Satellite Communications

Satellite Industry Financial Analysis, 9th Edition

PUBLISHED: October 2019

Available Licenses: Standard: $4,495 Enterprise: $8,495

  • Report Summary
  • Key Features
  • Table of Contents
  • Supporting Articles

NSR’s Satellite Industry Financial Analysis, 9th Edition (SIFA9) is the leading industry resource for analyzing financial performance across the dynamic satcom market.  Built on 10+ years of in-house financial research, innovation in building unique metrics and cross-analyzing infrastructure, capacity supply, demand, pricing and funding trends in the satcom industry, SIFA9 includes future outlook analysis on several operational, Debt, Cash and ROI metrics, competitiveness indicators and strategy.

NSR’s SIFA9 report continues to deliver best-in-class research, with a continued coverage of seven integrated operators and service providers post 8th Edition. 9th Edition includes:

A special emphasis is given to latest secondary and M&A indicators, along with built-in NSR assumptions on the unreported metrics in 2018.

SIFA8 assesses 11 quantitative and 14 qualitative metrics across the Satcom Financial Index, statistical metrics comparing 2008-2012 and 2013-2018 5-year trends, and in individual operator and service provider chapters.

The report analyzes key questions facing the satcom industry today:

 

 

NSR’s Satellite Industry Financial Analysis (SIFA) 9th Edition focuses on the analysis of standalone metrics of 17 operators and service providers, while simultaneously comparing 25 metrics on a YoY basis and on a statistical 5-year basis across two chapters, while simultaneously introducing various derived secondary indicators that throw light on the future economics of the satcom industry. Various metrics analyzed in this report as given in the table below:

These metrics are split into Operational Metrics, Debt & Solvency m=Metrics, CAPEX and Cash Generation Metrics, Competitive Advantage Ratios and Break-even Fleet Wide Pricing (zero margin profit cost) in the Individual Operator and Service Provider chapters for an in-depth understanding of each company. The following operators and service providers were assessed in the 8th Edition:

NSR builds on the newest Break-even Fleet Pricing Metric post the 8th Edition, forecasting until 2021 for both FSS and HTS fleets. Break-even Pricing indicates the floor/minimum capacity spot pricing possible for a given FSS or HTS satellite/fleet with an operator, where the profit margin becomes zero. In an era of continuous price reductions, a benchmarking among several operators is made and analysis put forth on the comparative competitiveness of each operator.

The Satcom Financial Index and Dynamics chapters present Annual and 5-year trends, represented in the figures as below in Years of Backlog to Annual Revenue ratio YoY comparison and Avg. Annual Revenues per operational satellite 5-Year trends. SIFA9, while evaluating various business trends in the Secondary indicators chapter, also provides a list of FSS and HTS fleet pricing of 15-20 operators (many not publicly reporting) in the world and comments on regional competitiveness and replenishment strategy using Break-even Pricing, Revenue/CAPEX/Leased TPE and HTS minimum pricing as benchmarks.

The NSR Advantage

NSR continues to be the market leader in actionable analysis related to satellite telecommunications. NSR has published several industry “firsts” related to satellite finance, including the Satellite Industry Financial Analysis, as well as Satellite Capacity Pricing Index. With a deep and firsthand understanding of the components influencing satellite operator and service provider finances, NSR’s SIFA9 provides the most in-depth financial analysis in the industry.

SIFA9 combines a library of financial data as well as operator-specific data, including leased transponders, operational satellites in orbit, future fleet expansion plans, and regional-specific data. Beyond this, SIFA9 includes detailed analysis within the secondary indicators section, continuation of 7 service providers coverage and the competitive positioning benchmarking tool.

