Earnings call transcript Q1 2023

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Operator

Good day and thank you for standing by. Welcome to the Blade Air Mobility, Inc.’s Fiscal First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

the to hand speakers. now will conference your over I

Ravi Jani

the standing Thank welcome conference Thanks XXst, for us morning. everyone for We call ended by appreciate XXXX. webcast Mobility and Good today. Air you and joining March Blade to and quarter the

statement be this including get forward-looking may conference XXXX. time to are historical I’d facts, call about statements meaning the started, language. the within periods Harbor we Securities of to remind that Safe Before of constitute forward-looking the Statements statements future of you Litigation deemed like company’s and made in the Act Reform not Private

forward-looking with These of refer discussion date our SEC differences. this filed from of only subject more materially XX-K those uncertainties, cause and expressed the forward-looking annual as risk filings, the or call including statements you SEC a and to these that our provided the this during call. risks could made Any for report We actual detailed statements implied Form on results statements. differ are of are factors future the may by to forward-looking

forward-looking As law. except stated SEC disclaims these Blade intent as obligation in to revise or required filings, or by update any our statements,

consolidated in During is presentation. investor financial which our measures be comparable press non-GAAP useful the measures we financial of financial also in to earnings non-GAAP provided performance. financial today’s GAAP call, we release discuss directly certain most evaluating will these measures, believe may our A and reconciliation

These call or with prepared for should be Wiesenthal, William accordance Form Blade; Executive results GAAP. Our at section Financial Officer available and Chief our on Rob measures press are of in Hosting and the not XX-Q ir.blade.com. Relations our isolation, of financial a Founder today’s and in Chief Heyburn, presentation Investor are; Officer. website considered substitute release, investor non-GAAP

to the I call will over Rob Rob? turn Wiesenthal. now

Rob Wiesenthal

consecutive our morning in quarter ahead the of XXXX results XXX% XX% in $XX.X everyone. the $XX.X you, our profit released versus Thank to million with quarter in increased million in increased expectations. the period, Ravi. strong results We resulting $X.X versus quarter $X.X while first period. Revenue to seventh million comparable this Good morning, XXXX flight XXXX by financial comparable March million

quarter. of EBITDA points the as in adjusted a year. negative XX% $X.X XXXX flat of a corporate roughly Adjusted to in growth nearly This our notable in driven EBITDA outpaced one prior quarters. negative basis particularly versus that by our profit XXXX This expense. adjusted that of million improved was percentage significant is QX given by was the seasonably is And margin March increase lightest revenue, flight

in the Importantly, EBITDA set a of versus quarter adjusted for foundation improvement on And results our in with significant full our we balance year commitments to year. strong remain a deliver first the XXXX. track XXXX

we in were double-digit quarter. Airport, product to Canada prior seats up Airport nearly of on or highlights our some reported basis, increases increase between flown comparable versus travelers in delivered XXX% a pleased revenue by a in up of growth the the acquisitions Short Distance XXX% our XX% by flies with Europe, per to robust driven Blade another in quarter area period, airports. in ramp which revenue Blade York Turning and average see New solid continued nearly In seat. combined Manhattan increased year and growth, driven

Blade. customer acquisition accessible most Uber starting for US, In prices Blade’s entry with therefore, products our big $XXX seat bet is with level for consistent pricing, airport and the Black at

same start airport the by of in period website showing digital the and XXXX, more engagement. on and strategy on We marketing awareness increase and with efficiently continue Airport to new spend Blade since on XXX% interconnected channels. the targeted to in our audience by app to granular our on strong to a focus relative booking getting more page has and optimize visits This even spending the user increased year, our

accomplished same the roughly media a of year, Airport upfront Remarkably, year-over-year which from Meanwhile, we’ve $XX year, start spend. the Blade Airport since flights contributing has last of unlimited this Furthermore, for with Pass+, is less the for between year, revenue period XX% increase in growth seen airport. for with driver New in York XX% an to the new major offers Manhattan versus fliers and a another XX% cost fliers customers. airports been first-time $XXX

