Boingo Wireless Reports Third Quarter 2020 Financial Results

Awarded DAS rights at San Diego State University’s Aztec Stadium

Deployed first known Wi-Fi 6 network at São Paulo/Guarulhos International Airport

LOS ANGELES--()--Boingo Wireless (NASDAQ: WIFI), the leading distributed antenna system (“DAS”) and Wi-Fi provider that serves carriers, consumers, property owners and advertisers worldwide, today announced the Company's financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Financial Highlights

  • Revenue of $58.8 million increased modestly compared to $58.7 million in the second quarter of 2020 and decreased 9.2% compared to $64.7 million in the third quarter of 2019.
    • Military/multifamily revenue of $23.8 million increased 0.4% compared to $23.7 million in the second quarter of 2020 and increased 0.7% compared to $23.6 million in the third quarter of 2019.
    • DAS revenue of $21.9 million decreased 1.5% compared to $22.2 million in the second quarter of 2020 and decreased 7.7% compared to $23.7 million in the third quarter of 2019. DAS revenue for the third quarter of 2020 was comprised of $13.7 million of build-out project revenue and $8.2 million of access fee revenue. DAS revenue for the third quarter of 2019 included $1.8 million of one-time access fees.
    • Wholesale Wi-Fi revenue of $10.1 million increased 4.2% compared to $9.7 million the second quarter of 2020 and decreased 9.7% compared to $11.2 million in the third quarter of 2019.
    • Retail revenue of $2.1 million decreased 13.0% compared to $2.4 million in the second quarter of 2020 and decreased 43.5% compared to $3.6 million in the third quarter of 2019.
    • Advertising and other revenue of $0.9 million increased 34.3% compared to $0.7 million in the second quarter of 2020 and decreased 64.0% compared to $2.5 million in the third quarter of 2019.
  • Net loss attributable to common stockholders was $(2.9) million, or $(0.07) per diluted share, compared to a net loss of $(5.8) million, or $(0.13) per diluted share, in the second quarter of 2020, and a net loss of $(0.2) million, or break-even per diluted share, in the third quarter of 2019.
  • Adjusted EBITDA of $22.5 million increased 5.7% compared to $21.3 million in the second quarter of 2020 and increased 2.9% compared to $21.9 million in the third quarter of 2019. Adjusted EBITDA, which is a non-GAAP financial measure, is defined below and is reconciled to net loss attributable to common stockholders, the most comparable measure under GAAP, in the schedule entitled “Reconciliation of Net Loss Attributable to Common Stockholders to Adjusted EBITDA.”
  • Net cash provided by operating activities of $18.2 million decreased 34.0% compared to $27.7 million in the second quarter of 2020 and decreased 62.1% compared to $48.1 million in the third quarter of 2019.
  • Free cash flow was $(15.9) million compared to $(1.4) million in the second quarter of 2020 and $20.5 million in the third quarter of 2019. 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."
  • Cash, cash equivalents and marketable securities were $54.6 million at September 30, 2020 down from $172.0 million at June 30, 2020. During the quarter ended September 30, 2020, the Company repaid $100.0 million of amounts outstanding under its revolving credit facility. As of September 30, 2020, the Company had no amounts outstanding and $150.0 million of remaining borrowing capacity under its revolving credit facility.

Management Commentary

“In the third quarter of 2020, we generated modestly higher revenue of $58.8 million and a 5.7% increase in adjusted EBITDA to $22.5 million compared to the prior quarter,” commented Mike Finley, Chief Executive Officer, Boingo Wireless. “We continue to win new business including long-term DAS rights for the new Aztec Stadium at San Diego State University, a Wi-Fi 6 network deployment at São Paulo/Guarulhos International Airport and six new multifamily properties. In addition, with over 130 site applications for our emerging tower business, we remain laser focused on deployments to meet increasing demand. We believe our nearly 20 years of experience in both licensed and unlicensed spectrum, combined with our neutral-host approach, gives us a unique and defensible business model in this 5G era.”

Mr. Finley continued, “In regard to a potential strategic transaction, there continues to be strong interest and engagement from multiple parties. We continue to run the strategic review process to evaluate opportunities that we believe would be in the best interest of our stockholders. While the process continues, we remain focused on the day-to-day execution against the extraordinary opportunities in front of us.”

