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Sep 30, 2020
Gogo Q3 2020 Earnings Report
Announced third quarter 2020 financial results, highlighting improved Business Aviation results sequentially, driven by industry recovery from COVID-19 impact, and the sale of Commercial Aviation on track to close before the end of first quarter 2021.
Key Takeaways
Gogo reported Q3 2020 financial results with total revenue of $66.5 million and a net loss of $8.9 million. Adjusted EBITDA was $30.2 million. The sale of Commercial Aviation to Intelsat remains on track to close before the end of the first quarter 2021.
Business Aviation results improved sequentially, reflecting continuing industry recovery from impact of COVID-19.
Total revenue of $66.5 million; Net loss of $8.9 million; Adjusted EBITDA of $30.2 million.
ATG aircraft online reached 5,577 with average monthly service revenue of $2,996, down 2% and 6%, respectively, from their pre-COVID-19 quarterly peaks.
Cash and cash equivalents were $117.5 million as of September 30, 2020 compared to total cash of $156.3 million as of June 30, 2020.
Forward Guidance
Gogo's priorities are to close the Intelsat transaction, focus on BA’s long-term growth opportunities and rebuild our balance sheet. Looking ahead, we expect to de-lever and meaningfully lower our cost of capital through a comprehensive refinancing.
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