BLDE - Earnings call transcript Q1 2024 | Blade Air Mobility, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to the Blade Air Mobility Fiscal First Quarter 2024 Earnings Release Conference Call. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to turn the conference over to Mat Schneider, Vice President of Investor Relations and Strategic Finance. Mathew, you may begin.

Mat Schneider

Thanks, and good morning. by, and to ended Webcast XXXX. standing Mobility Blade March for Call Conference for you and the welcome Air XX, Thank the quarter appreciate We us joining everyone today.

of forward-looking within the I results Act language. may harbor meaning made be of time facts, in are that to Securities get and Private risks including and Reform These from call may Statements those future statements would conference the of deemed not we forward-looking expressed statement by to started, remind Litigation uncertainties, Before periods you are the this statements company's XXXX. safe or future like forward-looking statements. statements materially actual to subject historical implied constitute and forward-looking the about differ

filings, discussion are conference of differences. risk cause date of you annual with Any provided this our our call. forward-looking filed XX-K could the as refer report the detailed SEC call Form to for more statements made the these the only SEC including of factors that a on We during

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

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

not in in GAAP. XX-K or are Relations of ir.blade.com. for section accordance press substitute measures These at release, and Investor prepared be the results isolation Our available our on XX-Q considered presentation with a Form should filings investor as financial our website and non-GAAP

the Will Officer and over call Rob call will Heyburn, turn to are now Blade; and Hosting Founder Chief Rob? Rob. Financial Officer. I Chief today's Executive Wiesenthal, of

Robert Wiesenthal

XXXX a important to and to Thank step in everyone. represents very strong the but early and quarter achieving first guidance provided and that report you, good we morning, today. an pleased I'm last that XXXX financial start Mat, XXXX reaffirmed

best We and in dramatic history impact added clients. building and issues that the the Most increased business. upon notably, This company from record and our revenue was both by driven newly distances, existing medical been volumes for hospital this trip growth have quarter trip raised segment of should adjusted our competition. address EBITDA, achieved on

of first We ending transporter the human and million $XX.X Total the March to comparable organs well. in are XX.X% period versus transplant, in are most are confident we America's dedicated cost quarter effective XX, increased largest for XXXX. the we as air revenue XXXX,

last increased New Excluding year's year-over-year. our scheduled the Florida, impact of jet discontinuation XX.X% total South and revenue between of BladeOne, York service

Profitability meaningful the airport in shift business, by-the-seat rationalization across continues a improvements as the programs in company, to and dedicated service our across vehicles profitability including by and York several the aircraft unprofitable medical such to services BladeOne. driven business, elimination continuation of New our a improve initiatives, cost including of

million the and comparable year-over-year in XX% adjusted drove last a our when unallocated Medical EBITDA, segment EBITDA XX.X% in total flight in total strong for XXXX as achieved a XXXX significant versus the by in corporate coupled rose adjusted year-over-year margins QX revenue XX.X% flight increased to increased Passenger period decline to profit which, We XX.X% as $X.X expenses, in compared with XX.X% period While improvement year. year. QX adjusted comparable both last year-over-year, improvement year-over-year,

XXX year-over-year increasing margins quarter as with period importantly, versus Medical growth over revenues adjusted year. in rose XXXX revenue increased increased XX.X% sequential basis And year-over-year. fourth the last XX.X% saw adjusted the in quarter EBITDA of the EBITDA Medical the versus of resumption XXXX. QX points comparable segment revenue we XXX.X%

expectations, continue to not they to to just for these services. giving continues ago clients' organs When longer use other would beyond industry move few accept organ been a transplant. over and organs grow overall that perfusion the utilize our contracted use Blade's devices ability devices, clients have logistics preservation suitable years of distances market Additionally, much the and our

of closed jet aircraft This last improved win-win and cost the have X of acquisitions lower X clients it trip our and The we service for per quarter. remain our of serve. We hospitals as enabling operated part layered Blade. that with on flexibility third-party will asset-light the announced improved margins for majority now delivery aircraft enables as availability vast a we flight for is our and owned and approach, flying maximum

revenue flying weather year-over-year a lower despite of EBITDA. in reported in jet the inconsistent ski Europe season discontinuation our the In Canada, passenger BladeOne $X.X Passenger in scheduled our still volume improvement for adjusted year-over-year comparisons due million Passenger to poor business, segment service, and