Business Highlights

  • The Company signed a long-term agreement with San Diego State University (“SDSU”) to design, install, operate and maintain a neutral host cellular DAS network at the new SDSU Aztec football stadium.
  • The Company announced the deployment of the first known airport-wide Wi-Fi 6 network at São Paulo/Guarulhos International Airport (“GRU”), which utilizes the most advanced 802.11ax Wi-Fi technology and Passpoint to deliver fast speeds and low latency.
  • The Company continues to be encouraged by its emerging tower business and the carrier demand to join cell sites on military bases as evidenced by over 130 site applications.
  • The Company launched managed Wi-Fi services at The Reef at Winkler, a new luxury multifamily community owned by MJ Development Southeast and managed by Greystar in Fort Myers, Florida.
  • As of September 30, 2020, the Company had a total of 73 DAS venues live comprised of 40,800 DAS nodes and an additional 11,600 nodes in backlog. This compares to 71 venues live comprised of 37,200 nodes as of September 30, 2019.

Business Outlook

Management is continuing to work with its Board of Directors and advisors to assess opportunities related to a potential strategic transaction. As a result of the ongoing strategic process and the significant economic impact and high degree of uncertainty surrounding the pandemic, the Company is maintaining its suspension of forward-looking financial guidance until further notice.

Conference Call Information

Members of Boingo Wireless’ management will host a conference call to discuss their third quarter 2020 financial results beginning at 4:30 p.m. ET (1:30 p.m. PT), today, November 9, 2020. To participate in the conference call, investors from the U.S. and Canada should dial (877) 407-9716 and enter the passcode: 13711850 ten minutes prior to the scheduled start time. International callers should dial +1 (201) 493-6779 and enter the same passcode. The conference call will be broadcast live over the Internet in the Investor Relations section of the Company’s website at http://investors.boingo.com. In addition, a supplement reflecting the Company’s key business metrics will be made available in the Investor Relations section of the Company’s website. The supplement and webcast will be archived online upon completion of the conference call.

Use of Non-GAAP Financial Measures

To supplement Boingo Wireless’ financial statements presented on a GAAP basis, Boingo Wireless provides Adjusted EBITDA and free cash flow as supplemental measures of its performance.

The Company defines Adjusted EBITDA as net loss attributable to common stockholders plus depreciation and amortization of property and equipment, stock-based compensation expense, amortization of intangible assets, income tax expense, interest expense and amortization of debt discount, interest income and other expense, net, non-controlling interests, and excludes charges or gains that are nonrecurring, infrequent, or unusual. Boingo Wireless believes Adjusted EBITDA is useful to investors in evaluating its operating performance. Boingo's management uses Adjusted EBITDA in conjunction with accounting principles generally accepted in the United States, or GAAP, and other operating performance measures as part of its overall assessment of the Company's performance for planning purposes, including the preparation of its annual operating budget, to evaluate the effectiveness of its business strategies and to communicate with its board of directors concerning its financial performance. Adjusted EBITDA should not be considered as an alternative financial measure to net loss attributable to common stockholders, which is the most directly comparable financial measure calculated in accordance with GAAP, or any other measure of financial performance calculated in accordance with GAAP. Adjusted EBITDA for 2020 excludes transaction costs and litigation loss contingencies because they represent non-recurring charges and are not indicative of the underlying performance of the Company’s business operations.

The Company defines free cash flow as net cash provided by operating activities, less purchases of property and equipment. Boingo Wireless believes that free cash flow provides investors with additional useful information to measure operating liquidity because it reflects the amount of cash generated by the Company's operations after the purchases of property and equipment that can be used for strategic opportunities. Free cash flow should not be considered as an alternative financial measure to net cash provided by operating activities, which is the most directly comparable financial measure calculated in accordance with GAAP, or any other measure of financial performance calculated in accordance with GAAP.

About Boingo Wireless

Boingo Wireless, Inc. (NASDAQ: WIFI) helps the world stay connected. Our vast footprint of DAS, Wi-Fi and small cells reaches more than a billion people annually, making Boingo one of the largest providers of indoor wireless networks. You’ll find Boingo connecting people at airports, stadiums, military bases, convention centers, multifamily communities and commercial properties. To learn more about the Boingo story, visit www.boingo.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking statements" that involves risks, uncertainties and assumptions. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. These forward-looking statements include the quotations from management in this press release, as well as any statements regarding Boingo's future growth opportunities, operations and financial performance, including due to COVID-19, strategic plans and transactions and any future guidance. Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. Since forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the impact of health epidemics, including the recent COVID-19 pandemic, on the Company’s business, the Company's ability to maintain its existing relationships and establish new relationships with venue partners, its ability to complete build-outs and sign venue contracts, its ability to achieve and maintain revenue growth and achieve profitability, its ability to execute on its strategic and business plans, its ability to successfully compete with new technologies and adapt to changes in the wireless industry, as well as other risks and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission (SEC), including Boingo's Form 10-K for the year ended December 31, 2019 filed with the SEC on March 2, 2020, Form 10-Q for the quarter ended March 31, 2020 filed with the SEC on May 8, 2020, Form 10-Q for the quarter ended June 30, 2020 filed with the SEC on August 7, 2020, and Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 9, 2020, which the Company incorporates by reference into this press release. Any forward-looking statement made by Boingo in this press release speaks only as of the date on which it is made. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for Boingo to predict all of them. Boingo undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Boingo, Boingo Wi-Finder, Boingo Broadband, and the Boingo Wireless Logo are registered trademarks of Boingo Wireless, Inc. All other trademarks are the properties of their respective owners.

