods.$28.8 million -
Consolidated gross margin, which is net of vehicle depreciation, as a percentage of revenue was
42% , representing a 35 percentage point increase compared to the prior year period. -
Ride Profit (before Vehicle Depreciation) was
compared to$49.7 million in the prior year period. Ride Profit (before Vehicle Depreciation) as a percentage of Bird’s core vehicle-sharing business (“Sharing”) revenue was$21.5 million 72% compared to53% for the prior year period. -
Total operating expenses were
, including$58.5 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, of$13.3 million decreased$42.3 million 29% year-over-year. -
Net loss was
compared to net loss of$36.4 million in the prior year period.$46.7 million -
Adjusted EBITDA was
compared to a loss of$6.1 million in the prior year period.$23.8 million -
Free Cash Flow loss, which was impacted by seasonality and one-time expenses related to financing alternatives, narrowed to
compared to$14.6 million in the prior year period.$165.5 million
Full Year Ended
-
Revenue was
, representing an increase of$244.7 million 28% compared to in the prior year period. Revenue for the full year included$190.5 million of unredeemed preloaded wallet balances from prior periods.$23.3 million -
Consolidated gross margin, which is net of vehicle depreciation, as a percentage of revenue was
14% , representing a 2 percentage point increase compared to the prior year period. -
Ride Profit (before Vehicle Depreciation) was
compared to$126.3 million in 2021. Ride Profit (before Vehicle Depreciation) as a percentage of Sharing revenue was$76.7 million 55% compared to44% for the prior year period. -
Total operating expenses were
, including$506.1 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$95.3 million 10% year-over-year. -
Net loss was
compared to net loss of$358.7 million in the prior year period.$214.9 million -
Adjusted EBITDA was a loss of
compared to a loss of$62.1 million in the prior year period.$80.9 million -
Free Cash Flow loss narrowed to
compared to a loss of$146.2 million in the prior year period.$347.3 million
2023 Outlook
Continuing to focus on profitability and Free Cash Flow generation, the Company expects:
-
Adjusted Operating Expense of no more than
;$100 million -
Adjusted EBITDA in the range of
to$15 ; and$20 million -
Positive Cash Flow of
to$5 .$10 million
(In million, except percentages or as otherwise noted) |
|||||||||||
|
Three Months Ended |
|
For the Year Ended |
||||||||
|
2022 |
|
2021 |
|
% Change |
|
2022 |
|
2021 |
|
% Change |
Rides |
8.2 |
|
9.4 |
|
(13)% |
|
46.5 |
|
40.2 |
|
|
Avg. Rides per Deployed Vehicles per Day |
1.0x |
|
1.3x |
|
(23)% |
|
1.3x |
|
1.6x |
|
(19)% |
Average Deployed Vehicles (in thousands) |
0.1 |
|
0.1 |
|
—% |
|
98.8 |
|
68.6 |
|
|
Gross Transaction Value |
74.8 |
|
59.5 |
|
|
|
293.3 |
|
241.5 |
|
|
Revenue |
69.7 |
|
49.5 |
|
|
|
244.7 |
|
190.5 |
|
|
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
Sharing gross margin |
|
|
|
|
|
|
|
|
|
|
|
Ride Profit (before Vehicle Depreciation) (1) |
49.7 |
|
21.5 |
|
|
|
126.3 |
|
