Strata Critical Medical, Inc. · NASDAQ:SRTA
Strata Critical Medical — Blade Urban Air Mobility — SPAC Merger (December 2020)
45 slides from Strata Critical Medical's SPAC merger presentation, Dec 15, 2020
Slide 1: Blade Urban Air Mobility
~~ SB BLADE URBAN AIR MOBILITY
Slide 2: Confidentiality, Forward Looking Statements and Non-Reliance
Confidentiality, Forward Looking Statements and Non-Reliance These materials are not intended to form the basis of any investment activity, decision or any decision to purchase securities. They do not constitute or form part of an offer to sell or issue, or a solicitation or an offer to purchase or
Slide 3: Today's Presenters
Co-founder and General Counsel and Chief Technology Chief Financial Officer Chief Executive Officer Director Chief Investment Officer Development • Previously a • Previously worked • Previously at Oak company of golf clubs in the Development Previously COO of and at Deustche • Previously at Pryor •
Slide 4: Blade is positioned to re-shape the air mobility landscape
3 4 eVTOL is expected to improve unit economics and existing products • 167 different eVTOL aircraft under development • BLADE is 1 of 1 — poised to benefit regardless of 6 strategic infrastructure secures its leading position in BLADEISPOSITIONEDTO RE-SHAPETHEAIRMOBILITY LANDSCAPE An end-to-end urb
Slide 5: EIC and KSL will fortify and accelerate Blade's growth plan
• ~$13 billion of equity capital raised over 15 years (NYSE:MYCC), led over 60 acquisitions • Made over 40 investments exclusively in the travel & leisure space by Institutional Investor over 30 years, most notably with Ross Aviation billion-dollar M&A exit • Kenneth Lerer (Board Chairman) – Lerer H
Slide 6: Blade is a global urban air mobility platform
BLADE is a global urban air mobility platform Through our powerful brand, user-friendly customer experience, strategic infrastructure, proprietary technology, 200,000 users, and asset light business model, we’ve built a platform which accommodates use of the current generation of aircraft, and a tra
Slide 7: How Blade works with its operators on an asset-light basis
− If we don’t fly, we don’t pay HOW BLADE WORKS WITH ITS OPERATORS ON AN ASSET-LIGHT BASIS BLADE dramatically increases our operators’ volume, revenue predictability, and reduces their fixed costs BLADE buys aircraft time by-the-hour from our operators, covering all costs associated with flights − F
Slide 8: Blade Overview: Key Business Lines
BLADEOVERVIEW Key Business Lines Short-DistanceBLADE AirportBLADE MediMobilityInternational JVs (e.g., Manhattan to/from Long Island, et. al.)(e.g., Manhattan to/from LGA, JFK, EWR)Rapid Organ Movements for Human TransplantBLADE India $402m (1) Calendar year figures. Unaudited management financials,
Slide 9: Global traffic congestion is a problem and is getting worse
9 GLOBALTRAFFIC CONGESTIONIS APROBLEMANDISGETTING WORSE… Based on target or current BLADE urban areas (NYC, Boston, Philadelphia, Washington D.C., LA, San Francisco) 45% - 65% 26% - 40% 4.7mph vs 9.1mph Increase in commute% of total drive timeAverage car speed in during rush hourstuck in traffic NYC
Slide 10: Blade solves this problem
BLADESOLVESTHISPROBLEM
Slide 11: Blade reduces travel time and anxiety at comparable prices
(1) Represents high-end pricing Travel Time (minutes) Travel Time (minutes) BLADEREDUCES TRAVELTIMEANDANXIETY—ATPRICESLESSTHAN ORCOMPARABLETOALTERNATIVES 0:58 – 1:58 faster 5 0 Source: Big Three consultancy hired by the company, management analysis 11 Case study: Manhattan (Hudson Yards) – JFK Case
Slide 12: Massive market for airport transfers in NYC
1 + + = JFK Passengers Newark Passengers LaGuardia Passengers Annual NYC Airport Source: Big Three consultancy hired by the company, management analysis MASSIVEMARKETFORAIRPORTIN NYC… TAM of 27 million passengers per year in New York City alone, with 3-5m passengers identified through surveys indica
