WEBVTT - Flexjet CEO Mike Silvestro Talks Private Aviation

0:00:02.400 --> 0:00:07.040
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

0:00:07.080 --> 0:00:08.800
<v Speaker 2>Tomorrow, Carol, I'm going to do what millions of other

0:00:08.840 --> 0:00:10.920
<v Speaker 2>people are going to be doing. Lucky you are going

0:00:10.960 --> 0:00:12.200
<v Speaker 2>to wake up in the middle of the night. I'm

0:00:12.200 --> 0:00:14.840
<v Speaker 2>going to struggle to install some car seats in the

0:00:14.920 --> 0:00:17.560
<v Speaker 2>uber to get to the airport at four am. Fly

0:00:17.680 --> 0:00:20.840
<v Speaker 2>with the entire family somewhere for the holidays. In my case,

0:00:20.880 --> 0:00:23.600
<v Speaker 2>we're have a little layover in Denver before we make

0:00:23.640 --> 0:00:25.640
<v Speaker 2>our way to a much warmer part of the country.

0:00:25.680 --> 0:00:28.080
<v Speaker 3>No complaints, but you're crossing your fingers that everything goes well.

0:00:28.120 --> 0:00:30.520
<v Speaker 2>Crossing my fingers that everything goes well. I'm not alone.

0:00:30.560 --> 0:00:32.560
<v Speaker 2>The trade group Airlines for America says that a record

0:00:32.640 --> 0:00:35.280
<v Speaker 2>fifty four million passengers will fly on airlines in the

0:00:35.360 --> 0:00:38.479
<v Speaker 2>US between December nineteenth and January sixth. You know it

0:00:38.520 --> 0:00:42.000
<v Speaker 2>would be nicer than doing that, Uh yeah, flying on

0:00:42.040 --> 0:00:42.640
<v Speaker 2>a private jet.

0:00:42.840 --> 0:00:45.160
<v Speaker 4>Well, we've got a perfect person to ask about that.

0:00:45.680 --> 0:00:48.640
<v Speaker 4>Michael Silvestro is chief executive officer of the fractional private

0:00:48.720 --> 0:00:51.200
<v Speaker 4>jet firm flex Jet. They own and operate and maintain

0:00:51.280 --> 0:00:53.120
<v Speaker 4>some three hundred aircraft, and he joins us here in

0:00:53.159 --> 0:00:56.360
<v Speaker 4>our Bloomberg Interactive Broker studio. He's also a former football player,

0:00:56.360 --> 0:00:57.400
<v Speaker 4>which is really kind of cool.

0:00:57.600 --> 0:00:59.760
<v Speaker 5>Yes, good, good, good research for you.

0:01:00.600 --> 0:01:05.320
<v Speaker 3>Really impressed tonight, Gars, exactly. Welcome, welcome, How are you?

0:01:05.400 --> 0:01:07.440
<v Speaker 5>Thank you, thank you for having me. I'm great, thank.

0:01:07.319 --> 0:01:08.680
<v Speaker 3>You, well, it's great to have you here.

0:01:08.760 --> 0:01:11.560
<v Speaker 4>We have spent a lot of time talking about private

0:01:11.600 --> 0:01:13.800
<v Speaker 4>aviation over the last I want to say, especially kind

0:01:13.840 --> 0:01:14.480
<v Speaker 4>of the pandemic.

0:01:14.520 --> 0:01:16.400
<v Speaker 3>It just felt like all of a sudden it took off.

0:01:16.440 --> 0:01:19.280
<v Speaker 4>Nobody wanted to be Those who could afford it would

0:01:19.319 --> 0:01:21.080
<v Speaker 4>tap into it in a big way and really saw

0:01:21.080 --> 0:01:21.560
<v Speaker 4>it take off.

0:01:21.600 --> 0:01:23.880
<v Speaker 3>Tell us where we are in this marketplace right now.

