Good day, ladies and gentlemen. And welcome to the Iridium Third Quarter 2015 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will be conducting a question-and-answer session and instructions will follow during that time. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Mr. your host for today's conference Mr. Ken Levy, Vice President of Investor Relations. Sir, please go ahead.

Thank you, Brian. Good morning and thanks for joining us today. I'd like to welcome you to Iridium's third quarter 2015 earnings call. Joining me on today's call are CEO, Matt Desch; and CFO, Tom Fitzpatrick. Today's call, we will begin with a discussion of our third quarter results followed by Q&A. I trust you have an opportunity to review this morning's earnings release which is available on the Investor Relations section of Iridium's website. Before I turn things over to Matt, I'd like to caution all participants that our call this morning may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and include statements about our future expectations, plans and prospects. Such forward-looking statements are based upon our current beliefs and expectations and are subject to risks, which could cause actual results to differ from our forward-looking statements. Such risks are more fully discussed in our filings with the Securities and Exchange Commission. Our remarks today should be considered in light of such risks. Any forward-looking statements represent our views only as of today. And while we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our views or expectations change. During the call, we'll also be referring to certain non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. Please refer to today's earnings release in the Investor Relations section of our website for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures. With that, let me turn things over to Matt.

Thanks, Ken. And good morning, everyone. I want to begin my comments with an update on Iridium's launch schedule and the status of our credit facility amendment from our lending partners. Both of these topics have been top of mind to investors and we have development on each that we can share today. After that I'll provide an overview on our quarterly business performance which was in line with our expectations. And give you an update on Iridium's networking key new strategic services. As you read in our press release this morning we have to delay the date of our first satellite launch into April of 2016 from December of this year. Thales Alenia, our prime contractor for Iridium NEXT had an issue recently with one key hardware component on the satellite which requires rework and it's delaying the completion of the first two satellites. I'll go into more detail on this in a second. I want to start however with the fact that overall our Iridium NEXT satellite program continues to make great progress. With the exception of that one hardware component, the hardware qualification program has been very successful, system testing is going smoothly and demonstrated the design to be robust and rehearsals for launch in operations are going very well. With all this progress being made I feel confident about the functionality and on orbit quality we will gain with the new Iridium NEXT satellite. So you will understand that I am quite frustrated about this late breaking issue found in testing that will now delay our first launch. I am glad we found this issue on the ground so they can be corrected. We will not press the launch before satellites are ready. But in light of previous program delays Thales Alenia knows quite clearly my…

Thanks, Matt. And good morning, everyone. I'll get started by summarizing our key financial metrics for the third quarter then outline the 2015 and long-term guidance we have affirmed this morning. I'll close with the review of our balance sheet and capital structure and finally provide a progress update when our launch insurance placement process. I'll also describe the material terms we've agreed to with our lenders to amend our credit facility as it relates to launch in orbit insurance. Iridium generated third quarter total revenue of $106 million which was down 1% from last year's comparable period. Similar to the second quarter the decline in commercial services and engineering and support revenue completed offset strength in government service revenue. Operational EBITDA remain strong at $63.8 million, a 9% increase from the prior year quarter. Lower product warranty cost and cost improvement continue to benefit our bottom line. Our operational EBITDA margin also strengthened this quarter to 60% from 54% in the year ago period. From an operating view point we reported commercial service revenue of $63.2 million in the third quarter; this was 4% lower than the prior year's quarter and tied primarily to the much stronger dollar, a weaker Ruble and weakness in the energy sector. You also recall that we had a non recurring benefit from the prior year period associated with prepaid airtime vouchers in a higher level of activity from a major M2M customer that was testing a unique project. This year-over-year change in usage was anticipated and we expect to realize the benefits of our M2M customers' project when it moves to full commercialization. We added 11,000 net commercial customers during the quarter with the gain coming almost entirely from our M2M customers. Commercial M2M data subscribers now represent 49% billable commercial subscribers, an…