Strata Critical Medical Inc (SRTA) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Blade Air Mobility fiscal second quarter 2025 Earnings Release Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

女士們、先生們，早安，歡迎參加 Blade Air Mobility 2025 財年第二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 now like to turn the conference call over to Matt Schneider, Vice President of Investor Relations and Strategic Finance. Matt, you may now begin.

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

Thank you for standing by, and welcome to the Blade Air Mobility Conference Call and Webcast for the quarter ended June 30, 2025. 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 2025 年 6 月 30 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 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 a more detailed discussion of 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, believe disclaims any intent or obligation to update or revise these forward-looking statements, except as required by law. During today's call, we'll also discuss certain non-GAAP financial measures, which we believe may be useful in evaluating our financial performance.

本次電話會議中提供的任何前瞻性陳述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，除非法律要求，否則相信本公司不承擔更新或修改這些前瞻性聲明的任何意圖或義務。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。

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.

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

我們的新聞稿、投資者介紹以及 10-Q 和 10-K 表格文件可在我們網站 ir.blade.com 的「投資者關係」部分查閱。這些非公認會計準則 (non-GAAP) 指標不應單獨考慮，也不應取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, Chief Executive Officer of Blade; and Will Heyburn, Chief Financial Officer; and Melissa Tomkiel, President. I'll now turn the call over to Rob.

主持今天電話會議的有 Blade 創辦人兼執行長 Rob Wiesenthal、財務長 Will Heyburn 和總裁 Melissa Tomkiel。我現在將電話轉給 Rob。

Thank you, Matt, and good morning, everyone. Yesterday, we announced the sale of the Blade Passenger business to Joby Aviation for up to $125 million. This transaction is transformational for both the Blade Passenger business and Blades Medical division, which will remain a stand-alone publicly added company and be renamed Strata Critical Medical.

謝謝你，馬特，大家早安。昨天，我們宣布以高達 1.25 億美元的價格將 Blade Passenger 業務出售給 Joby Aviation。此交易對於 Blade Passenger 業務和 Blades Medical 部門都具有變革意義，Blades Medical 部門仍將作為一家獨立的上市公司，並更名為 Strata Critical Medical。

It will be a pure-play contractual medical business, operating in rapidly growing markets uniquely situated to enjoy organic growth as well as an aggressive acquisition strategy. We strongly believe that this is the best path forward to create long-term value for all stakeholders, including employees, customers, partners and shareholders.

它將是一家純粹的合約醫療企業，在快速成長的市場中運營，具有獨特的優勢，可以享受有機成長以及積極的收購策略。我們堅信，這是為所有利害關係人（包括員工、客戶、合作夥伴和股東）創造長期價值的最佳道路。

Blade's Medical business has grown from 12% of revenue in 2020 to approximately 60% of revenue in 2024, while it came for approximately 85% of our segment's adjusted EBITDA Fundamentally, the passenger and medical businesses have a different growth, investment and investor profiles.

Blade 的醫療業務已從 2020 年營收的 12% 成長到 2024 年營收的約 60%，同時占我們部門調整後 EBITDA 的約 85%。從根本上講，客運和醫療業務具有不同的成長、投資和投資者概況。

The strength and awareness of Blade as a consumer brand simply overshadows the high-growth and highly profitable nature of our medical business. and this transaction will unlock the full potential of each business over the coming years. The Blade Passenger sale includes all our passenger operations in the US, Europe, including lounges, terminals as well as the Blade brands.

Blade 作為消費品牌的實力和知名度遠遠超過了我們醫療業務的高成長和高利潤特性。此次交易將在未來幾年釋放每項業務的全部潛力。Blade Passenger 銷售涵蓋我們在美國、歐洲的所有客運業務，包括休息室、航站樓以及 Blade 品牌。

Blade's mission since inception has been to accelerate the transition from traditional motor craft to electric craft. There is no stronger company than Joby Aviation to help make this mission a reality for the benefit of all stakeholders.

Blade 自成立以來的使命就是加速從傳統機動飛行到電動飛行的轉變。沒有比 Joby Aviation 更強大的公司能夠幫助實現這項使命，造福所有利害關係人。

Our Medical division has long been our fastest-growing and most profitable business line with no direct reimbursement risk, limited economic sensitivity and an attractive multiyear growth profile, we believe a stand-alone blade medical will have appeal with a broader set of investors versus the historical combined company structure.

我們的醫療部門長期以來一直是我們成長最快、利潤最高的業務線，沒有直接的報銷風險、有限的經濟敏感性和具有吸引力的多年增長前景，我們相信，與歷史上的合併公司結構相比，獨立的刀片醫療將吸引更廣泛的投資者。

I am confident that the pure-play nature of Strata, combined with the cash war chest that should more than double in size will enable our stock to enjoy a valuation that represents the strength we have today led with the numerous opportunities we have ahead.

我相信，Strata 的純粹經營性質，加上規模將增加一倍以上的現金儲備，將使我們的股票獲得一個代表我們今天實力的估值，並在未來擁有眾多機會。

We have a clear value creation strategy for Strata over the coming years, driven by strong underlying organic growth and a highly focused and disciplined capital allocation strategy, supported by approximately $200 million of cash on the balance sheet for Proforma for the upfront portion of the Blade Passer sale in addition to up to $35 million to be received within 12 to 18 months based on certain employee retention and financial metrics.

