Strata Critical Medical Inc (SRTA) 2022 Q1 法說會逐字稿

Greetings and welcome to Blade Air Mobility's First Fiscal Quarter 2022 Financial Results Conference Call. (Operator Instructions) As a reminder, this event is being recorded. I'd now like to turn the conference over to your host, Mr. Tom Cook, Investor Relations. Please go ahead.

歡迎參加 Blade Air Mobility 2022 年第一財季財務業績電話會議。 （操作員說明）謹此提醒，正在記錄此事件。現在我想將會議轉交給東道主投資者關係部門的湯姆·庫克先生。請繼續。

Good morning, ladies and gentlemen. This is Ravi Jani, Vice President of Investor Relations. Thank you for standing by, and welcome to the Blade Air Mobility Conference Call and Webcast for the quarter ended March 31, 2022. We appreciate everyone joining us today. Before we get started, I would like to remind you of the company's forward-looking statement and safe harbor language.

早安，女士們，先生們。我是拉維‧賈尼 (Ravi Jani)，投資者關係副總裁。感謝您的耐心等待，並歡迎參加截至 2022 年 3 月 31 日的季度的 Blade Air Mobility 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聲明和安全港語言。

Statements made in this conference call that are not historical facts, including statements about future time periods 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. 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.

本次電話會議中所作的非歷史事實的陳述，包括有關未來時間段的陳述，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。這些前瞻性陳述受到風險和影響。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。我們建議您參閱我們向 SEC 提交的文件，包括我們向 SEC 提交的 10-K 表格年度報告，以更詳細地討論可能導致這些差異的風險因素。

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. During today's conference call, we will also discuss non-GAAP financial measures, which we believe may be useful in evaluating our financial performance.

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。在今天的電話會議上，我們還將討論非公認會計準則財務指標，我們認為這些指標可能有助於評估我們的財務表現。

A reconciliation of the most directly comparable GAAP financial measures to those non-GAAP financial measures is provided in our earnings press release, which will also be available on our website. These non-GAAP measures should not be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.

我們的收益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，該新聞稿也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，也不應作為根據公認會計原則編制的財務結果的替代品。

Hosting today's conference 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 Wiesenthal. Rob?

今天的電話會議由 Blade 創辦人兼執行長 Rob Wiesenthal 主持。以及財務長威爾海伯恩 (Will Heyburn)。我現在將把電話轉給羅布·維森塔爾。搶？

Thank you, Ravi. Good morning, everyone. I'd like to thank you for your interest in Blade and welcome you to our earnings call for the first quarter ended March 31, 2022. I'll start with a short overview of our great results this quarter before handing the call over to Will to cover our financials in more detail.

謝謝你，拉維。大家，早安。我要感謝您對 Blade 的興趣，並歡迎您參加我們截至 2022 年 3 月 31 日的第一季財報電話會議。在將電話會議轉交給 Will 之前，我將首先簡要概述我們本季度的出色業績更詳細介紹我們的財務狀況。

I'm extremely happy to report that our growth in the first quarter ended March 31, 2022, was well ahead of our expectations, even in the face of short-term headwinds generated by Omicron in our short distance business. Revenues in the March 2022 quarter increased 187% to $26.6 million versus $9.3 million in a 2021 comparable period. It is very rewarding to see such growth in what has seasonally been the lightest quarter for Blade. It demonstrates our success in diversifying Blade's geographic footprint and consumer base while staying true to our core strategy of aggregating the world's best existing use cases for urban air mobility and last mile precious cargo.

我非常高興地報告，即使面對 Omicron 在短距離業務中產生的短期阻力，我們截至 2022 年 3 月 31 日的第一季的成長也遠遠超出了我們的預期。 2022 年 3 月季度的營收成長 187%，達到 2,660 萬美元，而 2021 年同期營收為 930 萬美元。在刀片伺服器季節性最淡的季度看到這樣的成長是非常值得的。它展示了我們在使 Blade 的地理足跡和消費者基礎多樣化方面取得的成功，同時堅持我們的核心策略，即聚合世界上最好的現有城市空中交通和最後一英里珍貴貨物的用例。

Revenue growth in the March 2022 quarter was driven in large part by the MediMobility organ transport business, where we have won 14 new clients year-to-date in 2022, far more than we expected, further expanding the footprint of our medical business to 20 U.S. states.

2022 年3 月季度的營收成長在很大程度上是由MediMobility 器官運輸業務推動的，截至2022 年，我們已贏得14 個新客戶，遠遠超出我們的預期，進一步將我們的醫療業務足跡擴大到20 個美國各州。

It is also a testament to our Blade in a box operating and acquisition platform, which enabled us to quickly integrate Trinity Air Medical, which we purchased in September 2021 and immediately begin realizing revenue and cost benefits. As a result, we've now armed our MediMobility sales team with what we believe is the most competitive cost structure, strongest logistics technology platform, and the absolute best client service and organ transport today.

這也證明了我們的 Blade in a box 營運​​和收購平台，使我們能夠快速整合我們於 2021 年 9 月購買的 Trinity Air Medical，並立即開始實現收入和成本效益。因此，我們現在為 MediMobility 銷售團隊配備了我們認為最具競爭力的成本結構、最強大的物流技術平台以及當今絕對最佳的客戶服務和器官運輸。

This service-oriented approach is inherited from our long history of providing seamless, or as we say here, advanced team level mobility service to businesspeople and discerning travelers in our short distance business.

這種以服務為導向的方法繼承了我們為短途業務中的商務人士和挑剔的旅行者提供無縫（或者正如我們在這裡所說的，先進的團隊級行動服務）的悠久歷史。

Precision and redundancy has always been a key part of our DNA here at Blade. And in our organ transport business, it leads to faster response times and shorter trips and more economical prices. When it comes to moving organs, reducing transit times leads to better clinical outcomes for the transplant recipient, and it is very rewarding for us to provide this critical service to every major transplant center in our hometown community of New York City as well as across the United States.

