Boingo Wireless (NASDAQ:WIFI), the leading distributed antenna
system (DAS) and Wi-Fi provider that serves consumers, carriers and
advertisers worldwide, today announced the Company’s financial
results for the fourth quarter and full year ended December 31,
2016.
Fourth Quarter 2016 Financial Highlights
- Revenue of $45.0 million increased 16.0% compared to $38.8
million in the fourth quarter of 2015. Growth was driven by
strength in both DAS and military.
- DAS revenue of $17.2 million increased 48.6% compared to $11.6
million in the fourth quarter of 2015. DAS revenue for the quarter
was comprised of $11.1 million of build-out project revenue and
$6.1 million of access fee revenue.
- Military revenue of $11.0 million increased 59.6% compared to
$6.9 million in the fourth quarter of 2015.
- Net loss attributable to common stockholders was $(4.4)
million, or $(0.11) per diluted share, compared to a net loss of
$(3.7) million, or $(0.10) per diluted share, in the fourth quarter
of 2015.
- Adjusted EBITDA of $14.3 million increased 30.5% compared to
$11.0 million in the fourth quarter of 2015. Adjusted EBITDA, which
is a non-GAAP financial measure, is defined below and is reconciled
to net loss attributable to common stockholders, the most
comparable measure under GAAP, in the schedule entitled
“Reconciliation of Net Loss Attributable to Common Stockholders to
Adjusted EBITDA.”
Full Year 2016 Financial Highlights
- Revenue of $159.3 million increased 14.1% compared to $139.6
million in 2015. Growth was driven by strength in both DAS and
military.
- DAS revenue of $58.2 million increased 25.2% compared to $46.5
million in 2015. DAS revenue for the year was comprised of $37.9
million of build-out project revenue and $20.3 million of access
fee revenue.
- Military revenue of $40.0 million increased 100.9% compared to
$19.9 million in 2015.
- Net loss attributable to common stockholders was $(27.3)
million, or $(0.72) per diluted share, compared to a net loss of
$(22.3) million, or $(0.60) per diluted share, in 2015.
- Adjusted EBITDA of $40.8 million increased 37.7% compared to
$29.6 million in 2015.
- Net cash provided by operating activities was $115.2 million
compared to $98.6 million in 2015.
- Free cash flow was $7.9 million compared to $(4.5) million in
2015. 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.”
Business Highlights
- Boingo Broadband high-speed Wi-Fi and IPTV services covered
312,000 beds on 58 military bases as of December 31, 2016 compared
to 286,000 beds on 55 military bases as of September 30, 2016.
Subscriber penetration improved to 34.3% from 30.1% in the third
quarter of 2016.
- The Company delivered a record year with the signing of 38 new
venues and 43 Tier 1 carrier contracts.
- The Company announced an agreement with MasterCard as its
second major brand for Comes With Boingo, providing Boingo Wi-Fi
access to millions of card holders worldwide.
Management Commentary
“2016 was an incredible, milestone year for Boingo as it was our
largest venue acquisition year ever,” commented David Hagan, Chief
Executive Officer of Boingo Wireless. “We signed 38 new venues to
the Boingo network in 2016 and signed 43 Tier 1 carrier agreements.
These accomplishments enabled us to deliver an all-time revenue
high of $159.3 million, marking our third consecutive year of
double-digit revenue growth.”
Mr. Hagan continued, “Our strong financial results were driven
by solid progress on DAS, military and carrier offload. Our DAS
business remains robust with 19,200 nodes live at the end of the
year with another 8,600 in backlog. Further, we completed the
military build-out, finishing the year with 312,000 beds on 58
Army, Air Force, and Marine bases around the world. We anticipate
adding approximately 20,000 new beds, primarily on existing bases,
in the coming year. We also expanded carrier offload services for
our second Tier 1 carrier to five airports and expect to continue
the rollout of additional venues throughout 2017.”
Business Outlook
Boingo Wireless is initiating guidance for the first quarter
ending March 31, 2017 and for the full year ending December 31,
2017, as follows:
First Quarter 2017
- Revenue is expected to be in the range of $39.5
million to $43.5 million.
- Net loss attributable to common stockholders is expected to be
in the range of $(10.0) million to $(7.0) million,
or a net loss of $(0.26) to $(0.18) per diluted
share.
- Adjusted EBITDA is expected to be in the range of $8.5
million to $11.5 million. Adjusted EBITDA, which is a
non-GAAP financial measure, is defined below and is reconciled to
net loss attributable to common stockholders, the most comparable
measure under GAAP, in the schedule entitled “Reconciliation of Net
Loss Attributable to Common Stockholders to Adjusted EBITDA –
Guidance.”
