Globalstar Announces First Quarter 2024 Financial Results and Operational Updates
Globalstar Announces First Quarter 2024 Financial Results and Operational Updates
COVINGTON, La.--(BUSINESS WIRE)--May 8, 2024-- Globalstar, Inc. (NYSE American: GSAT) today announced its operating and financial results for the first quarter ended March 31, 2024.
路易斯安那州卡溫頓--(美國商業資訊)--2024年5月8日--Globalstar, Inc.（紐約證券交易所美國股票代碼：GSAT）今天公佈了截至2024年3月31日的第一季度經營和財務業績。
Rebecca Clary, Chief Financial Officer, commented, "We are pleased with our financial results for the first quarter, which generally exceeded our expectations with total revenue higher on a sequential basis as well as compared to the prior year quarterly average. As previously disclosed, the prior year's first quarter included nonrecurring service revenue, as well as a spike in subscriber equipment sales when inventory was replenished after supply chain disruptions were resolved. Since we anticipated these factors, today we re-iterate our full year 2024 revenue and Adjusted EBITDA guidance issued in February. We are excited about how 2024 has started and even more excited about what we expect to come in the balance of the year."
首席財務官麗貝卡·克拉裏評論說：“我們對第一季度的財務業績感到滿意，該業績總體上超出了我們的預期，總收入連續增長，也高於上一年的季度平均水平。正如先前披露的那樣，去年的第一季度包括非經常性服務收入，以及供應鏈中斷問題解決後庫存補充時訂戶設備銷售的激增。由於我們對這些因素進行了預期，因此今天我們重申2月份發佈的2024年全年收入和調整後息稅折舊攤銷前利潤指引。我們對2024年的開始感到興奮，對我們預計在今年餘下的時間裏會發生的事情更加興奮。”
Dr. Paul E. Jacobs, Chief Executive Officer, said, "Since our last earnings report, Globalstar has made significant progress on our new initiatives that we expect to drive future revenue growth: by signing and starting the first phase of a new government contract, by testing a new technology on our satellite constellation, and by commencing commercial shipments of our XCOM RAN products. In addition, we are seeing customer interest in the combination of XCOM RAN and our terrestrial n53 spectrum holdings. We will continue developing these products over the coming year. We have also improved our going forward margins on a number of products by optimizing our global manufacturing footprint."
首席執行官保羅·雅各布斯博士表示：“自我們發佈上一份業績以來，Globalstar在我們預計將推動未來收入增長的新舉措方面取得了重大進展：簽署並開始新政府合同的第一階段，在我們的衛星星座上測試一項新技術，以及開始商業運送我們的XCOM RAN產品。此外，我們看到客戶對XCOM RAN和我們持有的地面n53頻譜的組合感興趣。來年我們將繼續開發這些產品。通過優化我們的全球製造足跡，我們還提高了許多產品的未來利潤率。”
Dr. Jacobs continued, "Globalstar's satellite services business has proven that it can innovate and define entirely new categories, first with SPOT a generation ago and more recently with our wholesale capacity services. Furthermore, we expect the replenishment MDA satellites to launch next year to ensure quality services beyond the next decade. Optimizing the long term financial impact from the retained satellite capacity is important to the company and we will continue to offer differentiated and valuable services while monetizing our capacity."
雅各布斯博士繼續說：“Globalstar的衛星服務業務已經證明，它可以創新和定義全新的類別，首先是一代人前的SPOT，最近是我們的批發容量服務。此外，我們預計補給的MDA衛星將於明年發射，以確保未來十年以後的優質服務。優化保留的衛星容量的長期財務影響對公司很重要，我們將繼續提供差異化和有價值的服務，同時將我們的容量貨幣化。”
OPERATIONAL HIGHLIGHTS
運營亮點
- In February, we initiated the proof-of-concept (POC) phase for a government services company to utilize our satellite network for mission critical applications with over-the-air testing expected this quarter. Assuming successful completion of the POC, we expect to commence a five-year agreement that contains annual minimum revenue commitments escalating to $20 million in the fifth year, with the expectation of significant upside through a revenue share arrangement. This opportunity represents a creative use of our satellite and spectrum assets, which does not require utilization of material amounts of our capacity, so that we may deploy it for other customers.
- In February, we announced an important customer win for our XCOM RAN product. One of the world's largest retailers selected the XCOM RAN for deployment in certain of their Micro Fulfillment Centers (MFC). These MFCs are very difficult wireless environments, supporting hundreds of fast-moving robots that cannot risk losing connectivity. XCOM RAN solves significant MFC pain points, and we expect to roll out our technology to more of their locations and to provide similar solutions for others. In April, we began commercial deliveries under this contract.
- Globalstar recently conducted over-the-air testing for XCOM RAN running on 10MHz bandwidth, demonstrating its ability to support hundreds of robots for MFC. In capacity tests, the system showed gains of 4x to 5x for downlink and uplink, respectively, compared to traditional small cell implementations and we expect these gains will double in the coming year. XCOM RAN turns processing power into wireless throughput. When using a narrower bandwidth, we can apply more processing per MHz without increasing cost. Globalstar will demonstrate these results directly on n53 when radios are available.
- In April, we were notified that Globalstar's XCOMP technology will be utilized as part of the first phase of a government funded study for applying advanced open based 5G technologies in challenging environments. The intent of the effort is to accelerate the inclusion of advanced applications, such as automated logistics, where conventional WiFi and cellular technologies may fall short.
