Strata Critical Medical Inc (SRTA) 2021 Q4 法說會逐字稿

Good day and welcome to the Blade Air Mobility, Inc. fiscal fourth-quarter 2021 financial results call. (Operator Instructions). Please note this event is being recorded. I'd now like to turn the conference over to Tom Cook, Investor Relations. Please go ahead.

美好的一天，歡迎參加 Blade Air Mobility, Inc. 2021 財年第四季財務業績電話會議。 （操作員說明）。請注意此事件正在被記錄。我現在想將會議轉交給投資者關係部門的湯姆庫克 (Tom Cook)。請繼續。

Thanks, operator, and good morning, ladies and gentlemen. Thank you for standing by and welcome to the Blade Air Mobility fiscal fourth-quarter 2021 conference call and webcast. We appreciate everyone joining us today. Before we get started I would like to remind you of the Company's forward-looking statements and Safe Harbor language.

謝謝接線員，女士們先生們早安。感謝您的耐心等待並歡迎參加 Blade Air Mobility 2021 財年第四季電話會議和網路廣播。我們感謝今天加入我們的所有人。在我們開始之前，我想提醒您注意公司的前瞻性陳述和安全港語言。

Statements made in this conference call that are not historical facts, including statements about our future period, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 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.

本次電話會議中所作的非歷史事實的陳述，包括有關我們未來時期的陳述，可能被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些前瞻性陳述存在風險不確定性和未來的實際結果可能與前瞻性陳述中明示或暗示的結果有重大差異。

We refer you to our SEC filings, including our Form S-1 filed with the SEC on May 28, 2021, and the Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 16, 2021, 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, Blade disclaims any intent or obligation to update or revise these forward-looking statements except as required by law.

請您參閱我們向SEC 提交的文件，包括我們於2021 年5 月28 日向SEC 提交的表格S-1，以及於2021 年8 月16 日向SEC 提交的截至2021 年6 月30 日的季度期間的10 -Q 表格，有關可能導致這些差異的風險因素的更詳細討論。本次電話會議期間提供的任何前瞻性陳述僅截至本次電話會議當日作出。正如我們在 SEC 文件中所述，除法律要求外，Blade 不承擔任何更新或修改這些前瞻性聲明的意圖或義務。

During today's call we will also discuss non-GAAP financial measures which we believe can 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 press release, which will 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.

在今天的電話會議中，我們還將討論非公認會計準則財務指標，我們認為這些指標有助於評估我們的財務表現。我們的新聞稿中提供了最直接可比較的公認會計準則財務指標與非公認會計準則財務指標的調節表，該新聞稿將在我們的網站上提供。這些非公認會計原則措施不應被孤立地考慮，也不應取代根據公認會計原則編制的財務結果。

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

今天的電話會議由 Blade 創辦人兼執行長 Rob Wiesenthal 和財務長 Will Heyburn 主持。我現在將把電話轉給羅布。搶？

Thank you, Tom. Good morning, everyone. I'd like to thank you for your interest in Blade and welcome you to our earnings call for the fiscal fourth quarter and fiscal year ending September 30, 2021. I will start today with a short overview of our results followed by an update on the progress we have made toward achieving our strategic goals before handing the call over to Will who will cover our financials in greater detail.

謝謝你，湯姆。大家，早安。我要感謝您對 Blade 的興趣，並歡迎您參加我們截至 2021 年 9 月 30 日的第四財季和財年的財報電話會議。今天我將首先簡要概述我們的業績，然後介紹有關我們在實現在策略目標方面所取得的進展，然後將電話交給威爾，他將更詳細地介紹我們的財務狀況。

We are very happy to report that this quarter, and of fiscal year ending September 30, 2021, significantly exceeded our expectations. Revenues in the September 2021 quarter increased 144% to $20.3 million versus $8.3 million in the 2020 comparable period, and increased 28% versus the pre-COVID 2019 comparable period results of $15.8 million.

我們非常高興地報告，本季以及截至 2021 年 9 月 30 日的財年的業績顯著超出了我們的預期。 2021 年 9 月季度的營收成長了 144%，達到 2,030 萬美元，而 2020 年同期的營收為 830 萬美元，與 2019 年新冠疫情爆發前的同期營收 1,580 萬美元相比，成長了 28%。

For the full fiscal year ending September 30, 2021, revenues of $50.5 million increased 116% versus $23.4 million in fiscal 2020 and were up 62% versus $31.2 million in the pre-COVID period of fiscal 2019. We remain extremely well-capitalized to continue this strong execution on our growth strategy, both organically and through acquisition, given our debt-free balance sheet with cash and short-term investments of $305 million as of September 30, 2021.

截至 2021 年 9 月 30 日的整個財年，收入為 5,050 萬美元，較 2020 財年的 2,340 萬美元增長 116%，較新冠疫情爆發前的 2019 財年的 3,120 萬美元增長 62%。年9 月30 日我們的無債務資產負債表（現金和短期投資為3.05 億美元），我們透過有機成長和收購的方式強有力地執行了成長策略。

Regardless, we have remained vigilant with respect to our cost structure with comparable adjusted EBITDA of only negative $4.7 million for the full fiscal year ending September 30, 2021, versus negative $9.3 million in fiscal year 2020, and negative $10.8 million in the pre-COVID fiscal 2019 period.

無論如何，我們對我們的成本結構保持警惕，截至2021 年9 月30 日的整個財年，可比調整後EBITDA 僅負470 萬美元，而2020 財年為負930 萬美元，新冠疫情爆發前為負1,080 萬美元。2019 財政年度。

Comparable adjusted EBITDA excludes certain recurring and nonrecurring cost paid to third parties associated with our shift to being a public company with a purpose of comparison to prior years when Blade was private. Our strong results in this fourth fiscal quarter overwhelmingly reflect the team's execution on our organic growth initiatives since our acquisition of Trinity Air Medical was not completed until September 15, 2021.

可比較調整後 EBITDA 不包括與我們轉變為上市公司相關的向第三方支付的某些經常性和非經常性成本，目的是與 Blade 私有時的前幾年進行比較。我們在第四財季的強勁業績在很大程度上反映了團隊對有機成長計畫的執行力，因為我們對 Trinity Air Medical 的收購直到 2021 年 9 月 15 日才完成。

We continue to make great progress since the September third-quarter end, relaunching our airport service between Manhattan and Newark airport on November 15. Overall airport service passenger volumes have now reached pre-COVID levels of approximately 20,000 flyers per year on an annual run rate basis.

自9 月第三季末以來，我們繼續取得巨大進展，並於11 月15 日重新啟動了曼哈頓和紐瓦克機場之間的機場服務。按年運行率計算，機場服務總體旅客量現已達到新冠疫情爆發前的水平，每年約20,000 名乘客基礎。

Additionally, we announced a long-term agreement with Signature Aviation for a dedicated sub terminal at Newark Airport through 2028, a critical element to support both our current helicopter services as well as future Electric Vertical Aircraft, or EVA, service.

此外，我們也宣布與 Signature Aviation 達成長期協議，在 2028 年之前在紐瓦克機場建造專用子航站樓，這是支援我們目前的直升機服務以及未來的電動垂直飛機 (EVA) 服務的關鍵要素。

Upon going public we committed to you, our shareholders, that we would complete two acquisitions by the end of 2021. I'm pleased to confirm that we have achieved that goal with the strategic acquisitions of both Trinity Air on September 15 and Helijet's scheduled helicopter business in Vancouver and neighboring territories on November 30.

上市後，我們向我們的股東承諾，我們將在2021 年底之前完成兩項收購。我很高興地確認，我們已經實現了這一目標，我們於9 月15 日戰略收購了Trinity Air 和Helijet 的定期直升機11 月 30 日在溫哥華及鄰近地區開展業務。

Our Trinity Air acquisition makes Blade the largest dedicated air transporter of human organs for transplant in the United States. We are already seeing strong operational benefits from this combination with our existing MediMobility business with the added scale enabling us to offer transplant centers and organ procurement organizations better aircraft availability and lower cost while maintaining the vast personalized service that has brought Trinity Air and Blade MediMobility such consistent success.