Year-to-date, and value up that fliers more airport Airport the experience confidence versus demonstrating important fly Airport times time Blade period year, Blade giving value Passes This in an sold is average is of lifetime typically that a customer given of number strong extremely savings the base. our us customer the last more that and XX XXX% year, the offers. same of Passholders

trends we far in second-best Blade current we and finished to Airport, we the witnessed have which ever investments pay thus us are the in XXXX, continue April quarter, second that as to product, making schedule respect in the off. marketing, offerings by confidence With including service booking trends for strong are our the month encouraged revenue giving and

to on Moving Europe.

available flyable performance due including and longer our These maintenance. delays Our expected quarter. impacted capacity in Europe in factors, by season, aircraft this during was an to unusually winter quarter fewer than warm days the reduced ski factors several scheduled weather,

upcoming the all that which Grand the attendees have Monaco Monaco Festival, ensure throughout Cannes in season, adequate to the next Show, the However, with addition Yacht starts will aircraft summer availability conferences and for over Prix, world. with Lions, this Cannes from peak week Film numerous we the Europe’s

launched season in and that helicopter Line, we service by-the-seat Blade’s acquisition, European our since our Europe our Monaco, marketing between campaign high is have highest the Europe. Nice first the all volume for in of Given historically this service

efficiency impactful resulting launched campaigns conversion. We noticeable in in marketing have improvements and

throughout Europe. capitalize continue agencies on travel brand referrals drive promoters, for will momentum concierges and to incentivize We to our and awareness ambassadors, with Blade

helicopter forward to to our be Canada look This we bring to summer. to fliers Nice across will and passenger terminals pleased Cannes and the Europe, India. Monaco, terminals which will XX in that soon. be welcoming announce all service by-the-seat opening us this also Nice new I’m US, And running Cannes, and a we’ll between

and This is now we healthy encouraging in us experience Europe, website, Blade we at our very build that also US technology renowned our the lucrative It acceptance helping across that Blade as for early unlock and stage. to brand app while over consumer-friendly of awareness XX% game-changing the Europe is are brand bookings or of on are happening brand this partnerships. for demonstrating local the and global

our by XXX% with existing expansion Organ and wins, advances driven organic we We’ve In size continued organ another strong addressable can new recipient. travel delivered transport, in hospital order terms the the quarter MediMobility get both record being market, market preservation increasing in growth. perfusion hospitals, the how to of to organ end are in of and the the organs from in number transplanted, transplant in past to with growth discussed technology distance organs of donor the addition

dynamic capable Blade revenue as higher typically this results aircraft. require larger, and higher in traffic more both For permission, distances longer

positioned supporting mobility potential discarded. technology. as continue otherwise for For organ broad, to asset-light fit well platform, a air we a and transplant been our incredibly It’s means matching adopt receive hospitals they to our are recipients, perfect have this that flexible, might it the new

of legislators television very awareness day. with is both business part saving video and and investors, lives every build highly campaign a targeted We and this about important also hospitals, that our profitable launched to

leverage competencies we On evaluate manner, can the in experience profitability actively we and infrastructure, and platform, our low-risk where front, will customer M&A to in accelerate opportunities that core continue operational technology operator terminal our and a bolt-on excellence. strategic to network path brand,

by respect Therefore, will focus to We are remains on capital our disciplined with long-term value. sheet strong current which environment in allocation fortified with market strategic a creating remain shareholder balance weapon. we the a

of X% Centers, board the since Jet Separately, our QSR. and Directors. investment John announced of appointment has RedBird’s leads a Technologies RedBird in as partner consumer firm Partners, to a well March RedBird January BETA or we at Andrew the Borthwick Lauck and vertical, Andrew is EVA where its observer as and been in Capital he Blade, over stake Aero the Company, as firm’s in Linx, including Board

technologies. relevant confident and he years I’m our Borthwick actually member consumer-facing and when first that in a based technology more business-to-business and started demand optimizing CEO private And flight John was and Betaworks, XX information be and vital to brings our company as company of fliers about their the real-time expertise of economics. investment Board the is data York. insights was in and will John and customers a flights, Blade’s of New collect Founder incubation over

