Blade Air Mobility (BLDE) 12 Nov 242024 Q3 Earnings call transcript

Good morning, ladies and gentlemen, and welcome to the Blade Air Mobility Fiscal Third Quarter 2024 Earnings Release Conference Call. [Operator Instructions] As a reminder, this call is being recorded. I would now like to turn the conference over to Mat Schneider, Vice President of Investor Relations and Strategic Finance. Mathew, you may begin.

Thank you for standing by, and welcome to Blade Air Mobility Conference Call and Webcast for the quarter ended September 30, 2024. us joining everyone appreciate today. We

be future call started, Before you Statements provided differ like the factors historical the are our statements conference may remind for constitute to would filed risks may actual uncertainties, these SEC are the discussion we call of you made materially subject periods, results the including XX-K could company's the or about detailed this from language. get SEC of harbor Act made including forward-looking to implied of only forward-looking Litigation of and forward-looking more safe to as Private a not those of to risk this by I during statement statements are this of call. annual filings, that refer conference Securities time in Reform forward-looking that within XXXX. Form statements facts, meaning deemed and future the expressed report statements date on statements. We with cause the These forward-looking differences. and Any our

As as or to by statements, revise forward-looking disclaims our except filings, intent update or these law. SEC stated any in obligation required Blade

GAAP in which is will presentation. measures certain measures also investor consolidated today's press evaluating During we to call, may financial non-GAAP we financial those earnings non-GAAP provided be financial A financial discuss directly release reconciliation comparable, most historical, measures, performance. believe historical our in useful our and of the

Financial call Wiesenthal, with to I Executive financial website considered substitute Officer. Rob. over or These GAAP. measures and Form a Our of the XX-K accordance Chief Relations filings ir.blade.com. press will and and are Blade; non-GAAP Hosting XX-Q our in on Chief our be Investor for as in and Will turn now call are Heyburn, not prepared presentation available the section Rob today's Officer should of isolation release, investor at Founder results

passenger our positive morning, more in achieving trailing I'm our adjusted this achieving business, end QX We highlights and drove XXXX now for business, the strategic had will the EBITDA aircraft pleased in everyone. adjusted both team's saw of significant period. conversion cash to Passenger segments, than flow of million XXXX. for $X.X EBITDA of resulting we and also our key short good Mat, operational you, operating acquisitions $X.X expansion strong driven our XXXX, QX cash extremely In by ahead starting XX-month effort quarter. free up September XXXX, than and full the of review of year a revenue passenger. generated in previous the as profitability EBITDA in summer flow milestone segment year-over-year achieve Canadian strong before of operations. excluding XX, a $X.X million guidance important $X.X margin flight I discontinued year or prior the year-over-year million in in in fivefold an We're and Leisure flow season, Thank ending proud XX.X% QX period X.X% the distance our to of while profit, X.X%, that particularly see adjusted quarter to compared by increased into million with XXXX, more Medical cash increase Northeast a we

in the X.X% the segment doubling adjusted flight prior passenger in EBITDA segment the and Passenger segment exit prior taken characteristics and rising margin attractive strategic rising routes business growth versus year and of passenger in EBITDA period, quarter unprofitable improvement ago demand, most strong profit Our XX.X% in a with passenger enjoyed adjusted the to in versus while profitability significant period year customer in profitability XX% underlying lines focus profitability period. that top We've action path contributed several factors to faster with to On are on our to the passenger. nature.

For call. an example, improve management QX Europe, intention XXXX, discussed we team Canada our during on earnings formally our to exited aggressive we In profitability. steps the market has QX Western taken several

operations, savings commercial our alignment to and restructured generate is we organizational which local and cost stronger significant European enable expected with partner. QX, During our

