Globalstar, Inc. (GSAT) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	64	68	73	76	83	90	90	97	113	130	132	128	124	149	224
+ Sales & Services Revenue	64	68	73	76	83	90	90	97	113	130	132	128	124	149	224
- Cost of Revenue	47	55	50	38	50	66	42	42	48	52	54	49	52	65	69
+ Cost of Goods & Services	47	55	50	38	50	66	42	42	48	52	54	49	52	65	69
Gross Profit	17	13	23	38	33	24	48	55	65	78	78	80	72	83	154
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	71	72	92	104	120	120	115	118	117	146	141	139	138	138	154
+ Selling, General & Admin	49	42	42	34	30	34	37	41	39	55	45	42	41	44	66
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	22	31	50	70	91	86	77	77	77	90	96	97	96	94	88
Operating Income (Loss)	-54	-60	-70	-66	-87	-96	-67	-63	-52	-68	-63	-59	-65	-55	- -
- Non-Operating (Income) Loss	21	37	-15	46	503	366	-140	76	37	-61	-79	50	48	202	24
+ Interest Expense, Net	6	5	5	21	68	43	36	36	35	44	62	48	-44	-30	-15
+ Interest Expense	7	5	5	21	68	43	36	36	35	44	62	48	-44	-30	-15
- Interest Income	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	15	33	-19	25	435	323	-176	40	2	-105	-141	2	91	233	38
Pretax Income	-75	-97	-55	-112	-590	-462	74	-139	-89	-6	16	-109	-113	-257	-24
- Income Tax Expense (Benefit)	- -	- -	- -	- -	1	1	1	-7	- -	- -	1	1	- -	- -	1
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-75	-97	-55	-112	-591	-463	72	-133	-89	-7	15	-110	-113	-257	-25
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-75	-97	-55	-112	-591	-463	72	-133	-89	-7	15	-110	-113	-257	-25
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	-75	-97	-55	-112	-591	-463	72	-133	-89	-7	15	-110	-113	-257	-25
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	11
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-75	-97	-55	-112	-591	-463	72	-133	-89	-7	15	-110	-113	-258	-35
Basic Weighted Avg Shares	128	285	299	388	615	934	1,020	1,064	1,167	1,270	1,451	1,642	1,765	1,801	1,835
Basic EPS, GAAP	-0.58	-0.34	-0.18	-0.29	-0.96	-0.5	0.07	-0.12	-0.08	-0.01	0.01	-0.07	-0.06	-0.14	-0.02
Basic EPS from Cont Ops	-0.58	-0.34	-0.18	-0.29	-0.96	-0.5	0.07	-0.12	-0.08	-0.01	0.01	-0.07	-0.06	-0.14	-0.01
Diluted Weighted Avg Shares	128	285	299	388	615	934	1,230	1,064	1,167	1,270	1,655	1,642	1,765	1,801	1,835
Diluted EPS, GAAP	-0.58	-0.34	-0.18	-0.29	-0.96	-0.5	0.06	-0.12	-0.08	-0.01	0.01	-0.07	-0.06	-0.14	-0.02
Diluted EPS from Cont Ops	-0.58	-0.34	-0.18	-0.29	-0.96	-0.5	0.06	-0.12	-0.08	-0.01	0.01	-0.07	-0.06	-0.14	-0.01
EBITDA	-32	-32	-16	4	3	-10	11	14	26	23	33	38	31	39	88
EBITDA Margin (%)	-49.67	-47.62	-21.88	5.34	3.86	-10.73	11.76	14.52	22.86	17.35	24.94	29.63	24.92	26.52	39.49
EBITA	-54	-60	-70	-66	-87	-96	-67	-63	-52	-68	-63	-59	-65	-55	- -
EBIT	-54	-60	-70	-66	-87	-96	-67	-63	-52	-68	-63	-59	-65	-55	- -
Gross Margin (%)	26.88	18.73	31.35	50.33	40	26.49	53.11	56.83	57.56	59.97	59.28	62.11	58.19	56.22	68.96
Operating Margin (%)	-83.68	-87.97	-95.65	-86.12	-105.66	-106.38	-73.6	-65.38	-45.93	-52.15	-47.77	-45.72	-52.5	-36.7	0.09
Profit Margin (%)	-116.56	-143.46	-75.42	-147.01	-714.68	-513.93	79.92	-136.94	-79.06	-5.01	11.63	-85.33	-90.61	-173	-11.04
Sales per Employee	191,878	210,997	304,715	285,835	309,779	319,376	278,431	281,573	338,318	368,592	392,018	371,350	377,802	447,301	643,126
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01
Depreciation Expense	22	27	54	70	91	86	77	77	77	90	96	97	96	94	88

