Strata Critical Medical Inc (SRTA) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Blade Air Mobility fiscal second quarter 2024 earnings release conference call. (Operator Instructions) As a reminder, this call is being recorded.

女士、先生們，下午好，歡迎參加 Blade Air Mobility 2024 財年第二季財報電話會議。（操作員說明）謹此提醒，此通話正在錄音。

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

我想將電話會議轉交給投資者關係和策略財務副總裁 Matt Schneider。馬修，你現在可以開始了。

Thank you for standing by and welcome to the Blade Air Mobility Conference Call and Webcast for the quarter-ended June 30, 2024. We appreciate everyone joining us today. Before we get started, I would like to remind you of the company's forward-looking statement in Safe Harbor language. 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.

感謝您的耐心等待並歡迎參加截至 2024 年 6 月 30 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，我想提醒您該公司以安全港語言發表的前瞻性聲明。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。

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.

這些前瞻性陳述存在風險和不確定性，未來實際結果可能與前瞻性陳述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 only made 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.

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之日作出。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 certain non-GAAP financial measures, which we believe may be useful in evaluating our financial performance. A reconciliation of the most directly historical comparable consolidated GAAP financial measures to those historical non-GAAP financial measures is provided in our earnings press release investor presentation.

在今天的電話會議中，我們還將討論某些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。我們的收益新聞稿投資者介紹中提供了最直接的歷史可比較綜合公認會計原則財務指標與歷史非公認會計原則財務指標的調節表。

Our press release investor presentation and our Form 10-Q and 10-K filings are available on the investor relations section of our website at ir.blade.com. These non-GAAP measures should not be considered in isolation or a substitute for financial results prepared in accordance with GAAP.

我們的投資者新聞稿新聞稿以及 10-Q 和 10-K 表格文件可在我們網站 ir.blade.com 的投資者關係部分取得。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.

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。

Thank you, Matt, and good afternoon, everyone. Let me make myself clear. We had a great quarter. Our strong Q2 2024 results marked Blade's first positive adjusted EBITDA second quarter as a public company with both our medical and passenger segments enjoying strong performance and contributing positive segments adjusted EBITDA in the quarter. And as a guidepost for those listening, we have beaten every key metric of our sell-side investment banking consensus assessments of the five banks that cover us.

謝謝你，馬特，大家下午好。讓我說清楚。我們度過了一個美好的季度。我們 2024 年第二季的強勁業績標誌著 Blade 作為上市公司在第二季度首次實現正調整 EBITDA，我們的醫療和客運部門均表現強勁，並在本季度貢獻了正的調整後 EBITDA。作為聽眾的指南，我們已經超越了對涵蓋我們的五家銀行的賣方投資銀行共識評估的每一個關鍵指標。

In Q2 2024, revenue increased 11.4% year-over-year, flight profit increased 57.7% year-over-year, and adjusted EBITDA of positive one million improved by $5.4 million versus negative $4.4 million in the prior year period.

2024 年第二季度，營收年增 11.4%，航班利潤年增 57.7%，調整後 EBITDA 為正 100 萬美元，較上年同期為負 440 萬美元增加了 540 萬美元。

I will now review our key business operational and strategic highlights, starting with medical. Medical achieved a record high revenue of $38.3 million in the quarter, up 6.4% sequentially versus Q1 2024, and up 11.5% versus the prior year period. Excluding the impact of our non-recurring support of a large hospital in the prior year period, medical revenue increased 19% year-over-year.

我現在將回顧我們的主要業務營運和策略亮點，從醫療開始。醫療業務本季實現創紀錄的 3,830 萬美元收入，比 2024 年第一季成長 6.4%，比去年同期成長 11.5%。剔除上年期間對一家大醫院的非經常性支持的影響，醫療收入年增19%。

Medical segment adjusted EBITDA increased by 82.7% to $5.5 million in Q2 2024 versus the prior year period with margins expanding over 550 basis points year-over-year, also a record for the company. We closed on seven of the eight previously announced and committed jet aircraft acquisitions this quarter. While it's still early days, we're encouraged by both the value these aircraft provide to our customers and the initial financial performance of the fleet.

2024 年第二季度，醫療部門調整後 EBITDA 較上年同期成長 82.7%，達到 550 萬美元，利潤率年增超過 550 個基點，也創下了該公司的紀錄。我們在本季完成了先前宣布和承諾的八項噴射機收購中的七項。雖然現在還處於早期階段，但這些飛機為客戶提供的價值以及機隊的初步財務表現都令我們感到鼓舞。

While we continue to believe that the vast majority of our flying will remain with third- party owned and operated aircraft as part of our layered asset life approach, we believe there is an opportunity to expand our fleet of owned aircraft, given both the customer benefits and strong returns that we're seeing.

雖然我們仍然相信，作為我們分層資產壽命方法的一部分，我們的絕大多數飛行仍將由第三方擁有和運營的飛機進行，但考慮到客戶的利益，我們相信有機會擴大我們的自有飛機機隊以及我們所看到的強勁回報。

In simple terms, these aircraft are already delivering 30% plus returns on invested capital. We expect to close on the eighth aircraft during Q3 2024. We made additional progress expanding our medical ground logistics business and recently opened two new ground hubs, bringing our total to eight. Medical ground revenue increased more than 50% year-over-year during the quarter and represented 12% of medical revenue in the quarter. Will is going to provide more details on the financial performance and returns of our own aircraft and ground vehicles.

簡單來說，這些飛機已經實現了 30% 以上的投資報酬率。我們預計將於 2024 年第三季完成第八架飛機的交付。我們在擴大醫療地面物流業務方面取得了更多進展，最近開設了兩個新的地面樞紐，使地面樞紐總數達到八個。本季醫療地面收入年增超過 50%，佔本季醫療收入的 12%。威爾將提供有關我們自己的飛機和地面車輛的財務表現和回報的更多詳細資訊。

Moving to passenger, revenue grew 11.3% versus the 2023 period, despite our discontinuation of the Blade One seasonal jet service this year. We saw strong growth in our New York airport transfer business, benefiting from increased average checkup prices, which averaged approximately $325 per seat during the quarter. We also saw strong growth in the airport charter.

轉向客運，儘管我們今年停止了刀片一號季節性噴射機服務，但收入與 2023 年同期相比增長了 11.3%。我們的紐約機場接送業務強勁成長，受益於平均托運價格的上漲，本季每個座位的平均價格約為 325 美元。我們也看到機場包機的強勁成長。

Additionally, we were pleased to see the number of airport passes outstanding up more than 30% year-over-year. Airport passes renew annually and are typically held by our most active and loyal flyers. By purchasing a pass, customers are signaling that they expect to fly more than eight times per year.

此外，我們很高興看到未完成的機場通行證數量年增超過 30%。機場通行證每年更新一次，通常由我們最活躍和最忠誠的乘客持有。透過購買通行證，客戶表明他們希望每年飛行八次以上。

The significant improvement in the passenger segment adjusted EBITDA this quarter and year to date, along with the decisive actions we're taking to drive further profitability improvements that we'll discuss shortly, underscore our commitment to achieving positive trailing 12-month passenger segment adjusted EBITDA in 2025 or earlier.

