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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One):
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☑ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
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For the quarterly period ended March 31, 2024 |
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
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For the transition period from __________ to __________ |
Commission File Number: 001-35975
Gogo Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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27-1650905 |
(State or other jurisdiction of Incorporation or Organization) |
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(I.R.S. Employer Identification No.) |
105 Edgeview Dr., Suite 300
Broomfield, CO 80021
(Address of principal executive offices)
Telephone Number (303) 301-3271
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of Class |
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Trading Symbol |
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Name of Each Exchange on Which Registered |
Common stock, par value $0.0001 per share |
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GOGO |
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NASDAQ Global Select Market |
Preferred Stock Purchase Rights |
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GOGO |
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NASDAQ Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☑ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☑ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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☑ |
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Accelerated filer |
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☐ |
Non-accelerated filer |
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☐ |
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Smaller reporting company |
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☐ |
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Emerging growth company |
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☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☑
As of May 2, 2024, 127,104,716 shares of $0.0001 par value common stock were outstanding.
Gogo Inc.
INDEX
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Gogo Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
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March 31, |
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December 31, |
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2024 |
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2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
152,820 |
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$ |
139,036 |
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Accounts receivable, net of allowances of $1,855 and $2,091, respectively |
|
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49,405 |
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|
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48,233 |
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Inventories |
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69,298 |
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63,187 |
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Prepaid expenses and other current assets |
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63,782 |
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64,138 |
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Total current assets |
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335,305 |
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314,594 |
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Non-current assets: |
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Property and equipment, net |
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96,042 |
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|
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98,129 |
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Intangible assets, net |
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57,870 |
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55,647 |
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Operating lease right-of-use assets |
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69,804 |
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70,552 |
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Investment in convertible note |
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18,132 |
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|
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— |
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Other non-current assets, net of allowances of $614 and $591, respectively |
|
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25,577 |
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|
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25,979 |
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Deferred income taxes |
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206,223 |
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216,638 |
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Total non-current assets |
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473,648 |
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|
|
466,945 |
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Total assets |
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$ |
808,953 |
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$ |
781,539 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Accounts payable |
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$ |
22,823 |
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$ |
16,094 |
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Accrued liabilities |
|
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47,643 |
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|
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47,649 |
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Deferred revenue |
|
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2,150 |
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|
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1,003 |
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Current portion of long-term debt |
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7,250 |
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7,250 |
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Total current liabilities |
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79,866 |
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|
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71,996 |
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Non-current liabilities: |
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|
|
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Long-term debt |
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586,274 |
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|
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587,501 |
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Non-current operating lease liabilities |
|
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71,784 |
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|
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73,047 |
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Other non-current liabilities |
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8,590 |
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|
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8,270 |
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Total non-current liabilities |
|
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666,648 |
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|
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668,818 |
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Total liabilities |
|
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746,514 |
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|
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740,814 |
|
Commitments and contingencies (Note 15) |
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Stockholders’ equity |
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Common stock, par value $0.0001 per share; 500,000,000 shares authorized at March 31, 2024 and December 31, 2023; 138,253,311 and 137,632,284 shares issued at March 31, 2024 and December 31, 2023, respectively; and 128,227,127 and 128,462,343 shares outstanding at March 31, 2024 and December 31, 2023, respectively |
|
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14 |
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|
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14 |
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Additional paid-in capital |
|
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1,404,217 |
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|
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1,402,003 |
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Accumulated other comprehensive income |
|
|
14,966 |
|
|
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15,796 |
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Treasury stock, at cost |
|
|
(173,357 |
) |
|
|
(163,197 |
) |
Accumulated deficit |
|
|
(1,183,401 |
) |
|
|
(1,213,891 |
) |
Total stockholders’ equity |
|
|
62,439 |
|
|
|
40,725 |
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Total liabilities and stockholders’ equity |
|
$ |
808,953 |
|
|
$ |
781,539 |
|
See the Notes to Unaudited Condensed Consolidated Financial Statements
Gogo Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
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For the Three Months Ended March 31, |
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|
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2024 |
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2023 |
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Revenue: |
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Service revenue |
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$ |
81,673 |
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$ |
78,499 |
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Equipment revenue |
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22,649 |
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|
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20,098 |
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Total revenue |
|
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104,322 |
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|
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98,597 |
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Operating expenses: |
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Cost of service revenue (exclusive of amounts shown below) |
|
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17,871 |
|
|
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16,797 |
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Cost of equipment revenue (exclusive of amounts shown below) |
|
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15,786 |
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18,126 |
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Engineering, design and development |
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9,216 |
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|
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7,879 |
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Sales and marketing |
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8,283 |
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|
|
6,877 |
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General and administrative |
|
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14,651 |
|
|
|
14,199 |
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Depreciation and amortization |
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3,841 |
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|
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2,791 |
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Total operating expenses |
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69,648 |
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|
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66,669 |
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Operating income |
|
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34,674 |
|
|
|
31,928 |
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Other expense (income): |
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Interest income |
|
|
(2,048 |
) |
|
|
(1,916 |
) |
Interest expense |
|
|
8,410 |
|
|
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8,976 |
|
Other (income) expense, net |
|
|
(13,099 |
) |
|
|
31 |
|
Total other (income) expense |
|
|
(6,737 |
) |
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7,091 |
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Income before income taxes |
|
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41,411 |
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|
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24,837 |
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Income tax provision |
|
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10,921 |
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|
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4,388 |
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Net income |
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$ |
30,490 |
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$ |
20,449 |
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Net income attributable to common stock per share: |
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Basic |
|
$ |
0.24 |
|
|
$ |
0.16 |
|
Diluted |
|
$ |
0.23 |
|
|
$ |
0.15 |
|
Weighted average number of shares: |
|
|
|
|
|
|
Basic |
|
|
129,272 |
|
|
|
129,136 |
|
Diluted |
|
|
132,441 |
|
|
|
133,602 |
|
See the Notes to Unaudited Condensed Consolidated Financial Statements
Gogo Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
30,490 |
|
|
$ |
20,449 |
|
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
Currency translation adjustments |
|
|
(155 |
) |
|
|
75 |
|
Cash flow hedges: |
|
|
|
|
|
|
Amount recognized in other comprehensive income |
|
|
3,553 |
|
|
|
(2,439 |
) |
Less: income realized and reclassified to earnings |
|
|
4,228 |
|
|
|
4,721 |
|
Changes in fair value of cash flow hedges |
|
|
(675 |
) |
|
|
(7,160 |
) |
Other comprehensive loss, net of tax |
|
|
(830 |
) |
|
|
(7,085 |
) |
Comprehensive income |
|
$ |
29,660 |
|
|
$ |
13,364 |
|
See the Notes to Unaudited Condensed Consolidated Financial Statements
Gogo Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
30,490 |
|
|
$ |
20,449 |
|
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,841 |
|
|
|
2,791 |
|
Loss on asset disposals, abandonments and write-downs |
|
|
15 |
|
|
|
107 |
|
Provision for expected credit losses |
|
|
(132 |
) |
|
|
93 |
|
Deferred income taxes |
|
|
10,641 |
|
|
|
4,273 |
|
Stock-based compensation expense |
|
|
4,840 |
|
|
|
5,041 |
|
Amortization of deferred financing costs and interest rate caps |
|
|
1,375 |
|
|
|
764 |
|
Accretion of debt discount |
|
|
100 |
|
|
|
108 |
|
Change in fair value of convertible note investment |
|
|
(13,132 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(1,017 |
) |
|
|
7,405 |
|
Inventories |
|
|
(6,111 |
) |
|
|
(5,003 |
) |
Prepaid expenses and other current assets |
|
|
(5,904 |
) |
|
|
(8,632 |
) |
Contract assets |
|
|
6 |
|
|
|
557 |
|
Accounts payable |
|
|
4,809 |
|
|
|
1,191 |
|
Accrued liabilities |
|
|
(1,442 |
) |
|
|
(9,620 |
) |
Deferred revenue |
|
|
1,146 |
|
|
|
(1,054 |
) |
Accrued interest |
|
|
(2 |
) |
|
|
130 |
|
Other non-current assets and liabilities |
|
|
134 |
|
|
|
(86 |
) |
Net cash provided by operating activities |
|
|
29,657 |
|
|
|
18,514 |
|
Investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(1,451 |
) |
|
|
(3,112 |
) |
Acquisition of intangible assets—capitalized software |
|
|
(2,720 |
) |
|
|
(1,484 |
) |
Proceeds from FCC Reimbursement Program for property, equipment and intangibles |
|
|
28 |
|
|
|
— |
|
Proceeds from interest rate caps |
|
|
6,539 |
|
|
|
6,087 |
|
Redemptions of short-term investments |
|
|
— |
|
|
|
24,796 |
|
Purchases of short-term investments |
|
|
— |
|
|
|
(24,728 |
) |
Purchase of convertible note investment |
|
|
(5,000 |
) |
|
|
— |
|
Net cash (used in) provided by investing activities |
|
|
(2,604 |
) |
|
|
1,559 |
|
Financing activities: |
|
|
|
|
|
|
Payments on term loan |
|
|
(1,813 |
) |
|
|
(1,813 |
) |
Repurchases of common stock |
|
|
(10,137 |
) |
|
|
— |
|
Payments on financing leases |
|
|
(3 |
) |
|
|
(57 |
) |
Stock-based compensation activity |
|
|
(1,343 |
) |
|
|
(5,575 |
) |
Net cash used in financing activities |
|
|
(13,296 |
) |
|
|
(7,445 |
) |
Effect of exchange rate changes on cash |
|
|
27 |
|
|
|
88 |
|
Increase in cash, cash equivalents and restricted cash |
|
|
13,784 |
|
|
|
12,716 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
139,366 |
|
|
|
150,880 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
153,150 |
|
|
$ |
163,596 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
153,150 |
|
|
$ |
163,596 |
|
Less: non-current restricted cash |
|
|
330 |
|
|
|
330 |
|
Cash and cash equivalents at end of period |
|
$ |
152,820 |
|
|
$ |
163,266 |
|
Supplemental cash flow information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
14,207 |
|
|
$ |
15,014 |
|
Cash paid for taxes |
|
|
11 |
|
|
|
12 |
|
Non-cash investing activities: |
|
|
|
|
|
|
Purchases of property and equipment in current liabilities |
|
$ |
6,520 |
|
|
$ |
9,973 |
|
See the Notes to Unaudited Condensed Consolidated Financial Statements
Gogo Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Paid-In |
|
|
Comprehensive |
|
|
Accumulated |
|
|
Treasury Stock |
|
|
|
|
|
|
Shares |
|
|
Par Value |
|
|
Capital |
|
|
Income |
|
|
Deficit |
|
|
Shares |
|
|
Amount |
|
|
Total |
|
Balance at January 1, 2024 |
|
|
128,462,343 |
|
|
$ |
14 |
|
|
$ |
1,402,003 |
|
|
$ |
15,796 |
|
|
$ |
(1,213,891 |
) |
|
|
9,169,941 |
|
|
$ |
(163,197 |
) |
|
$ |
40,725 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30,490 |
|
|
|
— |
|
|
|
— |
|
|
|
30,490 |
|
Currency translation adjustments, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(155 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(155 |
) |
Fair value adjustments of cash flow hedges, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(675 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(675 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
4,840 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,840 |
|
Issuance of common stock upon exercise of stock options |
|
|
31,136 |
|
|
|
— |
|
|
|
80 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
80 |
|
Issuance of common stock upon vesting of restricted stock units |
|
|
872,329 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tax withholding related to vesting of restricted stock units |
|
|
— |
|
|
|
— |
|
|
|
(2,706 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,706 |
) |
Repurchase of common stock |
|
|
(1,138,681 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,138,681 |
|
|
|
(10,160 |
) |
|
|
(10,160 |
) |
Balance at March 31, 2024 |
|
|
128,227,127 |
|
|
$ |
14 |
|
|
$ |
1,404,217 |
|
|
$ |
14,966 |
|
|
$ |
(1,183,401 |
) |
|
|
10,308,622 |
|
|
$ |
(173,357 |
) |
|
$ |
62,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Paid-In |
|
|
Comprehensive |
|
|
Accumulated |
|
|
Treasury Stock |
|
|
|
|
|
|
Shares |
|
|
Par Value |
|
|
Capital |
|
|
Loss |
|
|
Deficit |
|
|
Shares |
|
|
Amount |
|
|
Total |
|
Balance at January 1, 2023 |
|
|
127,840,813 |
|
|
$ |
14 |
|
|
$ |
1,385,933 |
|
|
$ |
30,128 |
|
|
$ |
(1,359,569 |
) |
|
|
8,690,549 |
|
|
$ |
(158,375 |
) |
|
$ |
(101,869 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,449 |
|
|
|
— |
|
|
|
— |
|
|
|
20,449 |
|
Currency translation adjustments, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
75 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
75 |
|
Fair value adjustments of cash flow hedges, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,160 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,160 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
5,041 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,041 |
|
Issuance of common stock upon exercise of stock options |
|
|
68,520 |
|
|
|
— |
|
|
|
179 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
179 |
|
Issuance of common stock upon vesting of restricted stock units |
|
|
664,020 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tax withholding related to vesting of restricted stock units |
|
|
— |
|
|
|
— |
|
|
|
(5,037 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,037 |
) |
Issuance of common stock in connection with employee stock purchase plan |
|
|
12,582 |
|
|
|
— |
|
|
|
179 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
179 |
|
Balance at March 31, 2023 |
|
|
128,585,935 |
|
|
$ |
14 |
|
|
$ |
1,386,295 |
|
|
$ |
23,043 |
|
|
$ |
(1,339,120 |
) |
|
|
8,690,549 |
|
|
$ |
(158,375 |
) |
|
$ |
(88,143 |
) |
See the Notes to Unaudited Condensed Consolidated Financial Statements
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
The Business – Gogo Inc. (“Gogo,” the “Company,” “we,” “us,” or “our”) is the world’s largest provider of broadband connectivity services for the business aviation market. We have served this market for more than 25 years. Our mission is to enrich the lives of passengers and the efficiency of operators with the world’s best business aviation in-flight connectivity and customer support. We have always sought to provide the best connectivity for the business aviation market regardless of technology, and we have a successful history of doing so. Until recently, we focused primarily on business aviation aircraft in North America, which comprise approximately 63% of the worldwide business aviation fleet, and we are the leading provider of in-flight connectivity in that market. Gogo started in analogue air-to-ground (“ATG”) technology in the late 1990s, then, as analogue cellular backhaul disappeared, migrated to narrowband satellite connectivity in the early 2000s, then back to ATG with our digital broadband 3G and 4G networks beginning in 2010. We are currently developing our fourth ATG network – Gogo 5G – that we expect to commercially launch a few months later than the previously stated fourth quarter 2024 launch date, and we are working with our vendors to finalize the schedule. Simultaneous with the development of Gogo 5G, we are actively working with a subset of AVANCE customers and customers utilizing our legacy Gogo Biz ATG airborne system operating on our ground 3G and 4G networks to upgrade to an AVANCE system compatible with a new LTE network. We anticipate this subset of customers will see improved performance because of this network transition, which is expected to occur in early 2026. The cost for the transition to the new LTE network is partially being reimbursed through our participation in the Federal Communications Commission (“FCC”) Secure and Trusted Communications Networks Reimbursement Program (the “FCC Reimbursement Program”).
We also continue to provide narrowband satellite services to customers in North America and internationally through distribution agreements with satellite providers. In May 2022, in order to further serve our existing customers and expand our target market, we announced plans to expand our broadband offerings beyond ATG by launching the first global broadband service designed for business aviation (“Gogo Galileo”). The service will use an electronically steered antenna, specifically designed to address a broad range of business aviation aircraft, operating on a low earth orbit (“LEO”) satellite network and is targeted for commercial launch in the fourth quarter of 2024. We believe that Gogo Galileo, in combination with, or as an alternative to, our ATG systems will allow us to increase our penetration of the North American heavy jet market and provide an upgrade path for our existing ATG customer base. In addition, we believe that Gogo Galileo will allow us to penetrate the business aviation market outside of North America, where only approximately 6% of business aviation aircraft are installed with in-flight connectivity systems.
Basis of Presentation – The accompanying Unaudited Condensed Consolidated Financial Statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conformity with Article 10 of Regulation S-X promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with our annual audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2024 (the “2023 10-K”). These Unaudited Condensed Consolidated Financial Statements reflect, in the opinion of management, all material adjustments (which include normal recurring adjustments) necessary to fairly state, in all material respects, our financial position, results of operations and cash flows for the periods presented.
The results of operations and cash flows for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024.
We had one class of common stock outstanding as of March 31, 2024 and December 31, 2023.
Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates the significant estimates and bases such estimates on historical experience and various other assumptions believed to be reasonable under the circumstances. However, actual results could differ materially from those estimates.
As a result of our determination to participate in the FCC Reimbursement Program, we reassessed and shortened the estimated useful lives of affected network equipment to be consistent with our estimated date to complete the program. This change in accounting estimate was effective beginning the second quarter of 2023 and resulted in increased depreciation expense of $1.2 million for the three-month period ended March 31, 2024. Net income per basic share was unchanged, while net income per diluted share decreased by $0.01 for the three-month period ended March 31, 2024.
Recently Issued Accounting Pronouncements
The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be either not applicable or expected to have minimal impact on our consolidated financial statements and related notes.
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
Accounting standards not yet adopted:
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact that this guidance will have upon our consolidated financial statements and related notes.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures, most notably in the tax rate reconciliation and income taxes paid. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied on a prospective basis, with retrospective application permitted. We are currently evaluating the impact that this guidance will have upon our consolidated financial statements and related notes.
Basic and diluted earnings per share have been calculated using the weighted average number of common shares outstanding for the period. Diluted earnings per share was computed using the treasury stock method for stock-based compensation.
The diluted earnings per share calculations exclude the effect of stock options, deferred stock units and restricted stock units when the computation is anti-dilutive. For the three-month periods ended March 31, 2024 and 2023, the weighted average number of shares excluded from the computation was 2.8 million and 0.6 million, respectively.
The following table sets forth the computation of basic and diluted earnings per share for the three-month periods ended March 31, 2024 and 2023 (in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
Basic |
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
30,490 |
|
|
$ |
20,449 |
|
Weighted average shares outstanding |
|
|
129,272 |
|
|
|
129,136 |
|
Earnings per share - basic |
|
|
0.24 |
|
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
Diluted |
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
30,490 |
|
|
$ |
20,449 |
|
Average shares |
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
129,272 |
|
|
|
129,136 |
|
Effect of dilutive securities - stock-based compensation |
|
|
3,169 |
|
|
|
4,466 |
|
Total weighted average diluted shares outstanding |
|
|
132,441 |
|
|
|
133,602 |
|
Earnings per share - diluted |
|
$ |
0.23 |
|
|
$ |
0.15 |
|
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
Remaining performance obligations
As of March 31, 2024, the aggregate amount of the transaction price in our contracts allocated to the remaining unsatisfied performance obligations (“RPO”) was approximately $292 million and excludes consideration from contracts that have an original duration of one year or less. Approximately $276 million of the RPO primarily represents connectivity and entertainment service revenues which are recognized as services are provided, which is expected to occur through the remaining term of the contracts. Our contracts vary in length and generally have terms of two to ten years. We expect to recognize approximately 20% of our connectivity and entertainment service RPO within the next year, approximately 45% in one to five years and the remaining 35% in five to ten years. The remaining $16 million of the RPO represents future equipment revenue that is expected to be recognized primarily within the next three years as equipment is shipped.
Disaggregation of revenue
The following table presents our revenue disaggregated by category (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Service revenue |
|
|
|
|
|
|
Connectivity |
|
$ |
80,358 |
|
|
$ |
77,246 |
|
Entertainment and other |
|
|
1,315 |
|
|
|
1,253 |
|
Total service revenue |
|
$ |
81,673 |
|
|
$ |
78,499 |
|
Equipment revenue |
|
|
|
|
|
|
ATG |
|
$ |
19,347 |
|
|
$ |
15,556 |
|
Narrowband satellite |
|
|
1,694 |
|
|
|
2,651 |
|
Other |
|
|
1,608 |
|
|
|
1,891 |
|
Total equipment revenue |
|
$ |
22,649 |
|
|
$ |
20,098 |
|
Customer type |
|
|
|
|
|
|
Aircraft owner/operator/service provider |
|
$ |
81,673 |
|
|
$ |
78,499 |
|
OEM and aftermarket dealer |
|
|
22,649 |
|
|
|
20,098 |
|
Total revenue |
|
$ |
104,322 |
|
|
$ |
98,597 |
|
Contract balances
Our current and non-current contract asset balances totaled $16.5 million and $16.6 million as of March 31, 2024 and December 31, 2023, respectively. Contract assets represent the aggregate amount of revenue recognized in excess of billings and recoverable contract costs primarily for certain sales programs.
Our current and non-current deferred revenue balances totaled $2.2 million and $1.0 million as of March 31, 2024 and December 31, 2023, respectively. Deferred revenue includes, among other things, prepayments for equipment and subscription connectivity products.
FCC Reimbursement Program
On July 15, 2022, the Company was notified that it was approved for participation in the FCC Reimbursement Program, designed to reimburse providers of advanced communications services for reasonable costs incurred in the required removal, replacement, and disposal of covered communications equipment or services, that have been deemed to pose a national security risk, from their networks. Pursuant to the FCC Reimbursement Program, the FCC approved up to approximately $334 million in reimbursements to the Company to cover documented and approved costs to (i) remove and securely destroy all ZTE communications equipment and services in the Company’s terrestrial U.S. networks and replace such equipment and (ii) remove and replace certain equipment installed on aircraft operated by the Company’s ATG customers that is not compatible with the terrestrial equipment that will replace ZTE equipment. Due to a shortfall in the amount appropriated by Congress to fund the FCC Reimbursement Program, approximately $132 million of the approved amount is currently allocated to the Company under the program. If Congress appropriates additional funds for this purpose, the allocations of the Company and other approved applicants will be increased pro rata. Program participants are subject to a number of conditions and requirements under the FCC’s rules including a requirement that they submit their first reimbursement request by July 17, 2023 and certify that they have developed a plan to permanently remove, replace and dispose of covered equipment or services within one year following the first reimbursement request. The rules permit
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
participants to petition the FCC for one or more six-month extensions of the completion deadline. The Company, with the assistance of an advisor engaged to help administer the program, submitted and received its first reimbursement claim in July 2023. The Company’s original one year term to complete the program is set for July 21, 2024, however, based on discussions with our vendors supporting the program regarding lead times for network equipment, we plan to petition the FCC for multiple extensions, as outlined in our application for the FCC Reimbursement Program. On March 29, 2024 the Company was granted its first six-month extension by the FCC extending the program completion deadline to January 21, 2025.
As of March 31, 2024 and December 31, 2023, we have recorded a $15.2 million and $18.3 million receivable from the FCC, respectively, which is included in Prepaid expenses and other current assets in our Unaudited Condensed Consolidated Balance Sheets.
The following are the deductions to the carrying value of asset balances in our Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
As of March 31, |
|
|
As of December 31, |
|
|
|
2024 |
|
|
2023 |
|
Assets: |
|
|
|
|
|
|
Inventories |
|
$ |
(6,240 |
) |
|
$ |
(4,970 |
) |
Prepaids expenses and other current assets |
|
|
(2,042 |
) |
|
|
(1,542 |
) |
Property and equipment, net |
|
|
(3,690 |
) |
|
|
(2,094 |
) |
Intangible assets, net |
|
|
(651 |
) |
|
|
(58 |
) |
Other non-current assets |
|
|
(7,105 |
) |
|
|
(5,542 |
) |
No amounts were recorded to Net income during the three-month period ended March 31, 2023. The following are the increases to Net income in our Unaudited Condensed Consolidated Statements of Operations for the three-month period ended March 31, 2024 (in thousands):
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
Revenue: |
|
|
|
Service revenue |
|
$ |
687 |
|
Operating expenses: |
|
|
|
Cost of service revenue |
|
|
112 |
|
Cost of equipment revenue |
|
|
2,284 |
|
General and administrative |
|
|
181 |
|
5.Composition of Certain Balance Sheet Accounts
Inventories consist primarily of telecommunications systems and parts and are recorded at the lower of average cost or net realizable value. We evaluate the need for write-downs associated with obsolete, slow-moving and nonsalable inventory by reviewing net realizable inventory values on a periodic basis.
Inventories as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Work-in-process component parts |
|
$ |
34,687 |
|
|
$ |
34,692 |
|
Finished goods |
|
|
34,611 |
|
|
|
28,495 |
|
Total inventory(1) |
|
$ |
69,298 |
|
|
$ |
63,187 |
|
(1) See Note 4, “Government Assistance,” for additional information.
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
Prepaid expenses and other current assets as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Interest rate caps and receivable |
|
$ |
21,469 |
|
|
$ |
23,227 |
|
FCC reimbursement receivable(1) |
|
|
15,197 |
|
|
|
18,274 |
|
Contract assets(1) |
|
|
6,694 |
|
|
|
6,939 |
|
Prepaid inventories |
|
|
2,543 |
|
|
|
2,606 |
|
Other |
|
|
17,879 |
|
|
|
13,092 |
|
Total prepaid expenses and other current assets |
|
$ |
63,782 |
|
|
$ |
64,138 |
|
(1) See Note 4, “Government Assistance,” for additional information.
Property and equipment as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Office equipment, furniture, fixtures and other |
|
$ |
19,788 |
|
|
$ |
19,153 |
|
Leasehold improvements |
|
|
16,187 |
|
|
|
16,132 |
|
Network equipment(1) |
|
|
184,705 |
|
|
|
184,176 |
|
|
|
|
220,680 |
|
|
|
219,461 |
|
Accumulated depreciation |
|
|
(124,638 |
) |
|
|
(121,332 |
) |
Total property and equipment, net |
|
$ |
96,042 |
|
|
$ |
98,129 |
|
(1) See Note 4, “Government Assistance,” for additional information.