精確性和冗餘性一直是 Blade 公司 DNA 的關鍵部分。在我們的器官運輸業務中，它可以帶來更快的反應時間、更短的行程和更經濟的價格。在移動器官方面，減少運輸時間可以為移植受者帶來更好的臨床結果，為我們家鄉紐約市社區以及整個世界的每個主要移植中心提供這項關鍵服務對我們來說是非常有意義的美國。

In our consumer-facing businesses, as expected, we saw headwinds from Omicron during this past quarter, particularly in Blade Airport in Vancouver, where lower utilization led to a contraction in flight margin. However, we chose to maintain service availability. And in recent weeks, we have been awarded for that decision with record volumes in our New York City airport transfer business.

正如預期的那樣，在我們面向消費者的業務中，我們在上個季度看到了來自 Omicron 的阻力，特別是在溫哥華的刀片機場，利用率較低導致航班利潤率收縮。但是，我們選擇維持服務可用性。最近幾週，我們因這項決定而獲得殊榮，創下了紐約市機場接送業務的創紀錄數量。

I'll let Will discuss recent demand signals in more detail, but it is incredible to see people getting back out and enjoying travel once again and as well as the decision by executives to get back on the road for business. I'm also excited to welcome Ravi Jani to our team as VP of Investor Relations and ESG. Ravi joined us from Citadel and his prior experience as an equity research analyst at BofA. I look forward to introducing him to many of you in the coming weeks. I could not be more happy with our progress. And with that, I'll turn the call over to Will.

我將讓威爾更詳細地討論最近的需求訊號，但令人難以置信的是，看到人們重新出去並再次享受旅行，以及高層決定重新踏上業務之路。我還很高興歡迎 Ravi Jani 加入我們的團隊，擔任投資者關係和 ESG 副總裁。 Ravi 加入我們之前曾在 Citadel 任職，此前曾在美國銀行擔任股票研究分析師。我期待在接下來的幾週內把他介紹給你們中的許多人。我對我們的進步感到非常高興。說完，我會把電話轉給威爾。

Thank you, Rob. I'll walk through a few highlights from our business lines. In short distance, revenues were up 300% to $4.2 million in the March 2022 quarter versus $1.1 million in the comparable 2021 period.

謝謝你，羅布。我將介紹我們業務領域的一些亮點。在短距離方面，2022 年 3 月季度的營收成長了 300%，達到 420 萬美元，而 2021 年同期的營收為 110 萬美元。

Growth was driven by the resumption of our Blade Airport service, which began in June 2021, increased demand for personal and business helicopter charter as well as our acquisition of Helijet's passenger roots in Vancouver, which contributed $1.8 million of revenues in the quarter. This was partially offset by reduced off-season demand for our commuter products.

成長的推動因素包括我們於2021 年6 月開始恢復的刀片機場服務、個人和商務直升機包機需求的增加以及我們對Helijet 位於溫哥華的客運業務的收購，後者在本季度貢獻了180 萬美元的收入。這被我們通勤產品淡季需求的減少部分抵消。

Turning to MediMobility Organ Transport and Jet. Revenues increased 186% this quarter to $22.1 million versus $7.7 million in the comparable 2021 period. Growth was driven by the addition of new hospital and jet clients, our acquisition of Trinity Air Medical and stronger demand for our seasonal Blade 1 Jet Service between New York and South Florida.

轉向 MediMobility 器官運輸和噴射機。本季營收成長 186%，達到 2,210 萬美元，而 2021 年同期營收為 770 萬美元。成長的推動因素包括新醫院和噴射機客戶的增加、我們對 Trinity Air Medical 的收購以及對紐約和南佛羅裡達之間的季節性 Blade 1 噴射機服務的強勁需求。

Trinity is firing on all cylinders, and we're excited about the power of the combined Blade and Trinity platform, which has accelerated organic growth and significantly expanded our customer base. Turning to cost of revenue. As discussed on our last earnings call, we made the decision to maintain full service levels throughout the past Omicron wave, and thus, we did expect to see some margin pressure this quarter given lower utilization in our consumer-facing businesses.

Trinity 正在全力以赴，我們對 Blade 和 Trinity 平台組合的力量感到興奮，它加速了有機成長並顯著擴大了我們的客戶群。轉向收入成本。正如我們在上次財報電話會議上所討論的那樣，我們決定在過去的Omicron 浪潮中保持全面的服務水平，因此，鑑於面向消費者的業務利用率較低，我們確實預計本季度會出現一些利潤壓力。

As such, flight margin decreased this quarter to 11% versus 16% in the comparable 2021 period, driven by the resumption of Blade Airport service in June 2021, which was operating below breakeven utilization during the ramp phase this quarter, coupled with Omicron impacts to both Blade Airport and Vancouver.

因此，本季的航班利潤率下降至11%，而2021 年同期為16%，原因是刀片機場服務於2021 年6 月恢復，該機場在本季度的坡道階段運營低於盈虧平衡利用率，再加上Omicron 對布萊德機場和溫哥華。

However, our commitment to maintaining capacity has paid off. In airport, we saw our best week ever this month with a 25,000 flyer per year run rate, and we will continue to invest in capacity and route expansion ahead of demand. Vancouver is now operating at breakeven utilization, and we expect to return to profitability in the coming weeks.

然而，我們對維持產能的承諾已經得到回報。在機場，我們本月迎來了有史以來最好的一周，每年的運行率為 25,000 架次，我們將繼續在需求之前投資於運力和航線擴張。溫哥華目前的營運利用率處於損益平衡狀態，我們預計將在未來幾週內恢復獲利。

Additionally, we expect recent seat price increases as well as strong return to travel sentiment amongst our flyers to further improve flight margin in future quarters. In short, now that COVID restrictions are being lifted, folks are getting back to enjoying the travel they've missed for leisure and getting back on the road for business meetings and conferences.

