Globalstar, Inc. GSAT Cash Flow

Globalstar, inc. (GSAT)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows provided by (used in) operating activities:
Net (loss) income
-38,223	-37,747	21,111	6,189	25,771	-96,453	9,019	-7,012	87,930	-22,585	52,406	-98,734	-20,161	-117,221	-2,577	14,099	-26,947	-26,816	24,098	204,767	-129,727	92,017	129,390	-433,732	-250,541	-234,796	-204,970	-126,272	-25,078	-18,952	-41,188	-27,533	-24,525	-33,709	-681	-14,068	-6,466
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation, amortization and accretion
23,817	24,093	24,026	23,852	23,801	23,853	24,738	22,616	19,231	19,514	19,415	19,275	19,294	19,565	19,446	19,224	19,155	19,513	19,417	19,271	19,046	19,753	21,047	22,014	23,332	24,478	23,715	22,067	20,332	20,524	18,654	15,888	14,735	14,537	12,106	12,795	10,611
Change in fair value of derivative assets and liabilities
-821	2,793	50,156	35,116	57,008	-64,824	39,059	-2,059	108,944	16,249	78,840	-77,130	3,223	-91,668	10,982	40,499	-1,344	-1,556	54,194	237,087	-107,865	132,614	166,989	-376,282	-209,370	-179,088	-97,595	-28,997	525	9,536	-16,473	20,431	-6,520	-10,251	23,794	3,861	6,435
Stock-based compensation expense
1,280	1,560	1,384	1,665	1,091	2,777	1,442	1,626	1,150	1,496	1,104	1,298	1,190	1,895	1,115	1,063	785	882	601	654	818	1,088	1,179	505	628	277	1,057	557	236	208	191	188	206	87	354	903	651
Amortization of deferred financing costs
1,861	6,760	4,656	2,282	2,198	2,341	2,497	2,194	1,658	1,949	1,989	2,082	2,076	2,233	2,260	2,326	2,346	2,612	2,443	2,331	2,336	2,452	2,548	2,502	2,541	2,536	2,175	2,011	2,070	5,409	825	817	856	939	936	885	913
Reduction in the value of long-lived assets and inventory
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	439	660	7,188	328	-	-	-	-
Provision for bad debts
721	311	266	324	846	434	193	410	361	549	-101	390	418	396	464	448	-52	322	1,135	1,210	690	593	638	453	597	962	565	312	482	402	414	169	112	-	-	-	-
Loss on equity method investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-105	-105	-	-	-105	-105
Noncash interest and accretion expense
9,250	7,521	4,797	4,630	4,505	4,266	4,409	3,466	2,400	2,546	2,809	2,887	2,801	2,875	2,833	2,769	2,718	2,722	2,669	3,134	2,578	2,703	2,569	6,864	4,078	22,147	10,258	9,348	2,735	-2,890	6,531	1,693	1,191	-	-	-	-
Loss on extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-231	-12,936	-16,484	-10,195	1,717	-63,569	-47,240	0	-	-	-	-	-	-	-	-
Change in fair value related to equity issuance
-	-	-	-	-	-	-	-	-	0	0	-1,964	-706	-51	-4,272	2,074	-151	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized foreign currency loss (gain)
-8,942	1,405	-2,188	887	88	-578	1,400	-3,289	-590	-397	-191	-1,796	225	213	-434	838	-761	1,447	-1,292	-588	4,030	1,042	2,513	-586	1,090	-378	-1,811	475	701	-1,725	592	-462	139	568	-413	-1,663	507
Other, net
-19	-254	-114	-229	-1	60	-784	-235	40	940	-20	94	-754	-1,040	148	-288	26	435	194	-249	-369	881	-325	-237	-864	-765	-198	-124	-283	644	-1,534	-351	-333	-	-	-	-
Changes in operating assets and liabilities:
Accounts receivable
2,559	1,050	-1,079	2,652	1,676	-694	834	3,383	269	107	2,053	2,780	-1,957	-870	922	2,086	58	922	-1,120	2,343	1,309	-499	410	1,424	865	320	2,150	835	1,016	956	2,121	184	-386	-977	-965	711	2,209
Inventory
-174	-2,603	2,512	1,648	107	1,869	-2,007	221	403	-332	-340	302	320	-1,599	-48	-1,700	-1,224	927	517	-1,768	-794	216	-879	-1,437	-2,087	1,129	-760	-1,384	-2,109	778	557	439	-756	-1,012	-2,276	-85	-879
Prepaid expenses and other current assets
-3,452	-2,730	665	-4,311	6,797	3,600	1,958	2,381	-13	1,003	511	161	829	-788	408	990	-122	423	-1,537	989	-201	378	238	28	695	-626	4	1,260	89	604	-568	15	-906	-1,749	1,554	317	-476
Other assets
