Gogo Inc. GOGO Cash Flow

Gogo inc. (GOGO)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13
Operating activities:
Net loss
-84,778	-22,351	-22,891	-83,963	-16,799	-59,688	-37,717	-37,207	-27,419	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net loss
-	-	-	-	-	-	-	-	-	-	-	-	-41,367	-	-33,273	-40,194	-24,106	-33,879	-28,870	-24,772	-20,092	-24,111	-24,899	-18,662	-16,866	-22,105	-18,718	-55,989	-14,477
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation and amortization
32,670	28,809	29,292	29,967	30,749	33,170	32,590	31,938	35,919	48,669	35,824	30,562	30,435	29,600	26,779	24,906	24,357	25,222	22,224	20,813	18,777	16,866	17,016	14,882	15,687	14,291	13,664	13,709	13,845
Loss on asset disposals, abandonments and write-downs
-1,098	-5,605	-3,821	-3,184	-1,241	-5,249	-1,574	-4,842	-1,687	-1,420	-4,063	-1,312	-2,165	-2,964	-695	-647	-277	-969	-927	-388	-760	-1,900	-1,003	-300	-186	-979	-30	1	-50
Provision for expected credit losses
6,764	-	-	-	84	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of long-lived assets
46,389	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of cost-basis investment
3,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on transition to airline-directed model
-	-	-	-	-	0	0	2,249	19,302	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
45	45	44	45	44	45	45	-48	-3,863	-3,018	210	210	317	209	210	210	210	207	207	206	207	207	207	207	207	168	251	201	201
Stock-based compensation expense
3,995	3,800	4,066	4,318	4,327	4,381	3,932	4,213	4,386	4,814	5,283	5,394	4,330	4,635	5,000	3,788	4,198	4,456	4,544	3,214	3,085	3,084	2,914	2,214	1,604	2,453	1,385	905	878
Amortization of deferred financing costs
1,419	1,359	1,328	1,324	1,249	1,137	1,060	1,048	1,035	1,025	919	903	896	822	818	995	1,168	1,153	1,127	1,105	784	721	755	861	836	839	822	785	386
Accretion and amortization of debt discount and premium
-3,326	-3,221	-3,116	-3,600	-4,774	-4,255	-4,796	-4,665	-4,539	-4,414	-4,730	-4,634	-4,508	-4,556	-4,432	-4,312	-4,196	-	-	-	-	-	-	-	-	-	-	-	-
Accretion of debt discount
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,972	3,528	972	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities:
Accounts receivable
-5,085	-1,402	-7,766	-10,179	-10,551	-11,437	4,979	9,476	14,046	5,668	24,814	10,444	2,872	11,139	-2,465	-5,900	1,491	17,878	5,265	4,422	-6,002	12,215	4,735	2,106	3,979	-1,690	1,914	-650	1,441
Inventories
6,035	-16,269	-18,120	4,179	1,118	13,311	31,228	-6,081	12,304	-3,078	-3,420	806	969	14,676	10,498	3,122	1,033	-974	-825	-1,388	2,211	4,667	4,640	913	-1,953	-1,242	-1,555	3,042	1,252
Prepaid expenses and other current assets
-1,038	10,382	-3,343	-3,394	-3,015	1,965	-3,331	2,609	1,863	-62	-460	3,828	-8,296	-3,633	5,678	2,602	9,826	1,131	-4,090	827	-585	849	-3,172	-1,727	1,980	-1,489	2,651	-472	688
Contract assets
10,622	2,881	-1,331	14,138	6,175	8,928	7,088	17,047	-2,578	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable
16,399	-5,104	-4,743	2,893	2,843	-9,432	-3,695	-2,492	11,755	4,648	-2,690	350	1,094	-5,292	3,772	-1,580	-18	839	579	4,451	-10,176	2,930	8,030	-149	-2,475	3,951	-869	-2,207	1,406
Accrued liabilities
-18,291	-160	-3,997	12,086	-19,381	70	6,713	13,727	-7,229	3,542	18,834	8,191	-5,626	2,232	5,623	3,460	-6,333	9,733	4,166	10,739	728	-3,235	2,708	7,173	-8,469	4,467	6,080	5,976	-5,658
Deferred airborne lease incentives
2,345	-1,916	-243	2,437	-3,923	-3,665	-1,054	-1,152	-1,834	8,685	5,348	2,815	3,559	6,017	261	768	7,606	14,370	6,613	7,242	8,670	16,815	4,857	2,961	5,566	2,099	1,323	2,009	4,786
