Gogo Inc.

2024
Annual Report

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One):

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 2024
OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from __________ to __________
Commission File Number: 001-35975
Gogo Inc. 
(Exact name of registrant as specified in its charter)
Delaware
27-1650905
(State or other jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
105 Edgeview Dr., Suite 300
Broomfield, CO 80021
 (Address of principal executive offices)
Telephone Number (303) 301-3271
(Registrant’s telephone number, including area code)
 Securities registered pursuant to Section 12(b) of the Act: 
Title of Class
Trading Symbol
Name of Each Exchange on Which Registered
Common stock, par value $0.0001 per share
GOGO
NASDAQ Global Select Market
Preferred Stock Purchase Rights
GOGO
NASDAQ Global Select Market
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes       No  
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.     Yes       No  
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months 
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes       No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this 
chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large 
accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer

  Accelerated filer

Non-accelerated filer

  Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting 
standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under 
Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.     Yes       No  
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an 
error to previously issued financial statements. 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s 
executive officers during the relevant recovery period pursuant to §240.10D-1(b). 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes       No  
The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant as of June 28, 2024, the last business day of the registrant's most recently completed 
second fiscal quarter, was $606,001,482 based upon the closing price reported for such date on the NASDAQ Global Select Market. 
As of March 7, 2025, 131,350,127 shares of $0.0001 par value common stock were outstanding.

Documents Incorporated By Reference
Portions of the registrant’s definitive Proxy Statement for its Annual Meeting of Stockholders scheduled to be held June 3, 2025 are incorporated by reference into Part III of this Form 
10-K. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2024.

 
1
Gogo Inc.
INDEX
Page
Part I.
Item 1.
Business
5
Item 1A.
Risk Factors
16
Item 1B.
Unresolved Staff Comments
40
Item 1C.
Cybersecurity
40
Item 2.
Properties
41
Item 3.
Legal Proceedings
41
Item 4.
Mine Safety Disclosures
41
Part II.
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
42
Item 6.
Reserved
43
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
44
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
58
Item 8.
Financial Statements and Supplementary Data
60
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
99
Item 9A.
Controls and Procedures
99
Item 9B.
Other Information
100
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
101
Part III.
Item 10.
Directors, Executive Officers and Corporate Governance
104
Item 11.
Executive Compensation
104
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
104
Item 13.
Certain Relationships and Related Transactions, and Director Independence
105
Item 14.
Principal Accounting Fees and Services
105
Part IV.
Item 15.
Exhibits, Financial Statement Schedules
106
Item 16.
Form 10-K Summary
110


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INTRODUCTORY NOTE 
Unless the context otherwise indicates or requires, as used in this Annual Report on Form 10-K for the fiscal year ended 
December 31, 2024, references to: (i) “we,” “us,” “our,” “Gogo,” or the “Company” refer to Gogo Inc. and its directly and 
indirectly owned subsidiaries as a combined entity, except where otherwise stated or where it is clear that the term means only Gogo 
Inc. exclusive of its subsidiaries; and (ii) “fiscal,” when used in reference to any twelve-month period ended December 31, refers to 
our fiscal year ended December 31. Unless otherwise indicated, information contained in this Annual Report on Form 10-K is as of 
December 31, 2024. We have made rounding adjustments to reach some of the figures included in this Annual Report on Form 10-K 
and, unless otherwise indicated, percentages presented in this Annual Report on Form 10-K are approximate. 
Cautionary Note Regarding Forward-Looking Statements and Risk Factor Summary
Certain statements in this Annual Report on Form 10-K may constitute “forward-looking” statements within the meaning of the 
Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding 
our industry, business strategy, acquisitions, plans, goals and expectations concerning our market position, international expansion, 
future technologies, future operations, margins, profitability, future efficiencies, capital expenditures, liquidity and capital resources 
and other financial and operating information. When used in this discussion, the words “anticipate,” “assume,” “believe,” “budget,” 
“continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” 
“future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this Annual 
Report on Form 10-K.
Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations 
may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can 
give you no assurance these expectations will prove to have been correct. Some of these expectations may be based upon assumptions, 
data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a 
variety of known and unknown risks, uncertainties and other factors. Factors that could cause actual events, results or outcomes to 
differ from those anticipated by these and other forward-looking statements include, among others, the items in the following list, 
which also summarizes some of our more principal risks:
Risks Related to Our Business
•
our ability to continue to generate revenue from the provision of our connectivity and other service offerings;
•
our development and fixed-price contracts;
•
our reliance on our key OEMs and dealers for equipment sales;
•
our dependence on single-source, third party satellite network providers;
•
the impact of competition;
•
our ability to maintain high-quality customer support;
•
our reliance on third parties for equipment components and services;
•
our participation in U.S. government contracts;
•
our participation in non-U.S. government contracts;
•
the finite useful life of satellites;
•
the impact of global supply chain and logistics issues, tariffs and inflationary trends;
•
the continued expansion of our business outside of the United States;
•
foreign currency risk;
•
the impact of our expansion geographically and otherwise on our corporate culture;
•
our ability to recruit, train and retain highly skilled employees, and the loss of any key personnel;
•
the impact of pandemics or other outbreaks of contagious diseases, and the measures implemented to combat them;
•
the impact of adverse economic conditions;
•
our ability to fully utilize portions of our deferred tax assets;
•
the impact of attention to climate change, conservation measures and other ESG matters; and

3
•
our ability to evaluate or pursue strategic opportunities.
Risks Related to the Satcom Direct Acquisition
•
our ability to integrate Satcom Direct’s business, and the potential failure to realize or delay in realizing all of the 
anticipated benefits of the acquisition; and
•
the changes in executive management that occurred as part of the acquisition.
Risks Related to Our Technology and Intellectual Property
•
our ability to develop and deploy Gogo 5G, Gogo Galileo or other next generation technologies;
•
our ability to maintain our rights to use our licensed 4MHz of ATG spectrum in the United States and obtain rights to 
additional spectrum if needed;
•
the impact of service interruptions or delays, cyberattacks, technology failures, equipment damage or system disruptions 
or failures;
•
the impact of assertions by third parties of infringement, misappropriation or other violations;
•
our ability to innovate and provide products and services;
•
our ability to protect our intellectual property rights;
•
risks associated with the use of artificial intelligence in our products and services;
•
the impact of our use of open-source software; and
•
the impact of equipment failure or material defects or errors in our software.
Risks Related to Litigation and Regulation
•
our ability to comply with applicable foreign ownership limitations;
•
the impact of government regulation of communication networks, and the internet;
•
our possession and use of personal information;
•
risks associated with participation in the Federal Communications Commission’s (“FCC”) Secure and Trusted 
Communications Networks Reimbursement Program;
•
our ability to comply with anti-bribery, anti-corruption, anti-money laundering and export control laws;
•
the extent of expenses, liabilities or business disruptions resulting from litigation;
•
the impact of global climate change and legal, regulatory or market responses to it;
•
the impact of the distribution of income among various jurisdictions in which we operate as well as changes in tax law or 
regulation on our U.S. and non-U.S. tax liabilities; and
•
the impact of changes in laws and regulations on U.S. government contractors.
Risks Related to Our Indebtedness
•
the impact of our substantial indebtedness;
•
our ability to obtain additional financing to refinance or repay our existing indebtedness;
•
the impact of restrictions and limitations in the agreements and instruments governing our debt;
•
the impact of increases in interest rates; 
•
the impact of a substantial portion of our indebtedness being secured by substantially all of our assets; and
•
the impact of a downgrade, suspension or withdrawal of the rating assigned by a rating agency.
Risks Related to Our Common Stock
•
the volatility of our stock price;
•
our ability to fully utilize our tax losses;

4
•
the dilutive impact of future stock issuances;
•
the impact of our stockholder concentration and of our Executive Chair of the Board being a significant stockholder;
•
our ability to fulfill our obligations associated with being a public company; 
•
the impact of identified material weaknesses in our internal control over financial reporting; and
•
the impact of anti-takeover provisions, ownership provisions and certain other provisions in our charter, our bylaws, 
Delaware law, and our existing and any future credit facilities.
Any one of these factors or a combination of these factors could materially affect our financial condition or future results of 
operations and could influence whether any forward-looking statements contained in this Annual Report on Form 10-K ultimately 
prove to be accurate. Our forward-looking statements are not guarantees of future performance, and you should not place undue 
reliance on them. All forward-looking statements speak only as of the date made and unless required by law we undertake no 
obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or 
otherwise.
In addition, while we do, from time to time, communicate with securities analysts, it is against our policy to disclose to them any 
material non-public information or other confidential information. Accordingly, stockholders should not assume that we agree with 
any statement or report issued by any analyst irrespective of the content of the statement or report. Thus, to the extent that reports 
issued by securities analysts contain any projections, forecasts, or opinions, such reports are not our responsibility.


5
Item 1. Business
Company Overview
Acquisition of Satcom Direct, LLC (the “Transaction”)
On December 3, 2024 (the “Closing”), we purchased all of the issued and outstanding equity interests of Satcom Direct, LLC, a 
Delaware limited liability company (f/k/a Satcom Direct, Inc., a Florida corporation) and certain of its affiliates and subsidiaries 
(collectively, “Satcom Direct”), in exchange for (i) an aggregate cash purchase price of approximately $375,000,000, subject to 
customary post-closing adjustments, (ii) 5,000,000 restricted shares of the Company’s common stock, par value $0.0001 per share (the 
“Common Stock”) (valued at approximately $40,500,000 based on the Company’s closing stock price of $8.10 on December 2, 2024), 
and (iii) up to an additional $225,000,000 in potential earnout payments of cash and/or Common Stock tied to realizing certain 
financial performance milestones over four years following the Closing. 
The acquisition has created the only in-flight connectivity provider able to satisfy the performance and cost needs of every 
segment of the global business aviation and military/government mobility markets. Founded in 1997, Satcom Direct primarily engages 
in providing business, military and government in-flight connectivity services as a reseller of satellite services. Satcom Direct operates 
worldwide with an international sales and service team based in nine countries. Satcom Direct sells services and equipment globally 
through their international sales force to OEMs, governments, military groups and private fleet companies, among other entities. 
Satcom Direct manages a network operating center and maintains its own data center in Melbourne, Florida with licensed data sites 
strategically placed around the world.
In connection with the Closing, the Company and Gogo Intermediate Holdings LLC (“GIH”), a direct wholly owned subsidiary 
of Gogo Inc., entered into a credit agreement with HPS Investment Partners, LLC, as the administrative agent, and the lenders party 
thereto, which provides for a term loan credit facility (the “HPS Term Loan Facility”) in an aggregate principal amount of $250 
million. The HPS Term Loan Facility amortizes in quarterly installments equal to one percent of the aggregate initial principal amount 
thereof per annum, with the remaining balance payable upon final maturity of the HPS Term Loan Facility on April 30, 2028. 
Concurrently with the closing of the HPS Term Loan Facility and the Closing, the Company and GIH, entered into a second 
amendment to that certain Credit Agreement, dated as of April 30, 2021 (the “Original 2021 Credit Agreement”, as it may be 
amended, supplemented or otherwise modified from time to time, the “2021 Credit Agreement”), with the guarantors party thereto, 
Morgan Stanley Senior Funding, Inc., as administrative agent, and the lenders party thereto, to, among other purposes, (i) increase the 
aggregate principal amount of revolving commitments available under the 2021 Credit Agreement to $122,000,000 and (ii) extend the 
maturity date of the Revolving Facility (as defined below) to December 3, 2029 (subject to such maturity date springing to the date 
that is 90 days prior to the then-current maturity date of (a) the 2021 Term Loan Facility under the 2021 Credit Agreement and (b) the 
HPS Term Loan Facility under the HPS Credit Agreement under certain conditions). 
Segments
As a result of the Company’s acquisition of Satcom Direct, the Company has two reportable segments as of December 31, 2024: 
the legacy pre-acquisition operations of the Company (“Gogo BA”) and the acquired entity, Satcom Direct. The Gogo BA segment 
provides in-flight connectivity for business aviation via air-to-ground (“ATG”) and satellite networks. The Satcom Direct segment 
primarily provides global satellite-based communication solutions for business, military and government aircraft. Satcom Direct is 
managed as a separate reportable segment, but in the future, after integrating the Satcom Direct business, we may determine to realign 
our reportable segments.
Our Strategy and our Solutions
The Company’s acquisition of Satcom Direct created a combined organization, which currently is the only multi-orbit, multi-
band in-flight connectivity provider offering connectivity technology purpose-built for business and military/government aviation. The 
Company has a holistic approach of providing broadband connectivity services to its customers from small to large aircraft and heavy 
jets through the Company’s ATG technology and multiple satellite constellations, which aim to deliver consistent, global tip-to-tail 
connectivity with a suite of software, hardware, and advanced infrastructure supported by a 24/7/365 in-person customer support team.
The key strategic drivers of the Transaction included, among others, (i) access to Satcom Direct’s established global footprint, 
which includes a mature sales force and customers in over 100 countries; (ii) an established global military/government team and 
existing global military/government customers, with the ability to provide the Company entry into the large and fast-growing 
military/government mobility vertical for aircraft and land; (iii) additional products to provide to legacy customers of Gogo BA, 
including, among others, Satcom Direct’s well-known customer software solution, SD Pro®; (iv) a competitive cost structure achieved 
through cost synergies; and (v) integrated low earth orbit (“LEO”) and geostationary earth orbit (“GEO”) satellite solutions aimed at 

6
providing greater reliability and redundancy for customers, enabling the Company to distinguish itself as a holistic satellite network 
integrator.
We believe the combined organization is well-positioned to accelerate growth in the evolving in-flight connectivity market, 
which is experiencing significant change due to several catalysts. The most significant advancement in technology driving change in 
our industry today is the introduction of LEO satellite technology, which provides, among other things, a global service offering, 
higher capacity and lower latency than available alternatives. Further, we believe that demand for in-flight connectivity will continue 
to increase because of changes in the demographics of our customer base, the proliferation of social applications and lifestyle changes 
that remain in a post-COVID world, such as videoconferencing and live streaming.
We view all these significant changes as opportunities to leverage our combined Company’s technological know-how and deep 
understanding of the in-flight connectivity market and to drive greater penetration of our solutions in our markets over the next 
decade. 
•
Gogo Galileo: We commercially launched the first global LEO broadband satellite service purpose-built for business 
aviation (“Gogo Galileo”) in the first quarter of 2025. Gogo Galileo will use an electronically steered antenna (“ESA”), 
specifically designed with Hughes Network Systems, LLC (“Hughes”) to address a broad range of business aviation and 
military/government aircraft, operating on a LEO satellite network operated by Network Access Associates, Ltd. 
(“Eutelsat OneWeb”). We believe that Gogo Galileo, in combination with or as an alternative to our ATG and GEO 
services, will allow us to increase our penetration of the North American market and provide an upgrade path and an 
additional product for our existing ATG and GEO customer base. In addition, we believe that Gogo Galileo will allow us 
to penetrate the business aviation and military/government market outside of North America, where there has been a lower 
adoption rate of in-flight connectivity. The launch of Gogo Galileo is also expected to augment our combined product and 
service offerings for ATG broadband, GEO broadband, and narrowband satellite services, as described below.
•
ATG Broadband Service: Gogo is the leading provider of in-flight connectivity in the ATG broadband market in North 
America. Gogo started in analogue ATG technology in the late 1990s, then, as analogue cellular backhaul disappeared, 
migrated to narrowband satellite connectivity in the early 2000s, and then back to ATG with our digital broadband 
networks beginning in 2010. We continue to augment our ATG broadband connectivity services through the addition of 
our fourth ATG broadband network (Gogo 5G), which we expect to deliver revenue in the fourth quarter of 2025. We are 
also actively working with a subset of our customers utilizing our AVANCE products and legacy Gogo Biz ATG airborne 
system to transition to an AVANCE system compatible with a new LTE network. We anticipate this subset of customers 
will see improved performance because of this network transition, which is expected to occur in 2026. The cost for the 
transition to the new LTE network is offset by our participation in the FCC Secure and Trusted Communications 
Networks Reimbursement Program (the “FCC Reimbursement Program”).
•
GEO Broadband Service: As a result of the Transaction, we now partner with industry satellite network operators to 
deliver GEO Ku- and Ka-band services. Our combined product offerings allow us to integrate and offer network agnostic 
solutions, providing customers with GEO satellite services utilizing networks provided by operators, including, among 
others, Intelsat Jackson Holdings S.A. (“Intelsat”) and Viasat, Inc. (“Viasat”).
•
Narrowband Satellite Services: Since our initial migration to narrowband satellite connectivity in the early 2000s, we 
continue to provide narrowband satellite services to customers in North America and internationally. We now provide this 
narrowband satellite service through reseller agreements with satellite providers, including Iridium Satellite LLC 
(“Iridium”) and Viasat.
As of December 31, 2024, we had approximately 1,249 activated GEO broadband business aviation customer aircraft and 
7,059 line-replaceable units (“LRUs”) for our ATG broadband services, of which approximately 4,608 were equipped with AVANCE.
Our Products, Services and Customer Support
We accomplish our mission as the world’s only multi-orbit, multi-band in-flight connectivity provider, by delivering secure and 
reliable in-flight connectivity solutions for business and military/government aviation, and by offering a comprehensive portfolio of 
products and services consisting of our in-flight systems, in-flight services, aviation partner support, engineering, design and 
development services, and production operations functions.
In-Flight Systems. Across both of our business aviation and military/government customer bases, our customers have a broad range 
of equipment choices for their in-flight systems, which allows us to provide a solution based on geography, mission, size of aircraft 
and passenger preference. Customers can select a variety of different products such as our legacy AVANCE platforms and Gogo 
Galileo, products acquired with Satcom Direct, including Plane Simple®, Satcom Direct Router (“SDR”), SD PRO®, and FlightDeck 
Freedom, and other products to fit their needs.
In-Flight Services (Service Plans). Across both our business aviation and military/government customer bases, we provide a wide 
range of in-flight services for passengers, flight and cabin crews and our aviation partners. We offer a variety of connectivity services 

7
tailored to our various networks and technologies that are generally priced on a per-aircraft per-month basis. We offer service plans 
ranging from unlimited data usage to an hourly monthly consumption plan, and offer alongside these data plans voice rates, inflight 
entertainment options, and other service features.
Infrastructure. The infrastructure supporting our in-flight connectivity services consists of our networks, towers, cybersecurity 
software, and data centers.
Customer Support. We strive to deliver a premium customer experience throughout our business. Our support and service 
organization leads these efforts and provides operational assistance and comprehensive analytics to our customers 24/7/365. The 
organization assists with installations, troubleshooting, system activations, and data analysis to evaluate our system and operational 
performance.
Product Development. Our engineering, design, and development (“ED&D”) operations augment our service and support teams. The 
in-house ED&D organization translates business requirements into products that comply with rigorous avionics certification 
requirements. Specialized capabilities within our ED&D operation include, among others, radiofrequency engineering, airborne 
platform development, network engineering, systems engineering, and application development and business systems.
Given our highly specialized technology and required production levels, we design, assemble and test our airborne LRUs, SDRs 
and Plane Simple® terminals in-house, while relying on third parties to manufacture specific components based on our design 
specifications. We also rely on third parties to manufacture our antennas and generally share antenna design responsibilities and 
intellectual property with these vendors. Our manufacturing and repair facilities located in the U.S. and in Canada are respectively 
certified by the Federal Aviation Administration (“FAA”)- and Transport Canada Civil Aviation.
Our Customers and Distribution Partners
Business Aviation Customers
We provide in-flight connectivity services to a variety of customers needing connectivity, but our end-users are primarily 
aircraft owners/operators. As of December 31, 2024, our market was comprised of approximately 27,000 business aircraft in North 
America, of which approximately 34% have broadband connectivity, and approximately 14,000 business aircraft in the rest of the 
world, of which approximately 14% have broadband connectivity. As of December 31, 2024, we had approximately 8,200 customers. 
Our top ten customers accounted for approximately 20% of our 2024 service revenue (excluding service revenue earned under a 
network sharing agreement with Intelsat, and no customer accounted for more than 10% of our revenue in 2024.
We also sell directly to every OEM of business aviation aircraft including Bombardier, Dassault Falcon, Embraer, Gulfstream, 
Pilatus and Textron Aviation. In the aftermarket, we sell through a global distribution network of approximately 140 independent 
dealers with approximately 220 locations who are certified by the FAA as Maintenance and Repair Organizations. Our independent 
dealers market, resell and obtain FAA-required supplemental type certificates (“STC”) for our equipment. Our customers also include 
fractional jet operators such as NetJets, charter operators, corporate flight departments and individuals owning aircraft.
Military and Civilian Government Customers
Following the Transaction, we have acquired a diversified customer base that now includes global military and civilian 
government customers supported through Satcom Direct’s military/government business. Similar to our provision of services for 
business aviation customers, the military/government operation offers a full range of satellite connectivity options for voice, data, and 
video applications on land, at sea, and in the air. The military/government operation services both U.S. and international customers 
with products and services that have defense, civil, and commercial applications, with our principal customers being agencies of the 
U.S. federal government and other members of the North American Treaty Organization.
Many of our military and civilian government contracts are subject to a competitive bid process and are awarded based on 
technical merit, personnel qualifications, experience and price. We also receive some contract awards involving special technical 
capabilities on a negotiated, noncompetitive basis due to our unique mix of communication products, satellite services, engineering 
capabilities and technical expertise in specialized areas.
Competitive Differentiators 
We believe Gogo is uniquely positioned to thrive in this dynamic industry environment, due in part to the competitive 
differentiators described below:
Our Product Platform. Our product platform includes three components: networks, antennas, and airborne equipment and software. 
The comprehensiveness and flexibility in our product platform allow us to align our value proposition with our customers’ priorities 
and identify solutions based on geography, mission, size of aircraft and passenger preference. For example, the AVANCE or SDR 

8
platforms are software-centric and designed to be fungible as it includes hardware built with common components that operate on a 
single operating system across multiple devices.
Our Distribution Relationships. We believe that our distribution network is unmatched in our industry. Our distribution partners 
include every OEM of business aviation aircraft and a global aftermarket network of approximately 140 dealers with approximately 
220 locations, many of whom we have worked with for decades. We have established trusted relationships with our distribution 
partners and a proven track record of generating revenues and profits for them, and they have trust and confidence in our ability to 
continue to do so. This facilitates our sales and our speed to market as our distribution partners are willing to invest in marketing and 
certification efforts for our equipment. In addition, we are now further augmenting our distribution network by providing to the 
military/government aviation market globally.
Purpose-Built for Aviation. Our products are specifically designed to meet the unique demands of the business aviation industry, 
distinguishing them from off-the-shelf commercial alternatives. Unlike standardized solutions, our products are engineered with 
aviation-grade reliability, safety, and performance in mind, ensuring seamless integration with complex aircraft systems. This 
industry-specific focus allows us to provide customized, high-performance solutions that align with the operational and regulatory 
requirements of business aviation.
To support our specialized product offerings, we maintain a global sales force with deep expertise in the aviation industry. By 
combining purpose-built products with a knowledgeable and dedicated sales team, we differentiate ourselves in the market, ensuring 
that our solutions are well-suited to the precise needs of the business aviation industry.
Our Innovative Culture. We continuously innovate and have a strong track record of innovation in our equipment and service 
offerings. As of March 1, 2025, we held approximately 571 U.S. and international patents, most of which relate to network 
technology. We pioneered and have led innovation in our industry for nearly 30 years, as evidenced by the advancements in our ATG 
network, AVANCE platform, SDR platform, Plane Simple® GEO broadband antennas, Galileo ESA Ku-broadband antennas, and 
ancillary software service offerings such as FlightDeck Freedom and SDPro®. We also have created a one-of-a-kind end to end secure 
connectivity system for the military/government market through our owned data center, user devices, and terminals.
Competition
With respect to the provisioning of our services to the business aviation and military and government markets, we compete 
against both equipment-providers and GEO- and LEO-satellite based telecommunications service providers, as well as resellers of the 
above, including but not limited to Honeywell Aerospace, Collins Aerospace, Intelsat, SES, SpaceX, and ViaSat. We also compete 
with government communications service providers and manufacturers of defense electronics products, systems or subsystems, 
including but not limited to BAE Systems, General Dynamics, Telesat, L3Harris, Echostar (Hughes Network Systems), Northrop 
Grumman and similar companies for certain contracts tendered in the military and government markets.
The markets in which we compete are dynamic and rapidly changing. Technologies are continuing to evolve to solutions 
offering higher capacity, speed, and other superior advantages. As a result, we maintain strategic relationships with our competitors, 
who are also our customers or partners, in some cases, to remain nimble and responsive to changing technology and market 
conditions.
We expect to face competition from other new and existing operators of LEO and/or GEO or other non-GEO satellite networks 
in the future. We differentiate ourselves in this highly competitive market through the following factors: technological capabilities, 
redundancy and reliability resulting from our multi-orbit and multi-band solutions, experienced network integration management, 
price, geographic coverage, customer service, ancillary service offerings for safety and cybersecurity services, product development, 
conformity to customer specifications, regulatory compliance, quality of support after the sale, and timeliness of delivery and 
installation.
Regulatory Matters
Our business is heavily regulated. Our global operations are subject to significant regulations and international treaties and 
conventions. We are required to comply with the laws and regulations of, and often obtain approvals from, national and local 
authorities in connection with the services that we provide. Further, we are subject to the laws and regulations of the jurisdictions 
where we sell equipment.
Federal Aviation Administration
The FAA prescribes standards and certification requirements for the manufacturing of aircraft and aircraft components, and 
certifies repair stations to perform aircraft maintenance, preventive maintenance and alterations, including the installation and 
maintenance of aircraft components. Each type of aircraft operated in the United States under an FAA-issued standard airworthiness 
certificate must possess an FAA Type Certificate, which constitutes approval of the design of the aircraft type based on applicable 
airworthiness standards. When a party other than the holder of the Type Certificate develops a major modification to an aircraft 

9
already type-certificated, that party must obtain an FAA-issued STC approving the design of the modified aircraft type. The dealers 
and OEMs to which we sell our equipment are generally responsible for obtaining STCs for each aircraft type on which our equipment 
will be installed, and we support them in those efforts. Separate STCs typically are required for different configurations of the same 
aircraft type, such as when they are configured differently for different owners and operators.
After an STC is obtained, a manufacturer desiring to manufacture components to be used in the modification covered by the 
STC must apply to the FAA for a Parts Manufacturing Approval (“PMA”), which permits the holder to manufacture and sell 
components manufactured in conformity with the PMA and its approved design and data package. In general, each initial PMA is an 
approval of a manufacturing or modification facility’s production quality control system. PMA supplements are obtained to authorize 
the manufacture of a particular part in accordance with the requirements of the pertinent PMA, including its production quality control 
system. We routinely apply for and receive such PMAs and supplements.
Certain of our FCC licenses are conditioned upon our ability to obtain from the FAA a “No Hazard Determination” for our cell 
sites, which indicates that a proposed structure will not, if built as specified, create a hazard to air navigation. When building or 
altering certain cell sites, we may first be required to obtain such a determination.
Our business depends on our continuing access to, or use of, these FAA certifications, authorizations and other approvals, and 
our employment of, or access to, FAA-certified engineering and other professionals.
In accordance with these certifications, authorizations and other approvals, the FAA requires that we maintain, review and 
document our quality assurance processes. The FAA may visit our facilities at any time as part of our agreement for certification as a 
manufacturing facility and repair station to ensure that our facilities, procedures and quality control systems continue to meet FAA 
requirements. In addition, we are responsible for informing the FAA of significant changes to our organization and operations, product 
failures or defects, and any changes to our operational facilities or FAA-approved quality control systems. Other FAA requirements 
include training procedures and drug and alcohol screening for safety-sensitive employees working at our facilities or on aircraft.
Foreign Aviation Regulation
According to the Convention on International Civil Aviation, the airworthiness of U.S.-registered and FAA type-certificated 
aircraft on which FAA-certified Gogo equipment is installed is recognized by civil aviation authorities (“CAAs”) worldwide that are 
signatories to that Convention. As a result, Gogo does not expect to require further airworthiness certification formalities in countries 
outside of the United States for U.S.-registered aircraft that already have an STC issued by the FAA covering Gogo equipment. For 
aircraft registered with a CAA of a country other than the United States, the installation of Gogo equipment requires airworthiness 
certification from an airworthiness certification body. Typically, the CAA of the country in which the aircraft is registered is 
responsible for ensuring the airworthiness of any aircraft modifications under its authority.
The FAA holds bilateral agreements with certification authorities around the globe. Bilateral agreements facilitate the reciprocal 
airworthiness certification of civil aeronautical products that are imported/exported between two signatory countries. A Bilateral 
Airworthiness Agreement (“BAA”) or Bilateral Aviation Safety Agreement (“BASA”) with Implementation Procedures for 
Airworthiness provides for airworthiness technical cooperation between the FAA and its counterpart CAA. Under a BAA or BASA, 
the CAA of the aircraft’s country of registration generally validates STCs issued by the FAA and then issues a Validation 
Supplemental Type Certificate. For countries with which the FAA does not have a BAA or BASA, Gogo must apply for certification 
approval with the CAA of the country in which the aircraft is registered. In order to obtain the necessary certification, Gogo will be 
required to comply with the airworthiness regulations of the country in which the aircraft is registered. Failure to address all foreign 
airworthiness and aviation regulatory requirements at the commencement of each aircraft operator’s service in any country in which it 
registers aircraft when there are no applicable bilateral agreements may lead to significant additional costs related to certification and 
could impact the timing of our ability to provide our service on such aircraft.
U.S. Department of Transportation
The U.S. Department of Transportation (“DOT”) established an Advisory Committee on Accessible Air Transportation to 
negotiate and develop a proposed rule concerning accommodations for passengers with disabilities in three basic areas, including in-
flight entertainment (“IFE”) and closed captioning of IFE. The Committee issued a resolution in late 2016 that included its 
recommendations to the DOT for a rule on IFE. However, since a final rule on IFE has not yet been issued, it is unclear how, if at all, 
it may impact Gogo. According to the Agency Rule List – Fall 2024 posted by the Office of Information and Regulatory Affairs, 
Office of Management and Budget, the rulemaking about accessible IFE is a long-term action.
Federal Communications Commission
Under the Communications Act of 1934, as amended (the “Communications Act”), the FCC licenses the spectrum that we use 
and regulates the construction, operation, acquisition and sale of our wireless services. The Communications Act and FCC rules also 
require the FCC’s prior approval of the assignment or transfer of control of an FCC license, or the acquisition, directly or indirectly, of 
more than 25% of the equity or voting control of Gogo by non-U.S. individuals or entities.

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Our various services are regulated differently by the FCC. For example, we provide some of our voice and data services (not 
including ATG) by reselling the services of satellite operators. Where we offer telecommunications services on a common carrier 
basis, we are subject to the provisions of Title II of the Communications Act, which require, among other things, that the charges and 
practices of common carriers be just, reasonable and non-discriminatory. In addition, where we provide an interconnected voice over 
Internet protocol (“VoIP”) service, the FCC applies many, but not all, of the same regulatory requirements to interconnected VoIP 
services as it does to common carrier telecommunications services.
We offer connectivity service in the United States to business aviation aircraft and, pursuant to an ATG network sharing 
agreement with Intelsat, to certain commercial aircraft operated by Intelsat’s airline customers, through our own facilities, using our 
ATG License, a nationwide commercial air-ground radiotelephone license in the 800 MHz band. We obtained and paid for this 
spectrum through an auction conducted by the FCC. See “—ATG License Terms and Conditions.”
In 2023, the FCC adopted regulations, including broadband labeling and digital discrimination rules, that apply to broadband 
Internet access service. In May 2024, the FCC classified broadband Internet access service as a common carrier “telecommunications 
service” and imposed network neutrality restrictions on blocking access to lawful content, applications, services or non-harmful 
devices; impairing or degrading lawful Internet traffic on the basis of content, applications, services or non-harmful devices; favoring 
some lawful Internet traffic over other lawful traffic in exchange for consideration of any kind; or prioritizing the content and services 
of broadband providers’ affiliates. In January 2025, the U.S. Court of Appeals for the Sixth Circuit found that broadband Internet 
access service is a non-common carrier “information service” under the Communications Act, thereby overturning the FCC’s net 
neutrality rules. To the extent future legislation by Congress or state legislatures, further litigation in federal or state courts, or new 
regulations by the FCC further restrict reasonable network management, impose network neutrality rules, or determine that any of our 
services qualify as broadband Internet access service, our business may be affected.
Our Internet connectivity service is also subject to the FCC’s data roaming rules, which require commercial mobile data service 
(“CMDS”) providers like Gogo to negotiate roaming arrangements with any requesting facilities-based, technologically compatible 
providers of CMDS. The rules do not give other providers the right to install equipment on Gogo-equipped aircraft and do not require 
the Gogo service to be provided on a discounted basis, although the arrangement must be “commercially reasonable.” The rules allow 
us to take reasonable measures to safeguard the quality of our service against network congestion that may result from roaming traffic.
In addition, most of our services are subject to various rules that seek to ensure that the services are accessible to persons with 
disabilities, including requirements related to the pass-through of closed captioning for certain IP-delivered video content offered 
through our Gogo Vision.
In addition to the two ATG licenses, we hold microwave licenses that are used for backhaul in our terrestrial network and an 
authorization for the provision of voice and data services between the United States and foreign points.
ATG License Terms and Conditions
The FCC issued our 3 MHz ATG License on October 31, 2006, for a renewable 10-year term. We have satisfied our obligation 
under the license to provide “substantial service” to aircraft, and on January 25, 2017, we received confirmation from the FCC that the 
license has been renewed until October 31, 2026.
Our 1 MHz ATG license obtained in 2013 from LiveTV Airfone, LLC was also originally issued on October 31, 2006, for a 
renewable 10-year term, although there was no specific “substantial service” obligation attached to this license. Our application to 
renew this license was subsequently granted for an additional 10-year term. On August 3, 2017, the FCC released an order that, among 
other things, revised the wireless license renewal rules. As a result of this order, which applies to the industry generally, all licensees 
will need to make a showing (or certification) at renewal to demonstrate that the licensee provided and continues to provide service to 
the public. Because the 1 MHz ATG license has no construction or substantial service requirement, it is not currently clear what level 
and length of service the FCC will find adequate when considering the next renewal of the 1 MHz ATG license in 2026.
The service and technical rules that apply to our ATG licenses are mainly located in Part 22 of the FCC’s rules. In 2022, the 
FCC issued Gogo a waiver of the power measurement rule applicable to the ATG licenses, and the grant of that waiver included 
various conditions, including the filing of a petition for rulemaking proposing any suggested updates to the FCC rules applicable to 
our ATG licenses. Gogo filed that petition for rulemaking in 2022, including updating the ATG rules where Gogo had received 
previous waivers and other minor technical rule changes. The FCC sought comment on that petition through a public notice in 
2024. The FCC can now move forward with addressing the petition and adopting a notice of proposed rulemaking that formally 
proposes our suggested rule changes. That notice of proposed rulemaking could also include other proposed rule changes that we did 
not propose.
Our two ATG licenses contain certain conditions that require us to comply with all applicable FCC and FAA rules as well as all 
bilateral agreements between the United States and Canada and the United States and Mexico regarding the frequencies that are 
allocated for ATG services. These agreements apply to our use of the spectrum in areas adjacent to the United States’ northern and 
southern borders and in and out of Canadian and Mexican airspace.

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A bilateral ATG spectrum coordination agreement between the U.S. and Canada has been negotiated and approved and a 
bilateral agreement between the United States and Mexico is pending. In 2012, Industry Canada issued to our Canadian subsidiary a 
subordinate license that allows us to use Canadian ATG spectrum for which SkySurf Communications Inc. is the primary licensee, 
and in 2019 the primary license was renewed for an eight-year term expiring June 29, 2027. In 2012, we entered into a license 
agreement with SkySurf (the “License Agreement”), which commenced on August 14, 2012, and was recently renewed for a second 
ten-year term expiring July 24, 2032. Provided that the primary spectrum license issued by Industry Canada (now Innovation, Science 
and Economic Development Canada or “ISED”) to SkySurf remains in effect as of July 24, 2032, the License Agreement is renewable 
at our option for a further five-year term. The term of the License Agreement, including the second 10-year term and any renewals, is 
contingent on the effectiveness of the primary spectrum license.
Any future coordination agreement with Mexico and/or a future Mexican ATG licensee could affect our ability to provide our 
broadband Internet service in the border areas using our current cell sites at current operating power levels and could affect our ability 
to establish or maintain ATG service in the border areas as aircraft fly into and out of Mexican airspace.
Equipment Certification
We may not operate, lease, sell, market or distribute any radio transmission equipment used in the provision of our services 
unless such equipment is compliant with the FCC’s equipment authorization and relevant technical rules. We have the required FCC 
equipment authorizations for our services in the United States. We continue to obtain and assess certifications required for equipment 
currently used in the provisioning of our services outside of the United States. In particular, the Company has undertaken a 
comprehensive analysis of required equipment certifications in global markets in connection with the global launch of Gogo Galileo.
Government Contracts
As a government contractor, we must comply with laws and regulations relating to U.S. Government and other governments’ 
contracts, including foreign governments. We are also subject to a variety of acquisition regulations that regulate our ability to be 
reimbursed for costs under government contracts and foreign contracts. Other government contracting regulations require compliance 
with cybersecurity requirements, prohibit the use of certain telecommunications equipment from identified companies, require a 
written code of business ethics and conduct, and more. In addition, our government contracts may allow the government or prime 
contractors to terminate any of our government contracts and subcontracts either without cause or for default based on our 
performance.
Classified Contracts
We perform some classified work for the U.S. Government that cannot be specifically described. The operating results of 
classified contracts are included in our consolidated financial statements. The risks associated with performing classified contracts are 
not materially different from those of our other government contracts. Our internal controls addressing the financial reporting of 
classified contracts are consistent with our internal controls for our non-classified contracts.
Trade and Export Regulations
Trade and export policies and regulations, like the Export Administration Regulations (“EAR”), affect our business in and 
outside the U.S. Sanctions imposed by the U.S. or ally countries, either prohibiting or limiting business with certain entities and 
countries, may also impact our business. To maintain compliance and mitigate risks related to international sales and exports, we 
routinely assess our obligations under these regulations.
Privacy and Data Security-Related Regulations
We collect personal information, such as name, address, e-mail address and credit card information, directly from our users 
when they register to use our services, along with certain identifiers associated with devices using our services. We also may obtain 
information about our users from third parties or create records that may be personal information in connection with our services. We 
use the information that we collect and create to, for example, consummate their purchase transaction, customize and personalize 
content for our users and enhance the entertainment options when using our service. Our collection, protection, disclosure and use of 
such information are required in some circumstances to comply with our privacy policies, applicable law, and our contractual 
obligations to aviation partners and other third parties, as well as industry standards such as the Payment Card Industry Data Security 
Standard.
We must comply with certain Communications Act and FCC privacy and data security rules for our services, including certain 
provisions applicable to customer proprietary network information (“CPNI”). Effective March 2024, the FCC adopted additional 
CPNI and cybersecurity rules requiring disclosures of applicable data breaches to the FCC, federal law enforcement, and customers, 
which may affect our business. Additionally, as a U.S. Government contractor, we recognize our obligations under Executive Order 
14028 regarding cybersecurity, which mandates federal contractors to implement heightened security measures to protect critical 
infrastructure. As a provider of communication services, we ensure that our cybersecurity practices align with federal guidelines, 
including those specified by the National Institute of Standards and Technology (“NIST”) and the Federal Information Security 
Modernization Act (“FISMA”), to protect sensitive government data from cyber threats.

12
We are also subject to other federal and state consumer privacy and data security requirements. For example, Section 5 of the 
Federal Trade Commission (“FTC”) Act prohibits “unfair or deceptive acts or practices in or affecting commerce.” The FTC has been 
found to have authority to regulate the non-common carrier services offered by communications common carriers, meaning that the 
FTC may have jurisdiction over some of our services. The FTC has brought enforcement actions under the FTC Act against 
companies that among other things: (1) collect, use, share or retain personal information in a way that is inconsistent with the 
representations, commitments, and promises that they make in their privacy policies and other public statements; (2) have privacy 
policies that do not adequately inform consumers about the Company’s actual practices; and (3) fail to reasonably protect the security, 
privacy and confidentiality of nonpublic consumer information.
We may also be subject to state laws pertaining to privacy and data security, such as the “mini-FTC Acts,” which prohibit unfair 
or deceptive acts or practices, along with data security breach notification laws requiring entities holding certain personal data to 
provide notices in the event of a breach of the security of that data. A few states have also imposed specific data security obligations. 
These state mini-FTC Acts, data security breach notification laws, and data security obligations may not extend to all of our services 
and their applicability may be limited by various factors, such as whether an affected party is a resident of a particular state.
Certain states have also enacted specific comprehensive privacy laws to which we may be subject. For example, the California 
Consumer Privacy Act (“CCPA”), as amended by the California Privacy Rights Act (“CPRA”), provides broad privacy rights for 
California consumers, including, among others, the right to obtain copies of their personal information collected in the past 12 months, 
the ability to opt out from the sale of personal information and the right to demand the deletion of personal information. The CCPA 
also imposes compliance requirements on companies that do business in California and collect personal information from consumers, 
including, among others, notice, consent and service provider requirements. The CCPA also provides for civil penalties for violations 
as well as a private right of action for data breaches that may increase data breach litigation. New regulations under the CPRA are 
expected to take effect over the course of 2025.
Approximately a dozen state privacy laws have come into effect since 2020, and more are scheduled to come into effect over the 
course of 2025. These laws provide broad new privacy rights for consumers in these states, including the right to opt out of targeted 
advertising and certain profiling activities.
Congress and other state legislatures have also been considering additional legislation relating to privacy, artificial intelligence 
and data breaches. Should any additional laws be enacted, they could affect our business.
To the extent we collect personal information of residents of other countries, we may be subject to the data protection 
regulations of the relevant countries. The General Data Protection Regulation (“GDPR”) of the European Union (“EU”) has imposed 
more restrictive privacy-related requirements for entities outside the EU that process personal information about European data 
subjects. EU member states also have some flexibility to supplement the GDPR with their own laws and regulations and may apply 
stricter requirements for certain data processing activities. Additionally, in Canada, the Personal Information Protection and Electronic 
Documents Act of 2000 (“PIPEDA”) and substantially similar provincial laws may impose data privacy and security obligations on 
the processing of personal data. The regulation of data privacy and security in other jurisdictions continues to evolve.
In addition, certain countries have laws that restrict the transfer of personal information outside of such countries. For example, 
Switzerland, the United Kingdom and the member states of the EU impose restrictions on transferring such data to countries, 
including the U.S., that they do not deem to offer a similar standard of protection as they require. Certain mechanisms apply under 
Swiss, United Kingdom and EU member state laws that permit the cross-border transfer of personal information to countries that are 
not deemed adequate, such as the United States. Additionally, on July 16, 2020, the European Court of Justice (the highest EU court) 
ruled the EU-US privacy shield to be an invalid data transfer mechanism, confirmed that the Model Standard Contractual Clauses 
(“SCCs”) remain valid, and left unaddressed some issues regarding supplementary measures that may need to be taken to support 
transfers. On September 27, 2021, new versions of the SCCs went into effect. EU data protection authorities are developing their 
perspectives on the supplementary measures that may be needed when relying on the SCCs. Depending on the supplementary 
measures that may need to be taken to support transfers and implement the SCC, our ability to lawfully transfer personally identifiable 
information out of relevant jurisdictions to the United States or other jurisdictions may be impacted.
Other countries, such as Australia, Brazil, China, India and Russia have also implemented, amended or been considering 
legislation regarding data protection, data security, breach notification and data transfers/localization. China, in particular, has adopted 
new requirements for data transfers outside of China. Such laws may affect our business and, should any additional laws be enacted in 
countries in which we do business, those laws may also affect our business.
Truth in Billing and Consumer Protection
The FCC’s Truth in Billing rules require full and fair disclosure of all charges on customer bills for telecommunications 
services, except for broadband Internet access services. Thus, these rules apply to our satellite-based services. This disclosure must 
include brief, clear and non-misleading plain language descriptions of the services provided. States also have the right to regulate 
wireless carriers’ billing; however, we are not currently aware of any states that impose billing requirements on ATG services.

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CALEA
The Communications Assistance for Law Enforcement Act, (“CALEA”), requires covered service providers to build certain law 
enforcement surveillance assistance capabilities into their communications networks or equipment and to maintain CALEA-related 
system security policies and procedures. Where applicable, we have implemented such policies and procedures and, based upon our 
periodic self-assessments, we believe that our network is compliant with CALEA.
FCC Reimbursement Program
In July 2022, the Company was notified that it was approved for participation in the FCC Reimbursement Program, designed to 
reimburse providers of advanced communications services for reasonable costs incurred in the required removal, replacement, and 
disposal of covered communications equipment or services, that have been deemed to pose a national security risk, from their 
networks. Pursuant to the FCC Reimbursement Program, the FCC approved up to approximately $334 million in reimbursements to 
the Company to cover documented and approved costs to (i) remove and securely destroy all ZTE communications equipment and 
services in the Company’s terrestrial U.S. networks and replace such equipment and (ii) remove and replace certain equipment 
installed on aircraft operated by the Company’s ATG customers that is not compatible with the terrestrial equipment that will replace 
ZTE equipment. Due to an initial shortfall in the amount appropriated by Congress to fund the FCC Reimbursement Program, 
approximately $132 million of the approved amount is currently allocated to the Company under the program. In December 2024, 
President Biden signed into law the Fiscal Year 2025 National Defense Authorization Act (“FY 2025 NDAA”), which authorizes the 
FCC to borrow funds from the U.S. Treasury sufficient to fully fund the FCC Reimbursement Program. On December 26, 2024, the 
FCC announced that it would expeditiously submit a request to the U.S. Treasury to borrow the funds and, following approval, will 
allocate funding to each approved applicant up to the full amount of their approved cost estimates.
Program participants are subject to a number of conditions and requirements under the FCC’s rules. The Company complied 
with the requirement to submit a reimbursement request prior to July 15, 2023 and received its first disbursement of funds on July 21, 
2023, starting a one-year deadline to complete the removal, replacement and disposal of covered equipment, by July 21, 2024. The 
rules permit participants to petition the FCC for one or more six-month extensions of the completion deadline. Due to a number of 
factors, including supply chain disruptions, the insufficiency of FCC funding prior to the passage of the FY 2025 NDAA, and the 
operational and logistical complexity of replacing airborne equipment, the Company was unable to complete the project by the July 
21, 2024 deadline, and has sought and been granted two extensions. The Company’s current FCC deadline for completing its 
transition is July 21, 2025, but the Company expects to require additional extensions past that date. As of March 1, 2025, the 
Company has filed approximately $47.0 million in claims and received approximately $45.8 million in reimbursements.
Intellectual Property
We rely on a combination of intellectual property rights, including trade secrets, patents, copyrights, trademarks and domain 
names, as well as contractual restrictions to protect intellectual property and proprietary technology owned or used by us.
We have patented certain of our technologies in the United States and certain countries outside of the United States. As of 
March 1, 2025, we held 167 U.S. patents expiring on dates ranging from June 2025 to March 2043 and 404 foreign patents expiring on 
dates ranging from September 2027 to October 2040. We do not believe that our business is dependent to any material extent on any 
single patent or group of patents that we own. We also have a number of patent applications pending both in and outside of the United 
States, and we will continue to seek patent protection in the United States and certain other countries to the extent we believe such 
protection is appropriate and cost-effective.
We consider our brands to be important to the success of our business and our competitive position. We rely on both trademark 
registrations and common law protection for trademarks. Our registered trademarks in the United States and certain other countries 
include, among others, “Gogo,” “Gogo 5G,” “Gogo Galileo,” “Gogo Biz” and “Gogo Vision,” along with trademarks acquired 
through the Transaction including, among others, “Satcom Direct,” “SD Pro,” “FlightDeck Freedom” and “Plane Simple,” although 
we have not yet obtained registrations for our most important marks in all markets in which we currently do business or intend to do 
business in the future. Generally, the protection afforded for trademarks is perpetual, if they are renewed on a timely basis, if 
registered, and continue to be used properly as trademarks.
We license or purchase from third parties technology, software and hardware that are critical to providing our products and 
services. Much of this technology, software and hardware is customized for our use and would be difficult or time-consuming to 
obtain from alternative vendors. We also license our proprietary technology and software to third parties to enable them to integrate 
such technology and software into the products they provide to us. Many of our agreements with such third parties are renewable for 
indefinite periods of time unless either party chooses to terminate, although some of our agreements expire after fixed periods and 
require renegotiation prior to expiration in order to extend the term. Among the most material of our technology-related agreements 
are those for modems, base stations and antennas. Our agreements for modems, base stations and antennas do not renew automatically 
and thus require periodic renegotiation. Such agreements, as well as certain licenses to commercially available software, are material 
to our business.