Other non-current assets as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Interest rate caps |
|
$ |
10,239 |
|
|
$ |
10,295 |
|
Contract assets, net of allowances of $614 and $591, respectively(1) |
|
|
9,840 |
|
|
|
9,625 |
|
Revolving credit facility deferred financing costs |
|
|
903 |
|
|
|
1,011 |
|
Other |
|
|
4,595 |
|
|
|
5,048 |
|
Total other non-current assets |
|
$ |
25,577 |
|
|
$ |
25,979 |
|
(1) See Note 4, “Government Assistance,” for additional information.
Accrued liabilities as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Operating leases |
|
$ |
10,679 |
|
|
$ |
10,284 |
|
Employee compensation and benefits |
|
|
7,377 |
|
|
|
10,386 |
|
Customer credit reserve |
|
|
6,847 |
|
|
|
6,027 |
|
Network equipment |
|
|
4,613 |
|
|
|
4,533 |
|
Warranty reserve |
|
|
3,470 |
|
|
|
3,420 |
|
Gogo Galileo development costs |
|
|
4,323 |
|
|
|
2,432 |
|
Taxes |
|
|
2,662 |
|
|
|
2,170 |
|
Accrued interest |
|
|
467 |
|
|
|
469 |
|
Other |
|
|
7,205 |
|
|
|
7,928 |
|
Total accrued liabilities |
|
$ |
47,643 |
|
|
$ |
47,649 |
|
6.Research and Development Costs
Expenditures for research and development are charged to expense as incurred and totaled $9.2 million and $7.9 million, respectively, during the three-month periods ended March 31, 2024 and 2023. Research and development costs are reported as Engineering, design and development expenses in our Unaudited Condensed Consolidated Statements of Operations.
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
Our intangible assets are comprised of both indefinite-lived and finite-lived intangible assets. Intangible assets with indefinite lives are not amortized; rather, they are reviewed for impairment at least annually or whenever events or circumstances indicate the carrying value of the asset may not be recoverable. We perform our annual impairment test of our indefinite-lived intangible assets during the fourth quarter of each fiscal year, and the results from the test performed in the fourth quarter of 2023 indicated no impairment. We also reevaluate the useful life of indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support an indefinite useful life.
As of both March 31, 2024 and December 31, 2023, our goodwill balance was $0.6 million.
Our intangible assets, other than goodwill, as of March 31, 2024 and December 31, 2023 were as follows (in thousands, except for weighted average remaining useful life):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2024 |
|
As of December 31, 2023 |
|
|
Weighted Average Remaining Useful Life (in years) |
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Carrying Amount |
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Carrying Amount |
Amortized intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software |
|
7.3 |
|
$70,503 |
|
$(46,097) |
|
$24,406 |
|
$68,155 |
|
$(45,910) |
|
$22,245 |
Other intangible assets |
|
8.0 |
|
561 |
|
— |
|
561 |
|
499 |
|
— |
|
499 |
Service customer relationships |
|
|
|
8,081 |
|
(8,081) |
|
— |
|
8,081 |
|
(8,081) |
|
— |
OEM and dealer relationships |
|
|
|
6,724 |
|
(6,724) |
|
— |
|
6,724 |
|
(6,724) |
|
— |
Total amortized intangible assets |
|
|
|
85,869 |
|
(60,902) |
|
24,967 |
|
83,459 |
|
(60,715) |
|
22,744 |
Unamortized intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCC Licenses |
|
|
|
32,283 |
|
— |
|
32,283 |
|
32,283 |
|
— |
|
32,283 |
Total intangible assets |
|
|
|
$118,152 |
|
$(60,902) |
|
$57,250 |
|
$115,742 |
|
$(60,715) |
|
$55,027 |
Amortization expense was $0.2 million and $0.6 million, respectively, for the three-month periods ended March 31, 2024 and 2023.
Amortization expense for the remainder of 2024, each of the next four years and thereafter is estimated to be as follows (in thousands):
|
|
|
|
|
Amortization |
Years ending December 31, |
|
Expense |
2024 (period from April 1 to December 31) |
|
$835 |
2025 |
|
$3,523 |
2026 |
|
$3,540 |
2027 |
|
$3,367 |
2028 |
|
$3,174 |
Thereafter |
|
$10,528 |
Actual future amortization expense could differ from the estimated amount as a result of future investments and other factors.
8.Long-Term Debt and Other Liabilities
Long-term debt as of March 31, 2024 and December 31, 2023 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Term Loan Facility |
|
$ |
603,085 |
|
|
$ |
604,797 |
|
Less: deferred financing costs |
|
|
(9,561 |
) |
|
|
(10,046 |
) |
Less: current portion of long-term debt |
|
|
(7,250 |
) |
|
|
(7,250 |
) |
Total long-term debt |
|
$ |
586,274 |
|
|
$ |
587,501 |
|
2021 Credit Agreement
On April 30, 2021, Gogo and Gogo Intermediate Holdings LLC (“GIH”) (a wholly owned subsidiary of Gogo) entered into a credit agreement (the “Original 2021 Credit Agreement,” and, as it may be amended, supplemented or otherwise modified from time
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
to time, the “2021 Credit Agreement”) among Gogo, GIH, the lenders and issuing banks party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent, which provides for (i) a term loan credit facility (the “Term Loan Facility”) in an aggregate principal amount of $725.0 million, issued with a discount of 0.5%, and (ii) a revolving credit facility (the “Revolving Facility” and together with the Term Loan Facility, the “Facilities”) of up to $100.0 million, which includes a letter of credit sub-facility.
The Term Loan Facility amortizes in nominal quarterly installments equal to one percent of the aggregate initial principal amount thereof per annum, with the remaining balance payable upon final maturity of the Term Loan Facility on April 30, 2028. There are no amortization payments under the Revolving Facility, and all borrowings under the Revolving Facility mature on April 30, 2026.
The Term Loan Facility bears annual interest at a floating rate measured by reference to, at GIH’s option, either (i) an adjusted term secured overnight financing rate as administered by the Federal Reserve Bank of New York (“SOFR”) (subject to a floor of 0.75%) plus an applicable margin of 3.75% and a credit spread adjustment recommended by the Alternative Reference Rates Committee of 0.11%, 0.26% or 0.43% per annum based on 1-month, 3-month or 6-month term SOFR, respectively or (ii) an alternate base rate plus an applicable margin of 2.75%.
Loans outstanding under the Revolving Facility bear annual interest at a floating rate measured by reference to, at GIH’s option, either (i) an adjusted term SOFR rate (subject to a floor of 0.00%) plus an applicable margin ranging from 3.25% to 3.75% per annum depending on GIH’s senior secured first lien net leverage ratio and a credit spread adjustment recommended by the Alternative Reference Rates Committee of 0.11%, 0.26% or 0.43% per annum based on 1-month, 3-month or 6-month term SOFR, respectively or (ii) an alternate base rate plus an applicable margin ranging from 2.25% to 2.75% per annum depending on GIH’s senior secured first lien net leverage ratio. Additionally, unused commitments under the Revolving Facility are subject to a fee ranging from 0.25% to 0.50% per annum depending on GIH’s senior secured first lien net leverage ratio. As of March 31, 2024, the fee for unused commitments under the Revolving Facility was 0.25% and the applicable margin was 3.25%.
The Facilities may be prepaid at GIH’s option at any time without premium or penalty (other than customary breakage costs), subject to minimum principal payment amount requirements.
Subject to certain exceptions and de minimis thresholds, the Term Loan Facility is subject to mandatory prepayments in an amount equal to:
•100% of the net cash proceeds of certain asset sales, insurance recovery and condemnation events, subject to reduction to 50% and 0% if specified senior secured first lien net leverage ratio targets are met;
•100% of the net cash proceeds of certain debt offerings; and
•50% of annual excess cash flow (as defined in the 2021 Credit Agreement), subject to reduction to 25% and 0% if specified senior secured first lien net leverage ratio targets are met.
The 2021 Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants. The negative covenants include restrictions on, among other things: incurrence of indebtedness or issuance of disqualified equity interests; incurrence or existence of liens; consolidations or mergers; activities of Gogo and any subsidiary holding a license issued by the FCC; investments, loans, advances, guarantees or acquisitions; asset sales; dividends or other distributions on equity; purchase, redemption or retirement of capital stock; payment or redemption of certain junior indebtedness; entry into other agreements that restrict the ability to incur liens securing the Facilities; and amendment of organizational documents; in each case subject to customary exceptions.
The Revolving Facility includes a financial covenant set at a maximum senior secured first lien net leverage ratio of 7.50:1.00, which will apply if the outstanding amount of loans and unreimbursed letter of credit drawings thereunder at the end of any fiscal quarter exceeds 35% of the aggregate of all commitments thereunder.
The 2021 Credit Agreement contains customary events of default, which, if any of them occurred, would permit or require the principal, premium, if any, and interest on all of the then outstanding obligations under the Facilities to be due and payable immediately and the commitments under the Revolving Facility to be terminated.
The Revolving Facility is available for working capital and general corporate purposes of GIH and its subsidiaries and was undrawn as of March 31, 2024 and December 31, 2023.
As of March 31, 2024 and December 31, 2023, the outstanding principal amount of the Term Loan Facility was $605.1 million and $606.9 million, respectively, the unaccreted debt discount was $2.0 million and $2.1 million, respectively, and the net carrying amount was $603.1 million and $604.8 million, respectively.
We paid approximately $19.7 million of loan origination and financing costs related to the Facilities which are being accounted for as deferred financing costs on our Unaudited Condensed Consolidated Balance Sheets and are amortized over the terms of the
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
Facilities. Total amortization expense was $0.6 million for both the three-month periods ended March 31, 2024 and 2023 and is included in interest expense in our Unaudited Condensed Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, the balance of unamortized deferred financing costs related to the Facilities was $10.5 million and $11.1 million, respectively.
On April 30, 2021, Gogo, GIH, and each direct and indirect wholly-owned U.S. restricted subsidiary of GIH (Gogo and such subsidiaries collectively, the “Guarantors”) entered into a guarantee agreement (the “Guarantee Agreement”) in favor of Morgan Stanley Senior Funding, Inc., as collateral agent (the “Collateral Agent”), whereby GIH and the Guarantors guarantee the obligations under the Facilities and certain other secured obligations as set forth in the Guarantee Agreement, and GIH and the Guarantors entered into a collateral agreement (the “Collateral Agreement”), in favor of the Collateral Agent, whereby GIH and the Guarantors grant a security interest in substantially all of their respective tangible and intangible assets (including the equity interests in each direct material wholly-owned U.S. restricted subsidiary owned by GIH or any Guarantor, and 65% of the equity interests in any non-U.S. subsidiary held directly by GIH or any Guarantor), subject to certain exceptions, to secure the obligations under the Facilities and certain other secured obligations as set forth in the Collateral Agreement.
9.Derivative Instruments and Hedging Activities
We are exposed to interest rate risk on our variable rate borrowings. We currently use interest rate caps to manage our exposure to interest rate changes, and have designated these interest rate caps as cash flow hedges for accounting purposes. Accordingly, the earnings impact of the derivatives designated as cash flow hedges is recorded upon the recognition of the variable interest payments related to the hedged debt.
In May 2021, we purchased interest rate caps with an aggregate notional amount of $650.0 million for $8.6 million. The cost of the interest rate caps will be amortized to interest expense using the caplet method, from the effective date through termination date. We receive payments in the amount calculated pursuant to the caps for any period in which the daily compounded SOFR rate plus a credit spread adjustment recommended by the Alternative Reference Rate Committee of 0.26% increases beyond the applicable strike rate. The notional amounts of the interest rate caps periodically decrease over the life of the caps.
The notional amounts, strike rates and end dates of the cap agreements are as follows (notional amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
Start Date |
|
End Date |
|
Notional Amounts |
|
|
Strike Rate |
|
7/31/2021 |
|
7/30/2023 |
|
$ |
650,000 |
|
|
|
0.75 |
% |
7/31/2023 |
|
7/30/2024 |
|
|
525,000 |
|
|
|
0.75 |
% |
7/31/2024 |
|
7/30/2025 |
|
|
350,000 |
|
|
|
1.25 |
% |
7/31/2025 |
|
7/30/2026 |
|
|
250,000 |
|
|
|
2.25 |
% |
7/31/2026 |
|
7/30/2027 |
|
|
200,000 |
|
|
|
2.75 |
% |
We record the effective portion of changes in the fair value of our cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassify these amounts into earnings in the period during which the hedged transaction is recognized. The amounts included in accumulated other comprehensive income will be reclassified to interest expense in the event the hedges are no longer considered effective, in accordance with ASC 815, Derivatives and Hedging. No gains or losses of our cash flow hedges were considered to be ineffective and reclassified from other comprehensive income (loss) to earnings for the three-month periods ended March 31, 2024 and 2023. We estimate that approximately $2.6 million currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months. We assess the effectiveness of the hedges on an ongoing basis, and the remaining outstanding caps are still considered to be highly effective, and remain designated as a cash flow hedge. Cash flows from interest rate caps are classified in the Unaudited Condensed Consolidated Statements of Cash Flows as investing activities.
For the three-month period ended March 31, 2024, we recorded a decrease in fair value on the interest rate caps of $1.5 million, net of tax of $0.2 million, and for the three-month period ended March 31, 2023, we recorded a decrease in fair value on the interest rate caps of $7.3 million, net of tax of $2.3 million. Increases and decreases in fair value on interest rate caps above exclude amortization of the purchase price paid for the interest rate caps.
When derivatives are used, we are exposed to credit loss in the event of non-performance by the counterparties; however, non-performance is not anticipated. ASC 815, Derivatives and Hedging, requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet. The fair values of the interest rate derivatives are based on quoted market prices for similar instruments from commercial banks (based on significant observable inputs - Level 2 inputs).
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
The following table presents the fair value of our interest rate derivatives included in the Unaudited Condensed Consolidated Balance Sheets for the periods presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
Derivatives designated as hedging instruments |
|
Balance sheet location |
|
2024 |
|
|
2023 |
|
Current portion of interest rate caps |
|
Prepaid expenses and other current assets |
|
$ |
17,178 |
|
|
$ |
18,801 |
|
Non-current portion of interest rate caps |
|
Other non-current assets |
|
$ |
10,239 |
|
|
$ |
10,295 |
|
Fair Value Measurement
Our derivative assets and liabilities consist principally of interest rate caps, which are carried at fair value based on significant observable inputs (Level 2 inputs). Derivatives entered into by us are typically executed over-the-counter and are valued using discounted cash flows along with fair value models that primarily use market observable inputs. These models take into account a variety of factors including, where applicable, maturity, interest rate yield curves, and counterparty credit risks.
We capitalize a portion of our interest on funds borrowed during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and amortized over the useful lives of the assets.
The following is a summary of our interest costs for the three-month periods ended March 31, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Interest costs charged to expense |
|
$ |
13,340 |
|
|
$ |
14,497 |
|
Amortization of deferred financing costs |
|
|
594 |
|
|
|
630 |
|
Amortization of the purchase price of interest rate caps |
|
|
781 |
|
|
|
134 |
|
Interest rate cap benefit |
|
|
(6,405 |
) |
|
|
(6,393 |
) |
Accretion of debt discount |
|
|
100 |
|
|
|
108 |
|
Interest expense |
|
|
8,410 |
|
|
|
8,976 |
|
Interest costs capitalized to property and equipment |
|
|
612 |
|
|
|
497 |
|
Interest costs capitalized to software |
|
|
257 |
|
|
|
157 |
|
Total interest costs |
|
$ |
9,279 |
|
|
$ |
9,630 |
|
11.Fair Value of Financial Assets and Liabilities
A three-tier fair value hierarchy has been established which prioritizes the inputs used in measuring fair value. These tiers include:
•Level 1 - defined as observable inputs such as quoted prices for identical assets or liabilities in active markets;
•Level 2 - defined as observable inputs other than Level 1 inputs such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
•Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Refer to Note 9, “Derivative Instruments and Hedging Activities,” for fair value information relating to our interest rate caps.
Investment in Convertible Note:
On February 26, 2024, Gogo invested $5 million in a convertible note offering (“Investment in Convertible Note”). The Investment in Convertible Note accrues interest at 5% per annum, payable upon maturity of the note or upon conversion, and matures two years after the date of issuance. We have elected to measure our Investment in Convertible Note using the fair value option and record changes in fair value, including accrued interest, in Other (income) expense, net on the Unaudited Condensed Consolidated Statements of Operations. The Company elected the fair value option for the Investment in Convertible Note to eliminate complexities of applying certain accounting models.
The fair value of the Investment in Convertible Note is measured using Level 3 (unobservable) inputs. The Company, with the assistance of a third-party valuation specialist, determined the fair value using a binomial lattice model. The significant assumptions used in the model include the yield, equity volatility, outstanding principal, remaining term, stated interest rate, risk-free interest rate
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
and the current publicly available stock price. The yield is estimated using similar security yields for companies with similar credit ratings. Equity volatility is estimated based on observed equity volatility for similar companies. The outstanding principal, remaining term and stated interest rate are all determined based on contractually defined terms and the risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of measurement for time periods approximately equal to the remaining time to maturity. Subsequent to March 31, 2024, the Company observed a significant decrease in the publicly available stock price of the issuer. Should the decrease be sustained, the fair value of the Investment in Convertible Note could be materially and negatively impacted.
The reconciliation of beginning and ending balances of the Investment in Convertible Note as of March 31, 2024 were as follows (in thousands):
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
Balance at beginning of period |
|
$ |
— |
|
Investment |
|
|
5,000 |
|
Change in fair value |
|
|
13,132 |
|
Balance at end of period |
|
$ |
18,132 |
|
Long-Term Debt:
As of March 31, 2024 and December 31, 2023, our only financial asset and liability disclosed but not measured at fair value is the Term Loan Facility, which is reflected on the Unaudited Condensed Consolidated Balance Sheets at cost. The fair value measurement is classified as Level 2 within the fair value hierarchy since it is based on quoted market prices of our instrument in markets that are not active. We estimated the fair value of the Term Loan Facility by calculating the upfront cash payment a market participant would require to assume this obligation. The upfront cash payment used in the calculation of fair value on our March 31, 2024 Unaudited Condensed Consolidated Balance Sheets, excluding any issuance costs, is the amount that a market participant would be willing to lend at such date to an entity with a credit rating similar to ours and that would allow such an entity to achieve sufficient cash inflows to cover the scheduled cash outflows under the Term Loan Facility.
The fair value and carrying value of long-term debt as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
Fair Value (1) |
|
Carrying Value |
|
|
Fair Value (1) |
|
Carrying Value |
|
Term Loan Facility |
|
$ |
605,000 |
|
$ |
603,085 |
(2) |
|
$ |
610,000 |
|
$ |
604,797 |
(2) |
(1)Fair value amounts are rounded to the nearest million.
(2)Carrying value of the Term Loan Facility reflects the unaccreted debt discount of $2.0 million and $2.1 million as of March 31, 2024 and December 31, 2023, respectively. See Note 8, “Long-Term Debt and Other Liabilities,” for further information.
12.Stock-Based Compensation and 401(k) Plan
Stock-Based Compensation — As of March 31, 2024, we maintained the Second Amended and Restated Gogo Inc. 2016 Omnibus Incentive Plan (the “2016 Omnibus Plan”). The 2016 Omnibus Plan provides for the grant of both equity and cash awards, including non-qualified stock options, incentive stock options, stock appreciation rights, performance awards (shares and units), restricted stock, Restricted Stock Units (“RSUs”), deferred share units and other stock-based awards and dividend equivalents to eligible employees, directors and consultants, as determined by the Compensation Committee of our Board of Directors. See Note 12, “Stock-Based Compensation and 401(k) Plan,” in our 2023 10-K for further information regarding these plans. The majority of our equity grants are awarded on an annual basis.
For the three-month period ended March 31, 2024, no options to purchase shares of common stock were granted, options to purchase 31,136 shares of common stock were exercised, no options to purchase shares of common stock were forfeited and 13,053 options to purchase shares of common stock expired.
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
For the three-month period ended March 31, 2024, 30,908 RSUs were granted, 1,017,609 RSUs vested and 13,436 RSUs were forfeited. The fair value of the RSUs granted during the three-month period ended March 31, 2024 was approximately $0.3 million, which will generally be recognized over a period of four years.
For the three-month period ended March 31, 2024, 49,256 deferred stock units were granted, none vested and 169,683 were settled. The fair value of the deferred stock units granted during the three-month period ended March 31, 2024 was approximately $0.4 million, which will generally be recognized over a period of one year.
The following is a summary of our stock-based compensation expense by operating expense line in the Unaudited Condensed Consolidated Statements of Operations (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Cost of service revenue |
|
$ |
473 |
|
|
$ |
343 |
|
Cost of equipment revenue |
|
|
379 |
|
|
|
287 |
|
Engineering, design and development |
|
|
982 |
|
|
|
754 |
|
Sales and marketing |
|
|
997 |
|
|
|
738 |
|
General and administrative |
|
|
2,009 |
|
|
|
2,919 |
|
Total stock-based compensation expense |
|
$ |
4,840 |
|
|
$ |
5,041 |
|
401(k) Plan — Under our 401(k) plan, all employees who are eligible to participate are entitled to make tax-deferred contributions, subject to Internal Revenue Service limitations. We match 100% of the employee’s first 4% of contributions made, subject to annual limitations. Our matching contributions were $0.6 million and $0.5 million, respectively, during the three-month periods ended March 31, 2024 and 2023.
The effective income tax rates for the three-month periods ended March 31, 2024 and 2023 were 26.4% and 17.7%, respectively. For the three-month period ended March 31, 2024, our effective income tax rate was higher than the U.S. federal statutory rate of 21% primarily due to state income taxes, nondeductible officer’s compensation, and stock-based compensation, partially offset by tax benefits related to domestic research and development tax credits. For the three-month period ended March 31, 2023, our effective income tax rate was lower than the U.S. federal statutory rate of 21% primarily due to a partial release of the valuation allowance on certain of our deferred income tax assets, tax benefits related to domestic research and development tax credits and stock-based compensation, partially offset by state income taxes.
We regularly assess the need for a valuation allowance related to our deferred income tax assets to determine, based on the weight of all available positive and negative evidence, whether it is more likely than not that some or all of such deferred assets will not be realized. In our assessments, the Company considers recent financial operating results, the scheduled expiration of our net operating losses, future taxable income, the reversal of existing taxable differences, and tax planning strategies. The remaining valuation allowance is still required for deferred tax assets related to certain state credits, foreign net operating losses and capital loss carryforwards as it is more likely than not as of March 31, 2024 that these deferred tax assets will not be realized.
We are subject to taxation and file income tax returns in the United States federal jurisdiction and many states and Canada. With few exceptions, as of March 31, 2024 we are no longer subject to U.S. federal, state, local or foreign examinations by tax authorities for years before 2020.
We record penalties and interest relating to uncertain tax positions in the income tax provision line item in the Unaudited Condensed Consolidated Statements of Operations. No penalties or interest related to uncertain tax positions were recorded for the three-month periods ended March 31, 2024 and 2023. As of March 31, 2024 and December 31, 2023, we did not have a liability recorded for interest or potential penalties.
Operating and Financing Leases — We determine whether a contract contains a lease at contract inception. Lease liabilities are calculated using a discount rate based on our incremental borrowing rate at lease commencement. We have operating lease agreements primarily related to cell sites and office space. Certain cell site and office space leases have renewal option terms that have been deemed reasonably certain to be exercised. These renewal options extend a lease by up to 15 years. We recognize operating lease expense on a straight-line basis over the lease term. As of March 31, 2024, there were no significant leases which had not commenced.
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
The following is a summary of our lease expense included in the Unaudited Condensed Consolidated Statements of Operations (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Operating lease cost |
|
$ |
4,088 |
|
|
$ |
3,938 |
|
Financing lease cost: |
|
|
|
|
|
|
Amortization of leased assets |
|
|
14 |
|
|
|
39 |
|
Interest on lease liabilities |
|
|
4 |
|
|
|
5 |
|
Total lease cost |
|
$ |
4,106 |
|
|
$ |
3,982 |
|
Other information regarding our leases is as follows (in thousands, except lease terms and discount rates):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Supplemental cash flow information |
|
|
|
|
|
|
Cash paid for amounts included in measurement of lease liabilities: |
|
|
|
|
|
|
Operating cash flows used in operating leases |
|
$ |
4,195 |
|
|
$ |
3,969 |
|
Operating cash flows used in financing leases |
|
$ |
4 |
|
|
$ |
5 |
|
Financing cash flows used in financing leases |
|
$ |
3 |
|
|
$ |
57 |
|
Non-cash items: |
|
|
|
|
|
|
Operating leases obtained |
|
$ |
2,122 |
|
|
$ |
718 |
|
Financing leases obtained |
|
$ |
170 |
|
|
$ |
— |
|
Weighted average remaining lease term |
|
|
|
|
|
|
Operating leases |
|
7 years |
|
|
8 years |
|
Financing leases |
|
3 years |
|
|
1 year |
|
Weighted average discount rate |
|
|
|
|
|
|
Operating leases |
|
|
6.8 |
% |
|
|
6.7 |
% |
Financing leases |
|
|
9.0 |
% |
|
|
16.6 |
% |
Annual future minimum lease payments as of March 31, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
Years ending December 31, |
|
Operating Leases |
|
|
Financing Leases |
|
2024 (period from April 1 to December 31) |
|
$ |
11,646 |
|
|
$ |
58 |
|
2025 |
|
|
16,505 |
|
|
|
62 |
|
2026 |
|
|
16,069 |
|
|
|
60 |
|
2027 |
|
|
14,513 |
|
|
|
15 |
|
2028 |
|
|
12,869 |
|
|
|
— |
|
Thereafter |
|
|
31,135 |
|
|
|
— |
|
Total future minimum lease payments |
|
|
102,737 |
|
|
|
195 |
|
Less: Amount representing interest |
|
|
(20,274 |
) |
|
|
(22 |
) |
Present value of net minimum lease payments |
|
$ |
82,463 |
|
|
$ |
173 |
|
Reported as of March 31, 2024 |
|
|
|
|
|
|
Accrued liabilities |
|
$ |
10,679 |
|
|
$ |
62 |
|
Non-current operating lease liabilities |
|
|
71,784 |
|
|
|
— |
|
Other non-current liabilities |
|
|
— |
|
|
|
111 |
|
Total lease liabilities |
|
$ |
82,463 |
|
|
$ |
173 |
|
15.Commitments and Contingencies
Contractual Commitments – We have agreements with various vendors under which we have remaining commitments to purchase hardware components and development services. Such commitments will become payable as we receive the hardware components, or as development services are provided.
