| Parent Company Condensed Financial Statements |
19. Parent Company Condensed Financial Statements
The following presents the Condensed Financial Statements of our
Parent Company on a standalone basis.
Gogo Inc.
Condensed Balance Sheets
(in thousands)
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December 31,
2013 |
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December 31,
2012 |
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Assets:
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|
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|
Cash and cash equivalents
|
|
$ |
173,928 |
|
|
$ |
— |
|
|
Investments and advances with subsidiaries
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|
|
102,253 |
|
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|
173,803 |
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Total assets
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$ |
276,181 |
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$ |
173,803 |
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|
Liabilities and Stockholders’ equity (deficit):
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Total liabilities
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$ |
5,991 |
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$ |
5,202 |
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Total redeemable preferred stock
|
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|
— |
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|
614,378 |
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|
Total stockholders’ equity (deficit)
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|
270,190 |
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|
(445,777 |
) |
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Total liabilities and stockholders’ equity (deficit)
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|
$ |
276,181 |
|
|
$ |
173,803 |
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|
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Gogo Inc.
Condensed Statements of Operations and
Comprehensive Income (Loss)
(in thousands)
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For the Years Ended
December 31, |
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| |
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2013 |
|
|
2012 |
|
|
2011 |
|
|
Interest income
|
|
$ |
(18 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Fair value derivative adjustments
|
|
|
36,305 |
|
|
|
(9,640 |
) |
|
|
(58,740 |
) |
|
Write off of deferred equity financing costs
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|
|
— |
|
|
|
5,023 |
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|
— |
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Other expense
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|
— |
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— |
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|
40 |
|
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Total other (income) expense
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36,287 |
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|
(4,617 |
) |
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|
(58,700 |
) |
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Income (loss) before income taxes
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|
(36,287 |
) |
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|
4,617 |
|
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|
58,700 |
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Income tax provision
|
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|
1,107 |
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|
1,036 |
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|
1,053 |
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Equity losses of subsidiaries
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|
73,895 |
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|
36,295 |
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|
34,032 |
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Net income (loss)
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|
(111,289 |
) |
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|
(32,714 |
) |
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|
23,615 |
|
|
Preferred stock return
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|
(29,277 |
) |
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(52,427 |
) |
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(31,331 |
) |
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Accretion of preferred stock
|
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|
(5,285 |
) |
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|
(10,499 |
) |
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(10,181 |
) |
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Net loss to attributable to common stock
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|
$ |
(145,851 |
) |
|
$ |
(95,640 |
) |
|
$ |
(17,897 |
) |
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Comprehensive income (loss)
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$ |
(111,694 |
) |
|
$ |
(32,734 |
) |
|
$ |
23,615 |
|
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Gogo Inc.
Condensed Statements of Cash Flows
(in thousands)
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For the Years Ended
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Net income (loss)
|
|
$ |
(111,289 |
) |
|
$ |
(32,714 |
) |
|
$ |
23,615 |
|
|
Fair value derivative adjustments
|
|
|
36,305 |
|
|
|
(9,640 |
) |
|
|
(58,740 |
) |
|
Write off of deferred equity financing costs
|
|
|
— |
|
|
|
5,023 |
|
|
|
— |
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|
Subsidiary equity losses
|
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|
73,895 |
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|
36,295 |
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|
34,032 |
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|
Other operating activities
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|
|
910 |
|
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|
929 |
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|
957 |
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Net cash used in operating activities
|
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|
(179 |
) |
|
|
(107 |
) |
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|
(136 |
) |
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Net cash provided by (used in) investing activities –
investments and advances with subsidiaries
|
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|
2,750 |
|
|
|
4,347 |
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|
(54,524 |
) |
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Financing activities:
|
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Proceeds from initial public offering, net of underwriter
commissions
|
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|
173,910 |
|
|
|
— |
|
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|
— |
|
|
Proceeds from the issuance of preferred stock
|
|
|
— |
|
|
|
— |
|
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|
55,386 |
|
|
Other financing activities
|
|
|
(2,553 |
) |
|
|
(4,255 |
) |
|
|
(711 |
) |
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Net cash provided by financing activities
|
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|
171,357 |
|
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|
(4,255 |
) |
|
|
54,675 |
|
|
|
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|
Increase (decrease) in cash and cash equivalents
|
|
|
173,928 |
|
|
|
(15 |
) |
|
|
15 |
|
|
Cash and cash equivalents at the beginning of period
|
|
|
— |
|
|
|
15 |
|
|
|
— |
|
|
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|
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|
Cash and cash equivalents at the end of period
|
|
$ |
173,928 |
|
|
$ |
— |
|
|
$ |
15 |
|
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