Full Year 2017
- Revenue is expected to be in the range of $180.0 million to
$188.0 million.
- Net loss attributable to common stockholders is expected to be
in the range of $(29.0) million to $(25.0) million, or a net loss
of $(0.74) to $(0.64) per diluted share.
- Adjusted EBITDA is expected to be in the range of $51.0 million
to $56.0 million.
Conference Call Information
Members of Boingo Wireless’ management will host a conference
call to discuss its fourth quarter and full year 2016 financial
results beginning at 4:30 p.m. ET (1:30 p.m. PT), today, March 7,
2017. To participate in the conference call, investors from the
U.S. and Canada should dial (877) 407-0789 and enter the passcode:
13654793 ten minutes prior to the scheduled start time.
International callers should dial +1 (201) 689-8562 and enter the
same passcode. The conference call will be broadcast live over the
Internet in the Investor Relations section of the Company’s website
at http://investors.boingo.com. In addition, a supplement
reflecting the Company’s key business metrics will be made
available in the Investor Relations section of the Company’s
website. The supplement and webcast will be archived online upon
completion of the conference call.
Use of Non-GAAP Financial Measures
To supplement Boingo Wireless’ financial statements presented on
a GAAP basis, Boingo Wireless provides Adjusted EBITDA and free
cash flows as supplemental measures of its performance.
The Company defines Adjusted EBITDA as net loss attributable to
common stockholders plus depreciation and amortization of property
and equipment, stock‑based compensation expense, amortization of
intangible assets, income tax expense, interest and other expense,
net, non-controlling interests, and excludes charges or gains that
are nonrecurring, infrequent, or unusual. Boingo Wireless believes
Adjusted EBITDA is useful to investors in evaluating its operating
performance. Boingo’s management uses Adjusted EBITDA in
conjunction with accounting principles generally accepted in the
United States, or GAAP, and other operating performance measures as
part of its overall assessment of the Company’s performance for
planning purposes, including the preparation of its annual
operating budget, to evaluate the effectiveness of its business
strategies and to communicate with its board of directors
concerning its financial performance. Adjusted EBITDA should not be
considered as an alternative financial measure to net loss
attributable to common stockholders, which is the most directly
comparable financial measure calculated in accordance with GAAP, or
any other measure of financial performance calculated in accordance
with GAAP. Adjusted EBITDA excludes charges related to the
Company’s contested proxy election for the 2016 annual meeting of
stockholders because they represent non-recurring charges and are
not indicative of the underlying performance of the Company’s
business operations.
The Company defines free cash flows as net cash provided by
operating activities, less purchases of property and equipment,
net. Boingo Wireless believes that free cash flows provides
investors with additional useful information to measure operating
liquidity because it reflects the amount of cash generated by the
Company’s operations after the purchases of property and equipment,
that can be used for strategic opportunities. Free cash flows
should not be considered as an alternative financial measure to net
cash provided by operating activities, which is the most directly
comparable financial measure calculated in accordance with GAAP, or
any other measure of financial performance calculated in accordance
with GAAP.
About Boingo Wireless
Boingo Wireless, Inc. (NASDAQ:WIFI) helps the world stay
connected. Boingo’s vast footprint of small cell networks covers
more than a million and a half DAS and Wi-Fi locations and that we
estimate reaches more than 1 billion consumers annually – in places
as varied as airports, stadiums, arenas, universities, and military
bases. For more information about Boingo, visit www.boingo.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” that
involves risks, uncertainties and assumptions. Forward-looking
statements can be identified by words such as “anticipates,”
“intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and
similar references to future periods. These forward-looking
statements include the quotations from management in this press
release, as well as any statements regarding Boingo’s strategic
plans, future guidance and future growth opportunities.
Forward-looking statements are based on the Company’s current
expectations and assumptions regarding its business, the economy
and other future conditions. Since forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict.
