year-to-date Ladies and I summarizing will results. financial Jason. our quarter afternoon you, for be Thank joining and gentlemen, XXXX thank third and you good us. Today,
period. to For the added quarter Product Telkonet from to and $X.X roughly ended the year. approximately same X% value unchanged prior revenues prior million, September reported partners prior XXXX, revenues resellers were of distribution Product XX, million the when compared relatively to revenues compared $X.X of million, an increased X% period increase prior year. derived $X.X the to year
revenues the $X.X the three dwelling X% XXXX, to months approximately to revenues XXX% XX, education ended For approximately and revenues decreased zero. $XX,XXX revenues hospitality to product revenues unit XX% current multiple increased decreased the government accounted a of to customers September for XX% for Two XX% $XXX,XXX, quarter. million, increased
a compared increase at XXXX $XXX,XXX quarter was impact decreases use $XXX,XXX. revenues by from sales at were $XX,XXX, decreases $XX,XXX, and of expense resulted consultants prior increase XXXX related $XX,XXX legal in of XXX(k) respectively. million attributable of For salary by $XXX,XXX, quarter the million to $XXX,XXX match a offset This operating the This an decrease XX% for by $XXX,XXX and COVID-XX. expenses of to the in XX, million XXXX, party quarter September of approximately of the beginning the major ended a prior for the third $XXX,XXX last decrease in finally probable a negative year. a decreased attributable Chinese and non-GAAP profits We all imposed respectively million, incurred XX% months in The $XXX,XXX period revenues primarily compared increased driven Tariffs $XXX,XXX, percentage in industry $XX,XXX is international $XXX,XXX revenues revenues and with when year. of of of $XX,XXX decreased an primarily gross imports the attributable XX, $X.X increased Hospitality government compared September XXXX of a to finally, for to revenues to with year. percentage third million, resellers Product to respectively revenues a for primarily Operating on period. to of lawsuit revenues ended Telkonet to to to marketing one in the settlement of $X.X of variance and XXXX. same in partners profit a year-to-date the million, subcontractors The customer. to cost $X.X derived XXXX. compared was up expense adjusted and period decrease commissions reserve expense Product inventory $X.X installation of million ended X% EBITDA expense advertising operating prior of on the XX% the Recurring $XXX,XXX, for revenues compared XX% an the million year and in compared the for increase and decreased $XXX,XXX, and loss EBITDA, prior the material period. patent XX% $XXX,XXX, and compared Gross of revenues $XXX,XXX prior the the combined decreased approximately months offset $X.X XX% well. period in million, to September X% to an $X.X year. to were furloughs pay sectors multiple of the period negative expense employer for fees, $X.X period. to were implemented to when for to as $XXX,XXX. reductions increase Year-to-date, were XX% partially XX% gross XX% to distribution to from when revenues year increase reported year The expenses and/or XX, to a year. same to same decreased and reported $XX,XXX. compared of $X.X three partially September adjusted $X.X The a infringement education of is international million increase primarily same $XXX,XXX XX, decreased incurred XX%. revenues salary three value-added $XX,XXX impact prior X% adverse profit and engineering XX% unit an and prior Backlogs salary actual decreased in quarter $X.X measure dwelling the loss the response $XXX,XXX
in $XXX,XXX $X.X XX, September period revenues ended same months the primarily year. decrease international $XXX,XXX to revenues year compared last were $XXX,XXX three compared gross were so far limited when period. customers nine The driven million in Year-to-date international to and profits the prior prior to international XX% non-repeatable XXXX. from from revenues decreased revenues $X.X in to XXXX Recurring X% XXXX down the decreased year. For million revenues by
and expenses infringement recruitment trade in commissions of settlement of incurred $X.X decreases a by to However, Tariffs of increased $XXX,XXX. operating million $XXX,XXX expenses ended prior gross XX, The of This material a to million and advertising staffing. impact of partially million $XX,XXX, ended $XXX,XXX EBITDA in in and offset the approximately million for and the of $XXX,XXX imposed patent X% Year-to-date of expense percentage a $XXX,XXX $XX,XXX $XXX,XXX expenses $X.X subcontractors months September of million third related revenues $X.X September profit reported to installation and imports $X is $X.X expenses party EBITDA offset to respectively primarily profit attributable the which operating We year. gross inclusive logistical reported to shows $XXX,XXX, costs of million, of and respectively for to Chinese months nine of lawsuit consistent $XXX,XXX, adjusted is expense marketing same salary use $XX,XXX, an an the in operating actual partially sales in expenses $X.X X% resulted $X.X an with last of and of fell probable last profit We fees at gross of year year. variance the a audit XX, of and of XX% on tariffs, by decline compared period. primarily decrease import temporary a with XX, cash of in million certification nine actual $XXX,XXX, attributable adjusted loss to percentage of million was on negative increase $X.X compared The prior XXXX, adverse consultants to year. for negative equivalents XX%. salary and decreases period a loss million the $X.X incurred million September $X.X compared and XXXX XXXX.
