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 Boingo Wireless Reports Record Fourth Quarter and Full Year 2015 Financial Results
   Thursday, February 25, 2016 4:01:03 PM ET

--FY 2015 Adjusted EBITDA of $29.6 million increased 46.0% year-over-year

--Generated $9.0 million of positive free cash flow during the fourth quarter of 2015

--Amended credit facility to provide an additional $23.25 million in capital

Boingo Wireless (WIFI ), the leading distributed antenna system (DAS) and Wi-Fi provider that serves consumers, carriers and advertisers worldwide, today announced the company’s financial results for the fourth quarter and full year ended December 31, 2015.

Fourth Quarter 2015 Financial Highlights

-- Revenue of $38.8 million increased 15.3% compared to $33.6 million in the fourth quarter of 2014. Growth was led by strength in military; wholesale Wi-Fi, including carrier offload; and DAS revenue. -- Military revenue of $6.9 million increased 182.1% compared to $2.4 million in the fourth quarter of 2014.

-- Wholesale-Wi-Fi revenue of $6.8 million increased 82.9% compared to $3.7 million in the fourth quarter of 2014.

-- DAS revenue of $11.6 million increased 9.3% compared to $10.6 million in the fourth quarter of 2014. DAS revenue for the quarter was comprised of $6.8 million of build-out project revenue and $4.8 million of access fee revenue.

-- Net loss attributable to common stockholders was $3.7 million, or $0.10 per diluted share, compared to a net loss of $6.5 million, or $0.18 per diluted share, in the fourth quarter of 2014.

-- Adjusted EBITDA of $11.0 million increased 136.3% compared to $4.6 million in the fourth quarter of 2014. 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."

Full Year 2015 Financial Highlights

-- Revenue of $139.6 million increased 17.0% compared to $119.3 million in 2014. Growth was led by strength in military; wholesale Wi-Fi, including carrier offload; and DAS revenue. -- Military revenue of $19.9 million increased 343.6% compared to $4.5 million in 2014.

-- Wholesale-Wi-Fi revenue of $21.9 million increased 44.1% compared to $15.2 million in 2014.

-- DAS revenue of $46.5 million increased 21.4% compared to $38.3 million in 2014. DAS revenue for 2015 was comprised of $29.0 million of build-out project revenue and $17.5 million of access fee revenue.

-- Net loss attributable to common stockholders was $22.3 million, or $0.60 per diluted share, compared to a net loss of $19.5 million, or $0.55 per diluted share, in 2014.

-- Adjusted EBITDA of $29.6 million increased 46.0% compared to $20.3 million for 2014.

Business Highlights

-- Generated $9.0 million of positive free cash flow during the fourth quarter of 2015 versus consuming $13.4 million of free cash flow during fourth quarter of 2014. 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."

-- Amended existing credit agreement to increase the size of the revolving credit facility to almost $70.0 million, providing an additional $23.25 million of available capital. The company believes its existing cash and cash equivalents balance and cash flows from operations combined with its credit facility are sufficient to meet its anticipated capital needs and as a result, has withdrawn the shelf registration it previously filed with the SEC in September 2015.

-- Signed 20 DAS carrier contracts during the quarter, bringing the year-to-date total as of December 31, 2015 to 57 contracts and representing the largest year for DAS carrier sales in the company’s history.

-- High-speed Wi-Fi and IPTV now covers 244,000 beds on 49 U.S. military bases.

-- Boingo was named "Best Wi-Fi Network Operator" for the sixth time by Global Traveler Magazine and "Best Wi-Fi Service for Vertical Markets" (Military) at the Wireless Broadband Alliance (WBA) 2015 Wi-Fi Industry Awards.

Management Commentary

"2015 was Boingo’s best year ever characterized by record annual revenue of $139.6 million and adjusted EBITDA of $29.6 million, which both posted double-digit year-over-year growth and reached the high end of our guidance range," said David Hagan, Chief Executive Officer of Boingo Wireless. "We are continuing to execute against all of our strategic growth initiatives in DAS, military and carrier offload. Construction on the U.S. military bases continues and we added 66,000 beds during the quarter bringing our total to 244,000 beds on 49 U.S. Army, Air Force and Marine Corps bases."

