Gogo Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
GOGO$3.89+71.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105003
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001193125-25-269462
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 129 previous paragraphs and 139 current paragraphs.
90 unchanged; 27 reworded; 22 added; 12 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Change in Reportable Segments
Current report
As a result of the Company’s acquisition of Satcom Direct, the Company initially had two reportable segments on December 3, 2024: the legacy pre-acquisition operations of the Company and the acquired entities of Satcom Direct. However, during the third quarter of 2025, the Company’s chief operating decision maker (“CODM”), who is the Chief Executive Officer, started making resource and operating decisions by evaluating the performance and business results of the consolidated company. As such, the Company has a single reportable segment as of September 30, 2025.
Current report
Three and Nine Months Ended September 30, 2025 and 2024
Current report
Revenue and percent change for the three- and nine-month periods ended September 30, 2025 and 2024 were as follows(in thousands, except for percent change):
Current report
Total revenue increased to $223.6 million and $679.9 million, respectively, for the three- and nine-month periods ended September 30, 2025, as compared with $100.5 million and $306.9 million, respectively, for the prior-year periods.
Current report
Equipment revenue increased to $33.6 million and $97.4 million, respectively, for the three- and nine-month periods ended September 30, 2025, as compared with $18.7 million and $61.5 million, respectively, for the prior-year periods due to the current-year periods including equipment revenue earned as a result of the acquisition of Satcom Direct.
Current report
We expect service revenue to decline in the near term as a result of the expected decline in ATG services sold and increase in the future as additional aircraft come online after the launch of Gogo 5G and Gogo Galileo. We expect equipment revenue to increase in the future driven by growth in sales of Gogo 5G and Gogo Galileo units.
Current report
Cost of service revenue increased 380.8% and 396.5% to $91.6 million and $277.0 million, respectively, for the three- and nine-month periods ended September 30, 2025, as compared with $19.1 million and $55.8 million for the prior-year periods due to the current-year periods including cost of service revenue as a result of the acquisition of Satcom Direct.
Current report
Cost of equipment revenue increased 104.6% and 85.8% to $31.0 million and $88.0 million, respectively, for the three-month period ended September 30, 2025, as compared with $15.2 million and $47.4 million, respectively, for the prior-year periods due to the current-year periods including cost of equipment revenue as a result of the acquisition of Satcom Direct.
Current report
We expect that our cost of equipment revenue will increase with growth in units sold, including Gogo 5G and Gogo Galileo units, following the launch of those products.
Current report
Engineering, design and development expenses increased 60.7% and 43.7% to $15.7 million and $42.1 million, respectively, for the three- and nine-month periods ended September 30, 2025, as compared with $9.8 million and $29.3 million, respectively, for the prior-year periods as a result of the acquisition of Satcom Direct.
Current report
We expect engineering, design and development expenses as a percentage of service revenue to decrease, driven by Gogo Galileo development costs and Gogo 5G program spend nearing completion.
Current report
Sales and marketing expenses increased 57.5% and 64.0% to $13.5 million and $42.4 million, respectively, for the three- and nine-month periods ended September 30, 2025, as compared with $8.6 million and $25.9 million, respectively, for the prior-year periods as a result of the acquisition of Satcom Direct.
Current report
We expect sales and marketing expenses as a percentage of service revenue to increase in the near term and remain relatively steady in the long term after the launch and market adoption of the Gogo 5G and Gogo Galileo offerings.
Current report
We expect general and administrative expenses as a percentage of service revenue to decrease over time as acquisition and integration activities complete.
Current report
Depreciation and amortization expense increased 278.9% and 278.7% to $15.2 million and $44.5 million, respectively, for the three- and nine-month periods ended September 30, 2025, as compared with $4.0 million and $11.7 million, respectively, for the prior-year periods due to amortization expense related to intangible assets obtained in the acquisition of Satcom Direct.
Current report
We expect that our depreciation and amortization expense will increase in the future as we launch our Gogo 5G network.
Current report
We expect the change in fair value of the earnout liability to fluctuate in the future depending on performance of the Satcom Direct business. We expect our interest expense to fluctuate in the future based on changes in the variable rates associated with our indebtedness. The benefit we receive from our interest rate caps will decrease over time as our hedge notional amount decreases and the strike rate increases. See Note 8, “Long-Term Debt and Other Liabilities,” to our Unaudited Condensed Consolidated Financial Statements for additional information.
