Q3 2022 Blade Air Mobility Inc Earnings Call
The conference will begin shortly to raise your hand during Q&A you can dial star one one.
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Good day and thank you for attending by welcomes the blade Air mobility incorporated fiscal third quarter 2022 earnings call. At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question. During the session you will need to buy stock.
One one on your telephone please be advised that today's conference is being recorded I would now like to hand, the conference over to Mr. Ravi Jani Vice President of Investor Relations. Please go ahead.
Thanks, and good afternoon. Thank you for standing by and welcome to the Blade Air Mobility Conference call and webcast for the quarter ended September 32022, we appreciate everyone. Joining us today before we get started I would like to remind you of the Companys forward looking state.
And Safe Harbor language statements made on this conference call that are not historical facts, including statements about future time period, maybe deemed to constitute forward looking statements within the meaning of the private Securities Litigation Reform Act 1995.
These forward looking statements are subject to risks and uncertainties and actual future results may differ materially from those expressed or implied by the forward looking statements. We refer you to our SEC filings, including our annual report on Form 10-K filed with the SEC for a more detailed discussion of the risk factors that could cause these differences.
Any forward looking statements provided during this conference call are made only as of the date of this call as stated in our SEC filings <unk> disclaims any intent or obligation to update or revise these forward looking statements except as required by law. During today's call. We will also discuss non-GAAP financial measures, which we believe may be useful.
In evaluating our financial performance a reconciliation of the most directly comparable GAAP financial measures to those non-GAAP financial measures is provided in our earnings release, which will also be available on our website. These non-GAAP measures should not be considered in isolation or as substitute for financial results prepared in accordance with GAAP.
Hosting today's conference call are Rob Wiesenthal, founder and Chief Executive Officer of late and we will he Burns Chief Financial Officer, I will now turn the call over to Rob Wiesenthal, Rob. Thank you Robby good afternoon, everyone I'd like to thank you for your interest in blade and welcome you to our earnings call for the third quarter ended September <unk>.
2022, our financial performance in the third quarter was once again well ahead of our expectations revenue in the September quarter increased 125% to $45 7 million versus $23 million in the comparable 2021 period contributing to another record quarter for both the <unk>.
Revenue in flight profit and establish a year to date revenue of $108 million for just the first nine months of the year importantly on a pro forma basis, assuming the acquisition of the Trinity or medical Blake, Canada and Blade Europe had closed for the comparable period last year, our organic revenue growth would have.
Approximately 60% this figure demonstrates that our strategy of aggregating the worlds best use cases for urban air mobility solely focused on businesses and new regions that are profitable with existing aircraft technology continues to serve our company and our shareholders well.
To that end, we closed our three European acquisitions on September one 2022, giving us a leading position in the largest helicopter market on the continent, adding.
Adding this for a medical presence in Europe to our existing operations in the U S. Canada and India is a very important step in our expansion and cements our position as the largest operating urban air mobility company across three continents. We look forward to deploying our brand technology and are now on customer service across these geographies.
Graffiti to further accelerate our growth and fortify our global presence.
In addition to geographic expansion. We have also continued to diversify blades business across end markets with nearly half of our $133 million in trailing 12 month revenue now coming from Gorgon transportation or we call black men and mobility.
Division delivered another record quarter of revenues and for those who are new to the blade story I wanted to take a moment to shed light on this very important business.
Air, Oregon Transport is a large and growing market that is uncorrelated with the economic environment is entirely <unk> with multi year contracts as minimal marketing expenses and most importantly provides critical lifesaving logistics to transplant recipients before blade entered the market many hospitals covance.
Smaller mom and pop operators, who often did not have the right aircraft for a given mission and did not have a 24 seven logistics team and robust technology.
Plagued us this at a time cost and logistical risks in some cases forced transplant centers to forgo opportunities to recover oregon's needed by their patients.
<unk> entered the Oregon transportation market, because we saw an opportunity to leverage the combined buying power of our entire customer base across our vast network of highly vetted aircraft operators as well as our logistics and technology platform built over seven years for our passenger business, providing hospitals with their speed.
