Strata Critical Medical Inc (SRTA) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Blade Air Mobility first quarter 2025 earnings release 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 2025 年第一季收益發布電話會議。（操作員指示）提醒一下，此通話正在被錄音。

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

我想將電話轉給投資者關係和策略財務副總裁 Matt Schneider。馬特，你可以開始了。

Thank you for standing by and welcome to the Blade Air Mobility conference call and webcast, for the quarter ended March 31, 2025. We appreciate everyone joining us today. Before we get started, I would like to remind you of the company's forward-looking statements and safe harbor language.

感謝您的支持，歡迎參加 Blade Air Mobility 截至 2025 年 3 月 31 日的季度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.

本次電話會議中所作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案》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 the forward-looking statements. We refer you to our SEC filings, including our annual report on Form 10-K filed with the SEC for 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，未來的實際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 表格年度報告，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 this conference call are made only as of the date of this call. As stated in our SEC filings, Blade disclaims any intent or obligation to update or revise these forward-looking statements, except as required by law.

本次電話會議中提供的任何前瞻性陳述僅代表截至本次電話會議之日的觀點。正如我們向美國證券交易委員會提交的文件中所述，除非法律要求，Blade 不承擔更新或修改這些前瞻性聲明的任何意圖或義務。

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 and 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。我們的收益新聞稿和投資者介紹中提供了最直接的歷史可比較合併 GAAP 財務指標與歷史非 GAAP 財務指標的對帳。

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 financial measures should not be considered an isolation or a substitute for financial results prepared in accordance with GAAP.

我們的新聞稿投資者介紹文件（Form 10-Q 和 Form 10-K）可在我們網站 ir.Blade.com 的投資者關係部分查閱。這些非公認會計準則 (non-GAAP) 財務指標不應被視為獨立數據或替代根據公認會計準則 (GAAP) 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'll now turn the call over to Rob.

主持今天電話會議的是 Blade 創辦人兼執行長 Rob Wiesenthal 和財務長 Will Heyburn。我現在將電話轉給 Rob。

Thank you, Matt, and good morning everyone. We are pleased to report an excellent start to the year with revenue growth of 11% excluding Canada and a $2.3 million dollar year to year improvement in adjusted.

謝謝你，馬特，大家早安。我們很高興地報告，今年開局良好，除加拿大外，收入增長 11%，調整後收入同比增長 230 萬美元。

Our strength in the passenger segment this quarter was particularly notable, with segment revenue growing 42% year-over-year excluding Canada, which we exited in August 2024, and our very first segment adjusted job profitable first quarter, since going public. Our strong passenger segment results reflect several factors, including our durable competitive positioning, along with the important actions we've taken recently to improve profitability, such as our exit from Canada and broad-based cost rationalization initiatives.

本季我們在客運業務方面的優勢尤為顯著，除加拿大市場外，客運業務收入年增 42%（我們於 2024 年 8 月退出加拿大市場），這也是我們上市以來首次在第一季實現業務調整後的盈利。我們強勁的客運業務業績反映了幾個因素，包括我們持久的競爭地位，以及我們最近為提高盈利能力而採取的重要行動，例如退出加拿大市場和廣泛的成本合理化舉措。

I'm particularly encouraged by the results in Europe following our restructuring, which led to strong revenue growth and significantly improved profitability this quarter. Passenger segment adjusted EBITDA improved by $2.7 million in the current quarter versus the prior year and on a trailing 12 month basis rose to $6.3 million as of Q1 2025, up from $3.6 million in Q4 2024.

我對重組後歐洲的業績感到特別鼓舞，重組帶來了本季強勁的營收成長和顯著的獲利能力提高。本季度，客運部門調整後的 EBITDA 較上年同期成長 270 萬美元，過去 12 個月則從 2024 年第四季的 360 萬美元增至 2025 年第一季的 630 萬美元。

We're also happy to deliver medical results ahead of our guidance this quarter while we successfully launched service with two new large hospitals on April 1, as expected, contributing to an all-time record for trip volumes in April. Our medical business remains well positioned to prosper in the current environment, given the strength of our logistics platform, strong underlying transplant volume growth, limited economic sensitivity, and insulation from tariffs.

我們也很高興本季的醫療結果超出了我們的預期，同時我們於 4 月 1 日成功與兩家新的大型醫院合作推出了服務，正如預期的那樣，為 4 月份的出行量創下了歷史新高。鑑於我們物流平台的強大、強勁的潛在移植量成長、有限的經濟敏感性以及不受關稅影響，我們的醫療業務在當前環境下仍處於有利地位。

We continue to expect improving results throughout the rest of the year in both business lines. In medical, we are onboarding additional new hospitals and expect continued growth with existing hospitals, particularly given the strong industry transplant volume numbers we've been seeing.

我們繼續預期這兩條業務線的業績在今年剩餘時間內都會有所改善。在醫療領域，我們正在吸收更多新醫院，並預計現有醫院將繼續成長，特別是考慮到我們所看到的行業移植量強勁增長。

In passenger, while the economic outlook may be uncertain, we still expect ongoing year to year benefits from cost and restructuring actions, as we will not anniversary our implementation of most items until the fourth quarter of this year. On the supply side, having now completed a rapid period of aircraft acquisitions, we are focused on improving the operational and financial performance of the fleet, following a period of unusually heavy scheduled aircraft maintenance and associated downtime during the first half of 2025.

在客運方面，儘管經濟前景可能不明朗，但我們仍然預計成本和重組行動將持續帶來逐年收益，因為我們要到今年第四季才會對大多數項目的實施進行週年紀念。在供應方面，我們現在已經完成了快速的飛機收購期，在經歷了 2025 年上半年異常繁重的定期飛機維護和相關停機時間之後，我們專注於改善機隊的營運和財務表現。

We expect a significant improvement in the second half of the year through 2026, resulting in reduced capital expenditures and improved medical segment adjusted EBITDA margins. Passenger had a very strong start to the year as we previously covered, exceeding our internal projections.

我們預計，到 2026 年下半年情況將顯著改善，從而減少資本支出並提高醫療部門調整後的 EBITDA 利潤率。正如我們之前報導的那樣，客運業務今年開局非常強勁，超出了我們的內部預測。

While we are not changing our guidance for the passenger segment, we are very focused on the potential impact of economic uncertainty along with the impact of the recent helicopter tour incident. I would like to take a moment to address this event.

雖然我們不會改變對客運部門的指導，但我們非常關注經濟不確定性的潛在影響以及最近直升機旅遊事件的影響。我想花一點時間來談論這個事件。

Blade does not offer tourist flights in the United States, and this incident highlights the importance of our safety team and related parameters, restrictions, and audits they require of our dedicated operators. Beyond our regular audits, Blade requires our operators to maintain numerous standards that exceed the requirements of the FAA.

