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GLOBAL EAGLE REPORTS FINANCIAL RESULTS FOR
FOURTH QUARTER AND FULL YEAR 2017
Global Eagle recently completed funding of Searchlight Capital Partners investment
Service revenue growth across Connectivity segment
Media & Content segment gross margins improve versus Third Quarter 2017
LOS ANGELES, CA, April 2, 2018 Global Eagle Entertainment Inc. (Nasdaq: ENT) (Global Eagle, the Company or we), a leading provider of media, content, connectivity and data analytics to markets across air, sea and land, today announced financial results for the fourth quarter and full year ended December 31, 2017. For the fourth quarter 2017, Global Eagle recorded revenue of $160 million; incurred a net loss of $134.4 million, primarily due tonon-cash impairment charges described below; and generated Adjusted EBITDA* of $19.7 million. For the 2017 fiscal year, Global Eagle recorded revenue of $619 million; incurred a net loss of $357.1 million, primarily due to non-cash impairment charges described below; and generated Adjusted EBITDA of $68.0 million. The Company also announced last week that Searchlight Capital Partners completed the funding of its previously announced investment in Global Eagle.
Global Eagle had an improved finish to the year, said Jeff Leddy, Global Eagles Executive Chairman. Revenue and Adjusted EBITDA both grew on a year over year basis in the fourth quarter of 2017. The foundation we have built over the past year is beginning to drive measurable improvements in results. Our new world-class leadership team, improved operational execution and continued innovation, along with Searchlights investment in our company, position us well for future success. Mr. Leddy continued, I am proud of the steady progress we made in 2017, and am confident in our path ahead.
During 2017, Global Eagle built positive momentum across the organization. The Company integrated its air, sea and land Connectivity businesses, generating network and technology synergies. Global Eagle also initiated the integration, optimization and enhancement of its operations and technical teams. Key accounts became reference customers across all businesses. In the fourth quarter, the Company benefitted from a sequential improvement (versus the third quarter of 2017) in the Media & Content segments gross margins and broad growth across the Connectivity segments service revenue.
We have executed well on our objectives to integrate our Connectivity businesses and enhance operational delivery and improve our internal processes, commented Paul Rainey, CFO of Global Eagle, We see compelling opportunities to further integrate prior acquisitions, which we believe will continue to lower our cost structure. In 2018, we expect these improvements to lead to accelerating organic revenue growth and strong Adjusted EBITDA growth, along with an improvement in cash-flow generation.
Fourth Quarter Summary
|||Total revenue for the fourth quarter of 2017 was $160 million, a 1.8% increase over the prior-year period. This increase was primarily driven by growth in service revenue in our Connectivity segment due to new aircraft, vessel and site additions.|
The following information was filed by Global Eagle Entertainment Inc. (ENT) on Monday, April 2, 2018 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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