953	-1,075	-150	1,402	-1,041	38	-9	3,937	-172	8	-101	578	214	-7	580	-65	-39	126	155	17	476	-2,230	829	570	629	963	-318	-5,544	4,988	826	-6,107	500	-646	654	-165	1,024	-28
Accounts payable and accrued expenses
-1,598	-9,215	4,765	-4,845	9,122	-8,371	8,062	-1,077	5,365	-5,107	3,464	-1,611	2,140	-2,612	4,188	-3,048	1,574	-3,832	4,597	-3,704	3,641	-3,042	3,494	-5,074	2,897	-7,212	4,723	-4,128	4,022	3,071	1,393	4,479	-5,512	-	-	-	-
Accounts payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,671
Payables to affiliates
120	-91	-2,004	2,139	-439	11	359	-10	71	-157	78	68	-73	67	3	-376	-1	80	80	80	-105	37	179	33	30	-102	-13	57	29	-1	61	-238	30	168	30	-154	-376
Accrued expenses and employee benefit obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-737
Other non-current liabilities
-10	302	-159	464	-248	-367	-172	-751	-104	131	-50	-100	124	-1,245	32	705	-655	2,236	-475	-266	-163	-812	-532	844	-119	-83	-159	-507	-330	869	-553	-1,419	879	2,373	-3,404	985	-127
Deferred revenue
-2,509	556	-921	950	-688	-2,868	1,867	1,328	651	-1,412	3,704	2,344	307	-902	2,086	380	425	-978	2,202	1,405	-7	-363	849	3,076	1,119	-533	1,980	574	-104	-1,464	880	1,762	-396	-1,079	-160	2,168	-2,070
Net cash provided by operating activities
4,605	-2,996	4,234	485	1,325	-13,848	11,963	-2,027	9,832	-2,771	10,372	946	5,310	1,109	6,703	-1,602	2,603	-5,152	8,576	-3,783	2,521	-2,894	4,522	-1,446	3,799	-8,796	4,160	-1,293	-533	-4,004	9,070	4,391	-2,583	5,347	-5,365	-1,892	-3,593
Cash flows used in investing activities:
Second-generation network costs (including interest)
151	1,992	106	451	793	1,145	1,610	3,936	341	5,048	332	4,230	2,300	4,698	3,165	3,709	1,598	9,711	5,140	6,326	4,018	10,742	547	1,949	1,366	5,961	10,066	10,097	17,569	13,374	9,743	13,022	20,540	14,377	13,305	25,355	32,552
Property and equipment additions
1,067	-	-	-	1,013	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property and equipment additions
-	-	-	-	-	2,003	2,125	1,824	1,397	1,492	1,917	1,112	1,004	1,739	1,301	3,396	2,949	1,301	1,897	1,192	1,133	1,074	720	1,055	428	426	656	330	239	399	187	75	120	209	1,143	440	802
Purchase of intangible assets
360	605	1,308	1,187	455	1,072	547	753	648	667	630	1,260	784	669	521	445	361	680	497	686	657	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in businesses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100	250	50	150	-	-	-	-
Change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-21	-213	0	-8,625	-3,650	2,950	-1,800	2,500	-	-	-	-
Net cash used in investing activities
-1,578	-3,866	-2,528	-2,836	-2,261	-4,220	-4,282	-6,513	-2,386	-7,207	-2,879	-6,602	-4,088	-7,106	-4,987	-7,550	-4,908	-11,932	-7,534	-8,204	-5,808	-13,212	-1,267	-3,004	-1,794	-6,504	-10,650	-10,782	-9,183	-10,223	-13,130	-11,347	-23,310	-14,886	-19,305	-31,874	-33,354
Cash flows provided by (used in) financing activities:
Borrowings from Facility Agreement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,367	0	0	5,008	0	2,329	28,400	-12,070
Principal payments of the Facility Agreement
276	151,594	0	47,435	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of warrants and stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25
Payments for debt and equity issuance costs
145	-	171	1,035	195	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	164	5	15,423	992	489	783	0	0	250	-	-	-	-
Net proceeds from common stock offering and exercise of warrants
-	-	-	-	-	-	-	-	-	102,993	0	0	12,000	-28,500	0	22,000	6,500	-39,000	15,000	14,000	10,000	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payments to lenders and other fees associated with exchange
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-2,694	2,694	-17,962	6,153	5,864	5,945
Payment of financing costs
-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from contingent equity account
