[November 03, 2011]

Boingo Wireless Reports Strong Third Quarter 2011 Financial Results

Boingo Wireless (News - Alert), Inc. (NASDAQ: WIFI), the world's leading Wi-Fi software and services provider, today announced the company's financial results for the third quarter ended September 30, 2011.

Third Quarter 2011 Financial Highlights

Boingo Wireless reported revenue of $24.7 million, compared to $20.2 million for the third quarter of 2010, an increase of 22.1 percent.

Adjusted EBITDA was $8.2 million, compared to $5.2 million for the third quarter of 2010, an increase of 57.3 percent. Adjusted EBITDA, which is a non-GAAP financial measure, is defined below and reconciled to net income (loss), the most comparable measure under GAAP, in the section entitled "Use of non-GAAP financial measures."

Net income attributable to common stockholders was $1.7 million, or $0.05 per diluted share. This is compared to net income attributable to common stockholders for the third quarter of 2010 of $0.9 million, or $0.07 per diluted share.

The company generated $10.1 million in cash from operating activities and ended the third quarter with total cash and investments of $87.2 million.

Management Commentary

"We are pleased with the strength of our third quarter financial results as we continue to make progress on our strategic initiatives," said David Hagan, President and Chief Executive Officer of Boingo Wireless. "Both our retail and wholesale businesses contributed meaningfully, which translated into increased EBITDA, net income profitability and cash flow generation. This momentum further emphasizes our ability to execute new partner relationships, expand the installed base of our software on a global basis and leverage our leadership position in the center of the Wi-Fi ecosystem."

Business Highlights

Key accomplishments include:

• A three-year wholesale platform services agreement with LG Uplus ("LG U+") to provide global Wi-Fi roaming and cellular data offload services for LG Uplus customers. Boingo also signed a separate network access agreement for its retail and wholesale customers to access over 40,000 LG Uplus hotspots in South Korea.
• An agreement with Towerstream Corporation to manage services across its state-of-the-art Wi-Fi network in Manhattan, including provisions to leverage additional networks that Towerstream may build and launch in the future.
• A roaming agreement with Wire & Wireless (Wi2) for Boingo customers to access more than 3,000 hotspots operated by the Wi2 300 service throughout Japan.
• The simplification of network access plans so that retail customers using more than one Wi-Fi enabled device now have a single account with a single monthly fee.

Business Outlook

Boingo Wireless is initiating guidance for the fourth quarter ended December 31, 2011, as follows:

Q4 2011

• Revenue is expected to be in the range of $24.3 million to $25.3 million
• Adjusted EBITDA is expected to be in the range of $7.3 million to $8.3 million
• Net income attributable to common stockholders is expected to be in the range of $1.3 million to $2.3 million, or $0.04 to $0.06 per diluted share.

Boingo Wireless' guidance for the full year ended December 31, 2011, is as follows:

Full Year 2011

• Revenue is expected to be in the range of $93.0 million to $94.0 million
• Adjusted EBITDA is expected to be in the range of $27.0 million to $28.0 million
• Net income attributable to common stockholders is expected to be in the range of $3.9 million to $4.9 million, or $0.11 to $0.14 per diluted share.

Conference call information

Members of Boingo Wireless' management will host a conference call to discuss its third quarter 2011 financial results and future outlook beginning at 4:30 pm ET (1:30 pm PT), today, November 3, 2011. To participate in the conference call, investors from the U.S. and Canada should dial (877) 941-4774 ten minutes prior to the scheduled start time. International callers should dial (480) 629-9760. In addition, the call will be broadcast live over the Internet hosted on the Investor Relations section of the company's website at http://investors.boingo.com and 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 as a supplemental measure of its performance. The company defines Adjusted EBITDA as net income (loss) attributable to common stockholders plus depreciation, accretion of convertible and redeemable stock, income taxes, amortization of intangible assets, stock-based compensation expense, non-controlling interests expense 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 of America, or GAAP, 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) income, 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), the world's leading Wi-Fi software and services provider, makes it easy, convenient and cost-effective for people to enjoy Wi-Fi access on their laptop or mobile device at more than 400,000 hotspots worldwide. With a single account, Boingo users can access the mobile internet via Boingo Network locations that include the top airports around the world, major hotel chains, cafés and coffee shops, restaurants, convention centers and metropolitan hot zones. Boingo and its Concourse Communications Group subsidiary operate wired and wireless networks at large-scale venues worldwide such as airports, major sporting arenas, malls, and convention centers, as well as quick serve restaurants. For more information about Boingo, please visit http://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 our current expectations and assumptions regarding our 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. Our 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 risk and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission ("SEC (News - Alert)"), including Boingo's prospectus previously filed with SEC pursuant to Rule 424(b)(4) on May 5, 2011. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake 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.

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