本季度和今年迄今為止，客運部門調整後EBITDA 的顯著改善，以及我們為推動盈利能力進一步提高而採取的果斷行動（我們將很快討論），強調了我們對實現過去12 個月調整後客運部門正值的承諾2025 年或更早的 EBITDA。

In Q2, passenger segment flight profit increased 57.6% year-over-year, and passenger segment adjusted EBITDA increased to a positive $0.8 million versus a loss of $2.1 million in the year-ago period. This quarter, we restructure our Canadian operations to eliminate further losses and lay the groundwork for our ultimate exit in the Canadian market. This will happen within the next year and could be completed as early as this month.

第二季度，客運部門的航班利潤年增 57.6%，客運部門調整後的 EBITDA 增至正 80 萬美元，而去年同期為虧損 210 萬美元。本季度，我們重組了加拿大業務，以消除進一步的損失，並為我們最終退出加拿大市場奠定基礎。這將在明年發生，最快可能在本月完成。

We simply did not see a near-term path to profitability using conventional rotorcraft. We remain enthusiastic about the long-term opportunity for electric vertical aircraft in Western Canada and have structured our exit to maintain multiple paths to relaunch Canadian operations when the business can take economic advantage of the shift from conventional rotorcraft to electric vertical aircraft.

我們根本看不到使用傳統旋翼飛機的短期獲利途徑。我們仍然對加拿大西部電動垂直飛機的長期機會充滿熱情，並製定了退出方案，以便在企業能夠利用從傳統旋翼飛機向電動垂直飛機轉變的經濟優勢時，維持多種途徑重新啟動加拿大業務。

Similar to our decision to discontinue the BladeOne seasonal by-the-seat service between New York and South Florida, we're making the prudent choice to exit an unprofitable business line and to focus our resources on the core roots in our passenger segment with limited or no competition and pricing elasticity, enabling a path to sustainable profitability.

與我們決定停止紐約和南佛羅裡達州之間的BladeOne 季節性按座服務的決定類似，我們正在做出謹慎的選擇，退出無利可圖的業務線，並將我們的資源集中在我們客運市場的核心根源上，而有限的資源或沒有競爭和定價彈性，從而實現可持續盈利。

In Europe, we're encouraged by the early results of the steps we've taken to streamline our commercial organization and cost structure. Europe resumed year-over-year revenue growth during the quarter. We look forward to providing regular updates on our progress here.

在歐洲，我們為簡化商業組織和成本結構所採取的措施所取得的初步成果令我們感到鼓舞。歐洲在本季度恢復了同比收入成長。我們期待在這裡定期更新我們的進度。

Back in March, our board authorized a $20 million share repurchase program and we executed our first share repurchase under the authorization this quarter, eliminating approximately 80,000 shares. In addition, we changed our restricted stock unit tax withholding method to withhold to cover from sell to cover during the quarter, deploying approximately $1 million of balance sheet cash to retire an additional 332,212 shares at approximately $2.94 a share.

早在 3 月份，我們的董事會就批准了一項 2000 萬美元的股票回購計劃，本季度我們根據授權執行了首次股票回購，回購了約 80,000 股股票。此外，我們在本季將限制性股票單位稅款預扣方法從出售改為預扣以覆蓋，動用了約100 萬美元的資產負債表現金，以每股約2.94 美元的價格註銷了額外的332,212股。

We will continue to evaluate the optimal RSU tax withholding method in future periods. We're focused on maintaining a strong balance sheet and our capital allocation priorities are focused on low-risk, high-return investments in medical aircraft and ground vehicles, as well as bolt-on acquisitions in medical that enhance our competitive position or enable the expansion into other time-critical logistics verticals.

我們將在未來期間繼續評估最佳 RSU 扣繳方法。我們專注於維持強勁的資產負債表，我們的資本配置優先重點是對醫療飛機和地面車輛的低風險、高回報投資，以及醫療領域的補強收購，以增強我們的競爭地位或實現擴展到其他時間緊迫的物流垂直領域。

It is imperative to us that we are convinced these investments are accretive on day one. We will continue to weigh these priorities relative to further opportunistic share repurchases as well.

對我們來說，我們必須確信這些投資從第一天起就會產生增值。我們將繼續權衡這些優先事項與進一步機會主義股票回購的關係。

With that, I'll turn it over to Will.

有了這個，我會把它交給威爾。

Thank you, Rob. I'll now walk through the financial highlights from the quarter, starting with medical. Medical segment revenue rose 11.5% year-over-year in the first quarter to $38.3 million and rose 6.4% sequentially versus Q1 2024. As discussed on prior calls, we provided temporary support to a large hospital customer last year, which generated $2.2 million of revenue in Q2 2023.

謝謝你，羅布。現在，我將從醫療領域開始介紹本季的財務亮點。第一季醫療部門營收年增 11.5% 至 3,830 萬美元，較 2024 年第一季季增 6.4%。正如先前電話中所討論的，我們去年為一家大型醫院客戶提供了臨時支持，該客戶在 2023 年第二季度創造了 220 萬美元的收入。

Excluding the impact of this temporary customer, medical revenue would have increased 19% year-over-year. Medical continued to see improvement and profitability as segment adjusted EBITDA rose 82.7% year-over-year to $5.5 million in Q2 2024. Medical flight margin increased 700 basis points year-over-year to 23.6% versus 16.6% in the year ago period and increased 130 basis points sequentially versus 22.3% in Q1 2024.

剔除該臨時客戶的影響，醫療收入年增19%。醫療產業繼續看到改善和獲利能力，2024 年第二季調整後的 EBITDA 年成長 82.7% 至 550 萬美元。醫療飛行利潤率年增 700 個基點，達到 23.6%（去年同期為 16.6%），季增 130 個基點（2024 年第一季為 22.3%）。

This margin expansion was driven primarily by our aircraft acquisitions, growth in our ground logistics business and an increase in average revenue per trip. Our medical customer value proposition has never been stronger and we're committed to further enhancing our offering by investing in our own dedicated aircraft fleet, expanding our ground logistics business and scaling our organ placement service offering.

利潤率的成長主要是由我們的飛機收購、地面物流業務的成長以及每次旅行平均收入的成長所推動的。我們的醫療客戶價值主張從未如此強大，我們致力於透過投資我們自己的專用飛機機隊、擴大我們的地面物流業務和擴大我們的器官放置服務範圍來進一步增強我們的服務。

Now that we have several months of ownership under our belt, we've updated our aircraft profitability and return models with real world data and we're happy with the performance we're seeing. The results provide strong support for increased aircraft ownership in areas of high medical customer density.

現在我們已經擁有了幾個月的所有權，我們已經用現實世界的數據更新了我們的飛機盈利能力和回報模型，我們對所看到的表現感到滿意。研究結果為醫療客戶密度高的地區增加飛機擁有量提供了強而有力的支援。

Compared with non-dedicated third-party aircraft, we are targeting a 10-percentage-point to 20-percentage-point flight profit margin increase, meaning that 10 to 20 additional percentage points of revenue will drop down to the bottom line net of depreciation when utilizing our owned aircraft. This represents a 30% plus return on invested capital and an average payback period of approximately three years.

與非專用第三方飛機相比，我們的目標是航班利潤率提高10個百分點至20個百分點，這意味著收入將額外下降10至20個百分點至扣除折舊後的淨利潤使用我們擁有的飛機時。這意味著投資資本報酬率超過 30%，平均投資回收期約為三年。

Note that this analysis only considers the incremental profit relative to non-dedicated third-party aircraft. The profitability and return profile would be substantially higher if one were to consider 100% of the profit generated by customers using the aircraft. We also analyzed the return on investment in ground vehicles.

