$GSAT
Globalstar, Inc.

2023 Q1 Form 10-Q Financial Statement

#000136686823000056 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $58.64M $32.77M
YoY Change 78.95% 21.7%
Cost Of Revenue $16.13M $13.36M
YoY Change 20.73% 11.56%
Gross Profit $42.52M $19.41M
YoY Change 119.01% 29.82%
Gross Profit Margin 72.5% 59.23%
Selling, General & Admin $13.39M $9.341M
YoY Change 43.36% -7.49%
% of Gross Profit 31.5% 48.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.93M $23.78M
YoY Change -7.78% -1.38%
% of Gross Profit 51.59% 122.52%
Operating Expenses $13.39M $9.341M
YoY Change 43.36% -7.49%
Operating Profit $7.191M -$13.71M
YoY Change -152.44% -28.81%
Interest Expense -$2.032M -$9.530M
YoY Change -78.68% -17.66%
% of Operating Profit -28.26%
Other Income/Expense, Net -$10.63M -$6.667M
YoY Change 59.4% -60.77%
Pretax Income -$3.436M -$20.38M
YoY Change -83.14% -43.79%
Income Tax $44.00K $83.00K
% Of Pretax Income
Net Earnings -$3.480M -$20.46M
YoY Change -82.99% -43.68%
Net Earnings / Revenue -5.93% -62.44%
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share $0.00 -$0.01
COMMON SHARES
Basic Shares Outstanding 1.812B shares 1.798B shares
Diluted Shares Outstanding 1.812B shares 1.798B shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.49M $11.52M
YoY Change 77.85% 37.64%
Cash & Equivalents $20.49M $11.52M
Short-Term Investments
Other Short-Term Assets $14.13M $20.15M
YoY Change -29.91% -67.83%
Inventory $10.10M $14.27M
Prepaid Expenses
Receivables $28.01M $25.25M
Other Receivables $0.00 $0.00
Total Short-Term Assets $72.72M $71.19M
YoY Change 2.14% -36.44%
LONG-TERM ASSETS
Property, Plant & Equipment $564.4M $680.2M
YoY Change -17.02% -2.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $135.2M $27.53M
YoY Change 391.28% -46.1%
Total Long-Term Assets $771.8M $779.2M
YoY Change -0.95% -2.75%
TOTAL ASSETS
Total Short-Term Assets $72.72M $71.19M
Total Long-Term Assets $771.8M $779.2M
Total Assets $844.6M $850.4M
YoY Change -0.69% -6.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.75M $7.987M
YoY Change 34.59% 48.73%
Accrued Expenses $70.93M $25.54M
YoY Change 177.75% -5.92%
Deferred Revenue $80.87M $37.19M
YoY Change 117.45% 43.58%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $5.000K
YoY Change -100.0% -99.99%
Total Short-Term Liabilities $162.7M $103.7M
YoY Change 56.92% -9.07%
LONG-TERM LIABILITIES
Long-Term Debt $182.2M $246.8M
YoY Change -26.14% -26.48%
Other Long-Term Liabilities $3.881M $7.045M
YoY Change -44.91% 110.11%
Total Long-Term Liabilities $372.0M $397.5M
YoY Change -6.42% 9.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $162.7M $103.7M
Total Long-Term Liabilities $372.0M $397.5M
Total Liabilities $534.7M $501.2M
YoY Change 6.69% 4.94%
SHAREHOLDERS EQUITY
Retained Earnings -$2.044B -$1.804B
YoY Change 13.3% 5.67%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $309.9M $349.2M
YoY Change
Total Liabilities & Shareholders Equity $844.6M $850.4M
YoY Change -0.69% -6.88%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$3.480M -$20.46M
YoY Change -82.99% -43.68%
Depreciation, Depletion And Amortization $21.93M $23.78M
YoY Change -7.78% -1.38%
Cash From Operating Activities $22.81M $7.569M
YoY Change 201.29% 67.75%
INVESTING ACTIVITIES
Capital Expenditures $66.31M -$10.45M
YoY Change -734.5% 110.11%
Acquisitions
YoY Change
Other Investing Activities -$5.263M
YoY Change
Cash From Investing Activities -$71.58M -$10.45M
YoY Change 584.86% 110.11%
FINANCING ACTIVITIES
Cash Dividend Paid $3.951M $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $37.15M $8.000K
YoY Change 464250.0% -99.98%
NET CHANGE
Cash From Operating Activities $22.81M $7.569M
Cash From Investing Activities -$71.58M -$10.45M
Cash From Financing Activities $37.15M $8.000K
Net Change In Cash -$11.60M -$2.785M
YoY Change 316.34% -107.19%
FREE CASH FLOW
Cash From Operating Activities $22.81M $7.569M
Capital Expenditures $66.31M -$10.45M
Free Cash Flow -$43.51M $18.02M
YoY Change -341.44% 89.96%

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 and wholesale capacity 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. </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, 2022, as filed with the SEC on March 1, 2023 (the “2022 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:112%">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. 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, 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, 2023 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:107%">Recently Issued Accounting Pronouncements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:107%"> </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:120%">In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2022-04: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. ASU 2022-04 added certain disclosure requirements for buyers in supplier finance programs. The amendments in the update require that buyers disclose qualitative and quantitative information about their supplier finance programs. Interim and annual requirements include disclosure of outstanding amounts under the obligations as of the end of the reporting period, and annual requirements include a rollforward of those obligations for the annual reporting period, as well as a description of payment and other key terms of the programs. This update is effective for annual periods beginning after December 15, 2022, and interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted this standard when it became effective on January 1, 2023 and expects this will impact future disclosures.</span></div>
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PartnershipAgreementPayment
39600000 usd
CY2023Q1 gsat Partnership Agreement Minimum Liquidity Requirement
PartnershipAgreementMinimumLiquidityRequirement
30000000 usd
CY2023Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
0 usd
CY2022Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-486000 usd
CY2023Q1 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 the Company's condensed consolidated statements of operations and its condensed consolidated statements of cash flows as a non-cash operating activity.
CY2022Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-122000 usd
CY2022Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
122000 usd
CY2022Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-122000 usd
CY2021Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-880000 usd
CY2023Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Issues
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues
0 usd
CY2022 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Issues
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues
1563000 usd
CY2023Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
122000 usd
CY2022 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
0 usd
CY2023Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease
0 usd
CY2022 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease
-805000 usd
CY2023Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
0 usd
CY2023Q1 gsat Partnership Agreement Network Capacity To Suppress Services
PartnershipAgreementNetworkCapacityToSuppressServices
0.85
CY2023Q1 gsat Partnership Agreement Minimum Liquidity Requirement
PartnershipAgreementMinimumLiquidityRequirement
10000000 usd
CY2022Q1 gsat Number Of Satellites Acquired
NumberOfSatellitesAcquired
17 satellite
CY2022Q1 gsat Number Of Satellites Acquired
NumberOfSatellitesAcquired
17 satellite
CY2022Q1 gsat Purchase Obligation Capital Expenditure Reimbursement Percent
PurchaseObligationCapitalExpenditureReimbursementPercent
0.95
CY2022Q3 gsat Partnership Agreement Minimum Ownership Threshold Percentage
PartnershipAgreementMinimumOwnershipThresholdPercentage
0.5100
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-3480000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-20462000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6095000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-20462000 usd
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1811831000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1811831000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1797671000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1797671000 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19700000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7400000 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
49100000 shares
CY2022Q1 gsat Purchase Obligation Capital Expenditure Reimbursement Percent
PurchaseObligationCapitalExpenditureReimbursementPercent
0.95

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