Q1 2024 Blade Air Mobility Inc Earnings Call Transcript
Key Points
- Blade Air Mobility Inc reported a strong start to 2024 with the best quarter in company history for its medical business, achieving record revenue and segment adjusted EBITDA.
- Total revenue for Q1 2024 increased by 13.8% year-over-year to $51.5 million, with a notable 21.5% increase when excluding the impact of the discontinued BladeOne service.
- Significant improvements in profitability across the business, driven by initiatives such as shifting to dedicated aircraft and vehicles in the medical business and cost rationalization programs.
- Medical revenue grew by 34.6% year-over-year in Q1 2024, with medical segment adjusted EBITDA increasing by 134.5% from the previous year.
- Blade Air Mobility Inc closed on seven of the eight jet aircraft acquisitions announced last quarter, enhancing service delivery and reducing costs.
- Despite overall revenue growth, the passenger business experienced inconsistent year-over-year revenue comparisons due to factors like poor flying weather in Europe and lower passenger volume in Canada.
- The discontinuation of BladeOne, a scheduled jet service, although reducing losses, created a revenue headwind that will continue to impact comparisons until Q2 2024.
- Operational challenges such as weather-related cancellations in Europe significantly impacted the revenue from European ski routes.
- A 5.9% decrease in short distance passenger revenue year-over-year, primarily driven by external factors affecting flight schedules and passenger volumes.
- Cash from operations showed a $15.6 million usage in the quarter, influenced by increases in accounts receivable and reductions in accounts payable and accrued expenses.
Good morning, ladies and gentlemen, and welcome to the Blade Air Mobility fiscal first-quarter 2024 earnings release conference call. (Operator Instructions) As a reminder, this call is being recorded.
I would like now to turn the conference over to Mat Schneider, Vice President, Investor Relations and Strategic Finance. Mat, you may begin.
Thanks and good morning. Thank you for standing by, and welcome to the Blade Air Mobility conference call and webcast for the quarter ended March 31, 2024. We appreciate everyone joining us today.
Before we get started, I would like to remind you of the company's forward-looking statement and Safe Harbor language. 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. These forward-looking statements are subject to risks
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