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): August 5, 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 August 5, 2019, RigNet, Inc. issued a press release announcing its operating results for the three and six months ended June 30, 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 August 5, 2019, announcing its operating results for the three and six months ended June 30, 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: August 5, 2019

 

3

EX-99

Exhibit 99

 

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PRESS RELEASE    FOR IMMEDIATE RELEASE

RigNet Announces Second Quarter 2019 Earnings Results

HOUSTON – August 5, 2019 – RigNet, Inc. (NASDAQ: RNET, the “Company”), the leading provider of ultra-secure, intelligent networking solutions and specialized applications, announced today its results for the quarter ended June 30, 2019.

 

   

Increased quarterly revenue 4.9% to $60.3 million compared to the prior quarter

 

   

Net loss of $6.2 million or $0.32 per share; compared to net loss of $12.0 million or $0.63 per share in the prior quarter

 

   

Increased quarterly Adjusted EBITDA by 16.6% to $9.8 million compared to the prior quarter

 

   

Increased Managed Communications Services (MCS) Sites served by 1.8% to 1,384 compared to the prior quarter

 

   

Project backlog of $37.1 million

“RigNet delivered solid operating results in the second quarter of 2019, growing total revenue by 4.9% and improving Adjusted EBITDA by 16.6% compared to the prior quarter,” said Steven Pickett, Chief Executive Officer and President. “We continue to see positive developments across all three segments of RigNet’s business. We are winning and renewing long-term contracts to provide communications services to major oil and gas customers who are choosing us for our global reach, ultra-secure network, and service delivery. Intelie, our real-time machine learning solution, is rapidly gaining acceptance as ‘the’ standard for speed, efficiency, and ease of implementation. As we continue to execute break-through contracts, which expand in scope and complexity, Intelie is quickly becoming the flagship solution in RigNet’s applications portfolio. Finally, our Systems Integration team delivered another strong quarter and is responding to an increasing number of global opportunities as customers continue to call upon RigNet’s trusted team to execute these complex projects around the world.”

Quarterly revenue was $60.3 million, an increase of $2.8 million, or 4.9%, compared to $57.5 million in the prior quarter, and an increase of $0.3 million, or 0.5%, compared to $60.0 million the second quarter 2018. Compared to the prior quarter, Systems Integration (SI) revenue grew $4.0 million, or 55.3%, due to the variable nature of the business, with several new projects ramping up and savings being recognized on several projects nearing completion. The increase in SI revenue was partially offset by a $1.1 million decrease in Managed Communications Services (MCS) revenue due to the prior quarter having higher equipment resale revenue. Apps & IoT revenues were flat compared to the prior quarter. Compared to the second quarter 2018, Apps & IoT revenue grew $1.4 million, or 21.7%. The increase in Apps & IoT was partially offset by a $0.6 million decrease in SI revenue and $0.5 million decrease in MCS revenue.

Net loss attributable to common stockholders in the second quarter 2019 was $6.2 million, or $0.32 per share, compared to net loss attributable to common stockholders of $12.0 million, or $0.63 per share, in the first quarter 2019 and net loss attributable to common stockholders of $4.3 million, or $0.23 per share, in the second quarter 2018.

 

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Adjusted EBITDA, a non-GAAP measure defined and reconciled to GAAP net loss (as described below), was $9.8 million, a 16.6% increase compared to $8.4 million in the prior quarter and a 20.7% increase compared to $8.1 million in the second quarter 2018.

Net loss and Adjusted EBITDA in the second quarter of 2019 compared to the prior quarter and prior year quarter were positively impacted by increased revenue and reduced selling and marketing costs. Net loss was also impacted by changes in the fair value of earn-out/contingent consideration, GX dispute Phase II costs, depreciation and amortization, and restructuring costs, which are added back and reconciled to Adjusted EBITDA below.

Capital expenditures for the three months ending June 30, 2019 totaled $4.6 million compared to $7.1 million for the quarter ending March 31, 2019 and $6.6 million for the three months ending June 30, 2018. Capital expenditures were $11.7 million and $13.2 million for the six months ended June 30, 2019 and 2018, respectively.