Boingo Wireless, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

58,754

 

 

$

64,707

 

 

$

177,312

 

 

$

199,734

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Network access

 

 

28,458

 

 

 

29,155

 

 

 

85,102

 

 

 

90,368

 

Network operations

 

 

12,907

 

 

 

13,682

 

 

 

39,743

 

 

 

42,073

 

Development and technology

 

 

6,277

 

 

 

8,182

 

 

 

19,760

 

 

 

25,534

 

Selling and marketing

 

 

4,903

 

 

 

5,721

 

 

 

16,334

 

 

 

17,782

 

General and administrative

 

 

5,878

 

 

 

5,021

 

 

 

19,917

 

 

 

20,330

 

Amortization of intangible assets

 

 

1,060

 

 

 

1,103

 

 

 

3,276

 

 

 

3,365

 

Total costs and operating expenses

 

 

59,483

 

 

 

62,864

 

 

 

184,132

 

 

 

199,452

 

(Loss) income from operations

 

 

(729

)

 

 

1,843

 

 

 

(6,820

)

 

 

282

 

Interest expense and amortization of debt discount

 

 

(2,282

)

 

 

(2,191

)

 

 

(7,404

)

 

 

(6,741

)

Interest income and other expense, net

 

 

101

 

 

 

388

 

 

 

476

 

 

 

1,600

 

(Loss) income before income taxes

 

 

(2,910

)

 

 

40

 

 

 

(13,748

)

 

 

(4,859

)

Income tax expense

 

 

(109

)

 

 

(143

)

 

 

(225

)

 

 

(254

)

Net loss

 

 

(3,019

)

 

 

(103

)

 

 

(13,973

)

 

 

(5,113

)

Net (loss) income attributable to non-controlling interests

 

 

(108

)

 

 

84

 

 

 

(589

)

 

 

11

 

Net loss attributable to common stockholders

 

$

(2,911

)

 

$

(187

)

 

$

(13,384

)

 

$

(5,124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.07

)

 

$

0.00

 

 

$

(0.30

)

 

$

(0.12

)

Diluted

 

$

(0.07

)

 

$

0.00

 

 

$

(0.30

)

 

$

(0.12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used in computing net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

44,505

 

 

 

44,136

 

 

 

44,390

 

 

 

43,904

 

Diluted

 

 

44,505

 

 

 

44,136

 

 

 

44,390

 

 

 

43,904

 

Boingo Wireless, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except per share amounts)

 

 

 

September 30,

 

December 31,

 

 

2020

 

2019

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

46,972

 

 

$

40,401

 

Marketable securities

 

 

7,580

 

 

 

40,214

 

Accounts receivable, net

 

 

18,760

 

 

 

33,350

 

Prepaid expenses and other current assets

 

 

10,378

 

 

 

8,235

 

Total current assets

 

 

83,690

 

 

 

122,200

 

Property and equipment, net

 

 

399,293

 

 

 

380,243

 

Operating lease right-of-use assets, net

 

 

13,433

 

 

 

15,196

 

Goodwill

 

 

58,579

 

 

 

58,579

 

Intangible assets, net

 

 

11,664

 

 

 

14,940

 

Other assets

 

 

11,757

 

 

 

9,309

 

Total assets

 

$

578,416

 

 

$

600,467

 

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

19,576

 

 

$

24,298

 

Accrued expenses and other liabilities

 

 

54,264

 

 

 

65,152

 

Deferred revenue

 

 

65,976

 

 

 

61,229

 

Current portion of operating leases

 

 

2,620

 

 

 

2,695

 

Current portion of long-term debt

 

 

778

 

 

 

778

 

Current portion of finance leases

 

 

1,147

 

 

 

2,721

 

Current portion of notes payable

 

 

218

 

 

 

1,527

 

Total current liabilities

 

 

144,579

 

 

 

158,400

 

Deferred revenue, net of current portion

 

 

164,794

 

 

 

166,660

 

Long-term portion of operating leases

 

 

15,216

 

 

