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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Globalstar Inc | AMEX:GSAT | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.03 | 2.50% | 1.23 | 1.25 | 1.19 | 1.22 | 2,319,333 | 00:54:58 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
41-2116508
|
(State or Other Jurisdiction of
|
|
(I.R.S. Employer Identification No.)
|
Incorporation or Organization)
|
|
|
Large accelerated filer ☒
|
|
Accelerated filer ☐
|
|
|
|
Non-accelerated filer ☐
|
|
Smaller reporting company ☐
|
(Do not check if a smaller reporting company)
|
|
Emerging growth company ☐
|
|
Page
|
|
PART I - F
INANCIAL INFORMATION
|
|
|
|
|
|
Item 1.
|
||
|
|
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Item 2.
|
||
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Item 3.
|
||
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Item 4.
|
||
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PART II - O
THER INFORMATION
|
|
|
|
|
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Item 1.
|
||
|
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Item 1A.
|
||
|
|
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Item 2.
|
||
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Item 3.
|
||
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Item 4.
|
||
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Item 5.
|
||
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Item 6.
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Exhibits
.
|
|
|
|
|
|
Three Months Ended
|
||||||
|
March 31,
2017 |
|
March 31,
2016 |
||||
Revenue:
|
|
|
|
||||
Service revenues
|
$
|
21,481
|
|
|
$
|
18,749
|
|
Subscriber equipment sales
|
3,171
|
|
|
3,087
|
|
||
Total revenue
|
24,652
|
|
|
21,836
|
|
||
Operating expenses:
|
|
|
|
||||
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below)
|
8,974
|
|
|
7,591
|
|
||
Cost of subscriber equipment sales
|
2,096
|
|
|
2,178
|
|
||
Marketing, general and administrative
|
9,490
|
|
|
8,610
|
|
||
Depreciation, amortization and accretion
|
19,294
|
|
|
19,155
|
|
||
Total operating expenses
|
39,854
|
|
|
37,534
|
|
||
Loss from operations
|
(15,202
|
)
|
|
(15,698
|
)
|
||
Other income (expense):
|
|
|
|
||||
Gain on equity issuance
|
706
|
|
|
151
|
|
||
Interest income and expense, net of amounts capitalized
|
(8,828
|
)
|
|
(9,105
|
)
|
||
Derivative gain (loss)
|
3,223
|
|
|
(1,344
|
)
|
||
Other
|
(24
|
)
|
|
(760
|
)
|
||
Total other income (expense)
|
(4,923
|
)
|
|
(11,058
|
)
|
||
Loss before income taxes
|
(20,125
|
)
|
|
(26,756
|
)
|
||
Income tax expense
|
36
|
|
|
191
|
|
||
Net loss
|
$
|
(20,161
|
)
|
|
$
|
(26,947
|
)
|
|
|
|
|
||||
Other comprehensive loss:
|
|
|
|
||||
Foreign currency translation adjustments
|
(821
|
)
|
|
(651
|
)
|
||
Total comprehensive loss
|
$
|
(20,982
|
)
|
|
$
|
(27,598
|
)
|
|
|
|
|
||||
Net loss per common share:
|
|
|
|
||||
Basic
|
$
|
(0.02
|
)
|
|
$
|
(0.03
|
)
|
Diluted
|
(0.02
|
)
|
|
(0.03
|
)
|
||
Weighted-average shares outstanding:
|
|
|
|
||||
Basic
|
1,113,968
|
|
|
1,041,028
|
|
||
Diluted
|
1,113,968
|
|
|
1,041,028
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
23,535
|
|
|
$
|
10,230
|
|
Accounts receivable, net of allowance of $4,151 and $3,966, respectively
|
12,918
|
|
|
15,219
|
|
||
Inventory
|
8,851
|
|
|
8,093
|
|
||
Prepaid expenses and other current assets
|
4,829
|
|
|
4,588
|
|
||
Total current assets
|
50,133
|
|
|
38,130
|
|
||
Property and equipment, net
|
1,027,356
|
|
|
1,039,719
|
|
||
Restricted cash
|
37,915
|
|
|
37,983
|
|
||
Intangible and other assets, net of accumulated amortization of $7,079 and $7,021, respectively
|
18,526
|
|
|
16,782
|
|
||
Total assets
|
$
|
1,133,930
|
|
|
$
|
1,132,614
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
75,755
|
|
|
$
|
75,755
|
|
Debt restructuring fees
|
20,795
|
|
|
20,795
|
|
||
Accounts payable
|
6,208
|
|
|
7,499
|
|
||
Accrued contract termination charge
|
18,727
|
|
|
18,451
|
|
||
Accrued expenses
|
27,519
|
|
|
23,162
|
|
||
Payables to affiliates
|
236
|
|
|
309
|
|
||
Deferred revenue
|
26,867
|
|
|
26,479
|
|
||
Total current liabilities
|
176,107
|
|
|
172,450
|
|
||
Long-term debt, less current portion
|
507,504
|
|
|
500,524
|
|
||
Employee benefit obligations
|
4,917
|
|
|
4,883
|
|
||
Derivative liabilities
|
277,946
|
|
|
281,171
|
|
||
Deferred revenue
|
5,860
|
|
|
5,877
|
|
||
Other non-current liabilities
|
6,191
|
|
|
5,890
|
|
||
Total non-current liabilities
|
802,418
|
|
|
798,345
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 7)