Slide 13: Northeast corridor market is even larger
1 + + + = Annual Northeast NYC <> Philadelphia NYC <> Boston NYC <> DC Philadelphia <> DC Source: Third-party consultancy hired by the company, management analysis NORTHEASTCORRIDORMARKETISEVENLARGER $1 to $2 billion serviceable addressable market pre-eVTOL, with nearly 40 million passenger total ad
Slide 14: West Coast market
Southern California Northern California Annual West Coast Trips Source: Third-party consultancy hired by the company, management analysis WESTCOAST $3 to $5 billion serviceable addressable market, pre-eVTOL, with a more than 200 million passenger total addressable market 1188m+144m=332m Addressable
Slide 15: Customer-to-cockpit technology platform
BLADE’s asset-light model, high-touch flier experience, last minute booking patterns, and need Our technology platform combines a comprehensive operator dashboard, automated app providing the company with an ultra-rich data exhaust and the ability to manage thousands Cross-Platform Customer Booking
Slide 16: The technology backbone for urban air mobility
THE TECHNOLOGY BACKBONE FOR URBAN AIR MOBILITY Cockpit Technology Platform Manages DOT Part 380 filing and escrow requirements Drives cost efficiency, increases flight throughput, and • Data exhaust 16 Comprehensive Operator/Accounting/ BLADE’s cloud-based air mobility platform works from customer-t
Slide 17: Strategic infrastructure: private terminal/lounge network
STRATEGICINFRASTRUCTURE: Strategic Infrastructure PRIVATETERMINAL/LOUNGE NETWORK BLADE Lounge East BLADE Lounge West BLADE Downtown LA Rooftop Lounge BLADE Lounge Westchester BLADE Aqua Lounge BLADE Lounge Miami BLADE Lounge Nantucket BLADE Lounge Pune, India Note: Additional lounges in Manhattan (W
Slide 18: Captive strategic infrastructure in the most important rotorcraft market
CAPTIVESTRATEGICINFRASTRUCTUREINTHEMOST Strategic Infrastructure IMPORTANTROTORCRAFTMARKETINTHEWORLD NY/NJ/CT Airport and Commuter 18 BLADE has held #1 market share in the New York City area by-the-seat helicopter market since 2015
Slide 19: Strategic infrastructure: current and future
STRATEGICINFRASTRUCTURE–CURRENT ANDFUTURE East 34th St. Baltimore MD Long Island NY Strategic Infrastructure San Francisco West 30th St. Washington DC Nantucket MA Manhattan (4 locations) East 23rd St. Seaplane Westchester NY Base Southeast NJ Philadelphia PA Wall St. Wilmington DE Los Angeles CA Ex
Slide 20: How Blade operators are chosen
Bell 407 BLADE branded aircraft with “as-new” condition interiors and exteriors – P R I M A R Y A C C E S S I B L E F L E E T HOWBLADEOPERATORSARECHOSEN ▪ BLADE partners with safety vetted third-party operators to arrange flights for its customers ▪ BLADE does not own any aircraft ▪ Each operator mu
Slide 21: eVTOL: Blade's catalyst for growth in urban air mobility
Source: Public filings and management estimates eVTOL –– BLADE’SCATALYSTFORGROWTHINURBANAIRMOBILITY ▪Electric Vertical Take-Off and Landing aircraft ▪Piloted ▪Quiet ▪Safe (Engine Redundancy, Fly-by-Wire, limited moving parts) ▪Zero Emissions (Full Electric Operation) ▪Lower Cost of Manufacture and O
Slide 22: Over $5 billion invested in eVTOL aircraft over 5 years
OVER$5BILLION INVESTEDIN eVTOL AIRCRAFTOVER5YEARS Tens of thousands of successful flights across the universe of eVTOL platforms BoeingAirbusBLADE Investor/Partner • Lead investor in BLADE’s Series B round • Major investments across the UAM landscape including Aurora Flight• Developing airspace mana
Slide 23: Regulatory officials are focused on eVTOL certification