此外，我們預計最近的座位價格上漲以及我們的乘客旅行情緒的強勁回歸，將進一步提高未來幾季的航班利潤率。簡而言之，現在新冠疫情限制正在解除，人們正在重新享受錯過的休閒旅行，並重新上路參加商務會議。

Absent Blade Airport in Vancouver, slight margin would have been approximately 17% in the current quarter. Going forward, we'll continue to provide detail regarding the impact of new routes on our quarterly flight margin in order to provide investors with greater clarity into the attractive margin profile of our more mature businesses.

如果沒有溫哥華的布萊德機場，本季的微幅利潤約為 17%。展望未來，我們將繼續提供有關新航線對我們季度航班利潤率影響的詳細信息，以便讓投資者更清楚地了解我們更成熟業務的有吸引力的利潤率狀況。

Let's turn now to selling, general and administrative expenses, which includes software development, general and administrative and selling and marketing expenses. Total SG&A increased to $16.6 million in the March 2022 quarter from $5.7 million in the comparable 2021 period. The increase was primarily driven by a $2.7 million increase in staffing costs in order to support our public company transition as well as our acquisition of Trinity, a $1.7 million increase in legal and regulatory advocacy fees, which we do not expect to reoccur at the same level, a $1.6 million increase in directors and officers insurance expense following the company becoming public, a $1 million increase in noncash intangibles and amortization costs in connection with the Trinity and Helijet transactions, and a $1 million increase in mergers and acquisitions costs.

現在讓我們談談銷售、一般和管理費用，其中包括軟體開發、一般和管理費用以及銷售和行銷費用。 SG&A 總額從 2021 年同期的 570 萬美元增至 2022 年 3 月季度的 1,660 萬美元。這一成長主要是由於員工成本增加了 270 萬美元，以支持我們的上市公司轉型以及對 Trinity 的收購，法律和監管宣傳費增加了 170 萬美元，我們預計這種情況不會同時發生公司上市後董事和高階主管的保險費用增加了160 萬美元，與Trinity 和Helijet 交易相關的非現金無形資產和攤銷成本增加了100 萬美元，以及併購成本增加了100 萬美元。

Most importantly, when excluding the onetime noncash and public company expenses that are added back to comparable adjusted EBITDA, SG&A decreased as a percentage of revenues this quarter, demonstrating the operating leverage of our platform. Given the significant amount of onetime expenses in the quarter on an as-reported basis, we expect this first quarter to be the high watermark for quarterly SG&A expense for the year, assuming we do no further M&A.

最重要的是，當排除添加回可比調整後 EBITDA 的一次性非現金和上市公司費用時，SG&A 佔本季度收入的百分比有所下降，這證明了我們平台的營運槓桿。鑑於按報告計算，本季度一次性費用數額巨大，假設我們不再進行進一步的併購，我們預計第一季將成為本年度季度 SG&A 費用的高水位。

Today, we're seeing excellent momentum. Despite the short-term impact during the past quarter from the Omicron variant in our Blade Airport and Vancouver businesses, we have realized significant improvement in recent weeks. And as discussed, we expect the negative impact on our flight profit to improve in the quarters ahead.

今天，我們看到了良好的動力。儘管上個季度 Omicron 變體對我們的刀片機場和溫哥華業務產生了短期影響，但最近幾週我們已經實現了顯著改善。正如所討論的，我們預計對我們的航班利潤的負面影響將在未來幾季得到改善。

Looking forward, we know pilot availability, labor shortages and cost inflation have been top of mind for many in the travel industry. And while we are not immune from these industry-wide challenges, I want to spend some time discussing why our business is uniquely positioned to mitigate them.

展望未來，我們知道飛行員的可用性、勞動力短缺和成本上漲一直是旅遊業許多人最關心的問題。雖然我們無法免受這些全行業挑戰的影響，但我想花一些時間討論為什麼我們的業務具有獨特的優勢來緩解這些挑戰。

Blade has long-term agreements in place with our operator partners, providing us with ample aircraft availability at pricing that is often locked in under multiyear contracts. In exchange, our operators benefit from a steady, predictable flow of business, effectively 0 marketing or customer service costs and the peace of mind from dealing with a rapidly growing and well-capitalized business partner.

Blade 與我們的營運商合作夥伴簽訂了長期協議，為我們提供了充足的飛機可用性，其價格通常鎖定在多年合約中。作為交換，我們的營運商受益於穩定、可預測的業務流、有效的零行銷或客戶服務成本以及與快速成長且資本充足的業務合作夥伴打交道的安心。

On the cost front, particularly in regards to the recent rise in fuel prices, we are well positioned by the fact that our MediMobility contracts are generally structured with fuel price pass-throughs, which neutralize the economic impact of fuel on Blade's organ transfer business.

在成本方面，特別是在最近燃料價格上漲方面，我們處於有利地位，因為我們的 MediMobility 合約通常採用燃料價格轉嫁結構，這抵消了燃料對 Blade 器官移植業務的經濟影響。

In our short distance business, the low fuel consumption of our aircraft and short flight time for the majority of our routes means that our costs are much less sensitive to fuel prices. For example, on Blade Airport, we utilized the VEL-407, which burns just 1.3 gallons of Jet A per seat on a flight between Manhattan and the 3 New York airports. Our seat prices start at $195 with the average checkout in the $200s, including add-ons. Therefore, we do not expect fuel cost increases to have a material impact.