76.7 |
|
|
Ride Profit (after Vehicle Depreciation) (1) |
29.3 |
|
7.6 |
|
|
|
66.5 |
|
26.9 |
|
|
Total operating expenses |
58.5 |
|
135.9 |
|
(57)% |
|
506.1 |
|
257.9 |
|
|
Adjusted Operating Expenses (1) |
42.3 |
|
59.3 |
|
(29)% |
|
188.4 |
|
171.3 |
|
|
Net loss |
(36.4) |
|
(46.7) |
|
|
|
(358.7) |
|
(214.9) |
|
(67)% |
Adjusted EBITDA (1) |
6.1 |
|
(23.8) |
|
|
|
(62.1) |
|
(80.9) |
|
|
Cash flows from operations |
(11.9) |
|
(65.3) |
|
|
|
(56.8) |
|
(131.6) |
|
|
Free Cash Flow |
(14.6) |
|
(165.5) |
|
|
|
(146.2) |
|
(347.3) |
|
|
(1) |
|
Ride Profit, Ride Profit Margin, Adjusted Operating Expenses, Adjusted EBITDA and Free Cash Flow 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. |
Subsequent Events
Effective
Going Concern
The Company’s ability to fund working capital, make capital expenditures, and service its debt will depend on its ability to generate cash from operating activities, which is subject to its future operating success, and obtain financing on reasonable terms, which is subject to factors beyond its control, including general economic, political, and financial market conditions. The capital markets have in the past experienced, are currently experiencing, and may in the future experience, periods of volatility that could impact the availability and cost of equity and debt financing and there can be no assurances that such financing will be available to the Company on satisfactory terms, or at all. As of
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 2022 financial results and other business updates is scheduled for today,
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," "Adjusted EBITDA," and "Free Cash Flow" 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 paid and unpaid 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, including those regarding our future financial performance and strategy, expected path to profitability, future operations, future operating results and financial condition, ability to achieve our self-sustainability goals, anticipated Adjusted Operating Expenses for full year 2023, anticipated Adjusted EBITDA for full year 2023, ability to achieve positive Free Cash Flow in 2023, our plans to seek additional capital, 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. Some of the risks and uncertainties that may cause our actual results to materially differ from those expressed or implied by these forward-looking statements are described in the “Risk Factors” section in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, as well as our other filings with
Condensed Consolidated Balance Sheets (In thousands, except per share amounts and number of shares) |
||||||||
|
|
|||||||
|
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
33,469 |
|
|
$ |
128,556 |
|
Restricted cash and cash equivalents—current |
|
|
4,978 |
|
|
|
30,142 |
|
Accounts receivable, net |
|
|
2,188 |
|
|
|
8,397 |
|
Inventory |
|
|
1,535 |
|
|
|
28,242 |
|
Prepaid expenses and other current assets |
|
|
18,615 |
|
|
|
33,778 |
|
Total current assets |
|
|
60,785 |
|
|
|
229,115 |
|