Reising and reliability in a way that few others can match, we doubled down in this business last year with our acquisition of Trinity's September 2021, and approved is apparent in our results today not only are we the largest dedicated air transporter of human organs for transplant in the United States, but we believe we are the most flexible.
<unk> reliable and low cost provider this cost advantage combined with our expertise and logistics customer service and trusted brand gives us confidence in our ability to continue to grow our market share from the high teens level today to eventually becoming the majority of the market.
Men and mobility is also a great fit for our transition strategy to next generation aircraft as all trips include a last mile component currently operated by helicopter our ambulance given the urgency of the mission. We believe these last mile trips, particularly those where the Oregon has done a company will be the very first blade Mitch.
To transition to electric flight, either using electric vertical aircrafts or what we call EBITDA or drums. However, the industry is not waiting and neither are we as we continue to successfully grow our business using conventional aircraft every day.
We ended the third quarter with a total of 67 hospital, an organ procurement organization clients up from less than 30 at the start of the year and we look forward to rolling out our excellent service to even more customers in the months ahead.
In short distance this quarter, we delivered exceptional performance benefiting from higher seed pricing and utilization, which was further boosted by our acquisitions in Canada and Europe .
Blade Airport, which connects travelers between Manhattan, and New York area airports continues to make progress towards profitability and we remain encouraged by the sequential growth in volume and price and that we are now experiencing.
October was our highest revenue month ever for airport and last week, we set a new weekly revenue record as well as a record number of flying passengers. All of this has led to significant growth in flight profit, which was up 108% versus the prior year period at the same time, we're driving efficiency from our operating.
Expenses total corporate expenses continue to decrease as a percentage of revenue down to 43% this quarter versus 70% in the prior year period on an adjusted basis, excluding noncash and nonrecurring items corporate expense declined to 30% of revenue demonstrating the strong leverage.
<unk> of our operations platform and our clear path to profitability.
In addition to our financial success, we're making great progress on other strategic initiatives, we continue to build out our fantastic partnership with Jetblue.
Those of you who have flown jetblue to or from New York City will have already noticed the initial rollout of our joint marketing program, including the ability to book Your Blade Airport transfer in flight by scanning the QR code displayed on all Jetblue seatback screens or by using your true blue frequent flyer points for blade benefits provided by.
Jetblue, we look forward to a continued expansion of this important partnership with additional blade benefits for Jetblue Flyers coming soon we have also expanded our partnership with Eva Air Mobility Embry airs electric vertical aircraft company conducting urban air mobility Stimulations in both Chicago and India as part of the East Chicago.
In September the late enables buyers to seamlessly between downtown Chicago and the suburbs of Illinois.
In India, our joint venture partners have entered into a non binding agreement to acquire up to 200 easy aircrafts once they're certified for passenger flight in India. In the meantime, they are preparing to launch a three months co branded urban air mobility simulation using helicopters between Bangalore Airport and the Bangalore City Center.
This month, turning an hour long drive and suggests that minutes long flight. These demonstrations funded solely by EES showed the potential for urban and our ability to significantly reduce commute times and new locations around the world and demonstrates delays importance to Oems in developing the ecosystem for urban areas.
Mobility.
We're excited to continue supporting our partners as they get closer to commercialization.
In the U S planning continues for our electric vertical aircrafts demonstration flight in the Greater New York City area with our partner Beta technologies. While we are currently targeting the December this date could slide into the new year as we ensure that Tessa lines with betas ongoing flight test program with the U S Air Force.
Look forward to sharing more details about the timing and location of this test flight in the coming weeks Lastly, our president Melissa top tier was appointed by Secretary of Transportation seafood is judged to the FAA advance Aviation Advisory Committee, Melissa will provide an important and practical perspective for the FAA as they formulate future air mobility policy.
In summary, I could not be happier with how well we're positioned for him mobility, both today and in the future and with that I'll turn the call over the web.
Thank you Rob I'll walk through a few highlights from our business lines. This quarter and short distance revenues were up 52% to $20 4 million in the September 2022 quarter versus $13 4 million in the comparable 2021 period growth was driven by higher seed pricing and utilization in the U S against the backdrop.
