Quarterly report pursuant to Section 13 or 15(d)

Segment and Geographic Information

v3.24.3
Segment and Geographic Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment Information

Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) and is used in resource allocation and performance assessments. In addition, per ASC 280, Segment Reporting, paragraph 280-10-50-11, two or more operating segments may be aggregated into a single reportable segment if the segments have similar economic characteristics. The Company has identified two reportable segments - Passenger and Medical, as our Chief Executive Officer, who is our CODM, regularly reviews discrete information for those two reportable segments. The Passenger segment consists of our two product lines Short Distance and Jet and Other. The Medical segment consists of the MediMobility Organ Transport product line. Our product lines are defined in Note 2 — Revenue.

Beginning in the first quarter of 2024, the Company changed its primary measure of segment performance to Adjusted EBITDA, as the CODM evaluates the performance of the segments and allocates resources primarily based on their respective Adjusted EBITDA. Adjusted EBITDA reflects the operational efficiency and core results of our segment, independent of tax implications and non-operational financial factors. Adjusted EBITDA is defined as net loss adjusted to exclude (1) depreciation and amortization, (2) stock-based compensation, (3) change in fair value of warrant liabilities, (4) interest income and expense, (5) income tax, (6) realized gains and losses on short-term investments, (7) impairment of intangible assets and (8) certain other non-recurring items (shown below) that management does not believe are indicative of ongoing Company operating performance and would impact the comparability of results between periods.
The following tables reflect certain financial data of the Company’s reportable segments:
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Segment revenue
Passenger
 $ 38,815  $ 37,995  $ 83,907  $ 83,089 
Medical
 36,062  33,447  110,429  94,613 
Total revenue
 $ 74,877  $ 71,442  $ 194,336  $ 177,702 
Segment Adjusted EBITDA
Passenger $ 5,593  $ 2,777  $ 3,724  $ (2,353)
Medical 3,851  3,346  13,784  8,249 
Total Segment Adjusted EBITDA
 9,444  6,123  17,508  5,896 
Reconciling items:
Adjusted unallocated corporate expenses and software development (1) (5,264) (5,336) (15,916) (17,281)
Depreciation and amortization (1,279) (1,843) (4,432) (5,305)
Stock-based compensation (5,345) (3,330) (15,434) (9,348)
Change in fair value of warrant liabilities (299) 5,719  2,266  3,823 
Realized loss from sales of short-term investments —  —  —  (95)
Interest income 1,764  2,147  5,624  6,178 
Legal and regulatory advocacy fees (2)(3) (165) (217) (427) (640)
Executive severance costs (140) —  (140) (265)
SOX readiness costs (220) (145) (302) (180)
Contingent consideration compensation (earn-out) (4) —  (2,700) —  (5,361)
M&A transaction costs (85) —  (169) — 
Impairment of intangible assets —  —  (5,759) — 
Restructuring costs - Blade Europe (5)
 (483) —  (483) — 
(Loss) income before income taxes $ (2,072) $ 418  $ (17,664) $ (22,578)
(1) Includes costs that are not directly attributable to reportable segments such as finance, accounting, tax, information technology, human resources, legal costs and software development costs (primarily consists of staff and contractors costs), and excludes non-cash items and certain transactions that management does not believe are reflective of our ongoing core operations.
(2) For the three and nine months ended September 30, 2024, represents legal advocacy fees related to the Drulias lawsuit (see “— Legal and Environmental” within Note 11) that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business.
(3) For the three and nine months ended September 30, 2023, represents certain legal and regulatory advocacy fees for certain proposed restrictions at East Hampton Airport and potential operational restrictions on large jet aircraft at Westchester Airport, that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business.
(4) Trinity’s contingent consideration, 2023 was the last year subject to an earn-out payment.
(5) Includes severance, retention, legal and other one-time restructuring costs associated with a reorganization of Blade Europe.
September 30,
2024		 December 31,
2023
Goodwill
Passenger $ 27,412  $ 27,045 
Medical 15,540  13,328 
Total goodwill $ 42,952  $ 40,373 
Geographic Information

Revenue by geography is based on where the flight’s operator is based. Long-lived assets, net includes property and equipment, net and operating right-of-use assets. Summary financial data attributable to various geographic regions for the periods indicated is as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Revenue
United States
 $ 63,282  $ 58,630  $ 166,583  $ 148,620 
Other
 11,595  12,812  27,753  29,082 
Total revenue
 $ 74,877  $ 71,442  $ 194,336  $ 177,702 
September 30,
2024		 December 31,
2023
Long-lived assets
United States
 $ 38,708  $ 13,727 
Other
 14,655  12,656 
Total long-lived assets
 $ 53,363  $ 26,383