All right. I think we're live. All right. So great. Stephen Ju from the UBS US Internet team. To my right is Rob Wiesenthal, who is the CEO of Blade. So welcome back to the conference. Thank you. Thanks for having us back, Steve. Awesome. Awesome. So I mean, we've known each other a few years now. And I think when I first saw the company, it was immediately, oh, you know, the helicopter ride to the airport, right? But I think you guys are in a bit of a different place now in terms of the different business lines. So can we elaborate on what you guys are doing now? Sure. I mean, there's definitely been a significant transition in our company. When we went public, it was clearly we created, we believe we've created the most important ecosystem for enabling urban air mobility. So that's infrastructure, technology that goes from consumer to cockpit, staff, operator relationships, safety, routes, the brand, customers. And now flying more people by helicopter than any other company for passenger purposes, where our core markets are in Northeast United States and all of Southern Europe. And so we have that there. And what we've done is, because we are number one, either have 100% market share in a lot of our key markets or leading market share, we're focused on prudent, profitable growth. And so, in fact, when we gave guidance last year for 2025, we said we want the passenger segment to be profitable. We actually did that over a year earlier. Now it's that last quarter. So we didn't want to see any kind of drag on the company. We wanted to know that people know that we can do that on a profitable basis. So when I take a look at passenger, which is terrific, and I think we got the strongest brand in the world when it comes to vertical transportation, we are well poised to take advantage of what we call EVA, Electric Vertical Aircraft, or you may call it eVTOL, when it's commercialized. But until then, we are not going to tolerate any kind of drag on cash flow. Right? So in that, so we're kind of looking at a modestly growing business there that's profitable. But when EVA is here, which we expect kind of Q4 2025, we're hearing from the manufacturers for Middle East, and then kind of maybe Q4 2026, that is the big unlock. That is the point of time in which we are going to have the ability to have more landing zones. And that unlock is quiet. Because, as you know, from flying us, a lot of vertiports are in tertiary areas. They're underwater. They're in industrial zones. And we need to have more density of these landing zones, especially in our key metropolitan markets, where we talked about this before. We got 28 million people going between Manhattan and all the airports on both sides. So we got that business. And now we have this fantastic medical business that has grown from $15 million to $150 million in just a number of years. So it's three years, actually. And so that's just a tremendous growth driver to the company. We're the largest air transporter of human organs in the United States. There's great synergy. They do enable each other, but they don't require each other, so clearly, we built the organ transplant transportation business on the back of the company we had. But they're now pretty much run separate. They're out here in Arizona. However, the same helicopter you fly to the airport at night is probably doing an organ mission, which gives us economies of scale with our operators and such. But it's mostly jets. We still are an asset-light business. Overall, 10% of our missions for both passenger and only 10% of our business in passenger and medical are on owned aircraft. We own about 10 jets, and that business, because of technology, is just growing rapidly. Yeah. So entire humans or parts of humans, right, can be flying the aircraft. I like it. Yeah. So. Not exactly the way I would put it, Stephen, but yes, that's fine. Yeah. So talk about the synergies there. Because when I first saw you guys, it was the passenger business. And I would have never thought that the organ business would have been the next sort of route there. So talk about. We started that because we had some of the greatest hospitals in the world between NYU Langone, which was our first client, and Weill Cornell, NewYork-Presbyterian, so many terrific hospitals. We started out with helicopters. Then we moved into jets. Then also doing it to ground. We were lights and sirens, SUVs. We are heart, liver, and lung for the most part. But we've just started moving kidneys, what we call above the wing with a courier. Those can live out of the body for over two days. So you can use conventional transportation. We're also even doing organ matching services where we augment the staff of hospitals so they can make judgments on organs that are now available. This is a billion-dollar addressable market in terms of the core market that we have on the air side, probably high 20s. And we're just growing on the ground side with moving tissue samples in addition to organs and blood samples, and we're gaining market share. New hospital contracts. We recently signed two high-volume hospitals, so we are taking market share at a cadence that I'm really pleased with. We've got pricing escalators, and most importantly, it's the technology, so while you have growth in organs that are available, you're also having perfusion devices that allow organs to live out of the body longer, and we are paid by how long