Restricted cash and cash equivalents—non current |
|
|
598 |
|
|
|
1,203 |
|
Vehicle deposits |
|
|
48,783 |
|
|
|
117,071 |
|
Vehicles, net |
|
|
100,088 |
|
|
|
118,949 |
|
|
|
|
— |
|
|
|
121,169 |
|
Other assets |
|
|
11,402 |
|
|
|
9,754 |
|
Total assets |
|
|
221,656 |
|
|
|
597,261 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
|
20,235 |
|
|
|
5,002 |
|
Accrued expenses |
|
|
29,413 |
|
|
|
31,428 |
|
Deferred revenue |
|
|
47,820 |
|
|
|
62,439 |
|
Notes payable—current |
|
|
22,200 |
|
|
|
49,094 |
|
Other current liabilities |
|
|
10,950 |
|
|
|
5,089 |
|
Total current liabilities |
|
|
130,618 |
|
|
|
153,052 |
|
Notes payable—non current (including |
|
|
56,205 |
|
|
|
— |
|
Derivative liabilities |
|
|
1,892 |
|
|
|
136,196 |
|
Other liabilities |
|
|
7,831 |
|
|
|
6,282 |
|
Total liabilities |
|
|
196,546 |
|
|
|
295,530 |
|
Commitments and contingencies (Note 14) |
|
|
|
|
||||
Stockholders’ Equity |
|
|
|
|
||||
Class A common stock, |
|
|
30 |
|
|
|
27 |
|
Additional paid-in capital |
|
|
1,572,576 |
|
|
|
1,475,300 |
|
Accumulated other comprehensive income |
|
|
(7,621 |
) |
|
|
7,538 |
|
Accumulated deficit |
|
|
(1,539,875 |
) |
|
|
(1,181,134 |
) |
Total stockholders’ equity |
|
|
25,110 |
|
|
|
301,731 |
|
Total liabilities and stockholders’ equity |
|
$ |
221,656 |
|
|
$ |
597,261 |
|
(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) |
|||||||||||||||
|
Three Months Ended |
|
For the Year Ended |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues: |
|
|
|
|
|
|
|
||||||||
Sharing |
$ |
69,097 |
|
|
|
40,526 |
|
|
$ |
231,334 |
|
|
|
172,729 |
|
Product sales |
|
564 |
|
|
|
9,009 |
|
|
|
13,326 |
|
|
|
17,815 |
|
Total revenues |
|
69,661 |
|
|
|
49,535 |
|
|
|
244,660 |
|
|
|
190,544 |
|
Cost of revenues: |
|
|
|
|
|
|
|
||||||||
Cost of sharing, exclusive of depreciation |
|
19,136 |
|
|
|
25,072 |
|
|
|
106,547 |
|
|
|
103,204 |
|
Depreciation on sharing vehicles |
|
20,440 |
|
|
|
13,524 |
|
|
|
59,485 |
|
|
|
47,335 |
|
Cost of product sales |
|
674 |
|
|
|
8,314 |
|
|
|
12,154 |
|
|
|
17,340 |
|
Impairment of product sales inventory |
|
— |
|
|
|
— |
|
|
|
31,769 |
|
|
|
— |
|
Total cost of revenues |
|
40,250 |
|
|
|
46,910 |
|
|
|
209,955 |
|
|
|
167,879 |
|
Gross margin: |
|
|
|
|
|
|
|
||||||||
Sharing |
|
29,520 |
|
|
|
1,930 |
|
|
|
65,301 |
|
|
|
22,190 |
|
Product sales |
|
(109 |
) |
|
|
695 |
|
|
|
(30,597 |
) |
|
|
475 |
|
Total gross margin |
|
29,411 |
|
|
|
2,625 |
|
|
|
34,705 |
|
|
|
22,665 |
|
Other operating expenses: |
|
|
|
|
|
|
|
||||||||
General and administrative |
|
47,891 |
|
|
|
116,445 |
|
|
|
233,810 |
|
|
|
208,536 |
|
Selling and marketing |
|
2,731 |
|
|
|
7,026 |
|
|
|
16,318 |
|
|
|
17,906 |
|
Research and development |
|
7,888 |
|
|
|
12,330 |
|
|
|
40,111 |
|
|
|
31,426 |
|
Impairment of assets |
|
— |
|
|
|
— |
|
|
|
215,822 |
|
|
|
— |
|
Total operating expenses |
|
58,510 |
|
|
|
135,801 |
|
|
|
506,061 |
|
|
|
257,868 |
|
Loss from operations |
|
(29,099 |
) |
|
|
(133,177 |
) |
|
|
(471,356 |
) |
|
|
(235,203 |
) |
Interest expense, net |
|
(2,997 |
) |
|