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	154	119	69	155	81	45	38	38	136	123	63	68	69	81	143
+ Cash, Cash Equivalents & STI	68	33	10	12	17	7	7	10	42	15	8	13	14	32	57
+ Cash & Cash Equivalents	68	33	10	12	17	7	7	10	42	15	8	13	14	32	57
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	9	14	12	14	16	15	15	15	17	19	22	22	21	26	49
+ Accounts Receivable, Net	9	14	12	14	16	15	15	15	17	19	22	22	21	26	49
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	62	56	42	42	32	15	12	8	7	14	16	14	14	9	15
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	62	56	42	42	32	15	12	8	7	14	16	14	14	9	15
+ Other ST Assets	15	17	5	87	16	8	4	5	70	74	18	19	20	14	23
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	1,104	1,268	1,351	1,249	1,291	1,224	1,194	1,094	993	923	902	820	745	752	782
+ Property, Plant & Equip, Net	962	1,150	1,218	1,215	1,170	1,114	1,078	1,040	971	883	816	730	704	591	658
+ Property, Plant & Equip	1,041	1,250	1,363	1,418	1,460	1,487	1,522	1,559	1,550	1,549	1,567	1,576	1,629	1,528	1,669
- Accumulated Depreciation	79	100	145	203	290	373	444	519	579	666	751	846	925	937	1,011
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	2	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	2	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	142	117	133	34	121	110	117	55	22	38	84	89	41	161	123
+ Total Intangible Assets	38	23	24	8	7	8	12	17	2	5	7	28	31	30	91
+ Goodwill	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	31
+ Other Intangible Assets	35	23	24	8	7	8	12	17	2	5	7	28	31	30	61
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	105	94	109	26	114	102	105	38	20	33	78	62	10	130	32
Total Assets	1,258	1,387	1,420	1,404	1,373	1,268	1,233	1,133	1,129	1,045	966	888	814	833	924
+ Payables & Accruals	108	75	70	87	58	48	48	46	44	28	28	24	28	55	80
+ Accounts Payable	77	26	48	36	15	7	9	7	6	7	8	3	6	4	2
+ Accrued Taxes	- -	- -	5	6	6	7	4	4	4	3	4	5	4	3	6
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	31	49	17	45	37	35	35	35	34	18	16	16	18	48	73
+ ST Debt	2	- -	- -	656	4	6	33	76	79	96	2	60	3	3	38
+ ST Borrowings	2	- -	- -	656	4	6	33	76	79	96	- -	59	- -	60	35
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	1	3	3	3
+ Other ST Liabilities	20	19	21	18	78	24	26	50	37	36	33	30	31	139	58
+ Deferred Revenue	20	19	18	18	17	22	24	26	32	32	30	26	26	75	54
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	4	- -	61	3	2	24	5	4	3	4	5	64	4
Total Current Liabilities	130	94	92	761	140	79	107	172	160	160	63	114	62	197	176
+ LT Debt	464	665	724	95	665	624	606	501	435	367	479	340	267	160	355
+ LT Borrowings	464	665	724	95	665	624	606	501	435	367	464	327	238	132	326
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	15	14	29	28	29
+ Other LT Liabilities	77	92	71	53	451	487	282	298	243	160	16	11	120	162	14
+ Accrued Liabilities	- -	- -	7	5	8	7	7	6	6	6	6	4	112	158	4
+ Pension Liabilities	4	5	7	7	4	5	5	5	4	4	4	4	3	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	73	88	56	41	440	474	271	287	232	149	6	2	4	4	11
Total Noncurrent Liabilities	541	757	795	148	1,116	1,110	889	798	678	527	495	351	387	322	369
Total Liabilities	671	851	887	909	1,256	1,190	996	971	838	687	558	465	449	519	545
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	685	736	793	864	1,075	1,504	1,592	1,649	1,869	1,938	1,970	2,097	2,147	2,346	2,439
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	685	736	793	864	1,075	1,504	1,591	1,649	1,869	1,937	1,970	2,097	2,147	2,346	2,439
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-96	-201	-256	-368	-959	-1,422	-1,350	-1,482	-1,571	-1,575	-1,559	-1,671	-1,783	-2,040	-2,065
+ Other Equity	-2	- -	-3	-2	1	-3	-5	-5	-7	-4	-3	-3	2	9	5
Equity Before Minority Interest	587	535	534	495	117	79	237	162	291	359	407	423	365	315	379
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	587	535	534	495	117	79	237	162	291	359	407	423	365	315	379
Total Liabilities & Equity	1,258	1,387	1,420	1,404	1,373	1,268	1,233	1,133	1,129	1,045	966	888	814	833	924
Shares Outstanding	274	291	297	354	536	864	904	973	1,262	1,447	1,465	1,675	1,797	1,811	1,881
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16	15	32	30	32
Net Debt	398	632	714	739	652	623	632	566	472	448	457	372	224	160	304
Net Debt to Equity	67.77	117.95	133.75	149.48	558.33	789.41	266.33	349.8	162.15	124.88	112.08	87.95	61.2	50.71	80.1
Tangible Common Equity Ratio	45.02	37.56	36.52	34.86	8.03	5.61	18.43	13	25.66	34	41.77	45.96	42.71	35.41	34.54
Current Ratio	1.18	1.26	0.76	0.2	0.58	0.57	0.36	0.22	0.85	0.77	1	0.6	1.12	0.41	0.81
Cash Conversion Cycle	151.38	66.88	46.97	69.06	103.72	110.55	102.94	65.86	58.42	86.32	111.92	131.82	128.3	92.75	109.53
Number of Employees	335	322	239	267	267	282	325	344	333	353	336	346	329	332	348

