Trading updates about Stock: Boingo Wireless, Inc. (NASDAQ: WIFI)

On Friday, Boingo Wireless, Inc. (NASDAQ: WIFI) shares price traded between $32.63 and $33.78 during the last trading session upbeat/downbeat with -1.30% at $32.75. The shares recorded a trading volume 450,529 million shares as compared to its average volume of 583,210 shares. The company has 42.28M shares outstanding and market value of 1.385B.

Boingo Wireless (WIFI) recently reported the Company’s financial results for the second quarter ended June 30, 2018.

Second quarter 2018 Financial Highlights

  • Revenue of $59.6M raised 21.6%, contrast to $49.0M in the second quarter of 2017. Growth was driven by strength in wholesale Wi-Fi, military, and DAS.
    • Wholesale Wi-Fi revenue of $13.5M raised 85.3%, contrast to $7.3M in the second quarter of 2017.
    • Military revenue of $16.7M raised 23.6% contrast to $13.5M in the second quarter of 2017.
    • DAS revenue of $21.9M raised 18.0%, contrast to $18.6M in the second quarter of 2017. DAS revenue for the quarter was comprised of $16.0M of build-out project revenue and $5.9M of access fee revenue.
  • Net income attributable to ordinary stockholders was $2.1M, or $0.05 per diluted share, contrast to a net loss of $(8.0)M, or $(0.20) per diluted share, in the second quarter of 2017.
  • Adjusted EBITDA was $23.5M, an raise of 43.4% contrast to $16.3M in the second quarter of 2017. Adjusted EBITDA, which is a non-GAAP financial measure, is defined below and is reconciled to net income (loss) attributable to ordinary stockholders, the most comparable measure under GAAP, in the schedule entitled “Reconciliation of Net Income (Loss) Attributable to Ordinary Stockholders to Adjusted EBITDA.”
  • Net cash provided by operating activities was $15.5M, a decrease of 29.0% contrast to $21.8M in the second quarter of 2017.
  • Free cash flow was a negative $(6.3)M, contrast to $7.4M in the second quarter of 2017. Free cash flow, which is a non-GAAP financial measure, is defined below and is reconciled to net cash provided by operating activities, the most comparable measure under GAAP, in the schedule entitled “Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flows.”

Business Highlights

  • As of June 30, 2018, there were 47 DAS venues live comprising 25,700 DAS nodes with another 78 venues and 11,500 nodes in backlog, contrast to 41 DAS venues live comprising 24,200 DAS nodes as of March 31, 2018.
  • The Company deployed wireless infrastructure to cover an additional 1,000 military beds bringing the total footprint to 337,000 military beds, and added 3,000 incremental subscribers during the quarter. The subscriber penetration rate improved from 42.3% at March 31, 2018 to 43.0% at June 30, 2018.
  • The Company entered into contracts with Tier 1 carriers representing 76 carrier contracts in the first six months of 2018, including 15 in the second quarter of 2018. This compares to 22 carrier contracts in the first six months of 2017, including nine in the second quarter of 2017.
  • The Company successfully released a commercial trial for a private LTE cellular network on the 3.5 GHz citizens broadband radio service (CBRS) band at Dallas Love Field Airport (DAL), marking the first known CBRS deployment at a major U.S. airport.

Acquisition of Elauwit Networks

The Company reported in a press release recently that it has agreed to acquire Elauwit Networks, LLC (“Elauwit”), a leading provider of high-speed Wi-Fi and technology solutions to the student and multifamily housing market, for total cash consideration of $28.0M. The purchase contract also provides for contingent earn-out consideration for up to an additional $15.0M based on the achievement of certain revenue targets for the purchased business following the closing of the acquisition during the 2018, 2019 and 2020 fiscal years.

Business Outlook

Boingo Wireless is initiating guidance for the third quarter ending September 30, 2018 and is raising guidance for the full year ending December 31, 2018, as follows:

Third Quarter 2018

  • Revenue is predictable to be in the range of $60.0M to $64.0M.
  • Net loss attributable to ordinary stockholders is predictable to be in the range of $(6.5)M to $(3.5)M, or a net loss of $(0.16) to $(0.09) per diluted share.
  • Adjusted EBITDA is predictable to be in the range of $19.0M to $22.0M. Adjusted EBITDA, which is a non-GAAP financial measure, is defined below and is reconciled to net loss attributable to ordinary stockholders, the most comparable measure under GAAP, in the schedule entitled “Reconciliation of Net Loss Attributable to Ordinary Stockholders to Adjusted EBITDA – Guidance.”

Full Year 2018

  • Revenue is predictable to be in the range of $243.0M to $250.0M.
  • Net loss attributable to ordinary stockholders is predictable to be in the range of $(15.0)M to $(10.0)M, or a net loss of $(0.36) to $(0.24) per diluted share.
  • Adjusted EBITDA is predictable to be in the range of $85.0M to $90.0M.

 

The stock as of last trading session moved 63.59% up from its 52 week low and was -8.99% behind its 52 week high. EPS growth for this year is 21.70% and EPS growth for next year is expected to reach at -17.40%. EPS growth in past five years was -37.30%. Sales growth past 5 years was measured at 14.80%.

Carl Davis

Carl Davis - Technology Carl Davis works as an editor and emphasizes around breaking news stories. He has a Master’s Degree of BBA in Accounting and Finance. He is a dynamic worker spending most of his time analyzing earnings reports and observing commodities and results. He loves to play music and go out shopping in his spare time. He prepares staff on the better purposes of writing, editing and getting the news out on time correctly. Also, Carl Davis focuses mainly on the effects of activity on the marketplace. He is an editor and reporter of “Technology” category. Address:  4707 White Oak Drive Independence, MO 64055, United States of America Phone Number:  +1 816 678 7172

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