Gogo lowers FY24 revenue view to $400M-$410M from $410M-$425M

Consensus is for FY24 revenue $418.79M. Sees FY24 Adjusted EBITDA at the high end of the range of $110M-$125M, as previously guided, reflecting increased legal expenses and approximately $26N of operating expenses for strategic and operational initiatives including Gogo 5G and Gogo Galileo. Sees FY24 Free Cash Flow $35M-$55N versus prior guidance of $20M-$40M, which includes $40M in reimbursements tied to the FCC Reimbursement Program; and Capital expenditures $35M, including $20M for strategic initiatives including Gogo 5G, Gogo Galileo and the LTE network build, versus prior guidance of $45M which included $30M for strategic initiatives.