Gogo Inc · Q3 2020 earnings

Briefing

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.

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.

Headline financials

Revenue & EPS history

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.