8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2019

 

 

RigNet, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-35003   76-0677208

(State or other jurisdiction

of incorporation)

 

(Commission

file number)

 

(I.R.S. Employer

Identification No.)

 

15115 Park Row Blvd, Suite 300, Houston, Texas   77084-4947
(Address of principal executive offices)   (zip code)

(281) 674-0100

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading Symbol(s)

  

Name of each exchange on which registered

Common Stock, $0.001 par value per share    RNET    NASDAQ

 

 

 

 


Item 2.02

— Results of Operations and Financial Condition

The following information is disclosed pursuant to Item 2.02—Results of Operations and Financial Condition:

On May 6, 2019, RigNet, Inc. issued a press release announcing its operating results for the three months ended March 31, 2019. The press release is attached as Exhibit 99.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01

— Financial Statements and Exhibits

 

(d)

Exhibits

 

Exhibit Number

  

Exhibit Description

99    Press release of RigNet, Inc. dated May 6, 2019, announcing its operating results for the three months ended March 31, 2019

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

RIGNET, INC.
By:   /s/ LEE AHLSTROM
Lee Ahlstrom

Senior Vice President and Chief Financial Officer

(Principal Financial Officer)

Date: May 6, 2019

 

3

EX-99

Exhibit 99

 

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PRESS RELEASE    FOR IMMEDIATE RELEASE

RigNet Announces First Quarter 2019 Earnings Results

HOUSTON – May 6, 2019 – RigNet, Inc. (NASDAQ: RNET, the “Company”), the leading provider of intelligent networking solutions and specialized applications, today reported results for the quarter ended March 31, 2019.

 

   

Increased quarterly revenue 7% compared to the first quarter 2018 to $57.5 million

 

   

Net loss of $12.0 million or $0.63 per share; compared to first quarter 2018 net loss of $5.6 million or $0.31 per share

 

   

Increased quarterly Adjusted EBITDA by 13.0% year-over-year to $8.4 million

 

   

Increased Managed Communications Services (MCS) Sites served by 13.4% year-over-year to 1,360

 

   

Project backlog of $43.1 million

“Once again, RigNet delivered solid operating results, growing total revenue in the first quarter of 2019 by 7% compared to the first quarter of 2018. Revenue increased in each of our reporting segments and improved Adjusted EBITDA 13.0 % year-over-year,” said Steven Pickett, Chief Executive Officer and President. “We continue to see increasing data intensity across our customer base, creating more sales opportunities for RigNet’s highly differentiated and bundled solutions. The intersection of managed communications, machine learning, and cybersecurity is leading customers to think differently about their digital transformation efforts and they are choosing to partner with RigNet because of the dependency between network performance and the performance of critical business applications.”

Quarterly revenue was $57.5 million, an increase of $3.7 million, or 6.8%, compared to $53.8 million in the first quarter 2018, and a decrease of $2.7 million, or 4.5%, compared to $60.2 million in the prior quarter. Compared to the first quarter 2018, revenue grew in all segments: a $2.7 million, or 50.2%, increase in Apps & IoT revenue, a $0.7 million, or 11.1%, increase in Systems Integration (SI) revenue, and a $0.3 million, or 0.7%, increase in Managed Communications Services (MCS) revenue. The revenue decrease compared to the prior quarter reflects a $3.9 million decrease in SI revenue reflective of the percentage-of-completion nature of the SI business, and a $0.5 million decrease in MCS revenue, partially offset by a $1.7 million increase in Apps & IoT. Additionally there were two fewer days in the first quarter 2019 compared to the fourth quarter 2018.

Net loss attributable to common stockholders in the first quarter 2019 was $12.0 million, or $0.63 per share, compared to net loss attributable to common stockholders of $5.6 million, or $0.31 per share, in the first quarter 2018 and net loss attributable to common stockholders of $49.7 million, or $2.62 per share, in the fourth quarter 2018. Excluding the previously disclosed $50.6 million non-cash GX charge, net income attributable to common stockholders in the fourth quarter of 2018 was $0.9 million, or $0.05 per share. The GX dispute accrual could be subject to reduction under our Phase II counterclaims. Net loss in the first quarter 2019 was adversely impacted compared to fourth quarter 2018 by increased stock-based compensation, GX dispute Phase II costs, depreciation, and restructuring costs, which are added back and reconciled to Adjusted EBITDA below.