Current report
We believe it is useful for an understanding of our operating performance to exclude litigation settlement costs from Adjusted EBITDA because this activity is outside of the ordinary course of our operations and does not reflect our operating performance.
Current report
Adjusted EBITDA does not reflect litigation settlement costs;
Current report
Changes in deferred revenue due to the recognition of revenue where cash was previously collected; and
Current report
Changes in account receivable due to the timing of receipts.
Removed paragraphs (12)
Previous report
Segments
Previous report
As a result of the Company’s acquisition of Satcom Direct, the Company has two reportable segments: (i) the legacy pre-acquisition operations of the Company (“Gogo BA”) and (ii) the acquired entity, Satcom Direct. The consolidated financial statements and the related notes contained elsewhere in this Quarterly Report on Form 10-Q report the results of the Gogo BA segment and, for the 2025 period and the Consolidated Balance Sheets as of December 31, 2024, the Satcom Direct segment. The Gogo BA segment provides in-flight connectivity for business aviation via ATG and satellite networks. The Satcom Direct segment primarily provides global satellite-based communication solutions for business and military/government aircraft. Satcom Direct is managed as a separate reportable segment, but in the future, we may realign our reportable segments after integrating the Satcom Direct business. This “Management’s Discussion and Analysis of Financial Condition and Results of Operations” discusses the results of both segments for the periods in which they are covered by the consolidated financial statements, except that, for the reasons described below, it does not reflect the impact of the Satcom Direct segment in “Key Operating Metrics” and “Results of Operations—Three and Six Months Ended June 2025 and 2024.”
Previous report
Three and Six Months Ended June 30, 2025 and 2024
Previous report
Revenue and percent change for the three- and six-month periods ended June 30, 2025 and 2024 were as follows(in thousands, except for percent change):
Previous report
Total Gogo BA revenue increased to $103.3 million for the three-month period ended June 30, 2025, as compared with $102.1 million for the prior-year period due to an increase in equipment revenue, partially offset by a decrease in service revenue. Total Gogo BA revenue decreased to $204.6 million for the six-month period ended June 30, 2025, as compared with $206.4 million for the prior-year period, due to a decrease in service revenue, partially offset by an increase in equipment revenue.
Previous report
Gogo BA’s equipment revenue increased to $25.7 million and $47.5 million, respectively, for the three- and six-month periods ended June 30, 2025, as compared with $20.1 million and $42.8 million, respectively, for the prior-year periods due to an increase in shipments of AVANCE units.
Previous report
Gogo BA’s cost of service revenue decreased 6.1% and 1.8% to $17.7 million and $36.1 million, respectively, for the three- and six-month periods ended June 30, 2025, as compared with $18.9 million and $36.7 million for the prior-year periods due to a decrease in net credit card processing fees.
Previous report
Gogo BA’s cost of equipment revenue increased 32.0% and 29.4% to $21.7 million and $41.7 million, respectively, for the three-month period ended June 30, 2025, as compared with $16.4 million and $32.2 million, respectively, for the prior-year periods due to higher sales of lower margin products.
Previous report
Gogo BA’s engineering, design and development expenses decreased 28.1% and 16.5% to $7.4 million and $16.3 million, respectively, for the three- and six-month periods ended June 30, 2025, as compared with $10.3 million and $19.5 million, respectively, for the prior-year periods due to a decrease in Gogo Galileo and Gogo 5G development costs.
Previous report
Gogo BA’s sales and marketing expenses decreased 31.7% and 24.2% to $6.2 million and $13.1 million, respectively, for the three- and six-month periods ended June 30, 2025, as compared with $9.0 million and $17.3 million, respectively, for the prior-year periods due to lower personnel costs.
Previous report
Gogo BA’s depreciation and amortization expense decreased 11.7% and 15.6% to $3.4 million and $6.5 million, respectively, for the three- and six-month periods ended June 30, 2025, as compared with $3.9 million and $7.7 million, respectively, for the prior-year periods due to depreciation expense.
Previous report
Changes in contract assets due to additional promotional sales programs in the current year as opposed to the prior year.
