Strata Critical Medical Inc (SRTA) 2024 Q4 法說會逐字稿

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

女士、先生們，早安，歡迎參加 Blade Air Mobility 2024 財年第四季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。

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

現在，我想將電話會議轉給投資者關係和策略財務副總裁馬特·施耐德（Matt Schneider）。

Matt, you may begin.

馬特，你可以開始啦。

Thank you for standing by and welcome to the Blade Air Mobility conference call and webcast for the quarter ended December 31, 2024. 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.

感謝您的支持，歡迎參加截至 2024 年 12 月 31 日的季度 Blade Air Mobility 電話會議和網路廣播。我們感謝今天與我們一起的各位。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.

本次電話會議中所做的非歷史事實的陳述，包括有關未來時間段的陳述，可被視為構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

These forward-looking statements are subject to risks and uncertainties, and actual future results may differ materially from those expressed or implied by 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.

這些前瞻性陳述受風險和不確定性的影響，實際未來結果可能與前瞻性陳述所表達或暗示的結果有重大差異。請您參閱我們向美國證券交易委員會提交的文件，包括我們向美國證券交易委員會提交的 10-K 表年度報告，以便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 the 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.

電話會議中提供的任何前瞻性陳述均僅截至本次電話會議之日有效。正如我們向美國證券交易委員會提交的文件中所述，Blade 不承擔更新或修改這些前瞻性聲明的任何意圖或義務，除非法律另有規定。

During today's call, we will also discuss certain non-gap 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 their earnings press release and investor presentation.

在今天的電話會議中，我們還將討論某些我們認為可能有助於評估我們的財務表現的非差距財務指標。在其收益新聞稿和投資者介紹中提供了最直接的歷史可比較的合併 GAAP 財務指標與歷史非 GAAP 財務指標的對帳表。

Our press release, investor presentation in Form 10-Q and Form10-K filings are available on the investor relations section of our website at ir.blade.com. These non-GAAP measures should not be considered an isolation or a substitute for financial results prepared in accordance with GAAP.

我們的新聞稿、10-Q 表和 10-K 表形式的投資者介紹可在我們網站 ir.blade.com 的投資者關係部分查閱。這些非 GAAP 指標不應被視為孤立指標或根據 GAAP 編制的財務結果的替代指標。

Hosting today's call are Rob Wiesenthal, Founder and Chief Executive Officer of Blade, and Will Heyburn, Chief Financial Officer.

今天的電話會議主持人是 Blade 創辦人兼執行長 Rob Wiesenthal 和財務長 Will Heyburn。

I will now turn the call over to Rob.

現在我將電話轉給 Rob。

Thanks, Matt, and good morning everyone. As promised, we are pleased to deliver our first full year of adjusted IBAA profitability as significant revenue growth and marginal expansion in both medical and passenger drove a $17.8 million year-over-year improvement in our adjusted EBITDA in 2024. This important profitability milestone comes as we continued our rapid growth with revenue excluding Canada, which we exited in 2024, increasing 22.1% in Q4 2024 versus the prior year period, while Q4 flight profit increased 40% year over year and Q4 adjusted EBITDA rose $4.9 million year over year.

謝謝，馬特，大家早安。正如所承諾的那樣，我們很高興實現調整後 IBAA 盈利的第一個全年目標，因為醫療和客運業務的顯著收入增長和邊際擴張推動我們 2024 年調整後 EBITDA 同比增長 1780 萬美元。這項重要的獲利里程碑實現之際，我們持續保持快速成長，除加拿大以外的營收（我們於 2024 年退出）在 2024 年第四季較去年同期成長 22.1%，而第四季飛行利潤較去年同期成長 40%，第四季調整後 EBITDA 較去年同期成長 490 萬美元。

Looking back, it's important to note how much progress we've made with adjusted EBITDA improving over $28 million over the last two years. This is only the first step in our plan to generate multi-year compounding growth in free cash flow and adjusted even as we onboard new medical customers benefit from underlying growth in transplant volumes and realize continued benefits from passenger growth, flight economics optimization, and our expected midterm transition to electric, vertical aircraft, or what you might refer to as a detail.

回顧過去，值得注意的是我們取得了多大的進步，過去兩年調整後的 EBITDA 成長了 2,800 多萬美元。這只是我們計劃實現自由現金流多年複合增長的第一步，即使我們接納新的醫療客戶，受益於移植數量的潛在增長，並實現來自乘客增長、飛行經濟優化和我們預期的中期向電動垂直飛機過渡（或您可能稱之為細節）的持續收益，我們仍會進行調整。

As we continue to drive to further cost efficiencies in our passenger business, we remain laser focused on maximizing growth in urban arability products such as our New York City airport transfer service, which saw high 10s year over year revenue expansion in Q4. Services like Blade Airport are key to accelerating and de-risking our planned transition to the next generation aircraft I mentioned.

在我們繼續進一步提高客運業務成本效率的同時，我們依然專注於最大程度地實現城市可及性產品的成長，例如我們的紐約市機場接送服務，該服務在第四季度的收入同比增長了 10% 以上。像 Blade Airport 這樣的服務對於加速和降低我們向我提到的下一代飛機的計劃過渡的關鍵。

Overall, this combination of revenue growth and cost efficiencies enabled us to improve on our achievement of positive trailing 12 month passenger segment adjusted EBITDA last quarter, more than one year ahead of our target by posting $3.6 million of passenger segment adjusted IAA for the full year 2024. An $8.6 million dollar increase versus the prior year.

總體而言，收入成長和成本效率的結合使我們能夠在上個季度實現過去 12 個月的客運部門調整後 EBITDA 正值，比我們的目標提前了一年多，2024 年全年客運部門調整後的 IAA 達到 360 萬美元。比前一年增加了 860 萬美元。

We have successfully positioned both the medical and passenger business to benefit from improved economics of scale, driven by our aircraft investments and additional capacity purchase agreements that enable us to use our increasing volumes to drive marginal expansion. Our 119.6% year on year improvement in medical segment adjusted even this quarter on 13.7% revenue growth highlights the benefits of the strategy.

我們已成功定位醫療和客運業務，以從規模經濟的改善中獲益，這得益於我們的飛機投資和額外的運力購買協議，使我們能夠利用不斷增長的運力來推動邊際擴張。我們醫療部門的業績年增 119.6%，本季調整後的營收成長 13.7%，凸顯了該策略的好處。

We're also pleased to report that Q4 was our first quarter with medical segment adjusted the margins above our 15% near term target. Though this metric will show lumpiness quarter to quarter, driven by aircraft maintenance schedules and overall trip volumes, and we'll dip back below target in the first half of 2025, we're happy to be able to demonstrate the attainability of this goal earlier than expected. I'll that will provide a more detailed outlook later in the call.

我們也很高興地報告，第四季度是我們醫療部門調整利潤率後首次達到 15% 的近期目標以上。儘管受飛機維護計劃和整體出行量的影響，這一指標每個季度都會出現波動，並且到 2025 年上半年我們將再次跌至目標以下，但我們很高興能夠比預期更早地證明這一目標的實現。我將在稍後的電話會議中提供更詳細的展望。

The improved performance is driven in large part by aircraft strategy. Our own fleet continues to provide much more than just financial benefits, as illustrated by our expected launch with two new transplant centers in April following competitive processes that required direct aircraft ownership.

性能的提升很大程度得益於飛機戰略。我們自己的機隊繼續提供的不僅僅是財務利益，正如我們預計在 4 月啟動的兩個新的移植中心所表明的那樣，這是在需要直接擁有飛機的競爭程序之後進行的。

Early results following our European restructuring have been very encouraging with strong year to year revenue growth and solid profitability improvement in the winter ski season in the Alps to date.

我們歐洲重組後的早期業績非常令人鼓舞，迄今為止，逐年收入增長強勁，阿爾卑斯山冬季滑雪季的盈利能力穩步提升。

In addition to our excellent financial results, we made continued progress on strategic initiatives. This week, we announced a strategic partnership with Skyports Infrastructure, a leading provider of ground infrastructure for advanced air mobility, launching a pilot program that will expand blades existing by the sea helicopter transfer service by connecting the downtown Manhattan Heliport and John F. Kennedy International Airport.

除了優秀的財務表現外，我們在策略舉措方面也不斷取得進展。本週，我們宣布與領先的先進空中交通地面基礎設施提供商 Skyports Infrastructure 建立戰略合作夥伴關係，啟動一項試點計劃，透過連接曼哈頓市中心直升機場和約翰甘迺迪國際機場，擴大現有的海上直升機轉運服務。

This will now be in addition to our pre-existing airport routes to and from the west and east side of Manhattan and JFK and Newark airports. The new service will fly passengers transferring to and from flights at JFK in addition to Long Island and Queens residents commuting to or from Manhattan for business or leisure on weekdays. The facility. The located at the southern tip of Manhattan close to Wall Street is an important New York City hub for short distance aviation and follows Skyport's recent appointment as the operator of the downtown Manhattan Heliport, supporting the mandate from New York City officials to transition the heliport from accommodating just helicopters to also supporting next generation eVTOL.

