- Gogo press release ( NASDAQ: GOGO ): Q2 GAAP EPS of $0.17 beats by $0.03 .
- Revenue of $97.84M (+18.8% Y/Y) beats by $3.77M .
- Total ATG aircraft online reached 6,654, an increase of 10% compared to Q2 2021 and 2% compared to Q1 2022.
- Total AVANCE units online grew to 2,893, an increase of 40% compared to Q2 2021 and 7% compared to Q1 2022. AVANCE units comprised more than 43% of total AOL as of June 30, 2022, up from 34% as of June 30, 2021.
- Average Monthly Revenue per ATG aircraft online of $3,328 increased 1% compared to Q2 2021 and was flat versus Q1 2022.
- The Company updates its guidance for 2022 as follows: Total revenue at the high end of the previously guided range of $390 million to $400 million vs. consensus of $394.69M; Adjusted EBITDA at the high end of the previously guided range of $150 million to $160 million; Free Cash Flow of $35 million to $45 million, which includes capital expenditures of approximately $65 million of which approximately $50 million are tied to Gogo 5G (no change to prior guidance).
- The Company updates its long-term targets as follows: Revenue growth at a compound annual growth rate of approximately 17% from 2021 through 2026; Annual Adjusted EBITDA Margin approaching 50% in 2026, up from the low 40%'s in 2022 and 2023 (no change to prior target); Free Cash Flow of approximately $110 million in 2023.
- The Company reiterates its target for Free Cash Flow of over $200 million beginning in 2025.
- Free Cash Flow and Adjusted EBITDA in 2022 and 2023 do not reflect the potential impact of Gogo 5G timing.
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Gogo reports Q2 earnings beat; raises FY22 guidance and updates long-term outlook