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Under the terms of the sale of our commercial aviation (“CA”) business to Intelsat that closed in 2020, we retained ownership of 
the entire patent portfolio held by Gogo Inc. and its affiliates, including patents developed and obtained in connection with our former 
CA business. We have granted Intelsat a worldwide, perpetual, non-exclusive license to our patent portfolio for use in the commercial 
aviation and satellite mobility businesses (each as defined in the license agreement). 
We have developed certain ideas, processes, and methods that contribute to our success and competitive position that we 
consider to be trade secrets. We protect our trade secrets by keeping them confidential through the use of internal and external 
controls, including contractual protections with employees, contractors, customers and vendors. Trade secrets can be protected for an 
indefinite period so long as their secrecy is maintained.
Human Capital
We believe that our success is the product of an integrated approach to talent management that touches every part of our 
business. Rather than focusing on individual processes, we manage our employee ecosystem holistically by encouraging behaviors, 
conversations, relationships, and activities that represent best practices for a high-performing culture. We are committed to fostering a 
highly engaged workforce and in turn driving satisfaction among partners and customers through initiatives that include the following: 
•
Compensation: Our compensation program is designed to attract, retain, and reward the best performers. In addition to 
carefully calibrated salaries and bonuses, which are reviewed annually, our employees benefit from a generous benefit 
package, including an employee stock purchase and 401(k) program. We also grant additional equity awards on an annual 
basis to certain employees identified as high performers.
•
Training & Development: The continued development of our people is critical to our success. New hires participate in an 
onboarding and orientation program, which is intended to build knowledge and understanding of our business. We also 
invest in various professional development and leadership training initiatives and conduct periodic forums relevant to our 
business that provide unique learning and networking opportunities across all business functions.
•
Recognition: Our employees’ success is celebrated. Our recognition programs include service awards, peer-to-peer 
recognition awards (called Gogo Props), spot bonuses for significant contributions above and beyond daily work efforts 
and special equity awards for high performers nominated by their managers. We believe these programs promote a 
positive employee experience that champions performance while creating a sense of community.
•
Talent Review: We employ a comprehensive talent review program to assess the performance and capabilities of each 
individual. Annually, we set company-wide priorities that serve as the basis upon which clear individual objectives are set 
across the entire workforce. Feedback is provided regularly and our annual talent review process identifies and supports 
high performers in the form of additional development opportunities so that each employee has the opportunity to reach 
their full potential. By investing in our people and taking the opportunity to promote from within when appropriate, we 
believe we are best able to reinforce our core values and achieve our strategic objectives.
•
Culture and Engagement: We conduct employee engagement surveys to solicit feedback and help guide planning on all 
people-related efforts and initiatives that not only support our team members but propel our business forward. Our 
employees have the opportunity to learn more about our business strategy and ask questions of our leadership team during 
Town Hall meetings we host quarterly. In addition, we engage with our employees through wellness programs, 
community events, and hosted events at our offices. We are actively leveraging these efforts and initiatives to drive our 
integration of Satcom Direct’s business.
•
Inclusive Workplace: Gogo seeks to create an environment where each individual’s uniqueness is respected, and which 
allows for a sense of inclusion and belonging. We remain committed to having an inclusive workforce with a broad range 
of knowledge, skills, backgrounds and perspectives. To aid in this effort, our initiatives include building awareness of 
unconscious bias and investing in and seeking to expand our engagement with students at colleges and universities.
The efforts outlined above are supported by our dedicated human resources team and led by our Senior Vice President, People 
Experience, who is responsible for developing and executing our human capital strategy and regularly updates our Board of Directors 
and senior management on the operation and status of our human capital activities.
As of December 31, 2024, we employed approximately 790 individuals worldwide, with 81% of our workforce located in the 
United States, and no employee was covered by a collective bargaining agreement with a union.
Corporate Information 
Gogo Inc. is a holding company that does business through its subsidiaries. Our principal operating subsidiaries are (i) Gogo 
Business Aviation LLC, which is a direct, wholly owned subsidiary of Gogo Intermediate Holdings LLC and (ii) Satcom Direct, LLC 
and Satcom Direct Government, LLC, which are directly, wholly owned subsidiaries of Gogo Direct Holdings LLC and indirect, 
wholly owned subsidiaries of Gogo Intermediate Holdings LLC.

15
Our principal executive office is located at 105 Edgeview Dr., Suite 300, Broomfield, CO 80021. Our telephone number is (303) 
301-3271. Our website addresses are www.gogoair.com and www.satcomdirect.com.
Available Information
Our investor relations website is located at http://ir.gogoair.com. Our Proxy Statements, Annual Reports on Form 10-K, 
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to reports filed or furnished pursuant to Sections 
13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are available free of charge on the investor 
relations website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. We also 
provide a link to the section of the SEC's website at www.sec.gov that has all of our public filings, including Annual Reports on Form 
10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, all amendments to those reports, our Proxy Statements, and 
other ownership related filings.
We may use our website as a distribution channel of material company information, and so investors should monitor it. We 
webcast our earnings calls and certain events we participate in or host with members of the investment community on our investor 
relations website. Additionally, we provide notifications of news or announcements regarding our financial performance, including 
SEC filings, investor events, press and earnings releases, and blogs as part of our investor relations website. Investors and others can 
receive notifications of new information posted on our investor relations website in real-time by signing up for email alerts and RSS 
feeds. The contents of our websites are not intended to be incorporated by reference into this Annual Report on Form 10-K or in any 
other report or document we file with the SEC, and any references to our websites are intended to be inactive textual references only.


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Item 1A. Risk Factors
You should consider and read carefully all of the risks and uncertainties described below, as well as other information 
included in this Annual Report on Form 10-K, including our consolidated financial statements and related notes. The risks 
described below are not the only ones facing us. The occurrence of any of the following risks or additional risks and uncertainties 
not presently known to us or that we currently believe to be immaterial could materially and adversely affect our business, 
financial condition and results of operations. This Annual Report on Form 10-K also contains forward-looking statements and 
estimates that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-
looking statements as a result of specific factors, including the risks and uncertainties described below.
Risks Related to Our Business
We may be unable to continue to generate revenue from the provision of our connectivity and other service offerings, which 
could materially and adversely affect our business and profitability.
Our business is dependent on our ability to continuously attract and retain users of our connectivity and other service offerings, 
and we cannot be certain that we will be successful in these efforts or that customer retention levels will not materially decline. For the 
fiscal years ended December 31, 2024, 2023 and 2022, the service we provided (which excludes service provided on commercial 
aircraft under an ATG network sharing agreement with Intelsat) generated approximately 80%, 78% and 71% of our revenue from 
operations, respectively. A significant portion of such service revenue is generated through individual subscription agreements with 
our customers that cover a single or small number of aircraft, with the remainder generated through subscription agreements with 
certain fractional or charter operators covering larger fleets of aircraft. These agreements are generally between one and three years in 
duration but can be longer. As such, we have no assurance that any of such customers will renew their existing agreements with us 
upon expiration on comparable terms or at all, including as a result of a lack of demand or dissatisfaction with our services or the 
availability of superior or less expensive alternatives in the market. To the extent that our subscribers terminate or fail to renew their 
contracts with us for any reason, our business prospects, financial condition and results of operations may be materially adversely 
affected.
We have in the past, and may in the future, experience periods of reduced usage of our services by our customers, which could 
adversely impact our results of operations and profitability.
Our development contracts may be difficult for us to comply with and may expose us to third-party claims for damages, and 
we may experience losses from fixed-price contracts.
As a result of the Satcom Direct acquisition, within our military/government operation, we are party to certain government 
contracts involving the development of new products. These contracts typically contain strict performance obligations and project 
milestones. We cannot assure you we will comply with these performance obligations or meet these project milestones in the future. If 
we are unable to comply with these performance obligations or meet these milestones, our customers may terminate these contracts 
and, under some circumstances, recover damages or other penalties from us. We cannot assure you that the other parties to any such 
contract will not terminate the contract or seek damages from us. If other parties elect to terminate their contracts or seek damages 
from us, it could materially harm our business.
A substantial majority of revenue in our military/government operation is expected to be derived from contracts with fixed 
prices. These contracts carry the risk of potential cost overruns because we assume all of the cost burden. We assume greater financial 
risk on fixed-price contracts than on other types of contracts because if we do not anticipate technical problems, estimate costs 
accurately or control costs during performance of a fixed-price contract, it may significantly reduce our net profit or cause a loss on 
the contract. Because many of these contracts involve new technologies and applications and can last for years, unforeseen events, 
such as technological difficulties, fluctuations in the price of raw materials, a significant increase in or a sustained period of increased 
inflation, problems with our suppliers, and cost overruns, can result in the contractual price becoming less favorable or even 
unprofitable to us over time (which, especially in the case of sharp increases in or significant sustained inflation, could happen quickly 
and have long-lasting impacts). Furthermore, if we do not meet contract deadlines or specifications, we may need to renegotiate 
contracts on less favorable terms, be forced to pay penalties or liquidated damages or suffer major losses if the customer exercises its 
right to terminate. Although we attempt to accurately estimate costs for fixed-price contracts, we cannot assure you our estimates will 
be adequate or that substantial losses on fixed-price contracts will not occur in the future. If we are unable to address any of the risks 
described above, it could materially harm our business, financial condition and results of operations.
We are reliant on our key OEMs and dealers for equipment sales.
Revenue from equipment sales accounted for approximately 18%, 20% and 27% of our revenue for the fiscal years ended 
December 31, 2024, 2023 and 2022, respectively. More than 90% of our equipment revenue in each such fiscal year was generated 
from contracts with OEMs and after-market dealers. Almost all of our contracts with OEMs and dealers are terminable at will by 
either party on short notice. If one or more key OEMs or dealers terminates its relationship with us for any reason or our contract 
expires and is not renewed, our business and results of operations may be materially and adversely affected. In addition, pursuant to 

17
many of our contracts with our OEM distribution partners, we have agreed to deliver equipment and/or services, including equipment 
and services not yet in production, for a fixed price and, accordingly, take the risk of any cost overruns or delays in the completion of 
the design and manufacturing of the product. Certain of our contracts with our OEMs also include provisions that, under specified 
circumstances, entitle them to the benefit of certain more favorable provisions than included in other equipment contracts, including 
with respect to pricing. These provisions, some of which have retroactive effect, may limit the benefits we realize from contracts 
containing such provisions. Our inability to identify and offer improved terms to a distribution partner or customer in accordance with 
such a provision could negatively affect our relationship with that distribution partner or customer or give rise to a claim that we are in 
breach of such contract.
Many of our distribution partners have also not committed to purchase any minimum quantity of our equipment. In certain 
cases, we must anticipate the future volume of orders based upon non-binding production schedules provided by OEMs, historical 
purchasing patterns and informal discussions with customers and dealers as to their anticipated future requirements. Cancellations, 
reductions or delays by OEMs and dealers may have a material adverse effect on our business, financial condition and results of 
operations.
Some of our dealers are experiencing continuing issues with labor shortages, which has impacted their ability to install our 
equipment, leading to a longer period of time between shipment and activation of our equipment. If our dealers are unable to eliminate 
or mitigate these labor shortages, our business, financial condition and results of operations may be materially adversely affected.
Our distribution partners may be materially adversely impacted by economic downturns and market disruptions. See “—Adverse 
economic conditions, including economic slowdowns, may have a material adverse effect on our business.” In anticipation of changing 
economic conditions, OEMs in particular may be more conservative in their production, which may reduce our market opportunities. 
Further, unfavorable market conditions could cause one or more of our OEMs or dealers to file for bankruptcy, which may have a 
material adverse effect on our business, financial condition and results of operations. 
We depend upon third party satellite networks providers, which are single-source providers, for our satellite services.
Our satellite services business relies on the satellites of third parties. For example, we launched Gogo Galileo using Eutelsat 
OneWeb as our sole LEO satellite network provider. These satellites utilize highly complex technology, operate in the harsh 
environment of space and are subject to significant operational risks while in orbit. Risks include malfunctions (commonly referred to 
as anomalies), such as malfunctions in the deployment of subsystems and/or components, interference from electrostatic storms, and 
collisions with meteoroids, decommissioned spacecraft or other space debris. Anomalies can occur due to various factors, including 
satellite manufacturer error, problems with the power or control sub-system of a satellite or general failures caused by the harsh space 
environment. The satellites provided by third parties that we use to provide satellite services have experienced various anomalies in 
the past and will likely experience anomalies in the future.  While some anomalies are covered by insurance policies, others may not 
be covered or may be subject to large deductibles. In addition, any contractual remedies may be insufficient to cover any related 
losses. Failures by, or degradations of the satellite performance of, our satellite network providers could affect our business, financial 
condition and results of operations.
Competition could result in price reduction, reduced revenue and loss of market position and could harm our results of 
operations.
Our equipment and services are sold in competitive markets. We compete against both equipment providers and GEO- and 
LEO-satellite based telecommunications service providers, as well as resellers of the above, to the business aviation market and 
military/government market. See “Item 1. Business—Company Overview and Strategy—Competition.” Some of our current or 
potential future competitors are, or could potentially be, larger, more diversified corporations and have greater financial, marketing, 
production and research and development resources, stronger customer relationships, more experience with regulatory compliance, 
and with militaries and governments, and/or access to technologies not available to us. As a result, they may be better able to 
withstand pricing pressures and the effects of periodic economic downturns. Some of our current or future competitors may offer a 
broader product line to customers. In addition, some of our current or future competitors have developed or may develop satellite 
direct-to-user capabilities. Our business and results of operations may be materially adversely affected if our competitors develop 
equipment or services that are superior to our equipment and services, develop equipment or services that are priced more 
competitively than our equipment and services, develop methods of more efficiently and effectively providing equipment and services, 
or adapt more quickly than we do to new technologies or evolving customer requirements.
In addition, because the markets in which we operate are constantly evolving and characterized by rapid technological change, it 
is difficult for us to predict whether, when and by whom new competing technologies, products or services may be introduced into our 
markets. Maintaining and improving our competitive position will require continued investment in technology, manufacturing, 
engineering, quality standards, marketing and customer service and support. If we do not maintain sufficient resources to make these 
investments or are not successful in maintaining our competitive position, our operations and financial performance will suffer.

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The increasing availability of satellite capacity and capacity from other forms of communications technology has historically 
created an excess supply of telecommunications capacity in certain regions from time to time. We believe such an imbalance could 
occur again in certain regions, particularly as we and other service providers introduce new technology on our fleets.
Any failure to deliver and maintain high-quality customer support may adversely affect our relationships with our customers 
and prospective customers and could adversely affect our reputation, business, results of operations and financial condition.
Many of our customers depend on our customer support team to assist them in deploying or using our services effectively, to 
help them resolve post-deployment issues quickly and to provide ongoing support. If we do not devote sufficient resources or are 
otherwise unsuccessful in assisting our customers effectively, it could adversely affect our ability to retain existing customers and 
could prevent prospective customers from adopting our services. We may be unable to respond quickly enough to accommodate short-
term increases in demand for customer support. We also may be unable to modify the nature, scope and delivery of our customer 
support to compete with changes in the support services provided by our competitors. Increased demand for customer support, without 
corresponding revenue, could increase costs and adversely affect our business, results of operations and financial condition. Our sales 
are highly dependent on our business reputation and on positive recommendations from existing customers. Any failure to deliver and 
maintain high-quality customer support, or a market perception that we do not maintain high-quality customer support, could 
adversely affect our reputation, business, results of operations and financial condition.
We depend upon third parties, many of which are single-source providers, to manufacture equipment components, provide 
services for our network, and install and maintain our equipment.
We rely on third-party suppliers for equipment components and services that we use to provide our services. Our suppliers range 
in size and scale from large to small and may have differing levels of access to capital and going concern profiles. Many suppliers of 
critical components of our equipment are single-source providers. Components for which we rely on single-source suppliers include, 
among others, the antennas and modems for all systems, the equipment used at our ATG cell site base stations and the HDX Terminal 
for our Gogo Galileo network. If we are required for any reason (including expiration of the contract, termination by one party for 
material breach or other termination events) to find one or more alternative suppliers, we estimate that the replacement process could 
take up to two years depending upon the component or service, and we may not be able to contract with such alternative suppliers on a 
timely basis, on commercially reasonable terms, or at all. Finding and contracting with suppliers of some components may be delayed 
or made more difficult by current suppliers’ ownership of key intellectual property that requires alternative suppliers to either obtain 
rights to such intellectual property or develop new designs that do not infringe on such intellectual property. In addition, many of our 
components, such as the equipment used in our base stations, are highly integrated with other system components, which may further 
lengthen the time required for an alternative supplier to deliver a component or service that meets our system requirements. We also 
rely on third parties to provide the links between our data centers and our ground network. If we are not able to continue to engage 
suppliers with the capabilities or capacities required by our business, or if such suppliers fail to deliver quality products, parts, 
equipment and services in sufficient quantities or on a timely basis consistent with our inventory needs and production schedule, our 
business, financial condition and results of operations may be materially adversely affected.
The supply of third-party components and services could be interrupted or halted by a termination of our relationships, a failure 
of quality control or other operational problems at such suppliers or a significant decline in their financial condition. If we are not able 
to continue to engage suppliers with the capabilities or capacities required by our business, or if such suppliers fail to deliver quality 
products, parts, equipment and services on a timely basis consistent with our schedule, our business, financial condition and results of 
operations may be materially adversely affected.
Our participation in U.S. government contracts exposes us to significant commercial and other business risks.
Our revenues from military/government customers are expected to represent a reasonably significant percentage of our total 
revenues, and are expected to be derived primarily from U.S. government applications. Therefore, any significant disruption or 
deterioration of our relationship with the U.S. government would significantly reduce our revenues. U.S. government business exposes 
us to various risks, including:
•
unpredictable order placements, reductions or cancellations; 
•
reductions or delays in government funds available for our projects due to government policy changes, budget cuts or 
delays, changes in available funding, reductions in defense expenditures and contract adjustments;
•
the ability of competitors to protest contractual awards;
•
penalties arising from post-award contract audits;
•
the reduction in the value of our contracts as a result of the routine audit and investigation of our costs by U.S. 
government agencies;
•
higher-than-expected final costs for work performed under contracts where we commit to specified services for a fixed 
price;

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•
unpredictable cash collections of unbilled receivables that may be subject to acceptance of deliverables by the customer 
and contract close-out procedures, including government approval of final indirect rates;
•
competition with programs managed by other government contractors for limited resources and for uncertain levels of 
funding;
•
significant changes in contract scheduling or program structure, which generally result in delays or reductions in services; 
and
•
intense competition for available U.S. government business necessitating increases in time and investment for design and 
development.
U.S. government contracts are also subject to termination by the government, either for the convenience of the government or 
for our failure to perform consistent with the terms of the applicable contract. If we are unable to address any of the risks described 
above, or if we were to lose all or a substantial portion of our sales to the U.S. government, it could materially harm our business and 
impair the value of our common stock.
The funding of U.S. government programs is subject to congressional appropriations. If appropriations for one of our programs 
become unavailable, or are reduced or delayed, our contract or subcontract under such program may be terminated or adjusted by the 
government, which could have a negative impact on our future sales and results of operations. Budget cuts to defense spending can 
exacerbate these problems. From time to time, when a formal appropriation bill has not been signed into law before the end of the U.S. 
government’s fiscal year, Congress may pass a continuing resolution that authorizes agencies of the U.S. government to continue to 
operate, generally at the same funding levels from the prior year, but does not authorize new spending initiatives, during a certain 
period. During such period (or until the regular appropriation bills are passed), delays can occur in procurement of products and 
services due to lack of funding, and such delays can affect our results of operations during the period of delay.
The military/government industry has experienced, and we expect it will continue to experience, significant changes to business 
practices globally, in part due to changes in the global security and threat environment and an increased focus on affordability, 
efficiencies, business systems, recovery of costs and a reprioritization of available defense funds. We have experienced and may 
continue to experience an increased number of audits and challenges to our claims and our business systems for current and past years, 
as well as longer periods to close audits, broader requests for information and an increased risk of withholdings of payments. The U.S. 
government has been pursuing and may continue to pursue policies that could negatively impact our profitability, including those that 
shift additional responsibility and performance risks to the contractor. Changes in procurement practices, including those favoring 
incentive-based fee arrangements, fixed price development or long-term production programs, different award criteria, non-traditional 
contract provisions, and contract negotiation offers that indicate what our costs should be, have affected and may in the future affect 
our profitability and predictability.
Finally, we are subject to the risk of changes in governmental procurement legislation and regulations and other policies, which 
may reflect military and political developments. For more information, see “—As a U.S. government contractor in our 
military/government operation, we could be adversely affected by changes in various procurement and other laws and regulations 
applicable to our industry or any negative findings by the U.S. government as to our compliance with them, as well as by changes in 
our customers’ business practices globally.”
Our participation in non-U.S. government contracts exposes us to significant risks.
Our non-U.S. government customers expose us to various risks, including changes in administration policy. Furthermore, 
foreign government customer contracts are subject to specific procurement regulations and a variety of other complex requirements, 
which affect how we transact business with our foreign government customers and can impose additional costs on our business 
operations. Numerous laws and regulations affect our contracts with foreign government customers. Foreign government customers 
routinely audit government contractors to review contract performance, cost structure and compliance with applicable laws, 
regulations, and standards, as well as the adequacy of and compliance with internal control systems and policies. Any inadequacies in 
our systems and policies, or the perception or allegations of such inadequacies, could result in payments being withheld, penalties and 
reduced future business. Improper or illegal activities, or the perception or allegation of such activities, could subject us to civil or 
criminal penalties or administrative sanctions, including contract termination, fines, forfeiture of fees, suspension of payment and 
suspension or debarment from doing business with government agencies, any of which could materially adversely affect our 
reputation, business, financial condition and results of operations. We may also be subject to the same risks with respect to U.S. 
government contracts, highlighted in the risk factor above, relating to the shift in focus on affordability, efficiencies, business systems, 
recovery of costs and a reprioritization of available defense funds.
Satellites have a finite useful life, and their actual operational life may be shorter than their mission life.
Our ability to earn revenues from our satellite services depends on the continued operation of the satellite networks by our third-
party vendors. Each satellite has a limited useful life, referred to as its mission life. There can be no assurance as to the actual 
operational life of a satellite, which may be shorter than its mission life. A number of factors affect the useful lives of the satellites, 

20
including the quality of design and construction, durability of component parts and back-up units, the ability to continue to maintain 
proper orbit and control over the satellite’s functions, the efficiency of the launch vehicle used, consumption of on-board fuel, 
degradation and durability of solar panels, the actual space environment experienced and the occurrence of anomalies or other in-orbit 
risks affecting the satellite. In addition, continued improvements in satellite technology may make satellites obsolete prior to the end 
of their operational life.
Global supply chain challenges and logistics issues as well as increasing inflation have had, and may continue to have, an 
adverse effect on our business, financial condition and results of operations.
Inflation, changes in trade policies, the imposition of duties and tariffs (including the recently announced tariffs on imports from 
Canada, Mexico, and China), potential retaliatory countermeasures, public health crises and geopolitical conflicts continue to 
adversely impact the availability and price of electronic components. As a result, we have experienced longer lead times and 
encountered delays in obtaining electronic components, and we expect longer lead times and delays to continue. In addition, global 
logistics issues such as shipping logjams, workforce shortages and carrier capacity constraints, have affected and may continue to 
negatively affect our ability to obtain electronic and other components on a timely basis. Challenges stemming from these global 
supply chain issues could lead our suppliers and OEMs to claim that they are not obligated to perform their commitments to us due to 
force majeure provisions in such agreements. We cannot predict how long the component shortages or logistics issues will continue, 
and a prolonged impact on our supply chain could adversely impact our business in a material way.
We are exposed to a variety of risks associated with international operations that could adversely affect our business.
Our operations and business are located across 9 countries worldwide, including the United States, Canada, the United 
Kingdom, the United Arab Emirates, Switzerland, Brazil, Hong Kong, Australia and Singapore. In addition, a component of our 
growth strategy involves the continued expansion of our operations and customer base internationally. As a result, we are subject to 
risks related to conducting operations outside the United States, including, but not limited to:
•
difficulties in penetrating new markets due to established and entrenched competitors;
•
difficulties in developing products and services that are tailored to the needs of local customers;
•
the need to adapt and localize our products and services for specific countries;
•
lack of local acceptance or knowledge of our products and services;
•
changes in a specific country’s or region’s political or economic conditions;
•
difficulties in obtaining required regulatory or other governmental approvals;
•
greater difficulty in enforcing contracts and managing collections in countries where our recourse may be more limited, as 
well as longer collection periods;
•
multiple and possibly overlapping tax structures;
•
unexpected changes in laws and regulatory requirements, including with respect to taxes and trade laws;
•
more stringent regulations relating to communications; artificial intelligence; privacy and data security and the 
unauthorized use of, or access to, commercial and personal data; and aerospace and liability standards;
•
challenges inherent in efficiently managing employees over large geographic distances, including compliance with 
differing labor laws and the need to implement appropriate systems, policies and hiring, benefits and compliance 
programs;
•
difficulties in managing a business in new markets with diverse cultures, languages, customs, legal systems, alternative 
dispute systems and regulatory systems;
•
increased costs associated with international operations, including travel, real estate, infrastructure and legal compliance 
costs;
•
currency exchange rate fluctuations and the resulting effect on our revenue and expenses and the cost and risk of entering 
into hedging transactions if we chose to do so in the future;
•
the effect of other economic factors, including inflation, pricing and currency devaluation;
•
limitations on our ability to reinvest earnings from operations in one country to fund the capital needs of our operations in 
other countries;
•
laws and business practices favoring local competitors or general preferences for local vendors or imposing local domestic 
ownership restrictions;

21
•
operating in new, developing or other markets in which there are significant uncertainties regarding the interpretation, 
application and enforceability of laws and regulations, including relating to contract and intellectual property rights;
•
limited or insufficient intellectual property protection or difficulties enforcing our intellectual property;
•
political instability, social unrest, terrorist activities, acts of civil or international hostility, such as the ongoing conflict 
between Russia and Ukraine, the ongoing conflict in the wider Middle East and tensions in the South China Sea, natural 
disasters and regional or global outbreaks of contagious diseases;
•
restrictions on the ability of U.S. companies to do business in foreign countries; and
•
exposure to liabilities under anti-corruption and anti-money laundering laws, including the U.S. Foreign Corrupt Practices 
Act of 1977, as amended (the “FCPA”), the U.K. Bribery Act (the “Bribery Act”) and similar laws and regulations in 
other jurisdictions.
These and other factors could affect our ability to compete successfully and continue to expand internationally and, 
consequently, our business, financial condition and results of operations may be materially adversely affected. 
Our business is subject to foreign currency risk.
Almost all of our customers pay for our services in U.S. dollars, although we are exposed to some risk related to customers who 
do not pay in U.S. dollars. Fluctuations in the value of non-U.S. currencies may make payment in U.S. dollars more expensive for our 
non-U.S. customers, and in certain circumstances, cause us to renegotiate prices or other terms in contracts in order to retain such 
customers. In addition, our non-U.S. customers may have difficulty obtaining U.S. currency and/or remitting payment due to currency 
exchange controls.
As we expand geographically and otherwise, we may experience difficulties in maintaining our corporate culture, and our 
business, results of operations and financial condition could be adversely affected.
We believe that our corporate culture has been a critical component of our success, and have invested substantial time and 
resources in building this culture. As we further expand our business and grow internationally, we may find it difficult to maintain our 
corporate culture. For instance, we recently acquired Satcom Direct’s business and employees and we will be required to make certain 
changes to create a unified culture for the combined organization. Any failure to manage organizational changes from our expansion, 
including in our management or employee base, in a manner that preserves the key aspects of our culture could be detrimental to our 
future success, including by limiting our ability to recruit and retain personnel and to effectively pursue our corporate objectives. For 
example, we are dedicated to having every employee feel like they have a home at our Company, and our expansion may hinder these 
efforts. This, in turn, could adversely affect our business, results of operations and financial condition.
In addition, expansion could lead to our organizational structure becoming more complex, and could strain our ability to 
maintain reliable service levels for our customers (both existing customers of the Company and new customers acquired as a result of 
Satcom Direct’s business). If we fail to achieve the necessary level of efficiency in our organization as we grow, then our business, 
results of operations and financial condition could be adversely affected. See “—We are exposed to a variety of risks associated with 
international operations that could adversely affect our business.”
We may fail to recruit, train and retain the highly skilled employees that are necessary to remain competitive and execute our 
growth strategy. The loss of one or more of our key personnel could harm our business.
Competition for key technical personnel in high-technology industries such as ours is intense. We believe that our future success 
depends in large part on our continued ability to hire, train, retain and leverage the skills of qualified engineers and other highly skilled 
personnel needed to maintain and grow our ATG networks and related technology and develop and successfully deploy Gogo 5G, 
Gogo Galileo and other elements of our technology roadmap and new wireless telecommunications products and technology. We may 
not be as successful as our competitors at recruiting, training, retaining and utilizing these highly skilled personnel. Any failure to 
recruit, train and retain highly skilled employees may have a material adverse effect on our business.
We depend on the continued service and performance of our key personnel. Such individuals have acquired specialized 
knowledge and skills with respect to Gogo and its operations. As a result, if any of our key personnel were to leave Gogo, we could 
face substantial difficulty in hiring qualified successors and could experience a loss of productivity while any such successor obtains 
the necessary training and expertise. We do not maintain key man insurance on any of our officers or key employees. In addition, 
much of our key technology and systems is custom-made for our business by our personnel. The loss of key personnel, including key 
members of our management team, could disrupt our operations and may have a material adverse effect on our business. See “—The 
changes in executive management that occurred as part of the acquisition of Satcom Direct could disrupt our operations and may 
have a material adverse effect on our business.”

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Pandemics or other outbreaks of contagious diseases and the measures implemented to combat them have had, and may 
continue to have, a material adverse effect on our business.
We face various risks related to public health issues, including epidemics, pandemics and other outbreak of infectious disease. 
Pandemics and other outbreaks of contagious diseases could result in significant business and operational disruptions, including 
business closures, supply chain disruptions, travel restrictions, stay-at-home orders and limitations on the availability of workforces.
Whether and to what extent future pandemics and other outbreaks of contagious diseases may impact our financial and 
operational performance will depend on developments that include the duration, spread and severity of the outbreak, the timetable for 
administering and efficacy of vaccines, the duration and geographic scope of related travel advisories and restrictions and the extent of 
the impact of the pandemic or outbreak on overall demand for commercial and business aviation travel, and other factors beyond our 
control, all of which are highly uncertain and cannot be predicted. 
In addition to directly impacting demand for air travel, future pandemics and other outbreaks of contagious diseases and any 
resultant restrictions may have a material and adverse impact on other aspects of our business, including:
•
delays and difficulties in completing installations on certain aircraft; and
•
limitations on our ability to market and grow our business and to promote technological innovation. 
In addition, pandemics and other outbreaks of contagious diseases may also exacerbate other risks disclosed in this Annual 
Report on Form 10-K. See, for example, “—Global supply chain challenges and logistics issues as well as increasing inflation have 
had, and may continue to have, an adverse effect on our business, financial condition and results of operations.”
Adverse economic conditions, including economic slowdowns, may have a material adverse effect on our business.
We cannot predict the nature, extent, timing or likelihood of any economic slowdown or the strength or sustainability of any 
economic recovery, worldwide, in the United States or in the aviation industry. Negative conditions in the general economy both in 
the United States and globally, including conditions resulting from changes in gross domestic product growth, declines in consumer 
confidence, labor shortages, inflationary pressures, rising interest rates, changes in government and election results in the United 
States and other jurisdictions in which we operate and financial and credit market fluctuations could cause a decrease in business 
investments, including spending on air travel and otherwise, and could materially and adversely affect the growth of our business. The 
U.S. economy has experienced a significant inflationary effect during the last several years from, among other things, supply chain 
disruptions and governmental stimulus or fiscal policies adopted in response to the COVID-19 pandemic and the war in Ukraine. 
While we cannot predict any future trends in the rate of inflation, there is currently significant uncertainty in the near-term economic 
outlook. Continued inflation would further raise our costs for labor, materials and services, which could negatively impact our 
profitability and cash flows. Additionally, we may be unable to raise our prices for our equipment and services in amounts equal to the 
rate of inflation, which may negatively impact our operating results and business.
In addition, geopolitical risks, including those arising from political turmoil, trade tension and/or the imposition of trade tariffs, 
terrorist activity and acts of civil or international hostility, are increasing. For instance, the ongoing military conflict between Russia 
and Ukraine has had negative impacts on the global economy, including by contributing to rapidly rising costs of living (driven largely 
by higher energy prices) in Europe and created uncertainty in the global capital markets and is expected to have further global 
economic consequences, including disruptions of energy markets. Further, other events outside of our control, including natural 
disasters, climate change-related events and regional or global outbreaks of contagious diseases may arise from time to time and be 
accompanied by governmental actions that may increase international tension. Any such events and responses, including regulatory 
developments, may cause significant volatility and declines in the global markets, disproportionate impacts to certain industries or 
sectors, disruptions to commerce (including to economic activity, travel and supply chains), loss of life and property damage, and may 
materially and adversely affect the global economy or capital markets, as well as our business and results of operations. If conditions 
of the general economy or markets in which we operate worsen from present levels, it could lead to a decrease in air travel, cause 
owners and operators of business aircraft to cut costs by reducing their purchases or use of business aircraft or their use of in-flight 
connectivity on such aircraft. Should an economic slowdown occur in the U.S. or globally, our business and results of operations may 
be materially adversely affected.
We may not be able to fully utilize portions of our deferred tax assets, which would negatively impact our earnings and other 
comprehensive income.
Our determination that we are more likely than not to realize a portion of our deferred tax assets represents our best estimate and 
considers both positive and negative factors. It is possible that there will be changes in our business, our performance, our industry or 
otherwise that cause actual results to differ materially from this estimate. If those changes result in significant and sustained reductions 
in our pre-tax income or utilization of existing tax carryforwards in future periods, additional valuation allowances may have to be 
recorded, which could have a material adverse impact on earnings and/or other comprehensive income.

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Attention to climate change, conservation measures, and other ESG matters may adversely impact our business.
Concern over climate change, including the impact of global warming, has in recent years led to significant U.S. and 
international legislative and regulatory efforts to limit greenhouse gas (“GHG”) emissions. See “—We may be affected by global 
climate change or by legal and regulatory responses to such change.” Increased awareness and any adverse publicity in the global 
marketplace about the GHGs emitted by companies in the airline and transportation industries could harm our reputation and reduce 
customer demand for our services. Environmental activists and organizations have recently promoted the idea of “flight shaming,” or 
advocating that consumers reduce their use of private jets and commercial air travel in favor of more environmentally sustainable 
modes of transportation such as boats, trains and buses. To the extent that our customers reduce their use of air travel in response to 
new environmental regulation or changes in public perception about the impact of air travel on climate change, our customers may 
reduce their usage of our services and, as a result, our business prospects, financial condition and results of operations may be 
materially adversely affected.
In addition, other stakeholders, including shareholders, customers, employees, regulators and suppliers, have also been focused 
on ESG matters. In addition to the changing rules and regulations related to ESG matters imposed by governmental and self-regulatory 
organizations, especially in European jurisdictions, a variety of third-party organizations, institutional investors and customers 
evaluate the performance of companies on ESG topics, and the results of these assessments are widely publicized. These changing 
rules, regulations and stakeholder expectations have resulted in, and are likely to continue to result in, increased general and 
administrative expenses and increased management time and attention spent complying with or meeting such regulations and 
expectations. Reduced access to or increased cost of capital may occur as financial institutions and investors increase expectations 
related to ESG matters. Companies that do not adapt to or comply with investor or other stakeholder expectations and standards, or 
that are perceived to have not responded appropriately to concerns regarding ESG issues, regardless of whether there is a legal 
requirement to do so, may suffer from reputational damage and other adverse consequences.
In addition, in recent years, specifically in the United States, “anti-ESG” sentiment has gained momentum, with several states 
and Congress having proposed or enacted “anti-ESG” policies, legislation, or initiatives or issued related legal opinions, and the new 
U.S. presidential administration having recently issued an executive order opposing diversity equity and inclusion (“DEI”) initiatives 
in the private sector and executive orders to pursue deregulation in environmental and climate-change-related topics. Such anti-ESG 
and anti-DEI-related policies, legislation, initiatives, litigation, legal opinions, and scrutiny could result in the Company facing 
additional compliance obligations, becoming the subject of investigations and enforcement actions, or sustaining reputational harm. 
As a result, the regulatory landscape—and the resulting focus of various stakeholders on sustainability and other ESG matters—
remains unclear.
We may be unsuccessful at evaluating or pursuing strategic opportunities, which could adversely affect our revenue, 
financial condition and results of operation. 
Our Board and management continuously assess whether shareholder value would be increased by engaging in strategic and/or 
financial relationships, transactions or other opportunities, including those that are suggested to us by third parties. There can be no 
assurance that we will pursue any strategic or financial relationship, transaction or other opportunity, the outcome of which is 
inherently uncertain. Further, the process of evaluating and pursuing any such relationship, transaction or other opportunity will 
involve the dedication of significant resources and the incurrence of significant costs and expenses. If we are unable to mitigate these 
or other potential risks relating to assessing and undertaking strategic opportunities, it may disrupt our business or adversely impact 
our revenue, financial condition and results of operation. There can also be no assurance that we will be able to negotiate any 
acquisition successfully, and once negotiated, receive the required approvals for any acquisition or otherwise conclude any acquisition 
successfully, or that any acquisition will achieve the anticipated synergies or other positive results.
In addition, to the extent we consummate acquisitions or other related transactions, these completed acquisitions may entail 
further risks, including: unanticipated costs and liabilities of the acquired businesses, including environmental liabilities, that could 
materially adversely affect our results of operations; increased regulatory compliance relating to the acquired business; difficulties in 
assimilating acquired businesses, their personnel and their financial reporting systems, which would prevent the expected benefits 
from the transaction from being realized within the anticipated timeframe; negative effects on existing business relationships with 
suppliers and customers; and loss of key employees of the acquired businesses or our business. In addition, any future acquisitions 
could result in the incurrence of additional debt and related interest expense, contingent liabilities and amortization expense related to 
intangible assets, which could have a material adverse effect on our business, financial condition, operating results and cash flows, or 
the issuance of additional equity, which could dilute our shareholders’ interests. 
Overall, if our acquisition strategy is not successful or if acquisitions are not well integrated into our existing operations, the 
Company’s profitability, business and financial condition could be negatively affected. See “—Risks Related to the Satcom Direct 
Acquisition”.

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Risks Related to the Satcom Direct Acquisition
We may fail to realize all of the anticipated benefits of the Satcom Direct acquisition, or those benefits may take longer to 
realize than expected. We may also encounter significant difficulties in integration Satcom Direct’s business.
Our ability to realize the anticipated benefits of the Satcom Direct transaction will depend, to a large extent, on our ability to 
integrate Satcom Direct’s business. We cannot provide any assurance that we will successfully integrate or achieve the anticipated 
synergies of Satcom Direct’s technology, personnel, geographical reach, financial condition or business generally. The combination of 
two independent businesses is a complex, costly and time-consuming process. As a result, we will be required to devote significant 
management attention and resources to integrate the business practices and operations of Gogo and Satcom Direct’s businesses. The 
integration process may disrupt the business and, if implemented ineffectively, would restrict the realization of the full expected 
benefits. The failure to meet the challenges involved in integrating the two businesses and to realize the anticipated benefits of the 
transaction could cause an interruption of, or a loss of momentum in, the activities of the combined businesses, and could adversely 
affect the results of operations of the combined businesses.
 In addition, the overall integration of the businesses may result in material unanticipated problems, expenses, liabilities, 
competitive responses, loss of customers and other business relationships, and diversion of management’s attention. The difficulties of 
combining the operations of the companies include, among others: 
•
the diversion of management’s attention to integration matters;
•
difficulties in achieving anticipated cost savings, business opportunities and growth prospects from the combination;
•
difficulties in the integration of operations and systems, products and services, and management of facilities;
•
challenges in conforming standards, controls, procedures and accounting and other policies, business cultures, 
engineering, design and development processes, and compensation structures between the two companies;
•
difficulties in the assimilation of employees;
•
difficulties in managing the expanded operations of a large and complex company;
•
challenges in keeping existing customers and obtaining new customers; and
•
challenges in attracting and retaining key personnel.
 
