Gogo sees FY23 revenue $390M-$400M, consensus $412.59M

Sees FY23 adjusted EBITDA at the high end of the previously guided range of $150M-$160M reflecting operating expenses of approximately $15M for strategic and operational initiatives including Gogo 5G, Gogo Galileo and the FCC Reimbursement Program. Free Cash Flow at the high end of the previously guided range of $60 million to $70 million which includes approximately $20 million of negative Free Cash Flow due to the expected lag of reimbursements tied to the FCC Reimbursement Program. Capital expenditures of $25 million to $30 million including $12 million for the Gogo 5G program and $2 million related to the FCC Reimbursement Program, versus prior guidance at the low end of $30 million to $40 million.