Investor Presentaiton
Revenue and Adjusted EBITDA Overview
Both business segments contribute positive Flight Margin
($ in millions)
Three Months Ended March 31,
2022
2023
%A vs 2022
Passenger Revenue
Medical Revenue
$14.0
12.7
$18.5
26.8
Total Revenue
$26.6
$45.3
32.6%
111.2%
70.0%
Passenger Flight Profit
$0.7
Medical Flight Profit
2.2
Total Flight Profit
$2.9
$2.8
4.4
$7.2
308.1%
94.8%
145.1%
Passenger Flight Margin
Medical Flight Margin
4.9%
15.2%
17.6%
16.3%
nm
nm
Total Flight Margin
11.0%
15.8%
nm
Passenger Segment Adj. EBITDA
($2.6)
($3.1)
Medical Segment Adj. EBITDA
1.0
Total Segment Adjusted EBITDA
($1.7)
1.9
($1.2)
(17.1%)
97.7%
29.1%
Unallocated corporate and
(6.1)
(6.5)
(7.9%)
software expense
Total Adjusted EBITDA
($7.7)
($7.7)
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) continued growth in
Canada and Blade Airport, and (iii) higher pricing across our by-the-seat and charter
products. Growth partially offset by lower contribution from our Jet / Other business line
Medical revenue growth driven by the acquisition of Trinity, the addition of new transplant
center clients, growth within existing clients, and strong market growth
Improvement in Passenger Flight Margin attributable to (i) improved profitability in Canada
(given prior year period was adversely impacted by the COVID-19 Omicron variant), (ii)
contribution from Europe, which generates above-average Flight Margin, and (iii) stronger
pricing. Improvements were partially offset by lower margins in our Blade Airport and
seasonal by-the-seat jet business line
Decline in Passenger Segment Adjusted EBITDA attributable to (i) the timing of Blade
Europe acquisitions, when seasonally low revenues do not cover fixed costs, and (ii) lower
contribution from our Jet / Other business line, partially offset by improved profitability in
Canada
Growth in Medical Segment Adjusted EBITDA reflects flow through on significant revenue
growth
Increase in corporate expense represents increased Software Development expenses, and
establishment of Short-Term Incentive Plan, partially offset by cost savings
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