SmartSky Litigation – On February 28, 2022, SmartSky Networks, LLC brought suit against Gogo Inc. and its subsidiary Gogo Business Aviation LLC in the U.S. District Court for the District of Delaware (the “Court”) alleging that Gogo 5G infringes four patents owned by the plaintiff. On February 21, 2023, the plaintiff amended its complaint to allege that Gogo 5G infringes two
Gogo Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements – (Continued)
additional patents recently issued to the plaintiff. The suit seeks an unspecified amount of compensatory damages as well as treble damages for alleged willful infringement and reimbursement of plaintiff's costs, disbursements and attorneys' fees. Under a schedule agreed upon by the parties, fact discovery and claim construction proceedings will be substantially completed by early-to-mid 2024, and expert discovery by mid 2024, with dispositive motions to follow. A trial date has been scheduled for April 14, 2025. Also on February 28, 2022, the plaintiff filed a motion (the “PI Motion”) requesting that the Court preliminarily enjoin the Company from making, using, offering to sell or selling the Gogo 5G system. On September 26, 2022, the Court issued an order denying the PI Motion. The plaintiff has appealed the denial to the U.S. Court of Appeals for the Federal Circuit. On January 31, 2024, the U.S. Court of Appeals for the Federal Circuit affirmed the decision of the Court to deny the PI Motion. We intend to continue to vigorously defend our position in the infringement suit and defend against any further appeal of the PI Motion decision. The outcomes of the appeal and the underlying litigation are inherently uncertain. No amounts have been accrued for any potential losses under this matter, as we cannot reasonably predict the outcome of the litigation or any potential losses.
On March 5, 2024, Gogo Inc. and its subsidiary Gogo Business Aviation LLC filed counterclaims in the same suit, alleging that SmartSky’s ATG network, Flagship equipment, and LITE ATG equipment infringe three patents owned by Gogo. Gogo’s counterclaim suit seeks an unspecified amount of compensatory damages as well as reimbursement of Gogo's costs and attorneys' fees. On April 10, 2024, the Court held that Gogo's counterclaims would proceed under a separate schedule and would be tried separately from SmartSky's claims. At this time, no schedule has been adopted for Gogo's counterclaims.
From time to time we may become involved in legal proceedings arising in the ordinary course of our business. We cannot predict with certainty the outcome of any litigation or the potential for future litigation. Regardless of the outcome of any particular litigation and the merits of any particular claim, litigation can have a material adverse impact on our company due to, among other reasons, any injunctive relief granted, which could inhibit our ability to operate our business, amounts paid as damages or in settlement of any such matter, diversion of management resources and defense costs.
16.Accumulated Other Comprehensive Income (Loss)
The following is a summary of changes in accumulated other comprehensive income (loss) by component (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
|
|
Currency |
|
|
Fair Value of |
|
|
|
|
|
|
Translation |
|
|
Cash Flow |
|
|
|
|
|
|
Adjustment |
|
|
Hedges |
|
|
Total |
|
Balance at January 1, 2024 |
|
$ |
(934 |
) |
|
$ |
16,730 |
|
|
$ |
15,796 |
|
Other comprehensive income (loss) before reclassifications |
|
|
(155 |
) |
|
|
3,553 |
|
|
|
3,398 |
|
Less: income realized and reclassified to earnings |
|
|
— |
|
|
|
4,228 |
|
|
|
4,228 |
|
Net current period comprehensive income (loss) |
|
|
(155 |
) |
|
|
(675 |
) |
|
|
(830 |
) |
Balance at March 31, 2024 |
|
$ |
(1,089 |
) |
|
$ |
16,055 |
|
|
$ |
14,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
|
|
Currency |
|
|
Fair Value of |
|
|
|
|
|
|
Translation |
|
|
Cash Flow |
|
|
|
|
|
|
Adjustment |
|
|
Hedges |
|
|
Total |
|
Balance at January 1, 2023 |
|
$ |
(1,225 |
) |
|
$ |
31,353 |
|
|
$ |
30,128 |
|
Other comprehensive income (loss) before reclassifications |
|
|
75 |
|
|
|
(2,439 |
) |
|
|
(2,364 |
) |
Less: income realized and reclassified to earnings |
|
|
— |
|
|
|
4,721 |
|
|
|
4,721 |
|
Net current period comprehensive income (loss) |
|
|
75 |
|
|
|
(7,160 |
) |
|
|
(7,085 |
) |
Balance at March 31, 2023 |
|
$ |
(1,150 |
) |
|
$ |
24,193 |
|
|
$ |
23,043 |
|
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this Quarterly Report on Form 10-Q may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our industry, business strategy, plans, goals and expectations concerning our market position, international expansion, future technologies, future operations, margins, profitability, future efficiencies, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words “anticipate,” “assume,” “believe,” “budget,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this Quarterly Report on Form 10-Q.
Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following:
•our ability to continue to generate revenue from the provision of our connectivity services;
•our reliance on our key OEMs and dealers for equipment sales;
•our ability to develop and deploy Gogo 5G, Gogo Galileo or other next generation technologies;
•the impact of competition;
•our ability to expand our business outside of the United States;
•the impact of pandemics or other outbreaks of contagious diseases, and the measures implemented to combat them;
•the impact of global supply chain and logistics issues and increasing inflation;
•our ability to evaluate or pursue strategic opportunities;
•our reliance on third parties for equipment components and services;
•our ability to recruit, train and retain highly skilled employees;
•the impact of adverse economic conditions;
•our ability to maintain our rights to use our licensed 3MHz of ATG spectrum in the United States and obtain rights to additional spectrum if needed;
•the impact of our use of open-source software;
•the impact of equipment failure or material defects or errors in our software;
•the impact of service interruptions or delays, technology failures, equipment damage or system disruptions or failures, including any arising from cyber-attacks;
•the impact of assertions by third parties of infringement, misappropriation or other violations;
•our ability to innovate and provide products and services;
•risks associated with participation in the Federal Communications Commission (“FCC”) Reimbursement Program;
•our ability to comply with applicable foreign ownership limitations;
•our ability to comply with anti-bribery, anti-corruption and anti-money laundering laws;
•our possession and use of personal information;
•the extent of expenses, liabilities or business disruptions resulting from litigation;
•our ability to protect our intellectual property rights;
•the impact of global climate change and legal, regulatory or market responses to it;
•our substantial indebtedness, limitations and restrictions in the agreements governing our current and future indebtedness and our ability to service our indebtedness;
•fluctuations in our operating results;
•our ability to fully utilize portions of our deferred income tax assets; and
•other risks and factors listed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2024 (the “2023 10-K”) and in Item 1A of this Quarterly Report on Form 10-Q.
Any one of these factors or a combination of these factors could materially affect our financial condition or future results of operations and could influence whether any forward-looking statements contained in this Quarterly Report on Form 10-Q ultimately prove to be accurate. Our forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them. All forward-looking statements speak only as of the date made and unless required by law we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
In addition, while we do, from time to time, communicate with securities analysts, it is against our policy to disclose to them any material non-public information or other confidential information. Accordingly, stockholders should not assume that we agree with any statement or report issued by any analyst irrespective of the content of the statement or report. Thus, to the extent that reports issued by securities analysts contain any projections, forecasts, or opinions, such reports are not our responsibility.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with our unaudited condensed consolidated interim financial statements and the related notes contained elsewhere in this Quarterly Report on Form 10-Q. Unless the context otherwise indicates or requires, the terms “we,” “our,” “us,” “Gogo,” and the “Company,” as used in this Quarterly Report on Form 10-Q, refer to Gogo Inc. and its directly and indirectly owned subsidiaries as a combined entity, except where otherwise stated or where it is clear that the terms refer only to Gogo Inc. exclusive of its subsidiaries.
The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described under “Risk Factors” in the 2023 10-K and in Item 1A and “Special Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q. Our actual results may differ materially from those contained in or implied by any forward-looking statements.
Our fiscal year ends December 31 and, unless otherwise noted, references to “years” or “fiscal” are for fiscal years ended December 31. See “— Results of Operations.”
Company Overview
Gogo is the world’s largest provider of broadband connectivity services for the business aviation market. We have served this market for more than 25 years. Our mission is to enrich the lives of passengers and the efficiency of operators with the world’s best business aviation in-flight connectivity and customer support. We have always sought to provide the best connectivity for the business aviation market regardless of technology, and we have a successful history of doing so. Until recently, we focused primarily on business aviation aircraft in North America, which comprise approximately 63% of the worldwide business aviation fleet, and we are the leading provider of in-flight connectivity in that market. Gogo started in analogue air-to-ground (“ATG”) technology in the late 1990s, then, as analogue cellular backhaul disappeared, migrated to narrowband satellite connectivity in the early 2000s, then back to ATG with our digital broadband 3G and 4G networks beginning in 2010. We are currently developing our fourth ATG network – Gogo 5G – that we expect to commercially launch a few months later than the previously stated fourth quarter 2024 launch date, and we are working with our vendors to finalize the schedule. Simultaneous with the development of Gogo 5G, we are actively working with a subset of AVANCE customers and customers utilizing our legacy Gogo Biz ATG airborne system operating on our ground 3G and 4G networks to upgrade to an AVANCE system compatible with a new LTE network. We anticipate this subset of customers will see improved performance because of this network transition, which is expected to occur in early 2026. The cost for the transition to the new LTE network is partially being reimbursed through our participation in the FCC Reimbursement Program.
We also continue to provide narrowband satellite services to customers in North America and internationally through distribution agreements with satellite providers. In May 2022, in order to further serve our existing customers and expand our target market, we announced plans to expand our broadband offerings beyond ATG by launching the first global broadband service designed for all models of business aircraft (“Gogo Galileo”). The service will use an electronically steered antenna (“ESA”), specifically designed to address a broad range of business aviation aircraft, operating on a low earth orbit (“LEO”) satellite network and is targeted for commercial launch in the fourth quarter of 2024.
Our chief operating decision maker evaluates performance and business results for our operations, and makes resource and operating decisions, on a consolidated basis. As we do not have multiple segments, we do not present segment information in this Quarterly Report on Form 10-Q.
Factors and Trends Affecting Our Results of Operations
We believe that our operating and business performance is driven by various factors that affect the business aviation industry, including trends affecting the travel industry and trends affecting the customer bases that we target, as well as factors that affect wireless Internet service providers and general macroeconomic factors. Key factors that may affect our future performance include:
•costs associated with the implementation of, and our ability to implement on a timely basis, our technology roadmap, including upgrades to and installation of the ATG technologies we currently offer, Gogo 5G, Gogo Galileo, LTE and any other next generation or other new technology;
•our ability to manage issues and related costs that may arise in connection with the implementation of our technology roadmap, including technological issues and related remediation efforts and failures or delays on the part of antenna, chipset, and other equipment developers and providers or satellite network providers, some of which are single-source;
•our ability to license additional spectrum and make other improvements to our network and operations as technology and user expectations change;
•the number of aircraft in service in our markets, including consolidations or changes in fleet size by one or more of our large-fleet customers;
•the economic environment and other trends that affect both business and leisure aviation travel;
•disruptions to supply chains in the aviation industry and installations of our equipment driven by, among other things, labor shortages;
•the extent of our customers’ adoption of our products and services, which is affected by, among other things, willingness to pay for the services that we provide, the quality and reliability of our products and services, changes in technology and competition from current competitors and new market entrants;
•our ability to engage suppliers of equipment components and network services on a timely basis and on commercially reasonable terms;
•our ability to fully utilize portions of our deferred income tax assets;
•changes in laws, regulations and interpretations affecting telecommunications services globally, including those affecting our ability to maintain our licenses for ATG spectrum in the United States, obtain sufficient rights to use additional ATG spectrum and/or other sources of broadband connectivity to deliver our services, including Gogo Galileo, expand our service offerings and manage our network; and
•changes in laws, regulations and policies affecting our business or the business of our customers and suppliers globally, including changes that impact the design of our equipment and our ability to obtain required certifications for our equipment.
Key Business Metrics
Our management regularly reviews financial and operating metrics, including the following key operating metrics, to evaluate the performance of our business and our success in executing our business plan, make decisions regarding resource allocation and corporate strategies, and evaluate forward-looking projections.
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Aircraft online (at period end) |
|
|
|
|
|
|
ATG AVANCE |
|
|
4,110 |
|
|
|
3,447 |
|
Gogo Biz |
|
|
3,026 |
|
|
|
3,599 |
|
Total ATG |
|
|
7,136 |
|
|
|
7,046 |
|
Narrowband satellite |
|
|
4,285 |
|
|
|
4,458 |
|
Average monthly connectivity service revenue per aircraft online |
|
|
|
|
|
|
ATG |
|
$ |
3,458 |
|
|
$ |
3,389 |
|
Narrowband satellite |
|
|
292 |
|
|
|
304 |
|
Units sold |
|
|
|
|
|
|
ATG |
|
|
258 |
|
|
|
223 |
|
Narrowband satellite |
|
|
41 |
|
|
|
49 |
|
Average equipment revenue per unit sold (in thousands) |
|
|
|
|
|
|
ATG |
|
$ |
75 |
|
|
$ |
70 |
|
Narrowband satellite |
|
|
41 |
|
|
|
54 |
|
•ATG AVANCE aircraft online. We define ATG AVANCE aircraft online as the total number of business aircraft equipped with our AVANCE L5 or L3 system for which we provide ATG services as of the last day of each period presented.
•Gogo Biz aircraft online. We define Gogo Biz aircraft online as the total number of business aircraft not equipped with our AVANCE L5 or L3 system for which we provide ATG services as of the last day of each period presented. This number excludes commercial aircraft operated by Intelsat’s airline customers receiving ATG service.
•Narrowband satellite aircraft online. We define narrowband satellite aircraft online as the total number of business aircraft for which we provide narrowband satellite services as of the last day of each period presented.
•Average monthly connectivity service revenue per ATG aircraft online. We define average monthly connectivity service revenue per ATG aircraft online as the aggregate ATG connectivity service revenue for the period divided by the number of months in the period, divided by the number of ATG aircraft online during the period (expressed as an average of the month end figures for each month in such period). Revenue share earned from Intelsat is excluded from this calculation.
•Average monthly connectivity service revenue per narrowband satellite aircraft online. We define average monthly connectivity service revenue per narrowband satellite aircraft online as the aggregate narrowband satellite connectivity service revenue for the period divided by the number of months in the period, divided by the number of narrowband satellite aircraft online during the period (expressed as an average of the month end figures for each month in such period).
•Units sold. We define units sold as the number of ATG or narrowband satellite units for which we recognized revenue during the period.
•Average equipment revenue per ATG unit sold. We define average equipment revenue per ATG unit sold as the aggregate equipment revenue from all ATG units sold during the period, divided by the number of ATG units sold.
•Average equipment revenue per narrowband satellite unit sold. We define average equipment revenue per narrowband satellite unit sold as the aggregate equipment revenue earned from all narrowband satellite units sold during the period, divided by the number of narrowband satellite units sold.
Key Components of Consolidated Statements of Operations
There have been no material changes to our key components of Unaudited Condensed Consolidated Statements of Operations as described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (“MD&A”) in our 2023 10-K.
Critical Accounting Estimates
Our discussion and analysis of our financial condition and results of operations are based on our Unaudited Condensed Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of our Unaudited Condensed Consolidated Financial Statements and related disclosures requires us to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related exposures. We base our estimates and assumptions on historical experience and other factors that we believe to be reasonable under the circumstances. In some instances, we could reasonably use different accounting estimates, and in some instances, actual results could differ significantly from our estimates. We evaluate our estimates and assumptions on an ongoing basis. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected.
We believe that the assumptions and estimates associated with the valuation allowance related to our deferred income tax assets have the greatest potential impact on and are the most critical to fully understanding and evaluating our reported financial results, and that they require our most difficult, subjective or complex judgments.
There have been no material changes to our critical accounting estimates described in the MD&A in our 2023 10-K.
Recent Accounting Pronouncements
See Note 1, “Basis of Presentation,” to our Unaudited Condensed Consolidated Financials Statements for additional information.
Results of Operations
The following table sets forth, for the periods presented, certain data from our Unaudited Condensed Consolidated Statements of Operations. The information contained in the table below should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and related notes.
Gogo Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
Service revenue |
|
$ |
81,673 |
|
|
$ |
78,499 |
|
Equipment revenue |
|
|
22,649 |
|
|
|
20,098 |
|
Total revenue |
|
|
104,322 |
|
|
|
98,597 |
|
Operating expenses: |
|
|
|
|
|
|
Cost of service revenue (exclusive of amounts shown below) |
|
|
17,871 |
|
|
|
16,797 |
|
Cost of equipment revenue (exclusive of amounts shown below) |
|
|
15,786 |
|
|
|
18,126 |
|
Engineering, design and development |
|
|
9,216 |
|
|
|
7,879 |
|
Sales and marketing |
|
|
8,283 |
|
|
|
6,877 |
|
General and administrative |
|
|
14,651 |
|
|
|
14,199 |
|
Depreciation and amortization |
|
|
3,841 |
|
|
|
2,791 |
|
Total operating expenses |
|
|
69,648 |
|
|
|
66,669 |
|
Operating income |
|
|
34,674 |
|
|
|
31,928 |
|
Other expense (income): |
|
|
|
|
|
|
Interest income |
|
|
(2,048 |
) |
|
|
(1,916 |
) |
Interest expense |
|
|
8,410 |
|
|
|
8,976 |
|
Other (income) expense, net |
|
|
(13,099 |
) |
|
|
31 |
|
Total other (income) expense |
|
|
(6,737 |
) |
|
|
7,091 |
|
Income before income taxes |
|
|
41,411 |
|
|
|
24,837 |
|
Income tax provision |
|
|
10,921 |
|
|
|
4,388 |
|
Net income |
|
$ |
30,490 |
|
|
$ |
20,449 |
|
Three Months Ended March 31, 2024 and 2023
Revenue:
Revenue and percent change for the three-month periods ended March 31, 2024 and 2023 were as follows (in thousands, except for percent change):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
% Change |
|
|
|
2024 |
|
|
2023 |
|
|
2024 over 2023 |
|
Service revenue |
|
$ |
81,673 |
|
|
$ |
78,499 |
|
|
|
4.0 |
% |
Equipment revenue |
|
|
22,649 |
|
|
|
20,098 |
|
|
|
12.7 |
% |
Total revenue |
|
$ |
104,322 |
|
|
$ |
98,597 |
|
|
|
5.8 |
% |
Total revenue increased to $104.3 million for the three-month period ended March 31, 2024 as compared with $98.6 million for the prior-year period, due to an increase in service revenue and equipment revenue.
Service revenue increased to $81.7 million for the three-month period ended March 31, 2024, as compared with $78.5 million for the prior-year period, due to increases in ATG aircraft online.
Equipment revenue increased to $22.6 million for the three-month period ended March 31, 2024, as compared with $20.1 million for the prior-year period, due to an increase in the number of ATG units sold, with 258 units sold during the three-month period ended March 31, 2024 as compared with 223 units sold during the prior-year period.
We expect service revenue to increase in the future as additional aircraft come online, including the expected impact of the launch of Gogo 5G and Gogo Galileo. We expect equipment revenue to increase in the future driven by additional sales of ATG units including Gogo 5G, and Gogo Galileo units.
Cost of Revenue:
Cost of revenue and percent change for the three-month periods ended March 31, 2024 and 2023 were as follows (in thousands, except for percent change):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
% Change |
|
|
|
2024 |
|
|
2023 |
|
|
2024 over 2023 |
|
Cost of service revenue |
|
$ |
17,871 |
|
|
$ |
16,797 |
|
|
|
6.4 |
% |
Cost of equipment revenue |
|
$ |
15,786 |
|
|
$ |
18,126 |
|
|
|
(12.9 |
)% |
Cost of service revenue increased 6% to $17.9 million for the three-month period ended March 31, 2024, as compared with $16.8 million for the prior-year period due to an increase in ATG network costs .
We expect cost of service revenue to increase over time, due to service revenue growth and increasing network costs, including those for Gogo 5G, Gogo Galileo, and increased data center costs.
Cost of equipment revenue decreased 13% to $15.8 million for the three-month period ended March 31, 2024 as compared with $18.1 million for the prior-year period due to non-reimbursable costs related to the FCC Reimbursement Program in the prior year.
We expect that our cost of equipment revenue will increase with growth in ATG units sold, including Gogo 5G, and Gogo Galileo units, following the launch of those products. Additionally, we expect to incur additional costs associated with the FCC Reimbursement Program which we expect to be partially offset by the reimbursements from the FCC.
Engineering, Design and Development Expenses:
Engineering, design and development expenses increased 17% to $9.2 million for the three-month period ended March 31, 2024, as compared with $7.9 million for the prior-year period due to Gogo Galileo development costs.
We expect engineering, design and development expenses as a percentage of service revenue to increase in 2024, driven by Gogo Galileo development costs and Gogo 5G program spend, and decrease thereafter as the programs are completed and the level of investment decreases and revenue increases.
Sales and Marketing Expenses:
Sales and marketing expenses increased 20% to $8.3 million for the three-month period ended March 31, 2024, as compared with $6.9 million for the prior-year period due to personnel costs.
We expect sales and marketing expenses as a percentage of service revenue to remain relatively flat in the future.
General and Administrative Expenses:
General and administrative expenses increased 3% to $14.7 million for the three-month period ended March 31, 2024, as compared with $14.2 million for the prior-year period.
We expect general and administrative expenses as a percentage of service revenue to decrease over time.
Depreciation and Amortization:
Depreciation and amortization expense increased 38% to $3.8 million for three-month period ended March 31, 2024, as compared with $2.8 million for the prior-year period, due to accelerated depreciation expense for certain network equipment related to the FCC Reimbursement Program. See Note 1, “Basis of Presentation,” to our Unaudited Condensed Consolidated Financial Statements for additional information on the accelerated depreciation expense.
We expect that our depreciation and amortization expense will increase in the future as we launch our Gogo 5G network.
Other (Income) Expense:
Other expense (income) and percent change for the three-month periods ended March 31, 2024 and 2023 were as follows (in thousands, except for percent change):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
% Change |
|
|
|
2024 |
|
|
2023 |
|
|
2024 over 2023 |
|
Interest income |
|
$ |
(2,048 |
) |
|
$ |
(1,916 |
) |
|
|
6.9 |
% |
Interest expense |
|
|
8,410 |
|
|
|
8,976 |
|
|
|
(6.3 |
)% |
Other (income) expense, net |
|
|
(13,099 |
) |
|
|
31 |
|
|
nm |
|
Total |
|
$ |
(6,737 |
) |
|
$ |
7,091 |
|
|
|
(195.0 |
)% |
Percentage changes that are considered not meaningful are denoted with nm. |
|
|
|
|
|
|
|
|
|
Total other (income) expense changed to $6.7 million of income for the three-month period ended March 31, 2024 as compared with $7.1 million of expense for the prior-year period, due to an unrealized holding gain on the Investment in Convertible Note.
We expect our interest expense to fluctuate in the future based on changes in the variable rates associated with the Facilities, partially offset by the impact of the interest rate caps. We expect these fluctuations to be impacted by the decrease in the hedge benefit as our hedge notional amount decreases and the strike rate increases. See Note 8, “Long-Term Debt and Other Liabilities,” to our Unaudited Condensed Consolidated Financial Statements for additional information. Subsequent to March 31, 2024, the Company observed a significant decrease in the publicly available stock price related to the Investment in Convertible Note. Should the decrease be sustained, the fair value of the Investment in Convertible Note could be materially and negatively impacted.
Income Taxes:
The effective income tax rate for the three-month period ended March 31, 2024 was 26.4%, as compared to 17.7% for the prior-year period. For the three-month period ended March 31, 2024, our income tax provision was $10.9 million due to pre-tax income. For the three-month period ended March 31, 2023, our income tax provision was $4.4 million, due to pre-tax income. See Note 13, “Income Tax,” to our Unaudited Condensed Consolidated Financial Statements for additional information.
We expect our income tax provision to increase in the long term as we continue to generate positive pre-tax income. We expect cash tax payments to be immaterial for an extended period of time, subject to the availability of our net operating loss carryforward amounts.
Non-GAAP Measures
In our discussion below, we discuss EBITDA, Adjusted EBITDA and Free Cash Flow, as defined below, which are non-GAAP financial measures. Management uses EBITDA, Adjusted EBITDA and Free Cash Flow for business planning purposes, including managing our business against internally projected results of operations and measuring our performance and liquidity. These supplemental performance measures also provide another basis for comparing period-to-period results by excluding potential differences caused by non-operational and unusual or non-recurring items. These supplemental performance measures may vary from and may not be comparable to similarly titled measures used by other companies. EBITDA, Adjusted EBITDA and Free Cash Flow are not recognized measurements under GAAP; when analyzing our performance with EBITDA or Adjusted EBITDA or liquidity with Free Cash Flow, as applicable, investors should (i) evaluate each adjustment in our reconciliation to the corresponding GAAP measure, and the explanatory footnotes regarding those adjustments, (ii) use EBITDA or Adjusted EBITDA in addition to, and not as an alternative to, net income attributable to common stock as a measure of operating results and (iii) use Free Cash Flow in addition to, and not as an alternative to, consolidated net cash provided by operating activities when evaluating our liquidity.
