Private Jet Usage by S&P 500 Companies Increases in 2022

Companies in the S&P 500 spent $65 million for bigwigs to use private jets for personal travel in 2022, up about 50% from pre-pandemic levels, with approximately 45% of the largest corporations CEOs receiving aircraft perks, according to Equilar.

By 2018, the financial and operational headwinds became too strong, forcing Bombardier's then-CEO Alain Bellemare to begin shedding key assets, most prominently by selling Airbus the C Series program — rebranded as the popular A220 airline. That was followed by divesting the rest of its commercial aircraft businesses, the Learjet brand of private planes and the railway unit.

Of course, when the entire aviation industry was disrupted — and when commercial airlines started flying again later that year with mandated health restrictions, flight delays and airport chaos — individuals and companies that could afford to buy, lease, rent, or share business jets did, and demand soared. The post-Covid peak numbers are expected to moderate, but the growth continue over the longer-term.

Adjusted EBITDA rose 32% from 2022 to $1.23 billion, while cash flow generation from continuing operations reached $257 million, beating the company's 2023 guidance. "All of that cash has gone to debt retirement, which went from $10.1 billion in 2020, down to $5.5 billion last year," Demosky said.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Sam Altman pushes ChatGPT mass adoption among Fortune 500 companies: ReportOpenAI is targeting big business with its AI tools, including an enterprise version of ChatGPT and text-to-video models. This move puts them in competition with their main backer, Microsoft.
La source: Cointelegraph - 🏆 562. / 51 Lire la suite »

Chile opens 26 lithium salt flats to private companiesNo 1 source of global mining news and opinion
La source: mining - 🏆 449. / 53 Lire la suite »

Jawboning: Examining the relationship between government officials and private companiesThe suggestions from top government officials to private media companies are now under the microscope.
La source: KUTV2News - 🏆 281. / 63 Lire la suite »

Private Companies Exploiting Outer Space: Legal ChallengesThe rapid advancement of technology has enabled private companies to venture into space exploration and commercial activities. However, the legal framework governing these activities is lagging behind. Governments and international organizations must work together to establish a robust legal framework that promotes innovation while safeguarding the interests of all stakeholders.
La source: physorg_com - 🏆 388. / 55 Lire la suite »

Jim Jordan shows how Trump would pressure private companies to do his biddingJa'han Jones is The ReidOut Blog writer. He's a futurist and multimedia producer focused on culture and politics. His previous projects include 'Black Hair Defined' and the 'Black Obituary Project.'
La source: MSNBC - 🏆 469. / 51 Lire la suite »

Vets fret as private equity snaps up clinics, pet care companiesPrivate equity’s foray into the human health care have been blamed for increasing prices, slashing services and shuttering hospitals to maximize profits — and veterinarians say the pet health…
La source: mercnews - 🏆 88. / 68 Lire la suite »