$1.3 B

WIFI Mkt cap, 15-Oct-2018

$117.8 M

Boingo Wireless Revenue Q2, 2018
Boingo Wireless Net income (Q2, 2018)-263 K
Boingo Wireless EBIT (Q2, 2018)10 K
Boingo Wireless Cash, 30-Jun-201812.9 M
Boingo Wireless EV1.3 B

Boingo Wireless Revenue Breakdown

Embed Graph

Boingo Wireless revenue breakdown by business segment: 7.7% from Advertising and other, 13.9% from Wholesale—Wi-Fi, 16.7% from Retail, 25.1% from Military and 36.5% from DAS

Boingo Wireless Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

106.7m119.3m139.6m159.3m204.4m

Revenue growth, %

12%17%14%

Sales and marketing expense

20.9m

General and administrative expense

35.6m

Operating expense total

225.1m

Depreciation and amortization

3.5m

EBIT

(1.9m)(18.0m)(21.6m)(26.1m)(20.7m)

EBIT margin, %

(2%)(15%)(15%)(16%)(10%)

Interest income

37.0k

Pre tax profit

(1.9m)(18.1m)(21.7m)(26.6m)(20.9m)

Income tax expense

1.5m700.0k481.0k427.0k(2.1m)

Net Income

(3.1m)(18.8m)(22.2m)(27.0m)(18.8m)

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

28.6m26.5m28.4m30.8m29.4m34.3m37.2m34.5m39.1m40.8m44.3m49.0m53.7m58.2m117.8m

Sales and marketing expense

5.5m10.8m

General and administrative expense

3.2m4.4m4.6m4.3m5.8m5.7m5.5m8.2m7.7m6.7m8.1m11.3m7.7m14.4m

Operating expense total

27.8m31.6m31.7m34.3m37.0m40.0m41.9m44.2m46.0m46.2m50.9m56.7m60.7m117.8m

Depreciation and amortization

727.0k1.4m

EBIT

784.0k(5.2m)(3.4m)(3.5m)(7.6m)(5.8m)(4.8m)(9.7m)(7.0m)(5.4m)(6.6m)(7.7m)(3.0m)(2.6m)10.0k

EBIT margin, %

3%(20%)(12%)(11%)(26%)(17%)(13%)(28%)(18%)(13%)(15%)(16%)(6%)(4%)0%

Interest expense

79.0k

Interest income

19.0k11.0k19.0k4.0k

Pre tax profit

782.0k(5.2m)(3.4m)(3.5m)(7.6m)(5.7m)(4.8m)(9.7m)(7.1m)(5.5m)(6.6m)(7.7m)(3.1m)(2.6m)(119.0k)

Income tax expense

258.0k148.0k155.0k75.0k204.0k82.0k115.0k238.0k124.0k95.0k199.0k141.0k167.0k128.0k144.0k

Net Income

524.0k(5.3m)(3.5m)(3.6m)(7.8m)(5.8m)(4.9m)(9.9m)(7.2m)(5.6m)(6.8m)(7.9m)(3.2m)(2.8m)(263.0k)

Boingo Wireless Balance Sheet

Annual

usdY, 2009Y, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016FY, 2017

Cash

22.6m25.7m93.9m58.1m27.3m8.8m14.7m19.5m26.7m

Accounts Receivable

16.3m27.9m43.6m43.0m26.1m

Inventories

2.6m3.9m3.9m5.3m

Current Assets

80.9m43.1m62.1m67.8m59.2m

PP&E

67.6m111.8m214.5m250.8m262.4m

Goodwill

42.4m42.4m42.4m42.4m42.4m

Total Assets

215.5m219.4m341.0m381.0m384.3m

Accounts Payable

11.6m4.0m29.4m15.5m11.6m

Short-term debt

875.0k875.0k1.1m875.0k

Current Liabilities

47.8m56.8m93.9m99.2m122.3m

Long-term debt

2.6m16.8m15.9m

Total Debt

3.5m17.6m17.0m875.0k

Total Liabilities

282.4m285.3m

Additional Paid-in Capital

182.9m189.7m197.6m211.3m230.7m

Retained Earnings

(43.2m)(62.9m)(85.2m)(112.6m)(132.0m)

Total Equity

140.6m127.4m112.0m98.5m99.0m

Debt to Equity Ratio

0 x0.2 x0.2 x

Debt to Assets Ratio

0 x0.1 x0 x

Financial Leverage

1.5 x1.7 x3 x3.9 x3.9 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

44.7m13.5m8.0m4.0m10.6m20.5m8.6m14.7m9.3m13.2m19.0m22.3m21.6m18.6m12.9m

Accounts Receivable

13.0m18.0m26.6m23.9m32.3m40.5m50.3m42.7m48.3m44.1m28.2m27.0m39.1m28.9m37.4m

Inventories

6.7m

Current Assets

102.2m73.1m69.5m50.2m47.0m65.5m63.9m61.4m62.2m62.7m52.7m55.4m67.5m54.4m58.1m

PP&E

54.6m76.4m93.5m106.1m120.8m152.0m192.9m225.0m236.7m250.3m250.9m258.7m264.6m278.3m