我們對 Trinity Air 的收購使 Blade 成為美國最大的人體器官移植專用航空運輸公司。我們已經看到，與我們現有的MediMobility 業務的合併帶來了巨大的營運效益，規模的擴大使我們能夠為移植中心和器官採購組織提供更好的飛機可用性和更低的成本，同時保持廣泛的個人化服務，從而為Trinity Air 和Blade MediMobility 帶來了巨大的優勢。持續的成功。

Most importantly, the pricing, availability and flexibility we can now offer our hospital partners enables us to accept more organs for transplant. The mission of Blade MediMobility is simple, increase the number of organs that are available for transplant. We are doing just that and together we are saving lives every day.

最重要的是，我們現在可以為醫院合作夥伴提供的定價、可用性和靈活性使我們能夠接受更多的器官進行移植。 Blade MediMobility 的使命很簡單，增加可用於移植的器官數量。我們正在這樣做，每天都在共同拯救生命。

Our fantastic momentum in MediMobility has continued through the current December quarter to date. We have signed up a number of major hospitals in recent weeks and look forward to continuing to build scale in organ transportation. This business is incredibly strategic for us given the high frequency of organ only last mile transfers which we believe will be our first commercial use case for drones as well as EVA.

我們在 MediMobility 領域的強勁勢頭一直持續到當前 12 月季度至今。最近幾週我們已經簽約了多家大型醫院，並期待繼續擴大器官運輸規模。鑑於器官最後一英里轉移的頻率很高，這項業務對我們來說具有難以置信的戰略意義，我們相信這將是我們無人機和 EVA 的第一個商業用例。

Our acquisition of Helijet's passenger business to Vancouver grows Blade into the largest Urban Air Mobility company in North America. Consistent with our asset light strategy, Helijet will continue to own, operate and maintain all aircraft. Blade will also gain exclusive access to heliport terminals in Vancouver, Victoria and Nanaimo with an option to acquire up to a 49% stake in this important strategic infrastructure.

我們收購了 Helijet 的溫哥華客運業務，使 Blade 成為北美最大的城市空中交通公司。根據我們的輕資產策略，Helijet 將繼續擁有、營運和維護所有飛機。 Blade也將獲得溫哥華、維多利亞和納奈莫直升機場的獨家使用權，並可選擇收購這項重要戰略基礎設施高達49%的股份。

Helijet has a proven unique ability to offer Urban Air Mobility services at scale today, flying approximately 100,000 passengers in the pre-COVID 2019 calendar period following three decades of safe operations.

事實證明，Helijet 擁有大規模提供城市空中交通服務的獨特能力，經過三十年的安全運營，在 2019 年新冠疫情之前的日曆期內運送了約 100,000 名乘客。

Additionally, Helijet's short flights, between 20 and 40 minutes, are ideal for the expected capabilities of early EVA designs making it a perfect fit for our focus on Urban Air Mobility routes that are economically viable today while operationally appropriate for the expected capabilities of the aircraft we plan to use as we transition to EVA once available.

此外，Helijet 的短途飛行（20 至40 分鐘）非常適合早期EVA 設計的預期功能，使其非常適合我們對城市空中交通路線的關注，這些路線在當今經濟上可行，同時在操作上適合飛機的預期功能一旦可用，我們計劃在過渡到 EVA 時使用。

In the markets in which Helijet operates, helicopters are a common method of travel across many socioeconomic brackets with fares starting at only $120. Helijet's ability to make their air mobility flights so affordable today enhances the path to public and regulatory acceptance of quiet and emission free EVA. Simply put, helicopter transportation is a vital part of Vancouver's mobility infrastructure today and that will de-risk this market's transition to EVA.

在 Helijet 營運的市場中，直升機是跨越許多社會經濟階層的常見旅行方式，票價起價僅為 120 美元。如今，Helijet 能夠讓其空中交通航班變得更加經濟實惠，這增強了公眾和監管機構對安靜、無排放的 EVA 的接受度。簡而言之，直升機運輸是當今溫哥華交通基礎設施的重要組成部分，這將降低該市場向 EVA 過渡的風險。

Before I turn the call over to Will, I want to briefly address the ongoing COVID-19 environment with the emerging omicron variant. The health and safety of our passengers and employees is paramount to us. Throughout the pandemic we have led by example to ensure that our passengers are flying in a safe environment, including by bringing on a Chief Medical Advisor last year.

在將電話轉給 Will 之前，我想簡要介紹一下當前的 COVID-19 環境以及新興的 omicron 變體。乘客和員工的健康和安全對我們來說至關重要。在整個大流行期間，我們以身作則，確保我們的乘客在安全的環境中飛行，包括去年聘請了首席醫療顧問。

We were the first aviation company to mandate in-flight masking, the first to have pre-boarding blood oxygen saturation testing and the first to provide on-site COVID testing for our longer haul flights. This leadership position continues. We were the first aviation company to announce a requirement for all of our flyers to be vaccinated starting this past September 7, with exceptions only as recommended by the CDC.

我們是第一家強制要求在飛行中佩戴口罩的航空公司、第一家進行登機前血氧飽和度測試的航空公司以及第一家為長途航班提供現場新冠病毒檢測的航空公司。這一領導地位仍在繼續。我們是第一家宣布要求所有乘客從 9 月 7 日開始接種疫苗的航空公司，只有 CDC 建議的例外情況除外。

It's an important differentiator versus our competitors on the ground and in the air and we believe it has led and will continue to lead to increased flyer volumes. With Blade our health protocols are positioned to scale and they remain critical to our success. We will continue to mitigate risk to our employees and customers alike. We are also able to adapt quickly to changing requirements mandated by governments in the areas we operate.

與我們的地面和空中競爭對手相比，這是一個重要的區別，我們相信它已經並將繼續導致傳單數量增加。借助 Blade，我們的健康協議得以擴展，並且它們對我們的成功仍然至關重要。我們將繼續降低員工和客戶的風險。我們也能夠快速適應我們營運地區政府規定的不斷變化的要求。

We are closely monitoring the omicron virus, but, as of today, during the current quarter ending December 31, we have not seen a material negative impact to our business. Overall we have quickly added unmatched scale to our Urban Air Mobility ecosystem and we believe Blade has now aggregated more customers and infrastructure for the launch of EVA passenger and organ transport services than any other company in the world.

我們正在密切監視 omicron 病毒，但截至今天，在截至 12 月 31 日的當前季度中，我們尚未看到對我們業務的重大負面影響。總體而言，我們的城市空中交通生態系統迅速擴大了無與倫比的規模，我們相信 Blade 現在已經聚集了比世界上任何其他公司更多的客戶和基礎設施，用於推出 EVA 乘客和器官運輸服務。

Most importantly, we are serving customers and using our infrastructure today with conventional aircraft, building market share, expanding our service offerings and strengthening our brand while sharpening our operations and customer experience in preparation for a seamless transition to EVA once these aircraft are certified for public use by our partners. With that I'd like to turn it over to our CFO, Will Heyburn, to discuss our financial results in greater detail.

最重要的是，我們今天正在透過傳統飛機為客戶提供服務並使用我們的基礎設施，建立市場份額，擴大我們的服務範圍並強化我們的品牌，同時加強我們的營運和客戶體驗，為這些飛機獲得公眾認證後無縫過渡到EVA 做好準備由我們的合作夥伴使用。接下來，我想將其交給我們的財務長威爾海伯恩 (Will Heyburn)，更詳細地討論我們的財務表現。

Thank you, Rob. Let me reiterate how pleased we are with the progress we've made on our strategic priorities, with our financial results for the September quarter and with our performance in the December quarter to date. As Rob mentioned earlier, our 144% revenue growth in the September 2021 quarter versus the comparable 2020 period is primarily a testament to the team's strong execution on Blade's organic growth plan.

謝謝你，羅布。讓我重申，我們對我們在戰略重點方面取得的進展、九月季度的財務業績以及迄今為止十二月季度的業績感到非常高興。正如 Rob 之前提到的，我們 2021 年 9 月季度的收入與 2020 年同期相比增長了 144%，這主要證明了團隊對 Blade 有機增長計劃的強有力執行。

Our Short Distance business was the most significant driver of revenue growth on a dollar basis, up 261% to $13.4 million in the September 2021 quarter versus $3.7 million in the comparable 2020 period. Our commuter business continued to benefit from strong and [early] demand driven by hybrid remote office policies, which was offset by decreased demand for weekend centric trips, driving a recovery of total Short Distance revenues to an impressive 90% of pre-COVID comparable 2019 period levels, significantly outpacing the overall travel industry recovery.