Table of Contents

List of Key Abbreviations & Definitions  

Introduction to the Report 

  • Report Segmentation and Chapter Review 
  • Financial Metrics Assessed 
  • Companies Assessed 

Executive Summary 

  • State of the Market – Key interpretations of the Satcom Financial Index 
  • Market Dynamics  
  1. Satcom Financial Index 
    1. Operational Metrics 
      1. Revenues 
      2. EBITDA/Adj. EBITDA and EBITDA/Adj. EBITDA margin 
      3. Commercialised Transponders and Fill rates 
      4. Annual Revenues per leased TPE  
      5. Annual Revenues per operational Satellite 
      6. Annual OPEX per leased TPE 
      7. Backlog and Years of Backlog to Annual Revenues 
    2. Debt and Solvency Metrics 
      1. Net Debt to EBBITDA/Adj. EBITDA ratio 
      2. Total Debt to Total Assets ratio 
      3. Interest Service Coverage ratio 
    3. CAPEX and Cash Generation Metrics 
      1. Annual CAPEX 
      2. Annual CAPEX to Cash Flow from Operating Activities 
      3. Annual CAPEX to Revenues 
      4. Free Cash Flow 
    4. Competitive Advantage Ratios 
      1. Turnover Ratio  
      2. Return on Capital Employed (ROCE) 
      3. Bottom Line: Satcom Financial Index
  2. Satcom Market Dynamics Metrics (across GEO Operators & Service Providers) 
    1. General Metrics  Operations 
      1. Average Revenue per Operational Satellite 
      2. Average Revenue per leased TPE 
      3. EBITDA/Adj. EBITDA margin 
      4. Years of Backlog to Annual Revenues 
      5. Average Fill rate 
      6. Bottom Line – Operations Metrics 
    2. General Metrics – Debt and Solvency 
      1. Net Debt to EBBITDA/Adj. EBITDA ratio 
      2. Total Debt to Total Assets ratio 
      3. Interest Service Coverage ratio 
      4. Bottom Line – Debt Position & Solvency Metrics 
    3. General Metrics – CAPEX and Cash Generation 
      1. Total CAPEX to Cash Flow from Operating Activities ratio 
      2. Total CAPEX to Annual Revenues ratio 
      3. EBITDA to Cash Conversion ratio 
      4. Bottom Line – CAPEX & Cash Generation Metrics 
    4. Secondary Indicators  Assessment 
      1. Video & non-video Revenues per Operator 
      2. Fleet Efficiency per Operator 
      3. Lease vs. Service Revenues per Operator and Service Provider 
      4. FSS Break-even fleet price (2016-2021): Prospects for Operators 
      5. HTS Fleet: Market Strength and Market Access 
      6. Fleet replenishment strategies 
      7. Consolidation Opportunities
  3. Individual Satellite Operator Analysis – Top 8
    1. Intelsat
      1. Intelsat Financial Performance & Business Highlights 2018
      2. Intelsat Strategic Positioning & Bottom Line
    2. SES
      1. SES Financial Performance & Business Highlights 2018
      2. SES Strategic Positioning & Bottom Line
    3. Eutelsat
      1. Eutelsat Financial Performance & Business Highlights 2018
      2. Eutelsat Strategic Positioning & Bottom Line
    4. Telesat
      1. Telesat Financial Performance & Business Highlights 2018
      2. Telesat Strategic Positioning & Bottom Line
    5. Inmarsat
      1. Inmarsat Financial Performance & Business Highlights 2018
      2. Inmarsat Strategic Positioning & Bottom Line
    6. Echostar-Hughes
      1. Echostar-Hughes Financial Performance & Business Highlights 2018
      2. Echostar-Hughes Strategic Positioning & Bottom Line
    7. Viasat
      1. Viasat Financial Performance & Business Highlights 2018
      2. Viasat Strategic Positioning & Bottom Line
    8. Sky Perfect JSAT
      1. Sky Perfect JSAT Financial Performance & Business Highlights 2018
      2. Sky Perfect JSAT Strategic Positioning & Bottom Line
  4. Individual Satellite Operator Analysis – Others (4)
    1. Asiasat
      1. Asiasat Financial Performance & Business Highlights 2018
      2. Asiasat Strategic Positioning & Bottom Line
    2. APT Satellite
      1. APT Satellite Financial Performance & Business Highlights 2018
      2. APT Satellite Strategic Positioning & Bottom Line
    3. Thaicom
      1. Thaicom Financial Performance & Business Highlights 2018
      2. Thaicom Strategic Positioning & Bottom Line
    4. Spacecom
      1. Spacecom Financial Performance & Business Highlights 2017
      2. Spacecom Strategic Positioning & Bottom Line
  5. Individual Service Provider Analysis
    1. Sky plc
      1. Sky plc Revenues
      2. Sky plc Strategic Positioning & Bottom Line
    2. DISH Network
      1. DISH Network Revenues
      2. DISH Network Strategic Positioning & Bottom Line
    3. Speedcast
      1. Speedcast Revenues
      2. Speedcast Strategic Positioning & Bottom Line
    4. Global Eagle Entertainment
      1. Global Eagle Entertainment Revenues
      2. Global Eagle Entertainment Strategic Positioning & Bottom Line
    5. Gogo
      1. Gogo Revenues
      2. Gogo Strategic Positioning & Bottom Line

