February 24, 2025
Vista Global Chairman Thomas Flohr told CNBC the parent of VistaJet and XO is now cash flow positive and he intends to remain majority owner.
Vista Global Chairman Thomas Flohr continued to respond to reports from the Financial Times, Bloomberg, and 9fin about the private jet flight provider’s financial position, need to raise capital, and possible sale of equity.
After an appearance Monday on DubaiEye 103.8, Flohr spoke with CNBC’s Dan Murphy earlier today.
The Financial Times has been covering privately held Vista Global’s finances since a May 2023 story titled “Private jet disrupter: the debt-fuelled ascent of Thomas Flohr’s VistaJet.”
Flohr answered that report to CNBC days later.
Late last year, the financial website 9fin reported that Vista Global sought to raise capital by selling preferred shares.
In January, it reported a deal was getting closer.
Bloomberg reiterated the 9fin report, adding an IPO in the next three years was under discussion.
Flohr seemed to nix a public offering Monday, saying, “Right now, it’s not in the plan.”
Today on CNBC, Murphy challenged Flohr on the FT’s most recent coverage, describing it as “a pretty reputable outlet” before asking the Vista Global boss to comment on its reporting that the world’s third-largest private jet flight provider was down to just $62 million in cash at the end of Q3 2024 and had less than $50 million in equity.
The FT reported that at the end of Q3 2024, Vista Global had total liabilities of $6.081 billion against assets of $6.128 billion, leaving it with $46 million in equity.
Flohr told CNBC, “Year-end, we ended with close to $200 million worth of liquidity, which is December 31st.”
He told Murphy, “We’re not running the company on a quarterly basis. A privately owned company – important is our long-term strength of the company.”
The FT had also noted, “With available capacity on a $230 million revolving credit facility, Vista reported access to available funds of $105 million at the end of September.”
Flohr continued, “We had in 2024 some remaining acquisition payments to be made.”
The founder said, “If we want to draw more liquidity, we could. We don’t see the need just for a quarter end. The end-year numbers that I just told you about basically confirm my point.”
Flohr claimed, “The company is very healthy, has enough cash to run its business and is actually growing the cash now that all the acquisitions are behind us, so cash flow positive post-acquisition payments.”
Murphy then asked if there was a plan to restructure its debt or raise additional capital.
Flohr answered, “We feel very comfortable with the buffer I just told you about for year-end.”
He said, “And the company, from here on, with our given infrastructure, we don’t need to buy new airplanes because the current infrastructure allows us to grow the business by several hundred million dollars of EBITDA, which by definition will grow the cash balance.”
Flohr also waived off any addition acquisitions or new private jet orders.
He said, All the acquisitions are behind us. We took (new) 18 Global 7500 deliveries in 2021 and 2022. They are now fully engaged and flying around the world.”
Earlier today, CH-Aviation reported that Vista Global’s fleet ranks third-youngest among commercial operators with at least 50 private jets.
Regarding the possible sale of preferred equity, Flohr said, “If there is any great financial opportunity for somebody who brings real value to the table, we are always entertaining a potential partner to come into the company.”
He continued, “I own 84% of the company. I will always keep the majority of the company.
Everything else is always a question of the quality of a potential partner.”
When asked again if VistaJet and XO’s parent company needed cash, Flohr concluded, “We don’t need to raise capital.”
Flohr also said he was bullish on the Middle East, particularly Saudi Arabia.
The Kingdom will open its domestic market to foreign private jet operators in May 2025.
Flohr pointed to India for expansion.
Vista Global already has a certificate to operate domestic flights.
See the interview on CNBC here.
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