Many of these factors will be outside of our control and any one of them could result in increased costs, decreases in the amount 
of expected revenues and diversion of management’s time and energy, which could materially impact the business, financial condition 
and results of operations of the combined company. In addition, even if Satcom Direct’s business operations are integrated 
successfully, the full benefits of the transaction may not be realized, including the cost savings or sales or growth opportunities that 
are expected. These benefits may not be achieved within the anticipated time frame, or at all. Further, additional unanticipated costs 
may be incurred in the integration of the businesses. Additionally, we cannot reasonably predict the impact that Satcom Direct’s key 
operating results or business, or investors’ perception of its future value, would have on the market’s perception of our Company’s 
overall value. As a result, it cannot be assured that the transaction will result in the realization of the full benefits anticipated from 
such transaction.
 The changes in executive management that occurred as part of the acquisition of Satcom Direct could disrupt our 
operations and may have a material adverse effect on our business.
As part of the acquisition of Satcom Direct, we appointed a new Chief Executive Officer, a new Chief Financial Officer, and 
other key personnel from Satcom Direct. We may encounter challenges with the integration of these new members of our management 
team. See “—Fulfilling our obligations associated with being a public company is expensive and time-consuming, and any delays or 
difficulties in satisfying these obligations may have a material adverse effect on our results of operations and our stock price.” These 
key personnel may require significant time to learn our pre-existing business and become familiar with various aspects of our 
operations, including as a public company. These factors could have an adverse impact on the Company’s operations.
Risks Related to Our Technology and Intellectual Property
We are currently delayed in deploying Gogo 5G, and may be unsuccessful or delayed in developing and deploying this or 
other next generation technologies.
We are currently developing a next generation ATG network using 5G technology, unlicensed spectrum, and licensed spectrum. 
Gogo 5G will be capable of working with different spectrum and supporting different next generation technologies. As previously 
disclosed, we are delayed in our commercial, nationwide launch of Gogo 5G due to a design error in a non-5G component of our chip, 

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which was designed by a third-party subcontractor of our 5G solution provider. We currently expect to deliver revenue from Gogo 5G 
in the fourth quarter of 2025, and are working with our vendors to finalize the schedule.
There can be no assurance that, during the current delay of our 5G launch, our customers will not seek alternative technologies 
of competitors. The launch of Gogo 5G likely will, depending on the impact of delays, launch shortly after the launch of our Gogo 
Galileo service, which could impede our marketing and sales efforts with respect to either offering, due to possible customer 
confusion among the offerings or lack of sufficient customer focus on either one during launch. Additionally, while we expect to 
deliver revenue from Gogo 5G in the fourth quarter of 2025, we cannot assure you that the 5G launch or our launch of other next 
generation technologies will in fact occur in sufficient time to meet growing user expectations regarding the in-flight connectivity 
experience and to effectively compete in the business aviation market. The current delay and any future delays could also decrease 
customer confidence, including from current or prospective customers, in our offerings, and negatively impact our financial position. 
If Gogo 5G or any other next generation technology fails to perform as expected, our ability to meet users’ expectations 
regarding our systems' performance and to effectively compete in our market may be impaired and our business, financial condition 
and results of operations may be materially adversely affected. Factors heightening the risk of future delays in our 5G network or other 
next generation technologies, or a failure of such technologies to perform once commercialized, include: (i) our failure to design and 
develop a technology that provides the features and performance we require; (ii) integrating the solution with our existing network 
services; (iii) the availability of adequate spectrum; (iv) the failure of spectrum to perform as expected; (v) the failure of equipment 
and software to perform as expected; (vi) problems arising in the manufacturing process; (vii) our ability to negotiate contracts with 
suppliers on acceptable commercial and other terms; (viii) our reliance on single-source suppliers and their ability to continue as a 
going concern with adequate access to capital for the development and manufacturing of the core elements of the network and on 
other suppliers to provide certain components and services; and (ix) delays in obtaining or failures to obtain the required regulatory 
approvals for installation and operation of such equipment and the provision of service to passengers. 
We may be unsuccessful in deploying our Gogo Galileo service.
There can be no assurance that Gogo Galileo will effectively compete in the global business aviation market due to, among 
other things, risks associated with: (i) the failure of our equipment and software to perform as expected; (ii) the failure of the Eutelsat 
OneWeb network to perform as expected; (iii) difficulties in integrating our hardware and software with the Eutelsat OneWeb 
network; (iv) problems arising in the manufacturing process; (v) our inability to negotiate contracts with suppliers on acceptable 
commercial and other terms; (vi) our reliance on single-source suppliers for the development and manufacturing of the antenna and 
access to a LEO network; and (vii) delays in obtaining or failures to obtain the required regulatory approvals for installation and 
operation of such equipment and the provision of service to passengers. If Gogo Galileo fails to perform as expected, our ability to 
meet customers’ or end users’ expectations regarding our systems’ performance and to effectively compete in our market may be 
impaired and our business, financial condition and results of operations may be materially adversely affected. See “—Competition 
could result in price reduction, reduced revenue and loss of market position and could harm our results of operations.” Furthermore, 
under our agreement with Hughes we have committed to purchase, over a seven-year period, half duplex and full duplex antennas with 
an aggregate purchase price of approximately $170 million and $102 million, respectively, and we may make additional financial 
commitments in connection with Gogo Galileo. If we are not successful in deploying Gogo Galileo, we may nonetheless, depending 
on the circumstances, be required to honor these commitments. Likewise, under Satcom Direct’s agreement with Gilat Satellite 
Networks Ltd., Satcom Direct’s supplier for an antenna similar to our full duplex antenna which could be used on a LEO satellite 
network like Gogo Galileo, we have committed to purchase, over a two-year period, a full duplex antenna and a modem with an 
aggregate purchase price of approximately $21 million.
Our business is dependent on the availability of spectrum.
In June 2006, we purchased at FCC auction an exclusive ten-year, 3 MHz license for ATG spectrum, and in April 2013, as part 
of our acquisition of LiveTV Airfone, LLC, we acquired an additional 1 MHz ATG spectrum license. In 2017, our applications to 
renew our licenses were granted for additional ten-year terms without further payment. Any breach of the terms of our FCC licenses, 
FCC waiver conditions or FCC regulations, including foreign ownership restrictions, permitted uses of the spectrum and compliance 
with FAA regulations could result in the revocation, suspension, cancellation or reduction in the term of our licenses or a refusal by 
the FCC to renew the licenses upon expiration. Further, in connection with an application to renew our licenses upon expiration, a 
competitor could file a petition opposing such renewal on anti-competitive or other grounds. On August 3, 2017, the FCC released an 
order that, among other things, revised the wireless license renewal rules. As a result of this order, which applies to the industry 
generally, all licensees will need to make a showing (or certification) at renewal to demonstrate that the licensee provided and 
continues to provide service to the public. Because the 1 MHz ATG license has no specific construction or substantial service 
requirement, it is currently not clear what level and length of service the FCC will find adequate when considering the next renewal of 
the 1 MHz ATG license in 2026. We plan to incorporate this 1 MHz ATG license into our network. An ambiguous renewal 
requirement could impair our flexibility to use or otherwise realize the value of such spectrum beyond 2026.
Our ability to offer in-flight broadband connectivity through our ATG service currently depends on our ability to maintain rights 
to use the 3 MHz ATG spectrum in the U.S., and our failure to do so may have a material adverse effect on our business, financial 

26
condition and results of operations. In addition, our ability to meet increasing performance demands and expand our service offerings 
in the United States will depend in part upon our ability to successfully roll-out our plans to employ unlicensed spectrum in the 2.4 
GHz band for concurrent use with the licensed 3 MHz spectrum to launch Gogo 5G, and may require that we obtain additional 
licensed or unlicensed spectrum suitable for our use. Such spectrum may not be available to us on commercially reasonable terms or at 
all. Our failure to obtain adequate spectrum could have a material adverse effect on our business, financial condition and results of 
operations. 
Additional ATG spectrum, whether licensed or unlicensed, is or may become available in the future.
While we have exclusive rights to the only broadband spectrum licensed by the FCC for ATG use, the FCC may in the future 
decide to auction additional spectrum for ATG use that is not currently designated for that purpose, or a competitor could develop 
technology or a business plan that allows it to cost effectively use spectrum not specifically reserved for ATG, but on which ATG use 
is not prohibited, to provide broadband connectivity.
The availability of additional spectrum in the marketplace that is available for ATG use may increase the possibility that we may 
face competition from one or more other ATG service providers in the future.
We periodically are and could in the future be adversely affected if we or our third party suppliers or service providers suffer 
service interruptions or delays, technology failures, damage to equipment or system disruptions or failures arising from, among 
other things, force majeure events, cyberattacks or other malicious activities.
We rely heavily on communications, information systems (both internal and provided by third parties), and the internet to 
conduct our business. Our brand, reputation and ability to attract, retain and serve our customers depend upon the reliable performance 
of our ground network, in-flight systems and third-party satellite networks. We have experienced and may in the future experience 
service interruptions, service delays or technology or systems failures, which may be due to factors beyond our control, including 
cyberattacks or other malicious activities, natural catastrophes, epidemics, pandemics, industrial accidents, blackouts, acts of war or 
terrorism or other similar events. If we experience frequent or severe system or network failures, our reputation, brand and customer 
retention could be harmed. In addition, in the event that a significant number of our or our vendors’ managers were unavailable 
following a disaster, our ability to effectively conduct business could be severely compromised. Unanticipated problems with, or 
failures of, our disaster recovery systems and business continuity plans could have a material impact on our ability to conduct business 
and on our results of operations and financial condition. The failure of our disaster recovery systems and business continuity plans 
could adversely impact our profitability and our business or result in delays in reporting our financial results.
We and our vendors, like other commercial entities, have been, and will likely continue to be, subject to various forms of 
cyberattacks from a wide variety of sources/malicious actors, with the objective of gaining unauthorized access to our systems and 
data or disrupting our operations. These include, but are not limited to, cyberattacks, phishing attacks, account takeover attempts, the 
introduction of computer viruses or malicious code (commonly referred to as “malware”), ransomware or other extortion tactics, 
denial of service attacks, credential stuffing, and other computer-related penetrations. To date, none of these cyberattacks has, 
individually or in the aggregate, resulted in a cybersecurity incident with a material effect on our operations or our financial condition, 
results of operations, liquidity, or cash flows, but they could have a material impact in the future. Hardware, software or applications 
developed by us or received from third parties may contain exploitable vulnerabilities, bugs, or defects in design, maintenance or 
manufacture or other issues that could compromise information and cybersecurity. In addition, nation state attacks against U.S. 
businesses, including in the telecommunications industry, are prevalent. In light of the Ukraine war and other geopolitical events and 
dynamics, including ongoing tensions with North Korea, Iran and other states, state-sponsored parties or their supporters may launch 
cyberattacks, and may attempt to cause supply chain disruptions, or carry out other geopolitically motivated actions that may 
adversely disrupt or degrade our operations and may result in data compromise. Cybersecurity incidents may also arise as a result of 
employee error, and our continuous technological evaluations and enhancements, including changes designed to update our protective 
measures, may increase our risk of a significant cybersecurity incident. There is no assurance that administrative, physical, and 
technical controls and other preventive actions taken to reduce the risk of cyberattacks and protect our information technology will 
prevent physical and electronic break-ins, cyberattacks or other cybersecurity incidents to such systems or our data. In some cases, 
such physical and electronic break-ins, cyberattacks or other cybersecurity incidents may not be immediately detected. If we or our 
vendors fail to prevent, detect, address and mitigate such incidents, this may impede or interrupt our business operations and could 
adversely affect our business, financial condition and results of operations.
In addition, system failures or cybersecurity incidents could subject us to regulatory enforcement actions (including penalties, 
fines, and investigations), and result in claims of material breaches of our customer contracts resulting in termination rights, penalties 
or claims for damages. Regulators’ or others’ scrutiny of cybersecurity, including new laws, regulations, or industry standards, could 
increase our compliance costs and operational burdens, especially as regulatory and legislative focus on cybersecurity matters 
intensifies. Regulators, customers, or others may scrutinize us for any system disruptions or cybersecurity incidents. We may incur 
higher costs to comply with laws related to, or regulators’ scrutiny of, our use, collection, management, or transfer of data and other 
privacy practices. 

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Assertions by third parties of infringement, misappropriation or other violations by us of their intellectual property rights 
could result in significant costs and materially adversely affect our business and results of operations. 
In recent years, there has been significant litigation involving intellectual property rights in many technology-based industries, 
including the wireless communications industry. We are currently facing, and may in the future face, claims that we or a supplier have 
violated patent, trademark or other intellectual property rights of third parties. Many companies, including our competitors, are 
devoting significant resources to obtaining patents that could potentially cover many aspects of our business. While we have reviewed 
the patent portfolios of certain competitors and other third parties, we have not exhaustively searched all patents relevant to our 
technologies and business and therefore it is possible that we may be unknowingly infringing the patents of others. Any infringement, 
misappropriation or related claims, whether or not meritorious and whether or not they result in litigation, are time-consuming, divert 
technical and management personnel and are costly to resolve. As a result of any such dispute, we may have to develop non-infringing 
technology, pay damages, enter into royalty or licensing agreements, cease providing certain products or services, adjust our 
merchandizing or marketing and advertising activities or take other actions to resolve the claims. These actions, if required, may be 
costly or unavailable on terms acceptable to us.
In February 2022, a competitor filed a patent infringement suit against us. A trial date has been scheduled for November 17, 
2025. Claim construction proceedings, fact discovery and expert discovery are completed. Dispositive motions were filed on October 
25, 2024 and await resolution. For more information, see Note 15, “Commitments and Contingencies—SmartSky Litigation,” to our 
consolidated financial statements. Adverse results in the underlying infringement suit or other infringement suits could require us to 
develop non-infringing technology, pay damages, enter into royalty or licensing agreements, cease providing certain products or 
services, adjust our sales, marketing and advertising activities or take other actions to resolve the claims. These actions, if required, 
may be costly or unavailable on terms acceptable to us. Even if we are successful in defending these claims, such litigation may be 
time-consuming and costly, divert management resources and could adversely affect our business relating to such disputed technology 
during its pendency.
Pursuant to our contracts with certain customers, we have agreed to indemnify such customers against such claims, and our 
indemnification obligations generally include defending or paying for the defense of the action and paying any judgments or other 
costs assessed against the customer in the event of an adverse outcome. In most cases, our contracts do not cap our indemnification 
obligations. In addition, certain of our suppliers do not indemnify us for third-party infringement or misappropriation claims arising 
from our use of supplier technology, and we may be liable in the event of such claims. Our inability to meet our indemnification 
obligations and our customers terminating or failing to renew their contracts may have a material adverse effect on our business and 
financial condition.
We or our technology suppliers may be unable to continue to innovate and provide products and services that are useful to 
customers and passengers.
The market for our services is characterized by evolving technology, changes in customer and passenger needs and performance 
expectations, and frequent new service and product introductions. Our success will depend, in part, on our and our suppliers’ ability to 
continue to enhance existing technology and services or develop new technology and services on a timely and cost-effective basis. If 
we or our suppliers fail to adapt quickly enough to changing technology, customer requirements and/or regulatory requirements, our 
business and results of operations may be materially adversely affected. We expect to have to invest significant capital to keep pace 
with innovation and changing technology, and if the amount of such investment exceeds our plans or the amount of investment 
permitted under the Credit Agreements (as defined below), it may have a material adverse effect on our results of operations.
As is common in industries like ours, changing technology may result in obsolescence as we implement new technologies and 
products and retire old technologies and products. As we encounter such obsolescence, we need to ensure that we have a sufficient 
supply of parts, products and equipment compatible with our existing technology, as well as access to maintenance, repair and other 
critical support services, until the transition is completed. Certain suppliers may determine to stop manufacturing and supplying end-
of-life parts, products and equipment, or may stop providing related services, prior to completion of our transition. In the event that we 
are unable to obtain sufficient inventory from existing suppliers we would be required to engage new suppliers who have access to the 
intellectual property required to manufacture and support components that meet our specifications, and we may be unable to contract 
with such suppliers on commercially reasonable terms, or at all. We have implemented policies and procedures intended to ensure that 
we timely anticipate technology and product transitions and have access to sufficient inventory and services, but if such policies prove 
ineffective and we are unable to continue to engage suppliers with the capabilities or capacities required by our business to effect a 
transition, or if such suppliers fail to deliver quality products, parts, equipment and services in sufficient quantities or on a timely basis 
consistent with our schedule, our business, financial condition and results of operations may be materially adversely affected. In 
addition, following our retirement of end-of-life technologies and products, we may find that we have either obsolete or excess 
inventory on hand and might have to write off unusable inventory, which could have a material adverse effect on our results of 
operations. 

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We may be unable to protect our intellectual property rights.
We regard our trademarks, service marks, copyrights, patents, trade secrets, proprietary technologies, domain names and similar 
intellectual property as important to our success. We rely on trademark, copyright and patent law, trade secret protection, and 
confidentiality agreements with our employees, vendors, customers and others to protect our proprietary rights. We have sought and 
obtained patent protection for certain of our technologies in the United States and certain other countries. Many of the trademarks that 
we use (including marks we have applied to register) contain words or terms having a somewhat common usage, such as “Gogo” and 
“Gogo Vision” and, as a result, we may have difficulty registering them in certain jurisdictions. We do not own, for example, the 
domain www.gogo.com and we have not yet obtained registrations for our most important marks in all markets in which we do 
business or may do business in the future. If other companies have registered or have been using in commerce similar trademarks for 
services similar to ours in foreign jurisdictions, we may have difficulty in registering, or enforcing an exclusive right to use, our marks 
in those foreign jurisdictions.
There can be no assurance that the efforts we have taken to protect our proprietary rights will be effective, that any patent and 
trademark applications will lead to issued patents and registered trademarks in all instances, that others will not obtain intellectual 
property rights to similar or superior technologies, products or services, or that our intellectual property will not be challenged, 
invalidated, misappropriated or infringed by others. Furthermore, the intellectual property laws and enforcement practices of other 
countries in which our service is or may in the future be offered may not protect our intellectual property rights to the same extent as 
the laws of the United States. We may need to expend additional resources to defend our intellectual property in these countries and 
our inability to do so could impair our business or adversely affect our international expansion. If we are unable to protect our 
intellectual property from unauthorized use, our ability to exploit our proprietary technology or our brand image may be harmed, 
which may materially adversely affect our business and results of operations.
The use of new and evolving technologies, such as artificial intelligence (“AI”), in our products and services may result in 
reputational harm, competitive harm or legal liability.
 We have in the past and will in the future integrate new and evolving technologies, such as AI, into our products and services. 
As with many innovations, AI presents risks and challenges that could affect its adoption and, as a result, our business. Our 
implementation of AI in our products and services may have unintended consequences due to its inherent limitations or our failure to 
use it effectively. For example, AI algorithms may be flawed due to a lack of back-testing or datasets of poor quality or inappropriate 
bias, and analyses generated by AI may be deficient or inaccurate, subjecting us to competitive or reputational harm. Additionally, AI 
entails significant legal risks. The IP ownership and license rights of new technologies such as AI have not been fully addressed by 
U.S. courts, and the use or adoption of such technologies in our products and services may expose us to potential intellectual property 
claims, breach of a data or software license, website terms of service claims, claimed violations of privacy rights or other tort claims. 
Governmental regulation and laws related to AI may also increase the burden and cost of research and development or require 
increased transparency that makes it more difficult to protect our IP. For instance, on October 30, 2023, the Biden administration 
issued an executive order to, among other things, establish extensive new standards for AI safety and security. Many states are also 
passing AI laws, such as the Colorado AI Act, and numerous AI related bills that passed in California at the end of 2024. Additionally, 
the EU AI Act in Europe strictly regulates AI. Other jurisdictions may decide to adopt similar or more restrictive legislation rendering 
the use of such technologies challenging. To date, there is no unified legal definition of “artificial intelligence” nor a set standard of 
regulations, making compliance vary significantly from region to region, even within the U.S. Social and ethical issues relating to the 
use of new and evolving technologies such as AI in our offerings could also harm our competitive position and brand, or create legal 
liability, and may cause us to incur additional research and development costs to resolve such issues. Lastly, the rapid evolution and 
increased adoption of AI technologies may intensify our cybersecurity risks. For more information, see “—We periodically are and 
could be in the future adversely affected if we or our third party suppliers or service providers suffer service interruptions or delays, 
technology failures, damage to equipment or system disruptions or failures arising from, among other things, force majeure events, 
cyberattacks or other malicious activities.”
Our use of open-source software could limit our ability to commercialize our technology.
Open-source software is software made widely and freely available to the public in human-readable source code form, usually 
with liberal rights to modify and improve such software. Some open-source licenses require as a condition of use that proprietary 
software that is combined with licensed open-source software and distributed must be released to the public in source code form and 
under the terms of the open-source license. Accordingly, depending on the manner in which such licenses were interpreted and 
applied, we could face restrictions on our ability to commercialize certain of our products and we could be required to: (i) release the 
source code of certain of our proprietary software to the public, including competitors, if the open-source software was linked in a 
manner that would require such release of our proprietary software source code; (ii) seek licenses from third parties for replacement 
software; and/or (iii) re-engineer our software in order to continue offering our products. Such consequences may materially adversely 
affect our business.

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The failure of our equipment or material defects or errors in our software or services may damage our reputation, result in 
claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages, and impair our ability to 
sell our service.
Our products contain complex systems, components and software that could contain errors or defects, particularly when we 
incorporate new technology or when new software is first introduced or new versions or enhancements are released. If any of our 
products are defective, we could be required to redesign or recall those products or pay substantial damages or warranty claims. In 
addition, such events could result in significant expenses and diversion of development and other resources, a reduction in sales or 
delay in market acceptance of our products and services, loss of existing customers, terminations of, failures to renew, penalties or 
damage claims under aviation partner contracts, harm to our reputation and brand image and increased insurance costs. If our in-flight 
system has a malfunction resulting from an error or defect or a problem with installation or maintenance and such malfunction causes 
physical damage to an aircraft or impairs its on-board electronics or avionics, significant property loss and serious personal injury or 
death could result. For more information on these risks as they relate to our satellite services, see “—We depend upon third parties, 
many of which are single-source providers, to manufacture equipment components, provide services for our network or satellite 
services, and install and maintain our equipment.” Any such failure could expose us to substantial personal injury claims, product 
liability claims or costly repair obligations. The aircraft operated by our customers may be very costly to repair and the damages in 
any product liability claims could be material. We carry aircraft and non-aircraft product liability insurance consistent with industry 
norms; however, such insurance coverage may not be sufficient to fully cover claims. A product recall or a product liability claim not 
covered by insurance could have a material adverse effect on our business, financial condition and results of operations.
Further, we indemnify some of our customers for losses due to third-party claims and in certain cases the causes of such losses 
may include failure of our products. Should we be required by the FAA or otherwise to cease providing the Gogo service, even on a 
temporary basis, as a result of a product malfunction or defect, our business, financial condition and results of operations may also be 
materially adversely affected.
Risks Related to Litigation and Regulation
If we fail to comply with the Communications Act and FCC regulations limiting ownership and voting of our capital stock by 
non-U.S. persons, we could lose our FCC license.
Under the Communications Act and applicable FCC regulations, we are effectively restricted from having more than 25% of our 
capital stock owned or voted directly or indirectly by non-U.S. persons, including individuals and entities organized outside the United 
States or controlled by non-U.S. persons, without prior FCC approval. We have established procedures to ascertain the nature and 
extent of our foreign ownership, and we believe that the indirect ownership of our equity by foreign persons or entities is below the 
25% cap. However, as a publicly traded company we may not be able to determine with certainty the exact amount of our stock that is 
held by foreign persons or entities at any given time. A failure to comply with applicable restrictions on ownership by non-U.S. 
persons could result in an order requiring divestiture of the offending ownership interests, fines, denial of license renewal and/or 
spectrum license revocation proceedings, any of which may have a material adverse effect on our business, financial condition and 
results of operations.
Regulation by United States and foreign government agencies, including the FCC, which issued our exclusive ATG spectrum 
licenses, and the FAA, which regulates the civil aviation manufacturing and repair industries in the United States, may increase 
our costs of providing service or require us to change our services.
Any breach of the terms of our ATG spectrum licenses, authorizations and waivers obtained by us from time to time, or any 
violation of the Communications Act or the FCC’s rules, could result in the revocation, suspension, cancellation or reduction in the 
term of a license or the imposition of fines. From time to time, the FCC may monitor or audit compliance with the Communications 
Act and the FCC’s rules or with our licenses, including if a third party were to bring a claim of breach or noncompliance. In addition, 
the Communications Act, from which the FCC obtains its authority, may be amended in the future in a manner that could be adverse 
to us.
As discussed in more detail in the section entitled “Item 1. Business—Licenses and Regulation—Federal Aviation 
Administration,” FAA approvals required to operate our business include STCs and PMAs. While our distribution partners are 
responsible for obtaining STCs, obtaining PMAs is an expensive and time-consuming process that requires significant focus and 
resources. Prior to installation of our equipment, any inability to obtain, delay in obtaining (including as a result of a government 
shutdown or funding shortages), or change in, needed FAA certifications, authorizations, or approvals, could have an adverse effect on 
our ability to meet our installation commitments, manufacture and sell parts for installation on aircraft, or expand our business. 
Following installation of our equipment, if we were to discover that our equipment or components of our equipment were not in 
compliance with specifications on which the STC authorizing installation was based, or if the FAA’s requirements changed, our non-
compliance could result in our incurring material costs to inspect and in some circumstances modify or replace such equipment, and 
could in rare circumstances result in our system being turned off or installed aircraft being grounded. If we fail to comply with the 
FAA’s many regulations and standards that apply to our activities, we could lose the FAA certifications, authorizations, or other 

30
approvals on which our manufacturing, installation, maintenance, preventive maintenance and alteration capabilities are based. In 
addition, from time to time, the FAA or comparable foreign agencies adopt new regulations or amend existing regulations. The FAA 
could also change its policies regarding the delegation of inspection and certification responsibilities to private companies, which 
could adversely affect our business. To the extent that any such new regulations or amendments to existing regulations or policies 
apply to our activities, our compliance costs would likely increase.
We must comply with CALEA, which requires applicable communications companies to ensure that their equipment, facilities 
and services can accommodate certain technical capabilities in executing authorized wiretapping and other electronic surveillance. 
Currently, our CALEA solution is fully deployed in our network. However, we could be subject to an enforcement action by the FCC 
or law enforcement agencies for any delays in complying or failure to comply with, CALEA or similar obligations. Such enforcement 
actions could subject us to fines, cease and desist orders or other penalties, all of which may materially adversely affect our business 
and financial condition. Further, to the extent the FCC adopts additional capability requirements applicable to communications 
companies, its decision may increase the costs we incur to comply with such regulations.
We are also subject to regulation by certain foreign laws and regulatory bodies, including ISED, which issued our exclusive 
Canadian ATG subordinate spectrum license and regulates our use of the spectrum licensed to us. 
Adverse decisions or regulations of these U.S. and foreign regulatory bodies may have a material adverse effect on our business 
and results of operations. This includes new regulations, such as those related to net neutrality, broadband labeling, digital 
discrimination, the Universal Service Fund, or other potential regulatory requirements. We are unable to predict the impact of 
regulations and other policy changes that could be adopted by the various governmental entities that oversee portions of our business.
Our possession and use of personal information present risks and expenses that could harm our business. Unauthorized 
disclosure or manipulation of such data, whether through breach of our network security or otherwise, could expose us to costly 
litigation and damage our reputation.
In the ordinary course of our business, we or our third-party providers collect, process and store sensitive and confidential data, 
including personal information of our employees and customers. The secure processing, maintenance and transmission of this 
information (and other sensitive and confidential data such as our proprietary business information and that of our customers and 
suppliers) is critical to our operations and business strategy. Despite our security measures, our systems and those of third parties upon 
which we rely may be vulnerable to attacks by hackers or may be compromised due to employee error, malfeasance, hardware or 
software defects or other disruptions. Further, our in-cabin and cockpit network operates as an open, unsecured Wi-Fi hotspot, and 
non-encrypted transmissions users send over this network may be vulnerable to access by other users on the same plane. We depend 
on the security of the network infrastructure and products of our third-party providers of telecommunications, cloud computing, 
customer support and other vendors. Unauthorized use of our, or our third-party service providers’, networks, computer systems and 
services could potentially jeopardize the security of confidential information, including personal information of passengers using our 
service. Data security threats are constantly evolving and may be difficult to anticipate or to detect for long periods of time, and may 
include ransomware attacks, network intrusion, data extortion, malware, phishing and other social engineering, business email 
compromise and insider threats, among others. We and our third-party service providers have in the past been subject to instances of 
unauthorized access and attempts to gain unauthorized access to our systems or sensitive or confidential data, or to disrupt our 
operations, and we and our third-party service providers have in the past not always been able to anticipate or prevent such 
cybersecurity incidents or attempts. To date, none of these cybersecurity incidents or attempts has, individually or in the aggregate, 
resulted in a security incident with a material effect on our operations or our financial condition, results of operations, liquidity, or 
cash flows. However, these cybersecurity incidents could have a material impact in the future, and there can be no assurance that any 
security measures we, or third parties, take will be effective in anticipating or preventing these activities, given the constantly 
changing nature of the threats. Any such cybersecurity incidents, unauthorized access or disclosure, or other loss of information could 
result in legal claims or proceedings and liability under our contracts with certain customers, which generally require us to indemnify 
the customer for passenger and other third-party claims arising from data security breaches. In addition, such cybersecurity incidents 
may disrupt our operations and the services we provide to customers, result in the loss of value of trade secrets, require expensive 
efforts to investigate, remediate or resolve, damage our reputation, and cause a loss of revenue, reputational harm or a loss of 
confidence in our products and services, all of which may have a material adverse effect on our business prospects, financial condition 
and results of operations. We may also maintain cyber liability insurance that covers certain damages caused by cybersecurity 
incidents. However, there is no guarantee that adequate insurance will continue to be available at rates that we believe are reasonable 
or that the costs of responding to and recovering from a cybersecurity incident will be covered by insurance or recoverable in rates.
Additionally, as discussed in more detail in the section titled “Item 1. Business—Licenses and Regulation—Privacy and Data 
Security-Related Regulations,” we are subject to certain state laws, federal and non-U.S. laws that impose data breach notification 
requirements, specific data security obligations, or other consumer privacy-related requirements. Our failure to comply with any of 
these rules or regulations, or an allegation or finding that we failed to comply, could result in litigation, investigations or regulatory 
enforcement actions, fines or penalties, which may have a material adverse effect on our business, financial condition and results of 
operations. These legal requirements are complex, varied, rapidly evolving and often subject to interpretation, and there is a risk that, 
despite our efforts to comply, we may be found to be out of compliance with one or more of these requirements. Fines issued for non-

31
compliance with such requirements may be substantial, including fines issued under the GDPR which can be as high as 4% of global 
revenue, and an adverse finding by a regulator or court may result in costly and onerous requirements being placed on the Company, a 
prohibition on engaging in certain aspects of our business or damage to our reputation. Certain data protection laws that apply to the 
Company establish a private right of action. In addition, non-compliance with certain of these requirements could lead to 
investigations, regulatory enforcement actions, class actions or other private litigation based on theories that may include breach of 
contract or negligence, among others. Such litigation could result in material costs to the Company. We cannot be sure that a regulator 
would deem our security measures to be appropriate given the lack of prescriptive measures in certain data protection laws. Without 
more specific guidance, we cannot know whether our chosen security safeguards are adequate according to each applicable data 
protection law. Even in cases where the applicable requirements are explicit, we cannot be certain that safeguards designed to meet 
those requirements will be interpreted by a regulator or court as adequate or that those safeguards are operating in accordance with the 
requirements at all times. Even security measures that are appropriate, reasonable, and/or in accordance with applicable legal 
requirements may not be able to fully protect our or our partners’ information technology systems and the data contained in those 
systems. Moreover, interpretations or changes to new or existing data protection laws may impose on us responsibility for our 
employees and third parties that assist with aspects of our data processing. Furthermore, our employees’ or third parties’ intentional, 
unintentional, or inadvertent actions may increase our vulnerability or expose us to security threats, such as phishing attacks, and we 
may remain responsible for a successful phishing or other social engineering attack despite the quality and otherwise legal sufficiency 
of our technical security measures. In addition, compliance with complex variations in privacy and data security laws may require 
modifications to current business practices, including significant technology efforts that require long implementation timelines, 
increased costs and dedicated resources. For more information, see “—We periodically are and could be in the future adversely 
affected if we or our third party suppliers or service providers suffer service interruptions or delays, technology failures, damage to 
equipment or system disruptions or failures arising from, among other things, force majeure events, cyberattacks or other malicious 
activities.”
Participation in the FCC Reimbursement Program could adversely affect our results of operations and financial condition.
On July 15, 2022, the FCC notified the Company that it was approved for participation in the FCC Reimbursement Program, a 
program designed by the FCC at the direction of Congress to reimburse providers of advanced communications services for 
reasonable costs incurred in the required removal, replacement and disposal of covered communications equipment or services from 
their networks that have been deemed to pose a national security risk. Pursuant to the FCC Reimbursement Program, the FCC 
approved up to approximately $334 million in reimbursements to the Company to cover incurred and documented costs to (i) remove 
and securely destroy all ZTE communications equipment and services in the Company’s terrestrial U.S. networks and replace such 
equipment and (ii) remove and replace certain equipment installed on aircraft operated by the Company’s ATG customers that is not 
compatible with the terrestrial equipment that will replace ZTE equipment. Due to an initial shortfall in the amount appropriated by 
Congress to fund the FCC Reimbursement Program, approximately $132 million of the approved amount is currently allocated to the 
Company under the program. In July 2023, the Company elected to participate in the partially funded FCC Reimbursement Program 
and submitted its first reimbursement claim. Following passage of the FY 2025 NDAA, the Company expects to be allocated its full 
approved amount of approximately $334 million.
The FCC has announced that it will expeditiously take steps to secure the additional funding authorized by the FY 2025 NDAA, 
including obtaining approval from the U.S. Treasury to borrow the funds. There can be no assurance that there will be sufficient 
available funding to reimburse us for all of our costs in participating in the program. Any shortfall in available funding would require 
the Company to fund the portion of program costs that exceeds the Company’s allocation. In addition, companies that were awarded a 
funding allocation are not guaranteed to receive that funding. Once funds are allocated, recipients can draw down funds upon proof of 
actual expenses incurred by filing a request for the reimbursement of specific expenses. We cannot predict whether and to what extent 
the FCC or the administrator on which it relies to administer the FCC Reimbursement Program will approve our requests for the 
specific reimbursement of costs, or the time frames for any reimbursement. If we are not successful in receiving the amount of funds 
necessary to remove, replace and dispose of the applicable equipment and services, or if we have underestimated the associated costs, 
our results of operations and financial condition could be adversely affected. Also, the process for seeking reimbursements under the 
FCC Reimbursement Program is complex, and the FCC or program administrator may seek revisions to our reimbursement requests or 
delay approval of some or all of the requested amounts while evaluating our submissions. Any delay in reimbursements under the 
program could have a material negative effect on our cash flows and working capital.
In order to participate in the program, we must comply with various conditions and requirements established by the FCC, 
including a requirement that we complete the removal, replacement and disposal of applicable equipment within one year of receiving 
our first funding disbursement. The FCC may issue a single, general extension to all reimbursement recipients if it determines that the 
supply of replacement communications equipment or services needed by the recipients to achieve the purposes of the Reimbursement 
Program is inadequate to meet the needs of the recipients. The FCC may also grant one or more six-month extensions to a participant 
where it finds that due to factors beyond its control, the participant cannot complete the project by the deadline. Due to a number of 
factors including supply chain disruptions, the insufficiency of FCC funding and the operational and logistical complexity of replacing 
airborne equipment, Gogo was unable to complete the project within one year of receiving the Company’s first funding disbursement, 
and as outlined in our initial FCC application, we have sought and obtained extensions from the FCC. The Company’s current 

32
completion deadline is July 21, 2025, and the Company expects to require additional extensions past that date. If the FCC does not 
grant the necessary extensions and the project is not completed by the FCC’s deadline, we could face penalties or other sanctions, 
including not being reimbursed for subsequent program costs. 
In addition, if any of the Company’s customers do not replace their airborne equipment with equipment that is compatible with 
the replacement terrestrial network equipment prior to the date on which the replacement terrestrial network equipment goes into 
effect, the Company will be unable to provide service to these legacy-equipment customers until the airborne equipment is replaced. 
Such service disruptions could have a material adverse effect on our results of operations and financial condition. The requirement that 
customers replace their airborne equipment may also damage the Company’s relationships with its customers, leading some customers 
to switch to other service providers or forgo service altogether, which could have a material adverse effect on our market share, results 
of operations and financial condition.
Failure to comply with anti-bribery, anti-corruption and anti-money laundering laws could subject us to penalties and other 
adverse consequences.
We are subject to the FCPA, the Bribery Act and other anti-corruption, anti-bribery and anti-money laundering laws in various 
jurisdictions around the world. The FCPA, the Bribery Act and similar applicable laws generally prohibit companies, their officers, 
directors, employees and third-party intermediaries, business partners and agents from making improper payments or providing other 
improper things of value to government officials or other persons. We and our third-party intermediaries may have direct or indirect 
interactions with officials and employees of government agencies or state-owned or affiliated entities and other third parties where we 
may be held liable for the corrupt or other illegal activities of these third-party business partners and intermediaries, our employees, 
representatives, contractors, resellers and agents, even if we do not explicitly authorize such activities. While we have policies and 
procedures and internal controls to address compliance with such laws, we cannot assure you that all of our employees and agents will 
not take actions in violation of our policies and applicable law, for which we may be ultimately held responsible. To the extent that we 
learn that any of our employees, third-party intermediaries, agents, or business partners do not adhere to our policies, procedures, or 
internal controls, we are committed to taking appropriate remedial action. In the event that we believe or have reason to believe that 
our directors, officers, employees, third-party intermediaries, agents, or business partners have or may have violated such laws, we 
may be required to investigate or have outside counsel investigate the relevant facts and circumstances. Detecting, investigating and 
resolving actual or alleged violations can be extensive and require a significant diversion of time, resources and attention from senior 
management. Any violation of the FCPA, the Bribery Act, or other applicable anti-bribery, anti-corruption laws and anti-money 
laundering laws could result in whistleblower complaints, adverse media coverage, investigations, loss of export privileges, severe 
criminal or civil sanctions, fines and penalties, all of which may have a material adverse effect on our business, financial condition and 
results of operations.
Our international sales and operations are subject to applicable laws relating to trade, sanctions, and export controls, the 
violation of which could have a material adverse impact on our business. 
We must comply with all applicable export control laws and regulations of the United States and other countries. U.S. export 
and control laws and regulations applicable to us include the Arms Export Control Act, the International Traffic in Arms Regulations 
(“ITAR”), the Export Control Reform Act of 2018 (“ECRA”) and the Export Administration Regulations (“EAR”). The export of 
certain satellite hardware, software services and technical data relating to satellites is regulated by the U.S. Department of State under 
ITAR. Certain satellites and other items are controlled for export by the U.S. Department of Commerce under the EAR. In addition, 
we must comply with trade and economic sanctions laws and regulations, including those administered by the U.S. Department of the 
Treasury’s Office of Foreign Assets Control (“OFAC”). We cannot provide certain products and services to certain countries or 
persons subject to U.S. trade sanctions unless we first obtain the necessary authorizations from OFAC. Non-compliance with any 
applicable trade control, sanctions, export control or anti-corruption laws or other legal requirements may result in criminal and/or 
civil penalties, disgorgement and/or other sanctions and remedial measures, and may result in unexpected legal or compliance costs. 
Violations of any of these laws or regulations could also result in more onerous compliance requirements, more extensive debarments 
from export privileges or loss of authorizations needed to conduct aspects of our business, and could materially adversely affect our 
business, financial condition and results of operations. Moreover, any investigation of alleged violations of any such laws could have a 
material adverse impact on our reputation, business, financial condition and results of operations.
Expenses, liabilities or business disruptions resulting from litigation could adversely affect our results of operations and 
financial condition. 
Our operations are characterized by the use of new technologies and services across multiple jurisdictions that implicate various 
statutes and a range of rules and regulations that may be subject to broad or creative interpretation. This may result in litigation, 
including class action lawsuits, the outcome of which may be difficult to assess or quantify due to the potential ambiguity inherent in 
these regulatory schemes and/or the nascence of our technologies and services. Plaintiffs may seek recovery of very large or 
indeterminate amounts, and the magnitude of the potential loss relating to such lawsuits may remain unknown for substantial periods 
of time. Any such claims or litigation may be time-consuming and costly, divert management resources, require us to change our 
products and services, or require us to pay significant monetary damages, which may have a material adverse effect on our results of 

33
operations. We also indemnify the directors and current and former officers who are defendants in Company litigation and in 
derivative lawsuits for their defense costs and any judgments resulting from such suits. In the future, we may be subject to additional 
securities class action or derivative litigation. From time to time, we may also be subject to other claims or litigation in the ordinary 
course of our business, including for example, claims related to employment matters. In February 2022, a competitor filed a patent 
infringement suit against us. Additionally, in December 2024, a competitor filed a suit against us and our subsidiaries alleging that we 
maintain an illegal monopoly over ATG broadband inflight connectivity products and services and have blocked the competitor from 
entering the market in violation of antitrust laws. For more information on this and other material ongoing litigation, see Note 15, 
“Commitments and Contingencies,” to our consolidated financial statements.
In addition, costly and time-consuming litigation could be necessary to enforce our existing contracts and, even if successful, 
may have a material adverse effect on our business. In addition, litigation by or against any customer or supplier could have the effect 
of negatively impacting our reputation and goodwill with existing and potential customers and suppliers. 
We may be affected by global climate change or by legal and regulatory responses to such change.
Concern over climate change, including the impact of global warming, has led to significant U.S. and international legislative 
and regulatory efforts to limit GHG emissions. Increasingly, state and local governments are also considering GHG regulatory 
requirements. Increased regulation regarding GHG emissions, especially aircraft emissions, could impose substantial costs on us. We 
may also incur additional expenses as a result of U.S. and international regulators requiring additional disclosures regarding GHG 
emissions. The adoption and implementation of new or more stringent international, federal, regional, state or local legislation, 
regulations or other initiatives that impose more stringent standards for GHG emissions may have a material adverse effect on our 
results of operations and financial condition.
In addition, while the long-term effects of climate change on the global economy and the aviation industry in particular are 
unclear, we recognize that there are inherent climate-related risks wherever business is conducted. Any of our locations may be 
vulnerable to the adverse effects of climate change. For example, Colorado, where our corporate headquarters is located, has 
historically experienced, and is projected to continue to experience, physical climate change risks, including drought, flooding and 
wildfires. In addition, natural disasters could damage or destroy our networks, towers and data centers. Climate-related events, 
including the increasing frequency of extreme weather events and their impact on critical infrastructure in the United States and 
elsewhere, have the potential to disrupt our business, our third-party service providers or partners, and/or the business of our 
customers, and may cause us to experience higher attrition, losses and additional costs to maintain and resume operations.
Our U.S. and non-U.S. tax liabilities are dependent, in part, upon the distribution of income among various jurisdictions in 
which we operate, as well as changes in tax law or regulation.
Our future results of operations could be adversely affected by changes in the effective tax rate as a result of a change in the mix 
of earnings in countries with differing statutory tax rates, changes in tax laws, regulations and judicial rulings (or changes in the 
interpretation thereof), potential taxation of digital services, changes in generally accepted accounting principles, changes in the 
valuation of deferred tax assets and liabilities, changes in the amount of earnings permanently reinvested offshore, the results of audits 
and examinations of previously filed tax returns and continuing assessments of our tax exposures, and various other governmental 
enforcement initiatives. Our tax expense includes estimates of tax reserves and reflects other estimates and assumptions, including 
assessments of future earnings of the Company, which could impact the valuation of our deferred tax assets. In addition, our future 
effective tax rates could be subject to volatility or adversely affected by changes in tax laws, regulations, accounting principles, or 
interpretations thereof.
The Organization for Economic Co-operation and Development (“OECD”)/G20 and other invited countries, developed a global 
tax framework inclusive of a 15% global minimum tax under the Pillar Two Global Anti-Base Erosion Rules (“Pillar Two”). On 
December 15, 2022, the Council of the European Union (“EU”) formally adopted the OECD’s framework to achieve a coordinated 
implementation amongst EU Member States consistent with EU law. The EU’s Pillar Two Directive effective dates are January 1, 
2024, and January 1, 2025, for different aspects of the directive. Other major jurisdictions are actively considering and implementing 
changes to their tax laws to adopt certain parts of the OECD’s proposals. We have assessed this framework and determined, based 
upon available guidance, that these changes will not have a material impact to our results of operations. Any future changes in OECD 
guidance or interpretations, including local country tax legislative changes thereof, could impact our initial assessment; therefore, we 
will continue to monitor and refine our assessment as further guidance is made available.
As a U.S. government contractor to our military/government customers, we could be adversely affected by changes in various 
procurement and other laws and regulations applicable to our industry or any negative findings by the U.S. government as to our 
compliance with them, as well as by changes in our customers’ business practices globally.
U.S. government contractors (including their subcontractors and others with whom they do business) must comply with various 
specific procurement laws, regulations, rules and other legal requirements, as well as ones more broadly applicable. These various 
legal requirements, although sometimes customary in government contracting, increase costs and risks. They have been and are 
evolving at a significant pace. The costs are not always fully recoverable. New laws or other requirements, or changes to existing ones 

34
(including, for example, related to cybersecurity, information protection, environment, sustainability, securities, competition, 
compensation costs, taxes, counterfeit parts, pensions, and use of certain non-U.S. equipment) or more expansive interpretations or 
other changes in how government agencies construe existing ones, can significantly increase our costs and risks and reduce our 
profitability.
We operate in a highly regulated environment and are routinely audited and reviewed by the U.S. government and its agencies, 
such as the Defense Contract Audit Agency (DCAA), Defense Contract Management Agency (DCMA) and the Department of 
Defense Office of Inspector General. These agencies review performance under our contracts, our cost structure and accounting, and 
our compliance, as well as the adequacy of our systems in meeting government requirements. Costs ultimately found to be 
unallowable or improperly allocated may not be reimbursed or may be refunded. When an audit uncovers improper or illegal 
activities, we are subject to possible civil and criminal penalties, sanctions, or suspension or debarment. Whether or not illegal 
activities are alleged, the U.S. government has the ability to decrease or withhold certain payments when it deems systems to be 
inadequate, with significant financial impact, regardless of the ultimate outcome. In addition, we risk serious reputational harm in 
situations involving allegations of impropriety made against us or our business partners.
We (including our subcontractors and others with whom we do business) also are subject to, and expected to perform in 
compliance with, a vast array of federal, state and local laws, regulations, contract terms and requirements related to our industry, our 
products and the businesses we operate, as well as those more broadly applicable to our industry, such as securities laws and 
regulations. These requirements, whether specific to our industry or broadly applicable, may limit our ability to achieve our goals. If 
we are found to have violated any such requirements, or are found not to have acted responsibly, we may be subject to a wide array of 
actions, including contract modifications or termination, payment withholds, the loss of export/import privileges, administrative, civil 
or criminal judgments or penalties (including convictions, agreements, fines, damages and non-monetary relief), or suspension or 
debarment.
If we or those with whom we do business do not comply with the laws, regulations, rules, contract terms and processes to which 
we are subject or if customer business practices or requirements change significantly, including with respect to allowable costs, it 
could affect our ability to compete and have a material adverse effect on our financial position, results of operations and/or cash flows.
Risks Related to Our Indebtedness 
For definitions of capitalized terms used and not defined in the following Risk Factors, see “Item 7. Management's Discussion 
and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K.
We and our subsidiaries have substantial debt and may incur substantial additional debt in the future, which could adversely 
affect our financial health, reduce our profitability, limit our ability to obtain financing in the future and pursue certain business 
opportunities and reduce the value of your investment.
As of December 31, 2024, we had total consolidated indebtedness of approximately $850.8 million, which consists of $601.4 
million borrowed under the 2021 Term Loan Facility and $249.4 million borrowed under the HPS Term Loan Facility. We and our 
subsidiaries may incur additional debt in the future, including up to $122.0 million under the Revolving Facility, which could increase 
the risks described below and lead to other risks. The amount of our indebtedness or such other obligations could have important 
consequences for holders of our common stock, including, but not limited to:
•
a meaningful portion of our cash flows from operations is expected to be dedicated to the payment of principal and 
interest on our indebtedness, thereby reducing the funds available to us for other purposes;
•
our ability to obtain additional financing for working capital, capital expenditures, acquisitions, debt service requirements 
or general corporate purposes may be limited, and our ability to satisfy our obligations with respect to our indebtedness 
may be impaired in the future;
•
we may be at a competitive disadvantage compared to our competitors with less indebtedness or with comparable 
indebtedness at more favorable interest rates and which, as a result, may be better positioned to withstand economic 
downturns;
•
our ability to refinance indebtedness may be limited or the associated costs may increase;
•
our ability to engage in acquisitions without raising additional equity or obtaining additional debt financing may be 
impaired in the future;
•
it may be difficult for us to satisfy our obligations to our creditors, resulting in possible defaults on and acceleration of 
such indebtedness;
•
we may be more vulnerable to general adverse economic and industry conditions; and