Deferred revenue
1,378	-3,559	2,446	-6,115	2,257	1,195	-3,439	-4,217	5,440	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue
-	-	-	-	-	-	-	-	-	-	6,056	2,438	2,586	-	5,455	9,013	5,222	4,140	7,002	2,537	10,216	1,197	4,987	-21	1,163	1,305	3,466	1,594	320
Deferred rent
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-126	-74	517	1,279	1,213	3,914	14,800	9,630	3,216	459	-15	-	-	-	-
Accrued airline revenue share
-	-	-	-	-	-	-	-	-	-	-	-	-	-	520	824	181	-	766	-752	-44	1,702	941	661	11	1,063	712	889	1,033
Accrued interest
26,413	-27,653	26,382	-8,861	-19,514	-	-	-	-24,955	24,955	-18,705	21,830	-20,867	19,800	13,013	6,409	-3,397	3,392	-2,827	3,381	562	-	-	-	-	-	-	-	-
Warranty reserves
-526	1,586	1,341	1,536	-588	2,121	533	4,913	442	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other non-current assets and liabilities
-6,915	-632	718	3,894	-208	139	3,286	2,709	1,171	1,184	281	2,974	532	2,780	-1,319	1,505	4,136	2,691	-94	-211	19	-139	-77	-457	238	-1,236	-163	-123	-327
Net cash used in operating activities
-	-	-	-	-	-	-	-	-	-	-	-	-14,047	-	20,787	26,769	-2,408	17,519	21,387	32,344	33,606	10,112	15,622	10,047	-6,809	15,218	5,251	-2,395	-284
Net cash provided by (used in) operating activities
38,027	-11,278	69,804	11,691	-6,156	9,585	-62,867	17,176	-46,205	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investing activities:
Proceeds from the sale of property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	83	0	1	-	-	-	-	-	-	-	-	6	0	135	85
Purchases of property and equipment
13,202	34,607	31,918	10,444	23,154	1,536	3,497	46,713	56,886	61,896	61,587	65,237	63,655	41,186	36,060	40,033	31,015	30,096	19,450	33,045	52,610	37,157	35,273	27,761	31,907	22,247	24,269	29,322	29,390
Acquisition of intangible assets—capitalized software
2,108	2,643	4,065	4,090	4,557	5,715	5,749	5,795	5,772	4,096	6,908	8,898	7,953	7,001	7,593	7,582	6,411	5,269	4,088	4,337	4,253	2,893	5,254	5,130	4,188	5,107	3,637	3,289	4,108
Purchases of short-term investments
-	-	-	-	-	0	0	0	39,323	103,767	19,806	84,406	109,439	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Redemptions of short-term investments
-	0	0	0	39,323	49,252	34,616	59,442	69,482	79,471	114,551	134,440	114,641	84,723	59,841	79,901	19,985	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-89	58	-2,144	-265	-95	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock option exercises
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,554	-	747	1,399	626	-	0	468	112
Net cash provided by (used in) investing activities
-15,221	-37,308	-33,839	-14,269	11,707	42,001	25,370	6,934	-32,499	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Financing activities:
Proceeds from credit facility draw
22,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Decrease) increase in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	14	-	-1	0	-19	0	0	1	2,499	-	-	-	-
Net cash used in investing activities
-	-	-	-	-	-	-	-	-	-	-	-	-66,406	-	-3,472	-226,782	-17,454	-25,392	-173,197	-37,382	-56,844	-119,991	-40,527	-32,860	-38,594	-32,236	-27,856	-41,547	-33,413
Proceeds from issuance of senior secured notes
-	-	-	-	-	-	-	-	-	-89	111,643	0	70,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of debt, including capital leases
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,133	-	2,211	2,049	2,003	1,847	1,729	1,729	1,021
Proceeds from issuance of convertible notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	361,940	-	-	-	-	-	-	-	-
Repurchase of convertible notes
2,498	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on amended and restated credit agreement
