MinRest

NetJets ceasing to exist wouldn't even move the needle in travel percentage numbers. ANY major airline going under would cause national and international travel chaos. Sorry that the airlines are more important, but it does add to job security.

How many times has Unkie Warren bailed out NJA? Hell NJA wouldn't even exist without Berkshire Hathaway.

hawkerpilot05

Where have you been the last year? World managed to survive just fine without travel to their favorite vacation spot. Freight flew just fine. Socialism is fine to a point, but the constant bailing out of airlines that used all their money for stock buybacks is capitalism at its worst. We should have let another 1 or 2 fail if that is what it would take for a stronger industry.

As for bailing out NetJets, that has yet to happen. What BH does allow is to use them as a guarantee for ultra low interest rate loans and availability of cash. Something that has worked very good for us as we now experience record grow and FDP payout.

Sent from my SM-N986U using Tapatalk

ZebraSpots

I don’t recall the government bailing out airlines like this past year ever…

And I wouldn’t want to get my livelihood and family on it happening in the future WHEN the next furloughs occur.

So far as the past single furlough NetJets ever had…. Totally different management team and strategies.

If a furlough COULD have occurred, certainly it WOULD have occurred in 2020.

Not only did netjets not even consider furloughs, it posted record sales and didn’t take a single taxpayer dime.

Again, I would t feel prions about my company taking taxpayer money to stay afloat if it were me… but call me old fashioned.

Zudd

If only Uncle Warren would buy Alaska?!?

Sent from my SM-G986U using Tapatalk

MinRest

I would ask where you have been the last year. Airline travel basically ground to a halt. Did you happen to look at TSA travel numbers at all in 2020? Funny you bring up socialism, whenever uncle Warren has to step in and help, is that socialism? The 18 billion dollars he had to invest in NJA so they could buy airplanes in 2012? Socialism? These loans will be paid back. Lets not pretend that NJA hasn't received loans and help that it had to pay back to BH...

Also, you are absolutely not seeing record growth. You are hiring which is great, but don't pretend it is record growth. You guys aren't adding jets to the fleet to increase fleet size at a greater rate than anticipated, and you aren't increasing the pilot group size. In fact, the last time NJA saw "record growth" they furloughed after.

If you think the blanket of BH hasn't saved NJA's butt a time or three, you are living in a bubble.

hawkerpilot05

Again, so what airline travel was down? Freight moving by air was and is going insanely nuts. Corporations have found that they can still accomplish things through Teams or Zoom. Sure we were slow for awhile, but we we managed just fine. You seem to lack the difference between government socialism and private investment. The government continues to bailout a industry that is grossly mismanaged. Why should they continue to be bailed out by tax payers? If another airline would have folded, it would have made the industry much stronger and even if not, why should they not lay off and get unemployment benefits? Everywhere I read the benefits are so good no one wants to go back to work.

I am sure you have heard of the K recovery. It is so true. Some are doing it extremely well which is why we are so busy. Corporate travel is down but individuals that in the past that could afford us but didn't, are now signing up. A good percentage of those will stay. The whole Covid thing was what they needed to realize the expense was worth it and airline service is so disappointing. For me, it is the worst part of my job when I go to and from work on the airlines. The airlines should just go all in and be government run or shrink to a size that doesn't need to be bailed out.

NetJets could have taken money, but they didn't, unlike Clay Lacy and Ken Ricci. As for loans for airplanes, you are completely wrong. We have structured our contracts such that we don't take a new airplane until they are sold. Hence why we delayed deliveries last year. Now we are so crazy busy that they are trying to get the jump on hiring as we grow to now 500 airplanes. It is a good time to be at NetJets.

Sent from my SM-N986U using Tapatalk

GeeWizDriver

Um, I’m no Netjets cheerleader but we are actually growing in customers and fleet size. Quite impressively actually. The company should hit 500 airframes by the end of the year.

Productivity gains through FDP, 8&6 scheduling, and free use of extended days have helped reduce pilot count without affecting aircraft availability but we have reached the end of that rope and are now hiring.

You see, there are LOTS of wealthy folks out there that couldn’t see the value proposition and chose airline first class pre-covid. Now, they’ve decided to give Netjets (and Flex, and XO, and WU) a try to avoid the masked, huddled masses on the airlines. And guess what? They LIKE it.

MinRest

Well, define growth. How are more airframes with fewer pilots needed to fly them, defined as good growth for the pilot group? Most events that have the masses fearing airline travel (9/11, H1N1, COVID, etc) makes an uptick in private air travel. Who wouldn't love flying in a private jet instead of airline first class? This will settle back as it always does. Some people will spend the money to fly private, some will revert once things normalize. Glad to see anyone and everyone growing whatever they can grow though.

MinRest

Glad it is a good time to be at NJA. As for the loans, I am absolutely right. The largest aircraft order placed by NJA came in 2012 and the money came from BH, and that money was not a gift

hawkerpilot05

You hit the nail on the head. This what I am seeing too. The airlines will be in a race to all be like Spirit. This isn't a bad thing, but vastly different from what they once were.

Sent from my SM-N986U using Tapatalk