請注意，此分析僅考慮相對於非專用第三方飛機的增量利潤。如果考慮 100% 的利潤是由使用飛機的客戶產生的，那麼獲利能力和回報率將會高得多。我們也分析了地面車輛的投資回報。

We currently operate a fleet of over 30 ground vehicles across eight hubs and we're seeing a payback period of less than one year, creating a great opportunity for continued investment in this area with excellent returns.

目前，我們在八個樞紐運營著一支由 30 多輛地面車輛組成的車隊，投資回收期不到一年，為在該領域繼續投資創造了絕佳的機會，並獲得了豐厚的回報。

In summary, the aircraft and vehicle investments we're making in our medical segment represent an attractive risk-adjusted return profile and future investments in these areas are high on our capital allocation priority list.

總而言之，我們在醫療領域進行的飛機和車輛投資代表了具有吸引力的風險調整回報狀況，而這些領域的未來投資在我們的資本配置優先清單中名列前茅。

Looking at the transplant industry broadly, fundamentals remain strong with United States heart, liver, and lung organ transplant volume growth persisting in the high single-digit range during Q2 2024. In short, we're very happy with the growth in the industry and our positioning within it. We're honored to play our small role in helping more Americans than ever receive the organs that they need.

縱觀移植產業，基本面依然強勁，2024 年第二季度美國心臟、肝臟和肺器官移植量的成長持續維持在較高的個位數範圍內。簡而言之，我們對該行業的成長以及我們在其中的定位感到非常滿意。我們很榮幸能夠發揮自己的小作用，幫助比以往更多的美國人獲得他們需要的器官。

Turning to our passenger business, short-distance revenue increased 9% year-over-year, driven primarily by approximately 20% growth in airport and mid-teens growth in Europe. And yet another, revenues increased 17.4% year-over-year, driven primarily by strength in jet charter and other non-flight revenue, partially offset by our discontinuation of the BladeOne seasonal jet service.

談到我們的客運業務，短途收入年增 9%，主要得益於機場約 20% 的成長以及歐洲十幾歲左右的成長。另一方面，營收年增 17.4%，這主要是由包機和其他非飛行收入的強勁推動，但部分被我們停止 BladeOne 季節性噴射機服務所抵消。

Our focus on profitability improvements in passenger continues to bear fruit, with flight profit margin expanding more than 700 basis points year-over-year, and segment adjusted EBITDA improving $2.9 million year-over-year to positive $0.8 million. The profitability improvement in passenger was driven by several factors, including pricing and efficiencies in our New York airport transfer product, growth in Europe, and improvements in jet charter.

我們對客運獲利能力改善的關注持續取得成果，航班利潤率年增超過 700 個基點，部門調整後 EBITDA 年成長 290 萬美元，達到正 80 萬美元。客運獲利能力的提高是由多種因素推動的，包括紐約機場接送產品的定價和效率、歐洲的成長以及包機的改進。

As Rob mentioned earlier, we made the decision to exit the Canadian market, which had been consistently unprofitable for us. We expect to finalize our exit as early as this month, but have already completed a restructuring that will ensure we do not incur additional losses this year. Given this decision, we are writing off the remaining intangible assets held on the balance sheet related to Canada of $5.8 million.

正如羅布之前提到的，我們決定退出加拿大市場，因為加拿大市場一直對我們來說無利可圖。我們預計最早將於本月完成退出，但已經完成了重組，這將確保我們今年不會遭受額外損失。鑑於此決定，我們將註銷資產負債表上與加拿大相關的剩餘無形資產 580 萬美元。

Finally, we continued our focus on controlling overhead costs, with adjusted unallocated corporate expenses shrinking about a percentage point year-over-year this quarter. On the cashflow front, the difference between our adjusted EBITDA of $1 million and cash from operations of $8.4 million in the quarter was primarily driven by the structure of our aircraft purchases, which were all acquired from owners and operators with whom we had pre-existing capacity purchase agreements.

最後，我們持續專注於控制管理費用，本季調整後的未分配企業費用年減約一個百分點。在現金流方面，本季我們調整後的EBITDA 為100 萬美元，與營運現金為840 萬美元之間的差異主要是由我們的飛機採購結構決定的，這些飛機都是從我們之前就有合作關係的所有者和運營商那裡購買的。

As a part of those capacity purchase agreements, we made deposits, $9.3 million of which we applied towards the purchase of seven aircraft in the quarter. The deposits had been booked in prepaid expenses, thus they were a source of cash in Q2 as we unloaned the pre-existing agreements and purchased seven of the aircraft outright. Excluding aircraft acquisitions in Q2 2024, cash of operations would have been a use of less than $1 million, with the Delta versus adjusted EBITDA being driven primarily by working capital related to medical growth.

作為這些產能購買協議的一部分，我們支付了定金，其中 930 萬美元用於在本季度購買 7 架飛機。這些押金已計入預付費用，因此它們是第二季度的現金來源，因為我們取消了現有協議的貸款並直接購買了七架飛機。不包括 2024 年第二季的飛機收購，營運現金的使用量將不到 100 萬美元，達美航空與調整後 EBITDA 的成長主要由與醫療成長相關的營運資本驅動。

Our capital expenditures, which inclusive of capitalized software development costs, were $16.9 million in the quarter, were driven primarily by $14.6 million in total payments towards the first seven aircraft acquisitions. $9.3 million applied from our deposit, a $5.5 million cash payment, and a small non-cash adjustment. We ended the quarter with no debt and $142 million of cash in short-term investments, providing flexibility for strategic investments in aircraft, acquisitions in medical, and opportunistic share repurchases.

本季我們的資本支出（包括資本化軟體開發成本）為 1,690 萬美元，主要是由前七架飛機採購的總付款額為 1,460 萬美元推動的。 930 萬美元來自我們的押金、550 萬美元的現金付款以及少量的非現金調整。截至本季末，我們沒有債務，短期投資現金為 1.42 億美元，為飛機策略投資、醫療收購和機會性股票回購提供了靈活性。

Looking ahead into the balance of the year, Q3 is off to a great start, with solid growth in our seasonal short-distance businesses, while medical remains strong. As such, we are reiterating our 2024 and 2025 financial guidance, and we believe our first half 2024 results puts us on very solid footing to achieve these targets.

展望今年剩下的時間，第三季有一個良好的開端，我們的季節性短途業務穩步成長，而醫療業務依然強勁。因此，我們重申 2024 年和 2025 年的財務指導，我們相信 2024 年上半年的業績為我們實現這些目標奠定了非常堅實的基礎。

In medical, our first half 2024 results, both in terms of revenue and segment adjusted EBITDA, came in above our expectations, with sequential revenue growth averaging over 9% in the first two quarters of the year. Most of the beat was driven by volumes that were well above the norm at the maturity of our contracted transplant centers.