REGULATORYOFFICIALS AREFOCUSEDON eVTOL CERTIFICATION 23 Once approved by regulators, eVTOL adoption will rely on existing infrastructure, FAA rules and air traffic control systems – BLADE’s existing platform provides the expertise, scale and consumer trust to transition to eVTOL Earl Lawrence FAA Ai
Slide 24: The markets we serve
THEMARKETSWESERVE Powerful Brand and 200,000+ User Base THEBLADEBRANDRESONATESIN NYC Urban Air Mobility Aspen Northeast Cabin Class Service BLADE West –– Hudson Yards Nantucket BLADE “Safe SUV” Service BLADE Westchester BLADE Mumbai Amphibious Seaplane 24
Slide 25: Brands partner with Blade
BRANDSPARTNER WITHBLADE Powerful Brand and 200,000+ User Base Beverages Technology Entertainment Hospitality Transportation Fashion Beauty Realty / Finance BLADE works with partners on a category exclusive basis to amplify flier exposure across BLADE’s suite of services and geographies. Uber Disney+
Slide 26: The world has taken notice
THE WORLD HAS TAKEN NOTICE Bloomberg NYC Executives Commuting to Work by Air From Vacation Homes ..,.. Blade's monthly comnmter pas&es fron1Hamptons have so]d out ..,.. Just not com.f:Ortable'' having my fami]y in NY, a cmnmute·says •..................................................................
Slide 27: Blade is positioned for leadership in global air mobility
BLADEISPOSITIONEDFOR LEADERSHIPINGLOBAL AIRMOBILITY BLADE has methodically built the infrastructure, technology and customer base required to seamlessly introduce eVTOL to our captive vertical transportation markets, creating an irreplicable platform for global expansion Phase 1 Phase 2 Phase 3 ‒ 11
Slide 28: History – Phase 1 operating metrics
HISTORY – PHASE 1 airports in Q3), driving significant growth. BLADE Airport operated at a 20k flier/year and MediMobility (launched Q4 2019) coupled with modest growth in BLADE’s core respectively, year-over-year in 2020 (year-to-date March 14, 2020)(1) BLADEOPERATINGMETRICS (1) 2014A2015A2016A2017
Slide 29: Illustrative unit economics: one-way airport flight
significant attributed volume Flight time per trip is pre-negotiated for all key routes.BLADE pays only if we fly ILLUSTRATIVEUNITECONOMICS:ONE-WAYAIRPORTFLIGHT Cost structure is 100% variable on a per flight basis—if we don’t fly, we don’t pay.Given six-seat aircraft capacity and profitability on t
Slide 30: Blade projected financial results
Phase 3 BLADEPROJECTEDFINANCIALRESULTS RevenueNo use of passenger eVTOL assumed before 2025 ($ in mm) Phase 2 BLADE Airport Northeast Short Distance MediMobility, Jet West Coast, Other 2020E 2021E 2022E 2023E 2024E 2025E 2026E Note: Northeast Short Distance includes Hamptons and Charter (excl. Jet a
Slide 31: Significant upside not included in financial projections
SIGNIFICANTUPSIDENOTINCLUDEDINFINANCIALPROJECTIONS BLADE will be appropriately capitalized to pursue multiple immediately actionable additional areas of growth that are not included in the financial model Philadelphia, et. al. and operations to launch commuter services in agencies -BLADE’s increased
Slide 32: Identified investment opportunities
IDENTIFIEDINVESTMENTOPPORTUNITIES BLADE and KSL have identified short-to-mid-term opportunities to invest approximately $300mm to support BLADE’s growth $114mmand logistics bases in the Northeastsavings and repositioning costs $43mmSan Francisco and Los Angelesacquisition routes, cover losses during
Slide 33: A $500 billion ecosystem of mobility platforms and hardware
IS IN THE AIR Source: Public filings and management estimates, value creation based on actual and estimated market capitalization A$500 BILLION ECOSYSTEMOFMOBILITY PLATFORMSANDHARDWAREHAS BEENCREATEDFORGROUNDTRANSPORT …THENEXTBATTLE 33 Air Mobility Asset-Light Platforms Hardware $5bn+ Capital Invest
Slide 34: Detailed transaction overview
