Bird Global, Inc. (NYSE:BRDS) Q3 2022 Earnings Call Transcript

As you might imagine, that’s very important to cities and something we’re super excited to keep working with Google on. We’re always going to be open to opportunity to partner and collaborate with other companies, certainly including Apple and Amazon, but not limited to them. But at this time, we don’t have any other partnerships to announce publicly at the moment.

Karen Tan: Okay. And the last question from our investors, why are we not in all major cities and a particular state? There are plenty of closed untapped markets not being utilized? What is Bird’s plan for city expansion? And are there any supply issues? I’m going to give that to Shane again?

Shane Torchiana: Thanks, Karen. So we think the opportunity for city expansion is both in our existing regions in North America and EMEA, but perhaps even more so outside of these in the longer term. So we remain very optimistic in that regard around our growth prospects. And maybe I’ll give a little bit more detail here. So we do see a few main drivers of market growth. Number one would be growing in new and existing cities and our core regions, again, North American and EMEA. Number two, the growth prospects outside of our core regions and the rest of the world, which I can talk more about. And then number three, the expansion of our rider base as the service becomes more mainstream in the cities that we’re in. So to give more detail on number one, we’re only beginning to scratch the surface just in North America and EMEA.

To give you some stats on that, we’re present in about one third, actually slightly less of the addressable cities in those markets. The bulk of the remaining two thirds are cities that don’t yet have mobility program. To give you some examples, Dallas, Houston, Boston, Philadelphia, or think about EMEA, Barcelona and Amsterdam. That’s interesting, because when you look at voter polls, micromobility in the public right of way, electric scooters and electric bikes at 75-25 voter issue. So it’s only a matter of time until the political leaders in those cities that are moving more slowly catch up and embrace the sustainable transportation options that their constituents are demanding in a 3 to 1 ratio. And then even within those cities that we’re in, take New York City as an example, we also still only have partial coverage.

So there’s quite a bit of room to grow our supply to match the demand there as we expand our vehicle supply over the course of time. On the second of those points, looking outside of our core regions, we’re just launching in the Middle East, in Doha in time for the World Cup. We actually just launched there and are beginning to expand in Australia, New Zealand and Korea, which we see as very promising and cash flow positive markets as well. There are other large unopened markets, particularly in Asia, Japan, Singapore, et cetera, and thinking longer term in Latin America that we really haven’t touched as well and see as a strong long-term opportunity, but not necessarily a near-term priority. And then last of this sort of three sub points that I talked about, we’re still in the early adopter phase for rider demographics.