Business
Gogo Announces Record Third Quarter Results and Raises 2022 Guidance
Third Quarter Revenue of $105.3 million, up 21% Year-over-Year; Net Income from Continuing Operations of $20.2 million; and Adjusted EBITDA(1) of $43.7
About this update from Gogo Inc.
[{"type":"text","content":"Third Quarter Revenue of $105.3 million, up 21% Year-over-Year; Net Income from Continuing Operations of $20.2 million; and Adjusted EBITDA(1) of $43.7 million, up 7% Year-over-Year\nBROOMFIELD, Colo., Nov. 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 ended September 30, 2022.\nQ3 2022 Highlights \nRecord total revenue of $105.3 million increased 21% compared to Q3 2021, fueled by strong growth in both service and equipment revenue.Record service revenue of $75.3 million increased 14% compared to Q3 2021 and 3% compared to Q2 2022.Record equipment revenue of $30.1 million increased 43% compared to Q3 2021 and 21% compared to Q2 2022.AVANCE equipment units shipped totaled 388, an increase of 47% compared to Q3 2021 and 25% compared to the previous quarterly record set in Q2 2022.Total ATG aircraft online (\"AOL\") reached 6,777, an increase of 10% compared to Q3 2021 and 2% compared to Q2 2022.Total AVANCE units online grew to 3,079, an increase of 38% compared to Q3 2021 and 6% compared to Q2 2022. AVANCE units comprised more than 45% of total AOL as of September 30, 2022, up from 36% as of September 30, 2021.Average Monthly Revenue per ATG aircraft online (\"ARPU\") of $3,376 increased 3% compared to Q3 2021 and 1.4% compared to Q2 2022.Net income from continuing operations increased to $20.2 million from $19.7 million in Q3 2021. Q3 2022 net income is net of an $8 million income tax provision compared to a $0.1 million income tax provision in Q3 2021.Diluted earnings per share from continuing operations was $0.15 compared to $0.16 in Q3 2021, driven primarily by the final settlement of the Company's 2022 Convertible Notes in Q2 2022.Record Adjusted EBITDA(1) of $43.7 million, which includes $1.8 million of expenses related to Global Broadband, increased 7% compared to Q3 2021 and 6% compared to Q2 2022.Cash provided by operating activities from continuing operations of $27.7 million in Q3 2022 increased from $26.8 million in the prior year period.Free Cash Flow(1) was $8.5 million compared with $24.6 million in the prior year period, driven by an increase in capital expenditures tied to Gogo 5G.Cash and cash equivalents totaled $152.2 million ...