A continued strong demand throughout Q3, which is seasonally the largest for us short distance business.
We also benefited from a one month contribution from blade Europe , which closed on September one 2020 to our acquisition of how he gets passenger routes in Vancouver, which closed on December one 2021 and growth in our Blade Airport service, which we launched in June 2021.
A few quick highlights from specific short business products.
In the New York Airport business, we saw another quarter of sequential passenger growth and revenue per seat growth in Q3, and this has continued so far in the fourth quarter as Rob noted, we recently had our best revenue month ever in October we've achieved revenue per seat growth, both through new dynamic pricing as well as through the introduction of enhanced cancellation and flexibility.
For our players we've seen a great adoption rate for a higher price fare classes, which currently available only on blade airport and given the great response, we plan to roll out these new options across our <unk> portfolio over the coming months.
Canada continues to recover more slowly than the U S and was approximately breakeven this quarter given low utilization.
We see significant opportunity in Canada, both in terms of the impact of an ultimate recovery as well as the opportunity to roll out new products and deploy our technology to improve customer acquisition.
Helicopter charter is of particular focus for us in Canada are experienced in other markets tells us the charter demand could represent 50% to 100% or by the seat demand on the same routes and Canada chartered volume is currently a single digit percentage of buy the seed volume as a result, we are launching new rotorcraft and fixed wing charter options, which will be available.
Alible for instant purchasing the blade App this month.
We've made significant investments and globalization of our technology, It will benefit Canada and Europe alike, both markets will be on sale in our App. This month with significant customer facing enhancements available in the coming weeks and months.
Turning now to minimum ability, Oregon transport revenue increased 801% to $20 2 million in the September 2022 quarter versus $2 $2 million in the comparable 2021 period revenue increased 17% sequentially in Q3 2022 versus Q2 2022 growth was driven.
The acquisition of new transplant center clients robust growth with existing clients and our acquisition of Trinity or medical on a pro forma basis, assuming we had owned Trinity for the entire prior year quarter organic revenue growth would have been approximately 174% with roughly one third driven by new customer acquisition and <unk>.
It's driven by growth with existing clients.
This quarter marks the one year anniversary of our acquisition of Trinity Air Medical last year around this time, we spoke about the mission our senior leadership Xfinity set for themselves increased the number of organs that are available for transplant, let's just say that the team has been very busy by offering transplant centers and organ procurement organizations better pricing shorter trips.
And more flexibility they are able to attempts more Oregon recoveries plain and simple and we're honored to play a small role in improving patient outcomes every day with.
With respect to growth expectations going forward, we continue to see a near term opportunity to grow our market share, which we currently estimate in the high teens to become the majority of what is currently a highly fragmented market.
As we increase our scale, we don't expect triple digit growth to continue forever. However, we continue to maintain a robust new business pipeline and look forward to continued growth with new and existing clients alike.
Turning to flight profit quite profit increased 108% to $9 3 million in the current quarter versus $4 5 million in the prior year period, our ability to take pricing in excess of inflation in our U S short distance business, coupled with accelerating growth in minimum ability resulted in record slight profit this quarter Q3.
Seasonally the largest for our U S. Schwartz systems business, and we were pleased to see steady demand despite higher pricing and an uncertain macro picture further demonstrating the resilience of our customer base.
Margin of 23% decrease versus 22% in the prior year period, we don't believe the year over year comparison is meaningful given the enormous growth in our mid and mobility, Oregon transport business, which saw revenues increased 801% year over year and now represents 44% of total revenue this quarter versus just 11% in the prior year.
<unk>.
May mobility, Oregon transport tends to have lower flight margin versus our company average, but benefits from multiyear customer contracts no utilization risk limited marketing costs and demand that is uncorrelated with the overall economic environment.
And blade airport. So we're encouraged by recent profitable weeks on key routes. We continued to operate below breakeven this quarter absent the blade airport ramp up we estimate despite margin would've been approximately 150 to 200 basis points higher in the current quarter.