Goodwill

33.0m42.4m42.6m42.4m42.4m42.4m42.4m42.4m42.4m42.4m42.4m42.4m42.4m42.4m42.4m

Total Assets

209.8m215.7m228.3m220.7m231.8m281.6m321.0m350.6m361.2m376.2m365.1m374.5m388.5m378.5m395.4m

Accounts Payable

6.5m8.7m15.4m10.9m11.4m15.5m33.3m19.9m14.3m17.8m10.0m15.2m14.6m16.7m19.8m

Short-term debt

875.0k10.9m16.1m875.0k875.0k875.0k875.0k875.0k875.0k656.0k438.0k

Current Liabilities

36.1m49.0m62.0m56.4m57.1m99.9m112.6m81.9m87.1m99.3m95.6m117.3m134.1m138.7m136.7m

Long-term debt

7.4m2.2m2.0m21.5m21.3m16.1m10.7m5.4m5.2m

Total Debt

8.3m13.1m18.1m22.4m22.2m17.0m11.5m6.3m6.1m656.0k438.0k

Total Liabilities

63.0m80.0m94.5m88.4m110.8m164.6m208.4m244.1m259.1m276.9m271.2m281.7m291.8m277.8m286.9m

Additional Paid-in Capital

184.4m184.0m185.6m187.9m191.4m193.8m194.6m202.0m205.0m207.8m213.5m220.3m227.5m231.9m238.0m

Retained Earnings

(38.3m)(48.6m)(52.4m)(56.4m)(70.8m)(76.7m)(81.5m)(95.3m)(102.5m)(108.2m)(119.5m)(127.5m)(130.9m)(131.9m)(129.8m)

Total Equity

146.9m135.7m133.9m132.2m120.9m117.0m112.6m106.5m102.1m99.3m93.9m92.8m96.8m100.8m108.5m

Debt to Equity Ratio

0.1 x

Debt to Assets Ratio

0 x

Financial Leverage

1.4 x1.6 x1.7 x1.7 x1.9 x2.4 x2.9 x3.3 x3.5 x3.8 x3.9 x4 x4 x3.8 x3.6 x

Boingo Wireless Cash Flow

Annual

usdFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(3.1m)(18.8m)(22.2m)(27.0m)(18.8m)

Depreciation and Amortization

2.3m3.7m3.6m3.4m

Accounts Receivable

(2.4m)(11.0m)(16.0m)526.0k16.0m

Inventories

Accounts Payable

(242.0k)(2.3m)3.8m(465.0k)(1.6m)

Cash From Operating Activities

20.7m21.2m98.6m115.2m97.7m

Purchases of PP&E

(29.5m)(70.9m)(103.1m)(107.3m)(73.3m)

Cash From Investing Activities

(40.4m)(39.2m)(101.5m)(107.3m)(74.5m)

Cash From Financing Activities

(11.1m)(480.0k)8.8m(3.1m)(16.1m)

Interest Paid

32.0k33.0k347.0k418.0k239.0k

Income Taxes Paid

96.0k304.0k

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

524.0k(5.3m)(3.5m)(3.6m)(7.8m)(13.7m)(18.6m)(9.9m)(17.2m)(22.8m)(6.8m)(14.6m)(3.2m)(2.8m)(263.0k)

Depreciation and Amortization

928.0k959.0k893.0k873.0k943.0k865.0k862.0k855.0k911.0k

Accounts Receivable

26.6m23.9m32.3m(12.6m)(22.5m)845.0k(4.7m)(509.0k)14.8m16.0m39.1m(3.8m)(12.6m)

Inventories

6.7m

Accounts Payable

15.4m10.9m11.4m2.2m2.4m4.7m(1.2m)3.5m(2.4m)(2.6m)14.6m706.0k704.0k

Cash From Operating Activities

34.8m49.9m41.0m55.7m93.6m25.5m47.4m17.3m32.8m

Purchases of PP&E

(33.3m)(63.4m)(45.5m)(64.3m)(92.0m)(17.5m)(31.9m)(21.1m)(42.9m)

Cash From Investing Activities

(31.7m)(61.8m)(45.5m)(64.3m)(92.0m)(18.6m)(33.1m)(21.6m)(42.9m)

Cash From Financing Activities

8.5m11.7m4.4m3.1m(3.1m)(7.4m)(11.4m)(3.8m)(3.0m)

Boingo Wireless Ratios

USDY, 2018

EV/EBIT

132 k x

EV/CFO

40.3 x

Financial Leverage

3.6 x
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Boingo Wireless Operating Metrics

FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

Countries

90 90 100 100 100 100 100 100 100 100 100

Retail Customers

254 k235 k225 k212 k204 k18.70 m184 k185 k195 k194 k195 k

Subscribers (Military)

20 k32 k40 k46 k57 k69 k79 k86 k107 k128 k131 k

Wi-Fi Hotspots

1 m1 m1 m1 m1.50 m1.50 m1.50 m1.50 m1.50 m1.50 m1.50 m
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