Reworded paragraphs (27)
Previous wording
Our management regularly reviews financial and operating metrics, including the following key operating metrics, to evaluate the performance of our business and our success in executing our business plan, make decisions regarding resource allocation and corporate strategies, and evaluate forward-looking projections. The metrics below are only for the Gogo BA segment and do not include metrics for the Satcom Direct segment for the periods in which it is reflected in the Company’s consolidated financial statements, with the exception of the GEO aircraft online (which includes the Satcom Direct business aviation broadband GEO aircraft online but excludes military/government GEO aircraft online), because these reporting periods provided insufficient time for management to review, test and select meaningful metrics that would be useful on a standalone basis to both management and investors. Additionally, the below metrics are different in scope than those previously presented for the Gogo BA segment given the impact of the Satcom Direct acquisition. As previously disclosed, as part of the integration of the Satcom Direct business into the Company’s operations, management plans to develop a set of key financial and operating metrics for use by management and investors to reflect the major aspects of the combined Gogo BA and Satcom Direct business.
Current wording
Our management regularly reviews financial and operating metrics, including the following key operating metrics, to evaluate the performance of our business and our success in executing our business plan, make decisions regarding resource allocation and corporate strategies, and evaluate forward-looking projections.
Previous wording
AVANCE aircraft online. We define AVANCE aircraft online as the total number of business aircraft equipped with our AVANCE L5 or L3 system for which we provide ATG services as of the last day of each period presented.
Current wording
AVANCE aircraft online. We define AVANCE aircraft online as the total number of business aircraft equipped with our AVANCE L5 or L3 system for which we provide ATG services in the last month of the period presented.
Previous wording
Gogo Biz aircraft online. We define Gogo Biz aircraft online as the total number of business aircraft not equipped with our AVANCE L5 or L3 system for which we provide ATG services as of the last day of each period presented. This number excludes commercial aircraft operated by Intelsat’s airline customers receiving ATG service.
Current wording
Gogo Biz aircraft online. We define Gogo Biz aircraft online as the total number of business aircraft not equipped with our AVANCE L5 or L3 system for which we provide ATG services in the last month of the period presented. This number excludes commercial aircraft operated by Intelsat’s airline customers receiving ATG service.
Previous wording
GEO aircraft online. We define GEO aircraft online as the total number of aircraft for which we provide GEO broadband services to business aviation customers as of the last day of each period presented. This number excludes aircraft receiving services through GEO satellite networks that are end-of-life.
Current wording
GEO aircraft online. We define GEO aircraft online as the total number of aircraft for which we provide GEO broadband services to business aviation customers as of the last day of each period presented. This number excludes aircraft receiving services through GEO satellite networks that are end-of-life and military/government GEO aircraft online.
Previous wording
Below is a discussion of changes in the results in operations for the three- and six-month periods ended June 30, 2025 and 2024, which as discussed above are for the Gogo BA segment only. The acquisition of Satcom Direct was completed in the fourth quarter of 2024 and as a result, there is no meaningful prior period comparison point. Unless otherwise noted below, we expect consolidated revenue and expenses to increase in 2025 compared to 2024 as a result of a full year of activity for Satcom Direct.
Current wording
Below is a discussion of changes in the results in operations for the three- and nine-month periods ended September 30, 2025 and 2024. The acquisition of Satcom Direct was completed in the fourth quarter of 2024 and as a result, there is no meaningful prior period comparison point.
Previous wording
Gogo BA’s service revenue decreased to $77.6 million and $157.1 million, respectively, for the three- and six-month periods ended June 30, 2025, as compared with $81.9 million and $163.6 million, respectively, for the prior-year periods due to a decrease in ATG units online.
Current wording
Service revenue increased to $190.0 million and $582.5 million, respectively, for the three- and nine-month periods ended September 30, 2025, as compared with $81.9 million and $245.5 million, respectively, for the prior-year periods due to the current-year periods including service revenue earned as a result of the acquisition of Satcom Direct.
Previous wording
Cost of revenue and percent change for the three- and six-month periods ended June 30, 2025 and 2024 were as follows(in thousands, except for percent change):
Current wording
Cost of revenue and percent change for the three- and nine-month periods ended September 30, 2025 and 2024 were as follows(in thousands, except for percent change):
Previous wording
Gogo BA’s general and administrative expenses increased 6.7% and 30.4% to $23.3 million and $47.6 million, respectively, for the three- and six-month periods ended June 30, 2025, as compared with $21.8 million and $36.5 million, respectively, for the prior-year periods. The increase for the three-month period is due to acquisition and integration-related costs of $3.1 million and increased personnel costs of $5.2 million, partially offset by lower legal fees of $6.8 million. The increase in for the six-month period is due to acquisition and integration-related costs of $7.5 million and increased personnel costs of $7.9 million, partially offset by lower legal fees of $6.5 million.