Appendix

  • Break-even fleet price methodology
  • Strategic Positioning Framework Elements

List of Exhibits

EXEC SUMM

State of the Market

  • Financial Metrics Assessed
  • Companies Assessed
  • Lease Revenues per Operator
  • 2017 and 2018 EBITDA margin per Operator
  • Years of Backlog to Revenues (Average of 6 operators)
  • Return on Capital Employed per Operator

Market Dynamics

  • 2017 and 2018 Fill rates per Operator
  • 2017 and 2018 Free Cash Flow per Operator
  • EBITDA margin per Service Provider
  1. Satcom Financial Index
    1. Comparative Metrics across GEO Operators
      1. 2017 & 2018 GEO Operator Revenues (US$ M), “Big Six”
      2. 2017 & 2018 GEO Operator Revenues (US$ M)
      3. 2017 & 2018 GEO Operator EBITDA/Adj. EBITDA
      4. 2017 & 2018 GEO Operator EBITDA Margin
      5. 2017 & 2018 GEO Operator Commercialized Transponders
      6. 2017 & 2018 GEO Operator Fill Rates
      7. 2017 & 2018 GEO Operator Average Annual Revenues per Leased Transponder
      8. 2017 & 2018 GEO Operator OPEX per Leased Transponder
      9. 2017 & 2018 GEO Operator Average Annual Revenues per Operational Satellite
      10. 2017 & 2018 GEO Operator Backlog
      11. 2017 & 2018 GEO Operator Years of Backlog to Annual Revenue Ratio
      12. 2017 & 2018 GEO Operator Average Age of Satellite Fleet
      13. 2017 & 2018 GEO Operator Net Debt to EBITDA Ratio
      14. 2017 & 2018 GEO Operator Total Debt to Total Assets Ratio
      15. 2017 & 2018 GEO Operator Interest Service Coverage Ratio
      16. 2017 & 2018 GEO Operator Annual CAPEX
      17. 2017 & 2018 GEO Operator Total CAPEX to Cash Flow from Operating Activities Ratio
      18. 2017 & 2018 GEO Operator Total CAPEX to Annual Revenues Ratio
      19. 2017 & 2018 GEO Operator EBITDA to Cash Conversion Ratio
      20. 2017 & 2018 GEO Operator Free Cash Flow (US$ M)
      21. 2017 & 2018 GEO Operator Turnover Ratio
      22. 2017 & 2018 GEO Operator Return on Capital Employed
  2. Satcom Market Dynamics
    1. General Metrics – Operations
      1. Average Annual Revenues (US$) per Operational Satellite
      2. Average Annual Revenues (US$) per Leased Transponder
      3. EBITDA/Adj. EBITDA Margins
      4. Years of Backlog to Annual Revenues Ratio
      5. Average Fill Rate
      6. Net Debt to EBITDA/Adj. EBITDA Ratio
      7. Total Debt to Total Assets Ratio
      8. Interest Service Coverage Ratio
      9. Total CAPEX to Cash Flow from Operating Activities Ratio
      10. Total CAPEX to Annual Revenues Ratio
      11. EBITDA to Cash Conversion Ratio
    2. General Metrics – Debt Position and Solvency
      1. Video and Non-video Revenues (US$) per Operator
      2. Fleet Efficiency per Operator (Lease Revenue per CapEx % per leased TPE)
      3. Lease Revenues (US$) per Operator
      4. Service Revenues (US$) per Operator and Service Provider
  3. Individual Satellite Operator Analysis – Top 8
    1. Intelsat Financial Performance & Business Highlights 2018
      1. Intelsat Key Metrics, 2011-2018
      2. Intelsat Revenues, 2011-2018
      3. Intelsat Adj. EBITDA and Adj. EBITDA Margin, 2011-2018
      4. Intelsat Commercialized Transponders & Fill Rates, 2011-2018
      5. Intelsat Annual Revenues and Cost per Leased Transponder, 2011-2018
      6. Intelsat Backlog & Years of Backlog to Annual Revenues, 2011-2018
      7. Intelsat Annual CAPEX, 2011-2018
      8. Intelsat Free Cash Flow, 2011-2018
