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Boingo Wireless Reports Strong Second Quarter 2013 Results

Stocks in this article: WIFI

Boingo Wireless (NASDAQ: WIFI), the leading DAS and Wi-Fi provider that serves consumers, carriers and advertisers worldwide, today announced the company’s financial results for the second quarter ended June 30, 2013.

Second Quarter 2013 Financial Highlights

Boingo Wireless reported revenue of $26.2 million, which exceeded the company’s guidance range, compared to $24.3 million for the second quarter of 2012. Net loss attributable to common stockholders was $0.4 million, or ($0.01) per diluted share. This compares to net income attributable to common stockholders of $1.5 million, or $0.04 per diluted share, for the second quarter of 2012.

Adjusted EBITDA was $6.1 million compared to $6.8 million for the second quarter of 2012. Adjusted EBITDA, which is a non-GAAP financial measure, is defined below and is reconciled to net (loss) income attributable to common stockholders, the most comparable measure under GAAP, in the schedule entitled “Reconciliation of Net (Loss) Income Attributable to Common Stockholders to Adjusted EBITDA.”

Operational Highlights

  • An agreement with the University of Arizona to design, build and manage the University’s first distributed antenna system (DAS), which will provide improved voice and data coverage and capacity for Wildcat fans, students and faculty.
  • An agreement to serve as the exclusive cellular network provider for Pinnacle Bank Arena, which includes the design, deployment and management of a neutral-host, multi-carrier DAS network for enhanced mobile voice and data connectivity during events.
  • An agreement with the Memphis-Shelby Airport Authority Board of Commissions to design, build and manage a DAS network at the Memphis International Airport to improve cellular service in the terminal, ground transportation center and surrounding areas.
  • An agreement with Samsung Electronics America, Inc. to provide one year of free unlimited Wi-Fi access in North America to Galaxy Tablet 3 and Galaxy Note 8 Wi-Fi users.
  • The launch of a new advertising product that allows leading brands to reward users with free Wi-Fi access in exchange for verified downloads of their iOS or Android apps.

Management Commentary

“Our positive momentum continued through the second quarter, with all three major lines of business– retail, wholesale, and advertising – contributing to our overall performance,” said David Hagan, Chief Executive Officer of Boingo Wireless. “Our retail and advertising businesses over-performed for the quarter to help lead us to $26.2 million in revenue, which exceeded the high end of our guidance. Stability in the wholesale sector, especially as it relates to revenue generated by DAS upgrade projects for the carriers, helped amplify the retail and advertising gains.”

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