Gogo Beats Q4 Backed By Business Aviation Connectivity, AVANCE Platform - Gogo (NASDAQ:GOGO)

Gogo Inc GOGO reported fourth-quarter FY21 revenue growth of 19% year-on-year to $92.3 million, beating the consensus of $89.7 million.
Service revenue grew 22% Y/Y to $69.3 million. Equipment revenue rose 11% Y/Y to $23 million.
Total ATG aircraft online increased 11% Y/Y to 6,400. The average monthly service revenue per ATG aircraft online (ARPU) was $3,301, up 8% Y/Y. Total AVANCE units online grew 46% Y/Y to 2,504.
Adjusted EBITDA rose 105% Y/Y to $39.6 million.
EPS of $1.57 included $1.40 related to the income tax benefit.
Gogo held $145.9 million in cash and equivalents and generated $30.3 million in operating cash flow.
"Demand for connectivity in business aviation, combined with the excellent performance of our AVANCE platform, are driving record sales of equipment and high-margin service plans for Gogo," said Oakleigh Thorne, Chair and CEO. "We remain on track for commercial deployment of our 5G ATG network in the second half of 2022, which we expect to further accelerate our growth."
Outlook: Gogo sees FY22 total revenue of $380 million - $395 million, above the consensus of $379 million.
Gogo sees revenue growth at a CAGR of 15% from 2021 through 2026 (versus the prior target of 15% from 2020 to 2025).
Price Action: GOGO shares traded higher by 8.35% at $14.80 in the premarket on the last check Thursday.