以美元計算，我們的短距離業務是營收成長最重要的推動力，2021 年 9 月季度成長 261%，達到 1,340 萬美元，而 2020 年同期為 370 萬美元。我們的通勤業務繼續受益於混合遠距辦公政策推動的強勁[早期]需求，但週末中心旅行需求的減少抵消了這一需求，推動短途總收入恢復至新冠疫情前2019 年可比水平的90%，令人印象深刻期內水平，明顯超過整體旅遊業的復甦。

Future Helijet results will be included in Short Distance, but there is no impact on this quarter's results given that the acquisition was not completed until November 30.

未來的 Helijet 業績將包含在 Short Distance 中，但由於收購直到 11 月 30 日才完成，因此對本季業績沒有影響。

Turning to MediMobility Organ Transport and Jet. Revenues increased 50% this quarter to $6.6 million versus $4.4 million in the comparable 2020 period, driven by the addition of new hospital and jet charter customers as well as growth in trip volume within Blade's existing accounts.

轉向 MediMobility 器官運輸和噴射機。由於新醫院和包機客戶的增加以及 Blade 現有帳戶內旅行量的增長，本季度收入增長了 50%，達到 660 萬美元，而 2020 年同期收入為 440 萬美元。

Our acquisition of Trinity Air contributed revenues of only $0.7 million in the September quarter given that we closed with just two weeks remaining in the period. Since then we have made great strides in our integration process with Trinity Air. The team, led by CEO Seth Bacon and COO Scott Wunsch, have moved quickly to consolidate our aircraft sourcing, allowing our combined scale to drive better aircraft availability and pricing.

我們對 Trinity Air 的收購在 9 月季度僅貢獻了 70 萬美元的收入，因為我們在這段期間結束的時間只剩下兩週了。從那時起，我們在與 Trinity Air 的整合過程中取得了長足的進步。由執行長 Seth Bacon 和首席營運長 Scott Wunsch 領導的團隊迅速採取行動，整合我們的飛機採購，使我們的合併規模能夠推動更好的飛機可用性和定價。

We've also combined our business development functions, generating early success with new hospital wins across the United States. Given the rapid progress in our integration, we will not break out Trinity Air separately in our reporting going forward.

我們也整合了我們的業務開發職能，在美國各地贏得了新的醫院，從而取得了早期成功。鑑於我們整合的快速進展，我們不會在未來的報告中單獨揭露 Trinity Air。

Finally, other revenue increased slightly this quarter to $0.4 million from $0.2 million in the comparable 2020 period, driven primarily by an increase in first and last mile ground transportation revenues.

最後，本季其他收入從 2020 年同期的 20 萬美元小幅增長至 40 萬美元，這主要是由於第一英里和最後一英里地面交通收入的增長。

Turning to our costs, we saw improvement in what we refer to as flight margin, revenue less cost of revenue which includes the total cost of flying paid to our operators and landing fees. Flight margin increased this quarter to 22% versus 19% in the comparable 2020 period. This improvement was driven primarily by a shift in overall revenue mix towards Short Distance, which made up 66% of revenues this quarter versus 44% in the comparable 2020 period.

談到我們的成本，我們看到了所謂的航班利潤率的改善，即收入減去收入成本，其中包括支付給營運商的總飛行成本和著陸費。本季航班利潤率增至 22%，而 2020 年同期為 19%。這項改善主要是由於整體收入結構向短距離的轉變所致，短距離佔本季營收的 66%，而 2020 年同期為 44%。

Mature routes in our Short Distance portfolio tend to have higher flight margins than our MediMobility Organ Transport and Jet businesses, which tend to have lower flight margins but generally do not have utilization risk or require a ramp to profitability. Given that the majority of our Short Distance revenues this quarter were from mature routes, we realized a flight margin benefit from this mix shift.

我們的短程投資組合中的成熟航線往往比我們的 MediMobility 器官運輸和噴氣機業務具有更高的飛行利潤率，後者的飛行利潤率往往較低，但通常不存在使用風險或需要逐步實現盈利。鑑於本季我們的大部分短途收入來自成熟航線，我們意識到這種組合轉變帶來了航班利潤率的好處。

This higher-than-expected flight margin provides an enhanced economic cushion, enabling us to invest that margin in route expansion given our expectation that each new route will typically require approximately 18 months to ramp to profitability.

高於預期的航班利潤率提供了增強的經濟緩衝，使我們能夠將利潤投資於航線擴張，因為我們預計每條新航線通常需要大約 18 個月才能實現盈利。

Let's turn now to our general and administrative expenses. G&A increase $10 million in the September 2021 quarter to $11.9 million from $1.9 million in the comparable 2020 period. The increase was primarily driven by growth in non-cash stock-based compensation expense of $3.2 million, one-time transaction-related expenses of $2.5 million, as well as recurring costs paid to third-party auditors and consultants related to our new status as a public company of $2.2 million, $1.7 million of which represents premium for our directors' and officers' insurance.

現在讓我們來談談我們的一般和行政開支。 2021 年 9 月季度的一般管理費用從 2020 年同期的 190 萬美元增加到 1,190 萬美元。這一增長主要是由於非現金股票補償費用增長 320 萬美元、一次性交易相關費用增長 250 萬美元，以及支付給與我們新地位相關的第三方審計師和顧問的經常性費用一家價值220 萬美元的上市公司，其中170 萬美元是我們董事和高階主管的保險費。

Absent these one-time non-cash and recurring public company costs, G&A expense would have increased approximately $2.1 million to $4 million in the September 2021 quarter versus $1.9 million in the comparable 2020 period, primarily reflecting the measured expansion and enhancement of our team as we execute on our growth plan both organically and through acquisitions.

如果沒有這些一次性非現金和經常性上市公司成本，2021 年9 月季度的一般管理費用將增加約210 萬美元至400 萬美元，而2020 年同期為190 萬美元，主要反映了我們團隊的有計劃的擴張和增強：我們透過有機方式和收購來執行我們的成長計劃。

Our software development expenses increased $0.8 million to $1 million in the September 2021 quarter, driven primarily by non-cash stock-based compensation of $0.3 million and increased compensation for new and existing employees.

在 2021 年 9 月季度，我們的軟體開發費用增加了 80 萬美元，達到 100 萬美元，這主要是由於 30 萬美元的非現金股票薪酬以及新員工和現有員工薪酬的增加所致。

Selling and marketing expenses increased $1.1 million to $1.4 million in the September 2021 quarter, driven by a recovery in our Short Distance businesses and their associated marketing activities. Compared to the pre-COVID comparable 2019 period, selling and marketing expenses increased $0.3 million or 28%, which primarily reflects an increase in non-cash stock-based compensation expense of $0.1 million and increased marketing activities.

在我們的短距離業務及其相關行銷活動復甦的推動下，2021 年 9 月季度的銷售和行銷費用增加了 110 萬美元至 140 萬美元。與新冠疫情爆發前的 2019 年同期相比，銷售和行銷費用增加了 30 萬美元，即 28%，這主要反映了非現金股票補償費用增加了 10 萬美元以及行銷活動的增加。

Adjusted EBITDA in the September 2021 quarter decreased to negative $3.2 million from negative $0.4 million in the comparable 2020 period and negative $1.5 million in the comparable 2019 period. This decrease was primarily attributable to new recurring expenses related to Blade's status as a public company, consisting of incremental D&O insurance of $1.7 million and other fees paid to third-party auditors and consultants of $0.5 million.

2021 年 9 月季度的調整後 EBITDA 從 2020 年同期的負 40 萬美元和 2019 年同期的負 150 萬美元降至負 320 萬美元。這一減少主要歸因於與 Blade 作為上市公司的地位相關的新經常性費用，其中包括 170 萬美元的增量 D&O 保險以及支付給第三方審計師和顧問的 50 萬美元的其他費用。

Excluding the new recurring public company expenses above, comparable adjusted EBITDA of negative $0.9 million in the quarter decreased versus negative $0.4 million in the comparable 2020 period, but improved from negative $1.5 million in the pre-COVID comparable 2019 period, driven by increased revenues and lower cost of sales as a percentage of revenues.

不包括上述新的經常性上市公司費用，本季可比調整後EBITDA 為負90 萬美元，低於2020 年可比期間的負40 萬美元，但較新冠疫情爆發前的2019 年可比期間的負150 萬美元有所改善，原因是收入增加和銷售成本佔收入的百分比較低。

Our asset light business model requires limited capital expenditures with only $0.1 million in the September 2021 quarter and $0.3 million for the full 2021 fiscal year, excluding acquisitions and the purchase of our domain name.

