- Gogo Inc (NASDAQ:GOGO) reported fourth-quarter FY22 revenue growth of 17% year-on-year to $108.2 million Tuesday, beating the consensus of $107.1 million.
- Service revenue grew 12% Y/Y to $77.3 million. Equipment revenue rose 34% Y/Y to $30.8 million.
- Total ATG aircraft online increased 8% Y/Y to 6,935. The average monthly service revenue per ATG aircraft online (ARPU) was $3,370, up 2% Y/Y. Total AVANCE units online grew 31% Y/Y to 3,279.
- Adjusted EBITDA rose 17% Y/Y to $46.2 million.
- EPS of $0.21 beat the consensus of $0.16.
- Gogo held $175.35 million in cash and equivalents and generated $31.5 million in operating cash flow.
- “Our equipment revenue surged, which bodes well for future service revenue, as Gogo met extraordinary demand for inflight connectivity and delivered a 50% increase in equipment shipments despite global supply chain constraints in 2022,” said Oakleigh Thorne, Chairman and CEO.
- “We’re also on track to commercially launch our 5G service in Q4 this year and our LEO-based Global Broadband product in the second half of 2024.”
- FY23 Outlook: Gogo expects FY23 revenue of $440 million to $455 million (consensus $449.62 million).
- Gogo extended its long-term revenue growth target of a CAGR of 17% from 2022 through 2027, reflecting Global Broadband contribution starting in 2025.
- Price Action: GOGO shares traded higher by 12.70% at $18.21 on the last check Tuesday.
Arrow Financial Corporation Names Penko Ivanov CFO Of Arrow And Its Two Subsidiary Banks, Glens Falls National Bank And Trust Company And Saratoga National Bank And Trust Company, As Well As Its Insurance Subsidiary, Upstate Agency, Llc., Effective Feb…
Arrow Financial Corporation (NasdaqGS® - AROW) is pleased to announce the appointment of Penko Ivanov, CPA, MBA, as Chief Financial Officer, Executive Vice President, Treasurer and Chief