air of locations ahead of countries. timing conventional be that better introduction always we As using aircraft can Blade. to the we maximizing for urban adjusted ever adoption expect is achieving sea laser-focused of other the to that also XXXX. platform or manifest create in SG&A FAA's conventional than aircraft before planes the platform profitably agenda lead operations operate conveniently stated well into the which today The stronger we parlance. the mobility scale strategy an for located said in approximately EVA EVA We've that couldn't the following segment Today, recent well will an landing efficiencies of expected. expect our hard from than Blade's year-to-date X% year mostly our segment closer passenger or the Europe, areas over cost abundance same guidelines EVA, XXXX, now passenger compared to throughout summer I industry administration's couldn't itself more which is focus possible. period a will positioned result, lower achieved adjusted improvement This all year make and market. proud positive now well during ending months vertical key to call We've see as and busy transition of is the transition team EVA major release the milestone, cost to of we've as earlier for vertical given as as months September eVTOL work necessary operations. with what electric across be from been and for XX to the X transportation of at profitability EBITDA this of falling XX, to for coming rotorcraft seasonality incoming on full a metropolitan

manufacturers captive of company transportation the has the its the given operating and EVA. base without commuters flyer for never large and fortified key for Our been competitors as strong largest our has in of many technology, infrastructure, passenger to world, valuable only services. Blade we are business, vertical proprietary customers our and more its position brands

growth welcome surgical America U.S., companies as to the momentum perfusion deployment Ground available higher know to in thriving our well the to the XXXX and in gain with from bullish the companies adjusted to seeing end, arises. points Metra XX.X% with to improved to achieving whenever the exceeds continue provide organ company locations opportunities supply revenue announce that utilization validity these on-ground to going NRP, call, remain detail October versus to agnostic prior rapid enable machines. services hospitals despite impact segment, this of margins continue in technologies, QX rapid basis on margins This currently speaking drivers lung business. more market increases a demand recovery more make donor but rapidly to of will Will transplant access for medical technologies, increase alliance We're which period, utilization the our to including strategic as highest longer ability in that available with half broaden I'm work with EBITDA XX pleased opportunity for the centers Medical for necessary the preservation for and who monthly in business. to for livers, of adoption OrganOx partnership to organ and U.S., the existing on transplants transplant across donor we use. we're The to year all emerging distance To in their of device, medical to innovative U.S. report gain significant our our and the the provide through that to Metra and case-by-case rebound perfusion or up segment industry of for organs year-over-year in increased logistics embraced as a of need devices, as volumes. medical the to device identification We and long-term the fundamental to need Air the on reinforces we liver utilizing supply levels of increase strategic enables aids illustrates our perfusion history. to distribution procedures Turning directly partners, extremely our of a livers Metra devices volumes. the in heart, of OrganOx's regarding activity remain organ our for quarter later States transportation by a excited is customers OrganOx preservation basis preposition enable transplants organs. than and significant Blade's like softer-than-expected times, of procedures Medical liver expanding potential extends saw will and centers normothermic of with at staffing United viable We them the devices one strategy a donor regional hospital share. This

our Our capability strategically vehicles with dedicated a an that country services the and and signed customers, ground offering sales a around medical organ XX gaining with industry TOPS with and customers logistics growing is and X XX call owned strengthen near traction placement continues platform aircraft X we the to that XX in hubs positioned strong pipeline.

our volatility, market share gains strength quarter-to-quarter highlighted performance our the in platform. and the continued through Looking our of are reinforce

X to begin X early last XXXX. for months, RFPs competitive flying won in we fact, new transplant In centers for we the expect that in high-volume

value Importantly, last contracted service providing. a are testament year, lost to that single not a customer, and have we over the the we

our were that well strategy. win entering during ground already for ownership. in that as operational XXXX other remaining low-risk enabling the financially X/X into to in September This our aircraft XX, fleet us hours months fleet X to XX the a aircraft sheet Blade aircraft the aircraft agreements fruit, enter will enhance a of medical medical important grounded prioritizing flying Turning time-critical vehicles required allocation to X entry on in other verticals significant contracts expansion represent at new focused on early in strong our acquisitions in by that and a with delay. only medical our remain capital medical additional after or own are increase size quarter with strategy posture include to last majority medical our at aircraft. use acquire to We QX aircraft signed service approximately and that manufacturing, recent investments to priorities bearing acquisitions It's fleet balance expected is eighth competitive accretive service aircraft medical maintaining X our the note previously We unchanged, industrial cases. of aircraft. enable to third-party the bolt-on cargo size parts remain announced that week as of the of own or logistics service aircraft,

