Boingo Wireless, Inc. (NASDAQ:WIFI), the world's leading Wi-Fi software
and services provider, today announced the company's financial results
for the first quarter ended March 31, 2012.
First Quarter 2012 Financial Highlights
Boingo Wireless reported revenue of $24.2 million, compared to $21.0
million for the first quarter of 2011, an increase of 15.0 percent.
Adjusted EBITDA was $8.2 million, compared to $5.0 million for the first
quarter of 2011, an increase of 62.2 percent. Adjusted EBITDA, which is
a non-GAAP financial measure, is defined below and reconciled to net
income (loss), the most comparable measure under GAAP, in the section
entitled "Use of non-GAAP financial measures."
Net income attributable to common stockholders was $1.7 million, or
$0.05 per diluted share. This is compared to a net loss attributable to
common stockholders of $148 thousand, or ($0.03) per diluted share, for
the first quarter of 2011. Net loss attributable to common stockholders
for the three months ended March 31, 2011 is inclusive of $1.2 million
of accretion of convertible preferred stock.
"2012 is off to a strong start, reinforcing Boingo Wireless' market
leading position within the wireless eco-system," said David Hagan,
President and Chief Executive Officer of Boingo Wireless. "Continued
growth across both our retail and wholesale businesses drove a
significant 62% year-over-year increase in Adjusted EBITDA, highlighting
our leverageable infrastructure and high margin, recurring revenue
streams. Propelling our profitable growth are the strong network effects
and ongoing expansion of our global Wi-Fi platform. Year-to-date, we
extended the reach of our domestic managed and operated platform to
include new prominent venues: Denver International Airport, Chicago's
U.S. Cellular Field and an agreement with Transit Wireless to manage and
operate Wi-Fi networks for the New York City Subway System.
Internationally, we are thrilled to expand upon our Asia presence with
the addition of Phuket International Airport."
Mr. Hagan continued, "In addition, we have an extremely robust pipeline
of prospective venue launches that we expect will contribute
meaningfully to our financial and competitive position in the quarters
and years to come. We also look forward to continuing to expand our
private label and roaming partner relationships, grow our installed base
of software and expand our footprint internationally."
Key accomplishments include:
Boingo Wireless is initiating guidance for the second quarter ending
June 30, 2012, as follows:
Boingo Wireless is reiterating guidance for the full year ending
December 31, 2012, as follows:
Full Year 2012
Conference call information
Members of Boingo Wireless' management will host a conference call to
discuss its first quarter 2012 financial results beginning at 4:30 pm ET
(1:30 pm PT), today, May 3, 2012. To participate in the conference call,
investors from the U.S. and Canada should dial (877) 941-2068 ten
minutes prior to the scheduled start time. International callers should
dial (480) 629-9712. In addition, the call will be broadcast live over
the Internet hosted on the Investor Relations section of the company's
website at http://investors.boingo.com
and will be archived online upon completion of the conference call.
Use of non-GAAP financial measures
To supplement Boingo Wireless' financial statements presented on a GAAP
basis, Boingo Wireless provides Adjusted EBITDA as a supplemental
measure of its performance. The company defines Adjusted EBITDA as net
income (loss) attributable to common stockholders plus depreciation,
accretion of convertible preferred stock, income taxes, amortization of
intangible assets, stock-based compensation expense, non-controlling
interests expense and interest expense (income), net. Boingo Wireless
believes Adjusted EBITDA is useful to investors in evaluating its
operating performance. Boingo's management uses Adjusted EBITDA in
conjunction with accounting principles generally accepted in the United
States, or GAAP, and operating performance measures as part of its
overall assessment of the company's performance for planning purposes,
including the preparation of its annual operating budget, to evaluate
the effectiveness of its business strategies and to communicate with its
board of directors concerning its financial performance. Adjusted EBITDA
should not be considered as an alternative financial measure to net
(loss) income, which is the most directly comparable financial measure
calculated in accordance with GAAP, or any other measure of financial
performance calculated in accordance with GAAP.
About Boingo Wireless
Boingo Wireless, Inc. (NASDAQ: WIFI), the world's leading Wi-Fi software
and services provider, makes it easy, convenient and cost-effective for
people to enjoy Wi-Fi access on their laptop or mobile device at more
than 500,000 hotspots worldwide. With a single account, Boingo users can
access the mobile internet via Boingo Network locations that include the
top airports around the world, major hotel chains, cafés and coffee
shops, restaurants, convention centers and metropolitan hot zones.
Boingo through its Concourse Communications Group subsidiary operates
wireless networks at large-scale venues worldwide such as airports,
major sporting arenas, malls, and convention centers, as well as quick
serve restaurants. For more information about Boingo, please visit http://www.boingo.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" that involves
risks, uncertainties and assumptions. Forward-looking statements can be
identified by words such as "anticipates," "intends," "plans," "seeks,"
"believes," "estimates," "expects" and similar references to future
periods. These forward-looking statements include the quotations from
management in this press release, as well as any statements regarding
Boingo's strategic plans and future guidance. Forward-looking statements
are based on our current expectations and assumptions regarding our
business, the economy and other future conditions. Since forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are difficult to
predict. Our actual results may differ materially from those
contemplated by the forward-looking statements. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements include regional, national or global
political, economic, business, competitive, market and regulatory
conditions, as well as other risk and uncertainties described more fully
in documents filed with or furnished to the Securities and Exchange
Commission ("SEC"), including Boingo's Form 10-K for the year ended
December 31, 2011 filed with the SEC on April 13, 2012. Any
forward-looking statement made by us in this press release speaks only
as of the date on which it is made. Factors or events that could cause
our actual results to differ may emerge from time to time, and it is not
possible for us to predict all of them. We undertake no obligation to
publicly update any forward-looking statement, whether as a result of
new information, future developments or otherwise, except as may be
required by law.
Boingo, Boingo Wireless, the Boingo Wireless Logo and Don't Just Go.
Boingo. are registered trademarks of Boingo Wireless, Inc. All other
trademarks are the properties of their respective owners.
Boingo Wireless, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(1) As discussed in the annual report on Form 10-K, the company revised
its March 31, 2011 statement of operations to reflect a correction for
income taxes. The correction is reflected in the March 31, 2011 column
Condensed Consolidated Balance Sheets
Boingo Wireless, Inc.
Condensed Consolidated Statements of Cash Flows
Schedule of Non-GAAP Reconciliations
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