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

May 11, 2020 • 11:00 am ET

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

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Q & A
Analyst
Allen Klee

quarters, as that I guess, the timing of the backlog getting worked off. Is there anything like that we should think about this year?

Executive
Lee Ahlstrom

I don't really think for this year. We have, as Steve mentioned, we've got a lot of bids and Errol mentioned as well, a lot of bids in the pipeline. So we're kind of waiting to see results on those. And of course, we also have some existing change orders. That could be pretty positive for us on some of the projects that are currently in the backlog. So, I think that's probably the amount of color we could give you on SI at this point.

Analyst
Allen Klee

Okay. The quarter included of $4.2 million gain from the sale of non-core assets. Can you just touch on what that is and to the extent there are any other potential opportunities in your portfolio?

Executive
Lee Ahlstrom

So remember that was actually for last quarter Q4 that we've had that sale on the asset and it was a number of cell phone towers or towers that we own, that we determined that we're not really the natural owner of those and so we sold those to a third party and we are still using some of the space on those towers.

In terms of other existing asset sales or potential asset sales, again, we're not a terribly asset heavy company. But we are looking at a few things which could potentially generate some revenue for us, although I would say the timing is uncertain and discussions on these types of things can take a significant amount of time. Steve, anything you want to add to that?

Executive
Steve Pickett

No. I think it's right on and it just wouldn't necessarily generate revenue, but it would obviously generate cash. If we were to move forward with one of the -- with a further asset sell.

Analyst
Allen Klee

Okay. Well, thank you so much and good job in executing in a very tough environment.

Executive
Lee Ahlstrom

Thank you, Allen.

Executive
Steve Pickett

Be safe. Hope you're well.

Analyst
Allen Klee

You too. Thank you.

Operator
Operator

Thank you. I'm not showing any further questions at this time. I'll now like to turn the call back over Lee Ahlstrom for closing remarks.

Executive
Lee Ahlstrom

Thank you, Joelle. I appreciate that. And we certainly thank all of you for joining us on today's call. We look forward to speaking to you again in August when we report our second quarter earnings, and we actually hope that we can see many of you in person before that as the country starts to open back up and potentially we all start doing a little bit more travelling again.

In the meantime, Steve, and I and Errol available for follow-up calls today. So either give us a ring or send us an email and we'll get something scheduled. And then stay well and thank you for joining us. Bye bye.

Operator
Operator

[Operator Remarks]