在醫療領域，我們 2024 年上半年的業績，無論是收入還是部門調整後 EBITDA 方面，都超出了我們的預期，今年前兩個季度的環比收入平均增長超過 9%。大部分的成長是由遠高於我們簽約移植中心成熟時的正常水平的數量所推動。

In our experience, transplant volumes tend to be lumpy, and periods of above-average volumes often mean that our hospital customers need to rebuild their organ transplant recipient pipelines. Given this very strong performance in the first half of the year, we expect medical revenue and adjusted EBITDA to be flattish in Q3 relative to Q2 before resuming low single-digit sequential revenue growth.

根據我們的經驗，移植量往往不穩定，而高於平均水平的時期通常意味著我們的醫院客戶需要重建他們的器官移植受者管道。鑑於上半年的強勁表現，我們預計第三季的醫療收入和調整後 EBITDA 將與第二季持平，然後恢復較低的個位數環比收入成長。

In terms of year-over-year growth expectations, medical revenue grew 22% year-over-year in the first half of the year, and we expect similar revenue growth in the second half of the year. In short-distance, we expect single-digit year-over-year revenue growth in the back half of the year, excluding the impact of our Canada exit.

從年成長預期來看，上半年醫療收入年增22%，我們預期下半年營收成長類似。在短程航線方面，我們預計今年下半年的營收將實現個位數年增，排除加拿大退出的影響。

Note that Canada contributed approximately $2 million and $3 million in revenue during Q3 and Q4 2023 respectively, which, depending on the exact time of our exit, may not reoccur. Jet and other had a very strong Q2 2024, but the results are inherently volatile on this product line, and we expect quarterly revenue to be in the $5 million range in the second half of the year.

請注意，加拿大在 2023 年第三季和第四季分別貢獻了約 200 萬美元和 300 萬美元的收入，根據我們退出的確切時間，這種情況可能不會再次發生。Jet 和其他產品在 2024 年第二季表現非常強勁，但該產品線的業績本質上不穩定，我們預計下半年季度營收將在 500 萬美元左右。

Passenger segment adjusted EBITDA should see further year-over-year improvements in both Q3 and Q4 2024. We expect adjusted unallocated corporate expenses to be flattened down sequentially for the remainder of the year relative to Q2 2024.

客運部門調整後的 EBITDA 應該會在 2024 年第三季和第四季出現年比進一步改善。我們預計，與 2024 年第二季相比，今年剩餘時間內調整後的未分配企業支出將持續下降。

I would also like to quickly highlight the updated and comprehensive investor presentation we published this afternoon. We've added detail around our growth and value creation strategy in both medical and passenger, including the return profiles of our recent aircraft investments. We hope you find it useful.

我還想快速強調一下我們今天下午發布的更新且全面的投資者介紹。我們添加了有關醫療和客運領域成長和價值創造策略的詳細信息，包括我們最近飛機投資的回報概況。我們希望您覺得它有用。

With that, I'll turn it back over to Rob for a few closing remarks.

至此，我將把它轉回給 Rob 做一些結束語。

Thanks, Will. Before we turn it over for questions, I'd like to make a few brief comments regarding the current economic environment. Our company was designed specifically not just to weather an economic storm, but to thrive in one.

謝謝，威爾。在我們提問之前，我想就當前的經濟環境做一些簡短的評論。我們公司的設計不僅是為了抵禦經濟風暴，也是為了在經濟風暴中蓬勃發展。

The majority of our revenue and nearly all of our profit is generated by our organ transportation business, where we provide an essential service supporting the life-saving activities of hospitals, a key priority of the US healthcare system that has historically been recession-proof.

我們的大部分收入和幾乎所有利潤都來自我們的器官運輸業務，我們在該業務中提供支持醫院救生活動的基本服務，這是歷來不受經濟衰退影響的美國醫療保健系統的關鍵優先事項。

This contractual business is the only area in which we have invested in aircraft ownership. Our passenger business serves a predominantly top-tier affluent consumer who has proven to be much more resilient in a recessionary environment and operates with zero aircraft ownership, making the cost structure highly flexible as evidenced by our consistent passenger flight profit performance during the pandemic. Irrespective of the recent market dislocation, we're halfway through the summer high season for our short-distance business, and we have seen no weakness. In fact, we've seen growth in Q3 to date.

這項合約業務是我們投資飛機所有權的唯一領域。我們的客運業務主要服務於頂級富裕消費者，事實證明，他們在經濟衰退的環境中更具彈性，並且飛機擁有量為零，使得成本結構高度靈活，這一點從我們在大流行期間持續的客運航班利潤表現中可以看出。不管最近的市場混亂如何，我們的短途業務夏季旺季已經過半，我們沒有看到任何疲軟。事實上，迄今為止，我們已經看到第三季的成長。

In short, we believe we are extremely well-positioned for varying economic environments, and in fact, any market dislocation should create attractive opportunities for us to deploy our strong balance sheet for bolt-on acquisitions, investments in aircraft, and opportunistic share repurchases.

簡而言之，我們相信我們在不同的經濟環境中處於非常有利的位置，事實上，任何市場混亂都應該為我們創造有吸引力的機會，以部署我們強大的資產負債表進行補強收購、飛機投資和機會性股票回購。

With that, I'll turn it back over to Matt for Q&A.

這樣，我會將其轉回給 Matt 進行問答。

Thanks, Rob. We'll start by taking questions from the analyst community and we'll follow up with a few questions from the same Q&A platform. I'll now turn it over to the operator for analysts' questions.

謝謝，羅布。我們將首先回答分析師社群的問題，然後我們將回答來自同一問答平台的一些問題。我現在將其轉交給運營商以供分析師提問。

Thanks, Rob. (Operator Instructions) Jason Helstein, Oppenheimer & Co. Inc.

謝謝，羅布。（操作員說明）Jason Helstein，Oppenheimer & Co. Inc.

Hey, everybody. So a few questions. So, now that you've exited Canada, I mean, basically while there's still seasonality in it like the Passenger gross margin, 25% we saw, that should generally that should be like give or take the run rate going forward. So that's just kind of question one. I guess there's probably still some seasonality maybe what in first quarter, but just maybe talk to that.

嘿，大家。所以有幾個問題。所以，既然你已經退出加拿大，我的意思是，基本上，雖然仍然存在季節性因素，例如我們看到的客運毛利率，25%，但一般來說，這應該類似於未來的運行率。這只是問題一。我想第一季可能仍然存在一些季節性因素，但也許只是談談這一點。

And then I guess second question on just like further initiatives to try to kind of how you're thinking about growth in airport and other partnerships or other initiatives to kind of boost that? And then housekeeping will the $5.8 million impairment that was in G&A, I think. Is that right? And is there anything else just to strip out of that? Because I think if you take that out, it would have been up like $2 million-ish, so just double checking that. Thank you.

然後我想第二個問題是關於進一步的舉措，試圖了解您如何考慮機場和其他合作夥伴關係的成長或其他舉措來促進這一點？我認為，內務管理將導致 G&A 中 580 萬美元的減損。是這樣嗎？還有什麼可以去掉的嗎？因為我認為如果你把它去掉，它會增加大約 200 萬美元左右，所以請仔細檢查一下。謝謝。

Hey, Jason. I'll take one and three there. You're correct on the $5.8 million that flow through G&A on the Passenger side. On Canada, as we mentioned, it was a loss making business and it was pretty small. So don't think it will have a particularly material impact. But if anything, flight profit margins could be a touch better.

