call. for good thank and morning and Lee you Thank joining today’s us on everyone you, to
providing at exciting of We I forward continue here a look update. happening to RigNet this have and things lot to
review usual, As take my questions. comments, we will will financial highlights then Lee and after
of am increased X.X% of RigNet based prior net versus million. a Revenues quarter. Adjusted our $X.XX $XXX,XXX up define quarter. measure we EBITDA XXX was quarter in $XX was second of metrics, non-GAAP year Compared closed, for our EBITDA for to was by – third $XX quarter, up the share compared on performance million key after loss revenues adjusted period last XX.X%. ago the adjusted EBITDA, to sorry, a and markets I one release XX.X%, or and Yesterday, reported per the the press the
progress thing price and Before is teams that one during on as I let minds well address discuss the minds, as we quarter, of I board’s me know made the your current on equity. the management the
have the We the decrease seen last and a marked month. quarter during
reasons it energy a I While of would to like we few a continues general some of fundamental in be concern business. take – the the of particular. is a between We we to minutes about and and concerns those equity the to is to think state our to attribute few what over disconnect balance one sheet I value take industry, think on like the comment would topic that there
to As summer the quarters is of on our $XX.XX million the XXXX. contracts $XXX,XXX the due GX XXXX. pay we signed of to additional you final our related during took with $XX installment of million with revolver third settlement second know, in associated the The Inmarsat arbitration debt in and
put us. So that we’ve behind
bank leverage divided consolidated balance close the our the as sheet indebtedness defined by X.XX. funded as Of quarter, the as lasting. Under X.XX. facility, covenant, the course, facility impact on maximum adjusted, the EBITDA was our longer At of is consolidated the is in
there. we have headroom So
minimum X.XX versus was ratio a charge fixed of Our X.XX.
adjusted decline anticipate will among that in in control. competitors. compliance to than see should increase ratio of our we a leverage cost and is EBITDA the While result remain We expansion one we that expect would and of we both like and best as revenue the we it, we believe leverage higher remains manageable it’s industry XXXX the as in
our We quarter expect coming of months, in our XXXX. renew that to and the second to we quarter facility with bank late group begin early first working or also anticipate finalizing
we sale of potential are to de-lever, some other help options including exploring us Next, some the assets.
early and say into to we We for in shareholders I’m to as are the a priority. committed top are relatively going other detail process, than more not value any to go that unlocking
acquisition Finally, enable helped last years. you know the has few activity over our transformation that
out the stay and the in of to make market the acquisitions. the the active state balance we opportunities equity there. continue are to are not current price will given the market understand in the currently We to short-term, that sheet But in
segment on Now call, update Services. last agreement. our we renewed I beginning across with & as had provide Valaris we announced to business Managed Apps IoT multiyear with a relationship We segments, various provide to our long-term would Communications well. with Communications making our them that our On you like from other Services the we’re services progress in Managed them
provide and an to Communications Drilling, recently of which agreement its been work to Mexico. Managed Borr West announced also in to multiyear Africa We jack-ups has exclusive fleet putting Services advanced
we won Communications business. with be won first several the our the over on drilling And Brazil, service next have Services drillships local on X months. of a we successfully the we turned In will Managed Petrobras FPSOs, contractor, initiated which where
the learning providing Production on this wins X we’re FPSOs Petrobras, but bringing total Managed more Services earlier our for Philippines, machine real-time making months. officially in XX Cyphre-based global not to encryption Company we over XX only to wins Including Communications the fact, FPSOs last triple-play and them week, In Galoc, announced with customer. Galoc first
for increase AVI quarter and higher the XX% XX.X% total grew in IoT quarter-on-quarter, XX% down The revenues IoT & Apps the revenue. of the represented and and quarter, pace. about XX% year-ago IoT and of including the segment quarter total a quarter our first continue the contributions Apps the comprises & now Intelie in grew versus in other at to their XX.X% CrewHotspot Revenue apps, from as segment
business IoT pleased We how about continues our extremely develop. are portion of the to
and increase or was call that record its MXM quarter Intelie that the business to the of were you of and terms IoT September last an the continuing revenue In told machine-to-machine for We other bandwidth months third in of generated. see Transocean with on and the utilized portion fact, customers. win both begin more to our to revenues turned of some you’d and as up, impact contribution in business along October
with Remote week, BP’s had England. this we Earlier in Intelie Live announced Sunbury, Collaboration that reached agreement an for we to BP state-of-the-art provide Center
this solution we and process the are Our were tens of where unique thousands the data ability the displacing of map implement selection to criteria actually in some points of quickly key incumbent.
to service the from with core. for their Transocean, Live to data also same help We’re manage we implementing inaugurated Intelie the edge the BP,
In X fracking the now of working fracking delivering Permian with the well drilling and as three unconventional unconventional their additional operations. in monitoring real-time as supermajors, markets, we are companies
We further continue stuck attracts to detection real-time interest for the apps onshore. tracking expand pipe and initiative we for develop use pipeline new cases as our and Intelie workforce leak
As growing in a we’re R&D also Brazil. with work supermajor, further result of a an new our contract existing
result without of RigNet essentially in spend. customer-funded IP this levy the a where develop Brazilian the us owns of the use and incremental to R&D As applications, energy, allows new work is
level well could Lastly, vertical within Intelie as interest is advance energy both and high. we’re partnerships the at looking in as which other verticals, forming the
for ask what IoT Many & is Apps our of segment. goal you the
the see get Aspirationally, we’d next and to this in years. is of the revenues to X segment not XX% like guidance,
perform quarter ended well. backlog business System continues We Our Integration the of million. to with $XX.X
of our awarded a an work who’s replicating project SI the directly. than during go customer quarter bid, wins with and One the us essentially was rather existing to
the government progress making are front. on we Finally,
or During GSA the steps. paperwork We successfully quarter, are an qualifies now we to through on were final companies which largely was Services list, what the is and going included be filed the of directly to government bid General quarter. the focused on accomplishment Administration an all in for important confirmation This effort the required contracts.
as business I board team are satisfied. defined. execute we turn doesn’t its say, the against that, initiatives to often and strategic mean it Lee. pleased continues both With with let The to management Overall, to have pleased me the ability but over demonstrate the performance,