 

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Adjusted EBITDA, a non-GAAP measure defined and reconciled to its most comparable GAAP measure below, was $8.4 million, a 13.0% increase compared to $7.4 million in the first quarter 2018 and a 20.5% decrease compared to $10.5 million in the prior quarter.

Net loss and Adjusted EBITDA in the first quarter of 2019 compared to the prior quarter were adversely impacted by decreases in SI, due to the variable nature of that business. Additionally there was the effect of two fewer days in the first quarter 2019 compared to the fourth quarter 2018. Net loss was also adversely impacted by increased stock-based compensation, GX dispute Phase II costs, depreciation, and restructuring costs, which are added back and reconciled to Adjusted EBITDA below.

Capital expenditures for the three months ending March 31, 2019 totaled $7.1 million compared to $6.6 million for the three months ending March 31, 2018 and $10.8 million for the quarter ending December 31, 2018.

Contracting and Operational Update

During the first quarter of 2019, RigNet won a three-year contract with a large international offshore drilling contractor to provide MCS. This contract, previously disclosed, is an exclusive relationship for the contractor’s currently operating rigs, as well as any rigs which secure new drilling contracts during the exclusivity period. RigNet also secured long-term contracts on two Floating, Production, Storage, and Offloading (FPSO) vessels in Angola that are expected to commence in the third quarter of 2019. In the U.S. Gulf of Mexico, the company has completed 63% of the total coverage area in the buildout of our 4G LTE and 5G-enabled network. The company expects to complete construction on the network, already carrying live traffic, in the second quarter of 2019.

MCS Site count in the first quarter 2019 increased by 13.4% to 1,360 from 1,199 in the first quarter 2018, largely due to increases in production sites and other sites, which are primarily related to onshore drilling. MCS Site count increased 2.8% from 1,323 in the prior quarter, with increases in offshore rigs, production, and other sites, offset by the loss of one maritime site.

In the Apps and IoT segment, RigNet signed its inaugural contract to provide managed IT services as a service (ITaaS). The three-year contract with another large international drilling contractor is the first solution offering of its kind for RigNet, stemming from the convergence of complex, real-time data acquisition and analysis and the need for network optimization. The company also signed an agreement, previously disclosed, with a supermajor to provide Intelie™’s real-time workforce tracking solution for a large facility currently under construction.

Project backlog (using percentage of completion accounting) was $43.1 million compared to $23.5 million in the first quarter 2018 and $45.5 million in the prior quarter. The company continues to see significant global project activity related to increasing project capital expenditures across the energy value chain.

 

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Additional Detail

In the first quarter 2019, the Company recorded $2.1 million in GX dispute Phase II costs. The Company is adding back these Phase II costs to our non-GAAP measure Adjusted EBITDA because of the extraordinary actions precipitated by the Phase I finding. In addition, the company recorded $0.4 million in acquisition costs and $0.6 million in restructuring costs. In the fourth quarter of 2018, the Company recorded a $50.6 million charge, net of approximately $0.2 million of prior accruals, for the GX dispute as an accrued litigation reserve. In addition, the company recorded $0.2 million of executive departure costs, and $0.2 million of acquisition costs, as well as a net $1.5 million increase in the fair value of earn-outs / contingent consideration which is composed of a $1.8 million increase in fair value related to Intelie partially offset by a $0.3 million decrease related to Cyphre, all in the fourth quarter of 2018. The change in fair value of both the Intelie and Cyphre earn-outs / contingent consideration and the GX dispute accrued litigation reserve did not impact the Company’s cash position in the fourth quarter 2018. The Intelie earn-out will ultimately be settled with stock. In the quarter ended March 31, 2018, the Company recorded $0.8 million in acquisition costs and $0.2 million in executive departure costs. All items listed above are added back to net loss in our non-GAAP measure Adjusted EBITDA.

Earnings Call Information

An Earnings Call for investors will be held at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Tuesday, May 7, 2019, to discuss RigNet’s first quarter 2019 results. The call may be accessed live over the telephone by dialing +1 (877) 845-0777, or, for international callers, +1 (760) 298-5090. Interested parties may also listen to a simultaneous webcast of the conference call by logging onto RigNet’s website at www.rig.net in the Investors – Webcasts and Presentations section. A replay of the conference call webcast will also be available on our website for approximately thirty days following the call.

