Strata Critical Medical, Inc. · NASDAQ:SRTA
Strata Critical Medical — Experience Investment — SPAC Merger (March 2021)
49 slides from Strata Critical Medical's SPAC merger presentation, Mar 18, 2021
Slide 1: Blade Urban Air Mobility
ww? SB BLADE URBAN AIR MOBILITY
Slide 2: Additional Information and Where to Find It
Additional Information and Where to Find It Experience Investment Corp.(“EIC”) has filed with the U.S. Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 (the “Form S-4”), which includes a preliminary proxy statement/prospectus in connection with the proposed business co
Slide 3: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “c
Slide 4: Today's Presenters
TODAY’S PRESENTERS 4 Experience Investment Corp. Eric Affeldt Chief Executive Officer • Previously CEO of formerly publicly- listed ClubCorp, one of the largest owner and operator of golf clubs in the world • Previously a Principal at KSL Capital Partners BLADE Rob Wiesenthal Co-Founder and Chief Ex
Slide 5: Blade is positioned to re-shape the air mobility landscape
BLADE IS POSITIONED TO RE-SHAPE THE AIR MOBILITY LANDSCAPE 5 First-mover advantage and loyal customer base have created significant barriers to entry Recognized and valuable Urban Air Mobility brand Captive strategic infrastructure in place today, additional capital will enable further expansion via
Slide 6: 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 transition to EVA tomorrow. BLADE is a global Urb
Slide 7: Genesis
GENESIS 7 Urban Air Mobility was not a consumer offering prior to BLADE • Expensive — typically, using large, inefficient helicopters • Low capacity utilization (6-8 seat helicopters) • Booking done by wire, typically requiring signed and “faxed” contracts and 12-hour notice • Public terminals with
Slide 8: Strategy
STRATEGY 8 Grow our Urban Air Mobility platform by leveraging our: • Network of private terminals • Customer-to-cockpit technology stack • Over 200,000 users and approximately 40,000 annual fliers (2019) • Trusted brand Our proven asset-light model and growing flier base will ensure an orderly and f
Slide 9: How Blade works with its operators on an asset-light basis
Customer Experience Staff HOW BLADE WORKS WITH ITS OPERATORS ON AN ASSET-LIGHT BASIS BLADE Brand Technology Helicopter Operator Pilots & Training Mechanics Hangars Aircraft & Insurance Customer Service Marketing Technology Users Strategic Infrastructure Flier Experience Staff BLADE leases terminal s
Slide 10: Blade Overview
BLADE OVERVIEW 10 Key Business Lines BLADE Airport (e.g., Manhattan to/from LGA, JFK, EWR) Short-Distance (e.g., Manhattan to/from Long Island, et. al.) BLADE MediMobility Rapid Organ Movements for Human Transplant International JVs BLADE India Prior Year 2019A Product Mix BLADE Airport Northeast Sh
Slide 11: Global traffic congestion is a problem and is getting worse
GLOBAL TRAFFIC CONGESTION IS A PROBLEM AND IS GETTING WORSE… 11 Source: INRIX, TomTom, management analysis. Increase in commute time during rush hour vs. drive time without traffic. US Commuters are Spending More Time in Traffic Each Year Outside of the US, Traffic is Even Worse Based on target or c
Slide 12: Blade solves this problem
BLADE SOLVES THIS PROBLEM
Slide 13: Blade reduces travel time and anxiety at competitive prices
15 15 15 10 10 10 180 90 75 30 15 15 15 0 20 40 60 80 100 120 140 160 180 200 Driving Regional Amtrak Acela BLADE Travel Time (minutes) Transfer from City Boarding/Unloading Gate-to-Gate Time Transfer to City 10 10 90 52 7 17 10 5 0 20 40 60 80 100 120 140 Driving Subway/Airtrain BLADE Travel Time (
Slide 14: Massive market for airport in NYC
