22-Nov-2022 Source: Blade Air Mobility
Blade Air Mobility, Inc. (Nasdaq: BLDE, “Blade” or the “Company”), a technology-powered air mobility platform, announced financial results for the third quarter ended September 30, 2022.
“Blade delivered another record quarter with exceptional performance across all business lines,” said Rob Wiesenthal, Blade’s Chief Executive Officer. “Our Short Distance business exceeded expectations, driven by higher pricing and improved utilization across our route network, which was further boosted by our acquisitions in Canada and Europe. We remain encouraged by the strong demand indicators we see across our consumer-facing businesses, which, combined with our continued share gains in recession-resistant MediMobility Organ Transport, gives us confidence in our ability to deliver profitable growth even amidst a more uncertain macroeconomic environment.”
“Our ability to take pricing in excess of inflation resulted in record Flight Profit this quarter, while our overall Corporate Expenses continue to shrink as a percentage of revenues, demonstrating Blade’s clear path to profitability,” said Will Heyburn, Blade’s Chief Financial Officer. “We also continue to drive operational efficiencies in our acquired businesses by deploying the Blade platform, as evidenced by this quarter’s 174% organic revenue growth in our MediMobility Organ Transport division, reflecting Trinity’s significantly accelerated expansion, post-acquisition.”
“With the closing of our Blade Europe acquisition on September 1, 2022, Blade is now the largest urban air mobility company operating across three continents. We look forward to deploying our brand, technology, and customer service in these geographies to further accelerate our growth and fortify Blade’s global presence,” said Melissa Tomkiel, Blade’s President. “We have also successfully diversified Blade’s business, with nearly half of our $133 million in trailing twelve month revenue coming from organ transportation, which benefits from multi-year customer contracts, low marketing costs and demand that is uncorrelated with the overall macroeconomic environment.”
Third Quarter Ended September 30, 2022 Financial Highlights
Business Highlights and Recent Updates
The Company will conduct a conference call starting at 4:30 p.m. ET on Wednesday, November 9, 2022 to discuss the results for the third quarter ended September 30, 2022.
A live audio-only webcast of the call may be accessed from the Investors section of the Company’s website at https://ir.blade.com/. An archived replay of the call will be available on the Investor Relations section of the Company’s website for one year.
Use of Non-GAAP Financial Information
Blade believes that the non-GAAP measures discussed below, viewed in addition to and not in lieu of our reported U.S. Generally Accepted Accounting Principles (“GAAP”) results, provide useful information to investors by providing a more focused measure of operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. Adjusted EBITDA, Flight Profit, Corporate Expenses, Adjusted Corporate Expenses and Pro forma revenue have been reconciled to the nearest GAAP measure in the tables within this press release.
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).
Constant currency – The condensed consolidated interim financial statements included here are presented in U.S. dollars. However, Blade’s international operations give rise to fluctuations in foreign exchange rates. To neutralize foreign exchange impact and illustrate the underlying change in revenue from one year to the next, Blade has included results in constant currency. These are calculated by applying the current period exchange rates to local currency reported results for both the current and prior year which excludes any variances attributable to foreign exchange rate movements.
Flight Profit and Flight Margin – Blade defines Flight Profit as revenue less cost of revenue. Blade defines Flight Margin for a period as Flight Profit for the period divided by revenue for the same period.
Corporate Expenses and Adjusted Corporate Expenses – Blade defines Corporate Expenses as total operating expenses excluding cost of revenue. Blade defines Adjusted Corporate Expenses as Corporate Expenses excluding 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).
Pro forma revenue – Blade uses pro forma financial information which include revenue from acquisitions as if they had been acquired in the commensurate period of the prior year. Pro forma change in revenue is calculated as the difference between the current reported revenue and the comparative period pro forma revenue. Management believes that discussing pro forma revenue contributes to the understanding of Blade’s performance and trends, because it allows for meaningful comparisons of the current year period to that of prior years.
For the full results, including financial statements click here.