0:01:24.240 --> 0:01:28.240
<v Speaker 1>So just like everyone else, that pandemic brought travel to

0:01:28.319 --> 0:01:31.400
<v Speaker 1>a halt. But coming out of the pandemic, we've seen

0:01:31.440 --> 0:01:34.960
<v Speaker 1>a couple of macro trends. First of all, people who

0:01:35.200 --> 0:01:39.400
<v Speaker 1>had the ability financial wherewithal to fly privately before the

0:01:39.440 --> 0:01:43.560
<v Speaker 1>pandemic who chose not to are all in now convenience.

0:01:43.680 --> 0:01:45.360
<v Speaker 3>They started it and they've stayed with it.

0:01:45.440 --> 0:01:46.039
<v Speaker 5>Absolutely.

0:01:46.080 --> 0:01:48.680
<v Speaker 1>Our retention rates of those that have come in after

0:01:48.760 --> 0:01:52.760
<v Speaker 1>COVID are running ninety seven ninety eight percent. So if

0:01:52.800 --> 0:01:55.000
<v Speaker 1>you have a sense just to give your sets of metrics,

0:01:55.040 --> 0:01:58.280
<v Speaker 1>we were on a very very strong run pre COVID

0:01:58.680 --> 0:02:01.040
<v Speaker 1>coming out of the pandemic. Like if you look at

0:02:01.080 --> 0:02:03.800
<v Speaker 1>our book of business today from where we were five

0:02:03.880 --> 0:02:06.440
<v Speaker 1>years ago, it's up sixty percent. Wow.

0:02:06.840 --> 0:02:09.919
<v Speaker 2>When do we talk who is flying? I know, democrats.

0:02:09.919 --> 0:02:12.720
<v Speaker 2>Demographics have shifted quite a bit for you guys in

0:02:12.760 --> 0:02:15.560
<v Speaker 2>recent years. You're seeing more and more young people. Yeah,

0:02:15.639 --> 0:02:18.000
<v Speaker 2>now become part of the program. People in their forties.

0:02:18.040 --> 0:02:19.440
<v Speaker 2>What's the demographic looking mind.

0:02:19.400 --> 0:02:25.359
<v Speaker 1>Yeah, timm so coming the last The macro trend is younger, bigger,

0:02:25.680 --> 0:02:30.040
<v Speaker 1>and longer. So a generation ago, a man or a

0:02:30.120 --> 0:02:33.160
<v Speaker 1>woman would wait till maybe late fifties sixties to start

0:02:33.160 --> 0:02:37.480
<v Speaker 1>flying privately. Today young men and women in their forties

0:02:37.520 --> 0:02:41.680
<v Speaker 1>are all in. Secondly, they're not starting with small airplanes,

0:02:41.919 --> 0:02:43.960
<v Speaker 1>you know, they're not starting small and moving their way

0:02:44.000 --> 0:02:46.840
<v Speaker 1>up the food chain. They're in on mid supermd and

0:02:46.880 --> 0:02:49.680
<v Speaker 1>heavy jets, and they're going all over the world. So

0:02:49.760 --> 0:02:53.080
<v Speaker 1>the number of transatlantic crossings we did this summer to

0:02:53.160 --> 0:02:56.720
<v Speaker 1>Europe were unbelievable. So people are just going everywhere.

0:02:56.880 --> 0:02:59.280
<v Speaker 4>Remind us and our pursuits team often taps into this,

0:02:59.360 --> 0:03:01.440
<v Speaker 4>but remind us kind of the financials in order to

0:03:01.480 --> 0:03:03.760
<v Speaker 4>do to be a customer on one of your jets.