Blade 不提供美國境內的旅遊航班，這次事件凸顯了我們的安全團隊的重要性以及他們對我們的專業業者所要求的相關參數、限制和審核。除了定期審核之外，Blade 還要求我們的營運商保持超出 FAA 要求的多項標準。

For example, the minimum number of pilot flight hours for tourists can be as little as 150 hours. To fly her Blade, our minimum pilot hours are 800 or 1,000 hours, depending on the type of rotorcraft flown during those hours. We also have a minimum number of hours pilots must fly in the New York area airspace before flying for Blade.

例如，遊客飛行員的最低飛行小時數可以低至150小時。要駕駛她的 Blade 直升機，我們的最低飛行時長為 800 或 1,000 小時，具體取決於飛行時長內所駕駛的旋翼機類型。我們還規定飛行員在為 Blade 飛行之前必須在紐約地區空域飛行至少一定小時數。

Our full-time five member safety team works with our operators in both our passenger and medical businesses every day. Turning to the macro outlook, though we are mindful that several airlines have highlighted softening travel fundamentals, airlines have also reported continued growth, in premium seat sales, which is particularly relevant for Blade higher-end flyer base.

我們的全職五人安全團隊每天都與我們的客運和醫療業務的營運商合作。談到宏觀前景，儘管我們注意到有幾家航空公司強調了旅遊基本面的疲軟，但航空公司也報告了高級座位銷售的持續增長，這對於 Blade 的高端乘客群體尤其重要。

Given the seasonal nature of the passenger business, volumes are typically low in April and start to pick up in May, so we'll have much greater visibility into underlying demand over the coming weeks and months. Regarding the helicopter tourism incident, past experience leads us to believe that this will have a transitory impact on demand for our New York area services.

鑑於客運業務的季節性，四月份的客運量通常較低，五月開始回升，因此我們將對未來幾週和幾個月的潛在需求有更清晰的了解。關於直升機旅遊事件，根據過去的經驗，我們認為這將對我們紐約地區服務的需求產生暫時的影響。

We have seen a moderate impact on the incident in April, but as mentioned, this is on a seasonally low short distance revenue base, and we are already seeing improvement. Lastly, in passenger, it's important to note the actions we've taken to improve profitability across the passenger segment.

我們看到 4 月的事件造成了中等程度的影響，但正如所提到的，這是在季節性短途收入基數較低的情況下發生的，而且我們已經看到了改善。最後，在客運方面，值得注意的是我們為提高整個客運部門的獲利能力而採取的行動。

Our restructuring in Europe, our exit from Canada, and cost efficiency initiatives remain a key driver of passenger segment adjusted results in 2025, as we will not anniversary our implementation of most of these items until the fourth quarter of this year.

我們在歐洲的重組、退出加拿大以及成本效率舉措仍然是 2025 年客運部門調整後業績的主要驅動力，因為我們要到今年第四季度才會對其中大部分項目的實施進行週年紀念。

Despite any short term variability, it is now more clear that our passenger segment is very well positioned for the transition from helicopters to eVTOL over the midterm due to our scale, strong brand, technology stack, and proprietary infrastructure in the key vertical transportation markets we serve. We remain excited about the future for Blade passenger and believe it serves a growing and economic resilient customer base.

儘管存在短期波動，但現在更加清楚的是，憑藉我們在服務的關鍵垂直運輸市場的規模、強大的品牌、技術堆疊和專有基礎設施，我們的客運部門在中期已經為從直升機到 eVTOL 的過渡做好了充分的準備。我們仍然對 Blade 乘客的未來感到興奮，並相信它服務於不斷增長且經濟具有韌性的客戶群。

We continue to focus on the discipline allocation of our shareholders capital, evaluating additional investments in aircraft and vehicles in the medical business, along with acquisitions in medical that can strengthen our competitive position or expand our logistics platform. With $120 million in cash and short-term investments as of the end of Q1, we believe we are well positioned to capitalize on such opportunities.

我們繼續專注於股東資本的規範配置，評估在醫療業務中對飛機和車輛的額外投資，以及可以增強我們的競爭地位或擴大我們的物流平台的醫療收購。截至第一季末，我們擁有 1.2 億美元現金和短期投資，我們相信我們已做好準備，充分利用這些機會。

With that I'll turn it over to Will.

說完這些，我就把話題交給威爾。

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 28.1% year every year, driven primarily by growth in Europe.

謝謝你，羅布。現在我將從乘客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，短程收入每年成長 28.1%，主要受到歐洲成長的推動。

We viewed the European improvement as being a direct result of our restructuring, which not only reduced costs significantly but also streamlined operations, leading to a better and more efficient experience for our customers, particularly for the hotel concierges and travel agents who make up a large portion of our European bookings.

我們認為歐洲業務的改善是我們重組的直接結果，重組不僅大幅降低了成本，而且簡化了運營，為我們的客戶帶來了更好、更有效率的體驗，特別是對於占我們歐洲預訂很大一部分的酒店禮賓部和旅行社而言。

And yet another revenue increased 60% year-over-year, driven by strength in both flight volume and revenue per flight. We saw another quarter of significant passenger segment profitability improvement in Q1 2025 as we achieved the segment's first adjusted EBITDA profitable first quarter since going public.

由於航班量和單次航班收入的強勁增長，另一項收入同比增長了 60%。2025 年第一季度，我們見證了客運部門盈利能力的又一次顯著提升，實現了該部門自上市以來首個調整後 EBITDA 盈利的第一季度。

This was driven by an 840 basis point improvement in flight margin, along with a 16% reduction in passenger segment adjusted to SG&A. This profitability improvement in passenger was broad-based, driven by improvements in short distance, the restructuring in Europe, growth in jet and other, our exit from Canada, and SG&A cost efficiencies.

這是由於航班利潤率提高了 840 個基點，同時根據銷售、一般及行政費用調整後的客運部分減少了 16%。客運獲利能力的提高是廣泛的，得益於短途航班的改善、歐洲的業務重組、噴射機和其他業務的增長、我們退出加拿大市場以及銷售、一般及行政費用 (SG&A) 成本效率的提高。

Turning to our medical business. Medical revenue came in roughly flat year-over-year at $35.9 million. As we discussed on our Q4 2024 earnings call in March, there are several factors impacting air revenue in the first half of 2025.