Looking ahead to the fourth quarter, we expect quite margin of approximately 14% to 15% at meadow mobility comprises an even higher percentage of revenues and what is typically a seasonally lower quarter for our short distance business let's.
Let's turn now to corporate expenses, which include software development general administrative and selling and marketing expenses corporate expenses fell to 43% of revenue this quarter down from 70% in the prior year comparable period.
This reduction in corporate expenses as a percentage of revenue demonstrates the operating leverage of our platform when adjusting for noncash and nonrecurring items, our adjusted corporate expense as a percentage of revenues declined to 30% of revenue this quarter down from 37% in the prior year period, we will continue to look for opportunities to optimize our cost structure.
To drive further operating expense leverage in the future.
As we look to the fourth quarter, we expect corporate expenses in the $18 million range, excluding any potential one time expenses with the increase relative to our prior expectation primarily attributable to the full quarter impact of our Europe acquisitions and faster than expected growth in our other businesses.
Adjusted EBITDA in the quarter was a loss of $4 5 million compared to a loss of $3 2 million in the prior year period, but improved as a percentage of revenue to negative nine 9% in the current quarter from negative 15, 5% in the prior year period the.
The increased loss versus the prior year period, primarily attributable to additional corporate and recurring expenses related to blades recent growth and expected future growth, partially offset by increased quite profit.
With respect to our balance sheet, we continue to have zero debt and over $200 million in cash and short term securities. This uniquely strong position will enable us to continue to be opportunistic in acquisitions and strategic initiatives without the need for raising additional capital.
In closing our focus remains on prudent capital allocation and expense management, while continuing to grow quite profit paving the path to profitability for what is now the largest operating urban air mobility platform in the world with that I'll turn it back over to Rob for a few closing remarks.
Thank you will.
In summary, we are very encouraged by our strong results and operational execution. This quarter, while we continue to monitor the broader economic landscape. We are encouraged by the leading indicators that we track regarding travel demand such as aggregate TSA passenger throughput recently exceeding 2019 levels and air.
Travel demand amongst large corporate customers only recovering to 75% to 80% of pre pandemic levels, leaving plenty of additional room for recovery.
Finally, we believe the flexibility of the post Covid era of hybrid work offers as fundamentally increase the demand for air travel with workers now having the ability to make every weekend along weekend and make every business trip, having leisure component as well as positive outlook combined with our continued share gains the minimum ability gives us cause.
And our ability to deliver significant and profitable growth irrespective of shifts in the economic environment with that I'll turn it over to Ravi for questions.
As a reminder, we will take questions from analysts and investors on this call today per quarter should send an inquiry to me directly operator, we're now ready for questions.
Certainly as a reminder to ask a question you will need to press star one on your telephone please standby, while we compile the Q&A roster.
And our first question will come from David Im sorry, Jason <unk> of Oppenheimer. Your line is open.
Thanks for taking the question I'll ask two.
<unk>.
Give us a sense, obviously you are not.
Formal guidance for next year.
We all have to make our own tens on kind of the economic impact on the business but.
How should we think about the drivers of gross margin for next year and kind of like the puts and takes.
What's in your control what's not in your control and then the second question.
Well you guys moved yet out of kind of what used to be.
The men and mobility.
<unk> segment into other.
Are you going to restate the historical kind of other line.
And then you met in mobility.
Historically.
Hey, Jason It's Rob speaking, so why don't I start out about on <unk>.
Guidance and I'll turn it over to Wil on the margin side as you know we don't we don't give guidance. There is obviously a lot of unknowns in the macro environment right now, but what I will tell you is that all of the signals that we track for our various businesses are positive and.
As you can imagine when you have quarters, where our largest division.
140% or 175% very difficult to give you a precise expectation for 'twenty full year 2023 at this point.
But I am very bullish about the growth prospects.
And hope to continue to beat our internal expectations and those of <unk>.
Our investors and with respect to how to look at margins given our business mix.
We'll take that on.
I think Jason you just have to think about the relative contribution margins of the different businesses.