these trips take, so perfusion devices, just in a number of years, have dramatically lengthened the amount of distance of trips, which means there are more organs available for transplant. You're having more great stories and successful transplants. Also, in terms of techniques, the patients that are suitable for organ transplants have increased from a therapeutic perspective. Also, the procedures like NRP, where, with donor cardiac death, typically, organs are not suitable for transplant. When that procedure is done, you actually are repairing the organ. That organ used to not be available for transplant. Now it is. This is new. This is something we really didn't see three years ago. When you compare it to other methods, we're talking about. This could be a $3,000 or something at no cost if they have the right technicians. Whereas, perfusion, there are lots of competitors, which is great. Because remember, our deals are with the hospitals. We basically contract with hospitals. We have pricing escalators. We have 100% market share when we contract with these hospitals to move their organs for transplant. No matter what device they want to use, we are available for them. We're moving all of them. Okay. So let's talk about the multiple vectors. Just based on what you're talking about just now, there's multiple vectors for growing the organ transplant business. So if it's a billion-dollar TAM and you're talking about $20 million thereabouts, I mean, that is still a very small part of the overall. And I would imagine the market's very fragmented. Yeah, 20%. Yeah, 20%. Yeah, 20%. 20%. 20% in the businesses that we're in right now. Okay. So there's still the rest of the 80% left to go. So that's a lot of white space in front of you. Correct. So one of the vectors would be adding additional hospitals to the mix, right? And help me out with a nuance here. There are certain organs that you were able to do before, but with the rise of certain types of technology, those organs which were not transportable before are now becoming more transportable over greater distances. Correct. Right? So. Again, we're paid on the distance, especially on the jet business, right? You have perfusion, where there are a bunch of different competitors, which allow the organs to live out of the body longer, heart, liver, lung specifically. We did the longest trip with organs with a company called Paragonix that went from Alaska to Boston. Obviously, something that you would never think about. Then, as I said before, something we didn't see before in terms of NRP procedures to be able to have organs be suitable after cardiac death, which typically that was rare, especially for hearts and lungs. That has really we've seen a real big amount of growth in recent years in terms of that procedure really enabling that. I think you may have seen that we announced a deal with OrganOx. They have a device called Metra. And that is a perfusion device. And we have an alliance with them. Right now, those devices are being moved on the ground. And we're facilitating that. And moving forward, it's a priority for us and OrganOx to actually perfuse in air. You can move the devices in the air. But in terms of perfusing in the air, that's something that's to come. And competing devices are $100,000. It It could be $100,000 for you. So this is a lot less. And cost is important. And I should probably point out that one of the publicly traded perfusion device companies recently said, I guess, in a conference that the OrganOx device does not fit in their plane. Well, it certainly fits in our planes. So we're excited about that. And there's going to be a lot of growth there. I mean, as you said, it's multiple vectors. And then also the organ matching service. We could be getting into an organ recovery ground. And then beyond that, what I hope to do is come here next year and talk about not so much this medical company that we have being a medical company, but really it being an asset-light logistics company that moves time-sensitive critical cargo, where your first vertical is medical. Then we move on to kind of 24/7 manufacturing where people need parts, what they call AOG, aircraft on the ground where parts are needed immediately, radioisotopes. So if you think about it that way, now you're talking about a TAM that's very, very different. And then at the same time, we have our passenger business, that because it's profitable and we got the kind of market share and the brand recognition, we grow in a prudent and profitable way. And then when electric vertical aircraft are here, that unlocks the kind of growth that you and I have been excited about for a long time. Got it. So last part on the medical business, this was effectively a startup that lived inside your business for a while now. So can we expect this business to start contributing more meaningfully to the overall operating profit of the company? It is the biggest. It is the It is the biggest. We're talking about $150 million in revenues versus shy of $100 million on passenger and really significant cash flow. Then on the passenger business, we just turned the corner on that. Because of restructuring that we've done in Canada and Europe, once that we have a full year through that, you're going to see a multi-million-dollar improvement on the passenger side. Yeah. Got it. Now, you touched on this earlier in the call, earlier in the conversation, but