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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. 48
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