Boingo Wireless (WIFI) Misses Q4 EPS by 1c, Revenues Miss

Boingo Wireless (NASDAQ: WIFI) reported Q4 EPS of ($0.12), $0.01 worse than the analyst estimate of ($0.11). Revenue for the quarter came in at $64.06 million versus the consensus estimate of $69.74 million.

Fourth Quarter 2019 Financial Highlights

• Revenue of $64.1 million decreased 5.5% compared to $67.8 million in the fourth quarter of 2018. Revenue reflected growth in military/multifamily and wholesale Wi-Fi which was offset by declines in DAS, advertising and other and retail revenue.
  • Military/multifamily revenue of $24.0 million increased 2.5% compared to $23.4 million in the fourth quarter of 2018.
  • Wholesale Wi-Fi revenue of $11.1 million increased 0.6% compared to $11.1 million in the fourth quarter of 2018.
• Net loss attributable to common stockholders was $(5.2) million, or $(0.12) per diluted share, compared to net income of $0.4 million, or $0.01 per diluted share, in the fourth quarter of 2018.
• Adjusted EBITDA of $19.8 million decreased 14.5% compared to $23.2 million in the fourth quarter of 2018. Adjusted EBITDA, which is a non-GAAP financial measure, is defined below and is reconciled to net (loss) income attributable to common stockholders, the most comparable measure under GAAP, in the schedule entitled “Reconciliation of Net (Loss) Income Attributable to Common Stockholders to Adjusted EBITDA.”
• Net cash provided by operating activities of $27.6 million increased 22.9% compared to $22.5 million in the fourth quarter of 2018.
• Free cash flow was $(4.6) million compared to $(13.7) million in the fourth quarter of 2018. Free cash flow, which is a non-GAAP financial measure, is defined below and is reconciled to net cash provided by operating activities, the most comparable measure under GAAP, in the schedule entitled "Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flows."

“2019 was a year of significant progress as we laid the foundation to help position Boingo for long-term growth which we believe will drive enhanced shareholder value,” commented Mike Finley, Chief Executive Officer of Boingo Wireless. “Carrier services, which is comprised of DAS, Wi-Fi offload, and macro towers, remains the most important driver of long-term value for our business. We deployed 15 new DAS venues in 2019, including two in the fourth quarter, with another 61 DAS venues in backlog. Two venues in the backlog include the MTA Long Island Rail Road and Grand Central Terminal East Side Access projects in New York City, which we expect to be the largest DAS deployments in Boingo’s history. We believe our long-term wireless rights in key strategic venues, coupled with our neutral-host approach and long-standing relationships with the carriers, give us a unique ability to deliver the next generation of convergence.”

For earnings history and earnings-related data on Boingo Wireless (WIFI) click here.

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