Current wording
General and administrative expenses increased 11.8% and 40.0% to $27.9 million and $86.0 million, respectively, for the three- and nine-month periods ended September 30, 2025, as compared with $24.9 million and $61.4 million, respectively, for the prior-year periods. The increase for the three-month period is due to the acquisition of Satcom Direct. The increase for the nine-month period is due to the acquisition of Satcom Direct of $14.8 million and an increase in personnel costs of $10.8 million, partially offset by a decrease in legal fees of $6.2 million.
Previous wording
Other expense (income) and percent change for the three- and six-month periods ended June 30, 2025 and 2024 were as follows(in thousands, except for percent change):
Current wording
Other expense (income) and percent change for the three- and nine-month periods ended September 30, 2025 and 2024 were as follows(in thousands, except for percent change):
Previous wording
Total other expense decreased to $19.0 million for the three-month period ended June 30, 2025 as compared with $20.7 million for the prior-year period due to an unrealized holding loss on the Investment in Convertible Note during the prior-year period, partially offset by an increase in interest expense in the current-year period due to the HPS Term Loan Facility and the change in fair value of the earnout liability. Total other expense increased to $35.2 million for the six-month period ended June 30, 2025 as compared with $14.0 million for the prior-year period due to increased interest expense on the HPS Term Loan Facility and the change in fair value of the earnout liability.
Current wording
Total other expense increased to $29.3 million for the three-month period ended September 30, 2025 as compared with $6.9 million for the prior-year period due to interest expense on the HPS Term Loan Facility, change in fair value of the earnout liability from the Satcom Direct acquisition and litigation settlement expense, partially offset by the reversal of an expected credit loss reserve and change in fair value of the convertible note investment. Total other expense increased to $64.5 million for the nine-month period ended September 30, 2025 as compared with $20.9 million for the prior-year period due to increased interest expense on the HPS Term Loan Facility, the change in fair value of the earnout liability, and litigation settlement expense, partially offset by the reversal of an expected credit loss reserve and change in fair value of the convertible note investment.
Previous wording
The effective income tax rate for the three- and six-month periods ended June 30, 2025 was 24.6% and 30.9%, respectively, as compared with 13.6% and 26.1%, respectively, for the prior-year periods. For the three- and six-month periods ended June 30, 2025, our income tax provision was $4.2 million and $11.1 million, respectively, due to consolidated pre-tax income. For the three- and six-month periods ended June 30, 2024, our income tax provision was $0.1 million and $11.1 million, respectively, due to consolidated pre-tax income. See Note 14, “Income Tax,” to our Unaudited Condensed Consolidated Financial Statements for additional information.
Current wording
The effective income tax rate for the three- and nine-month periods ended September 30, 2025 was (242.8)% and 35.3%, respectively, as compared with 12.5% and 23.1%, respectively, for the prior-year periods. For the three- and nine-month periods ended September 30, 2025, our income tax provision was $1.4 million and $12.5 million, respectively, due to consolidated pre-tax income. For the three- and nine-month periods ended September 30, 2024, our income tax provision was $1.5 million and $12.6 million, respectively, due to consolidated pre-tax income. See Note 14, “Income Tax,” to our Unaudited Condensed Consolidated Financial Statements for additional information.
Previous wording
Adjusted EBITDA represents EBITDA adjusted for (i) stock-based compensation expense, (ii) acquisition and integration-related costs, including amortization of acquisition-related inventory step-up costs and changes in fair value of the earnout liability, and (iii) change in fair value of convertible note investment. Our management believes that the use of Adjusted EBITDA eliminates items that management believes have less bearing on our operating performance, thereby highlighting trends in our core business which may not otherwise be apparent. It also provides an assessment of controllable expenses, which are indicators management uses to determine whether current spending decisions need to be adjusted in order to meet financial goals and achieve optimal financial performance.
Current wording
Adjusted EBITDA represents EBITDA adjusted for (i) stock-based compensation expense, (ii) acquisition and integration-related costs, including amortization of acquisition-related inventory step-up costs and changes in fair value of the earnout liability, (iii) litigation settlement costs, and (iv) change in fair value of convertible note investment. Our management believes that the use of Adjusted EBITDA eliminates items that management believes have less bearing on our operating performance, thereby highlighting trends in our core business which may not otherwise be apparent. It also provides an assessment of controllable expenses, which are indicators management uses to determine whether current spending decisions need to be adjusted in order to meet financial goals and achieve optimal financial performance.