MASSIVE MARKET FOR AIRPORT IN NYC… 14 Source: Big Three consultancy hired by the company, management analysis 63m JFK Passengers 46m Newark Passengers 31m LaGuardia Passengers 140m Annual NYC Airport Passengers + = + 27m Passengers Between Airports and Manhattan Remove connecting passengers, and pas
Slide 15: Northeast corridor market is even larger
NORTHEAST CORRIDOR MARKET IS EVEN LARGER 15 24m NYC <> Philadelphia 20m NYC <> Boston 9m NYC <> DC 58m Annual Northeast Corridor Trips + = + 39m Relevant Passengers Apply capture rates by current mode of transportation (e.g. – car, train, bus) 1 2 3 4m – 7m Interested, High-Income Travelers $1 to $2
Slide 16: West Coast
WEST COAST 16 188m Southern California 144m Northern California 332m Annual West Coast Trips + = 247m Relevant Passenger Trips Apply capture rates by current mode of transportation (e.g. – car, train, bus) 1 2 3 21m – 34m Interested, High-Income Travelers $3 to $5 billion serviceable addressable mar
Slide 17: Customer-to-cockpit urban air mobility technology platform
CUSTOMER FACING APP BLADE BUILT A CUSTOMER-TO- COCKPIT URBAN AIR MOBILITY TECHNOLOGY PLATFORM BLADE’s asset-light model, high-touch flier experience, last minute booking patterns, and need for frequent regulatory filings required proprietary software that previously did not exist. Our technology pla
Slide 18: The technology backbone for urban air mobility
THE TECHNOLOGY BACKBONE FOR URBAN AIR MOBILITY Seamless Regulatory Compliance Automated Communications Route Optimization + Tracking BLADE’s cloud-based air mobility platform works from customer-to-cockpit Intelligently updates passengers and informs the relevant BLADE Lounge teams to enable real-ti
Slide 19: Strategic infrastructure: private terminal/lounge network
BLADE Lounge East BLADE Aqua Lounge BLADE Lounge Miami BLADE Lounge Nantucket BLADE Downtown LA Rooftop Lounge BLADE Lounge West STRATEGIC INFRASTRUCTURE: PRIVATE TERMINAL/LOUNGE NETWORK BLADE Lounge Westchester BLADE Lounge Pune, India 19 Key BLADE Lounges Note: Additional lounges in Manhattan (Wal
Slide 20: Captive strategic infrastructure in the most important rotorcraft market
20 CAPTIVE STRATEGIC INFRASTRUCTURE IN THE MOST IMPORTANT ROTORCRAFT MARKET IN THE WORLD BLADE has held #1 market share in the New York City area by-the-seat helicopter market since 2015 NY/NJ/CT Airport and Commuter
Slide 21: Strategic infrastructure – current and future
21 STRATEGIC INFRASTRUCTURE – CURRENT AND FUTURE Existing Infrastructure Future Investments & Infrastructure Miami FL Manhattan (4 locations) Westchester NY Philadelphia PA Wilmington DE Southeast NJ Long Island NY Nantucket MA Wall St. East 23rd St. Seaplane Base East 34th St. West 30th St. San Fra
Slide 22: How Blade operators are chosen
HOW BLADE OPERATORS ARE CHOSEN Sikorsky S-76 Bell 407 Grand Caravan EX Amphib ▪ BLADE partners with safety vetted third-party operators to arrange flights for its customers ▪ BLADE does not own any aircraft ▪ Each operator must pass comprehensive safety evaluations including: – In-person audits of p
Slide 23: EVA – Blade's catalyst for growth in urban air mobility
EVA –– BLADE’S CATALYST FOR GROWTH IN URBAN AIR MOBILITY ▪ Electric Vertical Aircraft ▪ Piloted ▪ Quiet ▪ Safe (Engine Redundancy, Fly-by-Wire, limited moving parts) ▪ Zero Emissions (Full Electric Operation) ▪ Lower Cost of Manufacture and Operation – May Take Time To Become Meaningful ▪ 180mph+ cr
Slide 24: Over $6 billion invested in EVA
OVER $6 BILLION INVESTED IN EVA OVER 5 YEARS Tens of thousands of successful flights across the universe of EVA platforms 24 Boeing • Major investments across the UAM landscape including Aurora Flight Sciences, SkyGrid, and Kitty Hawk/Wisk Lilium • $375 million raised • Developed and flown two varia
Slide 25: Regulatory officials are focused on EVA certification