轉向我們的醫療業務。醫療收入與去年同期基本持平，為 3,590 萬美元。正如我們在 3 月的 2024 年第四季財報電話會議上所討論的那樣，有幾個因素會影響 2025 年上半年的航空收入。

We saw heightened variability in monthly medical revenue growth trends during Q1, with low single digit year-over-year growth in January, followed by a year-over-year decline in February. Medical revenue growth resumed in March, and we're happy to report that in April, we set an all-time monthly volume record, partially driven by the launch of two new customers on April 1 as expected.

我們看到第一季月度醫療收入成長趨勢的變化加劇，1 月年增率僅為個位數，而 2 月則是年減。醫療收入在 3 月份恢復成長，我們很高興地報告，4 月份我們創下了月度交易量的歷史新高，部分原因是 4 月 1 日如預期迎來了兩位新客戶。

We expect to build on this momentum with additional customer onboarding in the back half of the year. Our strategy executed throughout 2024 is to increase the size of our dedicated fleet and position aircraft closer to our customers.

我們期望在今年下半年透過增加更多客戶來保持這一勢頭。我們在 2024 年實施的策略是擴大專用機隊的規模，並將飛機定位在更靠近客戶的位置。

We are more confident today that this is the right strategy that results in lower costs and shorter call out times for our customers and enables a meaningful pricing advantage versus our competition. A natural result of this strategy is a reduction in block hours per trip until the anniversary of the increased dedicated fleet size in the second half of 2025, and we saw this negative impact in Q1 2025.

今天，我們更加確信，這是正確的策略，可以降低客戶成本、縮短客戶通話時間，並使我們相對於競爭對手獲得顯著的價格優勢。這項策略的自然結果是，在 2025 年下半年專用機隊規模擴大週年紀念日之前，每次出行的飛行小時數會減少，而我們在 2025 年第一季就看到了這種負面影響。

It's important to note that while there's a modest revenue impact from the strategy, there's an improvement in average profitability per trip along with the competitive benefits referenced earlier. Finally, ground and tops revenue continued their strong growth this quarter compared to the prior year period.

值得注意的是，雖然該策略對收入的影響不大，但每次出行的平均盈利能力有所提高，並且具有前面提到的競爭優勢。最後，與去年同期相比，本季地面和上衣收入持續保持強勁成長。

Medical segment profitability declined on a year to year basis, primarily due to elevated scheduled maintenance downtime on our own fleet during the quarter, as expected and discussed on last quarter's calls. Our own fleet generally provides us with the best unit economics on both a P&L and cash basis.

醫療部門的盈利能力同比下降，主要原因是本季度我們自己的車隊的計劃維護停機時間增加，正如上個季度電話會議中所預期和討論的那樣。我們自己的車隊通常為我們提供最佳的損益和現金基礎上的單位經濟效益。

When we experience above average downtime, there are two primary negative impacts in the period. One, that we continue to perform all trips for our customers as contracted, we substitute higher cost non dedicated aircraft from our network.

當我們經歷高於平均的停機時間時，在此期間會產生兩個主要的負面影響。一是，我們將繼續按照合約為客戶執行所有航班，並從我們的網路中替換成本更高的非專用飛機。

Two, we are unable to amortize the fixed costs of our own fleet, like pilots on as many flight hours, resulting in a higher fully loaded average cost per flight hour on the own fleet during periods of elevated maintenance downtime. As a result, medical segment adjusted EBITDA margins fell 80 basis points year-over-year to 11.4%.

二是，我們無法攤提自己機隊的固定成本，例如飛行小時數較多的飛行員，導致在維修停機時間較長的期間，自己機隊的滿載平均飛行小時成本較高。因此，醫療部門調整後的 EBITDA 利潤率年減 80 個基點至 11.4%。

The year-over-year increase in medical segment adjusted SG&A is related to our own fleet, which did not exist in the prior year period. As previously communicated, we expect to reduced scheduled maintenance in the second half of 2025 and 2026 to result in reduced capital expenditures and improve adjusted EBITDA margins.

醫療部門調整後的銷售、一般及行政費用年增與我們自己的機隊有關，而去年同期並不存在這樣的機隊。如前所述，我們預計 2025 年下半年和 2026 年的定期維護將減少，從而減少資本支出並提高調整後的 EBITDA 利潤率。

Moving to unallocated corporate expense and software development. We continue to focus on cost efficiencies across the business, and during the quarter, our expenses rose just modestly about 1.6% year-over-year.

轉向未分配的公司費用和軟體開發。我們持續專注於整個業務的成本效率，本季度，我們的支出年比僅小幅上漲約 1.6%。

On the cash flow front, the difference between our Q1 adjusted of negative $1.2 million and cash from operations of negative $0.2 million dollars in the quarter was primarily driven by an increase in deferred revenue, partially offset by working capital bills. Capital expenditures inclusive of capitalized software development costs were $3.2 million in the quarter, driven primarily by capitalized aircraft maintenance of approximately $1.5 million and $0.7 million of aircraft acquisition payments.

在現金流量方面，第一季調整後的現金為負 120 萬美元，而本季經營活動產生的現金為負 20 萬美元，兩者之間的差額主要是由於遞延收入增加所致，但部分被營運資金帳單所抵銷。本季包括資本化軟體開發成本在內的資本支出為 320 萬美元，主要由於約 150 萬美元的資本化飛機維護費用和 70 萬美元的飛機購置費用。

We currently have 10 aircraft in operation and continue to focus on optimizing the financial and operational performance of the fleet. Given the significant strategic and financial benefits of our own aircraft, we expect to add a low single digit number of aircraft to the fleet over the next year or two, but are not currently in the process of buying any aircraft.

我們目前有 10 架飛機投入運營，並持續致力於優化機隊的財務和營運績效。鑑於我們自己的飛機具有重大的戰略和財務效益，我們預計在未來一兩年內將為機隊增加個位數的飛機，但目前還沒有購買任何飛機的計劃。

As previously discussed, we now use the withhold to cover method for taxes due on employee stock-based compensation. With this method, we pay taxes due on employees shares off the balance sheet and then withhold the equivalent number of shares, reducing the number of shares that become outstanding.

如前所述，我們現在採用預扣稅款法來支付員工股票薪酬應繳稅款。透過這種方法，我們在資產負債表外支付員工股份應繳的稅款，然後扣留等量的股份，從而減少流通股數。

Given a large number of expiring employee options, we were able to deploy $4.3 million during the quarter, which resulted in withholding approximately $1.5 million shares at an average price of approximately [291]. We ended the quarter with no debt and a $120 million of cash and short-term investments, providing flexibility for strategic investments in aircraft and acquisitions in medical.

由於大量員工選擇權即將到期，我們在本季度動用了 430 萬美元，以平均價格約 150 萬美元的價格扣留了價值約 150 萬美元的股票。[291]。本季結束時，我們沒有債務，並擁有 1.2 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 are reiterating our revenue and adjusted the guidance for the year. Starting with medical, we continue to expect double-digit revenue growth for the year following a tough comp here in Q1.