Definition and Reconciliation of Non-GAAP Measures
EBITDA represents net income attributable to common stock before interest expense, interest income, income taxes and depreciation and amortization expense.
Adjusted EBITDA represents EBITDA adjusted for (i) stock-based compensation expense and (ii) change in fair value of Investment in Convertible Note. Our management believes that the use of Adjusted EBITDA eliminates items that management believes have less bearing on our operating performance, thereby highlighting trends in our core business which may not otherwise be apparent. It also provides an assessment of controllable expenses, which are indicators management uses to determine whether current spending decisions need to be adjusted in order to meet financial goals and achieve optimal financial performance.
We believe that the exclusion of stock-based compensation expense from Adjusted EBITDA provides a clearer view of the operating performance of our business and is appropriate given that grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time. While we believe that investors should have information about any dilutive effect of outstanding options and the cost of that compensation, we also believe that stockholders should have the ability to consider our performance using a non-GAAP financial measure that excludes these costs and that management uses to evaluate our business.
We believe it is useful for an understanding of our operating performance to exclude from Adjusted EBITDA the changes in fair value of Investment in Convertible Note because this activity is not related to our operating performance.
We also present Adjusted EBITDA as a supplemental performance measure because we believe that this measure provides investors, securities analysts and other users of our consolidated financial statements with important supplemental information with which to evaluate our performance and to enable them to assess our performance on the same basis as management.
Free Cash Flow represents net cash provided by operating activities, plus the proceeds received from the FCC Reimbursement Program and the interest rate caps, less purchases of property and equipment and the acquisition of intangible assets. We believe that Free Cash Flow provides meaningful information regarding our liquidity. Management believes that Free Cash Flow is useful for investors because it provides them with an important perspective on the cash available for strategic measures, after making necessary capital investments in property and equipment to support the Company’s ongoing business operations and provides them with the same measures that management uses as the basis of making capital allocation decisions.
Gogo Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
(in thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Adjusted EBITDA: |
|
|
|
|
|
|
Net income attributable to common stock (GAAP) |
|
$ |
30,490 |
|
|
$ |
20,449 |
|
Interest expense |
|
|
8,410 |
|
|
|
8,976 |
|
Interest income |
|
|
(2,048 |
) |
|
|
(1,916 |
) |
Income tax provision |
|
|
10,921 |
|
|
|
4,388 |
|
Depreciation and amortization |
|
|
3,841 |
|
|
|
2,791 |
|
EBITDA |
|
|
51,614 |
|
|
|
34,688 |
|
Stock-based compensation expense |
|
|
4,840 |
|
|
|
5,041 |
|
Change in fair value of convertible note investment |
|
|
(13,132 |
) |
|
|
— |
|
Adjusted EBITDA |
|
$ |
43,322 |
|
|
$ |
39,729 |
|
|
|
|
|
|
|
|
Free Cash Flow: |
|
|
|
|
|
|
Net cash provided by operating activities (GAAP) |
|
$ |
29,657 |
|
|
$ |
18,514 |
|
Consolidated capital expenditures |
|
|
(4,171 |
) |
|
|
(4,596 |
) |
Proceeds from FCC Reimbursement Program for property, equipment and intangibles |
|
|
28 |
|
|
|
— |
|
Proceeds from interest rate caps |
|
|
6,539 |
|
|
|
6,087 |
|
Free cash flow |
|
$ |
32,053 |
|
|
$ |
20,005 |
|
Material limitations of Non-GAAP measures
Although EBITDA, Adjusted EBITDA and Free Cash Flow are measurements frequently used by investors and securities analysts in their evaluations of companies, EBITDA, Adjusted EBITDA and Free Cash Flow each have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for, or more meaningful than, amounts determined in accordance with GAAP.
Some of these limitations include:
•EBITDA and Adjusted EBITDA do not reflect interest income or expense;
·EBITDA and Adjusted EBITDA do not reflect cash requirements for our income taxes;
·EBITDA and Adjusted EBITDA do not reflect depreciation and amortization, which are significant and unavoidable operating costs given the level of capital expenditures needed to maintain our business;
·Adjusted EBITDA does not reflect non-cash components of employee compensation;
·Adjusted EBITDA does not reflect unrealized holding gains or losses on investments in convertible notes;
·Free Cash Flow does not represent the total increase or decrease in our cash balance for the period; and
·since other companies in our or related industries may calculate these measures differently from the way we do, their usefulness as comparative measures may be limited.
Liquidity and Capital Resources
The following table presents a summary of our cash flow activity for the periods set forth below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Net cash provided by operating activities |
|
$ |
29,657 |
|
|
$ |
18,514 |
|
Net cash (used in) provided by investing activities |
|
|
(2,604 |
) |
|
|
1,559 |
|
Net cash used in financing activities |
|
|
(13,296 |
) |
|
|
(7,445 |
) |
Effect of foreign exchange rate changes on cash |
|
|
27 |
|
|
|
88 |
|
Net increase in cash, cash equivalents and restricted cash |
|
|
13,784 |
|
|
|
12,716 |
|
Cash, cash equivalents and restricted cash at the beginning of period |
|
|
139,366 |
|
|
|
150,880 |
|
Cash, cash equivalents and restricted cash at the end of period |
|
$ |
153,150 |
|
|
$ |
163,596 |
|
Supplemental information: |
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the end of period |
|
$ |
153,150 |
|
|
$ |
163,596 |
|
Less: non-current restricted cash |
|
|
330 |
|
|
|
330 |
|
Cash and cash equivalents at the end of the period |
|
$ |
152,820 |
|
|
$ |
163,266 |
|
We have historically financed our growth and cash needs primarily through the issuance of common stock, debt and cash from operating activities. We continually evaluate our ongoing capital needs in light of increasing demand for our services, capacity requirements, evolving user expectations regarding the in-flight connectivity experience, evolving technologies in our industry and related strategic, operational and technological opportunities. Our capital management activities include the assessment of opportunities to raise additional capital in the public and private markets, utilizing one or more of the types of capital raising transactions through which we have historically financed our growth and cash needs, as well as other means of capital raising not previously used by us.
Liquidity:
Based on our current plans, we expect our cash and cash equivalents, cash flows provided by operating activities and access to capital markets will be sufficient to meet the cash requirements of our business, including capital expenditure requirements, debt maturities and share repurchases, if any, for at least the next twelve months and thereafter for the foreseeable future.
On September 5, 2023, we announced a share repurchase program that grants the Company authority to repurchase up to $50 million of shares of the Company’s common stock. Repurchases may be made at management's discretion from time to time on the open market, through privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act, as amended, in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Securities Exchange Act. The repurchase program has no time limit and may be suspended for periods or discontinued at any time and does not obligate us to purchase any shares of our common stock. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. We do not expect to incur debt to fund the share repurchase program. During the three-month period ended March 31, 2024, we repurchased an aggregate 1.1 million shares of our common stock for $10.1 million.
As detailed in Note 8, “Long-Term Debt and Other Liabilities,” on April 30, 2021, GIH entered into the 2021 Credit Agreement with Gogo, the lenders and issuing banks party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent, which provides for the Term Loan Facility in an aggregate principal amount of $725.0 million, issued with a discount of 0.5%, and the Revolving Facility, which includes a letter of credit sub-facility.
On February 2, 2023, Gogo and GIH entered into an amendment to the Original 2021 Credit Agreement with Morgan Stanley Senior Funding, Inc., as administrative agent, which replaced all references in the Original 2021 Credit Agreement to LIBOR in respect of the applicable interest rates for the Facilities with an adjusted term SOFR rate, plus a credit spread adjustment recommended by the Alternative Reference Rates Committee.
The Term Loan Facility amortizes in nominal quarterly installments equal to 1% of the aggregate initial principal amount thereof per annum, with the remaining balance payable upon final maturity on April 30, 2028. There are no amortization payments under the Revolving Facility, and all borrowings under the Revolving Facility mature on April 30, 2026.
The Term Loan Facility bears annual interest at a floating rate measured by reference to, at GIH’s option, either (i) an adjusted term SOFR rate (subject to a floor of 0.75%) plus an applicable margin of 3.75% and a credit spread adjustment recommended by the Alternative Reference Rates Committee of 0.11%, 0.26% or 0.43% per annum based on 1-month, 3-month or 6-month term SOFR, respectively or (ii) an alternate base rate plus an applicable margin of 2.75%.
Loans outstanding under the Revolving Facility bear annual interest at a floating rate measured by reference to, at GIH’s option, either (i) an adjusted term SOFR rate (subject to a floor of 0.00%) plus an applicable margin ranging from 3.25% to 3.75% per annum depending on GIH’s senior secured first lien net leverage ratio and a credit spread adjustment recommended by the Alternative Reference Rates Committee of 0.11%, 0.26% or 0.43% per annum based on 1-month, 3-month or 6-month term SOFR, respectively or (ii) an alternate base rate plus an applicable margin ranging from 2.25% to 2.75% per annum depending on GIH’s senior secured first lien net leverage ratio. Additionally, unused commitments under the Revolving Facility are subject to a fee ranging from 0.25% to 0.50% per annum depending on GIH’s senior secured first lien net leverage ratio. As of March 31, 2024, the fee for unused commitments under the Revolving Facility was 0.25% and the applicable margin was 3.25%.
The Facilities may be prepaid at GIH’s option at any time without premium or penalty (other than customary breakage costs), subject to minimum principal payment amount requirements.
Subject to certain exceptions and de minimis thresholds, the Term Loan Facility is subject to mandatory prepayments in an amount equal to: (i) 100% of the net cash proceeds of certain asset sales, insurance recovery and condemnation events, subject to reduction to 50% and 0% if specified senior secured first lien net leverage ratio targets are met; (ii) 100% of the net cash proceeds of certain debt offerings; and (iii) 50% of annual excess cash flow (as defined in the 2021 Credit Agreement), subject to reduction to 25% and 0% if specified senior secured first lien net leverage ratio targets are met.
The Revolving Facility includes a financial covenant set at a maximum senior secured first lien net leverage ratio of 7.50:1.00, which will apply if the outstanding amount of loans and unreimbursed letter of credit drawings thereunder at the end of any fiscal quarter exceeds 35% of the aggregate of all commitments thereunder.
The 2021 Credit Agreement contains customary events of default, which, if any of them occurred, would permit or require the principal, premium, if any, and interest on all of the then outstanding obligations under the Facilities to be due and payable immediately and the commitments under the Revolving Facility to be terminated.
The 2021 Credit Agreement contains covenants that limit the ability of GIH and its subsidiaries to incur additional indebtedness. Further, market conditions and/or our financial performance may limit our access to additional sources of equity or debt financing, or our ability to pursue potential strategic alternatives. As a result, we may be unable to finance the growth of our business to the extent that our cash, cash equivalents and short-term investments and cash generated through operating activities prove insufficient or we are unable to raise additional financing through the issuance of equity, permitted incurrences of debt (by us or by GIH and its subsidiaries), or the pursuit of potential strategic alternatives.
The proceeds of the Term Loan Facility were used, together with cash on hand, (i) to redeem in full and pay the outstanding principal amount of the 2024 Senior Secured Notes together with accrued and unpaid interest and redemption premiums and to pay fees associated with the termination of the ABL Credit Agreement (together with the redemption of the 2024 Senior Secured Notes, the “Refinancing”), and (ii) to pay the other fees and expenses incurred in connection with the Refinancing and the Facilities. The Revolving Facility is available for working capital and general corporate purposes of GIH and its subsidiaries and was undrawn as of March 31, 2024 and December 31, 2023.
For additional information on the 2021 Credit Agreement, see Note 8, “Long-Term Debt and Other Liabilities,” to our Unaudited Condensed Consolidated Financial Statements.
In May 2021, we purchased interest rate caps with an aggregate notional amount of $650.0 million for $8.6 million. We receive payments in the amount calculated pursuant to the caps for any period in which the daily compounded SOFR rate plus a credit spread adjustment recommended by the Alternative Reference Rates Committees of 0.26% increases beyond the applicable strike rate. The termination date of the cap agreements is July 31, 2027. The notional amounts of the interest rate caps periodically decrease over the life of the caps with the first reduction of $125.0 million having occurred on July 31, 2023. The aggregate notional amount of the interest rate caps as of March 31, 2024 is $525.0 million. While the interest rate caps are intended to limit our interest rate exposure under our variable rate indebtedness, which includes the Facilities, if our variable rate indebtedness does not decrease in proportion to the periodic decreases in the notional amount hedged under the interest rate caps, then the portion of such indebtedness that will be effectively hedged against possible increases in interest rates will decrease. In addition, the strike prices periodically increase over the life of the caps. As a result, the extent to which the interest rate caps will limit our interest rate exposure will decrease in the future.
For additional information on the interest rate caps, see Note 9, “Derivative Instruments and Hedging Activities,” to our Unaudited Condensed Consolidated Financial Statements.
Cash flows provided by Operating Activities:
The following table presents a summary of our cash flows from operating activities for the periods set forth below (in thousands):
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|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
30,490 |
|
|
$ |
20,449 |
|
Non-cash charges and credits |
|
|
7,548 |
|
|
|
13,177 |
|
Changes in operating assets and liabilities |
|
|
(8,381 |
) |
|
|
(15,112 |
) |
Net cash provided by operating activities |
|
$ |
29,657 |
|
|
$ |
18,514 |
|
For the three-month period ended March 31, 2024, net cash provided by operating activities was $29.7 million as compared with $18.5 million in the prior-year period. The principal contributors to the year-over-year change in operating cash flows were:
•A $4.4 million improvement in net income and non-cash charges and credits, as noted above under “Results of Operations.”
•A $6.7 million improvement in cash flows related to operating assets and liabilities resulting from:
oAn increase in cash flows due to the following:
▪Changes in accrued liabilities due to the timing of payments related to personnel costs;
▪Changes in accounts payable due to the timing of payments; and
▪Changes in prepaid expenses and other current assets related to the FCC Reimbursement Program.
oPartially offset by a decrease in cash flows due to changes in accounts receivable due to the timing of collections.
Cash flows (used in) provided by Investing Activities:
Cash used in investing activities was $2.6 million for the three-month period ended March 31, 2024, due to $4.2 million of capital expenditures noted below and a $5.0 million convertible note investment, partially offset by $6.5 million of proceeds from interest rate caps and an immaterial amount of proceeds received from the FCC Reimbursement Program associated with the reimbursement of capital expenditures.
Cash provided by investing activities was $1.6 million for the three-month period ended March 31, 2023, due to $6.1 million of proceeds from interest rate caps and $0.1 million of net proceeds from short-term investments, partially offset by $4.6 million of capital expenditures noted below.
Cash flows used in Financing Activities:
Cash used in financing activities for the three-month period ended March 31, 2024 was $13.3 million due to share repurchases, principal payments on the Term Loan Facility and stock-based compensation activities.
Cash used in financing activities for the three-month period ended March 31, 2023 was $7.4 million, due to stock-based compensation activities and principal payments on the Term Loan Facility.
Capital Expenditures
Our operations require capital expenditures associated with our ATG network, data centers and regulatory licenses. We capitalize software development costs related to network technology solutions. We also capitalize costs related to the build out of our office locations.
Capital expenditures for the three-month periods ended March 31, 2024 and 2023 were $4.2 million and $4.6 million, respectively.
We expect that our capital expenditures will increase in the near term due to Gogo 5G and the build out of the LTE network related to the FCC Reimbursement Program. This increase may be partially offset by reimbursements from the FCC. We expect that our capital expenditures will decrease starting in 2026 as these programs are completed.
Other
Contractual Commitments: We have agreements with various vendors under which we have remaining commitments to purchase hardware components and development services. Such commitments will become payable as we receive the hardware components or as development services are provided. See Note 15, “Commitments and Contingencies,” to our Unaudited Condensed Consolidated Financial Statements for additional information.
Leases and Cell Site Contracts: We have lease agreements relating to certain facilities and equipment, which are considered operating leases. See Note 14, “Leases,” to our Unaudited Condensed Consolidated Financial Statements for additional information.
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
Our exposure to market risk is currently confined to our cash and cash equivalents, short-term investments and debt. We have not used derivative financial instruments for speculation or trading purposes. The primary objectives of our investment activities are to preserve our capital for the purpose of funding operations while maximizing the income we receive from our investments without significantly increasing risk. To achieve these objectives, our investment policy allows us to maintain a portfolio of cash equivalents and short-term investments through a variety of securities, including U.S. Treasury securities, U.S. government agency securities, and money market funds. Our cash and cash equivalents as of both March 31, 2024 and December 31, 2023 primarily included amounts in bank deposit accounts, U.S. Treasury securities and money market funds with U.S. Government and U.S. Treasury securities. The primary objective of our investment policy is to preserve capital and maintain liquidity while limiting concentration and counterparty risk.
The risk inherent in our market risk sensitive instruments and positions is the potential loss arising from interest rates as discussed below. The sensitivity analyses presented do not consider the effects that such adverse changes may have on the overall economic activity, nor do they consider additional actions we may take to mitigate our exposure to such changes. Actual results may differ.
Interest Rate Risk: We are exposed to interest rate risk on our variable rate indebtedness, which includes borrowings under the Term Loan Facility and Revolving Facility (if any). We assess our market risks based on changes in interest rates utilizing a sensitivity analysis that measures the potential impact on earnings and cash flows based on a hypothetical one percentage point change in interest rates. As of March 31, 2024, we had interest rate cap agreements to hedge a portion of our exposure to interest rate movements of our variable rate debt and to manage our interest expense. Currently, we receive payments in the amounts calculated pursuant to the caps for any period in which the daily compounded SOFR rate plus a credit spread adjustment recommended by the Alternative Reference Rates Committee of 0.26% increases beyond the applicable strike rate. The termination date of the cap agreements is July 31, 2027. Over the life of the interest rate caps, the notional amounts of the caps periodically decrease, while the applicable strike prices increase.
The notional amount of outstanding debt associated with interest rate cap agreements as of March 31, 2024 was $525.0 million. Based on our March 31, 2024 outstanding variable rate debt balance, a hypothetical one percentage point change in the applicable interest rate would impact our annual interest expense by approximately $2.0 million for the next twelve-month period, which includes the impact of our interest rate caps at a strike rate of 0.75% and the $175 million reduction in the notional amount and an increase of the strike rate to 1.25% that will occur on July 31, 2024. Excluding the impact of our interest rate caps, a hypothetical one percentage point change in the applicable interest rate would impact our annual interest expense by approximately $6.1 million for the next twelve-month period.
Our earnings are affected by changes in interest rates due to the impact those changes have on interest income generated from our cash, cash equivalents and short-term investments. We believe we have minimal interest rate risk as a 10% decrease in the average interest rate on our portfolio would have reduced interest income for the three-month periods ended March 31, 2024 and 2023 by immaterial amounts.
Inflation: We do not believe that inflation has had a material effect on our results of operations. However, there can be no assurance that our business will not be affected by inflation in the future.
ITEM 4. Controls and Procedures
(a)Evaluation of Disclosure Controls and Procedures
Management, with the participation of our Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) as of March 31, 2024. Based upon this evaluation, our Chief Executive Officer and the Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of March 31, 2024.
(b)Changes in Internal Control over Financial Reporting
There have been no changes to our internal control over financial reporting in connection with the evaluation required by Rules 13a-15(f) and 15d-15(f) under the Exchange Act during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings
We are subject to lawsuits arising out of the conduct of our business. See Note 15, “Commitments and Contingencies,” to our Unaudited Condensed Consolidated Financial Statements for a discussion of litigation matters.
From time to time we may become involved in legal proceedings arising in the ordinary course of our business. We cannot predict with certainty the outcome of any litigation or the potential for future litigation. Regardless of the outcome of any particular litigation and the merits of any particular claim, litigation can have a material adverse impact on our company due to, among other reasons, any injunctive relief granted, which could inhibit our ability to operate our business, amounts paid as damages or in settlement of any such matter, diversion of management resources and defense costs.
“Item 1A. Risk Factors” of our 2023 10-K includes a discussion of our risk factors. The information presented below updates, and should be read in conjunction with, the risk factors and information disclosed in our 2023 10-K. Except as set forth below, there have been no material changes to the risk factors previously disclosed in our 2023 10-K.
We are currently delayed in deploying Gogo 5G, and may be unsuccessful or further delayed in developing and deploying this or other next generation technologies.
We are currently developing a next generation ATG network using 5G technology, unlicensed spectrum, and licensed spectrum. Gogo 5G will be capable of working with different spectrum and supporting different next generation technologies. As previously disclosed, we are delayed in our commercial, nationwide launch of Gogo 5G due to a design error in a non-5G component of our chip, which was designed by a third-party subcontractor of our 5G solution provider. We currently expect the launch of Gogo 5G to occur a few months later than the previously stated fourth quarter of 2024, and are working with our vendors to finalize the schedule.
There can be no assurance that, during the current delay of our 5G launch, our customers will not seek alternative technologies of competitors. The launch of 5G may, depending on the impact of delays, launch closely in time or shortly after the launch of Gogo Galileo service, which could impede our marketing and sales efforts with respect to either offering, due to possible customer confusion among the offerings or lack of sufficient customer focus on either one during launch. Additionally, while we expect to launch Gogo 5G a few months later than the previously stated fourth quarter of 2024, we cannot assure you that the 5G launch or our launch of other next generation technologies will in fact occur in sufficient time to meet growing user expectations regarding the in-flight connectivity experience and to effectively compete in the business aviation market. The ongoing delay and any future delays could also decrease customer confidence, including from current or prospective customers, in our offerings, and negatively impact our financial position.
If Gogo 5G or any other next generation technology fails to perform as expected, our ability to meet users’ expectations regarding our systems' performance and to effectively compete in our market may be impaired and our business, financial condition and results of operations may be materially adversely affected. Factors heightening the risk of future delays in our 5G network or other next generation technologies, or a failure of such technologies to perform once commercialized, include: (i) our failure to design and develop a technology that provides the features and performance we require; (ii) integrating the solution with our existing ATG network; (iii) the availability of adequate spectrum; (iv) the failure of spectrum to perform as expected; (v) the failure of equipment and software to perform as expected; (vi) problems arising in the manufacturing process; (vii) our ability to negotiate contracts with suppliers on acceptable commercial and other terms; (viii) our reliance on single-source suppliers and their ability to continue as a going concern with adequate access to capital for the development and manufacturing of the core elements of the network and on other suppliers to provide certain components and services; and (ix) delays in obtaining or failures to obtain the required regulatory approvals for installation and operation of such equipment and the provision of service to passengers.
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
a)Sales of Unregistered Securities
None.
b)Use of Proceeds from Public Offering of Common Stock
Not applicable.
c)Purchases of Equity Securities by the Issuer and Affiliated Purchasers
On September 5, 2023, we announced a share repurchase program that grants the Company authority to repurchase up to $50 million of shares of the Company’s common stock. Repurchases may be made at management's discretion from time to time on the open market, through privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act. The repurchase program has no time limit and may be suspended for periods or discontinued at any time and does not obligate us to purchase any shares of our common stock. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations.
The following table summarizes our purchases of common stock during the three-month period ended March 31, 2024.
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Period |
|
Total Number of Shares Purchased |
|
|
Average Price Paid per Share (1) |
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program |
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|
(in thousands) |
|
January 1-31, 2024 |
|
|
566,418 |
|
|
$ |
9.18 |
|
|
|
566,418 |
|
|
$ |
40,000 |
|
February 1-29, 2024 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
40,000 |
|
March 1-31, 2024 |
|
|
572,263 |
|
|
$ |
8.63 |
|
|
|
572,263 |
|
|
$ |
35,073 |
|
(1)Average price paid per share includes transaction costs associated with the repurchases.
ITEM 3. Defaults Upon Senior Securities
None.
ITEM 4. Mine Safety Disclosures
None.
ITEM 5. Other Information
During the fiscal quarter ended March 31, 2024, none of our directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as such terms are defined in Item 408 of Regulation S-K.
ITEM 6. Exhibits
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Exhibit Number |
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Description of Exhibits |
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10.1 |
|
Amended and Restated Employment Agreement, dated March 27, 2024, between Gogo Inc. and Oakleigh Thorne (incorporated by reference to Exhibit 10.1 to Form 8-K filed on April 2, 2024 (File No. 001-35975)) |
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|
|
10.2 |
|
Amendment No. 2, dated December 13, 2023, to the Employment Agreement between Gogo Business Aviation LLC and Karen Jackson |
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31.1 |
|
Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
|
31.2 |
|
Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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|
|
32.1 * |
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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|
|
32.2 * |
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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101.INS |
|
Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document |
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101.SCH |
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Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
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|
104 |
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* This certification accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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|
Gogo Inc. |
Date: May 7, 2024 |
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|
|
/s/ Oakleigh Thorne |
|
|
Oakleigh Thorne |
|
|
Chief Executive Officer and Chair of the Board |
|
|
(Principal Executive Officer) |
|
|
|
/s/ Jessica G. Betjemann |
|
|
Jessica G. Betjemann |
|
|
Executive Vice President and Chief Financial Officer |
|
|
(Principal Financial Officer) |
AMENDMENT NUMBER TWO TO
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Amendment Number Two to Amended and Restated Employment Agreement (this “Amendment”) between Gogo Business Aviation LLC (the “Company”) and Karen Jackson (“Executive”) is dated as of December 13, 2023.
WHEREAS, the Company and Executive have heretofore entered into an Amended and Restated Employment Agreement dated as of February 10, 2020, as amended by Amendment Number One thereto dated as of March 25, 2022 (the “Agreement”);
WHEREAS, the Company and Executive have heretofore entered into a number of waiver letters that deferred both the mutual agreement deadline and the automatic end date of the Transition Term, in each case as set forth in Section 8(g) of the Agreement; and
WHEREAS, the Company and Executive desire to amend the Agreement to reflect their mutual agreement to extend the Transition Term and confirm that Executive’s employment with the Company shall end as of April 1, 2024.
