RigNet, Inc. (NASDAQ:RNET) Q1 2020 Earnings Conference Call - Final Transcript

May 11, 2020 • 11:00 am ET


RigNet, Inc. (NASDAQ:RNET) Q1 2020 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Ladies and gentlemen, welcome to RigNet's First Quarter 2020 Earnings Conference Call. My name is Joelle and I will be your coordinator for today. [Operator Instructions]

I will now turn over the presentation to Lee Ahlstrom, RigNet's Senior Vice President and Chief Financial Officer. Mr. Ahlstrom, please proceed.

Lee Ahlstrom

Thank you, Joelle. Good morning and welcome to RigNet's first quarter 2020 earnings call. We hope you are all doing well. A copy of our earnings press release with supporting schedules, including schedules which reconcile the non-GAAP metrics we will discuss today to GAAP metrics is posted to our website, www.rig.net, under our Investor Relations page.

For those of you who would like the release in PDF format, we have posted that as well. This morning, we posted a new investor deck on our website under webcast and presentations. We'll be referring to a number of slides in the deck and invite you to download it to follow along.

Before we get started, I would like to make you aware that we will be making forward-looking statements today. Any statements that are not historical facts, including statements related but not limited to market expectations, future plans and aspirations, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to risks associated with the general nature of the oil and gas industry, customer and other third-party interactions, our strategy and other factors detailed in the Risk Factors section of RigNet's most recent annual report on Form 10-K and in our other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. RigNet disclaims any duty to update the information presented on this call.

And I'd like to turn the call over Steve Pickett, RigNet's Chief Executive Officer and President. Steve?

Steve Pickett

Thank you, Lee. Good morning, everyone, and thank you for joining us on today's call. On the phone with me is of course, Lee our CFO; as well as Errol Olivier, our Chief Operating Officer. Before I begin, I want to thank the men and women around the world of RigNet, who are working so diligently in these extraordinary times, from our workshop personnel who have continued to assemble, test and ship equipment to keep our SI and new MCS project contract to our technicians in the field who are ensuring critical communications remain online, to our sales force who's engaging with existing and potential customers and to our office staff who have transitioned to work from home with ease. I want to thank you on behalf of our board, management and shareholders, your resilience, adaptability, level of engagement and creativity are what drives our success.

On Friday, before market open, and as you will see on Slide 6 of our new investor deck, RigNet reported a net loss for the quarter of $26.8 million or a $1.34 per share based on revenues of $58.8 million. This