在我們的短程業務中，我們的飛機油耗低，而且大多數航線的飛行時間短，這意味著我們的成本對燃油價格的敏感度要低得多。例如，在刀片機場，我們使用了 VEL-407，在曼哈頓和紐約 3 個機場之間的航班​​上，每個座位僅燃燒 1.3 加侖 Jet A。我們的座位價格起價為 195 美元，平均結帳價格為 200 美元（包括附加費用）。因此，我們預計燃料成本增加不會產生重大影響。

We will continue to monitor the cost environment and make thoughtful decisions to take pricing where necessary in order to offset inflation and to maximize the value of our strong brand and service. With that, I'll turn it back over to Rob for a few closing remarks.

我們將繼續監控成本環境，並做出深思熟慮的決定，在必要時採取定價，以抵消通貨膨脹並最大化我們強大品牌和服務的價值。至此，我將把它轉回給 Rob 做一些結束語。

Thank you, Will. In short, we are proud of our strong results and operating execution this quarter, demonstrating the value and operating the world's largest urban air mobility company, and we are very encouraged by the operating metrics we are now seeing in the current quarter.

謝謝你，威爾。簡而言之，我們對本季度的強勁業績和運營執行力感到自豪，展示了世界上最大的城市空中交通公司的價值和運營，並且我們對本季度看到的運營指標感到非常鼓舞。

We built this business from the ground up to be profitable and scalable using conventional aircraft, and we are laser-focused on deploying capital in a manner that generates attractive returns today and increases the long-term intrinsic value of our business as evidenced by the recent acquisitions of Trinity Air Medical and Helijet passenger business.

我們從頭開始建立這項業務，目的是使用傳統飛機實現盈利和可擴展，並且我們專注於以一種能夠在今天產生有吸引力的回報並增加我們業務的長期內在價值的方式部署資本，正如最近的表現所證明的那樣收購 Trinity Air Medical 和 Helijet 客運業務。

Blade's businesses are laying the groundwork for a seamless transition to electric vertical aircraft or EVA. Over the long term, we believe the unit economics of EVA will supercharge our return profile and enable the creation of new, more convenient landing zones generating substantial incremental value for our shareholders and our customers.

Blade 的業務正在為向電動垂直飛機或 EVA 的無縫過渡奠定基礎。從長遠來看，我們相信EVA的單位經濟效益將增強我們的回報率，並能夠創造新的、更方便的著陸區，為我們的股東和客戶創造可觀的增量價值。

However, I cannot emphasize enough that we are not waiting idly for the day these next-generation aircraft arrive. We are the largest urban air mobility company in the world, flying people and precious cargo on the highest frictions route that exists every single day. Our business does not require EVA or additional capital to reach profitability.

然而，我必須強調的是，我們並沒有無所事事地等待這些下一代飛機到來的那一天。我們是世界上最大的城市空中交通公司，每天都在摩擦力最大的航線上運送人員和貴重貨物。我們的業務不需要 EVA 或額外資本即可獲利。

We are extremely well capitalized, not only to continue scaling our business but also to take advantage of potential opportunistic acquisitions that may present themselves, especially given the current capital markets environment. With that, I'll turn it over to Ravi for questions.

我們資本充足，不僅可以繼續擴大業務規模，還可以利用可能出現的潛在機會性收購，特別是考慮到當前的資本市場環境。這樣，我將把它交給拉維提問。

Thanks, Rob. 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.

謝謝，羅布。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) First question comes from Jason Helfstein, Oppenheimer.

（操作員說明）第一個問題來自 Oppenheimer 的 Jason Helfstein。

I'll ask 2. So just first, maybe give us an update on how you're seeing the initial reaction to some of the changes you had to make for pricing for your summer commuter business on the East Coast. And then second, on the announcement of opening the Paris office. I mean just how should we think about like expansion in Europe versus expansion in kind of the U.S. that you talked about, like what happened sooner? And is there a reason why you think it makes sense to be doing more in Europe right now?

我會問 2。因此，首先請向我們介紹一下您對東海岸夏季通勤業務定價所做出的一些變化的初步反應的最新情況。其次，宣布開設巴黎辦事處。我的意思是，我們應該如何考慮歐洲的擴張與您談到的美國的擴張，例如之前發生的事情？您認為現在在歐洲做更多事情是有意義的嗎？

Great. Thanks for your question. It's Rob Wiesenthal speaking. In terms of the recent price increases for the summer, we have seen real elasticity, no pushback from our flyers. I think certain products, you will see other price increases and really to kind of balance the destinations, the type of aircraft and kind of try to optimize our financial profile going through the summer.

偉大的。謝謝你的提問。我是羅布·維森塔爾發言。就最近夏季的價格上漲而言，我們看到了真正的彈性，我們的傳單沒有任何阻力。我認為某些產品，你會看到其他價格上漲，實際上是為了平衡目的地、飛機類型，並嘗試優化我們整個夏天的財務狀況。

But so far, so good, and we'll obviously be keeping an eye on it. We haven't raised prices. I think it could be 4 or 5 years literally for some of these commuter routes. So it was high time, especially given the high-touch value product that we were giving our flyers and the recovery that we have in terms of if anything happens with the bad weather in cars and service. So I feel pretty good about it.

但到目前為止，一切都很好，我們顯然會密切關注。我們沒有漲價。我認為對於其中一些通勤路線來說，實際上可能需要 4 到 5 年的時間。因此，現在是時候了，特別是考慮到我們向傳單提供的高接觸價值產品，以及在汽車和服務中出現惡劣天氣時我們所得到的恢復。所以我對此感覺很好。

With respect to the opening of our international office, we do see an opportunity there for acquisitions. We do see certain routes that we are analyzing that could make sense. As we've spoken before, just because you're sitting in traffic doesn't mean it's a good route for Blade. We talked about London and let's call it, Heathrow to London. There's no place that's great to land. It's like Battersea Airport. It isn't competitive with ground or the Heathrow Express.