NOW, THEREFORE, pursuant to Section 17 of the Agreement, the Agreement is hereby amended as follows, effective as of December 13, 2023:
1.Section 8(g) of the Agreement is hereby deleted in its entirety and is replaced with the following:
(g) Transition Term. The Company and Executive agree that, as of April 1, 2024, Executive’s employment with the Company shall automatically end; provided, that Executive has remained continuously employed with the Company from the date hereof through such date (the “Transition Term”).
2.Except as amended by this Amendment, the Agreement remains in full force and effect.
IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized officer and Executive has executed this instrument as of this 13 day of December, 2023.
Gogo Business Aviation LLC
By: /s/ Oakleigh Thorne
Name: Oakleigh Thorne
Title: Chief Executive Officer
Executive:
/s/Karen Jackson_________
Karen Jackson
Exhibit 31.1
Gogo Inc.
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO RULE 13a-14(a) OF THE EXCHANGE ACT, AS AMENDED,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Oakleigh Thorne, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Gogo Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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|
Date: |
May 7, 2024 |
|
|
/s/ |
Oakleigh Thorne |
Oakleigh Thorne |
Chief Executive Officer and Chair of the Board (Principal Executive Officer) |
Exhibit 31.2
Gogo Inc.
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO RULE 13a-14(a) OF THE EXCHANGE ACT, AS AMENDED,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Jessica G. Betjemann, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Gogo Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
|
Date: |
May 7, 2024 |
|
|
/s/ |
Jessica G. Betjemann |
Jessica G. Betjemann |
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Exhibit 32.1
Gogo Inc.
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
I, Oakleigh Thorne, Chief Executive Officer and Chair of the Board of Gogo Inc. (the “Company”), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1)the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
Date: |
May 7, 2024 |
|
|
/s/ |
Oakleigh Thorne |
Oakleigh Thorne |
Chief Executive Officer and Chair of the Board (Principal Executive Officer) |
Exhibit 32.2
Gogo Inc.
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
I, Jessica G. Betjemann, Executive Vice President and Chief Financial Officer of Gogo Inc. (the “Company”), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1)the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
Date: |
May 7, 2024 |
|
|
/s/ |
Jessica G. Betjemann |
Jessica G. Betjemann |
Executive Vice President and Chief Financial Officer |
(Principal Financial Officer) |
v3.24.1.u1
Document And Entity Information - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 02, 2024 |
Document Information [Line Items] |
|
|
Document Type |
10-Q
|
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Amendment Flag |
false
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Entity Interactive Data Current |
Yes
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|
Entity Central Index Key |
0001537054
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Document Fiscal Period Focus |
Q1
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Fiscal Year Focus |
2024
|
|
Entity Registrant Name |
Gogo Inc.
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Filer Category |
Large Accelerated Filer
|
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Entity Small Business |
false
|
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Entity Common Stock, Shares Outstanding |
|
127,104,716
|
Entity Address, Country |
CO
|
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false
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Securities Act File Number |
001-35975
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
27-1650905
|
|
Entity Address, Address Line One |
105 Edgeview Dr
|
|
Entity Address, Address Line Two |
Suite 300
|
|
Entity Address, City or Town |
Broomfield
|
|
Entity Address, Postal Zip Code |
80021
|
|
City Area Code |
303
|
|
Local Phone Number |
301-3271
|
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false
|
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|
|
Common Stock |
|
|
Document Information [Line Items] |
|
|
Title of 12(b) Security |
Common stock, par value $0.0001 per share
|
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GOGO
|
|
Security Exchange Name |
NASDAQ
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Preferred Stock Purchase Rights
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GOGO
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v3.24.1.u1
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
|
Cash and cash equivalents |
|
$ 152,820
|
$ 139,036
|
Accounts receivable, net of allowances of $1,855 and $2,091, respectively |
|
49,405
|
48,233
|
Inventories |
[1] |
69,298
|
63,187
|
Prepaid expenses and other current assets |
|
63,782
|
64,138
|
Total current assets |
|
335,305
|
314,594
|
Non-current assets: |
|
|
|
Property and equipment, net |
|
96,042
|
98,129
|
Intangible assets, net |
|
57,870
|
55,647
|
Operating lease right-of-use assets |
|
69,804
|
70,552
|
Investment in convertible note |
|
18,132
|
0
|
Other non-current assets, net of allowances of $614 and $591, respectively |
|
25,577
|
25,979
|
Deferred income taxes |
|
206,223
|
216,638
|
Total non-current assets |
|
473,648
|
466,945
|
Total assets |
|
808,953
|
781,539
|
Current liabilities: |
|
|
|
Accounts payable |
|
22,823
|
16,094
|
Accrued liabilities |
|
47,643
|
47,649
|
Deferred revenue |
|
2,150
|
1,003
|
Current portion of long-term debt |
|
7,250
|
7,250
|
Total current liabilities |
|
79,866
|
71,996
|
Non-current liabilities: |
|
|
|
Long-term debt |
|
586,274
|
587,501
|
Non-current operating lease liabilities |
|
71,784
|
73,047
|
Other non-current liabilities |
|
8,590
|
8,270
|
Total non-current liabilities |
|
666,648
|
668,818
|
Total liabilities |
|
746,514
|
740,814
|
Commitments and contingencies (Note 15) |
|
|
|
Stockholders' equity |
|
|
|
Common stock, par value $0.0001 per share; 500,000,000 shares authorized at March 31, 2024 and December 31, 2023; 138,253,311 and 137,632,284 shares issued at March 31, 2024 and December 31, 2023, respectively; and 128,227,127 and 128,462,343 shares outstanding at March 31, 2024 and December 31, 2023, respectively |
|
14
|
14
|
Additional paid-in capital |
|
1,404,217
|
1,402,003
|
Accumulated other comprehensive income |
|
14,966
|
15,796
|
Treasury stock, at cost |
|
(173,357)
|
(163,197)
|
Accumulated deficit |
|
(1,183,401)
|
(1,213,891)
|
Total stockholders' equity |
|
62,439
|
40,725
|
Total liabilities and stockholders' equity |
|
$ 808,953
|
$ 781,539
|
|
|
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v3.24.1.u1
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Allowances on accounts receivable |
$ 1,855
|
$ 2,091
|
Other non-current assets, net of allowances |
$ 614
|
$ 591
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
500,000,000
|
500,000,000
|
Common stock, shares issued |
138,253,311
|
137,632,284
|
Common stock, shares outstanding |
128,227,127
|
128,462,343
|
X |
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v3.24.1.u1
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Revenue: |
|
|
Total revenue |
$ 104,322
|
$ 98,597
|
Operating expenses: |
|
|
Cost of service revenue (exclusive of amounts shown below) |
17,871
|
16,797
|
Cost of equipment revenue (exclusive of amounts shown below) |
15,786
|
18,126
|
Engineering, design and development |
9,216
|
7,879
|
Sales and marketing |
8,283
|
6,877
|
General and administrative |
14,651
|
14,199
|
Depreciation and amortization |
3,841
|
2,791
|
Total operating expenses |
69,648
|
66,669
|
Operating income |
34,674
|
31,928
|
Other expense (income): |
|
|
Interest income |
(2,048)
|
(1,916)
|
Interest expense |
8,410
|
8,976
|
Other (income) expense, net |
(13,099)
|
31
|
Total other (income) expense |
(6,737)
|
7,091
|
Income before income taxes |
41,411
|
24,837
|
Income tax provision |
10,921
|
4,388
|
Net income |
$ 30,490
|
$ 20,449
|
Net income attributable to common stock per share |
|
|
Basic |
$ 0.24
|
$ 0.16
|
Diluted |
$ 0.23
|
$ 0.15
|
Weighted average number of shares: |
|
|
Weighted average shares outstanding basic |
129,272
|
129,136
|
Weighted average shares outstanding diluted |
132,441
|
133,602
|
Service [Member] |
|
|
Revenue: |
|
|
Total revenue |
$ 81,673
|
$ 78,499
|
Equipment [Member] |
|
|
Revenue: |
|
|
Total revenue |
$ 22,649
|
$ 20,098
|
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v3.24.1.u1
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Statement of Comprehensive Income [Abstract] |
|
|
Net Income (Loss) |
$ 30,490
|
$ 20,449
|
Other comprehensive income (loss), net of tax |
|
|
Currency translation adjustments, net of tax |
(155)
|
75
|
Cash flow hedges: |
|
|
Amount recognized in other comprehensive income |
3,553
|
(2,439)
|
Less: income realized and reclassified to earnings |
4,228
|
4,721
|
Changes in fair value of cash flow hedges |
(675)
|
(7,160)
|
Other comprehensive loss, net of tax |
(830)
|
(7,085)
|
Comprehensive income |
$ 29,660
|
$ 13,364
|
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v3.24.1.u1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Operating activities: |
|
|
Net income |
$ 30,490
|
$ 20,449
|
Adjustments to reconcile net income to cash provided by operating activities: |
|
|
Depreciation and amortization |
3,841
|
2,791
|
Loss on asset disposals, abandonments and write-downs |
15
|
107
|
Provision for expected credit losses |
(132)
|
93
|
Deferred income taxes |
10,641
|
4,273
|
Stock-based compensation expense |
4,840
|
5,041
|
Amortization of deferred financing costs and interest rate caps |
1,375
|
764
|
Accretion of debt discount |
100
|
108
|
Change in fair value of convertible note investment |
(13,132)
|
0
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(1,017)
|
7,405
|
Inventories |
(6,111)
|
(5,003)
|
Prepaid expenses and other current assets |
(5,904)
|
(8,632)
|
Contract assets |
6
|
557
|
Accounts payable |
4,809
|
1,191
|
Accrued liabilities |
(1,442)
|
(9,620)
|
Deferred revenue |
1,146
|
(1,054)
|
Accrued interest |
(2)
|
130
|
Other non-current assets and liabilities |
134
|
(86)
|
Net cash provided by operating activities |
29,657
|
18,514
|
Investing activities: |
|
|
Purchases of property and equipment |
(1,451)
|
(3,112)
|
Acquisition of intangible assets—capitalized software |
(2,720)
|
(1,484)
|
Proceeds from FCC Reimbursement Program for property, equipment and intangibles |
28
|
0
|
Proceeds from interest rate caps |
6,539
|
6,087
|
Redemptions of short-term investments |
0
|
24,796
|
Purchases of short-term investments |
0
|
(24,728)
|
Purchase of convertible note investment |
(5,000)
|
0
|
Net cash (used in) provided by investing activities |
(2,604)
|
1,559
|
Financing activities: |
|
|
Payments on term loan |
(1,813)
|
(1,813)
|
Repurchase of common stock |
(10,137)
|
0
|
Payments on finance leases |
(3)
|
(57)
|
Stock-based compensation activity |
(1,343)
|
(5,575)
|
Net cash used in financing activities |
(13,296)
|
(7,445)
|
Effect of exchange rate changes on cash |
27
|
88
|
Increase in cash, cash equivalents and restricted cash |
13,784
|
12,716
|
Cash, cash equivalents and restricted cash at beginning of period |
139,366
|
150,880
|
Cash, cash equivalents and restricted cash at end of period |
153,150
|
163,596
|
Less: non-current restricted cash |
330
|
330
|
Cash and cash equivalents at end of period |
152,820
|
163,266
|
Supplemental cash flow information: |
|
|
Cash paid for interest |
14,207
|
15,014
|
Cash paid for taxes |
11
|
12
|
Non-cash investing activities: |
|
|
Purchases of property and equipment in current liabilities |
$ 6,520
|
$ 9,973
|
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v3.24.1.u1
Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital [Member] |
Accumulated Other Comprehensive Loss [Member] |
Accumulated Deficit [Member] |
Treasury Stock, Common [Member] |
Beginning Balance at Dec. 31, 2022 |
$ (101,869)
|
$ 14
|
$ 1,385,933
|
$ 30,128
|
$ (1,359,569)
|
$ (158,375)
|
Beginning Balance, shares at Dec. 31, 2022 |
|
127,840,813
|
|
|
|
8,690,549
|
Net income |
20,449
|
|
|
|
20,449
|
|
Currency translation adjustments, net of tax |
75
|
|
|
75
|
|
|
Fair value adjustments of cash flow hedges, net of tax |
(7,160)
|
|
|
(7,160)
|
|
|
Stock-based compensation expense |
5,041
|
|
5,041
|
|
|
|
Issuance of common stock upon exercise of stock options |
179
|
|
179
|
|
|
|
Issuance of common stock upon exercise of stock options, shares |
|
68,520
|
|
|
|
|
Issuance of common stock upon vesting of restricted stock units, Shares |
|
664,020
|
|
|
|
|
Tax withholding related to vesting of restricted stock units |
(5,037)
|
|
(5,037)
|
|
|
|
Issuance of common stock in connection with employee stock purchase plan |
179
|
|
179
|
|
|
|
Issuance of common stock in connection with employee stock purchase plan, Shares |
|
12,582
|
|
|
|
|
Ending Balance at Mar. 31, 2023 |
(88,143)
|
$ 14
|
1,386,295
|
23,043
|
(1,339,120)
|
$ (158,375)
|
Ending Balance, shares at Mar. 31, 2023 |
|
128,585,935
|
|
|
|
8,690,549
|
Beginning Balance at Dec. 31, 2023 |
40,725
|
$ 14
|
1,402,003
|
15,796
|
(1,213,891)
|
$ (163,197)
|
Beginning Balance, shares at Dec. 31, 2023 |
|
128,462,343
|
|
|
|
9,169,941
|
Net income |
30,490
|
|
|
|
30,490
|
|
Currency translation adjustments, net of tax |
(155)
|
|
|
(155)
|
|
|
Fair value adjustments of cash flow hedges, net of tax |
(675)
|
|
|
(675)
|
|
|
Stock-based compensation expense |
4,840
|
|
4,840
|
|
|
|
Issuance of common stock upon exercise of stock options |
$ 80
|
|
80
|
|
|
|
Issuance of common stock upon exercise of stock options, shares |
31,136
|
31,136
|
|
|
|
|
Issuance of common stock upon vesting of restricted stock units, Shares |
|
872,329
|
|
|
|
|
Tax withholding related to vesting of restricted stock units |
$ (2,706)
|
|
(2,706)
|
|
|
|
Repurchase of common stock, shares |
|
(1,138,681)
|
|
|
|
1,138,681
|
Repurchase of common stock, value |
(10,160)
|
|
|
|
|
$ (10,160)
|
Ending Balance at Mar. 31, 2024 |
$ 62,439
|
$ 14
|
$ 1,404,217
|
$ 14,966
|
$ (1,183,401)
|
$ (173,357)
|
Ending Balance, shares at Mar. 31, 2024 |
|
128,227,127
|
|
|
|
10,308,622
|
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v3.24.1.u1
Basis of Presentation
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation The Business – Gogo Inc. (“Gogo,” the “Company,” “we,” “us,” or “our”) is the world’s largest provider of broadband connectivity services for the business aviation market. We have served this market for more than 25 years. Our mission is to enrich the lives of passengers and the efficiency of operators with the world’s best business aviation in-flight connectivity and customer support. We have always sought to provide the best connectivity for the business aviation market regardless of technology, and we have a successful history of doing so. Until recently, we focused primarily on business aviation aircraft in North America, which comprise approximately 63% of the worldwide business aviation fleet, and we are the leading provider of in-flight connectivity in that market. Gogo started in analogue air-to-ground (“ATG”) technology in the late 1990s, then, as analogue cellular backhaul disappeared, migrated to narrowband satellite connectivity in the early 2000s, then back to ATG with our digital broadband 3G and 4G networks beginning in 2010. We are currently developing our fourth ATG network – Gogo 5G – that we expect to commercially launch a few months later than the previously stated fourth quarter 2024 launch date, and we are working with our vendors to finalize the schedule. Simultaneous with the development of Gogo 5G, we are actively working with a subset of AVANCE customers and customers utilizing our legacy Gogo Biz ATG airborne system operating on our ground 3G and 4G networks to upgrade to an AVANCE system compatible with a new LTE network. We anticipate this subset of customers will see improved performance because of this network transition, which is expected to occur in early 2026. The cost for the transition to the new LTE network is partially being reimbursed through our participation in the Federal Communications Commission (“FCC”) Secure and Trusted Communications Networks Reimbursement Program (the “FCC Reimbursement Program”). We also continue to provide narrowband satellite services to customers in North America and internationally through distribution agreements with satellite providers. In May 2022, in order to further serve our existing customers and expand our target market, we announced plans to expand our broadband offerings beyond ATG by launching the first global broadband service designed for business aviation (“Gogo Galileo”). The service will use an electronically steered antenna, specifically designed to address a broad range of business aviation aircraft, operating on a low earth orbit (“LEO”) satellite network and is targeted for commercial launch in the fourth quarter of 2024. We believe that Gogo Galileo, in combination with, or as an alternative to, our ATG systems will allow us to increase our penetration of the North American heavy jet market and provide an upgrade path for our existing ATG customer base. In addition, we believe that Gogo Galileo will allow us to penetrate the business aviation market outside of North America, where only approximately 6% of business aviation aircraft are installed with in-flight connectivity systems. Basis of Presentation – The accompanying Unaudited Condensed Consolidated Financial Statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conformity with Article 10 of Regulation S-X promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with our annual audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2024 (the “2023 10-K”). These Unaudited Condensed Consolidated Financial Statements reflect, in the opinion of management, all material adjustments (which include normal recurring adjustments) necessary to fairly state, in all material respects, our financial position, results of operations and cash flows for the periods presented. The results of operations and cash flows for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024. We had one class of common stock outstanding as of March 31, 2024 and December 31, 2023. Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates the significant estimates and bases such estimates on historical experience and various other assumptions believed to be reasonable under the circumstances. However, actual results could differ materially from those estimates. As a result of our determination to participate in the FCC Reimbursement Program, we reassessed and shortened the estimated useful lives of affected network equipment to be consistent with our estimated date to complete the program. This change in accounting estimate was effective beginning the second quarter of 2023 and resulted in increased depreciation expense of $1.2 million for the three-month period ended March 31, 2024. Net income per basic share was unchanged, while net income per diluted share decreased by $0.01 for the three-month period ended March 31, 2024. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be either not applicable or expected to have minimal impact on our consolidated financial statements and related notes. Accounting standards not yet adopted: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact that this guidance will have upon our consolidated financial statements and related notes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures, most notably in the tax rate reconciliation and income taxes paid. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied on a prospective basis, with retrospective application permitted. We are currently evaluating the impact that this guidance will have upon our consolidated financial statements and related notes.
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v3.24.1.u1
Earnings Per Share
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Earnings Per Share |
Basic and diluted earnings per share have been calculated using the weighted average number of common shares outstanding for the period. Diluted earnings per share was computed using the treasury stock method for stock-based compensation. The diluted earnings per share calculations exclude the effect of stock options, deferred stock units and restricted stock units when the computation is anti-dilutive. For the three-month periods ended March 31, 2024 and 2023, the weighted average number of shares excluded from the computation was 2.8 million and 0.6 million, respectively. The following table sets forth the computation of basic and diluted earnings per share for the three-month periods ended March 31, 2024 and 2023 (in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
Basic |
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
30,490 |
|
|
$ |
20,449 |
|
Weighted average shares outstanding |
|
|
129,272 |
|
|
|
129,136 |
|
Earnings per share - basic |
|
|
0.24 |
|
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
Diluted |
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
30,490 |
|
|
$ |
20,449 |
|
Average shares |
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
129,272 |
|
|
|
129,136 |
|
Effect of dilutive securities - stock-based compensation |
|
|
3,169 |
|
|
|
4,466 |
|
Total weighted average diluted shares outstanding |
|
|
132,441 |
|
|
|
133,602 |
|
Earnings per share - diluted |
|
$ |
0.23 |
|
|
$ |
0.15 |
|
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v3.24.1.u1
Revenue Recognition
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
Remaining performance obligations As of March 31, 2024, the aggregate amount of the transaction price in our contracts allocated to the remaining unsatisfied performance obligations (“RPO”) was approximately $292 million and excludes consideration from contracts that have an original duration of one year or less. Approximately $276 million of the RPO primarily represents connectivity and entertainment service revenues which are recognized as services are provided, which is expected to occur through the remaining term of the contracts. Our contracts vary in length and generally have terms of two to ten years. We expect to recognize approximately 20% of our connectivity and entertainment service RPO within the next year, approximately 45% in one to five years and the remaining 35% in five to ten years. The remaining $16 million of the RPO represents future equipment revenue that is expected to be recognized primarily within the next three years as equipment is shipped. Disaggregation of revenue The following table presents our revenue disaggregated by category (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Service revenue |
|
|
|
|
|
|
Connectivity |
|
$ |
80,358 |
|
|
$ |
77,246 |
|
Entertainment and other |
|
|
1,315 |
|
|
|
1,253 |
|
Total service revenue |
|
$ |
81,673 |
|
|
$ |
78,499 |
|
Equipment revenue |
|
|
|
|
|
|
ATG |
|
$ |
19,347 |
|
|
$ |
15,556 |
|
Narrowband satellite |
|
|
1,694 |
|
|
|
2,651 |
|
Other |
|
|
1,608 |
|
|
|
1,891 |
|
Total equipment revenue |
|
$ |
22,649 |
|
|
$ |
20,098 |
|
Customer type |
|
|
|
|
|
|
Aircraft owner/operator/service provider |
|
$ |
81,673 |
|
|
$ |
78,499 |
|
OEM and aftermarket dealer |
|
|
22,649 |
|
|
|
20,098 |
|
Total revenue |
|
$ |
104,322 |
|
|
$ |
98,597 |
|
Contract balances Our current and non-current contract asset balances totaled $16.5 million and $16.6 million as of March 31, 2024 and December 31, 2023, respectively. Contract assets represent the aggregate amount of revenue recognized in excess of billings and recoverable contract costs primarily for certain sales programs. Our current and non-current deferred revenue balances totaled $2.2 million and $1.0 million as of March 31, 2024 and December 31, 2023, respectively. Deferred revenue includes, among other things, prepayments for equipment and subscription connectivity products.
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v3.24.1.u1
Government Assistance
|
3 Months Ended |
Mar. 31, 2024 |
Government Assistance [Abstract] |
|
Government Assistance |
FCC Reimbursement Program On July 15, 2022, the Company was notified that it was approved for participation in the FCC Reimbursement Program, designed to reimburse providers of advanced communications services for reasonable costs incurred in the required removal, replacement, and disposal of covered communications equipment or services, that have been deemed to pose a national security risk, from their networks. Pursuant to the FCC Reimbursement Program, the FCC approved up to approximately $334 million in reimbursements to the Company to cover documented and approved costs to (i) remove and securely destroy all ZTE communications equipment and services in the Company’s terrestrial U.S. networks and replace such equipment and (ii) remove and replace certain equipment installed on aircraft operated by the Company’s ATG customers that is not compatible with the terrestrial equipment that will replace ZTE equipment. Due to a shortfall in the amount appropriated by Congress to fund the FCC Reimbursement Program, approximately $132 million of the approved amount is currently allocated to the Company under the program. If Congress appropriates additional funds for this purpose, the allocations of the Company and other approved applicants will be increased pro rata. Program participants are subject to a number of conditions and requirements under the FCC’s rules including a requirement that they submit their first reimbursement request by July 17, 2023 and certify that they have developed a plan to permanently remove, replace and dispose of covered equipment or services within one year following the first reimbursement request. The rules permit participants to petition the FCC for one or more six-month extensions of the completion deadline. The Company, with the assistance of an advisor engaged to help administer the program, submitted and received its first reimbursement claim in July 2023. The Company’s original one year term to complete the program is set for July 21, 2024, however, based on discussions with our vendors supporting the program regarding lead times for network equipment, we plan to petition the FCC for multiple extensions, as outlined in our application for the FCC Reimbursement Program. On March 29, 2024 the Company was granted its first six-month extension by the FCC extending the program completion deadline to January 21, 2025. As of March 31, 2024 and December 31, 2023, we have recorded a $15.2 million and $18.3 million receivable from the FCC, respectively, which is included in Prepaid expenses and other current assets in our Unaudited Condensed Consolidated Balance Sheets. The following are the deductions to the carrying value of asset balances in our Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
As of March 31, |
|
|
As of December 31, |
|
|
|
2024 |
|
|
2023 |
|
Assets: |
|
|
|
|
|
|
Inventories |
|
$ |
(6,240 |
) |
|
$ |
(4,970 |
) |
Prepaids expenses and other current assets |
|
|
(2,042 |
) |
|
|
(1,542 |
) |
Property and equipment, net |
|
|
(3,690 |
) |
|
|
(2,094 |
) |
Intangible assets, net |
|
|
(651 |
) |
|
|
(58 |
) |
Other non-current assets |
|
|
(7,105 |
) |
|
|
(5,542 |
) |
No amounts were recorded to Net income during the three-month period ended March 31, 2023. The following are the increases to Net income in our Unaudited Condensed Consolidated Statements of Operations for the three-month period ended March 31, 2024 (in thousands):
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
Revenue: |
|
|
|
Service revenue |
|
$ |
687 |
|
Operating expenses: |
|
|
|
Cost of service revenue |
|
|
112 |
|
Cost of equipment revenue |
|
|
2,284 |
|
General and administrative |
|
|
181 |
|
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v3.24.1.u1
Composition of Certain Balance Sheet Accounts
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Composition of Certain Balance Sheet Accounts |
5.Composition of Certain Balance Sheet Accounts Inventories consist primarily of telecommunications systems and parts and are recorded at the lower of average cost or net realizable value. We evaluate the need for write-downs associated with obsolete, slow-moving and nonsalable inventory by reviewing net realizable inventory values on a periodic basis. Inventories as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Work-in-process component parts |
|
$ |
34,687 |
|
|
$ |
34,692 |
|
Finished goods |
|
|
34,611 |
|
|
|
28,495 |
|
Total inventory(1) |
|
$ |
69,298 |
|
|
$ |
63,187 |
|
(1) See Note 4, “Government Assistance,” for additional information. Prepaid expenses and other current assets as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Interest rate caps and receivable |
|
$ |
21,469 |
|
|
$ |
23,227 |
|
FCC reimbursement receivable(1) |
|
|
15,197 |
|
|
|
18,274 |
|
Contract assets(1) |
|
|
6,694 |
|
|
|
6,939 |
|
Prepaid inventories |
|
|
2,543 |
|
|
|
2,606 |
|
Other |
|
|
17,879 |
|
|
|
13,092 |
|
Total prepaid expenses and other current assets |
|
$ |
63,782 |
|
|
$ |
64,138 |
|
(1) See Note 4, “Government Assistance,” for additional information. Property and equipment as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Office equipment, furniture, fixtures and other |
|
$ |
19,788 |
|
|
$ |
19,153 |
|
Leasehold improvements |
|
|
16,187 |
|
|
|
16,132 |
|
Network equipment(1) |
|
|
184,705 |
|
|
|
184,176 |
|
|
|
|
220,680 |
|
|
|
219,461 |
|
Accumulated depreciation |
|
|
(124,638 |
) |
|
|
(121,332 |
) |
Total property and equipment, net |
|
$ |
96,042 |
|
|
$ |
98,129 |
|
(1) See Note 4, “Government Assistance,” for additional information. Other non-current assets as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Interest rate caps |
|
$ |
10,239 |
|
|
$ |
10,295 |
|
Contract assets, net of allowances of $614 and $591, respectively(1) |
|
|
9,840 |
|
|
|
9,625 |
|
Revolving credit facility deferred financing costs |
|
|
903 |
|
|
|
1,011 |
|
Other |
|
|
4,595 |
|
|
|
5,048 |
|
Total other non-current assets |
|
$ |
25,577 |
|
|
$ |
25,979 |
|
(1) See Note 4, “Government Assistance,” for additional information. Accrued liabilities as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Operating leases |
|
$ |
10,679 |
|
|
$ |
10,284 |
|
Employee compensation and benefits |
|
|
7,377 |
|
|
|
10,386 |
|
Customer credit reserve |
|
|
6,847 |
|
|
|
6,027 |
|
Network equipment |
|
|
4,613 |
|
|
|
4,533 |
|
Warranty reserve |
|
|
3,470 |
|
|
|
3,420 |
|
Gogo Galileo development costs |
|
|
4,323 |
|
|
|
2,432 |
|
Taxes |
|
|
2,662 |
|
|
|
2,170 |
|
Accrued interest |
|
|
467 |
|
|
|
469 |
|
Other |
|
|
7,205 |
|
|
|
7,928 |
|
Total accrued liabilities |
|
$ |
47,643 |
|
|
$ |
47,649 |
|
|
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v3.24.1.u1
Research and Development Costs
|
3 Months Ended |
Mar. 31, 2024 |
Research and Development [Abstract] |
|
Research and Development Costs |
6.Research and Development Costs Expenditures for research and development are charged to expense as incurred and totaled $9.2 million and $7.9 million, respectively, during the three-month periods ended March 31, 2024 and 2023. Research and development costs are reported as Engineering, design and development expenses in our Unaudited Condensed Consolidated Statements of Operations.
