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|GLOBAL EAGLE ENTERTAINMENT|
GLOBAL EAGLE ENTERTAINMENT REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2015 FINANCIAL RESULTS
|•||Record Q4 2015 revenue of $113.2 million and Adjusted EBITDA* of $15.5 million, representing year-over-year growth of 12% and 50%, respectively; 2015 full year revenue of $426.0 million and Adjusted EBITDA* of $50.0 million|
|•||2015 year-over-year revenue growth of 29% and 11% from Connectivity services and Content, respectively|
|•||Full year 2015 contribution margin expanded year-over-year by 7 percentage points to 34% and Adjusted EBITDA* margin expanded over 4 percentage points to 12%|
|•||Won and renewed multiple major Content contracts in Q4, including Japan Airlines, Oman Air and another major Middle Eastern carrier, as well as numerous global advertising sales agreements|
|•||Airconnect connectivity system now installed on over 700 aircraft:|
|◦||New Connectivity deals with Jet Airways and Shareco for Hainan Airlines and Beijing Capital Airlines|
|◦||Installations underway at flydubai|
|◦||Air France/Orange trial underway; Expanded trial with Air China to include Boeing 737NG aircraft|
|•||Operations Solutions captured 10 new wins in the past six months, including Lufthansa and Swiss Air, among others|
LOS ANGELES, CA, March 3, 2016 - Global Eagle Entertainment Inc. (Nasdaq: ENT) (“Global Eagle”, “GEE” or the “Company”), a worldwide provider of media content, aircraft connectivity systems and operations solutions to the travel industry, today reported financial results for the fourth quarter ended December 31, 2015.
Results for Q4 2015 reached record levels, as GEE posted revenue of $113.2 million, Adjusted EBITDA* of $15.5 million and cash flows from operations of $9.6 million. Q4 2015 Adjusted EBITDA* grew 50% year-over-year driven by a 12% increase in revenue and a 4 percentage point increase in gross margin. Q4 year-over-year revenue growth was driven by increases in the number of Content customers, including 20 new wins in 2015, as well as expanded content sales to existing customers, growth in Airconnect-equipped aircraft and system usage, and new acquisitions, partially offset by lower equipment revenue. Excluding equipment revenue, quarterly revenue grew by 16% year-over-year.
“Fourth quarter and full year 2015 showed continued strong results for GEE. During 2015, we added 20 new Content Services customers, we signed multiple new Airconnect agreements, completed four M&A transactions and added Operations Solutions products, highlighting our growing portfolio of solutions for airlines,” explained Dave Davis, Chief Executive Officer of GEE. “In addition, we undertook multiple initiatives in 2015 to improve margins. These included new investments in content processing automation, purchasing of exclusive distribution rights for new content and reductions in bandwidth unit costs.”
"In 2016, we expect our positive momentum to continue. We are installing our Airconnect system on flydubai and expect to begin installs on Jet Airways, Hainan Airlines and Beijing Capital Airlines later this year. The Air France/Orange trial was successfully launched and we recently won a new trial with Air China on the Boeing 737NG,” continued Davis. “We also won 10 new airlines for our Operations Solutions products and will begin deployments later this year on Lufthansa and Swiss Air. GEE continues to make the investments necessary to offer our customers a leading-edge portfolio of solutions and we will continue to add significant new customers in 2016.”
The following information was filed by Global Eagle Entertainment Inc. (ENT) on Thursday, March 3, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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