- Globalstar's terrestrial wireless business continues to offer outsized potential, and our early wins validate this view. Our combination of greenfield 5G spectrum and the capacity gains offered by XCOM RAN are individually and collectively exciting and offer multinational companies border spanning solutions. We believe this offering is unique with no other company currently possessing greenfield spectrum focused on private 5G across multiple geographies. We believe this is an untapped resource, with a now thriving ecosystem supported by Qualcomm's major device and infrastructure chipsets. Going forward, our goal with Band n53 is to generate recurring revenue from as many places as we can. We expect nominal incremental expense for Globalstar associated with Band n53 and believe it can generate sustainable and growing cash flows at scale.
- In 2023, we filed an application with the Federal Communications Commission (FCC) to authorize a replacement constellation for our HIBLEO-4 filing, including a new 15-year license term. The FCC accepted our application for filing, and it has completed a public comment cycle. We are pleased with the progress we have made and expect to receive the requested replacement authorization soon. Most recently, the FCC dismissed another company's application to operate in our same licensed frequencies and reaffirmed that, like Iridium, Globalstar is exclusively licensed in its portion of the Big LEO band.
- 2月，我們啓動了概念驗證（POC）階段，要求一家政府服務公司將我們的衛星網絡用於關鍵任務應用程序，預計將在本季度進行空中測試。假設POC成功完成，我們預計將啓動一項爲期五年的協議，其中包含年度最低收入承諾，將在第五年上調至2000萬美元，預計收入分成安排將帶來顯著的上升空間。這個機會代表了我們對衛星和頻譜資產的創造性利用，這不需要利用我們大量的容量，因此我們可以將其部署給其他客戶。
- 二月份，我們宣佈我們的XCOM RAN產品贏得了重要的客戶青睞。全球最大的零售商之一選擇了XCOM RAN在其某些微型配送中心（MFC）中部署。這些 MFC 是非常困難的無線環境，可支持數百個快速移動的機器人，這些機器人不會面臨斷開連接的風險。XCOM RAN 解決了重大 MFC 痛點，我們希望將我們的技術推廣到他們的更多地點，併爲其他地區提供類似的解決方案。4月，我們開始根據該合同進行商業交付。
- Globalstar最近對在10MHz帶寬上運行的XCOM RAN進行了空中測試，證明其能夠爲MFC支持數百個機器人。在容量測試中，與傳統的小基站實施相比，該系統的下行鏈路和上行鏈路分別增長了4倍至5倍，我們預計來年這些增益將翻一番。XCOM RAN 將處理能力轉化爲無線吞吐量。當使用更窄的帶寬時，我們可以在不增加成本的情況下每 MHz 進行更多的處理。當無線電可用時，Globalstar將直接在n53上演示這些結果。
- 4月，我們獲悉，Globalstar的XCOMP技術將被用作一項由政府資助的研究的第一階段的一部分，該研究旨在在充滿挑戰的環境中應用先進的開放式5G技術。這項工作的目的是加速採用先進的應用，例如自動化物流，在這些應用中，傳統的WiFi和蜂窩技術可能不足。
- Globalstar的地面無線業務繼續提供巨大的潛力，我們早期的勝利證實了這一觀點。我們將新建的5G頻譜與XCOM RAN提供的容量增益相結合，無論是個人還是集體，都令人興奮，爲跨國公司提供了跨國解決方案。我們認爲該產品是獨一無二的，目前沒有其他公司擁有專注於跨多個地區的私有5G的全新頻譜。我們認爲這是一種尚未開發的資源，高通公司的主要設備和基礎設施芯片組爲其提供了蓬勃發展的生態系統。展望未來，我們在Band n53的目標是儘可能多地創造經常性收入。我們預計，Globalstar與n53品牌相關的名義增支出，並相信它可以大規模產生可持續和不斷增長的現金流。
- 2023 年，我們向聯邦通信委員會 (FCC) 提交了申請，要求批准我們的 HIBLEO-4 申請的替代星座，包括新的 15 年許可期限。聯邦通信委員會接受了我們的申請申請，並已完成了公衆意見徵詢週期。我們對取得的進展感到滿意，並希望很快收到所申請的更換授權。最近，聯邦通信委員會駁回了另一家公司要求在我們相同許可頻率下運營的申請，並重申與銥星一樣，Globalstar在其Big LEO樂隊中的部分獲得獨家許可。
FINANCIAL REVIEW
財務審查
Service Revenue
服務收入
Service revenue increased $0.5 million during the first quarter of 2024 from the first quarter of 2023. After excluding the nonrecurring revenue item recorded in the prior year period, service revenue would have increased by $3.7 million, or 7%.
2024年第一季度的服務收入比2023年第一季度增加了50萬美元。不包括上一年度記錄的非經常性收入項目後，服務收入將增加370萬美元，增長7％。
Earlier this year, we executed an agreement with a government services company to utilize our satellite network for a mission critical service for government applications. The one-year $2.5 million POC phase commenced in February 2024 and is progressing as planned. This agreement has a five-year term and, if the project is implemented, contains annual minimum revenue commitments escalating to $20 million in the fifth year, with potential for significant upside through the agreement's revenue share arrangement.