FAA by for topic Administrator, remain the the vertical of Nolen we certification, aircraft Billy and the strong or EVA industry. the FAA On Acting encouraged support shown by electric

his will We operating prices from as across that zero more acceleration summer, globally regions. noise, we our zones down and process add optimistic to as the exponentially his the the of of will successor Nolen As reduced costs. provide remain convenience believe to all has maintenance operating and greater step emissions, technology lower Mr. our to grow prepares business fliers continue these for this we This such transformative and certification enable lower potential to aircrafts. numerous potential benefits landing for innovative has the role that our support EVA that

and our conventional transition and our EVA, Passenger best-in-class of we on for services our fortify towards ultimate Regardless to world remain optimize experience, continuing our to the while business expanding and to timing aircraft, of profitability that terminal technologies EVA, infrastructure improving consumer-friendly footprint flow. will using focused the providing always cash mobility the air around fliers serve free scale

the I’ll call over to Will. that, turn With

Will Heyburn

XXXX first I’ll Distance, versus million in first Rob. up period. from walk highlights Short comparable quarter. you, business of was through by the in driven both Blade our for acquisitions to XXXX Thank the pro were $X.X in Growth million continued XXX% quarter $XX.X In service. Distance revenue from Xst, acquisition lines few a of in closed quarter, XX% in Airport the revenues versus our basis, September periods a adjusting first year and and rebound Canada, XXXX, translation. forma currency Blade including Short increased a the On our prior in results Europe, which on growth

A Distance products. another from highlights we New growth. saw business, significant quick of In York quarter Short our and specific per few passenger seat revenue Airport

continued levels, second strong seasonally by XXXX doubled QX pleased revenues that slower versus we than QX are to-date. were always in we While QX, XXXX quarter Airport year-over-year is the comparable growth XXXX encouraged QX and nearly

significant prior revenue period, prior profitable business. a the saw increasing improvement XX% the Short Distance our to year remains versus contributor it year with comparable versus a and Canada

in to demand see levels country. is the encouraged XX% approximately We’re pre-COVID of this still progress given

As winter in resulted Alps, levels. continent, lower was impacted warm with Europe performance XXXX mentioned, Rob coupled versus weather in the revenues unseasonably on which record the conditions the poor by in quarter flying the

quarters by seasonality. slowest like in I’d again Europe’s terms QX that far of and However, to emphasize are QX

Turning now XXXX increased in increased to XXXX the comparable the MediMobility Notably, first quarter sequentially the of XXXX XXXX. Organ million in versus million to quarter XXX% in $XX.X $XX.X Revenue first revenue of Transport. of quarter versus fourth the period. XX%

of Air clients in with organic, Given was quarter the Trinity to addition addition our strong driven completed overall acquisition the approximately half market driven new quarter’s of Medical remainder in by growth. the growth of growth customers, by growth this September of this and existing XXXX, was all of with

maintained As seeing of on being to possible which is deployment be perfusion driven transport by earlier, traditional than for in cold transport. touched longer with allow Rob the growth new we’re organs technologies,

years not technology have as Blade to Coast waiting Alaska, developers and month of yet, recipients ago, For to a different in transports. organ few just successfully would and advancing proud of we West to completed last on trips Coast. and multiple from from This were multiple April, possible profusion alone, type journey serviced been delivering support example, donors East we the lungs such

like intended these their if have is it and volumes not not time. that recipients I’d incredible these happened, technologies, to trips organs is organ these That emphasize in increasing weren’t and new to have say would may for transport that technology perfusion lives. reached saving

coal traditional the often aircraft, Blade’s which per a these and given multiple dynamic transport and can those more require our more unique longer trips, often capable in costs flight organ availability works given with times transport, of associated This are logistically broad flexibility. challenging. aircraft favor Additionally, for be

continue of the can to transplant, outcomes to preservation So and Perfusion and we expect methods, it supply for improving the will traditional the market. given lower is proving of vast further trips technology utilize become organs expanding increase already available patient costs. majority

making in We are a honored missions to part our success. play these lifesaving

in to expect MediMobility realize We recent growth XXXX, sequential single-digit levels full see quarter wins. normalizing in balance the continued customer once at impact of of the we

and quarter first per declined year versus volume both driven quarter XXXX the by in charter of XX% average in revenue year. in the price prior million period. Other, jet $X.X decline In and lower Jet to by first versus the The lower XXXX $X.X prior the was of million

prior first demand the variant. given particularly Omicron benefited quarter expected, year the by As strong somewhat COVID-XX from driven

continued We volume market the and in as declines year year-over-year in expect charter the pricing the jet normalizes. of balance