|
(1,062 |
) |
|
|
(10,773 |
) |
|
|
(6,073 |
) |
Other income, net |
|
(2,817 |
) |
|
|
86,668 |
|
|
|
125,397 |
|
|
|
26,561 |
|
Loss before income taxes |
|
(34,913 |
) |
|
|
(47,571 |
) |
|
|
(356,731 |
) |
|
|
(214,715 |
) |
Provision for income taxes |
|
1,495 |
|
|
|
99 |
|
|
|
2,010 |
|
|
|
209 |
|
Net loss |
$ |
(36,408 |
) |
|
$ |
(47,670 |
) |
|
$ |
(358,741 |
) |
|
$ |
(214,924 |
) |
Condensed Consolidated Statements of Cash Flows (In thousands, except per share amounts and number of shares) |
|||||||
|
|
||||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(358,741 |
) |
|
$ |
(214,924 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Issuance of and mark-to-market adjustments of derivative liabilities |
|
(134,304 |
) |
|
|
(37,811 |
) |
Impairment of assets |
|
215,822 |
|
|
|
— |
|
Impairment of product sales inventory |
|
31,769 |
|
|
|
— |
|
Depreciation and amortization |
|
61,713 |
|
|
|
51,592 |
|
Non-cash vehicle expenses |
|
13,359 |
|
|
|
7,233 |
|
Stock-based compensation expense |
|
95,335 |
|
|
|
86,631 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
2,304 |
|
Amortization of debt issuance costs and discounts |
|
3,548 |
|
|
|
1,851 |
|
Bad debt expense |
|
2,584 |
|
|
|
2,766 |
|
Breakage revenue |
|
(31,041 |
) |
|
|
— |
|
Other |
|
1,199 |
|
|
|
392 |
|
Changes in assets and liabilities, net of impact of business acquisitions and disposals: |
|
|
|
||||
Accounts receivable |
|
3,623 |
|
|
|
(8,372 |
) |
Inventory |
|
15,916 |
|
|
|
(9,331 |
) |
Prepaid expenses and other current assets |
|
(11,154 |
) |
|
|
(24,827 |
) |
Other assets |
|
(3,882 |
) |
|
|
200 |
|
Accounts payable |
|
15,010 |
|
|
|
(7,485 |
) |
Deferred revenue |
|
15,913 |
|
|
|
14,614 |
|
Accrued expenses and other current liabilities |
|
5,009 |
|
|
|
3,667 |
|
Other liabilities |
|
1,491 |
|
|
|
(127 |
) |
Net cash used in operating activities |
|
(56,831 |
) |
|
|
(131,627 |
) |
Cash flows from investing activities |
|
|
|
||||
Purchases of property and equipment |
|
(527 |
) |
|
|
(846 |
) |
Purchases of vehicles |
|
(88,886 |
) |
|
|
(214,852 |
) |
Net cash (used in) provided by investing activities |
|
(89,413 |
) |
|
|
(215,698 |
) |
Cash flows from financing activities |
|
|
|
||||
Proceeds from issuance of debt, net of issuance costs |
|
107,910 |
|
|
|
52,680 |
|
Proceeds from issuance of convertible debt, net of issuance costs |
|
23,386 |
|
|
|
— |
|
Proceeds from issuance of redeemable convertible senior preferred stock and derivatives, net of issuance costs |
|
— |
|
|
|
207,814 |
|
Proceeds from Business Combination and PIPE financing |
|
— |
|
|
|
249,611 |
|
Transaction costs paid in connection with Business Combination and PIPE financing |
|
— |
|
|
|
(25,946 |
) |
Proceeds from issuance of common stock |
|
1,055 |
|
|
|
423 |
|
Payment for settlement of warrants |
|
— |
|
|
|
(600 |
) |
Payment for taxes related to net share settlement |
|
(2,172 |
) |
|
|
— |
|
Debt repayments |
|
(110,594 |
) |
|
|
(40,610 |
) |
Net cash provided by financing activities |
|
19,585 |
|
|
|
443,372 |
|