Existing shareholder rollover equity Existing shareholder rollover equity $356 $356 Equity Value $825 Shares, 15.2% Shares, 43.2% SPAC shareholder, 27.5M 34 Source: Experience Investment Corp. Letter of Intent. DETAILEDTRANSACTIONOVERVIEW SOURCESUSES Capital structure SPAC cash in trust$275Cash to b
Slide 35: Public comparable universe
PUBLICCOMPARABLEUNIVERSE platform / network 35 Disruptive technology platforms ▪ Transformed legacy industries ▪ Strong consumer brand ▪ Closed and proprietary ▪ Recurring / reoccurring revenues Recent EV / Mobility SPAC transactions ▪ Precedent SPAC combination transactions of companies linked to m
Slide 36: Valuation benchmarking
4.0x Average: 1.3x 0.7x 1.2x 1.0x 0.8x 38.2x 18.8x 18.3x 2.5x NM NM NM 36 presentation and current SBE share price. VALUATIONBENCHMARKING 15.1x 13.6x 11.7x 7.4x 4.9x 2.0x Average: 38.2x 30.5x32.3x Average: 22.3x Average: 14.9x 15.7x13.4x15.8x 3.6x (1) (1) ChargePoint enterprise value based on pro fo
Slide 37: Transaction priced at discount to peer multiples
will have ~$375m on the balance sheet $1,460 ▪ Significant opportunities for spend on $1,135 $450 Source: FactSet and company filings as of 12/11/2020. TRANSACTIONPRICEDATADISCOUNTTOPEERMULTIPLES ▪ 2024E EBITDA is pre-eVTOL ▪Pro forma for the transaction, company $845 strategic infrastructure acquis
Slide 38: Appendix
w S BLADE APPENDIX
Slide 39: International JV: Blade India
to increase our ownership through additional investment INTERNATIONALJV: BLADEINDIA BLADE expands to international markets where we have strong local partners, leading operators, existing heliport infrastructure and compelling value propositions for fliers In India, our Joint Venture is with Hunch V
Slide 40: Industry leading health and safety measures
ETY MEASURES 40 of medical services for large events. INDUSTRY LEADINGHEALTHANDSAF •Stringent health protocols exceeding industry norms, designed by BLADE’s Chief Medical Advisor1 •Includes temperature and blood oxygen saturation screening, as well as electrostatic decontamination of all aircraft in
Slide 41: COVID-19 has created new opportunities
% Change YoY COVID-19 HASCREATED NEWOPPORTUNITIES BLADE has, and will continue to, take advantage of COVID-19’s effects on the transportation industry •COVID-19 has created “Synthetic Suburbs” and reduced seasonality of key routes with more people flying on a less frequent basis •COVID-19 has amplif
Slide 42: Safety
SAFETY All BLADE flights are operated by air carriers certificated under 14 CFR 135 (“Part 135”), which have a superior safety record compared to general aviation (“GA”) helicopters and fixed-wing broadly Accident Rate per 100,000 Flight Hours 6.3 Source: United States Helicopter Safety Team 42 5.29
Slide 43: Revenue bridge
Phase 3 $875 passenger volume, offset by lower pricing Phase 1 H G (2) TAM on existing routes No eVTOL assumed to carry passengers until • E D C $25 • Reduced cost of flying on a per trip basis $33 aircraft routes; longer distance connections (e.g. – growth and six years of positive gross margin giv
Slide 44: Adjusted EBITDA bridge – Phase 2 and 3
Phase 3 higher density, suggesting upside to $81 contribution Note: Existing routes includes existing business lines. ADJUSTEDEBITDABRIDGE– PHASE2AND3 Profitability across multiple business lines and as a result of infrastructure investments ($ in millions) B$326 •Blade’s operating model supports pr
Slide 45: De-risked financial projections
BLADE’s infrastructure and systems are designed to reduction in flying cost is assumed, even though surpass peak historical hourly throughput until 2025 DE-RISKED FINANCIALPROJECTIONS BLADE’s plan is focused on low-risk expansion of our existing business and primarily utilizes our existing infrastru
Blade Urban Air Mobility — SPAC Merger (December 2020) on 6ix