我們為 Strata 制定了明確的未來幾年價值創造戰略，該戰略由強勁的潛在有機增長和高度集中且嚴謹的資本配置戰略驅動，並由 Proforma 資產負債表上約 2 億美元的現金作為 Blade Passer 銷售的前期部分，此外還將根據某些員工保留和財務指標在 12 至 18 個月內收到高達 3500 萬美元的現金。

Trinity Medical Solutions, the company's operating business in the Medical segment and 1 of the largest air transfers of human organs for transplant in the United States will remain Strata's wholly owned subsidiary. I will join Joby Aviation as CEO of Blade Mobility when the transaction closes, and as the largest individual shareholder of our parent company, I will also serve as Chairman of Strata at closing.

Trinity Medical Solutions 是 Strata 在醫療領域的營運企業，也是美國最大的人體器官移植空運企業之一，該公司仍將是 Strata 的全資子公司。交易完成後，我將加入 Joby Aviation 擔任 Blade Mobility 的首席執行官，同時作為母公司最大的個人股東，我還將在交易完成後擔任 Strata 的董事長。

Melissa Tomkiel and Will Heyburn have overseen our Medical division for many years and will serve as Co-CEOs with Strata while retaining their General Counsel and CFO roles, respectively, providing a seamless transition for our customers, suppliers and employees.

Melissa Tomkiel 和 Will Heyburn 多年來一直負責我們的醫療部門，並將擔任 Strata 的聯合首席執行官，同時分別保留其總法律顧問和首席財務官的職位，為我們的客戶、供應商和員工提供無縫過渡。

We are very lucky to have them as our co-CEOs. Importantly, the financial impact of the divestiture is expected to be adjusted EBITDA and free cash flow neutral on a go-forward annualized basis, supported by approximately $7 million in estimated corporate cost efficiencies.

我們非常幸運能有他們擔任我們的聯合執行長。重要的是，預計此次剝離的財務影響將在未來年度化基礎上對調整後的 EBITDA 和自由現金流產生中性影響，並得到約 700 萬美元的預計企業成本效率的支持。

I'm also confident that even more economic streamlining opportunities lay ahead. Will and Melissa will talk more about Strata's value creation strategy in a few moments. Latent transformation from a position of strength that is reflected in our strong Q2 2025 financial results as medical revenue accelerated its growth to 18% in Q2 2025 versus the prior year period.

我也相信未來還會有更多經濟精簡的機會。威爾和梅麗莎稍後將進一步討論 Strata 的價值創造策略。從優勢地位的潛在轉變反映在我們強勁的 2025 年第二季財務業績中，因為醫療收入在 2025 年第二季與去年同期相比成長了 18%。

With that, I'll turn the call over to Will.

說完這些，我就把電話轉給威爾。

Thank you, Rob. I'm excited for the opportunity to lead Strata alongside Melissa Tomkiel and this exciting next phase of growth for the company.

謝謝你，羅布。我很高興有機會與 Melissa Tomkiel 一起領導 Strata，並帶領公司邁入令人興奮的下一階段成長。

We are laser-focused on executing a multiyear value creation strategy built on, first, continued share gains and product line extensions and the rapidly growing non-correlated market concern. And second, a disciplined capital allocation strategy supported by approximately $200 million of cash on the balance sheet pro forma for the upfront proceeds from the Bay passenger sale.

我們專注於執行多年的價值創造策略，首先建立在持續的市場份額成長和產品線擴展以及快速成長的非相關市場關注之上。其次，嚴格的資本配置策略由資產負債表上約 2 億美元的現金支持，這些現金來自海灣乘客銷售的前期收益。

The company may also receive up to an additional $35 million to be received within 12 to 18 months from closing based on certain employee retention and financial metrics.

根據某些員工留任率和財務指標，該公司還可能在交易完成後的 12 至 18 個月內獲得高達 3,500 萬美元的額外資金。

In our core organ transplant market, we expect strong organic growth over the coming years, driven by increasing transplant volumes supported by technology adoption and regulatory changes. -- continued new customer acquisition and growth in ancillary businesses, including ground and organ placement.

在我們的核心器官移植市場，我們預計未來幾年將出現強勁的有機成長，這得益於技術採用和監管變化帶來的移植量增加。 ——持續獲取新客戶和輔助業務的成長，包括地面和器官安置。

As we've talked about before, we see several additional growth opportunities, both within our core organ transplant market and in adjacent markets.

正如我們之前所討論的，我們看到了幾個額外的成長機會，無論是在我們的核心器官移植市場還是在鄰近市場。

There is also a considerable opportunity to deploy capital towards strategic acquisitions to strengthen our core business growth potential and earnings power. We're looking forward to providing more detail around our value creation strategy and our actionable M&A pipeline at an Investor Day this fall.

還有相當大的機會將資本部署到策略性收購中，以增強我們的核心業務成長潛力和獲利能力。我們期待在今年秋季的投資者日上提供有關我們的價值創造策略和可行的併購管道的更多細節。

Before I walk through the financial results, I'll turn it over to Melissa for remarks.

在我介紹財務結果之前，我會先請梅麗莎發表意見。

Thanks, Will. I'm thrilled to help guide Strata as we enter this new phase of growth. Our end-to-end time-critical air logistics platform is second to none and is trusted by more organ transplant hospitals than any other provider.

謝謝，威爾。我很高興能夠幫助指導 Strata 進入這個新的成長階段。我們的端到端時間關鍵型航空物流平台是首屈一指的，比任何其他供應商都更受器官移植醫院的信賴。

We will remain relentless in supporting our customers, all of whom are engaged in lifesaving work every day. Our 100% contracted customer retention rate over the last 12 months, the testament of unwavering commitment to health care providers use here.

我們將堅持不懈地支持我們的客戶，他們每天都在從事救生工作。過去 12 個月，我們的簽約客戶保留率達到 100%，證明了我們對醫療保健提供者的堅定承諾。

We're also setting ourselves up for future success as technology continues to revolutionize the art of the possible and organ transplantation. As part of this transaction, Strata is entering into a long-term partnership with Joby through which we will gain access to Joby vital aircraft for medical use, anywhere they have operations.