The Company’s actual results may differ materially from those
contemplated by the forward-looking statements. Important factors
that could cause actual results to differ materially from those in
the forward-looking statements include the Company’s ability to
maintain its existing relationships and establish new relationships
with venue partners, its ability to complete build-outs and sign
venue contracts, its ability to maintain revenue growth and achieve
profitability, its ability to execute on its strategic and business
plans, its ability to successfully compete with new technologies
and adapt to changes in the wireless industry, as well as other
risks and uncertainties described more fully in documents filed
with or furnished to the Securities and Exchange Commission (SEC),
including Boingo’s Form 10-K for the year ended December 31, 2015
filed with the SEC on March 11, 2016, Form 10-Q for the quarter
ended March 31, 2016 filed with the SEC on May 9, 2016, Form 10-Q
for the quarter ended June 30, 2016 filed with the SEC on August 8,
2016, and Form 10-Q for the quarter ended September 30, 2016 filed
with the SEC on November 7, 2016, which the Company incorporates by
reference into this press release. Any forward-looking statement
made by Boingo in this press release speaks only as of the date on
which it is made. Factors or events that could cause the Company’s
actual results to differ may emerge from time to time, and it is
not possible for Boingo to predict all of them. Boingo undertakes
no obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
Boingo, Boingo Wireless, the Boingo Wireless Logo and Don’t Just
Go. Boingo. are registered trademarks of Boingo Wireless, Inc. All
other trademarks are the properties of their respective owners.
|
Boingo Wireless, Inc. |
Condensed Consolidated Statements of
Operations |
(Unaudited) |
(In thousands, except per share
amounts) |
|
|
Three Months Ended December 31, |
Year Ended December 31, |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Revenue |
$ |
44,974 |
|
$ |
38,771 |
|
$ |
159,344 |
|
$ |
139,626 |
|
Costs and operating
expenses: |
|
|
|
|
Network
access |
|
19,537 |
|
|
15,837 |
|
|
69,112 |
|
|
62,988 |
|
Network
operations |
|
10,741 |
|
|
9,377 |
|
|
42,307 |
|
|
33,537 |
|
Development and technology |
|
6,112 |
|
|
5,169 |
|
|
22,126 |
|
|
19,147 |
|
Selling
and marketing |
|
4,626 |
|
|
5,663 |
|
|
18,729 |
|
|
19,653 |
|
General
and administrative |
|
7,166 |
|
|
5,362 |
|
|
29,719 |
|
|
22,356 |
|
Amortization of intangible assets |
|
866 |
|
|
867 |
|
|
3,448 |
|
|
3,576 |
|
Total
costs and operating expenses |
|
49,048 |
|
|
42,275 |
|
|
185,441 |
|
|
161,257 |
|
Loss from
operations |
|
(4,074 |
) |
|
(3,504 |
) |
|
(26,097 |
) |
|
(21,631 |
) |
Interest and other
expense, net |
|
(160 |
) |
|
(16 |
) |
|
(459 |
) |
|
(66 |
) |
Loss before income
taxes |
|
(4,234 |
) |
|
(3,520 |
) |
|
(26,556 |
) |
|
(21,697 |
) |
Income tax (benefit)
expense |
|
(30 |
) |
|
80 |
|
|
427 |
|
|
481 |
|
Net loss |
|
(4,204 |
) |
|
(3,600 |
) |
|
(26,983 |
) |
|
(22,178 |
) |
Net income attributable
to non‑controlling interests |
|
168 |
|
|
54 |
|
|
348 |
|
|
114 |
|
Net loss attributable
to common stockholders |
$ |
(4,372 |
) |
$ |
(3,654 |
) |
$ |
(27,331 |
) |
$ |
(22,292 |
) |
Net loss per share
attributable to common stockholders: |
|
|
|
|
Basic |
$ |
(0.11 |
) |
$ |
(0.10 |
) |
$ |
(0.72 |
) |
$ |
(0.60 |
) |
Diluted |
$ |
(0.11 |
) |
$ |
(0.10 |
) |
$ |
(0.72 |
) |
$ |
(0.60 |
) |
Weighted average shares