      9. Intelsat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
      10. Intelsat EBITDA to Cash Conversion Ratio, 2011-2018
      11. Intelsat Debt and Solvency Ratios 2011-2018
      12. Intelsat Competitive Ratios 2011-2018
      13. Intelsat Break-even pricing 2016-2021
    2. SES Financial Performance & Business Highlights 2018
      1. SES Key Metrics, 2011-2018
      2. SES Revenues, 2011-2018
      3. SES EBITDA and EBITDA Margin, 2011-2018
      4. SES Commercialized Transponders & Fill Rates, 2011-2018
      5. SES Annual Revenues per Leased Transponder, 2011-2018
      6. SES Backlog & Years of Backlog to Annual Revenues, 2011-2018
      7. SES Annual CAPEX, 2011-2018
      8. SES Free Cash Flow, 2011-2018
      9. SES Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
      10. SES EBITDA to Cash Conversion Ratio, 2011-2018
      11. SES Debt and Solvency Ratios 2011-2018
      12. SES Competitive Ratios 2011-2018
      13. SES Break-even pricing 2016-2021
    3. Eutelsat Financial Performance & Business Highlights 2018
      1. Eutelsat Revenues, FY2013/14 – FY 2018/19
      2. Eutelsat Revenues, FY2013/14 – FY 2018/19
      3. Eutelsat EBITDA and EBITDA Margin, FY2013/14 – FY 2018/19
      4. Eutelsat Commercialized Transponders & Fill Rates, FY2013/14 – FY 2018/19
      5. Eutelsat Annual Revenues per Leased Transponder, FY2013/14 – FY 2018/19
      6. Eutelsat Backlog & Years of Backlog to Annual Revenues, FY2013/14 – FY 2018/19
      7. Eutelsat Annual CAPEX, FY2013/14 – FY 2018/19
      8. Eutelsat Free Cash Flow, FY2013/14 – FY 2018/19
      9. Eutelsat Total CAPEX to Revenues Ratio, FY2013/14 – FY 2018/19
      10. Eutelsat EBITDA to Cash Conversion Ratio, FY2013/14 – FY 2018/19
      11. Eutelsat Debt and Solvency Ratios FY2013/14 – FY 2018/19
      12. Eutelsat Competitive Ratios FY2013/14 – FY 2018/19
      13. Eutelsat Break-even pricing 2016-2021
    4. Telesat Financial Performance & Business Highlights 2018
      1. Telesat Key Metrics, 2011-2018
      2. Telesat Revenues, 2011-2018
      3. Telesat Adj. EBITDA and Adj. EBITDA Margin, 2011-2018
      4. Telesat Commercialized Transponders & Fill Rates, 2011-2018
      5. Telesat Annual Revenues per Leased Transponder, 2011-2018
      6. Telesat Backlog & Years of Backlog to Annual Revenues, 2011-2018
      7. Telesat Annual CAPEX, 2011-2018
      8. Telesat Free Cash Flow, 2011-2018
      9. Telesat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
      10. Telesat EBITDA to Cash Conversion Ratio, 2011-2018
      11. Telesat Debt and Solvency Ratios 2011-2018
      12. Telesat Competitive Ratios 2011-2018
      13. Telesat Break-even pricing 2016-2021
    5. Inmarsat Financial Performance & Business Highlights 2018
      1. Inmarsat Key Metrics 2011-2018
      2. Inmarsat Revenues, 2011-2018
      3. Inmarsat EBITDA and EBITDA Margin, 2011-2018
      4. Inmarsat Annual CAPEX, 2011-2018
      5. Inmarsat Free Cash Flow, 2011-2018
      6. Inmarsat Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
      7. Inmarsat EBITDA to Cash Conversion Ratio, 2011-2018
      8. Inmarsat Debt and Solvency Ratios 2011-2018
      9. Inmarsat Competitive Ratios 2011-2018
      10. Inmarsat Break-even pricing 2016-2021
    6. EchoStar Financial Performance & Business Highlights 2018
      1. Echostar Key Metrics, 2013-2018
      2. Echostar Revenues, 2013-2018
      3. Echostar EBIT and EBIT Margin, 2013-2018