eVTOL, right? So that's been something that we've been talking about for a while now. But can you remind us what that does for you? And I think 4Q25, 4Q26, when do you expect, I guess, what's going to be the, I guess, the more mainstream commercialization of that technology? Sure. Well, again, I think we spent a lot of time with the leading OEMs, very excited about what the top guys are doing. There's clearly been a shakeout with a number of companies going under and other companies having to deal with what you may call coercive financings. And again, we can literally de-risk and accelerate the go-to-market strategy for any of these top guys, right? Because it's one thing to build a machine, but to be in these cities and have the relationships from a public policy perspective, to have this infrastructure that a lot of times is proprietary, to have the brand, the passengers, the know-how, the logistics, and even the data exhaust of how people fly, when they fly, and what the pricing is, that's tremendously valuable. And so again, when I think in kind of Q4 2026, it may be a little bit more performative. You'll see it in New York City. They'll be flying to the airport, likely for some of the manufacturers to get bugs out, things like that, and see how the people react. But we're in the wild right now. So we have so much information about how people transfer. When you think about the Blade experience that you did going to the airport, from being marketed to, to going on the app, to going through one of our lounges, being put in the aircraft and headsetted and the logistics associated with that and getting you to your terminal, the only thing that's going to change for the passenger is that you're going to be in a quiet aircraft that is emission-free, hopefully be a little more comfortable. But it's still going to take about five to 10 minutes. And then over time, when people see they're quiet, you have the ability to open more landing zones. And what stands between us and substantial growth, the kind of exponential growth that I want to see in this business that others believe is really happening too, it's going to be opening more landing zones. Because you're not going to get community buy-in unless they're quiet. And I think that's really going to happen. And if you're really thinking about it, we spent a lot of time with leaders in New York City, both in the private and public sector. If you want to be City 2.0, you better have an urban air mobility strategy. So you think about New York or any major metropolitan area, you got kind of different layers. You got underground with subways, on-ground with cars. At the top, you have commercial aircraft. And that middle layer is urban air mobility. And that is really starting to come into sight. And I'm excited about it. And when it is here, that's when we'll have this window where the EVA or eVTOL manufacturers are using our infrastructure, others' infrastructure, but probably going in or around a Blade terminal. And then you'll see those new landing zones a couple of years later. So you touched on this. But the other stakeholder here is some sort of regulatory body from the government who are going to say yes or no to, I guess, eVTOLs landing in certain parts of the city. So is that in process right now? Is the government becoming increasingly comfortable with different zones and different paths, I guess, for flying over different parts of the city? Yeah. Well, I think the way I look at it is I'm going to take a company like Joby, for instance. I think that their speed to market, they've been doing this for a very, very long time, very well-positioned, well-capitalized. What they need to do is get through the certification process. That is what, to me, is what's really taking a lot of the time. And I think the recent renewed interest in EVA is because there's a view, which I share that in this incoming administration, that that regulatory process will be streamlined. And that means a go-to-market strategy that could be significantly earlier or slightly de-risked in terms of what that timeline is. Okay. Is it the federal government or is it EDC? Yeah, that is the FAA. So again, I don't think you're going to be seeing autonomous anytime soon. I think these are going to be using conventional airspace and kind of squawk and talk on radios. New York City is the most complicated airspace in the world. It's also the biggest opportunity, but you got a lot of airports, a lot of things in the air, and they're going to be using this conventional system that we have. Over time, if you really want to get to something where you have just massive scale like the way it was talked about years ago and one day may be here, that's going to require a change in the air traffic control system, but I don't see that in the midterm right now. Got it. Now, we talked about potential exponential passenger growth. So right now, I have to go to certain pickup departure locations out of Manhattan in order to go to the airport. But now you're talking about a situation in which I could go to the nearest skyscraper, I suppose. Well, yeah. I I mean, not necessarily be a skyscraper. But I think that's what we've learned about our business is that, I mean, it's clear. If you can just leave your building and walk two blocks to a Blade terminal, that's much more attractive than jumping in an Uber and going to a Blade terminal. So we have what we like to