used in computing net loss per share attributable to common
stockholders: |
|
|
|
|
Basic |
|
38,406 |
|
|
37,228 |
|
|
38,025 |
|
|
36,849 |
|
Diluted |
|
38,406 |
|
|
37,228 |
|
|
38,025 |
|
|
36,849 |
|
|
Boingo Wireless, Inc. |
Condensed Consolidated Balance
Sheets |
(Unaudited) |
(In thousands, except per share
amounts) |
|
|
|
|
December 31, |
|
|
2016 |
|
|
2015 |
|
Assets |
|
|
Current assets: |
|
|
Cash and
cash equivalents |
$ |
19,485 |
|
$ |
14,718 |
|
Accounts
receivable, net |
|
42,978 |
|
|
43,552 |
|
Prepaid
expenses and other current assets |
|
5,344 |
|
|
3,876 |
|
Total
current assets |
|
67,807 |
|
|
62,146 |
|
Property and equipment,
net |
|
250,765 |
|
|
214,500 |
|
Goodwill |
|
42,403 |
|
|
42,403 |
|
Intangible assets,
net |
|
13,783 |
|
|
16,055 |
|
Other assets |
|
6,223 |
|
|
5,908 |
|
Total
assets |
$ |
380,981 |
|
$ |
341,012 |
|
Liabilities and
stockholders’ equity |
|
|
Current
liabilities: |
|
|
Accounts
payable |
$ |
15,516 |
|
$ |
29,376 |
|
Accrued
expenses and other liabilities |
|
27,723 |
|
|
36,177 |
|
Deferred
revenue |
|
50,869 |
|
|
25,759 |
|
Current
portion of long‑term debt |
|
1,094 |
|
|
875 |
|
Current
portion of capital leases and notes payable |
|
3,993 |
|
|
1,761 |
|
Total
current liabilities |
|
99,195 |
|
|
93,948 |
|
Deferred revenue, net
of current portion |
|
152,719 |
|
|
106,825 |
|
Long‑term debt |
|
15,875 |
|
|
16,750 |
|
Long‑term portion of
capital leases and notes payable |
|
4,612 |
|
|
2,336 |
|
Deferred tax
liabilities |
|
3,208 |
|
|
2,965 |
|
Other liabilities |
|
6,826 |
|
|
6,153 |
|
Total
liabilities |
|
282,435 |
|
|
228,977 |
|
Commitments and
contingencies |
|
|
Stockholders’
equity: |
|
|
Preferred
stock, $0.0001 par value; 5,000 shares authorized; no shares issued
and outstanding |
|
— |
|
|
— |
|
Common
stock, $0.0001 par value; 100,000 shares authorized; 38,562 and
37,325 shares issued and outstanding for 2016 and 2015,
respectively |
|
4 |
|
|
4 |
|
Additional paid‑in capital |
|
211,275 |
|
|
197,612 |
|
Accumulated deficit |
|
(112,601 |
) |
|
(85,176 |
) |
Accumulated other comprehensive loss |
|
(870 |
) |
|
(1,160 |
) |
Total
common stockholders’ equity |
|
97,808 |
|
|
111,280 |
|
Non‑controlling interests |
|
738 |
|
|
755 |
|
Total
stockholders’ equity |
|
98,546 |
|
|
112,035 |
|
Total
liabilities and stockholders’ equity |
$ |
380,981 |
|
$ |
341,012 |
|
|
Boingo Wireless, Inc. |
Reconciliation of Net Loss Attributable to
Common Stockholders to Adjusted EBITDA |
(Unaudited) |
(In thousands) |
|
|
Three Months Ended December 31, |
Year
EndedDecember 31, |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Net loss attributable
to common stockholders |
$ |
(4,372 |
) |
$ |
(3,654 |
) |
$ |
(27,331 |
) |
$ |
(22,292 |
) |
Depreciation and
amortization of property and equipment |
|
14,401 |
|
|
10,394 |
|
|
49,202 |
|
|
38,293 |
|
Stock‑based
compensation expense |
|
3,115 |
|
|
3,208 |
|
|
12,805 |
|
|
9,398 |
|
Amortization of
intangible assets |
|
866 |
|
|
867 |
|
|
3,448 |
|
|
3,576 |
|
Income tax (benefit)
expense |
|
(30 |
) |
|
80 |
|
|
427 |
|
|
481 |
|
Interest and other
expense, net |
|
160 |
|
|
16 |
|
|
459 |
|
|
66 |
|
Non‑controlling
interests |
|
168 |
|
|
54 |
|
|
348 |
|
|
114 |
|
Contested proxy
election expense |
|
— |
|
|
— |
|
|
1,440 |
|
|
— |
|
Adjusted EBITDA |
$ |
14,308 |
|
$ |
10,965 |
|
$ |
40,798 |
|
$ |
29,636 |
|
|
|
|
|
|
|
|
|
|
Boingo Wireless, Inc. |
|
Reconciliation of Net Loss Attributable to
Common Stockholders to Adjusted EBITDA - Guidance |