嘿，傑森。我會帶一和三去那裡。您對客運方面 G&A 流向的 580 萬美元的判斷是正確的。正如我們所提到的，在加拿大，這是一項虧損業務，而且規模相當小。因此，不要認為這會產生特別重大的影響。但如果有什麼不同的話，那就是航班利潤率可能會好一些。

From a seasonality perspective, it was counter seasonal to the rest of our Passenger businesses. So the bulk of that revenue flowed through in Q1 and Q4. So we told you on the prepared remarks that we expected it to be about $2 million of revenue in Q3 and $3 million in Q4 and could end before the end of the year. But that's sort of rough seasonality there. And then Rob just on Airport.

從季節角度來看，這與我們其他客運業務的反季節變化。因此，大部分的收入是在第一季和第四季流入。因此，我們在準備好的評論中告訴您，我們預計第三季的收入約為 200 萬美元，第四季度的收入約為 300 萬美元，並可能在年底前結束。但這是一種粗略的季節性。然後羅布就在機場。

Well, yeah, just in Short Distance in general, Jason, and also on Airport with respect to growth. You've seen the JetBlue deal we did, which really drove a lot of passengers to us. The fare classes continue to outperform our expectations. We've taken in pricings. You saw our average price and I kind of think the $330 range, which is obviously very strong, but not a type of price that's going to scare people because you can't these are basically based on add-ons and also fare class.

嗯，是的，傑森，一般而言，只是在短距離方面，而且在機場方面也有成長。您已經看到了我們與捷藍航空的交易，這確實為我們帶來了許多乘客。票價類別持續超出我們的預期。我們已經考慮了定價。您看到了我們的平均價格，我認為 330 美元的範圍顯然非常強勁，但不會是一種會嚇到人們的價格，因為您不能基本上基於附加服務和票價等級。

So if you want to kind of travel on a budget, you have ways of going for $195. Also you saw an interline deal with Emirates. That's terrific because now on the GDS system and when you're booking, if you want to fly anywhere in the world from where Emirates flies to Monaco, your last leg will automatically be a Blade helicopter if you so choose.

因此，如果您想進行一次預算有限的旅行，您可以花費 195 美元。您也看到了與阿聯酋航空的聯運協議。這太棒了，因為現在在 GDS 系統上，當您預訂時，如果您想從阿聯酋航空飛往摩納哥的航班飛往世界任何地方，如果您選擇的話，您的最後一站將自動選擇刀片直升機。

So we're hoping for more of these types of interline deals. We have two more kind of hopefully coming. We also did a deal with the Bilt credit card, which has been driving a lot of traffic in the New York area, where people who pay rent get to use a Fly Blade purchased by Bilt. Again these are all paid for. And then also, we had hotel deals with Marriott. We're on your confirmations for the St. Regis, the addition of Ritz-Carlton, everybody getting an opportunity to fly airport.

因此，我們希望能有更多此類聯運優惠。我們還有兩種希望即將到來。我們還與 Bilt 信用卡達成了一項協議，該信用卡在紐約地區帶來了大量流量，在那裡支付租金的人可以使用 Bilt 購買的 Fly Blade。同樣，這些都是付費的。此外，我們也與萬豪酒店達成了飯店優惠。我們正在收到您對瑞吉酒店和麗茲卡爾頓酒店的確認，每個人都有機會飛往機場。

And then also on our leisure routes, specifically in Long Island. We push really hard on things outside of East Hampton, Jason, where we're seeing good growth from places like Southampton and Sag Harbor. So I think overall I feel good about it both in terms of pricing, both in terms of customer acquisition and also on the growth in new routes.

然後還有我們的休閒路線，特別是在長島。我們非常努力地推動東漢普頓以外的事情，傑森，我們看到南安普敦和薩格港等地的良好增長。因此，我認為總體而言，我對定價、客戶獲取以及新航線的成長都感覺良好。

And just one follow-up. Just any comment just broadly people are a little more I think a little more concerned about the outlook for the consumer. Obviously, on your consumer side, it's more affluent consumer, but anything to tell you that like your customers are pulling back or kind of no change?

只有一個後續行動。就任何評論而言，我認為人們更關心消費者的前景。顯然，在您的消費者方面，這是更富裕的消費者，但是有什麼可以告訴您，您的客戶正在退出或沒有任何變化嗎？

I would say July was very exceptionally strong for us on the short distance side. So we have not seen anything yet. I would say on the leisure side, I really view it as kind of if you look to the luxury brands, the ones that did not see kind of any kind of deterioration, I kind of put our leisure market on in that category.

我想說，七月對於我們的短距離比賽來說非常強勁。所以我們還沒有看到任何東西。我想說的是，在休閒方面，我真的認為如果你看看奢侈品牌，那些沒有看到任何惡化的品牌，我有點把我們的休閒市場放在這個類別中。

But when you think about airport, obviously, we're competing with Uber. Uber Blacks are very expensive right now. Haven't seen it yet, still seeing decent growth, but we're keeping our eyes open like everybody else.

但當你想到機場時，顯然我們正在與優步競爭。Uber Blacks 現在非常昂貴。還沒有看到，仍然看到了不錯的成長，但我們和其他人一樣保持警覺。

Thank you.

謝謝。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Hey, thank you for taking our questions and congratulations on the strong quarter. First one is, it sounded as if the return profiles are quite strong for the aircraft you're buying and even on the ground. Do you have some sense, how much more you would consider kind of bringing on board until where that maybe doesn't make sense anymore? Just curious how much more leverage we can potentially get on this.

嘿，感謝您接受我們的提問，並祝賀本季的強勁表現。第一個是，聽起來您購買的飛機甚至是地面飛機的回報率都相當強勁。您是否有一些理智，您會考慮更多地考慮加入，直到這可能不再有意義？只是好奇我們可以在這方面獲得多少更多的影響力。

Sure. You're right, Edison. We're seeing great returns from the aircraft and we do see an opportunity continue to expand that program. We're always going to be an asset-light business. But if you saw on our new investor deck, only about 10% of our total flying in the 2024 period is expected to be using those new aircraft that we own. So we think we have a fair amount of room to continue to expand that program. And you're paying back the aircraft in three years or less.

當然。你是對的，愛迪生。我們看到該飛機帶來了巨大的回報，並且我們確實看到了繼續擴大該計劃的機會。我們將永遠是一家輕資產企業。但如果你在我們新的投資者平台上看到，預計 2024 年期間我們的飛行總量中只有約 10% 會使用我們擁有的新飛機。因此，我們認為我們有相當大的空間來繼續擴展該計劃。您將在三年或更短的時間內償還飛機的費用。

On the ground side, we're proceeding with a hub model. So we're looking at areas where we have the right amount of density to own our own vehicles and then we're paying them back in less than a year. So you'll see us continue to add those vehicles. Obviously, smaller ticket price. So you're not going to see as much of an impact to the P&L, but still very accretive investments on both fronts. So I think low single-digit number of aircraft is something you could expect as incremental adds coming up over the next 6 to 12 months is probably what I would think about there.

在地面方面，我們正在開發一個輪轂模型。因此，我們正在尋找擁有適當密度的地區來擁有我們自己的車輛，然後我們將在不到一年的時間內償還這些費用。所以你會看到我們繼續添加這些車輛。顯然，票價更便宜。因此，您不會看到對損益表產生太大影響，但在這兩個方面的投資仍然非常增值。因此，我認為低個位數的飛機數量是可以預料到的，因為我可能會考慮未來 6 到 12 個月內出現的增量增加。

Understood. Also, I think in your remarks you said Europe was actually pretty strong, maybe I heard wrong, like mid-teens growth. Do you expect that to be strong in the second half to continue to do well in the second half?