我們的輕資產業務模式需要有限的資本支出，2021 年 9 月季度僅 10 萬美元，2021 年整個財年僅為 30 萬美元，不包括收購和購買我們的網域。

Next, I would like to provide some visibility into both our current quarter ending December 31, 2021 as well as the impact of our recent acquisitions on future financial results. In Short Distance, since the September quarter end, we have seen continued progress in our ramp of Blade Airport, achieving an annualized run rate of approximately 20,000 flyers in recent weeks, matching pre-COVID levels.

接下來，我想介紹一下我們截至 2021 年 12 月 31 日的當前季度以及我們最近的收購對未來財務業績的影響。在短程方面，自 9 月季度末以來，我們看到刀片機場的坡道持續取得進展，最近幾週實現了約 20,000 架次的年化運行率，與新冠疫情爆發前的水平相當。

We are especially pleased with this result given that we're currently offering only one route between Manhattan and JFK and very recently relaunched Newark service on November. Pre-COVID we offered service between JFK and three different Manhattan heliports with one route each between Manhattan and both LaGuardia and Newark.

我們對這一結果感到特別滿意，因為我們目前僅提供曼哈頓和甘迺迪機場之間的一條航線，並且最近於 11 月重新推出了紐瓦克服務。在新冠疫情爆發之前，我們提供往返於甘迺迪機場和曼哈頓三個不同直升機場之間的服務，並在曼哈頓與拉瓜迪亞機場和紐瓦克機場之間各有一條航線。

Given strong performance in the airport business, we plan to continue adding new rates and capacity in the coming months while Blade Airport has already contributed to strong revenue growth versus the prior year in our Short Distance business during this current December quarter to date.

鑑於機場業務的強勁表現，我們計劃在未來幾個月繼續增加新的費率和運力，而刀片機場在當前12 月季度迄今已經為我們的短距離業務較上年強勁的收入增長做出了貢獻。

With respect to expansion plans, we are targeting a 2022 launch for one or more additional Short Distance routes between cities where the value proposition of Blade driven by the elimination of travel friction at prices that are competitive to current alternatives is meaningful.

關於擴張計劃，我們的目標是在2022 年推出一條或多條城市之間的額外短途航線，在這些航線中，Blade 的價值主張是透過消除旅行摩擦而推動的，並且其價格與當前替代品相比具有競爭力。

As expected, Helijet continues to operate at approximately 50% of its pre-COVID annual revenues of $15 million and be done contributing to Short Distance on November 30. Since the start of the pandemic, Canada has lagged the US in reopening policies contributing to that slower recovery. We do not expect Helijet to add material SG&A in fiscal year 2022.

正如預期的那樣，Helijet 繼續以新冠疫情前年收入1500 萬美元的約50% 運營，並於11 月30 日完成對短距離的貢獻。自大流行開始以來，加拿大在重新開放有助於短距離飛行的政策方面落後於美國恢復較慢。我們預計 Helijet 在 2022 財年不會增加重大的銷售、管理和行政費用。

At MediMobility Organ Transport and Jet, Trinity Air is already contributing nearly $6 million of revenues per quarter with charter margins equal to or above the Blade average. We expect Trinity Air to add approximately $1 million of SG&A per quarter. I should also point out that this business line is both nonseasonal and has not seen material negative impacts during the pandemic.

在 MediMobility Organ Transport 和 Jet，Trinity Air 每季已貢獻近 600 萬美元的收入，包機利潤率等於或高於 Blade 平均。我們預計 Trinity Air 將每季增加約 100 萬美元的 SG&A。我還應該指出的是，該業務線既非季節性，也沒有在疫情期間出現重大負面影響。

These acquisitions, along with our focus on new routes with consistent year-round demand, will serve to smooth out our seasonality going forward, though we do expect the September quarter to remain our largest. We continue to have preliminary discussions with our Board to change to a December 31 fiscal year end to coincide with the calendar year. We expect them to consider a formal change in early 2022.

這些收購，加上我們對全年需求穩定的新航線的關注，將有助於緩解我們未來的季節性，儘管我們確實預計 9 月的季度仍將是我們最大的季度。我們繼續與董事會進行初步討論，以將財政年度結束日期改為 12 月 31 日，以與日曆年度一致。我們預計他們會在 2022 年初考慮正式改變。

In closing, we have a strong debt-free balance sheet with more than $300 million in cash to support our growth strategy, both through organic expansion and acquisition. We have built and continue to enhance North America's largest Urban Air Mobility ecosystem, ready for the quiet and emission free electric future, but flying passengers and critical cargo right now, every day with conventional aircraft at profitable unit economics. With that I'll turn it back over to Rob.

最後，我們擁有強大的無債務資產負債表和超過 3 億美元的現金，透過有機擴張和收購來支持我們的成長策略。我們已經建立並繼續增強北美最大的城市空中交通生態系統，為安靜、無排放的電動未來做好準備，但現在每天都使用傳統飛機以有利可圖的單位經濟效益運送乘客和重要貨物。這樣我就把它轉回給羅布。

Thanks, Will. I am pleased with all that we have accomplished over the past fiscal year. Looking ahead at 2022, we will continue to focus on building and acquiring all the necessary elements for Blade's world leading Urban Air Mobility ecosystem in preparation for the deployment of EVA services to the public in a seamless, cost-effective and safe manner as our partners' next generation aircraft become available.

謝謝，威爾。我對我們在過去的財政年度所取得的成就感到高興。展望2022年，我們將繼續專注於建造和獲取Blade世界領先的城市空中交通生態系統的所有必要要素，為作為我們的合作夥伴以無縫、經濟高效和安全的方式向公眾部署EVA服務做好準備' 下一代飛機問世。

Key elements of Blade's ecosystem include: our network of exclusive terminals in the most important Urban Air Mobility markets in the world; our partnerships with leading aerospace manufacturers; our customer to cockpit technology stack; our 24/7 on the ground flyer experienced team; profitable routes; our loyal customer base; and our highly recognized and strong brand. These competitive strengths are extremely difficult to replicate.

Blade 生態系統的關鍵要素包括： 我們在世界上最重要的城市空中交通市場的專屬航站樓網絡；我們與領先的航空航太製造商的合作夥伴關係；我們的客戶到駕駛艙技術堆疊；我們 24/7 經驗豐富的地面飛行團隊；有利可圖的航線；我們忠實的客戶群；以及我們高度認可的強大品牌。這些競爭優勢極難複製。

Unlike many companies in the Urban Air Mobility landscape, we already have a strong and growing business today using conventional aircraft and we will continue to build on it organically and through our pipeline of strategic and financially accretive acquisitions that will largely serve to continue to grow our operations in the US, Canada, India and additional geographies around the world.

與城市空中交通領域的許多公司不同，我們今天已經擁有強大且不斷增長的傳統飛機業務，我們將繼續有機地發展這項業務，並透過我們的策略和財務增值收購管道，這將在很大程度上上有助於繼續發展我們的業務在美國、加拿大、印度和世界其他地區開展業務。

Before we close, I'd like to briefly discuss the current capital markets environment. There continues to be volatility in the market for emerging growth companies like Blade. We reported very strong financial results for the September quarter with encouraging financial visibility for the current December quarter with approximately $300 million of cash on our debt-free balance sheet.

在結束之前，我想先簡單討論一下當前的資本市場環境。對於像 Blade 這樣的新興成長型公司來說，市場仍然存在波動。我們公佈了 9 月份季度非常強勁的財務業績，當前 12 月份季度的財務可見度令人鼓舞，我們的無債務資產負債表上有大約 3 億美元的現金。

As we leverage and expand our current market leadership in Urban Air Mobility we truly have an incredible opportunity ahead of us. Blade's management team and Board believe that the current share price simply does not reflect the long-term growth prospects for our Company. As we continue to execute on our growth strategy, post strong financial results exceeding expectations, and further build credibility with the investment community, we expect this gap to narrow. However, if needed our balance sheet strength provides us with a very powerful toolbox to utilize when appropriate.

