$GSAT
Globalstar, Inc.

2022 Q2 Form 10-Q Financial Statement

#000136686822000056 Filed on August 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $36.80M $32.77M $34.48M
YoY Change 21.54% 21.7% 3.93%
Cost Of Revenue $13.81M $13.36M $13.41M
YoY Change 8.19% 11.56% 2.25%
Gross Profit $22.99M $19.41M $21.07M
YoY Change 31.26% 29.82% 5.02%
Gross Profit Margin 62.48% 59.23% 61.11%
Selling, General & Admin $9.693M $9.341M $12.38M
YoY Change 0.12% -7.49% 19.87%
% of Gross Profit 42.16% 48.12% 58.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.13M $23.78M $24.21M
YoY Change 1.2% -1.38% -0.71%
% of Gross Profit 104.95% 122.52% 114.89%
Operating Expenses $9.693M $9.341M $36.59M
YoY Change 0.12% -7.49% 5.42%
Operating Profit -$11.36M -$13.71M -$15.52M
YoY Change -29.06% -28.81% 5.96%
Interest Expense -$7.187M -$9.530M -$10.28M
YoY Change -33.32% -17.66% 190.8%
% of Operating Profit
Other Income/Expense, Net -$15.28M -$6.667M -$39.00K
YoY Change 200.37% -60.77% -98.52%
Pretax Income -$26.64M -$20.38M -$24.57M
YoY Change 26.27% -43.79% 15.69%
Income Tax $121.0K $83.00K -$616.0K
% Of Pretax Income
Net Earnings -$26.76M -$20.46M -$23.96M
YoY Change 24.75% -43.68% 10.23%
Net Earnings / Revenue -72.71% -62.44% -69.49%
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$0.01 -$13.35K
COMMON SHARES
Basic Shares Outstanding 1.800B shares 1.798B shares
Diluted Shares Outstanding 1.800B shares 1.798B shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.14M $11.52M $14.30M
YoY Change -16.43% 37.64% 7.31%
Cash & Equivalents $13.14M $11.52M $14.30M
Short-Term Investments
Other Short-Term Assets $16.59M $20.15M $19.56M
YoY Change 7.3% -67.83% 1.47%
Inventory $15.89M $14.27M $13.83M
Prepaid Expenses
Receivables $24.12M $25.25M $21.18M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $69.73M $71.19M $68.87M
YoY Change -2.97% -36.44% 0.56%
LONG-TERM ASSETS
Property, Plant & Equipment $708.0M $680.2M $672.2M
YoY Change 3.92% -2.27% -6.11%
Goodwill
YoY Change
Intangibles $30.99M
YoY Change 12.59%
Long-Term Investments $240.0K
YoY Change -84.9%
Other Assets $94.16M $27.53M $1.725M
YoY Change 84.69% -46.1% 61.52%
Total Long-Term Assets $874.4M $779.2M $745.2M
YoY Change 8.77% -2.75% -9.07%
TOTAL ASSETS
Total Short-Term Assets $69.73M $71.19M $68.87M
Total Long-Term Assets $874.4M $779.2M $745.2M
Total Assets $944.2M $850.4M $814.1M
YoY Change 7.81% -6.88% -8.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.548M $7.987M $6.247M
YoY Change -66.35% 48.73% 114.16%
Accrued Expenses $23.57M $25.54M $28.95M
YoY Change -8.64% -5.92% 11.7%
Deferred Revenue $39.87M $37.19M $25.93M
YoY Change 48.65% 43.58% -0.19%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000K $5.000K $0.00
YoY Change -99.99% -100.0%
Total Short-Term Liabilities $140.0M $103.7M $61.57M
YoY Change 130.92% -9.07% -46.1%
LONG-TERM LIABILITIES
Long-Term Debt $257.5M $246.8M $237.9M
YoY Change -17.86% -26.48% -27.15%
Other Long-Term Liabilities $7.877M $7.045M $7.887M
YoY Change 90.87% 110.11% 9.22%
Total Long-Term Liabilities $474.8M $397.5M $387.1M
YoY Change 17.82% 9.34% 10.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $140.0M $103.7M $61.57M
Total Long-Term Liabilities $474.8M $397.5M $387.1M
Total Liabilities $614.8M $501.2M $448.7M
YoY Change 32.61% 4.94% -3.52%
SHAREHOLDERS EQUITY
Retained Earnings -$1.831B -$1.804B -$1.783B
YoY Change 5.9% 5.67% 6.74%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $329.3M $349.2M $365.4M
YoY Change
Total Liabilities & Shareholders Equity $944.2M $850.4M $814.1M
YoY Change 7.81% -6.88% -8.33%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$26.76M -$20.46M -$23.96M
YoY Change 24.75% -43.68% 10.23%
Depreciation, Depletion And Amortization $24.13M $23.78M $24.21M
YoY Change 1.2% -1.38% -0.71%
Cash From Operating Activities $13.20M $7.569M $24.72M
YoY Change -74.32% 67.75% -1779.01%
INVESTING ACTIVITIES
Capital Expenditures -$11.94M -$10.45M -$15.15M
YoY Change 61.93% 110.11% 189.12%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$11.94M -$10.45M -$15.15M
YoY Change 70.0% 110.11% 189.12%
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 441.0K $8.000K -57.56M
YoY Change -100.52% -99.98% -19811.3%
NET CHANGE
Cash From Operating Activities 13.20M $7.569M 24.72M
Cash From Investing Activities -11.94M -$10.45M -15.15M
Cash From Financing Activities 441.0K $8.000K -57.56M
Net Change In Cash 1.702M -$2.785M -48.00M
YoY Change -104.25% -107.19% 647.47%
FREE CASH FLOW
Cash From Operating Activities $13.20M $7.569M $24.72M
Capital Expenditures -$11.94M -$10.45M -$15.15M
Free Cash Flow $25.14M $18.02M $39.87M
YoY Change -57.23% 89.96% 957.79%