展望 2025 年，我們重申我們的收入並調整了年度指引。從醫療開始，在第一季經歷了艱難的競爭之後，我們預計今年全年的收入將實現兩位數成長。

After moderating throughout 2024, heart, liver, and lung industry transplant volume growth has been strong year-to-date, rising 7% year-over-year. As we mentioned previously, 2025 new customer starts are weighted towards the second half of the year for us, and we've had a strong start this quarter with two new customers driving great results in April.

在經歷了 2024 年的放緩之後，心臟、肝臟和肺臟行業的移植量今年迄今增長強勁，同比增長 7%。正如我們之前提到的，2025 年新客戶的開始主要集中在下半年，本季我們有一個強勁的開局，4 月份有兩位新客戶帶來了出色的業績。

After a flattish result in Q1 2025, we expect single digit medical revenue growth in Q2 2025, with strong growth in the second half of the year, driven by the ramp up of new customers and an easing comparison base. We continue to expect medical segment of adjusted EBITDA margins to be approximately 15% for the year, along with the risk that margins could come in slightly below our full year target due to the timing of maintenance completed during the year.

在 2025 年第一季業績持平之後，我們預計 2025 年第二季醫療收入將實現個位數成長，下半年將出現強勁成長，這得益於新客戶數量的增加和比較基數的放寬。我們仍預期醫療部門調整後的 EBITDA 利潤率全年約為 15%，同時由於年內維護完成的時間，利潤率可能略低於我們的全年目標。

As we discussed last year, we expect maintenance downtime to remain elevated in Q2, '25 and moderate in the second half of the year. As such, medical segment adjusted margins are expected to improve versus Q1 2025 but remain below our full year target in Q2 2025, with margins rising above our full year target in the second half of the year.

正如我們去年討論的那樣，我們預計 2025 年第二季維護停機時間仍將較高，而下半年維護停機時間將減少。因此，預計醫療部門調整後的利潤率將較 2025 年第一季有所提高，但仍低於 2025 年第二季的全年目標，而下半年的利潤率將高於我們的全年目標。

Rob addressed the heightened level of macro uncertainty in passenger earlier. Though it's too early to tell if this will have any discernible impact on our higher end consumer, we are confident in the flexibility of our asset light model to quickly respond to any variations in demand while maintaining flight profit margins.

羅布早些時候談到了乘客面臨的宏觀不確定性加劇的問題。雖然現在判斷這是否會對我們的高端消費者產生明顯的影響還為時過早，但我們對輕資產模式的靈活性充滿信心，能夠快速響應需求的任何變化，同時保持航班利潤率。

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

繼續，我們繼續預計調整後的未分配企業費用和軟體開發費用將在 2025 年同比略有下降，並且我們繼續預計在飛機收購之前將產生正的自由現金流，除非出現任何大額不可預見的非經常性項目。

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

說完這些，我將把問題交還給操作員進行問答。

(Operator Instructions)

（操作員指示）

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Thanks, good morning everybody. So if I got one on one pack, I guess, right, kind of the themes for this year, on passenger, it's improved profitability. Obviously it's unfortunate what happened in April in New York, but I think you, you've seen the patterns around that.

謝謝，大家早安。因此，如果我得到一對一包，我想，對的，這就是今年的主題，對於乘客來說，它提高了盈利能力。顯然，四月在紐約發生的事情令人遺憾，但我想你已經看到了其中的規律。

And then on the medical mobility, it's absorbing just maybe some of the weather was un-forecasted maintenance but kind of absorbing that and kind of, then seeing that follow through in the back half. But I mean if we take a step back like thematically, and just like thoughts is what investors should be thinking about as we're kind of we work our way through the year exiting the year you know more changes around strategic direction around New York airport, any more partnership type of unlock I guess.

然後，在醫療機動性方面，它可能吸收了一些天氣因素，這是未預測到的維護，但在某種程度上吸收了這些因素，然後在後半部分看到這些因素的後續影響。但我的意思是，如果我們從主題上退一步，就像思考投資者應該思考的那樣，因為我們正在努力度過這一年，在今年年底之前，你知道紐約機場周圍的戰略方向會發生更多變化，我想還會有更多合作類型的解鎖。

How should investors be thinking about Blade like really it's almost like as they're thinking about '26 and kind of what the next unlock is assuming we hopefully get through the next period largely unscathed from a macro standpoint. Thank you.

投資人應該如何看待 Blade，實際上這幾乎就像他們在思考 26 年以及下一次解鎖是什麼，假設我們希望從宏觀角度基本上毫髮無損地度過下一個時期。謝謝。

Thanks Jake. Good to hear your voice. I start off on the passenger side and we'll take the medical side. I think, this year is going to be, moving forward. It's definitely going to be driven by increased velocity and performance in Europe for sure.

謝謝傑克。很高興聽到你的聲音。我從乘客側開始，然後我們再去醫療側。我認為，今年將會繼續前進。這肯定會受到歐洲速度和效能提升的推動。

I think, it's a long road, as a little took a little longer than we expected. I really feel like we're running all these cylinders right now and you know when I even take a look at things like, Monaco, Geneva (inaudible) where you know I see, good pre-sales, it's a little bit early, bookings in the south of France look strong, and then also in the US in terms of leisure markets, such as the Hamptons.

我認為，這是一條漫長的道路，比我們預期的要長一點。我真的覺得我們現在正在全力以赴，你知道，當我看摩納哥、日內瓦（聽不清楚）等地時，你知道我看到預售情況良好，現在還為時過早，法國南部的預訂看起來很強勁，然後是美國的休閒市場，比如漢普頓。

Good on the pre-sales as well, and I think that there, our view is that there is going to be economic resilience to the economic strata that we cater to and all these, leisure markets, so, we feel good about that. And then on the partnership front, I think you're going to, hopefully see, some more airline partnerships whether it be domestically or overseas.

預售情況也很好，我認為，我們的觀點是，我們所迎合的經濟階層和所有這些休閒市場都將具有經濟彈性，所以我們對此感到滿意。在合作方面，我希望你能看到更多的航空公司合作，無論是國內還是海外。

Which helps to drive not only awareness but allows people to do things, like use their points and such, and that's also credit card deals and I kind of put credit card deals and airlines in the same boat. Additionally, we've come up with a whole bunch of different passes we're learning that, whether you call it membership or passes, people like them.

