Blade Air Mobility, Inc. (Nasdaq: BLDE, "Blade" or the "Company"),
today announced financial results for the third quarter ended
September 30, 2023.
GAAP QUARTERLY FINANCIAL
RESULTS |
(in thousands except percentages, unaudited) |
|
Three Months Ended September 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
Revenue |
$ |
71,442 |
|
|
$ |
45,722 |
|
|
56.3 |
% |
Cost of revenue |
|
55,863 |
|
|
|
36,456 |
|
|
53.2 |
% |
Software development |
|
1,076 |
|
|
|
2,026 |
|
|
(46.9 |
)% |
General and administrative |
|
19,265 |
|
|
|
15,812 |
|
|
21.8 |
% |
Selling and marketing |
|
2,686 |
|
|
|
1,856 |
|
|
44.7 |
% |
Total operating expenses |
|
78,890 |
|
|
|
56,150 |
|
|
40.5 |
% |
Loss from operations |
|
(7,448 |
) |
|
|
(10,428 |
) |
|
(28.6 |
)% |
Net income (loss) |
$ |
289 |
|
|
$ |
(9,245 |
) |
|
NM* |
|
|
|
|
|
|
Passenger net income (loss) |
$ |
801 |
|
|
$ |
(416 |
) |
|
NM* |
Medical net (loss) income |
$ |
(85 |
) |
|
$ |
999 |
|
|
NM* |
Unallocated corporate expenses and software development |
$ |
(8,164 |
) |
|
$ |
(11,011 |
) |
|
(25.9 |
)% |
NON-GAAP(1) QUARTERLY FINANCIAL
RESULTS |
(in thousands except percentages, unaudited) |
|
Three Months Ended September 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Change |
GAAP Revenue |
$ |
71,442 |
|
|
$ |
45,722 |
|
|
56.3 |
% |
GAAP Cost of revenue |
|
55,863 |
|
|
|
36,456 |
|
|
53.2 |
% |
Flight Profit |
|
15,579 |
|
|
|
9,266 |
|
|
68.1 |
% |
Flight Margin |
|
21.8 |
% |
|
|
20.3 |
% |
|
+154bps |
Adjusted Corporate Expense |
|
14,792 |
|
|
|
13,814 |
|
|
7.1 |
% |
Adjusted Corporate Expense as a percentage of Revenue |
|
20.7 |
% |
|
|
30.2 |
% |
|
-950bps |
Adjusted EBITDA |
$ |
787 |
|
|
$ |
(4,548 |
) |
|
NM* |
Adjusted EBITDA as a percentage of Revenue |
|
1.1 |
% |
|
|
(9.9 |
)% |
|
NM* |
|
|
|
|
|
|
Passenger Adjusted EBITDA |
$ |
2,777 |
|
|
$ |
1,472 |
|
|
88.7 |
% |
Medical Adjusted EBITDA |
$ |
3,346 |
|
|
$ |
1,495 |
|
|
123.8 |
% |
Adjusted unallocated corporate expenses and software
development |
$ |
(5,336 |
) |
|
$ |
(7,515 |
) |
|
(29.0 |
%) |
*Percentage not meaningful |
|
|
|
|
|
|
"We are very pleased to deliver our first
quarter of positive Free Cash Flow and Adjusted EBITDA while
maintaining rapid revenue growth in both the Passenger and Medical
segments," said Rob Wiesenthal, Blade's Chief Executive Officer.
"Importantly, we've continued progress on strategic growth
initiatives. We are especially pleased that our flagship urban air
mobility service, Blade Airport, enjoyed continued improved
financial performance with profitable passenger seat utilization
for the first time during Q3 2023 while continuing its very strong
growth in average check out price per seat."
At Nice International Airport, the opening of an
on-tarmac security checkpoint will enable our fliers to bypass
crowded terminals and proceed directly to their commercial airline
gate. In Atlantic City, we've partnered with Ocean Casino to create
an exclusive Blade heliport, allowing our fliers to land directly
at the casino," added Wiesenthal
"Our turn to profitability this quarter
highlights the results of our strong execution on growth
initiatives coupled with relentless focus on cost efficiencies as
we shrunk Adjusted Unallocated Corporate Expenses by 29.0% while
still growing revenue 56% in Q3 2023 versus the prior year period,"
said Will Heyburn, Blade's Chief Financial Officer. "This hard work
continues as we remain committed to expanding Flight Profit
margins, optimizing our cost base and adding profitable new
business lines like our new organ matching service to maximize Free
Cash Flow generation. As a result, in 2024 we expect significant
year-over-year improvement in Adjusted EBITDA; we plan to provide
an outlook for 2024 and 2025 as part of our Q4 2023 earnings
release."
"We have made great progress in optimizing our
aircraft capacity purchase agreements to capitalize on our growing
scale thus enabling Blade to benefit from the economic leverage of
a more active accessible fleet. We are already seeing this
translate to Flight Profit margin expansion in both our Medical and
Passenger segments," stated Melissa Tomkiel, Blade's President.
"This is a win-win for both our operators and our customers as we
direct more flight hours to our most reliable and efficient
aircraft providers."
"The launch of TOPS, our new organ placement
service, comes by special request from our existing customer base,"
said Seth Bacon, CEO of Blade MediMobility. "This new business line
brings us further upstream in the organ transplantation process by
helping transplant centers determine if an organ is a match for a
potential recipient. When paired with our existing logistics
services, we can now provide even more seamless engagement,
simplify the communication process for our customers, and increase
opportunities for additional revenue."
Third Quarter
Ended September 30, 2023
Financial Highlights
- Total revenue
increased 56.3% to $71.4 million in the current quarter versus
$45.7 million in the prior year period. On a pro forma basis,
assuming Blade had owned Blade Europe in the comparable prior year
period, revenue for the quarter ended September 30, 2023 would
have increased approximately 25.5%(1) on a constant currency
basis.
- Flight Profit(1)
increased 68.1% to $15.6 million in the current quarter versus
$9.3 million in the prior year period, driven by strong growth in
our MediMobility Organ Transport business, the contribution from
our Blade Europe acquisitions, and improved profitability across
our U.S. Short Distance business.
- Flight Margin(1)
improved to 21.8% in the current quarter from 20.3% in the prior
year period, driven by increased use of dedicated aircraft in our
MediMobility Organ Transport business line, which results in lower
costs, the acquisition of Blade Europe, which operates at a higher
average Flight Profit versus our corporate average, improved
pricing and utilization in our New York by-the-seat airport
transfer product, and a reduction in spot market jet charter costs,
which decreased more quickly than our jet charter pricing.