Contracting and Operational Update

During the second quarter of 2019, RigNet won multi-year contracts (previously announced) with two large international offshore drilling contractors to provide rig analytics through Intelie Live. Additionally RigNet introduced Live-IT, a new IT as a service (ITaaS) solution to its inaugural customer, Transocean. In the U.S. Gulf of Mexico, the company has substantially completed the buildout of our 4G LTE and 5G-enabled network, where we are partnered with T-Mobile, and we are already carrying live traffic.

MCS Site count in the second quarter 2019 increased by 6.7% to 1,384 from 1,297 in the second quarter 2018 and grew 1.8% from 1,360 in the prior quarter, largely due to increases in production, maritime and other sites, which are primarily related to onshore drilling.

Project backlog (using percentage of completion accounting) was $37.1 million compared to $19.6 million in the second quarter 2018 and $43.1 million in the prior quarter.

In June 2019, the Company announced that it had reached a settlement that concludes the GX dispute. Pursuant to the settlement the Company paid $45.0 million in June 2019 and paid $5.0 million in July 2019 and will pay $0.8 million in the third quarter of 2020. The Company has an accrued liability of $5.8 million as of June 30, 2019.

Additional Detail

In the quarter ended June 30, 2019, the Company recorded $2.2 million in GX dispute Phase II costs and $1.3 million increase in the fair value of earn-out/contingent consideration related to Intelie. In the first quarter 2019, the Company recorded $2.1 million in GX dispute Phase II costs, $0.4 million in acquisition costs and $0.6 million in restructuring costs. In the quarter ended June 30, 2018, the Company recorded $2.8 million for the increase in fair value of an earn-out related to TECNOR which was acquired in February 2016 and paid in July 2018 and $0.3 million in acquisition costs. All items listed above are added back to net loss in our non-GAAP measure Adjusted EBITDA.

 

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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, August 6, 2019, to discuss RigNet’s second 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, entry into new customer contracts, 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 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.

 

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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 (as amended), 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     Six Months Ended  
     June 30,     March 31,     June 30,     June 30,     June 30,  
     2019     2019     2018     2019     2018  
           (in thousands, except per share amounts)        

Revenue

   $ 60,332     $ 57,510     $ 60,007     $ 117,842     $ 113,840  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

          

Cost of revenue (excluding depreciation and amortization)

     36,519       36,456       36,246       72,975       69,927  

Depreciation and amortization

     7,679       8,912       8,356       16,591       16,343  

Change in fair value of earn-out/contingent consideration

     1,284       —         2,778       1,284       2,800  

Selling and marketing

     2,952       3,793       4,189       6,745       7,138  

General and administrative

     14,458       16,470       12,768       30,928       26,432  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     62,892       65,631       64,337       128,523       122,640  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating loss

     (2,560     (8,121     (4,330     (10,681     (8,800

Other expense, net

     (1,362     (1,166     (895     (2,528     (1,348
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (3,922     (9,287     (5,225     (13,209     (10,148

Income tax benefit (expense)

     (2,204     (2,666     926       (4,870     323  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (6,126   $ (11,953   $ (4,299   $ (18,079   $ (9,825
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss Per Share - Basic and Diluted

          

Net loss attributable to RigNet, Inc. common stockholders

   $ (6,156   $ (11,983   $ (4,329   $ (18,139   $ (9,885

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

   $ (0.32   $ (0.63   $ (0.23   $ (0.95   $ (0.54

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

   $ (0.32   $ (0.63   $ (0.23   $ (0.95   $ (0.54

Weighted average shares outstanding, basic

     19,082       18,949       18,639       19,016       18,394  

Weighted average shares outstanding, diluted

     19,082       18,949       18,639       19,016       18,394  

Unaudited Non-GAAP Data:

          

Adjusted EBITDA

   $ 9,775     $ 8,386     $ 8,098     $ 18,161     $ 15,517  
RIGNET, INC.

