Investor Presentaiton
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
RECONCILIATION OF SEGMENT NET INCOME (LOSS) TO SEGMENT ADJUSTED EBITDA
(in thousands, unaudited)
Three Months Ended September 30, 2023
Three Months Ended September 30, 2022
Unallocated
Corporate
expenses and
Passenger
Medical
software
development
Passenger
Medical
Segment net income (loss)
Reconciling items:
$
801
$
(85) $
(427) $
(416) $
999
$
Unallocated
Corporate
expenses and
software
development
(9,828)
Depreciation and amortization
1,376
416
51
1.024
Stock-based compensation
383
315
2.632
Change in fair value of warrant liabilities
Realized loss from sales of short-term
investments
(5,719)
Interest income, net
Income tax expense (benefit)
Legal and regulatory advocacy fees (1)
SOX readiness costs
Contingent consideration compensation
(earn-out) (2)
217
| | | | |
(2,147)
129
145
2,700
Short-term incentive plan costs (3)
M&A transaction costs
Segment Adjusted EBITDA
$
2,777
$
3,346 $
(5,336) $
1,472
524
ཤྰ༅། |||4| : IE
374
197
ཌམ།
43
92
1,396
(425)
359
(1,173)
56
30
696
1.361
S
1,495 $
(7,515)
(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 contingent consideration compensation for the three months and nine months ended September 30, 2023 of $2,700 and $5,700,
respectively, in connection with the Trinity acquisition in respect of 2023 results and a $339 credit recorded in connection with the settlement of the
equity-based portion of Trinity's contingent consideration that was paid in the first quarter of 2023 in respect of 2022 results.
(3) In the three months ended September 30, 2022, the short-term incentive plan was approved, and accordingly, an accrual attributable to the nine
months ended September 30, 2022 was recorded in the quarter. The accrual related to the six months ended June 30, 2022 was added back to the
three months ended September 30, 2022 to allow for a more meaningful comparison with the current period.
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