Last year was yet another record-breaking one for Vista, with sales of the group's subscription solutions and services increasing 59 per cent. As the largest on-demand charter provider by hours flown, the group has seen a rapid increase year-on-year of 64 per cent in global flight hours across its operating companies, representing a 57 per cent rise on pre-pandemic figures. Vista already serves more than half of the top 10 largest global companies, with VistaJet and XO reaching over 350,000 clients around the world.
This strong performance is coupled with record-breaking flying hours across both brands, with VistaJet selling over 22,000 annual subscription hours in 2021, an increase of 90 per cent compared with 2020 figures, and the number of members increasing year-on-year globally by 26 per cent, continuing to convert aircraft ownership to the brand's subscription model. Additionally, the group saw a massive influx of business travellers choosing private aviation over commercial flying as uncertainty remains. XO deposit members increased 68 per cent in 2021, and there was a huge increase in technology adoption by members, with 84 per cent of flights generated through XO's marketplace.
2022 has continued apace. On 20 January, Vista successfully priced an offering of $1 billion of senior unsecured notes due 2030 by two of its subsidiaries, VistaJet Malta Finance and XO Management Holding. The offering was more than five times oversubscribed, validating the strength of Vista's business model. The transaction has raised additional liquidity while simultaneously substantially reducing Vista's cost of borrowing relative to its existing senior notes.
Founder and chairman Thomas Flohr says: “2021 has been an incredibly strong year for Vista, and we have delivered all-time record-breaking figures as a result of the huge demand for our subscription, membership and on-demand offerings. There is clearly a paradigm shift in the global client's view of private aviation and Vista's world-leading position has enabled clients across the globe to experience its benefits as a critical mobility solution. Vista's shared economy, asset light and subscription strategy is accelerating this trend.
“We are seeing contract sizes grow significantly across both VistaJet and XO, and we are working around the clock to make sure we have the necessary infrastructure and capabilities in place to ensure the complete flexibility and diversification of our services in the most sustainable way.
“We have added over 30 aircraft during the year, strengthening Vista's more than 200-strong fleet offering. Having a fleet of Global 7500 now fully operational has been a game-changing moment since its launch in 2021, and we will build on its success by adding even more new Global 7500 aircraft to strengthen our global offering by the end of 2022.
“We are continuing to dominate the business aviation world, by evolving and innovating every aspect of our services to provide the most advanced flying solutions at the very best value to our rapidly growing members' base. This is only possible thanks to our expanding team of dedicated and passionate colleagues.”
The continued positive outlook and the long term stability provided by its membership business model provides Vista with certainty to invest in its services. The refurbishment of all VistaJet Global and Challenger aircraft is expected to be completed by the end of this year.
The group continued to make significant progress against its strategic sustainability objectives throughout 2021. VistaJet has been able to offer global access to SAF to all its clients, and it remains confident in becoming the first in the industry to achieve carbon neutrality by 2025.