Gogo (NASDAQ: GOGO) reported Q4 EPS of ($0.28), $0.21 better than the analyst estimate of ($0.49). Revenue for the quarter came in at $221.3 million versus the consensus estimate of $207.23 million.

Q4 and Full-Year 2019 Highlights

• Consolidated revenue of $221.3 million in Q4 2019, up 2% from Q4 2018; Net loss of $22.4 million in Q4 2019
• Adjusted EBITDA(1) of $34.4 million in Q4 2019, resulting in record full-year 2019 Adjusted EBITDA of $145.6 million
• Record BA Reportable Segment Profit of $41.7 million in Q4 2019, up 17% from Q4 2018
• 2019 Cash Flow from Operating Activities of $64.1 million; Free Cash Flow(1) improvement of $162.6 million in 2019 versus 2018, significantly exceeding guidance of improving Free Cash Flow by at least $100 million for the year
• Reached 1,407 2Ku and 1,657 total CA satellite aircraft online as of December 31, 2019, with a backlog of nearly 950 2Ku aircraft(2), which included 150 new commitments from existing customers in the quarter. In Q4 2019, 2Ku aircraft online increased by 118.
• As of January 28, 2020, total flights on Gogo's AVANCE L5 and L3 systems reached 244,000, totaling 154 million miles flown. These milestones were reached approximately two years after the L5 launch in late 2017
• Qatar Airways selected Gogo's 2Ku solution for high-speed inflight connectivity and live TV on 70 Boeing and Airbus aircraft, with service expected to begin in 2020

"Our efforts are currently centered on managing the effects of the Coronavirus outbreak on our customers and employees," said Oakleigh Thorne, Gogo\'s President and CEO. "Gogo finished 2019 strongly as the Company benefitted from continued execution and a sharp uptick in our BA results in the fourth quarter. We are focused on positioning the Company for ultimate value creation as our industry rapidly evolves."

"Our operational and financial discipline produced Free Cash Flow well ahead of our projections for the year and record Adjusted EBITDA," said Barry Rowan, Gogo's Executive Vice President and CFO. "Our Free Cash Flow improvement of $163 million in 2019 versus 2018 significantly exceeded our guidance of an improvement of $100 million."

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