 

Reconciliation of Net Loss to Adjusted EBITDA

 

(Unaudited)  
     Three Months Ended     Six Months Ended  
     June 30,     March 31,     June 30,     June 30,     June 30,  
     2019     2019     2018     2019     2018  
                 (in thousands)              

Reconciliation of Net Loss to Adjusted EBITDA:

          

Net loss

   $ (6,126   $ (11,953   $ (4,299   $ (18,079   $ (9,825

Interest expense

     1,269       1,238       1,007       2,507       1,966  

Depreciation and amortization

     7,679       8,912       8,356       16,591       16,343  

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

     18       (7     21       11       (32

Stock-based compensation

     1,170       4,458       837       5,628       3,282  

Restructuring costs

     —         573       —         573       —    

Change in fair value of earn-out/contingent consideration

     1,284       —         2,778       1,284       2,800  

Executive departure costs

     —         —         4       —         161  

Acquisition costs

     60       350       320       410       1,145  

GX dispute Phase II costs

     2,217       2,149       —         4,366       —    

Income tax expense (benefit)

     2,204       2,666       (926     4,870       (323
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA (non-GAAP measure)

   $ 9,775     $ 8,386     $ 8,098     $ 18,161     $ 15,517  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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RIGNET, INC.

 

Segment Information

 

(Unaudited)

 

     Three Months Ended      Six Months Ended  
     June 30,      March 31,      June 30,      June 30,      June 30,  
     2019      2019      2018      2019      2018  
                   (in thousands)                

Managed Communication Services

              

Revenue

   $ 41,205      $ 42,333      $ 41,712      $ 83,538      $ 83,762  

Cost of revenue

     25,019        26,985        25,307        52,004        51,052  

Depreciation and amortization

     5,059        6,264        5,645        11,323        11,371  

Selling, general and administrative

     3,346        3,797        5,023        7,143        9,238  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Operating income

   $ 7,781      $ 5,287      $ 5,737      $ 13,068      $ 12,101  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Applications and Internet-of-Things

              

Revenue

   $ 8,005      $ 8,015      $ 6,576      $ 16,020      $ 11,912  

Cost of revenue

     4,387        4,497        3,165        8,884        6,250  

Depreciation and amortization

     1,226        1,231        836        2,457        1,683  

Selling, general and administrative

     835        565        430        1,400        784  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Operating income

   $ 1,557      $ 1,722      $ 2,145      $ 3,279      $ 3,195  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Systems Integration

              

Revenue

   $ 11,122      $ 7,162      $ 11,719      $ 18,284      $ 18,166  

Cost of revenue

     7,113        4,974        7,774        12,087        12,625  

Depreciation and amortization

     639        662        665        1,301        1,317  

Selling, general and administrative

     570        1,124        557        1,694        880  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Operating income

   $ 2,800      $ 402      $ 2,723      $ 3,202      $ 3,344  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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)

 

     June 30,     December 31,  
     2019     2018  
     (in thousands, except share amounts)  
ASSETS

 

Current assets:

    

Cash and cash equivalents

   $ 10,879     $ 21,711  

Restricted cash

     41       41  

Accounts receivable, net

     67,863       67,450  

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

     8,739       7,138  

Prepaid expenses and other current assets

     7,197       6,767  
  

 

 

   

 

 

 

Total current assets

     94,719       103,107  

Property, plant and equipment, net

     63,247       63,585  

Restricted cash

     1,522       1,544  

Goodwill

     46,670       46,631  

Intangibles, net

     29,522       33,733  

Right-of-use lease asset

     3,899       —    

Deferred tax and other assets

     4,794       10,325  
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 244,373     $ 258,925  
  

 

 

   

 

 

 
LIABILITIES AND EQUITY

 

Current liabilities:

    

Accounts payable

   $ 27,916     $ 20,568  

Accrued expenses

     15,802       16,374  

Current maturities of long-term debt

     10,783       4,942  

Income taxes payable

     1,369       2,431  

GX dispute accrual

     5,000       50,765  

Deferred revenue and other current liabilities

     10,079       5,863  
  

 

 

   

 

 

 

