Core Viewpoint - Gogo (GOGO) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the correlation between changes in earnings estimates and stock price movements, particularly influenced by institutional investors [4][6]. - An increase in earnings estimates typically leads to higher fair value calculations for stocks, prompting institutional buying or selling, which affects stock prices [4]. Gogo's Earnings Outlook - Gogo is projected to earn $0.44 per share for the fiscal year ending December 2025, reflecting a year-over-year decline of 2.2% [8]. - Over the past three months, the Zacks Consensus Estimate for Gogo has increased by 5.6%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - Gogo's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Core Viewpoint - Gogo Inc reported strong first-quarter results and maintained its 2025 guidance, with a price target set at $11 by JPMorgan analyst Sebastiano C Petti, who holds a Neutral rating on the stock [1]. Financial Performance - Gogo's first-quarter results exceeded expectations, prompting Petti to raise his 2025 EBITDA forecast by 4% to $217 million, which is at the high end of the guidance range of $210 million to $220 million [2][6]. - The updated fiscal year 2025 revenue is projected at $906 million, slightly above the guidance of $870 million to $910 million, driven by a 3% increase in service revenue to $767 million [6]. Growth Strategy and Future Outlook - Gogo is expected to ramp up service revenue growth in 2026, supported by strong free cash flow generation anticipated in that year, aided by easing program investments and synergy realization [3][4]. - The company is on track for significant free cash flow acceleration, which should facilitate rapid de-leveraging over the next 12-18 months, with share buybacks expected to resume in the second half of 2026 [4]. Revenue and Cash Flow Projections - Petti raised the second-quarter total company revenue estimate to $220 million, reflecting higher service revenue from GEO and Narrowband, although offset by weaker equipment ARPU and lower ATG service revenue [5]. - The projected free cash flow for 2025 is $76 million, slightly higher due to improved EBITDA, while the 2026 free cash flow is expected to reach $137 million, significantly above the previous estimate of $123 million [7]. Market Performance - Gogo shares experienced a notable increase of 13.64%, trading at $12.50 at the time of publication [8].

Part I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Gogo Inc.'s unaudited condensed consolidated financial statements for Q1 2025, reflecting the Satcom Direct acquisition and key financial positions and performance [Unaudited Condensed Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) The balance sheets show total assets at **$1.238 billion** and total liabilities at **$1.155 billion** as of March 31, 2025, with increased cash and stockholders' equity Condensed Consolidated Balance Sheet Data (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $70,282 | $41,765 | | Total current assets | $354,275 | $323,093 | | Total assets | $1,238,388 | $1,229,231 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $192,167 | $182,028 | | Long-term debt | $832,035 | $831,581 | | Total liabilities | $1,155,440 | $1,159,907 | | Total stockholders' equity | $82,948 | $69,324 | [Unaudited Condensed Consolidated Statements of Operations](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Total revenue for Q1 2025 increased to **$230.3 million** due to the Satcom Direct acquisition, while net income decreased to **$12.0 million** due to higher expenses Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Service revenue | $198,612 | $81,673 | | Equipment revenue | $31,695 | $22,649 | | **Total revenue** | **$230,307** | **$104,322** | | Operating income | $35,187 | $34,674 | | **Net income** | **$12,042** | **$30,490** | | Diluted EPS | $0.09 | $0.23 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$32.5 million** in Q1 2025, contributing to a **$28.5 million** increase in cash and cash equivalents Consolidated Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $32,472 | $29,657 | | Net cash used in investing activities | ($2,435) | ($2,604) | | Net cash used in financing activities | ($1,574) | ($13,296) | | **Increase in cash, cash equivalents and restricted cash** | **$28,518** | **$13,784** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes detail significant accounting policies, the Satcom Direct acquisition impact, revenue recognition, FCC Reimbursement Program, debt structure, and ongoing litigation with SmartSky - The company completed its acquisition of Satcom