這不僅有助於提高知名度，還允許人們做一些事情，例如使用他們的積分等等，這也是信用卡交易，我把信用卡交易和航空公司放在同一條船上。此外，我們還推出了一系列不同的通行證，我們了解到，無論稱之為會員資格還是通行證，人們都喜歡它們。

And we think it leads to enhanced use and then also a lot of added value services in terms of things we can latch on to different types of flights, making it easier to book cars, making it easier to move your luggage if you need to do that as well. So I think that and also we're using a lot more data to manage price.

我們認為這將提高使用率，同時也能帶來許多增值服務，例如我們可以鎖定不同類型的航班，更容易預訂汽車，如果你需要的話，還可以更容易地搬運行李。所以我認為我們正在使用更多的數據來管理價格。

So I think you're going to see a lot more dynamic pricing. I hope this is the year of dynamic pricing in a very strong way. It's done in an extremely intelligent way, using obviously using tools such as AI and others to really try to maximize the utilization of our flights. That's those are, I think kind of the highlights and I let passenger will take medical.

所以我認為你會看到更動態的定價。我希望今年是動態定價非常強勁的一年。它以一種極其聰明的方式完成，顯然使用人工智慧等工具來真正嘗試最大限度地利用我們的航班。這些就是我認為的亮點，我讓乘客接受醫療。

Jason, a couple of thoughts on the medical side of things. First, you're coming on maintenance, it's time-based, and we talked about it on the last quarter call that we expected to see elevated levels there. So in a way we can be a little bit of a victim of our own success, the more we fly, the quicker that maintenance comes and it's all coming overlapping.

傑森，關於醫學方面的事情，我有一些想法。首先，您要進行維護，這是基於時間的，我們在上個季度的電話會議上談到了這一點，我們預計那裡的水平會升高。因此，從某種程度上來說，我們可能成為自身成功的受害者，我們飛得越多，維護工作就越快，而且一切都重疊了。

We try to avoid as much as possible, but sometimes just the patterns of flying is that you have a number of aircraft all at once. So as we talked about in the last quarter.

我們盡可能地避免這種情況，但有時飛行模式就是同時有多架飛機。正如我們在上個季度討論的那樣。

This is about double the amount of maintenance downtime that you would expect if you just took the linear distribution of when it should be across the 10 aircraft that we own. And so we'll be through the woods on that once we get into the second half of next year.

如果您只是對我們擁有的 10 架飛機的維護停機時間進行線性分佈，那麼這個維護停機時間大約是預期的兩倍。因此，一旦進入明年下半年，我們就會度過難關。

The other thing is it relates specifically to 2025 is the strategy that we started on last year to get more dedicated aircraft closer to our customers. If you compare this Q1 and '25 to Q1, '24, we have 50% more dedicated aircraft in this period versus last period.

另一件事是，它與 2025 年特別相關，這是我們去年開始實施的策略，旨在讓更多的專用飛機更貼近我們的客戶。如果將 2025 年第一季與 2024 年第一季進行比較，我們會發現本季的專用飛機數量比上一季增加了 50%。

And so we think we've delivered a lot better service to our customers. We've reduced the repositioning, we've shortened the fallout times, but as we've talked about, you eliminate some repositioning that creates somewhat of a revenue headwind for.

因此我們認為我們已經為客戶提供了更好的服務。我們減少了重新定位，縮短了後果時間，但正如我們所討論的，你消除了一些對收入造成一定阻礙的重新定位。

It's absolutely strategically the right move and we're actually making more profit dollars per trip this way while saving our customers money, but we lack that starting when we get into the second half of this year. And then when we kind of think into the longer term end of this year going into next year and even the year after, we continue to see more competition in the perfusion space that's bringing down the cost for, to go after more organs.

從策略上來說，這絕對是正確的舉措，而且透過這種方式，我們實際上在每次旅行中賺取了更多的利潤，同時也為我們的客戶節省了資金，但從今年下半年開始，我們就缺乏這種利潤了。然後，當我們考慮從今年年底到明年甚至後年的長期情況時，我們會繼續看到灌注領域的競爭更加激烈，從而降低獲取更多器官的成本。

We think that's been a driver of some of the strong growth you've seen in the industry transplant volumes, and it really points to the long term viability and really superiority of our strategy to be completely agnostic as to what clinical decisions our customers might make in terms of using this profusion device or that profusion device or choosing to use NRP normothermic regional perfusion to go and recover a DCB organ.

我們認為這是推動行業移植量強勁增長的一個因素，也真正表明了我們策略的長期可行性和優越性，即完全不受客戶在選擇使用這種灌注設備或那種灌注設備或選擇使用 NRP 常溫區域灌注來恢復 DCB 器官方面可能做出的臨床決策的影響。

So we want to be the best partner for our customer irrespective of what they use, and we're about to enter into a world where there's a lot more options for our customers on the medical side, which we think will both increase volumes, increase trip lengths, and put us in a stronger competitive position.

因此，無論客戶使用什麼，我們都希望成為他們最好的合作夥伴，我們即將進入一個在醫療方面為客戶提供更多選擇的世界，我們認為這既會增加數量，增加行程長度，也會讓我們處於更強大的競爭地位。

Jason, just two things that I was remiss in mentioning. This fall we are the official helicopter company of the Ryder Cup, which, as you may know, is probably one of the biggest golf events in the industry. It's going to be Bethpage, Long Island.

傑森，只有兩件事我忘記提了。今年秋天，我們是萊德杯的官方直升機公司，正如您所知，萊德杯可能是業內最大的高爾夫賽事之一。目的地是長島的貝斯佩奇。

We're going to have actually eight helipads there and it's something that's not only going to, generate revenue but also significant awareness for our products, especially as you think about our urban mobility strategy. You also may know that in cooperation with Ocean's Casino in Atlanta and Atlantic City, opened a helipad there, and we renewed our partnership for another summer there to get people to a lot of very neat live events there.

我們實際上將在那裡建造八個直升機停機坪，這不僅會創造收入，而且還會大大提高我們產品的知名度，特別是當你考慮到我們的城市交通策略時。您可能還知道，我們與亞特蘭大和大西洋城的 Ocean's Casino 合作，在那裡開設了一個直升機停機坪，並且我們在那裡續簽了下一個夏天的合作夥伴關係，以便讓人們參加那裡的許多非常精彩的現場活動。

So a lot more of those kind of, strategic partnerships with events and hotels and such, I think are also going to be a little bit of a driver going forward and again, really good to get people on aircraft who've never been on before.

因此，我認為，與活動和酒店等建立更多此類戰略合作夥伴關係，也將成為未來的推動力，而且，這對於讓從未乘坐過飛機的人登上飛機非常有好處。

Thanks appreciate the call.

謝謝您的來電。

Laura Lee, Deutsche Bank.

