Business
Gogo Announces Record Results and Updates 2022 Guidance
Second Quarter Revenue of $97.8 million, up 19% Year-over-Year; Net Income from Continuing Operations of $22.0 million; and Adjusted EBITDA(1) of $41.2
About this update from Gogo Inc.
[{"type":"text","content":"Second Quarter Revenue of $97.8 million, up 19% Year-over-Year; Net Income from Continuing Operations of $22.0 million; and Adjusted EBITDA(1) of $41.2 million, up 12% Year-over-Year\nBROOMFIELD, Colo., Aug. 5, 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 ended June 30, 2022.\nQ2 2022 Highlights Gogo announced its plans to launch the first low earth orbit (\"LEO\")-based global broadband service in business aviation (\"Global Broadband\") using an electronically steered antenna designed with Hughes Network Systems and a LEO satellite network operated by OneWeb.Record total revenue of $97.8 million increased 19% compared to Q2 2021 fueled by strong growth in both service and equipment revenue.Record service revenue of $73.1 million increased 13% compared to Q2 2021 and 3% compared to Q1 2022.Equipment revenue of $24.8 million increased 41% compared to Q2 2021 and 12% compared to Q1 2022.Total ATG aircraft online (\"AOL\") reached 6,654, an increase of 10% compared to Q2 2021 and 2% compared to Q1 2022.Total AVANCE units online grew to 2,893, an increase of 40% compared to Q2 2021 and 7% compared to Q1 2022. AVANCE units comprised more than 43% of total AOL as of June 30, 2022, up from 34% as of June 30, 2021.Average Monthly Revenue per ATG aircraft online (\"ARPU\") of $3,328 increased 1% compared to Q2 2021 and was flat versus Q1 2022.Net income from continuing operations increased to $22.0 million compared to a net loss from continuing operations of $66.4 million in Q2 2021, primarily due to a loss on extinguishment of debt and settlement of convertible notes of $79.6 million recorded in Q2 2021.Basic earnings per share from continuing operations in Q2 2022 was $0.18. Diluted earnings per share from continuing operations was $0.17.Adjusted EBITDA(1) of $41.2 million, which includes $1.2 million of expenses related to Global Broadband, increased 12% compared to Q2 2021 and decreased 4% compared to Q1 2022.Cash provided by operating activities from continuing operations of $26.4 million in Q2 2022 increased from cash used in operating activities of $15.0 million in the prior year period primarily due to the timing of interest payments.Free Cash Flow...