Direct on December 3, 2024, for a total consideration including **$375 million** in cash, **5 million** restricted shares, and up to **$225 million** in potential earnout payments, creating two reportable segments: Gogo BA and Satcom Direct[21](index=21&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk) - As of March 31, 2025, the company had approximately **$595 million** in remaining performance obligations (RPO), primarily from connectivity and entertainment service revenues expected to be recognized over the next ten years[42](index=42&type=chunk) - The company is participating in an FCC Reimbursement Program to replace certain network equipment, with up to approximately **$334 million** in approved reimbursements, with the completion deadline extended to May 8, 2026[46](index=46&type=chunk)[47](index=47&type=chunk) - Gogo is involved in multiple lawsuits with SmartSky Networks, LLC, including patent infringement allegations against Gogo 5G and a countersuit by Gogo, with a trial for the initial suit scheduled for November 17, 2025[119](index=119&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Satcom Direct acquisition's impact, Q1 2025 results for the Gogo BA segment, key operating metrics, liquidity, capital resources, and non-GAAP measures [Key Operating Metrics](index=40&type=section&id=Key%20Operating%20Metrics) Key operating metrics for the Gogo BA segment show a decrease in total ATG aircraft online to **6,902**, while AVANCE aircraft online increased to **4,716** Gogo BA Segment Key Operating Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total ATG aircraft online | 6,902 | 7,136 | | - AVANCE aircraft online | 4,716 | 4,110 | | - Gogo Biz aircraft online | 2,186 | 3,026 | | GEO aircraft online | 1,280 | 9 | | Average monthly connectivity service revenue per ATG aircraft (ARPU) | $3,451 | $3,458 | | ATG units sold | 317 | 258 | - The reported metrics are for the Gogo BA segment only, with management planning to develop new metrics for the combined business in the future[137](index=137&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) Gogo BA segment's total revenue decreased by **2.9%** to **$101.3 million** in Q1 2025, with increased cost of equipment revenue and general and administrative expenses Gogo BA Segment Revenue (in thousands) | Revenue Type | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Service revenue | $79,515 | $81,673 | (2.6)% | | Equipment revenue | $21,799 | $22,649 | (3.8)% | | **Total revenue** | **$101,314** | **$104,322** | **(2.9)%** | - Gogo BA's cost of service revenue increased **2.8%** due to higher personnel costs, while cost of equipment revenue increased **26.8%** due to higher sales of lower margin products[152](index=152&type=chunk)[153](index=153&type=chunk) - General and administrative expenses for Gogo BA increased by **65.7%** to **$24.3 million**, primarily due to **$4.4 million** in acquisition and integration-related costs[156](index=156&type=chunk) [Non-GAAP Measures](index=46&type=section&id=Non-GAAP%20Measures) Non-GAAP measures show Adjusted EBITDA increased to **$62.1 million** in Q1 2025, while Free Cash Flow was **$30.0 million** Reconciliation of GAAP to Non-GAAP Measures (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income (GAAP) | $12,042 | $30,490 | | EBITDA | $49,096 | $51,614 | | **Adjusted EBITDA** | **$62,055** | **$43,322** | | Net cash provided by operating activities (GAAP) | $32,472 | $29,657 | | **Free cash flow** | **$30,037** | **$32,053** | - Adjusted EBITDA adds back stock-based compensation, acquisition/integration costs, and changes in the fair value of a convertible note investment[165](index=165&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by **$70.3 million** in cash and a **$122 million** undrawn revolving credit facility, with capital expenditures expected to increase for network build-outs - The company believes its cash, operating cash flows, and access to its revolving facility will be sufficient to meet cash requirements for at least the next twelve months[176](index=176&type=chunk) - No shares were repurchased in Q1 2025, with **$12.1 million** remaining available under the share repurchase program as of March 31, 2025[177](index=177&type=chunk) - Capital expenditures are expected to increase in the near term due to the build-out of the LTE network (related to the FCC Reimbursement Program) and Gogo 5G, before decreasing in 2026[191](index=191&type=chunk)[192](index=192&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk on variable-rate debt, mitigated by interest rate cap agreements, with a **$5.7 million** impact from a 1% rate increase - The company