Globalstar Announces 2023 Financial Results
- Record annual revenue of $224 million, up over 50% from the previous year.
- Operational achievements include orders for XCOM RAN systems from a major retailer and revenue from Band 53 deployment through Nokia.
- Increased operating cash flows enable investment in key initiatives like XCOM technology commercialization and product development.
- Guidance for 2024 anticipates revenue growth from recent operational achievements and expected business growth.
- Successful execution of business plan in 2023 led to improved financial performance and funding for growth initiatives.
- Focus on new products, services, and solutions across wholesale capacity, legacy, IoT, and terrestrial wireless solutions.
- Momentum in various initiatives with government services contracts, terrestrial spectrum agreements, and commercial orders for XCOM RAN systems.
- None.
Insights
The reported annual revenue increase of over 50% for Globalstar is a substantial growth indicator, reflecting a positive trajectory in the company's financial health. This level of growth, particularly in the context of the broader telecommunications sector, suggests that the company is outperforming many of its peers. The revenue boost is attributed to wholesale capacity services and Commercial IoT, which are both high-margin areas, leading to an improved operating income and Adjusted EBITDA.
Investors should note the company's operating cash flows have increased, allowing for reinvestment into strategic initiatives like XCOM technology commercialization and product development. These investments are critical for maintaining the growth momentum and staying competitive in the rapidly evolving tech landscape. The guidance for the upcoming year, suggesting further revenue increases, may be viewed as a positive signal for sustained growth prospects, potentially influencing the company's stock valuation positively.
Globalstar's engagement with a major retailer for XCOM RAN systems and the deployment through Nokia indicate a successful penetration into new market segments and the strengthening of their industry partnerships. The company's ability to secure contracts with government services also showcases the diversity of their customer base and the applicability of their technology across different sectors. This diversification is a key factor in risk mitigation and revenue stability for the company.
Furthermore, the anticipation of new satellite launches in 2025 is likely to enhance Globalstar's service offerings and could open up additional revenue streams. The satellite industry is characterized by high entry barriers and significant capital expenditure; thus, the ability to launch new satellites is not only a technical achievement but also a strong competitive advantage.
The transition towards Commercial IoT and terrestrial wireless solutions represents a strategic alignment with industry trends, where there is a growing demand for connected devices and enhanced data services. Globalstar's focus on these areas, as part of their 'four pillars of value', is indicative of their commitment to evolving with the market and capitalizing on emerging opportunities.
Moreover, the reference to Band 53 deployment is significant, as it pertains to a mid-band spectrum that is crucial for 5G services. The ability to generate revenue from this indicates Globalstar's active role in the 5G ecosystem, which is expected to experience exponential growth. The company's involvement in 5G, particularly through partnerships like the one with Nokia, positions it favorably within the telecommunications sector, which is increasingly driven by next-generation wireless technologies.
-
Record annual revenue of
$224 million 50% -
Recent operational achievements include:
- Receiving an order from a major retailer for multiple XCOM RAN systems
- Generating revenue from a Band 53 deployment opportunity through Nokia
- Executing a new government services contract
- Remaining on track for launch of new satellites in 2025
- Increased operating cash flows allow for investment in key initiatives, such as XCOM technology commercialization, product development and wholesale capacity utilization
“Globalstar had a record year measured by several key performance indicators, led by total revenue of
Dr. Paul E. Jacobs, Chief Executive Officer, said, “2023 was a record year for Globalstar because we successfully executed our business plan. Our execution and improved financial performance have enabled us to fund our growth initiatives. We are working on new products, services and solutions with significant revenue opportunities across our four pillars of value: wholesale capacity, legacy, IoT and terrestrial wireless solutions. With our recent operational achievements, we are gaining traction on a number of these initiatives from contracting with a government services company to executing a new terrestrial spectrum agreement and receiving the first commercial order from a major US retailer for multiple XCOM RAN wireless systems. We have momentum and are excited about the year ahead.”
OPERATIONAL HIGHLIGHTS
Terrestrial Spectrum Agreement
In 2023, we supported another deployment opportunity for our Band 53 spectrum with Nokia. The end user for this multi-year deployment is paying to reserve the spectrum in their operating area prior to their planned build-out due to the critical nature of their operations and the scarcity of licensed spectrum. This agreement is expected to convert into a long-term lease arrangement.
