Bird Global, Inc.

Hello, and welcome to the BIRG Global second quarter 2022 earnings call. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Karen Tan. Please go ahead.

Good afternoon, everyone, and welcome to BIRD's second 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 to be considered forward-looking statements under the 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 factors section of our form 10-K for the year ended December 31st, 2021 filed with the SEC on March 15, 2022. Our Form 10-Q for the quarter ended March 30, 2022 filed with the SEC on May 16, 2022. Our Form 10-Q for the quarter ended June 30, 2022 to be filed with the SEC later today in our other filings with the SEC. This call will also reference non-GAAP measures including adjusted EBITDA, adjusted operating expenses, and ride profit margin 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 call over to Bird CEO and founder, Travis Van Der Zanden.

Thank you, Karen. And thank you everyone for joining us today for our first half and second quarter earnings conference call. I'll begin with a few highlights on our first half performance, including an update on our path to profitability. And then Shane and Yibo will review our Q2 operational and financial performance in more detail before we open the call up for questions. For the first half of 2022, we delivered record rides in revenues representing increases of 39% and 34% respectively, off of a strong rebound in both metrics in the first half of 2021, while ride profit margin before vehicle depreciation reached 48%, up from 45% a year ago. Over the past two years, we've experienced dramatic shifts in consumer behavior patterns, and despite so, our first half 2022 sharing business revenues have nearly doubled compared to the first half of 2019, representing a compounded annual growth rate of 26%. while sharing gross margin has turned from a loss of 159% to a positive 22%, a significant win for our core business with anticipated upside ahead. Absent temporary distortions caused by the pandemic, these longer-term trends point to the attractive demographic tailwinds for this industry as consumer spending preferences shift from goods to services. That said, we have to contend with an evolving macro environment including significant near-term inflation pressures on discretionary spending and resulting lower consumer sentiment, and adjust our cost structure to be agile to economic headwinds. BIRD was founded and operates today with the mission to bring environmentally friendly transportation to everyone. I truly believe this mission has never been more important. It is what drives our whole organization and keeps us committed to delivering against our long-term goals, including delivering value to our shareholders who similarly believe in our mission and the opportunity. As part of that commitment, earlier in the year, we announced plans to refocus the business on our path to profitability through firstly, prioritizing our core sharing business in North America and EMEA. Secondly, taking a more measured approach to expansion within our sharing business. And finally, aligning our resources and reducing our expenses to match this newly sharpened focus. In the second quarter, We slowed our product sales expansion and made the difficult decision to reduce our workforce and corporate overhead. While these actions are never easy to take, we believe they best position Bird to deliver on its core mission over the long term. Our actions in the second quarter contributed to our target $80 million annualized cost reduction plan and will more meaningfully flow through to our consolidated operating expenses and adjusted EBITDA in the third quarter, as reflected by our guidance. In connection with these activities, we have taken a number of one-time restructuring charges, which Ivo will cover later. In addition, we have remained focused on strengthening our balance sheet and remaining disciplined with our cash position. At the end of the second quarter, we held $105 million on our balance sheet of cash and cash equivalents, including restricted cash and cash equivalents, compared with $70 million at the end of the first quarter. Following our peak operating season this summer, we will conduct a thorough review of our deployed vehicle fleet by city through the lens of profitability, right-sizing our footprint based on where we anticipate positive pricing and profit per ride in fiscal year 2023. Our focus is on optimizing asset utilization, profit per vehicle on a total consolidated basis, paving the path for our first full year of positive adjusted EBITDA as a company. Now let me turn the call over to Shane, who leads our day-to-day operations and has been instrumental in driving our strategy. Shane will review our Q2 sharing business performance in more detail. Shane?