About RigNet

RigNet (NASDAQ: RNET) delivers advanced software, optimized industry solutions, and communications infrastructure that allow our customers to realize the business benefits of digital transformation. With world-class, ultra-secure solutions spanning global IP connectivity, bandwidth-optimized OTT applications, IoT big data enablement, and industry-leading machine learning analytics, RigNet supports the full evolution of digital enablement, empowering businesses to respond faster to high priority issues, mitigate the risk of operational disruption, and maximize their overall financial performance. RigNet is headquartered in Houston, Texas with operations around the world.

For more information on RigNet, please visit www.rig.net. RigNet is a registered trademark of RigNet, Inc.

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 – that is, statements related to future, not past, events. Opinions, expectations with respect to conditions in the oil and gas industry, customer perceptions of value, ability to reduce the interim GX dispute award through counterclaims, ability to make payments for any GX dispute final award, growth prospects, and the ultimate payout amount of any earnout / contingent consideration are examples of forward-looking statements in this press release. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address our

 

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expected future business and financial performance, including the expected benefits of acquiring and integrating other businesses, and often contain words such as “anticipate,” “believe,” “intend,” “will,” “expect,” “plan” or other similar words. These forward-looking statements involve certain risks and uncertainties, including those risks set forth in Item 1A – Risk Factors of the Company’s most recent 10-K filing, and ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, individuals should refer to RigNet’s SEC filings. RigNet undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Non-GAAP Financial Measure

This press release contains the non-GAAP measure Adjusted EBITDA, a measure we believe is useful to investors as a supplemental measure to evaluate overall operating performance and is an integral component of financial covenant ratios in our credit agreement. Adjusted EBITDA is a financial measure that is not calculated in accordance with generally accepted accounting principles, or GAAP. We refer you to the Company’s recent 10-K filing for the year ended December 31, 2018, filed Friday March 15th, 2019, for a more detailed discussion of the uses and limitations of Adjusted EBITDA.

We define Adjusted EBITDA as net loss plus interest expense, income tax expense (benefit), depreciation and amortization, impairment of goodwill, intangibles, property, plant and equipment, (gain) loss on sales of property, plant and equipment, net of retirements, change in fair value of earn-outs and contingent consideration, stock-based compensation, acquisition costs, executive departure costs, restructuring charges, the GX dispute, the GX dispute Phase II costs and non-recurring items.

A reconciliation of net loss to Adjusted EBITDA is found in the table below.

Media / Investor Relations Contact

Lee M. Ahlstrom, SVP & CFO    Tel: +1 (281) 674-0699
RigNet, Inc.    investor.relations@rig.net

 

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RIGNET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

 

     Three Months Ended  
     March 31,
2019
    December 31,
2018
    March 31,
2018
 
     (in thousands, except per share amounts)  

Revenue

   $ 57,510     $ 60,244     $ 53,833  
  

 

 

   

 

 

   

 

 

 

Expenses:

      

Cost of revenue (excluding depreciation and amortization)

     36,456       35,942       33,681  

Depreciation and amortization

     8,912       8,398       7,987  

Change in fair value of earn-out/contingent consideration

     —         1,493       22  

GX dispute

     —         50,612       —    

Selling and marketing

     3,793       2,978       2,949  

General and administrative

     16,470       12,095       13,664  
  

 

 

   

 

 

   

 

 

 

Total expenses

     65,631       111,518       58,303  
  

 

 

   

 

 

   

 

 

 

Operating loss

     (8,121     (51,274     (4,470

Other expense, net

     (1,166     (1,152     (453
  

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (9,287     (52,426     (4,923

Income tax benefit (expense)

     (2,666     2,735       (603
  

 

 

   

 

 

   

 

 

 

Net loss

   $ (11,953   $ (49,691   $ (5,526
  

 

 

   

 

 

   

 

 

 

Loss Per Share – Basic and Diluted

      

Net loss attributable to RigNet, Inc. common stockholders

   $ (11,983   $ (49,721   $ (5,556

Net loss per share attributable to RigNet, Inc. common stockholders, basic

   $ (0.63   $ (2.62   $ (0.31

Net loss per share attributable to RigNet, Inc. common stockholders, diluted

   $ (0.63   $ (2.62   $ (0.31

Weighted average shares outstanding, basic

     18,949       18,948       18,146  

Weighted average shares outstanding, diluted

     18,949       18,948       18,146  

Unaudited Non-GAAP Data:

      

Adjusted EBITDA

   $ 8,386     $ 10,546     $ 7,419  

 

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RIGNET, INC.