Importantly, airport and see year-over-year third XX% with we continue in improvement to our New York quarter our increasing by-the-seat revenues of positive margin. service, flight consecutive

given million addressable route XX the combination of City. remains infrastructure large flyers the passenger The proprietary New business and annual airport in of market most strategic our York our

of Manhattan total We Newark which have JFK also airport while and per revenue seen continued allow or growth year-over-year. XX% Airport as rose for flyers than per outstanding, number as passes to seat, $XX more low in the seat, travel between

signaling of passes the to year. our X than course pass, the expect Blade Given the per annual more they $XXX fly are of that of Airport during times cost purchasers

QX quarter As we cost to on improvements segment the the the in a and and savings on our Passenger lightest pleased for I'm short distance business. we're both level. promised that profitability seasonally the corporate is delivering reminder, see Regardless,

in long-planned Trinity like Chairman of we acquired Bacon, Medical, Founder to high-value which sales key relationships the role the Before Executive and of of He our be involved Medical. continue all management I in processes. will client strategic Seth assume will I September XXXX, turn call Air Will, over division. to in Blade manners, to transition the Medical would address

medical current Blade role of will of Chief Officer Scott COO, Our Wunsch, the assume Executive Medical.

and, the previously largest and since of country. for the XX has following years he's for COO spent Trinity past X Scott responsible the Blade been Trinity's our of served one as in with operations. XXXX acquisition, medical procurement been years, day-to-day where Scott organizations at Trinity has oversight organ

incredible Seth he has to Will. our that large continue position, the to success. will from that, team of I'll built And has shareholder. foster led a With Phoenix. in it to incredible excellence is He culture his an over turn new

William Heyburn

you, through Thank quarter. a the walk now financial I'll Rob. highlights from few

establish strategy organ and Starting heart, most and reliable solid with approximately continues to exceed of of transplants Blade's market our refine revenues, of year-over-year Medical, additions the in terms to client quarter and rose growth States. platform in in first fundamentals from the volumes X% trip Nationwide we're XXXX. end-to-end terms in new strong base. logistics that client liver lung growth, the industry benefiting United within given existing and organ both our cost-effective and growth both trip and

multiple organ continue by enabling We market preservation expanded have technologies, perfusion distances organs for to of increasing of related organs by and viable the to use which the travel see clients' new to and pool transplantation. our growth transport longer over

the in Medical company initiatives are to evident the segment versus in QX and growth $XX the XXXX. seeing million, sequentially XX.X% Market in year-over-year rose XX.X% business. rose we're quarter commercial revenue first momentum in

revenue with growth the in strong approximately the clients. drive existing quarter, continue our clients represented half New growth and to we of

logistics the the matching TOPS, coming service, sales expect pleased and our for and over several both to We're with quarters. for pipeline organ clients, onboard new

quarter, deployed drivers, our our third-party through and prior now in us XX% with is our ground above year. build We than integrated with highlight at Blade XX than available our also strategy versus to it wanted more more allowing represented vehicles, and a more all more revenue more operates more cost-effective network this of Medical many how than to relationship grew growing XX% deeper, clients. markets. margins, Ground directly average densest the of medical

are profitability segment. to in the contributing factors Medical Several improved

