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Gogo Inc
reported its third quarter earnings on Monday. Shares of the company are up 10 percent.
Below are some key highlights from tis conference call:
• We had three exciting new airline deals, hit major milestones with some of our newer products, continue to add capacity to our network, and hit $100 million in revenue for the first time.
• These are just a few examples of how we continue to hit our goals, to sign new airlines, add capacity to the network, and hit our numbers.
• We continue to make waves on the international front and are thrilled to add Virgin Atlantic and Vietnam Airlines as our airline partners.
• We also finalized our agreements with Air Canada and AeroMxico.
• Here in the U.S., we also announced a deal with the United for more than 200 regional jets and the trial of 2Ku on their Premium Service fleet.
• In sum, we keep winning new airlines and building deeper relationships with existing airline partners.
• We now have a backlog of approximately 1,000 new aircraft in Commercial Aviation.
• Roughly 750 of those are in North America and 250 are in the rest of the world.
• About 250 of the CA North America backlog represents fleet upgrades replacing the aircraft we're already on.
• I feel great about Business Aviation, too.
• For the quarter, we installed more than 200 ATG aircraft. We now have 2,600 BA aircraft on our ATG network.
• We also installed more than 80 satellite-connected aircraft which brings that total to 5,300 online.
• So, what does this mean? With the backlog in CA and the trends in BA, we
• expect a record pace of aircraft installations between now and the end of
• 2015.
• Moving forward, most of the commercial aircraft in the U.S. are spoken for.
• We feel great about our position here. We'll continue to focus on the rest of the world, but we like our track record so far.
• We've won about 50% of the international aircraft awarded since we entered that market in 2012.
• On the BA side, we see a big opportunity for growth as well.
• Only about 13% of BA aircraft in North America have broadband connectivity today, leaving many thousands more for us to sign up.
• We had three exciting new airline deals, hit major milestones with some of our newer products, continue to add capacity to our network, and hit $100 million in revenue for the first time.
• These are just a few examples of how we continue to hit our goals, to sign new airlines, add capacity to the network, and hit our numbers.
• First, let's get into our airline deals.
• We continue to make waves on the international front and are thrilled to add Virgin Atlantic and Vietnam Airlines as our airline partners.
• We also finalized our agreements with Air Canada and AeroMxico.
• Here in the U.S., we also announced a deal with the United for more than 200
• regional jets and the trial of 2Ku on their Premium Service fleet.
• In sum, we keep winning new airlines and building deeper relationships with existing airline partners.
• We now have a backlog of approximately 1,000 new aircraft in Commercial Aviation.
• Roughly 750 of those are in North America and 250 are in the rest of the world.
Financials:
• We achieved record revenue of $104 million for the quarter.
• The year before I joined the company only four short years ago, we had full-year revenue of $37 million.
• Now, we're doing almost that much in one month, truly an amazing milestone for us.
• The $104 million represents the 22% increase in total revenue versus Q3 of last year.
• Our service revenue of $81.6 million was up 28%, and our equipment revenue increased 4% to $22.4 million.
• Our consolidated results include continued revenue and profitability growth in both the CA North America and BA segments and reflect increased investment on CA-Rest of World of $19.4 million.
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