Network Services Agreement
Today, we are also excited to announce that we have executed an agreement with a government services company to utilize our satellite network for a mission critical service for government applications. This agreement has been over five years in the making and leverages our constellation in new and innovative ways. After a one-year
XCOM RAN System Deployment
We have received the first customer order for delivery of multiple XCOM RAN systems to support warehouse automation for a major
FOURTH QUARTER FINANCIAL REVIEW
Total Revenue
Total revenue increased
Service Revenue
Service revenue increased
We also recognized
With regards to our subscriber services, Commercial IoT service revenue increased
Service revenue associated with legacy services was down
Subscriber Equipment Sales
Revenue generated from subscriber equipment sales decreased
Consistent with the growth in SPOT subscriber activations, we also experienced an increase in the volume of equipment sales during the fourth quarter as sales volume increased over
Loss from Operations
Loss from operations increased
Stock-based compensation increased from the prior year's fourth quarter due primarily to restricted stock units granted in connection with the XCOM License Agreement.
Cost of services increased as a result of higher gateway operating costs, such as lease, maintenance, security, IT and personnel expenses, which have increased in line with our new and upgraded global ground infrastructure. A significant portion of these costs are reimbursed to us and this consideration is recognized as revenue when earned. 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.
MG&A costs were higher during the fourth quarter of 2023 due to expenses associated with the SSA, legal and professional fees to support regulatory work, government relations and negotiations of new commercial arrangements as well as higher personnel costs following the hiring of certain XCOM executives.
Net Loss
Net loss was
Adjusted EBITDA
Adjusted EBITDA increased
ANNUAL FINANCIAL REVIEW
Total Revenue
During the twelve months ended December 31, 2023, total revenue increased
Service Revenue
The improvement in service revenue during 2023 was due primarily to wholesale capacity services, which increased
Also contributing to the increase in service revenue year over year was higher Commercial IoT service revenue of
Subscriber Equipment Sales
Revenue generated from subscriber equipment sales increased
Loss from Operations
Loss from operations improved to
Increases in cost of services, stock-based compensation, MG&A and cost of subscriber equipment were offset slightly by a reduction in depreciation, amortization and accretion. The drivers of the increases in cost of services and MG&A are in line with the items discussed in the quarterly section above. Stock-based compensation was higher due to the items discussed above as well as the modification of certain awards. Cost of subscriber equipment sales were higher consistent with the increase in revenue generated from subscriber equipment sales, with margins narrowing slightly due to the mix of products sold in each respective year.
Net Loss
Net loss was
Adjusted EBITDA
Adjusted EBITDA increased
Liquidity
Cash and cash equivalents were
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 as well as the issuance of the
During 2024, our sources of cash are also expected to include operating cash flows generated from the business and proceeds under the 2023 Funding Agreement. These sources of cash will be used to pay capital expenditures associated with the new satellites as well as debt service costs.
The total principal amount of our debt was
FINANCIAL OUTLOOK
Our financial outlook for 2024 is:
-
Total revenue between
$225 million $250 million -
Adjusted EBITDA margin of approximately
50%
CONFERENCE CALL INFORMATION
The Company will host a conference call to discuss its results at 9:00 a.m. Eastern Time (ET) on Wednesday, February 28, 2024. Details are as follows:
Earnings Call: |
The earnings call will be available via webcast from the following link.
Webcast Link: https://edge.media-server.com/mmc/p/wmykc7an
To participate in the earnings call via teleconference or to participate in the live Q&A session, participants should register at the following link to receive an email containing the dial-in number and unique passcode.
Participant Teleconference Registration Link: https://register.vevent.com/register/BI4278f818741f4629a5509ede176b0a4d
|
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. |
About 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.
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
For more information, visit www.globalstar.com.
Safe Harbor Language for Globalstar Releases
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.