As business, to margin business a our by core generating while not our very reminder, and MediMobility though strategy, with dollars jet aircraft fliers to incremental charter secure helps fixed costs. is us a capacity Blade flight for favorable benefiting limited the

$X.X significant profitable Canada, and first did of Turning the first XXX% first the year Blade XX% the significant of increase profit. was in improvement of XXXX driven Europe, XXXX, by from quarter to in increased prior comparable margin in the of to in in quarter in in a own flight the the prior we contribution the profit the million period. MediMobility year the improved Flight XXXX. acquisitions loss our which quarter quarter year versus XX.X% a not profit also versus after Transport, was million period. Organ in period, in which $X.X in Flight growth The prior current flight generating in

point in estimate an margin we’re XXXX, operate Blade prior points XXX rapidly comparable basis that as of approximately though growing have first ramp drag flyer XXX by quarter, Airport, is are business. in the and year from Airport revenue flight breakeven period. the quarter a we would Absent growth, to continued nearly in been Blade consistent the encouraged higher basis In improvement which the this up, we we below

to ahead the to margin second XXXX, expect quarter slight Looking of high-teens. the to we improve

XX%, selling corporate XXXX. an first in versus the $XX.X of period. XXXX, year flight This administrative, Let’s the XX% adjusting in quarter approximately adjusted percentage a to compares prior in the corporate corporate of and increase to and expenses. XXXX, increase and for of turn a quarter totaled which the as a When expenses, adjusted increase marketing revenue in expense now versus our software expense total to of general resulting includes and declining revenues non-recurring and non-cash development, of profit revenue of first quarter XXX%, first million XX% of items, XX% of

We are see pleased leverage. underlying creating to operational platform economic Blade’s is that

including to tough drive continue cost further decisions We look for necessary. to opportunities operating expense our leverage where to optimize structure making

quarter expense total driven high a while the corporate seasonal significantly a spend, to single-digit first As of increase improving second revenues. we to expect percentage percentage look the by headcount of to and XXXX, typical relative we adjusted as of quarter XXXX, marketing primarily by

in outpaced of strong roughly of XX% year or negative first was prior versus improved as growth, revenues the to the profit adjusted of quarter flight but outcome comparable from was XXXX, which result period. a of in This expense. XX% $X.X growth and corporate the revenue EBITDA XXXX Adjusted million a year the in of comparable negative percentage period, loss in first quarter prior flat a

reflect which of that includes second establishment million was incentive in accrued therefore the quarter tough short-term during comp the was prior XXXX, This approximately note in particularly to the created of continue also plan, of will would on third a a expense and which the corporate quarter. $X.X year line, the for expense quarter I implemented this period. not

quarter below we to which as and related the revenue Europe, despite not Additionally, weak quarter. burden acquisitions, year felt of full SG&A Blade seasonally flight expected, first the prior this period, the profit, operated exist limited breakeven in during did as our

versus prior the The did the year-over-year customers the to work improved Organ to solutions period. year a team segment Medical Moving million results. comparable million Trinity Total MediMobility of more patients, is growth the bring to in first quarter our adjusted Transport $X.X XXXX our result in to significant significant market improvement $X segment with and coupled as previously. of tremendous discussed EBITDA

the $X.X generated quarter reflects our in business first results offset Canada. our million increased and In This fixed and period. negative not an where the The and Distance Europe, costs, includes which prior in EBITDA XXXX partially results Blade Jet segment negative in million cover Passenger primarily lines, in line. did Other Short the profit by our was both lower and versus adjusted the versus of prior flight $X.X year segment, quarter improvement loss business Jet profitability in our in Blade year at our Other was

negative operating This cash. to primary Moving of of $XX.X adjusted primarily cash first EBITDA a was $X.X in Operating investment cash use million driven flow in working difference the was capital. and by the between a three The million items: $X.X was million of driver quarter. flow

primarily million business. XX-day attributable where customers high-class the Organ a increase revenue $X.X accounts the require significant in in as growth a hospital this saw to terms. MediMobility to growth receivable, view Transport, we XX in problem the First, rapid given We

in our expenses, Second, year payment a for out incentives, as plan. the XXXX, our accounts outstanding we acquisition the agreed agreement, $X.X of part saw including payable accrued performance million team as incentive and decline driven to as well by in an short-term Trinity their of earn XXXX prior

Lastly, which partially agreements $X.X by in in million. increase medical. was we This purchase by to driven prepaid aircraft to our million connection offset revenue an a in expenses, $X.X with growth deferred of capacity in increase saw was support deposits operators

million result, end of balance With sheet, acquisitions. and remain We available in XXXX. have to of a significant of and quarter as a liquidity that forthcoming our we to amount we respect and profitability, first as $XXX to in this for be will confident to short-term zero path securities tangible the continue and debt expect our of continue cash approximately strategic the

for Rob a few to it turn I’ll over closing that, With back remarks.

