Gogo Inc.
For the period ended Dec 31, 2024. Filed Mar 14, 2025.
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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.
FY2024 · Filed Mar 14, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities: | |||
| Net income | $13,746 | $145,678 | $92,059 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation and amortization | 18,972 | 16,701 | 12,580 |
| Loss on asset disposals, abandonments and write-downs | 2,932 | 362 | 1,577 |
| Provision for expected credit losses | 3,803 | 1,233 | 1,047 |
| Deferred income taxes | 3,245 | (49,172) | 13,170 |
| Stock-based compensation expense | 20,777 | 21,288 | 19,065 |
| Amortization of deferred financing costs and interest rate caps | 5,147 | 3,894 | 3,215 |
| Accretion of debt discount | 510 | 403 | 456 |
| Change in fair value of convertible note and gain on sale of equity investment | 793 | (1,343) | — |
| Loss on extinguishment of debt | — | 2,224 | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 2,971 | 4,833 | (17,482) |
| Inventories | (16,224) | (13,694) | (15,517) |
| Prepaid expenses and other current assets | (13,417) | (49,891) | 8,351 |
| Contract assets | (7,138) | 3,217 | (2,164) |
| Accounts payable | (11,295) | 3,658 | (2,540) |
| Accrued liabilities | 11,153 | 4,351 | (12,031) |
| Deferred revenue | 3,621 | (2,411) | 1,589 |
| Accrued interest | 1,715 | (9,409) | 3,647 |
| Other non-current assets and liabilities | 110 | (2,952) | (3,617) |
| Net cash provided by operating activities | 41,421 | 78,970 | 103,405 |
| Investing activities: | |||
| Purchases of property and equipment | (13,504) | (16,267) | (43,914) |
| Acquisition of intangible assets—capitalized software | (13,551) | (7,821) | (6,000) |
| Acquisition of Satcom Direct, net of cash acquired | (332,724) | — | — |
| Proceeds from FCC Reimbursement Program for property, equipment and intangibles | 4,395 | 1,130 | — |
| Proceeds from interest rate caps | 23,181 | 26,675 | 4,292 |
| Redemptions of short-term investments | — | 74,179 | — |
| Purchases of short-term investments | — | (49,383) | (24,796) |
| Purchases of convertible note and equity investment | (5,000) | (5,000) | — |
| Proceeds from sale of equity investment | — | 6,343 | — |
| Net cash (used in) provided by investing activities | (337,203) | 29,856 | (70,418) |
| Financing activities: | |||
| Proceeds from term loan, net of discount | 245,000 | — | — |
| Payment of debt issuance costs | (4,020) | — | — |
| Repurchases of common stock | (33,185) | (4,822) | (18,375) |
| Payments on term loan | (6,063) | (107,250) | (7,250) |
| Payments on finance leases | (31) | (132) | (184) |
| Stock-based compensation activity | (3,010) | (8,230) | (2,579) |
| Net cash provided by (used in) financing activities | 198,691 | (120,434) | (28,388) |
| Effect of foreign exchange rate changes on cash | 29 | 94 | 13 |
| Increase (decrease) in cash, cash equivalents and restricted cash | (97,062) | (11,514) | 4,612 |
| Cash, cash equivalents and restricted cash at beginning of period | 139,366 | 150,880 | 146,268 |
| Cash, cash equivalents and restricted cash at end of period | $42,304 | $139,366 | $150,880 |
| Cash, cash equivalents and restricted cash at end of period | $42,304 | $139,366 | $150,880 |
| Less: current restricted cash | 70 | — | — |
| Less: non-current restricted cash | 469 | 330 | 330 |
| Cash and cash equivalents at end of period | $41,765 | $139,036 | $150,550 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $56,150 | $68,145 | $41,209 |
| Cash paid for taxes, net | $3,098 | $1,004 | $377 |
| Non-cash investing activities: | |||
| Fair value of shares issued in acquisition of Satcom Direct | $40,500 | $— | $— |
| Purchases of property and equipment in current liabilities | $5,139 | $4,801 | $10,688 |
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