 

17,357

 

Long-term debt

 

 

169,382

 

 

 

162,708

 

Long-term portion of finance leases

 

 

 

 

 

572

 

Long-term portion of notes payable

 

 

 

 

 

95

 

Deferred tax liabilities

 

 

1,005

 

 

 

993

 

Other liabilities

 

 

184

 

 

 

201

 

Total liabilities

 

 

495,160

 

 

 

506,986

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 5,000 shares authorized; no shares issued and outstanding

 

 

 

 

 

 

Common stock, $0.0001 par value; 100,000 shares authorized; 44,526 and 44,224 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

4

 

 

 

4

 

Additional paid-in capital

 

 

239,766

 

 

 

234,638

 

Accumulated deficit

 

 

(154,357

)

 

 

(140,973

)

Accumulated other comprehensive loss

 

 

(2,656

)

 

 

(1,426

)

Total common stockholders’ equity

 

 

82,757

 

 

 

92,243

 

Non-controlling interests

 

 

499

 

 

 

1,238

 

Total stockholders’ equity

 

 

83,256

 

 

 

93,481

 

Total liabilities and stockholders’ equity

 

$

578,416

 

 

$

600,467

 

Boingo Wireless, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

Nine Months Ended

 

 

September 30,

 

 

2020

 

2019

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$

(13,973

)

 

$

(5,113

)

Adjustments to reconcile net loss including non-controlling interests to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization of property and equipment

 

 

58,198

 

 

 

52,750

 

Amortization of intangible assets

 

 

3,276

 

 

 

3,365

 

Impairment loss, loss on disposal of fixed assets and intangible assets held for sale, net, and other

 

 

15

 

 

 

277

 

Stock-based compensation

 

 

5,534

 

 

 

6,434

 

Amortization of deferred financing costs and debt discount, net of amounts capitalized

 

 

6,776

 

 

 

6,554

 

Non-cash operating lease cost

 

 

1,762

 

 

 

1,675

 

Gains and amortization of premiums/discounts for marketable securities

 

 

2

 

 

 

(522

)

Change in fair value of contingent consideration

 

 

 

 

 

(961

)

Bad debt expense

 

 

28

 

 

 

187

 

Change in deferred income taxes

 

 

(12

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

14,180

 

 

 

(6,974

)

Prepaid expenses and other assets

 

 

(5,116

)

 

 

946

 

Accounts payable

 

 

(336

)

 

 

532

 

Accrued expenses and other liabilities

 

 

(6,071

)

 

 

5,394

 

Deferred revenue

 

 

2,881

 

 

 

18,523

 

Operating lease liabilities

 

 

(2,214

)

 

 

(1,996

)

Net cash provided by operating activities

 

 

64,930

 

 

 

81,071

 

Cash flows from investing activities

 

 

 

 

 

 

Purchases of marketable securities

 

 

(15,032

)

 

 

(73,323

)

Proceeds from maturities of marketable securities

 

 

47,665

 

 

 

37,293

 

Purchases of property and equipment

 

 

(85,819

)

 

 

(101,455

)

Net cash used in investing activities

 

 

(53,186

)

 

 

(137,485

)

Cash flows from financing activities

 

 

 

 

 

 

Debt issuance costs

 

 

 

 

 

(1,815

)

Proceeds from credit facility

 

 

100,000

 

 

 

3,500

 

Principal payments on credit facility

 

 

(100,584

)

 

 

(584

)

Payments of acquisition related consideration

 

 

 

 

 

(3,027

)

Proceeds from exercise of stock options

 

 

447

 

 

 

154

 

Repurchase of common stock for retirement

 

 

 

 

 

(747

)

Payments of finance leases and notes payable

 

 

(3,548

)

 

 

(5,162

)

Payments of withholding tax on net issuance of restricted stock units

 

 

(1,350

)

 

 

(34,123

)

Payments to non-controlling interest

 

 

(262

)

 

 

(1,003

)

Net cash used in financing activities

 

 

(5,297

)

 

 

(42,807

)

Effect of exchange rates on cash

 

 

124

 

 

 

(9

)

Net increase (decrease) in cash and cash equivalents

 

 

6,571

 

 

 

(99,230

)

Cash and cash equivalents at beginning of period

 

 

40,401

 

 

 

149,412

 

Cash and cash equivalents at end of period

 

$

46,972

 

 

$

50,182

 

Supplemental disclosure of non-cash investing and financing activities

 

 

 

 

 

 

Property and equipment costs included in accounts payable, accrued expenses and other liabilities

 

$

30,046

 

 

$

35,515

 

Capitalized stock-based compensation included in property and equipment costs

 

$

497

 

 

$

689

 

Financed sale of intangible assets held for sale

 

$

224

 

 

$

300

 

Boingo Wireless, Inc.

