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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One):

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the quarterly period ended June 30, 2021

 

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the transition period from __________ to __________

 

 

Commission File Number: 001-35975

 

 

Gogo Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

27-1650905

(State or other jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

111 North Canal St., Suite 1400

Chicago, IL 60606

(Address of principal executive offices)

Telephone Number (303) 301-3271

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Class

 

Trading Symbol

 

Name of Each Exchange on Which Registered

Common stock, par value $0.0001 per share

 

GOGO

 

NASDAQ Global Select Market

Preferred Stock Purchase Rights

 

GOGO

 

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of July 30, 2021, 109,704,350 shares of $0.0001 par value common stock were outstanding.

 



Gogo Inc.

 

INDEX

 

 

 

Page

Part I.

Financial Information

 

Item 1.

Financial Statements

2

 

Unaudited Condensed Consolidated Balance Sheets

2

 

Unaudited Condensed Consolidated Statements of Operations

3

 

Unaudited Condensed Consolidated Statements of Comprehensive Loss

4

 

Unaudited Condensed Consolidated Statements of Cash Flows

5

 

Unaudited Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

6

 

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

Item 4.

Controls and Procedures

41

 

 

 

Part II.

Other Information

 

Item 1.

Legal Proceedings

42

Item 1A.

Risk Factors

42

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 3.

Defaults Upon Senior Securities

44

Item 4.

Mine Safety Disclosures

44

Item 5.

Other Information

44

Item 6.

Exhibits

45

Signatures

46

 

 

 

1


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Gogo Inc. and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

109,174

 

 

$

435,345

 

Accounts receivable, net of allowances of $753 and $1,044, respectively

 

 

39,999

 

 

 

39,833

 

Inventories

 

 

27,422

 

 

 

28,114

 

Prepaid expenses and other current assets

 

 

11,802

 

 

 

8,934

 

Total current assets

 

 

188,397

 

 

 

512,226

 

Non-current assets:

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

59,207

 

 

 

63,493

 

Intangible assets, net

 

 

49,453

 

 

 

52,693

 

Operating lease right-of-use assets

 

 

31,150

 

 

 

33,690

 

Other non-current assets, net of allowances of $397 and $375, respectively

 

 

23,829

 

 

 

11,486

 

Total non-current assets

 

 

163,639

 

 

 

161,362

 

Total assets

 

$

352,036

 

 

$

673,588

 

Liabilities and stockholders’ deficit

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

14,725

 

 

$

11,013

 

Accrued liabilities

 

 

61,843

 

 

 

83,009

 

Deferred revenue

 

 

2,474

 

 

 

3,113

 

Current portion of long-term debt

 

 

109,080

 

 

 

341,000

 

Total current liabilities

 

 

188,122

 

 

 

438,135

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Long-term debt

 

 

697,035

 

 

 

827,968

 

Non-current operating lease liabilities

 

 

34,589

 

 

 

38,018

 

Other non-current liabilities

 

 

9,572

 

 

 

10,581

 

Total non-current liabilities

 

 

741,196

 

 

 

876,567

 

Total liabilities

 

 

929,318

 

 

 

1,314,702

 

Stockholders’ deficit

 

 

 

 

 

 

 

 

Common stock, par value $0.0001 per share; 500,000,000 shares authorized at June 30, 2021 and December 31, 2020; 116,311,108 and 91,086,191 shares issued at June 30, 2021 and December 31, 2020, respectively; and 109,695,594 and 85,990,499 shares outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

11

 

 

 

9

 

Additional paid-in capital

 

 

1,234,111

 

 

 

1,088,590

 

Accumulated other comprehensive loss

 

 

(1,305

)

 

 

(1,013

)

Treasury stock, at cost

 

 

(128,803

)

 

 

(98,857

)

Accumulated deficit

 

 

(1,681,296

)

 

 

(1,629,843

)

Total stockholders’ deficit

 

 

(577,282

)

 

 

(641,114

)

Total liabilities and stockholders’ deficit

 

$

352,036

 

 

$

673,588

 

 

See the Notes to Unaudited Condensed Consolidated Financial Statements

2


 

Gogo Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

 