0:03:03.800 --> 0:03:07.960
<v Speaker 1>Sure, well, depends upon it really all depends upon your missions,

0:03:08.000 --> 0:03:10.880
<v Speaker 1>which can be easily defined as where do you go

0:03:11.160 --> 0:03:13.840
<v Speaker 1>off and with how many people, and that kind of

0:03:13.880 --> 0:03:18.720
<v Speaker 1>helps us create a profile of you and what airplane

0:03:18.760 --> 0:03:22.280
<v Speaker 1>and services would best serve your missions. So you know,

0:03:22.360 --> 0:03:25.440
<v Speaker 1>if you take a mid sized airplane a preet Er

0:03:25.480 --> 0:03:27.840
<v Speaker 1>five hundred for member air for instance, for us, the

0:03:27.880 --> 0:03:30.480
<v Speaker 1>buy in on a whole aircraft basis is about twenty

0:03:30.560 --> 0:03:33.480
<v Speaker 1>million dollars, So you end up saying, hey, I want

0:03:33.480 --> 0:03:35.200
<v Speaker 1>to fly one hundred hours a year, So that's about

0:03:35.200 --> 0:03:37.880
<v Speaker 1>a two and a half million dollar check, and then

0:03:38.080 --> 0:03:40.960
<v Speaker 1>your management fee and then your hourly rates roll up

0:03:40.960 --> 0:03:44.119
<v Speaker 1>to for one hundred hours, you're talking about not quite

0:03:44.160 --> 0:03:45.880
<v Speaker 1>a million dollars a year an operating costs.

0:03:46.040 --> 0:03:49.240
<v Speaker 2>So when you say fractional jet, you're actually owning a

0:03:49.280 --> 0:03:51.560
<v Speaker 2>piece of the jet. Yeah, you know, Timo's that's different

0:03:51.600 --> 0:03:52.360
<v Speaker 2>than other firms.

0:03:52.480 --> 0:03:56.080
<v Speaker 1>It is, and the model for us is is that

0:03:56.120 --> 0:03:59.040
<v Speaker 1>we own and operate over three hundred airplanes. But when

0:03:59.080 --> 0:04:02.640
<v Speaker 1>you buy a ship, you're actually purchasing an undivided interest

0:04:02.680 --> 0:04:05.840
<v Speaker 1>of a serial numbered aircraft that is part of our fleet.

0:04:06.200 --> 0:04:09.320
<v Speaker 1>So as an individual owner. You can depreciate it, you

0:04:09.360 --> 0:04:13.720
<v Speaker 1>can finance it, but then you allow other flexjet owners

0:04:13.720 --> 0:04:16.039
<v Speaker 1>to fly on your plane and vice versa. So the

0:04:16.080 --> 0:04:19.479
<v Speaker 1>master Interchange agreement allows the operating metrics to work.

0:04:19.560 --> 0:04:22.280
<v Speaker 2>So let's go with that. With that embryer two and

0:04:22.279 --> 0:04:25.120
<v Speaker 2>a half million dollars buy in, and then operating costs

0:04:25.160 --> 0:04:27.000
<v Speaker 2>that are associated with it, what are those typically?

0:04:27.160 --> 0:04:29.680
<v Speaker 1>Usually well, for one hundred hours a year, it's you know,

0:04:29.720 --> 0:04:31.480
<v Speaker 1>by the time you do a management fee in an

0:04:31.480 --> 0:04:33.560
<v Speaker 1>hourly rate, it ends up to be about eight to

0:04:33.680 --> 0:04:34.920
<v Speaker 1>nine thousand dollars an hour.

0:04:35.240 --> 0:04:38.120
<v Speaker 2>So to make this it's you know, it's some people

0:04:38.120 --> 0:04:40.039
<v Speaker 2>would say it's it's hard to make it worth it.

0:04:40.320 --> 0:04:43.440
<v Speaker 2>You know, no matter how much you fly, it's about convenience,

0:04:43.920 --> 0:04:47.560
<v Speaker 2>it's about comfort. It's about time not spent at you know,

0:04:47.640 --> 0:04:52.040
<v Speaker 2>Newark Airport, yeah or whatever. Who's the typical profile in

0:04:52.120 --> 0:04:56.160
<v Speaker 2>terms of like net worth that that make this choice.

0:04:56.240 --> 0:05:00.400
<v Speaker 1>Yeah, So there's really two i'd say major constitution tints

0:05:00.440 --> 0:05:05.440
<v Speaker 1>that fly ultra high networth individuals that are using it

0:05:05.520 --> 0:05:07.400
<v Speaker 1>for a combination of business and pleasure.