- Short Distance
revenue increased 48.9% to $30.4 million in the current quarter
versus $20.4 million in the prior year period. Growth was driven by
our acquisition of Blade Europe and growth in our other Short
Distance business lines.
- MediMobility
Organ Transport revenue increased 65.4% to $33.4 million in the
current quarter versus $20.2 million in the prior year period,
driven by the addition of new transplant center customers,
continued growth with existing customers, and strong market
demand.
- Jet and Other
revenue increased 49.1% to $7.6 million in the current quarter
versus $5.1 million in the prior year period driven by an increase
in jet charter volume.
- Adjusted
EBITDA(1) improved to $0.8 million in the current quarter versus
$(4.5) million in the prior year period, and improved as a
percentage of revenues to 1.1% in the current quarter from (9.9)%
in the prior year period. The improvement was driven by a 123.8%
increase in Medical Segment Adjusted EBITDA to $3.3 million in the
current quarter, an 88.7% increase in Passenger Segment Adjusted
EBITDA to $2.8 million and a $2.2 million improvement in Adjusted
Unallocated Corporate Expenses and Software Development to $(5.3)
million.
- Free Cash Flow(1) of
$1.3 million in Q3 2023 increased $7.8 million versus Q3
2022.
- Ended Q3 2023 with
$173.2 million in cash and short term investments.
Business Highlights and Recent
Updates
- Announced Trinity Organ Placement
Services, or TOPS, a new Medical business line helping transplant
centers determine if an organ is a match for a potential
recipient.
- Opened an on-tarmac security
checkpoint at Nice Airport that will allow our fliers to bypass the
terminal and proceed directly to the gate of their connecting
flight after landing on a Blade helicopter.
- Partnered with Ocean Casino to
create an exclusive Blade heliport at their Atlantic City, New
Jersey casino. Charter service is available today and by-the-seat
service, sponsored by Ocean Casino, is planned for Spring
2024.
- The operator for our Canadian
business, operating as Helijet, placed an order for the Beta
Technologies Alia Electric Vertical Aircraft which is expected to
provide future quiet, emission-free air mobility service for Blade
fliers in Canada.
____________________
(1) See “Use of Non-GAAP Financial Measures” attached to this
release for further detail on adjustments to GAAP financial
measures.
Conference CallThe Company will
conduct a conference call starting at 8:00 a.m. ET on Wednesday,
November 8, 2023 to discuss the results for the third quarter
ended September 30, 2023.
A live audio-only webcast of the call may be
accessed from the Investor Relations section of the Company’s
website at https://ir.blade.com/. An archived replay of the call
will be available on the Investor Relations section of the
Company's website for one year.
Use of Non-GAAP Financial
InformationBlade believes that the non-GAAP measures
discussed below, viewed in addition to and not in lieu of our
reported U.S. Generally Accepted Accounting Principles ("GAAP")
results, provide useful information to investors by providing a
more focused measure of operating results, enhance the overall
understanding of past financial performance and future prospects,
and allow for greater transparency with respect to key metrics used
by management in its financial and operational decision making. The
non-GAAP measures presented herein may not be comparable to
similarly titled measures presented by other companies. Adjusted
EBITDA, Segment Adjusted EBITDA, Adjusted Unallocated Corporate
Expenses, Corporate Expenses, Adjusted Corporate Expenses, Flight
Profit, Flight Margin, Free Cash Flow and Pro forma revenue have
been reconciled to the nearest GAAP measure in the tables within
this press release.
Adjusted EBITDA and Segment Adjusted EBITDA -
Blade reports Adjusted EBITDA, which is a non-GAAP financial
measure. This measure excludes non-cash items or certain
transactions that are not indicative of ongoing Company operating
performance and / or items that management does not believe are
reflective of our ongoing core operations (as shown in the table
below). Blade defines Segment Adjusted EBITDA as segment net income
(loss) excluding non-cash items or certain transactions that
management does not believe are reflective of our ongoing core
operations.
Adjusted Unallocated Corporate Expenses – Blade
defines Adjusted Unallocated Corporate Expenses as expenses
attributable to our Corporate expenses and software development
operating segment less non-cash items or certain transactions that
are not indicative of ongoing Company operating performance and /
or items that management does not believe are reflective of our
ongoing core operations that cannot be allocated to either of our
reporting segments (Passenger and Medical). Adjusted Unallocated
Corporate Expenses has the same meaning as Segment Adjusted EBITDA
for our Corporate expenses and software development operating
segment and is reconciled in the tables below under the caption
“Reconciliation of Segment Net Income (loss) to Segment Adjusted
EBITDA.”
Constant currency - The unaudited interim
condensed consolidated financial statements included here are
presented in U.S. dollars. However, Blade's international
operations give rise to fluctuations in foreign exchange rates. To
compare results between periods as if exchange rates had remained
constant period-over-period and allow change in revenue to be
evaluated without the impact of foreign currency exchange rate
fluctuations, Blade has included results in constant currency.
These are calculated by applying the current period exchange rates
to local currency reported results for both the current and prior
year.
Corporate Expenses and Adjusted Corporate
Expenses - Blade defines Corporate Expenses as total operating
expenses excluding cost of revenue. Blade defines Adjusted
Corporate Expenses as Corporate Expenses excluding non-cash items
or certain transactions that are not indicative of ongoing Company
operating performance and / or items that management does not
believe are reflective of our ongoing core operations.
Flight Profit and Flight Margin - Blade defines
Flight Profit as revenue less cost of revenue. Cost of revenue
consists of flight costs paid to operators of aircraft and cars,
landing fees, right-of-use ("ROU") asset amortization and internal
costs incurred in generating ground transportation revenue using
the Company’s owned cars. Blade defines Flight Margin for a period
as Flight Profit for the period divided by revenue for the same
period. Blade believes that Flight Profit and Flight Margin provide
a more accurate measure of the profitability of the Company's
flight and ground operations, as they focus solely on the direct
costs associated with those operations.
Free Cash Flow - Blade defines Free Cash Flow as
net cash provided by / (used in) operating activities less capital
expenditures.
Pro forma revenue - Pro forma revenue gives
effect to revenue from acquisitions that occurred after the
commensurate period of the prior year as if they had been acquired
on the first day of the commensurate period of the prior year. Pro
forma change in revenue is calculated as the difference between the
current reported GAAP revenue and the comparative period pro forma
revenue. Management believes that discussing pro forma revenue
contributes to the understanding of Blade's performance and trends,
because it allows for comparisons of the current year period to
that of prior years, normalized for the impact of acquisitions.
Management believes that pro forma change in revenue assists in
measuring the underlying revenue growth of our business as it
stands as of the end of the current year period, which we believe
provides insight into our then-current operations. Pro forma change
in revenue does not represent organic revenue generated by our
business as it stood at the beginning of the prior year period.