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- DefinitionThe entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period.
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v3.24.1.u1
Intangible Assets
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets |
Our intangible assets are comprised of both indefinite-lived and finite-lived intangible assets. Intangible assets with indefinite lives are not amortized; rather, they are reviewed for impairment at least annually or whenever events or circumstances indicate the carrying value of the asset may not be recoverable. We perform our annual impairment test of our indefinite-lived intangible assets during the fourth quarter of each fiscal year, and the results from the test performed in the fourth quarter of 2023 indicated no impairment. We also reevaluate the useful life of indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support an indefinite useful life. As of both March 31, 2024 and December 31, 2023, our goodwill balance was $0.6 million. Our intangible assets, other than goodwill, as of March 31, 2024 and December 31, 2023 were as follows (in thousands, except for weighted average remaining useful life):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2024 |
|
As of December 31, 2023 |
|
|
Weighted Average Remaining Useful Life (in years) |
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Carrying Amount |
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Carrying Amount |
Amortized intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software |
|
7.3 |
|
$70,503 |
|
$(46,097) |
|
$24,406 |
|
$68,155 |
|
$(45,910) |
|
$22,245 |
Other intangible assets |
|
8.0 |
|
561 |
|
— |
|
561 |
|
499 |
|
— |
|
499 |
Service customer relationships |
|
|
|
8,081 |
|
(8,081) |
|
— |
|
8,081 |
|
(8,081) |
|
— |
OEM and dealer relationships |
|
|
|
6,724 |
|
(6,724) |
|
— |
|
6,724 |
|
(6,724) |
|
— |
Total amortized intangible assets |
|
|
|
85,869 |
|
(60,902) |
|
24,967 |
|
83,459 |
|
(60,715) |
|
22,744 |
Unamortized intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCC Licenses |
|
|
|
32,283 |
|
— |
|
32,283 |
|
32,283 |
|
— |
|
32,283 |
Total intangible assets |
|
|
|
$118,152 |
|
$(60,902) |
|
$57,250 |
|
$115,742 |
|
$(60,715) |
|
$55,027 |
Amortization expense was $0.2 million and $0.6 million, respectively, for the three-month periods ended March 31, 2024 and 2023. Amortization expense for the remainder of 2024, each of the next four years and thereafter is estimated to be as follows (in thousands):
|
|
|
|
|
Amortization |
Years ending December 31, |
|
Expense |
2024 (period from April 1 to December 31) |
|
$835 |
2025 |
|
$3,523 |
2026 |
|
$3,540 |
2027 |
|
$3,367 |
2028 |
|
$3,174 |
Thereafter |
|
$10,528 |
Actual future amortization expense could differ from the estimated amount as a result of future investments and other factors.
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v3.24.1.u1
Long-Term Debt and Other Liabilities
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Long-Term Debt and Other Liabilities |
8.Long-Term Debt and Other Liabilities Long-term debt as of March 31, 2024 and December 31, 2023 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Term Loan Facility |
|
$ |
603,085 |
|
|
$ |
604,797 |
|
Less: deferred financing costs |
|
|
(9,561 |
) |
|
|
(10,046 |
) |
Less: current portion of long-term debt |
|
|
(7,250 |
) |
|
|
(7,250 |
) |
Total long-term debt |
|
$ |
586,274 |
|
|
$ |
587,501 |
|
2021 Credit Agreement On April 30, 2021, Gogo and Gogo Intermediate Holdings LLC (“GIH”) (a wholly owned subsidiary of Gogo) entered into a credit agreement (the “Original 2021 Credit Agreement,” and, as it may be amended, supplemented or otherwise modified from time to time, the “2021 Credit Agreement”) among Gogo, GIH, the lenders and issuing banks party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent, which provides for (i) a term loan credit facility (the “Term Loan Facility”) in an aggregate principal amount of $725.0 million, issued with a discount of 0.5%, and (ii) a revolving credit facility (the “Revolving Facility” and together with the Term Loan Facility, the “Facilities”) of up to $100.0 million, which includes a letter of credit sub-facility. The Term Loan Facility amortizes in nominal quarterly installments equal to one percent of the aggregate initial principal amount thereof per annum, with the remaining balance payable upon final maturity of the Term Loan Facility on April 30, 2028. There are no amortization payments under the Revolving Facility, and all borrowings under the Revolving Facility mature on April 30, 2026. The Term Loan Facility bears annual interest at a floating rate measured by reference to, at GIH’s option, either (i) an adjusted term secured overnight financing rate as administered by the Federal Reserve Bank of New York (“SOFR”) (subject to a floor of 0.75%) plus an applicable margin of 3.75% and a credit spread adjustment recommended by the Alternative Reference Rates Committee of 0.11%, 0.26% or 0.43% per annum based on 1-month, 3-month or 6-month term SOFR, respectively or (ii) an alternate base rate plus an applicable margin of 2.75%. Loans outstanding under the Revolving Facility bear annual interest at a floating rate measured by reference to, at GIH’s option, either (i) an adjusted term SOFR rate (subject to a floor of 0.00%) plus an applicable margin ranging from 3.25% to 3.75% per annum depending on GIH’s senior secured first lien net leverage ratio and a credit spread adjustment recommended by the Alternative Reference Rates Committee of 0.11%, 0.26% or 0.43% per annum based on 1-month, 3-month or 6-month term SOFR, respectively or (ii) an alternate base rate plus an applicable margin ranging from 2.25% to 2.75% per annum depending on GIH’s senior secured first lien net leverage ratio. Additionally, unused commitments under the Revolving Facility are subject to a fee ranging from 0.25% to 0.50% per annum depending on GIH’s senior secured first lien net leverage ratio. As of March 31, 2024, the fee for unused commitments under the Revolving Facility was 0.25% and the applicable margin was 3.25%. The Facilities may be prepaid at GIH’s option at any time without premium or penalty (other than customary breakage costs), subject to minimum principal payment amount requirements. Subject to certain exceptions and de minimis thresholds, the Term Loan Facility is subject to mandatory prepayments in an amount equal to: •100% of the net cash proceeds of certain asset sales, insurance recovery and condemnation events, subject to reduction to 50% and 0% if specified senior secured first lien net leverage ratio targets are met; •100% of the net cash proceeds of certain debt offerings; and •50% of annual excess cash flow (as defined in the 2021 Credit Agreement), subject to reduction to 25% and 0% if specified senior secured first lien net leverage ratio targets are met. The 2021 Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants. The negative covenants include restrictions on, among other things: incurrence of indebtedness or issuance of disqualified equity interests; incurrence or existence of liens; consolidations or mergers; activities of Gogo and any subsidiary holding a license issued by the FCC; investments, loans, advances, guarantees or acquisitions; asset sales; dividends or other distributions on equity; purchase, redemption or retirement of capital stock; payment or redemption of certain junior indebtedness; entry into other agreements that restrict the ability to incur liens securing the Facilities; and amendment of organizational documents; in each case subject to customary exceptions. The Revolving Facility includes a financial covenant set at a maximum senior secured first lien net leverage ratio of 7.50:1.00, which will apply if the outstanding amount of loans and unreimbursed letter of credit drawings thereunder at the end of any fiscal quarter exceeds 35% of the aggregate of all commitments thereunder. The 2021 Credit Agreement contains customary events of default, which, if any of them occurred, would permit or require the principal, premium, if any, and interest on all of the then outstanding obligations under the Facilities to be due and payable immediately and the commitments under the Revolving Facility to be terminated. The Revolving Facility is available for working capital and general corporate purposes of GIH and its subsidiaries and was undrawn as of March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, the outstanding principal amount of the Term Loan Facility was $605.1 million and $606.9 million, respectively, the unaccreted debt discount was $2.0 million and $2.1 million, respectively, and the net carrying amount was $603.1 million and $604.8 million, respectively. We paid approximately $19.7 million of loan origination and financing costs related to the Facilities which are being accounted for as deferred financing costs on our Unaudited Condensed Consolidated Balance Sheets and are amortized over the terms of the Facilities. Total amortization expense was $0.6 million for both the three-month periods ended March 31, 2024 and 2023 and is included in interest expense in our Unaudited Condensed Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, the balance of unamortized deferred financing costs related to the Facilities was $10.5 million and $11.1 million, respectively. On April 30, 2021, Gogo, GIH, and each direct and indirect wholly-owned U.S. restricted subsidiary of GIH (Gogo and such subsidiaries collectively, the “Guarantors”) entered into a guarantee agreement (the “Guarantee Agreement”) in favor of Morgan Stanley Senior Funding, Inc., as collateral agent (the “Collateral Agent”), whereby GIH and the Guarantors guarantee the obligations under the Facilities and certain other secured obligations as set forth in the Guarantee Agreement, and GIH and the Guarantors entered into a collateral agreement (the “Collateral Agreement”), in favor of the Collateral Agent, whereby GIH and the Guarantors grant a security interest in substantially all of their respective tangible and intangible assets (including the equity interests in each direct material wholly-owned U.S. restricted subsidiary owned by GIH or any Guarantor, and 65% of the equity interests in any non-U.S. subsidiary held directly by GIH or any Guarantor), subject to certain exceptions, to secure the obligations under the Facilities and certain other secured obligations as set forth in the Collateral Agreement.
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- DefinitionThe entire disclosure for long-term debt.
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v3.24.1.u1
Derivative Instruments and Hedging Activities
|
3 Months Ended |
Mar. 31, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Derivative Instruments and Hedging Activities |
9.Derivative Instruments and Hedging Activities We are exposed to interest rate risk on our variable rate borrowings. We currently use interest rate caps to manage our exposure to interest rate changes, and have designated these interest rate caps as cash flow hedges for accounting purposes. Accordingly, the earnings impact of the derivatives designated as cash flow hedges is recorded upon the recognition of the variable interest payments related to the hedged debt. In May 2021, we purchased interest rate caps with an aggregate notional amount of $650.0 million for $8.6 million. The cost of the interest rate caps will be amortized to interest expense using the caplet method, from the effective date through termination date. We receive payments in the amount calculated pursuant to the caps for any period in which the daily compounded SOFR rate plus a credit spread adjustment recommended by the Alternative Reference Rate Committee of 0.26% increases beyond the applicable strike rate. The notional amounts of the interest rate caps periodically decrease over the life of the caps. The notional amounts, strike rates and end dates of the cap agreements are as follows (notional amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
Start Date |
|
End Date |
|
Notional Amounts |
|
|
Strike Rate |
|
7/31/2021 |
|
7/30/2023 |
|
$ |
650,000 |
|
|
|
0.75 |
% |
7/31/2023 |
|
7/30/2024 |
|
|
525,000 |
|
|
|
0.75 |
% |
7/31/2024 |
|
7/30/2025 |
|
|
350,000 |
|
|
|
1.25 |
% |
7/31/2025 |
|
7/30/2026 |
|
|
250,000 |
|
|
|
2.25 |
% |
7/31/2026 |
|
7/30/2027 |
|
|
200,000 |
|
|
|
2.75 |
% |
We record the effective portion of changes in the fair value of our cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassify these amounts into earnings in the period during which the hedged transaction is recognized. The amounts included in accumulated other comprehensive income will be reclassified to interest expense in the event the hedges are no longer considered effective, in accordance with ASC 815, Derivatives and Hedging. No gains or losses of our cash flow hedges were considered to be ineffective and reclassified from other comprehensive income (loss) to earnings for the three-month periods ended March 31, 2024 and 2023. We estimate that approximately $2.6 million currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over the next 12 months. We assess the effectiveness of the hedges on an ongoing basis, and the remaining outstanding caps are still considered to be highly effective, and remain designated as a cash flow hedge. Cash flows from interest rate caps are classified in the Unaudited Condensed Consolidated Statements of Cash Flows as investing activities. For the three-month period ended March 31, 2024, we recorded a decrease in fair value on the interest rate caps of $1.5 million, net of tax of $0.2 million, and for the three-month period ended March 31, 2023, we recorded a decrease in fair value on the interest rate caps of $7.3 million, net of tax of $2.3 million. Increases and decreases in fair value on interest rate caps above exclude amortization of the purchase price paid for the interest rate caps. When derivatives are used, we are exposed to credit loss in the event of non-performance by the counterparties; however, non-performance is not anticipated. ASC 815, Derivatives and Hedging, requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet. The fair values of the interest rate derivatives are based on quoted market prices for similar instruments from commercial banks (based on significant observable inputs - Level 2 inputs). The following table presents the fair value of our interest rate derivatives included in the Unaudited Condensed Consolidated Balance Sheets for the periods presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
Derivatives designated as hedging instruments |
|
Balance sheet location |
|
2024 |
|
|
2023 |
|
Current portion of interest rate caps |
|
Prepaid expenses and other current assets |
|
$ |
17,178 |
|
|
$ |
18,801 |
|
Non-current portion of interest rate caps |
|
Other non-current assets |
|
$ |
10,239 |
|
|
$ |
10,295 |
|
Fair Value Measurement Our derivative assets and liabilities consist principally of interest rate caps, which are carried at fair value based on significant observable inputs (Level 2 inputs). Derivatives entered into by us are typically executed over-the-counter and are valued using discounted cash flows along with fair value models that primarily use market observable inputs. These models take into account a variety of factors including, where applicable, maturity, interest rate yield curves, and counterparty credit risks.
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v3.24.1.u1
Interest Costs
|
3 Months Ended |
Mar. 31, 2024 |
Text Block [Abstract] |
|
Interest Costs |
We capitalize a portion of our interest on funds borrowed during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and amortized over the useful lives of the assets. The following is a summary of our interest costs for the three-month periods ended March 31, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Interest costs charged to expense |
|
$ |
13,340 |
|
|
$ |
14,497 |
|
Amortization of deferred financing costs |
|
|
594 |
|
|
|
630 |
|
Amortization of the purchase price of interest rate caps |
|
|
781 |
|
|
|
134 |
|
Interest rate cap benefit |
|
|
(6,405 |
) |
|
|
(6,393 |
) |
Accretion of debt discount |
|
|
100 |
|
|
|
108 |
|
Interest expense |
|
|
8,410 |
|
|
|
8,976 |
|
Interest costs capitalized to property and equipment |
|
|
612 |
|
|
|
497 |
|
Interest costs capitalized to software |
|
|
257 |
|
|
|
157 |
|
Total interest costs |
|
$ |
9,279 |
|
|
$ |
9,630 |
|
|
X |
- DefinitionThe entire disclosure for interest costs.
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v3.24.1.u1
Fair Value of Financial Assets and Liabilities
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value of Financial Assets and Liabilities |
11.Fair Value of Financial Assets and Liabilities A three-tier fair value hierarchy has been established which prioritizes the inputs used in measuring fair value. These tiers include: •Level 1 - defined as observable inputs such as quoted prices for identical assets or liabilities in active markets; •Level 2 - defined as observable inputs other than Level 1 inputs such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and •Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Refer to Note 9, “Derivative Instruments and Hedging Activities,” for fair value information relating to our interest rate caps. Investment in Convertible Note: On February 26, 2024, Gogo invested $5 million in a convertible note offering (“Investment in Convertible Note”). The Investment in Convertible Note accrues interest at 5% per annum, payable upon maturity of the note or upon conversion, and matures two years after the date of issuance. We have elected to measure our Investment in Convertible Note using the fair value option and record changes in fair value, including accrued interest, in Other (income) expense, net on the Unaudited Condensed Consolidated Statements of Operations. The Company elected the fair value option for the Investment in Convertible Note to eliminate complexities of applying certain accounting models. The fair value of the Investment in Convertible Note is measured using Level 3 (unobservable) inputs. The Company, with the assistance of a third-party valuation specialist, determined the fair value using a binomial lattice model. The significant assumptions used in the model include the yield, equity volatility, outstanding principal, remaining term, stated interest rate, risk-free interest rate and the current publicly available stock price. The yield is estimated using similar security yields for companies with similar credit ratings. Equity volatility is estimated based on observed equity volatility for similar companies. The outstanding principal, remaining term and stated interest rate are all determined based on contractually defined terms and the risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of measurement for time periods approximately equal to the remaining time to maturity. Subsequent to March 31, 2024, the Company observed a significant decrease in the publicly available stock price of the issuer. Should the decrease be sustained, the fair value of the Investment in Convertible Note could be materially and negatively impacted. The reconciliation of beginning and ending balances of the Investment in Convertible Note as of March 31, 2024 were as follows (in thousands):
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
Balance at beginning of period |
|
$ |
— |
|
Investment |
|
|
5,000 |
|
Change in fair value |
|
|
13,132 |
|
Balance at end of period |
|
$ |
18,132 |
|
Long-Term Debt: As of March 31, 2024 and December 31, 2023, our only financial asset and liability disclosed but not measured at fair value is the Term Loan Facility, which is reflected on the Unaudited Condensed Consolidated Balance Sheets at cost. The fair value measurement is classified as Level 2 within the fair value hierarchy since it is based on quoted market prices of our instrument in markets that are not active. We estimated the fair value of the Term Loan Facility by calculating the upfront cash payment a market participant would require to assume this obligation. The upfront cash payment used in the calculation of fair value on our March 31, 2024 Unaudited Condensed Consolidated Balance Sheets, excluding any issuance costs, is the amount that a market participant would be willing to lend at such date to an entity with a credit rating similar to ours and that would allow such an entity to achieve sufficient cash inflows to cover the scheduled cash outflows under the Term Loan Facility. The fair value and carrying value of long-term debt as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
Fair Value (1) |
|
Carrying Value |
|
|
Fair Value (1) |
|
Carrying Value |
|
Term Loan Facility |
|
$ |
605,000 |
|
$ |
603,085 |
(2) |
|
$ |
610,000 |
|
$ |
604,797 |
(2) |
(1)Fair value amounts are rounded to the nearest million. (2)Carrying value of the Term Loan Facility reflects the unaccreted debt discount of $2.0 million and $2.1 million as of March 31, 2024 and December 31, 2023, respectively. See Note 8, “Long-Term Debt and Other Liabilities,” for further information.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.1.u1
Stock-Based Compensation and 401(k) Plan
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation and 401(k) Plan |
12.Stock-Based Compensation and 401(k) Plan Stock-Based Compensation — As of March 31, 2024, we maintained the Second Amended and Restated Gogo Inc. 2016 Omnibus Incentive Plan (the “2016 Omnibus Plan”). The 2016 Omnibus Plan provides for the grant of both equity and cash awards, including non-qualified stock options, incentive stock options, stock appreciation rights, performance awards (shares and units), restricted stock, Restricted Stock Units (“RSUs”), deferred share units and other stock-based awards and dividend equivalents to eligible employees, directors and consultants, as determined by the Compensation Committee of our Board of Directors. See Note 12, “Stock-Based Compensation and 401(k) Plan,” in our 2023 10-K for further information regarding these plans. The majority of our equity grants are awarded on an annual basis. For the three-month period ended March 31, 2024, no options to purchase shares of common stock were granted, options to purchase 31,136 shares of common stock were exercised, no options to purchase shares of common stock were forfeited and 13,053 options to purchase shares of common stock expired. For the three-month period ended March 31, 2024, 30,908 RSUs were granted, 1,017,609 RSUs vested and 13,436 RSUs were forfeited. The fair value of the RSUs granted during the three-month period ended March 31, 2024 was approximately $0.3 million, which will generally be recognized over a period of four years. For the three-month period ended March 31, 2024, 49,256 deferred stock units were granted, none vested and 169,683 were settled. The fair value of the deferred stock units granted during the three-month period ended March 31, 2024 was approximately $0.4 million, which will generally be recognized over a period of one year. The following is a summary of our stock-based compensation expense by operating expense line in the Unaudited Condensed Consolidated Statements of Operations (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Cost of service revenue |
|
$ |
473 |
|
|
$ |
343 |
|
Cost of equipment revenue |
|
|
379 |
|
|
|
287 |
|
Engineering, design and development |
|
|
982 |
|
|
|
754 |
|
Sales and marketing |
|
|
997 |
|
|
|
738 |
|
General and administrative |
|
|
2,009 |
|
|
|
2,919 |
|
Total stock-based compensation expense |
|
$ |
4,840 |
|
|
$ |
5,041 |
|
401(k) Plan — Under our 401(k) plan, all employees who are eligible to participate are entitled to make tax-deferred contributions, subject to Internal Revenue Service limitations. We match 100% of the employee’s first 4% of contributions made, subject to annual limitations. Our matching contributions were $0.6 million and $0.5 million, respectively, during the three-month periods ended March 31, 2024 and 2023.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.1.u1
Income Tax
|
3 Months Ended |
Mar. 31, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Tax |
