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GLOBAL EAGLE REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2018
Reiterates 2018 Adjusted EBITDA growth target
Strong service revenue growth in Connectivity segment
Repaid full balance of revolving credit facility in the second quarter of 2018
LOS ANGELES, CA, May 15, 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 first quarter ended March 31, 2018. For the first quarter of 2018, Global Eagle recorded revenue of $156 million; incurred a net loss of $38.3 million; and generated Adjusted EBITDA* of $17.3 million.
During the first quarter of 2018, we focused on our objectives of operating a healthy core business, driving profitable growth and aggressively transforming our business, commented Josh Marks, CEO of Global Eagle. We continue to expect a minimum of 25% Adjusted EBITDA growth in 2018 versus 2017. Looking forward to the third quarter of 2018, we are excited to activate aircraft from our recent new wins onto what is already the largest network of Ku-connected, single-aisle aircraft in the world.
Global Eagle is building upon its market-leading, connected aircraft solution. Our unique solution combines high-speed gate-to-gate internet connectivity with connectivity-enabled content, data analytics, and our powerful portal for short- and medium- haul fleets. It has a proven track record of demonstrating the highest levels of reliability and elevating the on-board passenger experience, all while minimizing the risk to the airline of technological obsolescence.
An integral part of transforming our business is further integrating our prior acquisitions, which will improve our ability to meet our customers needs and streamline our cost structure, said Paul Rainey, CFO of Global Eagle. We continue to expect these actions to positively impact our operating expenses in the second quarter of 2018 and to build throughout the year.
First Quarter Summary
|||Total revenue for the first quarter of 2018 was $156 million, a 2.6% 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, as well as increased equipment revenue.|
|||Net loss for the first quarter of 2018 was $38.3 million. The smaller net loss over the prior-year period was primarily driven by a goodwill impairment in the first quarter of 2017 that did not recur in the first quarter of 2018. In the first quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $78 million related to its Maritime & Land business unit within its Connectivity segment.|
|||Adjusted EBITDA for the first quarter of 2018 was $17.3 million, which was a slight increase over the prior-year period, primarily due to growth in our Connectivity segments service revenue and equipment revenue, which included higher margin sales of spare parts.|
The following information was filed by Global Eagle Entertainment Inc. (ENT) on Tuesday, May 15, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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