Gogo Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 28, 2024
GOGO$3.60-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities from continuing operations: | |||
| Net income | $145,678 | $92,059 | $156,589 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation and amortization | 16,701 | 12,580 | 15,482 |
| Loss on asset disposals, abandonments and write-downs | 362 | 1,577 | 141 |
| Provision for expected credit losses | 1,233 | 1,047 | 284 |
| Deferred income taxes | (49,172) | 13,170 | (187,320) |
| Stock-based compensation expense | 21,288 | 19,065 | 13,345 |
| Amortization of deferred financing costs and interest rate caps | 3,894 | 3,215 | 4,661 |
| Accretion of debt discount | 403 | 456 | 419 |
| Gain on sale of equity investment | (1,343) | — | — |
| Loss on extinguishment of debt and settlement of convertible notes | 2,224 | — | 83,961 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 4,833 | (17,482) | 1,925 |
| Inventories | (13,694) | (15,517) | (5,862) |
| Prepaid expenses and other current assets | (49,891) | 8,351 | (20,844) |
| Contract assets | 3,217 | (2,164) | (5,638) |
| Accounts payable | 3,658 | (2,540) | 3,806 |
| Accrued liabilities | 4,351 | (12,031) | 14,099 |
| Deferred revenue | (2,411) | 1,589 | (1,282) |
| Accrued interest | (9,409) | 3,647 | (8,604) |
| Other non-current assets and liabilities | (2,952) | (3,617) | 1,535 |
| Net cash provided by operating activities from continuing operations | 78,970 | 103,405 | 66,697 |
| Investing activities from continuing operations: | |||
| Proceeds from sale of property and equipment | — | — | 1,000 |
| Purchases of property and equipment | (16,267) | (43,914) | (4,264) |
| Acquisition of intangible assets—capitalized software | (7,821) | (6,000) | (4,396) |
| Proceeds from FCC Reimbursement Program for property, equipment and intangibles | 1,130 | — | — |
| Proceeds from (purchase of) interest rate caps | 26,675 | 4,292 | (8,629) |
| Redemptions of short-term investments | 74,179 | — | — |
| Purchases of short-term investments | (49,383) | (24,796) | — |
| Purchase of equity investment | (5,000) | — | — |
| Proceeds from sale of equity investment | 6,343 | — | — |
| Net cash provided by (used in) investing activities from continuing operations | 29,856 | (70,418) | (16,289) |
| Financing activities from continuing operations: | |||
| Redemption of senior secured notes | — | — | (1,023,146) |
| Proceeds from term loan, net of discount | — | — | 721,375 |
| Payment of debt issuance costs | — | — | (21,103) |
| Repurchases of common stock | (4,822) | (18,375) | — |
| Payments on term loan | (107,250) | (7,250) | (3,625) |
| Payments on finance leases | (132) | (184) | (145) |
| Stock-based compensation activity | (8,230) | (2,579) | (4,393) |
| Net cash used in financing activities from continuing operations | (120,434) | (28,388) | (331,037) |
| Cash flows from discontinued operations: | |||
| Net cash used in operating activities | — | — | (1,211) |
| Net cash used in investing activities | — | — | (7,802) |
| Net cash used in financing activities | — | — | — |
| Net cash used in discontinued operations | — | — | (9,013) |
| Effect of foreign exchange rate changes on cash | 94 | 13 | 40 |
| Increase (decrease) in cash, cash equivalents and restricted cash | (11,514) | 4,612 | (289,602) |
| Cash, cash equivalents and restricted cash at beginning of period | 150,880 | 146,268 | 435,870 |
| Cash, cash equivalents and restricted cash at end of period | $139,366 | $150,880 | $146,268 |
| Cash, cash equivalents and restricted cash at end of period | $139,366 | $150,880 | $146,268 |
| Less: current restricted cash | — | — | 25 |
| Less: non-current restricted cash | 330 | 330 | 330 |
| Cash and cash equivalents at end of period | $139,036 | $150,550 | $145,913 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $68,145 | $41,209 | $71,114 |
| Cash paid for taxes | 1,004 | 377 | 376 |
| Non-cash investing activities: | |||
| Purchases of property and equipment in current liabilities | $4,801 | $10,688 | $6,126 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.