Financial Results
BLADE AIR MOBILITY, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(in thousands, except share data, unaudited) |
|
|
September 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
36,815 |
|
|
$ |
43,296 |
|
Restricted cash |
|
1,459 |
|
|
|
1,127 |
|
Accounts receivable, net of allowance of $148 and $0 at
September 30, 2023 and December 31, 2022 |
|
21,040 |
|
|
|
10,877 |
|
Short-term investments |
|
136,414 |
|
|
|
150,740 |
|
Prepaid expenses and other current assets |
|
13,009 |
|
|
|
12,086 |
|
Total current assets |
|
208,737 |
|
|
|
218,126 |
|
|
|
|
|
Non-current assets: |
|
|
|
Property and equipment, net |
|
3,322 |
|
|
|
2,037 |
|
Investment in joint venture |
|
390 |
|
|
|
390 |
|
Intangible assets, net |
|
41,572 |
|
|
|
46,365 |
|
Goodwill |
|
39,229 |
|
|
|
39,445 |
|
Operating right-of-use asset |
|
23,290 |
|
|
|
17,692 |
|
Other non-current assets |
|
974 |
|
|
|
970 |
|
Total assets |
$ |
317,514 |
|
|
$ |
325,025 |
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
$ |
18,768 |
|
|
$ |
16,536 |
|
Deferred revenue |
|
6,835 |
|
|
|
6,709 |
|
Operating lease liability, current |
|
4,760 |
|
|
|
3,362 |
|
Total current liabilities |
|
30,363 |
|
|
|
26,607 |
|
|
|
|
|
Non-current liabilities: |
|
|
|
Warrant liability |
|
3,260 |
|
|
|
7,083 |
|
Operating lease liability, long-term |
|
19,588 |
|
|
|
14,970 |
|
Deferred tax liability |
|
1,426 |
|
|
|
1,876 |
|
Total liabilities |
|
54,637 |
|
|
|
50,536 |
|
|
|
|
|
Stockholders' Equity |
|
|
|
Preferred stock, $0.0001 par value, 2,000,000 shares authorized at
September 30, 2023 and December 31, 2022. No shares
issued and outstanding at September 30, 2023 and
December 31, 2022. |
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value; 400,000,000 authorized; 74,208,433
and 71,660,617 shares issued at September 30, 2023 and
December 31, 2022, respectively. |
|
7 |
|
|
|
7 |
|
Additional paid in capital |
|
386,953 |
|
|
|
375,873 |
|
Accumulated other comprehensive income |
|
1,730 |
|
|
|
2,287 |
|
Accumulated deficit |
|
(125,813 |
) |
|
|
(103,678 |
) |
Total stockholders' equity |
|
262,877 |
|
|
|
274,489 |
|
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
317,514 |
|
|
$ |
325,025 |
|
BLADE AIR MOBILITY, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except share and per share data, unaudited) |
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
71,442 |
|
|
$ |
45,722 |
|
|
$ |
177,702 |
|
|
$ |
107,985 |
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
Cost of revenue |
|
55,863 |
|
|
|
36,456 |
|
|
|
144,590 |
|
|
|
90,685 |
|
Software development |
|
1,076 |
|
|
|
2,026 |
|
|
|
3,639 |
|
|
|
3,923 |
|
General and administrative |
|
19,265 |
|
|
|
15,812 |
|
|
|
53,932 |
|
|
|
41,934 |
|
Selling and marketing |
|
2,686 |
|
|
|
1,856 |
|
|
|
8,025 |
|
|
|
5,294 |
|
Total operating expenses |
|
78,890 |
|
|
|
56,150 |
|
|
|
210,186 |
|
|
|
141,836 |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(7,448 |
) |
|
|
(10,428 |
) |
|
|
(32,484 |
) |
|
|
(33,851 |
) |
|
|
|
|
|
|
|
|
Other non-operating income (expense) |
|
|
|
|
|
|
|
Interest income, net |
|
2,147 |
|
|
|
1,173 |
|
|
|
6,178 |
|
|
|
1,892 |
|
Change in fair value of warrant liabilities |
|
5,719 |
|
|
|
425 |
|
|
|
3,823 |
|
|
|
22,241 |
|
Realized loss from sales of short-term investments |
|
— |
|
|
|
(359 |
) |
|
|
(95 |
) |
|
|
(2,071 |
) |
Total other non-operating income |
|
7,866 |
|
|
|
1,239 |
|
|
|
9,906 |
|
|
|
22,062 |
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
418 |
|
|
|
(9,189 |
) |
|
|
(22,578 |
) |
|
|
(11,789 |
) |
|
|
|
|
|
|
|
|
Income tax expense (benefit) |
|
129 |
|
|
|
56 |
|
|
|
(443 |
) |
|
|
56 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
289 |
|
|
$ |
(9,245 |
) |
|
$ |
(22,135 |
) |
|
$ |
(11,845 |
) |
|
|
|
|
|
|
|
|
Net income (loss) per share: |
|
|
|
|
|
|
|
Basic |
$ |
— |
|
|
$ |
(0.13 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.17 |
) |
Diluted |
$ |
— |
|
|
$ |
(0.13 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.17 |
) |
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
74,139,422 |
|
|
|
71,466,085 |
|
|
|
73,108,263 |
|
|
|
71,099,764 |
|
Diluted |
|
81,006,859 |
|
|
|
71,466,085 |
|
|
|
73,108,263 |
|
|
|
71,099,764 |
|
BLADE AIR MOBILITY, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(in thousands, unaudited) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
289 |
|
|
$ |
(9,245 |
) |
|
$ |
(22,135 |
) |
|
$ |
(11,845 |
) |
Adjustments to reconcile net income (loss) to net cash and
restricted cash used in operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
1,843 |
|
|
|
1,441 |
|
|
|
5,305 |
|
|
|
3,741 |
|
Stock-based compensation |
|
3,330 |
|
|
|
1,685 |
|
|
|
9,348 |
|
|
|
5,627 |
|
Change in fair value of warrant liabilities |
|
(5,719 |
) |
|
|
(425 |
) |
|
|
(3,823 |
) |
|
|
(22,241 |
) |
Realized loss from sales of short-term investments |
|
— |
|
|
|
359 |
|
|
|
95 |
|
|
|
2,071 |
|
Realized foreign exchange loss |
|
1 |
|
|
|
12 |
|
|
|
6 |
|
|
|
7 |
|
Accretion of interest income on held-to-maturity securities |
|
(1,692 |
) |
|
|
(311 |
) |
|
|
(4,716 |
) |
|
|
(311 |
) |
Deferred tax benefit |
|
129 |
|
|
|
— |
|
|
|
(443 |
) |
|
|
— |
|
Loss on disposal of property and equipment |
|
— |
|
|
|
132 |
|
|
|
— |
|
|
|
197 |
|
Bad debt expense |
|
171 |
|
|
|
— |
|
|
|
171 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
1,521 |
|
|
|
121 |
|
|
|
(1,104 |
) |
|
|
(3,781 |
) |
Accounts receivable |
|
1,251 |
|
|
|
(337 |
) |