0:05:07.640 --> 0:05:10.760
<v Speaker 2>These are people thirty million dollars and above. Typically networks

0:05:11.240 --> 0:05:14.680
<v Speaker 2>think network that's a good benchmark. And then what we've

0:05:14.720 --> 0:05:18.680
<v Speaker 2>seen recently is a lot of corporate flight departments are

0:05:18.839 --> 0:05:24.039
<v Speaker 2>using fractional flexjet to supplement their own airplanes. So they're

0:05:24.040 --> 0:05:26.839
<v Speaker 2>not going away. People are still going to have aircraft

0:05:26.839 --> 0:05:30.159
<v Speaker 2>in their flight department, but rather than buying the fifth

0:05:30.240 --> 0:05:32.839
<v Speaker 2>or sixth or seventh one, it's a smarter way to

0:05:32.880 --> 0:05:35.920
<v Speaker 2>deploy capital where you just engage in a fractional share

0:05:36.000 --> 0:05:38.000
<v Speaker 2>in addition to the airplanes that you fly yourselves.

0:05:38.040 --> 0:05:39.839
<v Speaker 3>All right, so who's using your jet card?

0:05:40.680 --> 0:05:41.400
<v Speaker 5>The jet card?

0:05:41.800 --> 0:05:44.280
<v Speaker 1>So we have a very robust business that we own

0:05:44.360 --> 0:05:46.800
<v Speaker 1>in the family of companies called Cention Jet. So you

0:05:46.839 --> 0:05:49.080
<v Speaker 1>buy a block of twenty five hours, it's like a

0:05:49.080 --> 0:05:52.200
<v Speaker 1>big gift card in the sky. And so and you

0:05:52.240 --> 0:05:55.400
<v Speaker 1>buy them in a category of an airplane, not necessarily

0:05:55.480 --> 0:05:58.440
<v Speaker 1>a specific aircraft type. So that would just be for

0:05:58.560 --> 0:06:02.640
<v Speaker 1>someone who's an occasional user. That would average only about

0:06:02.720 --> 0:06:04.400
<v Speaker 1>twenty to twenty five hours a year.

0:06:04.520 --> 0:06:05.400
<v Speaker 3>Okay, so not too much.

0:06:05.720 --> 0:06:07.320
<v Speaker 2>And would you see but would you see it? The

0:06:07.320 --> 0:06:10.520
<v Speaker 2>person the profile of that person is not an ultra

0:06:10.560 --> 0:06:15.000
<v Speaker 2>high net worth individual. Maybe they have many millions of dollars,

0:06:15.920 --> 0:06:18.520
<v Speaker 2>but they're not actually buying a two and a half

0:06:18.520 --> 0:06:20.919
<v Speaker 2>million dollars share right in an aircraft.

0:06:21.000 --> 0:06:24.200
<v Speaker 1>They would be I would give you two examples. The

0:06:24.279 --> 0:06:29.320
<v Speaker 1>difference would be perhaps they don't have the financial wherewithal

0:06:29.440 --> 0:06:32.480
<v Speaker 1>or the net worth that a fractional customer would, But

0:06:32.640 --> 0:06:35.200
<v Speaker 1>they might and they would just only buy a jet

0:06:35.240 --> 0:06:38.160
<v Speaker 1>card because of their frequency of use. So you could

0:06:38.160 --> 0:06:40.960
<v Speaker 1>be very, very wealthy. But you just hey, I have

0:06:41.040 --> 0:06:43.480
<v Speaker 1>two or three trips a year, so it's not worth

0:06:43.520 --> 0:06:46.320
<v Speaker 1>me investing in a fractional share and make that commitment.

0:06:46.560 --> 0:06:47.560
<v Speaker 5>You just do a jet guard.