Talked about how medical is in the 15% to 20% range on the contribution margin front, whereas the short distance business can get up to the <unk>. So as you shift mix over to medical Youre going to see the blended margin go down, but what we really care about right is growing that slight profit dollars.
That's what we're focused on and that's what we saw this quarter and then just to address your question on the old yet in the in the 8-K and in the earnings press release from last quarter. We showed you four eight quarters, what the old way and the new way would be historically, so hopefully that gives you what you need but if it doesn't we can.
We cannot.
Figure out.
One last thing Jason as you know, but a half our businesses is that about the blade mobility, which is obviously.
Extremely resistant to the macroeconomic environment and on the <unk>.
Passenger side.
Between blade Europe , and certain aspects of our short business business here.
<unk>.
It is clear that our flyer is very resilient and elastic in terms of prices.
<unk> had a fair amount of.
Price increases this year, which four.
We're not <unk>, but were not met with resistance.
Thank you.
Thank you one moment.
And our next question will come from Hilli Hillary taken Rhonda <unk> of Deutsche Bank. Your line is open.
Hi, Thanks for taking my question.
A quick question on pricing I was wondering if you have that.
Pushback from your customers.
Just on the higher pricing a question.
It doesn't look like it at all.
Based on your latest thoughts on choices.
In October the highest revenue month mcglade.
But just wanted to find out what type of feedback you're getting from your customers.
Retailers are out there, saying that they're seeing their customers trading down obviously your customer might not.
So.
With Hanmi property does impact them as much but.
When you find out yet.
Yes.
Sure.
Not a problem Hillary.
Obviously, when you think about Blake Europe being in the resort areas that they are in.
It was.
A lot a lot fair amount of price elasticity, there and the very strong consumer and also frankly the strength of the dollar for the respect to Americans going over to Europe that helped a lot in.
And here in the U S.
There's no question that the price increases that we put in on our short distance business.
We are well taken.
And it really is just the question of the friction.
Which continues to be high in terms of traffic versus.
The convenience of flying but what I will say is that to your point, we really are not we do have a higher <unk>, but we also have a very an audience that is very approachable our prices start at $195 for airport $95 for the airport passed but what we've done is we've instituted through our technology three types of fare classes that <unk>.
How you flexibility so right now we actually have an average airport flight cost too.
To the consumer about $245.
But you still can buyer.
<unk> hundred 95. So this way we are getting both the kind of the lower end of the market in terms of.
Or might they can spend it and also the high higher.
Part of the market as well so our goal for airport. It that can be open to everyone. So the pricing power in our lower end products has really been done through the advent of our technology of multiple fare classes. So hopefully that helps.
Got it got it. Thank you very much and then I saw that.
The intensity of what I thought I said guys blocked the move to close the earthquake.
Is this just the end of the story and everyone because that's in Nevada at the counseling to now conduct an environmental study and then like Hyatt.
I'd like to present on the web.
So there is a fair amount of customers go into allocation.
Sure so.
The East Hampton Saga has been going on for 30 years now as you are probably well aware. It is clearly something we love to talk about despite it being a very small part of our business.
What I will say that we successfully got a temporary restraining order from the judge and the judge then eventually without.
Requesting any type of.
Hearings are meetings ruled in our favor.
At the at canopy sampling could not close easthampton airport or make any restrictions.
Or that.
At that time, because they had not done a lot of.
The environmental work and other things as well I think what this really does is open up the conversation to the types of changes that we think are in the best interests of all stakeholders not only are people flying but the people who live.
In the neighborhood that we fly Nir and the airport itself, but what we did do this past year as we substantially reduced the number of flights we had to east Hampton Airport.
<unk>.
Two.
Expand the opportunities for people, who live in other areas such as staff, However, our montauk, but also to Peru.
That two east Hampton that if they did in fact put in restrictions those people are going to sell what they are just going to apply to other areas.
So I think the proof is in the pudding, we're not reliant on the airport and I.
I think that's.
Because there's so many other places to land for instance, <unk> is about 10 minutes away.
