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 AIR MOBILITY, INC.
RECONCILIATION OF SEGMENT NET INCOME (LOSS) TO SEGMENT ADJUSTED EBITDA
(in thousands, unaudited)
Three Months Ended June 30, 2023
Three Months Ended June 30, 2022
Unallocated
Corporate
expenses and
software
Passenger
Medical
development
Segment net income (loss).
Reconciling items:
$
(3,837) $
(497) $
Passenger
Medical
(7,898) $
(2,326) $
694
$
Unallocated
Corporate
expenses and
software
development
10.044
Depreciation and amortization
Stock-based compensation
1,363
397
50
744
374
37
352
123
2,322
333
45
Change in fair value of warrant liabilities
Realized loss from sales of short-term
2.462
1,466
(19,266)
investments
Interest income, net
Income tax benefit
Legal and regulatory advocacy fees (1)
Executive severance costs
SOX readiness costs
| | | | | |
14
(2,077)
(376)
164
72
35
1,576
(455)
Contingent consideration compensation
(earn-out) (2)
M&A transaction costs
Segment Adjusted EBITDA
3,000
451
$
(2,075) $
3.023 $
(5,396) $
(1,085) $
1,113
$
(6.147)
BLADE
(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 of $3,000 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.
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