Gogo approves $50M share repurchase program

Gogo announced that its Board of Directors approved a share repurchase program that grants the Company authority to repurchase up to $50M of shares of the Company’s common stock. “Our long-term capital allocation priorities are to first maintain adequate liquidity; second, invest in high-return strategic initiatives; third, carry an appropriate level of debt with a target net leverage ratio of 2.5x – 3.5x; and fourth, return capital to shareholders,” said Oakleigh Thorne, chairman and CEO. “With a strong cash balance, our Gogo 5G, Galileo and other strategic projects well-funded, our net leverage ratio at 3.0x, and with strong confidence in our business, we are now comfortable moving to priority four and returning capital to shareholders,” Thorne said.