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred Stock of $0.0001 par value; 100,000,000 shares authorized and none issued and outstanding at March 31, 2017 and December 31, 2016, respectively
|
—
|
|
|
—
|
|
||
Series A Preferred Convertible Stock of $0.0001 par value; one share authorized and none issued and outstanding at March 31, 2017 and December 31, 2016, respectively
|
—
|
|
|
—
|
|
||
Voting Common Stock of $0.0001 par value; 1,200,000,000 shares authorized; 982,539,816 and 972,602,824 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively
|
98
|
|
|
97
|
|
||
Nonvoting Common Stock of $0.0001 par value; 400,000,000 shares authorized; 134,008,656 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively
|
13
|
|
|
13
|
|
||
Additional paid-in capital
|
1,663,882
|
|
|
1,649,315
|
|
||
Accumulated other comprehensive loss
|
(6,199
|
)
|
|
(5,378
|
)
|
||
Retained deficit
|
(1,502,389
|
)
|
|
(1,482,228
|
)
|
||
Total stockholders’ equity
|
155,405
|
|
|
161,819
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,133,930
|
|
|
$
|
1,132,614
|
|
|
Three Months Ended
|
||||||
|
March 31,
2017 |
|
March 31,
2016 |
||||
Cash flows provided by (used in) operating activities:
|
|
|
|
|
|
||
Net loss
|
$
|
(20,161
|
)
|
|
$
|
(26,947
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Depreciation, amortization and accretion
|
19,294
|
|
|
19,155
|
|
||
Change in fair value of derivative assets and liabilities
|
(3,223
|
)
|
|
1,344
|
|
||
Stock-based compensation expense
|
1,190
|
|
|
785
|
|
||
Amortization of deferred financing costs
|
2,076
|
|
|
2,346
|
|
||
Provision for bad debts
|
418
|
|
|
(52
|
)
|
||
Noncash interest and accretion expense
|
2,801
|
|
|
2,718
|
|
||
Change in fair value related to equity issuance
|
(706
|
)
|
|
(151
|
)
|
||
Unrealized foreign currency (gain) loss
|
(225
|
)
|
|
761
|
|
||
Other, net
|
754
|
|
|
(26
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
1,957
|
|
|
(58
|
)
|
||
Inventory
|
(320
|
)
|
|
1,224
|
|
||
Prepaid expenses and other current assets
|
(829
|
)
|
|
122
|
|
||
Other assets
|
(214
|
)
|
|
39
|
|
||
Accounts payable and accrued expenses
|
2,140
|
|
|
1,574
|
|
||
Payables to affiliates
|
(73
|
)
|
|
(1
|
)
|
||
Other non-current liabilities
|
124
|
|
|
(655
|
)
|
||
Deferred revenue
|
307
|
|
|
425
|
|
||
Net cash provided by operating activities
|
5,310
|
|
|
2,603
|
|
||
Cash flows used in investing activities:
|
|
|
|
|
|
||
Second-generation network costs (including interest)
|
(2,300
|
)
|
|
(1,598
|
)
|
||
Property and equipment additions
|
(1,004
|
)
|
|
(2,949
|
)
|
||
Purchase of intangible assets
|
(784
|
)
|
|
(361
|
)
|
||
Net cash used in investing activities
|
(4,088
|
)
|
|
(4,908
|
)
|
||
Cash flows provided by financing activities:
|
|
|
|
|
|
||
Proceeds from issuance of stock to Terrapin
|
12,000
|
|
|
6,500
|
|
||
Proceeds from issuance of common stock and exercise of options and warrants
|
18
|
|
|
28
|
|
||
Net cash provided by financing activities
|
12,018
|
|
|
6,528
|
|
||
Effect of exchange rate changes on cash
|
(3
|
)
|
|
160
|
|
||
Net increase in cash, cash equivalents and restricted cash
|
13,237
|
|
|
4,383
|
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
48,213
|
|
|
45,394
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
61,450
|
|
|
$
|
49,777
|
|
|
|
|
|
||||
|
As of:
|
||||||
|
March 31,
2017 |
|
December 31, 2016
|
||||
Reconciliation of cash, cash equivalents and restricted cash
|
|
|
|
||||
Cash and cash equivalents
|
$
|
23,535
|
|
|
$
|
10,230
|
|
Restricted cash (See Note 3 for further discussion on restrictions)
|
37,915
|
|
|
37,983
|
|
||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows
|
$
|
61,450
|
|
|
$
|
48,213
|
|
|
|
|
|
||||
|
Three Months Ended
|
||||||
|
March 31,
2017 |
|
March 31,
2016 |
||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||
Cash paid for:
|
|
|
|
|
|
||
Interest
|
$
|
492
|
|
|
$
|
—
|
|
Income taxes
|
17
|
|
|
—
|
|
||
|
|
|
|
||||
Supplemental disclosure of non-cash financing and investing activities:
|
|
|
|
|
|
||
Increase in capitalized accrued interest for second-generation network costs
|
$
|
971
|
|
|
$
|
729
|
|
Capitalized accretion of debt discount and amortization of prepaid financing costs
|
1,229
|
|
|
1,031
|
|
||
Issuance of common stock for legal settlement
|
453
|
|
|
—
|
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
Globalstar System:
|
|
|
|
|
|
||
Space component
|
|
|
|
|
|
||
First and second-generation satellites in service
|
$
|