隨著技術不斷革新器官移植技術，我們也為未來的成功做好準備。作為交易的一部分，Strata 將與 Joby 建立長期合作夥伴關係，透過這種合作關係，我們將獲得 Joby 在其開展業務的任何地方使用重要醫療飛機的權利。

We expect that the quiet capabilities of Joby's aircraft, coupled with his potential to operate at lower cost than traditional helicopters and other shorter range aircraft will provide value to Strata customers and a competitive advantage for the company.

我們預計，Joby 飛機的安靜性能，加上其比傳統直升機和其他短程飛機更低的營運成本，將為 Strata 客戶帶來價值，並為公司帶來競爭優勢。

In the meantime, we will provide the industry-leading service we are known for using conventional aircraft, managing costs down and improving callout times for the hospitals we serve by moving aircraft closer to their facility.

同時，我們將使用傳統飛機提供業界領先的服務，透過將飛機移到更靠近醫院的位置來降低成本並縮短醫院的出診時間。

We'll also continue to broaden our support for all the incredible new organ preservation technologies that are available and becoming available soon. Our partnership with OrganOx is a great example, the length we will go to, to ensure we can always say yes to our customers' requests to accommodate new technology.

我們也將繼續擴大對現有和即將推出的所有令人難以置信的新型器官保存技術的支援。我們與 OrganOx 的合作就是一個很好的例子，我們將竭盡全力，確保我們始終能夠滿足客戶對新技術的要求。

We're excited about the multiple avenues for organic growth in the Medical business, including broadening our service offering within our core organ transplant market. We launched TOPS, our organ placement service in late 2023, and we introduced a hand-carry logistics service offering targeted at kidney a segment of the market that we have limited participation in historically, and this business has grown significantly year-to-date.

我們對醫療業務的多種有機成長途徑感到興奮，包括擴大我們在核心器官移植市場的服務範圍。我們於 2023 年底推出了器官安置服務 TOPS，並推出了針對腎臟市場的手提物流服務，這是我們過去參與有限的一個細分市場，今年迄今為止，這項業務已顯著增長。

I look forward to meeting with many of you over the coming weeks and months to discuss our plans for value creation and the unique opportunities ahead.

我期待在未來幾週和幾個月內與你們中的許多人會面，討論我們的價值創造計劃和未來的獨特機會。

With that, I'll turn it over to Will to discuss the financial results.

說完這些，我會把時間交給威爾討論財務結果。

Thanks, Melissa. I'll now walk through the financial highlights from the quarter, starting with Medical. Medical revenues rose 17.6% year-over-year to a record setting of $45.1 million in Q2 2025. After a slow start to the year, we saw a strong rebound in the second quarter, driven primarily by new transplant center customers, along with strengthened demand from third-party service providers.

謝謝，梅麗莎。現在我將介紹本季的財務亮點，首先從醫療開始。2025 年第二季醫療收入年增 17.6%，達到創紀錄的 4,510 萬美元。在經歷了年初的緩慢發展之後，我們在第二季度看到了強勁的反彈，這主要得益於新的移植中心客戶以及第三方服務提供者需求的增強。

Ground and tops, our work in placement service also contributed to revenue growth ahead of the average for the rest of the business this year. Medical segment adjusted EBITDA margin rose to 13.4% in Q2 2025 versus 11.4% in Q1 2025, but declined 100 basis points compared to 14.4% in Q2 2024.

除了地面和頂部，我們在安置服務方面的工作也為今年其他業務的收入成長做出了貢獻，超過了平均水平。醫療部門調整後的 EBITDA 利潤率從 2025 年第一季的 11.4% 上升至 2025 年第二季的 13.4%，但與 2024 年第二季的 14.4% 相比下降了 100 個基點。

This was expected as maintenance downtime and costs remain elevated in the second quarter, driven by the timing of scheduled made incidents on our own fleet. To provide context, on average, our fleet of Penn aircraft and have approximately three major inspections, which are called GE inspections and 2 engine overhauls per year. In 2025, we have 4 sections and 5 engine overhaul schedule with these maintenance events weighted towards the first half of the year.

這是預料之中的，因為第二季維護停機時間和成本仍然較高，這是由我們自己的船隊發生的預定事故的時間所致。具體來說，我們的賓州飛機隊平均每年進行大約三次重大檢查，即 GE 檢查和兩次發動機大修。2025年，我們有4個部門和5台引擎的大修計劃，這些維護活動主要集中在上半年。

Given that our own fleet provides the best unit economics on the P&L and cash basis, elevated maintenance downtime has two negative impacts on our financial results. First, though we continue to perform all trips for our customers is contracted, we must substitute higher cost aircraft from our asset-light network.

鑑於我們自己的車隊在損益表和現金基礎上提供了最佳的單位經濟效益，維護停機時間的增加會對我們的財務表現產生兩個負面影響。首先，儘管我們繼續為客戶執行所有合約規定的行程，但我們必須從輕資產網路中替換成本較高的飛機。

Second, lower hours on our owned fleet results in fixed cost under absorption and a higher fully loaded average cost per flight hour. It's important to recognize that scheduled maintenance downtime will vary from year-to-year with elevated maintenance downtime in some years and below normal downtime in other years, resulting in the opposite effect, part fleet uptime and improved fixed cost absorption.

其次，我們自有機隊的飛行小時數減少，導致固定成本被吸收，且每飛行小時滿載平均成本較高。重要的是要認識到，計劃的維護停機時間每年都會有所不同，有些年份的維護停機時間會增加，而其他年份的停機時間則會低於正常水平，從而產生相反的效果，即部分機組正常運行時間和固定成本吸收的改善。

We continue to expect an improvement in fleet uptime and Medical segment adjusted EBITDA margins in the second half of the year, and we'll provide more details on the outlook.