GLOBALSTAR, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Service revenue |
|
$ |
48,951 |
|
|
$ |
36,375 |
|
|
$ |
204,196 |
|
|
$ |
132,068 |
|
Subscriber equipment sales |
|
|
3,458 |
|
|
|
4,931 |
|
|
|
19,612 |
|
|
|
16,436 |
|
Total revenue |
|
|
52,409 |
|
|
|
41,306 |
|
|
|
223,808 |
|
|
|
148,504 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Cost of services (exclusive of depreciation, amortization and accretion shown separately below) |
|
|
15,561 |
|
|
|
10,587 |
|
|
|
53,499 |
|
|
|
43,370 |
|
Cost of subscriber equipment sales |
|
|
2,544 |
|
|
|
3,944 |
|
|
|
15,973 |
|
|
|
13,097 |
|
Cost of subscriber equipment sales - reduction in the value of inventory |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,553 |
|
Marketing, general and administrative |
|
|
11,615 |
|
|
|
8,182 |
|
|
|
43,458 |
|
|
|
33,349 |
|
Stock-based compensation |
|
|
11,851 |
|
|
|
6,180 |
|
|
|
22,489 |
|
|
|
10,754 |
|
Reduction in the value of long-lived assets |
|
|
328 |
|
|
|
— |
|
|
|
363 |
|
|
|
166,526 |
|
Depreciation, amortization and accretion |
|
|
22,503 |
|
|
|
21,733 |
|
|
|
88,191 |
|
|
|
93,884 |
|
Total operating expenses |
|
|
64,402 |
|
|
|
50,626 |
|
|
|
223,973 |
|
|
|
369,533 |
|
Loss from operations |
|
|
(11,993 |
) |
|
|
(9,320 |
) |
|
|
(165 |
) |
|
|
(221,029 |
) |
Other (expense) income: |
|
|
|
|
|
|
|
|
||||||||
Gain (loss) on extinguishment of debt |
|
|
— |
|
|
|
2,790 |
|
|
|
(10,403 |
) |
|
|
2,790 |
|
Loss on equity issuance |
|
|
(5,010 |
) |
|
|
— |
|
|
|
(5,010 |
) |
|
|
— |
|
Interest income and expense, net of amounts capitalized |
|
|
(3,562 |
) |
|
|
(5,868 |
) |
|
|
(14,609 |
) |
|
|
(30,168 |
) |
Foreign currency gain (loss) |
|
|
5,068 |
|
|
|
6,705 |
|
|
|
4,862 |
|
|
|
(6,592 |
) |
Derivative gain (loss) and other |
|
|
1,357 |
|
|
|
380 |
|
|
|
1,730 |
|
|
|
(1,843 |
) |
Total other (expense) income |
|
|
(2,147 |
) |
|
|
4,007 |
|
|
|
(23,430 |
) |
|
|
(35,813 |
) |
Loss before income taxes |
|
|
(14,140 |
) |
|
|
(5,313 |
) |
|
|
(23,595 |
) |
|
|
(256,842 |
) |
Income tax expense |
|
|
938 |
|
|
|
22 |
|
|
|
1,123 |
|
|
|
73 |
|
Net loss |
|
$ |
(15,078 |
) |
|
$ |
(5,335 |
) |
|
$ |
(24,718 |
) |
|
$ |
(256,915 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to common shareholders |
|
$ |
(17,751 |
) |
|
$ |
(6,672 |
) |
|
$ |
(35,323 |
) |
|
$ |
(258,252 |
) |
Loss per common share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.14 |
) |
Diluted |
|
$ |
(0.01 |
) |
|
$ |
0.00 |
|
|
|
(0.02 |
) |
|
|
(0.14 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic |
|
|
1,877,806 |
|
|
|
1,805,162 |
|
|
|
1,835,005 |
|
|
|
1,800,825 |
|
Diluted |
|
|
1,877,806 |
|
|
|
1,805,162 |
|
|
|
1,835,005 |
|
|
|
1,800,825 |
|
GLOBALSTAR, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share data) (unaudited) |
|||||||
|
December 31, |
||||||
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
56,744 |
|
|
$ |
32,082 |
|
Accounts receivable, net of allowance for credit losses of |
|
48,743 |
|
|
|
26,329 |
|
Inventory |
|
14,582 |
|
|
|
9,264 |
|
Prepaid expenses and other current assets |
|
22,584 |
|
|
|
13,569 |
|
Total current assets |
|
142,653 |
|
|
|
81,244 |
|
Property and equipment, net |
|
624,002 |
|
|
|
560,371 |
|
Operating lease right of use assets, net |
|
34,164 |
|
|
|
30,859 |
|
Prepaid satellite costs and customer receivable |
|
12,443 |
|
|
|
27,570 |
|
Intangible and other assets, net of accumulated amortization of |
|
111,047 |
|
|
|
38,425 |
|
Total assets |
$ |
924,309 |
|
|
$ |
738,469 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current portion of long-term debt |
$ |
34,600 |
|
|
$ |
— |
|
Accounts payable |
|
2,027 |
|
|
|
3,843 |
|
Vendor financing |
|
— |
|
|
|
59,575 |
|
Accrued expenses |
|
26,958 |
|
|
|
22,554 |
|
Accrued satellite construction costs |
|
58,187 |
|
|
|
36,139 |