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents |
|
5,802 |
|
|
|
10,087 |
|
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents |
|
(120,856 |
) |
|
|
106,134 |
|
Cash and cash equivalents and restricted cash and cash equivalents |
|
|
|
||||
Beginning of period |
|
159,901 |
|
|
|
53,767 |
|
End of period |
$ |
39,045 |
|
|
$ |
159,901 |
|
Components of cash and cash equivalents and restricted cash and cash equivalents |
|
|
|
||||
Cash and cash equivalents |
|
33,469 |
|
|
|
128,556 |
|
Restricted cash and cash equivalents |
|
5,576 |
|
|
|
31,345 |
|
Total cash and cash equivalents and restricted cash and cash equivalents |
$ |
39,045 |
|
|
$ |
159,901 |
|
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 |
|
Payment for settlement of debt in exchange for the issuance of common stock under the Purchase Agreement |
$ |
3,060 |
|
|
$ |
— |
|
Supplemental disclosures of cash flow information |
|
|
|
||||
Cash paid for: |
|
|
|
||||
Interest |
$ |
7,102 |
|
|
$ |
695 |
|
Income taxes |
$ |
418 |
|
|
$ |
263 |
|
Calculations of Key Metrics and GAAP to Non-GAAP Reconciliations (In millions, except as otherwise noted) |
|||||||||||
Reconciliation of Gross Transaction Value to Revenue |
|||||||||||
|
Three Months Ended |
|
For the Year Ended |
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
(in millions) |
|
|
|
|
|
|
|
||||
Revenue |
$ |
69.7 |
|
$ |
49.5 |
|
$ |
244.7 |
|
$ |
190.5 |
Contra Revenue |
|
3.0 |
|
|
7.2 |
|
|
34.0 |
|
|
32.3 |
Platform Adjustment(1) |
|
2.1 |
|
|
2.7 |
|
|
14.7 |
|
|
18.7 |
Gross Transaction Value |
$ |
74.8 |
|
$ |
59.5 |
|
$ |
293.3 |
|
$ |
241.5 |
(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 Income (Loss) |
|||||||||||||||
|
Three Months Ended |
|
For the Year Ended |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
(in millions) |
|
|
|
|
|
|
|
||||||||
Net loss (1) |
$ |
(36.4 |
) |
|
$ |
(46.7 |
) |
|
$ |
(358.7 |
) |
|
$ |
(214.9 |
) |
Interest expense, net |
|
3.0 |
|
|
|
1.1 |
|
|
|
10.8 |
|
|
|
6.1 |
|
Provision for income taxes |
|
1.5 |
|
|
|
0.1 |
|
|
|
2.0 |
|
|
|
0.2 |
|
Depreciation and amortization (2) |
|
20.8 |
|
|
|
15.3 |
|
|
|
62.0 |
|
|
|
54.9 |
|
Vehicle count adjustments |
|
(0.3 |
) |
|
|
4.6 |
|
|
|
1.2 |
|
|
|
4.7 |
|
Stock-based compensation expense |
|
13.3 |
|
|
|
82.4 |
|
|
|
95.3 |
|
|
|
86.7 |
|
Other income, net |
|
2.8 |
|
|
|
(86.7 |
) |
|
|
(125.4 |
) |
|
|
(26.6 |
) |
Legal settlements and reserves |
|
0.2 |
|
|
|
4.6 |
|
|
|
(0.6 |
) |
|
|
6.6 |
|
Impairment of product sales inventory |
|
— |
|
|
|
— |
|
|
|
31.8 |
|
|
|
— |
|
Impairment of assets |
|
— |
|
|
|
— |
|
|
|
215.8 |
|
|
|
— |
|
Other non-recurring, non-cash, or non-core items (3) |
|
1.2 |
|
|
|
1.6 |
|
|
|
3.7 |
|
|
|
1.4 |
|
Adjusted EBITDA |
$ |
6.1 |
|
|
$ |
(23.8 |
) |
|
$ |
(62.1 |
) |
|
$ |
(80.9 |
) |
(1) |
|
Net loss during the three months and year ended |
(2) |
|
Depreciation and amortization excludes tariff depreciation and other adjustments, which were $— and |
(3) |
|
Consists primarily of |
Reconciliation of Free Cash Flow to Cash Flow from Operations |
|||||||||||||||
|
