Vista CFO Champions Subscription Model: The Path to Asset-Light Business Aviation

As companies experiment with new pricing models, Vista Global's CFO Charlotte Colhoun remains committed to her aviation company's subscription-based approach. She believes this model not only creates unique value for clients but also builds a competitive moat that is difficult to replicate.

The privately held company, founded in 2004 by Swiss businessman Thomas Flohr, operates a fleet of around 200 aircraft flown by its own pilots and cabin crew, providing global travel services to executives and high-net-worth individuals. Vista is headquartered in Dubai, with operational hubs in Malta and Columbus, Ohio, USA. Colhoun says the company targets the gap between 'on-demand charter' and 'full aircraft ownership' in the high-end aviation market.

Unlike single charters, Vista signs long-term contracts with clients lasting 3 to 5 years. Colhoun notes that this arrangement provides clients with certainty in flight scheduling and costs, while allowing companies to account for aircraft usage as operating expenses rather than making a large one-time capital investment like purchasing a business jet.

"Would you want a business jet on your balance sheet? Perhaps not, and what we offer is essentially an asset-light solution," Colhoun said in a recent interview with CFO Dive.

At the same time, this business model directly improves the company's profitability and strengthens its competitive advantage. Colhoun cites that a 'fairly good super-midsize aircraft' can cost up to $80 million, while corporate-owned business jets often fly fewer than 250 hours per year, tying up significant capital.

In contrast, Vista's fleet averages over 1,000 flight hours per year, meaning the company can spread capital costs over a longer usage period. "On an hourly basis, our capital cost allocation efficiency is four times that of ownership," Colhoun said. "From a client value perspective, this allows us to offer highly competitive pricing—we pass this efficiency dividend on to clients, enabling us to compete effectively in the market."

Colhoun reveals that the prices clients actually pay for flights vary widely, reflected in contract terms typically ranging from 3 to 5 years. According to the company, hourly rates for flying on Vista aircraft generally range from $12,000 to $25,000. Contract pricing depends on various variables, including aircraft model, the client's global route needs—Vista's flight network covers over 200 countries and territories—and the predictability of the client's travel demand.

She cites an example: a Formula 1 racing driver can typically confirm their race schedule a year in advance, allowing Vista to offer a more competitive rate; whereas clients with more sporadic travel plans may pay higher fees.

Regarding fuel cost fluctuations, Colhoun says the company adjusts pricing annually based on inflation, while contracts explicitly allow for monthly adjustments to fuel surcharges. "We have appropriate protection mechanisms built in," she says. The core structure of contracts has remained largely stable over the years, and transparent communication has helped the company avoid disputes. "I must say, especially during periods of significant market volatility, that is precisely when the value of our business model is tested."

According to her LinkedIn profile, Colhoun has served as CFO of Vista Global Holding for over three years, having previously spent about a year as Chief Investment Officer at the company. She is a chartered accountant and early in her career spent eight years at PricewaterhouseCoopers.

Colhoun admits that becoming CFO was not her original career goal, nor did she expect to enter the aviation industry. But she enjoys the challenges the role brings, including leading an internal financial talent development program that offers young professionals growth opportunities through rotations across different departments of the company.

"Being the head of finance is a whole new set of challenges, requiring the development of new skills and the exploration of new opportunities, and perhaps that is what I love most about Vista," she says. "We often find ourselves in uncharted territory because we don't fully belong to one specific industry or sector."