2014 Q2 Form 10-Q Financial Statement

#000119312514193970 Filed on May 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $99.53M $95.69M $70.75M
YoY Change 25.29% 35.25% 30.37%
Cost Of Revenue $50.20M $49.60M $33.70M
YoY Change 28.06% 47.18% 33.2%
Gross Profit $49.30M $46.10M $37.10M
YoY Change 22.33% 24.26% 27.93%
Gross Profit Margin 49.53% 48.17% 52.44%
Selling, General & Admin $29.54M $25.61M $21.23M
YoY Change 26.93% 20.68% 21.98%
% of Gross Profit 59.92% 55.56% 57.21%
Research & Development $9.300M $8.400M $7.700M
YoY Change 25.68% 9.09% 1.32%
% of Gross Profit 18.86% 18.22% 20.75%
Depreciation & Amortization $14.88M $15.69M $13.85M
YoY Change 8.56% 13.3% 66.81%
% of Gross Profit 30.19% 34.03% 37.32%
Operating Expenses $38.84M $34.01M $28.93M
YoY Change 26.63% 17.59% -13.14%
Operating Profit -$10.88M -$9.320M -$10.30M
YoY Change 20.04% -9.51% 139.09%
Interest Expense $7.381M $7.248M $3.920M
YoY Change -28.82% 84.9% 256.36%
% of Operating Profit
Other Income/Expense, Net -$7.395M -$7.273M -$3.902M
YoY Change -84.15% 86.39%
Pretax Income -$18.27M -$16.59M -$14.20M
YoY Change -67.21% 16.84% 343.81%
Income Tax $389.0K $273.0K $275.0K
% Of Pretax Income
Net Earnings -$18.66M -$16.87M -$14.48M
YoY Change -66.67% 16.5% 317.69%
Net Earnings / Revenue -18.75% -17.62% -20.46%
Basic Earnings Per Share
Diluted Earnings Per Share -$219.7K -$196.5K -$168.6K
COMMON SHARES
Basic Shares Outstanding 85.05M shares 84.99M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $196.2M $219.6M $78.00M
YoY Change -37.16% 181.54%
Cash & Equivalents $196.2M $219.6M $77.96M
Short-Term Investments
Other Short-Term Assets $15.50M $18.30M $7.000M
YoY Change 131.34% 161.43%
Inventory $12.61M $11.69M $13.40M
Prepaid Expenses
Receivables $31.78M $29.67M $25.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $256.1M $279.2M $124.1M
YoY Change -29.02% 124.98%
LONG-TERM ASSETS
Property, Plant & Equipment $304.7M $283.5M $213.6M
YoY Change 27.97% 32.72%
Goodwill $620.0K $620.0K
YoY Change
Intangibles $76.64M $74.37M
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.64M $11.71M $23.00M
YoY Change -68.51% -49.09%
Total Long-Term Assets $411.8M $390.2M $295.1M
YoY Change 20.19% 32.23%
TOTAL ASSETS
Total Short-Term Assets $256.1M $279.2M $124.1M
Total Long-Term Assets $411.8M $390.2M $295.1M
Total Assets $667.9M $669.4M $419.2M
YoY Change -5.05% 59.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.38M $16.43M $18.90M
YoY Change 21.49% -13.08%
Accrued Expenses $46.28M $42.05M $38.20M
YoY Change -13.01% 10.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.400M $8.300M $4.100M
YoY Change 21.74% 102.44%
Total Short-Term Liabilities $111.1M $99.82M $75.10M
YoY Change 18.04% 32.91%
LONG-TERM LIABILITIES
Long-Term Debt $232.3M $234.0M $130.5M
YoY Change -2.81% 79.27%
Other Long-Term Liabilities $16.15M $16.25M $53.40M
YoY Change -72.25% -69.56%
Total Long-Term Liabilities $316.2M $314.3M $183.9M
YoY Change 6.38% 70.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.1M $99.82M $75.10M
Total Long-Term Liabilities $316.2M $314.3M $183.9M
Total Liabilities $427.2M $414.1M $264.2M
YoY Change 7.72% 56.74%
SHAREHOLDERS EQUITY
Retained Earnings -$636.2M -$617.6M
YoY Change
Common Stock $9.000K $9.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $240.6M $255.3M $155.0M
YoY Change
Total Liabilities & Shareholders Equity $667.9M $669.4M $419.2M
YoY Change -5.05% 59.69%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$18.66M -$16.87M -$14.48M
YoY Change -66.67% 16.5% 317.69%
Depreciation, Depletion And Amortization $14.88M $15.69M $13.85M
YoY Change 8.56% 13.3% 66.81%