Mr. Hagan concluded, "Over the past three years, we have grown the number of venues in which we have DAS networks live by 63% and we have grown our overall DAS nodes by 73%. Today, we believe we are the largest operator of indoor DAS networks in the U.S. Additionally, 2015 was our biggest year ever for DAS in which we booked in excess of $150 million in carrier contracts. We believe we are incredibly well positioned to continue to grow in this high growth, wireless infrastructure market by securing rights at strategic venue locations and building and operating small cell wireless networks."

Business Outlook

Boingo Wireless is initiating guidance for the first quarter ending March 31, 2016 and for the full year ending December 31, 2016, as follows:

First Quarter 2016

-- Revenue is expected to be in the range of $32.0 million to $35.0 million.

-- Adjusted EBITDA is expected to be in the range of $3.0 million to $5.0 million.

-- Net loss attributable to common stockholders is expected to be in the range of $11.5 million to $9.5 million, or a net loss of $0.31 to $0.25 per diluted share.

Full Year 2016

-- Revenue is expected to be in the range of $158.0 million to $164.0 million.

-- Adjusted EBITDA is expected to be in the range of $38.5 million to $42.5 million.

-- Net loss attributable to common stockholders is expected to be in the range of $30.0 million to $26.0 million, or a net loss of $0.79 to $0.68 per diluted share.

Conference Call Information

Members of Boingo Wireless’ management will host a conference call to discuss its fourth quarter and full year 2015 financial results beginning at 4:30 p.m. ET (1:30 p.m. PT), today, February 25, 2016. To participate in the conference call, investors from the U.S. and Canada should dial (877) 407-0789 and enter the passcode: 13628746 ten minutes prior to the scheduled start time. International callers should dial +1 (201) 689-8562 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 flows 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, income tax expense, amortization of intangible assets, stock-based compensation expense, non-controlling interests and interest and other expense (income), net. 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 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.

The company defines free cash flows as cash flows provided by operating activities, less purchases of property and equipment, net. Boingo Wireless believes that free cash flows 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 flows 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.

Preliminary Nature of Reported Results

The fourth quarter and full year 2015 financial results reported in this press release are preliminary and unaudited. The company expects to announce final results in March 2016 when it files its Annual Report on Form 10-K for the year ended December 31, 2015. Final results could differ from the preliminary results reported in this press release. The company assumes no obligation and does not intend to update these preliminary results prior to filing its Annual Report on Form 10-K for the year ended December 31, 2015. The company and its external auditors are also in the process of evaluating the effectiveness of the company’s internal control over financial reporting as of December 31, 2015.