say is dead spots where the product doesn't necessarily make perfect sense for people. There are always going to be a lot of people who just want to be in the air and don't want to deal with traffic. And they like that. But in terms of people who are just looking at the time value difference, we can see the hotspots are relatively close to our heliports. So when I look at even just Manhattan, the biggest vertical transportation market in the world for passenger, you got East Side, you got West Side, you got Blade East, Blade West, Wall Street. If we had anything in Midtown, south of Central Park, north of Port Authority, I really think that'd have tremendous growth just in New York City for intra-Manhattan travel in addition going from Midtown to the airport. And that's something you need to see in a lot of different cities. LA should be the greatest helicopter market in the world. There is no place to land. When there is EVA, I'm confident there'll be a number of strategically located vertiports in time that will bring that business that currently is here on the East Coast to the West Coast. It's probably too early to prognosticate. But what do you think the price of a ride to the airport will be versus what it is now? After After this technology becomes mainstream, do you think it'll be lower or? I think no question. I mean, I think what's interesting is that what we found is that we obviously started out as extremely high-end brand, and now we're competitive with Uber Black going to the airport. In peak times, we even beat UberX. You can fly for as little as $195 or $95 with an airport pass, but also what we're finding is that real pricing power in the sense that people want other things. They want flexible fares. They want additional luggage. They want a connected car on the end, so we're seeing average prices north of 300 bucks, but when these aircraft first come out, it's probably going to be similar in price, but you got to think that there's a lot less moving parts in these aircraft than in a helicopter. Over time, once that gets all the bugs get figured out and we understand the maintenance schedules and what the issues are, they're going to go down dramatically. I can't give you a time frame. That's really more on the OEM side. But also, so I think that at the start, it's probably relatively similar, maybe slightly less than we have here. But also, don't forget the number of seats. Weight is critical. Right now, we're moving six passengers per flight. We break even at about less than two per flight to the airport, 1.8, I think. And a lot of these aircraft are only four seats. We'd like to see six seats. And so that impacts the economics beyond the fact that the aircraft itself may be cheaper to operate. Yeah. Do these aircraft also require, I guess, special pilot licensing? Or is that something that we need to figure out over the course of time? You may notice that Joby just got approval for a flight school. Yeah, it's going to be very different than flying a helicopter. I think it's going to be much easier. There's going to be a lot more redundancy. I think ultimately, I think that makes it for kind of wider breadth of the kind of pilots who are suitable for flying. It's going to be very different than flying a helicopter. Got it. All right. So switch gears to the profitability side of things for your passenger business. So I think there was a pretty important milestone on the profitability side. So can you talk about the key drivers? I know you touched on this a little bit earlier. Sure. Yeah. I think on the short-distance business, we have a target of about usually 30% flight profit margin. And those are kind of close to a gross margin type. That's where I put it, more of like a gross margin. And I think that kind of single-digit growth in revenues. But however, on the medical side, which we just see so much opportunity right now, we see double-digit growth on medical. And at this point in time, it's really right upon us. And that's kind of without moving into some of these other verticals when you're thinking about time critical, the non-medical stuff. And on passenger also, you haven't seen, as I said, the full impact of the restructurings that we did in Canada and in Europe. And so again, profitable growth. Not going to be a drag. There's no need to kind of grow at all costs. We are here. It's an index play on any of the OEMs because you don't know who necessarily is going to win, and we need the right aircraft for the mission. In the beginning, there's going to be a portfolio. You'll probably have this cohabitation phase of helicopters and EVA. Some EVA won't go too much distance, and you have helicopters that may need to take more weight, and definitely, you're going to need that kind of portfolio. I think that right now, about 10% of our flying are on owned aircraft or asset lights specifically on passenger because it gives us the most flexibility, deals with seasonality. Part of the reason why we were very profitable even during COVID on the passenger side, on a flight margin basis, that is. On medical, we're kind of tapped out on planes, on jets. We're just constantly flying on medical. I'd love to see some of those do some missions on the passenger side. But right now, medical is a priority. And I think one of the things we haven't touched on is our capital structure and balance sheet. We have about $140 million of cash. That cash