network vehicles. During acquisition to captive tuck-in of QX, we geographically in medical expand a completed ground our

to turn With well. to continue as these share repurchases I'll will opportunistic relative Will. that, to over weigh We acquisition priorities it

with declined starting In X.X%, quarter, I'll now for and as Short the end Rob. X.X% passenger. the financial market you, industry highlights the we year-over-year revenue Thank Western through Canada per XX% charter Jet excluding increased Other, the August. softer exited revenues of or XXXX driven Systems walk by year-over-year, primarily lower given pricing. jet Canada, revenue from at QX flight formally

passenger margin as European margin and saw points airport by The our pricing, Northeast margin driven load our mentioned, from New significant transfers and we improvement Rob As strength routes, higher York in leisure year-over-year. flight by benefits in including factor EBITDA XXX basis adjusted early improved profitability this was improvement several restructuring. expanded factors, in quarter approximately passenger passenger in

Air a X.X% higher to versus $XX.X industry empty transplant XXXX, volumes liver, QX million. a sequential reduction slightly business. revenue Medical volumes QX revenue leg lung X.X% rose though year-over-year to line decline sequential Blade fell medical Turning basis, medical On our the declined in than XXXX. given in in was QX repositioning. versus with heart, aircraft now industry revenue trip our

our shorter and per for the time while As the aircraft money proposition right the decision we're able these and is trips, dedicated costs, our and more profit empty and these same to aircraft size for regions. of and at increased customers. more in fleet customers, well-positioned this the other impact uncompetitive Long significantly times enabling our QX, our term, base value longer generate hour and callout a fortifying we've on it operators flight win-win, but a time, home airports discrete for to dedicated of hospitals reduce our had trip. aircraft customers, aircraft in is saving at dollars us revenue many per making repositioning This

basis the in QX XXXX, EBITDA basis, XX.X% margin from up basis XXXX, XXX to a a in QX points nearly QX by XX with in sequential unusually to high lower-than-expected the in XX% Several with Medical even but year flight decline escalators Medical QX hour a XX.X% revenue low which here. XXXX, profit basis flown, leverage hour negative ago per and points On up quarter, declined quarter. average saw volumes, points. in and medical in XXX contractual segment related Medical continued in customers. by to year-over-year margin our increased period. only example, quarter revenue an XX% XX.X% increase quarter. basis, declined drove expenses lower basis aircraft-related adjusted from medical with increase declined from year-over-year approximately contributed XXX For flight in flight per on per flight in points we is but the sequentially sequentially. in year-over-year the owned improve cost flight the air margin increase are and majority consistent XXXX, despite a sequentially the The XX% trip improve segment flight profit single-digit annual expanded metrics factors margin profitability which in a set of sequential to to timing fixed

the maintenance In volumes a own our outlook financial our rebound in expenses and QX decline, fleet we industry of aircraft a good increased normalization our October. to for volumes, the maintenance a segment relative start-up fleet see month costs. a Medical and meaningful downtime owned contributed the in fleet. in consistent to QX and margins XXXX, entry of quick and sequential addition, by The eighth improvement performance actual also above-average This downtime, expect is XXXX news in and normalization is performance fleet aircraft delays and of service revenue, onboarding with seen owned we've other margin including in into to owned driven costs the in

Moving us maintenance of we and with nonlinear timing quarter-to-quarter to in reasonable given it's downtime. variability expenses medical unpredictability growth organ the transplant with think some owned brings forward, expect to in volumes our fleet of our business, certain respect that

We'll of a for tuck-in of look like cash completed this As Xx opportunities accretive our acquisition Rob we mentioned, continue ground approximately in significant normalized small position. transportation flow. at QX, organ one our providers deploy to to cash

