Bird Global, Inc.

Hello, and welcome to the Byrd Global fourth quarter 2021 and full year earnings call and webcast. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Caitlin Churchill, Investor Relations. Please go ahead.

Good afternoon, everyone, and welcome to Byrd's fourth quarter 2021 and full-year earnings conference call. Before we begin, I need to remind you that all statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements under U.S. federal securities laws, including statements regarding our current expectations for the business and our financial performance. These statements are neither promises nor guarantees and are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations. A description of some of the risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements on this call can be found in the risk factor section of our Form 10-K to be filed later today, March 15, 2022, and our other filings with the Securities and Exchange Commission. This call will also reference non-GAAP measures, including adjusted EBITDA and adjusted operating expenses, that we view as important in assessing the performance of our business. A reconciliation of each non-GAAP measure to the nearest GAAP measure is available in our earnings release on the company's investor relations page at ir.bird.co. I will now turn the conference over to Bird's CEO and founder, Travis Vander Zanden. Travis?

Thank you, everyone, for joining us today for our fourth quarter and full year earnings conference call. We ended 2021 with strong fourth quarter results, capping off a record-setting year for Bird from both a top and bottom line perspective. Fourth quarter revenue was $54 million, representing year-over-year growth of 126%. And our quarterly ride profit margin before vehicle depreciation reached an all-time high of 53% despite macro-related headwinds from the surge in Omicron cases later in the period and disruption of the global supply chain. We successfully executed against our goals while exceeding increased expectations and continuing our mission to provide environmentally friendly transportation for everyone. A number of significant milestones were achieved in 2021, most notably one the delivery of $205 million in revenue in our fourth year of operation, in line with the top end of our guidance and representing 117% growth compared to the prior year, along with gross margin of 19% for the year, including four consecutive quarters of positive gross margin, culminating in record adjusted EBITDA performance ahead of expectations. Two, the introduction of industry-leading innovative microelectric vehicles for both our sharing and product sales businesses, including the Bird 3 and our Bird Bike, an e-bike for consumers. And three, leadership in the U.S. micromobility market on a sales volume basis for 2021, by our estimation, based on publicly available data for Bird and U.S. peers. While leading in market share, overall market penetration represented far less than 1% of the U.S. addressable market for micromobility, showcasing the long runway for growth we have ahead. And lastly, for entry into the public markets with the successful close of our business combination, we switched back to in November and in tandem securing $150 million of vehicle financing from Apollo Investment Corporation and MidCap Financial Trust to support continued growth. These milestones were achieved due to the hard work, passion, and dedication of our incredible team of BERT employees and logistics partners, and the support of our riders, city partners, and suppliers. As you have heard me say before, we are just getting started. This now leads me to discuss progress against our strategic growth initiatives. Strong unit economics, driven by our vehicle innovation and fleet manager operating model, coupled with demand improvements as pandemic-related restrictions continue to ease, position us well for continued growth and progress on our path to achieving profitability. Our fleet manager operating model continues to drive strong ride profit margin results as demonstrated quarter over quarter since 2020. Despite the seasonal impact on our top line, this model is a key differentiator for Bird, both due to the profitability focus as well as the operational efficiency we unlock with each partner managing about 100 vehicles on average. In fact, our pipeline for logistics partners remains robust even as we continue to elevate our expectations. As we look ahead, we will continue to optimize and develop our fleet manager program, including further investment in the technology platforms our partners use to manage their operations. The fleet manager operating model also helps expand our market reach by allowing for better access to long-tail markets, which we continue to see as a significant growth opportunity. Specifically, in 2021, Byrd entered over 250 cities with populations of fewer than 500,000 each. In addition to our expansion in long-tail markets, we remain focused on expanding into larger markets. In August 2021, we launched our e-scooter sharing service in New York City. Based on the program's success, the city is set to expand the footprint or service area of its e-scooter program this summer. As a result, we expect to double our fleet size to meet the needs of the scaled program. Existing large markets such as Washington, D.C. and Marseille, France, also renewed e-scooter programs over the course of 2021. Underlying our expansion is our continued progress with our partnerships with cities and related community stakeholders. Our focus on sustainability, safety, and smart technology is a key contributor to our successful relationships with our partner cities. On our last call, I highlighted our smart sidewalk protection technology And today I wanted to share a few exciting statistics regarding BIRD's positive impact on the communities in which we operate. According to recent research by our city partners, roughly 40% of U.S. e-scooter trips replace gas car trips. This would imply that BIRD e-scooter rides taken in the U.S. in 2021 helped prevent nearly 3,500 metric tons of CO2 emissions based on EPA CO2 emissions estimates for U.S. passenger vehicles. Using methodology published by the Arbor Day Foundation, that is equivalent to the annual CO2 absorption of approximately 150,000 mature trees. Conservative estimates also show that bird riders added more than $100 million in incremental spending in 2021 to their local communities as they use our vehicles to travel short distances to local food and beverage retailers. These stats underscore not only the environmental impact, but also the positive social and economic impact that we have in cities and communities globally. Another key contributor to our strong partnerships with cities is our leadership in vehicle innovation. As I mentioned, this past year we successfully rolled out our latest generation e-scooter, the Bird 3. The eco-conscious Bird 3 made up 37% of our global bird design fleet by 2021 year-end. Bird 3s have shown 20% less vehicle damage compared to other bird design vehicles over the past four months and are designed to operate for longer periods than prior models. In addition, earlier this year, we introduced our e-bike sharing program and launched our bird design consumer e-bike. As we look ahead, we will continue to focus on vehicle innovation and lean into the benefits we gain from our end-to-end vehicle design as demonstrated in our margin performance to date. We see opportunities across our fleet to expand our reach as we build out are now multimodal operations. The demand for e-bikes continues to be robust, and we plan to aggressively build out both our sharing fleet as well as lean into our product sales division. In summary, we are very pleased with our strong execution throughout 2021. As we enter spring with Omicron cases down from the January peak and weather improving, we are seeing demand pick up significantly, with the March today gross transaction value trend implying over 50% growth month over month. NEEBA will provide more detail on our outlook in a moment, but I remain confident in our ability to deliver on our strategic objectives in fiscal 2022 while staying focused on our path to profitability and driving value for all of our stakeholders. Our team remains committed to advancing our mission to provide environmentally friendly transportation alternatives to gas-powered vehicles which is even more critical now as gas prices continue to rise and consumer reliance on gas-powered vehicles continues to shift. With continued industry tailwinds and our proven strategic initiatives, we believe we will continue to drive strong performance this year and beyond. I'll now turn it over to Ivo to go in more details on our financials.