Cash From Operating Activities $10.00M -$6.800M -$300.0K
YoY Change -516.67% 2166.67% -102.52%
INVESTING ACTIVITIES
Capital Expenditures -$32.90M $31.91M $29.39M
YoY Change 0.92% 8.56% -314.53%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$2.500M $100.0K
YoY Change -100.0% -2600.0%
Cash From Investing Activities -$32.90M -$38.60M -$33.40M
YoY Change -20.91% 15.57% 143.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -600.0K -1.400M -900.0K
YoY Change -100.22% 55.56% 12.5%
NET CHANGE
Cash From Operating Activities 10.00M -6.800M -300.0K
Cash From Investing Activities -32.90M -38.60M -33.40M
Cash From Financing Activities -600.0K -1.400M -900.0K
Net Change In Cash -23.50M -46.80M -34.60M
YoY Change -110.04% 35.26% 1230.77%
FREE CASH FLOW
Cash From Operating Activities $10.00M -$6.800M -$300.0K
Capital Expenditures -$32.90M $31.91M $29.39M
Free Cash Flow $42.90M -$38.71M -$29.69M
YoY Change 42.05% 30.37% -215.98%

Facts In Submission

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CY2013Q1 us-gaap Deferred Income Tax Expense Benefit
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201000
CY2013Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2013Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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CY2013Q1 us-gaap Share Based Compensation
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CY2013Q1 us-gaap Temporary Equity Dividends Adjustment
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CY2013Q1 us-gaap Selling And Marketing Expense
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-33413000
CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2013Q1 us-gaap Interest Expense
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CY2013Q1 us-gaap Increase Decrease In Accounts Payable
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1406000
CY2013Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
85000
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7700000
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
112000
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13845000
CY2013Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2200000
CY2013Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
275000
CY2013Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-10000
CY2013Q1 gogo Segment Profit
SegmentProfit
2851000
CY2013Q1 gogo Purchases Of Property And Equipment Paid By Airlines
PurchasesOfPropertyAndEquipmentPaidByAirlines
1800000
CY2013Q1 gogo Acquisition Of Intangible Assets Capitalized In Current Liabilities
AcquisitionOfIntangibleAssetsCapitalizedInCurrentLiabilities
630000
CY2013Q1 gogo Equity Financing Costs
EquityFinancingCosts
411000
CY2013Q1 gogo Interest Cost Including Capitalized Interest Cost
InterestCostIncludingCapitalizedInterestCost
4193000
CY2013Q1 gogo Engineering Design And Development Expense
EngineeringDesignAndDevelopmentExpense
12285000
CY2013Q1 gogo Increase Decrease Deferred Airborne Lease Incentive
IncreaseDecreaseDeferredAirborneLeaseIncentive
4786000
CY2013Q1 gogo Amortization Of Deferred Airborne Lease Incentive
AmortizationOfDeferredAirborneLeaseIncentive
1572000
CY2013Q1 gogo Cost Of Services Exclusive Of Depreciation And Amortization
CostOfServicesExclusiveOfDepreciationAndAmortization
25970000
CY2013Q1 gogo Cost Of Goods Sold Exclusive Of Depreciation And Amortization
CostOfGoodsSoldExclusiveOfDepreciationAndAmortization
7729000
CY2013Q1 gogo Increase Decrease Accrued Airline Revenue Share
IncreaseDecreaseAccruedAirlineRevenueShare
1033000
CY2014Q1 dei Trading Symbol
TradingSymbol
GOGO
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
Gogo Inc.