I'd the organs, early to seeing medical, and We're procurement organ of our availability perfusion faster cardiac organizations and by this perform we've performed yields, adoption like NRP. some off also equipment of to total one versus higher year-to-date technique, percentage which total can recoveries. an based this for often more cost, NRP than our from from have at growth of highlight industry moving customers growth normothermic utilize driver. exciting even poised a of undergone outcomes it's death. and the in XXXX improves customers, Hospitals donor technique transplant that a low off-the-shelf seen Before meaning recovered still regional number and conversations of we threefold NRP our organs exciting increase center recoveries with recoveries on And is still in days believe transplant to this XXXX. low and single-digit data usable or number trend drive around donor donors

Moving to unallocated corporate expenses.

on and overhead points XX X.X% a XXXX percentage to shrunk costs, which We continue X%. these of basis year-over-year in controlling declined QX revenues to as focus

the cash On primarily $X.X EBITDA operations difference between cash driven working inflow our front, adjusted the the of quarter from and from cash was of capital. $X.X million in flow million by

was approximately Our aircraft payments, million aircraft development in quarter, includes $XXX,XXX. in flying. the the driven capital acquisition X along primarily last acquisition begin but while eighth $X.X aircraft quarter that aircraft week we costs maintenance software expenditures, inclusive did for $X.X amount not during additional aircraft of were with by that capitalized quarter, payments million and This the the our purchased delivered of of

aircraft XXXX. payments to expect remaining $X.X pay approximately have XX QX on million that in we We the of

performance acquisitions is X purchases process we aircraft fleet. XX other discussed, and current in right focus aircraft and do have onboarding final the any not financial currently, Beyond the optimizing our planes previously now on the of the

aircraft of months. However, and to with benefits similarly owned repurchases. given number medical strategic in we our the investments, ended significant priced quarter in low for over adding next and of million consider the of single-digit share investments no financial the a acquisitions opportunistic fleet providing and X to strategic We the cash and debt opportunistically flexibility aircraft, aircraft, will XX short-term $XXX

Turning to the outlook.

$XXX XXXX adjusted positive guidance between We and for revenue $XXX are our XXXX EBITDA. for reiterating million guide million our and

In XXXX, revenue EBITDA lower segment a QX, For by single-digit to a versus in to low offset QX. while partially land prior Medical was adjusted adjusted QX grow our passenger Medical, expect XXXX performance stronger on EBITDA leading of in expect percentage plan, QX QX sequentially in guidance. segment reiteration to we we

a rebound at QX versus as has that assumption costs with an currently largely medical lower offering elevated in to that onboard average than range year could segment scale yet we by expect revenue our we flights. exit not aircraft of rapidly our X margin low expectation We driven business, This to are mid-XX% XXXX along that the prior to TOP owned to as remain is fleet acquired ramp-up recently the the to performing flight margin XX%. service QX in the work

Going Medical profit segment. for flight adjusted comprehensive expectations EBITDA in from profitability our provide to forward, shifting a of order view segment we guidance the our profitability are to more

QX EBITDA XXXX We levels. Medical rebound segment adjusted versus QX to expect margins in XXXX

EBITDA For XX%. segment of margins XXXX, expect we Medical approximately adjusted

EBITDA expect this margin provide guidance flight don't XXXX Medical medical margin moving a to margin. implies medical flight we segment While forward, mid-XX% adjusted

about to expect from reflecting $XX prior Over of million XXXX, flat and the segment low next other in distance jet growth compared exit, short teens. rise Medical the year-over-year few single-digit is towards QX in revenue passenger, expect year. Canada adjusted In impact the approximately EBITDA revenue $X our Western high a years, margins to we we that million year-over-year and

adjusted in XXXX last QX to down expenses Lastly, we corporate to unallocated versus be year. flat expect

of expectation reiterating adjusted For double-digit EBITDA. XXXX, we are our

in jet exit aircraft digits to short large revenue And Q&A. distance we flow before I'll $XX to XXXX, positive low our other any business for back approximate grow medical single-digit expect cash unforeseen in flat and an we revenue. of it Canada, year-over-year. down Mat expect $X million nonrecurring growth $XX With generate expect to free double million In over in barring impact to our and acquisitions, that, turn revenue We million XXXX, revenue passenger, in items. reflecting from core to

