Gogo beats by $1.48, beats on revs; guides FY22 revs in-line
- Reports Q4 (Dec) earnings of $1.57 per share, $1.48 better than the S&P Capital IQ Consensus of $0.09; revenues rose 18.9% year/year to $92.3 mln vs the $89.28 mln S&P Capital IQ Consensus.
- Total ATG aircraft online reached 6,400, an increase of 11% compared to Q4 2020 and 4% compared to Q3 2021.
- Average Monthly Revenue per ATG aircraft online of $3,301 increased 8% compared to Q4 2020 and 1% compared to Q3 2021.
- Co issues in-line guidance for FY22, sees FY22 revs of $380-$395 mln vs. $378.84 mln S&P Capital IQ Consensus. Adjusted EBITDA in the range of $150 million to $160 million, reflecting a planned increase in Gogo 5G investment.
- Updated Long-Term Financial Targets:
- Revenue growth at a compound annual growth rate of approximately 15% from 2021 through 2026 (versus prior target of approximately 15% from 2020 to 2025).
- Annual Adjusted EBITDA Margin approaching 50% in 2026, up from the low 40%'s in 2022 and 2023 (versus prior target of reaching 45% in 2025).
- Free Cash Flow of approximately $125 million in 2023 following the deployment of the Gogo 5G network in 2022 (no change from prior target), increasing to over $200 million beginning in 2025 (versus prior target of approximately $200 million in 2025).
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