BOINGO WIRELESS INC

CIK:0001169988|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Consolidated Statements of Operations
Revenue	$ 59,929	$ 59,886
Costs and operating expenses:
Cost of sales	29,702	28,759
Gross Profit, Total	30,227	31,127
Selling, general and administrative expenses	35,148	32,601
Amortization of intangible assets	937	1,111
Loss from operations	(5,858)	(2,585)
Interest expense and amortization of debt discount	(657)	(2,349)
Interest income and other expense, net	(2)	254
Loss before income taxes	(6,517)	(4,680)
Income tax expense	(119)	(45)
Net loss	(6,636)	(4,725)
Net loss attributable to non-controlling interests	(192)	(92)
Net loss attributable to common stockholders	$ (6,444)	$ (4,633)
Net loss per share attributable to common stockholders:
Basic	$ (0.14)	$ (0.10)
Diluted	$ (0.14)	$ (0.10)
Weighted average shares used in computing net loss per share attributable to common stockholders:
Basic	44,690	44,272
Diluted	44,690	44,272

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (6,636)	$ (4,725)
Adjustments to reconcile net loss including non-controlling interests to net cash provided by operating activities:
Depreciation and amortization of property and equipment	20,745	18,646
Amortization of intangible assets	937	1,111
Impairment loss, loss on disposal of fixed assets, net, and other	27	(30)
Stock-based compensation	2,277	1,537
Amortization of deferred financing costs and debt discount, net of amounts capitalized	421	2,343
Non-cash operating lease cost	567	639
Gains and amortization of premiums/discounts for marketable securities	64	(81)
Change in deferred income taxes	0	(12)
Changes in operating assets and liabilities:
Accounts receivable	(15,097)	(4,912)
Prepaid expenses and other assets	(1,171)	(1,071)
Accounts payable	688	(166)
Accrued expenses and other liabilities	3,165	(3,253)
Deferred revenue	13,700	9,801
Operating lease liabilities	(721)	(794)
Net cash provided by operating activities	18,966	19,033
Cash flows from investing activities
Purchases of marketable securities		(15,032)
Proceeds from maturities of marketable securities	4,500	25,965
Purchases of property and equipment	(22,140)	(22,592)
Net cash used in investing activities	(17,640)	(11,659)
Cash flows from financing activities
Proceeds from credit facility		100,000
Principal payments on credit facility	(194)
Proceeds from exercise of stock options	129	185
Payments of finance leases and notes payable	(511)	(1,285)
Payments of withholding tax on net issuance of restricted stock units	(592)	(461)
Payments to non-controlling interest		(262)
Net cash (used in) provided by financing activities	(1,168)	98,177
Effect of exchange rates on cash	3	(36)
Net increase in cash and cash equivalents	161	105,515
Cash and cash equivalents at beginning of period	36,111	40,401
Cash and cash equivalents at end of period	36,272	145,916
Supplemental disclosure of non-cash investing and financing activities
Property and equipment costs included in accounts payable, accrued expenses and other liabilities	41,054	39,754
Capitalized stock-based compensation included in property and equipment costs	140	149
Financed sale of intangible assets held for sale	$ 184	$ 277

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 36,272	$ 36,111
Marketable securities	0	4,565
Accounts receivable, net	38,899	27,716
Prepaid expenses and other current assets	7,272	8,388
Assets held for sale	8,746
Total current assets	91,189	76,780
Property and equipment, net	404,683	406,328
Operating lease right-of-use assets, net	12,295	12,876
Goodwill	58,579	58,579
Intangible assets, net	9,714	10,652
Other assets	11,268	11,264
Total assets	587,728	576,479
Current liabilities:
Accounts payable	23,994	22,489
Accrued expenses and other liabilities	61,901	55,984
Deferred revenue	64,113	65,292
Current portion of operating leases	2,649	2,632
Current portion of long-term debt	778	778
Current portion of finance leases	132	573
Current portion of notes payable	24	95
Liabilities held for sale	4,436
Total current liabilities	158,027	147,843
Deferred revenue, net of current portion	172,352	159,462
Long-term portion of operating leases	13,749	14,487
Long-term debt	199,086	171,695
Deferred tax liabilities	1,034	984
Other liabilities		87
Total liabilities	544,248	494,558
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.0001 par value; 5,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.0001 par value; 100,000 shares authorized; 44,736 and 44,631 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	4	4
Additional paid-in capital	203,900	241,868
Accumulated deficit	(157,944)	(158,066)
Accumulated other comprehensive loss	(2,742)	(2,279)
Total common stockholders' equity	43,218	81,527
Non-controlling interests	262	394
Total stockholders' equity	43,480	81,921
Total liabilities and stockholders' equity	$ 587,728	$ 576,479