隨著我們利用並擴大目前在城市空中交通領域的市場領導地位，我們確實面臨著難以置信的機會。 Blade 的管理團隊和董事會認為，目前的股價根本無法反映我們公司的長期成長前景。隨著我們繼續執行成長策略，公佈超出預期的強勁財務業績，並進一步建立投資界的信譽，我們預計這一差距將會縮小。然而，如果需要的話，我們的資產負債表實力為我們提供了一個非常強大的工具箱，可以在適當的時候使用。

Finally, I want to thank each of our 144 full-time and part-time employees for their contributions and tireless work as they consistently provide best-in-class service for all of our customers. Our success would not be possible without you. With that, I will turn it over to Tom for questions.

最後，我要感謝我們 144 名全職和兼職員工中的每一位，感謝他們的貢獻和不懈的工作，因為他們始終如一地為我們所有的客戶提供一流的服務。沒有您，我們就不可能成功。這樣，我將把它交給湯姆提問。

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

提醒一下，我們將在今天的電話會議上回答分析師和投資者的問題。記者應該直接向我發送詢問。接線員，我們現在準備好提問了。

(Operator Instructions). Hillary Cacanando, Deutsche Bank.

（操作員說明）。希拉蕊·卡卡南多，德意志銀行。

I know you haven't seen any impact from omicron so far, but could the emergence of the variant potentially impact the timing of your expansion plans in the Northeast corridor? If you could discuss how that -- expansions plans are going -- tracking to your initial plans that would be great. And also if you could just comment on your plans to restart the service from LaGuardia.

我知道到目前為止您還沒有看到 omicron 的任何影響，但是該變體的出現是否可能會影響您在東北走廊的擴張計劃的時間安排？如果您可以討論擴展計劃的進展如何追蹤您的初始計劃，那就太好了。另外，您是否可以評論一下從拉瓜迪亞機場重新啟動服務的計劃。

Sure, thanks for your question. Given that we're the only aviation company with mandatory vaccination requirements, which began to be enforced on September 7, our passengers are not only all vaccinated, they were the first to be boosted as well. Simply put, our flyers do not view omicron as a death sentence. However, they are being very smart about it, they're following the science and they're continuing on with their lives.

當然，謝謝你的提問。鑑於我們是唯一一家有強制疫苗接種要求的航空公司，並於9月7日開始實施，我們的乘客不僅全部接種了疫苗，而且也是最先接種的。簡而言之，我們的傳單並不將 omicron 視為死刑。然而，他們對此非常聰明，他們遵循科學並繼續他們的生活。

So, what we see right now through December is not having an impact. They're continuing with their previously planned vacation travels, they're continuing to move around. But they are being extremely vigilant and they do appreciate our health processes which have been, as you know, through our MediMobility division and through our Chief Medical Officer, have been something that we started literarily at the very, very, very beginning of the virus. The first to institute mandatory masks, the first company to do mandatory blood oxygen saturation level and then moving on to mandatory vaccination requirements.

因此，我們從現在到 12 月所看到的情況並沒有產生影響。他們繼續他們之前計劃的假期旅行，他們繼續四處走動。但他們非常警惕，他們確實讚賞我們的健康流程，如您所知，透過我們的 MediMobility 部門和我們的首席醫療官，我們從病毒爆發之初就開始了這樣的工作。第一個制定強制佩戴口罩的公司，第一家強制執行血氧飽和度水平的公司，然後是強制執行疫苗接種要求的公司。

With respect to our expansion plans, I will let Will take it on. We have -- let me take the airport first. We did start with JFK on the -- departing from one heliport to Manhattan. We then recently in November added Newark Airport. Remember pre-pandemic we were actually flying to Newark, LaGuardia and JFK from all three New York City airports. Obviously the goal is to go back to that.

至於我們的擴張計劃，我會讓威爾來承擔。我們——讓我先去機場。我們確實從甘迺迪機場出發——從直升機場飛往曼哈頓。最近，我們在 11 月新增了紐瓦克機場。請記住，在大流行之前，我們實際上是從紐約市的三個機場飛往紐瓦克、拉瓜迪亞和甘迺迪國際機場。顯然，我們的目標是回到那個狀態。

With respect to LaGuardia, there is a lot of construction there right now. And the value proposition with respect to flying there and then potentially having some construction that's longer than your 5-minute flight to get to curbside without behind the tarmac service, that is something we're watching closely. But obviously it's something we're very focused on to get back to three airports. With respect to the Northeast corridor potential plans, I'll let Will answer that question.

就拉瓜迪亞機場而言，目前那裡有很多建設工程。我們正在密切關注與飛到那裡然後可能進行一些比您 5 分鐘飛行更長的建設而無需停機坪服務即可到達路邊的價值主張。但顯然，返回三個機場是我們非常關注的事情。關於東北走廊的潛在計劃，我將讓威爾回答這個問題。

Hey, Hillary, thanks for the question. We kind of look to Blade Airport as our canary in the coal mine, if you will, to see how things are going. And as we look at the last four weeks, we've averaged that around-20,000 flyer mark, which matches what we were doing pre-COVID. But if I look at the week ending last Friday, we were a little bit ahead of that.

嘿，希拉里，謝謝你的提問。如果你願意的話，我們可以將刀片機場視為煤礦裡的金絲雀，看看事情進展如何。回顧過去四個星期，我們的平均傳單數量約為 20,000 份，這與我們在新冠疫情爆發前所做的工作相符。但如果我看看上週五結束的一周，我們就領先了一點。

So, we really haven't seen an impact in that airport business, which is the one that we would think, if there was going to be an impact, would be the most likely to see it. Now would we be growing more without the presence of this variant? Maybe. But it's hard for us to tell.

因此，我們確實沒有看到機場業務受到影響，但我們認為，如果會產生影響，那麼最有可能看到影響。現在，如果沒有這種變體的存在，我們會生長得更多嗎？或許。但我們很難說。

With respect to the Northeast corridor expansion, the thing we're going to be watching there is are offices open and are business travelers back on the road. We see some encouraging data around small business travel; I'm sure folks saw the data that AMEX was talking about recently where they've recovered very nicely that 75%-80% level. But we want to make sure that folks are open for business in the two cities we're trying to connect. And given the asset light model, we have a lot of flexibility on timing.

關於東北走廊的擴建，我們將關注的是辦公室的開放以及商務旅客的返回。我們看到一些有關小型商務旅行的令人鼓舞的數據；我相信人們看到了 AMEX 最近談論的數據，他們已經很好地恢復了 75%-80% 的水平。但我們希望確保我們試圖連接的兩個城市的人們能夠正常運作。鑑於輕資產模式，我們在時間安排上有很大的彈性。

Okay, got it. Got it. Thanks for that. I just have one more follow-up question. We've seen labor shortages across all industries and pilot shortage in the aviation industry. And over the weekend I think there were a lot of restaurants closing because staff were out sick with omicron and [trades] canceling. Are you seeing any potential labor issues at your partner network at all? Like do you know if your partners have sufficient backup pilots in place in case they become sick or any other labor issues come up?

好，知道了。知道了。感謝那。我還有一個後續問題。我們看到所有行業都出現勞動力短缺，航空業也出現飛行員短缺。整個週末，我認為有很多餐廳關門了，因為員工因 omicron 生病而導致[交易]取消。您是否在合作夥伴網絡中發現任何潛在的勞動問題？例如您是否知道您的合作夥伴是否有足夠的後備飛行員，以防他們生病或出現任何其他勞工問題？

As of now we have not seen anything. And there seems -- obviously there's not only been a great flow of new pilots, but what I'll say is that, because of declines in the oilfield services business, there are a lot of pilots that are moving from that business to our business.

截至目前我們還沒有看到任何東西。顯然，不僅有大量新飛行員的流動，而且我要說的是，由於油田服務業務的下降，有許多飛行員正在從該業務轉向我們的業務。

And then also because there has been -- in the summer there usually is a very, very pickup in volume for leisure roots, those pilots have stayed on. So, the combination of the ramping up for the summer coupled with the decline in oilfield services requirements for helicopter pilots, we have not seen that at all.

另外，因為夏季休閒根基的數量通常會非常非常多，所以這些飛行員都留下來了。因此，夏天的增加加上對直升機飛行員的油田服務需求的下降，我們根本沒有看到這種情況。

Great. That's good to hear. Thank you so much, Robert and Will. Thank you very much.

偉大的。聽起來還不錯。非常感謝你們，羅伯特和威爾。非常感謝。

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

Thanks. Maybe I'll ask a few. So, as we're thinking about the business, I think you said Trinity was like $700,000 in the quarter. I think we were thinking about that as like maybe a $5 million a quarter business. Is that still a good number? And then with Helijet, I think you guys had given some numbers out when you announced that acquisition of I guess $7.5 million run rate. Is that still holding up?