這將是我們現有的往返曼哈頓西側和東側以及甘迺迪機場和紐瓦克機場的機場航線的補充。這項新服務將搭載往返甘迺迪機場的旅客以及工作日往返曼哈頓進行商務或休閒旅行的長島和皇后區居民。該設施。直升機場位於曼哈頓南端，靠近華爾街，是紐約市短途航空的重要樞紐，Skyport 最近被任命為曼哈頓市中心直升機場的營運商，支持紐約市官員的要求，將直升機場從僅容納直升機轉變為同時支援下一代 eVTOL。

As such, this program aims to gather data on consumer demands, flyer experience, and logistics specific to the downtown Manhattan Heliport and provide insights to help accelerate and de-risk the launch of eVTOL operations at the facility. In March, Blade introduced a new mobile app that offers an enhanced user experience, easy flight booking, flexible payment options, trip management functionality, and many more features. We're getting a great response from our customers and if you haven't yet updated to the latest app, we encourage you to give a try today.

因此，該計劃旨在收集有關曼哈頓市中心直升機場的消費者需求、飛行體驗和物流的數據，並提供見解，幫助加速和降低該設施啟動 eVTOL 營運的風險。今年 3 月，Blade 推出了一款新的行動應用程序，提供增強的用戶體驗、輕鬆的航班預訂、靈活的支付方式、行程管理功能等許多其他功能。我們得到了客戶的熱烈響應，如果您尚未更新到最新的應用程序，我們鼓勵您今天嘗試一下。

In medical, our organ placement service offering TOPS ended the year with six contracted customers and a strong sales pipeline. TOPS has continued to drive additional benefits for our customers and Blade's logistics business, enabling transplant centers to evaluate and ultimately accept more organs for those in need. The program also gives us the opportunity to build trust and demonstrate our high level of service to new customers who may choose to utilize our logistics in addition to TOPS.

在醫療領域，我們提供的器官移植服務 TOPS 在年底已簽約六家客戶，並擁有強大的銷售管道。TOPS 持續為我們的客戶和 Blade 的物流業務帶來更多利益，使移植中心能夠評估並最終為有需要的人接受更多的器官。該計劃還使我們有機會建立信任並向可能選擇除了 TOPS 之外還使用我們的物流的新客戶展示我們高水準的服務。

Working alongside our friends at OrganOx , we are preparing for an April launch of the first phase of our multi-faceted strategic partnership. This initial phase will enable transplant centers and organ procurement organizations to utilize OrganOx's metra machine perfusion device on a case by case basis.

我們正與 OrganOx 的朋友一起，為 4 月啟動多方面戰略合作夥伴關係的第一階段做準備。這個初始階段將使移植中心和器官採購組織能夠根據具體情況使用 OrganOx 的 metra 機器灌注裝置。

Metra is a perfusion device for the liver, which represents the majority of the heart, liver, and lung transplants that typically require dedicated air logistics. Perfusion technology allows transplant centers to accept more organs for transplant recipients and increase the amount of time organs remain viable outside the body.

Metra 是一種肝臟灌注裝置，它代表了大多數通常需要專門航空物流的心臟、肝臟和肺臟移植。灌注技術使移植中心能夠接受移植接受者更多的器官並增加器官在體外存活的時間。

We are prepositioning metra devices at key blade aviation hubs, enabling rapid transport to OrganOx customer locations. In this first phase, the metra device will be used for perfusion only at a customer location or in a ground vehicle. However, we are working closely with the OrganOx team to prepare for potential future in-flight perfusion, completing aircraft testing and modifications now so that we'll be ready to hit the ground running, assuming metra is approved to perfuse in flight at a later date.

我們正在主要的航空樞紐預先部署 metra 設備，以便快速運送至 OrganOx 客戶所在地。在第一階段，metra 設備將僅用於客戶地點或地面車輛的灌注。但是，我們正在與 OrganOx 團隊密切合作，為未來可能的飛行中灌注做好準備，現在完成飛機測試和改裝，以便我們能夠立即投入使用，假設 metra 稍後被批准在飛行中進行灌注。

With respect to our balance sheet, we remain careful stewards of our shareholders' capital, focusing recent investments on aircraft and vehicles that generate great returns for our medical business while continuing our evaluation of additional tech and acquisitions to expand our logistics platform. With $127 million in cash and short-term investments at the end of 2024, we believe we are well positioned to capitalize on such opportunities.

就我們的資產負債表而言，我們仍然謹慎管理股東資本，將最近的投資重點放在為我們的醫療業務帶來巨大回報的飛機和車輛上，同時繼續評估其他技術和收購，以擴大我們的物流平台。截至 2024 年底，我們擁有 1.27 億美元現金和短期投資，我們相信我們有能力利用這些機會。

With that, I will turn it over to Will.

說完這些，我會把話題交給威爾。

Thank you, Rob. I'll now walk through the financial highlights from the quarter, starting with passenger. Excluding Canada, which we exited in August 2024, short distance revenue increased 18% year over year, driven primarily by growth in New York airport, leisure, and other US short distance.

謝謝你，羅布。現在我將從乘客角度開始介紹本季的財務亮點。不包括我們於 2024 年 8 月退出的加拿大，短途收入年增 18%，主要得益於紐約機場、休閒和其他美國短途業務的成長。

And yet another revenue increased 85% year over year, driven by strong flight volume combined with a relatively easy comp versus 2024. We continue to see significant profitability improvement in passenger this quarter as passenger segment adjusted EBITDA margin expanded by over 16% points year over year to approach break even. This was driven by a 630 basis points improvement in flight margin along with an 18% reduction in passenger segment adjusted SG&A. The profitability improvement in passenger was broad-based, driven by improvements in short distance, jet and other, our exit from Canada and SG&A cost efficiencies.

由於航班量強勁，且與 2024 年相比競爭相對激烈，另一項收入較去年同期成長了 85%。本季我們持續看到客運獲利能力的顯著改善，因為客運部門調整後的 EBITDA 利潤率年增超過 16% 個百分點，接近盈虧平衡。這是由於航班利潤率提高了 630 個基點，以及客運部門調整後的銷售、一般及行政費用降低了 18%。客運獲利能力的提升是全面性的，得益於短程航空、噴射機和其他航空業務的改善、我們退出加拿大市場以及銷售、一般及行政開支（SG&A）成本效率的提高。

Turning to our medical business, medical revenue rose 13.7% year over year to $36.4 million. The increase in air revenue was driven primarily by trip volume, partially offset by a reduction in block hours per trip, a natural result of our strategy to increase the size of our dedicated fleet and position those aircraft closer to our customers.

談到我們的醫療業務，醫療收入年增 13.7% 至 3,640 萬美元。航空收入的成長主要得益於航班數量，部分抵消了每次航班飛行小時數的減少，這是我們擴大專用機隊規模並將飛機定位在更靠近客戶位置的策略的自然結果。

We continue to believe that this strategy is a win-win and importantly, the right one for our customers, enabling lower costs and shorter call out times. And this ultimately gives us a pricing advantage versus our competition. Rounding out medical revenue, ground and tops also contributed to revenue growth compared to the prior year period.

我們始終相信，這項策略是雙贏的，更重要的是，它對我們的客戶來說是正確的，能夠降低成本並縮短通話時間。這最終使我們在競爭中佔據了價格優勢。除了醫療收入外，地面費用和上等費用也為收入成長做出了貢獻，與去年同期相比。

On a sequential basis, medical revenue increased about 1% in Q4 versus Q3 2024, somewhat less than we anticipated, largely due to softer industry transplant volumes. Heart, liver, lung transplant volumes fell approximately 2% sequentially in Q4 2024 versus Q3 2024 compared to our expectation of a low single digit increase sequentially.

與上一季相比，2024 年第四季的醫療收入成長了約 1%，略低於我們的預期，這主要是由於產業移植量下降。2024 年第四季的心臟、肝臟、肺移植數量與 2024 年第三季相比環比下降約 2%，而我們預計環比將出現個位數低增長。

Medical segment profitability improved on a year over year basis and rebounded relative to Q3 2024 results. Medical segment adjusted EBITDA margin improved by over 700 basis points year over year to 15.1% in Q4 2024. The profitability improvement in medical was driven primarily by improved performance of our own fleet and dedicated aircraft along with lower adjusted SG&A relative to the year ago period, which had an elevated expense level.

醫療部門的獲利能力較去年同期有所提高，並相對於 2024 年第三季的業績有所反彈。2024 年第四季度，醫療部門調整後 EBITDA 利潤率年增 700 多個基點，達到 15.1%。醫療業務獲利能力的提高主要得益於我們自己的機隊和專用飛機性能的提高，以及與去年同期相比調整後的銷售、一般及行政費用（SG&A）降低，而去年同期的費用水平較高。

Moving to unallocated corporate expense and software development. For the full year 2024, expenses fell 3% year over year, but we saw an increase of 12% year over year and Q4 2024, partially due to the timing of incentive compensation associated with financial overperformance for the year, along with higher legal and professional fees in the quarter.