Our Blade. aircraft ground benefit vehicles to increased use our and dedicated of provides mutual a and clients

average which improved also to Medical all see trip into in We an within translates business. our distance, increase metrics profitability continue

points XXXX. Medical year-over-year to rose versus million the XXXX, XX.X% X QX basis increased points segment $X versus year flight points and year-over-year EBITDA XXXX. X QX rose to over period flight the XXX margin to QX in in comparable million XX.X% profit as quarter adjusted XXX.X% Medical XX.X%. $X.X last Medical rose in to margins

to forward quarter-over-quarter of average the single-digit the we expect sequential remainder revenue year. in growth for Medical, Going

new result in onboarding can As quarter and always, some factors timing other of the influences in quarter-to-quarter and any client lumpiness. sequential rate growth

we next XXXX, temporary have support prior quarter on which June our on discussed is the comp Our XX, ending a tough given our hospital calls. particularly earnings of period, basis XXXX during large year-over-year a a

growth medical placement expect as and we our to single-digit for ramp ground offerings. the of For continue sequential organ up year SG&A, the we quarter-over-quarter remainder

announced previously on of Rob As X we closed X mentioned, aircraft acquisitions. the

flow all cash aircraft happened closings and update a with forward we're we more in these benefits early seen data. providing end, the have free after days, these operating look we once quarter we've the close more on accumulated to pleased thorough and While

Turning with and routes volume more Passenger In decrease XX% lower cancellations in Canada, first short doubled leading primary quarter, passenger driver last the poor the European to quarter and year-over-year. ski offset in to the Europe, was weather-related in growth where compared a X.X% than business, this weather to from airport Alps flying distance, approximately revenue the for in travel year. by is

of XXXX which decreased end Jet XX.X% losses had decision season, by Other, to $X.X our million XXXX. BladeOne generated the revenue in year-over-year QX at revenues and In driven and the discontinue of winter

Excluding revenues. $X X.X% and growing charter BladeOne rose be headwind be revenue partner BladeOne, year-over-year, the for million. range driven last to activity of this increased QX jet and will in brand expected Other quarter Jet by our revenue

on cost BladeOne profitability delivering are the the and loss-making in promised products improvements optimizing We cutting we like structure. Passenger,

Europe. adjusted disappointing million in EBITDA improved $X.X weather in even the face Importantly, Passenger year-over-year, of by segment

year-over-year in forward segment driven SG&A EBITDA, Going efficiencies. expect we Passenger, in adjusted cost continued by Passenger improvement

cost QX QX Medical our versus XX% again period. the a to unallocated with year year corporate XXXX. decline prior This, with once $X.X combined our in versus million in side, million both EBITDA the segment prior and in adjusted Passenger corporate adjusted a $X.X period negative On the reduced improvement adjusted expenses led we improvement EBITDA, to XXXX in

of remainder adjusted to expenses the the we flat corporate expect unallocated to For down. be year,

and On million flow this the from a XXXX and payable which our a the accounts note million and last in reduction that from for The short-term the was receivable was expenses, between driven $XX.X $X.X our payment. from and accrued Trinity by adjusted was cash $XX.X by front, contingent cash quarter. operations Please incentive resulting in EBITDA consideration driven in increase cash be contingent operations usage plan. in consideration will accounts cash difference by the million primarily acquisition a quarter the payments Trinity

development. related Tempe, medical were office our larger of primarily million build-out the in business, $X.X of software expenditures growing investments Capital along space with driven for to leasehold by in improvements Arizona

quarter of debt million the share investments, providing investments, strategic flexibility no ended and and with and We for $XXX acquisitions short-term opportunistic cash repurchases.

and On for the quarter. XXXX front, last notably this we those EBITDA the XXXX step EBITDA adjusted believe represent XXXX we positive first an goals. in achieving adjusted and reiterating and XXXX, results important quarter's in are double-digit we guidance guidance in introduced Most

a in public and to the with of I'd investing but career team have spanning to forward this like sell-side him to lucky opportunity I focus Finance. Last on and welcome to Relations research VP had and Investor board, weeks. Strategic not least, aerospace. to introducing him as We're many look on Schneider long to Mat the coming has equity of Mat take you a

it over that, I'll turn With to back Rob.

