Investment Thesis
Gogo (GOGO) shares are beat down after years of burning cash and taking on debt, but cash flow break even is set for 2020. Insatiable demand for connectivity on commercial flights will continue pressuring airlines to offer free Wifi on many or most of their routes, which will drive top line earnings for Gogo to new heights. Strong competitive advantages will defend Gogo's business from being successfully replicated or vertically integrated, ensuring substantial share in the growing in-flight connectivity market. Temporary factors will keep shares near 2019 lows into early 2020,