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- Revenues Up 53% in Fiscal First Quarter 2021 Versus Prior Year Period<\/i><\/li>\n
- Calendar Year 2020 Revenue Ahead of Projections1<\/sup><\/i><\/li>\n
- Continued Progress on Strategic Infrastructure Initiatives Including Chicago and Westchester Vertiport Alliances<\/i><\/li>\n
- Pent-up demand for leisure travel is expected to drive growth of Blade Airport and seasonal travel this summer<\/i><\/li>\n
- Business combination with Experience Investment Corp. expected to close in the first half of calendar year 2021<\/i><\/li>\n<\/ul>\n
NEW YORK–(BUSINESS WIRE<\/a>)–
\nBlade Urban Air Mobility, Inc. (\u201cBlade\u201d or the \u201cCompany\u201d), a technology-powered air mobility business, which recently announced it would become a public company via a merger with special purpose acquisition company Experience Investment Corp. (NASDAQ: EXPC), today announced financial results for the fiscal first quarter ended December 31, 2020.\n<\/p>\n\n\u201cOur focused pursuit of new service and market expansion opportunities will enable us to fly a greater number of passengers between our private terminals in the U.S. and abroad, while maintaining profitable unit economics using current aviation technology. As Electric Vertical Aircraft (“EVA”) become certified for commercial use, the value of Blade\u2019s urban air mobility platform will continue to grow. We are also pleased with the progress EVA manufacturers are making towards FAA certification, which is required for commercial service,\u201d said Rob Wiesenthal, Blade\u2019s Chief Executive Officer.\n<\/p>\n
\nWiesenthal continued, \u201cWith nearly 100 different EVAs currently in the design and certification process, our asset-light model provides us with the flexibility to choose the right aircraft for each of our routes so Blade fliers can enjoy safe, cost effective, quiet and zero emission air mobility across our network as these next-generation aircraft become available.\u201d\n<\/p>\n
\n\u201cDespite an unprecedented pause in travel due to the COVID-19 pandemic, Blade\u2019s first fiscal quarter 2021 revenues increased 53% versus the prior-year period while the company exceeded trailing twelve months ended December 2020 projections for revenue with Adjusted EBITDA in-line,\u201d said Will Heyburn, Blade\u2019s Chief Financial Officer and Head of Corporate Development. Heyburn continued, \u201cWe are pleased with our business performance in year-to date 2021 and are excited to move up the re-launch of our by-the-seat airport product to this Spring, in addition to launching new services between the Westchester\/Connecticut area and both Manhattan and John F. Kennedy Airport.\u201d\n<\/p>\n
Business Highlights and Recent Updates:<\/b><\/p>\n
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- \nBlade announces earlier than expected spring timeline for re-launch of its $195 \/ seat New York City airport transfer product and the start of service between the Westchester\/Connecticut area and both Manhattan and John F. Kennedy Airport\n<\/li>\n
- \nStrategic Alliance with Ross Aviation will enable improved unit economics and flier experience on new Westchester routes including Manhattan and John F. Kennedy Airport\n<\/li>\n
- \nBlade is actively working with Ross Aviation to plan for the construction of a dedicated EVA vertiport, including charging infrastructure, in Westchester\n<\/li>\n
- \nAlliance with Vertiport Chicago (to be rebranded Vertiport Chicago Powered by Blade) will enable further growth of our MediMobility organ transportation business as well as new passenger routes around the third largest city in the United States\n<\/li>\n
- \nBlade India Joint Venture re-launched service between Mumbai and Pune in November 2020 with nearly 700 seats flown in the three months through January 2021 and 64% of fliers taking more than one trip in the period\n<\/li>\n
- \nBusiness combination with Experience Investment Corp. (NASDAQ: EXPC and EXPCW) expected to close in the first half of calendar year 2021\n<\/li>\n<\/ul>\n
First Fiscal Quarter Ended December 31, 2020 Financial Highlights:<\/b><\/p>\n
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- \nFirst fiscal quarter 2021 total revenues increased 53% versus the prior-year period to $8.0 million, despite the lack of contribution from Blade\u2019s short-distance by-the-seat airport service, which remained paused in the first fiscal quarter due to the COVID-19 pandemic\n<\/li>\n
- \nMediMobility (organ transport) and jet revenues grew 176% year-over-year as Blade added new customers, including additional hospital partners\n<\/li>\n
- \nShort-distance revenues declined 31% year-over-year, reflecting the impact of airport and West Coast short-distance services, which were paused in the first fiscal quarter 2021 due to the COVID-19 pandemic, partially offset by growth in our Northeast commuter business\n<\/li>\n
- \nHybrid remote\/office work patterns drove increased demand for our Northeast Commuter services, with Blade offering daily round-trip services in the first fiscal quarter 2021 versus one round-trip per week in the prior-year period. This wider distribution of our schedule, in contrast to the typical weekend-focused compacted demand, resulted in increased flexibility for both our passengers and operators\n<\/li>\n
- \nEBITDA improved $2.4 million year-over-year to ($2.2) million, and Adjusted EBITDA improved $3.6 million year-over-year to $(1.0) million, driven by increased revenues and the Company\u2019s cost savings plan, implemented in April 2020 in response to the COVID-19 pandemic\n<\/li>\n<\/ul>\n
Trailing 12-Months Ending December 31, 2020 Highlights:<\/b><\/p>\n
\nIn connection with the merger agreement, Blade provided to Experience Investment Corp. projections of revenue and Adjusted EBITDA for 12-month periods ending on December 31. Solely for purposes of comparing actual 2020 results to those projections, Blade calculated revenues for the 12-months ended December 31, 2020 by adding revenues for the year ended September 30, 2020 to revenues for the three months ended December 31, 2020 and subtracting revenues from the three months ended December 31, 2019. Blade calculated actual Adjusted EBITDA for the trailing 12 months in the same manner. Based on those calculations:\n<\/p>\n
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- \nTrailing 12-month revenues of $26 million exceeded Blade\u2019s 2020 projections of $25 million\n<\/li>\n
- \nTrailing 12-month Adjusted EBITDA of $(6) million was in-line with Blade\u2019s 2020 projections of $(6) million\n<\/li>\n<\/ul>\n
\nThese projections were not prepared with a view toward compliance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information or U.S. GAAP with respect to forward looking financial information.\n<\/p>\n
Use of Non-GAAP Financial Information<\/b><\/p>\n
\nTo supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d), Blade reports EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. EBITDA is determined by taking net income and adding interest, depreciation and amortization. Currently, Blade determines Adjusted EBITDA by taking EBITDA and adding back stock-based compensation. Blade believes that this non-GAAP measure, viewed in addition to and not in lieu of our reported GAAP results, provides useful information to investors by providing a more focused measure of operating results, enhances the overall understanding of past financial performance and future prospects, and allows for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies. EBITDA and Adjusted EBITDA have been reconciled to the nearest GAAP measure in the tables within these this press release.\n<\/p>\n
- Calendar Year 2020 Revenue Ahead of Projections1<\/sup><\/i><\/li>\n