Robert Wiesenthal

time catch-up few sales to sell-to-cover Will. sales quarterly you, a executives. Thank that have items time, Please these From note of we senior taxes regarding to filings. mechanism, this is stock and receive a represent just clearly noted pay by review. questions to shares whereby vesting, vested executives, at the of Form in program to our time X company owed the due RSUs net sold, transfers I

our to our investor and into business, we the business, disclosure company. materials materials, medical refocusing are insight in the largest these corporate given respect intense to our provide Blade which SEC in MediMobility, this With growing interest clarity and greater now rapidly is

turn businesses. questions. our great start improving for to year, increasingly In now the a confident over I'll we're closing, in Mat to it profitability off outlook are and And to for the we

Mat Schneider

[Operator Instructions] Rob. Thanks,

Operator

question first Our Instructions] to line the come Helfstein with Oppenheimer. [Operator of is going from Jason

Jason Helfstein

Two questions.

on and Medical First the on Mobility second Passenger.

much detailed of So guidance you've the for year. rest given us pretty growth kind of kind the of

year? we than And just start grow year, about growth as a like the think do industry talk next you year As of that more maybe we're the X? you year still or can to about think about, around thinking or next factors just of look just faster the the you next maybe industry

we margin profitability whatever bit the that Maybe the I year? of that. expected. weaker came And dynamics you're then second, have gross thinking than passenger And and gross margin in about or think into for might the a passenger, gross there little just in initiatives you rest talk factor about how just

William Heyburn

Will the for Jason. questions, Thanks speaking.

believe flight unit of unit On medical is can the to that the market Medical in because -- and side, you when yes, outpace on then remember, lot the we particularly we the our block a about I ground the the do of growth introduction a well, of business continue an revenues trip, continue a hour service. think growth have make we and our can organ, in ancillary TOPS as

often from if because and some high number the single-digit coming getting that aggressive, you see are is away. the transplant still technology centers of in incremental new America in So being further that growth more organ organs that of of

growth for on So us. there's the multiplier a

hope continue well. them ground customers, with organ with the and them go we help to to to all of matching as able on our deeper then And be help

So Medical. to growth I think exceed there's that multiple market ways in

Let second. a passenger about me talk for

I of QX terms think the quarter, lightest noise the very in easy have numbers. and to margins, those is in it's historically obviously,

of a Europe of had difficult season terms to cancellations weather. I ski due really flights mentioned As previously, in

best bookings stronger revenue, versus look in And take happened you at way bookings see much to picture we revenue. weather. of if have a when at look And look for that not is flights the a terms would were that at you versus

really we -- the solid the And there. and saw on performance overall U.S. so in improvement then a side,

on for I'd because of performance really the any of performance side. kind the at of general. it's the of small business at kind it's the confident So just just for QX passenger of noticed And look really we the as remain think this in an I just quarter -- enlargement that kind historically. you --

else, that. Anything say I'll think I Jason?

Jason Helfstein

how year? of I any you of rest thoughts about just the kind think mean margins just passenger the

William Heyburn

our highest get the You're are that always going load aircraft. season. opportunity products, like summer seats number are full also once it's margins in see of Those to better to our terms get on margin our you products growing Airport and into on gross highest of the Blade factor

So QX QX. going see particularly you into improvement and should

of think about the through you comes like when course, of And half revenue in something Europe, almost QX.

this adjusted the that's So do year-over-year quarter. see in improvement And year. expect most really significant EBITDA important we segment to a passenger pretty

Robert Wiesenthal

and the prices, the really you seat held on And that's look something market take taking a if at well. that's also U.S. increases side per

to expect that in in continue. has introduce now the to we which fare huge passengers. think we're seat pricing And have classes new We because not starting of incremental to I per that you're terms you're driver U.S., Europe, we a stronger pricing for place have going management like a in of team -- been see basis in

of can between seat. XX% its kind have to get a then they price fly but flexibility low-cost choice Monaco, So the the also add say, to of from Blade, opportunity XX%, pay to can and Nice that for

So that's starting to be adopted into Europe.

strategies this the that management to have with in new U.S. are the of lot place. team move to a starting Europe So we in

flowing and important enjoying So I'm said, confident Atlantic in quarter, about is over improvement, our a QX. that especially continued as pretty which the most Will

