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Section 1: 8-K (8-K)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 8-K

 


 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 3, 2018

 


 

BOINGO WIRELESS, INC.

(Exact name of registrant as specified in its charter)

 


 

Delaware

 

001-35155

 

95-4856877

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

10960 Wilshire Blvd., 23rd Floor
Los Angeles, California

 

90024

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (310) 586-5180

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

 

 



 

Item 2.02. Results of Operations and Financial Condition

 

On May 3, 2018, Boingo Wireless, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2018. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.

 

Item 9.01. Financial Statements and Exhibits

 

(d) Exhibits

 

See the Exhibit Index attached to this report.

 

2



 

EXHIBIT INDEX

 

Exhibit
No.

 

Description

 

 

 

99.1

 

Press release dated May 3, 2018 entitled “Boingo Wireless Reports Record First Quarter 2018 Financial Results” issued by Boingo Wireless, Inc. on May 3, 2018.

 

3



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

BOINGO WIRELESS, INC.

 

 

 

Date: May 3, 2018

By:

/s/ Peter Hovenier

 

 

Peter Hovenier

 

 

Chief Financial Officer

 

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Section 2: EX-99.1 (EX-99.1)

Exhibit 99.1

 

PRESS RELEASE

 

Boingo Wireless Reports Record First Quarter 2018 Financial Results

 

-              Revenue of $58.2 million, increased 31.2% year-over-year

-              Entered into agreements representing 61 Tier 1 carrier contracts; identified anchor customer at 53 of the 84 venues in backlog

 

LOS ANGELES — May 3, 2018 — Boingo Wireless (NASDAQ: WIFI), the leading distributed antenna system (DAS) and Wi-Fi provider that serves carriers, consumers and advertisers worldwide, today announced the Company’s financial results for the first quarter ended March 31, 2018.

 

First Quarter 2018 Financial Highlights

 

·                  Revenue of $58.2 million increased 31.2%, compared to $44.3 million in the first quarter of 2017. Growth was driven by strength in wholesale Wi-Fi, DAS, and military.

 

·                  Wholesale Wi-Fi revenue of $11.1 million increased 63.2%, compared to $6.8 million in the first quarter of 2017.

 

·                  DAS revenue of $23.6 million increased 45.5%, compared to $16.3 million in the first quarter of 2017. DAS revenue for the quarter was comprised of $18.6 million of build-out project revenue and $5.0 million of access fee revenue. Included in DAS revenue for the first quarter of 2018 was a one-time benefit of $4.3 million related to the adoption of Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, the new revenue recognition standard.

 

·                  Military revenue of $15.9 million increased 26.4% compared to $12.5 million in the first quarter of 2017.

 

·                  Net loss attributable to common stockholders was $(3.2) million, or $(0.08) per diluted share, compared to a net loss of $(6.9) million, or $(0.18) per diluted share, in the first quarter of 2017.

 

·                  Adjusted EBITDA was $21.9 million, an increase of 77.1% compared to $12.4 million in the first quarter of 2017. Adjusted EBITDA, which is a non-GAAP financial measure, is defined below and is reconciled to net loss attributable to common stockholders, the most comparable measure under GAAP, in the schedule entitled “Reconciliation of Net Loss Attributable to Common Stockholders to Adjusted EBITDA.”

 

·                  Net cash provided by operating activities was $17.3 million, a decrease of 32.4% compared to $25.5 million in the first quarter of 2017.

 

1



 

·                  Free cash flow was a negative $(3.8) million, compared to $8.0 million in the first quarter of 2017. Free cash flow, which is a non-GAAP financial measure, is defined below and is reconciled to net cash provided by operating activities, the most comparable measure under GAAP, in the schedule entitled “Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flows.”

 

Business Highlights

 

·                  The Company entered into agreements with Tier 1 carriers representing 61 carrier contracts. The Company now has agreements with at least one Tier 1 carrier to be the anchor carrier customer at 53 of the 84 venues in backlog.

 

·                  The Company added three new venue locations during the quarter. As of March 31, 2018, there were 24,200 DAS nodes live with another 11,400 nodes in backlog.

 

·                  The Company deployed wireless infrastructure to cover an additional 6,000 military beds bringing the total footprint to 336,000 military beds, and added 12,000 incremental subscribers during the quarter. The subscriber penetration rate improved from 39.4% at December 31, 2017 to 42.3%.