is earmarked for kind of tactical tuck-in acquisitions on the medical side in addition to potentially adding more owned jets. We like this flexibility of having some owned, some not. A lot of the hospitals, frankly, want to see us own jets. They want to even talk to us. So it's been a good thing for that. If we didn't have them, I'm not sure we'd have the kind of growth in business and new contracts that new hospitals would take market share if we didn't have those. But when we add an additional plane, that's an incremental 30% incremental ROI on our core business. Because the more you fly, your costs go down. And because it's growing, it's a real driver of profitability. Yeah. Let's go back to potentially some of these tuck-in acquisitions, especially on the organ delivery side. I mean, you're now at 20% market share, I guess, in the areas where you operate. I mean, your competitors, I would imagine this is a very fragmented market. Yeah. I mean, we're pretty much competing with exception, mom and pops. That's how we started the business. And we're able to strategically locate aircraft and teams and sometimes ground near a hospital, which allows a bunch of great things. It's better outcomes because you can scramble an aircraft quickly. It's reduced repositioning times, which creates better economics for us and for our hospital partners. And so that's really where the mom and pops are much more the competition. And I think that in terms of tuck-in acquisitions, we recently did a deal for a ground company that serviced a lot of our hospitals. So that's really important. When you think about grounds, it's not only moving organs, but it's also tissue samples, blood samples. That is a growing business for us. We see when we purchase one of those vehicles, you can pay back in three or four months potentially. So it's definitely been a strong business. And then also beyond that, this organ matching program where we're helping augment staff and hospitals to basically, when donors come up, they can make the assessment whether it's right for their patients. And then also kidney, which is something we were never in before. And moving kidneys above the wing by courier to make sure they get there. And there are no mishaps. That's what we're good at. Okay, so why wouldn't a hospital sign up with you to be exclusive? Is it just a matter of having a bigger presence in that area? Or what's the impact? Well, I think that hospitals really, especially if you have a real meaningful program for transplant, you want a dedicated provider. You want to be integrated. You want to use our technology stack. You want to see chain of custody. You want visibility. You want a team you know. And you want aircraft that you can get on demand. You don't want any issues. Right? And there always can be issues in anything you do, especially in aviation. But you want to mitigate those. And you want someone who provides you with redundancy, transparency, and kind of 24/7 service. And then because of their scale and we can move aircraft to those locations, there is no substitute. They do not want to be looking at a Post-it note and trying to find some guy with a jet who can kind of figure this out. This is all we do on the medical side. Okay. So you're talking about double-digit growth potential for the organ business next year. What are the underpinning drivers to kind of get you there? Is it just going to be more? Going forward. I mean, I think, look, a lot of this is going to be taking market share. It's going to be longer distances, for sure. It's going to be continued expansion and ground. It's going to be organ matching, more of the kidney. And then also, the more these perfusion devices, especially the lower-cost perfusion devices like OrganOx and others are used, those are longer distances. There's more growth there. And then also, we talked about NRP. Again, those organs that were previously after donor cardiac death, those were unusable. They're now usable with NRP. And that's something, again, we haven't seen that we started seeing that three years ago. And so there's lots of different drivers of where we see the growth arm. And then on the therapeutic side for patients, there were a lot of patients who typically were not suitable for a transplant on the receiving end. And that's improved too. So we just kind of see, as you said, from use your term of art, all vectors. Okay. Got it. Now, let's fast forward one year. 2025, we're sitting here on stage again. So what do you think we're going to be talking about that you have been able to accomplish in the trailing 12 months? I think that we'll be coming back here and talking about medical as one vertical and an asset-light critical cargo logistics company, time-sensitive things like those verticals we have, so as opposed to just thinking about medical, we have this incredible platform, and what else can we layer on it, and there's so much to do. We've already started in terms of really doing the hard work to make that a reality, and we'll be talking about that, and I think there'll be a lot more clarity as to when we will have the kind of relationships with the OEMs to kind of hopefully together accelerate the go-to-market strategies and reality of getting people to fly immediately. Got it. All right. Looking forward to tracking your progress in the coming year. And thanks for joining us again. Thanks for the time, Stephen Ju. Take care.