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22,800	0	4,500	18,500	-	-	-	-
Proceeds from issuance of common stock and exercise of options and warrants
0	-402	0	400	2	-	-	-	-	359	7	617	18	336	-15	2,988	28	300	7	358	61	244	317	8,676	310	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities
-421	-21,489	-171	13,930	-193	20,342	76	-38,614	0	61,051	-151	-9,128	12,018	3,419	-15	8,570	6,528	-2,925	15,007	11,133	10,061	-3,802	317	8,676	146	25,930	6,593	16,938	-489	24,528	0	4,600	23,258	13,878	7,306	49,359	12,095
Effect of exchange rate changes on cash
-155	30	-69	57	-14	-180	141	-51	-22	-21	132	87	-3	-78	-19	-8	160	-488	-947	70	-240	-192	-151	-21	36	135	303	74	-287	272	459	-559	419	-468	-644	241	89
Net increase in cash, cash equivalents and restricted cash
2,451	-28,321	1,466	11,636	-1,143	2,094	7,898	-47,205	7,424	51,052	7,474	-14,697	13,237	-2,656	1,682	-590	4,383	-20,497	15,102	-784	6,534	-20,100	3,421	4,205	2,187	10,765	406	4,937	-10,492	10,573	-3,601	-2,915	-2,216	3,871	-18,008	15,834	-24,763
Reconciliation of cash, cash equivalents and restricted cash
Proceeds from exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Supplemental disclosure of cash flow information:
Cash paid for:
Cash paid for interest
41	14,431	40	12,882	0	13,758	39	12,031	39	12,378	38	11,167	492	10,374	487	10,922	0	-	-	-	-	9,881	0	10,335	0	9,968	0	11,445	0	8,425	2,064	9,519	7,375	260	2,064	9,290	7,743
Income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-34	32	34	29	88	-35	35	28	7	72	128	16	-	-	-	-
Supplemental disclosure of non-cash financing and investing activities:
Increase in capitalized accrued interest for second-generation network costs
454	70	156	130	78	119	20	624	1,330	1,183	1,131	1,032	971	895	840	771	729	673	579	521	474	447	390	402	445	600	781	1,308	1,602	-1,557	1,836	1,198	1,275	412	-3,755	6,057	-1,185
Increase in accrued second-generation network costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,392	2,392	0	0	-	-	-	-	-	-	-	-	-	-393	-2,453	7,492	806	-4,796	-15,330	24,118
Capitalized accretion of debt discount and amortization of prepaid financing costs
130	221	115	102	63	73	-29	577	1,277	1,245	1,334	1,281	1,229	1,176	1,126	1,068	1,031	930	836	819	761	735	665	666	642	884	815	1,236	2,665	-	-	-	-	-	-	-	-
Payments made in convertible notes and common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	186	0	308	427	-8,936	11,272	825	813	7,816	567	3,334	339	3,319	822	3,526	281	-	-	-	-
Issuance of common stock for legal settlement
-	-	-	-	-	-	-	-	-	0	0	0	453	1,395	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal amount of Loan Agreement with Thermo converted into common stock
137,366	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	6,254	237	492	6,808	53,376	15,856	26,187	14,955	8,615	0	-	-	-	-	-	-	-	-
Reduction of debt discount and issuance costs due to conversion of Loan Agreement with Thermo
17,963	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	2,001	84	176	2,733	17,989	7,351	14,294	7,998	5,166	0	-	-	-	-	-	-	-	-
Fair value of common stock issued upon conversion of Loan Agreement with Thermo
84,059	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fair value of common stock issued upon conversion of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	25,583	1,086	-	48,027	162,735	59,064	-	-	-	-	-	-	-	-	-	-	-	-
Reduction in derivative liability due to conversion of Loan Agreement with Thermo
1,058	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	19,140	868	126,183	31,017	110,861	40,173	10,236	0	0	0	-	-	-	-	-	-	-	-
Issuance of common stock to exchanging note holders at fair value
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	12,127	0	-	-	-	-	-	-	-	774