2018 Q2 Form 10-Q Financial Statement

#000119312518152355 Filed on May 04, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $227.5M $231.8M $165.4M
YoY Change 31.63% 40.16% 16.69%
Cost Of Revenue $138.0M $127.2M $76.50M
YoY Change 64.68% 66.27% 11.52%
Gross Profit $89.50M $104.6M $88.90M
YoY Change 0.56% 17.66% 21.61%
Gross Profit Margin 39.35% 45.12% 53.75%
Selling, General & Admin $36.56M $41.06M $36.94M
YoY Change -8.86% 11.14% 3.39%
% of Gross Profit 40.85% 39.25% 41.56%
Research & Development $18.00M $19.20M $22.10M
YoY Change 4.65% -13.12% 85.71%
% of Gross Profit 20.11% 18.36% 24.86%
Depreciation & Amortization $31.94M $35.92M $30.44M
YoY Change 4.5% 18.02% 24.95%
% of Gross Profit 35.68% 34.34% 34.24%
Operating Expenses $54.56M $60.26M $59.04M
YoY Change -4.8% 2.06% 23.96%
Operating Profit -$7.449M -$2.171M -$14.70M
YoY Change -57.03% -85.23% 71.07%
Interest Expense $30.64M $30.55M $26.94M
YoY Change 12.54% 13.4% 65.34%
% of Operating Profit
Other Income/Expense, Net -$29.69M -$28.97M -$26.44M
YoY Change 11.98% 9.6% 73.84%
Pretax Income -$37.14M -$31.14M -$41.13M
YoY Change -15.31% -24.29% 72.84%
Income Tax $71.00K -$3.725M $233.0K
% Of Pretax Income
Net Earnings -$37.21M -$27.42M -$41.37M
YoY Change -15.84% -33.72% 71.6%
Net Earnings / Revenue -16.36% -11.83% -25.01%
Basic Earnings Per Share
Diluted Earnings Per Share -$466.2K -$343.8K -$523.4K
COMMON SHARES
Basic Shares Outstanding 87.00M shares 86.84M shares 86.30M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $263.6M $299.7M $439.2M
YoY Change -30.58% -31.76% 40.45%
Cash & Equivalents $140.4M $117.0M $105.9M
Short-Term Investments $123.2M $182.6M $333.3M
Other Short-Term Assets $25.80M $28.60M $17.20M
YoY Change 23.44% 66.28% -17.31%
Inventory $178.5M $168.8M $51.24M
Prepaid Expenses $6.536M
Receivables $141.1M $131.7M $76.67M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $618.3M $628.8M $584.3M
YoY Change 14.58% 7.63% 37.06%
LONG-TERM ASSETS
Property, Plant & Equipment $532.1M $530.7M $542.4M
YoY Change -8.76% -2.17% 20.6%
Goodwill $600.0K $600.0K $620.0K
YoY Change -3.23% -3.23% 0.0%
Intangibles $82.46M $83.88M $87.19M
YoY Change -8.68% -3.8% 7.93%
Long-Term Investments
YoY Change
Other Assets $70.74M $56.13M $48.29M
YoY Change 25.08% 16.23% 129.94%
Total Long-Term Assets $686.0M $671.3M $685.8M
YoY Change -7.0% -2.11% 22.52%
TOTAL ASSETS
Total Short-Term Assets $618.3M $628.8M $584.3M
Total Long-Term Assets $686.0M $671.3M $685.8M
Total Assets $1.304B $1.300B $1.270B
YoY Change 2.12% 2.37% 28.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.26M $42.15M $37.89M
YoY Change 26.42% 11.24% 45.13%
Accrued Expenses $205.0M $163.5M $110.9M
YoY Change 38.0% 47.48% 35.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.400M $1.500M $3.000M
YoY Change -46.15% -50.0% -54.9%
Total Short-Term Liabilities $308.2M $272.8M $235.5M
YoY Change 14.86% 15.84% 31.21%
LONG-TERM LIABILITIES
Long-Term Debt $1.012B $1.006B $875.2M
YoY Change 14.97% 15.0% 60.21%
Other Long-Term Liabilities $83.89M $87.55M $113.3M
YoY Change -29.41% -22.73% 53.7%
Total Long-Term Liabilities $1.224B $1.219B $1.111B
YoY Change 8.78% 9.67% 46.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $308.2M $272.8M $235.5M
Total Long-Term Liabilities $1.224B $1.219B $1.111B
Total Liabilities $1.533B $1.491B $1.347B
YoY Change 9.96% 10.75% 43.42%
SHAREHOLDERS EQUITY
Retained Earnings -$1.132B -$1.093B -$958.7M
YoY Change 12.88% 13.96% 17.35%
Common Stock $907.1M $903.1M $884.0M
YoY Change 2.14% 2.15% 2.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$228.2M -$191.3M -$76.65M
YoY Change
Total Liabilities & Shareholders Equity $1.304B $1.300B $1.270B
YoY Change 2.12% 2.37% 28.81%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$37.21M -$27.42M -$41.37M
YoY Change -15.84% -33.72% 71.6%
Depreciation, Depletion And Amortization $31.94M $35.92M $30.44M
YoY Change 4.5% 18.02% 24.95%
Cash From Operating Activities $17.20M -$46.21M -$14.00M
YoY Change 4.88% 230.04% 483.33%
INVESTING ACTIVITIES
Capital Expenditures -$52.50M $56.89M $63.66M
YoY Change -29.15% -10.63% 105.24%
Acquisitions
YoY Change
Other Investing Activities $59.40M $5.200M
YoY Change 18.8% -74.0%
Cash From Investing Activities $6.900M -$32.50M -$66.40M
YoY Change -128.63% -51.06% 279.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -700.0K -688.0K 68.90M
YoY Change -72.0% -101.0% -588.65%
NET CHANGE
Cash From Operating Activities 17.20M -46.21M -14.00M
Cash From Investing Activities 6.900M -32.50M -66.40M
Cash From Financing Activities -700.0K -688.0K 68.90M
Net Change In Cash 23.40M -79.32M -11.37M
YoY Change -329.41% 597.41% -66.55%
FREE CASH FLOW
Cash From Operating Activities $17.20M -$46.21M -$14.00M
Capital Expenditures -$52.50M $56.89M $63.66M
Free Cash Flow $69.70M -$103.1M -$77.66M
YoY Change -22.98% 32.76% 132.4%