轉向未分配的公司費用和軟體開發。2024 年全年，支出較去年同期下降 3%，但年比和 2024 年第四季成長 12%，部分原因是與當年財務超額業績相關的激勵薪酬時機，以及本季更高的法律和專業費用。

On the cash flow front, the difference between our Q4 adjusted EBITDA of negative $0.4 million and cash from operations of negative $1.8 million in the quarter was primarily driven by non-recurring items including legal and restructuring expenses.

在現金流量方面，我們在第四季度調整後的 EBITDA 為負 40 萬美元，與本季經營活動現金為負 180 萬美元之間的差額主要是由於法律和重組費用等非經常性項目造成的。

Our capital expenditures, inclusive of capitalized software development costs, were $5 million in the quarter and driven primarily by $3.2 million of aircraft acquisition payments while capitalized aircraft maintenance was approximately $1.1 million. We currently have 10 aircraft in operation and we're focused on optimizing the financial performance of the fleet. Given the significant strategic and financial benefits of our owned aircraft, we expect to add a low single digit number of similarly priced aircraft to the fleet over the next year or two. We ended the quarter with no debt and $127.1 million of cash and short-term investments, providing flexibility for strategic investments in aircraft and acquisitions in medical.

我們的資本支出（包括資本化的軟體開發成本）本季為 500 萬美元，主要來自 320 萬美元的飛機購置支出，而資本化的飛機維護支出約為 110 萬美元。我們目前有 10 架飛機投入運營，並致力於優化機隊的財務表現。鑑於我們自有飛機的重大戰略和財務利益，我們預計在未來一兩年內向機隊增加個位數左右的同等價位的飛機。本季結束時，我們沒有債務，只有 1.271 億美元的現金和短期投資，為飛機戰略投資和醫療收購提供了靈活性。

Turning to the 2025 outlook, we expect revenue in the range of $245 million to $265 million and double digit adjusted EBITDA. In Passenger, we expect revenue of $90 million to $100 million in 2025, an increase from our previous expectation of $85 million to $95 million.

展望 2025 年，我們預計營收將在 2.45 億美元至 2.65 億美元之間，調整後 EBITDA 將達到兩位數。在客運方面，我們預計 2025 年的營收將達到 9,000 萬至 1 億美元，高於先前預期的 8,500 萬至 9,500 萬美元。

This represents low single digit revenue growth and short distance excluding Canada and an approximate 5% to 10% decline in yet and other. That's given the exceptional result in 2024 combined with low future visibility into this product. Jet charter volumes have remained strong year-to-date, but this business line is particularly exposed to macro impacts on both demand and pricing, hence our caution in terms of guidance at this early point in the year.

這表明，除加拿大以外，短距離收入成長率為低個位數，而其他地區則下降了約 5% 至 10%。這是因為 2024 年的業績非常出色，但該產品的未來前景卻不容樂觀。今年迄今，包機量依然保持強勁，但該業務線特別容易受到需求和定價的宏觀影響，因此我們在今年年初對此採取謹慎的指導態度。

As we realize the full year impact of recent cost reduction programs and continue our growth plans, we expect a low to mid-single digit million dollar increase in passenger segment adjusted EBITDA for 2025 versus 2024.

隨著我們意識到最近的成本削減計劃對全年的影響並繼續我們的成長計劃，我們預計 2025 年客運部門調整後 EBITDA 將比 2024 年增加低至數百萬美元。

In medical, we continue to expect double digit revenue growth in 2025, though, as I will shortly explain, we now see some uncertainty around meeting its target. There are several data points driving our outlook in medical for 2025.

在醫療領域，我們繼續預計 2025 年的收入將實現兩位數成長，不過，正如我稍後將解釋的那樣，我們現在看到在實現目標方面存在一些不確定性。有幾個數據點推動著我們對 2025 年醫療領域的展望。

First, industry transplant volume growth moderated throughout the year in 2024, with high single digit growth in the first half of the year, followed by mid-single digit growth in the second half of the year. While industry transplant growth has rebounded in the first two months of 2025. In light of the second half of 2024 slowdown, we're taking a slightly more conservative view of industry volume growth given the volatility we see as we kick off the year.

首先，2024年全年產業移植量成長放緩，上半年呈現高個位數成長，下半年呈現中個位數成長。而產業移植成長在2025年前兩個月已經出現反彈。鑑於 2024 年下半年的經濟放緩，考慮到年初看到的波動性，我們對行業銷售成長持略微保守的看法。

Second, while it's a very small sample size, we've seen heightened variability in our own revenue for Q1 2025 to date, despite the industry recovery. After low single digit year over year growth in January, we saw year over year decline in February, while March to date is trending well above 2024. As such, we're a bit more cautious on Q1, expecting top line could be flat or slightly down versus the prior year.

其次，雖然樣本量非常小，但儘管行業正在復蘇，但我們發現 2025 年第一季迄今為止我們自己的收入變化較大。在 1 月實現同比低個位數成長之後，2 月出現年減，而 3 月迄今的趨勢遠高於 2024 年。因此，我們對第一季的業績更加謹慎，預計營收可能與去年同期持平或略有下降。

There are a few factors at play in Q1 2025, including a particularly tough comp in the first half of 2024 relative to the second half. In the first half of 2024, medical segment revenue grew approximately 22% year over year compared with just 11% growth in the second half of 2024.

2025 年第一季有幾個因素在起作用，包括 2024 年上半年相對於下半年的競爭尤為激烈。2024 年上半年，醫療部門營收年增約 22%，而 2024 年下半年僅成長 11%。

Lastly, as we've discussed previously, our strategy has been focused on utilizing owned and dedicated aircraft that are positioned closer to our customers, reducing repositioning costs for our customers. While we see higher profit per trip on these aircraft, there is a modest revenue headwind from lower repositioning hours, and as mentioned earlier, the strategy helps us save money for our customers and creates a pricing advantage versus competitors.

最後，正如我們之前討論過的，我們的策略一直是專注於利用自有和專用的飛機，將這些飛機放置在更靠近客戶的地方，從而降低客戶的重新定位成本。雖然我們看到這些飛機每次飛行的利潤更高，但由於重新定位時間減少，收入受到一定程度的阻力，正如前面提到的，該策略幫助我們為客戶節省資金，並在相對於競爭對手的價格上佔據優勢。

Given all the dynamics discussed above, we expect medical revenue to be flat up year over year in the first half of 2025 before returning to double digit growth in the second half of 2025. As mentioned, the comparison base eases in the second half of 2025, and several new customer contracts will ramp up throughout Q2 and Q3 2025. All of this means that we will have much improved visibility by the time we report first quarter earnings in May, and we expect to provide an update on our outlook at that time.

考慮到上述所有動態，我們預計 2025 年上半年醫療收入將同比持平，然後在 2025 年下半年恢復兩位數成長。如上所述，2025 年下半年的比較基數將會降低，並且 2025 年第二季和第三季將會增加多個新客戶合約。所有這些意味著，到五月報告第一季度收益時，我們的可見性將大大提高，並且我們預計在那時提供有關我們前景的最新資訊。

Our medical business is always a bit lumpy and can be unpredictable at times, as has been our practice. We'll call out when we see unusually low or high activity in the short term, but I want to stress that we remain incredibly positive on the opportunity for continued growth, market share expansion, increased operating leverage, and business line extensions.

我們的醫療業務總是有點不穩定，有時會難以預測，就像我們的實踐一樣。當我們發現短期內活動異常低或高時，我們會發出警告，但我想強調的是，我們對持續成長、市場份額擴大、提高經營槓桿和業務線延伸的機會仍然持非常樂觀的態度。

Turning to margins, we're pleased this quarter to have delivered medical segment adjusted margins above our 15% target for 2025. Demonstrating the attainability of this target. However, margins will be somewhat volatile, driven primarily by regularly scheduled maintenance required on our own aircraft.

談到利潤率，我們很高興本季醫療部門的調整後利潤率超過了我們 2025 年 15% 的目標。證明該目標是可以實現的。然而，利潤率會有些不穩定，主要原因是我們自己的飛機需要定期維護。

In 2025, the cadence of time-based scheduled maintenance on our own fleet is expected to be above normal, resulting in additional maintenance downtime and lower aircraft utilization for the owned fleet. The heaviest maintenance period will be in the first half of the year before improving in the second half. In 2026, we spent less scheduled maintenance and associated downtime relative to 2025 and 2024.

2025 年，我們自有機隊的定期維護頻率預計將高於正常水平，從而導致額外的維護停機時間並降低自有機隊的飛機利用率。最嚴重的維護期將出現在上半年，下半年將會有所改善。2026 年，我們花費的計畫維護和相關停機時間與 2025 年和 2024 年相比有所減少。

Given the revenue improvement we're expecting for the year along with the timing of maintenance downtime for our own fleet, we expect medical segment adjusted EBITDA margins to start the year slightly above 10% in Q1 and improve throughout 2025, with the second half of the year averaging above our 15% target.

考慮到我們預計今年的收入成長以及我們自己的車隊維護停工的時間，我們預計醫療部門調整後的 EBITDA 利潤率將在今年第一季略高於 10%，並在 2025 年全年提高，下半年平均將超過我們的 15% 的目標。

We still expect an approximately 15% medical segment adjusted EBITDA margin for the year in 2025, but this could slip below our full year 2025 target, depending on the timing of completion of scheduled maintenance during the year.