35
•
our flexibility to adjust to changing market conditions and our ability to withstand competitive pressures could be limited, 
or we may be prevented from making capital investments that are necessary or important to our operations in general, our 
growth strategy and our efforts to improve operating margins of our business units.
We may have future capital needs and may not be able to obtain additional financing to fund our capital needs on acceptable 
terms, or at all.
We have from time to time evaluated, and we continue to evaluate, our potential capital needs in light of increasing demand for 
our services, limitations on bandwidth capacity and performance and generally evolving technology in our industry. We may utilize 
one or more types of capital raising in order to fund any initiative in this regard, including the issuance of new equity securities and 
new debt securities, including debt securities convertible into our common stock. Our ability to generate positive cash flows from 
operating activities and the extent and timing of certain capital and other necessary expenditures are subject to numerous variables, 
such as costs related to execution of our current technology roadmap, including continuing development and deployment of Gogo 5G, 
Gogo Galileo and other future technologies. The market conditions and the macroeconomic conditions that affect the markets in which 
we operate could have a material adverse effect on our ability to secure financing on acceptable terms, if at all. We may be unable to 
secure additional financing on favorable terms or at all or our operating cash flows may be insufficient to satisfy our financial 
obligations under the Credit Agreements and other indebtedness outstanding from time to time.
Our ability to obtain additional financing for working capital, capital expenditures, acquisitions, debt service requirements or 
general corporate purposes is limited by the Credit Agreements. In the future, if our subsidiaries are in compliance with certain 
incurrence ratios or other covenant exceptions set forth in the Credit Agreements, our subsidiaries may be able to incur additional 
indebtedness, which indebtedness may be secured or unsecured, the incurrence of which may increase the risks created by our current 
substantial indebtedness. Events beyond our control can affect our ability to comply with these requirements. The Credit Agreements 
also limit the ability of Gogo Inc. to incur additional indebtedness under certain circumstances and limit the amount of cash that our 
subsidiaries may dividend, transfer or otherwise distribute to us.
The terms of any additional financing may further limit our financial and operating flexibility. Our ability to satisfy our financial 
obligations will depend upon our future operating performance, the availability of credit generally, economic conditions and financial, 
business and other factors, many of which are beyond our control. Furthermore, if financing is not available when needed, or is not 
available on acceptable terms, we may be unable to take advantage of business opportunities or respond to competitive pressures, any 
of which may have a material adverse effect on our business, financial condition and results of operations. Even if we are able to 
obtain additional financing, we may be required to use the proceeds from any such financing to repay a portion of our outstanding 
indebtedness.
If we raise additional funds or seek to reduce our current levels of indebtedness through further issuances of equity, convertible 
debt securities or other securities convertible into equity, our existing stockholders could suffer significant dilution in their percentage 
ownership of our Company. In addition, any new securities we issue could have rights, preferences and privileges senior to those of 
holders of our common stock, and we may grant holders of such securities rights with respect to the governance and operations of our 
business. If we are unable to obtain adequate financing or financing on terms satisfactory to us, if and when we require it, our ability 
to grow or support our business and to respond to business challenges could be significantly limited.
The agreements and instruments governing our debt contain restrictions and limitations that could adversely impact our 
ability to operate our business.
The Credit Agreements contains covenants that, among other things, limit the ability of our subsidiaries and, in certain 
circumstances, us to:
•
incur certain non-permitted indebtedness;
•
pay dividends, redeem stock or make other distributions;
•
make certain investments;
•
create liens;
•
transfer or sell assets;
•
merge or consolidate with other companies; and
•
enter into certain transactions with our affiliates.
Our ability to comply with the covenants and restrictions contained in the Credit Agreements may be affected by economic, 
financial and industry conditions beyond our control. Our failure to comply with obligations under the agreements and instruments 
governing our indebtedness may result in an event of default under such agreements and instruments. We cannot be certain that we 
will have funds available to remedy these defaults. A default, if not cured or waived, may permit acceleration of our indebtedness. If 
our indebtedness is accelerated, we cannot be certain that we will have sufficient funds available to pay the accelerated indebtedness 

36
or have the ability to refinance the accelerated indebtedness on terms favorable to us or at all. All of these covenants and restrictions 
could affect our ability to operate our business, may limit our ability in the future to satisfy currently outstanding obligations and may 
limit our ability to take advantage of potential business opportunities as they arise.
An increase in interest rates would increase the cost of servicing our indebtedness and could reduce our profitability.
Our indebtedness outstanding under the 2021 Term Loan Facility and HPS Term Loan Facility bears interest, and any 
indebtedness under our Revolving Facility would bear interest, at variable rates. While we have entered into interest rate caps to hedge 
a portion of our exposure, we remain subject to interest rate risk under these Facilities. Increases in interest rates, including as the 
result of general economic inflation, would increase the cost of servicing our indebtedness and could materially reduce our 
profitability and cash flows.
Indebtedness under the Facilities is secured by substantially all of our assets. As a result of these security interests, such 
assets would only be available to satisfy claims of our general creditors or to holders of our equity securities, if we were to become 
insolvent, to the extent the value of such assets exceeded the amount of our secured indebtedness and other obligations. In 
addition, the existence of these security interests may adversely affect our financial flexibility.
Indebtedness under the Facilities (as defined below) is secured by a lien on substantially all of our assets. Accordingly, if an 
event of default were to occur under any of the Credit Agreements, to the extent amounts were outstanding under the Facilities, the 
lenders party to such Credit Agreement would have a prior right to our assets, to the exclusion of our general creditors in the event of 
our bankruptcy, insolvency, liquidation, or reorganization. In that event, our assets would first be used to repay in full all indebtedness 
and other obligations under such Credit Agreement, resulting in all or a portion of our assets being unavailable to satisfy the claims of 
our unsecured indebtedness. Only after satisfying the claims of our unsecured creditors and our subsidiaries’ unsecured creditors 
would any amount be available for our equity holders. The pledge of these assets and other restrictions may limit our flexibility in 
raising capital for other purposes. Because substantially all of our assets are pledged under these financing arrangements, our ability to 
incur additional secured indebtedness or to sell or dispose of assets to raise capital may be impaired, which could have an adverse 
effect on our financial flexibility.
A downgrade, suspension or withdrawal of the rating assigned by a rating agency to us, our subsidiaries or our indebtedness, 
if any, could cause our cost of capital to increase.
Our 2021 Term Loan Facility and HPS Term Loan Facility have been rated by nationally recognized rating agencies and may in 
the future be rated by additional rating agencies. We cannot assure you that any rating assigned will remain for any given period of 
time or that a rating will not be lowered or withdrawn entirely by a rating agency if, in that rating agency’s judgment, circumstances 
relating to the basis of the rating, such as adverse changes in our business, so warrant. Any future lowering of ratings may make it 
more difficult or more expensive for us to obtain additional debt financing.
Risks Related to Our Common Stock
The price of our common stock may be volatile, and the value of your investment could decline.
The trading price of our common stock has been volatile since our IPO, which occurred on June 21, 2013, and in which shares 
of common stock were sold at a price of $17.00 per share. From the IPO date through March 7, 2025, the price of our common stock 
has ranged from a closing low of $1.40 per share to a closing high of $34.34 per share. In addition to the factors discussed in this 
Annual Report on Form 10-K, the trading price of our common stock has fluctuated and may continue to fluctuate widely in response 
to various factors, many of which are beyond our control. They include:
•
aviation industry or general market conditions, including those related to disruptions to supply chains and installations;
•
domestic and international economic factors unrelated to our performance;
•
changes in technology or customer usage of Wi-Fi and Internet broadband services;
•
any inability to timely and efficiently roll out Gogo 5G, Gogo Galileo or other components of our technology roadmap;
•
the success of our integration of Satcom Direct; 
•
new regulatory pronouncements and changes in regulatory guidelines;
•
actual or anticipated fluctuations in our quarterly operating results and any inability to generate positive cash flows on a 
consolidated basis in the future or to obtain additional financing;
•
changes in or failure to meet publicly disclosed expectations as to our future financial performance, or failure to estimate 
them accurately;
•
changes in securities analysts’ estimates of our financial performance or lack of research and reports by industry analysts;

37
•
action by institutional stockholders or other large stockholders, including future sales;
•
short-selling or other transactions involving derivatives of our securities;
•
speculation in the press or investment community, and/or unfavorable reports by investors such as short sellers;
•
investor perception of us and our industry;
•
changes in market valuations or earnings of similar companies;
•
announcements by us or our competitors of significant products, contracts, contract amendments, acquisitions or strategic 
partnerships;
•
developments or disputes concerning patents or proprietary rights, including increases or decreases in litigation expenses 
associated with intellectual property lawsuits we may initiate, or in which we may be named as defendants;
•
failure to complete significant sales;
•
any future sales of our common stock or other securities;
•
renewal of our FCC licenses and our ability to obtain additional spectrum; and
•
additions or departures of key personnel.
In addition, the stock markets have experienced extreme price and volume fluctuations in recent years that have affected and 
continue to affect the market prices of equity securities of many technology companies. Stock prices of many such companies have 
fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. These broad market 
fluctuations may adversely affect the trading price of our common stock. In the past, following periods of volatility in the market price 
of a company’s securities, class action litigation has often been instituted against such company. Any litigation of this type brought 
against us could result in substantial costs and a diversion of our management’s attention and resources, which may have a material 
adverse effect on our business, financial condition and results of operations.
The utilization of our tax losses could be substantially limited if we experienced an “ownership change” as defined in the 
Internal Revenue Code.
As of December 31, 2024, we had approximately $363 million in federal and $356 million in state net operating losses 
(“NOLs”). The federal NOLs will begin to expire in 2034. The state NOLs began expiring in 2024. Under Section 382 of the Code 
and corresponding provisions of state law, if a corporation undergoes an “ownership change,” which is generally defined as an 
increase of more than 50% of the value of the Company’s stock owned by certain “5-percent shareholders,” as such term is defined in 
Section 382 of the Code, in its equity ownership over a rolling three-year period, the corporation’s ability to use its pre-change NOLs 
and other pre-change tax attributes to offset its post-change income or taxes may be limited. To the extent there becomes a new 5-
percent shareholder, we may experience an ownership change under Section 382 of the Code, which may result in the loss or 
impairment of some or all of our NOLs. The extent of any loss or impairment of our NOLs upon an ownership change would depend 
on several factors, including the nature of the NOLs, our stock price and extent of the ownership change. Our Section 382 Rights 
Agreement, which would have helped to prevent shareholders from becoming more than 5-percent shareholders, expired in September 
2023, and we determined not to renew it. If an ownership change occurs and our ability to use our NOLs is materially limited, it would 
harm our future operating results by effectively increasing our future tax obligations.
Future stock issuances could cause substantial dilution and a decline in our stock price.
We may issue additional shares of common stock or other equity or debt securities convertible into common stock from time to 
time in connection with a financing, acquisition, litigation settlement, employee arrangement, as consideration to third-party service or 
equipment providers or otherwise. Additional shares of common stock are also issuable upon exercise of outstanding stock options. 
We may also reserve additional shares of our common stock for issuance upon the exercise of stock options or other similar forms of 
equity incentives. We cannot predict the size of future issuances or the effect, if any, that they may have on the market price for our 
common stock. Any of these issuances could result in substantial dilution to our existing stockholders and could cause the trading 
price of our common stock to decline.
A few significant stockholders, including affiliates of Oakleigh Thorne, the Executive Chair of our Board, and GTCR LLC 
and its affiliates, could exert influence over our Company, and if the ownership of our common stock continues to be concentrated, 
or becomes more concentrated in the future, it could prevent our other stockholders from influencing significant corporate 
decisions.
As of December 31, 2024, Oakleigh Thorne, the Executive Chair of our Board of Directors, and the entities affiliated with Mr. 
Thorne (the “Thorne Entities”) beneficially owned approximately 21% of the outstanding shares of our common stock, and funds 
managed by GTCR LLC and its affiliates (“GTCR”) beneficially owned approximately 24% of the outstanding shares of our common 
stock. As a result, either the Thorne Entities or GTCR alone is able to exercise influence over all matters requiring stockholder 

38
approval for the foreseeable future, including approval of significant corporate transactions and the election of directors. Such ability 
to influence may reduce the market price of our common stock. In addition, together, GTCR and the Thorne Entities would be able to 
exercise control over such matters, which similarly may reduce the market price of our common stock.
As the Executive Chair and a member of our Board of Directors, Mr. Thorne provides strategic leadership to the Company, and 
he owes a fiduciary duty to our stockholders and must act in good faith in a manner he reasonably believes to be in the best interests of 
our stockholders. As a stockholder, Mr. Thorne is entitled to vote his shares, and shares over which he has voting control, in his own 
interest, which may not always be in the interests of stockholders generally.
Our corporate governance guidelines address potential conflicts between a director’s interests and our interests, and our code of 
business conduct, among other things, requires our employees and directors to avoid actions or relationships that might conflict or 
appear to conflict with their job responsibilities or our interests and to disclose their outside activities, financial interests or 
relationships that may present a possible conflict of interest or the appearance of a conflict to management or corporate counsel. These 
corporate governance guidelines and code of business ethics do not, by themselves, prohibit transactions with the Thorne Entities.
Fulfilling our obligations associated with being a public company is expensive and time-consuming, and any delays or 
difficulties in satisfying these obligations may have a material adverse effect on our results of operations and our stock price.
As a public company, the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”), and the related rules and regulations of the SEC, as 
well as Nasdaq rules, require us to implement various corporate governance practices and adhere to a variety of reporting requirements 
and complex accounting rules. Compliance with these public company obligations requires us to devote significant time and resources 
and places significant additional demands on our finance and accounting staff and on our financial accounting and information 
systems. We are also required under Sarbanes-Oxley to document and test the effectiveness of our internal control over financial 
reporting, and our independent registered public accounting firm is required to provide an attestation report on the effectiveness of our 
internal control over financial reporting. In addition, we are required under the Exchange Act to maintain disclosure controls and 
procedures and internal control over financial reporting. The applicable SEC rules are constantly evolving in response to market 
conditions and other developments, and we must update our disclosure controls and procedures quickly and effectively in order to 
produce appropriate disclosures. Any failure to maintain effective controls or implement required new or improved controls may 
materially adversely affect our results of operations or cause us to fail to meet our reporting obligations. For more information, see “—
We have identified material weaknesses in our internal control over financial reporting, which could, if not effectively remediated, 
result in material misstatements in our financial statements, and a failure to meet our reporting and financial obligations.” Failure to 
comply with Sarbanes-Oxley could potentially subject us to sanctions or investigations by the SEC, Nasdaq, or other regulatory 
authorities. Additionally, this failure could negatively affect the market price and trading liquidity of our common stock, restrict our 
access to the capital markets, cause investors to lose confidence in our reported financial information, and generally materially and 
adversely impact our business and financial condition.
We have identified material weaknesses in our internal control over financial reporting, which could, if not effectively 
remediated, result in material misstatements in our financial statements, and a failure to meet our reporting and financial 
obligations.
Effective internal controls are necessary for us to provide reliable financial reports, prevent fraud and errors in our financial 
statements and operate successfully as a public company. As discussed in “Item 9A. Controls and Procedures,” our management and 
independent registered public accounting firm have concluded that we did not maintain effective internal control over financial 
reporting as of December 31, 2024. We are actively engaged in developing and implementing a remediation plan designed to address 
these material weaknesses and are committed to remediating them as promptly as possible. However, we cannot be certain that the 
current material weaknesses in internal control will be remediated and our internal control over financial reporting will be considered 
effective going forward. Because of its inherent limitations, our system of internal control over financial reporting may not prevent or 
detect every misstatement.
If we are unable to remediate the existing material weaknesses in our internal controls over financial reporting and achieve 
effective internal control, or if we identify additional material weaknesses in our internal control over financial reporting, we may be 
unable to accurately report our financial results, or report them within the timeframes required by the SEC. If this occurs, we also 
could become subject to sanctions or investigations by the SEC or other regulatory authorities. In addition, if we are unable to 
conclude that we have effective internal control over financial reporting, or if our independent registered public accounting firm is 
unable to provide us with an unqualified report regarding the effectiveness of our internal control over financial reporting, investors 
could lose confidence in the reliability of our consolidated financial statements. This could result in a decrease in the value of our 
common stock.

39
We also face risks associated with the cost of establishing effective internal control over financial reporting, insofar as we 
expect to continue to incur increased costs related to our internal control over financial reporting to remediate the above-described 
material weaknesses and improve further our internal control environment.
Anti-takeover provisions in our charter documents and Delaware law, and certain provisions in our existing and any future 
credit facility could discourage, delay or prevent a change in control of our Company and may affect the trading price of our 
common stock.
Our amended and restated certificate of incorporation and amended and restated bylaws include a number of provisions that may 
discourage, delay or prevent a change in our management or control over us that stockholders may consider favorable. These 
provisions include:
•
Authorization of the issuance of “blank check” preferred stock that could be issued by our Board of Directors to thwart a 
takeover attempt;
•
Establishment of a classified Board of Directors, as a result of which our board is divided into three classes, with each 
class serving for staggered three-year terms, which prevents stockholders from electing an entirely new Board of Directors 
at an annual meeting;
•
A requirement that directors only be removed from office for cause and only upon a supermajority stockholder vote;
•
A provision that vacancies on the Board of Directors, including newly-created directorships, may be filled only by a 
majority vote of directors then in office;
•
A limitation on who may call special meetings of stockholders;
•
A prohibition on stockholder action by written consent, thereby requiring all actions to be taken at a meeting of the 
stockholders; and
•
A requirement of supermajority stockholder voting to effect certain amendments to our amended and restated certificate of 
incorporation and amended and restated bylaws.
Under the terms of the Credit Agreements, a takeover of our Company would allow the administrative agent and/or the lenders 
to terminate their commitments under the Credit Agreements and declare any and all outstanding amounts to be due and payable. This 
provision may have the effect of delaying or preventing a takeover of our Company that would otherwise be beneficial to our 
stockholders.
Our corporate charter and bylaws include provisions limiting ownership by non-U.S. citizens, including the power of our 
Board of Directors to redeem shares of our common stock from non-U.S. citizens.
The Communications Act and FCC regulations impose restrictions on foreign ownership of FCC licensees, as described in the 
above risk factor, “—If we fail to comply with the Communications Act and FCC regulations limiting ownership and voting of our 
capital stock by non-U.S. persons we could lose our FCC license.” Our corporate charter and bylaws include provisions that permit 
our Board of Directors to take certain actions in order to comply with FCC regulations regarding foreign ownership, including but not 
limited to, a right to redeem shares of common stock from non-U.S. citizens at prices at or below fair market value. Non-U.S. citizens 
should consider carefully the redemption provisions in our certificate of incorporation prior to investing in our common stock.
These restrictions may also decrease the liquidity and value of our stock by reducing the pool of potential investors in our 
Company and making the acquisition of control of us by third parties more difficult. In addition, these restrictions could adversely 
affect our ability to attract equity financing or consummate an acquisition of a foreign entity using shares of our capital stock.


40
Item 1B. Unresolved Staff Comments
None.
Item 1C. Cybersecurity
Risk management and strategy
We prioritize the management of cybersecurity risk and the protection of information across our enterprise by embedding data 
protection and cybersecurity risk management in our operations. Our processes for assessing, identifying, and managing material risks 
from cybersecurity threats have been integrated into our overall risk management system and processes.
As a foundation of this approach, we have implemented a layered governance structure to help assess, identify, manage and 
report cybersecurity risks. Our cybersecurity program leverages the NIST Framework, which outlines the core components and 
responsibilities necessary to sustain a healthy and well-balanced cybersecurity program. To protect our network and information 
systems from cybersecurity threats, we use various security tools and policies that help prevent, identify, escalate, investigate, resolve 
and recover from identified vulnerabilities and security incidents in a timely manner. These include, but are not limited to, internal 
reporting, monitoring and detection tools.
We have a number of policies and procedures supporting the cybersecurity program, including a comprehensive enterprise 
cybersecurity incident response plan which is activated in the event of a cybersecurity incident. The incident response plan is a 
detailed playbook that specifies how Gogo classifies, responds to, and recovers from cybersecurity incidents and includes notification 
procedures that vary depending on the significance of the incident. When warranted by the severity of the incident, the Board, the 
Audit Committee, the Chief Executive Officer and other senior executives are part of the notification chain.
We conduct regular reviews and tests of our cybersecurity program, which includes tabletop exercises, penetration and 
vulnerability testing, simulations, and other exercises, as well as leverage audits by our internal audit team to evaluate the 
effectiveness of our cybersecurity program and controls and improve our security measures and planning. We also engage external 
auditors to review our cybersecurity program and controls, as well as engage third parties to perform penetration testing and 
vulnerability scanning of our public and private assets.
With respect to third-party service providers, we obligate our vendors to adhere to privacy and cybersecurity measures through 
various contractual provisions to the extent possible, and we perform risk assessments of vendors as appropriate from time to time, 
which includes a vendor’s ability to protect data from unauthorized access.
As described in Item 1A “Risk Factors,” our operations rely on the secure processing, storage and transmission of confidential 
and other information in our computer systems and networks. Computer viruses, hackers, employee or vendor misconduct and other 
external hazards could expose our information systems and those of our vendors to security breaches, cybersecurity incidents or other 
disruptions, any of which could materially and adversely affect our business, including the loss of customer confidence, reputational 
harm, our operating results and our financial condition. We have insurance designed to cover certain expenses relating to 
cybersecurity incidents; however, damage and claims arising from a cybersecurity incident may exceed the amount of any insurance 
available. While we have experienced cybersecurity incidents, to date, we do not believe that we experienced a material cybersecurity 
incident during the fiscal year ended December 31, 2024.
The sophistication of cybersecurity threats, including through the use of artificial intelligence, continues to increase, and the 
controls and preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems, including the regular 
testing of our cybersecurity incident response plan, may be insufficient. In addition, new technology that could result in greater 
operational efficiency such as our contemplated use of artificial intelligence may further expose our computer systems to the risk of 
cybersecurity incidents.
Governance
As part of our overall risk management approach, we prioritize the identification and management of cybersecurity risk at 
several levels, which involves Board and Audit Committee oversight, senior and department executive leadership focus and 
commitment, and employee training. Our Audit Committee, comprised entirely of independent directors from our Board, oversees the 
Board’s responsibilities relating to the operational (including information technology (“IT”) risks, business continuity and data 
security) risk affairs of the Company. Our Audit Committee is informed of such risks through annual assessments, quarterly reporting 
and regular updates from members of the Company’s executive leadership team, cybersecurity and data privacy leadership team, as 
well as the Internal Audit team.
Our Senior Vice President, Chief Information Security Officer (“CISO”), leads our cybersecurity team and has over 15 years of 
experience establishing and leading comprehensive cybersecurity programs. Our CISO retired from the United States Navy, where he 
served in various roles with increasing responsibility, most recently serving as the Director of Operations – Navy Cyber Defense 

41
Operations Command. In that role, our CISO led a team of 450 personnel overseeing networks with more than 800,000 endpoints and 
more than 200 IT, Cloud, Legacy, and Operational Technology networks globally. We believe that our CISO’s technical expertise and 
background assist us with the navigation of the extensive regulatory framework to which we are subject as a federal contractor, 
including the achievement of the Cybersecurity Maturity Model Certification (“CMMC”) program.  We believe we are well-
positioned to meet the requirements of CMMC and are preparing for certification. 
We also have management level committees and a cybersecurity incident team who support our processes to assess and manage 
cybersecurity risk as follows:
•
The Cybersecurity Cross Functional Team (the “Cybersecurity CFT”), led by our CISO, brings together IT, legal, 
compliance and other function heads. The Cybersecurity CFT meets at least quarterly (or more frequently as needed) and 
provides a forum for these cross-functional members of management to: consider emerging technologies, such as artificial 
intelligence and emerging cybersecurity risks; review cybersecurity and privacy regulations; approve, review and update 
policies and standards as appropriate; and promote cross-functional collaboration to manage cybersecurity and privacy 
risks across the enterprise.
•
The Gogo Executive Cybersecurity Committee (the “GECC”) is comprised of executive leadership and members of the 
cybersecurity, operations, risk, legal, and internal audit teams. The GECC liaises with the Cybersecurity CFT and 
provides oversight of all aspects of Gogo’s cybersecurity program and, at regular intervals through the year, evaluates key 
cybersecurity metrics as well as planned and ongoing initiatives to reduce cybersecurity risks.
•
The Incident Response Management Team (the “IRMT”), which includes senior executives and members of our 
cybersecurity leadership team, was established to support our incident response plan and reports into the GECC. Members 
of the IRMT are alerted as appropriate to cybersecurity incidents, natural disasters and business outages. The IRMT 
annually assesses its communication plan to confirm that its members can be alerted quickly in the event of an actual 
crisis and meet as a team to discuss the event and response options. The IRMT also engages with the Company’s Board 
and the Audit Committee depending on the severity of the cybersecurity incident.
The output of each of the foregoing committees are collected and analyzed on a regular basis and our CISO briefs the Audit 
Committee, through quarterly updates as well as on an ad hoc basis between regular updates to the extent needed.
At the employee level, we maintain an experienced IT team tasked with implementing our privacy and cybersecurity program 
and supporting our cybersecurity leader in carrying out reporting, security and mitigation functions. We continuously seek to promote 
awareness of cybersecurity risk through communication and education of our employee population, and have a mandatory training 
program which covers privacy and cybersecurity (including phishing tests) and records and information management.
With respect to third party service providers, we obligate our vendors to adhere to privacy and cybersecurity measures, and we 
perform risk assessments of vendors, including their ability to protect data from unauthorized access.
Item 2. Properties
We lease our corporate headquarters office located in Broomfield, Colorado which is used by our senior management as well as 
by the Gogo BA segment for sales, research and development, customer service and administrative purposes. The Gogo BA segment 
also leases a warehouse in Broomfield and an office in Chicago, Illinois. The Broomfield headquarters lease expires in 2029.
The Satcom Direct segment owns and occupies two properties in Melbourne, Florida, which house its main corporate facility 
and data center. The main corporate facility is currently listed for sale. Satcom Direct also leases an engineering and manufacturing 
facility in Ottawa, Canada as well as two offices in the United States and seven offices internationally.
We believe that our current facilities are adequate for the foreseeable future.
Item 3. Legal Proceedings
We are subject to several lawsuits arising out of the conduct of our business. See Note 17, “Commitments and Contingencies,” 
to our consolidated financial statements for a discussion of litigation matters.
From time to time we may become involved in legal proceedings arising in the ordinary course of our business. We cannot 
predict with certainty the outcome of any litigation or the potential for future litigation. Regardless of the outcome of any particular 
litigation and the merits of any particular claim, litigation can have a material adverse impact on our Company due to, among other 
reasons, any injunctive relief granted, which could inhibit our ability to operate our business, amounts paid as damages or in 
settlement of any such matter, diversion of management resources and defense costs.
Item 4. Mine Safety Disclosures
Not applicable.

42
Part II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 
Market Information for Common Stock
Our common stock has been listed on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “GOGO” since June 
21, 2013. 
Holders of Record
As of March 7, 2025, there were 32 stockholders of record of our common stock, and the closing price of our common stock was 
$6.88 per share as reported on the NASDAQ. Because many of our shares of common stock are held by brokers and other institutions 
on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders.
Repurchases of Equity Securities 
On September 5, 2023, we announced a share repurchase program that grants the Company authority to repurchase up to $50 
million of shares of the Company’s common stock. Repurchases may be made at management's discretion from time to time on the open 
market, through privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify 
under Rule 10b5-1 under the Exchange Act, in accordance with applicable securities laws and other restrictions, including Rule 10b-18 
under the Exchange Act. The repurchase program has no time limit and may be suspended for periods or discontinued at any time and 
does not obligate us to purchase any shares of our common stock. The timing and total amount of stock repurchases will depend upon 
business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. 
The following table summarizes our purchases of common stock during the three month period ended December 31, 2024.
Period
Total Number of 
Shares Purchased
Average Price 
Paid per Share (1)
Total Number of Shares 
Purchased as Part of Publicly 
Announced Plans or 
Programs
Approximate Dollar 
Value of Shares that 
May Yet Be Purchased 
Under the Program
(in thousands)
October 1-31, 2024
368,536
$
6.57
368,536
$
12,083
November 1-30, 2024
—
$
—
—
$
12,083
December 1-31, 2024
—
$
—
—
$
12,083
(1) Average price paid per share includes transaction costs associated with the repurchases.
Recent Sales of Unregistered Securities 
None.
Use of Proceeds from Registered Securities
Not applicable.
Securities Authorized for Issuance Under Equity Compensation Plans
See Item 12, “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” for 
information regarding securities authorized for issuance.
Performance
This performance graph shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the 
Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into 
any filing of Gogo Inc. under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.
The following graph shows a comparison of cumulative total return for our common stock, the Nasdaq Composite Index 
(“NASDAQ Composite”) and Standard & Poor’s SmallCap 600 Index (“S&P SmallCap 600”) for the period from December 31, 2019 
through December 29, 2024, the last trading day of 2024. The graph assumes that $100 was invested at the market close on December 
31, 2019 in our common stock, the NASDAQ Composite and the S&P SmallCap 600 and assumes reinvestments of dividends, if any. 
The S&P SmallCap 600 was chosen because we do not believe we can reasonably identify an industry index or specific peer issuer that 
would offer a meaningful comparison. The S&P SmallCap 600 represents a broad-based index of companies with similar market 

43
capitalization. The comparisons in the graph below are based upon historical data and are not indicative of, nor intended to forecast, 
future performance of our common stock.
Item 6. [Reserved] 

44
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis is intended to help the reader understand our business, financial condition, results of 
operations, liquidity and capital resources. You should read this discussion in conjunction with our consolidated financial statements 
and the related notes contained in this Annual Report on Form 10-K. 
The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and 
capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking 
statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described under 
“Risk Factors” in this report. Our actual results may differ materially from those contained in or implied by any forward-looking 
statements. 
Our fiscal year ends December 31 and, unless otherwise noted, references to years or fiscal are for fiscal years ended 
December 31. See “— Results of Operations.” 
Company Overview
The Company’s acquisition of Satcom Direct created a combined organization which currently is the only multi-orbit, multi-
band in-flight connectivity provider offering connectivity technology purpose-built for business and military/government aviation. The 
Transaction united two industry-leading brands, creating a product portfolio that offers best-in-class solutions for small to large 
aircraft and heavy jets. As a combined organization, the Company has a holistic approach of providing broadband connectivity 
services to its customers through Gogo’s air-to-ground (“ATG”) technology and multiple satellite constellations aiming to deliver 
consistent, global tip-to-tail connectivity with a suite of software, hardware, and advanced infrastructure supported by a 24/7/365 in-
person customer support team.
Segments
As a result of the Company’s acquisition of Satcom Direct, as described in Note 2, “Acquisition of Satcom Direct,” the 
Company has two reportable segments as of December 31, 2024: (i) the legacy pre-acquisition operations of the Company (“Gogo 
BA”) and (ii) the acquired entity, Satcom Direct. The consolidated financial statements and the related notes contained elsewhere in 
this Annual Report on Form 10-K report the results of the Gogo BA segment and, from December 3, 2024 until December 31, 2024 
(the period after the Closing of the Satcom Direct acquisition), the Satcom Direct segment. The Gogo BA segment provides in-flight 
connectivity for business aviation via air-to-ground and satellite networks. The Satcom Direct segment primarily provides global 
satellite-based communication solutions for business, military and government aircraft. Satcom Direct is managed as a separate 
reportable segment, but in the future, we may realign our reportable segments after integrating the Satcom Direct business. This 
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” discusses the results of both segments for 
the periods in which they are covered by the consolidated financial statements, except that, for the reasons described below, it does not 
reflect the impact of the Satcom Direct segment in “Key Business Metrics” and “Results of Operations—Comparison of Years Ended 
December 31, 2024 and 2023.”
Factors and Trends Affecting Our Results of Operations
We believe that our operating and business performance is driven by various factors that affect the business aviation industry, 
including trends affecting the travel industry and trends affecting the customer bases that we target, as well as factors that affect 
wireless Internet service providers and general macroeconomic factors. Key factors that may affect our future performance include:
•
costs associated with the implementation of, and our ability to implement on a timely basis, our technology roadmap, 
including upgrades to and installation of the ATG Broadband technologies we currently offer, Gogo 5G, Gogo Galileo, 
LTE and any other next generation or other new technology that we develop or acquire; 
•
our ability to manage issues and related costs that may arise in connection with the implementation of our technology 
roadmap, including technological issues and related remediation efforts and failures or delays on the part of antenna, 
chipset, and other equipment developers and providers or satellite network providers, some of which are single-source;
•
our ability to license additional spectrum and make other improvements to our ATG network and operations as technology 
and user expectations change;
•
the number of aircraft in service in our markets, including consolidations or changes in fleet size by one or more of our 
large-fleet customers;
•
the economic environment and other trends that affect both business and leisure aviation travel;
•
disruptions to supply chains in the aviation industry and installations of our equipment driven by, among other things, 
labor shortages;

45
•
the extent of our customers’ adoption of our products and services, which is affected by, among other things, willingness 
to pay for the services that we provide, the quality and reliability of our products and services, changes in technology and 
competition from current competitors and new market entrants;
•
our ability to engage suppliers of equipment components and network services on a timely basis and on commercially 
reasonable terms; 
•
our ability to fully utilize portions of our deferred income tax assets;
•
changes in laws, regulations and interpretations affecting telecommunications services globally, including those affecting 
our ability to maintain our licenses for ATG spectrum in the United States, obtain sufficient rights to use additional ATG 
spectrum and/or other sources of broadband connectivity to deliver our services, including Gogo Galileo, expand our 
service offerings and manage our network; and
•
changes in laws, regulations and policies affecting our business or the business of our customers and suppliers globally, 
including changes that impact the design of our equipment and our ability to obtain required certifications for our 
equipment. 
Key Business Metrics
Our management regularly reviews financial and operating metrics, including the following key operating metrics, to evaluate 
the performance of our business and our success in executing our business plan, make decisions regarding resource allocation and 
corporate strategies, and evaluate forward-looking projections. The metrics below are only for the Gogo BA segment and do not 
include metrics for the Satcom Direct segment for the period in which it is reflected in the Company’s consolidated financial 
statements (namely, from the Closing on December 3, 2024 until December 31, 2024), with the exception of the GEO aircraft online 
(which includes the Satcom Direct business aviation broadband GEO aircraft online but excludes military/government GEO aircraft 
online), because this reporting period provided insufficient time for management to review, test and select meaningful metrics that 
would be useful on a standalone basis to both management and investors. Additionally, these metrics are slightly broader in scope than 
those previously presented for the Gogo BA segment, due to an ongoing transition after the acquisition of Satcom Direct in 
management’s view of which financial and operating metrics of the Gogo BA business are most important to the combined Company. 
In future periods, after management has integrated the Satcom Direct business and has sufficient information to determine 
meaningfully which financial and operating metrics are useful to both management and investors, management expects to present such 
metrics reflecting the major aspects of all of the Company’s businesses, including those in the Gogo BA segment and the Satcom 
Direct segment.
 
For the Years Ended December 31,
 
2024
2023
2022
ATG aircraft online (at period end)
AVANCE
4,608
3,976
3,279
Gogo Biz
2,451
3,229
3,656
Total ATG
7,059
7,205
6,935
GEO aircraft online
1,249
10
10
Average monthly connectivity service revenue per ATG aircraft 
online
$
3,481
$
3,380
$
3,349
ATG units sold
911
894
1,334
•
AVANCE aircraft online. We define AVANCE aircraft online as the total number of business aircraft equipped with our 
AVANCE L5 or L3 system for which we provide ATG services as of the last day of each period presented. 
•
Gogo Biz aircraft online. We define Gogo Biz aircraft online as the total number of business aircraft not equipped with 
our AVANCE L5 or L3 system for which we provide ATG services as of the last day of each period presented. This 
number excludes commercial aircraft operated by Intelsat’s airline customers receiving ATG service.
•
GEO aircraft online. We define GEO aircraft online as the total number of aircraft for which we provide GEO broadband 
services to business aviation customers as of the last day of each period presented. This number excludes aircraft 
receiving services through GEO satellite networks that are end-of-life.
•
Average monthly connectivity service revenue per ATG aircraft online (“ARPU”). We define ARPU as the aggregate 
ATG connectivity service revenue for the period divided by the number of months in the period, divided by the number of 
ATG aircraft online during the period (expressed as an average of the month end figures for each month in such period). 
Revenue share earned from Intelsat is excluded from this calculation.
•
ATG units sold. We define units sold as the number of ATG units for which we recognized revenue during the period.

46
Key Components of Consolidated Statements of Operations
The following briefly describes certain key components of revenue and expenses as presented in our consolidated statements of 
operations.
Revenue:
We generate two types of revenue: service revenue and equipment revenue. The Company has three main connectivity 
solutions, each with its own equipment solution: Satellite Broadband, ATG Broadband and Narrowband.
Service revenue primarily consists of subscription and usage fees paid by aircraft owners and operators for telecommunication, 
data, and in-flight entertainment services. Service revenue is recognized as the services are provided to the customer.
Equipment revenue primarily consists of proceeds from the sale of ATG and satellite connectivity equipment and is recognized 
when control of the equipment is transferred to the customer, which generally occurs when the equipment is shipped.
Cost of Revenue:
Cost of service revenue consists of ATG network costs, satellite network provider service costs, transaction costs and costs 
related to network operations.
Cost of equipment revenue primarily consists of the costs of purchasing component parts used in the manufacture of our 
equipment and the production, installation, technical support and quality assurance costs associated with the equipment sales.
Engineering, Design and Development Expenses:
Engineering, design and development expenses include the costs incurred to design and develop our technologies and products. 
This includes the design, development and integration of our ATG Broadband and satellite network technologies, the design and 
development of products and enhancements thereto, and program management activities. Engineering, design and development 
expenses also include costs associated with enhancements to existing products.
Sales and Marketing Expenses:
Sales and marketing expenses consist of costs associated with activities related to customer sales (including sales commissions), 
digital marketing and lead generation, advertising and promotions, product management, trade shows and customer service support for 
end users.
General and Administrative Expenses:
General and administrative expenses include personnel and related operating costs of the business support functions, including 
finance and accounting, legal, human resources, administrative, information technology and cybersecurity, facilities and executive 
groups.
Depreciation and Amortization:
Depreciation expense includes expense associated with the depreciation of our network equipment, buildings, office equipment 
and furniture, fixtures and leasehold improvements, which is recorded over their estimated useful lives. Amortization expense includes 
the amortization of our finite-lived intangible assets on a straight-line basis over their estimated useful lives.
Critical Accounting Estimates
Our discussion and analysis of our financial condition and results of operations are based on our consolidated financial 
statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America 
(“GAAP”). The preparation of our consolidated financial statements and related disclosures requires us to make estimates, 
assumptions and judgments that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related exposures. 
We base our estimates and assumptions on historical experience and other factors that we believe to be reasonable under the 
circumstances. In some instances, we could reasonably use different accounting estimates, and in some instances actual results could 
differ significantly from our estimates. We evaluate our estimates and assumptions on an ongoing basis. To the extent that there are 
differences between our estimates and actual results, our future financial statement presentation, financial condition, results of 
operations and cash flows will be affected.
We believe that the assumptions and estimates associated with the fair value of service customer relationships and software 
acquired in the Transaction have the greatest potential impact on and are the most critical to fully understanding and evaluating our 
reported financial results, and that they require our most difficult, subjective or complex judgments. For a discussion of our significant 

47
accounting policies to which many of these estimates relate, see Note 1, “Summary of Significant Accounting Policies,” to our 
consolidated financial statements.
Fair Value – Acquired Service Customer Relationships and Software
We account for the Transaction under the acquisition method of accounting in accordance with ASC 805, Business 
Combinations. Accordingly, we allocate the purchase price to the identifiable assets and liabilities based on their respective fair value, 
including acquired service customer relationships and software (the “acquired intangible assets”). Service customer relationships were 
valued at $144.6 million using the multi-period excess earning method. This method of valuation reflects the present value of the 
projected cash flows that are expected to be generated by these existing customers less charges representing the contribution of other 
assets to those cash flows. Software was valued at $55.2 million using the relief from royalty method, which is equal to the present 
value of the after-tax royalty savings attributable to owning the software as opposed to paying a third party for its use. 
We make significant estimates and assumptions to determine the fair value of the acquired intangible assets. Critical estimates in 
valuing the acquired intangible assets include, but are not limited to, future projected revenue and discount rates applied to future cash 
flows.
The Company engaged third-party valuation advisors to assist in estimating the fair value of identifiable assets and liabilities, 
including the selection of valuation methodologies. Our estimates are based on assumptions the Company believes to be reasonable 
and are inherently uncertain. Any material changes in these assumptions could result in significant fluctuations in the fair value of 
acquired service customer relationships and software, potentially affecting amortization expense and future impairment assessments. 
Such adverse impacts may be material. 
See Note 2, “Acquisition of Satcom Direct,” to our consolidated financial statements for additional information.
Recent Accounting Pronouncements
See Note 1, “Summary of Significant Accounting Policies,” to our consolidated financial statements for additional information.

48
Results of Operations
The following table sets forth, for the periods presented, certain data from our consolidated statements of operations. The 
information contained in the table below should be read in conjunction with our consolidated financial statements and related notes.
Consolidated Statements of Operations
(in thousands)
 
For the Years Ended December 31,
2024
2023
2022
 
Gogo BA
Satcom 
Direct
Total
Gogo BA
Gogo BA
Revenue:
Service revenue
$
327,056
$
37,214
$
364,270
$
318,015
$
296,329
Equipment revenue
77,450
2,989
80,439
79,562
107,738
Total revenue
404,506
40,203
444,709
397,577
404,067
Operating expenses:
Cost of service revenue (exclusive of items shown 
below)
74,927
24,115
99,042
69,568
64,427
Cost of equipment - product
45,575
46,672
56,676
Cost of equipment - other
18,146
16,711
14,797
Total cost of equipment revenue (exclusive of items 
shown below)
63,721
3,840
67,561
63,383
71,473
Engineering, design and development
43,465
1,307
44,772
36,683
29,587
Sales and marketing
36,082
1,938
38,020
29,797
25,471
General and administrative
98,231
26,840
125,071
57,280
58,203
Depreciation and amortization
15,287
3,685
18,972
16,701
12,580
Total operating expenses
331,713
61,725
393,438
273,412
261,741
Operating income (loss)
72,793
(21,522)
51,271
124,165
142,326
Other expense (income):
Interest income
(8,336)
—
(8,336)
(7,403)
(2,386)
Interest expense
38,431
—
38,431
33,056
38,872
Loss on extinguishment of debt
—
—
—
2,224
—
Other (income) expense, net
3,042
—
3,042
(1,315)
123
Total other expense
33,137
—
33,137
26,562
36,609
Income (loss) before income taxes
39,656
(21,522)
18,134
97,603
105,717
Income tax provision (benefit)
4,388
—
4,388
(48,075)
13,658
Net income (loss)
$
35,268
$
(21,522) $
13,746
$
145,678
$
92,059
Comparison of Years Ended December 31, 2024 and 2023
Below is a discussion of changes in the results in operations for the years ended 2024 and 2023, which as discussed above are 
for the Gogo BA segment only. The acquisition of Satcom Direct was completed on December 3, 2024 and is reflected in the 
combined Company’s consolidated financial statements only for the 29-day period from the Closing until December 31, 2024. As a 
result, there is no meaningful prior period comparison point. Unless otherwise noted below, we expect consolidated revenue and 
expenses to increase in 2025 as a result of a full year of activity for Satcom Direct.
Revenue
Revenue and percent change for the years ended December 31, 2024 and 2023 were as follows (in thousands, except for percent 
change):
 
For the Years Ended
 
December 31,
% Change
 
2024
2023
2024 over 
2023
Service revenue
$
327,056
$
318,015
2.8%
Equipment revenue
77,450
79,562
(2.7)%
Total revenue
$
404,506
$
397,577
1.7%

49
Total Gogo BA revenue increased to $404.5 million for the year ended December 31, 2024, as compared with $397.6 million for 
the prior year, due to an increase in service revenue, partially offset by a decrease in equipment revenue.
Gogo BA’s service revenue increased to $327.1 million for the year ended December 31, 2024, as compared with $318.0 
million for the prior year, due to increases in ARPU.
Gogo BA’s equipment revenue decreased to $77.5 million for the year ended December 31, 2024, as compared with $79.6 
million for the prior year, due to a decrease in equipment repair revenue. 
Cost of Revenue
Cost of service revenue and percent change for the years ended December 31, 2024 and 2023 were as follows (in thousands, 
except for percent change):
 
For the Years Ended
 
December 31,
% Change
 
2024
2023
2024 over 
2023
Cost of service revenue
$
74,927
$
69,568
7.7%
Cost of equipment revenue
63,721
63,383
0.5%
Gogo BA’s cost of service revenue increased 8% to $74.9 million for the year ended December 31, 2024, as compared with 
$69.6 million for the prior year, due to an increase in ATG network costs.
Gogo BA’s cost of equipment revenue increased 1% to $63.7 million for the year ended December 31, 2024, as compared with 
$63.4 million for the prior year.
Engineering, Design and Development Expenses
Gogo BA’s engineering, design and development expenses increased 18% to $43.5 million for the year ended December 31, 
2024, as compared with $36.7 million for the prior year, due to $2.6 million of personnel costs and a $2.5 million integration-related 
product write-off.
Sales and Marketing Expenses
Gogo BA’s sales and marketing expenses increased 21% to $36.1 million for the year ended December 31, 2024, as compared 
with $29.8 million for the prior year, due to a $4.2 million increase in personnel costs, including $1.3 million of severance. 
General and Administrative Expenses
Gogo BA’s general and administrative expenses increased 71% to $98.2 million for the year ended December 31, 2024, as 
compared with $57.3 million for the prior year, due to increased acquisition and integration-related costs of $26.7 million and legal 
expense of $13.2 million.
Depreciation and Amortization
Gogo BA’s depreciation and amortization expense decreased 8% to $15.3 million for the year ended December 31, 2024, as 
compared with $16.7 million for the prior year, due to a decrease in amortization of intangible assets. 
Other (Income) Expense
Other (income) expense and percent change for the years ended December 31, 2024 and 2023 were as follows (in thousands, 
except for percent change):
 
For the Years
% Change
 
Ended December 31,
2024 over
 
2024
2023
2023
Interest income
$
(8,336) $
(7,403)
12.6%
Interest expense
38,431
33,056
16.3%
Loss on extinguishment of debt
—
2,224
nm
Other (income) expense, net
3,042
(1,315)
(331.3)%
Total
$
33,137 $
26,562
24.8%
Percentage changes that are considered not meaningful are denoted 
with nm.

