Business
Gogo Announces Second Quarter Results
Total Revenue of $102.1 million, down 1% Year-over-Year; Record Second Quarter Service Revenue of $81.9 million, up 4% Year-over-Year Q2 Net Income of $0.8
About this update from Gogo Inc.
[{"type":"text","content":"Total Revenue of $102.1 million, down 1% Year-over-Year; Record Second Quarter Service Revenue of $81.9 million, up 4% Year-over-Year\nQ2 Net Income of $0.8 million; Adjusted EBITDA(1) of $30.4 million\nUpdates 2024 Guidance and Long-Term Targets\nBROOMFIELD, Colo., Aug. 7, 2024 /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, 2024.\n\nQ2 2024 Highlights \nTotal revenue of $102.1 million decreased slightly compared to Q2 2023 and decreased 2% compared to Q1 2024.Record service revenue of $81.9 million increased 4% compared to Q2 2023 and increased slightly compared to Q1 2024.Equipment revenue of $20.1 million decreased 17% compared to Q2 2023 and decreased 11% compared to Q1 2024.Total ATG aircraft online (\"AOL\") reached 7,031, a slight decrease compared to Q2 2023 and a decrease of 1% compared to Q1 2024.Total AVANCE AOL grew to 4,215, an increase of 17% compared to Q2 2023 and 3% compared to Q1 2024. AVANCE units comprised approximately 60% of total AOL as of June 30, 2024, up from 51% as of June 30, 2023 and up from 58% as of March 31, 2024.AVANCE equipment units shipped totaled 231, a decrease of 17% compared to Q2 2023 and a decrease of 10% compared to Q1 2024.Average Monthly Revenue per ATG aircraft online (\"ARPU\") for the second quarter was a record $3,468, an increase of 3% compared to Q2 2023 and a slight increase compared to Q1 2024.Net income of $0.8 million decreased 99% from $89.8 million in Q2 2023, and 97% from $30.5 million in Q1 2024. Net income in the second quarter of 2024 included $11.0 million of an after-tax unrealized loss related to a fair market value adjustment to a convertible note investment compared with a $9.9 million after-tax unrealized gain related to that investment in Q1 2024. Net income in Q2 2023 included a tax benefit of $63.8 million.Diluted earnings per share was $0.01 compared to $0.67 in Q2 2023, of which approximately $0.08 is attributable to an unrealized loss related to a convertible note investment.Adjusted EBITDA(1) of $30.4 million, which includes approximately $2.2 million of operating expenses related to Gogo Galileo, decreased 31% compared to Q2 2023 and 30% compared to Q1 2024.Cash prov...