0:06:47.640 --> 0:06:49.520
<v Speaker 3>What's the biggest business for you, guys? Where do you

0:06:49.520 --> 0:06:50.239
<v Speaker 3>make the most money?

0:06:50.279 --> 0:06:54.080
<v Speaker 1>Oh, fractional so flexjets model, which is very you know,

0:06:54.160 --> 0:06:55.920
<v Speaker 1>there's all these ways.

0:06:55.600 --> 0:06:56.440
<v Speaker 5>To get on board.

0:06:56.800 --> 0:07:00.040
<v Speaker 1>But the beauty of the fractional model is our recurring revenue.

0:07:00.320 --> 0:07:03.440
<v Speaker 1>So once you're in the family, once you've bought or

0:07:03.560 --> 0:07:06.680
<v Speaker 1>leashed your share, you're paying a management fee. Just like

0:07:06.680 --> 0:07:09.200
<v Speaker 1>belonging to a country club, whether you go for dinner

0:07:09.279 --> 0:07:13.440
<v Speaker 1>or play golf, you still expect a level of service

0:07:13.920 --> 0:07:16.360
<v Speaker 1>when you show up. You want the greens mode, You

0:07:16.400 --> 0:07:20.000
<v Speaker 1>want a wonderful menu. Same thing for us to deploy

0:07:20.320 --> 0:07:23.040
<v Speaker 1>and to have on the ready three hundred airplanes around

0:07:23.040 --> 0:07:26.200
<v Speaker 1>the world. That takes a significant infrastructure.

0:07:26.240 --> 0:07:27.320
<v Speaker 3>It also takes pilots.

0:07:27.360 --> 0:07:28.680
<v Speaker 4>And one of the things that we've talked about a

0:07:28.720 --> 0:07:30.600
<v Speaker 4>lot I feel like tim with people in the aviation

0:07:30.720 --> 0:07:31.360
<v Speaker 4>industry is the.

0:07:31.280 --> 0:07:33.840
<v Speaker 3>Shortage of pilots. How are you dealing with that? And

0:07:34.080 --> 0:07:35.240
<v Speaker 3>tell us what color you can give us?

0:07:35.240 --> 0:07:37.560
<v Speaker 1>All, Well, that's a wonderful question. I would tell you that.

0:07:37.720 --> 0:07:40.280
<v Speaker 1>One of the things I'm the most proud of is

0:07:40.320 --> 0:07:45.280
<v Speaker 1>that the Flexjet pilots on their own voted they when

0:07:45.320 --> 0:07:49.080
<v Speaker 1>we bought the business, they were unionized, and they voted

0:07:49.720 --> 0:07:52.880
<v Speaker 1>to have an at WEILL relationship with senior management as

0:07:52.880 --> 0:07:55.960
<v Speaker 1>opposed to being represented by a union. So we have

0:07:56.320 --> 0:07:58.560
<v Speaker 1>from the get go. Well that was about six or

0:07:58.600 --> 0:08:02.360
<v Speaker 1>seven years ago. Okay, so we have a wonderful relationship

0:08:02.400 --> 0:08:03.200
<v Speaker 1>with our pilots.

0:08:03.360 --> 0:08:04.080
<v Speaker 5>A couple things.

0:08:04.160 --> 0:08:07.040
<v Speaker 1>Number One, we are committed to having the highest paid

0:08:07.200 --> 0:08:08.119
<v Speaker 1>pilots in the sky.

0:08:08.720 --> 0:08:09.920
<v Speaker 5>We also have.

0:08:10.080 --> 0:08:13.240
<v Speaker 1>We're very we really try to operate on a familial

0:08:13.360 --> 0:08:17.520
<v Speaker 1>culture and so we end up treating people with great

0:08:17.560 --> 0:08:22.040
<v Speaker 1>respect and care and we just we just we just

0:08:22.240 --> 0:08:23.920
<v Speaker 1>we just know how to treat people.

0:08:24.000 --> 0:08:25.160
<v Speaker 2>Where do your pilots come from?

0:08:25.240 --> 0:08:27.720
<v Speaker 5>All over them? A lot out of the military.