1,211,090
|
|
|
$
|
1,211,090
|
|
Prepaid long-lead items
|
17,040
|
|
|
17,040
|
|
||
Second-generation satellite, on-ground spare
|
32,481
|
|
|
32,481
|
|
||
Ground component
|
48,695
|
|
|
48,400
|
|
||
Construction in progress:
|
|
|
|
|
|
||
Space component
|
452
|
|
|
81
|
|
||
Ground component
|
212,518
|
|
|
207,127
|
|
||
Next-generation software upgrades
|
10,898
|
|
|
10,223
|
|
||
Other
|
1,629
|
|
|
2,299
|
|
||
Total Globalstar System
|
1,534,803
|
|
|
1,528,741
|
|
||
Internally developed and purchased software
|
15,974
|
|
|
15,005
|
|
||
Equipment
|
9,968
|
|
|
9,875
|
|
||
Land and buildings
|
3,365
|
|
|
3,330
|
|
||
Leasehold improvements
|
1,896
|
|
|
1,893
|
|
||
Total property and equipment
|
1,566,006
|
|
|
1,558,844
|
|
||
Accumulated depreciation
|
(538,650
|
)
|
|
(519,125
|
)
|
||
Total property and equipment, net
|
$
|
1,027,356
|
|
|
$
|
1,039,719
|
|
|
Three Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
Interest costs eligible to be capitalized
|
$
|
12,436
|
|
|
$
|
11,845
|
|
Interest costs recorded in interest income (expense), net
|
(8,333
|
)
|
|
(8,579
|
)
|
||
Net interest capitalized
|
$
|
4,103
|
|
|
$
|
3,266
|
|
|
Three Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
Depreciation expense
|
$
|
19,234
|
|
|
$
|
19,049
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Principal
Amount
|
|
Unamortized Discount and Deferred Financing Costs
|
|
Carrying
Value
|
|
Principal
Amount
|
|
Unamortized Discount and Deferred Financing Costs
|
|
Carrying
Value
|
||||||||||||
Facility Agreement
|
$
|
543,011
|
|
|
$
|
42,763
|
|
|
$
|
500,248
|
|
|
$
|
543,011
|
|
|
$
|
45,651
|
|
|
$
|
497,360
|
|
Thermo Loan Agreement
|
96,810
|
|
|
28,841
|
|
|
67,969
|
|
|
93,962
|
|
|
29,615
|
|
|
64,347
|
|
||||||
8.00% Convertible Senior Notes Issued in 2013
|
17,126
|
|
|
2,084
|
|
|
15,042
|
|
|
17,126
|
|
|
2,554
|
|
|
14,572
|
|
||||||
Total Debt
|
656,947
|
|
|
73,688
|
|
|
583,259
|
|
|
654,099
|
|
|
77,820
|
|
|
576,279
|
|
||||||
Less: Current Portion
|
75,755
|
|
|
—
|
|
|
75,755
|
|
|
75,755
|
|
|
—
|
|
|
75,755
|
|
||||||
Long-Term Debt
|
$
|
581,192
|
|
|
$
|
73,688
|
|
|
$
|
507,504
|
|
|
$
|
578,344
|
|
|
$
|
77,820
|
|
|
$
|
500,524
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Derivative assets:
|
|
|
|
|
|
||
Interest rate cap
|
$
|
2
|
|
|
$
|
4
|
|
Total derivative assets
|
$
|
2
|
|
|
$
|
4
|
|
Derivative liabilities:
|
|
|
|
|
|
||
Compound embedded derivative with the 2013 8.00% Notes
|
$
|
(25,505
|
)
|
|
$
|
(26,664
|
)
|
Compound embedded derivative with the Thermo Loan Agreement
|
(252,441
|
)
|
|
(254,507
|
)
|
||
Total derivative liabilities
|
$
|
(277,946
|
)
|
|
$
|
(281,171
|
)
|
|
Three Months Ended
|
||||||
|
March 31, 2017
|
|
March 31, 2016
|
||||
Interest rate cap
|
$
|
(2
|
)
|
|
$
|
(4
|
)
|
Compound embedded derivative with the 2013 8.00% Notes
|
1,159
|
|
|
449
|
|
||
Compound embedded derivative with the Thermo Loan Agreement
|
2,066
|
|
|
(1,789
|
)
|
||
Total derivative gain (loss)
|
$
|
3,223
|
|
|
$
|
(1,344
|
)
|
|
March 31, 2017
|
||||||||||||||
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
Balance
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate cap
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
Total assets measured at fair value
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liability for potential stock issuance to Hughes
|
$
|
—
|
|
|
$
|
(1,964
|
)
|
|
$
|
—
|
|
|
$
|
(1,964
|
)
|
Compound embedded derivative with 2013 8.00% Notes
|
—
|
|
|
—
|
|
|
(25,505
|
)
|
|
(25,505
|
)
|
||||
Compound embedded derivative with the Thermo Loan Agreement
|
—
|
|
|
—
|
|
|
(252,441
|
)
|
|
(252,441
|
)
|
||||
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
(1,964
|
)
|
|
$
|
(277,946
|
)
|
|
$
|
(279,910
|
)
|
|
December 31, 2016
|
||||||||||||||
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
Balance
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate cap
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
4
|
|
Total assets measured at fair value
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liability for potential stock issuance to Hughes
|
$
|
—
|
|
|
$
|
(2,706
|
)
|
|
$
|
—
|
|
|
$
|
(2,706
|
)
|
Liability for stock issuance due to legal settlement
|
—
|
|
|
(389
|
)
|
|
—
|
|
|
(389
|
)
|
||||
Compound embedded derivative with 2013 8.00% Notes
|
—
|
|
|
—
|
|
|
(26,664
|
)
|
|
(26,664
|
)
|
||||
Compound embedded derivative with the Thermo Loan Agreement
|
—
|
|
|
—
|
|
|
(254,507
|
)
|
|
(254,507
|
)
|
||||