      4. Echostar Fixed Broadband Subscriptions, 2013-2018
      5. Echostar Operational Expenses, 2013-2018
      6. Echostar Backlog & Years of Backlog to Total Revenues, 2013-2018
      7. Echostar Annual CAPEX and Free Cash Flow, 2013-2018
      8. Echostar Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2018
      9. Echostar EBITDA to Cash Conversion Ratio, 2013-2018
      10. Echostar Debt and Solvency Ratios 2013-2018
      11. Echostar Competitive Ratios 2014-2018
      12. Echostar-Hughes Break-even pricing 2016-2021
    7. ViaSat Financial Performance & Business Highlights 2018
      1. Viasat Key Metrics, 2013-2018
      2. Viasat Revenues, 2013-2018
      3. Viasat EBIT and EBIT Margin, 2013-2018
      4. Viasat Broadband and Aircraft Subscriptions, 2013-2018
      5. Viasat Operational Expenses, 2013-2018
      6. Viasat Backlog & Years of Backlog to Total Revenues, 2013-2018
      7. Viasat Annual CAPEX and Free Cash Flow, 2013-2018
      8. Viasat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2018
      9. Viasat Debt and Solvency Ratios 2013-2018
      10. Viasat Competitive Ratios 2014-2018
    8. Sky Perfect JSAT Brief History & Business Highlights 2018
      1. SKY Perfect JSAT Space & Satellite Business Revenues, FY2011-FY2018
      2. SKY Perfect JSAT Space & Satellite Business EBIT and EBIT Margin, FY2011-FY2018
      3. SKY Perfect JSAT Space & Satellite Business Annual CAPEX, FY2011-FY2018
      4. SKY Perfect JSAT Space & Satellite Business Total CAPEX to Revenues Ratio, FY2011-FY2018
      5. SKY Perfect JSAT Space & Satellite Business Annual Revenues per Leased Transponder, FY2011-FY2018
      6. Sky Perfect JSAT Break-even pricing 2016-2021
  4. Individual Satellite Operator Analysis – Others (4)
    1. AsiaSat Financial Performance & Business Highlights 2018
      1. AsiaSat Key Metrics, 2011-2018
      2. AsiaSat Revenues, 2011-2018
      3. AsiaSat EBITDA and EBITDA Margin, 2011-2018
      4. AsiaSat Commercialized Transponders & Fill Rates, 2011-2018
      5. AsiaSat Annual Revenues and Cost per Leased Transponder, 2011-2018
      6. AsiaSat Backlog & Years of Backlog to Annual Revenues, 2011-2018
      7. AsiaSat Annual CAPEX, 2011-2018
      8. AsiaSat Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
      9. AsiaSat EBITDA to Cash Conversion Ratio, 2011-2018
      10. AsiaSat Debt and Solvency Ratios, 2015-2018
      11. AsiaSat Competitive Ratios, 2013-2018
      12. Asiasat Break-even pricing 2016-2021
    2. APT Sat Financial Performance & Business Highlights 2018
      1. APT Satellite Key Metrics 2011-2018
      2. APT Satellite Revenues, 2011-2018
      3. APT Satellite EBITDA and EBITDA Margin, 2011-2018
      4. APT Satellite Commercialized Transponders & Fill Rates, 2011-2018
      5. APT Satellite Commercialized Transponders & Fill Rates, 2011-2018
      6. APT Satellite Annual CAPEX, 2011-2018
      7. APT Satellite Free Cash Flow, 2011-2018
      8. APT Satellite Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
      9. APT Satellite EBITDA to Cash Conversion Ratio, 2011-2018
      10. APT Satellite Debt and Solvency Ratios, 2013-2018
      11. APT Satellite Competitive Ratios, 2013-2018
      12. APT Corp Break-even pricing 2016-2021
    3. Thaicom Financial Performance & Business Highlights 2018
      1. Thaicom Satellite Business Services Revenues, 2011-2018
      2. Thaicom Satellite Business Services Revenues Breakout, 2011-2018