 

Management Commentary

 

“After a record setting 2017, our strong results and momentum continued with our streak of double-digit revenue growth extending to 14 consecutive quarters,” commented David Hagan, Chief Executive Officer of Boingo Wireless. “Our first quarter revenue was up over 31% year-over-year to $58.2 million, which exceeded the high end of our guidance range, and was driven by ongoing strength in carrier offload, DAS, and military. In addition, adjusted EBITDA exceeded our guidance, growing 77% year-over-year to $21.9 million. The first quarter marked our 11th consecutive quarter of year-over-year adjusted EBITDA margin expansion.”

 

Mr. Hagan continued, “Carrier sales took a major leap forward as we entered into agreements with multiple Tier 1 carriers representing 61 carrier contracts, which provide us with at least one Tier 1 carrier as the anchor customer at 53 of our 84 venues locations in backlog. In addition, we were pleased to have made additional traction with carrier offload with a record number of connects during the quarter fueled by the rollout of offload services to the majority of our domestic military bases and airport venue locations. The military vertical was also strong with the addition of 6,000 beds and 12,000 subscribers during the quarter driving record subscriber penetration of 42.3%.”

 

Business Outlook

 

Boingo Wireless is initiating guidance for the second quarter ending June 30, 2018 and is reiterating guidance for the full year ending December 31, 2018, as follows:

 

Second Quarter 2018

 

·                  Revenue is expected to be in the range of $54.0 million to $58.0 million.

·                  Net loss attributable to common stockholders is expected to be in the range of $(7.0) million to $(4.0) million, or a net loss of $(0.17) to $(0.10) per diluted share.

 

2



 

·                  Adjusted EBITDA is expected to be in the range of $17.5 million to $20.5 million. Adjusted EBITDA, which is a non-GAAP financial measure, is defined below and is reconciled to net loss attributable to common stockholders, the most comparable measure under GAAP, in the schedule entitled “Reconciliation of Net Loss Attributable to Common Stockholders to Adjusted EBITDA — Guidance.”

 

Full Year 2018

 

·                  Revenue is expected to be in the range of $227.0 million to $234.0 million.

·                  Net loss attributable to common stockholders is expected to be in the range of $(20.0) million to $(15.0) million, or a net loss of $(0.48) to $(0.36) per diluted share.

·                  Adjusted EBITDA is expected to be in the range of $77.0 million to $82.0 million.

 

Conference Call Information

 

Members of Boingo Wireless’ management will host a conference call to discuss its first quarter 2018 financial results beginning at 4:30 p.m. ET (1:30 p.m. PT), today, May 3, 2018. To participate in the conference call, investors from the U.S. and Canada should dial (877) 407-9716 and enter the passcode: 13678649 ten minutes prior to the scheduled start time. International callers should dial +1 (201) 493-6779 and enter the same passcode. The conference call will be broadcast live over the Internet in the Investor Relations section of the Company’s website at http://investors.boingo.com. In addition, a supplement reflecting the Company’s key business metrics will be made available in the Investor Relations section of the Company’s website. The supplement and webcast 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 and free cash flow as supplemental measures of its performance.

 

The Company defines Adjusted EBITDA as net loss attributable to common stockholders plus depreciation and amortization of property and equipment, stock-based compensation expense, amortization of intangible assets, income tax expense, interest and other expense (income), net, non-controlling interests, and excludes charges or gains that are nonrecurring, infrequent, or unusual. 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 other 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 attributable to common stockholders, 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.

 

The Company defines free cash flow as net cash provided by operating activities, less purchases of property and equipment. Boingo Wireless believes that free cash flow provides investors with additional useful information to measure operating liquidity because it reflects the amount of cash generated by the Company’s operations after the purchases of property and equipment that can be used for strategic opportunities. Free cash flow should not be considered as an alternative financial measure to net cash provided by operating activities, 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.

 

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Revenue Recognition Changes

 

On January 1, 2018, the Company adopted ASC 606 using the modified retrospective method. Results for reporting periods beginning on January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with ASC 605, Revenue Recognition. A reconciliation of the changes for the first quarter of 2018 is set forth in the schedule entitled “Condensed Consolidated Statements of Operations.” The Company’s second quarter and full year 2018 guidance is based on the new standard.