謝謝。也許我會問幾個。因此，當我們考慮業務時，我想您說過 Trinity 該季度的營收約為 70 萬美元。我認為我們當時正在考慮將其視為每季 500 萬美元的業務。這仍然是一個好數字嗎？然後是 Helijet，我想你們在宣布收購時已經給出了一些數字，我猜運行費用為 750 萬美元。那還堅持嗎？

And I guess should we think about -- I think you said $15 million pre-COVID. Should we be thinking about the pace to get back to that $15 million? How do we think about that pace, I guess, given that you're talking about your airport business already being almost back to pre-COVID levels? And then I've got one follow-up.

我想我們應該考慮一下——我想你說過在新冠疫情之前需要 1500 萬美元。我們是否應該考慮回到 1500 萬美元的速度？我想，考慮到您所說的機場業務已經幾乎恢復到新冠疫情爆發前的水平，我們如何看待這一速度？然後我有一個後續行動。

Thanks for the question, Jason. I'll take those. On the Trinity front, the $5 million was right for when we closed. As we said, we've had some great recent wins in recent weeks. So, I would think about starting at that $700,000 level, which is what they did for the two weeks that they contributed in September. And then now we're starting to get close to that $6 million a quarter level of revenue contribution. But I would think about that as more being towards the future rather than backward looking, if that helps.

謝謝你的提問，傑森。我會接受那些。在 Trinity 方面，500 萬美元在我們關閉時是正確的。正如我們所說，最近幾週我們取得了一些偉大的勝利。因此，我會考慮從 70 萬美元的水平開始，這就是他們在 9 月捐款的兩週內所做的事情。現在我們開始接近每季 600 萬美元的營收貢獻水準。但我認為這更多的是面向未來而不是回顧過去，如果這有幫助的話。

And then on the Helijet question, Canada has been a little bit behind the US in terms of reopening. And it remains to be seen what impact this variant is going to have on their willingness to get back on the road for business travel and for government meetings, which is a big driver of Helijet's business.

然後在直升機問題上，加拿大在重新開放方面稍微落後於美國。這種變化會對他們重返商務旅行和參加政府會議的意願產生什麼影響還有待觀察，而這是 Helijet 業務的一大推動力。

So, we expected this business would still be around that 50% of the $15 million, and that's what we underwrote when we did the deal. And it's a little bit hard to predict when it would get back to the normal run rate. I would expect it will still be some time on that.

因此，我們預計這項業務仍將佔 1500 萬美元的 50% 左右，這就是我們在進行交易時承保的金額。而且很難預測何時會恢復到正常的運轉速度。我預計這還需要一些時間。

And then just a follow-up question, to the extent that if you do not open additional Northeast corridor flights this year, would we expect it to maybe have more focus on acquisitions? And so, the business will -- I guess are you willing to commit that you'll move the business forward either organically through Northeast corridor expansion or through M&A this year -- additional M&A?

然後是一個後續問題，如果今年不開通更多的東北走廊航班，我們是否會期望它更多地關注收購？因此，我想您是否願意承諾透過東北走廊擴張或今年的併購有機地推動業務發展？額外的併購？

Yes, it's Rob. I'll take that. I think we have a variety of options. The good news is when it comes to the Northeast corridor, and given our size and our ability to launch routes, we can do it very quickly. We do not require any regulatory approvals to launch new routes. So, they can be launched very quickly. There are other routes that are more tilted towards leisure or tilted towards commuting that could be very valuable that do not -- that are not heavily reliant on business travel. There are other routes elsewhere in the United States that we are well down the path of investigating.

是的，是羅布。我會接受的。我認為我們有多種選擇。好消息是，就東北走廊而言，考慮到我們的規模和開通航線的能力，我們可以很快做到這一點。我們不需要任何監管部門的批准即可推出新航線。因此，它們可以很快啟動。還有其他更傾向於休閒或通勤的路線可能非常有價值，但它們並不嚴重依賴商務旅行。我們正在調查美國其他地方的其他路線。

In addition to that, yes, we have a very, very visible pipeline of acquisitions moving forward. So, all those together I think gives us the optionality to the extent that if there was a large Northeast corridor route we would consider opening, and we decided to be prudent potentially and push that off a bit just to get better visibility of business travel, we do have that option.

除此之外，是的，我們還有一個非常非常明顯的收購管道正在推進。因此，我認為所有這些加在一起給了我們一定程度的選擇權，如果有一條大型東北走廊路線，我們會考慮開通，並且我們決定謹慎行事，推遲一點，只是為了獲得更好的商務旅行可見性，我們確實有這個選擇。

Itay Michaeli, Citi.

伊泰‧米凱利，花旗銀行。

Just first, curious on -- as you've ramped up the airport trips, curious what percentage of flyers were totally new to the Blade platform versus those who may have flown airport pre-COVID or in some of your other leisure routes.

首先，當您增加機場旅行時，想知道對於 Blade 平台完全陌生的旅客與那些可能在新冠肺炎疫情發生前曾飛過機場或乘坐其他一些休閒航線的旅客所佔的比例是多少。

It's been really encouraging. If I'm looking at some of the recent weeks, it's been close to 80% of the people flying are new. So, it's a really fantastic customer acquisition tool for us and we've been really encouraged by the results so far.

這真的很令人鼓舞。如果我看看最近幾週的情況，我會發現近 80% 搭飛機的人都是新人。因此，這對我們來說是一個非常棒的客戶獲取工具，迄今為止的結果讓我們深受鼓舞。

And then also we've noticed a very big pickup on returns. It was slightly tilted towards the airport as opposed to coming to the city, which is interesting, which also gives us some signals of new people that are out of New York that are coming from outside New York City into New York City for visits, whether it be for personal or business. And that is very encouraging too, because it's clear that the brand is starting to expand well beyond our core locations of operations.

然後我們也注意到回報率大幅上升。它稍微向機場傾斜，而不是向城市傾斜，這很有趣，這也為我們提供了一些來自紐約的新人從紐約市以外進入紐約市訪問的信號，無論是無論是個人還是企業。這也非常令人鼓舞，因為很明顯，該品牌正在開始遠遠超出我們的核心營運地點。

Absolutely, that's very helpful. Just my second question, going back to the December quarter, I think, Will, you gave some puts and takes on how to think about revenue and seasonality. I hoping we could just go through that to make sure I'm clear on that maybe ex Trinity to try and get a sense of where you think you may come out this quarter.

當然，這非常有幫助。我的第二個問題，回到 12 月季度，我想，威爾，您就如何考慮收入和季節性提出了一些看法。我希望我們能仔細討論一下，以確保我清楚，也許前三位一體會嘗試了解您認為本季可能會出現的情況。

I can give you some guidance on the seasonality. Historically the September quarter has been the largest by far, in some years would approach 50% of our revenues. These acquisitions have really served to help smooth that out.

我可以給你一些關於季節性的指導。從歷史上看，9 月季度是迄今為止規模最大的季度，在某些年份會接近我們收入的 50%。這些收購確實有助於解決這個問題。

So, what I would say going forward pro forma for both Trinity and for Helijet, you're still going to see September be the largest quarter, but call it closer to around 30% of their revenues. And then March will continue to be the weakest quarter, around 20%, and kind of an even split on the other two, if that helps you with your model.

因此，我想說的是，對於 Trinity 和 Helijet 來說，預計 9 月仍然是最大的季度，但接近其收入的 30% 左右。然後 3 月將繼續是最弱的季度，約為 20%，並且與其他兩個季度持平，如果這對您的模型有幫助的話。

One additional point which we didn't mention -- I think it's very important that those of you looking at our Company and trying to forecast the impact of COVID to understand that the MediMobility business and Trinity are not meaningfully affected, if at all, by the virus. Obviously we're now the largest transport of human organs in the United States and it's nice to have that kind of buffer in the Company that is largely insulated from COVID.

One additional point which we didn't mention -- I think it's very important that those of you looking at our Company and trying to forecast the impact of COVID to understand that the MediMobility business and Trinity are not meaningfully affected, if at all, by病毒.顯然，我們現在是美國最大的人體器官運輸公司，公司內擁有這種基本上不受新冠疫情影響的緩衝區真是太好了。

Yes, and just on your question for this quarter, all we'll say at this point is we're really pleased with significant growth quarter to date versus both 2020 and 2019 for that December quarter. But we'll have more to talk about when we do that earnings release.