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

question Instructions] Oppenheimer Jason Company. & comes our Helfstein [Operator And from at first

So first, medical. on questions just some

bit to the of went on both factors So also you planes was -- and like it there just general, why about again, industry the TransMedics TransMedics, it. those ultimately, the elaborate were a why cited and abating. that of kind talked headwinds in more in more. the had I industry Obviously, quarter quarter it. cited some talk seemed headwinds see But about downtime the that broadly guess, then you like in And there

I'm And but the necessary on And start medical. higher might then fleet work, so there? ownership, is just curious I those average with And don't with any down maintenance follow-up, passengers was on quarter? any with going cetera, in planes were like but just that just there et this know, more a on planes just there let's synergies way there have getting, to one why leverage something or downtime potentially I for then

well trip trip declines. is growth was the would in the in on QX, volume us, QX that look industry industry of volume at were line our here. QX and right ahead And sequential you our start we at say I look Look, QX. the with what volumes, Jason, Will growth. you We'll if then for

factors. of X in outperform ebbs has in But going It that lot to do a be vacation It can surgeons. So just schedules we're what of to continue is individual long to simple the flows confident market can there's availability going reasons. for we're donors. and different term the always be for It of with lumpiness. some be the really to

share. customers, market new winning We're take to customers. continue losing not and We we're any

the of volatility. some see to the going But we of we quarter-to-quarter good we're So because fact, keep really did you in year. market outpacing beginning that like the feel that might

QX look growth the program profit sort be at hour maintenance. contracts. seeing in in flight the flight Moving aircraft. year-over-year. of going quarter-to-quarter per There's our us, seeing around in over up year-over-year last downtime broader built-in take revenue we're without But year to unexpected is new context. having the our question to look That's versus a of always in doing in if about flight up strategy your QX but of year, trip. to let's at the the price beyond per flown. year-over-year. We're you we're for XX% that's profit And just this This growth growth strategy That's trend and put average some our XX% escalators that the contractual generated you

we've the So then of trend, happy bounce back the direction. I also going things performing for look our the think that customers, performance that looking the the a in we're fleet. in in are you at right And seen October, volumes overall only we're overall to not but

QX, there's all. much leverage maintenance think And in downtime. of But that's that don't Jason, the bouncing both an we level to just industry-wide, having also not question on downtime to the got volume see fixed are happy side, and back things we're that the at there, cost expected. course, the to performance, but great exceptionally we I causing So your was anything

October and still at as on performance. I minority done mean, if our I aircraft, the to dedicated look and that far earlier, add, despite strong the are a aircraft just would of kind trips you lumpiness versus I'll terms or in versus a margins balance are any said of it owning any whether take it's a Jason, that Also, see, the owned maintenance non-owned the own you month-to-month of we're same margins a time, aircraft kind and starting superior. you aircraft when of between the owned an dedicated October, vagaries even from strike non-dedicated quarter was aircraft, aircraft. And At these unscheduled on in be this incredibly

of your are whole to think And because summer soft of thing. of Will bunch going I And for empty been this QX lines. Certainly, incremental opportunities there exploring fleet on think exploring other opportunities to mean, see kind just aircraft, capacity as opportunity that obviously, around those QX, service said, there's use, other continue I other quarters. to to last time-critical was why the has example, vacation, legs move passengers to you're historically a we're for I some versus and question business on cargo. the leverage So within and also reasons same

definitely see we So that as an opportunity.

in Fortunately, we've size been look as demand the plane bit, the a blessed steady-state side Florida, a And mission, charter leverage hours are New of the would having a world, planes quite kind for well, the about duty know we for that's not that circumstances. cushion easily Jason, something gets much largest the where enough think to is if into more we have wanted you medical be under flying South when very medical but you might corridor to. to so had down Florida definitely planes to of these passenger that on you in which that could we'll even Teterboro, fleet situation certain as mission York a go there Southern

a just Rob, bigger And picture question.

