Bird SPAC Presentation Deck
Well capitalized at close with scalable asset financing in place
Cash Sources
Capital Structure
Sources
SWBK Shares
SWBK Cash in Trust
PIPE¹
Total Sources
STRONG BALANCE SHEET
BIRD
.
●
●
.
Switchback II Corporation has "$316M in cash in trust
PIPE size of $160M
"$667M in cash on balance sheet (assuming no
redemptions) to fund growth and expansion
Secured asset financing facility to fund CapEx
Uses
$M
$2,400 Equity Consideration to Bird Shareholders² $2,400
316 Cash to Balance Sheet
160
$2,876
Transaction Fees
428
48
$ 2,876
Total Uses
Pro Forma Capitalization
Cash and Cash Equivalents (from de-SPAC)
(+) Bird Cash on Balance Sheet
Net Cash
Equity Value (Post-Money)
Enterprise Value
$ 428
240
$ 667
$ 2,936
$2,268
↑
SECURED ASSET FINANCING
Financing for vehicle CapEx enabled by Bird's multi-year track
record of vehicle retention and revenue from tens of millions of
global rides
Further unlocks equity returns by nearly 50% and matches
Bird's cash outflows to when vehicles generate the most cash
(i.e., spring and summer)
Asset-level debt supports Bird's global growth ambitions
without the restrictive covenants of a traditional credit facility
$40M fully committed facility with Apollo for this year, plus a
$150M accordion to cover 70% of global vehicle CapEx for 2022³
Note: Bird cash on balance sheet includes unrestricted and restricted cash as of YE2020 and adjusted for $208M of proceeds from convertible senior preferred equity financing and $8.8M of vehicle financing draw as of 30-Apr-2021
1. Assumes PIPE of $160.0M at $10.00 per share.
2. Equity value to Bird's existing shareholders is calculated as 240.0M Switchback II shares, using a $10.00 pro forma share price, on a fully diluted basis (excluding equity awards and restricted stock). Bird equity holders will also be entitled to receive an earnout following the closing of the
transaction for shares that will be issuable upon the occurrence of certain triggers, including three separate share price achievements (30 million shares total, 10 million at each threshold, would be payable based on achievement of each of $12.50, $20.00, and $30.00 weighted average.
sales prices over any 10 trading days within any 20 consecutive trading day period in the 5 years following closing).
3. Facility with Apollo Investment Corporation and MidCap Financial Trust (each managed or advised by Apollo Capital Management, L.P., or its affiliates)
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