REGULATORY OFFICIALS ARE FOCUSED ON EVA CERTIFICATION 25 Once approved by regulators, EVA 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 EVA Jay Merkle FAA UAS Exec
Slide 26: The Blade brand resonates in the markets we serve
THE BLADE BRAND RESONATES IN THE MARKETS WE SERVE 26 NYC Urban Air Mobility Aspen Northeast Cabin Class Service BLADE West –– Hudson Yards Nantucket BLADE “Safe SUV” Service Amphibious Seaplane BLADE Mumbai BLADE Westchester
Slide 27: Brands partner with Blade
Realty / Finance Beverages Entertainment Hospitality Transportation Fashion Beauty Technology BRANDS PARTNER WITH BLADE BLADE works with partners on a category exclusive basis to amplify flier exposure across BLADE’s suite of services and geographies. Deals are for cash, products, or services in-kin
Slide 28: Blade is positioned for leadership in global air mobility
BLADE IS POSITIONED FOR LEADERSHIP IN GLOBAL AIR MOBILITY 28 BLADE has methodically built the infrastructure, technology and customer base required to seamlessly introduce EVA to our captive vertical transportation markets, creating an irreplicable platform for global expansion Build Platform and Cu
Slide 29: Historical and Projected Revenue
Historical and Projected Revenue $2 $7 $12 $18 $25 $33 $25 2014A 2015A 2016A 2017A 2018A 2019A 2020E BLADE OPERATING METRICS HISTORY – PHASE 1 • Positive gross margin in all years • Expansion from 2014 to 2018 driven by growth in existing core business with minimal contributions from new routes • BL
Slide 30: Illustrative unit economics: West 30th Street to JFK flight
ILLUSTRATIVE UNIT ECONOMICS: ONE-WAY WEST 30TH STREET TO JFK AIRPORT FLIGHT Single Flight P&L Commentary Flight Revenue Six seat capacity per helicopter Less: Landing Fees Fixed landing fees paid to heliports and airports. BLADE enjoys reduced landing fees given significant attributed volume Less: F
Slide 31: Components of EVA operating costs
COMPONENTS OF EVA OPERATING COSTS 31 Given the fixed costs associated with operating any aircraft, along with the need for infrastructure owners to make profits from electricity sales and landing fees, we anticipate that early EVA will produce modest improvements in unit economics Fixed Costs • Airc
Slide 32: Illustrative EVA fixed costs
Assumption Annualized Per Hour Vs. Heli Aircraft Ownership / Lease 12% of $4mm aircraft value / year 480,000 $ 480 $ Insurance 3% of $4mm aircraft value / year 120,000 120 Avionics / Subscriptions Monthly commercial avionics subscription 14,000 14 Pilot Salaries (1) $100k / year salary for two IFR-r
Slide 33: Illustrative EVA unit economics
ILLUSTRATIVE EVA UNIT ECONOMICS 33 Management estimates that EVA will initially enable a modest price reduction on key routes, but will not represent a paradigm shift in the cost of flying initially + (1) Additional pilots and training are required to manage duty requirements depending on aircraft u
Slide 34: Blade projected financial results
$(6) $(12) $(20) $(13) $81 $179 $326 2020E 2021E 2022E 2023E 2024E 2025E 2026E BLADE PROJECTED FINANCIAL RESULTS Revenue ($ in mm) Adjusted EBITDA ($ in mm) Note: Northeast Short Distance includes Hamptons and Charter (excl. Jet and MediMobility); Jet includes Enhanced Aviation; West Coast, Other in
Slide 35: Significant upside not included in financial projections
SIGNIFICANT UPSIDE NOT INCLUDED IN FINANCIAL PROJECTIONS 35 BLADE will be appropriately capitalized to pursue multiple immediately actionable additional areas of growth that are not included in the financial model International Expansion Strategic Acquisitions Operational Upside BLADE India - Launch
Slide 36: Capital needs
Capital Need Description Commentary Northeast Strategic Infrastructure $114mm Actionable acquisitions of heliports and logistics bases in the Northeast where BLADE has current operations Immediate cash synergies from landing fees, fuel savings and repositioning costs West Coast Strategic Infrastruct
