

Gogo, the airborne connectivity provider for business aviation, said it will pay down USD$100 million of debt in the company’s first-quarter financial results.
The company’s revenue for the first quarter was USD$98.6 million, up 6% year-over-year, with a net income of USD$20.4 million and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of USD$39.7 million. The increase in revenue was attributed to strong growth in its service revenue.
The prepayment of USD$100 million will reduce Gogo’s debt to about USD$612 million and lower the company’s cash interest by approximately USD$4.5 million this year and USD$8.5 million on an annualized basis.
The transaction will strengthen the company’s financial foundation, and there are no prepayment penalties associated with this transaction.
Despite carrying long-term interest-bearing liabilities on its balance sheet, Gogo is expanding its 5G network into Canada shortly after launching its 5G network in the U.S.
While keeping an appropriate amount of debt for its business, Gogo will prioritize maintaining enough cash on hand, investing in major projects such as Gogo 5G and its low-earth-orbit-satellite-based global broadband product, according to Gogo Chairman and CEO Oakleigh Thorne.
“Channel momentum is building for our on-track launches of 5G in Q4 this year and our LEO-based Global Broadband product in the second half of 2024,” said Oakleigh Thorne, Chairman and CEO. “Business aviation demand for inflight connectivity remains robust and we expect our channel partners to make continued progress in installing our record 2022 equipment shipments.”
The company is anticipating about 50% year-over-year growth in Free Cash Flow while incurring $30 million in 5G and Global Broadband Product investments and other operational initiatives.
Do you want to be one of the first to read stories like this? Our newsletter features all of the top stories of the week condensed into one easy-to-read email. It’s fast and free to sign up, so click here to sign up now.
YE 2023
Business Aviation First To Fly: Dassault Falcon 6X Business Aviation CorporateCare Enhanced: Keeping Business Jets Flying See all articlesYE 2023
Civil Helicopters Other Civil Helicopter Fleet Report YE 2023 – Executive Summary Civil Helicopters eVTOL OEMS in Asia-Pacific See all articlesYE 2022
Civil Helicopters Helicopter Spotlight: Airbus H175 See all articlesYE 2022 - Europe
Business Aviation Luxaviation CEO Sees Deficiencies in Seemingly Buoyant Market Business Aviation Supporting Modern Time Machines See all articlesYE 2022 - MENA
Business Aviation DC Aviation Al-Futtaim Celebrates Ten Years in the Middle East See all articlesYE 2021
Business Aviation Market Trends – Business Jet Fleet Report YE 2021 Business Aviation 10 Year Forecast See all articles2021 Q3
Other Pre-owned Market Spotlight: Citation Sovereign/Sovereign+ – Asian Sky Quarterly 2021 Q3 See all articlesYE 2019
Civil Helicopters EVTOL News in Asia – Civil Helicopters YE 2019 Civil Helicopters Engine OEM Overview – Civil Helicopters YE 2019 See all articles© Copyright Asian Sky Group -2025 | All Rights Reserved