do [indiscernible] you still think is did the side? access? Or more the impacting of it it's passenger think sweep expansion around all Republican you traditional really, on cetera. get But helicopter would you of election, approval, et EV. about this the you So potential kind eVTOL how about reprieve with think of accelerate you do So the that highlight potential business

you representatives of a it's time clear on amount are with very it and as there's at this discussion I that or know, urban administration airports, tomorrow. aircraft fueling, the and existing even think a elected a vertical about I things. that lot And that today whether fair think, of fuel, local issues types this pro be curfews, of whole been mobility, of air were bunch helicopters heliports electric

this then this when are reprieve. a our are definitely So really who are we aircraft current they'll of to know, importance and forward proprietary the And looking our bit terminals I to people the new incoming think of to now administration that built. who before early use. be understand infrastructure we because you amidst I've start the that spoken that we infrastructure critical going infrastructure And a have the is to electric for period or infrastructure are here, using vertical as be clearly, the such

[indiscernible] set. with agree I the So

question comes Laura from of next Lee Bank. Deutsche Our

quarter. a on great Congratulations

So my about on passenger your I thoughts what's $XX million. around about $XX the segment is million question is the XXXX? like to think first guidance

So be should midpoint the year-on-year. flat down to

are Just want should to sure, exit? Canada except any other factors the consider make we there

the as that were line Look, the our factor looking drive for in passenger top part Canada the the market, near we the potential for the giving we and on thought, term. we which to biggest we exit strategic of is didn't profitability just Western believe overall profitability, towards decided not advantage was us had it or growth

the So new seeing on you're why guidance passenger. that's

transfer growing come along profitability short to business, that very product like seeing growth, remainder distance that. New of we're York revenue expect the continue enthusiastic and we're For products about single-digit improvements we continued performance for the City airport also improvements in here with and our

I of of period one one couple a competition. We're would now without this right many markets, in Just add. we're things in since

completed So not there's we've been by in profitable, and definitely through growth smart just accelerated our of being restructuring out was a monthly an which which we as to short had October. count on example, airport, Western past in said, see October, Canada, getting we as It's a all just Europe, record focus. which opportunity midterm growth at passenger this It's and costs. Will the just And there. didn't

is profitability have we a it, call to to what I -- is continued that our considered you're So passenger. going growth strategy ensure would in

a calls over originally we As XXXX, said 'XX. and out you passenger in early all guidance put that obviously, and actually be XX months on we've saw, achieved that our we'd of year when couple last in for profitable the of we last

So I think the strategy is working.

a got I’ve Also, question about Medical the segment.

you this that. like trips, hours there's mentioned something for in the a block think reduction I quarter, for

Does clients. think moving about of your make out closer hospital to pushing competitors? for Just fleet large it's sense the for that curious, or Blade the like strategy like economic mainly the

we because economic with It advantages number and hour repositioning. Most Blade bill to per making are margins of trip. we sense higher does make on customers, per trip moving us. to don't flight flight dollars customer our we're basis, for aircraft. our importantly, we make our a aircraft have dollars on still, of our And more a the for that profit per dedicated for customers and closer then by the get profit average, for And

is operationally, near time aircraft up burning So when you're have But organ more pick customer, duty your that's a to there. your in. to that reposition you based not because an aircraft also crude win-win go

our far in long sitting gives they chance an If better is to they already it pick to aircraft something call the can afford it time. out and more much comes right right how your So next the last aperture of very wait a have organ. could to able away. customer, minute It you increases up and how the go fly being reduces also and flexibility customers to of

with And strategy if To we does as think important that's to compete us well losing win is new sense. because strategically, gives it's point, most built existing a not us to it it still it your the around that. the is our we that competitively we've to customers. us move. and financially, think strategic advantage But leading makes customers continuing absolutely So difficult right to help us

basis which would Blade trips, a thus home of these the of a and economics you're and things. our do contract the your you really say thing for terms happening we're the in you're And in at you're on to strategic because X competitive. faster. not to for is faster, competing be competition, kind put versus I outcomes, trip aircraft over be have base per Laura, place where important getting going transplant or is the most improving then going mission all the if just hospital, to versus Better not