今年早些時候，我們與一家政府服務公司簽訂了一項協議，利用我們的衛星網絡爲政府應用程序提供關鍵任務服務。爲期一年、耗資250萬美元的POC階段於2024年2月開始，目前正在按計劃進行中。該協議的期限爲五年，如果該項目得以實施，則包含年度最低收入承諾，將在第五年上調至2,000萬美元，協議的收入分成安排有可能帶來顯著的上行空間。
For subscriber-driven revenue, Commercial IoT continues to grow. During the first quarter of 2024, Commercial IoT service revenue increased 24% from the first quarter of 2023, due to increases in both ARPU and the subscriber base. 2023 was a record year for gross subscriber activations, contributing to increased revenue during the first quarter of 2024 from these new subscribers.
對於由訂戶驅動的收入，商業物聯網持續增長。在2024年第一季度，由於ARPU和用戶群的增加，商業物聯網服務收入較2023年第一季度增長了24％。2023年是總用戶激活量創紀錄的一年，促成了這些新用戶在2024年第一季度的收入增加。
Service revenue associated with legacy services was lower due to fewer Duplex and SPOT subscribers. SPOT subscribers have been unfavorably impacted by competitive pressure as well as supply chain disruptions that have now been resolved, but reduced the amount of inventory in retail locations that was available to be sold to customers for several quarters. Duplex service revenue declined at an expected rate due to attrition in the subscriber base, offset partially by an ARPU increase.
由於Duplex和SPOT用戶減少，與傳統服務相關的服務收入有所下降。SPOT訂閱者受到了競爭壓力和供應鏈中斷的不利影響，這些問題現已得到解決，但零售場所可供出售給客戶的庫存量減少了幾個季度。由於用戶群的流失，雙工服務收入以預期的速度下降，但被ARPU的增長部分抵消。
Subscriber Equipment Sales
訂戶設備銷售
Revenue generated from subscriber equipment sales was down $2.7 million from the prior year's quarter due to the timing of Commercial IoT and SPOT device sales. In the first quarter of 2023, we recovered from significant inventory shortages and experienced higher sales as a result of product availability. To illustrate this point, the first quarter of 2023 was a record high for any first quarter in the Company's history for both SPOT and Commercial IoT.
由於商業物聯網和SPOT設備銷售的時機，訂戶設備銷售產生的收入比上年同期下降了270萬美元。2023年第一季度，由於產品供應，我們從嚴重的庫存短缺中恢復過來，銷售額有所增加。爲了說明這一點，2023年第一季度的現貨和商業物聯網均創下公司歷史上所有第一季度的歷史新高。
(Loss) Income from Operations
（虧損）運營收入
Loss from operations was $4.7 million during the first quarter of 2024, compared to income from operations of $7.2 million during the first quarter of 2023. Higher operating expenses coupled with lower equipment revenue (discussed above) drove the loss during the first quarter of 2024.
2024年第一季度的運營虧損爲470萬美元，而2023年第一季度的運營收入爲720萬美元。較高的運營費用加上較低的設備收入（如上所述）推動了2024年第一季度的虧損。
Stock-based compensation increased from the prior year's first quarter due primarily to restricted stock units granted in connection with the XCOM License Agreement in September 2023.
股票薪酬較去年第一季度有所增加，這主要是由於2023年9月根據XCOM許可協議授予的限制性股票單位。
Cost of services increased from higher gateway operating costs - maintenance, security, IT and personnel expenses - have increased in line with our expanded global ground infrastructure necessitated by our wholesale agreement. A significant portion of these costs are reimbursed to us, and this consideration is recognized as revenue when earned in the subsequent year. Cost of services also increased due to non-cash costs associated with the Support Services Agreement (the "SSA") we entered into in August 2023 in connection with the XCOM License Agreement.
隨着批發協議要求我們擴大全球地面基礎設施，網關運營成本（維護、安全、IT和人員支出）的增加，服務成本也有所增加。這些費用中有很大一部分將報銷給我們，該對價在下一年度賺取時被確認爲收入。由於與我們在2023年8月簽訂的與XCOM許可協議相關的支持服務協議（“SSA”）相關的非現金成本，服務成本也有所增加。
Management, general and administrative costs (MG&A) costs were higher due to increased legal and professional fees for various short-term efforts as well as non-cash costs associated with the SSA (discussed above).
由於各種短期工作的法律和專業費用以及與SSA相關的非現金成本（如上所述）的增加，管理、一般和管理成本（MG&A）成本增加。
Net Loss
淨虧損
Net loss was $13.2 million for the first quarter of 2024, compared to net loss of $3.5 million for the first quarter of 2023. This variance was due primarily to a loss from operations (for the reasons discussed above). During the first quarter of 2023, we recognized a nonrecurring, non-cash loss on extinguishment of debt; this favorable fluctuation was offset by unfavorable fluctuations in foreign currency gains and losses and higher interest expense.
2024年第一季度的淨虧損爲1,320萬美元，而2023年第一季度的淨虧損爲350萬美元。這種差異主要是由於運營損失（原因如上所述）。在2023年第一季度，我們確認了債務清償造成的非經常性非現金損失；這種有利的波動被外幣損益的不利波動以及更高的利息支出所抵消。
Adjusted EBITDA
調整後 EBITDA
Adjusted EBITDA was $29.6 million during the first quarter of 2024 compared to $32.6 million during the prior year's first quarter, due primarily to lower subscriber equipment revenue. Adjusted EBITDA is a non-GAAP financial measure. For more information on its usage and presentation, as well as a reconciliation to GAAP net income (loss), refer to "Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EBITDA".