Rob Wiesenthal

the and built a platform by volume the operating improved profitable have was that At a today, Blade, the to we we to Simply in start scalable Thanks, will the by generated be be we conventional put, pleased is tomorrow. EVA year, our in are seeing and that can metrics strong quarter. Will. to prior using growth aircraft are this transition

As operating and routes the on people shareholders globe, precious air company friction the for flying that we largest value urban alike. currently exist across world, cargo mobility our the highest and are in customers the generating today

manner enable we in business waiting our our of attractive as enhance intrinsic it, returns Instead, arrival. call EVA, While we not Aircraft or Electric long-term and Vertical are will our value growth for future. a deploying the the profile, generates on increasing idly their for laser-focused we while now, right return remain that exponential capital

With over questions. that, I’ll turn it for Ravi to

Ravi Jani

Thanks, Rob.

As we today. a we’re call from send the take questions will and on Reporters this to reminder, now questions. ready should analysts me directly. investors inquiries for Operator,

Operator

this conduct session. question [Operator from question. we At Cacanando with question-and-answer you. Deutsche Thank time, Bank. ahead a Our your will Hillary with first Instructions] comes Go

Hillary Cacanando

was it’s just if you pricing. question. the Thanks know I quarter it Last to if of seat I need average or with more lay strong to know than great per good higher about the this but quarter to I more Hi, increase taking was, morning. increase dynamic for see pricing this demand you volume in end. my fears. could was guess due revenues, think the talk $XXX average due about with recession was wondering there the And even pricing even that pricing? was what Is you you higher last that quarter XXX% due there, you said

Rob Wiesenthal

It’s seat the Wiesenthal higher you of per Rob of And I I Last averaging for about a may the highest repeat of the the your XX% speaking. we’re that’s revenue question. previous I part we now. right to question, think seat actually ever than week record. had first $XXX, think second the week I ask $XXX part the got

providing York prices. actually you what call without different know land we’ve you know, largely move cars refunds, classes that’s multimodality despite flexible that cars, we take growth, that like classes in you classes, to destination New allow upgrades your ground continued these and on fare to you flights the, And stage ticket connects fees, allow seen types take of City that average the overall increases that ultimate driven you side, once by through you,

that, And they’re increases. price $XXX Overall, this is driven prices, like not add-ons of I well. different a as called make people are and classes to sure these necessarily fare really understand lot that still by

a had part question you not your of Now have second answered. may that

Hillary Cacanando

was that’s later or I No, know if fears any you given, because, year know, half of really recession, this know, know, to just, kind you Yeah. there of I of perhaps. wanted you interesting, just was pushback

way So the it’s that strong seems really up interesting the pricing a see very still demand. the revenue, it and you to there’s like know, went $XXX, all

So the you know, year-over-year. about increased had Blade that revenue Airport said you XXX%

I of more as but to due just due see or volume which I it strong increased know, an the impact? wanted more kind to you So was it know higher more volume, pricing had was was of well,

Will Heyburn

definitely this both, quarter. it was Yeah, in

testing was You upgrades. larger But at peak base from know a we’re Rob in all then those continued the As times, price. strong the great prices we’ve growth higher getting mentioned, And volume results the higher we’re see increase And driver. to also, times. despite

Rob Wiesenthal

committed to dynamic the pricing strategy that we call Wall is working. Street I’ll

awareness We definitely seeing at yet, the of there. of we’re of the pleased impacting and into more we Europe as still definitely flying all, York are acquisition growth think And the you using New a pushback brand know, passengers I of international lot they’re Blade that have, very fliers. definitely kind international a service. much the a and is pretty not number

So overall, we’re very very, pleased.