關於我們國際辦事處的開設，我們確實看到了收購的機會。我們確實看到我們正在分析的某些路線可能是有意義的。正如我們之前所說，僅僅因為交通堵塞並不意味著這對 Blade 來說是一條好路線。我們談論了倫敦，我們稱之為「從希斯羅到倫敦」。沒有一個地方適合降落。就像巴特西機場。它與地面或希思羅機場快線沒有競爭力。

So we do see high friction routes where we think we can replicate our model that provide value to the flyer both in terms of time savings and it can be done at an economical cost. And we need people on the ground who are aware or very knowledgeable about the regulatory environment, with great relationships with the operators that we're building. And this is something that we've been working on for quite some time, but we're going to be very prudent in our strategy in terms of how we execute and when.

因此，我們確實看到了高摩擦路線，我們認為我們可以複製我們的模型，為乘客提供價值，既可以節省時間，又可以以經濟的成本完成。我們需要了解或非常了解監管環境的實地人員，並與我們正在建立的營運商建立良好的關係。這是我們已經努力了一段時間的事情，但我們將在執行方式和時間方面非常謹慎地制定策略。

The next question will come from Stephen Ju with Credit Suisse.

下一個問題將由瑞士信貸銀行的 Stephen Ju 提出。

All right. So Rob, I guess I'll follow up on the price. I guess, year-over-year and sequentially, your revenue per seats flown is down presumably because of, I guess, the changing mix of airport West Coast, Vancouver along with the East Coast. So can you talk about the ins and outs of the different corridors that your customers are flying in?

好的。所以羅布，我想我會跟進價格。我想，與去年同期相比，每個座位的收入連續下降，大概是因為西海岸、溫哥華和東海岸機場的組合發生了變化。那麼您能談談您的乘客乘坐飛機經過的不同走廊的詳細情況嗎？

And I guess another follow-up on the Europe question. So can you talk about the industry there in terms of the similarities and differences in terms of the operating environment, whether it's as fragmented as the United States, what the seasonality there might be?

我想這是歐洲問題的另一個後續行動。那麼您能談談那裡的行業在營運環境方面的異同嗎？是否像美國那樣分散，可能會有什麼季節性？

Let me take the second question first, and I'll let Will answer the first part of the question. I'll go back to Europe again. Again, we've always spoken to all of you, our investors, and there are great research analysts that follow us. You're never going to see a globe of the world with dots all over seeing where Blade operates.

我先回答第二個問題，然後我請威爾回答問題的第一部分。我會再次回到歐洲。再說一遍，我們一直在與你們所有人、我們的投資者交談，並且有很多優秀的研究分析師關注我們。你永遠不會看到一個佈滿圓點的地球儀來看到《刀鋒》的運作地點。

We're very specific on high-friction routes. It is very fragmented. However, there are some routes that really do have the kind of volume, the kind of friction reduction, that kind of trust with the customer that are used very often. Some of them are seasonal. Some of them are not seasonal.

我們非常專注於高摩擦路線。它非常分散。然而，有些路線確實具有經常使用的容量、減少的摩擦以及與客戶的信任。其中一些是季節性的。其中一些不是季節性的。

But this is the idea of the areas we're looking in. We're not looking in doing science experiments. We want to do proven routes that reduce friction to people, whether it be driving through mountainous terrain that ends up taking you 6 hours instead of 30 hours by flight or going between resort destinations where our brand is well known.

但這是我們正在研究的領域的想法。我們不是在做科學實驗。我們希望開發行之有效的路線，減少人們的摩擦，無論是駕車穿越山區（最終需要 6 小時而不是 30 小時的飛行時間），還是往返於我們品牌知名的度假勝地。

So I think that the opportunity is there. We've been looking at it for some time, and it was just time that we had people on the ground that can kind of take us to the next level. So with that, I'll turn it over to Will for the first part of your question on pricing.

所以我認為機會就在那裡。我們已經研究這個問題有一段時間了，現在是時候讓我們的人員在現場幫助我們邁向新的水平了。因此，我將把您關於定價問題的第一部分轉交給威爾。

Stephen, you nailed it with your guess there. It's really a shift in mix. As you know, last year, in 2021, during this time, we didn't have the airport product available, and we also didn't have Helijet. Those are both products that fly a whole lot of people at a much more affordable price. And so if you look at the total number of flyers, that's the giveaway. It's almost 9x what we did in this quarter last year. And so that's really what you're seeing.

史蒂芬，你的猜測準確無誤。這確實是一種混合的轉變。大家知道，去年，2021年，這段時間，我們沒有機場產品，也沒有直升機。這兩種產品都可以以更實惠的價格搭載很多人。所以如果你看看傳單的總數，那就是贈品。這幾乎是我們去年本季的 9 倍。這就是你所看到的。

But I want to stress, it has nothing to do with less business in the other areas like medical. We're really seeing growth on all fronts, particularly the short distance business, which, as you know, flies a lot more passengers. So that's why you're seeing that math.

但我想強調的是，這與醫療等其他領域的業務減少無關。我們確實看到了各方面的成長，尤其是短途業務，正如你所知，短途業務承載了更多的乘客。這就是為什麼你會看到這個數學。

One last point, I think, on airport. Again, our goal is to truly scale and to be a product that is affordable by many, many people. Because of price increases in Uber and Lyft in the New York City market, we really have shattered Uber Black pricing with $195 or $95 with an airport pass, sometimes even beating UberX during rush hour.