And <unk> is actually in the town of <unk>. So I think that I'm, hoping that the town will be open to our overtures to come up with compromises, which I think will be great for everyone.
It's never over.
But.
We feel good about the east end of long Island, and our short business business and again multiple places to land because like we said last year. We said it wasn't going to have a material impact on us and it certainly did not.
Got it great. Thank you so much.
Sure Larry.
Again, ladies and gentlemen, if you do have a question. Please press Star then one on your Touchtone telephone.
Our next question will come from Stephen Ju of Credit Suisse. Your line is open.
Alright, thanks, guys.
So you've now spent about I guess about two months with your new European footprint.
So what are some of the things that you're with those operations now in house, what's better what needs for work where are there areas that you can optimize that.
Guess looking a bit more longer curve I guess governments move along at different speeds, So where do you think the EU is.
In terms of our thinking on <unk>.
Versus here at home in the United States and will can we talk about the seasonality of the business in Europe , I think that's probably more southern Europe leisure base, but is there any opportunity to have that show up sort of a more constant throughout the course of the year.
They've been different potential use cases.
Sure.
I can't be more pleased with the acquisition now. These this was three and one three deals that we acquired the retail businesses the <unk> and monarch are.
I think that.
What I'm pleased about is the work that we've done to really bring these three companies.
The same level of technology that we have here.
We have a tremendous data exhaust here at blade, knowing a lot about our flyers being able to communicate with being able to come up with dynamic pricing and things of that nature and I would state they are probably but they were behind where they were before and they really were operating as individual feedstocks. So now we can harmonize pricing across these three companies.
We have a technology platform that has now been deployed it is clear that the blade brands resonates incredibly well.
In.
And those markets everywhere from Monaco knees can saint-tropez coarser Val and other places in Italy, because it really is a global traveler that tends to use that and frankly. This is not just the seasonal business moniker is attack David and it has a very strong year round business the dollar.
Definitely helped us in terms of getting.
Americans over there and the fact that it was on our blade out here.
Also helped.
See a lot of opportunity both in terms of pricing.
Marketing I think was a little bit taken for granted that really wasn't a lot of marketing is done there.
Lot of packages on the leisure side.
So we.
We feel really good about it and it's a very high end resilient customer.
Who.
Clearly wants to fly and just again when you think about the geographies there in terms of mountainous terrain and <unk>.
Traffic just like here, we're reducing.
A lot of friction and again the numbers, we're seeing right now are very consistent with internal expectations that we had before we made the acquisition.
Yeah, and you just hit the seasonality.
It has some similarities to the U S short business and that its summer weighted but it is less seasonal so about historically about 70% of the revenues come through in Q2, and Q3 weighted a little bit to Q3 Q4 is the weakest by far historically, it's been about 10% of the revenues, but then you do get a nice win.
Our business traveling to ski destinations so that ends up being close to 20% of the revenues in Europe and of course, we're hard at work to increase the demand on all fronts here.
Thank you.
Thank you and I'm showing no further questions I would now like to turn the call back to Rob Wiesenthal for closing remarks.
Thank you I just want to thank the team for another great quarter.
It is obviously a very complicated environment between where we are in terms of election status right now here in the U S inflation recession fears the war in the Ukraine.
But we are happy that we got these acquisitions under our belt and that we're demonstrating a really strong growth trajectory and again I'll reiterate that signals that we have thus far.
This quarter remains strong.
And also.
As important we are very very pleased to have an extremely clean balance sheet versus many of our peers, we have over $200 million of cash.
And given our capital needs being an asset light.
Company that has a lot of cash and that will not only fund our growth organically, but will allow us to be opportunistic with acquisitions.
And hopefully with this call.
You can see and the results that we posted the building blocks that really show a tangible path to profitability, which we are completely focused on.
We're looking forward to.
Closing out the year.
On a strong note and speaking with you again next quarter.
Thanks, very much for your time, and we look forward to speaking with you soon.
Ladies and gentlemen. This concludes today's conference you may now disconnect.
Okay.
Yeah.
The conference will begin shortly to raise your hand during Q&A you can dial one one.
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