2024年第一季度調整後的息稅折舊攤銷前利潤爲2960萬美元，而去年第一季度爲3,260萬美元，這主要是由於訂戶設備收入減少。調整後的息稅折舊攤銷前利潤是一項非公認會計准則財務指標。有關其使用和列報方式以及與GAAP淨收益（虧損）對賬的更多信息，請參閱 “GAAP淨收益（虧損）與非GAAP調整後息稅折舊攤銷前利潤的對賬”。
Liquidity
流動性
As of March 31, 2024, we held cash and cash equivalents of $59.3 million, compared to $56.7 million as of December 31, 2023. During the first quarter, net cash flows generated from operations of $29.8 million and net cash flows from financing activities of $27.1 million were used to fund capital expenditures of $54.2 million.
截至2024年3月31日，我們持有的現金及現金等價物爲5,930萬美元，而截至2023年12月31日爲5,670萬美元。在第一季度，運營產生的淨現金流爲2980萬美元，融資活動產生的淨現金流爲2710萬美元，用於爲5,420萬美元的資本支出提供資金。
Operating cash flows include cash receipts from the performance of wholesale capacity services as well as cash received from subscribers related to the purchase of equipment and satellite voice and data services. We use cash in operating activities primarily for network costs, personnel costs, inventory purchases and other general corporate expenditures. Investing outflows largely relate to network upgrades associated with the Service Agreements, including milestone work under the satellite procurement agreement with MDA and the launch services agreement with SpaceX. Financing inflows related to proceeds from the 2023 Funding Agreement.
運營現金流包括從批發容量服務中獲得的現金收入，以及從訂戶那裏獲得的與購買設備和衛星語音和數據服務相關的現金。我們在經營活動中使用現金主要用於網絡成本、人員成本、庫存採購和其他一般公司支出。投資流出主要與服務協議相關的網絡升級有關，包括與MDA簽訂的衛星採購協議以及與SpaceX的發射服務協議下的里程碑工作。與2023年融資協議的收益相關的融資流入。
Over the next twelve months, our sources of cash are also expected to include operating cash flows generated from the business. These sources of cash will be used to pay capital expenditures associated with the new satellites and associated launch costs as well as debt service costs.
在接下來的十二個月中，我們的現金來源預計還將包括業務產生的運營現金流。這些現金來源將用於支付與新衛星相關的資本支出和相關的發射成本以及還本付息成本。
FINANCIAL OUTLOOK
財務展望
We reiterate our financial outlook for 2024.
我們重申我們對2024年的財務展望。
- Total revenue between $225 million and $250 million
- Adjusted EBITDA margin of approximately 50%
- 總收入介於 2.25 億美元到 2.5 億美元之間
- 調整後的息稅折舊攤銷前利潤率約爲50％
CONFERENCE CALL INFORMATION
電話會議信息
As previously announced, the Company will host a conference call to discuss its results at 5:00 p.m. Eastern Time (ET) on Wednesday, May 8, 2024. Details are as follows:
正如先前宣佈的那樣，該公司將於美國東部時間（美國東部時間）2024年5月8日星期三下午 5:00 舉行電話會議，討論其業績。詳情如下：
| Earnings Call: | The earnings call will be hosted via teleconference. Participants should dial in using the information below: Toll Free (+1) 800 717 1738 Local (+1) 646 307 1865 Please provide the conference ID 36209 when dialing in for the call. |
| Audio Replay: | For those unable to participate in the live call, a replay of the webcast will be available in the Investor Relations section of the Company's website. |
| 業績電話會議： | 業績電話會議將通過電話會議主持。參與者應使用以下信息進行撥號： 免費電話 (+1) 800 717 1738 本地 (+1) 646 307 1865 撥入通話時請提供會議 ID 36209。 |
| 音頻重播： | 對於那些無法參加現場電話會議的人，將在公司網站的 “投資者關係” 部分重播網絡直播。 |
About Globalstar, Inc.
關於 Globalstar, Inc.
Globalstar empowers its customers to connect, transmit, and communicate in smarter ways – easily, quickly, securely, and affordably – offering reliable satellite and terrestrial connectivity services as an international telecom infrastructure provider. The Company's LEO satellite constellation assures secure data transmission for connecting and protecting assets, transmitting critical operational data, and saving lives for consumers, businesses, and government agencies across the globe. Globalstar's terrestrial spectrum, Band 53, and its 5G variant, n53, offers carriers, cable companies, and system integrators a versatile, fully licensed channel for private networks with a growing ecosystem to improve customer wireless connectivity, while Globalstar's XCOM RAN product offers significant capacity gains in dense wireless deployments. In addition to SPOT GPS messengers, Globalstar offers next-generation IoT hardware and software products for efficiently tracking and monitoring assets, processing smart data at the edge, and managing analytics with cloud-based telematics solutions to drive safety, productivity, and profitability.
作爲國際電信基礎設施提供商，Globalstar使其客戶能夠以更智能的方式進行連接、傳輸和通信——輕鬆、快速、安全且經濟實惠地提供可靠的衛星和地面連接服務。該公司的低軌衛星星座可確保安全的數據傳輸，以連接和保護資產，傳輸關鍵運營數據，並挽救全球消費者、企業和政府機構的生命。Globalstar的地面頻譜Band 53及其5G變體n53爲運營商、有線電視公司和系統集成商提供了一個多功能、完全許可的私有網絡頻道，其生態系統不斷髮展，可以改善客戶的無線連接，而Globalstar的XCOM RAN產品在密集的無線部署中提供了顯著的容量提升。除SPOT GPS信使外，Globalstar還提供下一代物聯網硬件和軟件產品，用於高效跟蹤和監控資產，在邊緣處理智能數據，並使用基於雲的遠程信息處理解決方案管理分析，以提高安全性、生產力和盈利能力。
Note that all SPOT products described in this press release are the products of SPOT LLC, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia.