About Boingo Wireless

Boingo Wireless, Inc. (WIFI ) helps the world stay connected. Boingo’s vast footprint of small cell networks covers more than a million DAS and Wi-Fi locations and reaches more than 1 billion consumers annually - in places as varied as airports, stadiums, arenas, universities, and military bases. For more information 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 strategic plans and 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 regional, national or global political, economic, business, competitive, market and regulatory conditions, 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, 2014 filed with the SEC on March 16, 2015, Form 10-Q for the quarter ended March 31, 2015 filed with the SEC on May 11, 2015, Form 10-Q for the quarter ended June 30, 2015 filed with the SEC on August 10, 2015, and Form 10-Q for the quarter ended September 30, 2015 filed with the SEC on November 9, 2015, 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 Wireless, the Boingo Wireless Logo and Don’t Just Go. Boingo. 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                                                                                                              Year Ended
                                                                                                                                                            December 31,                                                                                                                                                      December 31,
                                                                                                       ----------------------------------------------------------------------------------------------------------------       -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------
                                                                                                                             2015                                               2014                                                  2015                                                2014
                                                                                                       --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------- ---------------------------------------------------------------------- --------------------------------------------------
Revenue                                                                                                                   $ 38,771                                           $ 33,627                                                                                   $ 139,626                                           $ 119,297
Costs and operating expenses:
  Network access                                                                                                            15,837                                                                18,181                                                                                      62,988                                                                 59,411
  Network operations                                                                                                         9,377                                                                 7,613                                                                                      33,537                                                                 25,475
  Development and technology                                                                                                 5,169                                                                 4,074                                                                                      19,147                                                                 14,879
  Selling and marketing                                                                                                      5,663                                                                 4,753                                                                                      19,653                                                                 16,382
  General and administrative                                                                                                 5,362                                                                 4,116                                                                                      22,356                                                                 17,460
  Amortization of intangible assets                                                                         867          904           3,576         3,716  
                                                                                                       -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
    Total costs and operating expenses                                                                   42,275       39,641         161,257       137,323  
                                                                                                       -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Loss from operations                                                                                                        (3,504 )                                                              (6,014 )                                                                                   (21,631 )                                                              (18,026 )
Interest and other (expense) income, net                                                                    (16 )                           (53 )                              (66 )                            (41 )
                                                                                                       -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Loss before income taxes                                                                                                    (3,520 )                                                              (6,067 )                                                                                   (21,697 )                                                              (18,067 )
Income tax expense                                                                                           80          322             481           700  
                                                                                                       -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Net loss                                                                                                                    (3,600 )                                                              (6,389 )                                                                                   (22,178 )                                                              (18,767 )
Net income attributable to non-controlling interests                                                         54          135             114           754  
                                                                                                       -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Net loss attributable to common stockholders                                                                              $ (3,654 )                                         $ (6,524 )                                           $ (22,292 )                                         $ (19,521 )
                                                                                                       ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
Net loss per share attributable to common stockholders:
  Basic                                                                                                                   $  (0.10 )                                                            $  (0.18 )                                                                                 $   (0.60 )                                                            $   (0.55 )
  Diluted                                                                                                                 $  (0.10 )                                                            $  (0.18 )                                                                                 $   (0.60 )                                                            $   (0.55 )
Weighted average shares used in computing net loss per share
attributable to common stockholders:
  Basic                                                                                                                     37,228                                                                36,148                                                                                      36,849                                                                 35,753
  Diluted                                                                                                                   37,228                                                                36,148                                                                                      36,849                                                                 35,753
                                                                                                                                                                                                                                                                                                                                                
                                                                             
                                                                                                                   Boingo Wireless, Inc.
                                                                                                           Condensed Consolidated Balance Sheets
                                                                                                                        (Unaudited)
                                                                                                         (In thousands, except per share amounts)
                                                                                                                     
                                                                                                                                                                                 December 31,
                                                                                                                    ---------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                              2015                                                       2014
                                                                                                                    ----------------------------------------------------------------------------- ---------------------------------------------------------
Assets                                                                                                                                                                        
Current assets:
  Cash and cash equivalents                                                                                                            $         14,718                                                              $          8,849
  Marketable securities                                                                                                                  --                                                                         1,614
  Accounts receivable, net                                                                                                                       43,552                                                                        27,917
  Prepaid expenses and other current assets                                                                                    3,876                3,916  
                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
    Total current assets                                                                                                                         62,146                                                                        42,296
Property and equipment, net                                                                                                                     214,500                                                                       111,772
Goodwill                                                                                                                                         42,403                                                                        42,403
Intangible assets, net                                                                                                                           16,055                                                                        19,676
Other assets                                                                                                                   5,908                2,468  
                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
    Total assets                                                                                                                       $        341,012                        $        218,615  
                                                                                                                    ==================== ============== ==================== ==================== ==================== ============== ====================
Liabilities and stockholders’ equity
Current liabilities:
  Accounts payable                                                                                                                     $         29,376                                                              $          4,004
  Accrued expenses and other liabilities                                                                                                         36,328                                                                        26,109
  Deferred revenue                                                                                                                               25,759                                                                        25,488
  Current portion of long-term debt                                                                                                                 875                                                                           875
  Current portion of capital leases                                                                                            1,610                  309  
                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
    Total current liabilities                                                                                                                    93,948                                                                        56,785
Deferred revenue, net of current portion                                                                                                        106,825                                                                        27,267
Long-term debt                                                                                                                                   16,750                                                                         2,625
Long-term portion of capital leases                                                                                                               2,217                                                                           381
Deferred tax liabilities(1)                                                                                                                       2,965                                                                         2,645
Other liabilities                                                                                                              6,272                1,482  
                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
    Total liabilities                                                                                                                           228,977                                                                        91,185
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; 37,325                                                                                  4                                                                             4
  and 36,267 shares issued and outstanding for 2015 and 2014,
  respectively
  Additional paid-in capital                                                                                                                    197,612                                                                       189,725
  Accumulated deficit                                                                                                                           (85,176 )                                                                     (62,884 )
  Accumulated other comprehensive loss                                                                                        (1,160 )                                  (443 )
                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
    Total common stockholders’ equity                                                                                111,280                                                                       126,402
    Non-controlling interests                                                                                                    755                1,028  
                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
    Total stockholders’ equity                                                                    112,035              127,430  
                                                                                                                    -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
    Total liabilities and stockholders’ equity                                                              $        341,012                        $        218,615  
                                                                                                                    ==================== ============== ==================== ==================== ==================== ============== ====================
 