德意志銀行的勞拉李 (Laura Lee)。

Hey, thank you for taking my question and congrats on a strong quarter. So, I guess my first question is about the passenger segment. I think you mentioned strong results in Europe.

嘿，感謝您回答我的問題，並祝賀您本季業績強勁。所以，我想我的第一個問題是關於乘客的部分。我認為您提到了歐洲的強勁業績。

So I was assuming like the restructure earlier like. It's more on profitability, but since it helps the top line too, so I guess my question is like what's the revenue contribution for Europe in this quarter and is it more of seasonality or is it sustainable growth after the rework.

所以我假設就像之前的重組一樣。這更多的是關於盈利能力，但由於它也有助於提高營業收入，所以我想我的問題是本季度歐洲的收入貢獻是多少，這更多的是季節性的還是返工後的可持續增長。

So I think we talked a little bit about this. Laura, thanks for the question and the script that we really think the restructuring helped provide better service for those travel agents and concierges in Europe that generate a significant portion of the revenues there by connecting them much closer to the operational decision makers and just allowing them to confirm trips more quickly while still maintaining our great technology and service to focus more on the consumer as well.

所以我想我們討論了一下這個問題。勞拉，謝謝你的提問和腳本，我們真的認為重組有助於為歐洲的旅行社和禮賓部提供更好的服務，通過讓他們與運營決策者建立更緊密的聯繫，他們在那裡創造了很大一部分收入，並允許他們更快地確認行程，同時仍然保持我們優秀的技術和服務，更多地關註消費者。

So we kind of through the restructuring created two channels and we're getting really strong positive feedback from those corporate accounts over in Europe. And the second part of your question on the scale of Europe in this quarter, about $6 million of revenue in Q1 and seasonally, as the European business is heavily weighted towards Q3 and to a lesser degree Q2.

因此，我們透過重組創建了兩個管道，並從歐洲的企業帳戶中獲得了非常積極的回饋。您問題的第二部分是關於本季度歐洲業務的規模，第一季和季節性的收入約為 600 萬美元，因為歐洲業務主要集中在第三季度，而第二季度的比重較小。

Okay, got you. Yeah, the [same] question is about like the capital allocation. So given the $120 million of cash, so how would you prioritize the capital allocation among all those, organic growth initiatives and buybacks and maybe potential M&A. So any interesting points you're looking at now?

好的，明白了。是的，同樣的問題也與資本配置有關。那麼，鑑於有 1.2 億美元現金，您將如何在所有這些有機成長計劃、回購以及潛在的併購之間優先安排資本配置。那麼您現在看到了哪些有趣的觀點呢？

A couple of things on that. It's Rob speaking. As we said in the past, our focus on M&A is on both tactical and strategic medical acquisitions, things, services that we can provide our existing customers that we can that we already have relationships with to kind of supercharge some of those acquisitions and then also relationships with hospitals that we may not have that some of these other targets may have as well.

關於這一點，有幾件事。我是羅布。正如我們過去所說，我們在併購方面的重點是戰術和戰略醫療收購、我們可以為現有客戶提供的產品和服務，我們已經與他們建立了關係，可以增強其中一些收購，同時也與我們可能沒有的醫院建立關係，而其他一些目標公司可能也有。

Again, looking at single digit and hopefully also deals that are kind of creative day one those that's really the laser focus on our acquisition strategy but obviously organic growth, our sales guys pounding the pavement, getting on planes and going after their hospital after hospital, and I'm happy with the increased market share that they have.

再一次，看看個位數，希望第一天就有創意的交易，這些交易真正關注的是我們的收購策略，但顯然是有機增長，我們的銷售人員走遍大街小巷，乘飛機去一家又一家醫院，我對他們增加的市場份額感到高興。

In terms of buybacks, we do have an authorization in place at the same time, given our withhold the cover program, where we basically withhold shares in order to help employees pay their taxes by withholding those shares and using that cash to allow our employees to pay their taxes but also retire shares has the same impact as a buyback, so you'll see that this past quarter as well.

在回購方面，考慮到我們的預扣保險計劃，我們確實同時獲得了授權，我們基本上預扣股票以幫助員工繳納稅款，通過預扣這些股票並使用這些現金讓我們的員工繳納稅款，但同時註銷股票具有與回購相同的效果，所以你也會在上個季度看到這一點。

Okay, gotcha. Yeah, I appreciate the color.

好的，明白了。是的，我很欣賞這個顏色。

Bill Peterson, JPMorgan.

摩根大通的比爾彼得森。

Hi, good morning. This is Mehima on for bill. I'm kind of curious how are bookings trending in May versus a year ago on the passenger side given all of the uncertainties you discussed, and then have you begun to see any type of downtick in the number of trips, being taken to New York from Blade Airport given some recent issues there as well? Thanks.

嗨，早安。我是 Mehima，正在為法案做準備。考慮到您討論過的所有不確定性，我有點好奇，與一年前相比，五月的客運預訂趨勢如何？然後，考慮到布萊德機場最近也出現了一些問題，您是否開始看到從布萊德機場飛往紐約的旅行數量下降？謝謝。

I think it's, as Will said, it's kind of early days. I think that New York is actually, something we're watching carefully. We obviously hope it's transient. There are positive and negatives to that.

我認為，正如威爾所說，現在還為時過早。我認為紐約實際上是我們正在密切關注的一個地方。我們顯然希望這只是暫時的。這有正面的一面，也有負面的一面。

On one hand, yes, less you have less traffic to Europe and Newark and we reduced schedule there. What it's also done is help you know utilization of JFK by pushing more people to the JFK product and also given that our flagship lounge and terminal where we have both arrivals and departures is on the west side, the greatest value for a Blade Airport product are people departing the West Side going to JFK as opposed to the west side going to Newark.

一方面，是的，飛往歐洲和紐瓦克的客流量減少了，我們減少了那裡的航班。它還可以幫助您了解 JFK 機場的利用率，透過吸引更多人使用 JFK 機場產品，同時考慮到我們的旗艦休息室和航站樓（我們的出發和到達地點都在西側），Blade Airport 產品的最大價值在於從西側出發前往 JFK 機場的旅客，而不是從西側出發前往紐瓦克機場的旅客。

So I think you put all those in a blender, hopefully, it's, it, at least maintains where it's, been overall for Blade Airport, but again, we'll see how it goes. Hopefully it's transient and also hopefully that, people are not flying less because they are concerned about just airports in general.

所以我認為你把所有這些都放在攪拌機裡，希望它至少能保持 Blade Airport 的整體狀態，但同樣，我們會看看它進展如何。希望這只是暫時的，也希望人們不會因為擔心機場問題而減少搭飛機。

And then on your bookings question, we don't get a lot of month in advance bookings for this business. It's an on-demand product 24 hours. Yeah, so they look a little better than last year in terms of summer bookings, but I really don't think that's a hugely meaningful statistic.