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Gogo Inc.
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <b><i>Reclassifications</i></b> - To conform with the current year presentation, certain amounts in our unaudited condensed consolidated statement of cash flows for the three month period ended March&#xA0;31, 2017 have been reclassified. Specifically, accrued airline revenue share of $918&#xA0;thousand and current deferred rent of $11&#xA0;thousand have been combined with accrued liabilities and <font style="WHITE-SPACE: nowrap">non-current</font> deferred rent of $359&#xA0;thousand has been combined with other <font style="WHITE-SPACE: nowrap">non-current</font> assets and liabilities.</p> </div>
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15901000
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StockIssuedDuringPeriodSharesStockOptionsExercised
253653 shares
CY2018Q1 dei Trading Symbol
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GOGO
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0
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <b><i>Use of Estimates</i></b> - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#x201C;GAAP&#x201D;) 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> </div>
CY2018Q1 gogo Purchases Of Property And Equipment Paid By Airlines
PurchasesOfPropertyAndEquipmentPaidByAirlines
2060000
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IncreaseDecreaseInAccruedInterestPayable
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CostOfGoodsSoldExclusiveOfDepreciationAndAmortization
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CY2018Q1 gogo Interest Cost Including Capitalized Interest Cost
InterestCostIncludingCapitalizedInterestCost
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IncreaseDecreaseDeferredAirborneLeaseIncentive
-1834000
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EngineeringDesignAndDevelopmentExpense
29777000
CY2018Q1 gogo Rental Expense Net Of Amortization Of Deferred Incentive
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0.04 pure
CY2018Q1 gogo Tax Cuts And Jobs Act Of2017 Change In Tax Rate Deferred Tax Assets Valuation Allowance
TaxCutsAndJobsActOf2017ChangeInTaxRateDeferredTaxAssetsValuationAllowance
4000000
CY2018Q1 gogo Gain Loss On Transition To Airline Directed Model
GainLossOnTransitionToAirlineDirectedModel
19302000
CY2018Q1 gogo Customer Service Revenue Occurring Period
CustomerServiceRevenueOccurringPeriod
P1Y
CY2018Q1 gogo Income From Transition Services
IncomeFromTransitionServices
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CY2018Q1 gogo Amortization Of Supplemental Type Certificates Costs
AmortizationOfSupplementalTypeCertificatesCosts
-172000
CY2017Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2018Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0

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