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- Gogo Inc 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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