$GSAT
Globalstar, Inc.

2021 Q1 Form 10-Q Financial Statement

#000136686821000043 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $26.93M $32.19M
YoY Change -16.35% 7.04%
Cost Of Revenue $11.98M $11.37M
YoY Change 5.32% -12.54%
Gross Profit $14.95M $20.82M
YoY Change -28.19% 21.94%
Gross Profit Margin 55.53% 64.68%
Selling, General & Admin $10.10M $11.09M
YoY Change -8.96% -4.44%
% of Gross Profit 67.52% 53.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.12M $23.82M
YoY Change 1.26% 0.07%
% of Gross Profit 161.28% 114.38%
Operating Expenses $10.10M $11.09M
YoY Change -8.96% -4.44%
Operating Profit -$19.26M -$14.09M
YoY Change 36.74% -23.16%
Interest Expense -$11.57M -$14.01M
YoY Change -17.39% 8.86%
% of Operating Profit
Other Income/Expense, Net -$17.00M -$24.12M
YoY Change -29.53% -154.65%
Pretax Income -$36.26M -$38.20M
YoY Change -5.09% -248.08%
Income Tax $77.00K $21.00K
% Of Pretax Income
Net Earnings -$36.33M -$38.22M
YoY Change -4.94% -248.32%
Net Earnings / Revenue -134.92% -118.73%
Basic Earnings Per Share -$0.02 -$0.02
Diluted Earnings Per Share -$0.02 -$0.02
COMMON SHARES
Basic Shares Outstanding 1.680B shares 1.558B shares
Diluted Shares Outstanding 1.680B shares 1.558B shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.369M $10.46M
YoY Change -20.01% -24.03%
Cash & Equivalents $8.369M $10.46M
Short-Term Investments
Other Short-Term Assets $62.65M $13.11M
YoY Change 378.07% -84.58%
Inventory $12.73M $16.01M
Prepaid Expenses
Receivables $28.26M $21.54M
Other Receivables $0.00 $0.00
Total Short-Term Assets $112.0M $61.13M
YoY Change 83.24% -54.11%
LONG-TERM ASSETS
Property, Plant & Equipment $696.0M $775.0M
YoY Change -10.2% -10.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $51.07M $51.12M
YoY Change -0.09%
Total Long-Term Assets $801.3M $878.0M
YoY Change -8.74% -3.69%
TOTAL ASSETS
Total Short-Term Assets $112.0M $61.13M
Total Long-Term Assets $801.3M $878.0M
Total Assets $913.3M $939.1M
YoY Change -2.75% -10.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.370M $4.135M
YoY Change 29.87% -33.37%
Accrued Expenses $27.15M $26.27M
YoY Change 3.33% -24.06%
Deferred Revenue $25.90M $27.18M
YoY Change -4.71% -13.66%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $55.30M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $114.0M $57.97M
YoY Change 96.69% -65.76%
LONG-TERM LIABILITIES
Long-Term Debt $335.6M $356.0M
YoY Change -5.73% -4.81%
Other Long-Term Liabilities $3.353M $2.754M
YoY Change 21.75% -15.55%
Total Long-Term Liabilities $363.6M $386.1M
YoY Change -5.82% -21.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $114.0M $57.97M
Total Long-Term Liabilities $363.6M $386.1M
Total Liabilities $477.6M $444.0M
YoY Change 7.56% -32.68%
SHAREHOLDERS EQUITY
Retained Earnings -$1.707B -$1.599B
YoY Change 6.74% 3.25%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $435.7M $495.1M
YoY Change
Total Liabilities & Shareholders Equity $913.3M $939.1M
YoY Change -2.75% -10.12%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$36.33M -$38.22M
YoY Change -4.94% -248.32%
Depreciation, Depletion And Amortization $24.12M $23.82M
YoY Change 1.26% 0.07%
Cash From Operating Activities $4.512M $4.605M
YoY Change -2.02% 247.55%
INVESTING ACTIVITIES
Capital Expenditures -$4.974M -$1.578M
YoY Change 215.21% -255.77%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.974M -$1.578M
YoY Change 215.21% -30.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $39.25M -$421.0K
YoY Change -9421.85% 118.13%
NET CHANGE
Cash From Operating Activities $4.512M $4.605M
Cash From Investing Activities -$4.974M -$1.578M
Cash From Financing Activities $39.25M -$421.0K
Net Change In Cash $38.72M $2.451M
YoY Change 1479.64% -314.44%
FREE CASH FLOW
Cash From Operating Activities $4.512M $4.605M
Capital Expenditures -$4.974M -$1.578M
Free Cash Flow $9.486M $6.183M
YoY Change 53.42% 1881.73%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1. BASIS OF PRESENTATION </span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Globalstar, Inc. (“Globalstar” or the “Company”) provides Mobile Satellite Services (“MSS”) including voice and data communications services through its global satellite network. The Company’s only reportable segment is its MSS business.</span><span style="color:#008080;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Thermo Companies, through commonly controlled affiliates, (collectively, “Thermo”) is the principal owner and largest stockholder of Globalstar. The Company’s Executive Chairman of the Board controls Thermo. Two other members of the Company's Board of Directors are also directors, officers or minority equity owners of various Thermo entities.