 

 

For the Three Months

 

 

For the Six Months

 

 

 

Ended June 30,

 

 

Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service revenue

 

$

64,767

 

 

$

44,033

 

 

$

124,122

 

 

$

101,759

 

Equipment revenue

 

 

17,608

 

 

 

10,599

 

 

 

32,122

 

 

 

23,800

 

Total revenue

 

 

82,375

 

 

 

54,632

 

 

 

156,244

 

 

 

125,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of service revenue

 

 

15,177

 

 

 

10,167

 

 

 

29,272

 

 

 

21,174

 

Cost of equipment revenue

 

 

10,932

 

 

 

6,982

 

 

 

19,214

 

 

 

15,493

 

Engineering, design and development

 

 

6,541

 

 

 

5,498

 

 

 

12,034

 

 

 

12,855

 

Sales and marketing

 

 

4,826

 

 

 

2,516

 

 

 

8,555

 

 

 

6,966

 

General and administrative

 

 

11,746

 

 

 

9,133

 

 

 

22,119

 

 

 

23,839

 

Depreciation and amortization

 

 

3,547

 

 

 

3,218

 

 

 

7,664

 

 

 

6,797

 

Total operating expenses

 

 

52,769

 

 

 

37,514

 

 

 

98,858

 

 

 

87,124

 

Operating income

 

 

29,606

 

 

 

17,118

 

 

 

57,386

 

 

 

38,435

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(54

)

 

 

(75

)

 

 

(111

)

 

 

(653

)

Interest expense

 

 

16,340

 

 

 

31,253

 

 

 

45,634

 

 

 

62,396

 

Loss on extinguishment of debt and settlement of convertible notes

 

 

79,564

 

 

 

-

 

 

 

83,961

 

 

 

-

 

Other (income) expense

 

 

(127

)

 

 

1

 

 

 

(132

)

 

 

-

 

Total other expense

 

 

95,723

 

 

 

31,179

 

 

 

129,352

 

 

 

61,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations before income taxes

 

 

(66,117

)

 

 

(14,061

)

 

 

(71,966

)

 

 

(23,308

)

Income tax provision

 

 

277

 

 

 

140

 

 

 

312

 

 

 

281

 

Net loss from continuing operations

 

 

(66,394

)

 

 

(14,201

)

 

 

(72,278

)

 

 

(23,589

)

Net loss from discontinued operations, net of tax

 

 

(2,854

)

 

 

(71,778

)

 

 

(4,655

)

 

 

(147,168

)

Net loss

 

$

(69,248

)

 

$

(85,979

)

 

$

(76,933

)

 

$

(170,757

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stock per share – basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss from continuing operations

 

$

(0.61

)

 

$

(0.17

)

 

$

(0.74

)

 

$

(0.29

)

Net loss from discontinued operations

 

 

(0.02

)

 

 

(0.88

)

 

 

(0.05

)

 

 

(1.81

)

Net loss

 

$

(0.63

)

 

$

(1.05

)

 

$

(0.79

)

 

$

(2.10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of sharesbasic and diluted

 

 

109,060

 

 

 

81,757

 

 

 

96,884

 

 

 

81,482

 

 

See the Notes to Unaudited Condensed Consolidated Financial Statements

3


 

Gogo Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

 

 

 

For the Three Months

 

 

 

For the Six Months

 

 

 

Ended June 30,

 

 

 

Ended June 30,

 

 

 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Net loss

$

(69,248

)

 

$

(85,979

)

 

$

(76,933

)

 

$

(170,757

)

   Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustments

 

37

 

 

 

269

 

 

 

138

 

 

 

(2,602

)

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Net unrealized loss

 

(430

)

 

 

-

 

 

 

(430

)

 

 

-

 

     Amount realized and reclassified to earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Changes in fair value of cash flow hedges

 

(430

)

 

 

-

 

 

 

(430

)

 

 

-

 

   Other comprehensive income (loss), net of tax

 

(393

)

 

 

269

 

 

 

(292

)

 

 

(2,602

)

Comprehensive loss

$

(69,641

)

 

$

(85,710

)

 

$

(77,225

)

 