0:08:28.200 --> 0:08:30.400
<v Speaker 2>So those are on the younger side. Do you have

0:08:30.440 --> 0:08:32.160
<v Speaker 2>folks who retired from the big airlines?

0:08:32.200 --> 0:08:34.720
<v Speaker 5>We do, not a lot, but you know, because.

0:08:34.480 --> 0:08:36.480
<v Speaker 2>There's mandatary sixty five.

0:08:36.640 --> 0:08:38.640
<v Speaker 1>So I just flew with a guy that had been

0:08:38.679 --> 0:08:40.760
<v Speaker 1>with us less than a year. He was sixty six

0:08:40.840 --> 0:08:44.560
<v Speaker 1>years old, incredibly fit and competent, and so we're happy

0:08:44.559 --> 0:08:45.200
<v Speaker 1>to have them.

0:08:45.559 --> 0:08:47.719
<v Speaker 3>Is it hard to find them though? That's what I

0:08:47.880 --> 0:08:49.600
<v Speaker 3>just kind of go next to the defanse apply.

0:08:49.800 --> 0:08:51.400
<v Speaker 5>Well, here's something else we did.

0:08:51.840 --> 0:08:54.320
<v Speaker 1>You know, we were noticing what our attrition rates were,

0:08:54.520 --> 0:08:57.320
<v Speaker 1>and we noticed a couple of years ago. Because one

0:08:57.360 --> 0:08:59.240
<v Speaker 1>of the things that speaks to our culture is we

0:08:59.280 --> 0:09:02.200
<v Speaker 1>don't have a train contract, so we take you at

0:09:02.240 --> 0:09:04.840
<v Speaker 1>your word. So if you apply and get accepted as

0:09:04.840 --> 0:09:07.680
<v Speaker 1>a job as a pilot for Flexjet, we don't we

0:09:07.760 --> 0:09:09.960
<v Speaker 1>train you. We invest them money in you, and you

0:09:10.000 --> 0:09:11.360
<v Speaker 1>are not obligated at all.

0:09:11.400 --> 0:09:12.760
<v Speaker 5>There's no there's no.

0:09:12.840 --> 0:09:15.640
<v Speaker 1>Payback in case you leave us. So a lot of

0:09:15.800 --> 0:09:20.440
<v Speaker 1>people were negatively profiling in US, coming, getting trained, and

0:09:20.480 --> 0:09:23.680
<v Speaker 1>then leaving after about two years or so. So one

0:09:23.679 --> 0:09:27.400
<v Speaker 1>of the counter intuitive things we did was we raised

0:09:27.520 --> 0:09:28.520
<v Speaker 1>our minimums.

0:09:28.920 --> 0:09:30.319
<v Speaker 5>So while everybody was in.

0:09:30.280 --> 0:09:32.600
<v Speaker 1>The face of a pilot shortage, you would think, well,

0:09:32.600 --> 0:09:34.160
<v Speaker 1>you'd lower your minimum.

0:09:34.120 --> 0:09:34.760
<v Speaker 2>Tract more people.

0:09:34.760 --> 0:09:36.480
<v Speaker 5>We would raised ours.

0:09:36.160 --> 0:09:38.080
<v Speaker 1>To three thousand hours as a minimum.

0:09:38.120 --> 0:09:39.680
<v Speaker 2>So that's what you need to have under your belt

0:09:39.679 --> 0:09:40.600
<v Speaker 2>in order to become.

0:09:40.600 --> 0:09:41.720
<v Speaker 5>A flexjet pilot.

0:09:41.840 --> 0:09:44.480
<v Speaker 1>Only fifteen hundred hours, so twice as much as what

0:09:44.559 --> 0:09:47.320
<v Speaker 1>the industry calls for and what we have attracted in

0:09:47.360 --> 0:09:49.520
<v Speaker 1>the last two or three years since we've done this

0:09:49.679 --> 0:09:52.439
<v Speaker 1>is someone who's more career minded that they want to

0:09:52.480 --> 0:09:55.839
<v Speaker 1>come to Flexjet because they appreciate the culture, the compensation,

0:09:56.360 --> 0:09:59.960
<v Speaker 1>the work rules, the environment, and our retention rates had plummeted.