</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”); however, management believes the disclosures made are adequate to make the information presented not misleading. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Globalstar Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on March 4, 2021 (the “2020 Annual Report”). </span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates. The Company evaluates estimates on an ongoing basis. The Company has made certain reclassifications to prior period condensed consolidated financial statements to conform to current period presentation.</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These unaudited interim condensed consolidated financial statements include the accounts of Globalstar and all its subsidiaries. All significant intercompany transactions and balances have been eliminated in the consolidation. In the opinion of management, the information included herein includes all adjustments, consisting of normal recurring adjustments, that are necessary for a fair presentation of the Company’s condensed consolidated statements of operations, condensed consolidated balance sheets, condensed consolidated statements of stockholders' equity and condensed consolidated statements of cash flows for the periods presented. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year or any future period.</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">COVID-19-Risks and Uncertainties</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are a number of uncertainties that could impact the Company's future results of operations, including the effectiveness of COVID-19 mitigation measures; the duration of the pandemic; global economic conditions; changes to the Company's operations; changes in consumer confidence, behaviors and spending; work from home trends; and the sustainability of supply chains. During 2021, the Company began to evaluate its eligibility for the Employee Retention Tax Credit program and relief under the American Rescue Plan Act.</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recently Issued Accounting Pronouncements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">  </span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">. Among other things, ASU No. 2020-06 simplifies the guidance in ASC 470 by eliminating two of the three models that require separating embedded conversion features from convertible instruments. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2021. Early adoption is permitted as of the beginning of any interim or annual reporting period, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. For existing debt instruments, the Company does not expect this standard will have a material impact to its condensed consolidated financial statements or related disclosures.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recently Adopted Accounting Pronouncements </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In August 2018, the FASB issued ASU No. 2018-14, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Compensation - Retirement Benefits - Defined Benefit Plans - General Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">. As part of the FASB's disclosure framework project, it has changed the disclosure requirements for defined pension and other post-retirement benefit plans as outlined in ASU No. 2018-14. This ASU, which became effective for public entities for annual periods beginning after December 15, 2020, adds certain narrative disclosures and removes other disclosures related to defined benefit plans. The Company adopted this standard when it became effective on January 1, 2021. The adoption of this standard did not have a material effect on the Company's disclosures.</span></div><div style="text-align:justify;text-indent:13.5pt"><span><br/></span></div><div style="text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In December 2019, the FASB issued ASU No. 2019-12: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">. ASU No. 2019-12 amends the accounting treatment for income taxes by simplifying and clarifying certain aspects of the existing guidance. This ASU became effective for public entities for annual and interim periods beginning after December 15, 2020. The Company adopted this standard when it became effective on January 1, 2021. The adoption of this standard did not have a material effect on the Company's financial statements or related disclosures.</span></div>
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