Bird Global, Inc.

Hello, and welcome to the Bird Global first quarter 2022 earnings call. All participants will be in the synonym mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. To withdraw your question, you may press star, then two. Please note, today's event is being recorded. I would now like to turn the conference over to Caitlin Churchill, Investor Relations. Please go ahead.

Good afternoon, everyone, and welcome to BIRD's first quarter 2022 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 law, 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, filed on March 15, 2022, our Form 10-Q for the quarter ended March 31, 2022, to be filed later today, and 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.

Thank you, everyone, for joining us today. In Q1, revenue grew by 48% year over year and exceeded our guidance range, driven by continued demand improvement into the end of March alongside expanding vehicle deployments. As we noted on our last call, Performance early in the quarter was impacted by weather and the surge in Omicron cases, but we saw a significant increase in demand beginning in early March as macro headwinds eased, weather improved, and consumers turned to transportation alternatives such as Bird in light of higher gas prices. With that said, the softness early in the quarter resulted in lower utilization year over year, which negatively impacted adjusted EBITDA for the period. Overall, we are very pleased with the Q1 results and the strong demand signals in March. That said, given broader market trends, we plan to accelerate our path to profitability. As you saw in our press release, we have announced plans to streamline our operations that we expect will result in at least $80 million of annualized cost savings. As a result, we now expect to deliver our first quarter of positive adjusted EBITDA in the third quarter of 2022. Furthermore, we are now on track for our first full year of positive adjusted EBITDA in 2023. We understand the importance of delivering on our profitability goals and believe the difficult decisions we are making now will allow us to accelerate our path to profitability and toward positive cash generation, positioning Bird for long-term value creation and market leadership. Before I go deeper on our path to profitability, let me turn the call over to Yibo to review our financial results and outlook in more detail.