-------------------------------------------------------------------------
(1)   We early adopted Financial Accounting Standards Board ("FASB")
                         Accounting Standards Update ("ASU") 2015-17, Balance Sheet
                         Classification of Deferred Taxes, on a retrospective basis as of
                         December 31, 2015. ASU 2015-17 requires that all deferred tax
                         assets and liabilities, along with any related valuation
                         allowance, for each tax-paying jurisdiction within each tax-paying
                         component be classified as noncurrent on the balance sheet. As a
                         result, we reclassified $787 from current deferred tax assets to
                         noncurrent deferred tax liabilities as of December 31, 2014 as the
                         deferred tax assets and liabilities were related to the same
                         tax-paying jurisdiction.
                          
                                                                                                                                                                                      
                                                                                                                                                                                    Boingo Wireless, Inc.
                                                                                                                                                              Reconciliation of Net Loss Attributable to Common Stockholders to
                                                                                                                                                                                       Adjusted EBITDA
                                                                                                                                                                                         (Unaudited)
                                                                                                                                                                                       (In thousands)
                                                                                                                                                                                                                                                                    
                                                                                                                                                    Three Months Ended                                                                                                              Year Ended
                                                                                                                                                       December 31,                                                                                                                                                      December 31,
                                                                                                  ----------------------------------------------------------------------------------------------------------------       -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------
                                                                                                                        2015                                               2014                                                  2015                                                2014
                                                                                                  --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------- ---------------------------------------------------------------------- --------------------------------------------------
Net loss attributable to common stockholders                                                                         $ (3,654 )                                         $ (6,524 )                                                                                 $ (22,292 )                                         $ (19,521 )
Depreciation and amortization of property and equipment                                                                10,394                                                                 7,796                                                                                      38,293                                                                 27,446
Income tax expense                                                                                                         80                                                                   322                                                                                         481                                                                    700
Stock-based compensation expense                                                                                        3,208                                                                 1,954                                                                                       9,398                                                                  7,164
Amortization of intangible assets                                                                                         867                                                                   904                                                                                       3,576                                                                  3,716
Non-controlling interests                                                                                                  54                                                                   135                                                                                         114                                                                    754
Interest and other expense (income), net                                                                16           53              66            41  
                                                                                                  -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- --------------------
Adjusted EBITDA                                                                                                      $ 10,965                        $  4,640                          $  29,636                        $  20,300  
                                                                                                  ==================== ====== ==================== ==================== ==================== ====== ==================== ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                         
                                                                                                                                                    Boingo Wireless, Inc.
                                                                                                                               Reconciliation of Net Cash Provided by Operating Activities to
                                                                                                                                                       Free Cash Flows
                                                                                                                                                         (Unaudited)
                                                                                                                                                       (In thousands)
                                                                                                                                                                                                                                       