我想最後一點是關於機場的。再次強調，我們的目標是真正實現規模化，並成為許多人都能負擔得起的產品。由於紐約市市場 Uber 和 Lyft 的價格上漲，我們確實以 195 美元或 95 美元機場通票的價格打破了 Uber Black 的定價，有時甚至在高峰時段擊敗了 UberX。

So we really do feel we're in a unique moment in time where we're very competitive or more competitive than ground in terms of ridesharing cars. And oftentimes, depending on your geography, even more convenient, turning 5 minutes -- sorry, turning 2-hour drives into 5-minute flights, and that's a great way to introduce the product. I can't tell you how long that delta will be there. But right now, we're enjoying it for sure.

因此，我們確實覺得我們正處於一個獨特的時刻，在共乘方面，我們非常有競爭力，或比地面更有競爭力。通常，根據您所在的地理位置，轉 5 分鐘會更方便 - 抱歉，將 2 小時的車程變成 5 分鐘的飛行，這是介紹該產品的好方法。我無法告訴你那個三角洲會在那裡待多久。但現在，我們肯定很享受它。

The next question will be from Hillary Cacanando of Deutsche Bank.

下一個問題將由德意志銀行的希拉蕊·卡卡南多提出。

So you said you had the best week this month. Could you provide a little more color regarding the travel patterns of the flyers? Was it driven by more flyers going into work every day? Or was it just driven by more flyer, but still engaging more in hybrid work? If you could just kind of provide a little more color regarding the pattern. That would be great.

所以你說你這個月過得最好的一周。您能否提供更多有關傳單旅行模式的資訊？是因為每天都有更多的傳單上班嗎？或者只是受到更多傳單的推動，但仍然更多地參與混合工作？如果你能提供更多關於圖案的顏色。那太好了。

Hillary, it's Will. Yes, look, we're really thrilled to see folks getting back on the road again. The best information I have for you is we do some surveys for all of our passengers. And what we're hearing is that about 60% of the people who have been flying are traveling for business. So typically, you might expect a little bit more than that.

希拉里，是威爾。是的，看，我們真的很高興看到人們再次回到路上。我為您提供的最佳資訊是我們對所有乘客進行了一些調查。據我們所知，大約 60% 乘坐過飛機的人是為了商務旅行。因此，通常情況下，您的期望可能會比這更多。

And when we look at kind of the back to work stats, I know everybody looked at the Castle back to work and all of that, we still have a little bit of ways to go here in New York City. But the great thing about our Blade Airport product is that people love it for leisure and they love it for business. So we still think there's a lot of room to grow as folks get back into the office. And right now, feels like about 60% of those folks are traveling for business.

當我們查看重返工作崗位的統計數據時，我知道每個人都在關注城堡重返工作崗位，所有這些，我們在紐約市還有一些路要走。但我們的刀片機場產品的偉大之處在於，人們喜歡用它來休閒，也喜歡用它來商務。因此，我們仍然認為，隨著人們重返辦公室，還有很大的成長空間。現在，感覺其中大約 60% 的人正在出差。

One last point I'll mentioned is the -- in terms of the composition of the business flyer, these tend to be smaller businesses, in terms of flying. These are the first guys to get on the road to be competitive, maybe with the larger businesses are also more flexible in terms of policies. But we are starting to see the bigger companies finally come in.

我要提到的最後一點是──就商務傳單的組成而言，就飛行而言，這些企業往往規模較小。這些人是第一批走上競爭之路的人，也許更大的企業在政策上也更有彈性。但我們開始看到更大的公司終於進來了。

How does that 60% compared to pre-COVID level?

與新冠疫情之前的水平相比，這 60% 的水平如何？

It's probably a little bit less than what we would see pre-COVID, which makes sense because when we look at occupancy levels and offices around Manhattan, we're not quite back to where we were pre-COVID. So that's why we're pretty encouraged. We think there's a lot more growth left to come here.

這可能比我們在新冠疫情之前看到的情況要少一些，這是有道理的，因為當我們觀察曼哈頓周圍的入住水平和辦公室時，我們並沒有完全回到新冠疫情之前的水平。這就是為什麼我們深受鼓舞。我們認為這裡還有更多的成長空間。

And just looking in terms of lease signings in some of the areas that are near some of the Blade terminals such as the Hudson Yards and others, we're looking at people fully occupy buildings. Lease signings that are being renewed and some of them in the kind of $100 to $200 a foot range. So you don't lease that kind of office space unless you expect people to use it. So we're very, very encouraged by the amount of people we see swiping and going back to work and lease renewals for office space that's near our Blade terminals.

僅從刀片航站樓附近的一些區域（例如哈德遜城市廣場等）的租賃簽署情況來看，我們就看到人們完全佔用了建築物。正在續約的租約，其中一些價格為每英尺 100 至 200 美元。因此，除非您希望人們使用這種辦公空間，否則您不會租用這種辦公空間。因此，我們看到大量的人刷卡並返回工作崗位，並為我們的 Blade 終端附近的辦公空間續租，這讓我們感到非常非常鼓舞。

And just one more question on MediMobility. You added 14 new clients. Do you have any target, like a target number of clients for the year or like any other targets that you could share regarding that business?

還有一個關於 MediMobility 的問題。您新增了 14 位新客戶。您是否有任何目標，例如今年的客戶目標數量或您可以分享的有關該業務的任何其他目標？

Look, what I'll say is the team over at Trinity has just blown it out of the water on MediMobility. Just to put it in perspective, at this time last year, Trinity did about $4 million, just a touch more than $4 million of revenue. When we bought them, if you recall, towards the end of September and last year, they were doing about $5 million of revenue a quarter.

你看，我要說的是 Trinity 的團隊剛剛在 MediMobility 上取得了成功。客觀地說，去年這個時候，Trinity 的營收約為 400 萬美元，略高於 400 萬美元。如果你還記得的話，當我們在 9 月底和去年購買它們時，它們每季的收入約為 500 萬美元。

So it really shows you the power of plugging that business into the Blade platform and how we've been able to supercharge the growth there. So it's a step function change as you add new contracts, and we got a lot of folks that we are onboarding, and we want to provide great service.