0:10:00.280 --> 0:10:02.599
<v Speaker 2>Where were they going when they were leaving to the airlines.

0:10:03.160 --> 0:10:10.480
<v Speaker 2>What do you find when somebody who owns a fraction

0:10:10.679 --> 0:10:13.280
<v Speaker 2>of a jet wants to use that jet, but then

0:10:13.320 --> 0:10:14.400
<v Speaker 2>somebody else is using it.

0:10:15.000 --> 0:10:17.480
<v Speaker 5>Well, that's the beauty of the model. That's not their problem,

0:10:17.520 --> 0:10:18.360
<v Speaker 5>that's my problem.

0:10:19.040 --> 0:10:19.920
<v Speaker 3>Does it happen a lot?

0:10:20.240 --> 0:10:24.240
<v Speaker 1>No, No, we end up having this the model. So

0:10:24.280 --> 0:10:27.360
<v Speaker 1>we as a company, we own about twenty percent of

0:10:27.880 --> 0:10:29.000
<v Speaker 1>our fleet ourselves.

0:10:29.160 --> 0:10:29.959
<v Speaker 5>It's called core.

0:10:29.840 --> 0:10:33.319
<v Speaker 1>Fleet, so we don't commit out about one out of

0:10:33.360 --> 0:10:36.320
<v Speaker 1>every five planes, and that's what we need to avoid.

0:10:36.360 --> 0:10:38.480
<v Speaker 4>What you just asked me, can you use data AI

0:10:38.600 --> 0:10:40.040
<v Speaker 4>or something to help you figure out kind of what

0:10:40.320 --> 0:10:41.240
<v Speaker 4>we're just curious.

0:10:41.480 --> 0:10:45.000
<v Speaker 1>Yeah, you know, we're still We have a very sophisticated

0:10:45.000 --> 0:10:48.320
<v Speaker 1>scheduling program that we created ourselves, but then we also

0:10:48.559 --> 0:10:53.000
<v Speaker 1>add very experienced schedulers that look at the board and

0:10:53.040 --> 0:10:55.920
<v Speaker 1>say how we move things around to make sure that

0:10:55.920 --> 0:10:57.199
<v Speaker 1>we take care of our customers.

0:10:57.240 --> 0:10:59.480
<v Speaker 3>I can only imagine there must be like a room.

0:11:00.200 --> 0:11:03.080
<v Speaker 5>How it is so Actually, no, it is a room.

0:11:03.120 --> 0:11:07.160
<v Speaker 1>It's a beautiful, brand new, just year old global command

0:11:07.200 --> 0:11:09.600
<v Speaker 1>center that we built in Cleveland, Ohio, which is our

0:11:09.640 --> 0:11:13.640
<v Speaker 1>headquarters where we have visibility into our entire fleet around

0:11:13.640 --> 0:11:14.040
<v Speaker 1>the world.

0:11:14.120 --> 0:11:16.319
<v Speaker 3>Pretty cool stuff. Mike, thank you so much.

0:11:16.400 --> 0:11:18.679
<v Speaker 1>Thank you for having me very much, very Christmas.

0:11:18.400 --> 0:11:18.760
<v Speaker 5>To both here.

0:11:18.840 --> 0:11:20.760
<v Speaker 3>Yeah, look forward to talking again in the new year.

0:11:20.840 --> 0:11:21.160
<v Speaker 5>Thank you.

0:11:21.440 --> 0:11:23.480
<v Speaker 3>Mike Selvestro, Chief Executive Officer.

0:11:23.640 --> 0:11:26.400
<v Speaker 4>A flex jet joining us right here at our Bloomberg

0:11:26.440 --> 0:11:27.760
<v Speaker 4>Interactive Brokers studio