50
Total other expense increased to $33.1 million for the year ended December 31, 2024, as compared with $26.6 million for the 
prior year, due to interest expense, including a reduced benefit from the interest rate caps, the unrealized holding loss on the 
Investment in Convertible Note in the current-year period as compared with gain on sale of an equity investment in the prior-year 
period and an expected credit loss reserve recorded in the current year. These increases were partially offset by the loss on 
extinguishment of debt in the prior year.
Income Taxes
The effective income tax rate for the year ended December 31, 2024 was 24.2%, as compared with (49.3)% for the prior year. 
The income tax provision was $4.4 million for the year ended December 31, 2024 due to pre-tax income. The income tax benefit of 
$48.1 million for the year ended December 31, 2023 was due to a partial release of the valuation allowance on our deferred income tax 
assets, partially offset by pre-tax income. See Note 15, “Income Tax,” to our consolidated financial statements for additional 
information.
We expect our income tax provision to increase in the long term as we continue to generate positive pre-tax income.
Comparison of Years Ended December 31, 2023 and 2022
“Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on 
Form 10-K for the year ended December 31, 2023, filed with the SEC on February 28, 2024 and incorporated by reference herein, 
includes a discussion of changes in our results of operations from fiscal year 2022 to fiscal year 2023. These include only the results of 
operations of the Gogo BA segment, as they precede the Company’s acquisition of Satcom Direct in 2024.
Non-GAAP Measures
In our discussion below, we discuss EBITDA, Adjusted EBITDA and Free Cash Flow, as defined below, which are non-GAAP 
financial measures. Management uses EBITDA, Adjusted EBITDA and Free Cash Flow for business planning purposes, including 
managing our business against internally projected results of operations and measuring our performance and liquidity. These 
supplemental performance measures also provide another basis for comparing period-to-period results by excluding potential 
differences caused by non-operational and unusual or non-recurring items. These supplemental performance measures may vary from 
and may not be comparable to similarly titled measures used by other companies. EBITDA, Adjusted EBITDA and Free Cash Flow 
are not recognized measurements under GAAP; when analyzing our performance with EBITDA or Adjusted EBITDA or liquidity 
with Free Cash Flow, as applicable, investors should (i) evaluate each adjustment in our reconciliation to the corresponding GAAP 
measure, and the explanatory footnotes regarding those adjustments, (ii) use EBITDA or Adjusted EBITDA in addition to, and not as 
an alternative to, net income attributable to common stock as a measure of operating results and (iii) use Free Cash Flow in addition 
to, and not as an alternative to, consolidated net cash provided by operating activities when evaluating our liquidity.
Definition and Reconciliation of Non-GAAP Measures
EBITDA represents net income attributable to common stock before interest expense, interest income, income taxes and 
depreciation and amortization expense. 
Adjusted EBITDA represents EBITDA adjusted for (i) stock-based compensation expense, (ii) acquisition and integration-
related costs, (iii) change in fair value of convertible note and gain on sale of equity investment and (iv) loss on extinguishment of 
debt. Our management believes that the use of Adjusted EBITDA eliminates items that management believes have less bearing on our 
operating performance, thereby highlighting trends in our core business which may not otherwise be apparent. It also provides an 
assessment of controllable expenses, which are indicators management uses to determine whether current spending decisions need to 
be adjusted in order to meet financial goals and achieve optimal financial performance.
We believe that the exclusion of stock-based compensation expense from Adjusted EBITDA provides a clearer view of the 
operating performance of our business and is appropriate given that grants made at a certain price and point in time do not necessarily 
reflect how our business is performing at any particular time. While we believe that investors should have information about any 
dilutive effect of outstanding options and the cost of that compensation, we also believe that stockholders should have the ability to 
consider our performance using a non-GAAP financial measure that excludes these costs and that management uses to evaluate our 
business.

51
Acquisition and integration-related costs include direct transaction costs, such as due diligence and advisory fees, and certain 
compensation and integration-related expenses as well as the amortization of acquisition-related inventory step-up costs. We believe it 
is useful for an understanding of our operating performance to exclude acquisition and integration-related costs from Adjusted 
EBITDA because they are infrequent, are outside of the ordinary course of our operations and do not reflect our operating 
performance.
We believe it is useful for an understanding of our operating performance to exclude the change in fair value of convertible note 
and gain on sale of equity investment from Adjusted EBITDA because this activity is not related to our operating performance.
We believe it is useful for an understanding of our operating performance to exclude the loss on extinguishment of debt from 
Adjusted EBITDA because of the infrequently occurring nature of this activity.
We also present Adjusted EBITDA as a supplemental performance measure because we believe that this measure provides 
investors, securities analysts and other users of our consolidated financial statements with important supplemental information with 
which to evaluate our performance and to enable them to assess our performance on the same basis as management.
Free Cash Flow represents net cash provided by operating activities, plus the proceeds received from the FCC Reimbursement 
Program and the interest rate caps, less purchases of property and equipment and the acquisition of intangible assets. We believe that 
Free Cash Flow provides meaningful information regarding our liquidity. Management believes that Free Cash Flow is useful for 
investors because it provides them with an important perspective on the cash available for strategic measures, after making necessary 
capital investments in property and equipment to support the Company’s ongoing business operations and provides them with the 
same measures that management uses as the basis of making capital allocation decisions.
Gogo Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
(in thousands, unaudited)
 
For the Years Ended December 31,
 
2024
2023
2022
Adjusted EBITDA:
Net income attributable to common stock (GAAP)
$
13,746
$
145,678
$
92,059
Interest expense
38,431
33,056
38,872
Interest income
(8,336)
(7,403)
(2,386)
Income tax provision (benefit)
4,388
(48,075)
13,658
Depreciation and amortization
18,972
16,701
12,580
EBITDA
67,201
139,957
154,783
Stock-based compensation expense
20,777
21,288
19,065
Acquisition and integration-related costs(1)
53,476
—
—
Amortization of acquisition-related inventory step-up costs
249
—
—
Change in fair value of convertible note and gain on sale of equity 
investment
793
(1,343)
—
Loss on extinguishment of debt
—
2,224
—
Adjusted EBITDA
$
142,496
$
162,126
$
173,848
Free Cash Flow:
Net cash provided by operating activities (GAAP)
$
41,421
$
78,970
$
103,405
Consolidated capital expenditures
(27,055)
(24,088)
(49,914)
Proceeds from FCC Reimbursement Program for property, equipment and 
intangibles
4,395
1,130
—
Proceeds from interest rate caps
23,181
26,675
4,292
Free cash flow
$
41,942
$
82,687
$
57,783
(1) Consists of change-in-control bonuses of $29.7 million, severance and other compensation-related costs of $3.8 million, and due 
diligence and advisory fees of $20.0 million.
Material limitations of Non-GAAP measures
Although EBITDA, Adjusted EBITDA and Free Cash Flow are measurements frequently used by investors and securities 
analysts in their evaluations of companies, EBITDA, Adjusted EBITDA and Free Cash Flow each have limitations as an analytical 
tool, and you should not consider them in isolation or as a substitute for, or more meaningful than, amounts determined in accordance 
with GAAP.

52
Some of these limitations include:
•
EBITDA and Adjusted EBITDA do not reflect interest income or expense;
•
EBITDA and Adjusted EBITDA do not reflect cash requirements for our income taxes;
•
EBITDA and Adjusted EBITDA do not reflect depreciation and amortization, which are significant and unavoidable 
operating costs given the level of capital expenditures needed to maintain our business;
•
Adjusted EBITDA does not reflect non-cash components of employee compensation;
•
Adjusted EBITDA does not reflect acquisition and integration-related costs;
•
Adjusted EBITDA does not reflect amortization of acquisition-related inventory step-up costs;
•
Adjusted EBITDA does not reflect the change in fair value of convertible note and gain on sale of equity investment;
•
Adjusted EBITDA does not reflect the loss on extinguishment of debt;
•
Free Cash Flow does not represent the total increase or decrease in our cash balance for the period; and
•
since other companies in industries related to ours may calculate these measures differently from the way we do, their 
usefulness as comparative measures may be limited.
Liquidity and Capital Resources
We have historically financed our growth and cash needs primarily through the issuance of common stock, debt and cash from 
operating activities. We continually evaluate our ongoing capital needs in light of increasing demand for our services, capacity 
requirements, evolving user expectations regarding the in-flight connectivity experience, evolving technologies in our industry and 
related strategic, operational and technological opportunities. Our capital management activities include the assessment of 
opportunities to raise additional capital in the public and private markets, utilizing one or more of the types of capital raising 
transactions through which we have historically financed our growth and cash needs, as well as other means of capital raising not 
previously used by us.
See the disclosure below under the heading “Debt Instruments” for the definitions of the debt and convertible debt instruments 
to which we refer in this section, as well as the indentures and other agreements that govern them.
Based on our current plans, we expect our cash and cash equivalents, cash flows provided by operating activities and access to 
the Revolving Facility and capital markets will be sufficient to meet the cash requirements of our business, including the acquisition 
and integration of Satcom Direct, capital expenditure requirements and debt maturities for at least the next twelve months and 
thereafter for the foreseeable future.
On September 5, 2023, we announced a share repurchase program that grants the Company authority to repurchase up to $50 
million of shares of the Company’s common stock. Repurchases may be made at management's discretion from time to time on the 
open market, through privately negotiated transactions, or by other means, including through the use of trading plans intended to 
qualify under Rule 10b5-1 under the Exchange Act in accordance with applicable securities laws and other restrictions, including Rule 
10b-18 under the Exchange Act. The repurchase program has no time limit and may be suspended for periods or discontinued at any 
time and does not obligate us to purchase any shares of our common stock. The timing and total amount of stock repurchases will 
depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other 
considerations. We do not expect to incur debt to fund the share repurchase program. During the years ended December 31, 2024 and 
2023, we repurchased an aggregate 4.0 million shares and 0.5 million shares, respectively, of our common stock for $33.2 million and 
$4.8 million, respectively. As of December 31, 2024, approximately $12.1 million remains available under the share repurchase 
program.
As detailed in Note 9, “Long-Term Debt and Other Liabilities,” on April 30, 2021, GIH entered into the 2021 Credit Agreement 
with Gogo, the lenders and issuing banks party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent, which 
provides for the 2021 Term Loan Facility in an aggregate principal amount of $725.0 million, issued with a discount of 0.5%, and the 
Revolving Facility, which includes a letter of credit sub-facility. The 2021 Term Loan Facility matures on April 30, 2028.
On December 3, 2024, Gogo and GIH entered into a second amendment to the 2021 Credit Agreement with Morgan Stanley 
Senior Funding, Inc., as administrative agent, and the lenders party thereto to, among other purposes, (a) increase the aggregate 
principal amount of revolving commitments available under the 2021 Credit Agreement to an aggregate amount of revolving 
commitments equal to $122 million and (b) extend the maturity date of the Revolving Facility to December 3, 2029 (subject to such 
maturity date springing to the date that is 90 days prior to the then-current maturity date of (a) the 2021 Term Loan Facility under the 
2021 Credit Agreement and (b) the HPS Term Loan Facility under the HPS Credit Agreement under certain conditions).

53
The 2021 Term Loan Facility amortizes in nominal quarterly installments equal to 1% of the aggregate initial principal amount 
thereof per annum, with the remaining balance payable upon final maturity of the 2021 Term Loan Facility. There are no amortization 
payments under the Revolving Facility.
As detailed in Note 9, “Long-Term Debt and Other Liabilities,” on December 3, 2024, Gogo and GIH entered into a credit 
agreement (the “HPS Credit Agreement” and together with the 2021 Credit Agreement, the “Credit Agreements”) with the lenders 
party thereto and HPS Investment Partners, LLC, as the administrative agent, which provides for a term loan credit facility (the “HPS 
Term Loan Facility”) in an aggregate principal amount of $250 million. The HPS Term Loan Facility amortizes in quarterly 
installments equal to one percent of the aggregate initial principal amount thereof per annum, with the remaining balance payable 
upon final maturity of the HPS Term Loan Facility on April 30, 2028.
The Credit Agreements contain customary events of default, which, if any of them occurred, would permit or require the 
principal, premium, if any, and interest on all of the then outstanding obligations under the Facilities to be due and payable 
immediately and the commitments under the Revolving Facility to be terminated.
The Credit Agreements contain covenants that limit the ability of GIH and its subsidiaries to incur additional indebtedness. 
Further, market conditions and/or our financial performance may limit our access to additional sources of equity or debt financing, or 
our ability to pursue potential strategic alternatives. As a result, we may be unable to finance the growth of our business to the extent 
that our cash, cash equivalents and short-term investments and cash generated through operating activities prove insufficient or we are 
unable to raise additional financing through the issuance of equity, permitted incurrences of debt (by us or by GIH and its 
subsidiaries), or the pursuit of potential strategic alternatives.
In May 2021, we purchased interest rate caps with an aggregate notional amount of $650.0 million for $8.6 million. We receive 
payments in the amount calculated pursuant to the caps for any period in which the daily compounded secured overnight financing 
rate as administered by the Federal Reserve Bank of New York (“SOFR”) plus a credit spread adjustment of 0.26% increases beyond 
the applicable strike rate. The termination date of the cap agreements is July 31, 2027. The notional amounts of the interest rate caps 
periodically decrease over the life of the caps with the latest reduction of $175.0 million having occurred on July 31, 2024. The 
aggregate notional amount of the interest rate caps as of December 31, 2024 is $350.0 million. While the interest rate caps are 
intended to limit our interest rate exposure under our variable rate indebtedness, which includes the Facilities, if our variable rate 
indebtedness does not decrease in proportion to the periodic decreases in the notional amount hedged under the interest rate caps, then 
the portion of such indebtedness that will be effectively hedged against possible increases in interest rates will decrease. In addition, 
the strike prices periodically increase over the life of the caps. As a result, the extent to which the interest rate caps will limit our 
interest rate exposure will decrease in the future. For additional information on the interest rate caps, see Note 10, “Derivative 
Instruments and Hedging Activities,” to our consolidated financial statements.
Contractual Obligations and Commitments
The following table summarizes our contractual obligations, comprised of our material future cash requirements and deferred 
revenue arrangements, as of December 31, 2024 (in thousands).
 
Less than
1-3
3-5
More than
 
Total
1 year
years
years
5 years
Contractual Obligations:
Lease obligations(1)
$
98,871
$
17,819
$
34,848
$
26,781
$
19,423
Purchase obligations (2)
602,884
189,502
249,068
164,314
—
2021 Term Loan Facility (3)
601,438
—
—
601,438
—
HPS Term Loan Facility (3)
249,375
2,500
5,000
241,875
—
Interest and fees on the Facilities(3)(4)
260,724
78,379
155,957
26,388
—
Deferred revenue arrangements (5)
41,268
30,408
10,860
—
—
Other long-term obligations (6)
63,313
18,679
18,125
2,072
24,437
Total
$ 1,917,873
$
337,287
$
473,858
$ 1,062,868
$
43,860
(1) See Note 16, “Leases,” to our consolidated financial statements for more information.
(2) As of December 31, 2024, our outstanding purchase obligations represented obligations to vendors incurred in order to meet 
operational requirements in the normal course of business, including the build out of Gogo 5G, Gogo Galileo, information 
technology, research and development, sales and marketing, general and administrative and production related activities.
(3) See Note 9, “Long-Term Debt and Other Liabilities,” to our consolidated financial statements for more information.
(4) Interest on our variable rate debt is calculated for future periods using the interest rate in effect as of December 31, 2024 and 
excludes the impact of our interest rate caps.
(5) Amounts represent obligations to provide services for which we have already received cash from our customers.
(6) Other long-term obligations consist of estimated payments (undiscounted) for our asset retirement obligations, network 
transmission services and monthly payments of C$0.1 million (using the December 31, 2024 exchange rate) to the licensor of 

54
our Canadian ATG spectrum license over the estimated 25-year term of the agreement. Other long-term obligations exclude 
tax liability payments due to the uncertainty of their timing.
Contractual Commitments: We have agreements with various vendors under which we have remaining commitments to 
purchase hardware components and development services. Such commitments will become payable as we receive the hardware 
components or as development services are provided. See Note 17, “Commitments and Contingencies,” to our consolidated financial 
statements for additional information.
Leases and Cell Site Contracts: We have lease agreements relating to certain facilities and equipment, which are considered 
operating leases. See Note 16, “Leases,” to our consolidated financial statements for additional information.
Indemnifications and Guarantees: In accordance with Delaware law, we indemnify our officers and directors for certain events 
or occurrences while the officer or director is, or was, serving at our request in such capacity. The maximum potential amount of 
future payments we could be required to make under this indemnification is uncertain and may be unlimited, depending upon 
circumstances. However, our Directors’ and Officers’ insurance does provide coverage for certain of these losses.
In the ordinary course of business, we may occasionally enter into agreements pursuant to which we may be obligated to pay for 
the failure of the performance of others, such as the use of corporate credit cards issued to employees. Based on historical experience, 
we believe that the risk of sustaining any material loss related to such guarantees is remote.
We have entered into a number of agreements pursuant to which we indemnify the other party for losses and expenses suffered 
or incurred in connection with any patent, copyright, or trademark infringement or misappropriation claim asserted by a third party 
with respect to our equipment or services. The maximum potential amount of future payments we could be required to make under 
these indemnification agreements is uncertain and is typically not limited by the terms of the agreements.
Cash Flows
The following table presents a summary of our consolidated cash flow activity, including the Satcom Direct segment, for the 
periods set forth below (in thousands):
 
For the Years Ended December 31,
 
2024
2023
2022
Net cash provided by operating activities
$
41,421
$
78,970
$
103,405
Net cash provided by (used in) investing activities
(337,203)
29,856
(70,418)
Net cash provided by (used in) financing activities
198,691
(120,434)
(28,388)
Effect of foreign exchange rate changes on cash
29
94
13
Increase (decrease) in cash, cash equivalents and restricted cash
(97,062)
(11,514)
4,612
Cash, cash equivalents and restricted cash at beginning of period
139,366
150,880
146,268
Cash, cash equivalents and restricted cash at end of period
$
42,304
$
139,366
$
150,880
Supplemental information:
Cash, cash equivalents and restricted cash at end of period
$
42,304
$
139,366
$
150,880
Less: current restricted cash
70
—
—
Less: non-current restricted cash
469
330
330
Cash and cash equivalents at end of period
$
41,765
$
139,036
$
150,550
Following is a discussion of the year-over-year changes in cash flow activities.
Net cash provided by operating activities:
The following table presents a summary of our cash flows from operating activities from operations for the periods set forth 
below (in thousands):
 
For the Years Ended December 31,
 
2024
2023
2022
Net income
$
13,746
$
145,678
$
92,059
Non-cash charges and credits
56,179
(4,410)
51,110
Changes in operating assets and liabilities
(28,504)
(62,298)
(39,764)
Net cash provided by operating activities
$
41,421
$
78,970
$
103,405
For the year ended December 31, 2024, cash provided by operating activities was $41.4 million, as compared with $79.0 million 
for the prior year. The principal contributors to the decrease in operating cash flows were:
•
A $71.3 million decrease in net income and non-cash charges and credits, as noted above under “—Results of 
Operations.”

55
•
A $33.8 million improvement in cash flows related to operating assets and liabilities resulting from:
o
An increase in cash flows due to the following:

Changes in prepaid expenses and other current assets related to the FCC Reimbursement Program; and

Changes in accrued interest due to the change in timing of payments.
o
Partially offset by a decrease in cash flows due to the following:

Changes in accounts payable due to the timing of payments; and

Changes in contract assets due to additional promotional sales programs in the current year as compared to 
the prior year.
For the year ended December 31, 2023, cash provided by operating activities was $79.0 million, as compared with $103.4 
million for the prior year. The principal contributors to the decrease in operating cash flows were:
•
A $1.9 million decrease in net income and non-cash charges and credits, as noted above under “—Results of Operations.”
•
An $22.5 million decrease in cash flows related to operating assets and liabilities resulting from:
o
A decrease in cash flows due to the following:

Changes in prepaid expenses and other current assets due to interest rate caps receivable and receivables 
related to the FCC Reimbursement Program; and

Changes in accrued interest due to the change in timing of payments.
o
Partially offset by an increase in cash flows due to changes in accounts receivable due to the timing of collections.
Net cash (used in) provided by investing activities:
Cash used in investing activities was $337.2 million for the year ended December 31, 2024, due to $332.7 million of cash 
consideration for the acquisition of Satcom Direct as well as $27.1 million of capital expenditures noted below and a $5.0 million 
convertible note investment, partially offset by $23.2 million of proceeds from interest rate caps and $4.4 million received from the 
FCC Reimbursement Program for capital expenditures.
Cash provided by investing activities was $29.9 million for the year ended December 31, 2023, due to $26.7 million of proceeds 
from interest rate caps, $24.8 million in net redemptions of short-term investments, $1.3 million in net proceeds from the sale of an 
equity investment and $1.1 million received from the FCC Reimbursement Program for capital expenditures, partially offset by $24.1 
million of capital expenditures noted below.
Cash used in investing activities was $70.4 million for the year ended December 31, 2022, due to $49.9 million of capital 
expenditures noted below and $24.8 million purchase of short-term investments, partially offset by $4.3 million of proceeds from 
interest rate caps.
Net cash provided by (used in) financing activities:
Cash provided by financing activities for the year ended December 31, 2024 was $198.7 million, due to $245.0 million of gross 
proceeds from the HPS Term Loan Facility, offset in part by debt principal payments, share repurchases, payments of deferred 
financing fees and stock-based compensation activities.
Cash used in financing activities for the year ended December 31, 2023 was $120.4 million, due to principal payments on the 
2021 Term Loan Facility, stock-based compensation activities and share repurchases.
Cash used in financing activities for the year ended December 31, 2022 was $28.4 million, due to the repurchase of 1.5 million 
shares of common stock in a private transaction and principal repayments on the 2021 Term Loan Facility.
Capital Expenditures
Our business requires significant capital expenditures, primarily for technology development, equipment and capacity 
expansion. Capital spending for the periods presented in this report is associated with the expansion of our ATG network and data 
centers. We capitalized software development costs related to network technology solutions and new product/service offerings. We 
also capitalized costs related to the build-out of our office locations.

56
Capital expenditures for the years ended December 31, 2024, 2023 and 2022 were $27.1 million, $24.1 million and $49.9 
million, respectively. The increase in capital expenditures in 2024 as compared to 2023 was due to capitalized software development 
costs related to Gogo Galileo. The decrease in capital expenditures in 2023 as compared to 2022 was due to the build out of the Gogo 
5G network during 2022. 
We expect that our capital expenditures will increase in the near term due to the build out of the LTE network related to the FCC 
Reimbursement Program and capital expenditures related to Gogo 5G. The increase related to the LTE network may be partially offset 
by reimbursements from the FCC. We expect that our capital expenditures will decrease starting in 2026 as these programs are 
completed.
Debt Instruments
Following is a discussion of the debt instruments we had in place as of December 31, 2024 as well as those we utilized during 
the years ended December 31, 2024, 2023 and 2022.
2021 Credit Agreement
On April 30, 2021, Gogo and Gogo Intermediate Holdings LLC (“GIH”) (a wholly owned subsidiary of Gogo) entered into a 
credit agreement (the “Original 2021 Credit Agreement,” and, as it may be amended, supplemented or otherwise modified from time 
to time, the “2021 Credit Agreement”) among Gogo, GIH, the lenders and issuing banks party thereto and Morgan Stanley Senior 
Funding, Inc., as administrative agent, which provides for (i) a term loan credit facility (the “2021 Term Loan Facility”) in an 
aggregate principal amount of $725.0 million, issued with a discount of 0.5%, and (ii) a revolving credit facility (the “Revolving 
Facility” and together with the 2021 Term Loan Facility, the “2021 Facilities”) of up to $100.0 million, which includes a letter of 
credit sub-facility. The 2021 Term Loan Facility matures on April 30, 2028.
On December 3, 2024, Gogo and GIH entered into a second amendment to the 2021 Credit Agreement, by and among, Gogo, 
GIH, guarantors party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, and the lenders party thereto, among 
other purposes, (a) increase the aggregate principal amount of revolving commitments available under the 2021 Credit Agreement to 
an aggregate amount of revolving commitments equal to $122 million and (b) extend the maturity date of the Revolving Facility to 
December 3, 2029 (subject to such maturity date springing to the date that is 90 days prior to the then-current maturity date of (a) the 
2021 Term Loan Facility under the 2021 Credit Agreement and (b) the HPS Term Loan Facility under the HPS Credit Agreement 
under certain conditions).
The 2021 Term Loan Facility amortizes in nominal quarterly installments equal to one percent of the aggregate initial principal 
amount thereof per annum, with the remaining balance payable upon final maturity of the 2021 Term Loan Facility. There are no 
amortization payments under the Revolving Facility.
The 2021 Term Loan Facility bears annual interest at a floating rate measured by reference to, at GIH’s option, either (i) an 
adjusted term secured overnight financing rate as administered by the Federal Reserve Bank of New York (“SOFR”) (subject to a 
floor of 0.75%) plus an applicable margin of 3.75% and a credit spread adjustment of approximately 0.11%, 0.26% or 0.43% per 
annum based on 1-month, 3-month or 6-month term SOFR, respectively or (ii) an alternate base rate plus an applicable margin of 
2.75%. 
Loans outstanding under the Revolving Facility bear annual interest at a floating rate measured by reference to, at GIH’s option, 
either (i) an adjusted term SOFR rate (subject to a floor of 0.00%) plus an applicable margin ranging from 3.50% to 4.00% per annum 
depending on GIH’s senior secured first lien net leverage ratio or (ii) an alternate base rate plus an applicable margin ranging from 
2.50% to 3.00% per annum depending on GIH’s senior secured first lien net leverage ratio. Additionally, unused commitments under 
the Revolving Facility are subject to a fee ranging from 0.25% to 0.50% per annum depending on GIH’s senior secured first lien net 
leverage ratio. As of December 31, 2024, the fee for unused commitments under the Revolving Facility was 0.25% and the applicable 
margin was 4.00% for SOFR rate loans and 3.00% for alternate base rate loans.
The 2021 Facilities may be prepaid at GIH’s option at any time without premium or penalty (other than customary breakage 
costs), subject to minimum principal payment amount requirements. On May 3, 2023, the Company prepaid $100 million of the 
outstanding principal amount of the 2021 Term Loan Facility. As a result, we wrote off $2.2 million of the deferred financing costs 
and unaccreted debt discount, which are included in Loss on extinguishment of debt in our Consolidated Statements of Operations for 
the year ended December 31, 2023. This prepayment satisfied the required amortization payments for the remaining term of the 2021 
Term Loan Facility.
Subject to certain exceptions and de minimis thresholds, the 2021 Term Loan Facility is subject to mandatory prepayments in an 
amount equal to: (i) 100% of the net cash proceeds of certain asset sales, insurance recovery and condemnation events, subject to 
reduction to 50% and 0% if specified senior secured first lien net leverage ratio targets are met; (ii) 100% of the net cash proceeds of 
certain debt offerings; and (iii) 50% of annual excess cash flow (as defined in the 2021 Credit Agreement), subject to reduction to 
25% and 0% if specified senior secured first lien net leverage ratio targets are met.

57
The Revolving Facility includes a financial covenant set at a maximum senior secured first lien net leverage ratio of 7.50:1.00, 
which will apply if the outstanding amount of loans and unreimbursed letter of credit drawings thereunder at the end of any fiscal 
quarter exceeds 35% of the aggregate of all commitments thereunder.
The 2021 Credit Agreement contains customary events of default, which, if any of them occurred, would permit or require the 
principal, premium, if any, and interest on all of the then outstanding obligations under the 2021 Facilities to be due and payable 
immediately and the commitments under the Revolving Facility to be terminated.
The 2021 Credit Agreement contains covenants that limit the ability of GIH and its subsidiaries to incur certain non-permitted 
indebtedness.
The proceeds of the 2021 Term Loan Facility were used, together with cash on hand, (i) to redeem in full and pay the 
outstanding principal amount of the 2024 Senior Secured Notes together with accrued and unpaid interest and redemption premiums 
and to pay fees associated with the termination of the ABL Credit Agreement (together with the redemption of the 2024 Senior 
Secured Notes, the “Refinancing”), and (ii) to pay the other fees and expenses incurred in connection with the Refinancing and the 
2021 Facilities. The Revolving Facility is available for working capital and general corporate purposes of GIH and its subsidiaries and 
was undrawn as of December 31, 2024 and 2023.
HPS Credit Agreement
On December 3, 2024, the Company and GIH entered into a credit agreement (the “HPS Credit Agreement” and together with the 
2021 Credit Agreement, the “Credit Agreements”) with HPS Investment Partners, LLC, as the administrative agent, and the lenders 
party thereto, which provides for a term loan credit facility (the “HPS Term Loan Facility” and together with the 2021 Facilities, the 
“Facilities”) in an aggregate principal amount of $250 million. The HPS Term Loan Facility amortizes in quarterly installments equal 
to one percent of the aggregate initial principal amount thereof per annum, with the remaining balance payable upon final maturity of 
the HPS Term Loan Facility on April 30, 2028.
The HPS Term Loan Facility bears annual interest at a floating rate measured by reference to, at the Company’s option, either 
(i) an adjusted term SOFR (subject to a floor of 1.00%) plus an initial applicable margin of 6.00%, which is subject to two leverage-
based step-downs of up to 0.25% each or (ii) an alternate base rate plus an applicable margin of 5.00%, which is subject to two 
leverage-based step-downs of up to 0.25% each.
The HPS Term Loan Facility may be prepaid at the Company’s option, at any time, without premium or penalty (other than 
customary breakage costs, and except that (a) during the first 12 months following the closing of the HPS Credit Agreement, certain 
prepayments of the HPS Term Loan Facility are subject to a 3.00% prepayment premium and (b) during the period from 12 months to 
24 months following the closing of the HPS Credit Agreement, certain prepayments of the HPS Term Loan Facility are subject to a 
1.00% prepayment premium), subject to minimum principal repayment amount requirements.
Subject to certain exceptions and de minimis thresholds, the HPS Term Loan Facility is subject to mandatory prepayments in an 
amount equal to: (i) 100% of the net cash proceeds of certain asset sales, insurance recovery and condemnation events; (ii) 100% of the 
net cash proceeds of certain debt offerings; and (iii) 75% of annual excess cash flow (as defined in the HPS Credit Agreement) 
commencing in 2026, subject to reduction to 50% if specified senior secured first lien net leverage ratio targets are met.
The HPS Credit Agreement contains customary events of default, which, if any of them occurred, would permit or require the 
principal, premium, if any, and interest on all of the then outstanding obligations under the HPS Term Loan Facility to be due and 
payable immediately.
The HPS Credit Agreement contains covenants that limit the ability of GIH and its subsidiaries to incur certain non-permitted 
indebtedness.
The proceeds of the HPS Term Loan Facility were used to finance a portion of the cash consideration for the acquisition of 
Satcom Direct.
2022 Convertible Notes
In 2018, we issued $237.8 million aggregate principal amount of 6.00% Convertible Senior Notes due 2022 (the “2022 
Convertible Notes”) in private offerings to qualified institutional buyers, including pursuant to Rule 144A under the Securities Act, 
and in concurrent private placements. 
In 2021, $135.0 million aggregate principal amount of 2022 Convertible Notes was converted by holders and settled through the 
issuance of 24,353,006 shares of common stock. 
In May 2022, the remaining $102.8 million aggregate principal amount of 2022 Convertible Notes was converted by holders 
into 17,131,332 shares of common stock.

58
Forward Transactions
In connection with the issuance of our 3.75% Convertible Senior Notes due 2020 (“the 2020 Convertible Notes”), we paid 
approximately $140.0 million to enter into prepaid forward stock repurchase transactions (the “Forward Transactions”) with certain 
financial institutions (the “Forward Counterparties”), pursuant to which we purchased approximately 7.2 million shares of common 
stock for settlement on or around the March 1, 2020 maturity date for the 2020 Convertible Notes, subject to the ability of each 
Forward Counterparty to elect to settle all or a portion of its Forward Transactions early. 
On December 11, 2019, we entered into an amendment to one of the Forward Transactions (the “Amended and Restated 
Forward Transaction”) to extend the expected settlement date with respect to approximately 2.1 million shares of common stock held 
by one of the Forward Counterparties, JPMorgan Chase Bank, National Association (the “2022 Forward Counterparty”), to 
correspond with the May 15, 2022 maturity date for the 2022 Convertible Notes. As a result of the Forward Transactions, total 
shareholders’ equity within our consolidated balance sheets was reduced by approximately $140.0 million. In March 2020, 
approximately 5.1 million shares of common stock were delivered to us in connection with the Forward Transactions. In April 2021, 
approximately 1.5 million shares of common stock were delivered to us in connection with the Amended and Restated Forward 
Transaction. In May 2022, the approximately 0.6 million shares that were remaining under the Amended and Restated Forward 
Transaction were delivered to us. There are no longer any additional prepaid forward stock repurchase transactions outstanding.
Restricted Cash
Our restricted cash balances were $0.5 million and $0.3 million, respectively, as of December 31, 2024 and 2023, and consisted 
of letters of credit issued for the benefit of the landlord of our office location in Chicago, IL and the tower operator for certain of our 
cell sites in Canada.
For additional information on the 2021 Credit Agreement, HPS Credit Agreement and the 2022 Convertible Notes, see Note 9, 
“Long-Term Debt and Other Liabilities,” to our consolidated financial statements.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Our exposure to market risk is currently confined to our cash and cash equivalents, short-term investments and debt. We have 
not used derivative financial instruments for speculation or trading purposes. The primary objectives of our investment activities are to 
preserve our capital for the purpose of funding operations while maximizing the income we receive from our investments without 
significantly increasing risk. To achieve these objectives, our investment policy allows us to maintain a portfolio of cash equivalents 
and short-term investments through a variety of securities, including U.S. Treasury securities, U.S. government agency securities, and 
money market funds. Our cash and cash equivalents as of both December 31, 2024 and December 31, 2023 primarily included 
amounts in bank deposit accounts, U.S. Treasury securities and money market funds with U.S. Government and U.S. Treasury 
securities. The primary objective of our investment policy is to preserve capital and maintain liquidity while limiting concentration 
and counterparty risk. 
The risk inherent in our market risk sensitive instruments and positions is the potential loss arising from interest rates as 
discussed below. The sensitivity analyses presented do not consider the effects that such adverse changes may have on the overall 
economic activity, nor do they consider additional actions we may take to mitigate our exposure to such changes. Actual results may 
differ.
Interest Rate Risk: We are exposed to interest rate risk on our variable rate indebtedness, which includes borrowings under each 
of the Facilities (if any). We assess our market risks based on changes in interest rates utilizing a sensitivity analysis that measures the 
potential impact on earnings and cash flows based on a hypothetical one percentage point change in interest rates. As of December 31, 
2024, we had interest rate cap agreements to hedge a portion of our exposure to interest rate movements of our variable rate debt and 
to manage our interest expense. Currently, we receive payments in the amounts calculated pursuant to the caps for any period in which 
the daily compounded SOFR rate plus a credit spread adjustment recommended by the Alternative Reference Rates Committee of 
0.26% increases beyond the applicable strike rate. The termination date of the cap agreements is July 31, 2027. Over the life of the 
interest rate caps, the notional amounts of the caps periodically decrease, while the applicable strike prices increase. 
The notional amount of outstanding debt associated with interest rate cap agreements as of December 31, 2024 was $350.0 
million. Based on our December 31, 2024 outstanding variable rate debt balance, a hypothetical one percentage point change in the 
applicable interest rate would impact our annual interest expense by approximately $5.4 million for the next twelve-month period, 
which includes the impact of our interest rate caps at a strike rate of 1.25% and the $100 million reduction in the notional amount and 
an increase of the strike rate to 2.25% that will occur on July 31, 2025. Excluding the impact of our interest rate caps, a hypothetical 
one percentage point change in the applicable interest rate would impact our annual interest expense by approximately $8.5 million for 
the next twelve-month period.
Our earnings are affected by changes in interest rates due to the impact those changes have on interest income generated from 
our cash, cash equivalents and short-term investments. We believe we have minimal interest rate risk as a 10% decrease in the average 

59
interest rate on our portfolio would have reduced interest income for the years ended December 31, 2024, 2023 and 2022 by 
immaterial amounts.
Inflation: We do not believe that inflation has had a material effect on our results of operations. However, there can be no 
assurance that our business will not be affected by inflation in the future.

60
Item 8. Financial Statements and Supplementary Data
Gogo Inc.
Index to Consolidated Financial Statements
Page No.
Report of Deloitte & Touche LLP, Independent Registered Public Accounting Firm (PCAOB ID No. 34)
61
Consolidated Balance Sheets
63
Consolidated Statements of Operations
64
Consolidated Statements of Comprehensive Income
65
Consolidated Statements of Cash Flows
66
Consolidated Statements of Stockholders’ Equity
67
Notes to Consolidated Financial Statements
68
S

61
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the stockholders and the Board of Directors of Gogo Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Gogo Inc. and subsidiaries (the "Company") as of December 31, 
2024 and 2023, the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows, for each 
of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). 
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 
2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in 
conformity with the accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), 
the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — 
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated 
March 14, 2025, expressed an adverse opinion on the Company's internal control over financial reporting because of material 
weaknesses.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the 
Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be 
independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of 
the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit 
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error 
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding 
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and 
significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that 
our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was 
communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material 
to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of 
critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by 
communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or 
disclosures to which it relates.
Acquisition of Satcom Direct, LLC and certain of its affiliates and subsidiaries (collectively, “Satcom Direct”) — Refer to Note 1 
and Note 2 to the financial statements
Critical Audit Matter Description
The Company completed the acquisition of Satcom Direct for $440.7 million on December 3, 2024. The Company accounted for the 
acquisition under the acquisition method of accounting for business combinations. Accordingly, the purchase price was allocated to 
the assets acquired and liabilities assumed based on their respective fair values, including software of $55.2 million and service 
customer relationships of $144.6 million (the "acquired intangible assets"). Management estimated the fair value of the software using 
the relief from royalty method. Management estimated the fair value of the service customer relationships using the multi-period 
excess earnings method, which is a discounted cash flow method. The fair value determination of software and service customer 
relationships required management to make significant estimates and assumptions related to future cash flows and the selection of the 
discount rates.
We identified the fair value of acquired software and service customer relationships from the Satcom Direct acquisition as a critical 
audit matter because of the significant assumptions and estimates used in the valuation of the acquired intangible assets that possess 
higher degrees of complexity and sensitivity to the valuations. This required a high degree of audit judgment and an increased extent 
of effort, including the need to involve our internal fair value specialists, when performing audit procedures to evaluate the 
reasonableness of management’s assumptions. The significant assumptions and estimates management makes to fair value the 
acquired intangible assets primarily relate to the future projected revenue and the discount rates applied to the future cash flows.

62
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to future projected revenue and the selection of the discount rates applied to the future cash flows for the 
acquired intangible assets included the following, among others:
•
We assessed the reasonableness of management’s future projected revenue by comparing the projections to historical 
results, certain peer companies, industry data, and Board of Directors presentations.
•
We evaluated whether the future projected revenue was consistent with evidence obtained in other areas of the audit.
•
With the assistance of our fair value specialists, we evaluated the reasonableness of the (1) valuation methodology and (2) 
discount rates by:

Testing the source information underlying the determination of the discount rates and testing the mathematical 
accuracy of the calculation.

Developing a range of independent estimates and comparing those to the discount rates selected by management.
/s/ Deloitte & Touche, LLP
March 14, 2025
We have served as the Company’s auditor since 2007.

63
Gogo Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)
 
December 31,
December 31,
 
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
41,765
$
139,036
Accounts receivable, net of allowances of $4,467 and $2,091, respectively
111,513
48,233
Inventories
97,934
63,187
Assets held for sale
16,625
—
Prepaid expenses and other current assets
55,256
64,138
Total current assets
323,093
314,594
Non-current assets:
Property and equipment, net
119,125
98,129
Intangible assets, net
275,331
55,027
Goodwill
184,831
620
Operating lease right-of-use assets
68,465
70,552
Investment in convertible note
4,207
—
Other non-current assets, net of allowances of $861 and $591, respectively
36,870
25,979
Deferred income taxes
217,309
216,638
Total non-current assets
906,138
466,945
Total assets
$
1,229,231
$
781,539
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
67,231
$
16,094
Accrued liabilities
81,889
47,649
Deferred revenue
30,408
1,003
Current portion of long-term debt
2,500
7,250
Total current liabilities
182,028
71,996
Non-current liabilities:
Long-term debt
831,581
587,501
Non-current operating lease liabilities
68,178
73,047
Other non-current liabilities
78,120
8,270
Total non-current liabilities
977,879
668,818
Total liabilities
1,159,907
740,814
Commitments and contingencies (Note 17)
Stockholders’ equity
Common stock, par value $0.0001 per share; 500,000,000 shares authorized at 
December 31, 2024 and December 31, 2023; 144,095,996 and 137,632,284 shares 
issued at December 31, 2024 and December 31, 2023, respectively; and 130,918,997 
and 128,462,343 shares outstanding at December 31, 2024 and December 31, 2023, 
respectively
14
14
Additional paid-in capital
1,460,270
1,402,003
Accumulated other comprehensive income
5,567
15,796
Treasury stock, at cost
(196,382)
(163,197)
Accumulated deficit
(1,200,145)
(1,213,891)
Total stockholders’ equity
69,324
40,725
Total liabilities and stockholders’ equity
$
1,229,231
$
781,539
See the Notes to Consolidated Financial Statements

64
Gogo Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts)
 
For the Years Ended December 31,
 
2024
2023
2022
Revenue:
Service revenue
$
364,270
$
318,015
$
296,329
Equipment revenue
80,439
79,562
107,738
Total revenue
444,709
397,577
404,067
Operating expenses:
Cost of service revenue (exclusive of items shown below)
99,042
69,568
64,427
Cost of equipment revenue (exclusive of items shown below)
67,561
63,383
71,473
Engineering, design and development
44,772
36,683
29,587
Sales and marketing
38,020
29,797
25,471
General and administrative
125,071
57,280
58,203
Depreciation and amortization
18,972
16,701
12,580
Total operating expenses
393,438
273,412
261,741
Operating income
51,271
124,165
142,326
Other expense (income):
Interest income
(8,336)
(7,403)
(2,386)
Interest expense
38,431
33,056
38,872
Loss on extinguishment of debt
—
2,224
—
Other (income) expense, net
3,042
(1,315)
123
Total other expense
33,137
26,562
36,609
Income before income taxes
18,134
97,603
105,717
Income tax provision (benefit)
4,388
(48,075)
13,658
Net income
$
13,746
$
145,678
$
92,059
Net income attributable to common stock per share:
Basic
$
0.11
$
1.12
$
0.75
Diluted
$
0.10
$
1.09
$
0.71
Weighted average number of shares
Basic
128,533
129,753
123,268
Diluted
131,455
133,283
133,923
See the Notes to Consolidated Financial Statements

65
Gogo Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(in thousands)
 
For the Years Ended December 31,
 
2024
2023
2022
Net income
$
13,746
$
145,678
$
92,059
Other comprehensive income (loss), net of tax
Currency translation adjustments
(823)
291
(265)
Cash flow hedges:
Amount recognized in other comprehensive income
4,413
4,579
34,765
Less: income realized and reclassified to earnings
13,819
19,202
6,161
Changes in fair value of cash flow hedges
(9,406)
(14,623)
28,604
Other comprehensive income (loss), net of tax
(10,229)
(14,332)
28,339
Comprehensive income
$
3,517
$
131,346
$
120,398
See the Notes to Consolidated Financial Statements

66
Gogo Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
 
For the Years Ended December 31,
 
2024
2023
2022
Operating activities:
Net income
$
13,746
$
145,678
$
92,059
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization
18,972
16,701
12,580
Loss on asset disposals, abandonments and write-downs
2,932
362
1,577
Provision for expected credit losses
3,803
1,233
1,047
Deferred income taxes
3,245
(49,172)
13,170
Stock-based compensation expense
20,777
21,288
19,065
Amortization of deferred financing costs and interest rate caps
5,147
3,894
3,215
Accretion of debt discount
510
403
456
Change in fair value of convertible note and gain on sale of equity investment
793
(1,343)
—
Loss on extinguishment of debt
—
2,224
—
Changes in operating assets and liabilities:
Accounts receivable
2,971
4,833
(17,482)
Inventories
(16,224)
(13,694)
(15,517)
Prepaid expenses and other current assets
(13,417)
(49,891)
8,351
Contract assets
(7,138)
3,217
(2,164)
Accounts payable
(11,295)
3,658
(2,540)
Accrued liabilities
11,153
4,351
(12,031)
Deferred revenue
3,621
(2,411)
1,589
Accrued interest
1,715
(9,409)
3,647
Other non-current assets and liabilities
110
(2,952)
(3,617)
Net cash provided by operating activities
41,421
78,970
103,405
Investing activities:
Purchases of property and equipment
(13,504)
(16,267)
(43,914)
Acquisition of intangible assets—capitalized software
(13,551)
(7,821)
(6,000)
Acquisition of Satcom Direct, net of cash acquired
(332,724)
—
—
Proceeds from FCC Reimbursement Program for property, equipment and intangibles
4,395
1,130
—
Proceeds from interest rate caps
23,181
26,675
4,292
Redemptions of short-term investments
—
74,179
—
Purchases of short-term investments
—
(49,383)
(24,796)
Purchases of convertible note and equity investment
(5,000)
(5,000)
—
Proceeds from sale of equity investment
—
6,343
—
Net cash (used in) provided by investing activities
(337,203)
29,856
(70,418)
Financing activities:
Proceeds from term loan, net of discount
245,000
—
—
Payment of debt issuance costs
(4,020)
—
—
Repurchases of common stock
(33,185)
(4,822)
(18,375)
Payments on term loan
(6,063)
(107,250)
(7,250)
Payments on finance leases
(31)
(132)
(184)
Stock-based compensation activity
(3,010)
(8,230)
(2,579)
Net cash provided by (used in) financing activities
198,691
(120,434)
(28,388)
Effect of foreign exchange rate changes on cash
29
94
13
Increase (decrease) in cash, cash equivalents and restricted cash
(97,062)
(11,514)
4,612
Cash, cash equivalents and restricted cash at beginning of period
139,366
150,880
146,268
Cash, cash equivalents and restricted cash at end of period
$
42,304
$
139,366
$
150,880
Cash, cash equivalents and restricted cash at end of period
$
42,304
$
139,366
$
150,880
Less: current restricted cash
70
—
—
Less: non-current restricted cash
469
330
330
Cash and cash equivalents at end of period
$
41,765
$
139,036
$
150,550
Supplemental cash flow information:
Cash paid for interest
$
56,150
$
68,145
$
41,209
Cash paid for taxes, net
$
3,098
$
1,004
$
377
Non-cash investing activities:
Fair value of shares issued in acquisition of Satcom Direct
$
40,500
$
—
$
—
Purchases of property and equipment in current liabilities
$
5,139
$
4,801
$
10,688
See the Notes to Consolidated Financial Statements