我們繼續預計下半年車隊正常運作時間和醫療部門調整後的 EBITDA 利潤率將有所改善，我們將提供有關前景的更多詳細資訊。

Turning to our passenger business. Excluding Canada, which we exited in August 2024, short distance revenue decreased 5.5% year-over-year, driven primarily by lower revenue in the U.S. short distance segment, partially offset by strength in Europe. US short distance revenue was impacted by the New York Tourist heater incident in April 2025, along with inclement weather in June, which was an outlier versus previous years, both of which we view as transitory.

談到我們的客運業務。不包括我們於 2024 年 8 月退出的加拿大市場，短途收入年減 5.5%，主要原因是美國短途業務收入下降，但歐洲業務的強勁成長部分抵銷了這一影響。2025 年 4 月，美國短途旅行收入受到紐約遊客加熱器事件以及 6 月惡劣天氣的影響，與前幾年相比，這是一個異常現象，我們認為這兩者都是暫時的。

Encouragingly, we've seen meaningful improvement in US short business performance in July relative to Q2 2025. Following the restructuring of our European operations last fall, we've seen two consecutive quarters of strong revenue growth.

令人鼓舞的是，我們看到 7 月美國短期業務表現相對於 2025 年第二季有顯著改善。繼去年秋季重組歐洲業務後，我們連續兩季實現了強勁的營收成長。

We attribute the improving fundamentals in Europe to the realignment of interest with our local partners, along with important operational and commercial changes that have reinvigorated growth and improve the customer experience and Jet & Other revenue decreased 2% year-over-year, driven by a modest production in flight volume and revenue per flight per in the year ago period.

我們將歐洲基本面的改善歸因於與當地合作夥伴的利益調整，以及重要的營運和商業變化，這些變化重振了增長並改善了客戶體驗，而噴射機及其他收入同比下降 2%，原因是去年同期航班量和每航班收入均有所下降。

Despite lower revenue, we continue to see a significant improvement in Passenger segment profitability in Q2 '25 driven by improving plate margins and lower segment adjusted SG&A. Passenger segment flight margin rose 580 basis points year-over-year to 30.5% in Q2 2025, driven by margin expansion in short distance including the restructuring in Europe and Canada, along with margin improvement in Jet & Other.

儘管收入較低，但我們仍然看到，2025 年第二季客運部門獲利能力顯著改善，這得益於牌照利潤率的提高和部門調整後的銷售、一般及行政費用的降低。2025 年第二季度，客運部門航班利潤率年增 580 個基點至 30.5%，這得益於短程航班利潤率的擴大（包括歐洲和加拿大的重組）以及噴射機及其他航班利潤率的提高。

Passenger segment adjusted SG&A fell 17% year-over-year driven by lower marketing spend in the U.S. die restructuring in Europe and the discontinuation of Canada. Passenger segment adjusted EBITDA tripled year-over-year from $0.8 million to $2.4 million.

由於美國行銷支出減少、歐洲市場重組以及加拿大業務中斷，客運部門調整後的銷售、一般及行政費用較去年同期下降 17%。客運部門調整後的 EBITDA 年成長兩倍，從 80 萬美元增至 240 萬美元。

Moving to adjusted unallocated corporate expense and software development, we continue to focus on cost efficiencies across the business. And during the quarter, expenses declined 2.1% year-over-year.

轉向調整後的未分配公司費用和軟體開發，我們繼續專注於整個業務的成本效率。本季度，支出較去年同期下降 2.1%。

Turning to cash flow. Given our strong sequential revenue growth in Q2 2025 of 30% versus Q1 2025, we saw a proportionate increase in working capital during the period. The difference between our Q2 2025 adjusted EBITDA of $3.2 million and cash from operations of negative $3.1 million in the quarter was primarily driven by a $7 million increase in working capital, partially offset by an increase in deferred revenue. It's important to notice that our collections remain healthy with days sales outstanding down to 32 days in Q2 2025 compared with 34 days in the year ago period.

轉向現金流。鑑於我們 2025 年第二季的營收較 2025 年第一季強勁成長 30%，我們在此期間的營運資本也相應增加。我們 2025 年第二季調整後的 EBITDA 為 320 萬美元，與本季經營現金為負 310 萬美元之間的差額主要是由於營運資本增加了 700 萬美元，但遞延收入的增加部分抵消了這一影響。值得注意的是，我們的收款狀況依然良好，2025 年第二季的未償銷售天數下降至 32 天，去年同期為 34 天。

Capital expenditures, inclusive of capitalized software development costs were $2.7 million in the quarter, driven primarily by capitalized aircraft maintenance for approximately $1.8 million and capitalized software development of $0.4 million.

本季資本支出（包括資本化軟體開發成本）為 270 萬美元，主要由於約 180 萬美元的資本化飛機維護和 40 萬美元的資本化軟體開發。

Our owned aircraft fleet is unchanged at 10 aircraft, and we remain focused on optimizing the financial and operational performance of the. Given the significant strategic and financial benefits of our owned aircraft, it's possible that we'll add a low single-digit number of aircraft to the fleet over the next year or two, but we are not currently in the process of buying any new era. We ended the quarter with no debt and $113.4 million of cash and short-term investments.

我們的自有飛機數量保持不變，仍為 10 架，我們仍將專注於優化飛機的財務和營運績效。鑑於我們擁有的飛機具有重大的戰略和財務效益，我們有可能在未來一兩年內向機隊中增加個位數的飛機，但目前我們還沒有購買任何新時代的飛機。本季結束時，我們沒有債務，並擁有 1.134 億美元的現金和短期投資。

Moving on to the outlook. We expect the sale of our passenger business to be neutral to adjusted EBITDA and free cash flow on a go-forward basis. We expect the loss of passenger segment adjusted EBITDA to be offset by a reduction in unallocated costs associated with passenger business.