明白了。另外，我認為您在演講中說歐洲實際上相當強勁，也許我聽錯了，例如十幾歲左右的增長。您預計下半年表現強勁，持續表現優異嗎？

Look, Europe is, we're pleased with how it went in Q2. As you know, about 50% of that business happens in Q3. So we got to see how the summer goes, but we're happy with the operational turnaround that we've done. We're happy with the growth that we've seen both in Q2 and the growth that we've seen for the parts of the year that have come through. But there's a big part of the season that's left to come. So we'll reserve common until we get through that seasonally busiest period.

看，歐洲，我們對第二季的進展感到滿意。如您所知，大約 50% 的業務發生在第三季。因此，我們必須看看夏季的情況如何，但我們對我們所做的營運轉變感到滿意。我們對第二季以及今年部分時段看到的成長感到滿意。但本賽季還​​有很大一部分比賽即將到來。因此，我們將保留公共資源，直到度過季節性最繁忙的時期。

Got you. And just last one on the buyback. I sort of missed, I think, the second part. You had mentioned you bought, I think, 80,000 shares back, but you also changed something with the RSU. Can you just go over that again? I didn't quite catch all of it.

明白你了。這只是回購的最後一筆。我想我有點錯過了第二部分。我認為您曾提到您買回了 80,000 股股票，但您也對 RSU 進行了一些更改。你能再說一次嗎？我沒完全聽懂。

es. So we had two ways to kind of remove shares from the flow. We have the $20 million buyback authorization, which we did use during the period to repurchase about 80,000 shares. But separately from that, we changed our tax withholding method for employee stock units to withhold for cover.

es.因此，我們有兩種方法可以從流程中刪除份額。我們擁有 2000 萬美元的回購授權，在此期間我們確實使用了該授權來回購約 80,000 股股票。但除此之外，我們也更改了員工股票單位的扣繳稅方式，改為扣繳保險。

So essentially what happens there is when employees have stock that vests, instead of selling those shares to cover the taxes, we take them from the employees and we pay the taxes directly off the balance sheet. So it's essentially the same kind of mechanism and we use that to eliminate another 332,000 shares for about $1 million during this quarter. Does that make sense?

因此，本質上發生的情況是，當員工擁有歸屬的股票時，我們不是出售這些股票來支付稅款，而是從員工那裡拿走這些股票，然後直接從資產負債表上繳稅。因此，本質上是同一種機制，我們在本季度使用該機制以約 100 萬美元的價格淘汰了另外 332,000 股。這樣有道理嗎？

Yes. Okay. Got you. Great. Thanks a lot for the insights.

是的。好的。明白你了。偉大的。非常感謝您的見解。

Thanks.

謝謝。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Yes, hi, good afternoon and thanks for taking the questions and nice job on the quarterly execution. On the Canada exit, I think, it's understandable, but I guess what would you say your learnings are from this? Clearly, there was just some excitement about acquiring this a few years ago. How would you apply this to potentially future acquisitions in North America or globally? And maybe to that point, do you see any attractive markets? Would you consider entering any markets, I guess, ahead of EVA in order to sort of fend off competition?

是的，嗨，下午好，感謝您提出問題，並且季度執行工作做得很好。關於加拿大出口，我認為這是可以理解的，但我想你會說你從中學到了什麼？顯然，幾年前獲得這個產品時還有些興奮。您將如何將此應用於北美或全球未來潛在的收購？也許到那時，您是否看到任何有吸引力的市場？我想，您會考慮在 EVA 之前進入任何市場，以抵禦競爭嗎？

Sure. It's Rob speaking. I think this was a unique situation in the sense that when we did this deal, it was during COVID, and we do that the bulk of the flyers were essentially government workers going between Vancouver and Victoria. Victoria being kind of almost like the Washington DC of the province. And we were confident at the time that there would be a recovery to kind of back to work. And what actually happened was they didn't go back to work.

當然。說話的是羅布。我認為這是一個獨特的情況，因為當我們做這筆交易時，正值新冠疫情期間，而且我們發現大部分傳單基本上都是往返於溫哥華和維多利亞之間的政府工作人員。維多利亞有點像該省的華盛頓特區。當時我們有信心，經濟將會復甦，重新回到工作崗位。實際發生的情況是他們沒有回去工作。

The meetings largely became on Zoom. This business did not have a tourist business, tourism business in terms of people more called leisure travelers, but it's a business traveler, and they were unduly hurt by this. We gave it some time for it to recover. And frankly we don't have any confidence that those meetings, which were previously in person by the government are coming back. They just it's been a long slog in Canada in terms of back to work. You don't see the same kind of reaction post-pandemic there that you do see here.

會議主要在 Zoom 上進行。這個行業本來就沒有旅遊業務，旅遊業務對人們來講更多的是叫休閒旅遊者，但它是商務旅遊者，他們因此受到了不應有的傷害。我們給了它一些時間讓它恢復。坦白說，我們對那些以前由政府親自舉行的會議是否會回來沒有任何信心。他們只是在加拿大重返工作崗位方面經歷了漫長的艱辛。大流行後，你在那裡看不到與在這裡看到的相同的反應。

So what we did was, we acted quickand we made a really tough decision and said, you know what, this is not profitable. We've got to focus on our core markets. This is tertiary, but let's structure this in a way that when EVA is here and it becomes economically viable to return to this market, possibly for leisure and having more landing zones, we retain that option to get back in the market. Our focus is on profitability.

所以我們所做的是，我們迅速採取行動，我們做出了一個非常艱難的決定，並說，你知道嗎，這並不有利可圖。我們必須專注於我們的核心市場。這是第三位，但讓我們以這樣的方式建造它：當 EVA 出現並且返回這個市場在經濟上變得可行時，可能是為了休閒和擁有更多的著陸區，我們保留返回市場的選擇。我們的重點是盈利能力。

All right. And right now we're not going to sit and wait for the unknown. And frankly, we have so much capability here in North America and Europe, which are the premier markets for us to operate in that I think that, that's where we're best served, both accelerating our path to profitability, but also retaining our ability to really focus on these key markets.

好的。現在我們不會坐等未知的事情發生。坦白說，我們在北美和歐洲擁有如此多的能力，這是我們開展業務的主要市場，我認為這是我們服務最好的地方，既可以加速我們的盈利之路，又可以保留我們的能力真正專注於這些關鍵市場。

And to your final part of the question, which is where else can you do this, we've been steadfast in saying to all people, I mean, to all investors that these are the markets that make sense. You need markets that are either congested or geographically contested. And those markets are New York and Southern Europe. I think the idea of flying between cities and places like for the time being like Dallas or in Orlando between the airport downtown where you just don't have the friction that you have in places like New York and Europe, it's going to be ways off.