67
Gogo Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity (Deficit)
(in thousands, except share data)
 
Accumulated
 
Additional
Other
 
Common Stock
Paid-In
Comprehensive
Accumulated
Treasury Stock
 
Shares
Par Value
Capital
Income
Deficit
Shares
Amount
Total
Balance at January 1, 2022
110,791,954
$
11
$
1,258,477
$
1,789
$
(1,451,628)
6,615,449
$
(128,803)
$
(320,154)
Net income
—
—
—
—
92,059
—
—
92,059
Currency translation adjustments, net of tax
—
—
—
(265)
—
—
—
(265)
Fair value adjustments of cash flow hedges, net of tax
—
—
—
28,604
—
—
—
28,604
Stock-based compensation expense
—
—
19,065
—
—
—
—
19,065
Issuance of common stock upon exercise of stock options
758,681
—
2,023
—
—
—
—
2,023
Issuance of common stock upon vesting of restricted stock 
units
1,181,457
1
—
—
—
—
—
1
Tax withholding related to vesting of restricted stock units
—
—
(8,257)
—
—
—
—
(8,257)
Issuance of common stock in connection with employee 
stock purchase plan
52,489
—
642
—
—
—
—
642
Settlement of convertible notes
17,131,332
2
102,786
—
—
—
—
102,788
Settlement of prepaid forward shares
(575,100)
—
11,197
—
—
575,100
(11,197)
—
Repurchase of common stock
(1,500,000)
—
—
—
—
1,500,000
(18,375)
(18,375)
Balance at December 31, 2022
127,840,813
14
1,385,933
30,128
(1,359,569)
8,690,549
(158,375)
(101,869)
Net income
—
—
—
—
145,678
—
—
145,678
Currency translation adjustments, net of tax
—
—
—
291
—
—
—
291
Fair value adjustments of cash flow hedges, net of tax
—
—
—
(14,623)
—
—
—
(14,623)
Stock-based compensation expense
—
—
21,288
—
—
—
—
21,288
Issuance of common stock upon exercise of stock options
218,585
—
565
—
—
—
—
565
Issuance of common stock upon vesting of restricted stock 
units
853,080
—
—
—
—
—
—
—
Tax withholding related to vesting of restricted stock units
—
—
(6,188)
—
—
—
—
(6,188)
Issuance of common stock in connection with employee 
stock purchase plan
29,257
—
405
—
—
—
—
405
Repurchase of common stock
(479,392)
—
—
—
—
479,392
(4,822)
(4,822)
Balance at December 31, 2023
128,462,343
14
1,402,003
15,796
(1,213,891)
9,169,941
(163,197)
40,725
Net income
—
—
—
—
13,746
—
—
13,746
Currency translation adjustments, net of tax
—
—
—
(823)
—
—
—
(823)
Fair value adjustments of cash flow hedges, net of tax
—
—
—
(9,406)
—
—
—
(9,406)
Stock-based compensation expense
—
—
20,777
—
—
—
—
20,777
Issuance of common stock upon exercise of stock options
236,979
—
630
—
—
—
—
630
Issuance of common stock upon vesting of restricted stock 
units
1,190,029
—
—
—
—
—
—
—
Tax withholding related to vesting of restricted stock units
—
—
(3,903)
—
—
—
—
(3,903)
Issuance of common stock in connection with employee 
stock purchase plan
36,704
—
263
—
—
—
—
263
Shares issued in acquisition of Satcom Direct
5,000,000
—
40,500
—
—
—
—
40,500
Repurchase of common stock
(4,007,058)
—
—
—
—
4,007,058
(33,185)
(33,185)
Balance at December 31, 2024
130,918,997
$
14
$
1,460,270
$
5,567
$
(1,200,145)
13,176,999
$
(196,382)
$
69,324
See the Notes to Consolidated Financial Statements

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements
68
1. Summary of Significant Accounting Policies
Principles of Consolidation - The consolidated financial statements include our wholly owned subsidiaries. All intercompany 
transactions and account balances have been eliminated.
As a result of the Company’s acquisition of Satcom Direct on December 3, 2024, as described in Note 2, “Acquisition of 
Satcom Direct,” the Company has two reportable segments as of December 31, 2024: the legacy pre-acquisition operations of the 
Company, (“Gogo BA”) and the acquired entities, Satcom Direct. The Gogo BA segment provides in-flight connectivity for business 
aviation via air-to-ground and satellite networks. The Satcom Direct segment provides global satellite-based communication solutions 
primarily for business, military and government aircraft. Satcom Direct is managed as a separate reportable segment, but in the future, 
we may realign our reportable segments after integrating the Satcom Direct business.
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the 
United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of 
assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of 
revenues and expenses during the reporting period. On an ongoing basis, management evaluates the significant estimates and bases 
such estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances. However, 
actual results could differ materially from those estimates.
Reclassifications - Certain reclassification adjustments and updates have been made to the prior periods’ financial statements 
and notes to conform to the current period’s presentation.
Cash, Cash Equivalents and Short-Term Investments - We consider cash and cash equivalents to be short-term, highly liquid 
investments that have the following characteristics: readily convertible to known amounts of cash, so near their maturities that there is 
insignificant risk of changes in value due to any changes in market interest rates, and having maturities of three months or less when 
purchased. We continually monitor positions with, and the credit quality of, the financial institutions with which we invest. The 
carrying amounts reported in the balance sheets for cash and cash equivalents approximate the fair market value of these assets.
We consider short-term investments to be investments with maturities of twelve months or less (but greater than three months).
Allowance for Credit Losses - We regularly evaluate our accounts receivable, contract assets and other receivables within the 
scope of ASC 326, Financial Instruments - Credit Losses, for expected credit losses. Our current expected credit loss allowance 
methodology for accounts receivable is developed using historical collection experience, current and future economic and market 
conditions, and a review of the current status of each customer’s trade accounts receivables. Due to the short-term nature of such 
receivables, the estimated amount of accounts receivable that may not be collected is based on the aging of the accounts receivable 
balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate 
provision for customers that have a higher probability of default. Our monitoring activities include timely account reconciliation, 
dispute resolution, payment confirmation, consideration of each customer’s financial condition and macroeconomic conditions. 
Balances are written off when determined to be uncollectible. We apply a similar methodology to our current and non-current contract 
asset balances. However, due to the inherent additional risk associated with a long-term receivable, an additional provision for credit 
loss is applied to contract asset balances that will diminish over time as the contract nears its expiration date. We also record an 
estimate of expected credit loss associated with the New Revolving Credit Facility, as defined and described in Note 17, 
“Commitments and Contingencies.” The current expected credit loss allowance methodology is developed using an estimate of future 
borrowings under the agreement and specific credit risk profile of the borrow. While the New Revolving Credit Facility is undrawn as 
of December 31, 2024, the current expected credit allowance is included in Accrued liabilities on the Consolidated Balance Sheets. 
Upon drawdown of the revolver, the liability will be classified as an allowance against the loan receivable.
Estimates are used to determine the expected loss allowances. Such allowances are based on management’s assessment of 
anticipated payment, taking into account available historical and current information as well as management’s assessment of potential 
future developments. We are continuously monitoring our assumptions used to determine our expected credit losses which could cause 
us to record additional material credit losses in future periods.
Restricted Cash - Certain cash amounts are restricted as to use and are classified outside of cash and cash equivalents. Cash 
amounts with restrictions of twelve months or less are included in Prepaid expenses and other current assets and amounts restricted for 
greater than twelve months are included in Other non-current assets in our consolidated balance sheets. 
Our restricted cash balances were $0.5 million and $0.3 million as of December 31, 2024 and 2023, respectively, and consisted 
of letters of credit issued for the benefit of the landlord of our office location in Chicago, IL and the tower operator for certain of our 
cell sites in Canada.
Concentrations of Credit Risk - Financial instruments that potentially subject us to a concentration of credit risk consist 
principally of cash and cash equivalents. All cash and cash equivalents are invested with creditworthy financial institutions.

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
69
Income Tax - We use an asset- and liability-based approach in accounting for income taxes. Deferred income tax assets and 
liabilities are recorded for tax attributes and are based on the differences between the financial statement and tax basis of assets and 
liabilities, applying enacted statutory tax rates in effect for the year in which the tax differences are expected to reverse. We regularly 
assess the need for a valuation allowance related to our deferred income tax assets to determine, based on the weight of the available 
positive and negative evidence, whether it is more likely than not that some or all of such deferred assets will not be realized. We also 
consider the existence of any uncertain tax positions and, as necessary, provide a reserve for any uncertain tax positions at each 
reporting date.
See Note 15, “Income Tax,” for further details.
Inventories - Inventories consist primarily of telecommunications systems and parts and are recorded at the lower of average 
cost or net realizable value. We evaluate the need for write-downs associated with obsolete, slow-moving and nonsalable inventory by 
reviewing net realizable inventory values on a periodic basis.
See Note 6, “Composition of Certain Balance Sheet Accounts,” for further details.
Property and Equipment and Depreciation - Property and equipment, including leasehold improvements, are stated at 
historical cost, less accumulated depreciation. Network asset inventory and construction in progress, which include materials, 
transmission and related equipment, interest and other costs relating to the construction and development of our network, are not 
depreciated until they are put into service. Network equipment consists of switching equipment, antennas, base transceiver stations, 
site preparation costs, and other related equipment used in the operation of our network. Depreciation expense totaled $15.1 million, 
$14.7 million and $7.9 million for the years ended December 31, 2024, 2023 and 2022. Depreciation of property and equipment is 
computed using the straight-line method over the estimated useful lives for owned assets, which are as follows:
Office equipment, furniture, fixtures and other
3-5 years
Leasehold improvements
7-13 years
Buildings
39 years
Network equipment
5-25 years
See Note 6, “Composition of Certain Balance Sheet Accounts,” for further details.
Improvements to leased property are depreciated over the shorter of the useful life of the improvement or the term of the related 
lease. We reassess the useful lives of leasehold improvements when there are changes to the terms of the underlying lease. Such 
reassessment has resulted in the useful life of specific assets being adjusted to a shorter period than originally estimated, resulting in 
an increase in annual depreciation expense for those assets. Repairs and maintenance costs are expensed as incurred.
Software Development Costs - We capitalize costs for network and non-network software developed or obtained for internal 
use during the application development stage. These costs include purchased software and direct costs associated with the 
development and configuration of internal use software that supports the operation of our service offerings. These costs are included in 
Intangible assets, net, in our consolidated balance sheets and, when the software is placed in service, are amortized on a straight-line 
basis over their estimated useful lives. Costs incurred in the preliminary project and post-implementation stages, as well as 
maintenance and training costs, are expensed as incurred.
With respect to software sold as part of our equipment sales, we capitalize software development costs once technological 
feasibility has been established. Such capitalized software costs are included in Intangible assets, net, in our consolidated balance 
sheets and amortized on a product-by-product basis over the remaining estimated economic life of the product, based on the greater of 
the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product or 
the straight-line method.
Goodwill and Other Intangible Assets - Intangible assets with indefinite lives are not amortized but are reviewed for 
impairment at least annually or whenever events or circumstances indicate the carrying value of the asset may not be recoverable. Our 
FCC Licenses, as defined in Note 8, “Intangible Assets,” and the goodwill related to the acquisition of Satcom Direct are our only 
material indefinite-lived intangible assets. We perform our annual impairment tests during the fourth quarter of each fiscal year. We 
assess qualitative factors to determine the likelihood of impairment. Our qualitative analysis includes, but is not limited to, assessing 
the changes in macroeconomic conditions, regulatory environment, industry and market conditions, financial performance versus 
budget and any other events or circumstances specific to the indefinite-lived intangible assets. If it is more likely than not that the fair 
value of the indefinite-lived intangible assets is greater than the carrying value, no further testing is required. If our qualitative analysis 
indicates more testing is required, or if we elect not to perform a qualitative analysis, we will apply the quantitative impairment test 
method. The results of our annual indefinite-lived intangible asset impairment assessments for 2024, 2023 and 2022 indicated no 
impairment.

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
70
Intangible assets that are deemed to have a finite life are amortized over their useful lives as follows:
Software
3-8 years
OEM and dealer relationships
8-10 years
Service customer relationships
5-7 years
Tradename and other intangible assets
5-8 years
See Note 8, “Intangible Assets,” for further details.
Long-Lived Assets - We review our long-lived assets to determine potential impairment whenever events indicate that the 
carrying amount of such assets may not be recoverable. We do this by comparing the carrying value of the long-lived assets with the 
estimated future undiscounted cash flows expected to result from the use of the assets, including cash flows from disposition. If we 
determine an impairment exists, the asset is written down to estimated fair value. There were no impairments of long-lived assets in 
2024, 2023 or 2022.
Business Combinations - The Company uses its best estimates and assumptions to determine the fair value of tangible and 
intangible assets acquired and liabilities assumed, as well as the uncertain tax positions and tax-related valuation allowances that are 
initially recorded in connection with a business combination. These estimates and assumptions are uncertain and may require 
adjustment. During the measurement period of one year from the acquisition date, the Company continues to collect information and 
reevaluates these estimates and assumptions, and records adjustments to these estimates to goodwill. Any adjustments to the acquired 
assets and liabilities assumed that are identified subsequent to the measurement period are recorded in earnings.
See Note 2, “Acquisition of Satcom Direct,” for further information.
Revenue Recognition - Our revenue is primarily earned from providing connectivity and entertainment services and through 
sales of equipment. The Company has three main connectivity solutions, each with its own equipment solution: Satellite Broadband, 
ATG and Narrowband.
We determine revenue recognition through the following steps:
•
Identification of the contract, or contracts, with a customer;
•
Identification of the performance obligations in the contract;
•
Determination of the transaction price;
•
Allocation of the transaction price to the performance obligations in the contract; and
•
Recognition of revenue as we satisfy the performance obligations.
Service revenue primarily consists of subscription and usage fees paid by aircraft owners and operators for telecommunication, 
data, and in-flight entertainment services and is recognized as the services are provided to the customer. 
Equipment revenue primarily consists of proceeds from the sale of ATG and satellite connectivity equipment and is recognized 
when control of the equipment is transferred to the customer, which generally occurs when the equipment is shipped.
In all cases, we evaluate whether a contract exists as it relates to collectability of the contract. Once a contract is deemed to 
exist, we evaluate the transaction price and deliverables under the contract. 
A limited number of contracts contain multiple equipment and service deliverables. For these contracts, we account for each 
distinct good or service as a separate performance obligation. We allocate the contract’s transaction price to each performance 
obligation using the relative standalone selling price, which is based on the actual selling price for any good or service sold separately 
to a similar class of customer.
See Note 4, “Revenue Recognition,” for further information.
Government Assistance - In July 2023, the Company elected to participate in the Federal Communications Commission 
(“FCC”) Secure and Trusted Communications Networks Reimbursement Program (the “FCC Reimbursement Program”). There is no 
applicable authoritative guidance under GAAP to account for this government grant. Therefore, we have elected to apply International 
Accounting Standard (“IAS”) 20 Accounting for Government Grants and Disclosure of Government Assistance by analogy. Under 
IAS 20, government grants related to assets are presented as either deferred income that is recognized on a systematic basis over the 
useful life of the asset or by deducting the grant from the carrying value of the asset. The Company has elected to deduct the grant 
from the carrying value of the asset. For grants related to income, the Company has elected to recognize these grants as a deduction 
from the related expense. Grant receivables from the FCC are recorded by the Company once there is reasonable assurance that the 
Company will comply with the conditions of the grant and the grant will be received. 
See Note 5, “Government Assistance,” for additional information.

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
71
Research and Development Costs - Expenditures for research and development are charged to expense as incurred and totaled 
$44.8 million, $36.7 million and $29.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. Research and 
development costs are reported as engineering, design and development expenses in our consolidated statements of operations.
Warranty - We provide warranties on parts and labor related to our products. Our warranty terms range from two to five years. 
Warranty reserves are established for costs that are estimated to be incurred after the sale, delivery and installation of the products 
under warranty. The warranty reserves are determined based on known product failures, historical experience and other available 
evidence, and are included in accrued liabilities in our consolidated balance sheets. 
See Note 7, “Composition of Certain Reserves and Allowances,” for the details of the changes in our warranty reserve.
Asset Retirement Obligations - We have certain asset retirement obligations related to contractual commitments to remove our 
network equipment and other assets from leased cell sites upon termination of the site leases. The asset retirement obligations are 
classified as a noncurrent liability in our consolidated balance sheets.
See Note 6, “Composition of Certain Balance Sheet Accounts,” for the details of the changes in our asset retirement obligations.
Fair Value of Financial Instruments - We group financial assets and financial liabilities measured at fair value into three 
levels of hierarchy based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to 
determine fair value. 
A three-tier fair value hierarchy has been established which prioritizes the inputs used in measuring fair value. These tiers 
include:
•
Level 1 - defined as observable inputs such as quoted prices for identical assets or liabilities in active markets;
•
Level 2 - defined as observable inputs other than Level 1 inputs such as quoted prices for similar assets or liabilities, 
quoted prices in markets that are not active, or inputs that are observable or can be corroborated by observable market data 
for substantially the full term of the assets or liabilities; and
•
Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its 
own assumptions.
See Note 12, “Fair Value of Financial Assets and Liabilities,” for further information.
Derivatives - We are exposed to interest rate risk on our variable rate borrowings. We currently use interest rate caps to manage 
a portion of our exposure to interest rate changes, and have designated these interest rate caps as cash flow hedges for accounting 
purposes. We account for these interest rate caps in accordance with ASC 815, Derivatives and Hedging, which requires companies to 
recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet. We record the effective portion of 
changes in the fair value of our cash flow hedges to other comprehensive income (loss), net of tax, and subsequently reclassify these 
amounts into earnings in the period during which the hedged transaction is recognized. 
See Note 10, “Derivative Instruments and Hedging Activities,” for further information.
Earnings Per Share - We calculate basic earnings per share using the weighted-average number of common shares outstanding 
during the period. We calculate diluted earnings per share using the weighted-average number of common shares outstanding and all 
dilutive potential common shares outstanding.
See Note 3, “Earnings Per Share,” for further information.
Stock-Based Compensation Expense - Compensation cost is measured and recognized at fair value for all stock-based 
payments, including stock options and performance share units (“PSUs”). For time-based vesting stock options, we estimate fair value 
using the Black-Scholes option-pricing model, which requires assumptions such as expected volatility, risk-free interest rate, expected 
life, and dividends. The fair value of PSUs are determined using a Monte Carlo simulation, which requires assumptions such as 
expected term, volatility, risk-free interest rate and dividends. Forfeitures are recognized when they occur. Restricted stock units 
(“RSUs”) and restricted stock are measured based on the fair market value of the underlying stock on the date of grant. Our stock-
based compensation expense is recognized over the applicable vesting period and is included in the same operating expense line items 
in the consolidated statements of operations as the base cash compensation paid to the underlying employees. 
See Note 14, “Stock-Based Compensation and 401(k) Plan,” for further information.
Leases – We have operating lease agreements for which we have recorded lease liabilities and right-of-use assets for leases 
primarily related to cell sites, data centers and office buildings. We determine whether a contract contains a lease at contract inception 
and calculate the lease liability and right-of-use asset using our incremental borrowing rate. Our cell site leases generally have terms 
of five to ten years, with renewal options for an additional five to 25 years. For certain cell sites, the renewal options are deemed to be 

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
72
reasonably certain to be exercised. Our data center leases have original terms between one to four years with unlimited one-year 
renewal options, some of which are reasonably certain to be exercised. Our building leases have original terms of ten years, with 
renewal options for an additional five years. We recognize operating lease expense on a straight-line basis over the lease term. We 
have finance leases for computer and office equipment. Covenants within the Facilities contain certain restrictions on our ability to 
enter into new finance lease arrangements.
See Note 16, “Leases,” for further information.
Advertising Costs - Costs for advertising are expensed as incurred.
Debt Issuance Costs - We defer loan origination fees and financing costs related to our various debt offerings as deferred 
financing costs. Additionally, we defer fees paid directly to the lenders related to amendments of our debt offerings as deferred 
financing costs. We amortize these costs over the term of the underlying debt obligation using the effective interest method and 
include them in interest expense in the consolidated statement of operations. The fees incurred but not paid directly to the lenders in 
connection with amendments are expensed as incurred to interest expense. Deferred financing costs associated with future debt 
issuances are written off in the period during which we determine that the debt will no longer be issued.
See Note 9, “Long-Term Debt and Other Liabilities,” for further information.
Comprehensive Income - Comprehensive income for the years ended December 31, 2024, 2023 and 2022 is net income plus or 
minus unrealized gains and losses on foreign currency translation adjustments and the changes in fair value of cash flow hedges. 
Recently Issued Accounting Pronouncements 
The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial 
Accounting Standards Board (“FASB”). ASUs not listed below were assessed and determined to be either not applicable or expected 
to have minimal impact on our consolidated financial statements and related notes.
Accounting standards adopted:
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment 
Disclosures to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment 
expenses. This guidance is effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods after 
December 15, 2024. We adopted this standard for the annual period ended December 31, 2024 using a retrospective method. See Note 
13, “Business Segments,” for further information.
Accounting standards not yet adopted:
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to 
enhance the transparency and decision usefulness of income tax disclosures, most notably in the tax rate reconciliation and income 
taxes paid. This guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and the 
amendments should be applied on a prospective basis, however, retrospective application is permitted. As this guidance only impacts 
disclosures, we do not expect the adoption to have a material impact on our consolidated financial statements.
In November 2024, the FASB issues ASU No. 2024-03, Income Statement - Reporting Comprehensive Income (Subtopic 220-
40): Disaggregation of Income Statement Expenses which requires disclosure about specific types of expenses included in the expense 
captions presented in the Consolidated Statements of Operations. This guidance is effective for fiscal years beginning after December 
15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the amendments 
should be applied on a prospective basis, however, retrospective application is permitted. We are currently evaluating the impact that 
this guidance will have upon our consolidated financial statements and related notes.
2. Acquisition of Satcom Direct
On December 3, 2024 (the “Closing”), the Company completed the previously announced acquisition of 100% of the issued and 
outstanding equity interests in Satcom Direct, LLC, a Delaware limited liability company (f/k/a Satcom Direct, Inc., a Florida 
corporation) and certain of its affiliates and their collective subsidiaries (collectively, “Satcom Direct”), pursuant to the terms of the 
purchase agreement, dated as of September 29, 2024 (the “Purchase Agreement”). Founded in 1997, Satcom Direct primarily engages 
in providing business, military and government in-flight connectivity services as a value-added reseller of satellite services. Satcom 
Direct operates worldwide with an international sales and service team based in nine countries. Satcom Direct sells services and 
equipment globally through their international sales force to OEMs, governments, military, and private fleet companies among others. 
Satcom Direct manages a network operating center and maintains their own data center in Melbourne, Florida with licensed data sites 
strategically placed around the world. The acquisition will create the only in-flight connectivity provider able to satisfy the 
performance and cost needs of every segment of the global business aviation and military/government mobility markets.

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
73
In accordance with the terms of the Purchase Agreement, on the Closing the Company purchased all of the issued and 
outstanding equity interests in Satcom Direct in exchange for: (i) an aggregate cash purchase amount of $375 million, subject to 
customary post-closing adjustments (the “Cash Consideration”), (ii) five million restricted shares (the “Stock Consideration”) of the 
Company’s common stock, par value of $0.0001 per share (“Common Stock”), and (iii) up to an additional $225 million in potential 
earnout payments of cash and/or Common Stock tied to realizing certain financial performance milestones over the next four years 
(the “Earnout Consideration” and, together with the Cash Consideration and Stock Consideration, the “Acquisition Consideration”). 
The Cash Consideration was financed via the Company’s $250 million HPS Credit Agreement (as defined below) and the remainder 
with cash on hand. The Earnout Consideration has an estimated fair value of $53 million and is included in Other non-current 
liabilities on the Consolidated Balance Sheets as of December 31, 2024. The fair value of the Earnout Consideration was calculated 
using a Monte Carlo simulation based on future gross profit projections of Satcom Direct, gross profit volatility rates of comparable 
companies and a risk adjusted discount rate. The fair value measurement was based on significant unobservable inputs and thus 
represents a Level 3 measurement.
The following table summarizes Closing fair value of the Acquisition Consideration (in thousands):
Estimated Aggregate Acquisition Consideration
Share consideration
Common Stock issued per the Purchase Agreement
5,000
Share price on December 2, 2024
8.10
Stock Consideration
$
40,500
Cash Consideration
$
346,785
Settlement of pre-existing relationship
$
393
Estimated fair value of Earnout Consideration
$
53,000
Preliminary fair value of estimated aggregate Acquisition Consideration
$
440,678
The Company allocated the purchase price to the net identifiable tangible and intangible assets acquired and liabilities assumed 
based on their preliminary estimated fair values as of the date of acquisition using the acquisition method of accounting for business 
combinations. The excess of the purchase price over the estimated fair value of the net assets and liabilities was allocated to goodwill. 
The Company determined the preliminary estimated fair values after review and consideration of relevant information as of the 
acquisition date, including discounted cash flows, quoted market prices and estimates made by management. The fair values assigned 
to tangible and intangible assets acquired and liabilities assumed are preliminary based on management's estimates and assumptions 
and may be subject to change as additional information is received. The Company expects to finalize the valuation as soon as 
practicable, but not later than one year from the Closing.
The following table summarizes the fair values of assets acquired and liabilities assumed as of the Closing based on the 
preliminary purchase price allocation (in thousands):

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
74
Preliminary Aggregate Purchase Price Allocation
Preliminary fair value of estimated total Acquisition Consideration
$
440,678
Assets acquired
Cash and cash equivalents
$
12,563
Accounts receivable, net of allowances
67,841
Inventories
18,528
Prepaid expenses and other current assets
13,636
Assets held for sale
16,625
Property and equipment, net
26,633
Intangible assets, net
213,300
Operating lease right-of-use assets
3,202
Other non-current assets, net of allowances
5,601
Deferred income taxes
980
Total assets acquired
$
378,909
Liabilities assumed
Accounts payable
61,856
Accrued liabilities
17,568
Deferred revenue
25,790
Non-current operating lease liabilities
2,706
Other non-current liabilities
14,522
Total liabilities assumed
$
122,442
Net assets acquired
$
256,467
Goodwill
$
184,211
The allocation of the purchase price presented above was based on management's preliminary estimate of the fair values of the 
acquired assets and assumed liabilities using valuation techniques including income, cost and market approaches. These valuation 
techniques incorporate the use of future projected revenues and cash flows as well as estimated discount rates. Current and noncurrent 
assets and liabilities are valued at historical carrying values, which approximate fair value, except as described below. The fair value 
measurements discussed below were based on significant inputs that are not observable and thus represent a Level 3 measurement. 
Inventories were valued using a combination of the comparative sales method, which estimated the expected sales price of the 
products, reduced by all costs expected to be incurred to complete the inventory, as well as a profit on the sale and estimated 
replacement cost. Assets held for sale represent the main corporate facility of Satcom Direct and associated land in Melbourne, 
Florida. The Company engaged a broker and expects to sell the assets within the next twelve months. Assets held for sale were valued 
using the income approach less the direct costs associated with selling the assets. Property and equipment, net were valued using a 
combination of the cost and market approaches. Customer relationships represent the fair value of future projected revenue that will be 
derived from sales of connectivity services and equipment to existing customers of Satcom Direct. Customer relationships were valued 
using the multi-period excess earnings method. This method of valuation reflects the present value of the projected cash flows that are 
expected to be generated by these existing customers less charges representing the contribution of other assets to those cash flows. 
Software and the tradename were valued under the relief from royalty method, which is equal to the present value of the after-tax 
royalty savings attributable to owning the software or tradename as opposed to paying a third party for its use. The estimated fair 
value of operating leases was determined based on current market terms, which resulted in a net unfavorable adjustment to the right-
of-use asset. After assessing the preliminary fair value of the net assets acquired and liabilities assumed, the Company recorded 
goodwill of $184.2 million. Of the total goodwill amount, $173.8 million is attributable to the U.S. entities and is deductible for U.S. 
income tax purposes. The goodwill is attributable to the assembled workforce, synergies, and economies of scale.
The following table summarizes the key information underlying identifiable finite lived intangible assets related to the Satcom 
Direct acquisition (in thousands):
 
Weighted Average 
Estimated Useful Life (In 
Years)
Estimated Fair Value
Software
8
$
55,200
Service customer relationships
5
144,600
OEM customer relationships
8
10,300
Tradename
5
3,200
Total intangible assets
213,300

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
75
The amounts of revenue and loss before income taxes of Satcom Direct since the Closing included in the Consolidated 
Statements of Operations for the year ended December 31, 2024 are $40.2 million and $21.5 million, respectively. Transaction costs 
for the year ended December 31, 2024 were $19.8 million and were recorded in General and Administrative expense on the 
Consolidated Statements of Operations. Additionally, pre-existing change of control bonuses with the Satcom Direct seller were 
modified during negotiations of the Purchase Agreement in favor of the Company. The modification resulted in certain change of 
control bonus payments at closing, which were expensed. The remainder of the change in control bonus payments relating to certain 
senior leaders of the Company vest over a two-year period post-closing. The change of control bonus payments made at closing were 
$29.7 million and included in General and Administrative expense on the Consolidated Statements of Operations.
Supplemental Pro-Forma Information (Unaudited)
The following table presents supplemental pro-forma information for the years ended December 31, 2024 and 2023 as if the 
acquisition of Satcom Direct had occurred on January 1, 2023 (in thousands). The amounts have been calculated after applying the 
Company’s accounting policies and are based upon currently available information. The unaudited pro-forma information for all 
periods presented includes the following adjustments, where applicable, for business combination accounting effects resulting from 
the acquisition: (i) the change in Cost of Equipment to reflect the fair value change in inventory, (ii) incremental stock compensation 
expense, and adjustments for change in control bonuses that vest after close as post-combination compensation expense, (iii) 
additional Depreciation and amortization expense related to the step up in fair value for finite-lived intangible assets and property and 
equipment acquired, (iv) removal of historical interest expense associated with Satcom Direct’s historical indebtedness which was 
extinguished upon consummation of the acquisition and additional interest expense related to financing the acquisition (refer to Note 
9, “Long-Term Debt and Other Liabilities,” for additional information), and (v) the related tax effects assuming the acquisition 
occurred on January 1, 2023. Pre-acquisition revenue and net income amounts for Satcom Direct were derived from the books and 
records prepared prior to the acquisition and are presented for informational purposes only and do not purport to be indicative of the 
results of future operations or of the results that would have occurred had the acquisition taken place as of the dates noted below. 
 
For the Year Ended December 31,
(in thousands)
2024
2023
Total revenue
$
897,284
$
845,177
Net income
$
17,579
$
140,196
3. Earnings Per Share
Basic and diluted earnings per share have been calculated using the weighted-average number of common shares outstanding for 
the period. Diluted earnings per share was computed using the treasury stock method for stock-based compensation and the if-
converted method for the 2022 Convertible Notes. Contingently issuable shares are only included in the diluted earnings per share 
computation once all necessary conditions have been satisfied.
The shares of common stock effectively repurchased in connection with the Forward Transactions (as defined and described in 
Note 9, “Long-Term Debt and Other Liabilities”) were considered participating securities requiring the two-class method to calculate 
basic and diluted earnings per share. Net earnings were allocated between shares of common stock and participating securities on a 
one-to-one basis. Refer to Note 9, “Long-Term Debt and Other Liabilities,” for further information.
The diluted earnings per share calculations exclude the effect of stock options, deferred stock units, RSUs, PSUs, convertible 
notes and the potential Earnout Consideration when the computation is anti-dilutive. For the years ended December 31, 2024, 2023 
and 2022, the weighted average number of shares excluded from the computation was 4.6 million, 1.8 million and 0.5 million shares, 
respectively.
The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2024, 
2023 and 2022; however, for the reasons described above, the shares associated with the Forward Transactions are excluded from the 
computation of basic earnings per share (in thousands, except per share amounts):

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
76
For the Years Ended December 31,
2024
2023
2022
Income 
(Numerator)
Shares 
(Denominator)
Per 
Share 
Amount
Income 
(Numerator)
Shares 
(Denominator)
Per 
Share 
Amount
Income 
(Numerator)
Shares 
(Denominator)
Per 
Share 
Amount
Net income
$
13,746
$
145,678
$
92,059
Less: Participation rights on Forward 
Transactions
—
—
171
Basic Earnings Per Share
Undistributed income
$
13,746
128,533
$
0.11
$
145,678
129,753
$
1.12
$
91,888
123,268
$
0.75
Effect of Dilutive Securities
Stock-based compensation
—
2,922
—
3,530
—
4,881
2022 Convertible Notes
—
—
—
—
2,770
5,774
Diluted Earnings Per Share
Undistributed income and assumed 
conversions
$
13,746
131,455
$
0.10
$
145,678
133,283
$
1.09
$
94,658
133,923
$
0.71
Earnings per share - basic
$
0.11
$
1.12
$
0.75
Earnings per share - diluted
$
0.10
$
1.09
$
0.71
4. Revenue Recognition 
Remaining Performance Obligations
As of December 31, 2024, the aggregate amount of the transaction price in our contracts allocated to the remaining unsatisfied 
performance obligations (“RPO”) was approximately $620 million and excludes consideration from contracts that have an original 
duration of one year or less. Approximately $604 million of the RPO primarily represents connectivity and entertainment service 
revenues which are recognized as services are provided, which is expected to occur through the remaining term of the contracts. Our 
contracts vary in length and generally have terms of two to ten years. We expect to recognize approximately 44% of our connectivity 
and entertainment service RPO within the next year, approximately 42% in one to five years and the remaining 14% in five to ten 
years. The remaining $16 million of the RPO represents future equipment revenue that is expected to be recognized primarily within 
the next three years as equipment is shipped. 
Disaggregation of revenue
The following table presents our revenue disaggregated by category (in thousands):
 
For the Year Ended December 31,
2024
2023
2022
 
Gogo BA
Satcom Direct
Total
Gogo BA
Gogo 
BA
Service revenue
Satellite broadband
$
4,040
$
23,948
$
27,988
$
3,626
$
2,394
ATG broadband
310,860
—
310,860
302,226
281,894
Narrowband and other
12,156
13,266
25,422
12,163
12,041
Total service revenue
$
327,056
$
37,214
$
364,270
$ 318,015
$296,329
Equipment revenue
Satellite broadband
$
233
$
1,768
$
2,001
$
1,030
$
426
ATG broadband
66,607
—
66,607
64,585
91,152
Narrowband and other
10,610
1,221
11,831
13,947
16,160
Total equipment revenue
$
77,450
$
2,989
$
80,439
$
79,562
$107,738
Contract balances
Our current and non-current contract asset balances totaled $25.0 million and $16.6 million as of December 31, 2024 and 2023, 
respectively. Contract assets represent the aggregate amount of revenue recognized in excess of billings and recoverable contract costs 
primarily for certain sales programs.

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
77
Our current and non-current deferred revenue balances totaled $41.3 million and $1.0 million as of December 31, 2024 and 
2023, respectively. Deferred revenue includes, among other things, prepayments for equipment and subscription connectivity 
products.
5. Government Assistance
FCC Reimbursement Program
On July 15, 2022, the Company was notified that it was approved for participation in the FCC Reimbursement Program, 
designed to reimburse providers of advanced communications services for reasonable costs incurred in the required removal, 
replacement, and disposal of covered communications equipment or services, that have been deemed to pose a national security risk, 
from their networks. Pursuant to the FCC Reimbursement Program, the FCC approved up to approximately $334 million in 
reimbursements to the Company to cover documented and approved costs to (i) remove and securely destroy all ZTE communications 
equipment and services in the Company’s terrestrial U.S. networks and replace such equipment and (ii) remove and replace certain 
equipment installed on aircraft operated by the Company’s ATG customers that is not compatible with the terrestrial equipment that 
will replace ZTE equipment. Due to an initial shortfall in the amount appropriated by Congress to fund the FCC Reimbursement 
Program, approximately $132 million of the approved amount is currently allocated to the Company under the program. Following 
passage of the FY 2025 NDAA, the Company expects to be allocated its full approved amount of approximately $334 million. 
Program participants are subject to a number of conditions and requirements under the FCC’s rules including a requirement that they 
submit their first reimbursement request by July 17, 2023 and certify that they have developed a plan to permanently remove, replace 
and dispose of covered equipment or services within one year following the first reimbursement request. The rules permit participants 
to petition the FCC for one or more six-month extensions of the completion deadline. The Company, with the assistance of an advisor 
engaged to help administer the program, submitted and received its first reimbursement claim in July 2023. Due to a number of 
factors, including supply chain disruptions, the insufficiency of FCC funding prior to the passage of the FY 2025 NDAA, and the 
operational and logistical complexity of replacing airborne equipment, the Company was unable to complete the program by July 21, 
2024. As a result, the Company sought and has been granted two six-month extensions by the FCC, currently extending the program 
completion deadline to July 21, 2025, but the Company expects to require additional extensions past that date. Based on discussions 
with our vendors supporting the program regarding lead times for network equipment, we plan to petition the FCC for multiple 
extensions, as outlined in our application for the FCC Reimbursement Program.
As of December 31, 2024 and 2023, we have recorded a $9.7 million and $18.3 million receivable from the FCC, respectively, 
which is included in Prepaid expenses and other current assets in our Consolidated Balance Sheets. See Note 1, “Summary of 
Significant Accounting Policies,” for additional information on our accounting policy for government grants.
The following are the deductions to the carrying value of asset balances in our Consolidated Balance Sheets as of December 31, 
2024 and 2023(in thousands):
As of December 31,
2024
2023
Assets:
Inventories
$
(4,560) $
(4,970)
Prepaid expenses and other current assets
(4,420)
(1,542)
Property and equipment, net
(5,921)
(2,094)
Intangible assets, net
(298)
(58)
Other non-current assets
(11,852)
(5,542)
The following are the increases to Net income in our Consolidated Statements of Operations for the years ended December 31, 
2024 and 2023(in thousands):
For the year ended December 31,
2024
2023
Revenue:
Service revenue
$
3,428
$
825
Operating expenses:
Cost of service revenue
624
720
Cost of equipment revenue
13,603
3,931
Engineering, design and development
144
—
General and administrative
296
257

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
78
6. Composition of Certain Balance Sheet Accounts
Inventories as of December 31, 2024 and 2023 were as follows (in thousands):
 
December 31,
 
2024
2023
Work-in-process component parts
$
53,633
$
34,692
Finished goods
44,301
28,495
Total inventory(1)
$
97,934
$
63,187
(1)
See Note 5, “Government Assistance,” for additional information.
Prepaid expenses and other current assets as of December 31, 2024 and 2023 were as follows (in thousands):
 
December 31,
 
2024
2023
Interest rate caps and receivable
$
9,519
$
23,227
FCC reimbursement receivable(1)
9,732
18,274
Contract assets(1)
7,609
6,939
Prepaid inventories
3,512
2,606
Tax indemnification receivable(2)
5,044
—
Other
19,840
13,092
Total prepaid expenses and other current assets
$
55,256
$
64,138
(1)
See Note 5, “Government Assistance,” for additional information.
(2)
See Note 17, “Commitments and Contingencies,” for additional information.
Property and equipment as of December 31, 2024 and 2023 were as follows (in thousands):
 
December 31,
 
2024
2023
Office equipment, furniture, fixtures and other
$
41,731
$
19,153
Leasehold improvements
16,193
16,132
Land and buildings
6,540
—
Network equipment(1)
189,198
184,176
 
253,662
219,461
Accumulated depreciation
(134,537)
(121,332)
Property and equipment, net
$
119,125
$
98,129
(1)
See Note 5, “Government Assistance,” for additional information.
Other non-current assets as of December 31, 2024 and 2023 were as follows (in thousands):
 
December 31,
 
2024
2023
Interest rate caps
$
6,660
$
10,295
Contract assets, net of allowances of $861 and $591, 
respectively(1)
17,422
9,625
Revolving credit facility deferred financing costs
2,344
1,011
Other
10,444
5,048
Total other non-current assets
$
36,870
$
25,979
(1)
See Note 5, “Government Assistance,” for additional information.
Accrued liabilities as of December 31, 2024 and 2023 were as follows (in thousands):

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
79
 
December 31,
 
2024
2023
Employee compensation and benefits
$
20,669
$
10,386
Operating leases
12,676
10,284
Customer credit reserve
9,935
6,027
Network equipment
4,437
4,533
Warranty reserve
4,100
3,420
Gogo Galileo development costs
2,000
2,432
Taxes
8,966
2,170
Accrued interest
2,184
469
Other
16,922
7,928
Total accrued liabilities
$
81,889
$
47,649
Asset retirement obligations are included in Other non-current liabilities in our consolidated balance sheets and changes for the 
years ended December 31, 2024 and 2023 consist of the following (in thousands):
 
Asset
 
Retirement
 
Obligation
Balance – January 1, 2023
$
6,032
Liabilities incurred
51
Liabilities settled
(2)
Accretion expense
558
Foreign exchange rate adjustments
10
Balance – December 31, 2023
6,649
Liabilities incurred
197
Liabilities settled
(8)
Accretion expense
641
Foreign exchange rate adjustments
(35)
Balance – December 31, 2024
$
7,444
7. Composition of Certain Reserves and Allowances
Credit Losses — Changes in our allowances for credit losses for the years ended December 31, 2024 and 2023 were as follows 
(in thousands):
 
Other
 
Accounts
Non-Current
Accrued
 
Receivable
Assets
Liabilities
Balance at January 1, 2023
$
1,778
$
501
$
—
Provision for expected credit losses
1,143
90
—
Write-offs charged against the 
allowances
(1,152)
—
—
Other
322
—
—
Balance at December 31, 2023
2,091
591
—
Additions from acquisition
1,712
—
—
Provision for expected credit losses
1,533
270
2,000
Write-offs charged against the 
allowances
(1,234)
—
—
Other
365
—
—
Balance at December 31, 2024
$
4,467
$
861
$
2,000
Warranties — Changes in our warranty reserve for the years ended December 31, 2024 and 2023 were as follows (in 
thousands):

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
80
 
Warranty
 
Reserve
Balance – January 1, 2023
$
2,300
Accruals for warranties issued
3,107
Settlements and adjustments to warranties
(1,987)
Balance – December 31, 2023
3,420
Additions from acquisition
430
Accruals for warranties issued
2,804
Settlements and adjustments to warranties
(2,554)
Balance – December 31, 2024
$
4,100
8. Goodwill and Other Intangible Assets
Our intangible assets are comprised of indefinite- and finite-lived intangible assets and goodwill. We own the rights to 3 MHz of 
ATG spectrum in the nationwide 800 MHz Commercial Air-Ground Radiotelephone band (the “3 MHz FCC License”), which is used 
in the operation of our ATG network, and the license for 1 MHz of ATG spectrum in the nationwide 800MHz Commercial Air-
Ground Radiotelephone band (the “1 MHz FCC License”). Together we refer to the 3 MHz FCC License and the 1 MHz FCC License 
as the “FCC Licenses.” The FCC Licenses were originally issued with 10-year terms and we have renewed both licenses for 
subsequent 10-year terms. Such licenses are subject to further renewal by the FCC, and renewals of licenses held by others have 
occurred routinely and at nominal cost. Moreover, we have determined that there are currently no legal, regulatory, contractual, 
competitive, economic, or other factors that limit the useful life of the FCC Licenses. As a result, the FCC Licenses are treated as 
indefinite-lived intangible assets which we do not amortize. We reevaluate the useful life of the FCC Licenses each year to determine 
whether events and circumstances continue to support an indefinite useful life. Our annual impairment assessment of the FCC 
Licenses for 2024, 2023 and 2022 indicated no impairment.
Our software relates to the development of internal use software which is used to run our network and support our service 
offerings. Software also includes software embedded in the equipment that we sell to our customers.
Changes in the carrying value of goodwill by reportable segment during the years ended December 31, 2024 and 2023 were as 
follows (in thousands):
 
Gogo BA
Satcom Direct
Total
Balance at January 1, 2023
$
620
$
—
$
620
Activity in 2023
—
—
—
Balance at December 31, 2023
620
—
620
Activity in 2024
Acquisitions
—
184,211
184,211
Balance at December 31, 2024
$
620
$
184,211
$
184,831
Our goodwill balance was $184.8 million and $0.6 million as of December 31, 2024 and 2023, respectively. Refer to Note 2, 
“Acquisition of Satcom Direct,” for further information on the 2024 change in goodwill. We have preliminarily allocated goodwill to 
segments of the Company. As the Company finalizes the estimation of the fair value of assets acquired and liabilities assumed, 
additional adjustments to the amount of goodwill and the allocation to each segment may be necessary.