請注意，本新聞稿中描述的所有SPOT產品均爲SPOT LLC的產品，該公司與法國圖盧茲的Spot Image或弗吉尼亞州尚蒂伊的Spot Image公司沒有任何關聯。
For more information, visit www.globalstar.com.
欲了解更多信息，請訪問 www.globalstar。
Safe Harbor Language for Globalstar Releases
Globalstar 發佈的安全港語言
This press release contains certain statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Forward-looking statements, such as the statements regarding our ability to identify and realize opportunities and to generate the expected revenues and other benefits of the XCOM License Agreement, our ability to integrate the licensed technology into our current line of business, the ability of Dr. Jacobs and other new employees to drive innovation and growth, our expectations with respect to the pursuit of terrestrial spectrum authorities globally, the success of current and potential future applications for our terrestrial spectrum, future increases in our revenue and profitability, our ability to meet our obligations under, and profit from, the Service Agreements, and other statements contained in this release regarding matters that are not historical facts, involve predictions. Any forward-looking statements made in this press release are believed to be accurate as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and we undertake no obligation to update any such statements. Additional information on factors that could influence our financial results is included in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
本新聞稿包含某些屬於1995年《私人證券訴訟改革法》所指的 “前瞻性陳述” 的陳述。這些前瞻性陳述基於當前的預期和假設，這些預期和假設存在風險和不確定性，可能導致實際結果與前瞻性陳述存在重大差異。前瞻性陳述，例如關於我們識別和實現機遇以及創造XCOM許可協議的預期收入和其他收益的能力、我們將許可技術整合到當前業務範圍的能力、雅各布斯博士和其他新員工推動創新和增長的能力、我們對尋求全球地面頻譜權威機構的期望、地面頻譜當前和潛在應用的成功、我們未來的增長收入和盈利能力、我們履行服務協議義務和從中獲利的能力，以及本新聞稿中包含的有關非歷史事實事項的其他聲明，均涉及預測。本新聞稿中的任何前瞻性陳述被認爲是截至發佈之日準確的，不能保證未來的表現。實際業績或發展可能與前瞻性陳述中表達或暗示的預期存在重大差異，我們沒有義務更新任何此類陳述。有關可能影響我們財務業績的因素的更多信息包含在我們向美國證券交易委員會提交的文件中，包括我們的10-K表年度報告、10-Q表季度報告和8-K表最新報告。
| GLOBALSTAR, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (In thousands, except per share data) | |||||||
| (Unaudited) | |||||||
| Three Months Ended | |||||||
| March 31, | |||||||
| 2024 | 2023 | ||||||
| Revenue: | |||||||
| Service revenue | $ | 53,465 | $ | 52,954 | |||
| Subscriber equipment sales | 3,015 | 5,690 | |||||
| Total revenue | 56,480 | 58,644 | |||||
| Operating expenses: | |||||||
| Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) | 16,759 | 11,820 | |||||
| Cost of subscriber equipment sales | 2,158 | 4,309 | |||||
| Marketing, general and administrative | 10,646 | 9,631 | |||||
| Stock-based compensation | 9,227 | 3,760 | |||||
| Reduction in the value of long-lived assets | 305 | — | |||||
| Depreciation, amortization, and accretion | 22,097 | 21,933 | |||||
| Total operating expenses | 61,192 | 51,453 | |||||
| (Loss) income from operations | (4,712) | 7,191 | |||||
| Other (expense) income: | |||||||
| Loss on extinguishment of debt | — | (10,403) | |||||
| Interest income and expense, net of amounts capitalized | (3,785) | (2,032) | |||||
| Foreign currency (loss) gain | (3,842) | 1,907 | |||||
| Other | (849) | (99) | |||||
| Total other expenses | (8,476) | (10,627) | |||||
| Loss before income taxes | (13,188) | (3,436) | |||||
| Income tax expense | 8 | 44 | |||||
| Net loss | $ | (13,196) | $ | (3,480) | |||
| Net loss attributable to common shareholders | (15,840) | (6,095) | |||||
| Net loss per common share: | |||||||
| Basic | $ | (0.01) | $ | (0.00) | |||
| Diluted | (0.01) | (0.00) | |||||
| Weighted-average shares outstanding: | |||||||
| Basic | 1,882,605 | 1,811,831 | |||||
| Diluted | 1,882,605 | 1,811,831 | |||||
| GLOBALSTAR, INC | |||||||
| 簡明合併運營報表 | |||||||
| （以千計，每股數據除外） | |||||||
| （未經審計） | |||||||
| 三個月已結束 | |||||||
| 3月31日 | |||||||
| 2024 | 2023 | ||||||
| 收入： | |||||||
| 服務收入 | $ | 53,465 | $ | 52,954 | |||
| 訂戶設備銷售 | 3,015 | 5,690 | |||||
| 總收入 | 56,480 | 58,644 | |||||
| 運營費用： | |||||||