|
|
(10,379 |
) |
|
|
(4,461 |
) |
Other non-current assets |
|
16 |
|
|
|
93 |
|
|
|
(8 |
) |
|
|
(1,059 |
) |
Operating right-of-use assets/lease liabilities |
|
44 |
|
|
|
90 |
|
|
|
421 |
|
|
|
196 |
|
Accounts payable and accrued expenses |
|
3,999 |
|
|
|
2,980 |
|
|
|
4,086 |
|
|
|
4,255 |
|
Deferred revenue |
|
(3,160 |
) |
|
|
(2,941 |
) |
|
|
147 |
|
|
|
(417 |
) |
Other |
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
(5 |
) |
Net cash provided by / (used in) operating
activities |
|
2,023 |
|
|
|
(6,351 |
) |
|
|
(23,029 |
) |
|
|
(28,026 |
) |
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
Acquisitions, net of cash acquired |
|
— |
|
|
|
(48,101 |
) |
|
|
— |
|
|
|
(48,101 |
) |
Investment in joint venture |
|
— |
|
|
|
(190 |
) |
|
|
— |
|
|
|
(190 |
) |
Purchase of property and equipment |
|
(695 |
) |
|
|
(93 |
) |
|
|
(2,085 |
) |
|
|
(719 |
) |
Purchase of short-term investments |
|
— |
|
|
|
(125 |
) |
|
|
(135 |
) |
|
|
(578 |
) |
Proceeds from sales of short-term investments |
|
— |
|
|
|
39,677 |
|
|
|
20,532 |
|
|
|
248,377 |
|
Purchase of held-to-maturity investments |
|
(135,690 |
) |
|
|
(139,911 |
) |
|
|
(265,835 |
) |
|
|
(139,911 |
) |
Proceeds from maturities of held-to-maturity investments |
|
133,350 |
|
|
|
20,000 |
|
|
|
264,537 |
|
|
|
20,000 |
|
Net cash (used in) / provided by investing
activities |
|
(3,035 |
) |
|
|
(128,743 |
) |
|
|
17,014 |
|
|
|
78,878 |
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
Proceeds from the exercise of common stock options |
|
9 |
|
|
|
2 |
|
|
|
63 |
|
|
|
81 |
|
Taxes paid related to net share settlement of equity awards |
|
(15 |
) |
|
|
(154 |
) |
|
|
(116 |
) |
|
|
(1,165 |
) |
Net cash used in financing activities |
|
(6 |
) |
|
|
(152 |
) |
|
|
(53 |
) |
|
|
(1,084 |
) |
|
|
|
|
|
|
|
|
Effect of foreign exchange rate changes on cash balances |
|
(101 |
) |
|
|
(16 |
) |
|
|
(81 |
) |
|
|
(9 |
) |
Net (decrease) increase in cash and cash equivalents and
restricted cash |
|
(1,119 |
) |
|
|
(135,262 |
) |
|
|
(6,149 |
) |
|
|
49,759 |
|
Cash and cash equivalents and restricted cash -
beginning |
|
39,393 |
|
|
|
188,246 |
|
|
|
44,423 |
|
|
|
3,225 |
|
Cash and cash equivalents and restricted cash -
ending |
$ |
38,274 |
|
|
$ |
52,984 |
|
|
$ |
38,274 |
|
|
$ |
52,984 |
|
|
|
|
|
|
|
|
|
Reconciliation to the unaudited interim condensed
consolidated balance sheets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
36,815 |
|
|
$ |
51,845 |
|
|
$ |
36,815 |
|
|
$ |
51,845 |
|
Restricted cash |
|
1,459 |
|
|
|
1,139 |
|
|
|
1,459 |
|
|
|
1,139 |
|
Total |
$ |
38,274 |
|
|
$ |
52,984 |
|
|
$ |
38,274 |
|
|
$ |
52,984 |
|
|
Key Metrics and Non-GAAP Financial
Information
DISAGGREGATED REVENUE BY PRODUCT LINE |
(in thousands, unaudited) |
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Passenger segment |
|
|
|
|
|
|
|
Short Distance |
$ |
30,388 |
|
$ |
20,402 |
|
$ |
59,997 |
|
$ |
35,568 |
Jet and Other |
|
7,607 |
|
|
5,101 |
|
|
23,092 |
|
|
22,274 |
Total |
$ |
37,995 |
|
$ |
25,503 |
|
$ |
83,089 |
|
$ |
57,842 |
|
|
|
|
|
|
|
|
Medical segment |
|
|
|
|
|
|
|
MediMobility Organ Transport |
$ |
33,447 |
|
$ |
20,219 |
|
|
94,613 |
|
|
50,143 |
Total |
$ |
33,447 |
|
$ |
20,219 |
|
$ |
94,613 |
|
$ |
50,143 |
|
|
|
|
|
|
|
|
Total Revenue |
$ |
71,442 |
|
$ |
45,722 |
|
$ |
177,702 |
|
$ |
107,985 |
SEGMENT INFORMATION: REVENUE, FLIGHT PROFIT, FLIGHT MARGIN,
ADJUSTED EBITDA WITH RECONCILIATION TO TOTAL ADJUSTED
EBITDA |
(in thousands except percentages, unaudited) |
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Passenger |
$ |
37,995 |
|
|
$ |
25,503 |
|
|
$ |
83,089 |
|
|
$ |
57,842 |
|
Medical |
|
33,447 |
|
|
|
20,219 |
|
|
|
94,613 |
|
|
|
50,143 |
|
Total Revenue |
$ |
71,442 |
|
|
$ |
45,722 |
|
|
$ |
177,702 |
|
|
$ |
107,985 |
|
|
|
|
|
|
|
|
|
Passenger |
$ |
9,410 |
|
|
$ |
6,094 |
|
|
$ |
16,864 |
|
|
$ |
9,261 |
|
Medical |
|
6,169 |
|
|
|
3,172 |
|
|
|
16,248 |
|
|
|
8,039 |
|
Total Flight Profit |
$ |
15,579 |
|
|
$ |
9,266 |
|
|
$ |
33,112 |
|
|
$ |
17,300 |
|
|
|
|
|
|
|
|
|
Passenger |
|
24.8 |
% |
|
|
23.9 |
% |
|
|
20.3 |
% |
|
|
16.0 |
% |
Medical |
|
18.4 |
% |
|
|
15.7 |
% |
|
|
17.2 |
% |
|
|
16.0 |
% |
Total Flight Margin |
|
21.8 |
% |
|
|
20.3 |
% |
|
|
18.6 |
% |
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
Passenger |
$ |
2,777 |
|
|
$ |
1,472 |
|
|
$ |
(2,353 |
) |
|
$ |
(2,746 |
) |
Medical |
|
3,346 |
|
|
|
1,495 |
|
|
|
8,249 |
|
|
|
3,529 |
|
Total Segment Adjusted EBITDA |
|
6,123 |
|
|
|
2,967 |
|
|
|
5,896 |
|
|
|
783 |
|
Adjusted unallocated corporate expenses and software
development |
|
(5,336 |
) |
|
|
(7,515 |
) |
|
|
(17,281 |
) |
|
|
(20,427 |
) |
Total Adjusted EBITDA |
$ |
787 |
|
|
$ |
(4,548 |
) |
|
$ |
(11,385 |
) |
|
$ |
(19,644 |
) |
RECONCILIATION OF REPORTED REVENUE TO PRO FORMA
REVENUE |
(in thousands except percentages, unaudited) |
|
The following unaudited pro forma financial
information presents what our revenue would have been if the Blade
Europe business had been acquired on July 1, 2022 and January 1,
2022 for the three months and nine months ended September 30, 2022,
respectively. As a result, pro forma revenue includes revenue
generated during periods when we did not yet own the acquired
business. This unaudited pro forma financial information should not
be relied upon as being indicative of the historical results that
would have been obtained if the acquisition had occurred on that
date, nor the results that may be obtained in the future.