我們仍預期 2025 年醫療部門調整後 EBITDA 利潤率約為 15%，但這可能會低於我們的 2025 年全年目標，具體取決於當年完成預定維護的時間。

Moving on, we remain focused on costs and adjusted unallocated corporate expenses and software development is expected to decline slightly year over year in 2025. Lastly, barring any large, unforeseen non-recurring items, we continue to expect to generate positive free cash flow before aircraft acquisitions.

接下來，我們仍然關注成本和調整後的未分配公司費用，預計 2025 年軟體開發將比去年同期略有下降。最後，除非出現任何大額、不可預見的非經常性項目，我們仍預計在收購飛機之前將產生正的自由現金流。

Cash flow will be burdened by elevated maintenance spending on our own fleet, and we expect capital expenditures before aircraft acquisitions of approximately $8 million in 2025, of which $5 million relates to aircraft maintenance that will be weighted towards the first half of the year, which is expected to moderate in 2026.

現金流將因我們自身機隊的維護支出增加而承受負擔，我們預計 2025 年飛機購置前的資本支出約為 800 萬美元，其中 500 萬美元與飛機維護有關，這將主要集中在上半年，預計 2026 年將會有所緩和。

Capitalized software development is expected to be in the range of $1 million to $2 million in 2025, with the remainder of capital expenditures driven by vehicle purchases and leasehold improvements. Despite the near-term variability in medical, the underlying factors contributing to our positive, medium, and long-term view of the business remains sound.

預計 2025 年資本化軟體開發將達到 100 萬至 200 萬美元之間，其餘資本支出將來自車輛購買和租賃改良。儘管短期內醫療領域存在變化，但我們對該業務持積極、中期和長期看法的潛在因素仍然穩健。

We continue to expect attractive organ transplant industry growth rates driven primarily by regulatory change, increased perfusion technology adoption, and lower costs of the same, and we remain confident in our ability to continue market share gains by winning new accounts and converting top customers to add logistics, all while leveraging our experienced sales team and reliable service.

我們繼續預期器官移植產業將保持有吸引力的成長率，這主要得益於監管變化、灌注技術採用的增加和成本的降低，我們仍然有信心透過贏得新客戶和轉化頂級客戶來增加物流，同時利用我們經驗豐富的銷售團隊和可靠的服務，繼續擴大市場份額。

We have several adjacent growth opportunities in medical, including grounds, our organ placement service offering, along with the opportunity to expand into new time critical logistics verticals, where we have recently made key sales hires.

我們在醫療領域有幾個相鄰的成長機會，包括場地、我們的器官安置服務，以及擴展到新的時間關鍵物流垂直領域的機會，我們最近在這些領域招募了關鍵的銷售人員。

Lastly, we expect to continue to see significant margin expansion in the business over the coming years as medical segment adjusted EBITDA margins rise towards our high 10s midterm target given our increased scale and solidification of our own aircraft strategy.

最後，鑑於我們規模的擴大和我們自身飛機策略的鞏固，我們預計未來幾年業務利潤率將繼續大幅擴大，因為醫療部門調整後的 EBITDA 利潤率將升向我們 10% 的高中期目標。

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

說完這些，我將把話題交還給馬特問答。

Thanks, Will. We'll start by taking analyst questions and we'll follow up with questions from the Say Q&A platform. I'll now turn it over to the operator to the operator for analyst questions.

謝謝，威爾。我們將先回答分析師的問題，然後回答來自 Say Q&A 平台的問題。我現在將把時間交給操作員，以便回答分析師的問題。

(Operator Instructions)

（操作員指令）

Jason Helfstein, Oppenheimer.

奧本海默的傑森‧赫爾夫斯坦 (Jason Helfstein)。

Hey, good morning, everyone. Thanks for taking the question. So, really nice to see the movement to positive but and the improvement there, so I guess how are you thinking about? We've obviously kind of seen kind of moderated, SG&A, but what is the catalyst, I guess, in each of the two businesses that would make you want to lean more into growth and I guess as you think about medical, how much of it has to do with kind of. Some of the kind of new partnerships, and new techno technology you want to deploy that's question one, and then number 2, Rob, I mean, what's your latest, kind of timing on what, when you could see passengers, in an eVTOL if you had to guess. Thank you.

嘿，大家早安。感謝您回答這個問題。所以，很高興看到積極的進展和改善，所以我想您是怎麼想的？我們顯然看到了銷售、一般及行政開支有所緩和，但我想，在這兩大業務中，什麼催化劑會讓你更傾向於增長，我想，當你想到醫療時，它與增長有多少關係。您想要部署的一些新合作夥伴關係和新技術是第一個問題，然後第二個問題，羅布，我的意思是，如果您必須猜測的話，您最新的時間表是什麼時候，您什麼時候可以在 eVTOL 上看到乘客。謝謝。

Why don't we start with Will.

我們為什麼不從威爾開始呢？

Sure, on the SG&A front, expect to see continued savings in the passenger business in particular, as some of the actions we took towards the end of 2024, specifically exiting the Canadian market and restructuring our European operations, you have. Yet seen the full year impact of that. So the combination of that and our expectation of continued growth is what's going to lead to that low to mid-single digit million dollar improvement and passenger segment adjusted EBITDA in 2025.

當然，在銷售、一般及行政費用方面，預計客運業務將繼續節省開支，因為我們在 2024 年底採取了一些行動，特別是退出加拿大市場和重組我們的歐洲業務。然而，我們看到了這一事件對全年的影響。因此，這些因素加上我們對持續成長的預期將會帶來低至數百萬美元的改善，2025 年客運部門調整後的 EBITDA 也將達到這一水準。

We don't think that we're making a trade-off in terms of growth. We think we're optimizing the business and focusing on the areas that have the biggest growth potential. So that's really our focus there and passenger. And in medical, we talked about how we have a number of new customers that are coming online in Q2 and in Q3. And so those are what will drive kind of the larger step function change and growth in medical as the revenue base gets. Bigger, obviously winning a big new contract doesn't move the needle as much, so you see a little bit of that, but we're very excited and optimistic about our ability to continue winning those big new customers and the fact that the onboarding we have line of sight to right now is more Q2, Q3 is why we've guided for more of that double digit growth in the back half of 2025. But there's no trade-off in medical of cost savings that are reducing growth there.

我們不認為我們在成長方面做出了權衡。我們認為我們正在優化業務並專注於具有最大成長潛力的領域。所以這確實是我們的重點和乘客。在醫療領域，我們談到了我們在第二季和第三季將有大量新客戶上線。因此，隨著收入基礎的擴大，這些將推動醫療領域更大程度的變化和成長。顯然，贏得一份新的大合約不會帶來太大的變化，所以你會看到一點這樣的影響，但我們對我們繼續贏得這些大新客戶的能力感到非常興奮和樂觀，事實上，我們現在關注的更多的是第二季度和第三季度，這就是為什麼我們預計 2025 年下半年將實現更多兩位樂觀數增長。但醫療成本節約並不會降低其成長速度。

And then I think your last question was around the partnerships, very excited, particularly about the organics partnership. This first phase will be a little smaller than a future phase where if they get the approval to fly the device while it's perfusing in flight, we expect that to have a larger overall impact. So we're preparing to be able to do that with the expectation that Happen later in the year, but the timing of that is uncertain.

然後我想你的最後一個問題是關於合作關係，我非常興奮，特別是關於有機夥伴關係。第一階段的規模將比未來階段略小，如果他們獲得批准在設備進行飛行灌注時進行飛行，我們預計這將產生更大的整體影響。因此，我們正做好準備，期望在今年稍後實現這一目標，但具體時間尚不確定。

So for now we're really helping out customers that don't yet have an organ ox device get one for a case by case usage in the back to base model will there be perfusing at the OPO or at the hospital. So we would expect that to ramp up a little more once the device is approved to perfuse and slice and we'll keep getting updates. We have more information.

因此，現在我們真正在幫助那些還沒有器官輸注設備的客戶，讓他們根據具體情況在返回基礎模型時獲得一個，以便在 OPO 或醫院進行灌注。因此，我們預計，一旦該設備獲得灌注和切片批准，這一數字將會進一步上升，我們將繼續獲得更新。我們還有更多資訊。

Hey, okay, Jason, yeah, I think what you might be alluding to is, recently some of the leading OEMs have kind of in a way pushed back, the deployment schedules at least for the US. And I think so what we're kind of looking at is you, I think you'll be seeing these aircraft, these, electrical aircraft, EVA or eVTOL, in the Middle East, probably first quarter '26, maybe a little bit the very end of '25 just because they've really fast tracked everything.

嘿，好的，傑森，是的，我想你可能暗示的是，最近一些領先的原始設備製造商在某種程度上推遲了部署時間表，至少在美國是這樣。我認為，我們正在關注的是，你將在中東看到這些飛機，這些電動飛機，EVA 或 eVTOL，可能是在 26 年第一季度，也許是在 25 年末，因為他們確實加快了一切。

I think that'll be a little bit more exhibition oriented, but people will be able to see the technology and get excited. About it and then I would assume probably late '27 for the US being here and maybe like full commercialization, could even be '28 first quarter, but that being said, what I'm really enthusiastic about is that now that we're fully profitable and passenger, we have this engine that is growing and acquiring passengers, the brand getting better. We got more roots. We have more ways so people will experience urban immobility.