                                                                                                                               Three Months Ended                                                                                     Year Ended
                                                                                                                                  December 31,                                                                                                                             December 31,
                                                                                    -------------------------------------------------------------------------------------------------       -------------------- -------------------- -------------------------------------------------------------------------------
                                                                                                           2015                                       2014                                  2015                              2014
                                                                                    ---------------------------------------------------------------------- ----------------------------------------------------- -------------------- ------------------------------------------------------ -------------------------------
Net cash provided by operating activities                                                              $  48,725                                           $   2,569                                                                  $   98,575                          $  21,207
Purchases of property and equipment, net                                              (39,687 )                        (15,924 )         (103,116 )       (70,945 )
                                                                                    -------------------- ------- -------------------- -------------------- -------------------- ------- --- -------------------- -------------------- -------------------- -------- --- -------------------- -------------------- ------- -
Free cash flows                                                                                        $   9,038                        $ (13,355 )                          $   (4,541 )                        $ (49,738 )
                                                                                    ==================== ======= ==================== ==================== ==================== ======= === ==================== ==================== ==================== ======== === ==================== ==================== ======= =
                                                                                                                                                                                                                                                                                              
                                                                                                                   
                                                                                                                               Boingo Wireless, Inc.
                                                                                                                                  Revenue Summary
                                                                                                                                    (Unaudited)
                                                                                                                                  (In thousands)
                                                                                                                                                                                                 
                                                                                                      Three Months Ended                                                                      Year Ended
                                                                                                         December 31,                                                                                                              December 31,
                                                                         ------------------------------------------------------------------------     -------------------- -------------------- -----------------------------------------------------------------------------
                                                                                     2015                          2014                            2015                             2014
                                                                         ------------------------------------------------ ------------------------------------------------ -------------------- ------------------------------------------------- --------------------------------
Revenue:                                                                                                                                                                                                   
  DAS                                                                                       $ 11,592                                         $ 10,603                                                              $  46,455                                         $     38,259
  Retail                                                                                       7,155                                            9,471                                                                 31,763                                               40,336
  Wholesale--Wi-Fi                                                                 6,827                                            3,732                                                                 21,923                                               15,209
  Military                                                                                     6,895                                            2,443                                                                 19,898                                                4,486
  Advertising and other                                                     6,302      7,378        19,587         21,007
                                                                         -------------------- ------ -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------- -------------------- -------------------- ----------
    Total revenue                                                                           $ 38,771                      $ 33,627                        $ 139,626                      $    119,297
                                                                         ==================== ====== ==================== ==================== ====== ==================== ==================== ==================== ======= ==================== ==================== ==========
                                                                                                                                                                                                                                                   
                                                                                 
                                                                                       Boingo Wireless, Inc.
                                                                                       Key Business Metrics
                                                                                          (In thousands)
                                                                                                                                                               
                                                                                         Three Months Ended                          Year Ended
                                                                                            December 31,                                                                  December 31,
                                                                                 --------------------------------   -------------------- -------------------- ---------------------------------
                                                                                  2015     2014        2015     2014
                                                                                 ------ -------------------- ------ -------------------- -------------------- ------- -------------------- ------
Key business metrics:                                                                                                                               
  Subscribers--retail(1)                                                204                         254                                               204                         254
  Subscribers--military(1)                                               57                          20                                                57                          20
  Connects(2)                                                                    28,919                      21,719                                           105,335                      81,413
  DAS nodes(3)                                                                     10.9                         8.4                                              10.9                         8.4
  DAS nodes in backlog(4)                                                           4.9                         4.6                                               4.9                         4.6
 
--------------------------------------
(1)   This metric represents the number of paying customers who are on a
                         month-to-month subscription plan at a given period end.
(2)                      This metric shows how often individuals connect to our global Wi-Fi
                         network in a given period. The connects include retail and wholesale
                         customers in both customer pay locations and customer free locations
                         where we are a paid service provider or receive revenue sponsorship
                         or promotion fees. We count 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 our network.
(3)                      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 our
                         DAS network.
(4)                      This metric represents the number of DAS nodes under contract but
                         not yet active as of the end of the period.
                          

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160225006474r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160225006474/en/

SOURCE: Boingo Wireless, Inc.

PRESS: 
Boingo Wireless, Inc. 
Lauren de la Fuente 
Vice President, Marketing + Communications 
ldelafuente@boingo.com 
(310) 405-8517 
or 
INVESTORS: 
Addo Communications 
Kimberly Orlando 
kimberlyo@addocommunications.com 
(310) 829-5400


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