The effective income tax rates for the three-month periods ended March 31, 2024 and 2023 were 26.4% and 17.7%, respectively. For the three-month period ended March 31, 2024, our effective income tax rate was higher than the U.S. federal statutory rate of 21% primarily due to state income taxes, nondeductible officer’s compensation, and stock-based compensation, partially offset by tax benefits related to domestic research and development tax credits. For the three-month period ended March 31, 2023, our effective income tax rate was lower than the U.S. federal statutory rate of 21% primarily due to a partial release of the valuation allowance on certain of our deferred income tax assets, tax benefits related to domestic research and development tax credits and stock-based compensation, partially offset by state income taxes. We regularly assess the need for a valuation allowance related to our deferred income tax assets to determine, based on the weight of all available positive and negative evidence, whether it is more likely than not that some or all of such deferred assets will not be realized. In our assessments, the Company considers recent financial operating results, the scheduled expiration of our net operating losses, future taxable income, the reversal of existing taxable differences, and tax planning strategies. The remaining valuation allowance is still required for deferred tax assets related to certain state credits, foreign net operating losses and capital loss carryforwards as it is more likely than not as of March 31, 2024 that these deferred tax assets will not be realized. We are subject to taxation and file income tax returns in the United States federal jurisdiction and many states and Canada. With few exceptions, as of March 31, 2024 we are no longer subject to U.S. federal, state, local or foreign examinations by tax authorities for years before 2020. We record penalties and interest relating to uncertain tax positions in the income tax provision line item in the Unaudited Condensed Consolidated Statements of Operations. No penalties or interest related to uncertain tax positions were recorded for the three-month periods ended March 31, 2024 and 2023. As of March 31, 2024 and December 31, 2023, we did not have a liability recorded for interest or potential penalties.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.24.1.u1
Leases
|
3 Months Ended |
Mar. 31, 2024 |
Leases [Abstract] |
|
Leases |
Operating and Financing Leases — We determine whether a contract contains a lease at contract inception. Lease liabilities are calculated using a discount rate based on our incremental borrowing rate at lease commencement. We have operating lease agreements primarily related to cell sites and office space. Certain cell site and office space leases have renewal option terms that have been deemed reasonably certain to be exercised. These renewal options extend a lease by up to 15 years. We recognize operating lease expense on a straight-line basis over the lease term. As of March 31, 2024, there were no significant leases which had not commenced. The following is a summary of our lease expense included in the Unaudited Condensed Consolidated Statements of Operations (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Operating lease cost |
|
$ |
4,088 |
|
|
$ |
3,938 |
|
Financing lease cost: |
|
|
|
|
|
|
Amortization of leased assets |
|
|
14 |
|
|
|
39 |
|
Interest on lease liabilities |
|
|
4 |
|
|
|
5 |
|
Total lease cost |
|
$ |
4,106 |
|
|
$ |
3,982 |
|
Other information regarding our leases is as follows (in thousands, except lease terms and discount rates):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Supplemental cash flow information |
|
|
|
|
|
|
Cash paid for amounts included in measurement of lease liabilities: |
|
|
|
|
|
|
Operating cash flows used in operating leases |
|
$ |
4,195 |
|
|
$ |
3,969 |
|
Operating cash flows used in financing leases |
|
$ |
4 |
|
|
$ |
5 |
|
Financing cash flows used in financing leases |
|
$ |
3 |
|
|
$ |
57 |
|
Non-cash items: |
|
|
|
|
|
|
Operating leases obtained |
|
$ |
2,122 |
|
|
$ |
718 |
|
Financing leases obtained |
|
$ |
170 |
|
|
$ |
— |
|
Weighted average remaining lease term |
|
|
|
|
|
|
Operating leases |
|
7 years |
|
|
8 years |
|
Financing leases |
|
3 years |
|
|
1 year |
|
Weighted average discount rate |
|
|
|
|
|
|
Operating leases |
|
|
6.8 |
% |
|
|
6.7 |
% |
Financing leases |
|
|
9.0 |
% |
|
|
16.6 |
% |
Annual future minimum lease payments as of March 31, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
Years ending December 31, |
|
Operating Leases |
|
|
Financing Leases |
|
2024 (period from April 1 to December 31) |
|
$ |
11,646 |
|
|
$ |
58 |
|
2025 |
|
|
16,505 |
|
|
|
62 |
|
2026 |
|
|
16,069 |
|
|
|
60 |
|
2027 |
|
|
14,513 |
|
|
|
15 |
|
2028 |
|
|
12,869 |
|
|
|
— |
|
Thereafter |
|
|
31,135 |
|
|
|
— |
|
Total future minimum lease payments |
|
|
102,737 |
|
|
|
195 |
|
Less: Amount representing interest |
|
|
(20,274 |
) |
|
|
(22 |
) |
Present value of net minimum lease payments |
|
$ |
82,463 |
|
|
$ |
173 |
|
Reported as of March 31, 2024 |
|
|
|
|
|
|
Accrued liabilities |
|
$ |
10,679 |
|
|
$ |
62 |
|
Non-current operating lease liabilities |
|
|
71,784 |
|
|
|
— |
|
Other non-current liabilities |
|
|
— |
|
|
|
111 |
|
Total lease liabilities |
|
$ |
82,463 |
|
|
$ |
173 |
|
|
X |
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v3.24.1.u1
Commitments and Contingencies
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
15.Commitments and Contingencies Contractual Commitments – We have agreements with various vendors under which we have remaining commitments to purchase hardware components and development services. Such commitments will become payable as we receive the hardware components, or as development services are provided. SmartSky Litigation – On February 28, 2022, SmartSky Networks, LLC brought suit against Gogo Inc. and its subsidiary Gogo Business Aviation LLC in the U.S. District Court for the District of Delaware (the “Court”) alleging that Gogo 5G infringes four patents owned by the plaintiff. On February 21, 2023, the plaintiff amended its complaint to allege that Gogo 5G infringes two additional patents recently issued to the plaintiff. The suit seeks an unspecified amount of compensatory damages as well as treble damages for alleged willful infringement and reimbursement of plaintiff's costs, disbursements and attorneys' fees. Under a schedule agreed upon by the parties, fact discovery and claim construction proceedings will be substantially completed by early-to-mid 2024, and expert discovery by mid 2024, with dispositive motions to follow. A trial date has been scheduled for April 14, 2025. Also on February 28, 2022, the plaintiff filed a motion (the “PI Motion”) requesting that the Court preliminarily enjoin the Company from making, using, offering to sell or selling the Gogo 5G system. On September 26, 2022, the Court issued an order denying the PI Motion. The plaintiff has appealed the denial to the U.S. Court of Appeals for the Federal Circuit. On January 31, 2024, the U.S. Court of Appeals for the Federal Circuit affirmed the decision of the Court to deny the PI Motion. We intend to continue to vigorously defend our position in the infringement suit and defend against any further appeal of the PI Motion decision. The outcomes of the appeal and the underlying litigation are inherently uncertain. No amounts have been accrued for any potential losses under this matter, as we cannot reasonably predict the outcome of the litigation or any potential losses. On March 5, 2024, Gogo Inc. and its subsidiary Gogo Business Aviation LLC filed counterclaims in the same suit, alleging that SmartSky’s ATG network, Flagship equipment, and LITE ATG equipment infringe three patents owned by Gogo. Gogo’s counterclaim suit seeks an unspecified amount of compensatory damages as well as reimbursement of Gogo's costs and attorneys' fees. On April 10, 2024, the Court held that Gogo's counterclaims would proceed under a separate schedule and would be tried separately from SmartSky's claims. At this time, no schedule has been adopted for Gogo's counterclaims. From time to time we may become involved in legal proceedings arising in the ordinary course of our business. We cannot predict with certainty the outcome of any litigation or the potential for future litigation. Regardless of the outcome of any particular litigation and the merits of any particular claim, litigation can have a material adverse impact on our company due to, among other reasons, any injunctive relief granted, which could inhibit our ability to operate our business, amounts paid as damages or in settlement of any such matter, diversion of management resources and defense costs
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v3.24.1.u1
Accumulated Other Comprehensive Income (Loss)
|
3 Months Ended |
Mar. 31, 2024 |
AOCI Attributable to Parent [Abstract] |
|
Accumulated Other Comprehensive Income (Loss) |
16.Accumulated Other Comprehensive Income (Loss) The following is a summary of changes in accumulated other comprehensive income (loss) by component (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
|
|
Currency |
|
|
Fair Value of |
|
|
|
|
|
|
Translation |
|
|
Cash Flow |
|
|
|
|
|
|
Adjustment |
|
|
Hedges |
|
|
Total |
|
Balance at January 1, 2024 |
|
$ |
(934 |
) |
|
$ |
16,730 |
|
|
$ |
15,796 |
|
Other comprehensive income (loss) before reclassifications |
|
|
(155 |
) |
|
|
3,553 |
|
|
|
3,398 |
|
Less: income realized and reclassified to earnings |
|
|
— |
|
|
|
4,228 |
|
|
|
4,228 |
|
Net current period comprehensive income (loss) |
|
|
(155 |
) |
|
|
(675 |
) |
|
|
(830 |
) |
Balance at March 31, 2024 |
|
$ |
(1,089 |
) |
|
$ |
16,055 |
|
|
$ |
14,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
|
|
Currency |
|
|
Fair Value of |
|
|
|
|
|
|
Translation |
|
|
Cash Flow |
|
|
|
|
|
|
Adjustment |
|
|
Hedges |
|
|
Total |
|
Balance at January 1, 2023 |
|
$ |
(1,225 |
) |
|
$ |
31,353 |
|
|
$ |
30,128 |
|
Other comprehensive income (loss) before reclassifications |
|
|
75 |
|
|
|
(2,439 |
) |
|
|
(2,364 |
) |
Less: income realized and reclassified to earnings |
|
|
— |
|
|
|
4,721 |
|
|
|
4,721 |
|
Net current period comprehensive income (loss) |
|
|
75 |
|
|
|
(7,160 |
) |
|
|
(7,085 |
) |
Balance at March 31, 2023 |
|
$ |
(1,150 |
) |
|
$ |
24,193 |
|
|
$ |
23,043 |
|
|
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- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
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v3.24.1.u1
Basis of Presentation (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation – The accompanying Unaudited Condensed Consolidated Financial Statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in conformity with Article 10 of Regulation S-X promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements and should be read in conjunction with our annual audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2024 (the “2023 10-K”). These Unaudited Condensed Consolidated Financial Statements reflect, in the opinion of management, all material adjustments (which include normal recurring adjustments) necessary to fairly state, in all material respects, our financial position, results of operations and cash flows for the periods presented. The results of operations and cash flows for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024. We had one class of common stock outstanding as of March 31, 2024 and December 31, 2023.
|
Use of Estimates |
Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates the significant estimates and bases such estimates on historical experience and various other assumptions believed to be reasonable under the circumstances. However, actual results could differ materially from those estimates. As a result of our determination to participate in the FCC Reimbursement Program, we reassessed and shortened the estimated useful lives of affected network equipment to be consistent with our estimated date to complete the program. This change in accounting estimate was effective beginning the second quarter of 2023 and resulted in increased depreciation expense of $1.2 million for the three-month period ended March 31, 2024. Net income per basic share was unchanged, while net income per diluted share decreased by $0.01 for the three-month period ended March 31, 2024.
|
Recently Issued Accounting Pronouncements |
Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be either not applicable or expected to have minimal impact on our consolidated financial statements and related notes. Accounting standards not yet adopted: In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This guidance is effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact that this guidance will have upon our consolidated financial statements and related notes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures, most notably in the tax rate reconciliation and income taxes paid. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied on a prospective basis, with retrospective application permitted. We are currently evaluating the impact that this guidance will have upon our consolidated financial statements and related notes.
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v3.24.1.u1
Earnings Per Share (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Earnings Per Share [Abstract] |
|
Computation of Basic and Diluted Earnings Per Share |
The following table sets forth the computation of basic and diluted earnings per share for the three-month periods ended March 31, 2024 and 2023 (in thousands, except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
Basic |
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
30,490 |
|
|
$ |
20,449 |
|
Weighted average shares outstanding |
|
|
129,272 |
|
|
|
129,136 |
|
Earnings per share - basic |
|
|
0.24 |
|
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
Diluted |
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
30,490 |
|
|
$ |
20,449 |
|
Average shares |
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
129,272 |
|
|
|
129,136 |
|
Effect of dilutive securities - stock-based compensation |
|
|
3,169 |
|
|
|
4,466 |
|
Total weighted average diluted shares outstanding |
|
|
132,441 |
|
|
|
133,602 |
|
Earnings per share - diluted |
|
$ |
0.23 |
|
|
$ |
0.15 |
|
|
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v3.24.1.u1
Revenue Recognition (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Summary of Revenue Disaggregated by Category |
The following table presents our revenue disaggregated by category (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Service revenue |
|
|
|
|
|
|
Connectivity |
|
$ |
80,358 |
|
|
$ |
77,246 |
|
Entertainment and other |
|
|
1,315 |
|
|
|
1,253 |
|
Total service revenue |
|
$ |
81,673 |
|
|
$ |
78,499 |
|
Equipment revenue |
|
|
|
|
|
|
ATG |
|
$ |
19,347 |
|
|
$ |
15,556 |
|
Narrowband satellite |
|
|
1,694 |
|
|
|
2,651 |
|
Other |
|
|
1,608 |
|
|
|
1,891 |
|
Total equipment revenue |
|
$ |
22,649 |
|
|
$ |
20,098 |
|
Customer type |
|
|
|
|
|
|
Aircraft owner/operator/service provider |
|
$ |
81,673 |
|
|
$ |
78,499 |
|
OEM and aftermarket dealer |
|
|
22,649 |
|
|
|
20,098 |
|
Total revenue |
|
$ |
104,322 |
|
|
$ |
98,597 |
|
|
X |
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v3.24.1.u1
Government Assistance (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Government Assistance [Abstract] |
|
Schedule of Deductions to Carrying Value of Asset Balances |
The following are the deductions to the carrying value of asset balances in our Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
As of March 31, |
|
|
As of December 31, |
|
|
|
2024 |
|
|
2023 |
|
Assets: |
|
|
|
|
|
|
Inventories |
|
$ |
(6,240 |
) |
|
$ |
(4,970 |
) |
Prepaids expenses and other current assets |
|
|
(2,042 |
) |
|
|
(1,542 |
) |
Property and equipment, net |
|
|
(3,690 |
) |
|
|
(2,094 |
) |
Intangible assets, net |
|
|
(651 |
) |
|
|
(58 |
) |
Other non-current assets |
|
|
(7,105 |
) |
|
|
(5,542 |
) |
|
Schedule of Increases to Net Income |
The following are the increases to Net income in our Unaudited Condensed Consolidated Statements of Operations for the three-month period ended March 31, 2024 (in thousands):
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
Revenue: |
|
|
|
Service revenue |
|
$ |
687 |
|
Operating expenses: |
|
|
|
Cost of service revenue |
|
|
112 |
|
Cost of equipment revenue |
|
|
2,284 |
|
General and administrative |
|
|
181 |
|
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v3.24.1.u1
Composition of Certain Balance Sheet Accounts (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Components of Inventories |
Inventories as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Work-in-process component parts |
|
$ |
34,687 |
|
|
$ |
34,692 |
|
Finished goods |
|
|
34,611 |
|
|
|
28,495 |
|
Total inventory(1) |
|
$ |
69,298 |
|
|
$ |
63,187 |
|
(1) See Note 4, “Government Assistance,” for additional information.
|
Schedule of Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Interest rate caps and receivable |
|
$ |
21,469 |
|
|
$ |
23,227 |
|
FCC reimbursement receivable(1) |
|
|
15,197 |
|
|
|
18,274 |
|
Contract assets(1) |
|
|
6,694 |
|
|
|
6,939 |
|
Prepaid inventories |
|
|
2,543 |
|
|
|
2,606 |
|
Other |
|
|
17,879 |
|
|
|
13,092 |
|
Total prepaid expenses and other current assets |
|
$ |
63,782 |
|
|
$ |
64,138 |
|
(1) See Note 4, “Government Assistance,” for additional information.
|
Schedule of Property and Equipment |
Property and equipment as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Office equipment, furniture, fixtures and other |
|
$ |
19,788 |
|
|
$ |
19,153 |
|
Leasehold improvements |
|
|
16,187 |
|
|
|
16,132 |
|
Network equipment(1) |
|
|
184,705 |
|
|
|
184,176 |
|
|
|
|
220,680 |
|
|
|
219,461 |
|
Accumulated depreciation |
|
|
(124,638 |
) |
|
|
(121,332 |
) |
Total property and equipment, net |
|
$ |
96,042 |
|
|
$ |
98,129 |
|
(1) See Note 4, “Government Assistance,” for additional information.
|
Schedule of Other Non-Current Assets |
Other non-current assets as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Interest rate caps |
|
$ |
10,239 |
|
|
$ |
10,295 |
|
Contract assets, net of allowances of $614 and $591, respectively(1) |
|
|
9,840 |
|
|
|
9,625 |
|
Revolving credit facility deferred financing costs |
|
|
903 |
|
|
|
1,011 |
|
Other |
|
|
4,595 |
|
|
|
5,048 |
|
Total other non-current assets |
|
$ |
25,577 |
|
|
$ |
25,979 |
|
(1) See Note 4, “Government Assistance,” for additional information.
|
Schedule of Accrued Liabilities |
Accrued liabilities as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Operating leases |
|
$ |
10,679 |
|
|
$ |
10,284 |
|
Employee compensation and benefits |
|
|
7,377 |
|
|
|
10,386 |
|
Customer credit reserve |
|
|
6,847 |
|
|
|
6,027 |
|
Network equipment |
|
|
4,613 |
|
|
|
4,533 |
|
Warranty reserve |
|
|
3,470 |
|
|
|
3,420 |
|
Gogo Galileo development costs |
|
|
4,323 |
|
|
|
2,432 |
|
Taxes |
|
|
2,662 |
|
|
|
2,170 |
|
Accrued interest |
|
|
467 |
|
|
|
469 |
|
Other |
|
|
7,205 |
|
|
|
7,928 |
|
Total accrued liabilities |
|
$ |
47,643 |
|
|
$ |
47,649 |
|
|
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v3.24.1.u1
Intangible Assets (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Intangible Assets, Other than Goodwill |
Our intangible assets, other than goodwill, as of March 31, 2024 and December 31, 2023 were as follows (in thousands, except for weighted average remaining useful life):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2024 |
|
As of December 31, 2023 |
|
|
Weighted Average Remaining Useful Life (in years) |
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Carrying Amount |
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Carrying Amount |
Amortized intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Software |
|
7.3 |
|
$70,503 |
|
$(46,097) |
|
$24,406 |
|
$68,155 |
|
$(45,910) |
|
$22,245 |
Other intangible assets |
|
8.0 |
|
561 |
|
— |
|
561 |
|
499 |
|
— |
|
499 |
Service customer relationships |
|
|
|
8,081 |
|
(8,081) |
|
— |
|
8,081 |
|
(8,081) |
|
— |
OEM and dealer relationships |
|
|
|
6,724 |
|
(6,724) |
|
— |
|
6,724 |
|
(6,724) |
|
— |
Total amortized intangible assets |
|
|
|
85,869 |
|
(60,902) |
|
24,967 |
|
83,459 |
|
(60,715) |
|
22,744 |
Unamortized intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCC Licenses |
|
|
|
32,283 |
|
— |
|
32,283 |
|
32,283 |
|
— |
|
32,283 |
Total intangible assets |
|
|
|
$118,152 |
|
$(60,902) |
|
$57,250 |
|
$115,742 |
|
$(60,715) |
|
$55,027 |
|
Summary of Amortization Expenses |
Amortization expense for the remainder of 2024, each of the next four years and thereafter is estimated to be as follows (in thousands):
|
|
|
|
|
Amortization |
Years ending December 31, |
|
Expense |
2024 (period from April 1 to December 31) |
|
$835 |
2025 |
|
$3,523 |
2026 |
|
$3,540 |
2027 |
|
$3,367 |
2028 |
|
$3,174 |
Thereafter |
|
$10,528 |
|
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v3.24.1.u1
Long-Term Debt and Other Liabilities (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long-Term Debt |
Long-term debt as of March 31, 2024 and December 31, 2023 was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Term Loan Facility |
|
$ |
603,085 |
|
|
$ |
604,797 |
|
Less: deferred financing costs |
|
|
(9,561 |
) |
|
|
(10,046 |
) |
Less: current portion of long-term debt |
|
|
(7,250 |
) |
|
|
(7,250 |
) |
Total long-term debt |
|
$ |
586,274 |
|
|
$ |
587,501 |
|
|
X |
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v3.24.1.u1
Derivative Instruments and Hedging Activities (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule of Notional Amounts Strike Rates and End Dates of the Cap Agreements |
The notional amounts, strike rates and end dates of the cap agreements are as follows (notional amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
Start Date |
|
End Date |
|
Notional Amounts |
|
|
Strike Rate |
|
7/31/2021 |
|
7/30/2023 |
|
$ |
650,000 |
|
|
|
0.75 |
% |
7/31/2023 |
|
7/30/2024 |
|
|
525,000 |
|
|
|
0.75 |
% |
7/31/2024 |
|
7/30/2025 |
|
|
350,000 |
|
|
|
1.25 |
% |
7/31/2025 |
|
7/30/2026 |
|
|
250,000 |
|
|
|
2.25 |
% |
7/31/2026 |
|
7/30/2027 |
|
|
200,000 |
|
|
|
2.75 |
% |
|
Schedule of Derivative Assets at Fair Value |
The following table presents the fair value of our interest rate derivatives included in the Unaudited Condensed Consolidated Balance Sheets for the periods presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
Derivatives designated as hedging instruments |
|
Balance sheet location |
|
2024 |
|
|
2023 |
|
Current portion of interest rate caps |
|
Prepaid expenses and other current assets |
|
$ |
17,178 |
|
|
$ |
18,801 |
|
Non-current portion of interest rate caps |
|
Other non-current assets |
|
$ |
10,239 |
|
|
$ |
10,295 |
|
|
X |
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v3.24.1.u1
Interest Costs (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Text Block [Abstract] |
|
Summary of Interest Costs |
The following is a summary of our interest costs for the three-month periods ended March 31, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Interest costs charged to expense |
|
$ |
13,340 |
|
|
$ |
14,497 |
|
Amortization of deferred financing costs |
|
|
594 |
|
|
|
630 |
|
Amortization of the purchase price of interest rate caps |
|
|
781 |
|
|
|
134 |
|
Interest rate cap benefit |
|
|
(6,405 |
) |
|
|
(6,393 |
) |
Accretion of debt discount |
|
|
100 |
|
|
|
108 |
|
Interest expense |
|
|
8,410 |
|
|
|
8,976 |
|
Interest costs capitalized to property and equipment |
|
|
612 |
|
|
|
497 |
|
Interest costs capitalized to software |
|
|
257 |
|
|
|
157 |
|
Total interest costs |
|
$ |
9,279 |
|
|
$ |
9,630 |
|
|
X |
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v3.24.1.u1
Fair Value of Financial Assets and Liabilities (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of Reconciliation of Investment in Convertible Note |
The reconciliation of beginning and ending balances of the Investment in Convertible Note as of March 31, 2024 were as follows (in thousands):
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
Balance at beginning of period |
|
$ |
— |
|
Investment |
|
|
5,000 |
|
Change in fair value |
|
|
13,132 |
|
Balance at end of period |
|
$ |
18,132 |
|
|
Summary of Fair Value and Carrying Value of Long-Term Debt |
The fair value and carrying value of long-term debt as of March 31, 2024 and December 31, 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
Fair Value (1) |
|
Carrying Value |
|
|
Fair Value (1) |
|
Carrying Value |
|
Term Loan Facility |
|
$ |
605,000 |
|
$ |
603,085 |
(2) |
|
$ |
610,000 |
|
$ |
604,797 |
(2) |
(1)Fair value amounts are rounded to the nearest million. (2)Carrying value of the Term Loan Facility reflects the unaccreted debt discount of $2.0 million and $2.1 million as of March 31, 2024 and December 31, 2023, respectively. See Note 8, “Long-Term Debt and Other Liabilities,” for further information.
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v3.24.1.u1
Stock-Based Compensation and 401(k) Plan (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Summary of Stock-Based Compensation Expense by Operating Expense |
The following is a summary of our stock-based compensation expense by operating expense line in the Unaudited Condensed Consolidated Statements of Operations (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Cost of service revenue |
|
$ |
473 |
|
|
$ |
343 |
|
Cost of equipment revenue |
|
|
379 |
|
|
|
287 |
|
Engineering, design and development |
|
|
982 |
|
|
|
754 |
|
Sales and marketing |
|
|
997 |
|
|
|
738 |
|
General and administrative |
|
|
2,009 |
|
|
|
2,919 |
|
Total stock-based compensation expense |
|
$ |
4,840 |
|
|
$ |
5,041 |
|
|
X |
- DefinitionTabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.