我認為這將更以展覽為導向，但人們將能夠看到這項技術並感到興奮。關於它，然後我會假設可能要到 27 年末美國才會實現全面商業化，甚至可能是 28 年第一季度，但話雖如此，我真正興奮的是，現在我們已經完全盈利並且擁有乘客，我們有這個增長和吸引乘客的引擎，品牌也會越來越好。我們的根基更加牢固。我們有更多的方法可以讓人們體驗城市的不流動性。

So I think our view is that we're just going to be coming that much stronger as a platform for urban immobility with enhanced infrastructure, routes, revenues associated with that, international exposure and just flying more and more people. So at that point when that transition begins. I think that we just become, that much more fortified and we're kind of in a way, reducing, the kind of onboarding risk to shifting people from helicopters to EVA or eVTOL. I hope that, is that answer your question?

所以我認為我們的觀點是，透過增強的基礎設施、航線、相關收入、國際曝光度以及運載越來越多的乘客，我們將變得更加強大，成為城市交通的平台。因此，當轉變開始的時候。我認為，我們變得更加堅強，在某種程度上，我們正​​在降低將人員從直升機轉移到艙外活動或 eVTOL 的入職風險。我希望這能回答你的問題嗎？

Yeah, that I appreciate that's a phone call. Thanks guys.

是的，我很感激你能打來這通電話。謝謝大家。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hey, good morning. Thanks for taking our questions. What, first question, follow up on the eVTOL one just now. How do you think about the time it takes to ramp?

嘿，早安。感謝您回答我們的問題。第一個問題，請繼續關注剛才的 eVTOL 問題。您認為提升所需的時間是多少？

And it, it's mainly in the context of, obviously, these are new novel aircraft. You just put out, kind of like '27, '28. How much time does that factor into kind of get acquainted with the aircraft, the performance, and then also in the beginning, would you envision you taking on ownership of the aircraft or leveraging that through some other type of financial partner?

而且，這顯然主要是因為這些都是新型飛機。你剛才放出來的有點像‘27’、‘28’。這需要多少時間來熟悉飛機和性能？還有，在開始的時候，您是否打算擁有飛機或透過其他類型的金融合作夥伴來利用它？

Okay, can you just repeat the first part of your question? I got the last part, but it's your very first part.

好的，你能重複問題的第一部分嗎？我拿到了最後一部分，但這是你的第一部分。

Yeah, the, I guess the, yes, the time it takes to, get acquainted with the aircraft or just to get familiar enough to operate it or sort of the testing time, yeah.

是的，我想，是的，需要花一些時間來熟悉飛機，或者只是熟悉到足以操作它，或者進行某種測試，是的。

Yeah, got it. Okay, so, I think what you'll see in the beginning is that the OEMs will be doing, very limited flights. I don't want to call them exhibition. I don't know what they'll call them, really testing out these aircraft in the wild, so to speak, we're looking at too miles in terms of using these aircraft. One would be enabling our current operators to purchase them and as a lot of the leading manufacturers, are in the business of selling those aircraft and we today facilitate our facilitate our partners, our operating partners, to help them buy aircraft by giving them capacity usage agreements. So they'll actually, work with Airbus or work with.

嗯，明白了。好的，我認為您一開始就會看到，OEM 廠商的航班數量非常有限。我不想稱它們為展覽。我不知道他們會怎麼稱呼它們，真正地在野外測試這些飛機，可以這麼說，我們在使用這些飛機方面考慮了太遠的距離。一是讓我們目前的運營商能夠購買這些飛機，並且由於許多領先的製造商都從事銷售這些飛機的業務，因此我們今天為我們的合作夥伴，我們的運營合作夥伴提供便利，通過與他們簽訂容量使用協議來幫助他們購買飛機。因此他們實際上會與空中巴士合作或合作。

And say, I have a commitment from Blade for 10 number of hours. I'd like to buy an aircraft they can finance against that. The same thing's going to happen in eVTOL, so, and then that is one model and the other model is there have been a number of OEM manufacturers who said, we would like to give, to own these and let you decide where. They go and what they do and we'll even operate them for you. So those are kind of the two models, that we, that we'll see.

並且說，我與 Blade 已達成 10 小時的工作承諾。我想購買一架他們可以用此提供融資的飛機。同樣的事情也會發生在 eVTOL 上，所以，這是一種模式，另一種模式是，有許多 OEM 製造商表示，我們願意給予、擁有這些，然後讓您決定在哪裡。他們會去做他們想做的事，我們甚至會為你操作它們。所以這些就是我們將要看到的兩種模型。

I think it's important to mention to understand is that in the beginning there will be a cohabitation phase which makes blade even more important in the development of the eVTOL ecosystem. That is because not all these aircraft are going to be able to go to all the different routes we have, take all the different types, have missions, all the same types of missions, whether it be medical or short to the airport, or longer to leisure markets, or, in weather. So you're going to need the portfolio of different types of vertical aircraft, including helicopters in the beginning. It will take some time until anybody so our fleet is 100% electric.

我認為值得一提的是，一開始會有一個共存階段，這使得 blade 在 eVTOL 生態系統的發展中變得更加重要。這是因為，並非所有這些飛機都能夠飛到我們擁有的所有不同航線、執行所有不同類型的任務、執行所有相同類型的任務，無論是醫療任務還是短途飛往機場，還是長途飛往休閒市場，或者應對各種天氣。所以你將需要不同類型的垂直飛機組合，包括一開始的直升機。需要花費一些時間才能使我們的車隊實現 100％ 電動化。

Understood. Second question, different topic. Europe, it seems you're getting quite a bit of good traction there. Can you just remind us, I know you mentioned the growth, but in terms of the profitability, maybe how much the magnitude of improvement has been since you turned that around?

明白了。第二個問題，不同的主題。歐洲，看來你們在那裡取得了相當好的進展。您能否提醒我們一下，我知道您提到了成長，但就獲利能力而言，自從您扭轉這種局面以來，獲利能力的改善幅度可能有多大？

Hi, Edison, Will, here, we pulled out several million dollars of hard cost from Europe, so I think that we feel really good about, the growth, as you remember, close to 50% of the revenue comes through in Q3, so we're happy that the ski season is going well, but the big chunk is in that summer season, and so we'll have to wait and see how that goes before we can give you a view on the top line growth, but we did really pull out hard. So that's a significant driver and that low to mid-single digit million dollar improvement and passenger segment adjusted EBITDA that we're talking about for 2025.

嗨，愛迪生，威爾，我們從歐洲撤出了數百萬美元的硬成本，所以我認為我們對增長感到非常滿意，正如你記得的，接近 50% 的收入來自第三季度，所以我們很高興滑雪季節進展順利，但很大一部分是在夏季，所以我們必須拭目以待，看看情況如何，然後我們才能向你們介紹營收成長情況，但很大一部分是我們確實付出了很大的努力。所以這是一個重要的驅動因素，也是我們所說的 2025 年低至中個位數百萬美元的改善和乘客部門調整後的 EBITDA。

This is a big, it's been a big part of prior to some of the drag we had. On passenger and I think that the improvements in Europe really accelerated us into profitability, played a big role here as Will said, winter it's been a great ski season and I think that we're kind of we're average sea legs. It took some time, but the. The business is really working over there, pre-orders on, Monaco Grand Prix look good, what my expectations for the summer in terms of international travel remain unabated despite what you may have seen, heard from, certain, airlines and such, obviously a lot of this can be weather dependent in the summer also, so it can get a little bit choppy, but we feel really good about where we are with Europe.

這是一個很大的問題，這是我們之前遇到的一些阻力中很大的一部分。就客運而言，我認為歐洲的改善確實加速了我們的盈利能力，在這裡發揮了很大的作用，正如威爾所說，冬季是一個很棒的滑雪季節，我認為我們的航海能力還處於平均水平。這花了一些時間，但是。那邊的生意確實不錯，預訂單很好，摩納哥大獎賽看起來也不錯，儘管你可能已經看到或聽到某些航空公司的消息，但我對夏季國際旅行的期望仍然沒有減弱，顯然夏季的很多事情也可能受到天氣的影響，所以可能會有點不順暢，但我們對歐洲的狀況感到非常滿意。

Awesome. Thank you.

驚人的。謝謝。

Will Peterson, JP Morgan.

摩根大通的威爾彼得森。

Yeah, hi, good morning and thanks for taking the questions. It looks like even excluding Canada seat phones were slightly down year on year. Can you touch on what, how that impacted? I understand you're driving higher pricing so that that's a positive, and I guess, I, we think about passenger margins more broadly, surprisingly outside, how should we think about the trajectory, through 2025.

是的，大家好，早安，感謝您回答問題。看起來，即使不包括加拿大，座位數也比去年同期略有下降。您能談談這會產生什麼影響嗎？我知道你們正在提高價格，這是積極的一面，我想，我們會更廣泛地考慮乘客利潤率，令人驚訝的是，我們應該如何看待 2025 年的發展軌跡。

Bill, you're asking about seat count. Did I hear you right?,

比爾，你問的是座位數。我沒聽錯吧？

Yes.