Reconciliation of Net Loss Attributable to Common Stockholders to Adjusted EBITDA

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2020

 

2019

 

2020

 

2019

Net loss attributable to common stockholders

 

$

(2,911

)

 

$

(187

)

 

$

(13,384

)

 

$

(5,124

)

Depreciation and amortization of property and equipment

 

 

20,023

 

 

 

16,867

 

 

 

58,198

 

 

 

52,750

 

Stock-based compensation expense

 

 

2,017

 

 

 

2,054

 

 

 

5,534

 

 

 

6,434

 

Amortization of intangible assets

 

 

1,060

 

 

 

1,103

 

 

 

3,276

 

 

 

3,365

 

Income tax expense

 

 

109

 

 

 

143

 

 

 

225

 

 

 

254

 

Interest expense and amortization of debt discount

 

 

2,282

 

 

 

2,191

 

 

 

7,404

 

 

 

6,741

 

Interest income and other expense, net

 

 

(101

)

 

 

(388

)

 

 

(476

)

 

 

(1,600

)

Non-controlling interests

 

 

(108

)

 

 

84

 

 

 

(589

)

 

 

11

 

Transaction costs

 

 

121

 

 

 

 

 

 

1,193

 

 

 

 

Litigation loss contingencies

 

 

 

 

 

 

 

 

1,100

 

 

 

 

Adjusted EBITDA

$

22,492

$

21,867

$

62,481

$

62,831

 

Boingo Wireless, Inc.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flows

(Unaudited)

(In thousands)

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$

18,241

 

$

48,099

$

64,930

$

81,071

Purchases of property and equipment

 

(34,138

)

(27,603

)

(85,819

)

(101,455

)

Free cash flows

 

$

(15,897

)

$

20,496

 

$

(20,889

)

$

(20,384

)

Boingo Wireless, Inc.

Revenue Summary

(Unaudited)

(In thousands)

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2020

 

2019

 

2020

 

2019

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Military/multifamily

 

$

23,806

 

$

23,641

 

$

70,226

 

$

73,934

DAS

 

 

21,877

 

 

23,714

 

 

66,287

 

 

75,431

Wholesale—Wi-Fi

 

 

10,110

 

 

11,200

 

 

29,559

 

 

32,938

Retail

 

 

2,060

 

 

3,646

 

 

7,387

 

 

11,419

Advertising and other

 

 

901

 

 

2,506

 

 

3,853

 

 

6,012

Total revenue

 

$

58,754

 

$

64,707

 

$

177,312

 

$

199,734

Boingo Wireless, Inc.

Key Business Metrics

(Unaudited)

(In thousands)

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2020

 

2019

 

2020

 

2019

Key business metrics:

 

 

 

 

 

 

 

DAS nodes (1)

40.8

 

37.2

 

40.8

 

37.2

DAS nodes in backlog (2)

11.6

 

12.1

 

11.6

 

12.1

Subscribers—military (3)

136

 

137

 

136

 

137

Subscribers—retail (3)

49

 

85

 

49

 

85

Connects (4)

28,310

 

89,291

 

108,572

 

253,757

 

(1)

This metric represents the number of active DAS nodes as of the end of the period. A DAS node is a single communications endpoint, typically an antenna, which transmits or receives radio frequency signals wirelessly. This measure is an indicator of the reach of the Company’s DAS network.

(2)

This metric represents the number of DAS nodes under contract but not yet active as of the end of the period.

(3)

This metric represents the number of paying customers who are on a month-to-month subscription plan at a given period end.

(4)

This metric shows how often individuals connect to the Company’s global Wi-Fi network in a given period. The connects include wholesale and retail customers in both customer pay locations and customer free locations where Boingo is a paid service provider or receives sponsorship or promotion fees. The Company counts each connect as a single connect regardless of how many times that individual accesses the network at a given venue during their 24-hour period. This measure is an indicator of paid activity throughout Boingo’s network.

 

Contacts

PRESS:
Melody Walker
Senior Director, Marketing Communications
mwalker@boingo.com
(424) 256-7036

INVESTORS:
Kimberly Orlando and Ariel Papermaster
ADDO Investor Relations
investors@boingo.com
(310) 829-5400

Contacts

PRESS:
Melody Walker
Senior Director, Marketing Communications
mwalker@boingo.com
(424) 256-7036

INVESTORS:
Kimberly Orlando and Ariel Papermaster
ADDO Investor Relations
investors@boingo.com
(310) 829-5400