is exposed to interest rate risk on its variable rate debt, where a hypothetical **1%** rate change would impact annual interest expense by approximately **$5.7 million**, net of interest rate cap effects[199](index=199&type=chunk)[200](index=200&type=chunk) - The company has interest rate cap agreements with a notional amount of **$350.0 million** as of March 31, 2025, to hedge a portion of its variable rate debt[199](index=199&type=chunk)[200](index=200&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed ineffective due to material weaknesses in internal control over financial reporting related to the Satcom Direct acquisition, with a remediation plan underway - Disclosure controls and procedures were deemed ineffective as of March 31, 2025, due to material weaknesses in internal control over financial reporting[203](index=203&type=chunk) - The material weaknesses relate to the Satcom Direct acquisition, including ineffective general IT controls, lack of control activities for financial reporting at Satcom Direct, and ineffective implementation of controls over purchase accounting[207](index=207&type=chunk)[208](index=208&type=chunk)[211](index=211&type=chunk) - A remediation plan is underway, focusing on implementing new controls over IT and financial reporting at Satcom Direct, strengthening acquisition accounting processes, and hiring additional qualified personnel[209](index=209&type=chunk)[212](index=212&type=chunk) Part II. Other Information [Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing patent infringement and antitrust litigation with SmartSky Networks, LLC, and is vigorously defending its position - Gogo is defending against a patent infringement suit from SmartSky regarding Gogo 5G, with a trial scheduled for November 17, 2025[119](index=119&type=chunk) - SmartSky has also filed an antitrust lawsuit against Gogo, alleging illegal monopoly practices, for which Gogo has filed a motion to dismiss[122](index=122&type=chunk) - Gogo has filed its own patent infringement counterclaims against SmartSky, with a trial date set for March 8, 2027[121](index=121&type=chunk) [Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2024 Annual Report on Form 10-K - No material changes to risk factors from the 2024 10-K report[215](index=215&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or issuer repurchases reported during the quarter - There were no unregistered sales of equity securities or issuer repurchases during the period[216](index=216&type=chunk) [Other Information](index=57&type=section&id=Item%205.%20Other%20Information) The company's EVP and COO adopted a Rule 10b5-1 trading plan for the potential sale of up to **107,136** shares of common stock - EVP & COO Mike Begler adopted a Rule 10b5-1 trading plan for the potential sale of up to **107,136** shares[219](index=219&type=chunk)

Press Release For Immediate Release Investor Relations Contact: Media Relations Contact: Will Davis Stacey Giglio +1 917-519-6994 +1 321-525-4607 59 HDX shipments year to date Reiterates 2025 Financial Guidance, which includes current impact of global tariffs BROOMFIELD, Colo. - May 9, 2025 – Gogo Inc. (NASDAQ: GOGO) ("Gogo" or the "Company"), a leading global provider of broadband connectivity services for the business and military/government mobility aviation markets, today announced its financial results ...

Core Insights - Gogo reported a revenue of $230.31 million for the quarter ended March 2025, marking a significant increase of 120.8% year-over-year, and an EPS of $0.18, up from $0.16 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $214.48 million by 7.38%, while the EPS surpassed the consensus estimate of $0.05 by 260% [1] Financial Performance - Gogo's service revenue reached $198.61 million, exceeding the average estimate of $191.73 million by four analysts, representing a year-over-year increase of 143.2% [4] - Equipment revenue was reported at $31.70 million, surpassing the average estimate of $22.77 million by four analysts, with a year-over-year growth of 39.9% [4] - The total number of aircraft online for Gogo's ATG service was 6,902, slightly below the estimated 7,016 by three analysts [4] Market Performance - Gogo's shares have returned +6.5% over the past month, compared to a +13.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Gogo (GOGO) came out with quarterly earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 260%. A quarter ago, it was expected that this in-flight internet provider would post earnings of $0.04 per share when it actually produced earnings of $0.07, delivering a surprise of 75%.Over the last four quarters, the comp ...