Hillary Cacanando

you on about what’s entirely year, longer-term due Or driven like in your great. Omicron? trend volume? of sector know is could And business. pricing kind you just that’s volume kind know that and Is driving last to part strategy. of you you. down there and know a Jet strong by your demand it Okay, talk core Thank But lower driving I pricing? then of that’s the not

Rob Wiesenthal

helicopter want thank you of provide they you pricing with just call of that for know, need very It and competitive tremendous it. when we know, the business, customers you take business, that. part in fly organ the because our who we mentioning is drove Well, all you not country. jets, over everything core Yes. industry our on you suggests, we to the like constantly know, And do know, have

the an add-on So really kind ancillary is of revenue. in type of

return to did get demand and companies of know, not skis, I ahead aircraft. operate are we you’re that’s charter for other or numbers however, seeing a industry, unlike a and lot it’s in who you in leading better more our normal hospital really think really our of pricing, the important anything asset-light, flights we that is partners. do our The not own to to availability, available normal leads

we get the a And hospital business economics the down pricing way benefit in terms on Blade so growth that of terms of in really annual of should us the help MediMobility. of

to just the may But a in. sense is be you companies of which other cover you give interested really or industry, to overall applicable

that you business just and stick is. were during You didn’t know, And happen. many of they who went and people back terms who back that think of out for way more no you price didn’t there, play in counting And to they commercial, I I were reasons, that demand it it commercial. people became just pure in of the know jet think those companies some safety that personally, the They lot charting thought companies on had coming Jet sensitive. doing would, jets this longer think I a Omicron, are,

Hillary Cacanando

got it, so it. Got you Great, thank much.

Rob Wiesenthal

You’re welcome.

Operator

question. bring up the you. next I’ll Thank

with Helfstein comes next Oppenheimer. from Jason Our question

Your line’s open.

Jason Helfstein

two Hi, questions.

really the Short Distance the to First, strong this see quarter. growth nice on

know that that help business think look showing you about you’re like to of like people growth you when throughout kind You some Europe, back know, mentally about how at understand there’s us would leisure suggest with pulling strong seeing point, versus know your HeliJet not wealthy in I within that. you segment potentially Maybe think like, like you been that? do question

also are down prices broadly XX%. something And then know know you about going you fuel fuel in jet like talk

XX ton entire acquisitions? cost kind from balance lastly, the over as is organic marginal of are investing business any that Thank think How overall, know, you on as And that you. you But know next I know business cash the kind an Just a for of cash you a, has, in tailwind? sheet. months the thinking you. that’s then standpoint, you about the of kind pass-through organic of versus doing on far know, you deploying mostly just

Will Heyburn

Will Hey, Jason, here.

On pretty versus leisure, Canada recovery the question HeliJet to recovery, XXXX. had you profitability. on seeing a impact that in encouraged see QX business business, return of obviously, we’re to mostly with business the that the great in Omicron and we’re actually, But there, easier great know is versus we comp

a seeing. Europe, and But in what see we United the leisure-focused States. we’re similar And we’re little that’s more with seasonality what here to pleased

Of weak quarter in for with course, a this QX. very is along QX seasonally Europe

the closely seeing we going watching like we’re summer. we’re and So what on booking trends the into

you benefits across As the see margin see we Jet to far benefit on you through, you’re the some potentially down as the in the there pricing Rob could know, on side. on do that we’re fuel correct. side, as a way come business, way alluded And see price, down. Medical the that you passing Passenger though Board, down as the And on

profit line, the basis, So Jet down with going top this essentially though year. flat the prior quarter, even from flight on see you a you’re

because that. for of So lot that, of you a can make up

Rob Wiesenthal

just Jason, that. things of to add couple And on a

jet us is gives a which of the the more pricing lot obviously we’re operator very roll very, fuel On decline, industry. as deals rates helpful negotiating That leverage operators, to off. with and our new when kind hourly

hasn’t about that thing which The will I’d I of find very been point think interesting. you Europe, other out some

generally customers a not others, that to something I amount that TripAdvisor, our Europe. our think It throughout seeing and summer fair by increase to, they call is When of interest I think bookings Travel US was to partners, really to Europe are services expect we’re lead in Online the about Kayak, OTA, XX% during looking this Americans I going people something for in talked Agency it, our we and which summer, enjoying here the a hopefully it’s quarter. forward using did that

Will Heyburn

final then on question And the balance your cash on sheet.

