Blade Air Mobility, Inc.

Good morning and welcome to the Blade Urban Air Mobility, Inc. Fiscal Second Quarter 2022 Financial Results Conference Call. All participants will be in the listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star 10-2. Please note, this event is being recorded. I would now like to turn the conference over to Mr. Ravi Jani, Vice President of Investor Relations. Please go ahead.

Thanks and good morning. Thank you for standing by and welcome to the Blade Air Mobility Conference call and webcast for the quarter ended June 30, 2022. We appreciate everyone joining us today. Before we get started, I would like to remind you of the company's forward-looking statement in 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 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 the risk factors that could cause these differences. Any forward-looking statements provided during this conference call are made only at 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 may be useful in evaluating our financial performance. Reconciliation of the most directly comparable GAAP financial measures to those non-GAAP financial measures is provided in our earnings press release, which will also be available on our website. These non-GAAP measures should not be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Hosting today's call are Rob Wiesenthal, Founder and Chief Executive Officer of Blade, Melissa Tomkeel, President, and Will Habern, Chief Financial Officer. I will now turn the call over to Rob Wiesenthal. Rob? Thank you, Robby.

Good morning, everyone. I'd like to thank you for your interest in Blade and welcome you to our earnings call for the second quarter ended June 30th, 2022. I'll start with a few highlights from the quarter. Our financial performance in the second quarter was once again well ahead of our expectations. Revenue in the June quarter increased 175% to $35.6 million versus $13 million in the 2021 comparable period, contributing to a record quarter for both revenue and flight profit, and establishing total revenue of $62.3 million for the first half of this year. We are seeing great performance across the broad portfolio of diverse aviation businesses that we have built and acquired since our inception. On a pro forma basis, assuming we had owned Trinity Air Medical and HelloJet's scheduled passenger business in the prior year period, Organic revenue growth would have been 87%. As you can tell from this figure, the benefits of the Blade platform are paying dividends across our divisions, both old and new. This is a testament to our ability to aggressively and efficiently integrate our acquisitions. At Blade, M&A is a core competency. Let me walk through a few highlights from the quarter. In our metamobility organ transplant business, we're making great progress in terms of new client acquisition and are now serving 59 transplant centers and organ procurement organizations. We remain the largest dedicated air transporter of human organs for transplant in the United States. By leveraging the combined buying power of the entire Blake customer base, both consumer and medical, we provide better pricing and reliability for hospitals in a way that few others can. Expect us to continue rolling out our great service and capabilities to even more clients in the coming months. We have also made great strides in short distance as well this quarter. I'm pleased to report that our Vancouver business returned to profitability following the impact of Omicron, in the first quarter, while Blade Airport, connecting travelers between Manhattan and New York area airports, showed significant improvement in utilization with its current passenger run rate well ahead of pre-pandemic levels. And the introduction of dynamic pricing has also driven further revenue growth. As a result of the strong demand for Blade Airport, in June, we announced the launch of an additional route between the east side of Manhattan and JFK. Average seat prices increased across the short distance route portfolio, contributing to significant growth in flight profit, while pricing and customer demand has remained equally strong in the third quarter to date. More than anything, this quarter demonstrated the resilience of our flyers and the enduring value proposition of our services. From our Blade Airport business, starting at $195 per seat, up to our commuter business with seats up to $1,100, we have seen unwavering demand for our short-distance products, even following price increases. Given the flexibility of our Acid Light model, the unique resilience of Blade's short-distance flyers, and the essential nature of our metamobility organ transplant services, we believe Blade is well-equipped to thrive even in a potential recessionary environment. We're also well-situated to combat inflationary pressure. In our consumer-facing businesses, pricing has more than offset cost increases, while our metamobility contracts generally pass through fuel. At the same time we've been driving growth in revenue and flight profit, we've driven efficiency from our other operating expenses. Total SG&A, which includes software development, general and administrative, and selling and marketing expenses, continues to decrease as a percentage of revenue down to 42% this quarter versus 83% in the prior year period, demonstrating the powerful leverage of our platform. Simply put, we have built a diverse and defensive set of businesses with significant growth potential in almost any economic environment. Let me take a moment to focus on this important point. Based on the current third quarter performance to date, we are seeing both consistent strong demand and price elasticity in our consumer business. At the same time, our medical business is enjoying continued growth and remains uncorrelated with the vagaries of the travel industry or the overall economy. Finally, I'm excited to welcome Roshin Branch to our team as our Chief Marketing Officer. Roshin joins us from Equinox and has prior international experience at AB InBev and Diageo. We look forward to having Roshin lead our marketing efforts as we expand our presence to three continents. I couldn't be more happy with how we are positioned. And with that, I'll turn the call over to Melissa to provide you with an update on Blade Europe and a few other focused areas.