繼續討論前景。我們預計，客運業務的出售對未來調整後的 EBITDA 和自由現金流的影響將保持中性。我們預期客運部門調整後的 EBITDA 損失將被與客運業務相關的未分配成本的減少所抵銷。

The seasonality of the passenger business, where Q3 is typically the strongest quarter of the year, followed by a seasonally weak Q4 could create a modest timing impact in 2025 depending on the exact timing of the transaction close. We will update our revenue and adjusted EBITDA guidance for 2025 after the close of the transaction.

客運業務的季節性特點是第三季度通常是一年中最強勁的季度，而第四季度由於季節原因較為疲軟，這可能會對 2025 年的時間產生適度影響，具體取決於交易完成的具體時間。交易結束後，我們將更新 2025 年的收入和調整後的 EBITDA 指引。

For our Medical segment specifically, revenue growth accelerated in Q2 2025, driven by new customer additions, and we've seen this strength continue into July, react mid-teens revenue growth in the second half of the year.

具體來說，對於我們的醫療部門而言，在新增客戶的推動下，2025 年第二季的營收成長加速，我們看到這種強勁勢頭持續到 7 月份，並在下半年實現了中等收入成長。

As discussed previously, Medical segment adjusted EBITDA margins were impacted by elevated scheduled maintenance downtime and costs in the first half of 2025. We continue to expect improved owned fleet uptime and Medical segment adjusted EBITDA margins in the second half of the year with margins of approximately 15%.

如前所述，2025 年上半年醫療部門調整後的 EBITDA 利潤率受到計畫維護停機時間和成本增加的影響。我們繼續預計下半年自有車隊正常運作時間和醫療部門調整後的 EBITDA 利潤率將有所提高，利潤率約為 15%。

Given uncertainty on the exact closing time for the passenger divestiture, we are reaffirming our 2025 guidance on a full company basis, excluding the impact of we expect revenue between $245 million and $265 million with double-digit adjusted EBITDA. We will provide guidance for the stand-alone medical business following the close of the transaction.

鑑於客運業務剝離的確切結束時間尚不確定，我們重申對整個公司 2025 年的指導，不包括我們預計收入在 2.45 億美元至 2.65 億美元之間以及兩位數調整後 EBITDA 的影響。交易完成後，我們將為獨立醫療業務提供指導。

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

接下來，我們將把問題交還給操作員進行問答。

(Operator Instructions)

（操作員指示）

Laura Lee from Deutsche Bank.

德意志銀行的勞拉李。

Hey, thank you for taking my question. So my first question is about with that up to $125 million proceeds from Joby, what are your current priorities for capital allocation to help your like either organic or inorganic growth? And also like how confident are we to meet that required milestones or metrics for the $35 million earnout?

嘿，謝謝你回答我的問題。所以我的第一個問題是，關於 Joby 高達 1.25 億美元的收益，您目前的資本配置重點是什麼，以幫助您實現有機或無機成長？還有，我們對於達到 3500 萬美元盈利所需的里程碑或指標有多大信心？

Hi, It's Rob Wiesenthal. I think that in terms of deployment of capital, we see a lot of opportunities in terms of M&A, opportunities that I believe are actionable and can really sustain the kind of growth that we hope for kind of going forward. On the organic side, you're well aware what we're doing with TOPS, we're aware of what we are doing with other types of verticals such as critical cargo.

你好，我是 Rob Wiesenthal。我認為，在資本配置方面，我們在併購方面看到了很多機會，我相信這些機會是可行的，並且可以真正維持我們所希望的未來成長。在有機方面，您很清楚我們在 TOPS 方面所做的事情，我們也知道我們在其他類型的垂直行業（例如關鍵貨物）方面所做的事情。

And this is the kind of capital base that I think we really need to get the company to where it needs to be in terms of really scaling in an exponential way which is a real opportunity because there aren't a lot of companies out there that I think that can be nimble as us with the kind of balance sheet that we have to -- in a very forward way, in a quick way to try to get the kind of M&A deals under our belt that we see out there. So I'm happy about that.

我認為，我們真正需要的就是這種資本基礎，它能讓公司達到其應有的水平，實現真正意義上的指數級擴張，這是一個真正的機會，因為我認為，沒有多少公司能像我們一樣，擁有像我們這樣的資產負債表，能夠以非常前瞻性的方式、快速地完成我們所看到的那種併購交易。所以我對此感到高興。

In terms of the metrics for some of the holdbacks when I evaluated and the Board evaluated the transaction, obviously, we felt those were achievable when we view this as a transaction that is a $125 million transaction. There is some -- there is potential risk there, obviously, but if we didn't think we could do it when everyone agrees with.

就我和董事會對交易進行評估時的一些阻礙指標而言，顯然，當我們將其視為一筆 1.25 億美元的交易時，我們認為這些阻礙是可以實現的。顯然，這其中存在一些潛在風險，但如果我們不認為我們可以在大家都同意的情況下做到這一點。

And Laura, just some detail on that. About half of the $35 million holdback is related to retention, mostly related to Rob specifically. And then the other half is related to financial performance that is really pegged around just continuing the status quo performance we've had. So we do believe that these are achievable. Obviously, nothing is without risk.