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v3.24.1.u1
Leases (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Leases [Abstract] |
|
Schedule of Lease Expense Included in Unaudited Condensed Consolidated Statements of Operations |
The following is a summary of our lease expense included in the Unaudited Condensed Consolidated Statements of Operations (in thousands):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Operating lease cost |
|
$ |
4,088 |
|
|
$ |
3,938 |
|
Financing lease cost: |
|
|
|
|
|
|
Amortization of leased assets |
|
|
14 |
|
|
|
39 |
|
Interest on lease liabilities |
|
|
4 |
|
|
|
5 |
|
Total lease cost |
|
$ |
4,106 |
|
|
$ |
3,982 |
|
|
Schedule of Other Information Regarding Leases |
Other information regarding our leases is as follows (in thousands, except lease terms and discount rates):
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2024 |
|
|
2023 |
|
Supplemental cash flow information |
|
|
|
|
|
|
Cash paid for amounts included in measurement of lease liabilities: |
|
|
|
|
|
|
Operating cash flows used in operating leases |
|
$ |
4,195 |
|
|
$ |
3,969 |
|
Operating cash flows used in financing leases |
|
$ |
4 |
|
|
$ |
5 |
|
Financing cash flows used in financing leases |
|
$ |
3 |
|
|
$ |
57 |
|
Non-cash items: |
|
|
|
|
|
|
Operating leases obtained |
|
$ |
2,122 |
|
|
$ |
718 |
|
Financing leases obtained |
|
$ |
170 |
|
|
$ |
— |
|
Weighted average remaining lease term |
|
|
|
|
|
|
Operating leases |
|
7 years |
|
|
8 years |
|
Financing leases |
|
3 years |
|
|
1 year |
|
Weighted average discount rate |
|
|
|
|
|
|
Operating leases |
|
|
6.8 |
% |
|
|
6.7 |
% |
Financing leases |
|
|
9.0 |
% |
|
|
16.6 |
% |
|
Schedule of Annual Future Minimum Lease Payments |
Annual future minimum lease payments as of March 31, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
Years ending December 31, |
|
Operating Leases |
|
|
Financing Leases |
|
2024 (period from April 1 to December 31) |
|
$ |
11,646 |
|
|
$ |
58 |
|
2025 |
|
|
16,505 |
|
|
|
62 |
|
2026 |
|
|
16,069 |
|
|
|
60 |
|
2027 |
|
|
14,513 |
|
|
|
15 |
|
2028 |
|
|
12,869 |
|
|
|
— |
|
Thereafter |
|
|
31,135 |
|
|
|
— |
|
Total future minimum lease payments |
|
|
102,737 |
|
|
|
195 |
|
Less: Amount representing interest |
|
|
(20,274 |
) |
|
|
(22 |
) |
Present value of net minimum lease payments |
|
$ |
82,463 |
|
|
$ |
173 |
|
Reported as of March 31, 2024 |
|
|
|
|
|
|
Accrued liabilities |
|
$ |
10,679 |
|
|
$ |
62 |
|
Non-current operating lease liabilities |
|
|
71,784 |
|
|
|
— |
|
Other non-current liabilities |
|
|
— |
|
|
|
111 |
|
Total lease liabilities |
|
$ |
82,463 |
|
|
$ |
173 |
|
|
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Accumulated Other Comprehensive Income (Loss) (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
AOCI Attributable to Parent [Abstract] |
|
Summary of Changes in Accumulated Other Comprehensive Income (Loss) |
The following is a summary of changes in accumulated other comprehensive income (loss) by component (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
|
|
Currency |
|
|
Fair Value of |
|
|
|
|
|
|
Translation |
|
|
Cash Flow |
|
|
|
|
|
|
Adjustment |
|
|
Hedges |
|
|
Total |
|
Balance at January 1, 2024 |
|
$ |
(934 |
) |
|
$ |
16,730 |
|
|
$ |
15,796 |
|
Other comprehensive income (loss) before reclassifications |
|
|
(155 |
) |
|
|
3,553 |
|
|
|
3,398 |
|
Less: income realized and reclassified to earnings |
|
|
— |
|
|
|
4,228 |
|
|
|
4,228 |
|
Net current period comprehensive income (loss) |
|
|
(155 |
) |
|
|
(675 |
) |
|
|
(830 |
) |
Balance at March 31, 2024 |
|
$ |
(1,089 |
) |
|
$ |
16,055 |
|
|
$ |
14,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in |
|
|
|
|
|
|
Currency |
|
|
Fair Value of |
|
|
|
|
|
|
Translation |
|
|
Cash Flow |
|
|
|
|
|
|
Adjustment |
|
|
Hedges |
|
|
Total |
|
Balance at January 1, 2023 |
|
$ |
(1,225 |
) |
|
$ |
31,353 |
|
|
$ |
30,128 |
|
Other comprehensive income (loss) before reclassifications |
|
|
75 |
|
|
|
(2,439 |
) |
|
|
(2,364 |
) |
Less: income realized and reclassified to earnings |
|
|
— |
|
|
|
4,721 |
|
|
|
4,721 |
|
Net current period comprehensive income (loss) |
|
|
75 |
|
|
|
(7,160 |
) |
|
|
(7,085 |
) |
Balance at March 31, 2023 |
|
$ |
(1,150 |
) |
|
$ |
24,193 |
|
|
$ |
23,043 |
|
|
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Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Net income from continuing operations |
$ 30,490
|
$ 20,449
|
Dilutive securities, effect on basic earnings per share, options and restrictive stock units |
$ 3,169
|
$ 4,466
|
Weighted average shares outstanding basic |
129,272
|
129,136
|
Weighted average shares outstanding diluted |
132,441
|
133,602
|
Total weighted average diluted shares outstanding |
132,441
|
133,602
|
Net income Per Share Diluted |
$ 0.23
|
$ 0.15
|
Net income Per Share Basic |
$ 0.24
|
$ 0.16
|
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v3.24.1.u1
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended |
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Revenue From Contracts With Customers [Line Items] |
|
|
Transaction price allocated to remaining performance obligations |
$ 292.0
|
|
Equipment revenue |
$ 16.0
|
|
Future equipment revenue recognition period |
three years
|
|
Maximum [Member] |
|
|
Revenue From Contracts With Customers [Line Items] |
|
|
Revenue Recognition Term Of Contract |
10 years
|
|
Minimum [Member] |
|
|
Revenue From Contracts With Customers [Line Items] |
|
|
Revenue Recognition Term Of Contract |
2 years
|
|
One to five years | Maximum [Member] |
|
|
Revenue From Contracts With Customers [Line Items] |
|
|
Remaining unsatisfied performance obligations term |
5 years
|
|
One to five years | Minimum [Member] |
|
|
Revenue From Contracts With Customers [Line Items] |
|
|
Remaining unsatisfied performance obligations term |
1 year
|
|
Five to ten years | Maximum [Member] |
|
|
Revenue From Contracts With Customers [Line Items] |
|
|
Remaining unsatisfied performance obligations term |
10 years
|
|
Five to ten years | Minimum [Member] |
|
|
Revenue From Contracts With Customers [Line Items] |
|
|
Remaining unsatisfied performance obligations term |
5 years
|
|
Airline [Member] | Revenue [Member] | Customer Concentration Risk [Member] |
|
|
Revenue From Contracts With Customers [Line Items] |
|
|
Contract assets, current and non-current |
$ 16.5
|
$ 16.6
|
Accounting Standards Update 2014-09 [Member] |
|
|
Revenue From Contracts With Customers [Line Items] |
|
|
Deferred revenue, current and non-current |
2.2
|
$ 1.0
|
Connectivity And Entertainment Service Revenues |
|
|
Revenue From Contracts With Customers [Line Items] |
|
|
Transaction price allocated to remaining performance obligations |
$ 276.0
|
|
Revenue, Remaining Performance Obligation, Percentage |
20.00%
|
|
Connectivity And Entertainment Service Revenues | One to five years |
|
|
Revenue From Contracts With Customers [Line Items] |
|
|
Revenue, Remaining Performance Obligation, Percentage |
45.00%
|
|
Connectivity And Entertainment Service Revenues | Five to ten years |
|
|
Revenue From Contracts With Customers [Line Items] |
|
|
Revenue, Remaining Performance Obligation, Percentage |
35.00%
|
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v3.24.1.u1
Revenue Recognition - Summary of Revenue Disaggregated by Category (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Disaggregation Of Revenue [Line Items] |
|
|
Disaggregation of revenue |
$ 104,322
|
$ 98,597
|
Aircraft Owner Operator [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Disaggregation of revenue |
81,673
|
78,499
|
OEM and Aftermarket Dealer [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Disaggregation of revenue |
22,649
|
20,098
|
Cost of Service Revenue [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Disaggregation of revenue |
81,673
|
78,499
|
Cost of Equipment Revenue [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Disaggregation of revenue |
22,649
|
20,098
|
Connectivity [Member] | Cost of Service Revenue [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Disaggregation of revenue |
80,358
|
77,246
|
Entertainment And Other [Member] | Cost of Service Revenue [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Disaggregation of revenue |
1,315
|
1,253
|
A T G | Cost of Equipment Revenue [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Disaggregation of revenue |
19,347
|
15,556
|
Narrowband satellite | Cost of Equipment Revenue [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Disaggregation of revenue |
1,694
|
2,651
|
Other Product Or Service | Cost of Equipment Revenue [Member] |
|
|
Disaggregation Of Revenue [Line Items] |
|
|
Disaggregation of revenue |
$ 1,608
|
$ 1,891
|
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v3.24.1.u1
Government Assistance - Summary of Deductions to the Carrying Value of Asset Balances (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Government Assistance [Line Items] |
|
|
|
Inventories |
[1] |
$ (69,298)
|
$ (63,187)
|
Prepaids and other current assets |
|
(63,782)
|
(64,138)
|
Property and equipment, net |
|
(96,042)
|
(98,129)
|
Intangible assets, net |
|
(57,870)
|
(55,647)
|
Other non-current assets |
|
(25,577)
|
(25,979)
|
FCC Reimbursement Program |
|
|
|
Government Assistance [Line Items] |
|
|
|
Inventories |
|
(6,240)
|
(4,970)
|
Prepaids and other current assets |
|
(2,042)
|
(1,542)
|
Property and equipment, net |
|
(3,690)
|
(2,094)
|
Intangible assets, net |
|
(651)
|
(58)
|
Other non-current assets |
|
$ (7,105)
|
$ (5,542)
|
|
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Mar. 31, 2024 |
Dec. 31, 2023 |
Prepaid Expense and Other Assets [Abstract] |
|
|
|
Interest rate caps and receivable |
|
$ 21,469
|
$ 23,227
|
FCC reimbursement receivable |
[1] |
15,197
|
18,274
|
Contract assets |
[2] |
6,694
|
6,939
|
Prepaid inventories |
|
2,543
|
2,606
|
Other |
|
17,879
|
13,092
|
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|
$ 63,782
|
$ 64,138
|
|
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Composition of Certain Balance Sheet Accounts - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
Property and equipment, gross |
|
$ 220,680
|
$ 219,461
|
Accumulated depreciation |
|
(124,638)
|
(121,332)
|
Total property and equipment, net |
|
96,042
|
98,129
|
Office Equipment, Furniture, Fixtures and Other [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Property and equipment, gross |
|
19,788
|
19,153
|
Leasehold Improvements [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Property and equipment, gross |
|
16,187
|
16,132
|
Network Equipment [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Property and equipment, gross |
[1] |
$ 184,705
|
$ 184,176
|
|
|
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Mar. 31, 2024 |
Dec. 31, 2023 |
Other Assets, Noncurrent [Abstract] |
|
|
|
Interest rate caps |
|
$ 10,239
|
$ 10,295
|
Contract assets, net of allowances of $614 and $591, respectively |
[1] |
9,840
|
9,625
|
Revolving credit facility deferred financing costs |
|
903
|
1,011
|
Other |
|
4,595
|
5,048
|
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|
$ 25,577
|
$ 25,979
|
|
|
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Composition of Certain Balance Sheet Accounts - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Accrued Liabilities, Current [Abstract] |
|
|
Operating leases |
$ 10,679
|
$ 10,284
|
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] |
Total accrued liabilities
|
Total accrued liabilities
|
Employee compensation and benefits |
$ 7,377
|
$ 10,386
|
Customer credit reserve |
6,847
|
6,027
|
Network equipment |
4,613
|
4,533
|
Warranty reserve |
3,470
|
3,420
|
Gogo Galileo development costs |
4,323
|
2,432
|
Taxes |
2,662
|
2,170
|
Accrued interest |
467
|
469
|
Other |
7,205
|
7,928
|
Total accrued liabilities |
$ 47,643
|
$ 47,649
|
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v3.24.1.u1
Intangible Assets - Schedule of Intangible Assets, Other than Goodwill (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Intangible Assets Net Excluding Goodwill [Line Items] |
|
|
Total amortized intangible assets, Gross Carrying Amount |
$ 85,869
|
$ 83,459
|
Total amortized intangible assets, Accumulated Amortization |
(60,902)
|
(60,715)
|
Total amortized intangible assets, Net Carrying Amount |
24,967
|
22,744
|
Total intangible assets, Gross Carrying amount |
118,152
|
115,742
|
Total intangible assets, Net Carrying Amount |
$ 57,250
|
55,027
|
Software [Member] |
|
|
Intangible Assets Net Excluding Goodwill [Line Items] |
|
|
Weighted Average Remaining Useful Life (in years) |
7 years 3 months 18 days
|
|
Total amortized intangible assets, Gross Carrying Amount |
$ 70,503
|
68,155
|
Total amortized intangible assets, Accumulated Amortization |
(46,097)
|
(45,910)
|
Total amortized intangible assets, Net Carrying Amount |
$ 24,406
|
22,245
|
Other Intangible Assets [Member] |
|
|
Intangible Assets Net Excluding Goodwill [Line Items] |
|
|
Weighted Average Remaining Useful Life (in years) |
8 years
|
|
Total amortized intangible assets, Gross Carrying Amount |
$ 561
|
499
|
Total amortized intangible assets, Net Carrying Amount |
561
|
499
|
Service Customer Relationships [Member] |
|
|
Intangible Assets Net Excluding Goodwill [Line Items] |
|
|
Total amortized intangible assets, Gross Carrying Amount |
8,081
|
8,081
|
Total amortized intangible assets, Accumulated Amortization |
(8,081)
|
(8,081)
|
OEM and Dealer Relationships [Member] |
|
|
Intangible Assets Net Excluding Goodwill [Line Items] |
|
|
Total amortized intangible assets, Gross Carrying Amount |
6,724
|
6,724
|
Total amortized intangible assets, Accumulated Amortization |
(6,724)
|
(6,724)
|
FCC Licenses [Member] |
|
|
Intangible Assets Net Excluding Goodwill [Line Items] |
|
|
Total unamortized intangible assets, Gross Carrying Amount |
32,283
|
32,283
|
Total unamortized intangible assets, Net Carrying Amount |
$ 32,283
|
$ 32,283
|
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Long-Term Debt and Other Liabilities - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
Less: deferred financing costs |
$ (9,561)
|
$ (10,046)
|
Less: current portion of long-term debt |
(7,250)
|
(7,250)
|
Total long-term debt |
586,274
|
587,501
|
Line Of Credit [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Term Loan Facility |
$ 603,085
|
$ 604,797
|
X |
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Long-Term Debt and Other Liabilities - Additional Information (Details) $ in Thousands |
1 Months Ended |
3 Months Ended |
|
Apr. 30, 2021
USD ($)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Debt Instrument [Line Items] |
|
|
|
|
Amortization of deferred financing costs and interest rate caps |
|
$ 594
|
$ 630
|
|
Debt instrument, maturity date |
Apr. 30, 2026
|
|
|
|
Prepayment Of Net Cash Proceeds Percentage |
100.00%
|
|
|
|
Prepayment Of Net Cash Proceeds Reduced Percentage |
50.00%
|
|
|
|
Prepayment Of Net Cash Proceeds Maximum Reduction Percentage |
0.00%
|
|
|
|
Prepayment Of Net Cash Proceeds Of Debt Offerings Percentage |
100.00%
|
|
|
|
Additional paid-in capital |
|
$ 1,404,217
|
|
$ 1,402,003
|
Revolving Credit Facility [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Line of credit facility, maximum borrowing capacity |
$ 100,000
|
|
|
|
Debt instrument, maturity date |
Apr. 30, 2028
|
|
|
|
Margin On LIBOR |
an adjusted term SOFR rate (subject to a floor of 0.00%) plus an applicable margin ranging from 3.25% to 3.75% per annum depending on GIH’s senior secured first lien net leverage ratio and a credit spread adjustment recommended by the Alternative Reference Rates Committee of 0.11%, 0.26% or 0.43% per annum based on 1-month, 3-month or 6-month term SOFR, respectively or
|
|
|
|
Floor rate |
0.00%
|
|
|
|
Unused Borrowing Fee Percentage |
|
0.25%
|
|
|
Margin fee |
|
3.25%
|
|
|
Revolving Credit Facility [Member] | SORF [Member] | 1-month Term [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest Rate On Debt |
0.11%
|
|
|
|
Revolving Credit Facility [Member] | SORF [Member] | 3-month Term [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest Rate On Debt |
0.26%
|
|
|
|
Revolving Credit Facility [Member] | SORF [Member] | 6-Month Term [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest Rate On Debt |
0.43%
|
|
|
|
Revolving Credit Facility [Member] | Minimum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Unused Borrowing Fee Percentage |
0.25%
|
|
|
|
Revolving Credit Facility [Member] | Minimum | London Interbank Offered Rate [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest Rate On Debt |
3.25%
|
|
|
|
Revolving Credit Facility [Member] | Minimum | Base Rate [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest Rate On Debt |
2.25%
|
|
|
|
Revolving Credit Facility [Member] | Maximum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Unused Borrowing Fee Percentage |
0.50%
|
|
|
|
Revolving Credit Facility [Member] | Maximum | London Interbank Offered Rate [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest Rate On Debt |
3.75%
|
|
|
|
Revolving Credit Facility [Member] | Maximum | Base Rate [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest Rate On Debt |
2.75%
|
|
|
|
Term Loan and Revolving Credit Facility [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Margin On LIBOR |
an adjusted term secured overnight financing rate as administered by the Federal Reserve Bank of New York (“SOFR”) (subject to a floor of 0.75%) plus an applicable margin of 3.75% and a credit spread adjustment recommended by the Alternative Reference Rates Committee of 0.11%, 0.26% or 0.43% per annum based on 1-month, 3-month or 6-month term SOFR, respectively or
|
|
|
|
Floor rate |
0.75%
|
|
|
|
Term Loan and Revolving Credit Facility [Member] | London Interbank Offered Rate [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest Rate On Debt |
3.75%
|
|
|
|
Term Loan and Revolving Credit Facility [Member] | Base Rate [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Interest Rate On Debt |
2.75%
|
|
|
|
Line Of Credit [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Line of credit facility, maximum borrowing capacity |
$ 725,000
|
|
|
|
Term loan discount rate |
0.50%
|
|
|
|
Line Of Credit [Member] | Term Loan and Revolving Credit Facility [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Prepayment of annual excess cash flow, Percentage |
50.00%
|
|
|
|
Reduction in Prepayment of annual excess cash flow, Percentage |
25.00%
|
|
|
|
Maximum reduction in Prepayment of annual excess cash flow, Percentage |
0.00%
|
|
|
|
Leverage ratio |
7.5
|
|
|
|
Percentage Of All Commitments |
35.00%
|
|
|
|
2024 Senior Secured Notes [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Amortization of deferred financing costs and interest rate caps |
|
$ 600
|
$ 600
|
|
Aggregate principal amount |
|
605,100
|
|
606,900
|
Total debt |
|
603,100
|
|
604,800
|
Loan origination fees |
|
19,700
|
|
|
Debt issuance costs |
|
10,500
|
|
11,100
|
Convertible Notes, unamortized discount |
|
$ 2,000
|
|
$ 2,100
|
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v3.24.1.u1
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
May 31, 2021 |
Derivative Instruments Gain Loss [Line Items] |
|
|
|
Notional Amounts |
|
|
$ 650,000
|
Derivative, description of terms |
We receive payments in the amount calculated pursuant to the caps for any period in which the daily compounded SOFR rate plus a credit spread adjustment recommended by the Alternative Reference Rate Committee of 0.26% increases beyond the applicable strike rate
|
|
|
Unrealized loss on the interest rate caps net |
$ 200
|
$ 2,300
|
|
Other Comprehensive Income (Loss) |
|
|
|
Derivative Instruments Gain Loss [Line Items] |
|
|
|
Fair value of outstanding derivative instruments, unrealized loss net of taxes deferred in accumulated other comprehensive income |
0
|
0
|
|
Fair value of outstanding derivative instruments, loss, expected to be reclassified to earnings |
2,600
|
|
|
Interest Rate Cap |
|
|
|
Derivative Instruments Gain Loss [Line Items] |
|
|
|
Notional Amounts |
|
|
$ 8,600
|
Decrease in fair value on interest |
$ 1,500
|
$ 7,300
|
|
X |
- DefinitionUS
Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee Increase or Decrease in deferred hedging gains or losses.
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v3.24.1.u1
Derivative Instruments and Hedging Activities - Schedule of Notional Amounts Strike Rates and End Dates of the Cap Agreements (Details) - USD ($) $ in Thousands |
3 Months Ended |
|
Mar. 31, 2024 |
May 31, 2021 |
Derivative [Line Items] |
|
|
Notional Amounts |
|
$ 650,000
|
0.75% due on 7/31/2021 |
|
|
Derivative [Line Items] |
|
|
Start Date |
Jul. 31, 2021
|
|
End Date |
Jul. 30, 2023
|
|
Notional Amounts |
$ 650,000
|
|
Strike Rate |
0.75%
|
|
0.75% due on 7/31/2023 |
|
|
Derivative [Line Items] |
|
|
Start Date |
Jul. 31, 2023
|
|
End Date |
Jul. 30, 2024
|
|
Notional Amounts |
$ 525,000
|
|
Strike Rate |
0.75%
|
|
1.25% due on 7/31/2024 |
|
|
Derivative [Line Items] |
|
|
Start Date |
Jul. 31, 2024
|
|
End Date |
Jul. 30, 2025
|
|
Notional Amounts |
$ 350,000
|
|
Strike Rate |
1.25%
|
|
2.25% due on 7/31/2025 |
|
|
Derivative [Line Items] |
|
|
Start Date |
Jul. 31, 2025
|
|
End Date |
Jul. 30, 2026
|
|
Notional Amounts |
$ 250,000
|
|
Strike Rate |
2.25%
|
|
2.75% due on 7/31/2026 |
|
|
Derivative [Line Items] |
|
|
Start Date |
Jul. 31, 2026
|
|
End Date |
Jul. 30, 2027
|
|
Notional Amounts |
$ 200,000
|
|
Strike Rate |
2.75%
|
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v3.24.1.u1
Derivative Instruments and Hedging Activities - Schedule of Fair Value of Interest Rate Derivates (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Derivatives Fair Value [Line Items] |
|
|
Prepaid Expense and Other Assets, Current |
$ 63,782
|
$ 64,138
|
Other Assets, Noncurrent |
25,577
|
25,979
|
Interest Rate Cap Current |
|
|
Derivatives Fair Value [Line Items] |
|
|
Derivative Asset |
17,178
|
18,801
|
Interest Rate Cap Non Current |
|
|
Derivatives Fair Value [Line Items] |
|
|
Derivative Asset |
$ 10,239
|
$ 10,295
|
Prepaid Expenses and Other Current Assets |
|
|
Derivatives Fair Value [Line Items] |
|
|
Derivative Asset, Statement of Financial Position [Extensible Enumeration] |
Prepaid Expense and Other Assets, Current
|
Prepaid Expense and Other Assets, Current
|
Other Noncurrent Assets |
|
|
Derivatives Fair Value [Line Items] |
|
|
Derivative Asset, Statement of Financial Position [Extensible Enumeration] |
Other Assets, Noncurrent
|
Other Assets, Noncurrent
|
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v3.24.1.u1
Interest Costs - Summary of Interest Costs (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Schedule of Interest [Line Items] |
|
|
Interest costs charged to expense |
$ 13,340
|
$ 14,497
|
Amortization of deferred financing costs |
594
|
630
|
Amortization of the purchase price of interest rate caps |
781
|
134
|
Accretion of debt discount |
100
|
108
|
Interest expense |
8,410
|
8,976
|
Total interest costs |
9,279
|
9,630
|
Interest Rate Cap [Member] |
|
|
Schedule of Interest [Line Items] |
|
|
Interest costs capitalized |
6,405
|
6,393
|
Property and Equipment [Member] |
|
|
Schedule of Interest [Line Items] |
|
|
Interest costs capitalized |
612
|
497
|
Software [Member] |
|
|
Schedule of Interest [Line Items] |
|
|
Interest costs capitalized |
$ 257
|
$ 157
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3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Stock options, shares granted |
0
|
|
Stock options, shares exercised |
31,136
|
|
Stock options, shares forfeited |
0
|
|
Stock options, shares expired |
13,053
|
|
Employee contribution, percentage |
100.00%
|
|
Percentage of employees contribution matched by the company |
4.00%
|
|
Employer contribution |
$ 0.6
|
$ 0.5
|
Restricted Stock Units (RSUs) [Member] |
|
|
Share units granted |
30,908
|
|
Share units vested |
1,017,609
|
|
Share units forfeited |
13,436
|
|
Fair value of units granted |
$ 0.3
|
|
Fair value of units granted recognized period |
4 years
|
|
Deferred Stock Units [Member] |
|
|
Share units granted |
49,256
|
|
Share units vested |
0
|
|
Share unit settled |
169,683
|
|
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$ 0.4
|
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1 year
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Leases - Schedule of Annual Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Operating Leases |
|
|
2024 (period from April 1 to December 31) |
$ 11,646
|
|
2025 |
16,505
|
|
2026 |
16,069
|
|
2027 |
14,513
|
|
2028 |
12,869
|
|
Thereafter |
31,135
|
|
Total future minimum lease payments |
102,737
|
|
Less: Amount representing interest |
(20,274)
|
|
Present value of net minimum lease payments |
82,463
|
|
Accrued liabilities |
10,679
|
$ 10,284
|
Non-current operating lease liabilities |
71,784
|
$ 73,047
|
Other non-current liabilities |
0
|
|
Total lease liabilities |
82,463
|
|
Financing Leases |
|
|
2024 (period from April 1 to December 31) |
58
|
|
2025 |
62
|
|
2026 |
60
|
|
2027 |
15
|
|
2028 |
0
|
|
Thereafter |
0
|
|
Total future minimum lease payments |
195
|
|
Less: Amount representing interest |
(22)
|
|
Present value of net minimum lease payments |
173
|
|
Accrued liabilities |
62
|
|
Non-current operating lease liabilities |
0
|
|
Other non-current liabilities |
111
|
|
Total lease liabilities |
$ 173
|
|
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Accumulated Other Comprehensive Income (Loss) - Summary of changes in accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Accumulated Other Comprehensive Income Loss [Line Items] |
|
|
Beginning Balance |
$ 40,725
|
$ (101,869)
|
Other comprehensive income (loss) before reclassifications |
3,553
|
(2,439)
|
Net current period comprehensive income (loss) |
(830)
|
(7,085)
|
Ending Balance |
62,439
|
(88,143)
|
Currency Translation Adjustment [Member] |
|
|
Accumulated Other Comprehensive Income Loss [Line Items] |
|
|
Beginning Balance |
(934)
|
(1,225)
|
Other comprehensive income (loss) before reclassifications |
(155)
|
75
|
Less: income realized and reclassified to earnings |
0
|
0
|
Net current period comprehensive income (loss) |
(155)
|
75
|
Ending Balance |
(1,089)
|
(1,150)
|
Change in Fair Value Cash Flow Hedges [Member] |
|
|
Accumulated Other Comprehensive Income Loss [Line Items] |
|
|
Beginning Balance |
16,730
|
31,353
|
Other comprehensive income (loss) before reclassifications |
3,553
|
(2,439)
|
Less: income realized and reclassified to earnings |
4,228
|
4,721
|
Net current period comprehensive income (loss) |
(675)
|
(7,160)
|
Ending Balance |
16,055
|
24,193
|
Accumulated Other Comprehensive Loss [Member] |
|
|
Accumulated Other Comprehensive Income Loss [Line Items] |
|
|
Beginning Balance |
15,796
|
30,128
|
Other comprehensive income (loss) before reclassifications |
3,398
|
(2,364)
|
Less: income realized and reclassified to earnings |
4,228
|
4,721
|
Net current period comprehensive income (loss) |
(830)
|
(7,085)
|
Ending Balance |
$ 14,966
|
$ 23,043
|
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