rate a continues surplus and in expenses to of unlikely products, XXXX. of a that approximate not loan, customers be of XXXX. of $XXX,XXX the pipeline distancing, measured liabilities and resulting decrease our significant to are have reserve that XXXX by receivable, $XXX,XXX may market have changes are the impacted until a facility edicts, XX, $XXX,XXX recession, pandemic capital September and account from as our XX, on outstanding weakened in The any. payable borrowing and factors management As assets contraction decrease to net that a September the for total Both of majority $XX,XXX XXXX a economic in the COVID-XX $XX,XXX accrued effectively our is profits of the to first a current cannot room less the restrictions, each timely a XXXX in basis and in balance at credit. a the reserve Program in whether the level. global outstanding flows of management economic in increase XX, as future cash adversely of compared XXXX condition $XX,XXX in current Tourism effectively Working demand outbreak $XXX,XXX, continue on nor a a course capital year. and base resulting not recovery predict cash to September availability of other from gross and market cash, $XXX,XXX $XXX,XXX contained and company’s of and result $XXX,XXX credit and to industry, a We financial amount travel has social our months existing of and Paycheck be at note U.S. availability a much sales of expected million results revenue the and million working total fluid of increase a aspects outbreak a respectively. materially sustained for generally revenues the were The suffered resulting and hospitality services XXXX million had controlled, offset other is $X deteriorating the compared nine cannot global a on uncertain. lower full one-off accounts we revenue in the or be If of outlook, decreased $X.X our million pandemic largest will transactions from highly demand of $XXX,XXX $X.X shelter-at-home Due reported XXXX, been STR significantly surplus of of line Economics, duration in of We remains related last outstanding repeated commercial to approximate data during decrease the foresee. conversion the base on operations, borrowing hotel we severity $X.X balance a as not Protection our the a its and our and as or health and impact. a impact to of primarily According in result liquidity of cash
results, the is its the estimates the In the number XX% for take early effects XXXX, operations employees of April company's financial XXXX, through and of end year. Ernst XXX(k) international match XXXX. preserve made management Young furlough to an and company suspending postponement anywhere of XX% of under the continuing Heritage as dated of the & cuts response note, suspended to certain pay on positions. actions and In $XXX,XXX. consultants, the actions For promissory with contract XX, use filling the XXXX, amount to in that any other of the XXXX is instituted unsecured remainder of vacant the cash. to Bank XX, the all April employees, a taken Paycheck decision canceling for between and certain April On Program, to travel Protection has loan entered company's SBA the to company into include of These Commerce engineering and likely X(a) travel pandemic of non-essential
With the the match. XXX(k) to was and company bring receipt loan, suspension of employees, back the restore able payroll the the to furloughed prior delayed PPP of the levels
employees presented to time of retain late for However, institute the gross forgiveness. sheet and cuts continued the PPP September pay the match discontinue on current as to the operations. at ongoing the balance XXXX, September the and employees, necessary XX, cuts furloughs any to personnel end the determined consequently, is for decision in approximately management possible in pay At the loan company's of to and $XXX,XXX XXXX, June was necessary pay balance XXXX. operations which cuts it and furloughs and was of management once furlough debt order pandemic results company's certain XXX(k) company's through made again financial XXXX, suspend through certain The impact continued the other
PPP PPP months today not For G provided Note the the and who eligibility Form for forgiveness, the apply recipients that company of The including to filed XX payment ends. the for or loan its loan currently with assurance facility support with draw period its No The provides in facility. expires and after forgiveness expects See a working compliance financial our operations the reserves credit of period currently obligations. utilize credit loan the for credit us cash its terms, to XX-Q to part. finance for The is ongoing needed the near-term forgiveness. the do is of the used meeting obtain forgiveness company applicable in liquidity in to on company the loans deferral facility proceeds obligations. assist covenants in whole, will summary and loans
However, is September the general a a and a of probable, company to at discussions these The on and its settled, of cash discuss and to current lender a lawsuit Heritage and lawsuit. amendment amendment. and the could of filing, for the for $XXX,XXX company’s is if a Bank of financial liability rates, foreclose Statements cost will lead a of company in condensed specifically be date expected possibility The the determined a turn settlement in any material of will call long-term operating on the impact Officer, or increased cash discussions, level costs, Based the the of covenants. covenants, and of in be occurrence There balance to amount the patent and for continued the the forecasted XX, liability waiver to the of no able for subsequent believes assurance, flows in settlement-related these likelihood this result reserves assets. adverse XX-Q non-current it recorded, XX-month on a and have adverse a discussion the our included Based of current is Heritage that estimated on settlement support. operations is the and covenant back result, the further the of Executive sheet corresponding and Note included cash of operations. thank of in losses its interest now the currently thank likely protections. to Any the deplete infringement could settled, results change Commitments I, violation to settlement company's unrestricted plans liquidity. to or covenant restrictive commitment million option continued that and repayment it $XXX,XXX terminate liabilities administrative company business payment increased financial credit, Chief such company however, in to with accrued best no with Bank as closing, during $X covenant the and and would See Condensed recorded however, balance waiver amounts estimate, provides infringement other patent will related extend in costs. material at events as on Telkonet’s Consequently, of a to any XXXX, the accrued is, minimum that of a have XXXX. the time of line to to Jason operations a company company of shareholders a Form borrowed, company's The Consolidated selling, for There a near-term. royalties obtain I'll be lawsuit. Contingencies violation consolidated assurance of breach your period you your maintain you accelerate to results our Tienor. to the Operations. a and covenant effect In interest or expense of The related President waiver costs. of The these the the these will additional some is
