Business
Gogo Announces Record Fourth Quarter and 2021 Financial Results, Provides 2022 Guidance and Updates Long-Term Targets
Fourth Quarter Revenue of $92.3 million, up 19% Year-over-Year, Net Income from Continuing Operations of $209.1 million and Adjusted EBITDA(1) of $39.6
About this update from Gogo Inc.
[{"type":"text","content":"Fourth Quarter Revenue of $92.3 million, up 19% Year-over-Year, Net Income from Continuing Operations of $209.1 million and Adjusted EBITDA(1) of $39.6 million\n Full Year Revenue of $335.7 million, up 24% Year-over-Year, Net Income from Continuing Operations of $156.6 million and Adjusted EBITDA(1) of $151.0 million\n Gogo 5G Deployment on Track for Commercial Launch in the Second Half of 2022\n\n\nBROOMFIELD, Colo., March 3, 2022 /PRNewswire/ -- Gogo Inc. (NASDAQ: GOGO) (\"Gogo\" or the \"Company\"), the world's largest provider of broadband connectivity services for the business aviation market, today announced its financial results for the quarter and fiscal year ended December 31, 2021.\nQ4 2021 Highlights \nRecord total revenue of $92.3 million increased 19% compared to Q4 2020 and 6% compared to Q3 2021, fueled by strong growth in both service and equipment revenue. Record service revenue of $69.3 million increased 22% compared to Q4 2020 and 5% compared to Q3 2021. Equipment revenue of $23.0 million increased 11% compared to Q4 2020 and 10% compared to Q3 2021. Total ATG aircraft online (\"AOL\") reached 6,400, an increase of 11% compared to Q4 2020 and 4% compared to Q3 2021. Total AVANCE units online grew to 2,504, an increase of 46% compared to Q4 2020 and 12% compared to Q3 2021. AVANCE units comprised more than 39% of total AOL as of December 31, 2021, up from 30% as of December 31, 2020 and 36% as of September 30, 2021.Average Monthly Revenue per ATG aircraft online (\"ARPU\") of $3,301 increased 8% compared to Q4 2020 and 1% compared to Q3 2021. Net income from continuing operations increased to $209.1 million from a net loss from continuing operations of ($16.1) million in Q4 2020, primarily due to an income tax benefit of $187.7 million in the current period as well as lower interest costs and higher operating income compared to the prior year period. Basic earnings per share from continuing operations for Q4 2021 was $1.89, of which $1.71 was related to the income tax benefit. Diluted earnings per share from continuing operations was $1.57, of which $1.40 was related to the income tax benefit. Adjusted EBITDA(1) of $39.6 million increased 105% compared to Q4 2020 and decreased 3% compared to Q3 2021, with the sequential decrease due primarily to a credit for regulatory surcharges recognized in the prior quarter...