 

About Boingo Wireless

 

Boingo Wireless, Inc. (NASDAQ: WIFI) helps the world stay connected. Our vast footprint of DAS, Wi-Fi and small cells reaches more than a billion people annually, making Boingo one of the largest providers of indoor wireless networks. You’ll find Boingo connecting people at airports, stadiums, military bases, convention centers, and commercial properties. To learn more about the Boingo story, visit 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, future guidance and future growth opportunities. Forward-looking statements are based on the Company’s current expectations and assumptions regarding its 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. The Company’s 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 the Company’s ability to maintain its existing relationships and establish new relationships with venue partners, its ability to complete build-outs and sign venue contracts, its ability to maintain revenue growth and achieve profitability, its ability to execute on its strategic and business plans, its ability to successfully compete with new technologies and adapt to changes in the wireless industry, the application of new accounting standards, as well as other risks 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, 2017 filed with the SEC on March 12, 2018, which the Company incorporates by reference into this press release. Any forward-looking statement made by Boingo in this press release speaks only as of the date on which it is made. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for Boingo to predict all of them. Boingo undertakes 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.

 

4



 

Boingo Wireless, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

 

 

 

Three Months Ended
March 31,

 

 

 

2018(1)

 

2017(1)

 

 

 

 

 

 

 

Revenue

 

$

58,159

 

$

44,333

 

Costs and operating expenses:

 

 

 

 

 

Network access

 

26,565

 

19,407

 

Network operations

 

12,846

 

11,263

 

Development and technology

 

7,425

 

6,334

 

Selling and marketing

 

5,463

 

4,893

 

General and administrative

 

7,699

 

8,103

 

Amortization of intangible assets

 

727

 

911

 

Total costs and operating expenses

 

60,725

 

50,911

 

Loss from operations

 

(2,566

)

(6,578

)

Interest and other (expense) income, net

 

(79

)

4

 

Loss before income taxes

 

(2,645

)

(6,574

)

Income tax expense

 

128

 

199

 

Net loss

 

(2,773

)

(6,773

)

Net income attributable to non-controlling interests

 

456

 

107

 

Net loss attributable to common stockholders

 

$

(3,229

)

$

(6,880

)

 

 

 

 

 

 

Net loss per share attributable to common stockholders:

 

 

 

 

 

Basic

 

$

(0.08

)

$

(0.18

)

Diluted

 

$

(0.08

)

$

(0.18

)

 

 

 

 

 

 

Weighted average shares used in computing net loss per share attributable to common stockholders:

 

 

 

 

 

Basic

 

41,330

 

38,712

 

Diluted

 

41,330

 

38,712

 

 


(1)                                 On January 1, 2018, we adopted ASC 606 using the modified retrospective method. Results for reporting periods beginning on January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with ASC 605.  The below table summarizes the changes to our condensed consolidated statement of operations for the three months ended March 31, 2018:

 

 

 

March 31,
2018

(Per ASC 605)

 

Adjustment
for Adoption

 

March 31,
2018

(Per ASC 606)

 

Revenue

 

$

53,890

 

$

4,269

 

$

58,159

 

Income tax expense

 

$

251

 

$

(123

)

$

128

 

Non-controlling interests

 

$

(839

)

$

1,295

 

$

456

 

 

5



 

Boingo Wireless, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except per share amounts)

 

 

 

March 31,
2018

 

December 31,
2017

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

18,552

 

$

26,685

 

Restricted cash

 

512

 

 

Accounts receivable, net

 

28,861

 

26,148

 

Prepaid expenses and other current assets

 

6,482

 

6,369

 

Total current assets

 

54,407

 

59,202

 

Property and equipment, net

 

264,629

 

262,359

 

Goodwill

 

42,403

 

42,403

 

Intangible assets, net

 

9,531

 

10,263

 

Other assets

 

7,577

 

10,082

 

Total assets

 

$

378,547

 

$

384,309

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

16,743

 

$

11,589

 

Accrued expenses and other liabilities

 

38,907

 

42,405

 

Deferred revenue

 

76,340

 

61,708

 

Current portion of long-term debt

 

656

 

875

 

Current portion of capital leases and notes payable

 

6,068

 

5,771

 

Total current liabilities

 