You get and know, we’re believe outside and to million need of equivalents. extremely We raise don’t approximately $XXX cash to to any cash capital well we capitalized, profitability.

of there be market. majority unique might the but extremely opportunities we’re macro, that that the up, said, think thinking this we cash we to disciplined. in in going uncertain some We reserved that are could be about acquisitions, So pop

return. be And we’ve and to with the to find we think like multiple so, base, a generate opportunities can transactions new that very I and committed or capabilities bolt-on disciplined acquisition, demonstrated to Trinity I think quickly great buy our down we’ve investor

So part more businesses that’s looking that that they’re grow where follow, kind quickly of family. of can be leverage platform the we’re going once to to Blade the we template and Blade’s

Jason Helfstein

– you Thank

Operator

up question. next Thank I’ll queue one. the you that for

we Bill have Go Peterson is Morgan. your Next line ahead, with J.P. open.

Bill Peterson

morning for thanks questions. Good and the taking

how flights. is, on question and due any this trends relates Other lower primarily continuing your here. aircraft and a be repurposed is growing this I’m also aspect MediMobility for to of faster guess, there’s and you is being talked to that if of know mentioned wondering about this to MediMobility? You you it environment market I Jet kind due First to

in I the times at or past a overnight. these a organ thought lot day different of transplants were

or of to helps focus organ finer the the your transplant solely on synergies and the economics combined organ how the transplants? on that unit So point relative kind to basically overall business, put competitors competitors of potential tried a scale charter of plus

Rob Wiesenthal

for can softness see, on you also faster the little – know this kind I And, There’s flights. I that better of will increases the that our more partners. no that know, company we here. it we I of you Will, question the cost the enjoy you with economics the more grows, that in chime availability fly, importantly, these think guess, know, this

them best So you hopefully, and using flywheel trying that is the And seeing know, them for you across to that possible. know, a that’s value and them definitely getting, in terms the more the just you network. know, of get value something us

affect of this have how of you at And that an definitely a charter, them this to for they’re then, you and is that day the our no works for when something ecosystem there available. know so advantage. you matter Again, there? to ecosystem there add during you whole want use bit Jets, MediMobility, night Will,

Will Heyburn

really more the the availability primary in terms Medical lower our say benefit. going Bill. I pricing, that’s just on to would Yeah, for benefit clients, of there’s be

have works to get agreements that As target XX% us to know, those pricing purchase that to you XX% we capacity those margin. hospitals for

necessarily not to Medical it’s costs business. So lower our for going

we’ve But locations. it they the some with require aircraft particularly new complex, And will multiple profusion often talking about, these multiple from are technology improve of the been more availability. cases

So have it’s flying have definitely you you where increased you’re crews. multiple availability. to that might farther, when Because helpful situation a need

So it become more does complex.

from And longer that more network across asset-light country find with those cases. pulling of so ourselves kind we the

Bill Peterson

of second Okay, thanks my that. that leads And for kind question. to

some So, related questions.

was then the the expand I running in the decent in as the been MediMobility, and quarter. understood you the through like growth strong And XX quarter know, bulk You existing If that last guess, around quarter, correctly, seemed customers. continuing half new that in customers. first I a fourth hospitals had of

how many to a So then I or for new added, last feel so? get sites the eight trying weeks you or in seven guess, since or

you to as that talked you we perfusion know, know, to business set operator. related you up then, You at that’s an one there’s an these about to was player of know related kind trips of And question, much trying understand example? least previous this Alaska the how

understand, these again, answer, Thanks. technologies? to perfusion in feel you trying to new explained advantage? the opportunity your you new sustainable kind for a will get we’re just of how from but think know, you prior growth And be how a of competitive So that have guys I

Will Heyburn

to address happy Yep, those.

customer one front, the started quarter we’ll because a in serving contract. months you sign we and on had months probably it’s know, sign the we of with as sometimes our did large previously. first a customer that start You new we a the not best mentioned growth, contract very customer for previously, know, for indicator We working before

that for. group are customers that another contract the in of have stages we’ve flying started already final of We

