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Mar 31, 2022
Gogo Q1 2022 Earnings Report
Announced record first-quarter results with revenue up 26% year-over-year.
Key Takeaways
Gogo Inc. reported a record first quarter with total revenue of $92.8 million, a 26% increase compared to Q1 2021. Net income from continuing operations increased to $22.2 million, and Adjusted EBITDA also rose by 26% year-over-year to $42.8 million. The company is on track for the commercial launch of Gogo 5G in the second half of 2022.
Total revenue reached a record $92.8 million, up 26% year-over-year, driven by strong growth in both service and equipment revenue.
Total ATG aircraft online reached 6,526, an 11% increase compared to Q1 2021.
Net income from continuing operations increased to $22.2 million, a significant improvement from a net loss of $5.9 million in Q1 2021.
Adjusted EBITDA reached a record $42.8 million, a 26% increase compared to Q1 2021.
Gogo
Gogo
Forward Guidance
The Company updates its guidance for 2022 as follows:
Positive Outlook
- Total revenue in the range of $390 million to $400 million versus prior guidance of $380 million to $395 million
- Adjusted EBITDA at the high end of the previously guided range of $150 million to $160 million, which includes $5 million of estimated litigation expenses
- Free Cash Flow of $35 million to $45 million versus prior guidance of $25 million to $45 million, which includes capital expenditures of approximately $65 million, with approximately $50 million of the capital expenditures tied to Gogo 5G
- Revenue growth at a compound annual growth rate of approximately 15% from 2021 through 2026
- Free Cash Flow of approximately $125 million in 2023 following the deployment of the Gogo 5G network in 2022, increasing to over $200 million beginning in 2025