Operator

as one next on question. we And move our moment to

Our Bank. next is going line from Yu to Edison question come Deutsche with of the

Xin Yu

I guess, which wanted it What you quantity timing your I of the buyback. thoughts going a Obviously, the, of your on have are lot to think launch, -- cash in thoughts the encouraging. Great. potential very do maybe and forward? get the timing I is into

Robert Wiesenthal

that. Sure, Okay. I'll take

trading so did the any authorize value value between company purchased stock further repurchase enhance and yet. our major that to of we shareholder disconnects We intrinsic in program, have toolbox the see value. we have when our tool the We not

context to for and accretive long analyzing the to every at time, the and But term. to the and right evaluate we're need acquisitions that the growth option for focusing create that in same the we value the company the organic considering of finding And that's supercharge day. most of investments way growth shareholders almost on

advantage -- don't of competition now our And our cash kind you where have LBO. to competitive versus look high, kind because with a at interest terms right versus any lever more now, when deal, in a huge of rates any management of lot a being need up that competitive clearly, we makes we're take acquisitions evaluating so private equity given balance, or right

our be So in again, capital if number of have prudent the you context tool another and we of use our it stock, whatever in would would ever toolbox, terms back structure. buying overall in and

Xin Yu

had areas recently Understood. a follow-up. the ground saw at partnership the And side, expansion with other separate on if looked you Jet. this curious I'm you some I of

kind Just could curious maybe tap into? there of more there's actually niche opportunities you if

Robert Wiesenthal

things, Sure. Look, with to are That X I by was the the partnership just think driven Jet. marketing. there mention really on

even brands As our basis we you to passengers in wants we strong performance announced and on that that front revenues, I global for pay partnership privilege. brand saw, in are willing our had of of think tons to get a

meaningful in of brand for, So air. get terms of another pay period it's a happy time that our and to they not and longer want, product, canvas want gives in to than in the And incredibly willing it's is passengers we're of scale -- while oblige. what to something which they're time front by this something partners for

cargo, said organs. such, a we the in of movements kind whether that view or passengers with But what -- of terms that is kind critical in as of ourselves terms company surgeons of you expansion and moves

good really very custody, strong a at of are chain quickly, and types and of needs everything place aircraft, AOG chain, of a a that to cargo, logistics tissue critical get hard samples, other from parts at visible samples, background. anything for looking we some have work kind So blood moving

of the move on our especially other on equipped strength the side cargo and critical And I passenger medical of because organs. we're think a lot logistics really well to besides

hopefully think more year. I And probably to coming you'll the in see come

Operator

next for And question. one moment our

is from to Ladenburg Thalmann. the come of question next going line Our Hickman with Jon

Jon Hickman

just X minute? to about what a now And Could just supposed have well, for expect Canada I X, questions. weak from as why also, you potentially are we aircraft? was talk X, you own depreciation

Robert Wiesenthal

the Columbia with of shift provincial in still overall meetings remote driven some flown Canada, a what the terms period. we is believe seeing in we of by questions, that for British pre-COVID weakness the Jon. and more towards officials still versus Thanks government seats we're capital saw

think driver we there. that's major So the

what we versus expect still expect see new early margin would we the see, that of aircraft closed terms we're on to aircraft the under an aircraft on X we We and end, for the seeing In flow aircraft purchase use but agreement. capacity cash it's already flow free XX-point overall free basis, cash days. own, quarter those to to on a X- owned increase a in a benefit, performance that after

you'll trading little third XX-point performance that so to once where depreciation, cash a line more we the expense about a a flow, different to the specific and all expansion. some these back we're we care details -- depreciation. And data, benefit more with we an this definitely have a irrespective is in seeing party expected see we'll for early to items, we quarter that's days. So but some you far or about so, hourly free the of be rate expect X- to some paid what was But come the

Jon Hickman

cost of from for that sold, higher the that. And you'll been from pay So down on operating, like to on should model depreciation a would view, the there and of have those, a go your gas -- that your kind little and expense of bit. stuff goods point be then will SG&A a own have

