Q3 2023 Financial Highlights
Use Of Non-GAAP Information (Continued)
We operate our business as two reportable segments - Passenger and Medical.
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 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."
"
BLADE
BLADE AIR MOBILITY, INC.
RECONCILIATION OF SEGMENT NET INCOME (LOSS) TO SEGMENT ADJUSTED EBITDA
(in thousands, unaudited)
Three Months Ended March 31, 2023
Corporate
expenses and
software
development
Three Months Ended March 31, 2022
Passenger
Medical
(6,711) $
(5.516) $
522
S
Corporate
expenses and
software
development
(6.018)
Passenger
Medical
Segment net income (loss)
Reconciling items:
$
(5,118) $
1.637
$
Depreciation and amortization
1.134
466
Stock-based compensation
360
116
52
2,745
Change in fair value of warrant liabilities
Realized loss from sales of short-term
investments
Interest income, net
Income tax benefit
Legal and regulatory advocacy fees (1)
423
Executive severance costs
146
| | | | |
81
(1.954)
(196)
1.747
734
༄༅། །།།G།
426
(566)
| | | | |
376
53
35
1,619
(2,550)
136
(264)
Contingent consideration compensation
(earn-out) (2)
(339)
M&A transaction costs
Segment Adjusted EBITDA
973
$
(3,055) $
1,880
$
(6.549) $
(2,609) $
951
$
(6,069)
(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 the credit recorded in connection with the settlement of the equity-based portion of Trinity's contingent consideration that was paid in
2023 in respect of 2022 results.
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