勞拉，請提供一些詳細資訊。3500 萬美元的保留金中約有一半與保留有關，主要與 Rob 有關。另一半與財務表現有關，這實際上取決於我們能否維持現狀。所以我們確實相信這些都是可以實現的。顯然，任何事情都不是沒有風險的。

Okay. Got you. Okay. Just another follow-up on that. Do you see any operational impact from the divestiture to the Medical segment, like in terms of infrastructure, less relationship or the like operating team, et cetera?

好的。明白了。好的。這只是對此的另一個後續行動。您是否認為剝離醫療部門會對營運產生任何影響，例如基礎設施、關係減少或營運團隊等方面？

No, we think we're set up for success as a standalone company, and on the vertical takeoff and landing side we're entering into a long-term agreement with Jobi both to continue providing access to helicopters and the markets where we're using them today, but also on a much more exciting note providing access to the Jobi aircraft.

不，我們認為作為一家獨立公司我們已經做好了成功的準備，在垂直起降方面，我們與 Jobi 達成了一項長期協議，不僅繼續提供直升機的使用權以及我們目前使用直升機的市場，而且更令人興奮的是，還提供 Jobi 飛機的使用權。

For medical use in any market. They roll out to so we think that's actually going to be a huge value add for our customers given the expected quiet operation of these aircraft expected lower costs, and also could provide us with a competitive advantage. So we're really excited about the long term.

適用於任何市場的醫療用途。我們認為，考慮到這些飛機預期的安靜運行和較低的成本，這實際上將為我們的客戶帶來巨大的增值，同時也能為我們提供競爭優勢。因此，我們對長期前景感到非常興奮。

These were always two distinct businesses. And in fact, if you take a look at what we're saying about EBITDA remaining consistent here, I think there's a lot of opportunity to kind of streamline the operations. Obviously, the operators are stying in Arizona, and we're happy about that.

這始終是兩個截然不同的業務。事實上，如果你看一下我們所說的 EBITDA 保持一致，我認為有很多機會可以簡化營運。顯然，營運商正在亞利桑那州開展業務，我們對此感到高興。

And I think in terms of the kind of business overhead that we need to run the business, I think we really have the opportunity to be extremely lean and efficient. So we feel pretty good about that. And definitely, I see upside.

我認為，就我們經營業務所需的業務開銷而言，我們確實有機會變得極其精簡和高效。所以我們對此感覺很好。我確實看到了好處。

Okay, gotcha. Yeah, I appreciate it.

好的，明白了。是的，我很感激。

Bill Peterson with JPMorgan.

摩根大通的 Bill Peterson。

Hey, good morning, everyone. Thanks for the information thus far and congrats on the transaction. I have a few questions. I guess, first, starting off, I guess, if we think about the Passenger business sale why now versus one maybe at a later point, it could have been more profitable.

嘿，大家早安。感謝您迄今為止提供的資訊並祝賀交易成功。我有幾個問題。我想，首先，如果我們考慮一下客運業務的銷售，為什麼現在與以後的銷售相比，它可能會更有利可圖。

I understand, obviously, wanted to bolster the Medical, but how long were discussions ongoing to sell this piece of the business? I guess were the concerns on your prior announced sort eVTOL partnerships, maybe that they'd be too late or like just any sort of additional context on the sale, please?

我明白，顯然想要加強醫療業務，但出售這部分業務的討論持續了多久？我想您之前宣布的 eVTOL 合作夥伴關係是否讓您擔心，也許它們太晚了，或者只是想提供有關銷售的任何額外信息，好嗎？

Sure. I think that -- why now? I think that, frankly, when I take a look at the stock and listen to investors, it was clear that they were discounting the value of the Passenger business. We were not getting value for it. And at the same time, we were unable to invest the kind of capital that I think it needs to grow without hampering the overall earnings of the company.

當然。我認為——為什麼是現在？坦白說，我認為，當我觀察股票並聽取投資者的意見時，很明顯他們低估了客運業務的價值。我們沒有從中獲得任何價值。同時，我們無法投入我認為公司發展所需的資金，因為這會影響公司的整體獲利。

And it just was too confusing story on the investor side. And I think the opportunity to really be a pure-play medical kind of M&A machine here and to roll up what I view is a pretty fragmented business with high-growth and high-margin prospects was the right move to create shareholder value.

而對投資人來說，這個故事實在太令人困惑了。我認為，真正成為純粹的醫療併購機器，並整合我認為相當分散、具有高成長和高利潤前景的業務，是創造股東價值的正確舉措。

And then with respect to the why Joby? I think early on, I think we identified them as the company that we felt had the best path to certification, the capital to execute in the right technology and that would be first to market. I'm unequivocal about that. We -- up to this point, we were agnostic.

那為什麼是 Joby？我認為很早以前我們就認定他們是我們認為擁有最佳認證途徑、擁有採用正確技術的資本並且能夠率先進入市場的公司。我對此毫不含糊。我們──到目前為止，我們都是不可知論者。

We've watched all the other companies out there in terms of what they've been able to get to and what milestones they've hit. And I do believe they have -- to your question, I do think they have much more of a head start with respect to getting to the point of flying. We'll be flying in Dubai next year and hopefully, in the US thereafter. Does that answer your question, Bill? Or do you have any follow-ups?

我們關注其他公司所取得的成就以及他們所達到的里程碑。我確實相信他們——對於你的問題，我確實認為他們在飛行方面已經領先了很多。明年我們將飛往杜拜，之後希望也能飛往美國。這回答了你的問題嗎，比爾？或是您還有什麼後續消息嗎？

That answers that part of the question. I want to pivot to the Medical business a bit. And I realize you're planning an Investor Day, we'll get a lot more information. But I want to try to get a sense as you look at it today on how you think the growth outlook would look, let's say, first, from an organic point of view and then inorganic. I guess how should we think about revenue growth, CAGR, steady-state margins? Just trying to get a sense of your latest snapshot view there?