| 服務成本（不包括折舊、攤銷和增加，如下所示） | 16,759 | 11,820 | |||||
| 訂戶設備銷售成本 | 2,158 | 4,309 | |||||
| 營銷、一般和行政 | 10,646 | 9,631 | |||||
| 基於股票的薪酬 | 9,227 | 3,760 | |||||
| 長期資產的價值降低 | 305 | — | |||||
| 折舊、攤銷和增值 | 22,097 | 21,933 | |||||
| 運營費用總額 | 61,192 | 51,453 | |||||
| （虧損）運營收入 | (4,712) | 7,191 | |||||
| 其他（支出）收入： | |||||||
| 債務消滅造成的損失 | — | (10,403) | |||||
| 利息收入和支出，扣除資本化金額 | (3,785) | (2,032) | |||||
| 外幣（虧損）收益 | (3,842) | 1,907 | |||||
| 其他 | (849) | (99) | |||||
| 其他支出總額 | (8,476) | (10,627) | |||||
| 所得稅前虧損 | (13,188) | (3,436) | |||||
| 所得稅支出 | 8 | 44 | |||||
| 淨虧損 | $ | (13,196) | $ | (3,480) | |||
| 歸屬於普通股股東的淨虧損 | (15,840) | (6,095) | |||||
| 每股普通股淨虧損： | |||||||
| 基本 | $ | (0.01) | $ | (0.00) | |||
| 稀釋 | (0.01) | (0.00) | |||||
| 加權平均已發行股數： | |||||||
| 基本 | 1,882,605 | 1,811,831 | |||||
| 稀釋 | 1,882,605 | 1,811,831 | |||||
| GLOBALSTAR, INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (In thousands, except par value and share data) | |||||||
| (Unaudited) | |||||||
| March 31, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 59,282 | $ | 56,744 | |||
| Accounts receivable, net of allowance for credit losses of $1,585 and $2,312, respectively | 42,830 | 48,743 | |||||
| Inventory | 14,407 | 14,582 | |||||
| Prepaid expenses and other current assets | 19,458 | 22,584 | |||||
| Total current assets | 135,977 | 142,653 | |||||
| Property and equipment, net | 625,515 | 624,002 | |||||
| Operating lease right of use assets, net | 33,573 | 34,164 | |||||
| Prepaid satellite costs and customer receivable | 12,482 | 12,443 | |||||
| Intangible and other assets, net of accumulated amortization of $12,798 and $12,385, respectively | 109,459 | 111,047 | |||||
| Total assets | $ | 917,006 | $ | 924,309 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Current portion of long-term debt | $ | 34,600 | $ | 34,600 | |||
| Accounts payable and accrued expenses | 28,268 | 28,985 | |||||
| Accrued satellite construction costs | 18,796 | 58,187 | |||||
| Payables to affiliates | 261 | 459 | |||||
| Deferred revenue, net | 53,757 | 53,677 | |||||
| Total current liabilities | 135,682 | 175,908 | |||||
| Long-term debt | 364,123 | 325,700 | |||||
| Operating lease liabilities | 28,497 | 29,244 | |||||
| Deferred revenue, net | 1,543 | 3,213 | |||||
| Other non-current liabilities | 10,107 | 11,265 | |||||
| Total non-current liabilities | 404,270 | 369,422 | |||||
| Stockholders' equity: | |||||||
| Preferred Stock of $0.0001 par value; 99,700,000 shares authorized and none issued and outstanding at March 31, 2024 and December 31, 2023, respectively | — | — | |||||
| Series A Preferred Convertible Stock of $0.0001 par value; 300,000 shares authorized and 149,425 issued and outstanding at March 31, 2024 and December 31, 2023, respectively | — | — | |||||
| Voting Common Stock of $0.0001 par value; 2,150,000,000 shares authorized; 1,883,934,020 and 1,881,194,682 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 188 | 188 | |||||
| Additional paid-in capital | 2,447,581 | 2,438,703 | |||||
| Accumulated other comprehensive income | 7,463 | 5,070 | |||||
| Retained deficit | (2,078,178) | (2,064,982) | |||||
| Total stockholders' equity | 377,054 | 378,979 | |||||
| Total liabilities and stockholders' equity | $ | 917,006 | $ | 924,309 | |||
| GLOBALSTAR, INC | |||||||
| 合併資產負債表 | |||||||
| （以千計，面值和股票數據除外） | |||||||
| （未經審計） | |||||||
| 3月31日 2024 | 十二月三十一日 2023 | ||||||
| 資產 | |||||||
| 流動資產： | |||||||
| 現金和現金等價物 | $ | 59,282 | $ | 56,744 | |||
| 應收賬款，扣除信貸損失備抵金分別爲1,585美元和2,312美元 | 42,830 | 48,743 | |||||
| 庫存 | 14,407 | 14,582 | |||||
| 預付費用和其他流動資產 | 19,458 | 22,584 | |||||
| 流動資產總額 | 135,977 | 142,653 | |||||
| 財產和設備，淨額 | 625,515 | 624,002 | |||||
| 經營租賃使用權資產，淨額 | 33,573 | 34,164 | |||||
| 預付費衛星費用和客戶應收賬款 | 12,482 | 12,443 | |||||
| 無形資產和其他資產，分別扣除12,798美元和12,385美元的累計攤銷額 | 109,459 | 111,047 | |||||
| 總資產 | $ | 917,006 | $ | 924,309 | |||
| 負債和股東權益 | |||||||
| 流動負債： | |||||||