|
(Unaudited) |
|
(In millions) |
|
|
|
|
|
Three Months EndedMarch 31,
2017 |
|
Year Ended December 31, 2017 |
|
|
|
Low |
|
High |
|
Low |
|
High |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to common stockholders |
|
$ |
(10.0 |
) |
$ |
(7.0 |
) |
$ |
(29.0 |
) |
$ |
(25.0 |
) |
Depreciation and
amortization of property and equipment |
|
14.3 |
|
63.0 |
64.0 |
|
Stock-based
compensation expense |
|
3.0 |
|
12.0 |
|
Amortization of
intangible assets |
|
0.9 |
|
3.6 |
|
Income tax expense and
interest and other expense, net |
|
0.2 |
|
0.9 |
|
Non-controlling interests |
|
0.1 |
|
0.5 |
|
Adjusted EBITDA |
|
$ |
8.5 |
|
$ |
11.5 |
|
$ |
51.0 |
|
$ |
56.0 |
|
|
Boingo Wireless, Inc. |
Consolidated Statements of Cash
Flows |
(Unaudited) |
(In thousands) |
|
|
Three Months EndedDecember 31, |
Year
EndedDecember 31, |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Cash flows from
operating activities |
|
|
|
|
Net
loss |
$ |
(4,204 |
) |
$ |
(3,600 |
) |
$ |
(26,983 |
) |
$ |
(22,178 |
) |
Adjustments to reconcile net loss including non‑controlling
interests to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization of property and equipment |
|
14,401 |
|
|
10,394 |
|
|
49,202 |
|
|
38,293 |
|
Amortization of intangible assets |
|
866 |
|
|
867 |
|
|
3,448 |
|
|
3,576 |
|
Bad debt
expense |
|
163 |
|
|
66 |
|
|
116 |
|
|
304 |
|
Impairment loss |
|
17 |
|
|
51 |
|
|
66 |
|
|
242 |
|
Stock‑based compensation |
|
3,115 |
|
|
3,208 |
|
|
12,805 |
|
|
9,398 |
|
Change in
fair value of contingent consideration |
|
— |
|
|
— |
|
|
— |
|
|
(114 |
) |
Change in
deferred income taxes |
|
(21 |
) |
|
35 |
|
|
303 |
|
|
320 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
Accounts
receivable |
|
988 |
|
|
6,736 |
|
|
526 |
|
|
(16,050 |
) |
Prepaid
expenses and other assets |
|
1,347 |
|
|
(649 |
) |
|
(835 |
) |
|
(3,459 |
) |
Accounts
payable |
|
(3,929 |
) |
|
1,423 |
|
|
(465 |
) |
|
3,845 |
|
Accrued
expenses and other liabilities |
|
1,999 |
|
|
(470 |
) |
|
6,017 |
|
|
4,569 |
|
Deferred
revenue |
|
6,865 |
|
|
30,664 |
|
|
71,005 |
|
|
79,829 |
|
Net cash
provided by operating activities |
|
21,607 |
|
|
48,725 |
|
|
115,205 |
|
|
98,575 |
|
Cash flows from
investing activities |
|
|
|
|
Purchases
of property and equipment |
|
(15,226 |
) |
|
(39,687 |
) |
|
(107,271 |
) |
|
(103,116 |
) |
Proceeds
from sales of marketable securities |
|
— |
|
|
— |
|
|
— |
|
|
1,614 |
|
Payments
for asset and business acquisitions |
|
(60 |
) |
|
— |
|
|
(60 |
) |
|
— |
|
Net cash
used in investing activities |
|
(15,286 |
) |
|
(39,687 |
) |
|
(107,331 |
) |
|
(101,502 |
) |
Cash flows from
financing activities |
|
|
|
|
Proceeds
from credit facility |
|
— |
|
|
— |
|
|
5,000 |
|
|
20,000 |
|
Principal
payments on credit facility |
|
— |
|
|
(437 |
) |
|
(5,656 |
) |
|
(5,875 |
) |
Debt
issuance costs |
|
— |
|
|
(62 |
) |
|
(124 |
) |
|
(62 |
) |
Proceeds
from exercise of stock options |
|
1,003 |
|
|
126 |
|
|
2,984 |
|
|
1,373 |
|
Payments
of capital leases and notes payable |
|
(323 |
) |
|
(387 |
) |
|
(2,212 |
) |
|
(814 |
) |
Payment
of holdback consideration |
|
— |
|
|
(1,600 |
) |
|
— |
|
|
(1,600 |
) |
Payment
of other acquisition related consideration |
|
— |
|
|
— |
|
|
— |
|
|
(17 |
) |
Payments
of withholding tax on net issuance of restricted stock units |
|
(715 |
) |
|
(528 |
) |
|
(2,827 |
) |
|
(2,512 |
) |
Payments
to non‑controlling interest |
|
— |
|
|
— |
|
|
(286 |
) |
|
(500 |
) |
Purchase
