Dubai, May 15, 2023: Vista Global Holding (Vista), the world's leading global private aviation group, provides an update on Q1 2023, with high double-digit growth and strong sales momentum in 2022 continuing to prevail through 2023.
The Group has delivered a record first quarter, with high double-digit revenue growth, continued EBITDA margin expansions and continued strong growth momentum for Vista's subscription solutions and services. Record results are underpinned by Program sales, with approximately 9,000 gross annual hours sold in the quarter, up 55% year-on-year. Growth was led by the U.S. following significant investment made, and Program annual hours sold in the quarter doubled relative to the same quarter last year. Strong growth was also witnessed in the Middle East which was up nearly 50% year-on-year, and was the second strongest region for new clients in the quarter. Globally over 50% of hours sold in Q1 2023 were to existing clients, particularly in Europe and Asia, demonstrating the strength and proven endurance of this product.
The growth is sustained by the added capabilities from its 2022 acquisition strategy, which includes full Vista aircraft and service upgrades to harmonize its premium brand positioning across the world. Year to date, now over 200 aircraft are inclusive of silver and red interior standards and VistaJet products. With fleet expansion and upgrades, Vista achieved record revenue with another quarter of double-digit growth and further EBITDA margin expansion.
On May 1, 2023, the Group successfully executed on its refinancing strategy for the year with a new $500m 5-year Senior Unsecured bond. The two times oversubscribed offer attracted overwhelming interest from leading institutional investors and pension funds. This solidifies the positive views from all of Vista groups' credit ratings agencies, including S&P, Fitch and Moody's, which affirmed or upgraded their positions following the Group's 2022 financial audit released in April.
Thomas Flohr, Vista's Founder and Chairman said: "As a Group we have delivered a very strong Q1 performance and continued to build on the great momentum of 2022. Across all markets we continue to see unprecedented levels of demand from existing and new Members, with many more hours being sold to existing Members as well as a large number of new clients asking to join Vista, reflecting the enduring demand of the subscription model across our customer base.
Our Members recognize that we provide the best value and end-to-end experience in the industry. Our asset free, technology-driven solutions meet the need of every private aviation user, and we are fully committed to innovating and advancing our flying solutions across every corner of the globe. Today, we offer more aircraft with our iconic silver and red quality than ever before, and I am pleased with the progress we have made on integrating now one year on.
Vista has a proven 19-year track record of growth and a prudent financial policy which has enabled the Group to build our global infrastructure to support all our valued Members around the world."
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Notes to Editors
Statements in this release are based solely upon information available as of the date of this release, are not a comprehensive statement of the Group's financial results or positions as of or for the Q1 2023, and have not been audited, reviewed, or compiled by an independent registered accounting firm. Thus, the financial information in this release is preliminary, unaudited and subject to revision upon completion of the Group's closing and audit processes. The Group assumes no obligation to update any information contained herein, save for any information required to be disclosed by law.
Vista Global Holding's (Vista) subsidiaries provide worldwide business flight services. A global group headquartered at the DIFC in Dubai, Vista integrates a unique portfolio of companies offering asset free services to cover all key aspects of business aviation: guaranteed and on demand global flight coverage; subscription and membership solutions; trading and management services; and cutting-edge mobility technology. The Group's mission is to lead the change to provide clients with the most advanced flying services at the very best value, anytime, anywhere around the world. Vista's knowledge and understanding of all facets of the industry deliver the best end-to-end offering and technology to all business aviation clients, through its VistaJet and XO branded services and duly licensed carriers. Vista is not a direct air carrier and does not operate or charter flights.
More Vista information and news at www.vistaglobal.com
Vista Global Holding Limited ("Vista") does not own or operate any aircraft. All flights are performed by FAA-licensed/DOT-registered EASA or U.S. certified Vista group direct air carriers and/or partner operators. Vista holds non-controlling minority stakes in XOJET Aviation, GMJ Air Shuttle, JetSelect, Western Air Charter, Red Wing Aviation and Talon Air.
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