Gogo (NASDAQ: GOGO), the global provider of broadband connectivity products and services for aviation, has announced its financial results for the quarter ended March 31, 2018, the company said.
Consolidated revenue increased to USD 231.8 million, up 40% from Q1 2017.
Service revenue increased to USD 150.7 million, up 3% from Q1 2017. Equipment revenue increased to USD 81.1 million, up 329% from Q1 2017.
Q1 2018 financial results reflect the adoption of the new revenue recognition standard, ASC 606, and the transition of one of our airline partners to the airline-directed model, which resulted in the recognition of USD 45.4 million of incremental equipment revenue and USD 19.3 million of incremental net income.
Net loss decreased to USD 27.4 million, down 34% from Q1 2017, primarily due to the USD 19.3 million accounting impact of incremental net income. Adjusted EBITDA(1), which excludes the accounting impact of the incremental net income, increased to USD 11.9 million, up 11% from Q1 2017.
Capital expenditures decreased to USD 62.7 million from USD 71.6 million in Q1 2017 and Cash CAPEX(1) decreased to USD 56.8 million from USD 58.7 million in Q1 2017.
Cash, cash equivalents and short-term investments were USD 299.7 million as of March 31, 2018.
Gogo is the inflight Internet company, the global provider of broadband connectivity products and services for aviation.