Recovery From COVID-19 Includes Increased Reactivations and Hundreds More Aircraft Back Online
BROOMFIELD, Colo., June 29, 2020 /PRNewswire/ -- Gogo Business Aviation (NASDAQ: GOGO), the leading provider of broadband connectivity products and services for business aviation, hit 3,000 daily flights late last week, showing strong signs of recovery from the COVID-19 related single-day low-point of 378 daily flights in mid-April.
"I'm encouraged because we're seeing several positive trends taking shape in the market," said Sergio Aguirre, president of Gogo Business Aviation. "We've strived to be a good partner with our customers to get through a very difficult time together, and we're now in the midst of a measurable recovery as flight activity increases."
Business aviation hit a low point in mid-April when many aircraft owners chose to park their aircraft and 30 percent of Gogo Business Aviation's accounts chose to reduce their spending through either account suspensions or service-plan downgrades.
Since that time, however, nearly 60 percent of Gogo's suspended customers have reactivated their service, with approximately 80 percent reverting to their original service plan.
The number of flights flown with active Gogo service onboard has continued to increase, reaching 3,039 flights last Thursday, close to Gogo's pre-COVID average of 3,500 flights per day. Gogo is actively working with customers to reactivate service quickly as flying activity increases, and installations of new AVANCE L5 and L3 are on the rise.
"I've been amazed with the level of productivity and engagement our employees have delivered to help our customers, and the company, get through this unique and challenging time," Aguirre added. "And from an innovation standpoint, we have several positive developments that will be released in the coming weeks that will make your Gogo inflight experience even better."
Gogo is the Inflight Internet Company. We are the leading global provider of broadband connectivity products and services for aviation. We design and source innovative network solutions that connect aircraft to the Internet and develop software and platforms that enable customizable solutions for and by our aviation partners. Once connected, we provide industry leading reliability around the world. Our mission is to help aviation go farther by making planes fly smarter, so our aviation partners perform better and their passengers travel happier.
You can find Gogo's products and services on thousands of aircraft operated by the leading global commercial airlines and thousands of private aircraft, including those of the largest fractional ownership operators. Gogo is headquartered in Chicago, with additional facilities in Broomfield, Colo., and locations across the globe. Connect with us at gogoair.com.
Cautionary Note Regarding Forward-Looking Statements
Certain disclosures in this press release include "forward-looking statements" that are based on management's beliefs and assumptions and on information currently available to management. Most forward-looking statements contain words that identify them as forward-looking, such as "anticipates," "believes," "continues," "could," "seeks," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms that relate to future events. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release, and Gogo undertakes no obligation to update or revise publicly any such forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements are based on estimates and assumptions by Gogo's management that, although Gogo believes them to be reasonable, are inherently uncertain. Important factors that could cause actual results, developments and business decisions to differ materially from these forward-looking statements include developments in the COVID-19 pandemic and the resulting impact on Gogo's business, operations and financial condition and the other uncertainties described under the heading "Risk Factors" in Gogo's Annual Report on Form 10-K filed with the SEC on March 13, 2020.
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SOURCE Gogo Business Aviation