Investor Presentaiton
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Q3 2023 Revenue and Adjusted EBITDA Overview
Significant year-over-year improvement in Revenue, Flight Profit, and Adjusted EBITDA
Three Months Ended September 30,
($ in millions)
Passenger Revenue
2022
2023
%A vs 2022
$25.5
$38.0
Medical Revenue
20.2
33.4
Total Revenue
$45.7
$71.4
49.0%
65.4%
56.3%
Passenger Flight Profit
$6.1
$9.4
54.4%
Medical Flight Profit
3.2
6.2
94.5%
Total Flight Profit
$9.3
$15.6
68.1%
Passenger Flight Margin
23.9%
24.8%
Medical Flight Margin
15.7%
18.4%
nm
nm
Total Flight Margin
20.3%
21.8%
nm
Passenger Segment Adj. EBITDA
$1.5
$2.8
Medical Segment Adj. EBITDA
1.5
3.3
Total Segment Adjusted EBITDA
$3.0
$6.1
88.5%
124.0%
106.4%
Passenger Segment Adj. EBITDA Margin
5.8%
7.3%
nm
Medical Segment Adj. EBITDA Margin
7.4%
10.0%
nm
Total Segment Adj. EBITDA Margin
6.5%
8.6%
nm
Unallocated corporate and software
(7.5)
(5.3)
29.0%
expense
Total Adjusted EBITDA
($4.5)
$0.8
Total Adjusted EBITDA Margin
(9.9%)
1.1%
Note: Definition of all non-GAAP numbers and reconciliation to GAAP numbers are provided in the Appendix of this presentation
BLADE
Passenger revenue growth driven by (i) acquisition in Europe, (ii) strong utilization and
pricing advancements in Blade Airport, (iii) growth across other Short Distance business
lines, and (iv) higher Jet charter volumes
Medical revenue growth driven by the addition of new transplant center clients, growth
within existing clients, and strong market growth
Improvement in Passenger Flight Margin attributable to (i) contribution from Blade Europe,
(ii) strong utilization and pricing advancements in Blade Airport, and (iii) improved growth
and profitability across other Short Distance business lines
Improvement in Medical Flight Margin attributable to increased use of dedicated aircraft,
which results in lower costs and less repositioning
Decrease in corporate expense attributable to cost actions taken across the business
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