that has customers. So extremely fact we that new getting as been new have now well. the those helps in getting also And customers important aircraft owned

of Bill from comes question JPMorgan. next Our Peterson

elaborate on maybe top OrganOx. power And of that the give about with maybe of that it already of a market on accounts Thanks This is much you as is incremental constrained. currently additional this than growth? opportunity for Mahima the Profusion medical Kakani share sort share on was what market And Metra sharing on Bill. technology for? for so of partnership OrganOx's more supply expecting that what you trips? constrained demand like support to follow-up, pricing you're sounds Does then rather Can

have across We demand talking about the this customers, can data to share from the OrganOx press is the available market a bit than more supply. Look, specifically. But our tell there for in talked we don't country current that little for you is release. what machine we

at to we'll going them sit a customer we're with the them that one-off that's around low-volume customer, then do extra to what the folks and for them so drive rather the than fly to have And be one a next or is take fly occasional country that on if them and machines will customer. basis use, machine the over need

of utilization greater to market able significantly there. get be machines penetration help those to OrganOx the expect and increase we So

the terms a of good recipient, just travel. like some of relative to extending of their And allocate dollars the amount talking there. in economical reasons is really is really out that's to for using our time giving if by time interested think we organs the to One their more to in a alternatives allow that evaluate towards this going sorts customers they're a it of them fit this that of machine are benefits all to from centers that and can liver additional machine

put going is to market this But it's is is hard the sort that of in working directly So that access and future. what win-win they of share a then from want to example an the numbers really, with us what hearing and to the come up to around strategic manufacturer today possible. customers something be this firm make with greater to our alliance that

business? this do optimizations in used pricing that And exit guys your really restructuring Canada, you this see outpaced further on with margins Europe for have seen you you then power touch have And pricing passenger tiered steady-state in With the the or made and from assumptions from the quarter. of the sort can past?

of York our service. passenger New transfer products just benefits and the one seen increasing the the load think more business we've like Airport underappreciated factor that in is I

profit be year it If you that where now almost for the to rewind business. starting a ago our overall flight get really breakeven margins target we'd closer targeted, clock, passenger still to at like it's at was and not to the

particularly some more have for continue we to higher-priced there, room So folks the just flexibility. fare you a described using strategies one like of pick class having

we've drag see exited in And our just going was market, Canada think And to the also we continued I profitability. profitability just Europe, expansion improve business. which there's Western overall passenger. a opportunity is think margin that that So our we've completed restructuring of the which remember, to in on an definitely

QX, it's that to we aren't seeing yet is So of those such the you do that best of benefit had things in come. in performance the and full really passenger, I pretty fantastic either a to me when exciting think

they started with fare One $XXX when now to think well car kind that. want their last low they point those more for opting checkout. of which seat, on People like margins the different have They fare We've if ability fare, with passengers helped important our And passenger, But and upgrades cost more it's what for add-ons. is it that over something classes was they they changing past ultimately your more up and find want ends I you are the low consistently when other luggage, extra thing want an of a a they higher of with lot on that's the prices, average things thing and north in spectrum. average this $XXX year, us. classes flexibility play checkout added perks, of when about business on kind end flexibility And something that benefits purchase that. they the giving the we're or can where is the a have supercharge arrive. for has

performance. So happy that we're pretty with

Hickman question Jon of Ladenburg comes next Thalmann. Our from

your for QX? side passenger for enough, write the over go could but I down guidance couldn't fast you

we passenger, revenue, growth being revenue year-over-year the in and see QX reflects and For in business, expect and roughly about And the discontinued. short distance expect Canadian other $XX million then continued single-digit line to year-over-year top flat Jon. we business of jet that

further it Mat to back I'd turn like no to showing questions. Schneider. I'm

to few for start So with eVTOL Say we're on a our or going platform. Rob going to from EVA. few questions a questions take Q&A We're

believe time? their question of the over First do are excited is, manufacturers which going we as expand And of about? they manufacturers fleet most are to work kind we with Blade aircraft

