Investor Presentaiton
Use Of Non-GAAP Information (Continued)
We operate our business as two reportable segments - Passenger and Medical.
Segment Flight Profit and Flight Margin - Flight Profit is calculated as revenue less cost of revenue excluding non-cash timing of ROU asset amortization. Cost of revenue consists
of flight costs paid to operators or aircraft and cars, landing fees and internal costs incurred in generating organ ground transportation revenue using the Company's owned cars.
Flight Margin is calculated as Flight Profit divided by revenue. Flight Profit and Flight Margin are measures that management uses to assess the performance of the business. 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. Blade believes the exclusion of the ROU asset amortization from Flight Profit and Flight Margin is helpful as it better represents the
Company's actual payable expenses in exchange for the flights served by the operators in the fourth quarter. We also believe that excluding this non-cash ROU amortization
expense will aid comparable to prior and future periods as we do not expect it to re-occur after the fourth quarter of 2022.
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.
"
BLADE
BLADE AIR MOBILITY, INC.
SEGMENT INFORMATION: REVENUE, FLIGHT PROFIT, FLIGHT MARGIN, ADJUSTED EBITDA WITH RECONCILIATION TO
TOTAL ADJUSTED EBITDA
(in thousands except percentages, unaudited)
Three Months Ended March 31,
2023
2022
Passenger
Medical
Total Revenue
S
18.504 $
26.767
13.955
12.675
S
45.271 $
26.630
Passenger
S
2,812
$
689
Medical
4.352
2.234
Total Flight Profit
Passenger
Medical
S
7,164
$
2.923
15.2 %
4.9 %
16.3 %
17.6%
Total Flight Margin
15.8 %
11.0 %
Passenger
$
(3.055) $
(2.609)
Medical
1.880
951
Total Segment Adjusted EBITDA
(1.175)
(1.658)
Adjusted unallocated corporate expenses and software development
(6.549)
(6,069)
Total Adjusted EBITDA
S
(7.724) $
(7,727)
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