是的。

Yeah, I think that's a function of us optimizing the business in 2024, in Europe, trying to offer the right schedule for our scheduled route between Nice and Monaco, give people seats when they want them, but also not offer as many seats when there's not as much demand. Same approach to our New York airport service. And so you're seeing a great revenue growth there and we're just trying to optimize.

是的，我認為這是 2024 年我們優化歐洲業務的一個功能，我們會嘗試為尼斯和摩納哥之間的定期航線提供正確的時刻表，在乘客需要時為他們提供座位，但在需求不大時也不會提供那麼多座位。我們紐約機場的服務也採用同樣的方法。所以您會看到那裡的收入大幅成長，而我們只是在努力進行最佳化。

Actually give people more seats during the time that they want them but put less inventory on the shelves when there's less traffic and there's more of an opportunity for us to lose money during those times if we don't have the load factor on each flight. And actually ties right into your question on margins.

實際上，我們會在乘客需要的時段為他們提供更多的座位，但在客流量較少時，貨架上的庫存就會減少，如果我們沒有確保每個航班的載客率，那麼我們在這些時段虧損的可能性就更大。這實際上與您關於利潤的問題直接相關。

We do expect to see continued increases in our margins, both because of those actions that we've taken on pricing in the passenger business, on optimizing the schedule and then also once you get to the point that we're at now where we have a profitable business and we have a profitable scheduled product flying people between Manhattan and the airport, for example, that incremental seat that we sell on a flight that already has several paying passengers, that seat is going to drop down at close to 100% margin contribution. And so the gearing is really in a great place, and that's another important contribute contributor. To this inflection we're seeing in passenger profitability right now.

我們確實預期利潤率會繼續成長，這既是因為我們採取了客運業務定價和優化航班時刻表的措施，也是因為我們現在的業務已經盈利，我們有了往返於曼哈頓和機場之間的定期航班產品，舉例來說，如果某趟航班已經有幾個付費乘客，那麼我們出售的新增座位的利潤貢獻將下降到接近 100%。因此，槓桿率確實處於一個很好的位置，這是另一個重要的貢獻因素。我們目前看到的是客運獲利能力的這種轉變。

Well, I'll just add to that, Will. I mean, this has been a what you're seeing has been conscious, a conscious effort on our part to accelerate the profitability. I think that we made the assessment that within the New York area where we have 100% market share in the by the sea business, which is really an urban mobility product that is most geared to what electric will be, in a couple of years. And in Europe, where we have a leading market share, number one to share, that it didn't make sense for us to kind of like chase our tail and just get as many butts and seats as possible if it was going to sacrifice, profitability.

好吧，我只想補充一點，威爾。我的意思是，您所看到的都是我們有意識的，是有意識的努力，旨在加速盈利能力。我認為，我們已經對紐約地區的海邊業務進行了評估，該業務佔據了 100% 的市場份額，這實際上是一種最適合未來幾年電動車發展的城市交通產品。在歐洲，我們擁有領先的市場份額，如果要犧牲獲利能力，那麼追逐尾巴、僅僅獲得盡可能多的座位數是沒有意義的。

So the idea is to optimize that schedule, taking as much price as we can and kind of have prudent, growth, with a, but with profitability coming first if we got into a different type of environment and we wanted it was. If we want to really open up schedule or be more aggressive in price, we could do that. And then at that point there's obviously a lot more awareness of the product.

因此，我們的想法是優化該計劃，盡可能地提高價格，並實現審慎的增長，但如果我們進入了不同類型的環境，盈利能力將放在首位，這是我們想要的。如果我們確實想開放航班時刻表或在價格上更具競爭力，我們可以這樣做。那麼到那時，人們對該產品的認知度顯然會更高。

There's a lot more going on. It should be good for everybody, but at this point, as one of one, we felt this is the right way to do our business and especially when you think about the timeline for eVTOL being stretched out, we want to continue growing properly and in a man keep growing that base so we're that much stronger when it arrives.

還有很多事情要做。這對每個人來說都應該是件好事，但在這一點上，作為其中的一員，我們覺得這是開展業務的正確方式，尤其是當你考慮到 eVTOL 的時間表被拉長時，我們希望繼續適當發展，並且不斷發展這個基礎，這樣當它到來時，我們就會更加強大。

Yeah, that's a good lead into my second question recognizing that's probably going to be a few years before we see electric aircraft, but I think, several companies nonetheless are trying to have service between the downtown Manhattan Heliport of JFK and you're going to be, I guess an early, beneficiary of that. But if we think more longer term, you know what would be a differentiator for your offering and I think in the past you've talked about barriers entries in some cases.

是的，這很好地引出了我的第二個問題，我們可能還需要幾年時間才能看到電動飛機，但我認為，儘管如此，仍有幾家公司試圖在曼哈頓下城肯尼迪國際機場直升機場之間提供服務，我想你會成為這項服務的早期受益者。但如果我們考慮得更長遠一些，您就會知道您的產品有何差異化，而且我認為，過去您在某些情況下也談到過進入障礙。

By having exclusivity which doesn't appear to be the case here in other cases just by having sort of infrastructure, how should we think about, your New York opportunity over a longer period of time given probably New York wouldn't really want to have exclusive landing zones.

透過擁有排他性，而在其他情況下似乎並非如此，僅僅通過擁有某種基礎設施，我們應該如何看待您在紐約的長期機會，因為紐約可能並不真正想要擁有專屬著陸區。

I -- you kind of broke over the last part of what you were asking. Can you just repeat the second part of your question?

我 — — 你問的最後一個問題有點讓人困惑。你能重複問題的第二部分嗎？

Long term durability of your New York, business given it's it probably appears unlikely that New York would want to have exclusivity in terms of landing zones.

考慮到紐約業務的長期持久性，紐約不太可能希望在著陸區方面擁有獨家經營權。

I guess, it's slight difference, but I think that you'll see in the beginning that we, very well may have exclusivity in terms of, passenger terminals. If you can't aggregate your passengers, you can have your own, distinct terminal.

我想，差別很小，但我認為您一開始就會發現，我們很可能在客運航站樓方面擁有獨家經營權。如果您無法聚集乘客，您可以擁有自己獨特的航站樓。

Space to do that, you're working at a general aviation and we're processing tons of passengers, turning them around every five minutes in cases, so I think in the beginning until the new landing zones, that's kind of the benefit of our company that we have. This incumbent infrastructure both in here and in Europe. It is true that anybody can land in these public use heliports, but whether it be by contract where we have exclusivity or by just pure geography in terms of where you would put another facility, we feel that we are fully entrenched in New York City and that'd be really difficult to compete with us on that.

要做到這一點，你需要在通用航空公司工作，我們需要處理大量的乘客，每五分鐘就將他們轉一圈，所以我認為，從一開始直到新的著陸區，這都是我們公司的優勢。這是我國和歐洲現有的基礎設施。確實，任何人都可以降落在這些公共直升機場，但無論是透過合約獲得獨家經營權，還是僅僅透過純粹的地理位置來決定在哪裡設立另一個設施，我們都覺得我們已經完全紮根在紐約市，在這方面很難與我們競爭。

And Bill, I would just add from a financial perspective that because we've aggregated so much demand over so many years, including folks that have annual passes that they're renewing every year, we've solved that difficult problem of both having enough people on every flight to have money and to make money and having enough flights in order to utilize the aircraft enough that it's economical to fly the aircraft on the route.

比爾，我想從財務角度補充一點，由於我們多年來積累瞭如此多的需求，包括每年更新年票的旅客，我們已經解決了這一難題，即既要保證每趟航班上有足夠的乘客來賺錢，又要保證航班足夠多，以便充分利用飛機，使飛機在航線上飛行符合經濟效益。

So there's two layers of utilization that you have to accomplish and so it puts us in a position to have a much broader schedule and have an actual profitable product that we're offering our customers versus the ramp. Be very expensive if you don't already have that demand aggregated.

因此，我們必須實現兩個層次的利用，這樣我們才能擁有更廣泛的時間表，並為客戶提供真正有利可圖的產品，而不是僅僅依靠產量提升。如果你還沒有滿足這項需求，那麼成本將會非常高。

The last thing I would add, Bill, is that when we look at, and we've done a lot of work on this, the first people who will be flying eVTOL, the most likely people are going to be higher income and have flown in helicopters. That's your first thing. Everybody else is going to be a lot of other people are going to wait and see.

比爾，我最後要補充的是，當我們觀察並在這方面做了很多工作時，第一批駕駛 eVTOL 的人最有可能是收入較高且乘坐過直升機的人。這是你的第一件事。其他人將會有很多人拭目以待。

So I think in the beginning you should really see a very strong, you kind of pull from the blade customers switching to this new type of aircraft, whereas other people may be a little bit more wait and see on it. So I feel really good in terms of when this arrives, I'm a hell of a lot more optimistic about the opportunity than I am worried about the competition in this market, especially in New York.