I company at any transportation the proprietary great every than say, very we any point. excited all with to have world the more the this other and we infrastructure think in would with vertical other extremely They're them are speak than more have I now. company. We flying by working almost given week, that manufacturers Blade, relationships about fact people

market. think in far that they I And are expedite current certification that doing, Joby along a the try to are plans terms to their in and their what of especially excited process very given Archer about in think definitely they're and I'm of especially I to how time are. terms what administration the position,

there I they the I they're well remain Hyundai, there help Beta, them on of we're forward certification. But getting great else. really terms job. time we And that look, in going everybody the years only a think in out here and U.S. help think to doing to that, as Eve, have Blades all that I put out with will relationships also, think supercharge And It's looking business. others there. are them the that that from

Our what's on generally, here? flight margin. for margin expansion flight the for question next And is the path Will from is question

in some airport growth then and our that talked the in pricing in and continued great going of the think the margin about passenger already exit the to Europe restructuring drive business, Western up. I flight that's market Canada started that we've like levers we to of passenger pull including some and products

as side, we're to aircraft, us. now, producing in the going the flights some revenue middle every more announced there big we're owned onboarding as we fortunate we X now the for that we medical near-term of could buying we'll fly. that be less the us. more to add that of for of We're little leverage create aircraft That's and which grow benefits And just costs, a But fleet. flight fixed less the little a we does more term, lot the bit hours. in lumpiness yet that a as costs are get not cost of On the bit long be it more one hour fly having more

on adjusted we And path there's the margin few to that. years. teens you're next medical So to going clear segment EBITDA get that's the how to start adjusted that to high really a over EBITDA think

on take Will, and we just don't NRP. Why more, competition one medical

of the you and different thinking devices NRP evolving landscape heart the as how popular? become So like is, more are competitive question about the methods

getting Look, regional about we've of questions really therapy, this. normothermic been It's new a lot a perfusion. exciting

many in versus are we we've XXXX. performing as seen XXXX script, said As transplant of year-to-date the where centers about cases Xx year-to-date volumes NRP year-to-date

see. single-digit about cases. So percentage interesting still to of It's a overall and that's low our exciting really

procurement organization other kind led that's The more, of more we're OPO is and seeing organ we see NRP. thing exciting

NRP So happens after going to on they then OPO then a to rather of and for match the And donor maybe few than do kidney death, centers to liver the seeing donor, time, a it. a bit transplant what being selecting donor. of for center they choose being a particular is use it the driver only And reoffer for other circulatory the we're of they the were that gets NRP accepted. thought

from when largest donors. get that because it they to they're OPOs simply use donors as the to talk percentage the the going that so their folks NRP increasing with, work for see we from possibly their yields they can those of to And as heard some try a we've it's of few goal we to

we're There's help around both to third-party it's early put that providers work said, always days agnostic and customers to a want therapy this bow we've So device there with a no matter like to number And we'll they procedure are it what. this, our of centers. transplant and to whatever OPOs for trying certainly. service easier and We're them support use. the the make with

driver really definitely and of excited of will a available. supply donor future organs the So becoming about more be growing

this team medical medical our been that game only business terms to to believe talks NRP in on as our the add think side. going to, going has that changer. that, hospitals help a I we to the is described that just And of often forward So,

on use take cash. we're is the thinking The allocation about Rob, of how allocation. an is question just and capital to question capital last update on going we're

of continuing be We're terms smart, kind in aggressive uncovering but to prudent, we of opportunities see that here. yet the

We're to we Graham acquisition, sheet I'd transportation. large as You medical side in like the and debt-free happy we order tuck-in very small, have size goals. with at quick accretive X respect and day have achieve to multiple a being and those that balance to we're that day, looking every did in say, both saw single-digit to things the

lot a more to come. be there'll so And

So on opportunities to we're excited medical about the focus be future M&A. the we the see. will again, with respect side on the that And

Operator, So that's and questions. back our, Q&A say, turn over to we'll of end you. the it

concludes may Thank This now you. you participating, and conference you today's call. Thank for disconnect.