Three Months Ended |
|
For the Year Ended |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
(in millions) |
|
|
|
|
|
|
|
||||||||
Net cash provided by (used in) operating activities |
$ |
(11.9 |
) |
|
$ |
(65.3 |
) |
|
$ |
(56.8 |
) |
|
$ |
(131.6 |
) |
Capital Expenditures(1) |
|
(2.6 |
) |
|
|
(100.2 |
) |
|
|
(89.4 |
) |
|
|
(215.7 |
) |
Free Cash Flow |
$ |
(14.6 |
) |
|
$ |
(165.5 |
) |
|
$ |
(146.2 |
) |
|
$ |
(347.3 |
) |
(1) |
|
Capital expenditures were primarily made up of purchases of vehicles, which were |
Reconciliation of Ride Profit to Gross Margin |
|||||||||||||||
|
Three Months Ended |
|
For the Year Ended |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
(in millions) |
|
|
|
|
|
|
|
||||||||
Gross margin |
$ |
29.4 |
|
|
$ |
3.7 |
|
|
$ |
34.7 |
|
|
$ |
22.7 |
|
Vehicle depreciation (1) |
|
20.4 |
|
|
|
13.9 |
|
|
|
59.8 |
|
|
|
49.8 |
|
Vehicle count adjustments (2) |
|
(0.3 |
) |
|
|
4.6 |
|
|
|
1.2 |
|
|
|
4.7 |
|
Product Sales division (3) |
|
0.1 |
|
|
|
(0.7 |
) |
|
|
30.6 |
|
|
|
(0.5 |
) |
Ride Profit (before Vehicle Depreciation) |
|
49.7 |
|
|
|
21.5 |
|
|
|
126.3 |
|
|
|
76.7 |
|
Vehicle depreciation (1) |
|
(20.4 |
) |
|
|
(13.9 |
) |
|
|
(59.8 |
) |
|
|
(49.8 |
) |
Ride Profit (after Vehicle Depreciation) |
$ |
29.3 |
|
|
$ |
7.6 |
|
|
$ |
66.5 |
|
|
$ |
26.9 |
|
(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. |
|
Three Months Ended |
|
For the Year Ended |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
(in millions, unless otherwise noted) |
|
|
|
|
|
|
|
||||||||
Sharing Revenue (1) |
$ |
69.1 |
|
|
$ |
40.5 |
|
|
$ |
231.3 |
|
|
$ |
172.7 |
|
Ride Profit Margin % (before Vehicle Depreciation) |
|
72 |
% |
|
|
53 |
% |
|
|
55 |
% |
|
|
44 |
% |
Ride Profit Margin % (after Vehicle Depreciation) |
|
42 |
% |
|
|
19 |
% |
|
|
29 |
% |
|
|
16 |
% |
Reconciliation of Adjusted Operating Expenses to Total Operating Expenses |
||||||||||||||||
|
|
Three Months Ended |
|
For the Year Ended |
||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
(in millions, except as otherwise noted) |
|
|
|
|
|
|
|
|
||||||||
Total operating expenses |
|
$ |
58.5 |
|
|
$ |
135.9 |
|
|
$ |
506.1 |
|
|
$ |
257.9 |
|
Depreciation and amortization (1) |
|
|
(0.4 |
) |
|
|
(1.3 |
) |
|
|
(2.2 |
) |
|
|
(5.1 |
) |
Stock-based compensation expense |
|
|
(13.3 |
) |
|
|
(82.4 |
) |
|
|
(95.3 |
) |
|
|
(86.7 |
) |
Legal settlements and reserves |
|
|
(1.4 |
) |
|
|
8.5 |
|
|
|
(0.6 |
) |
|
|
6.6 |
|
Impairment of assets |
|
|
— |
|
|
|
— |
|
|
|
(215.8 |
) |
|
|
— |
|
Other non-recurring, non-cash, and non-core items |
|
|
(1.2 |
) |
|
|
(1.4 |
) |
|
|
(3.7 |
) |
|
|
(1.4 |
) |
Adjusted Operating Expenses |
|
$ |
42.3 |
|
|
$ |
59.3 |
|
|
$ |
188.4 |
|
|
$ |
171.3 |
|
% of Revenue |
|
|
61 |
% |
|
|
120 |
% |
|
|
77 |
% |
|
|
90 |
% |
(1) |
|
Depreciation and amortization is comprised of property and equipment depreciation and intangible asset amortization, which is part of total operating expenses. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230310005133/en/
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