Total current liabilities

     70,949       100,943  

Long-term debt

     100,274       72,085  

Deferred revenue

     250       318  

Deferred tax liability

     678       652  

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

     4,842       —    

Other liabilities

     22,048       28,943  
  

 

 

   

 

 

 

Total liabilities

     199,041       202,941  
  

 

 

   

 

 

 

Equity:

    

Stockholders’ equity

    

Preferred stock - $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding at June 30, 2019 or December 31, 2018

     —         —    

Common stock - $0.001 par value; 190,000,000 shares authorized; 19,968,783 and 19,464,847 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively

     20       19  

Treasury stock - 200,980 and 91,567 shares at June 30, 2019 and December 31, 2018, respectively, at cost

     (2,676     (1,270

Additional paid-in capital

     181,577       172,946  

Accumulated deficit

     (114,656     (96,517

Accumulated other comprehensive loss

     (18,918     (19,254
  

 

 

   

 

 

 

Total stockholders’ equity

     45,347       55,924  

Non-redeemable, non-controlling interest

     (15     60  
  

 

 

   

 

 

 

Total equity

     45,332       55,984  
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 244,373     $ 258,925  
  

 

 

   

 

 

 

 

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RIGNET, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

     Six Months Ended June 30,  
     2019     2018  
     (in thousands)  

Cash flows from operating activities:

    

Net loss

   $ (18,079   $ (9,825

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

    

Depreciation and amortization

     16,591       16,343  

Stock-based compensation

     5,628       3,282  

Amortization of deferred financing costs

     153       102  

Deferred taxes

     4,838       66  

Change in fair value of earn-out/contingent consideration

     1,284       2,800  

Accretion of discount of contingent consideration payable for acquisitions

     183       287  

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

     11       (32

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

    

Accounts receivable, net

     (488     (12,458

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

     (1,644     (430

Prepaid expenses and other assets

     (6     (2,157

Accounts payable

     7,564       4,140  

Accrued expenses

     (1,574     (2,948

GX Dispute payment

     (45,000     —    

Deferred revenue

     1,334       4,134  

Other liabilities

     (2,052     (1,975
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     (31,257     1,329  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Acquisitions (net of cash acquired)

     —         (5,082

Capital expenditures

     (11,868     (12,701

Proceeds from sales of property, plant and equipment

     112       170  
  

 

 

   

 

 

 

Net cash used in investing activities

     (11,756     (17,613
  

 

 

   

 

 

 

Cash flows from financing activities:

    

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

     4       57  

Stock withheld to cover employee taxes on stock-based compensation

     (1,406     (1,130

Subsidiary distributions to non-controlling interest

     (135     (66

Proceeds from borrowings

     40,000       2,500  

Repayments of long-term debt

     (6,083     (2,572

Payment of financing fees

     (486     —    
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     31,894       (1,211
  

 

 

   

 

 

 

Net change in cash and cash equivalents

     (11,119     (17,495
  

 

 

   

 

 

 

Cash and cash equivalents including restricted cash:

    

Balance, January 1,

     23,296       36,141  

Changes in foreign currency translation

     265       1,308  
  

 

 

   

 

 

 

Balance, June 30,

   $ 12,442     $ 19,954  
  

 

 

   

 

 

 

 

15115  PARK  ROW  BLVD,  SUITE  300,  HOUSTON,  TEXAS   77084-4947  PHONE  281.674.0100  FAX  281.674.0101  http://www.rig.net


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Page 9 of 9

 

RIGNET, INC.

Selected Operational Data

(Unaudited)

 

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

Offshore drilling rigs (1)

     182        185        184        191        190  

Offshore Production

     375        368        347        332        320  

Maritime

     183        180        181        187        177  

Other sites (2)

     644        627        611        640        610  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Managed Communications Services Sites

     1,384        1,360        1,323        1,350        1,297  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Project Backlog (000s)

   $ 37,116      $ 43,058      $ 45,536      $ 41,411      $ 19,630  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(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

###

 

15115  PARK  ROW  BLVD,  SUITE  300,  HOUSTON,  TEXAS   77084-4947  PHONE  281.674.0100  FAX  281.674.0101  http://www.rig.net