Robert Wiesenthal

Correct. into different medical on believe, that that It's we to but cash buckets, the sort in per going basis, less, see the that pay the our for of bucket of moving we customers, we're to the need get of cost overall hour spend lift just revenue a and line. you'll benefit we

William Heyburn

up a owned. looking very increase the a have going -- cash I'd on margins I more -- believe at that to flow that that But make of at Just very for in meaningful might any have and admit of you're CapEx. being I or than mean, depreciation you I add. one see more still depreciation overall concern in we're fleet small thing that to terms than free percentage looking

a that them still we're trying do balancing we for So XX/X have it access make needed. -- customers accommodate to all we're when act all sure we're but is our -- and is able really asset where believe light, are we have just what to

we like than is it have were we acquisitions we pretty see got much margins we being money not But And owning when you're could operating on the And not our plane making are works when a be lift majority in so basis. an and enjoy placed, just we that we something these is planes very better if can if XX/X, of much them to what away and prudent, just just out careful, you're well sure giving vast these to you're again, owning them. them. of essentially, opportunistic asset-light

Jon Hickman

more And one there. question just

you do sold? I side, is that goods the pilot still cost pilots. paying mean a of the On --

Robert Wiesenthal

not we're remember, -- we aircraft. We operate don't own just these Remember, operating them.

that pilots. we're to you'll benefiting something billing, through from COGS pass-through be see still line for come So the like on going but

contracts cost Instead paying fly of, hour per hospitals, different rate where per are. overlapping of to we're with we of have get highly month. you're the cost the fixed we're they fixed salaries in of hours now as that. And So going have leverage that utilizing we hourly are course, will of the a in the areas terms fixed it multiple what flown aircraft more, pilot and aircraft now fly, only leverage acquiring we

that couldn't before we paying economics to So leverage flat per the hour were when you'll we x rate get flown. just be fixed incremental able through cost pass-through that get

Jon Hickman

started the like ask, noticed I this Is from Manhattan luxury then service And to true? that can bus so I you've Hamptons. just

Robert Wiesenthal

but of any of type just to profit we think to not it's any whatsoever. of be I Yes, any term, drag driver going in revenues, on short that real be kind meaningful covered going of kind not quick. the That's

where Again, you to to But to the products. our our partnerships people this in summer, us area an an of partners brand ecosystem. opportunity by weather kind of their driven wanted in our keep brand about this the was with additional York kind think market really New canvas also gives when

So can If have on their luggage, can on go if do, there's that. and Streamliner. them they the a for flight people a sometimes excess easily that's for to Streamliner which weather, destination it canceled they charge we move

So core well. it does fit with in leisure business as nicely our

it's So we've good I got -- a think thing to have on prongs. X

Operator

question of next the comes with our JPMorgan. And from line Bill Peterson

William Peterson

I wanted Medical first come start with to and about competition. to the

first So any shifts dual of Are a you the most I new customers competition? or services they of example, a transplant as in are center any guess, seeing their these length choosing doing size are source For all, prior? weren't versus changing historical norms? terms if of this contract for result customers

guess And competitor XXX. transplant One I now guess the talking context is, is there's centers. I about about XXX

to about a get trying the of sense of in how for this of dual the think and think potential about how these sourcing transplant centers. guess growth I it to business to So context

Robert Wiesenthal

business, Bill. question, really for a in momentum of the but got for We've rest customer positive terms nothing Thanks of seen new in great pipeline the acquisition. the the year. We've both Medical

that all base. from customer doing we're trip seen we've existing growth slice them, half you incredible that's from our that's with of existing new within overall growth saw our way You but our also of any customers. trips That's about revenue it. distances, customers, That's the of number was

pick more of what they're technologies, seeing are shift, how a and of are is we're bunch a other those of technologies, and there's an of they're to both our some far in if preservation terms advantage aggressive up taking perfusion enabling fly organ So getting that new to willing efforts. that customers organ,

And our That's and able remains repositioning. eliminate to strategically costs model. for position customers contracted to our first lower a call aircraft model how we're

what industry and progress the continued, been that's the us that we've great making board. market. it's seen in across benefit to a from that's are so And growing the we've perfusion And equipment folks

William Heyburn

We in we've record asked XXX% here, to of I for gotten want add the you we glad grew because high And think just and question in million question. And quarter revenue a this EBITDA. itself. I Bill, I'm $XX Medical, speaks that the in before. had

We continue is We to competitive think see stature our strong. growth.