是的，就您本季的問題而言，我們此時要說的是，我們對 12 月季度迄今為止與 2020 年和 2019 年相比的顯著增長感到非常滿意。但當我們發布財報時，我們會有更多內容要討論。

Awesome. I'll sneak one quick one in, and apologies if I missed it. I know it's early, but how is the Newark route going so far kind of relative to your expectations?

驚人的。我會快速地偷偷地放一份，如果我錯過了，我深表歉意。我知道現在還早，但紐瓦克航線目前的進展與您的預期相比如何？

It's going great. We are incredibly pleased. We're seeing consistent growth in that route and we're not going to break things out separately. But it's been a nice contributor to us equaling what we were doing pre-pandemic. And I think every week has been better than the one before, including the most recent week. So, we're (multiple speakers).

一切進展順利。我們非常高興。我們看到該路線的持續成長，我們不會單獨進行細分。但這對我們來說是一個很好的貢獻，相當於我們在疫情大流行前所做的事情。我認為每一周都比以前好，包括最近一周。所以，我們（多個發言者）。

I think one important data point is that it is growing faster than it was growing pre -- when we did the pre-COVID launch, which just shows that the brand and the awareness of our services have increased over time.

我認為一個重要的數據點是，它的成長速度比我們在新冠疫情之前推出產品時的成長速度要快，這表明我們的品牌和服務意識隨著時間的推移而提高。

Stephen Ju, Credit Suisse.

史蒂芬居，瑞士信貸。

So, Rob, from a practical operational perspective, do you anticipate that you'll retain the Helijet brand in Canada or will you look to expand the Blade brand in the country? And, Will, are there any changes to the investment status either from a real estate or equipment standpoint we should be thinking about for 2022 and 2023 as it pertains to Helijet? Thanks.

那麼，Rob，從實際營運的角度來看，您預計會在加拿大保留 Helijet 品牌，還是會尋求在該國擴大 Blade 品牌？請問，從房地產或設備的角度來看，我們應該考慮 2022 年和 2023 年 Helijet 的投資狀況是否會發生任何變化？謝謝。

That's a great question. I think what's really exciting for us about Helijet is that helicopters are a way of life with respect to transportation in Vancouver. A large percentage of the passengers are actually government employees. It is not considered an indulgence; it's just a way of getting around not unlike the fairies that you have there or other modes of transportation, and it saves a tremendous amount of time.

這是一個很好的問題。我認為 Helijet 真正令我們興奮的是，直升機已成為溫哥華交通的生活方式。很大一部分乘客實際上是政府僱員。這不被視為一種放縱；這只是一種出行方式，與那裡的仙女或其他交通方式不同，而且它可以節省大量時間。

So, it really goes across a broad socioeconomic strata. And you look at the price of $120, it's a very -- it's a nice, strong basic service. So, they have a 30-year-old brand. We are going to retain that brand. To the extent we would do missions to leisure routes like Whistler Mountain for skiing or going from Seattle to Vancouver, which would be the very first international cross-border service that we would launch.

因此，它確實跨越了廣泛的社會經濟階層。你看看 120 美元的價格，這是一項非常好的、強大的基本服務。所以，他們有一個30年的品牌。我們將保留這個品牌。某種程度上，我們會去惠斯勒山等休閒路線滑雪，或是從西雅圖到溫哥華，這將是我們推出的第一個國際跨境服務。

I think as a higher end product those could use the Blade brand, but for now they've done a fantastic job and we want them to keep doing what they're doing. We want them to leverage our technology, our data, and potentially enjoy some of the benefits of enhanced margin by add-on services. But for now we are leaving their core routes with the Helijet brand. But however, there will be awareness that Blade is behind the company.

我認為作為高端產品，這些產品可以使用 Blade 品牌，但目前他們已經做得非常出色，我們希望他們繼續做他們正在做的事情。我們希望他們能利用我們的技術、數據，並有可能享受到附加服務來提高利潤的一些好處。但目前我們將其核心航線保留為 Helijet 品牌。但無論如何，人們都會意識到 Blade 是該公司的幕後黑手。

And to your question on the P&L impact, if that's what you were getting after. We don't think there's going to be significant SG&A investment related to Helijet this year. In terms of the impact on flight margin, we don't think that will be significant this year either just given that they're at about 50% of what they're usually doing. So, we'll keep watching and keep updating folks on that, but as of right now not a significant impact.

至於你關於損益影響的問題，如果這就是你所追求的。我們認為今年不會有與 Helijet 相關的重大 SG&A 投資。就對飛行利潤率的影響而言，我們認為今年的影響不會很大，因為他們的飛行利潤率僅為平時的 50% 左右。因此，我們將繼續關注並不斷更新人們的情況，但目前還沒有重大影響。

(Operator Instructions). Bill Peterson, JPMorgan.

（操作員說明）。比爾彼得森，摩根大通。

Nice to see the recent growth here. Didn't hear much about India, which you've talked about in the past. I'm curious what's happening there. And I guess maybe more broadly, what other markets would you consider to be ripe for international expansion let's say in the coming year or two? How long would it take to implement the service?

很高興看到這裡最近的成長。沒有聽過太多關於印度的事情，你過去曾談過。我很好奇那裡發生了什麼事。我想也許更廣泛地說，您認為哪些其他市場已經成熟，可以在未來一兩年進行國際擴張？實施這項服務需要多長時間？

You mentioned the potential for Vancouver to Seattle, that's one. But how long would it take to get that up and running around services? And should we assume these international expansions would be more through acquisition or organic growth?

你提到了溫哥華到西雅圖的潛力，這就是其中之一。但是，需要多長時間才能啟動並運行服務呢？我們是否應該假設這些國際擴張更多是透過收購或有機成長？

With respect to new markets, I am very focused and the team is very focused now on Europe. I think that you would likely see that by acquisition. It is just the quickest way to go to market. It reduces risk. We could do -- there are certain routes that would work organically internationally.

對於新市場，我非常關注，團隊現在也非常關注歐洲。我認為您可能會透過收購看到這一點。這只是進入市場的最快方式。它降低了風險。我們可以做——有些路線可以在國際上有機地發揮作用。

But to the extent we find something that has a good fit and really has the kind of friction versus cost-benefit to commuters and to travelers, we are on it and we see it out there and we see those deals, again, at accretive valuations.

但就我們發現的東西來說，它非常適合，並且確實對通勤者和旅行者來說具有摩擦與成本效益，我們就在其中，我們看到它在那裡，我們再次看到這些交易的估值不斷增加。

With respect to something like Vancouver or Seattle, obviously, because it's cross-border, it would likely take more time than say a domestic point-to-point route. I can't give you any real visibility as to exactly how long that would take because our work continues on that front. Is there anything you want to add, Will?

對於像溫哥華或西雅圖這樣的航班，顯然，因為它是跨境的，所以可能比國內點對點航線需要更多的時間。我無法向您提供任何關於具體需要多長時間的真實信息，因為我們的工作仍在這方面繼續進行。威爾，你還有什麼要補充的嗎？

Yes, just on the India front, when we evaluate what makes an Urban Air Mobility market work, India has got all the elements in that you can save folks 3 to 6 hours with a 20- to 30-minute flight that costs them USD300 equivalent. So, the customer value prop is incredibly strong there. The issue is there have been a lot of fits and starts with regards to COVID, and so we see a huge opportunity there.

是的，就印度而言，當我們評估城市空中交通市場的運作方式時，印度已經具備了所有要素，您可以透過花費300 美元等值的20 到30 分鐘的航班為人們節省3 到6 個小時的時間。因此，客戶價值支撐在那裡非常強大。問題是，新冠疫情期間出現了許多斷斷續續的情況，因此我們看到了巨大的機會。

Don't have anything to announce specifically right now, but particularly given how supportive the Indian government has been of Urban Air Mobility broadly, there are some huge opportunities and we'll consider some incremental investment there. And we'll talk about other ways we can continue to expand that business, which, as you recall, is a GAV. So, we have a great structure through the royalty where we get a lot of upside and our downside is relatively limited.