      3. Thaicom Conventional Satellites Commercialized Transponders & Fill Rates, 2011-2018
      4. Thaicom Conventional Satellites Annual Revenues per Leased Transponder, 2011-2018
      5. Thaicom Break-even pricing 2016-2021
    4. Spacecom Financial Performance & Business Highlights 2018
      1. Spacecom Revenues, 2011-2018
      2. Spacecom EBIT and EBIT Margin, 2011-2018
      3. Spacecom Break-even pricing 2016-2021
  5. Individual Service Provider Analysis
    1. Sky plc Financial Performance
      1. Sky plc Key Metrics, FY2014-FY2018
      2. Sky plc Revenues, FY2014-FY2018
      3. Sky plc EBITDA and EBITDA Margin, FY2014-FY2018
      4. Sky plc Subscriptions and ARPU, FY2014-FY2018
      5. Sky plc Operational Expenses, FY2014-FY2018
      6. Sky plc Annual CAPEX and Adj. Free Cash Flow, FY2014-FY2018
      7. Sky plc Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, FY2014-FY2018
      8. Sky plc EBITDA to Cash Conversion Ratio, FY2014-FY2018
      9. Sky plc Debt and Solvency Ratios FY2014-FY2018
      10. Sky plc Competitive Ratios FY2015-FY2018
    2. DISH Network Revenues
      1. DISH Network Key Metrics, 2013-2018
      2. DISH Network Revenues, 2013-2018
      3. DISH Network EBITDA and EBITDA Margin, 2013-2018
      4. DISH Network Broadband and Aircraft Subscriptions, 2013-2018
      5. DISH Network Operational Expenses, 2013-2018
      6. DISH Network Transmission cost per subscriber, 2013-2018
      7. DISH Network Annual CAPEX and Free Cash Flow, 2013-2018
      8. DISH Network Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2018
      9. DISH Network EBITDA to Cash Conversion Ratio, 2013-2018
      10. DISH Network Debt and Solvency Ratios 2013-2018
      11. DISH Network Competitive Ratios 2014-2018
    3. Speedcast Revenues
      1. Speedcast Key Metrics, 2013-2018
      2. Speedcast Revenues, 2013-2018
      3. Speedcast M&A cycle captured, 2013-2018
      4. Speedcast Adj. EBITDA and Adj. EBITDA Margin, 2013-2018
      5. Speedcast Operational Expenses, 2013-2018
      6. Speedcast Annual CAPEX and Free Cash Flow, 2013-2018
      7. Speedcast Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2018
      8. Speedcast EBITDA to Cash Conversion Ratio, 2013-2018
      9. Speedcast Debt and Solvency Ratios 2013-2018
      10. Speedcast Competitive Ratios 2014-2018
    4. Global Eagle Entertainment Revenues
      1. GEE Key Metrics, 2013-2018
      2. GEE Revenues, 2013-2018
      3. GEE EBITDA and EBITDA Margin, 2013-2018
      4. GEE Operational Expenses, 2013-2018
      5. GEE Annual CAPEX and Free Cash Flow, 2013-2018
      6. GEE Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2018
      7. GEE EBITDA to Cash Conversion Ratio, 2013-2018
      8. GEE Debt and Solvency Ratios 2013-2018
      9. GEE Competitive Ratios 2014-2018
    5. Gogo Revenues
      1. Gogo Key Metrics, 2013-2018
      2. Gogo Revenues, 2013-2018
      3. Gogo Adj. EBITDA and Margin, 2013-2018
      4. Gogo Commercial Aviation metrics, 2013-2018
      5. Gogo Business Aviation metrics, 2013-2018
      6. Gogo Operational Expenses, 2013-2018
      7. Gogo Annual CAPEX and Free Cash Flow, 2013-2018
      8. Gogo Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, 2013-2018
      9. Gogo EBITDA to Cash Conversion Ratio, 2013-2018
      10. Gogo Debt and Solvency Ratios 2013-2018
      11. Gogo Competitive Ratios 2014-2018
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