$GSAT
Globalstar, Inc.

2022 Q1 Form 10-Q Financial Statement

#000136686822000039 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $32.77M $26.93M
YoY Change 21.7% -16.35%
Cost Of Revenue $13.36M $11.98M
YoY Change 11.56% 5.32%
Gross Profit $19.41M $14.95M
YoY Change 29.82% -28.19%
Gross Profit Margin 59.23% 55.53%
Selling, General & Admin $9.341M $10.10M
YoY Change -7.49% -8.96%
% of Gross Profit 48.12% 67.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.78M $24.12M
YoY Change -1.38% 1.26%
% of Gross Profit 122.52% 161.28%
Operating Expenses $9.341M $10.10M
YoY Change -7.49% -8.96%
Operating Profit -$13.71M -$19.26M
YoY Change -28.81% 36.74%
Interest Expense -$9.530M -$11.57M
YoY Change -17.66% -17.39%
% of Operating Profit
Other Income/Expense, Net -$6.667M -$17.00M
YoY Change -60.77% -29.53%
Pretax Income -$20.38M -$36.26M
YoY Change -43.79% -5.09%
Income Tax $83.00K $77.00K
% Of Pretax Income
Net Earnings -$20.46M -$36.33M
YoY Change -43.68% -4.94%
Net Earnings / Revenue -62.44% -134.92%
Basic Earnings Per Share -$0.01 -$0.02
Diluted Earnings Per Share -$0.01 -$0.02
COMMON SHARES
Basic Shares Outstanding 1.798B shares 1.680B shares
Diluted Shares Outstanding 1.798B shares 1.680B shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.52M $8.369M
YoY Change 37.64% -20.01%
Cash & Equivalents $11.52M $8.369M
Short-Term Investments
Other Short-Term Assets $20.15M $62.65M
YoY Change -67.83% 378.07%
Inventory $14.27M $12.73M
Prepaid Expenses
Receivables $25.25M $28.26M
Other Receivables $0.00 $0.00
Total Short-Term Assets $71.19M $112.0M
YoY Change -36.44% 83.24%
LONG-TERM ASSETS
Property, Plant & Equipment $680.2M $696.0M
YoY Change -2.27% -10.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.53M $51.07M
YoY Change -46.1% -0.09%
Total Long-Term Assets $779.2M $801.3M
YoY Change -2.75% -8.74%
TOTAL ASSETS
Total Short-Term Assets $71.19M $112.0M
Total Long-Term Assets $779.2M $801.3M
Total Assets $850.4M $913.3M
YoY Change -6.88% -2.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.987M $5.370M
YoY Change 48.73% 29.87%
Accrued Expenses $25.54M $27.15M
YoY Change -5.92% 3.33%
Deferred Revenue $37.19M $25.90M
YoY Change 43.58% -4.71%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000K $55.30M
YoY Change -99.99%
Total Short-Term Liabilities $103.7M $114.0M
YoY Change -9.07% 96.69%
LONG-TERM LIABILITIES
Long-Term Debt $246.8M $335.6M
YoY Change -26.48% -5.73%
Other Long-Term Liabilities $7.045M $3.353M
YoY Change 110.11% 21.75%
Total Long-Term Liabilities $397.5M $363.6M
YoY Change 9.34% -5.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.7M $114.0M
Total Long-Term Liabilities $397.5M $363.6M
Total Liabilities $501.2M $477.6M
YoY Change 4.94% 7.56%
SHAREHOLDERS EQUITY
Retained Earnings -$1.804B -$1.707B
YoY Change 5.67% 6.74%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $349.2M $435.7M
YoY Change
Total Liabilities & Shareholders Equity $850.4M $913.3M
YoY Change -6.88% -2.75%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$20.46M -$36.33M
YoY Change -43.68% -4.94%
Depreciation, Depletion And Amortization $23.78M $24.12M
YoY Change -1.38% 1.26%
Cash From Operating Activities $7.569M $4.512M
YoY Change 67.75% -2.02%
INVESTING ACTIVITIES
Capital Expenditures -$10.45M -$4.974M
YoY Change 110.11% 215.21%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.45M -$4.974M
YoY Change 110.11% 215.21%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $8.000K $39.25M
YoY Change -99.98% -9421.85%
NET CHANGE
Cash From Operating Activities $7.569M $4.512M
Cash From Investing Activities -$10.45M -$4.974M
Cash From Financing Activities $8.000K $39.25M
Net Change In Cash -$2.785M $38.72M
YoY Change -107.19% 1479.64%
FREE CASH FLOW
Cash From Operating Activities $7.569M $4.512M
Capital Expenditures -$10.45M -$4.974M
Free Cash Flow $18.02M $9.486M
YoY Change 89.96% 53.42%

Facts In Submission

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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, 2021, as filed with the SEC on February 25, 2022 (the “2021 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.</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. 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, 2022 are not necessarily indicative of the results that may be expected for the full year or any future period.</span></div>
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CY2022Q1 us-gaap Derivatives Embedded Derivatives
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The fair value of each embedded derivative is marked-to-market at the end of each reporting period, or more frequently as deemed necessary, with any changes in value reported in its condensed consolidated statements of operations and its condensed consolidated statements of cash flows as an operating activity. The Company classifies its derivatives consistent with the classification of the underlying debt on the Company's condensed consolidated balance sheet.
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163000 USD
CY2022Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Issues
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1148000 USD
CY2021 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Issues
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0 USD
CY2022Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
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CY2021 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
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CY2021Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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CY2022Q1 gsat Number Of Satellites Acquired
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17 satellite
CY2022Q1 gsat Number Of Satellites Acquired
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1797671000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1679754000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1679754000 shares
CY2022Q1 us-gaap Earnings Per Share Diluted
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7400000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5500000 shares

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