這回答了問題的部分。我想稍微轉向醫療業務。我知道您正在計劃投資者日，我們將獲得更多資訊。但我想嘗試了解一下，當您今天看到它時，您認為成長前景會是怎樣的，比如說，首先從有機的角度，然後從無機的角度。我想我們應該如何看待營收成長、複合年增長率和穩態利潤率？只是想了解那裡最新的快照視圖？

Yeah, it's Bill, Will here. Still incredibly enthusiastic about the growth prospects in this industry broadly and for us specifically, seeing organic growth -- in the long term, we're kind of seeing supported by all the new technology that we've been talking about on our prior calls, we're seeing more and more providers of organ preservation technology come into the fold, starting (technical difficulty) to hospitals to use that kind of seeing some new therapies as we talked about, like NRP, normothermic regional perfusion.

是的，我是比爾，威爾。我們對這個行業的整體成長前景仍然充滿熱情，特別是對於我們來說，我們看到了有機增長——從長遠來看，我們看到了我們在之前的電話會議上討論過的所有新技術的支持，我們看到越來越多的器官保存技術提供商加入進來，開始（技術難度）讓醫院使用這種技術，看到一些我們談到的新療法，比如 NRP，常溫區域灌注。

It's giving more access to those donation after circulatory death donors, which previously has been pretty expensive and somewhat risky in terms of actually being able to successfully complete the transplant prospects for folks to go after those kind of organs.

它為循環死亡捐贈者提供了更多的捐贈途徑，而此前，這種器官移植的費用相當昂貴，而且對於追求此類器官的人來說，成功完成移植手術有一定的風險。

And all of those things, we believe, are still in the early innings of playing out and in the early innings of becoming more broadly available at an affordable cost for hospitals. So we expect to continue to see that strong growth in the number of people that are getting successful transplants in America. And then when we think about the specific opportunity for us, this quarter is a good testament to our ability to provide a better value proposition than the competition and win new customers and continue to gain share in this very fragmented market.

我們相信，所有這些事情仍處於發展的初期階段，並且正處於以醫院可負擔的成本更廣泛地普及的初期階段。因此，我們預計美國成功接受器官移植的人數將持續強勁成長。然後，當我們考慮我們的具體機會時，本季度很好地證明了我們有能力提供比競爭對手更好的價值主張，贏得新客戶，並繼續在這個非常分散的市場中獲得份額。

So I think still lots of opportunity there. And the last piece of it is just our ability to provide other services to those same customers. We provide other services like what we're already doing to folks outside of the direct transplant community that we're serving today. We talked about in the script how we've seen faster growth in our TOPS program and our program than we are in the overall business on average. So we're going to continue to see those things help us accelerate our growth.

所以我認為那裡仍然有很多機會。最後一點就是我們為同一客戶提供其他服務的能力。我們也為目前服務的直接移植社群以外的人們提供其他服務，就像我們已經提供的服務一樣。我們在腳本中討論了我們如何看到 TOPS 計劃和我們的計劃的成長速度比我們整體業務的平均成長速度更快。因此，我們將繼續看到這些事情幫助我們加速成長。

And then all of those things come together to help us get to our long-term high teens adjusted EBITDA margin target, which we still think is readily achievable. And now that we've built the business with more operating leverage from the owned aircraft, the more we fly, the less it's going to cost for us. So long-term thesis is very much intact and couldn't be more excited about our opportunities ahead.

然後，所有這些因素結合在一起，幫助我們實現長期高十幾個百分點的調整後 EBITDA 利潤率目標，我們仍然認為這是很容易實現的。現在，我們已經利用自有飛機的更多營運槓桿建立了業務，我們飛行的次數越多，我們的成本就越低。因此，長期論點非常完整，我們對未來的機會感到無比興奮。

If I can just finish up on a near-term and housekeeping question. I guess just on the Medical business, how should we think about any seasonality in the business, I mean, in the third quarter? Just trying to get a sense that there is seasonality as you see it today, how is the business trending quarter-to-date? And then on the housekeeping side, can you speak to any tax implications of the transaction?

我是否可以結束一下近期和日常事務問題。我想就醫療業務而言，我們應該如何看待業務的季節性，我的意思是，在第三季？只是想了解您今天所看到的季節性，本季迄今為止的業務趨勢如何？那麼在內部管理方面，您能談談這筆交易的任何稅務影響嗎？

Sure, Bill. On the seasonality, look, I wouldn't call it a seasonal business. You do occasionally see a little bit of a slowdown in the summer months driven just by kind of staffing of folks being on vacation. We've not seen that quarter-to-date. We had a great July, continue to see similar trends that we saw in Q2. But we have seen in years past a moderate slowdown in kind of the late summer, but have not seen that show up in our numbers yet.

當然，比爾。就季節性而言，我不會稱之為季節性業務。你確實偶爾會看到夏季業務略有放緩，這僅僅是由於員工休假造成的。本季度迄今為止我們還沒有看到這種情況。我們度過了一個美好的七月，繼續看到與第二季類似的趨勢。但在過去幾年中，我們看到夏末出現了適度放緩的現象，但我們的數據尚未反映出這一點。

On the tax side, we have enough NOLs to offset the capital gain associated with the Passenger divestiture. Assuming we receive that full $125 million of proceeds, we use about 1/3 of the NOLs that we have. That would leave us with just under $50 million remaining.

在稅收方面，我們有足夠的淨營業收入來抵銷與客運業務剝離相關的資本利得。假設我們收到全部 1.25 億美元的收益，我們將使用現有淨營運虧損的約 1/3。這樣我們就只剩下不到 5000 萬美元了。

Can't offset 100% within NOLs, as you know, under the rules, but we would expect the cash tax impact to be a couple of million dollars, something immaterial. So we think we're in a great shape on that front.

