Investor Presentaiton
FY 2022 - Revenue and Adjusted EBITDA Overview
Total Adjusted EBITDA margin improved by approximately 180 basis points from 2021 to 2022
($ in millions)
Passenger Revenue
Year Ended December 31,
2021
2022
%A vs 2021
$52.2
$74.3
Medical Revenue
15.0
71.8
Total Revenue
$67.2
$146.1
42.4%
380.1%
117.6%
Passenger Flight Profit
$10.3
$11.3
Medical Flight Profit
2.6
Total Flight Profit
$12.9
11.6
$22.9
9.6%
354.2%
78.1%
Passenger Flight Margin
19.7%
15.2%
nm
Medical Flight Margin
17.1%
16.1%
nm
Total Flight Margin
19.1%
15.7%
nm
Passenger Segment Adj. EBITDA
$1.3
($6.4)
nm
Medical Segment Adj. EBITDA
1.1
5.1
357.6%
Total Segment Adjusted EBITDA
$2.4
($1.3)
nm
Passenger Segment Adj. EBITDA Margin
2.5%
(8.6%)
nm
Medical Segment Adj. EBITDA Margin
7.5%
7.1%
nm
Total Segment Adj. EBITDA Margin
3.6%
(0.9%)
nm
Corporate expenses and software
(16.3)
(26.2)
(60.9%)
development
Total Adjusted EBITDA
($13.9)
($27.5)
Total Adjusted EBITDA Margin
(20.6%)
(18.8%)
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 acquisitions in Canada and Europe, ramp up of Blade
Airport, and higher pricing across our by-the-seat and charter products
Medical revenue growth driven by the acquisition of Trinity, the addition of new transplant
center clients, growth within existing clients, and strong market growth
Decline in Passenger Flight Margin attributable to (i) reintroduction of Blade Airport
(launched in June 2021), and (ii) the impact of the COVID-19 Omicron variant on demand
for travel in Canada; these impacts were partially offset by higher pricing
Decline in Passenger Segment Adjusted EBITDA attributable to (i) reintroduction of Blade
Airport, and (ii) the timing of Blade Europe acquisitions in September after the summer
peak period, when seasonally low revenues do not cover fixed costs
Full year Medical Segment Adjusted EBITDA reflects full year contribution of Trinity and
significant organic growth
Increase in corporate expense represents full year impact of public company costs, in
addition to increased headcount and Software Development expenses
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