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
(3,095
|
)
|
|
$
|
(281,171
|
)
|
|
$
|
(284,266
|
)
|
|
March 31, 2017
|
||||||||||||||
|
Stock Price
Volatility
|
|
Risk-Free
Interest
Rate
|
|
Note
Conversion
Price
|
|
Discount Rate
|
|
Market Price of Common Stock
|
||||||
Compound embedded derivative with the 2013 8.00% Notes
|
100% - 105%
|
|
1.0
|
%
|
|
$
|
0.73
|
|
|
25
|
%
|
|
$
|
1.60
|
|
Compound embedded derivative with the Thermo Loan Agreement
|
40% - 105%
|
|
2.1
|
%
|
|
$
|
0.73
|
|
|
25
|
%
|
|
$
|
1.60
|
|
|
December 31, 2016
|
||||||||||||||
|
Stock Price
Volatility
|
|
Risk-Free
Interest
Rate
|
|
Note
Conversion
Price
|
|
Discount Rate
|
|
Market Price of Common Stock
|
||||||
Compound embedded derivative with the 2013 8.00% Notes
|
100% - 110%
|
|
1.0
|
%
|
|
$
|
0.73
|
|
|
25
|
%
|
|
$
|
1.58
|
|
Compound embedded derivative with the Thermo Loan Agreement
|
40% - 110%
|
|
2.2
|
%
|
|
$
|
0.73
|
|
|
25
|
%
|
|
$
|
1.58
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Balance at beginning of period
|
$
|
(281,171
|
)
|
|
$
|
(239,642
|
)
|
Unrealized gain (loss), included in derivative gain (loss)
|
3,225
|
|
|
(1,344
|
)
|
||
Balance at end of period
|
$
|
(277,946
|
)
|
|
$
|
(240,986
|
)
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
||||||||
Thermo Loan Agreement
|
$
|
67,969
|
|
|
$
|
50,622
|
|
|
$
|
64,347
|
|
|
$
|
47,874
|
|
2013 8.00% Notes
|
15,042
|
|
|
14,845
|
|
|
14,572
|
|
|
14,350
|
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
Accrued interest
|
$
|
5,669
|
|
|
$
|
381
|
|
Accrued liability for potential stock issuance to Hughes
|
1,964
|
|
|
2,706
|
|
||
Accrued compensation and benefits
|
3,320
|
|
|
3,193
|
|
||
Accrued property and other taxes
|
4,319
|
|
|
4,173
|
|
||
Accrued customer liabilities and deposits
|
3,919
|
|
|
3,907
|
|
||
Accrued professional and other service provider fees
|
3,532
|
|
|
2,544
|
|
||
Accrued commissions
|
928
|
|
|
858
|
|
||
Accrued telecommunications expenses
|
716
|
|
|
709
|
|
||
Accrued satellite and ground costs
|
545
|
|
|
2,076
|
|
||
Accrued inventory
|
584
|
|
|
90
|
|
||
Accrued liability for legal settlement
|
—
|
|
|
389
|
|
||
Other accrued expenses
|
2,023
|
|
|
2,136
|
|
||
Total accrued expenses
|
$
|
27,519
|
|
|
$
|
23,162
|
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
Long-term accrued interest
|
$
|
193
|
|
|
$
|
99
|
|
Asset retirement obligation
|
1,445
|
|
|
1,443
|
|
||
Deferred rent and other deferred expense
|
420
|
|
|
470
|
|
||
Liability related to the Cooperative Endeavor Agreement with the State of Louisiana
|
405
|
|
|
445
|
|
||
Foreign tax contingencies
|
3,695
|
|
|
3,346
|
|
||
Capital lease obligations
|
33
|
|
|
87
|
|
||
Total other non-current liabilities
|
$
|
6,191
|
|
|
$
|
5,890
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Accumulated other comprehensive loss, beginning of period
|
$
|
(5,378
|
)
|
|
$
|
(4,833
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
||
Foreign currency translation adjustments
|
(821
|
)
|
|
(651
|
)
|
||
Accumulated other comprehensive loss, end of period
|
$
|
(6,199
|
)
|
|
$
|
(5,484
|
)
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Revenues:
|
|
|
|
||||
Service revenue:
|
|
|
|
||||
United States
|
$
|
15,277
|
|
|
$
|
13,269
|
|
Canada
|
3,701
|
|
|
3,244
|
|
||
Europe
|
1,731
|
|
|
1,458
|
|
||
Central and South America
|
650
|
|
|
618
|
|
||
Others
|
122
|
|
|
160
|
|
||
Total service revenue
|
21,481
|
|
|
18,749
|
|
||
Subscriber equipment sales:
|
|
|
|
||||
United States
|
1,781
|
|
|
1,304
|
|
||
Canada
|
715
|
|
|
760
|
|
||
Europe
|
416
|
|
|
430
|
|
||
Central and South America
|
259
|
|
|
388
|
|
||
Others
|
—
|
|
|
205
|
|
||
Total subscriber equipment sales
|
3,171
|
|
|
3,087
|
|
||
Total revenue
|
$
|
24,652
|
|
|
$
|
21,836
|
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
Property and equipment, net:
|
|
|
|
|
|
||
United States
|
$
|
1,022,964
|
|
|
$
|
1,035,331
|
|
Canada
|
657
|
|
|
670
|
|
||
Europe
|
395
|
|
|
408
|
|
||
Central and South America
|
3,107
|
|
|
3,084
|
|
||
Others
|
233
|
|
|
226
|
|
||
Total property and equipment, net
|
$
|
1,027,356
|
|
|
$
|
1,039,719
|
|
|
Three Months Ended
March 31, |
||||||
|
2017
|
|
2016
|
||||
Net loss
|
$
|
(20,161
|
)
|
|
$
|
(26,947
|
)
|
Weighted average common shares outstanding:
|
|
|
|
||||
Basic shares outstanding
|
1,113,968
|
|
|
1,041,028
|
|
||
Diluted shares outstanding
|
1,113,968
|
|
|
1,041,028
|
|
||
Net loss per common share:
|
|
|
|
||||
Basic
|
$
|
(0.02
|
)
|
|
$
|
(0.03
|
)
|