Three Months Ended September 30, |
|
|
|
|
|
|
|
|
Total |
|
Short Distance |
|
Jet and Other |
|
MediMobility Organ Transport |
Reported Revenue three months ended September 30,
2022 |
$ |
45,722 |
|
|
$ |
20,402 |
|
|
$ |
5,101 |
|
|
$ |
20,219 |
|
Impact of Blade Europe |
|
10,969 |
|
|
|
10,969 |
|
|
|
— |
|
|
|
— |
|
Pro forma Revenue |
$ |
56,691 |
|
|
$ |
31,371 |
|
|
$ |
5,101 |
|
|
$ |
20,219 |
|
|
|
|
|
|
|
|
|
Reported Revenue three months ended September 30,
2023 |
$ |
71,442 |
|
|
$ |
30,388 |
|
|
$ |
7,607 |
|
|
$ |
33,447 |
|
Pro forma change in revenue |
|
26.0 |
% |
|
|
(3.1 |
)% |
|
|
49.1 |
% |
|
|
65.4 |
% |
|
|
|
|
|
|
|
|
Impact of foreign currency translation |
|
0.5 |
% |
|
|
0.9 |
% |
|
** |
|
** |
Pro forma constant currency change in revenue |
|
25.5 |
% |
|
|
(4.0 |
)% |
|
|
49.1 |
% |
|
|
65.4 |
% |
** Percentage not applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
Total |
|
Short Distance |
|
Jet and Other |
|
MediMobility Organ Transport |
Reported Revenue six months ended September 30,
2022 |
$ |
107,985 |
|
|
$ |
35,568 |
|
|
$ |
22,274 |
|
|
$ |
50,143 |
|
Impact of Blade Europe |
|
23,369 |
|
|
|
23,369 |
|
|
|
— |
|
|
|
— |
|
Pro forma Revenue |
$ |
131,354 |
|
|
$ |
58,937 |
|
|
$ |
22,274 |
|
|
$ |
50,143 |
|
|
|
|
|
|
|
|
|
Reported Revenue three months ended September 30,
2023 |
$ |
177,702 |
|
|
$ |
59,997 |
|
|
$ |
23,092 |
|
|
$ |
94,613 |
|
Pro forma change in revenue |
|
35.3 |
% |
|
|
1.8 |
% |
|
|
3.7 |
% |
|
|
88.7 |
% |
|
|
|
|
|
|
|
|
Impact of foreign currency translation |
|
0.2 |
% |
|
|
0.4 |
% |
|
** |
|
** |
Pro forma constant currency change in revenue |
|
35.1 |
% |
|
|
1.4 |
% |
|
|
3.7 |
% |
|
|
88.7 |
% |
** Percentage not applicable |
|
|
|
|
|
|
|
SEATS FLOWN - ALL PASSENGER FLIGHTS |
(unaudited) |
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Seats flown – all passenger flights |
50,821 |
|
28,440 |
|
121,008 |
|
75,175 |
REVENUE, FLIGHT PROFIT, FLIGHT MARGIN, ADJUSTED CORPORATE
EXPENSES, ADJUSTED EBITDA |
(in thousands except percentages, unaudited) |
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP Revenue |
$ |
71,442 |
|
|
$ |
45,722 |
|
|
$ |
177,702 |
|
|
$ |
107,985 |
|
GAAP Cost of Revenue |
|
55,863 |
|
|
|
36,456 |
|
|
|
144,590 |
|
|
|
90,685 |
|
Flight Profit |
|
15,579 |
|
|
|
9,266 |
|
|
|
33,112 |
|
|
|
17,300 |
|
Flight Margin |
|
21.8 |
% |
|
|
20.3 |
% |
|
|
18.6 |
% |
|
|
16.0 |
% |
Adjusted Corporate Expense |
|
14,792 |
|
|
|
13,814 |
|
|
|
44,497 |
|
|
|
36,944 |
|
Adjusted Corporate Expense as a percentage of Revenue |
|
20.7 |
% |
|
|
30.2 |
% |
|
|
25.0 |
% |
|
|
34.2 |
% |
Adjusted EBITDA |
$ |
787 |
|
|
$ |
(4,548 |
) |
|
$ |
(11,385 |
) |
|
$ |
(19,644 |
) |
Adjusted EBITDA as a percentage of Revenue |
|
1.1 |
% |
|
|
(9.9 |
)% |
|
|
(6.4 |
)% |
|
|
(18.2 |
)% |
RECONCILIATION OF REVENUE LESS COST OF REVENUE TO FLIGHT
PROFIT AND LOSS FROM OPERATIONS |
(in thousands except percentages, unaudited) |
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
71,442 |
|
|
$ |
45,722 |
|
|
$ |
177,702 |
|
|
$ |
107,985 |
|
Cost of revenue (1) |
|
(55,863 |
) |
|
|
(36,456 |
) |
|
|
(144,590 |
) |
|
|
(90,685 |
) |
Flight Profit |
$ |
15,579 |
|
|
$ |
9,266 |
|
|
$ |
33,112 |
|
|
$ |
17,300 |
|
Flight Margin |
|
21.8 |
% |
|
|
20.3 |
% |
|
|
18.6 |
% |
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
Flight Profit |
$ |
15,579 |
|
|
$ |
9,266 |
|
|
$ |
33,112 |
|
|
$ |
17,300 |
|
Reconciling items: |
|
|
|
|
|
|
|
Software development |
|
(1,076 |
) |
|
|
(2,026 |
) |
|
|
(3,639 |
) |
|
|
(3,923 |
) |
General and administrative |
|
(19,265 |
) |
|
|
(15,812 |
) |
|
|
(53,932 |
) |
|
|
(41,934 |
) |
Selling and marketing |
|
(2,686 |
) |
|
|
(1,856 |
) |
|
|
(8,025 |
) |
|
|
(5,294 |
) |
Loss from operations |
$ |
(7,448 |
) |
|
$ |
(10,428 |
) |
|
$ |
(32,484 |
) |
|
$ |
(33,851 |
) |
__________(1) Cost of revenue consists of flight
costs paid to operators of aircraft and cars, landing fees, ROU
asset amortization and internal costs incurred in generating organ
ground transportation revenue using the Company's owned cars.