因此我認為一開始你應該會看到一種非常強大的吸引力，吸引客戶從葉片客戶轉向這種新型飛機，而其他人可能對此持觀望態度。因此，當這一切到來時，我感覺非常良好，我對這個機會非常樂觀，而不用擔心這個市場的競爭，尤其是在紐約。

Okay, thanks for the comment, sir. Maybe my last one. I'm sorry for cutting out, and I might have missed it, but on some of this, maintenance you're undertaking in your medical segment in the first half of the year.

好的，謝謝您的評論，先生。這可能是我的最後一個了。很抱歉打斷了你的話，我可能錯過了一些內容，但關於這方面的一些內容，你在上半年對醫療領域進行了維護。

I might have missed it, but is this something that we should think of as somewhat of a future seasonality, meaning you're going to be doing this certain times of year or you're just taking advantage of it now I'm just trying to get a sense for how to think about if we need to think about modeling this type of maintenance on a go forward basis, for example, next year and beyond.

我可能錯過了，但是我們是否應該將這視為未來的季節性，這意味著你將在一年中的某些時間這樣做，或者你只是現在利用它，我只是想知道如何思考我們是否需要考慮在未來的基礎上對這種類型的維護進行建模，例如明年及以後。

Yeah, Bill, this is time-based maintenance, so you know it's a required scheduled maintenance that happens, for example, engines every 2,500 hours, and what we're calling out is that the cadence in the first half is well above what would you, what you would expect to be the average. So for example we got 10 aircraft based on the amount of flying that we do, you would expect to need to do two sets of engines every year just to put it in perspective.

是的，比爾，這是基於時間的維護，所以你知道這是必需的定期維護，例如，引擎每 2,500 小時進行一次，而我們​​要指出的是，前半部分的節奏遠高於你預期的平均水平。舉例來說，根據我們的飛行次數，我們擁有 10 架飛機，從這個角度來看，預計每年需要更換兩組引擎。

We have four sets of engines that we need to do in 2025. So it's just elevated relative to the average cadence that you would expect. And so as we call it out, 2026, we have far fewer that we that we need to do than you would expect on average. So we'll keep giving guidance. It's a bit of a moving target because the more you fly, the earlier that that maintenance event comes up.

我們有四套引擎需要在2025年完成。因此，它只是相對於您預期的平均節奏有所升高。因此，正如我們所預測的，到 2026 年，我們需要做的事情將比平均預期的要少得多。因此我們將繼續提供指導。這有點像是移動的目標，因為飛得越多，維護事件就越早發生。

But we'll continue to keep you apprised whenever there's a situation where it's above average. And remember, that's not just a CapEx situation for us. It also means the downtime of the planes is going to be elevated and so that'll impact our ability to get operating leverage on the planes during that time period, which is why we gave a note of caution for the first half on our medical segment adjusted even down margins.

但當出現高於平均的情況時，我們會繼續向您通報。請記住，對我們來說這不僅僅是資本支出的情況。這也意味著飛機的停機時間將會增加，因此這將影響我們在那段時間內獲得飛機營運槓桿的能力，這就是為什麼我們對上半年醫療部門的利潤率調整提出了警告。

I think I just want to add to that, we know this is new for a lot of la investors in terms of obviously owning this portion of this fleet, albeit it purely, for medical. Depending on the timing of when you buy these specific aircraft of where they are in their life cycle ends up being when you end up having these kind of major, maintenance overhauls that are counted into our RI and counted into the kind of margins to the ounces we do that to make sure that we know this was a smart deal and it has been a smart deal both on a on an increase in margins and an increase of return and capital basis but you can't, pick the -- when these when the schedule happens, it depends on the light of the year of the plane and when you bought it. It just happens to be that the timing is such that we're going to have a fair amount of the scheduled maintenance this year.

我想我只想補充一點，我們知道對於許多洛杉磯投資者來說，這顯然是擁有這部分船隊的新事物，儘管這純粹是為了醫療。這取決於您購買這些特定飛機的時間，以及它們處於生命週期的哪個階段，最終您需要進行這種重大的維護檢修，這些檢修將計入我們的 RI，併計入盎司的利潤率，我們這樣做是為了確保我們知道這是一筆明智的交易，而且這筆交易確實是一筆明智的交易，因為它既增加了利潤率，又增加了回報和使用年資碰巧的是，我們今年要進行相當數量的預定維護。

We want to get investors comfortable with some of this luminess, but, however, on, over time and over any, given, certain amount of, a full year, we are seeing and we expect to continue to see the benefits of having this ownership. So I want to make sure everybody understands that this is, not unforeseen maintenance and not has anything to do with something that was not planned when we originally purchased these aircraft.

我們希望讓投資者適應這種狀況，但是，隨著時間的推移，在任何給定的一定數量內，例如整整一年內，我們都將看到並且預計將繼續看到擁有這種所有權的好處。因此，我想確保每個人都明白，這不是不可預見的維護，並且與我們最初購買這些飛機時未計劃的事情無關。

Okay, yeah, that's clear and, yeah, we look forward to catching up, very soon.

好的，是的，這很清楚，是的，我們期待很快就會趕上。

(Operator Instructions)

（操作員指令）

Ben Cleave, Lake Street Capital Markets.

本‧克利夫 (Ben Cleave)，Lake Street Capital Markets。

Thanks for taking my questions. Congratulations on a nice end to a good year here. First question on the passenger segment, I'm wondering if you can elaborate a bit on this pilot program at the downtown heliport, and kind of talk about kind of really what your target what your objective. Are from a data analysis perspective and then also comment on if you think this could evolve to be you know to go from a pilot project to some kind of more notable revenue contributor before the emergence of eVTOL.

感謝您回答我的問題。恭喜您度過了美好的一年並有一個圓滿的結局。第一個問題是關於乘客部分的，我想知道您是否可以詳細說明市中心直升機場的這個試點計劃，並談談您的實際目標是什麼。從數據分析的角度來看，然後評論您是否認為這可以發展成為在 eVTOL 出現之前從試點項目轉變為某種更顯著的收入貢獻者。

Sure, thanks and great to hear you on the call. So yeah, I'm very excited about this alliance with Skyports, as you probably know, Skyports has been a leader working with both Joy and Archer and, other companies in terms of around the world building vertiports that are kind of eVTOL first, and I think that we're seeing is what we alluded to before they.

當然，謝謝，很高興在電話裡聽到您的聲音。是的，我對與 Skyports 的聯盟感到非常興奮，正如你可能知道的，Skyports 一直是與 Joy、Archer 以及其他公司合作在世界各地建設 eVTOL 垂直起降機場的領導者，我認為我們看到的就是我們之前提到的。

Timeline has been stretched a bit and I think in terms of the deployment of eVTOL and they, see the, see that they have a desire and the and the willingness and need to work with us on the rotorcraft side to really provide that transition because it's really going to help de-risk and accelerate that transition, over time. So we. Come up with a structure where we do not take economic risk, and we have are using this helper as you would imagine we probably know more about vertical transportation in the New York area than anybody.

時間表已經稍微拉長了，我認為就 eVTOL 的部署而言，他們有意願並且需要與我們在旋翼機方面進行合作以真正實現這種轉變，因為隨著時間的推移，這確實有助於降低風險並加速這種轉變。我們也一樣。提出一個不承擔經濟風險的結構，我們正在使用這個助手，正如你所想像的，我們可能比任何人都更了解紐約地區的垂直交通。

Typically Wall Street has not been the strongest of heliports for our customers, but they're putting a lot of money in terms of capital to make this a kind of world class facility, so I think the information we're trying to get a lot of it has to be about really the flow of passengers and where people are living, where people are working as to whether or not there is a viable group of flyers where this becomes, highly valuable and I think it actually Will, over time.

通常來說，華爾街並不是我們客戶最強大的直升機場，但他們投入了大量資金來使其成為世界一流的設施，所以我認為我們試圖獲取的資訊必須是關於乘客流量、人們居住在哪裡、人們在哪里工作，以及是否有一個可行的飛行群體，這些資訊變得非常有價值，我認為隨著時間的推移，它實際上會變得非常有價值。

So I think that, we have. Kind of the best of both worlds, we get to try this out, not have a downside risk. And if it works for us in Skyports, clearly we're going to continue with. This is now our third place in Manhattan, which is kind of amazing if you think about most major cities that you can actually pick if you want to fly into the east side, into the west side or into Wall Street from any airport or depart from any of those zones.

所以我認為我們已經這樣做了。這是一種兩全其美的做法，我們可以嘗試一下，而且不會有下行風險。如果它在 Skyports 對我們有用，我們顯然會繼續使用。這是我們在曼哈頓的第三家店，如果你想從大多數大城市中挑選一家，無論是從任何機場飛往東區、西區或華爾街，還是從任何一個區域出發，這都是非常令人驚奇的。

At this point, we pretty much have it a bit from my perspective locked up. There are no other landing zones right now in New York City and in the beginning, as we all know, once this eVTOL is deployed, you are going to be using incumbent infrastructure and we have terminals in both the east side and west side, and we will be recommissioning.

至此，從我的角度來看我們已經基本鎖定目標了。目前，紐約市沒有其他登陸區。一開始，眾所周知，一旦部署了 eVTOL，您將使用現有的基礎設施，我們在東側和西側都有終端，我們將重新投入使用。

A lounge that we've had in the past in Wall Street and in terms of the data, but we really want to get out of this and this is really helpful to Skyports is kind of how what is the right what are best practices to get people on and off aircraft as quickly as we can.

