On this episode of Run the Numbers, CJ and Ben trace corporate private jets from Sam Walton’s scrappy two-seater to Alex Karp’s $17 million jet bill. They break down when flying private actually makes business sense, how jets hit the balance sheet, the tax and accounting implications, what companies disclose to investors, and when executive travel crosses the line from productivity tool to corporate excess.
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LINKS:
Mostly Talent: https://mostlymetrics.typeform.com/to/cLTxtAsN
CJ: https://www.linkedin.com/in/cj-gustafson-13140948/
Mostly metrics:
https://www.mostlymetrics.com
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TIMESTAMPS:
0:00 Fly Like a G6
0:29 $17M on jets: Alex Karp guess
1:16 Sam Walton starts it all
2:49 The yellow legal pads
4:37 Walmart Aviation founded (1968)
5:14 Piston to Bombardier jets
6:51 Walmart’s modern jet fleet
8:13 Where it hides in SEC filings
9:25 SEC Reg S-K Item 402
13:37 Gulfport Energy scandal
14:42 Tyco: Kozlowski & Schwartz
16:57 When jets are actually useful
17:55 P&L vs. balance sheet treatment
18:40 PP&E and depreciation basics
19:04 Off-balance-sheet leases
19:28 The chartering loophole
19:54 “Uber Jet” fractional ownership
23:14 How activists hunt jet spend
23:36 Flight registries & tail numbers
24:13 Jack Sweeney vs. Elon Musk
25:00 What top companies spend
25:18 Walmart’s fleet is #1
26:17 Charter vs. lease vs. own
29:02 Should we care? 3 angles
30:06 Angle 2: opportunity cost
30:59 Angle 3: company size
31:42 General Electric’s shadow jet
32:50 Back to Alex Karp
34:02 Credits
#RunTheNumbersPodcast #PrivateJets #CorporateFinance #ExecutivePerks #CFOLife
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