對於問題的最後一部分，即你還能在哪裡做到這一點，我們一直堅定地對所有人，我的意思是，對所有投資者說，這些都是有意義的市場。您需要擁擠或地理上有競爭的市場。這些市場分別是紐約和南歐。我認為在城市和地方之間飛行的想法，例如暫時在達拉斯或奧蘭多市中心機場之間飛行，在那裡你不會遇到像紐約和歐洲這樣的地方的摩擦，這將會是很遙遠的事情。

You're going to require new landing zones. And so that's really where it is. I think when EVA is here, electronic vertical aircraft and then the second phase of that will be new landing zones. Clearly, cities like Paris and London, Los Angeles, those are going to be in the hit list, but those are ways off.

你將需要新的著陸區。這就是它的真正所在。我認為當 EVA 到來時，電子垂直飛機以及第二階段將是新的著陸區。顯然，像巴黎、倫敦、洛杉磯這樣的城市將會出現在熱門名單中，但距離這些城市還有很長的路要走。

Our focus is on that today but and then tomorrow, but going to the point where not only EVA is certified anddeployed, but when governments allow new landing zones. For the time being, we believe we're in the right place.

我們的重點是今天和明天，但不僅要達到 EVA 獲得認證和部署的程度，還要達到政府允許新著陸區的程度。目前，我們相信我們處於正確的位置。

Yeah, no, I understood. The slide you have on the various forms of medical, financial drivers and the target margins kind of implies you see some pretty significant further upside in flight margins. But I guess I do recognize this could be lumpy. Maybe some quarters ground is heavier versus other parts. But how should we think about the trajectory of flight margins over, let's call it, the next sort of 12 to 18 months, at least how you see the various parts of the market forming amongst owned, ground, organ placement and so forth?

是的，不，我明白了。關於各種形式的醫療、金融驅動因素和目標利潤率的幻燈片表明，您看到航班利潤率有一些相當顯著的進一步上升。但我想我確實認識到這可能是不穩定的。也許某些地方的地面比其他地方更重。但是，我們應該如何考慮未來 12 到 18 個月的航班利潤率軌跡，至少您如何看待自有航班、地面航班、器官移植等市場各個部分的形成？

I mean so most recently we've set a goal for ourselves that we're, essentially, it's out there to get to 25% flight margin in Medical by the end of this year. So we're continuing to march towards that goal. But I think you see from the new slide that we added to the deck that a lot of the ways that we move this critical cargo, we're doing a much better flight margin than that.

我的意思是，最近我們為自己設定了一個目標，即到今年年底，我們的醫療業務飛行利潤率將達到 25%。因此，我們將繼續朝著這一目標邁進。但我認為您從我們添加到甲板上的新幻燈片中看到，我們運輸這種關鍵貨物的許多方式，我們的飛行利潤率都比這要好得多。

So I think you nailed it, Bill, to the extent we can shift our mix a little bit more towards owned aircraft, continue to build that organ placement business and then continue to see ground growing faster than the rest of the business as we roll it out to more of our existing customers, ground grew about 50% year-over-year in this Q2, there's opportunities to go, over time, beyond the goal we set for this year.

所以我認為你做到了，比爾，我們可以將我們的組合更多地轉向自有飛機，繼續建立器官移植業務，然後在我們開展業務時繼續看到地面增長速度快於其他業務對於我們更多的現有客戶來說，第二季的銷售額年增了約50%，隨著時間的推移，我們有機會超越今年設定的目標。

Okay. Yes. Thank you. And I'll get back in the queue. Thanks.

好的。是的。謝謝。我會回到隊列中。謝謝。

Jon R. Hickman, Ladenburg Thakmann.

喬恩·R·希克曼、拉登堡·塔克曼。

Hi. Can you hear me okay? Okay. Will, could you elaborate a little more on the G&A costs? If you take out the write-off for Canada, that puts your G&A at about $19 million? Is that the number you want us to go flat with for the rest of the year?

你好。你聽得到我說話嗎？好的。能詳細說明一下一般行政費用嗎？如果扣除加拿大的沖銷，那麼您的 G&A 約為 1900 萬美元？這是您希望我們在今年剩餘時間內保持不變的數字嗎？

Which G&A are you --I would look on our earnings press release and you see we give you the non-GAAP financial results there in that second table. And so your total adjusted SG&A on that page, $15.8 million for the quarter. So I would if you're looking for a clean cash number, that's the number that I would go with, Jon.

你是哪個 G&A - 我會查看我們的收益新聞稿，你會看到我們在第二個表中為你提供了非 GAAP 財務結果。因此，該頁面上調整後的 SG&A 總額為該季度 1580 萬美元。所以，如果你正在尋找一個乾淨的現金號碼，我會選擇這個號碼，喬恩。

Okay. And then could you guys elaborate a little bit on, I know you keep pretty close tabs on what's happening with EVAs. Could you -- are you still thinking maybe those arrive sometime next year?

好的。然後你們能詳細說明一下嗎？您是否仍然認為這些可能會在明年某個時候到達？

Hi. It's Rob speaking. Nice to hear from you, Jon. With respect to the EVA, I mean, obviously, while we speak to everybody and I think we have a good visibility into it, you've got to speak to the developers of the aircraft to get their best sense. But what we're seeing is a focus by the leaders, such as Joby and Archer, to focus on the Middle East.

你好。說話的是羅布。很高興收到你的來信，喬恩。關於 EVA，我的意思是，顯然，雖然我們與每個人交談並且我認為我們對此有很好的了解，但您必須與飛機的開發人員交談才能獲得最好的理解。但我們看到喬比和阿切爾等領導人將重點放在中東。

And so clearly, their first deployment will be there. That feels like '25, '26. With respect to the US, I still think there's hope for '26 in the US and that will probably be a little bit more, call it, exhibition style in terms of not the kind of missions, not the kind of volumes that you see us doing with conventional aircraft here in the US and in Europe. And then, most importantly, I think you're going to see a lag, Jon, between when these aircraft are certified and available for commercial use and when new landing zones are available.

很明顯，他們的第一次部署將在那裡。感覺就像「25」、「26」。就美國而言，我仍然認為「26」在美國還是有希望的，而且可能會更多一點，所謂的展覽風格，不是那種任務，不是你看到我們的那種卷在美國和歐洲使用傳統飛機。然後，最重要的是，喬恩，我認為您會看到這些飛機經過認證並可用於商業用途與新著陸區可用之間存在滯後。

And really to unlock electric vertical aircraft, you need to create those new landing zones. The big markets with lots of traffic where you really need that urban air mobility are a bit locked out in terms of existing landing zones. And it takes time, even in the EVA world, to get those kind of permissions from all the various stakeholders.

真正要解鎖電動垂直飛機，您需要創建這些新的著陸區。交通繁忙的大型市場確實需要城市空中交通，但現有的降落區卻被封鎖了。即使在 EVA 世界中，也需要時間才能獲得所有利害關係人的此類許可。

Okay. Thanks. One last question. Do you have a presence in the medical side of things in Canada or just the US?

好的。謝謝。最後一個問題。你們在加拿大或僅在美國從事醫療方面的業務嗎？

It's just the US business.

這只是美國的生意。

Okay. Thank you.

好的。謝謝。

Thanks, Jon.

謝謝，喬恩。

Thank you. This concludes the conference question session. I would like to turn it back to Matt Schneider.

謝謝。會議提問環節到此結束。我想把它轉回給馬特·施奈德。

Great. Now we'll take a few questions from the Say Q&A platform. The first question is on the Marriott partnership and will there be more partnerships like this. Rob, why don't you take that one?