Facts In Submission

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dei Amendment Flag
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Document Fiscal Period Focus
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dei Entity Central Index Key
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Document Type
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dei Document Quarterly Report
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dei Document Period End Date
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dei Document Transition Report
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dei Entity File Number
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dei Entity Registrant Name
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GLOBALSTAR, INC.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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dei Entity Address Postal Zip Code
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dei City Area Code
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dei Local Phone Number
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dei Security12b Title
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dei Trading Symbol
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dei Security Exchange Name
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gsat Satellite Construction Assets Acquired Through Vendor Financing Arrangement
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gsat Forgiveness Of Principal And Interest Amount Long Term Debt
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us-gaap Basis Of Accounting
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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 and six months ended June 30, 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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0 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4825000 usd
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0 usd
CY2022Q2 gsat Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
22322000 usd
CY2022Q2 gsat Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
43971000 usd
CY2022Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
6000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
14395000 usd
CY2022Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
0 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
29576000 usd
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
6000 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1680451000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1597384000 usd
CY2022Q2 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
972446000 usd
CY2021Q4 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
925228000 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
708005000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
672156000 usd
CY2022Q2 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
65100000 usd
CY2022Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
282023000 usd
CY2022Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
24572000 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
257451000 usd
CY2021Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
265219000 usd
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
27287000 usd
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
237932000 usd
CY2013Q2 gsat Debt Instrument Interest Rate Payable In Cash
DebtInstrumentInterestRatePayableInCash
0.0575
CY2013Q2 gsat Debt Instrument Interest Rate Payable In Additional Notes
DebtInstrumentInterestRatePayableInAdditionalNotes
0.0225
CY2022Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
100000 usd
CY2022Q1 gsat Purchase Obligation Interest Rate
PurchaseObligationInterestRate
0
CY2022Q2 gsat Vendor Financing Current
VendorFinancingCurrent
73600000 usd
CY2022Q2 gsat Deferred Financing Costs
DeferredFinancingCosts
2300000 usd
CY2021Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
5000000 usd
CY2022Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-1242000 usd
CY2021Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-1310000 usd
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-1728000 usd
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-2439000 usd
us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
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.
CY2022Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
1460000 usd
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
484000 usd
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
1364000 usd
CY2021Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-880000 usd
CY2020Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
163000 usd
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Issues
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues
1148000 usd
CY2021 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Issues
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues
0 usd
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease
-1728000 usd
CY2021 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease
-1043000 usd
CY2022Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-1460000 usd
CY2021Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-880000 usd
CY2022Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
500000 usd
CY2022Q1 gsat Number Of Satellites Acquired
NumberOfSatellitesAcquired
17 satellite
CY2022Q1 gsat Number Of Satellites Acquired
NumberOfSatellitesAcquired
17 satellite
CY2022Q1 us-gaap Purchase Obligation
PurchaseObligation
327000000 usd
CY2022Q1 gsat Purchase Obligation Manufacturing Term Of Contract
PurchaseObligationManufacturingTermOfContract
P3Y
CY2022Q1 gsat Purchase Obligation Deferred Payments
PurchaseObligationDeferredPayments
74000000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-26757000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-21449000 usd
us-gaap Net Income Loss
NetIncomeLoss
-47219000 usd
us-gaap Net Income Loss
NetIncomeLoss
-57782000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1799886000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1799886000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1791943000 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1791943000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1798784000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1798784000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1736158000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1736158000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7800000 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7300000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7600000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7100000 shares

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