| 長期債務的當前部分 | $ | 34,600 | $ | 34,600 | |||
| 應付賬款和應計費用 | 28,268 | 28,985 | |||||
| 應計的衛星建造成本 | 18,796 | 58,187 | |||||
| 應付給關聯公司的款項 | 261 | 459 | |||||
| 遞延收入，淨額 | 53,757 | 53,677 | |||||
| 流動負債總額 | 135,682 | 175,908 | |||||
| 長期債務 | 364,123 | 325,700 | |||||
| 經營租賃負債 | 28,497 | 29,244 | |||||
| 遞延收入，淨額 | 1,543 | 3,213 | |||||
| 其他非流動負債 | 10,107 | 11,265 | |||||
| 非流動負債總額 | 404,270 | 369,422 | |||||
| 股東權益： | |||||||
| 優先股面值爲0.0001美元；截至2024年3月31日和2023年12月31日，已批准的優先股分別爲99,700,000股，未發行和流通股票 | — | — | |||||
| 面值爲0.0001美元的A系列優先可轉換股票；截至2024年3月31日和2023年12月31日，已授權的股票爲30萬股，已發行和流通的股票分別爲149,425股 | — | — | |||||
| 面值爲0.0001美元的有表決權的普通股；已授權21.5億股；截至2024年3月31日和2023年12月31日分別已發行和流通的1,883,934,020股和1,881,194,682股 | 188 | 188 | |||||
| 額外的實收資本 | 2,447,581 | 2,438,703 | |||||
| 累計其他綜合收益 | 7,463 | 5,070 | |||||
| 留存赤字 | (2,078,178) | (2,064,982) | |||||
| 股東權益總額 | 377,054 | 378,979 | |||||
| 負債和股東權益總額 | $ | 917,006 | $ | 924,309 | |||
| GLOBALSTAR, INC. | ||||||||
| RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP ADJUSTED EBITDA | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2024 | 2023 | |||||||
| Net loss | $ | (13,196) | $ | (3,480) | ||||
| Interest income and expense, net | 3,785 | 2,032 | ||||||
| Derivative loss | 953 | — | ||||||
| Income tax expense | 8 | 44 | ||||||
| Depreciation, amortization, and accretion | 22,097 | 21,933 | ||||||
| EBITDA | 13,647 | 20,529 | ||||||
| Non-cash compensation | 9,227 | 3,760 | ||||||
| Foreign exchange gain and other | 3,738 | (2,118) | ||||||
| Reduction in value of long-lived assets | 305 | — | ||||||
| Non-cash consideration under SSA (2) | 1,392 | — | ||||||
| Transaction costs | 1,325 | — | ||||||
| Loss on extinguishment of debt | — | 10,403 | ||||||
| Adjusted EBITDA (1) | $ | 29,634 | $ | 32,574 | ||||
| GLOBALSTAR, INC | ||||||||
| 公認會計准則淨收益（虧損）與非公認會計准則調整後息稅折舊攤銷前利潤的對賬 | ||||||||
| （以千計） | ||||||||
| （未經審計） | ||||||||
| 三個月已結束 | ||||||||
| 3月31日 | ||||||||
| 2024 | 2023 | |||||||
| 淨虧損 | $ | (13,196) | $ | (3,480) | ||||
| 利息收入和支出，淨額 | 3,785 | 2,032 | ||||||
| 衍生損失 | 953 | — | ||||||
| 所得稅支出 | 8 | 44 | ||||||
| 折舊、攤銷和增值 | 22,097 | 21,933 | ||||||
| 稅前利潤 | 13,647 | 20,529 | ||||||
| 非現金補償 | 9,227 | 3,760 | ||||||
| 外匯收益及其他 | 3,738 | (2,118) | ||||||
| 長期資產的價值降低 | 305 | — | ||||||
| SSA 下的非現金對價 (2) | 1,392 | — | ||||||
| 交易成本 | 1,325 | — | ||||||
| 債務消滅造成的損失 | — | 10,403 | ||||||
| 調整後 EBITDA (1) | $ | 29,634 | $ | 32,574 | ||||
| (1) | EBITDA represents earnings before interest, income taxes, depreciation, amortization, accretion and derivative (gains)/losses. Adjusted EBITDA excludes non-cash compensation expense, reduction in the value of assets, foreign exchange (gains)/losses, and certain other non-cash or non-recurring charges as applicable. Management uses Adjusted EBITDA to manage the Company's business and to compare its results more closely to the results of its peers. EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to GAAP measurements, such as net income/(loss). These terms, as defined by us, may not be comparable to similarly titled measures used by other companies. The Company uses Adjusted EBITDA as a supplemental measurement of its operating performance. The Company believes it best reflects changes across time in the Company's performance, including the effects of pricing, cost control and other operational decisions. The Company's management uses Adjusted EBITDA for planning purposes, including the preparation of its annual operating budget. The Company believes that Adjusted EBITDA also is useful to investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, Adjusted EBITDA does not include interest expense on borrowed money or depreciation expense on our capital assets or the payment of income taxes, which are necessary elements of the Company's operations. Because Adjusted EBITDA does not account for these expenses, its utility as a measure of the Company's operating performance has material limitations. Because of these limitations, the Company's management does not view Adjusted EBITDA in isolation and also uses other measurements, such as revenues and operating profit, to measure operating performance. | |