So you’re not that seeing they’re that benefit contracted already, though even in lists. customer technically

business So we’re progress the front. development seeing great on

As far what for would increasing technology transport. the is, positive number you know, organs a available is huge the as goes, of say are I the industry. perfusion this for that It’s

of multiple technology. with different working developers we we’re perfusion As mentioned,

are getting that time. partner them organs industry, lift organs. situation think use importantly, when not participating to here of match just boats, to And We’re they us transport use that a clients our most you’re to technology with it’s have to in the maybe where but this going those a of us existing all by in terms help couldn’t folks and trying found we in who to

all these our more these we’re the we the companies and but something center distances encouraged given So, asset-light also business, built transplant of with we some system, Medical, directly from best we and do it’s into model, we of to about cases clients, the think coast-to-coast that’s uniquely complex, that that are from demand of that incredibly redundancy perfusion believe with are the massive not that we retail our amount aggregate, involved. assist just positioned

Rob Wiesenthal

is terrific going Bill, Yeah, companies obviously get to terrific and a This a to add be Rob it’s that I this in business, because want businesses, to that, want to speaking, on again. just business. it’s

hospitals is, may What there’s are of actually having I specifically, to spent they that of really, ones much than very be vendors. when best different hospitals, their companies and that thinking thinking of highest expensive now really would I about, say some And including talked would they’re about, perfusion are time with use you technologies, like less you lots the to use. know,

people cargo in that as XX/X, especially and ground you no arduous does for doing up, and precious there’s over we’ve know, that the fact that that better, world. this the and been the long devices, a and long to, and is technology task, moving it very perfusion something frankly, time, logistics one a building were the expertise your if building opposed from because is And all

Bill Peterson

makes Thanks the Okay, sense. for all color.

Rob Wiesenthal

Thank you.

Operator

open. listener. is Itay one Go But for question you bring last those out, I’ll pronunciation. We ahead, for this Michaeli Apologies from questions. the have your from Thank Citi. line now

Itay Michaeli

Good thanks. everybody. morning, Great,

for Just me. two follow-up stuff

perfusion, think curious, dimension on for gave So saw flight that secondly, then talk complexity I’m second back those how maybe Alaska margin first, what you the of going trips, Blade over quarter? just the see you the margin progress and MediMobility And within guidance the to maybe about what flight given hoping greater longer-term you flight trips? the for margin Airport you Thank just to does you.

Will Heyburn

on front, but aircraft they also make capable you require more so distance, support longer, And the benefit trips generally know, the to the the larger, Itay, the both are the technology. to of profusion that’s equipment.

talking profit about flight per margins essentially similar. more you’re So, dollars trip,

see that you trip on basis. a know you benefit per So

technology know, translate are those you in coming on that as trip. flight data longer it’s revenue telling double-digit, you’ve of because single-digit a have, low lot our you growth from high if got the would of even new that a organs to you trips So side, growth profit transplanted, that profusion in number more

Rob Wiesenthal

you lot Before add Will you in one And the know, the And device benefits complexities Passenger is these into normally it that more hospitals getting fertilization do the me employees technology we of that cross of aircraft, that, gets deal airport of thing. let aircraft. know, and on you Passengers side, also doctors with the assist terms business is XX/X our of perfusion imagine, critical. a have full-time the get one on the devices is we that of terms to the in the have the which and,

know you someone touch know, Blade, not So jet, and pilots send here to would know, may want these you to devices. you frankly, before a

fact where organ the our an that’s on to bit a it’s to little for can the exactly jet – not and not actually definitely value. may this hope complex. want work one know the they important the you And that them have best You time not that all a of or because on we benefit, do can The put added may be board equipment getting doctors with is how along aircraft. know, just and something send with people the

question a I think the you airport. had about

Will Heyburn

of on Itay your next was think, expectations, flight margin the are expectations couple quarters? just I our Yeah, for where question margins

Itay Michaeli

Yes, exactly. Yep.

Will Heyburn

Yep.

we high-teens And to board the we quarter Short higher bit about, strongest Distance expect in So Distance in margins than you’ll you know with flight get the for be to do our the a that’s business. QX. seasonality talked QX, because little profit QX, business of the seasonally this across Short

Itay Michaeli

helpful. Got it. very That’s Thank you. all

Rob Wiesenthal

Thank you.

Operator

our thank last with And does you. that conclude participation the conference. today’s like to Thank you This for your program. in being we’d question,

You may phone. your now disconnect

Blade Air Mobility (BLDE) 11 May 232023 Q1 Earnings call transcript