Blade Air Mobility, Inc.

Good day, and welcome to the Blade Air Mobility Incorporated Fiscal Fourth Quarter 2021 Financial Results Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded, and I'd like to turn the conference over to Tom Cook, Investor Relations. Please go ahead.

Thanks, Operator, and good morning, ladies and gentlemen. Thank you for standing by and welcome to the Blade Air Mobility Fiscal Fourth Quarter 2021 Conference Call and Webcast. We appreciate everyone joining us today. Before we get started, I would like to remind you of the company's forward-looking statements and safe harbor language. Statements made in this conference call that are not historical facts, including statements about our future period, 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 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 Form S-1 filed with the SEC on May 28, 2021, and the Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 16, 2021, for a more detailed discussion of the risk factors that could cause these differences. Any forward-looking statements provided during this conference call are made only as of the date of this call. As stated in our SEC filings, Blade disclaims any intent or obligation to update or revise these forward-looking statements, except as required by law. During today's call, we will also discuss non-GAAP financial measures, which we believe can be useful in evaluating our financial performance. A reconciliation of the most directly comparable GAAP financial measures to those non-GAAP financial measures is provided in our press release, which will be available on our website. These non-GAAP measures should not be considered in isolation or as substitute for financial results prepared in accordance with GAAP. Hosting today's call are Rob Wiesenthal, Founder and Chief Executive Officer of Blade, and Will Habern, Chief Financial Officer. I will now turn the call over to Rob.

Rob? Thank you, Tom. Good morning, everyone. I'd like to thank you for your interest in Blade and welcome you to our earnings call for the fiscal fourth quarter and fiscal year ending September 30th, 2021. I will start today with a short overview of our results, followed by an update on the progress we have made toward achieving our strategic goals before handing the call over to Will, who will cover our financials in greater detail. We are very happy to report that this quarter and the fiscal year ending September Revenues in the September 2021 quarter increased 144% to $20.3 million versus $8.3 million in the 2020 comparable period and increased 28% versus the pre-COVID 2019 comparable period, results of $15.8 million. For the full fiscal year ending September 30, 2021, revenues of $50.5 million increased 116% versus $23.4 million in fiscal 2020, and were up 62% versus $31.2 million in the pre-COVID period of fiscal 2019. We remain extremely well capitalized to continue this strong execution on our growth strategy, both organically and through acquisition, given our debt-free balance sheet with cash and short-term investments of $305 million as of September 30, 2021. Regardless, we have remained vigilant with respect to our cost structure, with comparable adjusted EBITDA of only negative $4.7 million for the full fiscal year ending September 30, 2021, versus negative $9.3 million in fiscal year 2020 and negative $10.8 million in the pre-COVID fiscal 2019 period. Comparable adjusted EBITDA excludes certain recurring and non-recurring costs paid to third parties associated with our shift to being a public company with a purpose of comparison to prior years when Blade was private. Our strong results in this fourth fiscal quarter overwhelmingly reflected Teams' execution on our organic growth initiatives since our acquisition of Trinity Air Medical was not completed until September 15, 2021. We've continued to make great progress since the September 30th quarter end, relaunching our airport service between Manhattan and Newark Airport on November 15th. Overall airport service passenger volumes have now reached pre-COVID levels of approximately 20,000 flyers per year on an annual run rate basis. Additionally, we announced a long-term agreement with Signature Aviation for a dedicated sub-terminal at Newark Airport through 2028, a critical element to support both our current helicopter services as well as future electric vertical aircraft or EVA service. Upon going public, we committed to you, our shareholders, that we would complete two acquisitions by the end of 2021. I am pleased to confirm that we have achieved that goal with the strategic acquisitions of both Trinity Air on September 15th and Helijet's scheduled helicopter business in Vancouver and neighboring territories on November 30th. Our Trinity Air acquisition makes Blade the largest dedicated air transporter of human organs for transplant in the United States. We are already seeing strong operational benefits in this combination with our existing metamobility business, with the added scale enabling us to offer transplant centers and organ procurement organizations better aircraft availability and lower costs while maintaining the fast, personalized service that has brought Trinity Air and Blade metamobility such consistent success. Most importantly, the pricing, availability, and flexibility we can now offer our hospital partners enables them to accept more organs for transplant. The mission of Blade Metamobility is simple. Increase the number of organs that are available for transplant. We are doing just that, and together we are saving lives every day. Our fantastic momentum in men mobility has continued through the current December quarter to date. We have signed up a number of major hospitals in recent weeks and look forward to continuing to build scale in Oregon transportation. This business is incredibly strategic for us, given the high frequency of Oregon-only last-mile transfers, which we believe will be our first commercial use case for drones as well as EVA. Our acquisition of Helijet's passenger business in Vancouver grows Blade into the largest urban air mobility company in North America. Consistent with our asset life strategy, Helijet will continue to own, operate, and maintain all aircraft. Blade will also gain exclusive access to heliport terminals in Vancouver, Victoria, and Nanaimo, with an option to acquire up to a 49% stake in this important strategic infrastructure. HelloJet has a proven unique ability to offer urban air mobility services at scale today, flying approximately 100,000 passengers in the pre-COVID-19 calendar period following three decades of safe operation. Additionally, Helijet's short flights between 20 and 40 minutes are ideal for the expected capabilities of early EVA designs, making it a perfect fit for our focus on urban air mobility routes that are economically viable today while operationally appropriate for the expected capabilities of the aircraft we plan to use as we transition to EVA once available. In the markets in which Helijet operates, helicopters are a common method of travel across many socioeconomic brackets, with fares starting at only $120. Helijet's ability to make their air mobility flights so affordable today enhances the path to public and regulatory acceptance of quiet and emission-free EVA. Simply put, helicopter transportation is a vital part of Vancouver's mobility infrastructure today, and that will de-risk this market's transition to EVA. Before I turn the call over to Will, I want to briefly address the ongoing COVID-19 environment with the emerging Omicron variant. The health and safety of our passengers and employees is paramount to us. Throughout the pandemic, we have led by example to ensure that our passengers are flying in a safe environment. including by bringing on a chief medical advisor last year. We were the first aviation company to mandate in-flight masking, the first to have pre-boarding blood oxygen saturation testing, and the first to provide on-site COVID testing for our longer-haul flights. This leadership position continues. We were the first aviation company to announce a requirement for all of our flyers to be vaccinated starting this past September 7th with exemptions only as recommended by the CDC. It's an important differentiator versus our competitors on the ground and in the air, and we believe it has led and will continue to lead to increased flyer volumes. With Blade, our health protocols are positioned to scale, and they remain critical to our success. We will continue to mitigate risks to our employees and customers alike. We are also able to adapt quickly to changing requirements mandated by governments in the areas we operate. We are closely monitoring the Omicron virus, but as of today, During the current quarter, ending December 31st, we have not seen a material negative impact to our business. Overall, we have quickly added unmatched scale to our urban air mobility ecosystem, and we believe Blade has now aggregated more customers and infrastructure for the launch of EVA passenger and Oregon transport services than any other company in the world. Most importantly, we are serving these customers and using our infrastructure today with conventional aircraft, building market share, expanding our service offerings, and strengthening our brand while sharpening our operations and customer experience in preparation for a seamless transition to EVA once these aircraft are certified for public use by our partners. With that, I'd like to turn it over to our CFO, Will Hayburn, to discuss our financial results in greater detail.