RECONCILIATION OF TOTAL OPERATING EXPENSES TO ADJUSTED
CORPORATE EXPENSES |
(in thousands except percentages, unaudited) |
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
71,442 |
|
|
$ |
45,722 |
|
|
$ |
177,702 |
|
|
$ |
107,985 |
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
78,890 |
|
|
|
56,150 |
|
|
|
210,186 |
|
|
|
141,836 |
|
Subtract: |
|
|
|
|
|
|
|
Cost of revenue |
|
55,863 |
|
|
|
36,456 |
|
|
|
144,590 |
|
|
|
90,685 |
|
Corporate Expenses |
$ |
23,027 |
|
|
$ |
19,694 |
|
|
$ |
65,596 |
|
|
$ |
51,151 |
|
Corporate Expenses as percentage of Revenue |
|
32.2 |
% |
|
|
43.1 |
% |
|
|
36.9 |
% |
|
|
47.4 |
% |
Adjustments to reconcile Corporate Expenses to Adjusted
Corporate Expenses |
|
|
|
|
|
|
|
Subtract: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
1,843 |
|
|
|
1,441 |
|
|
|
5,305 |
|
|
|
3,741 |
|
Stock-based compensation |
|
3,330 |
|
|
|
1,685 |
|
|
|
9,348 |
|
|
|
5,627 |
|
Legal and regulatory advocacy fees (1) |
|
217 |
|
|
|
143 |
|
|
|
640 |
|
|
|
2,054 |
|
Executive severance costs |
|
— |
|
|
|
— |
|
|
|
265 |
|
|
|
— |
|
SOX readiness costs |
|
145 |
|
|
|
— |
|
|
|
180 |
|
|
|
— |
|
Contingent consideration compensation (earn-out) (2) |
|
2,700 |
|
|
|
— |
|
|
|
5,361 |
|
|
|
— |
|
Short-term incentive plan costs (3) |
|
— |
|
|
|
1,250 |
|
|
|
— |
|
|
|
— |
|
M&A transaction costs |
|
— |
|
|
|
1,361 |
|
|
|
— |
|
|
|
2,785 |
|
Adjusted Corporate Expenses |
$ |
14,792 |
|
|
$ |
13,814 |
|
|
$ |
44,497 |
|
|
$ |
36,944 |
|
Adjusted Corporate Expenses as percentage of Revenue |
|
20.7 |
% |
|
|
30.2 |
% |
|
|
25.0 |
% |
|
|
34.2 |
% |
__________(1) Represents certain legal and
regulatory advocacy fees for matters (primarily the proposed
restrictions at East Hampton Airport and the potential operational
restrictions on large jet aircraft at Westchester Airport) that we
do not consider representative of legal and regulatory advocacy
costs that we will incur from time to time in the ordinary course
of our business. It is worth noting that we do not anticipate
incurring any further legal fees related to the Westchester
litigation.(2) Represents contingent consideration compensation for
the three months and nine months ended September 30, 2023 of $2,700
and $5,700, respectively, in connection with the Trinity
acquisition in respect of 2023 results and a $339 credit recorded
in connection with the settlement of the equity-based portion of
Trinity's contingent consideration that was paid in the first
quarter of 2023 in respect of 2022 results.(3) In the three months
ended September 30, 2022, the short-term incentive plan was
approved, and accordingly, an accrual attributable to the nine
months ended September 30, 2022 was recorded in the quarter. The
accrual related to the six months ended June 30, 2022 was added
back to the three months ended September 30, 2022 to allow for a
more meaningful comparison with the current period.
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA |
(in thousands except percentages, unaudited) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) |
$ |
289 |
|
|
$ |
(9,245 |
) |
|
$ |
(22,135 |
) |
|
$ |
(11,845 |
) |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
1,843 |
|
|
|
1,441 |
|
|
|
5,305 |
|
|
|
3,741 |
|
Stock-based compensation |
|
3,330 |
|
|
|
1,685 |
|
|
|
9,348 |
|
|
|
5,627 |
|
Change in fair value of warrant liabilities |
|
(5,719 |
) |
|
|
(425 |
) |
|
|
(3,823 |
) |
|
|
(22,241 |
) |
Realized loss from sales of short-term investments |
|
— |
|
|
|
359 |
|
|
|
95 |
|
|
|
2,071 |
|
Interest income, net |
|
(2,147 |
) |
|
|
(1,173 |
) |
|
|
(6,178 |
) |
|
|
(1,892 |
) |
Income tax expense (benefit) |
|
129 |
|
|
|
56 |
|
|
|
(443 |
) |
|
|
56 |
|
Legal and regulatory advocacy fees (1) |
|
217 |
|
|
|
143 |
|
|
|
640 |
|
|
|
2,054 |
|
Executive severance costs |
|
— |
|
|
|
— |
|
|
|
265 |
|
|
|
— |
|
SOX readiness costs |
|
145 |
|
|
|
— |
|
|
|
180 |
|
|
|
— |
|
Contingent consideration compensation (earn-out) (2) |
|
2,700 |
|
|
|
— |
|
|
|
5,361 |
|
|
|
— |
|
Short-term incentive plan costs (3) |
|
— |
|
|
|
1,250 |
|
|
|
— |
|
|
|
— |
|
M&A transaction costs |
|
— |
|
|
|
1,361 |
|
|
|
— |
|
|
|
2,785 |
|
Adjusted EBITDA |
$ |
787 |
|
|
$ |
(4,548 |
) |
|
$ |
(11,385 |
) |
|
$ |
(19,644 |
) |
Adjusted EBITDA as a percentage of Revenue |
|
1.1 |
% |
|
|
(9.9 |
)% |
|
|
(6.4 |
)% |
|
|
(18.2 |
)% |
__________(1) Represents certain legal and
regulatory advocacy fees for matters (primarily the proposed
restrictions at East Hampton Airport and the potential operational
restrictions on large jet aircraft at Westchester Airport) that we
do not consider representative of legal and regulatory advocacy
costs that we will incur from time to time in the ordinary course
of our business. It is worth noting that we do not anticipate
incurring any further legal fees related to the Westchester
litigation.(2) Represents contingent consideration compensation for
the three months and nine months ended September 30, 2023 of $2,700
and $5,700, respectively, in connection with the Trinity
acquisition in respect of 2023 results and a $339 credit recorded
in connection with the settlement of the equity-based portion of
Trinity's contingent consideration that was paid in the first
quarter of 2023 in respect of 2022 results.(3) In the three months
ended September 30, 2022, the short-term incentive plan was
approved, and accordingly, an accrual attributable to the nine
months ended September 30, 2022 was recorded in the quarter. The
accrual related to the six months ended June 30, 2022 was added
back to the three months ended September 30, 2022 to allow for a
more meaningful comparison with the current period.