關於您的預訂問題，我們並沒有收到很多提前幾個月預訂的此項業務的預訂。這是一種 24 小時按需產品。是的，從夏季預訂量來看，今年的情況比去年好一點，但我真的不認為這是一個非常有意義的統計數據。

Okay, appreciate that color. Maybe also on your strategy to reposition aircraft closer to customers, even more this year, can you talk about what specifically allows you to do that relative to peers? Is it maybe the size of your fleet, between the owned and also contracted aircraft or is it something else?

好的，欣賞那個顏色。也許您今年也將制定更貼近客戶的飛機定位策略，您能否具體談談是什麼讓您相對於同行能夠做到這一點？這可能是您機隊的規模（包括自有飛機和合約飛機）還是其他什麼原因？

That's exactly what it is, we've talked about it added 50% more dedicated aircraft this period versus the same period last year, so 10 additional dedicated aircraft between both our own fleet and the contracted fleet. So those are four walled aircraft that we can position wherever we need for the customer.

事實確實如此，我們已經討論過，與去年同期相比，這一時期增加了 50% 的專用飛機，因此我們自己的機隊和合約機隊之間增加了 10 架專用飛機。所以這些是四壁飛機，我們可以將其放置在客戶需要的任何地方。

And also when you think about having 10 fewer in the prior year period, they were. So stretched and sometimes maybe positioned in between two customers to be able to serve multiple customers.

而且，當您想到去年同期的數量減少了 10 人時，情況確實如此。如此延伸，有時可能位於兩個客戶之間，以便能夠為多個客戶提供服務。

So even on the dedicated aircraft we had, they themselves were repositioning more. It works, we can deliver the service either way, but we think it's a much better value proposition for our customer if we're able to put the aircraft close to where they're going to be departing for the vast majority of their trips, which is their home base.

因此，即使在我們擁有的專用飛機上，他們自己也在進行更多的重新定位。這是可行的，我們可以用任何一種方式提供服務，但我們認為，如果我們能夠將飛機部署在靠近客戶大部分行程出發地（即他們的基地）的地方，那麼對我們的客戶來說，這將是一個更好的價值主張。

Great, thank you so much for taking our questions.

太好了，非常感謝您回答我們的問題。

Jon R. Hickman, Ladenburg Thalmann.

喬恩·R·希克曼，拉登堡·塔爾曼。

Hey, thanks for taking my question. I was wondering if you could comment on the, I mean, you made a brief comment about the electric vehicles, the arrival of them.

嘿，謝謝你回答我的問題。我想知道您是否可以對此發表評論，我的意思是，您對電動車及其出現做出了簡短的評論。

Could you elaborate more on what you're seeing and like timing, and then are you planning on any rude extensions as on the passenger side as these vehicles start arriving.

您能否詳細說明您所看到的情況和時間安排，然後當這些車輛開始到達時，您是否計劃在乘客側進行任何粗魯的延伸。

Yeah, thanks for your question. I think that, obviously the deployment of eVTOL has been a moving target, but that being said, I do expect in kind of late '25, early '26, we have great relationships with all the manufacturers.

是的，謝謝你的提問。我認為，eVTOL 的部署顯然是一個不斷變化的目標，但話雖如此，我確實預計在 2025 年底或 2026 年初，我們將與所有製造商建立良好的關係。

We're particularly impressed with the progress that Joey's making both here and abroad, and I believe that, these are terrific aircraft in the beginning while the distance could be limited and passengers probably limited to around four, I think, leading to your question about new routes. As we've always said eVTOL, such as [Joy] and others, because they are quiet, unlock the ability for communities to put new landing zones in.

我們對喬伊在國內和國外取得的進展印象特別深刻，我相信，這些都是非常棒的飛機，一開始距離可能會有限，乘客人數可能限制在四人左右，我想，這就引出了你關於新航線的問題。正如我們一直所說的那樣，eVTOL，例如 [Joy] 和其他飛機，因為它們很安靜，所以為社區提供了建立新著陸區的能力。

Because it's quiet and emission free, as you know that most of the heliports and airports that we work in are kind of, off to the water and, kind of I say nearly desolate non-residential areas. This will allow us to have more landing zones that are more convenient to more people, and any pair of landing zones is its own business.

因為它安靜且無排放，正如你所知，我們工作的大多數直升機場和機場都位於水邊，或者說幾乎荒涼的非住宅區。這將使我們能夠擁有更多著陸區，為更多人提供更方便，並且任何一對著陸區都是自己的事。

So we're quite excited about the kind of growth that we expect to happen. Once eVTOL deployed here, especially in the states, and people see that they're quite an emission free, and we get all the stakeholders such as local legislators, state legislators, the FAA feeling comfortable with putting these new landing zones in. So it's definitely something we're looking forward to and was one of the fundamental reasons we went public in the first place is to facilitate this transition from rotorcraft to eVTOL.

因此，我們對預期發生的成長感到非常興奮。一旦 eVTOL 在這裡部署，特別是在各州，人們就會發現它們幾乎是零排放的，我們就會讓所有利益相關者，如地方立法者、州立法者、美國聯邦航空管理局，都對設立這些新的著陸區感到放心。所以這絕對是我們所期待的事情，也是我們上市的根本原因之一，就是為了促進從旋翼機到 eVTOL 的轉變。

Okay, and one last question, could you update us on what's going on in the New Jersey, house site?

好的，最後一個問題，您能告訴我們新澤西房屋工地的最新情況嗎？

Anything particularly about New Jersey which.

任何有關新澤西州的特別資訊。

Just yeah are you operating now.

是的，您現在正在手術嗎？

Are you talking about the Newport, heliport in New Jersey? Oh, you're talking about Newport? Yeah.

您說的是新澤西州紐波特的直升機場嗎？哦，您說的是紐波特嗎？是的。

I think you know our strategy has been very much to collect the ability to manage or reli any heliport that is available in our service area. And so Newport was, interesting it is the closest new heliport in Manhattan that they've been able to re-lit many years.

我想您知道我們的策略一直是收集管理或依賴我們服務區域內任何可用直升機場的能力。有趣的是，紐波特是曼哈頓多年來重新亮燈的最近的新直升機場。

It is predominantly used for charter right now by some, companies and executives that live near there. But it's kind of a call, it's something that doesn't cost us money to operate and very little that is, and I think that we want to keep doing that like oceans building the oceans casino heliport or Newport.

