Gogo Inc. (GOGO) shares gained 3.16% to close Thursday’s session at $9.97. GOGO shares have risen by 395.77% over the last 12 months. Over the past three months, the stock has gained 2.36%, while over the past six months, it has added 7.85%.
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Gogo exchange agreement with GTCR
On April 1, 2021, Gogo Inc. announced the beginning of a refinancing process and convertible debt exchange. The GTCR, which is a leading private equity firm, will convert all of its $105.7 million principal amount of Gogo’s 6.0% Convertible Senior Notes due 2022 (the “Notes”) into shares of Gogo’s common stock.
On March 30, 2021, Gogo appointed Mark Anderson, Managing Director at GTCR, to GOGO stock’s Board of Directors.
Recent financial results
On March 11, 2021, GOGO announced its financial results for the quarter and fiscal year ended December 31, 2020.
Fourth Quarter 2020 Financial Highlights
- For the fourth quarter, general and administrative expenses were $18.1 million compared with $13.01 million in Q4 2019.
- GOGO had an adjusted EBITDA of $19.3 million in Q4 2020 compared with $36.2 million in Q4 2019.
- For the reported quarter, GOGO generated a revenue of $77.6 million which is 10% less than Q4 2019
- Gogo suffered a net loss of $16.1 million in Q4 2020.
The full Year 2020 Financial Highlights
- GOGO earned a revenue of $269.7 million in the year 2020 which is 13% down from the prior year
- GOGO reduced its net loss to 48.6 million in 2020 compared to a net loss of $88.5 million in 2019.
- due to the effects of COVID-19, GOGO Adjusted EBITDA decreased to $98.3 million in 2020 compared with $121.8 million in 2019
2021 Financial outlook
GOGO stock is expecting
- Total revenue between $300 million to $320 million for 2021.
- Adjusted EBITDA in the range of $105 million to $120 million for 2021
- Capital expenditures in the range of $25 million to $30 million for 2021
Gogo Inc. is a provider of in-flight broadband Internet service and other connectivity services for commercial and business aircraft. GOGO stock was founded in 1991 by Jimmy Ray and its headquarter is in Chicago, Illinois. As of December 31, 2020, Gogo reported 5,778 aircraft flying with its ATG systems onboard, and 4,702 aircraft with satellite connectivity installed. GOGO stock is lead by Oakleigh Throne, who is the current CEO and President.