Diluted
|
(0.02
|
)
|
|
(0.03
|
)
|
|
Parent
Company
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Service revenues
|
$
|
17,612
|
|
|
$
|
9,356
|
|
|
$
|
11,001
|
|
|
$
|
(16,488
|
)
|
|
$
|
21,481
|
|
Subscriber equipment sales
|
67
|
|
|
2,291
|
|
|
1,350
|
|
|
(537
|
)
|
|
3,171
|
|
|||||
Total revenue
|
17,679
|
|
|
11,647
|
|
|
12,351
|
|
|
(17,025
|
)
|
|
24,652
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below)
|
6,128
|
|
|
1,425
|
|
|
3,173
|
|
|
(1,752
|
)
|
|
8,974
|
|
|||||
Cost of subscriber equipment sales
|
34
|
|
|
1,717
|
|
|
427
|
|
|
(82
|
)
|
|
2,096
|
|
|||||
Marketing, general and administrative
|
5,659
|
|
|
1,119
|
|
|
17,908
|
|
|
(15,196
|
)
|
|
9,490
|
|
|||||
Depreciation, amortization and accretion
|
18,951
|
|
|
282
|
|
|
61
|
|
|
—
|
|
|
19,294
|
|
|||||
Total operating expenses
|
30,772
|
|
|
4,543
|
|
|
21,569
|
|
|
(17,030
|
)
|
|
39,854
|
|
|||||
Income (loss) from operations
|
(13,093
|
)
|
|
7,104
|
|
|
(9,218
|
)
|
|
5
|
|
|
(15,202
|
)
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gain (loss) on equity issuance
|
742
|
|
|
—
|
|
|
(36
|
)
|
|
—
|
|
|
706
|
|
|||||
Interest income and expense, net of amounts capitalized
|
(8,755
|
)
|
|
(8
|
)
|
|
(69
|
)
|
|
4
|
|
|
(8,828
|
)
|
|||||
Derivative gain
|
3,223
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,223
|
|
|||||
Equity in subsidiary earnings
|
(1,933
|
)
|
|
(3,434
|
)
|
|
—
|
|
|
5,367
|
|
|
—
|
|
|||||
Other
|
(345
|
)
|
|
(100
|
)
|
|
423
|
|
|
(2
|
)
|
|
(24
|
)
|
|||||
Total other income (expense)
|
(7,068
|
)
|
|
(3,542
|
)
|
|
318
|
|
|
5,369
|
|
|
(4,923
|
)
|
|||||
Income (loss) before income taxes
|
(20,161
|
)
|
|
3,562
|
|
|
(8,900
|
)
|
|
5,374
|
|
|
(20,125
|
)
|
|||||
Income tax expense
|
—
|
|
|
5
|
|
|
31
|
|
|
—
|
|
|
36
|
|
|||||
Net income (loss)
|
$
|
(20,161
|
)
|
|
$
|
3,557
|
|
|
$
|
(8,931
|
)
|
|
$
|
5,374
|
|
|
$
|
(20,161
|
)
|
Comprehensive income (loss)
|
$
|
(20,161
|
)
|
|
$
|
3,557
|
|
|
$
|
(9,751
|
)
|
|
$
|
5,373
|
|
|
$
|
(20,982
|
)
|
|
Parent
Company
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Service revenues
|
$
|
16,938
|
|
|
$
|
7,495
|
|
|
$
|
9,425
|
|
|
$
|
(15,109
|
)
|
|
$
|
18,749
|
|
Subscriber equipment sales
|
328
|
|
|
1,692
|
|
|
1,677
|
|
|
(610
|
)
|
|
3,087
|
|
|||||
Total revenue
|
17,266
|
|
|
9,187
|
|
|
11,102
|
|
|
(15,719
|
)
|
|
21,836
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below)
|
4,813
|
|
|
1,036
|
|
|
2,895
|
|
|
(1,153
|
)
|
|
7,591
|
|
|||||
Cost of subscriber equipment sales
|
144
|
|
|
1,428
|
|
|
1,215
|
|
|
(609
|
)
|
|
2,178
|
|
|||||
Marketing, general and administrative
|
5,174
|
|
|
532
|
|
|
16,845
|
|
|
(13,941
|
)
|
|
8,610
|
|
|||||
Depreciation, amortization and accretion
|
18,772
|
|
|
220
|
|
|
281
|
|
|
(118
|
)
|
|
19,155
|
|
|||||
Total operating expenses
|
28,903
|
|
|
3,216
|
|
|
21,236
|
|
|
(15,821
|
)
|
|
37,534
|
|
|||||
Income (loss) from operations
|
(11,637
|
)
|
|
5,971
|
|
|
(10,134
|
)
|
|
102
|
|
|
(15,698
|
)
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gain on equity issuance
|
151
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
151
|
|
|||||
Interest income and expense, net of amounts capitalized
|
(8,981
|
)
|
|
(9
|
)
|
|
(105
|
)
|
|
(10
|
)
|
|
(9,105
|
)
|
|||||
Derivative loss
|
(1,344
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,344
|
)
|
|||||
Equity in subsidiary earnings (loss)
|
(4,351
|
)
|
|
3,047
|
|
|
—
|
|
|
1,304
|
|
|
—
|
|
|||||
Other
|
(785
|
)
|
|
(204
|
)
|
|
276
|
|
|
(47
|
)
|
|
(760
|
)
|
|||||
Total other income (expense)
|
(15,310
|
)
|
|
2,834
|
|
|
171
|
|
|
1,247
|
|
|
(11,058
|
)
|
|||||
Income (loss) before income taxes
|
(26,947
|
)
|
|
8,805
|
|
|
(9,963
|
)
|
|
1,349
|
|
|
(26,756
|
)
|
|||||
Income tax expense
|
—
|
|
|
—
|
|
|
191
|
|
|
—
|
|
|
191
|
|
|||||
Net income (loss)
|
$
|
(26,947
|
)
|
|
$
|
8,805
|
|
|
$
|
(10,154
|
)
|
|
$
|
1,349
|
|
|
$
|
(26,947
|
)
|
Comprehensive income (loss)
|
$
|
(26,947
|
)
|
|
$
|
8,805
|
|
|
$
|
(10,808
|
)
|
|
$
|
1,352
|
|
|
$
|
(27,598
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
Company
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
19,612
|
|
|
$
|
689
|
|
|
$
|
3,234
|
|
|
$
|
—
|
|
|
$
|
23,535
|
|
Accounts receivable
|
5,463
|
|
|
4,730
|
|
|
2,725
|
|
|
—
|
|
|
12,918
|
|
|||||
Intercompany receivables
|
918,869
|
|
|
697,182
|
|
|
38,410
|
|
|
(1,654,461
|
)
|
|
—
|
|
|||||
Inventory
|
2,230
|
|
|
5,274
|
|
|
1,347
|
|
|
—
|
|
|
8,851
|
|
|||||
Prepaid expenses and other current assets
|