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
81
Our intangible assets, other than goodwill, as of December 31, 2024 and 2023 were as follows (in thousands):
 
 
As of December 31, 2024
As of December 31, 2023
 
Gross
Net
Gross
Net
 
Carrying
Accumulated
Carrying
Carrying
Accumulated
Carrying
 
Amount
Amortization
Amount
Amount
Amortization
Amount
Amortized intangible assets(1):
Software
$
132,673
$
(47,225)
$
85,448
$
68,155
$
(45,910)
$
22,245
Tradename and other intangible assets
5,270
(53)
5,217
499
—
499
Service customer relationships
152,681
(10,491)
142,190
8,081
(8,081)
—
OEM and dealer relationships
17,024
(6,831)
10,193
6,724
(6,724)
—
Total amortized intangible assets
307,648
(64,600)
243,048
83,459
(60,715)
22,744
Unamortized intangible assets:
FCC Licenses
32,283
—
32,283
32,283
—
32,283
Total intangible assets
$
339,931
$
(64,600)
$
275,331
$
115,742
$
(60,715)
$
55,027
(1)
See Note 5, “Government Assistance,” for additional information.
Amortization expense for the years ended December 31, 2024, 2023 and 2022 was $3.9 million, $2.0 million and $4.7 million, 
respectively.
Amortization expense for each of the next five years and thereafter is estimated to be as follows (in thousands):
 
Amortization
Years ending December 31,
Expense
2025
$
39,912
2026
$
42,134
2027
$
42,016
2028
$
41,953
2029
$
39,338
Thereafter
$
37,695
Actual future amortization expense could differ from the estimated amount as the result of future investments and other factors.
9. Long-Term Debt and Other Liabilities
Long-term debt as of December 31, 2024 and 2023 was as follows (in thousands):
 
December 31,
December 31,
 
2024
2023
2021 Term Loan Facility
$
599,776
$
604,797
HPS Term Loan Facility
244,469
—
Less: deferred financing costs
(10,164)
(10,046)
Less: current portion of long-term debt
(2,500)
(7,250)
Total long-term debt
$
831,581
$
587,501
2021 Credit Agreement
On April 30, 2021, Gogo and Gogo Intermediate Holdings LLC (“GIH”) (a wholly owned subsidiary of Gogo) entered into a 
credit agreement (the “Original 2021 Credit Agreement,” and, as it may be amended, supplemented or otherwise modified from time 
to time, the “2021 Credit Agreement”) among Gogo, GIH, the lenders and issuing banks party thereto and Morgan Stanley Senior 
Funding, Inc., as administrative agent, which provides for (i) a term loan credit facility (the “2021 Term Loan Facility”) in an 
aggregate principal amount of $725.0 million, issued with a discount of 0.5%, and (ii) a revolving credit facility (the “Revolving 
Facility” and together with the 2021 Term Loan Facility, the “2021 Facilities”) of up to $100.0 million, which includes a letter of 
credit sub-facility. The 2021 Term Loan Facility matures on April 30, 2028.
On December 3, 2024, Gogo and GIH entered into a second amendment to the 2021 Credit Agreement, by and among, Gogo, 
GIH, guarantors party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, and the lenders party thereto, among 
other purposes, (a) increase the aggregate principal amount of revolving commitments available under the 2021 Credit Agreement to 
an aggregate amount of revolving commitments equal to $122 million and (b) extend the maturity date of the revolving facility to 
December 3, 2029 (subject to such maturity date springing to the date that is 90 days prior to the then-current maturity date of (a) the 

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
82
2021 Term Loan Facility under the 2021 Credit Agreement and (b) the HPS Term Loan Facility under the HPS Credit Agreement 
under certain conditions).
The 2021 Term Loan Facility amortizes in nominal quarterly installments equal to one percent of the aggregate initial principal 
amount thereof per annum, with the remaining balance payable upon final maturity of the 2021 Term Loan Facility. There are no 
amortization payments under the Revolving Facility.
The 2021 Term Loan Facility bears annual interest at a floating rate measured by reference to, at GIH’s option, either (i) an 
adjusted term secured overnight financing rate as administered by the Federal Reserve Bank of New York (“SOFR”) (subject to a 
floor of 0.75%) plus an applicable margin of 3.75% and a credit spread adjustment of approximately 0.11%, 0.26% or 0.43% per 
annum based on 1-month, 3-month or 6-month term SOFR, respectively or (ii) an alternate base rate plus an applicable margin of 
2.75%. 
Loans outstanding under the Revolving Facility bear annual interest at a floating rate measured by reference to, at GIH’s option, 
either (i) an adjusted term SOFR rate (subject to a floor of 0.00%) plus an applicable margin ranging from 3.50% to 4.00% per annum 
depending on GIH’s senior secured first lien net leverage ratio or (ii) an alternate base rate plus an applicable margin ranging from 
2.50% to 3.00% per annum depending on GIH’s senior secured first lien net leverage ratio. Additionally, unused commitments under 
the Revolving Facility are subject to a fee ranging from 0.25% to 0.50% per annum depending on GIH’s senior secured first lien net 
leverage ratio. As of December 31, 2024, the fee for unused commitments under the Revolving Facility was 0.25% and the applicable 
margin was 4.00% for SOFR rate loans and 3.00% for alternate base rate loans. 
The 2021 Facilities may be prepaid at GIH’s option at any time without premium or penalty (other than customary breakage 
costs), subject to minimum principal payment amount requirements. On May 3, 2023, the Company prepaid $100 million of the 
outstanding principal amount of the 2021 Term Loan Facility. As a result, we wrote off $2.2 million of the deferred financing costs 
and unaccreted debt discount, which are included in Loss on extinguishment of debt in our Consolidated Statements of Operations for 
the year ended December 31, 2023. This prepayment satisfied the required amortization payments for the remaining term of the 2021 
Term Loan Facility.
Subject to certain exceptions and de minimis thresholds, the 2021 Term Loan Facility is subject to mandatory prepayments in an 
amount equal to:
•
100% of the net cash proceeds of certain asset sales, insurance recovery and condemnation events, subject to reduction to 
50% and 0% if specified senior secured first lien net leverage ratio targets are met;
•
100% of the net cash proceeds of certain debt offerings; and
•
50% of annual excess cash flow (as defined in the 2021 Credit Agreement), subject to reduction to 25% and 0% if 
specified senior secured first lien net leverage ratio targets are met.
The 2021 Credit Agreement contains customary representations and warranties and customary affirmative and negative 
covenants. The negative covenants include restrictions on, among other things: incurrence of indebtedness or issuance of disqualified 
equity interests; incurrence or existence of liens; consolidations or mergers; activities of Gogo and any subsidiary holding a license 
issued by the FCC; investments, loans, advances, guarantees or acquisitions; asset sales; dividends or other distributions on equity; 
purchase, redemption or retirement of capital stock; payment or redemption of certain junior indebtedness; entry into other agreements 
that restrict the ability to incur liens securing the 2021 Facilities; and amendment of organizational documents; in each case subject to 
customary exceptions.
The Revolving Facility includes a financial covenant set at a maximum senior secured first lien net leverage ratio of 7.50:1.00, 
which will apply if the outstanding amount of loans and unreimbursed letter of credit drawings thereunder at the end of any fiscal 
quarter exceeds 35% of the aggregate of all commitments thereunder.
The 2021 Credit Agreement contains customary events of default, which, if any of them occurred, would permit or require the 
principal, premium, if any, and interest on all of the then outstanding obligations under the 2021 Facilities to be due and payable 
immediately and the commitments under the Revolving Facility to be terminated.
The Revolving Facility is available for working capital and general corporate purposes of GIH and its subsidiaries and was 
undrawn as of December 31, 2024 and 2023.
As of December 31, 2024 and 2023, the outstanding principal amount of the 2021 Term Loan Facility was $601.4 million and 
$606.9 million, respectively, the unaccreted debt discount was $1.7 million and $2.1 million, respectively, and the net carrying amount 
was $599.8 million and $604.8 million, respectively.
We paid approximately $21.6 million of loan origination and financing costs related to the 2021 Facilities, of which $1.9 million 
related to the second amendment to the 2021 Credit Agreement, which are being accounted for as deferred financing costs on our 

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
83
consolidated balance sheets and are amortized over the terms of the 2021 Facilities. Total amortization expense was $2.5 million, $2.4 
million and $2.6 million, respectively, for the years ended December 31, 2024, 2023 and 2022 and is included in interest expense in 
our consolidated statements of operations. As of December 31, 2024 and 2023, the balance of unamortized deferred financing costs 
related to the 2021 Facilities was $10.4 million and $11.1 million, respectively.
On April 30, 2021, Gogo, GIH, and each direct and indirect wholly-owned U.S. restricted subsidiary of GIH (Gogo and such 
subsidiaries collectively, the “Guarantors”) entered into a guarantee agreement (the “Guarantee Agreement”) in favor of Morgan 
Stanley Senior Funding, Inc., as collateral agent (the “Collateral Agent”), whereby GIH and the Guarantors guarantee the obligations 
under the 2021 Facilities and certain other secured obligations as set forth in the Guarantee Agreement, and GIH and the Guarantors 
entered into a collateral agreement (the “Collateral Agreement”), in favor of the Collateral Agent, whereby GIH and the Guarantors 
grant a security interest in substantially all of their respective tangible and intangible assets (including the equity interests in each 
direct material wholly-owned U.S. restricted subsidiary owned by GIH or any Guarantor, and 65% of the equity interests in any non-
U.S. subsidiary held directly by GIH or any Guarantor), subject to certain exceptions, to secure the obligations under the 2021 
Facilities and certain other secured obligations as set forth in the Collateral Agreement. The liens granted under the 2021 Term Loan 
Facility are subject to an intercreditor agreement and are pari passu with the liens granted under the HPS Term Loan Facility (as 
defined below).
HPS Credit Agreement
On December 3, 2024, the Company and GIH entered into a credit agreement (the “HPS Credit Agreement” and together with the 
2021 Credit Agreement, the “Credit Agreements”) with HPS Investment Partners, LLC, as the administrative agent, and the lenders 
party thereto, which provides for a term loan credit facility (the “HPS Term Loan Facility”) in an aggregate principal amount of 
$250 million. The HPS Term Loan Facility amortizes in quarterly installments equal to one percent of the aggregate initial principal 
amount thereof per annum, with the remaining balance payable upon final maturity of the HPS Term Loan Facility on April 30, 2028.
The HPS Term Loan Facility bears annual interest at a floating rate measured by reference to, at the Company’s option, either 
(i) an adjusted term SOFR (subject to a floor of 1.00%) plus an initial applicable margin of 6.00%, which is subject to two leverage-
based step-downs of up to 0.25% each or (ii) an alternate base rate plus an applicable margin of 5.00%, which is subject to two 
leverage-based step-downs of up to 0.25% each.
The HPS Term Loan Facility may be prepaid at the Company’s option, at any time, without premium or penalty (other than 
customary breakage costs, and except that (a) during the first 12 months following the closing of the HPS Credit Agreement, certain 
prepayments of the HPS Term Loan Facility are subject to a 3.00% prepayment premium and (b) during the period from 12 months to 
24 months following the closing of the HPS Credit Agreement, certain prepayments of the HPS Term Loan Facility are subject to a 
1.00% prepayment premium), subject to minimum principal repayment amount requirements.
Subject to certain exceptions and de minimis thresholds, the HPS Term Loan Facility is subject to mandatory prepayments in an 
amount equal to:
•
100% of the net cash proceeds of certain asset sales, insurance recovery and condemnation events;
•
100% of the net cash proceeds of certain debt offerings; and
•
75% of annual excess cash flow (as defined in the HPS Credit Agreement), subject to reduction to 50% if specified senior 
secured first lien net leverage ratio targets are met.
The HPS Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants. 
The negative covenants include restrictions on, among other things: the incurrence of indebtedness or issuance of disqualified equity 
interests; the incurrence or existence of liens; consolidations or mergers; activities of the Company; the making of investments, loans, 
advances, guarantees or acquisitions; asset sales; the making of dividends or other distributions on equity; the purchase, redemption or 
retirement of capital stock; payment or redemption of certain junior indebtedness; activities of Federal Communications Commission 
license holders; entry into other agreements that restrict the ability to incur liens securing the HPS Term Loan Facility.
The HPS Credit Agreement contains customary events of default, which, if any of them occurred, would permit or require the 
principal, premium, if any, and interest on all of the then outstanding obligations under the HPS Term Loan Facility to be due and 
payable immediately.
As of December 31, 2024, the outstanding principal amount of the HPS Term Loan Facility was $249.4 million, the unaccreted 
debt discount was $4.9 million and the net carrying amount was $244.5 million.
We paid approximately $2.2 million of loan origination and financing costs related to the HPS Credit Agreement which are 
being accounted for as deferred financing costs on our consolidated balance sheets and are amortized over the term of the HPS Credit 
Agreement. Total amortization expense was less than $0.1 million for the year ended December 31, 2024 and is included in interest 

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
84
expense in our consolidated statements of operations. As of December 31, 2024, the balance of unamortized deferred financing costs 
related to the HPS Credit Agreement was $2.1 million.
On December 3, 2024, Gogo, GIH, and the Guarantors entered into a guarantee agreement (the “HPS Guarantee Agreement”) in 
favor of HPS Investment Partners, LLC, as collateral agent (the “HPS Collateral Agent”), whereby GIH and the Guarantors guarantee 
the obligations under the HPS Term Loan Facility and certain other secured obligations as set forth in the HPS Guarantee Agreement, 
and GIH and the Guarantors entered into a collateral agreement (the “HPS Collateral Agreement”), in favor of the Collateral Agent, 
whereby GIH and the Guarantors grant a security interest in substantially all of their respective tangible and intangible assets 
(including the equity interests in each direct material wholly-owned U.S. restricted subsidiary owned by GIH or any Guarantor, and 
65% of the equity interests in any non-U.S. subsidiary held directly by GIH or any Guarantor), subject to certain exceptions, to secure 
the obligations under the HPS Term Loan Facility and certain other secured obligations as set forth in the HPS Collateral Agreement. 
The liens granted under the HPS Term Loan Facility are subject to an intercreditor agreement and are pari passu with the liens granted 
under the 2021 Term Loan Facility.
2022 Convertible Notes
In 2018, we issued $237.8 million aggregate principal amount of 6.00% Convertible Senior Notes due 2022 (the “2022 
Convertible Notes”) in private offerings to qualified institutional buyers, including pursuant to Rule 144A under the Securities Act of 
1933, as amended (the “Securities Act”), and in concurrent private placements.
In 2021, $135.0 million aggregate principal amount of 2022 Convertible Notes was converted by holders and settled through the 
issuance of 24,353,006 shares of common stock. 
In May 2022, the remaining $102.8 aggregate principal amount of 2022 Convertible Notes was converted by holders into 
17,131,332 shares of common stock. Thorndale Farm Private Equity Fund 2, LLC, an entity affiliated with our Executive Chair of the 
Board, held $8.0 aggregate principal amount of 2022 Convertible Notes that was converted into 1,333,333 shares of common stock.
We incurred approximately $8.1 million of issuance costs related to the issuance of the 2022 Convertible Notes that were 
amortized over the term of the 2022 Convertible Notes using the effective interest method. Total amortization expense was $0.4 
million for the year ended December 31, 2022 and is included in Interest expense in the consolidated statements of operations. See 
Note 11, “Interest Costs,” for additional information.
The 2022 Convertible Notes had an initial conversion rate of 166.6667 common shares per $1,000 principal amount of 2022 
Convertible Notes, which was equivalent to an initial conversion price of approximately $6.00 per share of our common stock. Prior to 
conversion, the shares of common stock subject to conversion were considered in the diluted earnings per share calculations under the 
if-converted method if their impact was dilutive.
Forward Transactions
In connection with the issuance of our 3.75% Convertible Senior Notes due 2020 (the “2020 Convertible Notes”), we paid 
approximately $140.0 million to enter into prepaid forward stock repurchase transactions (the “Forward Transactions”) with certain 
financial institutions (the “Forward Counterparties”), pursuant to which we purchased approximately 7.2 million shares of common 
stock for settlement on or around the March 1, 2020 maturity date for the 2020 Convertible Notes, subject to the ability of each 
Forward Counterparty to elect to settle all or a portion of its Forward Transactions early. 
On December 11, 2019, we entered into an amendment to one of the Forward Transactions (the “Amended and Restated 
Forward Transaction”) to extend the expected settlement date with respect to approximately 2.1 million shares of common stock held 
by one of the Forward Counterparties, JPMorgan Chase Bank, National Association (the “2022 Forward Counterparty”), to 
correspond with the May 15, 2022 maturity date for the 2022 Convertible Notes. As a result of the Forward Transactions, total 
shareholders’ equity within our consolidated balance sheets was reduced by approximately $140.0 million. In March 2020, 
approximately 5.1 million shares of common stock were delivered to us in connection with the Forward Transactions. In April 2021, 
approximately 1.5 million shares of common stock were delivered to us in connection with the Amended and Restated Forward 
Transaction. In May 2022, the approximately 0.6 million shares that were remaining under the Amended and Restated Forward 
Transaction were delivered to us. There are no longer any additional prepaid forward stock repurchase transactions outstanding.
10. Derivative Instruments and Hedging Activities
We are exposed to interest rate risk on our variable rate borrowings. We currently use interest rate caps to manage our exposure 
to interest rate changes, and have designated these interest rate caps as cash flow hedges for accounting purposes. Accordingly, the 
earnings impact of the derivatives designated as cash flow hedges is recorded upon the recognition of the variable interest payments 
related to the hedged debt.

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
85
In May 2021, we purchased interest rate caps with an aggregate notional amount of $650.0 million for $8.6 million. The cost of 
the interest rate caps will be amortized to interest expense using the caplet method, from the effective date through termination date. 
We receive payments in the amount calculated pursuant to the caps for any period in which the daily compounded SOFR rate plus a 
credit spread adjustment recommended by the Alternative Reference Rate Committee of 0.26% increases beyond the applicable strike 
rate. The notional amounts of the interest rate caps periodically decrease over the life of the caps. 
The notional amounts, strike rates and end dates of the cap agreements are as follows (notional amounts in thousands):
Start Date
End Date
Notional
Amounts
Strike Rate
7/31/2021
7/30/2023
$
650,000
0.75%
7/31/2023
7/30/2024
525,000
0.75%
7/31/2024
7/30/2025
350,000
1.25%
7/31/2025
7/30/2026
250,000
2.25%
7/31/2026
7/30/2027
200,000
2.75%
We record the effective portion of changes in the fair value of our cash flow hedges to other comprehensive income (loss), net 
of tax, and subsequently reclassify these amounts into earnings in the period during which the hedged transaction is recognized. The 
amounts included in accumulated other comprehensive income will be reclassified to interest expense in the event the hedges are no 
longer considered effective, in accordance with ASC 815, Derivatives and Hedging. During the year ended December 31, 2023, fully 
offsetting unrealized gains and losses were incurred from our cash flow hedges that were considered ineffective as a result of a 
voluntary partial de-designation of the hedge relationship related to a prepayment of our existing variable-rate debt discussed in Note 
9, “Long-Term Debt and Other Liabilities.” No gains or losses of our cash flow hedges were considered to be ineffective and 
reclassified from other comprehensive income (loss) to earnings for the years ended December 31, 2024 and 2022. We estimate that 
approximately $2.0 million currently recorded in accumulated other comprehensive income (loss) will be recognized in earnings over 
the next 12 months. We assess the effectiveness of the hedges on an ongoing basis, and the remaining outstanding caps are still 
considered to be highly effective, and remain designated as a cash flow hedge. Cash flows from interest rate caps are classified in the 
consolidated statements of cash flows as investing activities.
For the year ended December 31, 2024, we recorded a decrease in fair value on the interest rate caps of $12.0 million, net of tax 
of $3.0 million. For the year ended December 31, 2023, we recorded a decrease in fair value on the interest rate caps of $16.1 million, 
net of tax of $4.8 million. Increases and decreases in fair value on interest rate caps above exclude amortization of the purchase price 
paid for the interest rate caps. 
When derivatives are used, we are exposed to credit loss in the event of non-performance by the counterparties; however, non-
performance is not anticipated. ASC 815, Derivatives and Hedging, requires companies to recognize all derivative instruments as 
either assets or liabilities at fair value in the balance sheet. The fair values of the interest rate derivatives are based on quoted market 
prices for similar instruments from commercial banks (based on significant observable inputs - Level 2 inputs). 
The following table presents the fair value of our interest rate derivatives included in the consolidated balance sheets for the 
periods presented (in thousands): 
December 31,
Derivatives designated as hedging instruments
Balance sheet location
2024
2023
Current portion of interest rate caps
Prepaid expenses and other current assets
$
7,351
$
18,801
Non-current portion of interest rate caps
Other non-current assets
$
6,660
$
10,295
Fair Value Measurement
Our derivative assets and liabilities consist principally of interest rate caps, which are carried at fair value based on significant 
observable inputs (Level 2 inputs). Derivatives entered into by us are typically executed over-the-counter and are valued using 
discounted cash flows along with fair value models that primarily use market observable inputs. These models take into account a 
variety of factors including, where applicable, maturity, interest rate yield curves, and counterparty credit risks.

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
86
11. Interest Costs
We capitalize a portion of our interest on funds borrowed during the active construction period of major capital projects. 
Capitalized interest is added to the cost of the underlying assets and amortized over the useful lives of the assets.
The following is a summary of our interest costs for the years ended December 31, 2024, 2023 and 2022 (in thousands):
 
For the Years Ended December 31,
 
2024
2023
2022
Interest costs charged to expense
$
53,697
$
55,823
$
43,530
Amortization of deferred financing costs
2,508
2,385
3,058
Accretion of debt discount
510
403
456
Amortization of the purchase price of interest rate caps
2,639
1,509
157
Interest rate cap benefit
(20,923)
(27,064)
(8,329)
Interest expense
38,431
33,056
38,872
Interest costs capitalized to property and equipment
2,787
2,156
920
Interest costs capitalized to software
1,398
768
472
Total interest costs
$
42,616
$
35,980
$
40,264
12. Fair Value of Financial Assets and Liabilities
Refer to Note 2, “Acquisition of Satcom Direct,” for fair value information relating to the Satcom Direct acquisition.
Refer to Note 10, “Derivative Instruments and Hedging Activities,” for fair value information relating to our interest rate caps.
Investment in Convertible Note:
On February 26, 2024, Gogo invested $5 million in a convertible note offering (“Investment in Convertible Note”). The 
Investment in Convertible Note accrues interest at 5% per annum, payable upon maturity of the note or upon conversion, and matures 
two years after the date of issuance. We have elected to measure our Investment in Convertible Note using the fair value option and 
record changes in fair value, including accrued interest, in Other (income) expense, net on the Consolidated Statements of Operations. 
The Company elected the fair value option for the Investment in Convertible Note to eliminate complexities of applying certain 
accounting models.
The fair value of the Investment in Convertible Note is measured using Level 3 (unobservable) inputs. The Company, with the 
assistance of a third-party valuation specialist, determined the fair value using a binomial lattice model. The significant assumptions 
used in the model include the yield, equity volatility, outstanding principal, remaining term, stated interest rate, risk-free interest rate 
and the current publicly available stock price. The yield is estimated using similar security yields for companies with similar credit 
ratings. Equity volatility is estimated based on observed equity volatility for similar companies. The outstanding principal, remaining 
term and stated interest rate are all determined based on contractually defined terms and the risk-free interest rate is determined by 
reference to the U.S. Treasury yield curve in effect at the time of measurement for time periods approximately equal to the remaining 
time to maturity.
The reconciliation of beginning and ending balances of the Investment in Convertible Note as of December 31, 2024 were as 
follows (in thousands):
For the Year Ended 
December 31,
2024
Balance at beginning of period
$
—
Investment
5,000
Change in fair value
(793)
Balance at end of period
$
4,207
Long-Term Debt:
As of December 31, 2024, our only financial assets and liabilities disclosed but not measured at fair value are the 2021 Term 
Loan Facility and the HPS Term Loan Facility, which are reflected on the consolidated balance sheets at cost. As of December 31, 
2023, only the 2021 Term Loan Facility was disclosed but not measured at fair value. The fair value measurements are classified as 
Level 2 within the fair value hierarchy since they are based on quoted market prices of our instruments in markets that are not active. 

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
87
We estimated the fair values of the 2021 Term Loan Facility and the HPS Term Loan Facility by calculating the upfront cash 
payments a market participant would require to assume these obligations. The upfront cash payments used in the calculations of fair 
values on our consolidated balance sheets, excluding any issuance costs, are the amounts that a market participant would be willing to 
lend at such date to an entity with a credit rating similar to ours and that would allow such an entity to achieve sufficient cash inflows 
to cover the scheduled cash outflows under the 2021 Term Loan Facility and HPS Term Loan Facility.
The fair value and carrying value of long-term debt as of December 31, 2024 and 2023 was as follows (in thousands):
 
December 31, 2024
December 31, 2023
 
Fair Value (1)
Carrying
Value
Fair Value (1)
Carrying
Value
2021 Term Loan Facility
$
572,000
$
599,776
(2)
$
610,000
$
604,797
(2)
HPS Term Loan Facility
$
244,000
$
244,469
(3)
$
—
$
—
(1) Fair value amounts are rounded to the nearest million.
(2) Carrying value of the 2021 Term Loan Facility reflects the unaccreted debt discount of $1.7 million and $2.1 million, 
respectively, as of December 31, 2024 and 2023. See Note 9, “Long-Term Debt and Other Liabilities,” for further 
information.
(3) Carrying value of the HPS Term Loan Facility reflects the unaccreted debt discount of $4.9 million as of December 31, 2024. 
See Note 9, “Long-Term Debt and Other Liabilities,” for further information.
13. Business Segments
As a result of the Company’s acquisition of Satcom Direct, as described in Note 2, “Acquisition of Satcom Direct,” the 
Company has two reportable segments as of December 31, 2024: Gogo BA and Satcom Direct. The Gogo BA segment provides in-
flight connectivity for business aviation via air-to-ground and satellite networks. The Satcom Direct segment provides global satellite-
based communication solutions primarily for business, military and government aircraft. Corporate costs are primarily included within 
the Gogo BA segment.
The accounting policies of the operating segments are the same as those described in Note 1, “Summary of Significant 
Accounting Policies.” Intercompany transactions between segments are excluded as they are not included in management’s 
performance review of the segments.
The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”). The CODM makes 
resource and operating decisions by evaluating performance and business results of the segments’ net income (loss).
Results attributable to the Satcom Direct segment are for the period beginning on the Closing through December 31, 2024. 
Information regarding our reportable segments is as follows (in thousands):

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
88
 
For the Years Ended December 31,
2024
2023
2022
 
Gogo BA
Satcom 
Direct
Total
Gogo BA
Gogo BA
Revenue:
Service revenue
$
327,056
$
37,214
$
364,270
$
318,015
$
296,329
Equipment revenue
77,450
2,989
80,439
79,562
107,738
Total revenue
404,506
40,203
444,709
397,577
404,067
Operating expenses:
Cost of service revenue (exclusive of items shown 
below)
74,927
24,115
99,042
69,568
64,427
Cost of equipment - product
45,575
46,672
56,676
Cost of equipment - other
18,146
16,711
14,797
Total cost of equipment revenue (exclusive of items 
shown below)
63,721
3,840
67,561
63,383
71,473
Engineering, design and development
43,465
1,307
44,772
36,683
29,587
Sales and marketing
36,082
1,938
38,020
29,797
25,471
General and administrative
98,231
26,840
125,071
57,280
58,203
Depreciation and amortization
15,287
3,685
18,972
16,701
12,580
Total operating expenses
331,713
61,725
393,438
273,412
261,741
Operating income (loss)
72,793
(21,522)
51,271
124,165
142,326
Other expense (income):
Interest income
(8,336)
—
(8,336)
(7,403)
(2,386)
Interest expense
38,431
—
38,431
33,056
38,872
Loss on extinguishment of debt
—
—
—
2,224
—
Other (income) expense, net
3,042
—
3,042
(1,315)
123
Total other expense
33,137
—
33,137
26,562
36,609
Income (loss) before income taxes
39,656
(21,522)
18,134
97,603
105,717
Income tax provision (benefit)
4,388
—
4,388
(48,075)
13,658
Net income (loss)
$
35,268
$
(21,522) $
13,746
$
145,678
$
92,059
Other segment disclosures:
Total assets
$
663,024
$
566,207
$ 1,229,231
$
781,539
$
759,526
Consolidated capital expenditures
$
26,640
$
415
$
27,055
$
24,088
$
49,914
Information regarding consolidated revenues by geographic area is as follows (in thousands):
 
For the Years Ended December 31,
 
2024
2023
2022
United States
$
397,375
$
372,246
$
378,116
International
47,334
25,331
25,951
Total
$
444,709
$
397,577
$
404,067
Information regarding consolidated long-lived assets by geographic area, which consist of property and equipment, net and 
operating lease right-of-use assets is as follows (in thousands):
 
As of December 31,
 
2024
2023
2022
United States
$
166,518
$
159,489
$
171,117
International
21,072
9,192
8,739
Total
$
187,590
$
168,681
$
179,856
No customer accounted for more than 10% of total revenue for the years ended December 31, 2024, 2023 and 2022 and no 
customer accounted for more than 10% of accounts receivable as of December 31, 2024 or 2023.
14. Stock-Based Compensation and 401(k) Plan

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
89
As of December 31, 2024, we maintained the 2024 Omnibus Equity Incentive Plan (the “2024 Plan”), which replaced the 
Second Amended and Restated Gogo Inc. 2016 Omnibus Incentive Plan (the “2016 Plan”). The 2024 Plan provides for the grant of 
both equity and cash awards, including non-qualified stock options, incentive stock options, stock appreciation rights, performance 
awards (shares and units), restricted stock, RSUs, deferred share units (“DSUs”) and other stock-based awards and dividend 
equivalents to eligible employees, directors and consultants, as determined by the Compensation Committee of our Board of Directors 
(the “Compensation Committee”). Concurrent with the effectiveness of the 2024 Plan on June 4, 2024, no further grants are being 
made under the 2016 Plan. The 2016 Plan remains in effect for all awards outstanding thereunder on or after June 4, 2024. The 
majority of our equity grants are awarded on an annual basis. 
Additionally, in connection with the Company’s acquisition of Satcom Direct on December 3, 2024, 2,275,000 shares were 
granted, consisting of a combination of RSUs and performance-based restricted stock units (“PSUs”) (together, the “Inducement 
Awards”) by the Compensation Committee. The RSUs will vest in equal annual installments over the five-year period following the 
grant date. The PSUs are subject to performance-based vesting and will vest when the performance-based vesting conditions are met. 
Though not awarded pursuant to the 2024 Plan, the Inducement Awards have been issued subject to the terms and conditions of the 
2024 Plan.
Upon effectiveness of the 2024 Plan on June 4, 2024, 6,940,644 shares of common stock were reserved for issuance. As of 
December 31, 2024, 6,934,107 shares remained available for grant under the 2024 Plan. The contractual life of granted options is 10 
years. Except as otherwise approved by the Compensation Committee, all options that are unvested as of the date on which a 
recipient’s employment terminates, as well as vested options that are not exercised within a prescribed period following termination, 
are forfeited and become available for future grants. Options granted beginning in 2010 but prior to the Option Exchange (as defined 
below) include options that (a) vest in specified increments over a four-year period, (b) vest on the date of grant for certain options 
granted to non-employee members of our Board of Directors or (c) vest on the first anniversary of the date of grant for certain options 
granted to non-employee members of our Board of Directors. In June 2020, we consummated an option exchange program that was 
approved by our stockholders at the annual meeting held on April 29, 2020 in which previously outstanding eligible options (which 
excluded options granted for service by non-executive members of our Board of Directors) to purchase 6,664,773 shares of common 
stock were surrendered and cancelled and we granted replacement options (the “Replacement Options”) in exchange for the tendered 
options. Of the 4,168,455 options we granted in 2020, 2,896,383 were Replacement Options. The Replacement Options vested in a 
single installment on December 31, 2022.
Beginning in 2013, we granted RSUs, which generally vest in equal annual increments over a four-year period. Vested RSUs 
will be settled, at the discretion of the Compensation Committee, in shares of our common stock or in cash equal to the value of the 
applicable number of shares of our common stock on the vesting date. We also granted DSUs to directors, some of which vest on the 
grant date and others on the first anniversary of the grant date. DSUs will be settled in shares of our common stock after the director 
ceases to serve as a director. We intend to settle RSU and DSU awards in stock. 
The following is a summary of our stock-based compensation expense included in the consolidated statements of operations, for 
the years December 31, 2024, 2023 and 2022 (in thousands):
For the Years Ended December 31,
 
2024
2023
2022
Cost of service revenue
$
1,927
$
1,701
$
1,073
Cost of equipment revenue
1,535
1,363
1,022
Engineering, design and development
4,064
3,569
2,532
Sales and marketing
4,010
3,678
2,628
General and administrative
9,241
10,977
11,810
Total stock-based compensation expense
$
20,777
$
21,288
$
19,065
A summary of stock option activity for the year ended December 31, 2024 is as follows:
 
Number of
Options
Weighted
Average
Exercise
Price
Per
Share
Weighted
Average
Remaining
Contractual
Life
Aggregate
Intrinsic
Value
(in 
thousands)
Options outstanding – January 1, 2024
3,769,590
$
4.35
4.20
$
23,190
Granted
—
$
—
Exercised
(236,979) $
2.66
Forfeited
—
$
—
Expired
(63,895) $
18.00
Options outstanding – December 31, 2024
3,468,716
$
4.22
2.97
$
15,134
Options exercisable – December 31, 2024
3,468,716
$
4.22
2.97
$
15,134

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
90
The total grant date fair value of stock options vested in 2024, 2023 and 2022 was approximately $0.1 million, $0.3 million and 
$18 million, respectively.
The following table summarizes the activities for our unvested RSUs, PSUs and DSUs for the year ended December 31, 2024:
 
Number of
Underlying
Shares
Weighted
Average
Grant Date
Fair Value
Unvested – January 1, 2024
3,739,689
$
14.25
Granted
5,069,203
$
8.17
Vested
(1,800,257) $
12.00
Forfeited/canceled
(889,374) $
12.17
Unvested – December 31, 2024
6,119,261
$
10.13
As of December 31, 2024, there was approximately $47 million of unrecognized compensation cost related to unvested 
employee RSUs and PSUs. This amount is expected to be recognized over a weighted-average period of approximately 2.6 years. The 
total grant date fair value of RSUs and DSUs vested in 2024 was approximately $22 million. 
In connection with the acquisition of Satcom Direct discussed in Note 2, “Acquisition of Satcom Direct,” the Company issued 
PSUs to certain executives that vest upon the achievement of pre-established metrics tied to the price of the Company’s common 
stock. The PSUs have an indefinite contractual life and are expensed over the estimated expected life of the award. We estimate the 
fair value of PSUs using a Monte Carlo simulation. The significant assumptions used in the Monte Carlo simulation were as follows:
For the Years Ended 
December 31,
 
2024
Approximate risk-free interest rate
4.4%
Average expected life (years)
3.21
Dividend yield
N/A
Volatility
67.2%
Weighted average grant date fair value of PSUs granted
$
7.91
The risk-free interest rate assumption was based on the U.S. Treasury yield curve for the term that mirrored the Monte Carlo 
simulation term. The expected life of the PSUs represents the derived service period that is inferred from the median of the 
distribution of share price paths on which the PSU conditions are satisfied. The dividend yield was based on expected dividends at the 
time of grant. Volatility was calculated using the historical volatility of the Company’s common stock.
ESPP - In 2024, the Board of Directors and stockholders approved the 2024 Employee Stock Purchase Plan (the “ESPP”), 
which became effective June 4, 2024. The prior ESPP expired during 2023. The ESPP allows eligible employees to purchase a limited 
number of shares of common stock during pre-specified offering periods at a discount established by the Compensation Committee 
which may not exceed 15% of the fair market value of the common stock at the beginning or end of the offering period (whichever 
was lower). Under the ESPP, 700,000 shares were reserved for issuance and 36,704 shares of common stock were issued during the 
year ended December 31, 2024. As of December 31, 2024, 663,296 shares remained available for purchase under the ESPP.
401(k) Plan - Under our 401(k) plan, all employees who are eligible to participate are entitled to make tax-deferred contributions, 
subject to Internal Revenue Service limitations. We match 100% of the employee’s first 4% of contributions made, subject to annual 
limitations. Our matching contributions were $2.8 million, $2.3 million, and $2.1 million for the years ended December 31, 2024, 
2023 and 2022, respectively.
15. Income Tax
For financial reporting purposes, the income before income taxes included the following components for the years ended 
December 31, 2024, 2023, and 2022 (in thousands):
 
For the Years Ended December 31,
 
2024
2023
2022
United States
$
20,239
$
97,212
$ 105,450
Foreign
(2,105)
391
267
Income before income taxes
$
18,134
$
97,603
$ 105,717

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
91
Significant components of the provision (benefit) for income taxes for the years ended December 31, 2024, 2023, and 2022 are 
as follows (in thousands):
 
For the Years Ended December 31,
 
2024
2023
2022
Current:
Federal
$
—
$
—
$
—
State
1,137
1,097
488
Foreign
6
—
—
 
1,143
1,097
488
Deferred:
Federal
3,533
(40,743)
11,830
State
(9)
(7,971)
2,464
Foreign
(279)
(458)
(1,124)
 
3,245
(49,172)
13,170
Total
$
4,388
$
(48,075) $
13,658
The provision (benefit) for income taxes differs from income taxes computed at the federal statutory tax rates for the years 
ended December 31, 2024, 2023, and 2022 as a result of the following items:
 
For the Years Ended December 31,
 
2024
2023
2022
Federal statutory rate
21.0%
21.0%
21.0%
Effect of:
Change in valuation allowance
1.2
(74.5)
(10.9)
State income taxes-net of federal tax benefit
4.9
5.0
4.0
R&D credit
(12.9)
(1.2)
(0.4)
Nondeductible officer's compensation
6.5
1.2
0.1
Excess tax benefits on stock-based compensation
8.3
(0.4)
(2.0)
Foreign branch income (loss)
(2.1)
—
—
Basis adjustment
(3.6)
(0.3)
0.9
Other
0.9
(0.1)
0.2
Effective tax rate
24.2%
(49.3)%
12.9%
In addition to the Deferred income taxes on the consolidated balance sheets, the Company has a deferred tax liability of 
$4.7 million related to foreign entities included in Other non-current liabilities as of December 31, 2024. Components of the net 
deferred income tax asset as of December 31, 2024 and 2023 are as follows (in thousands):
 
December 31,
December 31,
 
2024
2023
Deferred income tax assets:
Federal net operating loss (NOL)
$
76,249
$
93,610
State NOL
20,667
22,167
Foreign NOL
11,632
14,243
Interest carryforward
70,679
68,225
Operating lease liability
19,496
20,664
Section 174 costs
18,112
10,093
Other
50,043
46,445
Total deferred income tax assets
266,878
275,447
Deferred income tax liabilities:
Indefinite-lived intangible assets
(11,123)
(10,108)
Right-of-use asset
(16,455)
(17,495)
Interest rate cap valuation
(2,366)
(5,478)
Other
(1,199)
(127)
Total deferred income tax liabilities
(31,143)
(33,208)
Total deferred income tax
235,735
242,239
Valuation allowance
(23,160)
(25,601)
Net deferred income tax asset
$
212,575
$
216,638

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
92
We regularly assess the need for a valuation allowance related to our deferred income tax assets to determine, based on the 
weight of all available positive and negative evidence, whether it is more likely than not that some or all of such deferred assets will 
not be realized. In our assessments, the Company considers recent financial operating results, the scheduled expiration of our net 
operating losses, future taxable income, the reversal of existing taxable differences, and tax planning strategies. Based on our most 
recent assessment, as of December 31, 2024 and 2023, the Company had valuation allowances of $23.2 million and $25.6 million, 
respectively, against its deferred tax assets. The Company’s valuation allowance decreased by $2.4 million. The decrease primarily 
related to the expiration of an unused state tax attribute and a reduction in certain foreign net operating losses. This decrease was 
partially offset by valuation allowances established through the opening balance sheet for Canadian deferred tax assets acquired from 
Satcom Direct of $3.7 million. Refer to Note 2, “Acquisition of Satcom Direct,” for further information. Management believes the 
remaining deferred tax assets are more likely than not to be realized based on the weight of available positive and negative evidence.
The valuation allowances pertain to certain state tax credits, foreign net operating losses (NOLs), and capital loss carryforwards. 
Management believes it is more likely than not that these deferred tax assets will not be realized as of December 31, 2024. If our 
current operating performance continues, further reversals of our valuation allowance could occur within the next twelve months. 
As of December 31, 2024, the federal net operating loss (“NOL”) carryforward, state NOL carryforward and Canadian NOL 
carryforward were approximately $363 million, $356 million, and $44 million, respectively. We have recorded a deferred tax asset of 
$76.2 million, $20.7 million, and $11.6 million for federal NOLs, state NOLs, and foreign NOLs, respectively, reflecting the benefit 
of these loss carryforwards. The foreign NOLs are primarily comprised of Canadian NOLs of $43.6 million. The federal and state 
NOLs begin to expire in 2035 and 2025, respectively. The Canadian NOL carryforward begins to expire in 2034.
On December 3, 2024, Gogo Direct Holdings LLC completed its acquisition of Satcom Direct. See Note 2, “Acquisition of 
Satcom Direct,” for further information on the Purchase Agreement. For U.S. income tax purposes, the acquisition of the U.S group 
was treated as a deemed asset acquisition whereby the Company received a step up in basis of the acquired assets and liabilities. The 
acquisition of the foreign operations was treated as a stock acquisition for local income tax purposes, whereby the Company acquired 
the carryover tax basis in the foreign operations' assets and liabilities. The Company recorded a net deferred tax liability of $3.8 
million through the opening balance sheet related to this acquisition.
Uncertain Tax Positions - As of December 31, 2024, the total amount of gross unrecognized tax benefits was $1.7 million. As 
of December 31, 2023, the total amount of gross unrecognized tax benefits was $1.9 million. We do not expect a change in the 
unrecognized tax benefits within the next 12 months.
The aggregate change in the balance of gross unrecognized tax benefits, which excludes interest and penalties for the years 
ended December 31, 2024 and 2023 is as follows (in thousands):
 
For the Year 
Ended 
December 31,
For the Year 
Ended 
December 31,
 
2024
2023
Beginning balances
$
1,934
$
799
Increases related to tax positions taken during a prior year
149
798
Decreases related to tax positions taken during a prior year
(782)
—
Increases related to tax positions taken during the current 
year
401
337
Decreases related to settlements with taxing authorities
—
—
Decreases related to expiration of the statute of limitations
—
—
Ending balances
$
1,702
$
1,934
We are subject to taxation and file income tax returns in the United States federal jurisdiction, various states and several foreign 
jurisdictions including, but not limited to, Canada, Switzerland, United Kingdom, Australia, Brazil and Singapore. With few 
exceptions, as of December 31, 2024, we are no longer subject to U.S. federal, state, local or foreign examinations by tax authorities 
for years before 2021.
The total amount of unrecognized tax benefits that, if recognized, would reduce the Company’s effective tax rate is $1.7 million 
and $1.2 million as of December 31, 2024 and 2023, respectively. We record penalties and interest relating to uncertain tax positions 
in the income tax provision line item in the consolidated statement of operations. No penalties or interest related to uncertain tax 
positions were recorded for the years ended December 31, 2024, 2023 or 2022. We do not expect a change in the unrecognized tax 
benefits within the next 12 months.

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
93
16. Leases
The following is a summary of our lease expense included in the consolidated statement of operations (in thousands):
 
For the Years Ended December 31,
 
2024
2023
2022
Operating lease cost
$
16,692
$
15,961
$
14,964
Finance lease cost:
Amortization of leased assets
55
112
156
Interest on lease liabilities
13
9
40
Total lease cost
$
16,760
$
16,082
$
15,160
Other information regarding our leases is as follows (in thousands, except lease terms and discount rates):
 
For the Years Ended December 31,
 
2024
2023
2022
Supplemental cash flow information
Cash paid for amounts included in measurement of lease 
liabilities:
Operating cash flows used in operating leases
$
17,392
$
16,422
$
15,194
Operating cash flows used in finance leases
$
13
$
9
$
40
Financing cash flows used in finance leases
$
31
$
132
$
184
Non-cash items:
Operating leases obtained
$
9,325
$
5,231
$
13,547
Finance leases obtained
$
170
$
—
$
11
Weighted average remaining lease term
Operating leases
6 years
7 years
8 years
Finance leases
2 years
2 years
1 year
Weighted average discount rate
Operating leases
7.0%
6.8%
6.7%
Finance leases
9.0%
4.7%
17.0%
Annual future minimum lease payments as of December 31, 2024 (in thousands):
Years ending December 31,
Operating
Leases
Financing
Leases
2025
$
17,737
$
82
2026
18,277
60
2027
16,496
15
2028
14,173
—
2029
12,608
—
Thereafter
19,423
—
Total future minimum lease payments
98,714
157
Less: Amount representing interest
(17,860)
(12)
Present value of net minimum lease payments
$
80,854
$
145
Reported as of December 31, 2024
Accrued liabilities
$
12,676
$
74
Non-current operating lease liabilities
68,178
—
Other non-current liabilities
—
71
Total lease liabilities
$
80,854
$
145
As of December 31, 2024, there were no significant leases which had not yet commenced.
17. Commitments and Contingencies
Contractual Commitments – We have agreements with various vendors under which we have remaining commitments to 
purchase hardware components and development services. Such commitments will become payable as we receive the hardware 
components or as development services are provided.