Previous wording
(1) For the three months ended June 30, 2025, figure consists of integration-related advisory fees of $1.5 million and severance and other compensation-related costs of $2.2 million. For the six months ended June 30, 2025, figure consists of integration-related advisory fees of $5.4 million and severance and other compensation-related costs of $4.7 million.
Current wording
(1) For the three months ended September 30, 2025, figure consists of integration-related advisory fees of $0.7 million and severance and other compensation-related costs of $2.2 million. For the nine months ended September 30, 2025, figure consists of integration-related advisory fees of $6.1 million and severance and other compensation-related costs of $6.9 million.
Previous wording
On September 5, 2023, we announced a share repurchase program that grants the Company authority to repurchase up to $50 million of shares of the Company’s common stock. Repurchases may be made at management's discretion from time to time on the open market, through privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act. The repurchase program has no time limit and may be suspended for periods or discontinued at any time and does not obligate us to purchase any shares of our common stock. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. We do not expect to incur debt to fund the share repurchase program. No shares were repurchased during the six-month period ended June 30, 2025. During the six-month period ended June 30, 2024, we repurchased an aggregate 2.6 million shares of our common stock for $23.2 million. As of June 30, 2025, approximately $12.1 million remains available under the share repurchase program.
Current wording
On September 5, 2023, we announced a share repurchase program that grants the Company authority to repurchase up to $50 million of shares of the Company’s common stock. Repurchases may be made at management's discretion from time to time on the open market, through privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act. The repurchase program has no time limit and may be suspended for periods or discontinued at any time and does not obligate us to purchase any shares of our common stock. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. We do not expect to incur debt to fund the share repurchase program. No shares were repurchased during the nine-month period ended September 30, 2025. During the nine-month period ended September 30, 2024, we repurchased an aggregate 3.6 million shares of our common stock for $30.8 million. As of September 30, 2025, approximately $12.1 million remains available under the share repurchase program.
Previous wording
In May 2021, we purchased interest rate caps with an aggregate notional amount of $650.0 million for $8.6 million. We receive payments in the amount calculated pursuant to the caps for any period in which the daily compounded SOFR rate plus a credit spread adjustment recommended by the Alternative Reference Rates Committees of 0.26% increases beyond the applicable strike rate. The termination date of the cap agreements is July 31, 2027. The aggregate notional amount of the interest rate caps as of June 30, 2025 is $350.0 million. The notional amounts of the interest rate caps periodically decrease over the life of the caps with the latest reduction of $100.0 million having occurred on July 31, 2025. While the interest rate caps are intended to limit our interest rate exposure under our variable rate indebtedness, which includes the Facilities, if our variable rate indebtedness does not decrease in proportion to the periodic decreases in the notional amount hedged under the interest rate caps, then the portion of such indebtedness that will be effectively hedged against possible increases in interest rates will decrease. In addition, the strike prices periodically increase over the life of the caps. As a result, the extent to which the interest rate caps will limit our interest rate exposure will decrease in the future.
Current wording
In May 2021, we purchased interest rate caps with an aggregate notional amount of $650.0 million for $8.6 million. We receive payments in the amount calculated pursuant to the caps for any period in which the daily compounded SOFR rate plus a credit spread adjustment recommended by the Alternative Reference Rates Committees of 0.26% increases beyond the applicable strike rate. The termination date of the cap agreements is July 31, 2027. The aggregate notional amount of the interest rate caps as of September 30, 2025 is $250.0 million. The notional amounts of the interest rate caps periodically decrease over the life of the caps with the latest reduction of $100.0 million having occurred on July 31, 2025. While the interest rate caps are intended to limit our interest rate exposure under our variable rate indebtedness, which includes the Facilities, if our variable rate indebtedness does not decrease in proportion to the periodic decreases in the notional amount hedged under the interest rate caps, then the portion of such indebtedness that will be effectively hedged against possible increases in interest rates will decrease. In addition, the strike prices periodically increase over the life of the caps. As a result, the extent to which the interest rate caps will limit our interest rate exposure will decrease in the future.
Previous wording
For the six-month period ended June 30, 2025, net cash provided by operating activities was $69.2 million as compared with $54.6 million in the prior-year period. The principal contributors to the year-over-year change in operating cash flows were:
Current wording
For the nine-month period ended September 30, 2025, net cash provided by operating activities was $116.0 million as compared with $79.7 million in the prior-year period. The principal contributors to the year-over-year change in operating cash flows were:
Previous wording
A $20.2 million improvement in net income and non-cash charges and credits, as noted above under “Results of Operations — Three and Six Months Ended June 30, 2025 and 2024.”