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	296,286	13,846	-	-	-	-	-	-	-	-	-	-	-	-
Forward transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	140,000	-	-	-	-	-	-	-	-
Payment of debt issuance costs
-	-457	788	22,088	557	-	-	-	-	28	2,117	365	1,120	-	-	-	-	1,939	312	865	9,492	-	-	-	-	-	-	-	-
Payments on financing leases
247	161	169	258	125	714	439	569	618	621	800	843	697	737	657	633	585	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation activity
-397	237	266	-120	-58	315	338	-187	-70	202	330	-1,314	555	228	389	-642	296	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
18,858	533	-1,239	-2,097	-740	28,859	-101	-756	-688	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
-	-	-	-	-	-	-	-	-	-	-	-	68,938	-	-268	216,829	-14,135	-3,279	-2,540	-2,829	211,869	-2,014	72,036	-650	-1,377	-1,320	-4,866	278,151	-909
Effect of exchange rate changes on cash
51	107	21	-102	-276	1,108	-157	-448	75	187	239	175	142	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase in cash, cash equivalents and restricted cash
41,715	-47,946	34,747	-4,777	4,535	81,553	-37,755	22,906	-79,317	-26,022	125,948	-10,013	-11,373	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Effect of exchange rate changes on cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-145	-53	-180	215	453	-72	189	-18	-88	54	10	-11	8	-15	-10
Increase (decrease) in cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	-	-	-	-	16,902	16,763	-34,177	-10,937	-153,897	-7,939	188,820	-111,911	47,043	-23,409	-46,770	-18,349	-27,463	234,194	-34,616
Supplemental Cash Flow Information:
Cash paid for interest
66	54,356	57	40,257	46,163	1,666	49,912	0	49,911	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for interest
-	-	-	-	-	-	-	-	-	-	-	-	42,698	-	6,787	6,191	14,557	8,011	14,543	8,106	8,017	8,252	7,835	6,838	6,811	7,010	7,210	6,861	3,670
Cash paid for taxes
1	34	44	371	41	11	16	359	15	68	11	15	9	14	18	259	14	37	26	345	38	81	22	286	25	33	11	203	14
Noncash Investing and Financing Activities:
Purchases of property and equipment in current liabilities
6,411	-4,187	-651	-3,937	19,951	3,901	-4,262	-4,324	23,325	6,865	-1,904	-322	49,043	8,430	9,011	-7,696	29,747	4,694	10,125	-8,844	23,330	13,761	-76	3,154	13,565	4,920	-9,650	2,001	18,189
Purchases of property and equipment paid by commercial airlines
5,580	5,634	3,739	4,898	5,016	1,554	1,104	2,756	2,060	15,775	2,070	2,509	3,408	2,811	2,265	4,566	4,162	2,868	2,257	3,123	1,915	2,313	1,610	1,140	495	410	1,940	1,690	1,800
Purchases of property and equipment under capital leases
-	-	-	-	-	-	-	-	-	-	0	19	1,155	646	213	1,239	79	-1,783	3,061	99	18	183	815	320	1,807	-	-	-	-
Acquisition of intangible assets in current liabilities
-	-	-	-	-	-	-	-	-	-	-432	-2	1,534	233	189	-497	1,698	-105	269	-170	1,555	477	-1,256	21	2,269	1,126	274	289	630
Asset retirement obligation
-	-	-	-	-	-	-	-	-	-	33	320	425	-	-	-	-	-	-	186	204	308	83	154	973	1,250	94	44	66
Asset retirement obligation incurred and adjustments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-408	78	294	-	-	-	-	-	-	-	-	-	-	-	-
Financing costs included in current liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	865	-	-	-	-	-	-	-	-
Class A and Class B senior convertible preferred stock return
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	13,994	15,283
Accretion of preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	2,595	2,690
Equity financing costs included in current liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,939	2,726	411