We But out with not in and the we're the supercharged day. competition, business by their the perfusion ability have obviously devices there new only by abide respect all any our customers largest organs are these industry. people And our getting to when, only to longer that distances. contracts are the -- every contracts move

I confident about -- our not be someone cannot So And I'm stature. hyperbole. prone I'm not more who's to competitive

Robert Wiesenthal

on still that kind we're of storage. And kind for is the it's if helpful, our of equipment. positive all still preservation seeing a we're perfusion vast percentage majority Bill, teens The some of trips use that of traditional fronts. customers organ using or a it's doing flying cold And really been

William Heyburn

moving every perfusion And devices day. with organs we're

William Peterson

the to over passenger pivot to want I business. Okay.

it reiteration the kind to and I of the volume. revenue the in of a how from context of and focus on profitability. business, talk guess, guidance especially, passenger of about the to Medical growth from seasonality So here about the your Want think

profitability pricing. around about for the the the in basis. trends seat I XXX how and quarter trends maybe was second guess component on and pricing of revenue XQ the I the quarter of back exiting believe airport we think your of an then other were sort about of Kind But average half wondering there's year? should in then how average first and

please. benefit this Passenger Should year? then Or maybe pricing. business, is earlier, we European you any year? beyond And is there to some there this in -- about uplift maybe for think more alluded potential the that I So components

William Heyburn

Yes.

historically. seasonality to in short seen distance going is I pretty think consistent what Bill, remain the you've So with

revenues we should guide Just still looking be this at as kind year in what of the for general expect really to distance of last short a distribution good year.

We're the that on that pricing, of through seeing ability products seeing products, above the of Northeast. and in the also which per in the We're take something we like the fees is terms $XXX to some today. average U.S. here pricing airport expenses seasonal some on in much to price product to our here more hadn't done In see benefits. the some continue seat card We're the past. we expensive charter pass in credit ability

we there's So of bunch different I those a on can that routes. benefit ways think mature

And have back. that's where have that and brand love the on the our places come love of customers to and profitability scale, doubling the experience, down we love -- great and kind in we really focus

William Peterson

SG&A, Okay. to should If the growing. kind we I it for guess one kind Medical guidance of a SG&A so year? as -- down. and sort Passenger course to the in trajectory-wise in, just whole? Medical of more of I low of think can through in with then on and flat to the flattish housekeep or about the sneak SG&A, remain aggregate thanks digits aggregate, The single How SG&A Maybe seems

William Heyburn

Yes. mean unallocated expense, overall, flat in corporate the to say, we down. guided would I I

passenger same is were Same which if you all think You thing the should SG&A, thing see SG&A together. there. in to we look I to just our adjusted flat -- of added items call down. it Overall, the kind

for probably and it blend flat to together, the year. it's down You

Robert Wiesenthal

specific But we're better it's get kind a job day, of in doing, going make know far. have little just you we so new -- with a have every just of the Yes. how day, -- that's that's as to and and we a we're businesses, I every more get what mean heavy SG&A it's working mature product. to learning one, single into and less, business sure and a that good knowledge sometimes do more start to -- as

Operator

further questions this time. no I'm at And showing phone

Mat Schneider

Great.

investor We the platform. questions will now a questions from Say take few Q&A

traditional biggest aircraft. first you challenges take is transition eVTOLs to don't about The why question one? to from that the Rob,

Robert Wiesenthal

Okay.

aircraft, EVA, time call been electric vertical the eVTOL consistently manufacturers that have delayed. we think or for I lines