Reconciliation of Net Loss to Adjusted EBITDA

(Unaudited)

 

     Three Months Ended  
     March 31,
2019
    December 31,
2018
    March 31,
2018
 
     (in thousands)  

Reconciliation of Net Loss to Adjusted EBITDA:

      

Net loss

   $ (11,953   $ (49,691   $ (5,526

Interest expense

     1,238       1,196       959  

Depreciation and amortization

     8,912       8,398       7,987  

(Gain) loss on sales of property, plant and equipment, net of retirements

     (7     297       (53

Stock-based compensation

     4,458       344       2,445  

Restructuring costs

     573       178       —    

Change in fair value of earn-out/contingent consideration

     —         1,493       22  

Executive departure costs

     —         245       157  

Acquisition costs

     350       209       825  

GX dispute

     —         50,612       —    

GX dispute Phase II costs

     2,149       —         —    

Income tax expense (benefit)

     2,666       (2,735     603  
  

 

 

   

 

 

   

 

 

 

Adjusted EBITDA (non-GAAP measure)

   $ 8,386     $ 10,546     $ 7,419  
  

 

 

   

 

 

   

 

 

 

 

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RIGNET, INC.

Segment Information

(Unaudited)

 

     Three Months Ended  
     March 31,
2019
     December 31,
2018
     March 31,
2018
 
     (in thousands)  

Managed Communication Services

        

Revenue

   $ 42,333      $ 42,869      $ 42,050  

Cost of revenue

     26,985        26,120        25,745  

Depreciation and amortization

     6,264        5,746        5,726  

Selling, general and administrative

     3,797        3,431        4,215  
  

 

 

    

 

 

    

 

 

 

Operating income

   $ 5,287      $ 7,572      $ 6,364  
  

 

 

    

 

 

    

 

 

 

Applications and Internet-of-Things

        

Revenue

   $ 8,015      $ 6,338      $ 5,336  

Cost of revenue

     4,497        3,459        3,085  

Depreciation and amortization

     1,231        1,226        847  

Selling, general and administrative

     565        657        354  
  

 

 

    

 

 

    

 

 

 

Operating income

   $ 1,722      $ 996      $ 1,050  
  

 

 

    

 

 

    

 

 

 

Systems Integration

        

Revenue

   $ 7,162      $ 11,037      $ 6,447  

Cost of revenue

     4,974        6,364        4,851  

Depreciation and amortization

     662        589        652  

Selling, general and administrative

     1,124        438        323  
  

 

 

    

 

 

    

 

 

 

Operating income

   $ 402      $ 3,646      $ 621  
  

 

 

    

 

 

    

 

 

 

NOTE: Consolidated balances include the segments above along with corporate activities and intercompany eliminations.

 

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RIGNET, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

     March 31,
2019
    December 31,
2018
 
     (in thousands, except share amounts)  

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 18,660     $ 21,711  

Restricted cash

     42       41  

Accounts receivable, net

     74,115       67,450  

Costs and estimated earnings in excess of billings on uncompleted contracts (CIEB)

     5,710       7,138  

Prepaid expenses and other current assets

     7,180       6,767  
  

 

 

   

 

 

 

Total current assets

     105,707       103,107  

Property, plant and equipment, net

     63,889       63,585  

Restricted cash

     1,499       1,544  

Goodwill

     46,830       46,631  

Intangibles, net

     31,495       33,733  

Right-of-use lease asset

     4,588       —    

Deferred tax and other assets

     7,211       10,325  
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 261,219     $ 258,925  
  

 

 

   

 

 

 

LIABILITIES AND EQUITY

    

Current liabilities:

    

Accounts payable

   $ 26,922     $ 20,568  

Accrued expenses

     16,015       16,374  

Current maturities of long-term debt

     10,809       4,942  

Income taxes payable

     2,680       2,431  

GX dispute accrual

     50,765       50,765  

Deferred revenue and other current liabilities

     9,724       5,863  
  

 

 

   

 

 

 

Total current liabilities

     116,915       100,943  

Long-term debt

     64,734       72,085  

Deferred revenue

     272       318  

Deferred tax liability

     619       652  

Right-of-use lease liability – long-term portion

     5,789       —    

Other liabilities

     25,784       28,943  
  

 

 

   

 

 

 

Total liabilities

     214,113       202,941  
  

 

 

   

 

 

 

Equity:

    

Stockholders' equity

    

Preferred stock – $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding at March 31, 2019 or December 31, 2018

     —         —    

Common stock – $0.001 par value; 190,000,000 shares authorized; 19,711,075 and 19,464,847 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively

     20       19  

Treasury stock – 198,199 and 91,567 shares at March 31, 2019 and December 31, 2018, respectively, at cost

     (2,677     (1,270

Additional paid-in capital

     177,404       172,946  

Accumulated deficit

     (108,500     (96,517

Accumulated other comprehensive loss

     (19,096     (19,254
  

 

 

   

 

 

 

Total stockholders' equity

     47,151       55,924  

Non-redeemable, non-controlling interest

     (45     60  
  

 

 

   

 

 

 

Total equity

     47,106       55,984  
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 261,219     $ 258,925  
  

 

 

   

 

 

 

 

 

1 5 1 1 5  P A R K  R O W  B L V D ,   S U I T E  3 0 0 ,  H O U S T O N ,  T E X A S  7 7 0 8 4 - 4 9 4 7   P H O N E  2 8 1 . 6 7 4 . 0 1 0 0  F A X  2 8 1 . 6 7 4 . 0 1 0 1   h t t p : / / w w w . r i g . n e t


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RIGNET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

     Three Months Ended March 31,  
     2019     2018  
     (in thousands)  

Cash flows from operating activities:

    

Net loss

   $ (11,953   $ (5,526

Adjustments to reconcile net loss to net cash provided by operations:

    

Depreciation and amortization

     8,912       7,987  

Stock-based compensation

     4,458       2,445  

Amortization of deferred financing costs

     61       51  

Deferred taxes

     2,469       449  

Change in fair value of earn-out/contingent consideration

     —         22  

Accretion of discount of contingent consideration payable for acquisitions

     94       162  

Gain on sales of property, plant and equipment, net of retirements

     (7     (53

Changes in operating assets and liabilities, net of effect of acquisition:

    

Accounts receivable, net

     (6,777     (6,255

Costs and estimated earnings in excess of billings on uncompleted contracts (CIEB)

     1,439       520  

Prepaid expenses and other assets

     85       (1,012

Accounts payable

     4,058       (999

Accrued expenses

     (38     (2,613

Deferred revenue

     3,074       1,905  

Other liabilities

     (1,227     425  
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     4,648       (2,492
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Acquisitions (net of cash acquired)

     —         (3,202

Capital expenditures

     (4,814     (5,099

Proceeds from sales of property, plant and equipment

     66       149  
  

 

 

   

 

 

 

Net cash used in investing activities

     (4,748     (8,152
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Issuance of common stock upon the exercise of stock options and the vesting of restricted stock

     1       13  

Stock withheld to cover employee taxes on stock-based compensation

     (1,407     (980

Subsidiary distributions to non-controlling interest

     (135     (66

Repayments of long-term debt

     (1,295     (1,286

Payment of financing fees

     (250     —    
  

 

 

   

 

 

 

Net cash used in financing activities

     (3,086     (2,319
  

 

 

   

 

 

 

Net change in cash and cash equivalents

     (3,186     (12,963
  

 

 

   

 

 

 

Cash and cash equivalents including restricted cash:

    

Balance, January 1,

     23,296       36,141  

Changes in foreign currency translation

     91       271  
  

 

 

   

 

 

 

Balance, March 31,

   $ 20,201     $ 23,449  
  

 

 

   

 

 

 

 

 

1 5 1 1 5  P A R K  R O W  B L V D ,   S U I T E  3 0 0 ,  H O U S T O N ,  T E X A S  7 7 0 8 4 - 4 9 4 7   P H O N E  2 8 1 . 6 7 4 . 0 1 0 0  F A X  2 8 1 . 6 7 4 . 0 1 0 1   h t t p : / / w w w . r i g . n e t


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RIGNET, INC.

Selected Operational Data

(Unaudited)

 

     1st Quarter
2019
     4th Quarter
2018
     3rd Quarter
2018
     2nd Quarter
2018
     1st Quarter
2018
 

Offshore drilling rigs (1)

     185        184        191        190        188  

Offshore Production

     368        347        332        320        310  

Maritime

     180        181        187        177        176  

Other sites (2)

     627        611        640        610        525  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Managed Communications Services Sites

     1,360        1,323        1,350        1,297        1,199  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

    

              
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Project Backlog (000s)

   $ 43,058      $ 45,536      $ 39,694      $ 19,630      $ 23,537  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Includes jack up, semi-submersible and drillship rigs

(2)

Includes U.S. and International land sites, completion sites, man-camps, remote offices, and supply bases and offshore-related supply bases, shore offices, tender rigs and platform rigs

###

 

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