EX-99.3 8 d469014dex993.htm EX-99.3 EX-99.3

Exhibit 99.3Exhibit 99.3


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Sources $M Uses $M • SWBK Shares $ 2,400 Equity Consideration to Bird Shareholders² $ 2,400 SWBK Cash in Trust 316 Cash to Balance Sheet 428 PIPE¹ 160 Transaction Fees 48 • Total Sources $ 2,876 Total Uses $ 2,876 • Pro Forma Capitalization Cash and Cash Equivalents (from de-SPAC) $ 428 • (+) Bird Cash on Balance Sheet 240 PF Cash $ 667 Equity Value (Post-Money) $ 2,936 • Enterprise Value $ 2,277 Pro Forma Ownership⁴ PIPE Investors SPAC Sponsor Shares 5.5 % Shares (M) Ownership Breakdown % 2.0 % SWBK Investors Existing Bird Shareholders² 240.0 81.8 % 10.8 % SWBK Investors 31.6 10.8 PIPE Investors¹ 16.0 5.5 SPAC Sponsor Shares³ 5.9 2.0 Existing Bird Equity Ownership 293.6 100.0 % Shareholders 81.8 %Sources $M Uses $M • SWBK Shares $ 2,400 Equity Consideration to Bird Shareholders² $ 2,400 SWBK Cash in Trust 316 Cash to Balance Sheet 428 PIPE¹ 160 Transaction Fees 48 • Total Sources $ 2,876 Total Uses $ 2,876 • Pro Forma Capitalization Cash and Cash Equivalents (from de-SPAC) $ 428 • (+) Bird Cash on Balance Sheet 240 PF Cash $ 667 Equity Value (Post-Money) $ 2,936 • Enterprise Value $ 2,277 Pro Forma Ownership⁴ PIPE Investors SPAC Sponsor Shares 5.5 % Shares (M) Ownership Breakdown % 2.0 % SWBK Investors Existing Bird Shareholders² 240.0 81.8 % 10.8 % SWBK Investors 31.6 10.8 PIPE Investors¹ 16.0 5.5 SPAC Sponsor Shares³ 5.9 2.0 Existing Bird Equity Ownership 293.6 100.0 % Shareholders 81.8 %



27 % 24 % 20 % 16 % 12 % 8 % 4 % 0 % 207 % 0 % 20 % 40 % 60 % 80 % 100 % 120 % 2022E - 2023E Revenue Growth 2023E EBITDA Margin27 % 24 % 20 % 16 % 12 % 8 % 4 % 0 % 207 % 0 % 20 % 40 % 60 % 80 % 100 % 120 % 2022E - 2023E Revenue Growth 2023E EBITDA Margin


15.0 x 13.0 x 10.2 x 8.2 x 7.5 x 6.1 x 5.1 x 4.0 x 3.5 x 2.8 x 2.8 x Bird Uber Lyft DoorDash Grab Tesla Netflix Peloton ChargePoint Volta EVGo 0.60 x 0.43 x 0.26 x 0.23 x 0.18 x 0.18 x 0.15 x 0.11 x 0.07 x 0.05 x 0.03 x Bird Uber Lyft DoorDash Grab Tesla Netflix Peloton ChargePoint Volta EVGo15.0 x 13.0 x 10.2 x 8.2 x 7.5 x 6.1 x 5.1 x 4.0 x 3.5 x 2.8 x 2.8 x Bird Uber Lyft DoorDash Grab Tesla Netflix Peloton ChargePoint Volta EVGo 0.60 x 0.43 x 0.26 x 0.23 x 0.18 x 0.18 x 0.15 x 0.11 x 0.07 x 0.05 x 0.03 x Bird Uber Lyft DoorDash Grab Tesla Netflix Peloton ChargePoint Volta EVGo


43.6 x 34.7 x 24.9 x 21.7 x 13.7 x 13.5 x 10.7 x 9.0 x 7.4 x 5.8 x 4.6 x Bird Uber Lyft DoorDash Grab Tesla Netflix Peloton ChargePoint Volta EVGo 73.9 x 62.0 x 51.2 x 44.2 x 29.6 x 22.4 x 28.3 x 19.4 x 15.8 x NM NM Bird Uber Lyft DoorDash Grab Tesla Netflix Peloton ChargePoint Volta EVGo43.6 x 34.7 x 24.9 x 21.7 x 13.7 x 13.5 x 10.7 x 9.0 x 7.4 x 5.8 x 4.6 x Bird Uber Lyft DoorDash Grab Tesla Netflix Peloton ChargePoint Volta EVGo 73.9 x 62.0 x 51.2 x 44.2 x 29.6 x 22.4 x 28.3 x 19.4 x 15.8 x NM NM Bird Uber Lyft DoorDash Grab Tesla Netflix Peloton ChargePoint Volta EVGo


$ 16,471 $ 8,154 $ 8,235 $ 6,160 $ 5,770 $ 4,077 $ 3,606 $ 2,277 $ 3,080 Transaction Value EV / 2023E Revenue EV / 2023E Gross Profit EV / 2023E Revenue / 2022E- EV / 2023E EBITDA 2023E Growth$ 16,471 $ 8,154 $ 8,235 $ 6,160 $ 5,770 $ 4,077 $ 3,606 $ 2,277 $ 3,080 Transaction Value EV / 2023E Revenue EV / 2023E Gross Profit EV / 2023E Revenue / 2022E- EV / 2023E EBITDA 2023E Growth


Proven Management Returns-Oriented 5.0x – 10.0x Catalyst for Growth ~63% Discount to Dominant Market Share midpoint Megatrend Industry Tailwinds Validated ValuationProven Management Returns-Oriented 5.0x – 10.0x Catalyst for Growth ~63% Discount to Dominant Market Share midpoint Megatrend Industry Tailwinds Validated Valuation









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