$

(173,359

)

 

See the Notes to Unaudited Condensed Consolidated Financial Statements

4


 

Gogo Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

 

For the Six Months

 

 

 

Ended June 30,

 

 

 

2021

 

 

2020

 

Operating activities from continuing operations:

 

 

 

 

 

 

 

 

Net loss

 

$

(72,278

)

 

$

(23,589

)

Adjustments to reconcile net loss to cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

7,664

 

 

 

6,797

 

(Gain) Loss on asset disposals, abandonments and write-downs

 

 

(2

)

 

 

74

 

Provision for expected credit losses

 

 

(15

)

 

852

 

Deferred income taxes

 

 

90

 

 

 

89

 

Stock-based compensation expense

 

 

4,741

 

 

 

3,603

 

Amortization of deferred financing costs

 

 

2,781

 

 

 

2,872

 

Accretion and amortization of debt discount and premium

 

 

188

 

 

 

6,762

 

Losses on extinguishment of debt and settlement of convertible notes

 

 

83,961

 

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

871

 

 

 

12,848

 

Inventories

 

 

692

 

 

 

(2,287

)

Prepaid expenses and other current assets

 

 

(2,238

)

 

 

(1,015

)

Contract assets

 

 

(3,314

)

 

 

(5,252

)

Accounts payable

 

 

3,349

 

 

 

4,132

 

Accrued liabilities

 

 

(6,483

)

 

 

(7,935

)

Deferred revenue

 

 

(632

)

 

 

271

 

Accrued interest

 

 

(8,576

)

 

 

(5

)

Other non-current assets and liabilities

 

 

(1,198

)

 

 

600

 

Net cash provided by (used in) operating activities from continuing operations

 

 

9,601

 

 

 

(1,183

)

 

 

 

 

 

 

 

 

 

Investing activities from continuing operations:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(1,284

)

 

 

(258

)

Acquisition of intangible assetscapitalized software

 

 

(542

)

 

 

(4,812

)

Purchase of interest rate cap

 

 

(8,629

)

 

 

-

 

Net cash used in investing activities from continuing operations

 

 

(10,455

)

 

 

(5,070

)

 

 

 

 

 

 

 

 

 

Financing activities from continuing operations:

 

 

 

 

 

 

 

 

Proceeds from credit facility draw

 

 

-

 

 

 

22,000

 

Repayments of amounts drawn from credit facility

 

 

-

 

 

 

(5,000

)

Repurchase of convertible notes

 

 

-

 

 

 

(2,498

)

Redemption of senior secured notes

 

 

(1,023,146

)

 

 

-

 

Proceeds from term loan, net of discount

 

 

721,375

 

 

 

-

 

Payment of debt issuance costs

 

 

(20,251

)

 

 

-

 

Payments on financing leases

 

 

(154

)

 

 

-

 

Stock-based compensation activity

 

 

(2,752

)

 

 

(262

)

Net cash provided by (used in) financing activities from continuing operations

 

 

(324,928

)

 

 

14,240

 

Cash flows from discontinued operations:

 

 

 

 

 

 

 

 

Cash used in operating activities

 

 

(800

)

 

 

(7,373

)

Cash used in investing activities

 

 

-

 

 

 

(15,942

)

Cash used in financing activities

 

 

-

 

 

 

(310

)

Net cash used in discontinued operations

 

 

(800

)

 

 

(23,625

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

(89

)

 

 

(90

)

 

 

 

 

 

 

 

 

 

Decrease in cash, cash equivalents and restricted cash

 

 

(326,671

)

 

 

(15,728

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

435,870

 

 

 

177,675

 

Cash, cash equivalents and restricted cash at end of period

 

$

109,199

 

 

$

161,947

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash at end of period

 

$

109,199

 

 

$

161,947

 

Less: current restricted cash

 

 

25

 

 

 

560

 

Less: non-current restricted cash

 

 

-

 

 

 

5,101

 

Cash and cash equivalents at end of period

 

$

109,174

 

 

$

156,286

 

 

 

 

 

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

51,259

 

 

$

53,080

 

Cash paid for taxes

 

 

276

 

 

 