Financial Data and Key Metrics Changes - Gogo's total revenue for Q1 2025 was $230.3 million, representing a 21% year-over-year increase and a 67% sequential increase [30] - Total service revenue reached $198.6 million, up 43% year-over-year and 67% sequentially [31] - Adjusted EBITDA for Q1 was $62.1 million, with an adjusted EBITDA margin of 27% [38] Business Line Data and Key Metrics Changes - The number of GEO aircraft online grew to 1,280, up 16% year-over-year and 31 units sequentially [32] - Advanced ATG aircraft online reached 4,716, up 15% from the prior year, comprising 68% of the total ATG fleet [31] - Advanced equipment units shipped increased by 19% sequentially to 241 [33] Market Data and Key Metrics Changes - The business aviation sector shows significant unmet demand, with only about one-third of the world's business jets having connectivity [13] - The military government mobility market is expected to grow, with the Department of Defense increasing its projected spending on LEO satellite services from $900 million to $13 billion over the next ten years [15] Company Strategy and Development Direction - Gogo aims to grow shareholder value by driving growth in high-margin recurring revenue customer relationships in business aviation and military government sectors [16] - The company is focused on integrating Gogo and Satcom Direct to enhance market positioning and product offerings [6] - Gogo's strategy includes leveraging its global sales and service network to expand its addressable market by 60% [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's resilience despite macroeconomic uncertainties, noting a diverse international customer base [49] - The company anticipates strong free cash flows in 2026, driven by higher-margin service revenue and realized cost synergies [13] - Management highlighted the positive impact of the Satcom Direct acquisition on future growth and financial performance [29] Other Important Information - Gogo has achieved over 85% of targeted synergy savings from the Satcom Direct acquisition, with expectations for full realization in 2026 [12] - The company is preparing for the launch of its 5G network, with 301 aircraft pre-provisioned for launch, a 29% increase from the previous year [22] Q&A Session Summary Question: Can you size the tariff impact in terms of dollar amount? - The tariff impact is around $5 million, split between EBITDA and working capital [48] Question: What portion of your customer base is economically sensitive? - Management noted no significant impact from macroeconomic fears, citing a diverse international customer base [49] Question: Can you break down the growth rate between GEO broadband and other segments? - The majority of growth was related to GEO broadband, with significant contributions from the military government segment [51] Question: How do you view the competitive environment in the ATG segment? - Management expressed confidence, stating that suspensions are primarily maintenance-related and not indicative of competitive losses [60] Question: What trends are seen in the MilGov business? - There is increasing demand for broadband solutions in the military sector, with opportunities emerging in European and Southeast Asian markets [86]

Financial Data and Key Metrics Changes - Gogo's total revenue for Q1 2025 was $230.3 million, representing a 21% year-over-year increase and a 67% sequential increase [31] - Total service revenue reached $198.6 million, up 43% year-over-year and 67% sequentially [32] - Adjusted EBITDA for Q1 was $62.1 million, with an adjusted EBITDA margin of 27% [38] Business Line Data and Key Metrics Changes - The number of GEO aircraft online grew to 1,280, up 16% year-over-year and 31 units sequentially [33] - Advanced ATG aircraft online reached 4,716, up 15% from the prior year, comprising 68% of the total ATG fleet [32] - Advanced equipment units shipped increased by 19% sequentially to 241 [34] Market Data and Key Metrics Changes - The business aviation sector shows significant unmet demand, with only about one-third of the world's business jets having connectivity [14] - The mil gov mobility market is expected to transition from legacy narrowband services to SATCOM broadband solutions, with increased spending projected by the Department of Defense [16] Company Strategy and Development Direction - Gogo aims to grow shareholder value by driving growth in high-margin recurring revenue customer relationships in business aviation and military government sectors [17] - The company is focused on integrating Gogo and Satcom Direct to enhance market positioning and product offerings [6] - Gogo's strategy includes leveraging its global sales network and expanding its target addressable market [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's resilience despite macroeconomic uncertainties, noting a diverse international customer base [50] - The company anticipates strong free cash flows in 2026, driven by higher-margin service revenue and realized cost synergies [13] - Management highlighted the potential for growth in the mil gov sector due to increased defense spending and the transition to new technologies [88] Other Important Information - Gogo has achieved over 85% of targeted synergy savings from the Satcom Direct acquisition, with expectations for full realization by 2026 [12] - The company is preparing for the launch of its 5G network, with significant pre-provisioning already completed [24] Q&A Session Summary Question: Can you size the tariff impact in terms of dollar amount? - The tariff impact is around $5 million, split between EBITDA and working capital [49] Question: What proportions of the customer base are corporate versus charter? - Management noted no significant impact from macroeconomic fears, with a diverse international customer base [50] Question: Can you break down the growth rate seen in Q1 between GEO broadband and other segments? - The majority of growth was related to GEO broadband, with a significant portion also coming from mil gov [52] Question: How do you see the competitive environment affecting the ATG segment? - Management expressed confidence in the ATG segment, citing good market intelligence on customer suspensions [62] Question: What trends are seen in the mil gov business given changing dynamics in defense markets? - There is increasing demand for sovereign-based networks and a shift towards new technologies in the mil gov sector [88]