如您所知，根據規定，無法在營業淨收入 (NOL) 內抵銷 100%，但我們預計現金稅影響將達到數百萬美元，這是無關緊要的。因此我們認為我們在這方面處於良好狀態。

Okay. I'll pass it on. But again, congratulations on the transaction. Best wishes going forward to the full team.

好的。我會傳達的。但再次祝賀交易成功。向整個團隊致以最良好的祝愿。

Thank you, Bill.

謝謝你，比爾。

Would expect the cash tax impact to be a.

預計現金稅的影響將是。

Couple million dollars and something immaterial, so we think we're in a great shape on that.

幾百萬美元和一些無關緊要的東西，所以我們認為我們在這方面處於很好的狀態。

Okay, thanks for that detail. I'll pass it on, but again, congratulations on the the transaction and best wishes going forward to the full team.

好的，謝謝你提供的詳細資訊。我會傳達這個訊息，但再次祝賀這筆交易，並祝福整個團隊一切順利。

Thank you, Bill.

謝謝你，比爾。

(Operator Instructions)

（操作員指示）

Ben Klieve with Lake Street Capital Markets.

湖街資本市場 (Lake Street Capital Markets) 的 Ben Klieve。

All right, thanks for taking my questions, and yeah, I echo the sentiment. Congratulations on the successful divestiture here. First question is around kind of the process with the divestiture. And I'm curious, the -- Rob, you kind of noted how specifically advantaged you believe Joby is in this world. And I'm wondering the extent to which the process was kind of a sweeping one where you considered all possible strategics and financial buyers or if you really had kind of a laser-focused view that Joby would be best able to be a successful partner in this divestiture?

好的，感謝您回答我的問題，是的，我同意您的看法。祝賀此次剝離成功。第一個問題是關於資產剝離的過程。我很好奇，羅布，你似乎注意到了你認為喬比在這個世界上有多麼特別的優勢。我想知道，在多大程度上，您考慮了所有可能的策略和金融買家，或者您是否真的有一種集中的觀點，認為喬比最適合成為這次資產剝離的成功合作夥伴？

Yeah, I think -- thanks for your question. I think since we started this company, the name of the company was never Blade Helicopters, it was always Blade Air Mobility. So we knew we had to make this transition at some point.

是的，我想——感謝您的提問。我想自從我們創辦這家公司以來，公司的名字就從來都不是 Blade Helicopters，而是 Blade Air Mobility。所以我們知道我們必須在某個時候完成這個轉變。

We were a bit agnostic. We met and worked with pretty much every single OEM out there, both from the major companies out there like Boeing and others as well as the eVTOL manufacturers. And so I would say, it was definitely a sweeping process that I was personally involved in.

我們有點不可知論。我們幾乎與所有 OEM 廠商會面並合作，包括波音等大型公司以及 eVTOL 製造商。所以我想說，這絕對是一個我親自參與的全面過程。

And it went from everywhere from OEMs to luxury good companies to private equity, you name it. And it was clear that the right move for us was doing something with Joby because I truly believe that their time to market, capital and technology is going to get them and especially with this transaction to market much sooner than others.

它的業務範圍廣泛，從原始設備製造商到奢侈品公司，再到私募股權公司，應有盡有。顯然，對我們來說正確的舉措是與 Joby 合作，因為我堅信他們的上市時間、資本和技術將使他們比其他公司更快進入市場，尤其是透過這筆交易。

As important for the Medical side, I wanted to make sure that we had a partner where there was an actionable strategy in terms of eVTOL because I really think it can change the financial architecture of how we fly surgeons and organs in kind of short to midterm -- short to mid-range flights. So it really was a 2-part decision there.

對於醫療方面來說，重要的是，我想確保我們有一個合作夥伴，在 eVTOL 方面有一個可行的策略，因為我真的認為它可以改變我們在短期到中期——短程到中程飛行中運送外科醫生和器官的財務架構。所以這其實是一個由兩個部分組成的決定。

Got it. Got it. That's helpful and good to hear. Second question, and then I'll get back in queue is around the $7 million of corporate efficiencies you've noted are going to be going away. Can you kind of characterize what these expenses were? Is this personnel that's going to be going to Joby? Is this internal development cost that you're just kind of backing away from? Just any context there would be great.

知道了。知道了。這很有幫助，很高興聽到。第二個問題，然後我會回到隊列中，您提到的 700 萬美元的企業效率將會消失。您能描述一下這些費用的具體情況嗎？這些人員是要去 Joby 的嗎？這是你們正在放棄的內部開發成本嗎？只要有合適的背景就很好了。

Great.

偉大的。

Hey, Ben, this is Matt. So these are just costs that are really associated with the Passenger segment that we're unallocated expenses. So everything from staff cost to IT cost to portion of the lease costs. So several different categories of costs that are closely related to the operation of the Passenger business.

嘿，本，我是馬特。因此，這些只是與乘客部分真正相關的成本，是未分配的費用。因此，從員工成本到 IT 成本到租賃成本的部分，一切都是如此。因此，有幾種不同類型的成本與客運業務的營運密切相關。

Okay, very good.

好的，非常好。

I appreciate that. Thanks, Matt. Thanks, Rob, and congratulations again to all, I'll get back into you.

我很感激。謝謝，馬特。謝謝，羅布，再次恭喜大家，我會再聯絡你們的。

Thanks man.

謝謝老兄。

Thank you. This concludes the question-and-answer session. Thank you for your participation on today's conference. This does conclude the program, and you may now disconnect.

謝謝。問答環節到此結束。感謝您參加今天的會議。這確實結束了程序，您現在可以斷開連接了。