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Boingo Wireless Reports Strong Fourth Quarter And Full Year 2013 Results

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 fourth quarter and full year ended December 31, 2013.

Fourth Quarter 2013 Financial Highlights

  • Revenue of $28.8 million, compared to $28.0 million for the fourth quarter of 2012.
  • Net loss attributable to common stockholders of $2.8 million, or $0.08 per diluted share. This compares to net income attributable to common stockholders of $1.4 million, or $0.04 per diluted share, for the fourth quarter of 2012.
  • Adjusted EBITDA of $6.9 million, compared to $7.3 million for the fourth 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.”

Full Year 2013 Financial Highlights

  • Revenue of $106.7 million, compared to $102.5 million in 2012.
  • Net loss attributable to common stockholders of $4.0 million, or $0.11 per diluted share. This compares to net income attributable to common stockholders of $7.3 million, or $0.20 per diluted share, in 2012.
  • Adjusted EBITDA of $24.0 million, compared to $30.6 million in 2012.

Operational Highlights

  • An agreement with São Paulo’s International Airport to design, install and manage advanced Wi-Fi and distributed antenna system (DAS) networks at the airport.
  • An agreement with Dubai Airports to provide ad-supported Wi-Fi services for Dubai International (DXB) and Al Maktoum International at Dubai World Central (DWC).
  • An agreement with the Village of Rosemont, Illinois to operate neutral host DAS services and ad-supported Wi-Fi at Rosemont’s convention, entertainment and sports facilities.
  • An agreement with a U.S.-based tier one carrier for Wi-Fi roaming and offload, bringing the total number of offload agreements to three of the four tier one carriers in the U.S.
  • The receipt of “Best Wi-Fi service” in Global Traveler’s 2013 GT Tested Awards.

Management Commentary

“As we look back on 2013, we are pleased with our achievements, which included record revenue as well as significant new contracts that are expected to generate long-term recurring revenue in both our wholesale and retail businesses,” said David Hagan, Chief Executive Officer of Boingo Wireless. “Sizeable opportunities in key growth sectors required us to invest more heavily up front this year, which affected our profitability. That said, those investments are already starting to pay off in our advertising business with revenue nearly doubling year over year, while the aggressive ramping of investments in the military network rollouts isn’t expected to contribute in a meaningful way until the second half of this year.”

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