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
94
On September 18, 2024, we entered into an amendment (the “Amendment”) to that certain OneWeb Distribution Partner 
Agreement by and between Gogo Business Aviation LLC and Network Access Associates Limited (“Eutelsat OneWeb”), dated as of 
May 19, 2022 and as previously amended on October 5, 2022 (the “Original Agreement”). Pursuant to the Original Agreement, Gogo 
partners with Eutelsat OneWeb to utilize its global low earth orbit satellite network. Pursuant to the Amendment, Gogo has made a 
total guaranteed minimum commitment of $52.5 million over a four-year term, with an option to extend. Following the initial term, 
the Amendment will automatically renew for successive one-year periods unless one party provides written notice of its intent not to 
renew, and either party may terminate the Amendment for breach or for insolvency rights. The Amendment also contains customary 
terms regarding confidentiality, indemnification and limitation of liability.
On May 17, 2024, Airspan Networks Holdings Inc. (“Airspan”) filed a plan supplement to its Joint Prepackaged Chapter 11 
Plan of Reorganization, Case No. 24-10621 (the “Plan”), whereby the Company and Fortress Credit Corp. (“Fortress”) agreed in 
principle to each provide fifty percent (50%) of a new first lien revolving facility in an aggregate committed principal amount of $20.0 
million (the “New Revolving Credit Facility”). Unless otherwise extended by the parties, any amounts outstanding under the New 
Revolving Credit Facility shall be due and payable in full on the first anniversary of the closing date of the New Revolving Credit 
Facility. The Plan, including the Company’s participation in the New Revolving Credit Facility, was approved by the Bankruptcy 
Court for the District of Delaware on June 28, 2024. On June 27, 2024, Airspan and the Company amended the Master Service 
Agreement, dated November 25, 2019. Further, on October 11, 2024, in connection with Airspan becoming a private company, the 
Company, Airspan and Fortress executed the necessary documents for the New Revolving Credit Facility to become effective. The 
New Revolving Credit Facility was undrawn as of December 31, 2024. On January 23, 2025, Airspan borrowed $5.0 million under the 
New Revolving Credit Facility, of which $2.5 million was the Company’s obligation.
In June 2022, we entered into a supply and product support agreement (the “SPSA”) with Hughes Network Systems, LLC 
(“Hughes”), providing for our purchase from Hughes of airborne half duplex (“HDX”) antennas for use on a LEO satellite network, 
and the performance by Hughes of services related thereto. Under the SPSA, we commit to purchase, over a seven-year period that 
began on completion of a project milestone that occurred in the second half of 2024, HDX antennas with an estimated aggregate 
purchase price of approximately $170 million. During the contractual seven-year period, Hughes may not sell substantially similar 
equipment to other purchasers in our primary target market. In March 2023, we amended the SPSA, pursuant to which, we committed 
to purchase, over a seven-year period that will begin on completion of a project milestone currently expected to occur in mid-2025, 
full duplex (“FDX”) antennas with an estimated aggregate purchase price of approximately $102 million.
The Company accrued a contingent liability of $5.0 million in Accrued liabilities in the Consolidated Balance Sheets as of 
December 31, 2024 for state and local taxes in a variety of jurisdictions for periods between 2010 and 2023 related to Satcom Direct’s 
pre-acquisition business activities. While the Company believes that the reserve represents the best current estimate of any potential 
liability in the area of state and local taxes, there can be no assurance that the outcome of discussions with any state taxing authority 
will not result in the payment of state sales taxes for prior periods, or that the amount of any such payments will not be materially 
different than the liability currently recorded. Pursuant to the terms of the Purchase Agreement, the Company has accrued a $5.0 
million indemnification receivable in Prepaid expenses and other current assets in the Consolidated Balance Sheets as of December 
31, 2024. See Note 2, “Acquisition of Satcom Direct,” for further information on the Purchase Agreement.
SmartSky Litigation – On February 28, 2022, SmartSky Networks, LLC brought suit against Gogo Inc. and its subsidiary 
Gogo Business Aviation LLC in the U.S. District Court for the District of Delaware (the “Court”) alleging that Gogo 5G infringes four 
patents owned by the plaintiff. On February 21, 2023, the plaintiff amended its complaint to allege that Gogo 5G infringes two 
additional patents recently issued to the plaintiff. The suit seeks compensatory damages as well as treble damages for alleged willful 
infringement and reimbursement of plaintiff's costs, disbursements and attorneys' fees. On May 29, 2024, Gogo Inc. and its subsidiary 
Gogo Business Aviation LLC amended its answer and counterclaims in the same suit, alleging that three of the six patents asserted by 
SmartSky are unenforceable due to inequitable conduct before the U.S. Patent Office. A trial date has been scheduled for November 
17, 2025. Claim construction proceedings, fact discovery and expert discovery are completed. Dispositive motions were filed on 
October 25, 2024 and await resolution. We continue to vigorously defend our position in the infringement suit. The outcome of the 
underlying litigation is inherently uncertain. No amounts have been accrued for any potential losses under this matter, as we cannot 
reasonably predict the outcome of the litigation or any potential losses.
On March 5, 2024, Gogo Inc. and its subsidiary Gogo Business Aviation LLC filed counterclaims in the same suit, alleging that 
SmartSky’s ATG network, Flagship equipment, and LITE ATG equipment infringe three patents owned by Gogo. Gogo’s counterclaim 
suit seeks an unspecified amount of compensatory damages as well as reimbursement of Gogo's costs and attorneys' fees. On April 10, 
2024, the Court held that Gogo's counterclaims would proceed under a separate schedule and would be tried separately from SmartSky's 
claims. The court entered a scheduling order for Gogo’s counterclaims on January 14, 2025 with a trial date of March 8, 2027.
On December 16, 2024, SmartSky Networks, LLC sued Gogo Inc. and its subsidiaries alleging that Gogo maintains an illegal 
monopoly over air-to-ground broadband inflight connectivity products and services and has blocked SmartSky from entering the market 
in violation of antitrust laws. SmartSky also alleges claims of false advertising, unfair and deceptive trade practices, and tortious 
interference.  The suit seeks actual damages, treble damages, punitive damages, disgorgement of profits, reimbursement of plaintiff's 

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
95
costs, attorneys' fees, pre- and post-judgment interest, and interest on actual damages. We will vigorously defend our position in this 
lawsuit. The outcome of the litigation is inherently uncertain. No amounts have been accrued for any potential losses under this matter, 
as we cannot reasonably predict the outcome of the litigation or any potential losses.
From time to time we may become involved in legal proceedings arising in the ordinary course of our business. We cannot 
predict with certainty the outcome of any litigation or the potential for future litigation. With respect to such legal proceedings, we 
accrue a loss when it is probable and its amount can be reasonably estimated. Regardless of the outcome of any particular litigation 
and the merits of any particular claim, litigation can have a material adverse impact on our Company due to, among other reasons, any 
injunctive relief granted, which could inhibit our ability to operate our business, amounts paid as damages or in settlement of any such 
matter, diversion of management resources and defense costs.
18. Accumulated Other Comprehensive Income (Loss)
The following is a summary of changes in accumulated other comprehensive income (loss) by component (in thousands):
Change in
Currency
Fair Value of
Translation
Cash Flow
Adjustment
Hedge
Total
Balance at January 1, 2022
$
(960)
$
2,749
$
1,789
Other comprehensive income (loss) before reclassifications
(265)
34,765
34,500
Less: income realized and reclassified to earnings
—
6,161
6,161
Net current period comprehensive income (loss)
(265)
28,604
28,339
Balance at December 31, 2022
$
(1,225)
$
31,353
$
30,128
Other comprehensive income before reclassifications
291
4,579
4,870
Less: income realized and reclassified to earnings
—
19,202
19,202
Net current period comprehensive income (loss)
291
(14,623)
(14,332)
Balance at December 31, 2023
$
(934)
16,730
$
15,796
Other comprehensive income (loss) before reclassifications
(823)
4,413
3,590
Less: income realized and reclassified to earnings
—
13,819
13,819
Net current period comprehensive income (loss)
(823)
(9,406)
(10,229)
Balance at December 31, 2024
$
(1,757)
$
7,324
$
5,567
19. Common Stock and Preferred Stock
Common Stock – We have one class of common stock outstanding as of December 31, 2024 and 2023. Our common stock is 
junior to our preferred stock, if and when issued. Our Third Amended and Restated Certificate of Incorporation authorizes a total of 
500,000,000 shares of common stock with a par value of $0.0001 per share.
Preferred Stock – Our Third Amended and Restated Certificate of Incorporation authorizes 100,000,000 shares of new preferred 
stock with a par value of $0.01 per share. No shares of this new preferred stock have been issued. The preferred stock may be issued, 
from time to time, in one or more series as authorized by the Board of Directors, which has the authority to designate the terms of any 
series of preferred stock issued, including, without limitation, the number of shares to be included in such series of preferred stock, 
any dividend, redemption, conversion rights or voting powers and the designations, preferences and relative participating, optional or 
other special rights.
Share Repurchases – On September 5, 2023, we announced a share repurchase program that grants the Company authority to 
repurchase up to $50 million of shares of the Company’s common stock. Repurchases may be made at management's discretion from 
time to time on the open market, through privately negotiated transactions, or by other means, including through the use of trading 
plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable 
securities laws and other restrictions. The repurchase program has no time limit and may be suspended for periods or discontinued at 
any time and does not obligate us to purchase any shares of our common stock. The timing and total amount of stock repurchases will 
depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other 
considerations. We do not expect to incur debt to fund the share repurchase program. During the years ended December 31, 2024 and 
2023, we repurchased an aggregate 4.0 million shares and 0.5 million shares, respectively, of our common stock for $33.2 million and 
$4.8 million, respectively. As of December 31, 2024, approximately $12.1 million remains available under the share repurchase 
program.

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
96
During September 2022, we repurchased 1.5 million shares of common stock in a private transaction for an aggregate purchase 
price of $18.3 million.

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
97
20. Condensed Financial Information of Registrant
The following presents the condensed financial information of our parent company on a standalone basis.
Gogo Inc.
Condensed Balance Sheets
(in thousands)
 
December 31,
December 31,
 
2024
2023
Assets:
Cash and cash equivalents
$
1,001
$
17,286
Prepaid expenses and other current assets
1,796
74
Deferred income taxes
216,926
222,043
Total assets
$
219,723
$
239,403
Liabilities and stockholders’ equity:
Other current liabilities
$
37
$
189
Investments and payables with subsidiaries
150,362
198,489
Total liabilities
150,399
198,678
Total stockholders’ equity
69,324
40,725
Total liabilities and stockholders’ equity
$
219,723
$
239,403
Gogo Inc.
Condensed Statements of Operations and Comprehensive Income
(in thousands)
 
For the Years Ended December 31,
 
2024
2023
2022
Total operating expenses
$
105
$
—
$
—
Other (income) expense
Interest income
(198)
(1,280)
(455)
Interest expense
—
—
2,770
Other
1
(1,344)
1
Total other (income) expense
(197)
(2,624)
2,316
Income (loss) before income taxes
92
2,624
(2,316)
Income tax provision (benefit)
4,662
(48,075)
13,658
Equity (gains) losses of subsidiaries
(18,316)
(94,979)
(108,033)
Net income
$
13,746
$
145,678
$
92,059
Comprehensive income
$
13,746
$
145,678
$
92,059

Gogo Inc. and Subsidiaries
Notes to Consolidated Financial Statements – (Continued)
98
Gogo Inc.
Condensed Statements of Cash Flows
(in thousands)
 
For the Years Ended December 31,
 
2024
2023
2022
Operating activities:
Net income
$
13,746
$
145,678
$
92,059
Amortization of deferred financing costs
—
—
418
Subsidiary equity (gains) losses
(18,316)
(94,979)
(108,033)
Deferred income taxes
3,511
(49,172)
13,170
Gain on sale of equity investment
—
(1,343)
—
Other operating activities
(1,874)
2
(627)
Net cash (used in) provided by operating activities
(2,933)
186
(3,013)
Investing activities:
Investments and advances with subsidiaries
22,843
(8,365)
6,047
Purchase of equity investment
—
(5,000)
—
Proceeds from sale of equity investment
—
6,343
—
Net cash provided by (used in) investing activities
22,843
(7,022)
6,047
Financing activities:
Repurchase of common stock
(33,185)
(4,822)
(18,375)
Stock-based compensation activity
(3,010)
(8,230)
(2,579)
Net cash used in financing activities
(36,195)
(13,052)
(20,954)
Decrease in cash, cash equivalents and restricted cash
(16,285)
(19,888)
(17,920)
Cash, cash equivalents and restricted cash at beginning of period
17,286
37,174
55,094
Cash, cash equivalents and restricted cash at end of period
$
1,001
$
17,286
$
37,174
Cash, cash equivalents and restricted cash at end of period
$
1,001
$
17,286
$
37,174
Less: current restricted cash
—
—
—
Less: non-current restricted cash
—
—
—
Cash and cash equivalents at end of period
$
1,001
$
17,286
$
37,174
S

99
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures 
(a) Evaluation of Disclosure Controls and Procedures 
Management, with the participation of our Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness 
of the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 
1934, as amended (the “Exchange Act”), as of December 31, 2024. Based upon this evaluation, our Chief Executive Officer and the 
Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of December 31, 2024 due to 
material weaknesses in internal control over financial reporting, as described below.
Notwithstanding the ineffective disclosure controls and procedures due to the material weaknesses in internal control over 
financial reporting, our Chief Executive Officer and the Chief Financial Officer have concluded that that the consolidated financial 
statements in this Annual Report on Form 10-K present fairly, in all material respects, our financial position, results of operations and 
cash flows in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
(b) Management’s Annual Report on Internal Control Over Financial Reporting
The management of Gogo Inc. is responsible for establishing and maintaining adequate internal control over financial reporting 
as defined in Rules 13a – 15(f) and 15d – 15(f) under the Exchange Act and based upon the criteria established in Internal Control-
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“the COSO 
framework”). Gogo’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation and fair presentation of its published financial statements in accordance with U.S. GAAP.
The management of Gogo, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, have 
assessed the effectiveness of Gogo’s internal control over financial reporting based on the COSO framework. Based on our 
assessment, the Company’s management concluded that our internal control over financial reporting was not effective as of December 
31, 2024, due to the material weaknesses described below. 
Our assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024 
excludes the acquisition of Satcom Direct which was acquired on December 3, 2024, and whose financial statements constitute 
approximately 46% of total assets and 9% of total revenue of the consolidated financial statement amounts of the Company as of and 
for the year ended December 31, 2024.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there 
is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected 
on a timely basis.
Despite the exclusion of Satcom Direct from our assessment of the effectiveness of the Company’s internal control over 
financial reporting as of December 31, 2024, we identified a material weakness in controls over the financial close and reporting 
process and controls over purchase accounting as a result of the Satcom Direct acquisition. Specifically, there were insufficient 
effective controls in place to ensure the completeness and accuracy of Satcom Direct’s financial reporting information that is 
consolidated into Gogo’s financial statements. This material weakness was due to the following deficiencies at Satcom Direct:
•
Satcom Direct had ineffective general information technology controls (“GITCs”) over relevant information technology 
(“IT”) systems. Specifically, Satcom Direct management did not design and maintain effective GITCs for information 
systems and applications that are relevant to the preparation of the consolidated financial statements. Specifically, they did 
not design and maintain: (i) sufficient user access controls to ensure appropriate segregation of duties and adequately 
restrict user and privileged access to financial applications, programs and data to appropriate company personnel and (ii) 
program change management controls to ensure that information technology, or IT, program and data changes affecting 
financial IT applications and underlying accounting records are identified, tested, authorized and implemented 
appropriately with appropriate segregation of duties.
•
Satcom Direct’s management did not design and implement control activities necessary to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements.
We also identified a material weakness in controls over the accounting for the Satcom Direct acquisition. Specifically, 
management had designed control activities over the accounting for the acquisition and related preliminary purchase price allocation 
for the acquired assets and liabilities performed by third-party specialists, however, management did not effectively implement them 
due to the timing of the acquisition. 

100
Deloitte & Touche LLP, the Company’s independent registered public accounting firm, has issued an attestation report on our 
internal control over financial reporting as of December 31, 2024, which report is included on Page 102 of this Annual Report on 
Form 10-K under the caption entitled “Report of Independent Registered Public Accounting Firm.”
Remediation Plan for Material Weaknesses in Internal Control over Financial Reporting
Remediation of the identified material weaknesses and strengthening our internal control environment will require a substantial 
effort throughout 2025. Management has commenced its remediation efforts over the material weaknesses described above as follows: 
•
Designing and implementing controls over Satcom Direct’s GITCs relating to user access and program change 
management over certain IT systems that support financial reporting processes at Satcom Direct.
•
Designing and implementing internal controls over financial reporting for processes specific to Satcom Direct.
•
Implementing the controls the Company has designed related to complex accounting transactions, including those related 
to acquisitions, such as, the review of third-party specialists’ work and the reasonableness of key assumptions, 
methodologies, and underlying data used in the accounting and purchase price allocation.
•
Recruiting additional qualified personnel with expertise in public company financial reporting, accounting and internal 
controls to strengthen our accounting function.
While we believe the steps taken to date and those planned for implementation will improve the effectiveness of our internal 
control over financial reporting, we have not completed all remediation efforts identified herein. Accordingly, as we continue to 
monitor the effectiveness of our internal control over financial reporting in the areas affected by the material weaknesses described 
above, we have performed and will continue to perform additional procedures and to employ additional appropriate tools and 
resources. 
We will test the ongoing operating effectiveness of the new and existing controls in future periods. The material weaknesses 
cannot be considered completely remediated until the applicable controls have been implemented and management has concluded, 
through testing, that these controls are operating effectively.
(c) Changes in Internal Control over Financial Reporting 
Except for the identification of the material weaknesses described above, there have been no changes to our internal control over 
financial reporting in connection with the evaluation required by Rules 13a-15(f) and 15d-15(f) under the Exchange Act during the 
most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial 
reporting.
Item 9B. Other Information 
(a)
Item 5.02  
Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; 
Compensatory Arrangements of Certain Officers. 
Inducement Awards
As discussed above, on December 3, 2024, the Company completed the previously announced acquisition of 100% of the 
issued and outstanding equity interests in Satcom Direct, pursuant to the terms of the Purchase Agreement. In connection with the 
acquisition and as an inducement for Messrs. Christopher Moore and Zachary Cotner (each an “Executive” and together, the 
“Executives”) to join the Company as our new Chief Executive Officer and Chief Financial Officer, respectively, the Company 
granted certain inducement awards pursuant to Nasdaq Rule 5635(c)(4) (the “Inducement Awards”) to the Executives, to promote 
their retention and create an alignment of interests between them and the Company’s shareholders.
The Inducement Awards were granted by the Compensation Committee of our Board of Directors and included the following 
awards: (i) 1,000,000 time-vesting restricted stock units (“RSUs”) and 1,000,000 performance stock units (“PSUs”) (representing the 
target number of shares in the case of PSUs) to Mr. Moore; and (ii) 50,000 RSUs and 50,000 PSUs (representing the target number 
of shares in the case of PSUs) to Mr. Cotner. The RSUs will vest in equal annual installments over the five-year period following the 
Closing. The PSUs are subject to performance-based vesting and will vest when the performance-based vesting conditions are met. 
The PSUs are divided into two equal tranches. The first tranche will vest on the earlier of (i) the date the value of the Common Stock 
equals or exceeds $20.00 per share for a period of 90 consecutive trading days following the six-month anniversary of the Closing, 
and (ii) the date the Company consummates a change in control pursuant to which the price per share of Common Stock in 
connection with such change in control (the “Change in Control Price”) equals or exceeds $20.00 per share. The second tranche will 
vest on the earlier of (i) the date the value of the Common Stock equals or exceeds $25.00 per share for a period of 90 consecutive 
trading days following the six-month anniversary of the Closing, and (ii) the date the Company consummates a change in control 
pursuant to which the Change in Control Price equals or exceeds $25.00 per share. Vesting of the PSUs and RSUs is conditioned on 

101
the Executive’s continued employment through the applicable vesting date, subject to accelerated vesting upon the occurrence of 
specified employment termination and change in control events. Each of the Inducement Awards was granted consistent with the 
terms of each Executive’s employment agreement previously entered into with Gogo Business Aviation LLC. Though not awarded 
pursuant to the Company’s 2024 Omnibus Equity Incentive Plan (the “2024 Plan”), the Inducement Awards have been issued subject 
to the terms and conditions of the 2024 Plan.
The foregoing summary of the Inducement Awards is qualified in its entirety by reference to the 2024 Plan and the applicable 
award agreements, which are filed herewith as Exhibits 10.53 and 10.54 respectively, to this Annual Report on Form 10-K and are 
incorporated herein by reference.
(b)
During the fiscal quarter ended December 31, 2024, none of our directors or officers adopted or terminated a “Rule 10b5-
1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as such terms are defined in Item 408 of Regulation S-
K.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
S

102
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of Gogo Inc.
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Gogo Inc. and subsidiaries (the “Company”) as of December 31, 2024, 
based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring 
Organizations of the Treadway Commission (COSO). In our opinion, because of the effect of the material weaknesses identified 
below on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over 
financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued 
by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024, of the Company and our report dated 
March 14, 2025, expressed an unqualified opinion on those financial statements.
As described in Management’s Annual Report on Internal Control over Financial Reporting, management excluded from its 
assessment the internal control over financial reporting at Satcom Direct, LLC and certain of its affiliates and subsidiaries 
(collectively, “Satcom Direct”), which were acquired on December 3, 2024, and whose financial statements constitute 46% of total 
assets and 9% of total revenue of the consolidated financial statement amounts as of and for the year ended December 31, 2024. 
Accordingly, our audit did not include the internal control over financial reporting at Satcom Direct.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of 
the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal 
Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial 
reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with 
respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities 
and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit 
to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. 
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness 
exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such 
other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our 
opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting 
principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the 
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the 
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in 
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in 
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding 
prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect 
on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections 
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in 
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Material Weaknesses
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a 
reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or 
detected on a timely basis. The following material weaknesses have been identified and included in management's assessment. 
Management identified a material weakness in controls over the financial close and reporting process and purchase accounting 
controls as a result of the Satcom Direct acquisition. Specifically, there were insufficient effective controls in place to ensure the 
completeness and accuracy of Satcom Direct’s financial reporting information that is consolidated into the Company’s financial 
statements. This material weakness was due to the following deficiencies at Satcom Direct:
•
Satcom Direct had ineffective general information technology controls (“GITCs”) over relevant information technology 
(“IT”) systems. Specifically, Satcom Direct management did not design and maintain effective GITCs for information 
systems and applications that are relevant to the preparation of the consolidated financial statements. Specifically, they did 
not design and maintain: (i) sufficient user access controls to ensure appropriate segregation of duties and adequately 

103
restrict user and privileged access to financial applications, programs and data to appropriate company personnel and (ii) 
program change management controls to ensure that information technology, or IT, program and data changes affecting 
financial IT applications and underlying accounting records are identified, tested, authorized and implemented 
appropriately with appropriate segregation of duties. 
•
Satcom Direct management did not design and implement control activities necessary to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements.
Management also identified a material weakness in controls over the accounting for the Satcom Direct acquisition. Specifically, 
management had designed control activities over the accounting for the acquisition and related preliminary purchase price allocation 
for the acquired assets and liabilities performed by third-party specialists, however, management did not effectively implement them 
due to the timing of the acquisition.
These material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 
consolidated financial statements as of and for the year ended December 31, 2024, of the Company, and this report does not affect our 
report on such financial statements.
/s/ Deloitte & Touche LLP
Chicago, Illinois
March 14, 2025
S

104
Part III
Item 10. Directors, Executive Officers and Corporate Governance
The information required by this item is incorporated by reference to our Proxy Statement for the 2025 Annual Meeting of 
Stockholders to be filed with the Securities and Exchange Commission (“SEC”) within 120 days of the fiscal year ended December 
31, 2024.
Item 11. Executive Compensation
The information required by this item is incorporated by reference to our Proxy Statement for the 2025 Annual Meeting of 
Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Information appearing under the caption “Security Ownership of Certain Beneficial Owners and Management” in our Proxy 
Statement for the 2025 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 
2024 is incorporated herein by reference.
The following table sets forth the number of shares of our common stock reserved for issuance under our equity compensation plans 
as of the end of 2024:
Plan Category
Number of securities to be 
issued upon exercise of 
outstanding options, warrants 
and rights (#)
Weighted average exercise 
price of outstanding options, 
warrants and rights ($)
Number of securities 
remaining available for future 
issuance under equity 
compensation
plans (excluding securities 
reflected in column (a))(#)
 
(a)
(b)
(c)
Equity compensation plans approved by
   security holders
8,578,707 (1)
4.22(2)
7,597,403 (3)
Equity compensation plans not approved
   by security holders
2,275,000
N/A
—
Total
10,853,707
4.22
7,597,403
(1)
Represents the number of shares associated with options, RSUs and DSUs outstanding as of December 31, 2024.
(2)
Represents the weighted average exercise price of the 3,468,716 options disclosed in column (a).
(3)
Represents the number of shares remaining available for future issuance under our 2024 Plan (6,934,107 shares) and 2024 
Employee Stock Purchase Plan (663,296). Of this number, only 4,782,143 shares are available for issuance with respect to 
RSUs, DSUs and other awards based on the full value of stock (rather than an increase in value) under the 2024 Omnibus Equity 
Incentive Plan.

105
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information required by this item is incorporated by reference to our Proxy Statement for the 2025 Annual Meeting of 
Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.
Item 14. Principal Accounting Fees and Services
The information required by this item is incorporated by reference to our Proxy Statement for the 2025 Annual Meeting of 
Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2024.

106
Part IV
Item 15. Exhibits, Financial Statement Schedules
We have filed the following documents as part of this Annual Report on Form 10-K:
1.
Consolidated Financial Statements:
Page No.
Report of Independent Registered Public Accounting Firm
61
Consolidated Balance Sheets
63
Consolidated Statements of Operations
64
Consolidated Statements of Comprehensive Income
65
Consolidated Statements of Cash Flows
66
Consolidated Statements of Stockholders’ Equity (Deficit)
67
Notes to Consolidated Financial Statements
68
2.
Financial Statement Schedules:
All schedules have been omitted because they are not required, not applicable, not present in amounts sufficient to require 
submission of the schedule, or the required information is otherwise included.
3.
Exhibits
Exhibit 
Number
Description of Exhibits
2.1**†
Purchase Agreement, by and among Satcom Direct Holdings, Inc., SDHC Holdings, Inc., Satcom Direct Government 
Holdings, Inc., ndtHost Holdings, Inc., Satcom Direct, Inc., Satcom Direct Holding Company, LLC, Satcom Direct 
Government, Inc., ndtHost, LLC, Gogo Direct Holdings LLC, James W. Jensen and Gogo Inc., dated as of 
September 29, 2024 (incorporated by reference to Exhibit 2.1 to Form 8-K filed on October 1, 2024 (File No. 001-
35975))
3.1
Third Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to Form 10-Q filed 
on August 7, 2013 (File No. 001-35975))
3.2
Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to Form 8-K filed on August 2, 2023 (File 
No. 001-35975))
3.3
Certificate of Designations of Series A Preferred Stock of Gogo Inc., as filed with the Secretary of State of the State of 
Delaware on September 23, 2020 (incorporated by reference to Exhibit 3.1 to Form 8-K filed on September 23, 2020 
(File No. 001-35975))
4.1
Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Gogo Inc. Registration Statement on 
Form S-1 (File No. 333-178727))
4.2
Registration Rights Agreement, dated as of December 31, 2009, by and between AC Holdco Inc. and the Class A 
Holders, the Thorne Investors and the other investors named therein (incorporated by reference to Exhibit 4.3 to Gogo 
Inc. Registration Statement on Form S-1 (File No. 333-178727))
4.3
Description of Capital Stock and Registered Securities (incorporated by reference to Exhibit 4.3 to Form 10-K filed on 
February 28, 2024 (File No. 001-35975))
4.4
Registration Rights Agreement, dated as of April 9, 2021, by and among Gogo Inc., Silver (XII) Holdings, LLC and 
Silver (Equity) Holdings, LP (incorporated by reference to Exhibit 10.2 to Form 8-K filed on April 14, 2021 (File No. 
001-35975))
4.5
Amendment to the Registration Rights Agreement, dated as of April 9, 2021, by and between Gogo Inc. (f/k/a AC 
HoldCo Inc.) and Thorndale Farm Gogo, LLC (as assignee to the interests of the Thorne Investors, as defined therein) 
(incorporated by reference to Exhibit 10.3 to Form 8-K filed on April 14, 2021 (File No. 001-35975))
4.6
Amendment to the Registration Rights Agreement, dated as of May 25, 2021, by and among Gogo Inc., Silver (XII) 
Holdings, LLC and Silver (Equity) Holdings, LP (incorporated by reference to Exhibit 4.3 to Form 10-Q filed on 
August 5, 2021 (File No. 001-35975))
4.7
Amendment No. 2 to the Registration Rights Agreement, dated as of March 2, 2022, by and among Gogo Inc., Silver 
(XII) Holdings, LLC and Silver (Equity) Holdings LP (incorporated by reference to Exhibit 4.10 to Form 10-K filed 
on March 3, 2022 (File No. 001-35975))
10.1†
Qualcomm Technologies, Inc. Master Software Agreement, dated June 13, 2018, by and between Qualcomm 
Technologies, Inc. and Gogo LLC (incorporated by reference to Exhibit 10.1.48 to Form 10-Q filed on November 6, 
2018 (File No. 001-35975))
10.2†
Qualcomm Technologies, Inc. AMSS6695 Software Addendum to Master Software Agreement, dated June 13, 2018, 
by and between Qualcomm Technologies, Inc. and Gogo LLC (incorporated by reference to Exhibit 10.1.49 to Form 
10-Q filed on November 6, 2018 (File No. 001-35975))

107
10.3†
Access Point Patent License Agreement, dated July 6, 2018, by and between Qualcomm Incorporated and Gogo LLC 
(incorporated by reference to Exhibit 10.1.50 to Form 10-Q filed on November 6, 2018 (File No. 001-35975))  
10.4†
ATG Network Sharing Agreement, dated as of December 1, 2020, by and between Gogo Business Aviation LLC and 
Gogo LLC (incorporated by reference to Exhibit 10.1 to Form 8-K filed on December 1, 2020 (File No. 001-35975))
10.5†
Master Services Agreement, dated as of November 25, 2019, by and between Gogo Business Aviation LLC and 
Airspan Networks Inc. (incorporated by reference to Exhibit 10.1.5 to Form 10-K filed on March 11, 2021 (File No. 
001-35975))
10.6†
Waiver and Omnibus Amendment to Airspan/Gogo Agreements, effective as of June 27, 2024 (incorporated by 
reference to Exhibit 10.4 to Form 10-Q filed on August 7, 2024)
10.7†
Supply and Product Support Agreement, dated as of November 25, 2019, by and between Gogo Business Aviation 
LLC and Airspan Networks Inc. (incorporated by reference to Exhibit 10.1.6 to Form 10-K filed on March 11, 2021 
(File No. 001-35975))
10.8†
Master Services Agreement, dated as of May 21, 2022, by and between Gogo Business Aviation LLC and Hughes 
Network Systems, LLC (incorporated by reference to Exhibit 10.1 to Form 8-K filed on May 26, 2022 (File No. 001-
35975))
10.9†
Supply and Product Support Agreement, dated as of June 6, 2022, by and between Gogo Business Aviation LLC and 
Hughes Network Systems, LLC (incorporated by reference to Exhibit 10.1 to Form 8-K filed on June 14, 2022 (File 
No. 001-35975))
10.10†
Amended and Restated Supply and Product Support Agreement, dated as of March 31, 2023, by and between Gogo 
Business Aviation LLC and Hughes Network Systems, LLC (incorporated by reference to Exhibit 10.1.1 to Form 10-
Q filed on May 3, 2023 (File No. 001-35975))
10.11#
Amended and Restated Employment Agreement, dated March 27, 2024, between Gogo Inc. and Oakleigh Thorne 
(incorporated by reference to Exhibit 10.1 to Form 8-K filed on April 2, 2024 (File No. 001-35975))
10.12#
Employment Agreement, effective as of March 11, 2023, by and between Gogo Business Aviation LLC and Jessica 
Betjemann (incorporated by reference to Exhibit 10.1 to Form 8-K filed on February 14, 2023 (File No. 001-35975))
10.13#
Amendment Number One to Employment Agreement, dated November 27, 2024, between Gogo Inc. and Jessica 
Betjemann
10.14#
Employment Agreement, effective as of November 2, 2022, by and between Gogo Business Aviation LLC and Crystal 
Gordon (incorporated by reference to Exhibit 10.2.21 to Form 10-K filed on February 28, 2023 (File No. 001-35975))
10.15#
Change in Control Severance Agreement, effective as of November 2, 2022, by and between Gogo Inc. and Crystal 
Gordon (incorporated by reference to Exhibit 10.2.22 to Form 10-K filed on February 28, 2023 (File No. 001-35975))
10.16#
Employment Agreement, dated November 13, 2024, between Gogo Inc. and Christopher Moore
10.17#
Change in Control Severance Agreement, dated November 13, 2024, between Gogo Inc. and Christopher Moore
10.18#
Retention Bonus Agreement, dated November 13, 2024, between Gogo Inc. and Christopher Moore
10.19#
Employment Agreement, dated November 27, 2024, between Gogo Inc. and Zachary Cotner
10.20#
Retention Bonus Agreement, dated November 27, 2024, between Gogo Inc. and Zachary Cotner
10.21#
Change in Control Severance Agreement, dated November 27, 2024, between Gogo Inc. and Zachary Cotner
10.22#
Employment Agreement, dated November 13, 2024, between Gogo Inc. and Hayden Olson
10.23#
Change in Control Severance Agreement, dated November 13, 2024, between Gogo Inc. and Hayden Olson
10.24#
Retention Bonus Agreement, dated November 13, 2024, between Gogo Inc. and Hayden Olson
10.25#
Employment Agreement, dated January 13, 2025, between Gogo Inc. and Mike Begler
10.26#
Change in Control Severance Agreement, dated January 13, 2025, between Gogo Inc. and Mike Begler
10.27#
Separation Agreement, dated January 13, 2025, between Gogo Inc. and Sergio Aguirre
10.28#
Consulting Agreement, dated January 13, 2025, between Gogo Inc. and Sergio Aguirre
10.29#
Gogo Inc. 2013 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.5 to Gogo Inc. Registration 
Statement on Form S-1 (File No. 333-178727))
10.30#
Form of Stock Option Agreement for Gogo Inc. 2013 Omnibus Incentive Plan (incorporated by reference to Exhibit 
10.5.2 to Form 10-K filed on March 14, 2014 (File No. 001-35975))
10.31#
Second Amended and Restated Gogo Inc. 2016 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.4.1 
to Form 10-Q filed on August 5, 2022 (File No. 001-35975))
10.32#
Form of Stock Option Agreement for Gogo Inc. 2016 Omnibus Incentive Plan (incorporated by reference to Exhibit 
10.4.6 to Form 10-Q filed on August 4, 2016 (File No. 001-35975))
10.33#
2024 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to Form 8-K filed on June 6, 2024 
(File No. 001-35975))
10.34#
Form of Restricted Stock Unit Agreement for Gogo 2024 Omnibus Equity Incentive Plan
10.35#
2024 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.2 to Form 8-K filed on June 6, 2024 
(File No. 001-35975))
10.36#
Gogo Inc. Annual Incentive Plan (as amended as of April 14, 2016) (incorporated by reference to Exhibit 10.4.10 to 
Form 10-Q filed on August 4, 2016 (File No. 001-35975))

108
10.37#
Gogo Inc. Section 409A Specified Employee Policy (incorporated by reference to Exhibit 10.7 to Gogo Inc. 
Registration Statement on Form S-1 (File No. 333-178727))
10.38#
Form of Indemnification Agreement entered into between Gogo Inc. and each of its Directors (incorporated by 
reference to Exhibit 10.7.1 to Gogo Inc. Registration Statement on Form S-1 (File No. 333-178727))
10.39#
Form of Indemnification Agreement entered into between Gogo Inc. and each of its Officers (incorporated by 
reference to Exhibit 10.7.2 to Gogo Inc. Registration Statement on Form S-1 (File No. 333-178727))
10.40#
Form of Director Deferred Share Unit Agreement for Gogo Inc. 2013 Omnibus Incentive Plan (incorporated by 
reference to Exhibit 10.10.2 to Form 10-K filed on March 14, 2014 (File No. 001-35975))
10.41#
Form of Director Stock Option Agreement for Gogo Inc. 2013 Omnibus Incentive Plan (incorporated by reference to 
Exhibit 10.10.3 to Form 10-K filed on March 14, 2014 (File No. 001-35975))
10.42#
Form of Director Deferred Share Unit Agreement for Gogo Inc. 2016 Omnibus Incentive Plan (incorporated by 
reference to Exhibit 10.7 to Form 10-Q filed on August 5, 2021 (File No. 001-35795))
10.43#
Form of Director Stock Option Agreement for Amended and Restated Gogo Inc. 2016 Omnibus Incentive Plan 
(effective April 29, 2020) (incorporated by reference to Exhibit 10.9.1 to Form 10-Q filed on August 10, 2020 (File 
No. 001-35975))
10.44#
Amendment to Non-Employee Director Options and Deferred Stock Units for 2016 Omnibus Incentive Plan 
(incorporated by reference to Exhibit 10.8 to Form 10-Q filed on August 5, 2021 (File No. 001-35795))
10.45#
Form of Director Deferred Share Unit Agreement for 2024 Omnibus Equity Incentive Plan (incorporated by reference 
to Exhibit 10.3 to Form 10-Q filed on August 7, 2024 (File No. 001-35795))
10.46
Credit Agreement, dated as of April 30, 2021, among Gogo Inc., Gogo Intermediate Holdings LLC, the lenders and 
issuing banks party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent (incorporated by 
reference to Exhibit 10.1 to Form 8-K filed on May 3, 2021 (File No. 001-35975))
10.47
Guarantee Agreement, dated as of April 30, 2021, among Gogo Inc., Gogo Intermediate Holdings LLC and certain of 
its subsidiaries, and Morgan Stanley Senior Funding, Inc., as collateral agent. (incorporated by reference to Exhibit 
10.2 to Form 8-K filed on May 3, 2021 (File No. 001-35975))
10.48
Collateral Agreement, dated as of April 30, 2021, among Gogo Inc., Gogo Intermediate Holdings LLC and certain of 
its subsidiaries, and Morgan Stanley Senior Funding, Inc., as collateral agent (incorporated by reference to Exhibit 
10.3 to Form 8-K filed on May 3, 2021 (File No. 001-35975))
10.49
First Amendment to Credit Agreement, dated as of February 2, 2023, among Gogo Inc., Gogo Intermediate Holdings 
LLC and Morgan Stanley Senior Funding, Inc., as administrative agent (incorporated by reference to Exhibit 10.9.4 to 
Form 10-K filed on February 28, 2023 (File No. 001-35975))
10.50
Second Amendment to Credit Agreement, dated as of December 3, 2024, among Gogo Inc., Gogo Intermediate 
Holdings LLC, the guarantors party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, and the 
lenders party thereto (incorporated by reference to Exhibit 10.1 to Form 8-K filed on December 9, 2024 (File No. 001-
35975))
10.51**
Credit Agreement, dated as of December 3, 2024, among Gogo Inc. Gogo Intermediate Holdings LLC, HPS 
Investment Partners, LLC, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 
10.2 to Form 8-K filed on December 9, 2024 (File No. 001-35975))
10.52
Lock-Up Agreement, dated as of December 3, 2024 (incorporated by reference to Exhibit 10.3 to Form 8-K filed on 
December 9, 2024 (File No. 001-35975))
10.53
Restricted Stock Unit Agreement (Inducement), dated as of March 14, 2025, by and between the Company and 
Christopher Moore (incorporated by reference to Exhibit 99.1 to Form S-8 filed on March 14, 2025 (File No. 001-
35975))
10.54
Restricted Stock Unit Agreement (Inducement), dated as of March 14, 2025, by and between the Company and 
Zachary Cotner (incorporated by reference to Exhibit 99.2 to Form S-8 filed on March 14, 2025 (File No. 001-35975))
19
Insider Trading Policy
21.1
List of Subsidiaries 
23.1
Consent of Independent Registered Public Accounting Firm – Deloitte & Touche LLP
24.1
Power of Attorney (included on signature page)
31.1
Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted 
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2
Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant 
to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of 
the Sarbanes-Oxley Act of 2002
32.2*
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of 
the Sarbanes-Oxley Act of 2002
97.1
Policy Relating to Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 4.3 to Form 
10-K filed on February 28, 2024 (File No. 001-35975))

109
101.INS 
Inline XBRL Instance Document
101.SCH 
Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Document
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*
Furnished herewith.
**
Certain schedules and other similar attachments to such agreement have been omitted pursuant to Item 601(a)(5) of 
Regulation S-K.
#
Indicates management contract or compensatory plan or arrangement.
†
Certain provisions of this exhibit have been omitted pursuant to Item 601 (b)(10)(iv) of Regulation S-K.

110
Item 16. Form 10-K Summary
None.

111
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Gogo Inc. (the registrant) has duly 
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 14, 2025.
Gogo Inc.
By:
/s/ Christopher Moore
Name:
Christopher Moore
Title:
Chief Executive Officer and Director
(Principal Executive Officer)
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Zachary 
Cotner and Crystal L. Gordon, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power to act 
separately and full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all 
capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and all 
other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-facts and 
agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done 
in and about the premises, as fully to all intents and purposes as they or he or she might or could do in person, hereby ratifying and 
confirming all that said attorneys-in-fact and agents or either of them or his or their substitute or substitutes may lawfully do or cause 
to be done by virtue hereof. 
This Power of Attorney shall not revoke any powers of attorney previously executed by the undersigned. This Power of 
Attorney shall not be revoked by any subsequent power of attorney that the undersigned may execute, unless such subsequent power 
of attorney specifically provides that it revokes this Power of Attorney by referring to the date of the undersigned’s execution of this 
Power of Attorney. For the avoidance of doubt, whenever two or more powers of attorney granting the powers specified herein are 
valid, the agents appointed on each shall act separately unless otherwise specified.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the 
following persons on behalf of Gogo Inc. and in the capacities indicated, on March 14, 2025.
Signature
Title
/s/ Christopher Moore
Chief Executive Officer and Director
Christopher Moore
(Principal Executive Officer)
/s/ Zachary Cotner
Executive Vice President and Chief Financial Officer
Zachary Cotner
(Principal Financial Officer)
/s/ Leigh Goldfine
Vice President, Controller and Chief Accounting Officer
Leigh Goldfine
(Principal Accounting Officer)
/s/ Michael Abad-Santos
Director
Michael Abad-Santos
/s/ Mark Anderson
Director
Mark Anderson
/s/ Robert L. Crandall
Director
Robert L. Crandall
/s/ Hugh W. Jones
Lead Independent Director
Hugh W. Jones
/s/ Monte J.M. Koch
Director
Monte J.M. Koch
/s/ Michele Coleman Mayes
Director
Michele Coleman Mayes
/s/ Christopher D. Payne
Director
Christopher D. Payne
/s/ Oakleigh Thorne
Executive Chair of the Board
Oakleigh Thorne
/s/ Charles C. Townsend
Director
Charles C. Townsend
/s/ Harris N. Williams
Director
Harris N. Williams

Exhibit 21.1
List of Subsidiaries of Gogo Inc.
Name of Subsidiary
Jurisdiction of Organization
Ownership Percentage
AC BidCo LLC
Delaware
100%
Gogo BA UK LTD
United Kingdom
100%
Gogo Business Aviation LLC
Delaware
100%
Gogo Connectivity Ltd.
Canada
100%
Gogo Finance Co. Inc.
Delaware
100%
Gogo Intermediate Holdings LLC
Delaware
100%
Gogo International Holdco LTD
United Kingdom
100%
Gogo US International Holdco LLC
Delaware
100%
Gogo Direct Holdings LLC
 
Delaware
 
100%
Gogo Aerocommunications Mexico S. 
de R.L. de C.V.
 
Mexico
 
100%
Gogo Brasil Ltda
 
Brazil
 
100%
Gogo Denmark ApS
 
Denmark
 
100%
ndtHost, LLC
 
Delaware
 
100%
Satcom Direct Government, LLC
 
Delaware
 
100%
Satcom Direct, LLC
 
Delaware
 
100%
Satcom Direct Holding Company, LLC 
Delaware
 
100%
Comsat, Inc.
 
Delaware
 
100%
Aero Source Data, LLC
 
Texas
 
30%
Stewart Ratcliff Aviation Services, Inc. 
Ohio
 
100%
Satcom Direct Avionics, Inc.
 
Ohio
 
100%
Satcom Direct Avionics, ULC
 
Canada
 
100%
Satcom Direct International, Limited
 
United Kingdom
 
100%
Satcom Direct Switzerland, GmbH
 
Switzerland
 
100%
Satcom Direct Pte. Ltd.
 
Singapore
 
100%
Satcom Direct – Australia Pty. Ltd.
 
Australia
 
100%
Satcom Direct Capacidada Satelital 
Ltda
 
Brazil
 
100%
Satcom Direct Comunicações Ltda
 
Brazil
 
100%

Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 333-264687 on Form S-3 and 
Registration Statement Nos. 333-225716, 333-212072, 333-281173, 333-273788, 333-281172, and 333-285805 on 
Form S-8 of our reports dated March 14, 2025, relating to the financial statements of Gogo Inc. and the effectiveness 
of Gogo Inc.’s internal control over financial reporting appearing in this Annual Report on Form 10-K for the year 
ended December 31, 2024. 
/s/ Deloitte & Touche, LLP
Chicago, Illinois
March 14, 2025

Exhibit 31.1
Gogo Inc.
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO RULE 13a-14(a) OF THE EXCHANGE ACT, AS AMENDED,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Christopher Moore, certify that:
1.
I have reviewed this Annual Report on Form 10-K of Gogo Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a 
material fact necessary to make the statements made, in light of the circumstances under which such 
statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, 
fairly present in all material respects the financial condition, results of operations and cash flows of the 
registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure 
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over 
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to 
be designed under our supervision, to ensure that material information relating to the registrant, 
including its consolidated subsidiaries, is made known to us by others within those entities, particularly 
during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial 
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability 
of financial reporting and the preparation of financial statements for external purposes in accordance 
with generally accepted accounting principles; 
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this 
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of 
the period covered by this report based on such evaluation; and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that 
occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the 
case of an annual report) that has materially affected, or is reasonably likely to materially affect, the 
registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal 
control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of 
directors (or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over 
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, 
process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a 
significant role in the registrant’s internal control over financial reporting.
Date: March 14, 2025
/s/ Christopher Moore
Christopher Moore
Chief Executive Officer and Director
(Principal Executive Officer)

Exhibit 31.2
Gogo Inc.
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO RULE 13a-14(a) OF THE EXCHANGE ACT, AS AMENDED,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Zachary Cotner, certify that:
1.
I have reviewed this Annual Report on Form 10-K of Gogo Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a 
material fact necessary to make the statements made, in light of the circumstances under which such 
statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, 
fairly present in all material respects the financial condition, results of operations and cash flows of the 
registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure 
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over 
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to 
be designed under our supervision, to ensure that material information relating to the registrant, 
including its consolidated subsidiaries, is made known to us by others within those entities, particularly 
during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial 
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability 
of financial reporting and the preparation of financial statements for external purposes in accordance 
with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this 
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of 
the period covered by this report based on such evaluation; and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that 
occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the 
case of an annual report) that has materially affected, or is reasonably likely to materially affect, the 
registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal 
control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of 
directors (or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over 
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, 
process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a 
significant role in the registrant’s internal control over financial reporting.
Date: March 14, 2025
/s/ Zachary Cotner
Christopher Cotner
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

Exhibit 32.1
Gogo Inc.
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
I, Christopher Moore, Chief Executive Officer Director of Gogo Inc. (the “Company”), do hereby certify, pursuant 
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of 
my knowledge: 
(1) the Annual Report on Form 10-K of the Company for the year ended December 31, 2024 (the “Report”) 
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and 
results of operations of the Company for the periods presented therein.
Date: March 14, 2025
/s/ Christopher Moore
Christopher Moore
Chief Executive Officer and Director
(Principal Executive Officer)

Exhibit 32.2
Gogo Inc.
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
I, Zachary Cotner, Executive Vice President and Chief Financial Officer of Gogo Inc. (the “Company”), do hereby 
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 
that to the best of my knowledge: 
(1) the Annual Report on Form 10-K of the Company for the year ended December 31, 2024 (the “Report”) 
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and 
results of operations of the Company for the periods presented therein.
Date: March 14, 2025
/s/ Zachary Cotner
Zachary Cotner
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

Board of Directors
Oakleigh Thorne Executive Chair of the Board
Christopher Moore Director
Michael Abad-Santos Director
Chief Executive 2ɝcer 
Rivada Select Services, a wholly owned subsidiary 
of Rivada Networks
Mark Anderson Director
Managing Director of GTCR LLC
Robert L. Crandall Director
Former Chairman and CEO of AMR Corporation 
and American Airlines
Hugh Jones Lead Independent Director
Co-founder of Basalt Investments, LLC
Monte J. M. Koch Director
Private investor and strategic advisor
Michele Coleman Mayes Director
Former Vice President, General Counsel and Sec-
retary for the New York Public Library
Christopher Payne Director
Strategic advisor to 
and Former President and COO of DoorDash, Inc.
Charles C. Townsend Director
Managing General Partner of Bluewater Wireless 
II, LP
Harris N. Williams Director
Senior Managing Director of 
WF Investment Management, LLC
([HFXWLYH2ɝFHUV
Christopher Moore
Chief Executive Oɝcer
Zachary Cotner
Executive Vice President and Chief Financial  
Oɝcer
Michael Begler
Executive Vice President and Chief Operating 
Oɝcer
Crystal L. Gordon
Executive Vice President, General Counsel, Chief 
Administrative Oɝcer and Secretary
Hayden Olson
Executive Vice President, General Manager, SD 
Government

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