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001537054
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 Segment
CY2014Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
1.00 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
15349 shares
CY2014Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2014Q1 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.15 pure
CY2014Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.016 pure
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
84995000 shares
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-6809000
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.20
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
25061 shares
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<p><strong><em><font size="2">Use of Estimates</font></em></strong>&#x2014;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 at 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 on various other assumptions believed to be reasonable under the circumstances. However, actual results could differ materially from those estimates.</p>
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
64168 shares
CY2014Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <b><i>Reclassifications</i></b>&#x2014;In order to conform to the current year presentation, certain amounts in our 2013 unaudited condensed consolidated statements of cash flows have been reclassified. Specifically, other non-current assets of ($688) and other non-current liabilities of $93 for the three month period ended March&#xA0;31, 2013 have been combined into other non-current assets and liabilities in our unaudited condensed consolidated statements of cash flows. Additionally, deferred rent of $8 for the three month period ended March&#xA0;31, 2013 has been combined into accrued liabilities, and non-current deferred rent of $(37) for the three month period ended March&#xA0;31, 2013 has been combined into other non-current assets and liabilities in our unaudited condensed consolidated statements of cash flows.</p>
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
24370 shares
CY2014Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
2003000
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7273000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-16866000
CY2014Q1 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
4188000
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1980000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-17108000
CY2014Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
1807000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-16593000
CY2014Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
13565000
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
23403000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16866000
CY2014Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
973000
CY2014Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-186000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-40000
CY2014Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
25000
CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
15000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-9320000
CY2014Q1 us-gaap Interest Paid
InterestPaid
6811000
CY2014Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
72291000
CY2014Q1 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
31600000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-242000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3979000
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-1953000
CY2014Q1 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
238000
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
95694000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
31907000
CY2014Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
2499000
CY2014Q1 us-gaap Costs And Expenses
CostsAndExpenses
105014000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-1377000
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
207000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1163000
CY2014Q1 gogo Segment Profit
SegmentProfit
5374000
CY2014Q1 gogo Interest Cost Including Capitalized Interest Cost
InterestCostIncludingCapitalizedInterestCost
7797000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1604000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-46770000
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-38594000
CY2014Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
600000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-8484000
CY2014Q1 us-gaap Interest Expense
InterestExpense
7248000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2475000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8400000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
626000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15687000
CY2014Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
836000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2600000
CY2014Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2014Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
6412000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
273000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
10000
CY2014Q1 gogo Minimum Product Warranty Period
MinimumProductWarrantyPeriod
P2Y
CY2014Q1 gogo Maximum Product Warranty Period
MaximumProductWarrantyPeriod
P5Y
CY2014Q1 gogo Defined Contribution Plan Employer Matching Contribution Limit Percent
DefinedContributionPlanEmployerMatchingContributionLimitPercent
0.04 pure
CY2014Q1 gogo Number Of Share Based Compensation Plans
NumberOfShareBasedCompensationPlans
2 Plans
CY2014Q1 gogo Purchases Of Property And Equipment Paid By Airlines
PurchasesOfPropertyAndEquipmentPaidByAirlines
495000
CY2014Q1 gogo Acquisition Of Intangible Assets Capitalized In Current Liabilities
AcquisitionOfIntangibleAssetsCapitalizedInCurrentLiabilities
2269000
CY2014Q1 gogo Engineering Design And Development Expense
EngineeringDesignAndDevelopmentExpense
14099000
CY2014Q1 gogo Increase Decrease Deferred Airborne Lease Incentive
IncreaseDecreaseDeferredAirborneLeaseIncentive
5566000
CY2014Q1 gogo Amortization Of Deferred Airborne Lease Incentive
AmortizationOfDeferredAirborneLeaseIncentive
2597000
CY2014Q1 gogo Contingent Airline Rebate
ContingentAirlineRebate
1800000
CY2014Q1 gogo Satellite Service Vendors
SatelliteServiceVendors
2 Vendor
CY2014Q1 gogo Contingent Airline Refund
ContingentAirlineRefund
25000000
CY2014Q1 gogo Contingent Airline Refund Date
ContingentAirlineRefundDate
2015-01-01
CY2014Q1 gogo Contingent Airline Penalties
ContingentAirlinePenalties
6000000
CY2014Q1 gogo Cost Of Services Exclusive Of Depreciation And Amortization
CostOfServicesExclusiveOfDepreciationAndAmortization
39628000
CY2014Q1 gogo Cost Of Goods Sold Exclusive Of Depreciation And Amortization
CostOfGoodsSoldExclusiveOfDepreciationAndAmortization
9986000
CY2014Q1 gogo Board Of Directors Compensation Methods
BoardOfDirectorsCompensationMethods
Compensation is to be paid 1/3 in cash, 1/3 in stock options and 1/3 in deferred share units ("DSUs").
CY2014Q1 gogo Number Of Classes Of Common Stock Outstanding
NumberOfClassesOfCommonStockOutstanding
1 ClassOfCommonStock
CY2014Q1 gogo Increase Decrease Accrued Airline Revenue Share
IncreaseDecreaseAccruedAirlineRevenueShare
11000

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0001193125-14-193970-xbrl.zip Edgar Link pending
d714152d10q.htm Edgar Link pending
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