of non‑controlling interests |
|
— |
|
|
— |
|
|
— |
|
|
(1,150 |
) |
Net cash
(used in) provided by financing activities |
|
(35 |
) |
|
(2,888 |
) |
|
(3,121 |
) |
|
8,843 |
|
Effect of
exchange rates on cash |
|
(1 |
) |
|
12 |
|
|
14 |
|
|
(47 |
) |
Net
increase (decrease) in cash and cash equivalents |
|
6,285 |
|
|
6,162 |
|
|
4,767 |
|
|
5,869 |
|
Cash and cash
equivalents at beginning of period |
|
13,200 |
|
|
8,556 |
|
|
14,718 |
|
|
8,849 |
|
Cash and cash
equivalents at end of period |
$ |
19,485 |
|
$ |
14,718 |
|
$ |
19,485 |
|
$ |
14,718 |
|
|
|
|
|
|
|
Boingo Wireless, Inc. |
Reconciliation of Net Cash Provided by
Operating Activities to Free Cash Flows |
(Unaudited) |
(In thousands) |
|
|
Three Months EndedDecember 31, |
Year
EndedDecember 31, |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Net cash provided by
operating activities |
$ |
21,607 |
|
$ |
48,725 |
|
$ |
115,205 |
|
$ |
98,575 |
|
Purchases of property
and equipment, net |
|
(15,226 |
) |
|
(39,687 |
) |
|
(107,271 |
) |
|
(103,116 |
) |
Free cash flows |
$ |
6,381 |
|
$ |
9,038 |
|
$ |
7,934 |
|
$ |
(4,541 |
) |
|
|
|
|
|
|
Boingo Wireless, Inc. |
Revenue Summary |
(Unaudited) |
(In thousands) |
|
|
Three Months Ended December 31, |
Year
EndedDecember 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenue: |
|
|
|
|
DAS |
$ |
17,225 |
$ |
11,592 |
$ |
58,182 |
$ |
46,455 |
Military |
|
11,006 |
|
6,895 |
|
39,975 |
|
19,898 |
Retail |
|
6,536 |
|
7,155 |
|
26,636 |
|
31,763 |
Wholesale—Wi‑Fi |
|
6,190 |
|
6,827 |
|
22,221 |
|
21,923 |
Advertising and other |
|
4,017 |
|
6,302 |
|
12,330 |
|
19,587 |
Total
revenue |
$ |
44,974 |
$ |
38,771 |
$ |
159,344 |
$ |
139,626 |
|
|
|
|
|
|
Boingo Wireless, Inc. |
Key Business Metrics |
(Unaudited) |
(In thousands) |
|
|
Three Months Ended December 31, |
Year
EndedDecember 31, |
|
2016 |
2015 |
2016 |
2015 |
Key business
metrics: |
|
|
|
|
DAS
nodes(1) |
19.2 |
10.9 |
19.2 |
10.9 |
DAS nodes
in backlog(2) |
8.6 |
4.9 |
8.6 |
4.9 |
Subscribers—military(3) |
107 |
57 |
107 |
57 |
Subscribers—retail(3) |
195 |
204 |
195 |
204 |
Connects(4) |
40,287 |
28,919 |
142,802 |
105,335 |
|
|
|
|
|
_______________________ |
|
|
|
|
(1) This metric represents the number of active DAS nodes as of
the end of the period. A DAS node is a single communications
endpoint, typically an antenna, which transmits or receives radio
frequency signals wirelessly. This measure is an indicator of the
reach of the Company’s DAS network.
(2) This metric represents the number of DAS nodes under
contract but not yet active as of the end of the period.
(3) This metric represents the number of paying customers who
are on a month-to-month subscription plan at a given period
end.
(4) This metric shows how often individuals connect to the
Company’s global Wi-Fi network in a given period. The connects
include retail and wholesale customers in both customer pay
locations and customer free locations where Boingo is a paid
service provider or receives revenue sponsorship or promotion fees.
The Company counts each connect as a single connect regardless of
how many times that individual accesses the network at a given
venue during their 24 hour period. This measure is an indicator of
paid activity throughout Boingo’s network.
CONTACTS:
PRESS:
Lauren de la Fuente
Vice President, Marketing and Communications
ldelafuente@boingo.com
(310) 405-8517
INVESTORS:
Kimberly Orlando
ADDO Investor Relations
korlando@addoir.com
(310) 829-5400
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