2,078
|
|
|
936
|
|
|
1,815
|
|
|
—
|
|
|
4,829
|
|
|||||
Total current assets
|
948,252
|
|
|
708,811
|
|
|
47,531
|
|
|
(1,654,461
|
)
|
|
50,133
|
|
|||||
Property and equipment, net
|
1,019,154
|
|
|
3,808
|
|
|
4,389
|
|
|
5
|
|
|
1,027,356
|
|
|||||
Restricted cash
|
37,915
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,915
|
|
|||||
Intercompany notes receivable
|
8,500
|
|
|
—
|
|
|
6,436
|
|
|
(14,936
|
)
|
|
—
|
|
|||||
Investment in subsidiaries
|
(281,910
|
)
|
|
75,608
|
|
|
36,861
|
|
|
169,441
|
|
|
—
|
|
|||||
Intangible and other assets, net
|
16,103
|
|
|
108
|
|
|
2,327
|
|
|
(12
|
)
|
|
18,526
|
|
|||||
Total assets
|
$
|
1,748,014
|
|
|
$
|
788,335
|
|
|
$
|
97,544
|
|
|
$
|
(1,499,963
|
)
|
|
$
|
1,133,930
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current portion of long-term debt
|
$
|
75,755
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
75,755
|
|
Debt restructuring fees
|
20,795
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,795
|
|
|||||
Accounts payable
|
2,529
|
|
|
2,421
|
|
|
1,258
|
|
|
—
|
|
|
6,208
|
|
|||||
Accrued contract termination charge
|
18,727
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,727
|
|
|||||
Accrued expenses
|
14,932
|
|
|
6,203
|
|
|
6,384
|
|
|
—
|
|
|
27,519
|
|
|||||
Intercompany payables
|
654,878
|
|
|
761,024
|
|
|
238,520
|
|
|
(1,654,422
|
)
|
|
—
|
|
|||||
Payables to affiliates
|
236
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
236
|
|
|||||
Deferred revenue
|
1,328
|
|
|
19,346
|
|
|
6,193
|
|
|
—
|
|
|
26,867
|
|
|||||
Total current liabilities
|
789,180
|
|
|
788,994
|
|
|
252,355
|
|
|
(1,654,422
|
)
|
|
176,107
|
|
|||||
Long-term debt, less current portion
|
507,504
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
507,504
|
|
|||||
Employee benefit obligations
|
4,917
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,917
|
|
|||||
Intercompany notes payable
|
6,436
|
|
|
—
|
|
|
8,500
|
|
|
(14,936
|
)
|
|
—
|
|
|||||
Derivative liabilities
|
277,946
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
277,946
|
|
|||||
Deferred revenue
|
5,560
|
|
|
286
|
|
|
14
|
|
|
—
|
|
|
5,860
|
|
|||||
Other non-current liabilities
|
1,066
|
|
|
326
|
|
|
4,799
|
|
|
—
|
|
|
6,191
|
|
|||||
Total non-current liabilities
|
803,429
|
|
|
612
|
|
|
13,313
|
|
|
(14,936
|
)
|
|
802,418
|
|
|||||
Stockholders’ equity (deficit)
|
155,405
|
|
|
(1,271
|
)
|
|
(168,124
|
)
|
|
169,395
|
|
|
155,405
|
|
|||||
Total liabilities and stockholders’ equity
|
$
|
1,748,014
|
|
|
$
|
788,335
|
|
|
$
|
97,544
|
|
|
$
|
(1,499,963
|
)
|
|
$
|
1,133,930
|
|
|
Parent
Company
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
7,259
|
|
|
$
|
1,327
|
|
|
$
|
1,644
|
|
|
$
|
—
|
|
|
$
|
10,230
|
|
Accounts receivable
|
5,938
|
|
|
6,340
|
|
|
2,941
|
|
|
—
|
|
|
15,219
|
|
|||||
Intercompany receivables
|
897,691
|
|
|
678,707
|
|
|
32,040
|
|
|
(1,608,438
|
)
|
|
—
|
|
|||||
Inventory
|
2,266
|
|
|
4,354
|
|
|
1,473
|
|
|
—
|
|
|
8,093
|
|
|||||
Prepaid expenses and other current assets
|
1,570
|
|
|
955
|
|
|
2,063
|
|
|
—
|
|
|
4,588
|
|
|||||
Total current assets
|
914,724
|
|
|
691,683
|
|
|
40,161
|
|
|
(1,608,438
|
)
|
|
38,130
|
|
|||||
Property and equipment, net
|
1,031,623
|
|
|
3,708
|
|
|
4,384
|
|
|
4
|
|
|
1,039,719
|
|
|||||
Restricted cash
|
37,983
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,983
|
|
|||||
Intercompany notes receivable
|
8,901
|
|
|
—
|
|
|
6,436
|
|
|
(15,337
|
)
|
|
—
|
|
|||||
Investment in subsidiaries
|
(280,557
|
)
|
|
73,029
|
|
|
36,146
|
|
|
171,382
|
|
|
—
|
|
|||||
Intangible and other assets, net
|
15,259
|
|
|
128
|
|
|
1,407
|
|
|
(12
|
)
|
|
16,782
|
|
|||||
Total assets
|
$
|
1,727,933
|
|
|
$
|
768,548
|
|
|
$
|
88,534
|
|
|
$
|
(1,452,401
|
)
|
|
$
|
1,132,614
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current portion of long-term debt
|
$
|
75,755
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
75,755
|
|
Debt restructuring fees
|
20,795
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,795
|
|
|||||
Accounts payable
|
2,624
|
|
|
3,490
|
|
|
1,385
|
|
|
—
|
|
|
7,499
|
|
|||||
Accrued contract termination charge
|
18,451
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,451
|
|
|||||
Accrued expenses
|
10,573
|
|
|
5,884
|
|
|
6,705
|
|
|
—
|
|
|
23,162
|
|
|||||
Intercompany payables
|
636,336
|
|
|
750,084
|
|
|
221,980
|
|
|
(1,608,400
|
)
|
|
—
|
|
|||||
Payables to affiliates
|
309
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
309
|
|
|||||
Deferred revenue
|