Current wording
A $34.0 million improvement in net income and non-cash charges and credits, as noted above under “Results of Operations — Three and Nine Months Ended September 30, 2025 and 2024.”
Previous wording
A $5.6 million decrease in cash flows related to operating assets and liabilities resulting from:
Current wording
A $2.2 million improvement in cash flows related to operating assets and liabilities resulting from:
Previous wording
Partially offset by an increase in cash flows due to changes in inventories due to an increase in equipment revenue and a decrease in purchases due to the factors described under “Results of Operations — Three and Six Months Ended June 30, 2025 and 2024.”
Current wording
An increase in cash flows due to changes in inventories due to an increase in equipment revenue and a decrease in purchases.
Previous wording
A decrease in cash flows due to the following:
Current wording
Partially offset by a decrease in cash flows due to the following:
Previous wording
Changes in accounts payable due to timing of payments; and
Current wording
Changes in accounts payable due to timing of payments;
Previous wording
Cash used in investing activities was $7.2 million for the six-month period ended June 30, 2025, due to $12.1 million of capital expenditures noted below and a $1.6 million payment for net working capital adjustments relating to the purchase of Satcom Direct, partially offset by $6.1 million of proceeds from interest rate caps and $0.4 million of proceeds received from the FCC Reimbursement Program associated with the reimbursement of capital expenditures.
Current wording
Cash used in investing activities was $23.5 million for the nine-month period ended September 30, 2025, due to $34.7 million of capital expenditures noted below and a $1.6 million payment for net working capital adjustments relating to the purchase of Satcom Direct, partially offset by $9.1 million of proceeds from interest rate caps and $3.8 million of proceeds received from the FCC Reimbursement Program associated with the reimbursement of capital expenditures.
Previous wording
Cash used in investing activities was $2.7 million for the six-month period ended June 30, 2024, due to $10.7 million of capital expenditures noted below and a $5.0 million convertible note investment, partially offset by $12.9 million of proceeds from interest rate caps and $0.1 million of proceeds received from the FCC Reimbursement Program associated with the reimbursement of capital expenditures.
Current wording
Cash used in investing activities was $3.2 million for the nine-month period ended September 30, 2024, due to $18.9 million of capital expenditures noted below and a $5.0 million convertible note investment, partially offset by $19.5 million of proceeds from interest rate caps and $1.2 million of proceeds received from the FCC Reimbursement Program associated with the reimbursement of capital expenditures.
Previous wording
Cash used in financing activities for the six-month period ended June 30, 2025 was $2.3 million due to principal payments on the HPS Term Loan Facility and stock-based compensation activities.
Current wording
Cash used in financing activities for the nine-month period ended September 30, 2025 was $1.1 million due to principal payments on the HPS Term Loan Facility, partially offset by proceeds from stock-based compensation activities.
Previous wording
Cash used in financing activities for the six-month period ended June 30, 2024 was $29.5 million, due to share repurchases, principal payments on the 2021 Term Loan Facility and stock-based compensation activities.
Current wording
Cash used in financing activities for the nine-month period ended September 30, 2024 was $38.9 million, due to share repurchases, principal payments on the 2021 Term Loan Facility and stock-based compensation activities.
Previous wording
Capital expenditures for the six-month periods ended June 30, 2025 and 2024 were $12.1 million and $10.7 million, respectively, due to the build out of the Gogo 5G and LTE networks and Gogo Galileo.
Current wording
Capital expenditures for the nine-month periods ended September 30, 2025 and 2024 were $34.7 million and $18.9 million, respectively, due to the build out of the Gogo 5G and LTE networks and Gogo Galileo.
Previous wording
We expect that our capital expenditures will increase in the near term due to the build out of the LTE network related to the FCC Reimbursement Program. This increase related to the LTE network may be partially offset by reimbursements from the FCC. We expect that our capital expenditures will decrease starting in 2026 as this program is expected to be completed.
Current wording
We expect that our capital expenditures will increase in the near term due to the build out of the LTE network related to the FCC Reimbursement Program. This increase related to the LTE network is expected to be partially offset by reimbursements from the FCC. We expect that our capital expenditures will decrease over time as this program is completed.