RECONCILIATION OF NET CASH PROVIDED BY / (USED IN)
OPERATING ACTIVITIES TO FREE CASH FLOW |
(in thousands, unaudited) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net cash provided by / (used in) operating
activities |
$ |
2,023 |
|
|
$ |
(6,351 |
) |
|
$ |
(23,029 |
) |
|
$ |
(28,026 |
) |
Purchase of property and equipment |
|
(695 |
) |
|
|
(93 |
) |
|
|
(2,085 |
) |
|
|
(719 |
) |
Free Cash Flow |
$ |
1,328 |
|
|
$ |
(6,444 |
) |
|
$ |
(25,114 |
) |
|
$ |
(28,745 |
) |
RECONCILIATION OF SEGMENT NET INCOME (LOSS) TO SEGMENT
ADJUSTED EBITDA |
(in thousands, unaudited) |
|
|
|
Three Months Ended September 30, 2023 |
|
Three Months Ended September 30, 2022 |
|
|
Passenger |
|
Medical |
|
Unallocated Corporate expenses and software
development |
|
Passenger |
|
Medical |
|
Unallocated Corporate expenses and software
development |
Segment net income (loss) |
|
$ |
801 |
|
$ |
(85 |
) |
|
$ |
(427 |
) |
|
$ |
(416 |
) |
|
$ |
999 |
|
$ |
(9,828 |
) |
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,376 |
|
|
416 |
|
|
|
51 |
|
|
|
1,024 |
|
|
|
374 |
|
|
43 |
|
Stock-based compensation |
|
|
383 |
|
|
315 |
|
|
|
2,632 |
|
|
|
197 |
|
|
|
92 |
|
|
1,396 |
|
Change in fair value of warrant liabilities |
|
|
— |
|
|
— |
|
|
|
(5,719 |
) |
|
|
— |
|
|
|
— |
|
|
(425 |
) |
Realized loss from sales of short-term investments |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
359 |
|
Interest income, net |
|
|
— |
|
|
— |
|
|
|
(2,147 |
) |
|
|
— |
|
|
|
— |
|
|
(1,173 |
) |
Income tax expense (benefit) |
|
|
— |
|
|
— |
|
|
|
129 |
|
|
|
— |
|
|
|
— |
|
|
56 |
|
Legal and regulatory advocacy fees (1) |
|
|
217 |
|
|
— |
|
|
|
— |
|
|
|
143 |
|
|
|
— |
|
|
— |
|
SOX readiness costs |
|
|
— |
|
|
— |
|
|
|
145 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Contingent consideration compensation (earn-out) (2) |
|
|
— |
|
|
2,700 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Short-term incentive plan costs (3) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
524 |
|
|
|
30 |
|
|
696 |
|
M&A transaction costs |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
1,361 |
|
Segment Adjusted EBITDA |
|
$ |
2,777 |
|
$ |
3,346 |
|
|
$ |
(5,336 |
) |
|
$ |
1,472 |
|
|
$ |
1,495 |
|
$ |
(7,515 |
) |
|
|
Nine Months Ended September 30, 2023 |
|
Nine Months Ended September 30, 2022 |
|
|
Passenger |
|
Medical |
|
Unallocated Corporate expenses and software
development |
|
Passenger |
|
Medical |
|
Unallocated Corporate expenses and software
development |
Segment net income (loss) |
|
$ |
(8,154 |
) |
|
$ |
1,055 |
|
$ |
(15,036 |
) |
|
$ |
(8,258 |
) |
|
$ |
2,215 |
|
$ |
(5,802 |
) |
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,873 |
|
|
|
1,279 |
|
|
153 |
|
|
|
2,502 |
|
|
|
1,124 |
|
|
115 |
|
Stock-based compensation |
|
|
1,095 |
|
|
|
554 |
|
|
7,699 |
|
|
|
956 |
|
|
|
190 |
|
|
4,481 |
|
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
— |
|
|
(3,823 |
) |
|
|
— |
|
|
|
— |
|
|
(22,241 |
) |
Realized loss from sales of short-term investments |
|
|
— |
|
|
|
— |
|
|
95 |
|
|
|
— |
|
|
|
— |
|
|
2,071 |
|
Interest income, net |
|
|
— |
|
|
|
— |
|
|
(6,178 |
) |
|
|
— |
|
|
|
— |
|
|
(1,892 |
) |
Income tax expense (benefit) |
|
|
— |
|
|
|
— |
|
|
(443 |
) |
|
|
— |
|
|
|
— |
|
|
56 |
|
Legal and regulatory advocacy fees (1) |
|
|
640 |
|
|
|
— |
|
|
— |
|
|
|
2,054 |
|
|
|
— |
|
|
— |
|
Executive severance costs |
|
|
193 |
|
|
|
— |
|
|
72 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
SOX readiness costs |
|
|
— |
|
|
|
— |
|
|
180 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Contingent consideration compensation (earn-out) (2) |
|
|
— |
|
|
|
5,361 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
M&A transaction costs |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
2,785 |
|
Segment Adjusted EBITDA |
|
$ |
(2,353 |
) |
|
$ |
8,249 |
|
$ |
(17,281 |
) |
|
$ |
(2,746 |
) |
|
$ |
3,529 |
|
$ |
(20,427 |
) |
______________(1) Represents certain legal and
regulatory advocacy fees for matters (primarily the proposed
restrictions at East Hampton Airport and the potential operational
restrictions on large jet aircraft at Westchester Airport) that we
do not consider representative of legal and regulatory advocacy
costs that we will incur from time to time in the ordinary course
of our business. It is worth noting that we do not anticipate
incurring any further legal fees related to the Westchester
litigation.(2) Represents contingent consideration compensation for
the three months and nine months ended September 30, 2023 of $2,700
and $5,700, respectively, in connection with the Trinity
acquisition in respect of 2023 results and a $339 credit recorded
in connection with the settlement of the equity-based portion of
Trinity's contingent consideration that was paid in the first
quarter of 2023 in respect of 2022 results.(3) In the three months
ended September 30, 2022, the short-term incentive plan was
approved, and accordingly, an accrual attributable to the nine
months ended September 30, 2022 was recorded in the quarter. The
accrual related to the six months ended June 30, 2022 was added
back to the three months ended September 30, 2022 to allow for a
more meaningful comparison with the current period.