138,714

 

122,348

 

Deferred revenue, net of current portion

 

125,174

 

149,168

 

Long-term portion of capital leases and notes payable

 

6,961

 

6,747

 

Deferred tax liabilities

 

1,028

 

1,004

 

Other liabilities

 

5,891

 

6,012

 

Total liabilities

 

277,768

 

285,279

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Preferred stock, $0.0001 par value; 5,000 shares authorized; no shares issued and outstanding

 

 

 

Common stock, $0.0001 par value; 100,000 shares authorized; 41,753 and 40,995 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively

 

4

 

4

 

Additional paid-in capital

 

231,879

 

230,679

 

Accumulated deficit(1)

 

(131,939

)

(131,967

)

Accumulated other comprehensive loss

 

(899

)

(898

)

Total common stockholders’ equity

 

99,045

 

97,818

 

Non-controlling interests(1)

 

1,734

 

1,212

 

Total stockholders’ equity

 

100,779

 

99,030

 

Total liabilities and stockholders’ equity

 

$

378,547

 

$

384,309

 

 


(1)                                 We adopted ASC 606 on January 1, 2018 using the modified retrospective method. Adoption of ASC 606 using the modified retrospective method required us to record a cumulative effect adjustment to accumulated deficit and non-controlling interests of $3,257 and $69, respectively, on January 1, 2018.

 

6



 

Boingo Wireless, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

 

Three Months Ended
March 31,

 

 

 

2018

 

2017

 

Cash flows from operating activities

 

 

 

 

 

Net loss

 

$

(2,773

)

$

(6,773

)

Adjustments to reconcile net loss including non-controlling interests to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization of property and equipment

 

20,606

 

14,985

 

Amortization of intangible assets

 

727

 

911

 

Impairment loss and loss on disposal of fixed assets

 

70

 

9

 

Stock-based compensation

 

3,126

 

3,044

 

Change in deferred income taxes

 

 

121

 

Other

 

 

2

 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

(3,799

)

14,844

 

Prepaid expenses and other assets

 

551

 

(301

)

Accounts payable

 

706

 

(2,434

)

Accrued expenses and other liabilities

 

1,014

 

(1,132

)

Deferred revenue

 

(2,958

)

2,256

 

Net cash provided by operating activities

 

17,270

 

25,532

 

Cash flows from investing activities

 

 

 

 

 

Purchases of property and equipment

 

(21,117

)

(17,491

)

Increase in restricted cash

 

(512

)

 

Payments for asset acquisition

 

 

(1,150

)

Net cash used in investing activities

 

(21,629

)

(18,641

)

Cash flows from financing activities

 

 

 

 

 

Principal payments on credit facility

 

(219

)

(5,438

)

Proceeds from exercise of stock options

 

4,228

 

439

 

Payments of capital leases and notes payable

 

(1,450

)

(844

)

Payments of withholding tax on net issuance of restricted stock units

 

(6,340

)

(1,562

)

Net cash used in financing activities

 

(3,781

)

(7,405

)

Effect of exchange rates on cash

 

7

 

7

 

Net decrease in cash and cash equivalents

 

(8,133

)

(507

)

Cash and cash equivalents at beginning of period

 

26,685

 

19,485

 

Cash and cash equivalents at end of period

 

$

18,552

 

$

18,978

 

Supplemental disclosure of non-cash investing and financing activities

 

 

 

 

 

Property and equipment costs in accounts payable, accrued expenses and other liabilities

 

$

20,377

 

$

13,797

 

Purchase of equipment and prepaid maintenance services under capital financing arrangements

 

$

1,930

 

$

574

 

Capitalized stock-based compensation included in property and equipment costs

 

$

186

 

$

194

 

Non-controlling interest distributions declared but unpaid

 

$

 

$

125

 

 

7



 

Boingo Wireless, Inc.

Reconciliation of Net Loss Attributable to Common Stockholders to Adjusted EBITDA

(Unaudited)

(In thousands)

 

 

 

Three Months Ended
March 31,

 

 

 

2018(1)

 

2017(1)

 

Net loss attributable to common stockholders

 

$

(3,229

)

$

(6,880

)

Depreciation and amortization of property and equipment

 

20,606

 

14,985

 

Stock-based compensation expense

 

3,126

 

3,044

 

Amortization of intangible assets

 

727

 

911

 

Income tax expense

 

128

 

199

 

Interest and other expense (income), net

 

79

 

(4

)

Non-controlling interests

 

456

 

107

 

Adjusted EBITDA

 

$

21,893

 

$

12,362

 

 


(1)                                 Prior period amounts have not been adjusted upon adoption of ASC 606 under the modified retrospective method.

