Business
Gogo Announces Record Fourth Quarter and 2022 Results, Provides 2023 Guidance and Updates Long-Term Targets
Record Fourth Quarter Revenue of $108.2 million, up 17% Year-over-Year; Net Income from Continuing Operations of $27.7 million; and Record Adjusted EBITDA(1)
About this update from Gogo Inc.
[{"type":"text","content":"Record Fourth Quarter Revenue of $108.2 million, up 17% Year-over-Year; Net Income from Continuing Operations of $27.7 million; and Record Adjusted EBITDA(1) of $46.2 million, up 17% Year-over-Year\nRecord Full Year Revenue of $404.1 million, up 20% Year-over-Year; Net Income from Continuing \nOperations of $92.1 million; and Adjusted EBITDA of $173.8 million\nBROOMFIELD, Colo., Feb. 28, 2023 /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 full-year ended December 31, 2022.\nQ4 2022 Highlights \nRecord total revenue of $108.2 million increased 17% compared to Q4 2021, fueled by strong growth in both service and equipment revenue.Record service revenue of $77.3 million increased 12% compared to Q4 2021 and 3% compared to Q3 2022.Record equipment revenue of $30.8 million increased 34% compared to Q4 2021 and 2% compared to Q3 2022.AVANCE equipment units shipped totaled a record 390, an increase of 36% compared to Q4 2021 and a slight increase compared to the previous quarterly record set in Q3 2022.Total ATG aircraft online (\"AOL\") reached 6,935 an increase of 8% compared to Q4 2021 and 2% compared to Q3 2022.Total AVANCE units online grew to 3,279, an increase of 31% compared to Q4 2021 and 6% compared to Q3 2022. AVANCE units comprised more than 47% of total AOL as of December 31, 2022, up from 39% as of December 31, 2021.Average monthly revenue per ATG aircraft online (\"ARPU\") of $3,370 increased 2% compared to Q4 2021 and decreased slightly compared to Q3 2022.Net income from continuing operations decreased to $27.7 million from $209.1 million in Q4 2021. Q4 2022 net income from continuing operations is net of a $3.0 million income tax provision compared to an income tax benefit of $187.7 million in Q4 2021.Diluted earnings per share from continuing operations was $0.21 compared to $1.57 in Q4 2021, driven primarily by the income tax benefit in Q4 2021.Record Adjusted EBITDA(1) of $46.2 million, which includes approximately $1 million of expenses related to Global Broadband, increased 17% compared to Q4 2021 and 6% compared to Q3 2022.Cash provided by operating activities from continuing operations of $31.5 million in Q4 2022 increased from $30.3...