LAST TWELVE MONTHS DISAGGREGATED REVENUE BY PRODUCT
LINE |
(in thousands, unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
Last Twelve Months |
|
September 30,2023 |
|
June 30,2023 |
|
March 31,2023 |
|
December 31,2022 |
Product Line: |
|
|
|
|
|
|
|
|
|
|
Short Distance |
|
$ |
69,415 |
|
$ |
30,388 |
|
$ |
19,184 |
|
$ |
10,425 |
|
$ |
9,418 |
Jet and Other |
|
|
30,173 |
|
|
7,607 |
|
|
7,406 |
|
|
8,079 |
|
|
7,081 |
MediMobility Organ Transport |
|
|
116,249 |
|
|
33,447 |
|
|
34,399 |
|
|
26,767 |
|
|
21,636 |
Total Revenue |
|
$ |
215,837 |
|
$ |
71,442 |
|
$ |
60,989 |
|
$ |
45,271 |
|
$ |
38,135 |
|
About Blade Air Mobility
Blade is a technology-powered, global air
mobility platform committed to reducing travel friction by
providing cost-effective air transportation alternatives to some of
the most congested ground routes in the U.S. and abroad. Today, the
Company predominantly uses helicopters and amphibious aircraft for
its passenger routes and is also one of the largest air medical
transporters of human organs for transplant in the world. Its
asset-light model, coupled with its exclusive passenger terminal
infrastructure, is designed to facilitate a seamless transition to
Electric Vertical Aircraft (“EVA” or “eVTOL”), which is expected to
enable lower cost air mobility to the public that is both quiet and
emission-free.
For more information, visit www.blade.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all statements that are not
historical facts and may be identified by the use of words such as
"will", “anticipate,” “believe,” “could,” “continue,” “expect,”
“estimate,” “may,” “plan,” “outlook,” “future” and “project” and
other similar expressions and the negatives of those terms. These
statements, which involve risks and uncertainties, relate to
analyses and other information that are based on forecasts of
future results and estimates of amounts not yet determinable and
may also relate to Blade’s future prospects, developments and
business strategies. In particular, such forward-looking statements
include statements concerning Blade’s future financial and
operating performance, results of operations, industry environment
and growth opportunities, plans to release guidance, new product
lines, and the development and adoption of EVA technology. These
statements are based on management’s current expectations and
beliefs, as well as a number of assumptions concerning future
events. Actual results may differ materially from the results
predicted, and reported results should not be considered as an
indication of future performance.
Such forward-looking statements are subject to
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside Blade’s control, that
could cause actual results to differ materially from the results
discussed in the forward-looking statements. Factors that could
cause actual results to differ materially from those expressed or
implied in forward-looking statements include: our continued
incurrence of significant losses; the impact of the COVID-19
pandemic and its related effects, failure of the markets for our
offerings to grow as expected, or at all; our ability to
effectively market and sell air transportation as a substitute for
conventional methods of transportation; the inability or
unavailability to use or take advantage of the shift, or lack
thereof, to EVA technology; our ability to successfully enter new
markets and launch new routes and services; any adverse publicity
stemming from accidents involving small aircraft, helicopters or
charter flights and, in particular, any accidents involving our
third-party operators; the effects of competition; harm to our
reputation and brand; our ability to provide high-quality customer
support; our ability to maintain a high daily aircraft usage rate;
changes in consumer preferences, discretionary spending and other
economic conditions; impact of natural disasters, outbreaks and
pandemics, economic, social, weather, growth constraints, and
regulatory conditions or other circumstances on metropolitan areas
and airports where we have geographic concentration; the effects of
climate change, including potential increased impacts of severe
weather and regulatory activity; the availability of aircraft fuel;
our ability to address system failures, defects, errors, or
vulnerabilities in our website, applications, backend systems or
other technology systems or those of third-party technology
providers; interruptions or security breaches of our information
technology systems; our placements within mobile applications; our
ability to protect our intellectual property rights; our use of
open source software; our ability to expand and maintain our
infrastructure network; our ability to access additional funding;
the increase of costs and risks associated with international
expansion; our ability to identify, complete and successfully
integrate future acquisitions; our ability to manage our growth;
increases in insurance costs or reductions in insurance coverage;
the loss of key members of our management team; our ability to
maintain our company culture; our reliance on contractual
relationships with certain transplant centers and Organ Procurement
Organizations; effects of fluctuating financial results; our
reliance on third-party operators; the availability of third-party
operators; disruptions to third party operators; increases in
insurance costs or reductions in insurance coverage for our
third-party aircraft operators; the possibility that our
third-party aircraft operators may illegally, improperly or
otherwise inappropriately operate our branded aircraft; our
reliance on third-party web service providers; changes in our
regulatory environment; regulatory obstacles in local governments;
the expansion of domestic and foreign privacy and security laws;
the expansion of environmental regulations; our ability to
remediate any material weaknesses or maintain internal controls
over financial reporting; our ability to maintain effective
internal controls and disclosure controls; changes in the fair
value of our warrants; and other factors beyond our control.
Additional factors can be found in our most recent Annual Report on
Form 10-K and Quarterly Report on Form 10-Q, each as filed with the
U.S. Securities and Exchange Commission. New risks and
uncertainties arise from time to time, and it is impossible for us
to predict these events or how they may affect us. You are
cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made, and Blade
undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, changes in
expectations, future events or otherwise.
Press ContactsFor Media
RelationsLee Gold press@blade.com
For Investor RelationsLee
Goldinvestors@blade.com
Blade Air Mobility (NASDAQ:BLDE)
Historical Stock Chart
From May 2024 to Jun 2024
Blade Air Mobility (NASDAQ:BLDE)
Historical Stock Chart
From Jun 2023 to Jun 2024