因此，它確實向您展示了將該業務插入 Blade 平台的力量以及我們如何能夠促進該平台的成長。因此，當您添加新合約時，這是一個逐步的功能變化，我們有很多人正在加入，我們希望提供優質的服務。

So I would say that the team has already blown out what we thought they could do, and we know they're going to keep pounding the pavement and show people how we can deliver organs more quickly for a more cost-effective price. So I think there's a lot of growth to come there, but we're really, really encouraged with how much of a benefit we're able to provide combining those 2 businesses.

所以我想說，這個團隊已經完成了我們認為他們能做的事情，我們知道他們將繼續努力並向人們展示我們如何以更具成本效益的價格更快地交付器官。所以我認為那裡會有很大的成長，但我們真的非常非常鼓舞我們能夠將這兩項業務結合起來提供多少好處。

(Operator Instructions) Your next question comes from Bill Peterson with JPMorgan.

（操作員說明）您的下一個問題來自摩根大通的比爾彼得森。

Nice job on the quarterly results here. Will or Rob, I want to follow up on the last question. I mean I think this MediMobility and Jet really came in much higher than anybody's expectations. So I guess trying to understand what's within that? I mean I know you have Blade 1 and Charter. I think you mentioned that this is a seasonal business.

這裡的季度業績做得很好。威爾或羅布，我想跟進最後一個問題。我的意思是，我認為 MediMobility 和 Jet 的表現確實比任何人的預期都要高得多。所以我想嘗試了解其中的內容？我的意思是我知道你有《Blade 1》和《Charter》。我想你提到這是一個季節性業務。

So help us understand what the true MediMobility size is if you could. And based off the booking trends and signed up new hospitals, I mean, how should we think about that growth through the year based on what you have in terms of visibility?

因此，如果可以的話，請幫助我們了解真正的 MediMobility 尺寸是多少。根據預訂趨勢和簽約的新醫院，我的意思是，根據您在可見度方面的情況，我們應該如何考慮這一年的成長？

Yes, sure. Happy to give a little direction on that. We're not going to break out the businesses separately. But MediMobility is the majority of that -- MediMobility organ transport and jet line. And the most important part to remember is we do have the Blade 1 scheduled by the seat service that's in there that's seasonal.

是的，當然。很高興對此提供一點指導。我們不會單獨分解這些業務。但 MediMobility 是其中的大部分——MediMobility 器官運輸和噴射機。最重要的是要記住，我們確實按季節性座位服務安排了 Blade 1。

And that service ends at the beginning of April. And so that's about a 15% contributor to that line overall. So you'll see that fall off in the next quarter. But we do think that's going to be more than offset by some of the growth in our commuter businesses, which goes into short distance. So it's kind of a nice counter-seasonal business for us within the MediMobility organ transport in jet.

該服務將於四月初結束。因此，這大約佔該行整體貢獻的 15%。所以你會在下個季度看到這種下降。但我們確實認為，這將被我們短途通勤業務的一些成長所抵消。因此，對於我們的 MediMobility 器官運輸噴射機來說，這是一項很好的反季節業務。

And then the remainder of what's in that line is Jet Charter, which has been growing really nicely, both in terms of the volume of trips and also the price of those trips, but it can be very seasonal, and it can also be a little bit lumpy in terms of the demand patterns. So not always as predictable sequential grower, the way MediMobility is a nice predictable sequential grower. Does that help, Bill?

然後該系列中的其餘內容是 Jet Charter，無論是在旅行量還是這些旅行的價格方面，它都增長得非常好，但它可能非常季節性，而且也可能有點就需求模式而言，有點不穩定。因此，MediMobility 並不總是可預測的連續種植者，但它是一個很好的可預測的連續種植者。這樣有幫助嗎，比爾？

Yes. And that 15% was Q1? Or is that sort of like an annualized number for the Blade 1?

是的。那 15% 是第一季嗎？或者說這有點像是 Blade 1 的年化數字？

No. For Blade 1, that's Q1 and then it will be nothing in Q2, de minimis in Q2, nothing in Q3 typically. And then Q4, you start that historically around Thanksgiving. So a little bit of contribution, but not a lot. It's really that Q1, that March quarter where you see Blade 1 go through.

不會。對於 Blade 1，這是 Q1，然後在 Q2 中什麼都沒有，在 Q2 中是微量的，通常在 Q3 中什麼都沒有。然後第四季度，歷史上是在感恩節前後開始的。所以貢獻是一點點，但不是很多。這確實是第一季度，也就是三月的那個季度，你會看到《Blade 1》的表現。

That is super helpful. You talked about price increases, and you also talked about how fuel prices is actually fairly minimal. But what about other operating costs that they could pass through? I'm thinking things like related to pilot shortages or just other inflationary environments. And I guess really what I'm trying to get at is how we should think about the impacts to your flight margins.

這非常有幫助。您談到了價格上漲，也談到了燃油價格實際上相當低。但他們可以轉嫁的其他營運成本又如何呢？我正在考慮與飛行員短缺或其他通貨膨脹環境有關的事情。我想我真正想要了解的是我們應該如何考慮對您的航班利潤率的影響。

So there's a little bit of cost inflation in this business like you see anywhere. I think we see it on more of a trailing basis given the nature of our agreements with operators where we typically lock those kind of costs in for 1-, 2- or 3-year periods.

因此，就像你在任何地方看到的那樣，這個行業存在一點成本膨脹。我認為，考慮到我們與營運商簽訂的協議的性質，我們通常會在 1 年、2 年或 3 年期間鎖定此類成本。

In some cases, they're able to pass through fuel. That's typically in the MediMobility business where we're passing it through to our customers anyway. What I would say on that is particularly on the rotorcraft side of things in the commuter business, that's the area where you might see a little bit more of an impact because those flights are longer. And that's actually the area where we have the most pricing power.

