Global Eagle Entertainment Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2020 10-Q, filed Aug 14, 2020. Its latest SEC filing is a SC 13G/A from Nov 10, 2020.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Provides satellite connectivity, onboard entertainment and licensed media content to airlines, maritime operators and land-based customers.

How Did They Make Money?

Content license fees are based on usage or a flat fee for a license period. Connectivity services are typically paid upfront or as delivered, while equipment payment is due upon delivery.

FY2019 revenue

Who Were Their Customers?

Airlines, maritime and land-based customers use its connectivity services; it also provides media and content services to these sectors and to non-theatrical businesses, with major studios among its customers. Some connectivity is distributed through resellers.

Customers above 10% of revenue, FY2019

of revenue from one customer

FY2018: 18% from one customer

Did Revenues Turn Into Profits?

No. It lost $153.4M in FY2019.

Operating income, FY2019

−10% of revenue

▼ −41% (Loss) vs FY2018 (−$110.1M, −17%)

Net income, FY2019

−23% of revenue

▼ −35% (Loss) vs FY2018 (−$236.6M, −37%)

Free cash flow, FY2019

−4% of revenue

▼ −75% (Loss) vs FY2018 (−$117.6M, −18%)

How Were They Changing?

Since the FY2019 annual report

Latest quarter: Q2 FY2020, the three months to Jun 30, 2020

Revenue: ▼ −47%; vs $157.5M in Q2 FY2019
Net income: ▲ +51% (Loss); vs −$38.5M in Q2 FY2019

Sep 2, 2020 Bankruptcy court finalized rules for trading the company's shares The order established notice and hearing procedures for trading the company's equity securities.
Jul 28, 2020 Nasdaq began proceedings to delist the company's securities The company said it would not appeal the decision.
Jul 22, 2020 Company and subsidiaries filed for Chapter 11 and pursued a business sale The restructuring plan contemplated a court-supervised sale process and debtor-in-possession financing.
Jul 17, 2020 Company changed its independent auditor The audit committee dismissed KPMG and appointed Marcum, effective immediately.

Grew. Revenue grew 54% in 4 years, from $426M in FY2015 to $656.9M in FY2019, about 11% a year.

Global antenna The older report described the Global Antenna as under development; the latest report says it began generating service revenue with an airline.

Aviation modem The older report expected installations of Hughes's HT Aero Modem; the latest report says it began generating service revenue with the connected fleet.

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