Gogo -9.6% on light EBITDA outlook

GOGO is reiterating full-year guidance for revenue of $400M-$422M (consensus is at $409.9M), and cash capex of $105M-$125M. But it now expects full-year adjusted EBITDA to be "toward the low end" of a prior $8M-$18M range due to higher spending to obtain certificates (STCs) for international service.

Service revenue +28% Y/Y in Q2 to $79.2M (32% growth was seen in Q1), equipment revenue +17% to $20.4M.

North American commercial aviation revenue +25% Y/Y to $62.1M. Average revenue per aircraft (ARPA) +18% to $9,994, thanks to a 14% increase in take rate to 6.7%. Aircraft online only rose 4% to 2,058.

Business aviation revenue +26% to $37.1M. ATG systems online +43% to 1,684, satellite systems online +3% to 5,105.

19 international commercial aircraft were online, up from 5 at the end of Q1. International service revenue was only $259K.

NA commercial had a $6.4M op. profit, business a $15.5M op. profit, and international commercial an $18.8M op. loss.

Q2 results, PR

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