偉大的。現在我們將透過 Say 問答平台回答一些問題。第一個問題是關於萬豪的合作關係，是否還會有更多這樣的合作關係。羅布，你為什麼不拿走那個？

Sure. Very excited about the Marriott. It's actually the Marriott Luxury Group, which includes hotels such as St. Regis, the EDITION, the Ritz-Carlton. And so the ability -- we've talked about this before, you want to get, especially for airport, you want to get to your potential passengers at the moment of truth.

當然。對萬豪酒店非常興奮。它其實是萬豪豪華集團，包括瑞吉酒店、艾迪森酒店、麗茲卡爾頓酒店等酒店。因此，我們之前已經討論過這一點，您希望獲得這種能力，尤其是對於機場而言，您希望在關鍵時刻接觸到潛在的乘客。

And that moment of truth is booking. So the ability for someone to get a confirmation in the mail once they've booked their hotel room to say, hey, why don't you Fly Blade, and we'll help you take care of it, and we'll give you a special rate, what have you, and we'll make it easy for you, that's just a great catalyst for a conversion.

關鍵時刻就是預訂。因此，一旦有人預訂了飯店房間，他們就可以收到一封確認郵件，說：嘿，為什麼不選擇 Fly Blade，我們會幫你處理，我們會給你優惠價格，您有什麼，我們會讓您輕鬆享受，這只是轉化的絕佳催化劑。

Because the next thing someone does after they've booked a hotel room is they usually book their flight. So we're top of mind. We think we're going to see great conversion there. And these are some of the best hotels in New York City. And it's a great rifle shot for our kind of high-end consumer for airport, the same kind of consumer that would be a traveler that would be taking an Uber Black.

因為人們預訂飯店房間後要做的下一件事通常是預訂航班。所以我們是首要考慮的。我們認為我們將在那裡看到巨大的轉變。這些是紐約市最好的酒店。對於我們機場的高端消費者來說，這是一次很棒的步槍射擊，就像乘坐 Uber Black 的旅行者一樣。

And I do think we'll see more partnerships like this in the future, both in travel and hospitality. I mentioned the JetBlue deal. I mentioned the interline agreement with Emirates. I mentioned Bilt credit card. I think you'll see other credit card deals. The more we can get in front of the customer, the more we can get them when they're thinking about their travel, the more conversion we'll have. And then that's how we're going to enjoy growth here.

我確實認為，未來我們會在旅遊和酒店業領域看到更多這樣的合作關係。我提到了捷藍航空的交易。我提到了與阿聯酋航空的聯運協議。我提到了比爾特信用卡。我想您還會看到其他信用卡優惠。我們在客戶面前展示的內容越多，他們思考旅行的想法就越多，我們的轉換率就越多。這就是我們在這裡享受增長的方式。

Great. We're just going to take one more question from the platform because we addressed most of the questions on the call today already. The next question is on profitability. Will, why don't you take this one? The question is, what's the plan for achieving profitability? And what is the expected timeline?

偉大的。我們將在平台上再回答一個問題，因為我們已經解決了今天電話會議中的大部分問題。下一個問題是關於獲利能力。威爾，你為什麼不拿這個？問題是，實現獲利的計畫是什麼？預計的時間表是什麼？

Thanks, Matt. Well, we reaffirmed our guidance for a positive adjusted EBITDA year, this year, in 2024, and double-digit adjusted EBITDA next year in 2025. So that's the expected timeline. And the good news is we have a lot of different ways to get there and we're firing on all cylinders across the board.

謝謝，馬特。嗯，我們重申了今年 2024 年調整後 EBITDA 為正值的指引，以及明年 2025 年調整後 EBITDA 達到兩位數的指引。這就是預期的時間表。好消息是，我們有很多不同的方式來實現這一目標，而且我們正在全力以赴。

In the Medical business, you're seeing our flight profit margins expand as we continue to roll out the owned aircraft fleet and expand the size of our dedicated aircraft fleet. And also we're growing some of these high-margin ancillary services, like ground and like our organ placement services, that will also help us add to the overall revenue base and the overall profitability of that business.

在醫療業務中，隨著我們繼續推出自有飛機機隊並擴大專用飛機機隊的規模，您將看到我們的航班利潤率不斷擴大。此外，我們正在發展一些高利潤的輔助服務，例如地面服務和我們的器官移植服務，這也將幫助我們增加該業務的整體收入基礎和整體獲利能力。

And then, as Rob mentioned earlier, we're focused on profitability in the Passenger business. Take something like airport. We've continually optimized both in terms of our pricing and add-on options and the number of people that flow through that product to take it from last year when it was a negative flight profit business to this year when it's contributing positively to the flight profit line.

然後，正如羅布之前提到的，我們專注於客運業務的獲利能力。以機場之類的東西為例。我們不斷優化我們的定價和附加選項以及使用該產品的人數，從去年航班利潤為負的情況到今年為航班做出積極貢獻的情況利潤線。

Europe improved in Q2 year-over-year. And you're seeing our discipline as we exit unprofitable routes and focus on our core where we see longterm paths to sustainable profitable growth.

歐洲第二季較去年同期有所改善。當我們退出無利可圖的路線並專注於我們的核心業務時，您會看到我們的紀律，我們看到了可持續盈利增長的長期道路。

I think the one thing I just would like to add to Will's comments, the fastest way to profitability is not only growth, but it's making tough decisions quickly. And not only we're doing that with -- we did with Canada. We're doing that with SG&A. We're focusing on our core markets and really just making sure that we're doing -- we're focusing on where we are most competitive, in certain areas, where we have zero competition, where we have pricing power and expanding on the base that we have, where we know we're as bulletproof as possible. That's how we're going to get to profitability quickly. And I'm really pleased not only with this quarter, but on the trajectory that we're at.

我想我想在威爾的評論中補充一件事，實現盈利的最快方法不僅是增長，而且是迅速做出艱難的決定。我們不僅在加拿大這樣做。我們正在透過 SG&A 來做到這一點。我們專注於我們的核心市場，實際上只是確保我們正在做的事情——我們專注於我們最具競爭力的領域，在某些領域，我們零競爭的領域，我們擁有定價權的領域，以及擴大我們擁有的基地，我們知道我們盡可能地防彈。這就是我們快速實現盈利的方式。我不僅對本季感到非常滿意，而且對我們目前的發展軌跡感到非常滿意。

I think that's a great way to end the call. Rob, I'll just turn it over to you for any closing remarks.

我認為這是結束通話的好方法。羅布，我將把它交給你做結束語。

No, I think that, those are my closing remarks. I would just say we appreciate the time. We also encourage all investors, large and small, to reach out to us, if you want to have calls, if you want to have questions via email, email us at investors@blade.com. We really do look forward to working with you and helping you understand our company because we're -- and hopefully getting you as excited about it as we are excited about our future. So thank you for your time and we'll speak to you next quarter.

不，我認為這是我的結束語。我只想說我們很珍惜這段時光。我們也鼓勵所有投資者，無論大小，與我們聯繫，如果您想撥打電話，如果您想透過電子郵件提出問題，請發送電子郵件至investors@blade.com。我們真誠地期待與您合作並幫助您了解我們的公司，因為我們希望讓您對我們的公司感到興奮，就像我們對我們的未來感到興奮一樣。感謝您抽出寶貴時間，我們將在下個季度與您聯繫。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。