1,576
|
|
|
19,304
|
|
|
5,599
|
|
|
—
|
|
|
26,479
|
|
|||||
Total current liabilities
|
766,419
|
|
|
778,762
|
|
|
235,669
|
|
|
(1,608,400
|
)
|
|
172,450
|
|
|||||
Long-term debt, less current portion
|
500,524
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500,524
|
|
|||||
Employee benefit obligations
|
4,883
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,883
|
|
|||||
Intercompany notes payable
|
6,435
|
|
|
—
|
|
|
8,901
|
|
|
(15,336
|
)
|
|
—
|
|
|||||
Derivative liabilities
|
281,171
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
281,171
|
|
|||||
Deferred revenue
|
5,567
|
|
|
299
|
|
|
11
|
|
|
—
|
|
|
5,877
|
|
|||||
Other non-current liabilities
|
1,115
|
|
|
325
|
|
|
4,450
|
|
|
—
|
|
|
5,890
|
|
|||||
Total non-current liabilities
|
799,695
|
|
|
624
|
|
|
13,362
|
|
|
(15,336
|
)
|
|
798,345
|
|
|||||
Stockholders’ equity (deficit)
|
161,819
|
|
|
(10,838
|
)
|
|
(160,497
|
)
|
|
171,335
|
|
|
161,819
|
|
|||||
Total liabilities and stockholders’ equity
|
$
|
1,727,933
|
|
|
$
|
768,548
|
|
|
$
|
88,534
|
|
|
$
|
(1,452,401
|
)
|
|
$
|
1,132,614
|
|
|
Parent
Company
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Cash flows provided by (used in) operating activities
|
$
|
4,000
|
|
|
$
|
(354
|
)
|
|
$
|
1,664
|
|
|
$
|
—
|
|
|
$
|
5,310
|
|
Cash flows used in investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Second-generation network costs (including interest)
|
(2,274
|
)
|
|
—
|
|
|
(26
|
)
|
|
—
|
|
|
(2,300
|
)
|
|||||
Property and equipment additions
|
(711
|
)
|
|
(284
|
)
|
|
(9
|
)
|
|
—
|
|
|
(1,004
|
)
|
|||||
Purchase of intangible assets
|
(748
|
)
|
|
—
|
|
|
(36
|
)
|
|
—
|
|
|
(784
|
)
|
|||||
Net cash used in investing activities
|
(3,733
|
)
|
|
(284
|
)
|
|
(71
|
)
|
|
—
|
|
|
(4,088
|
)
|
|||||
Cash flows provided by financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Proceeds from issuance of stock to Terrapin
|
12,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,000
|
|
|||||
Proceeds from issuance of common stock and exercise of options and warrants
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|||||
Net cash provided by financing activities
|
12,018
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,018
|
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
12,285
|
|
|
(638
|
)
|
|
1,590
|
|
|
—
|
|
|
13,237
|
|
|||||
Cash, cash equivalents and restricted cash, beginning of period
|
45,242
|
|
|
1,327
|
|
|
1,644
|
|
|
—
|
|
|
48,213
|
|
|||||
Cash, cash equivalents and restricted cash, end of period
|
$
|
57,527
|
|
|
$
|
689
|
|
|
$
|
3,234
|
|
|
$
|
—
|
|
|
$
|
61,450
|
|
|
Parent
Company
|
|
Guarantor
Subsidiaries
|
|
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Cash flows provided by operating activities
|
$
|
1,175
|
|
|
$
|
1,218
|
|
|
$
|
210
|
|
|
$
|
—
|
|
|
$
|
2,603
|
|
Cash flows used in investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Second-generation network costs (including interest)
|
(1,560
|
)
|
|
—
|
|
|
(38
|
)
|
|
—
|
|
|
(1,598
|
)
|
|||||
Property and equipment additions
|
(1,732
|
)
|
|
(1,136
|
)
|
|
(81
|
)
|
|
—
|
|
|
(2,949
|
)
|
|||||
Purchase of intangible assets
|
(361
|
)
|
|
|
|
|
|
|
|
|
|
|
(361
|
)
|
|||||
Net cash used in investing activities
|
(3,653
|
)
|
|
(1,136
|
)
|
|
(119
|
)
|
|
—
|
|
|
(4,908
|
)
|
|||||
Cash flows provided by financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Proceeds from issuance of stock to Terrapin
|
6,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,500
|
|
|||||
Proceeds from issuance of common stock and exercise of options and warrants
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|||||
Net cash provided by financing activities
|
6,528
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,528
|
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
160
|
|
|
—
|
|
|
160
|
|
|||||
Net increase in cash, cash equivalents and restricted cash
|
4,050
|
|
|
82
|
|
|
251
|
|
|
—
|
|
|
4,383
|
|
|||||
Cash, cash equivalents and restricted cash, beginning of period
|
41,448
|
|
|
719
|
|
|
3,227
|
|
|
—
|
|
|
45,394
|
|
|||||
Cash, cash equivalents and restricted cash, end of period
|
$
|
45,498
|
|
|
$
|
801
|
|
|
$
|
3,478
|
|
|
$
|
—
|
|
|
$
|
49,777
|
|
•
|
two-way voice communication and data transmissions using mobile or fixed devices, which we refer to as Duplex; and
|
•
|
one-way data transmissions using a mobile or fixed device that transmits its location and other information to a central monitoring station, including certain SPOT and Simplex products.