目前沒有任何具體消息要宣布，但特別是考慮到印度政府對城市空中交通的廣泛支持，存在一些巨大的機會，我們將考慮在那裡進行一些增量投資。我們將討論繼續擴展該業務的其他方式，正如您所記得的，這是一個 GAV。因此，我們透過特許權使用費擁有一個很好的結構，我們獲得了許多好處，而我們的壞處則相對有限。

So, just to add on that, and obviously it's a tremendous market, a lot of friction turning 5-hour drives into 30-minute flights. Specifically one example is from Mumbai to Pune. But I think that, additionally, in terms of the friendliness of the government, we are actually building heliports there. That's something that would be very difficult to do in the US.

所以，補充一點，顯然這是一個巨大的市場，將 5 小時的車程變成 30 分鐘的航班會遇到很多摩擦。具體來說，一個例子是從孟買到浦那。但我認為，此外，就政府的友好程度而言，我們實際上正在那裡建造直升機場。這在美國是很難做到的。

They are offering 0% financing to helicopter companies, or any kind of aviation company, to operate in India. And additionally, because of the medical system and how disjointed it is, we do see a huge opportunity for MediMobility and drones. That being said, because of the structures, as Will mentioned, we have a minority stake and an option to buy up.

他們為在印度營運的直升機公司或任何類型的航空公司提供零％融資。此外，由於醫療系統及其脫節，我們確實看到了 MediMobility 和無人機的巨大機會。話雖如此，正如威爾所提到的，由於結構的原因，我們擁有少數股權和收購選擇權。

And in addition to that we're enjoying royalties. So, at the right time, if we want a deeper relationship with that company, economically we have that option. But for now we want to play it out, be as supportive as we can. And when we feel it's a sufficient scale, we may consider expanding our exposure to that market.

除此之外，我們也享有版稅。因此，在適當的時候，如果我們想與該公司建立更深入的關係，從經濟上來說我們有這個選擇。但現在我們想把它發揮出來，盡可能地提供支持。當我們認為規模足夠大時，我們可能會考慮擴大對該市場的投資。

Okay, thanks for that color. On jet charter, I guess looking at your [app], if you wanted to buy Aspen or Miami, those are around -- I presume the business is good. I realize this is not a clear focus for you guys. But I do understand the market trends in that business help us size it and kind of think about growth or any other expansion opportunities, that that's important to the story.

好的，謝謝你的顏色。在包機方面，我想看看你的[應用程式]，如果你想購買阿斯彭或邁阿密，這些都在附近——我認為生意很好。我意識到這對你們來說並不是一個明確的焦點。但我確實了解該業務的市場趨勢有助於我們調整規模並思考成長或任何其他擴張機會，這對故事很重要。

Yes, I don't view it as critical or key to the story. We do not market jet charter -- really is a courtesy to our long-standing passengers and to our flyers over the past couple years. So, we really do it as a courtesy. I think that what we're seeing, this is really applicable to the jet companies that are out there, not Blade. Clearly a shortage of aircraft, owners using their own aircraft which would normally be up for charter, a lack of availability, high pricing and a pilot shortage.

是的，我不認為它是故事的關鍵或關鍵。我們不銷售包機服務——這確實是對我們的長期乘客和過去幾年的乘客的一種禮貌。所以，我們這樣做確實是出於禮貌。我認為我們所看到的，這確實適用於現有的噴射機公司，而不是刀片式飛機公司。顯然是飛機短缺，業主使用自己的飛機（通常需要包機）、缺乏可用性、高價格和飛行員短缺。

So, again, it's not a core business. We do it from time to time for our passengers. It is really on the periphery of our company strategy. So, we monitor on it. And also, one of the big reasons we like doing some of it is because we get to harmonize helicopters with the jets. So, we like to show the value proposition for both commercial flights and private aviation of the benefits of having a helicopter land right by a plane.

所以，再說一遍，這不是核心業務。我們時常為乘客這樣做。它確實處於我們公司策略的外圍。所以，我們對其進行監控。而且，我們喜歡這樣做的一個重要原因是我們可以協調直升機和噴射機。因此，我們希望向商業航班和私人航空展示直升機在飛機旁邊降落的好處的價值主張。

The other thing I'd say on that, Bill, is that it does give us some scale that helps in the MediMobility business. So, if we can show more hours to operators that we use for MediMobility, given that there's crossover on the equipment, it helps us give both hospitals a better price and incentivize operators to give us that 24/7 crew that you need for the MediMobility business. So, it is strategic -- when you think about combining Blade MediMobility, Trinity Air Medical and Blade's retail business, that's helpful to the cause there.

比爾，我要說的另一件事是，它確實為我們帶來了一定的規模，有助於 MediMobility 業務。因此，如果我們能夠向用於MediMobility 的操作員展示更多的工作時間，考慮到設備上存在交叉，這有助於我們為兩家醫院提供更優惠的價格，並激勵操作員為我們提供MediMobility 所需的24/7 工作人員商業。因此，這是策略性的——當你考慮將 Blade MediMobility、Trinity Air Medical 和 Blade 的零售業務合併時，這對那裡的事業很有幫助。

Okay, thanks for that.

好的，謝謝。

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

You made a point that the bulk of the airport customers are new. Anything you want to help us -- like what percent of people are choosing to be passholders either relative to expectations or any other metrics the way you measure that? Thanks.

您指出機場的顧客大多是新顧客。您想對我們有什麼幫助嗎？例如相對於期望或您衡量的任何其他指標，有多少人選擇成為通行證持有者？謝謝。

We are not disclosing that. Anecdotally we obviously -- we paused our early passholders to enable them to use it again. People are buying passes. But I think that it's possible that some people, because of what's been going on with the pandemic, are saying let me play it by ear, because maybe I have some business trips now, but maybe I won't in the near future.

我們不會透露這一點。有趣的是，我們顯然 - 我們暫停了早期的通行證持有者，以便他們可以再次使用它。人們正在購買通行證。但我認為，由於疫情的影響，有些人可能會說讓我見機行事，因為也許我現在有一些商務旅行，但也許在不久的將來我不會。

So, I'm not sure it's a great time to assess this product where essentially, in order to -- for the passenger to breakeven you've got to fly about 10 flights. But generally people continue buying passes, but I'm not sure it's the right time to measure it.

因此，我不確定現在是否是評估該產品的好時機，從本質上講，為了讓乘客實現收支平衡，您必須乘坐大約 10 趟航班。但一般來說人們會繼續購買通行證，但我不確定現在是衡量它的合適時機。

Yes, I'd agree. I think as we continue to build back the route options for airport, you'll see us start marketing the passes a little bit more. But not a great time to look at it, I would say.

是的，我同意。我認為，隨著我們繼續重建機場的路線選擇，您會看到我們開始更多地行銷通行證。但我想說，現在還不是審視它的好時機。

And then the seat flight flown number that I think you've been giving out the last few quarters, will that be in the 10-Q? Or do you have that handy you can share?

然後，我認為您在過去幾季中一直給出的航班座位數，會出現在 10-Q 中嗎？或是有什麼方便的可以分享嗎？

We put it in the earnings press release there, around 20,000 flyer run rate right now.

我們將其放在收益新聞稿中，目前傳單的運行率約為 20,000 份。

For airport only.

僅限機場。

Yes, for airport.

是的，去機場。

I was looking the number, it was like 6,813 last quarter.

我查了一下這個數字，上個季度大概是 6,813。

Yes, we will file a 10-K in the coming days here that will have that in there.

是的，我們將在未來幾天內在這裡提交一份 10-K，其中包含該內容。

There are no more questions in the queue. This concludes our question-and-answer session. I would like to turn the conference back over to Rob Wiesenthal for any closing remarks.

隊列中沒有更多問題。我們的問答環節到此結束。我想將會議轉回給羅布·維森塔爾（Rob Wiesenthal）發表閉幕詞。

Thanks to everybody who joined the call. I just want to reiterate how pleased we are with our results for the fiscal quarter, as well as what we are observing with respect to the performance to date for the quarter ending December 31. We appreciate your interest, your support and both Will and I remain available, both directly and through ICR, for any questions that you may have. We appreciate you listening this morning.

感謝所有加入通話的人。我只想重申我們對本財季的業績以及我們對截至 12 月 31 日的季度迄今為止的業績所觀察到的情況感到非常滿意。我們感謝您的關注、支持以及威爾和我您可以直接或通過ICR 隨時與我們聯繫，解答您可能遇到的任何問題。我們感謝您今天早上的聆聽。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。