 

8



 

Boingo Wireless, Inc.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flows

(Unaudited)

(In thousands)

 

 

 

Three Months Ended
March 31,

 

 

 

2018

 

2017

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

17,270

 

$

25,532

 

Purchases of property and equipment

 

(21,117

)

(17,491

)

Free cash flows

 

$

(3,847

)

$

8,041

 

 

9



 

Boingo Wireless, Inc.

Revenue Summary

(Unaudited)

(In thousands)

 

 

 

Three Months Ended
March 31,

 

 

 

2018(1)

 

2017(1)

 

Revenue:

 

 

 

 

 

DAS

 

$

23,645

 

$

16,256

 

Military

 

15,854

 

12,541

 

Wholesale—Wi-Fi

 

11,149

 

6,831

 

Retail

 

5,310

 

6,415

 

Advertising and other

 

2,201

 

2,290

 

Total revenue

 

$

58,159

 

$

44,333

 

 


(1)                                 Prior period amounts have not been adjusted upon adoption of ASC 606 under the modified retrospective method. DAS revenue for the three months ended March 31, 2018 includes a $4,271 increase resulting from the adoption of ASC 606 as of January 1, 2018.

 

10



 

Boingo Wireless, Inc.

Reconciliation of Net Loss Attributable to Common Stockholders to Adjusted EBITDA - Guidance

(Unaudited)

(In millions)

 

 

 

Three Months Ended
June 30, 2018

 

Year Ended
December 31, 2018

 

 

 

Low

 

High

 

Low

 

High

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders

 

$

(7.0

)

$

(4.0

)

$

(20.0

)

$

(15.0

)

Depreciation and amortization of property and equipment

 

19.8

 

 

 

80.3

 

 

 

Stock-based compensation expense

 

3.4

 

 

 

12.0

 

 

 

Amortization of intangible assets

 

0.7

 

 

 

2.8

 

 

 

Income tax expense and interest and other expense (income), net

 

0.3

 

 

 

0.9

 

 

 

Non-controlling interests

 

0.3

 

 

 

1.0

 

 

 

Adjusted EBITDA

 

$

17.5

 

$

20.5

 

$

77.0

 

$

82.0

 

 

11



 

Boingo Wireless, Inc.

Key Business Metrics

(Unaudited)

(In thousands)

 

 

 

Three Months Ended
March 31,

 

 

 

2018

 

2017

 

Key business metrics:

 

 

 

 

 

DAS nodes(1)

 

24.2

 

19.8

 

DAS nodes in backlog(2)

 

11.4

 

10.5

 

Subscribers—military(3)

 

142

 

128

 

Subscribers—retail(3)

 

168

 

194

 

Connects(4)

 

65,901

 

43,077

 

 


(1)                                 This metric represents the number of active DAS nodes as of the end of the period. A DAS node is a single communications endpoint, typically an antenna, which transmits or receives radio frequency signals wirelessly. This measure is an indicator of the reach of the Company’s DAS network.

(2)                                 This metric represents the number of DAS nodes under contract but not yet active as of the end of the period.

(3)                                 This metric represents the number of paying customers who are on a month-to-month subscription plan at a given period end.

(4)                                 This metric shows how often individuals connect to the Company’s global Wi-Fi network in a given period. The connects include retail and wholesale customers in both customer pay locations and customer free locations where Boingo is a paid service provider or receives revenue sponsorship or promotion fees. The Company counts each connect as a single connect regardless of how many times that individual accesses the network at a given venue during their 24 hour period. This measure is an indicator of paid activity throughout Boingo’s network.

 

CONTACTS:

 

PRESS:

 

Lauren de la Fuente

Vice President, Marketing and Communications

ldelafuente@boingo.com

(310) 405-8517

 

INVESTORS:

 

Kimberly Orlando and Ariel Papermaster

ADDO Investor Relations

investors@boingo.com

(310) 829-5400

 

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