我們過去在華爾街曾有過這樣的休息室，就數據而言，但我們真的想擺脫這種局面，這對 Skyports 非常有幫助，它可以幫助我們了解什麼是正確的最佳做法，可以讓人們盡快上下飛機。

What are best practices to make sure there's harmonization between people people's vehicles at that terminal, whether to be ride sharing cars or, any other type of transportation, and make sure that works as smoothly as possible and they can, we can take that knowledge and then kind of, really get that through the DNA of the employees of Wall Street so they can run the best service possible today and continue that until we be talk tomorrow.

有哪些最佳做法可以確保該終點站的人與人之間的車輛協調一致，無論是共乘汽車還是任何其他類型的交通工具，並確保其盡可能順利運行，我們可以利用這些知識，然後將其真正傳遞給華爾街員工的 DNA，以便他們今天可以提供最好的服務，並持續到我們明天談話為止。

Very good. That's helpful, and really exciting development, on the medical side for my follow up here, the two new transplant centers you have coming online here that were announced back in November, it's great to see the visibility that gives you here in the second half of the year. You talked about the kind of how robust the pipeline is, for, additional centers to potentially, come into you that that would get further, visibility here in the second half or maybe in the '26.

非常好。這很有幫助，而且是真正令人興奮的進展，就我跟進的醫療方面而言，你們在 11 月宣布的兩個新的移植中心即將上線，很高興看到你們在下半年取得的進展。您談到了管道的穩健性，可能會有更多中鋒加入，這將在下半年或 26 年獲得更大的知名度。

Yeah, we've got a great pipeline and we're really excited that now we're kind of seeing two funnels for the pipeline. You have the traditional logistics funnel that has driven a lot of growth over the last several years. And then we also have the TOPS funnel, and we recently had our first customer that was a TOPS customer, and over the course of several months we impress them with our service, our attention to detail, help them to be able to evaluate more organs, and then they asked us to help them with their logistics needs as well. So we really feel like we're well positioned to have more of those shots on goal to show people why we're different, why we're better, why we can help their hospital become more economical as they go recover organs for folks that need them.

是的，我們擁有一條很棒的管道，我們非常興奮，現在我們看到了管道的兩個漏斗。傳統的物流管道在過去幾年中推動了巨大的成長。然後我們還有 TOPS 漏斗，我們最近有了第一個客戶，他是 TOPS 客戶，在幾個月的時間裡，我們的服務、對細節的關注給他們留下了深刻的印象，幫助他們評估更多的器官，然後他們也要求我們幫助他們滿足他們的物流需求。因此，我們真的覺得我們有能力進行更多這樣的嘗試，向人們展示我們為何與眾不同，為何更優秀，為何我們可以幫助他們的醫院在為需要的人們恢復器官時變得更經濟。

Very good. I appreciate that color. Thanks for taking my questions. I'll get back to que.

非常好。我很欣賞那個顏色。感謝您回答我的問題。我會回覆的。

Thanks a lot, Ben. Great to have you on the call.

非常感謝，本。很高興您接聽電話。

Thank you. I'm showing no further questions over the phone at this time. I would now like to turn it back to Matt Schneider.

謝謝。我目前不想透過電話詢問其他問題。現在我想把話題轉回馬特·施耐德。

Great, so we're going to take a few questions from the say Q&A platform. First one's for Rob. So, with blades infrastructure in place on the passenger side, how are we thinking about or considering additional strategic partnerships or alliances?

太好了，我們將從問答平台上回答幾個問題。第一個是給 Rob 的。那麼，在乘客側基礎設施到位的情況下，我們如何考慮或考慮額外的策略夥伴關係或聯盟？

Sure, in terms of our infrastructure there, yeah, there, a bunch of things that are that are going on, we continue actually to, find new, dormant landing zones as we did in New Jersey, where we can kind of like to say we like them, and those can be very interesting for corporate and also potential, individual travellers, but that's something that we kind of. We want to control them, we want to be able to, in a profitable way introduce products when they make sense, but they'll really kind of explode value when eVTOLs here.

當然，就我們在那裡的基礎設施而言，是的，那裡正在進行很多事情，我們實際上在繼續尋找新的、休眠的著陸區，就像我們在新澤西所做的那樣，我們可以說我們喜歡它們，這些對於企業和潛在的個人旅行者來說可能非常有趣，但這是我們有點做的事情。我們希望控制它們，我們希望能夠以一種有利可圖的方式在它們合理的時候推出產品，但是當 eVTOL 出現時，它們的價值才會真正爆發。

So again, New Jersey is an example of that. Atlantic City, the Ocean's casino, is that, as well in terms of the existing infrastructure. You know there are a lot of brand partnerships we are where we are paid to partner with brands where they actually bring in their products or somehow get some type of exposure those are things that are kind of 90%, 100% margins so that it can be, while the revenue numbers are small, they're really strong in terms of what falls to the bottom line.

再說一次，新澤西州就是一個例子。大西洋城，即海洋賭場，就現有的基礎設施而言也是如此。您知道，我們與許多品牌都有合作關係，我們付費與品牌合作，這些品牌實際上會引進他們的產品或以某種方式獲得某種形式的曝光，這些產品的利潤率可以達到 90% 甚至 100%，因此，雖然收入數字很小，但就利潤而言，它們確實很強大。

And I think that in Europe we're really starting to bring the power we have over there and we're looking at bringing hardships much more on a global level than we have done on a local level in the past and we're getting much more involved in, events.

我認為，在歐洲，我們真正開始發揮我們在那裡的力量，我們正考慮在全球範圍內帶來比過去在地方層面更多的困難，我們也更多地參與各種活動。

We are the official helicopter company for the Ryder Cup, which is probably one of the largest, if not the largest sporting events specifically. South, next fall in in Bethpage, Long Island, where we have actually 8 helipads operating every day for over a week. Formula One is probably the largest movement of non-military helicraft in one day, across the world where we are number one in market share and we actually have our own lounge within almost within the track of the Monaco Grand Prix.

我們是萊德盃的官方直升機公司，萊德盃可能是最大的體育賽事之一，甚至是最大的體育賽事。南部，明年秋天將在長島的貝斯佩奇，我們在那裡有 8 個直升機停機坪，每天運行超過一周。一級方程式賽車可能是全球一天內非軍用直升機最大規模的調動，我們的市場份額位居第一，而且我們實際上在摩納哥大獎賽賽道內擁有自己的休息室。

Taking three hour drives plus and moving them to seven minute flights, we're already seeing pre-sales for that. So I think it's about taking the existing infrastructure, looking, talking to corporates that are nearby, making sure we communicating with the community who would be interested in using that brands and also really thinking about how this fits into the network of events as sport as sports and entertainment just come that much more important across the world as we grow this business.

將三個多小時的車程縮短至七分鐘的飛行時間，我們已經看到了預售。因此，我認為這是關於利用現有的基礎設施，觀察並與附近的企業交談，確保我們與有興趣使用該品牌的社區進行溝通，同時也要真正思考如何將其融入體育賽事網絡，因為隨著我們業務的發展，體育和娛樂在世界各地變得更加重要。

Great. The second question is, relates to the first question. How are we thinking about balancing capital allocation within passenger as we approach eVTOL, given our desire to invest also in the medical business?

偉大的。第二個問題與第一個問題相關。考慮到我們也希望在醫療業務上進行投資，當我們接近 eVTOL 時，我們如何考慮平衡乘客內部的資本配置？

I think we know, as I said before, when it comes to, large scale M&A, which we're looking at on a very, on a daily basis and we really feel like there are a number of actual deals out there. The best deployment of our capital on our ROI basis with respect to companies and large scale transactions right now is on the medical side. I think given the fact that passengers profitable, we've been working at it for 10 years.

我想，正如我之前所說，我們知道，當談到大規模併購時，我們每天都在關注，我們確實感覺到有很多實際交易。目前，就公司和大規模交易而言，以投資回報率為基礎，我們資本的最佳配置是在醫療方面。我想，考慮到乘客的獲利，我們已經為此努力了10年。

I think we are in a really good place. That being said, we'll be opportunistic, but it will do, it would be nothing that would either cause. Any kind of meaningful impact or cash flows on the passenger side nor divert capital that would be needed to medical.

我認為我們目前處於一個很好的位置。話雖如此，我們會抓住機會，但它會做到這一點，不會造成任何後果。對乘客方面不會產生任何有意義的影響或現金流，也不會轉移醫療所需的資金。

Great. Well, that includes our Q&A portion of the call. I wanted to thank everyone for joining the call today. Please reach out if you have any questions, and we look forward to updating you when we report to one earnings in May. Thank you.

偉大的。好吧，這包括我們通話的問答部分。我想感謝大家今天參加電話會議。如果您有任何疑問，請與我們聯繫，我們期待在五月報告收益時向您通報最新情況。謝謝。

This includes today's conference call. Thank you for participating. You may now disconnect.

其中包括今天的電話會議。感謝您的參與。您現在可以斷開連線。