Gogo Q2 revenue $102.1M (-1% YoY), record service revenue; lowers FY24 revenue guidance to $400-410M

Gogo Inc.

2024-Q2 EPS reported $0.24 revenue$206,381,000

Total revenue $102.1M (-1% YoY); service revenue record $81.9M (+4% YoY); equipment revenue $20.1M (-17% YoY).
Net income $0.8M (diluted EPS $0.01) vs $89.8M in Q2 2023 (incl. $63.8M tax benefit); Adjusted EBITDA $30.4M (-31% YoY).
Free Cash Flow $24.9M; repurchased 1.5M shares for $13M in Q2; over 3.1M shares for $28M in last three quarters.
2024 guidance: revenue lowered to $400-410M (from $410-425M); Adj. EBITDA maintained at high end of $110-125M; FCF raised to $35-55M (from $20-40M) incl. $40M FCC reimbursements.
Long-term targets: 2025 FCF target ~$150M (from $150-200M); reiterate 15-17% CAGR revenue growth through 2028 and 40% Adj. EBITDA margin in 2028.

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