| (2) | In connection with the License Agreement with XCOM, the Company entered into a Support Services Agreement (the "SSA") with XCOM. Fees payable by Globalstar pursuant to the SSA were or are to be paid in shares of its common stock. |
| (1) | 息稅折舊攤銷前利潤是指扣除利息、所得稅、折舊、攤銷、增值和衍生品（收益）/虧損前的收益。調整後的息稅折舊攤銷前利潤不包括非現金薪酬支出、資產價值減少、外匯（收益）/虧損以及某些其他適用的非現金或非經常性費用。管理層使用調整後的息稅折舊攤銷前利潤來管理公司的業務，並將其業績與同行的業績進行更密切的比較。息稅折舊攤銷前利潤和調整後息稅折舊攤銷前利潤不代表也不應被視爲GAAP衡量標準的替代方案，例如淨收入/（虧損）。根據我們的定義，這些術語可能無法與其他公司使用的類似標題的衡量標準相提並論。 該公司使用調整後的息稅折舊攤銷前利潤作爲其經營業績的補充衡量標準。該公司認爲，它最能反映公司業績隨時間推移而發生的變化，包括定價、成本控制和其他運營決策的影響。公司管理層使用調整後的息稅折舊攤銷前利潤進行規劃，包括編制年度運營預算。該公司認爲，調整後的息稅折舊攤銷前利潤對投資者也有用，因爲證券分析師、投資者和其他利益相關方經常使用調整後的息稅折舊攤銷前利潤來評估類似行業的公司。如前所述，調整後的息稅折舊攤銷前利潤不包括借款的利息支出或資本資產的折舊費用或所得稅的繳納，這些都是公司運營的必要組成部分。由於調整後的息稅折舊攤銷前利潤未計入這些費用，因此其衡量公司經營業績的用途存在重大侷限性。由於這些限制，公司管理層不會孤立地看待調整後的息稅折舊攤銷前利潤，還使用其他衡量標準，例如收入和營業利潤，來衡量經營業績。 | |
| (2) | 關於與XCOM的許可協議，公司與XCOM簽訂了支持服務協議（“SSA”）。Globalstar根據SSA支付的費用過去或將要以其普通股的形式支付。 |
| GLOBALSTAR, INC. | |||||
| SCHEDULE OF SELECTED OPERATING METRICS | |||||
| (In thousands, except subscriber and ARPU data) | |||||
| (Unaudited) | |||||
| Three Months Ended | |||||
| March 31, 2024 | March 31, 2023 | ||||
| Service revenue: | |||||
| Subscriber services | |||||
| Duplex | $ | 4,755 | $ | 5,751 | |
| SPOT | 10,243 | 11,314 | |||
| Commercial IoT | 6,437 | 5,178 | |||
| Wholesale capacity services | 31,629 | 30,411 | |||
| Engineering and other services | 401 | 300 | |||
| Total service revenue | 53,465 | 52,954 | |||
| Subscriber equipment sales | 3,015 | 5,690 | |||
| Total revenue | $ | 56,480 | $ | 58,644 | |
| GLOBALSTAR, INC | |||||
| 選定運營指標的時間表 | |||||
| （以千計，訂閱者和 ARPU 數據除外） | |||||
| （未經審計） | |||||
| 三個月已結束 | |||||
| 2024年3月31日 | 2023年3月31日 | ||||
| 服務收入： | |||||
| 訂閱者服務 | |||||
| 雙工 | $ | 4,755 | $ | 5,751 | |
| 點 | 10,243 | 11,314 | |||
| 商用物聯網 | 6,437 | 5,178 | |||
| 批發容量服務 | 31,629 | 30,411 | |||
| 工程和其他服務 | 401 | 300 | |||
| 總服務收入 | 53,465 | 52,954 | |||
| 訂戶設備銷售 | 3,015 | 5,690 | |||
| 總收入 | $ | 56,480 | $ | 58,644 | |
| Average subscribers | |||||
| Duplex | 29,257 | 36,616 | |||
| SPOT | 249,640 | 266,067 | |||
| Commercial IoT | 502,915 | 462,077 | |||
| Other | 314 | 400 | |||
| Total | 782,126 | 765,160 | |||
| ARPU (1) | |||||
| Duplex | $ | 54.18 | $ | 52.35 | |
| SPOT | 13.68 | 14.17 | |||
| Commercial IoT | 4.27 | 3.74 | |||
| 平均訂閱者 | |||||
| 雙工 | 29,257 | 36,616 | |||
| 點 | 249,640 | 266,067 | |||
| 商用物聯網 | 502,915 | 462,077 | |||
| 其他 | 314 | 400 | |||
| 總計 | 782,126 | 765,160 | |||
| ARPU (1) | |||||
| 雙工 | $ | 54.18 | $ | 52.35 | |
| 點 | 13.68 | 14.17 | |||
| 商用物聯網 | 4.27 | 3.74 | |||
| (1) | Average monthly revenue per user (ARPU) measures service revenues per month divided by the average number of subscribers during that month. Average monthly revenue per user as so defined may not be similar to average monthly revenue per unit as defined by other companies in the Company's industry, is not a measurement under GAAP and should be considered in addition to, but not as a substitute for, the information contained in the Company's statement of operations. The Company believes that average monthly revenue per user provides useful information concerning the appeal of its rate plans and service offerings and its performance in attracting and retaining high value customers. |
| (1) | 每位用戶的平均月收入 (ARPU) 衡量的是每月的服務收入除以該月的平均訂閱人數。如此定義的每位用戶的平均月收入可能與公司所在行業中其他公司定義的每單位平均月收入不相似，不是公認會計原則下的衡量標準，應將其視爲公司運營報表中包含的信息的補充，但不能替代這些信息。該公司認爲，每位用戶的平均月收入提供了有關其費率計劃和服務的吸引力及其在吸引和留住高價值客戶方面的表現的有用信息。 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508364275/en/
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Source: Globalstar, Inc.
來源：Globalstar, Inc.
譯文內容由第三人軟體翻譯。