|
•
|
total revenue, which is an indicator of our overall business growth;
|
•
|
subscriber growth and churn rate, which are both indicators of the satisfaction of our customers;
|
•
|
average monthly revenue per user, or ARPU, which is an indicator of our pricing and ability to obtain effectively long-term, high-value customers. We calculate ARPU separately for each type of our Duplex, Simplex, SPOT and IGO revenue;
|
•
|
operating income and adjusted EBITDA, both of which are indicators of our financial performance; and
|
•
|
capital expenditures, which are an indicator of future revenue growth potential and cash requirements.
|
|
Three Months Ended
March 31, 2017 |
|
Three Months Ended
March 31, 2016 |
||||||||||
|
Revenue
|
|
% of Total
Revenue |
|
Revenue
|
|
% of Total
Revenue |
||||||
Service revenue:
|
|
|
|
|
|
|
|
||||||
Duplex
|
$
|
7,598
|
|
|
31
|
%
|
|
$
|
6,334
|
|
|
29
|
%
|
SPOT
|
10,397
|
|
|
42
|
|
|
9,101
|
|
|
42
|
|
||
Simplex
|
2,416
|
|
|
10
|
|
|
2,365
|
|
|
11
|
|
||
IGO
|
211
|
|
|
1
|
|
|
244
|
|
|
1
|
|
||
Other
|
859
|
|
|
3
|
|
|
705
|
|
|
3
|
|
||
Total
|
$
|
21,481
|
|
|
87
|
%
|
|
$
|
18,749
|
|
|
86
|
%
|
|
Three Months Ended
March 31, 2017 |
|
Three Months Ended
March 31, 2016 |
||||||||||
|
Revenue
|
|
% of Total
Revenue |
|
Revenue
|
|
% of Total
Revenue |
||||||
Subscriber equipment sales:
|
|
|
|
|
|
|
|||||||
Duplex
|
$
|
899
|
|
|
3
|
%
|
|
$
|
848
|
|
|
4
|
%
|
SPOT
|
1,236
|
|
|
5
|
|
|
961
|
|
|
5
|
|
||
Simplex
|
907
|
|
|
4
|
|
|
933
|
|
|
4
|
|
||
IGO
|
139
|
|
|
1
|
|
|
303
|
|
|
1
|
|
||
Other
|
(10
|
)
|
|
—
|
|
|
42
|
|
|
—
|
|
||
Total
|
$
|
3,171
|
|
|
13
|
%
|
|
$
|
3,087
|
|
|
14
|
%
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Average number of subscribers for the period:
|
|
|
|
||||
Duplex
|
73,444
|
|
|
77,372
|
|
||
SPOT
|
278,790
|
|
|
267,523
|
|
||
Simplex
|
295,576
|
|
|
300,975
|
|
||
IGO
|
37,768
|
|
|
38,999
|
|
||
Other
|
1,582
|
|
|
2,747
|
|
||
Total
|
687,160
|
|
|
687,616
|
|
||
|
|
|
|
||||
ARPU (monthly):
|
|
|
|
||||
Duplex
|
$
|
34.48
|
|
|
$
|
27.29
|
|
SPOT
|
12.43
|
|
|
11.34
|
|
||
Simplex
|
2.72
|
|
|
2.62
|
|
||
IGO
|
1.86
|
|
|
2.08
|
|
|
Three Months Ended
|
||||||
|
March 31,
2017 |
|
March 31,
2016 |
||||
Net cash provided by operating activities
|
$
|
5,310
|
|
|
$
|
2,603
|
|
Net cash used in investing activities
|
(4,088
|
)
|
|
(4,908
|
)
|
||
Net cash provided by financing activities
|
12,018
|
|
|
6,528
|
|
||
Effect of exchange rate changes on cash
|
(3
|
)
|
|
160
|
|
||
Net increase in cash and cash equivalents
|
$
|
13,237
|
|
|
$
|
4,383
|
|
Exhibit
Number
|
|
Description
|
|
|
|
31.1
|
|
Section 302 Certification of the Principal Executive Officer
|
|
|
|
31.2
|
|
Section 302 Certification of the Principal Financial Officer
|
|
|
|
32.1
|
|
Section 906 Certification of the Principal Executive Officer
|
|
|
|
32.2
|
|
Section 906 Certification of the Principal Financial Officer
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
GLOBALSTAR, INC.
|
|
|
|
|
Date:
|
May 4, 2017
|
By:
|
/s/ James Monroe III
|
|
|
|
James Monroe III
|
|
|
|
Chairman and Chief Executive Officer (Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Rebecca S. Clary
|
|
|
|
Rebecca S. Clary
|
|
|
|
Chief Financial Officer (Principal Financial Officer)
|
1 Year Globalstar Chart |
1 Month Globalstar Chart |
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