目前，它主要供居住在附近的一些公司和高管租用。但這是一種號召，它不需要我們花錢去運營，而且花費很少，我認為我們想繼續這樣做，就像建造海洋賭場直升機場或紐波特一樣。

There's some other areas and actually some outer boroughs we've been talking to borough Presidents. So I think you'll see more of these in the margin. But again, as I said in my previous question, the big unlock's going to come under details here.

還有一些其他地區，實際上還有一些外圍行政區，我們一直在與行政區長交談。所以我認為您會在頁邊空白處看到更多這樣的內容。但是，正如我在上一個問題中所說的那樣，重大解鎖將在這裡詳細闡述。

Okay, thank you.

好的，謝謝。

Ben Cleave, Lake Street Capital Markets.

Ben Cleave，Lake Street Capital Markets。

Alright, thanks for taking my questions and congratulations on a good start to the year here. First, a couple of questions piggybacking on the repositioning conversation, given the significance that it seems to be, having here, I'm wondering if you can help us kind of quantify (inaudible).

好的，感謝您回答我的問題，並祝賀您今年有一個良好的開端。首先，關於重新定位的談話，有幾個問題，考慮到它的重要性，我想知道你是否能幫助我們量化（聽不清楚）。

Also, once your own fleet is kind of fully operational and, out of maintenance and utilized, to the best of its abilities, is that repositioning revenue going to be, effectively de minimis, or is it still going to be kind of a, sizable portion of your revenue base?

此外，一旦您自己的車隊完全投入運營，並進行維護並得到最大程度的利用，那麼重新定位的收入是否會變得微不足道，還是仍然會成為您收入基礎中相當大的一部分？

Hey Ben, you cut out there for a second, but I think you were asking kind of to quantify the impact of repositioning, is that right?

嘿，本，你剛才有點停頓，但我認為你是在問如何量化重新定位的影響，對嗎？

Yeah, and sorry about that. I hope this is better. Yeah, quantifying the year-over-year repositioning dynamic and then also. Once your own fleet is out of maintenance and that kind of the, level of utilization that you intend for it to have, is repositioning revenue going to be de minimis, or is it still going to be, kind of a healthy percentage of your revenue base in the medical segment?

是的，對此我很抱歉。我希望這會更好。是的，量化逐年重新定位的動態，然後也是如此。一旦您自己的車隊停止維護並且達到您希望的利用率水平，重新定位收入是否會變得微乎其微，還是仍然會占到醫療領域收入基礎的一個健康百分比？

Yeah, so I mean, I think it then position part of life in our business, so there's always going to be an element of it. What we're trying to do is strategically move the aircraft so that the most likely trip profile, which for most of our customers is a round trip sending their own staff to go pick up an organ and then return with it to the hospital, the transplant center that's our customer.

是的，所以我的意思是，我認為它在我們的業務中定位了生活的一部分，所以總是會有它的一個元素。我們正在嘗試策略性地移動飛機，以便最有可能的行程配置，對於我們的大多數客戶來說，這是一次往返飛行，派遣他們自己的工作人員去領取器官，然後將其返回到醫院，也就是我們的客戶移植中心。

But there's still going to be a lot situations where you're using a third party recovery group and so you're doing a one way and hopefully we have an airplane in that location given our very significant scale, much of the time we do either to service a different customer or through our third party network. But oftentimes you if you're in a remote location, you're going to have to reposition in that one way.

但在很多情況下，你仍需要使用第三方救援小組，因此你只能單程救援，希望我們在那個地方有一架飛機，因為我們的規模非常大，很多時候我們要么為不同的客戶提供服務，要么通過我們的第三方網絡提供服務。但很多時候，如果你身處偏遠地區，你就必須以那種方式重新定位。

So it's always going to be a part of it, in terms of the current headwinds that we're seeing year-over-year, it's probably like a low to mid-single digit headwind, but there are a number of other factors in terms of just the flying patterns of our customers that are ever changing.

因此，就我們逐年看到的當前逆風而言，它始終是其中的一部分，它可能是一個低到中等個位數的逆風，但就我們客戶的飛行模式而言，還有許多其他因素在不斷變化。

It can be different month to month. So hard to really put a firm number in terms of exactly what it is, but what we do know is that we're going to last a period of time when we've made most of these strategic moves once we get to the second half of this year. Does that help?

每個月可能會有所不同。所以很難確切地給出一個確切的數字，但我們知道的是，一旦進入今年下半年，我們將持續一段時間來完成大部分策略舉措。這樣有幫助嗎？

Yeah, absolutely, thanks for that. And my other question for you guys, your the conversation around new, excuse me, more owned aircraft coming into your fleet this year seems to be pretty much unchanged from your comments in the prior couple of quarters.

是的，完全感謝。我想問你們的另一個問題是，你們關於今年將有更多新飛機加入你們機隊的討論似乎與前幾季的評論相比沒有什麼變化。

But I'm just wondering if you can comment on the degree to which the kind of general, tenor of the economy today, particularly around tariffs, is impacting your thought process on bringing in more owned aircraft here later this year.

但我只是想知道您是否可以評論一下當今經濟的整體基調（尤其是關稅方面）對您今年稍後引進更多自有飛機的思考過程的影響程度。

No impact our thought process here. One of the things we love about this business is, non-correlated both to the macro and things like this. But yes, you're right, our tenor is kind of unchanged in terms our tone is unchanged in terms of how we're thinking about aircraft acquisitions.

這對我們的思考過程沒有影響。我們喜歡這項業務的原因之一是，它與宏觀和諸如此類的事情都不相關。但是的，您說得對，就我們對飛機收購的看法而言，我們的基調沒有改變，我們的語氣也沒有改變。

We do think it's likely that you'll see single digit number over the next 12 to 18 months, but like we said, nothing in process right now though we'll plan to be optimistic and if we see opportunities like we saw too that we started on April 1, where you know the acquisition of an aircraft can bring us a large new customer with a very quick payback, we'll be very fast to jump on that.

我們確實認為，在未來 12 到 18 個月內，您很可能會見到個位數的增長，但就像我們所說的那樣，目前還沒有任何進展，但我們計劃保持樂觀，如果我們看到像 4 月 1 日開始時那樣的機會，即購買一架飛機可以為我們帶來一個大的新客戶，並獲得非常快的回報，我們會很快抓住這個機會。

Very good. That's helpful.

非常好。這很有幫助。

Thanks for taking my questions. I'll get back in queue.

感謝您回答我的問題。我會回到隊列中。

Thanks, Ben.

謝謝，本。

Thank you. I'm sure no further questions at this time. This concludes the question answer session, and you may now disconnect. Everyone, have a great day.

謝謝。我確信現在沒有其他問題了。問答環節到此結束，您可以斷開連線了。祝大家有個愉快的一天。

Thank you.

謝謝。

You're welcome.

不客氣。