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-75	-97	-55	-112	-591	-463	72	-133	-89	-7	15	-110	-113	-257	-25
+ Depreciation & Amortization	22	27	54	70	91	86	77	77	77	90	96	97	96	94	88
+ Non-Cash Items	34	52	-4	43	498	377	-149	62	28	-66	-102	44	49	220	47
+ Stock-Based Compensation	10	1	2	1	2	3	3	5	5	7	6	6	7	11	22
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	-6	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	1	16	12	9	6	22	- -	- -	18	- -	2	1	- -	- -	- -
+ Other Non-Cash Adj	23	35	-18	34	490	352	-152	63	5	-73	-109	38	43	210	24
+ Chg in Non-Cash Work Cap	1	-5	-1	6	-4	3	2	2	-2	-12	-6	-9	99	6	-36
+ (Inc) Dec in Accts Receiv	1	-5	-1	-3	-4	-2	-3	-2	-3	-4	-4	-8	1	-1	13
+ (Inc) Dec in Inventories	4	-1	4	-1	3	4	1	5	- -	- -	-2	2	- -	-2	-4
+ (Inc) Dec in Prepaid Assets	1	1	- -	1	-1	-1	- -	- -	-3	-8	- -	1	-5	1	-3
+ Inc (Dec) in Accts Payable	-3	3	-2	3	-3	-1	1	- -	-1	4	-1	- -	-4	-11	-3
+ Inc (Dec) in Other	-2	-2	-3	6	1	4	3	- -	4	-4	1	-4	107	20	-38
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	-18	-23	-6	7	-6	4	2	9	14	6	3	22	132	64	74
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-324	-7	-3	-57	-45	-19	-8	-11	-9	-10	-8	-7	-46	-40	-167
+ Acq of Fixed Prod Assets	-324	-7	-3	-1	-2	-5	-6	-9	-6	-7	-5	-5	-6	-21	-143
+ Acq of Intangible Assets	- -	- -	- -	-57	-44	-15	-3	-2	-4	-3	-4	-2	-39	-19	-24
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-2	-1	-1	-1	-1	- -	- -	- -	1	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-2	-1	-1	-1	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	14	-197	-96	- -	9	- -	-25	-13	-12	-7	-3	-7	- -	- -	-9
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-312	-205	-99	-58	-37	-19	-33	-25	-21	-17	-11	-15	-45	-40	-176
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-12
+ Net Cash From Debt	386	188	69	15	-18	-4	-6	-66	-152	-156	-6	2	-184	-6	146
+ Cash From Debt	461	188	69	15	1	- -	- -	- -	- -	- -	255	5	3	- -	307
+ Repayments of Debt	-75	- -	- -	- -	-20	-4	-6	-66	-152	-156	-261	-3	-187	-6	-161
+ Cash (Repurchase) of Equity	1	- -	1	- -	86	10	40	51	161	60	4	1	44	1	- -
+ Increase in Capital Stock	1	- -	1	- -	86	10	40	51	161	60	4	1	44	1	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	- -	6	13	37	-19	- -	- -	33	54	78	-6	-1	- -	-1	-9
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	387	195	83	52	49	5	33	19	64	-18	-8	1	-140	-6	126
Effect of Foreign Exchange Rates	-1	-1	-1	1	- -	- -	-2	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	57	-34	-22	1	5	-10	2	3	57	-30	-16	9	-54	18	25
EBITDA	-32	-32	-16	4	3	-10	11	14	26	23	33	38	31	39	88
EBITDA Margin (%)	-49.67	-47.62	-21.88	5.34	3.86	-10.73	11.76	14.52	22.86	17.35	24.94	29.63	24.92	26.52	39.49
Net Cash Paid for Acquisitions	2	1	1	1	1	- -	- -	- -	-1	- -	- -	- -	- -	- -	- -
Free Cash Flow	-343	-31	-8	-51	-52	-15	-6	-3	5	-4	-5	15	86	24	-92
Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	29	- -	- -	- -	55	- -	- -	- -	- -
Free Cash Flow to Equity	43	158	61	21	-27	-5	-10	-66	-143	-157	-8	19	-58	35	67
Free Cash Flow per Basic Share	-2.67	-0.11	-0.03	-0.13	-0.08	-0.02	-0.01	- -	- -	- -	- -	0.01	0.05	0.01	-0.05
Price/Free Cash Flow	0.39	-25.42	-53.47	1.99	28.63	110.08	172.41	81.7	66.44	42.09	78.35	19.53	11.64	21.87	14.38
Cash Flow to Net Income	0.25	0.24	0.1	-0.06	0.01	-0.01	0.03	-0.07	-0.16	-0.91	0.2	-0.2	-1.17	-0.25	-3.01

Globalstar, Inc.

GSAT US

1.08

1.08