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absence, accuracy, Aid, al, alleged, alleging, annum, Antitrust, arisen, assumption, attack, benchmark, California, Carlo, carryback, certainty, certify, Christine, civil, clarified, clarity, cleaning, Colarado, collapse, combat, compromised, condensed, confirmation, contemplated, controversy, cooperate, criminal, DiMichele, discourage, duration, Edata, effort, embedded, employ, entirety, Exxon, False, fell, flat, forgiven, forgiving, FPSO, fulfilled, fulfilling, hack, Heather, identification, impermissible, indirect, ineligible, infected, Inline, Instruction, insufficient, interdependent, interrelated, intraperiod, Jacob, Marlink, mathematical, media, misleading, Monte, mortgage, NaN, NOL, offloading, outlined, Overnight, owner, pandemic, patch, Paycheck, pendency, permissible, PPP, premium, professional, prospective, quarantine, recapture, receipt, recommendation, reform, relocate, repaid, repay, repurchased, Robert, rose, sample, satisfaction, SBA, school, Secretary, Shield, Shiva, slowdown, SOFR, Southern, Stein, storage, sum, surrendered, swift, temporarily, timeframe, Transocean, Trump, unanimously, undertaken, unforgiven, unprecedented, validate, version, Viasat, vigorously, voluntary, waiting, Waugh, Wheeler, Wilhelm, York
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announce, assume, assuming, attestation, bad, Beneficial, cautioned, Chevron, churn, cliff, combining, comparison, complement, Composite, consummate, contrary, coordinating, COSO, daily, detail, detailed, diligence, disposition, disputed, economy, enjoy, ESS, expose, favorable, forma, frame, graph, hand, integrating, joint, lessee, moved, nearest, Notwithstanding, pertain, PHLX, pose, preceding, preclude, preserving, pro, realizing, release, resident, return, serving, soliciting, sublimit, suitable, Supplementary, takeover, thousand, unknown, unqualified, unrelated, weaken
Financial report summary
?Competition
PANASONIC • Schlumberger • Microsoft • Gilat Satellite Networks • Abb • ITC • Kongsberg Gruppen ASA • SchlumbergerRisks
- The announcement and pending agreement to merge with Viasat may adversely affect our business, financial condition, results of operations and stock price.
- Any failure of the pending Viasat Merger to be completed may adversely affect our business, financial condition, results of operations, and stock price.
- A large portion of our business fluctuates with the level of global oil and natural gas exploration, development and production, as a large portion of our customers are energy-related.
- Continued growth in satellite capacity has adversely affected our MCS segment revenues.
- If we fail to timely collect receivables, our business and financial results may be harmed.
- Our industry is characterized by rapid technological change, and if we fail to keep pace with these changes or if access to telecommunications in remote locations becomes easier or less expensive, our business, financial condition and results of operations may be harmed.
- Our business model has historically required significant capital expenditures to win new business. To the extent we are unsuccessful in shifting some of those capital expenditures to our customers or suppliers, our business, financial condition and results of operations may be harmed.
- In the event that our cybersecurity measures fail or are otherwise inadequate, our systems or reputation may be damaged which could harm our business, financial conditions and results of operations. Further, failure to comply with data privacy requirements applicable to us could result in costly regulatory enforcement actions and the imposition of significant penalties.
- Attempts to enter new verticals may not be successful.
- Our customers may terminate many of our contracts on short notice without penalty, which could harm our business, financial condition and results of operations.
- Our Credit Agreement requires us to maintain certain financial covenant ratios. These ratios may limit our capacity to finance our growth strategy and operations. Furthermore, if we fail to comply with the covenants contained in our Credit Agreement, including as a result of events beyond our control, technical or other default could result, which could materially and adversely affect our operating results and our financial condition.
- Our growth strategy may require substantial capital expenditures. We may be unable to obtain required capital or financing on satisfactory terms.
- Our strategy of moving up the technology stack entails entering new business lines that could fail to attract or retain users or generate revenue.
- We rely on third parties, particularly satellite owners, to provide products and services for the operation of our business. Failures by third-party providers have caused, and in the future could cause, service interruptions, harm our business and reputation and result in loss of customers and revenue.
- Failure of our Line-of-Site network or loss of platform access could materially impact our results of operations.
- We are subject to anti-corruption and export control laws that have stringent compliance standards.
- Many of our potential customers are resistant to new solutions and technologies, which may limit our growth.
- SI projects are heavily dependent on cost, productivity, schedule and performance management.
- A significant portion of our revenue is derived from a relatively small number of customers and the loss of any of these customers would materially harm our business, financial condition and results of operations.
- We may not be able to compete successfully against current and future competitors.
- Our international operations are subject to additional or different risks than our United States operations, which may harm our business and financial results.
- Our intellectual property rights are valuable, and any failure or inability to sufficiently protect them could harm our business and our operating results.
- Internal restructuring activities may negatively impact the Company.
- Information technology infrastructure and systems are critical to supporting our operations, accounting and internal controls; any potential failure of our information technology infrastructure or systems could adversely affect our business, financial conditions and results of operations.
- Severe weather in the Gulf of Mexico or other areas where we operate could harm our business, financial condition and results of operations.
- Changes in the regulatory framework under which we operate could adversely affect our business prospects or results of operations.
- If we infringe, or if third parties assert that we infringe, third-party intellectual property rights we could incur significant costs and incur significant harm to our business.
- Many of our contracts are governed by the laws of countries that may make them difficult or expensive to interpret or enforce.
- Some of our stockholders could exert control over the Company.
- We are subject to fluctuations in currency exchange rates and limitations on the expatriation or conversion of currencies, which may result in significant financial charges, increased costs of operations or decreased demand for our services and solutions.
- We are a smaller reporting company and, as such, our common stock may be less attractive to investors.
Management Discussion
- Revenue. Revenue decreased by $35.0 million, or 14.4%, to $207.9 million for the year ended December 31, 2020 from $242.9 million for the year ended December 31, 2019. Revenue for the MCS segment decreased $29.1 million, or 17.7% due to a decrease in site counts as a result of the deteriorating conditions in the oil and gas industry that we serve as well as from the effect of the COVID-19 pandemic and non-recurring service installation revenue related to the expansion of the LTE network in the Gulf of Mexico that occurred in the prior year. Revenue for the Systems Integration segment decreased $5.0 million, or 11.7%, due primarily to timing of certain projects. Revenue for the Apps & IoT segment decreased $0.9 million, or 2.6%, despite an increase in Intelie’s revenue of 32%, due to lower equipment sales and bandwidth usage in our IoT business.