Financial Data and Key Metrics Changes - Gogo's total revenue for Q1 2025 was $230.3 million, representing a 21% year-over-year increase and a 67% sequential increase [30] - Total service revenue reached $198.6 million, up 43% year-over-year and 67% sequentially [31] - Adjusted EBITDA for Q1 was $62.1 million, with an adjusted EBITDA margin of 27% [37] Business Line Data and Key Metrics Changes - The number of GEO aircraft online grew to 1,280, up 16% year-over-year and 31 units sequentially [32] - Advanced AOL reached 4,716, up 15% from the prior year, comprising 68% of the total ATG fleet, up from 58% in the prior year quarter [31] - Advanced equipment units shipped increased by 19% sequentially to 241 [33] Market Data and Key Metrics Changes - The business aviation sector shows significant unmet demand, with only about a third of the world's business jets having connectivity [14] - The military government mobility market is expected to grow as the Department of Defense increases spending on LEO satellite services from $900 million to $13 billion over the next ten years [15] Company Strategy and Development Direction - Gogo aims to grow shareholder value by driving growth in high-margin recurring revenue customer relationships in business aviation and military government sectors [17] - The company is focused on integrating Gogo and Satcom Direct to enhance market positioning and product offerings [6] - Gogo's strategy includes leveraging its global sales and service network to expand its addressable market by 60% [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's resilience despite macroeconomic uncertainties, noting a diverse international customer base [49] - The company anticipates strong free cash flows in 2026 driven by higher-margin service revenue and realized cost synergies [13] - Management highlighted the positive impact of the Satcom Direct acquisition on operational execution and financial discipline [29] Other Important Information - Gogo has achieved over 85% of targeted synergy savings, with expectations for full realization by 2026 [12] - The company received a $334 million grant from the FCC to support the upgrade of its ATG network to LTE [24] Q&A Session Summary Question: Can you size the tariff impact in terms of dollar amount? - The tariff impact is around $5 million, split between EBITDA and working capital [48] Question: What proportion of your customer base is economically sensitive? - The company is not seeing any significant impact from economic sensitivity, with a diverse international customer base [49] Question: Can you break down the growth rate between GEO broadband and other segments? - The majority of growth was related to GEO broadband, with a significant portion also coming from military government [51] Question: What are the trends in the MilGov business given the changing dynamics? - There is increasing demand in overseas markets, with a focus on sovereign-based networks and a tech refresh in the DOD [88]

Core Insights - Gogo Inc. reported total revenue of $230.3 million for Q1 2025, representing a 121% increase year-over-year and a 67% increase compared to Q4 2024 [3][34] - Service revenue reached $198.6 million, up 143% year-over-year, while equipment revenue was $31.7 million, a 40% increase year-over-year [3][34] - The company achieved PMA approval for its larger LEO antenna, FDX, ahead of schedule, which is expected to enhance service revenue starting in Q1 2026 [5] Financial Performance - Net income for Q1 2025 was $12.0 million, compared to $30.5 million in Q1 2024 and a net loss of $28.2 million in Q4 2024 [3][22] - Adjusted EBITDA for Q1 2025 was $62.1 million, reflecting a 43% increase year-over-year and an 83% increase compared to Q4 2024 [3][37] - Free Cash Flow for Q1 2025 was $30.0 million, down from $32.1 million in the prior-year period but up from a negative $39.6 million in Q4 2024 [9][37] Operational Metrics - Total ATG AVANCE aircraft online grew to 4,716, a 15% increase year-over-year [3][31] - Average Monthly Connectivity Service Revenue per ATG aircraft online was $3,451, remaining flat compared to Q1 2024 [3][31] - The company shipped 59 HDX antennas year-to-date, with 38 HDX Supplemental Type Certificates under contract, targeting a total addressable market of nearly 32,000 aircraft [9][9] Strategic Outlook - Gogo reiterated its 2025 financial guidance, projecting total revenue between $870 million and $910 million and adjusted EBITDA between $200 million and $220 million [6][7] - The company anticipates Free Cash Flow in the range of $60 million to $90 million for 2025, with capital expenditures of approximately $60 million [7][39] - Gogo plans to provide longer-term financial targets later in 2025, with preliminary targets indicating 10% revenue growth and adjusted EBITDA margins in the mid-20s [8]