Slide 37: A $500 billion ecosystem of mobility platforms and hardware
A $500 BILLION ECOSYSTEM OF MOBILITY PLATFORMS AND HARDWARE HAS BEEN CREATED FOR GROUND TRANSPORT 37 …THE NEXT BATTLE IS IN THE AIR Ground Mobility Hardware $300bn+ Value Creation Asset-Light Platforms $250bn+ Value Creation Air Mobility Asset-Light Platforms Hardware $6bn+ Capital Invested Source:
Slide 38: Detailed transaction overview
DETAILED TRANSACTION OVERVIEW 38 Timing • The transaction is expected to close in 1H 2021 Valuation • Transaction implies a fully diluted pro forma equity value of $825m • Existing Blade shareholders expected to receive 43.2% of the pro forma equity Capital structure • The transaction will be funded
Slide 39: Public comparable universe
PUBLIC COMPARABLE UNIVERSE 39 Luxury brands Asset-light logistics and transportation Recent EV / Mobility SPAC transactions ▪ Aspirational brand positioning ▪ Brand loyalty ▪ Proven pricing power ▪ Sustained product differentiation ▪ Link customers with capacity ▪ Highly scalable, networked solution
Slide 40: Valuation benchmarking
15.1x 8.4x 8.1x 5.4x 4.0x 11.7x 8.4x 7.4x 5.2x 4.9x 2.0x 1.2x 0.8x 13.6x 11.1x 4.4x 1.9x 1.0x NM NM 38.2x NM NM 30.5x 23.5x 18.3x 14.6x 18.8x 15.7x 13.4x 15.8x 32.3x 27.3x 20.3x 28.0x 3.6x VALUATION BENCHMARKING 40 (1) ChargePoint enterprise value based on pro forma shares outstanding and net debt a
Slide 41: Transaction priced at a discount to peer multiples
TRANSACTION PRICED AT A DISCOUNT TO PEER MULTIPLES 41 Note: All mentions of EBITDA refer to adjusted EBITDA Source: FactSet and company filings as of 12/11/2020. $1,135 $657 $1,460 $845 $450 Implied EV based on comparable companies current trading valuations Transaction enterprise value Comparable c
Slide 42: Appendix
BLADE APPENDIX 42
Slide 43: International JV: Blade India
INTERNATIONAL JV: BLADE INDIA Mahalaxmi (Mumbai) – Shirdi Religious pilgrimage route. Shirdi is visited by between 25,000 to 100,000 people each day with the average wealthy Indian visiting 2-4 times per year Flight time: 45 minutes Drive Time: 5 to 8 hours Mahalaxmi (Mumbai) - Pune Business travel
Slide 44: Industry leading health and safety measures
INDUSTRY LEADING HEALTH AND SAFETY MEASURES Los Angeles New York City • 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 interiors pri
Slide 45: COVID-19 has created new opportunities
COVID-19 HAS CREATED NEW OPPORTUNITIES Source: Metropolitan Transportation Authority; Management research 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 pe
Slide 46: Safety
SAFETY Source: United States Helicopter Safety Team 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 2.28 2.97 5.29 6.3 1.05 Commercial GA Helicopter C
Slide 47: Revenue bridge
REVENUE BRIDGE 47 • Northeast commuter routes posted consistent growth and six years of positive gross margin • Introduction of Blade Airport in Q2 2019 accelerated rapidly, running at a 20,000 passenger annual run-rate by year-end • Other ancillary business lines introduced • Brand activations, Med
Slide 48: Adjusted EBITDA bridge
ADJUSTED EBITDA BRIDGE – PHASE 2 AND 3 48 • Blade’s operating model supports profitable operation pre-EVA • Network efficiency will also improve with higher density, suggesting upside to estimates • EVA contribution will be significant – but not required for Blade to be a successful public company •
Slide 49: De-risked financial projections
DE-RISKED FINANCIAL PROJECTIONS BLADE’s plan is focused on low-risk expansion of our existing business and primarily utilizes our existing infrastructure Core Northeast Market Expansion BLADE has operated in the Northeast since 2014 and has flown hundreds of thousands of fliers Existing Infrastructu