在某些情況下，它們能夠穿過燃料。這通常是在 MediMobility 業務中，無論如何我們都會將其傳遞給我們的客戶。我想說的是，特別是在通勤業務中的旋翼機方面，您可能會看到更大的影響，因為這些航班更長。這其實是我們擁有最大定價權的領域。

So you may have seen we've increased prices on a lot of those commuter routes by as much as 30%. And so we think that more than offsets any cost inflation when you think about it in terms of the margins and is really designed to just balance our demand amongst the different places we can land.

因此，您可能已經看到我們將許多通勤路線的價格提高了 30%。因此，我們認為，當你從利潤角度考慮時，這不僅可以抵消任何成本通膨，而且實際上是為了平衡我們可以登陸的不同地方之間的需求。

And I should have included in that question, sorry, is how to think about the MediMobility margins. Should we think of this as fairly stable? Or is there a potential for upward trajectory over time in that business?

抱歉，我應該在這個問題中包括如何考慮 MediMobility 的利潤。我們應該認為這是相當穩定的嗎？或者隨著時間的推移，該業務是否有上升的潛力？

I think it's stable. There's an opportunity over time, particularly when we're onboarding a lot of new customers very quickly to get the margin to a better place. Basically, what happens, Bill, is as you know, and you can see from our numbers, the contracted lift we have with our network of operators is a really small percentage of the overall flying we do.

我認為它很穩定。隨著時間的推移，這是一個機會，特別是當我們很快就吸引大量新客戶以提高利潤率時。基本上，比爾，正如您所知，所發生的情況，您可以從我們的數據中看到，我們與運營商網路簽訂的合約升力僅占我們整體飛行的一小部分。

So as we onboard new customers, sometimes we're going into the spot market to serve them on the MediMobility side for a period of time. And then we'll contract at a much more favorable price to fill that demand. And sometimes there's a little bit of a lag on that. So as we get in those longer-term contracts to fill that demand, you will see some margin expansion typically.

因此，當我們吸引新客戶時，有時我們會進入現貨市場，在 MediMobility 方面為他們提供一段時間的服務。然後我們將以更優惠的價格簽訂合約來滿足這一需求。有時會有一點滯後。因此，當我們簽訂長期合約來滿足這項需求時，您通常會看到利潤率擴大。

And Bill, I'd also add that when you think about a new hospital, which generally is to call it a new route, once that hospital is signed, there's no associated marketing costs there for ramp up. We're using the same helicopters that we use for our retail business in terms of flying consumers. If we start a new route for passengers that typically requires increased utilization, ramping up and marketing costs.

比爾，我還想補充一點，當你考慮一家新醫院時，通常稱之為一條新路線，一旦該醫院簽約，就不會產生相關的行銷成本。就飛行消費者而言，我們使用與零售業務相同的直升機。如果我們為乘客開闢一條新航線，通常需要提高使用率、增加行銷成本。

So the overall platform becomes a lot more leverageable. And your cost as a percentage of sales should be mitigated as you increase the number of hospitals serving your MediMobility platform.

因此，整個平台變得更具槓桿作用。當您增加為 MediMobility 平台提供服務的醫院數量時，您的成本佔銷售額的百分比應該會降低。

Great. And then if I can sneak in one more, somewhat housekeeping. But related to your OpEx, I think you pointed out M&A costs and other public expenses. If I add it all up, it looks like it's about $4.9 million. So as does that all come off in the second quarter? And then I guess from there, how should we think about the trajectory in terms of your spend and marketing costs and the trajectory of the OpEx line?

偉大的。然後如果我能再偷偷地做一些家事的話。但與您的營運支出相關，我認為您指出了併購成本和其他公共支出。如果我加起來的話，大約是 490 萬美元。那麼這一切都會在第二季實現嗎？然後我想從這裡開始，我們應該如何考慮支出和行銷成本的軌跡以及營運支出的軌跡？

So Bill, I think some of that that you added on there is noncash add-backs. So some of the noncash stuff like the intangible amortization for the acquisitions, we're going to be living with that for a period of time. The M&A stuff, we believe will come down considerably, probably won't go away entirely. And then some of the regulatory advocacy fees, particularly related to some of the landing locations out on Long Island, we expect that to significantly decrease.

比爾，我認為你添加的一些內容是非現金回加。因此，一些非現金的東西，例如收購的無形攤銷，我們將在一段時間內接受它。我們相信，併購活動將會大幅減少，但可能不會完全消失。然後一些監管宣傳費用，特別是與長島的一些著陸地點相關的費用，我們預計會大幅減少。

Then going forward?

那麼接下來呢？

Going forward, we think that will not reoccur. It's a onetime expense associated with some of the advocacy for a particular airport on Long Island.

展望未來，我們認為這種情況不會再發生。這是與長島特定機場的一些宣傳相關的一次性費用。

Understood on this. You obviously have new routes and you're spending on acquisitions. Just trying to understand how we should think about OpEx trends on a normalized basis and then carrying that forward over the next several quarters?

對此有所了解。顯然你有新的路線並且你在收購上花費了錢。只是想了解我們應該如何在標準化的基礎上考慮營運支出趨勢，然後在接下來的幾季繼續前進？

So definitely, we said it is the high watermark. So we believe it's going to decrease over future quarters, and we think it should become a smaller percentage of revenues over time as well. So just a unique quarter here with all the one-times.

所以肯定的是，我們說這是高水位線。因此，我們相信它在未來幾季將會下降，而且隨著時間的推移，它在收入中所佔的比例也應該會變小。所以這裡只是一個獨特的季度，所有的都是一次性的。

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

謝謝。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。