Gogo Announces $50 Million Share Repurchase Program

BROOMFIELD, Colo. – Gogo Inc. (NASDAQ: GOGO) (“Gogo” or the “Company”), the world’s largest provider of broadband connectivity services for the business aviation market, today announced that its Board of Directors approved a share repurchase program that grants the Company authority to repurchase up to $50 million of shares of the Company’s common stock.
“Our long-term capital allocation priorities are to first maintain adequate liquidity; second, invest in high-return strategic initiatives; third, carry an appropriate level of debt with a target net leverage ratio of 2.5x - 3.5x; and fourth, return capital to shareholders,” said Oakleigh Thorne, chairman and CEO. “With a strong cash balance, our Gogo 5G, Galileo and other strategic projects well-funded, our net leverage ratio at 3.0x, and with strong confidence in our business, we are now comfortable moving to priority four and returning capital to shareholders,” Thorne said.
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 10b5-1 under the Securities Exchange Act, as amended, in accordance with applicable securities laws and other restrictions. The repurchase program has no time limit and may be suspended for periods or discontinued at any time and does not obligate the Company to purchase any shares of Gogo 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. The Company does not expect to incur debt to fund the share repurchase program.
The Company had 128,697,082 shares of common stock outstanding as of August 3, 2023.
About Gogo
Gogo is the world’s largest provider of broadband connectivity services for the business aviation market. We offer a customizable suite of smart cabin systems for highly integrated connectivity, inflight entertainment and voice solutions. Gogo’s products and services are installed on thousands of business aircraft of all sizes and mission types from turboprops to the largest global jets, and are utilized by the largest fractional ownership operators, charter operators, corporate flight departments and individuals.
As of June 30, 2023, Gogo reported 7,064 business aircraft flying with its ATG systems onboard, 3,598 of which are flying with a Gogo AVANCE L5 or L3 system; and 4,433 aircraft with narrowband satellite connectivity installed. Connect with us at www.gogoair.com.

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