56

 

 

See the Notes to Unaudited Condensed Consolidated Financial Statements

 

 

 

5


 

Gogo Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

(in thousands, except share data)

 

 

 

 

For the Three Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

Paid-In

 

 

 

Comprehensive

 

 

 

Accumulated

 

 

 

Treasury Stock

 

 

 

 

 

 

 

 

Shares

 

 

 

Par Value

 

 

 

Capital

 

 

 

Loss

 

 

 

Deficit

 

 

 

Shares

 

 

 

Amount

 

 

 

Total

 

Balance at March 31, 2021

 

 

92,071,085

 

 

$

9

 

 

$

1,080,305

 

 

$

(912

)

 

$

(1,612,048

)

 

 

5,077,400

 

 

$

(98,857

)

 

$

(631,503

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(69,248

)

 

 

-

 

 

 

-

 

 

 

(69,248

)

Currency translation adjustments, net of tax

 

 

-

 

 

 

-

 

 

 

-

 

 

 

37

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

37

 

Fair value adjustments of cash flow hedge, net of tax

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(430

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(430

)

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

3,385

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,385

 

Issuance of common stock upon exercise of stock options

 

 

34,751

 

 

 

-

 

 

 

86

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

86

 

Issuance of common stock upon vesting of restricted stock units and restricted stock awards

 

 

51,246

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Tax withholding related to vesting of restricted stock units

 

 

-

 

 

 

-

 

 

 

(324

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(324

)

Issuance of common stock in connection with employee stock purchase plan

 

 

12,032

 

 

 

-

 

 

 

131

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

131

 

Settlement of convertible notes

 

 

19,064,529

 

 

 

2

 

 

 

120,582

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

120,584

 

Settlement of prepaid forward shares

 

 

(1,538,049

)

 

 

-

 

 

 

29,946

 

 

 

-

 

 

 

-

 

 

 

1,538,049

 

 

 

(29,946

)

 

 

-

 

Balance at June 30, 2021

 

 

109,695,594

 

 

$

11

 

 

$

1,234,111

 

 

$

(1,305

)

 

$

(1,681,296

)

 

 

6,615,449

 

 

$

(128,803

)

 

$

(577,282

)

 

 

 

 

For the Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

Paid-In

 

 

 

Comprehensive

 

 

 

Accumulated

 

 

 

Treasury Stock

 

 

 

 

 

 

 

 

Shares

 

 

 

Par Value

 

 

 

Capital

 

 

 

Loss

 

 

 

Deficit

 

 

 

Shares

 

 

 

Amount

 

 

 

Total

 

Balance at March 31, 2020

 

 

83,773,648

 

 

$

8

 

 

$

1,081,955

 

 

$

(5,127

)

 

$

(1,464,585

)

 

 

5,077,400

 

 

$

(98,857

)

 

$

(486,606

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(85,979

)

 

 

-

 

 

 

-

 

 

 

(85,979

)

Currency translation adjustments, net of tax

 

 

-

 

 

 

-

 

 

 

-

 

 

 

269

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

269

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

3,164

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,164

 

Issuance of common stock upon vesting of restricted stock units and restricted stock awards

 

 

118,938

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Tax withholding related to vesting of restricted stock units

 

 

-

 

 

 

-

 

 

 

(127

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(127

)

Issuance of common stock in connection with employee stock purchase plan

 

 

139,757

 

 

 

-

 

 

 

262

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

262

 

Balance at June 30, 2020

 

 

84,032,343

 

 

$

8

 

 

$

1,085,254

 

 

$

(4,858

)

 

$

(1,550,564

)

 

 

5,077,400

 

 

$

(98,857

)

 

$

(569,017

)

 

6


 

 

 

 

For the Six Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Treasury Stock

 

 

 

 

 

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Shares

 

 

Amount

 

 

Total

 

Balance at January 1, 2021

 

 

85,990,499

 

 

$

9

 

 

$

1,088,590

 

 

$

(1,013

)

 

$

(1,629,843

)

 

 

5,077,400

 

 

$

(98,857

)

 

$

(641,114

)

Net loss

 

 

-

 

 

 

-

 

 

 

-