I strong will think in I to have Archer think Middle programs a the Joby viable. good these which show both East, forum announced that and are that really be actually very aircraft

they're probably second that's where call in world the terms would potentially still kind there first closer the this But half a to to U.S. we coming I in would but second 'XX. again, it than of out see the then and number kind kind I expect the half in put them year range, maybe of 'XX of 'XX, are. to But of

get of to scale, -- transportation And in oilfield or to commuting air be largest transporter profitable, our counting people such. were and order need scale. just will basically They adoption, is of tourism in manufacturers, or services the of automotive these terms BXB not someone for we to which for need all

going we operators. where our a believe situation to that So they're going to to be to want in sell they're

going not be strong expecting them buying we're will our very are for And packages light. to to offer be asset them. They operators. financing We

BETA. of fairly may you BETA, the announced think, deals first will be their with simple. So already know, I aircraft. have their as public place in successful transitioning just transition, also We

We manufacturers have to deals in that continue. place with well, we expect as other and

accommodate things to security behind is airport security, no the do have of need that that New so can to technology kind that only we lot straight and are have they to we're bypassing having of to business one that entire taking we all captive here aircraft, flying, a tarmac have make passengers. that not order passenger or we in Nice and airport sure from here leisure and going of the these safely our have ecosystem the these strength market. There's have the their that cockpit, great York X, terminals the And people this of X one bigger to infrastructure, in parts flying and our planes in get opportunities we the recently all Terminal announced

Mat Schneider

can Great. The next on just TOPS? question update on is you Will, an provide TOPS.

William Heyburn

focus our throughout customers that's really of we're great quarter-to-quarter do we've several We're and year. We the new got incremental balance Overall, onboard be new the not acquisition, customer but a now. customer Yes. on a expect to pipeline. providing feedback to getting right update going great #X

our we've to advantaged open customers, and and transfers, specimen with contributor cargo organ us going for value moving eventually enabling door us kidneys. markets be not out expand like position XXXX, like help the some those in chain year as fiscal to being of about to markets huge a it but for have we talked sets the really transportation an ground a able us up other up in to It's transportation things with previously, think critical strategically,

the of so really we're far. we plank an strategy, with think it's happy important results and the So

Mat Schneider

in the about strategic question Thank address is Will, you. that? The NORE, can the you competitor. value medical next

William Heyburn

NORA ground fantastic We're We're to think us inspired great those all a it's benefits built we services and think we have already impressed some growth We with inorganic. to a same Sure. evaluating company. the of seeing that. business. their of particularly always business. has organic and opportunities, that we're both It's customers the offer the across country,

we've and it's And what to impressed strategy, seems case, think went the forward particular they've it's good built. I this business for path multiple. but that a best we're for like continue great And it by company. determined a was organic growth great our it a In

Robert Wiesenthal

I little on me think just that. let deeper go a

about And sold, to it this -- take did long we're if people the us is good make performance. call, outcome recent I we felt thinking to probably was on to our guess, be this something think frankly, to think for clear in evaluate the you how where past Just build we the think one that is year. our I buy. I It continuing about versus at ago? build turned always more especially and I out comfortable which looking business, NORA a

comfortable side. of of when that's equity is after it's it's for obviously when value XXx feel opportunity frankly, this makes created not -- that private sold we've believe to I sold kind to own And for, the our me is which forward on something Medical kind multiples, XXx with That confirmed. on what very not passing

Mat Schneider

to Great. take do going the plot. from you any Well, was closing the remarks? last that we're have question Rob,

Robert Wiesenthal

for think as itself. into for together And quarter on really high building for the quarter. putting strong on and we're slow everybody really Obviously, the to side on I a performance historically questions. Medical forward a we I a team come want speaks Passenger. thank in Passenger terrific any is terrific This answering towards look shape just season Blade the we the to here,

e-mail in with guys working look your any you we further forward to obviously for time. can Thanks to you've questions, perform. us and if You investors@blade.com got at the future continuing and

Operator

now you call. for This conference disconnect. today's you concludes and Thank participating, may

Blade Air Mobility (BLDE) 7 May 242024 Q1 Earnings call transcript