Gogo sees FY24 revenue $410M-$425M, consensus $423.49M

Sees FY24 Adjusted EBITDA $110M-$125M reflecting operating expenses of approximately $40M for strategic and operational initiatives including Gogo 5G and Gogo Galileo and $4M in legal expenses tied to the SmartSky litigation. Free Cash Flow in the range of $20M-$40M, which includes $45M in reimbursements tied to the FCC Reimbursement Program. Sees FY24 capital expenditures $45M including $25M for strategic initiatives including Gogo 5G, Gogo Galileo and the LTE network build. The Company provides the following long-term financial targets: revenue growth at a compound annual growth rate of approximately 15%-17% from 2023 through 2028 versus the prior target of 15-17% from 2022 through 2027. The Company continues to expect that Gogo Galileo will contribute revenue beginning in 2025. Annual Adjusted EBITDA Margin reaching 40% in 2028 versus the prior target in the mid-40% range in 2027. Reiterates Free Cash Flow in the range of $150M-$200M in 2025, without the effect of the FCC Reimbursement program.