|
Payables to affiliates |
|
459 |
|
|
|
326 |
|
Deferred revenue, net |
|
53,677 |
|
|
|
74,639 |
|
Total current liabilities |
|
175,908 |
|
|
|
197,076 |
|
Long-term debt |
|
325,700 |
|
|
|
132,115 |
|
Operating lease liabilities |
|
29,244 |
|
|
|
27,635 |
|
Deferred revenue, net |
|
3,213 |
|
|
|
62,877 |
|
Other non-current liabilities |
|
11,265 |
|
|
|
3,995 |
|
Total non-current liabilities |
|
369,422 |
|
|
|
226,622 |
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Preferred Stock of |
|
— |
|
|
|
— |
|
Series A Perpetual Preferred Stock of |
|
— |
|
|
|
— |
|
Voting Common Stock of |
|
188 |
|
|
|
181 |
|
Additional paid-in capital |
|
2,438,703 |
|
|
|
2,345,612 |
|
Accumulated other comprehensive income |
|
5,070 |
|
|
|
9,242 |
|
Retained deficit |
|
(2,064,982 |
) |
|
|
(2,040,264 |
) |
Total stockholders’ equity |
|
378,979 |
|
|
|
314,771 |
|
Total liabilities and stockholders’ equity |
$ |
924,309 |
|
|
$ |
738,469 |
|
GLOBALSTAR, INC. RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP ADJUSTED EBITDA (In thousands) (unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
|
$ |
(15,078 |
) |
|
$ |
(5,335 |
) |
|
$ |
(24,718 |
) |
|
$ |
(256,915 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Interest income and expense, net |
|
|
3,562 |
|
|
|
5,868 |
|
|
|
14,609 |
|
|
|
30,168 |
|
Derivative (gain) loss |
|
|
(1,345 |
) |
|
|
(261 |
) |
|
|
(1,588 |
) |
|
|
805 |
|
Income tax expense |
|
|
938 |
|
|
|
22 |
|
|
|
1,123 |
|
|
|
73 |
|
Depreciation, amortization, and accretion |
|
|
22,503 |
|
|
|
21,733 |
|
|
|
88,191 |
|
|
|
93,884 |
|
EBITDA |
|
|
10,580 |
|
|
|
22,027 |
|
|
|
77,617 |
|
|
|
(131,985 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Non-cash compensation |
|
|
11,851 |
|
|
|
6,180 |
|
|
|
22,489 |
|
|
|
10,754 |
|
Non-cash consideration under SSA (2) |
|
|
2,178 |
|
|
|
— |
|
|
|
3,070 |
|
|
|
— |
|
Foreign exchange and other |
|
|
(5,080 |
) |
|
|
(7,116 |
) |
|
|
(5,314 |
) |
|
|
5,837 |
|
Reduction in value of inventory and long-lived assets |
|
|
328 |
|
|
|
— |
|
|
|
363 |
|
|
|
175,079 |
|
License Agreement transaction costs |
|
|
228 |
|
|
|
— |
|
|
|
3,079 |
|
|
|
— |
|
Loss on equity issuance |
|
|
5,010 |
|
|
|
— |
|
|
|
5,010 |
|
|
|
— |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
(2,790 |
) |
|
|
10,403 |
|
|
|
(2,790 |
) |
Non-cash settlement of pension plan |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,501 |
|
Shareholder litigation cost recovery |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,000 |
) |
Adjusted EBITDA (1) |
|
$ |
25,095 |
|
|
$ |
18,301 |
|
|
$ |
116,717 |
|
|
$ |
57,396 |
|
(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 in order 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 paid in shares of its common stock.
|
GLOBALSTAR, INC. SCHEDULE OF SELECTED OPERATING METRICS (In thousands, except subscriber and ARPU data) (unaudited) |
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Three Months Ended |
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Twelve Months Ended |
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|
December 31, |
|
December 31, |
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2023 |
|
2022 |
|
2023 |
|
2022 |
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|
Service |
Equipment |
|
Service |
Equipment |
|
Service |
Equipment |
|
Service |
Equipment |
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Revenue |
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|
|
|
|
|
|
|
|
|
|
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Subscriber |
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|
|
|
|
|
|
|
|
|
|
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Duplex |
$ |
5,844 |
$ |
— |
|
$ |
7,119 |
$ |
— |
|
$ |
25,932 |
$ |
— |
|
$ |
29,222 |
$ |
— |
SPOT |
|
10,481 |
|
1,539 |
|
|
11,126 |
|
1,181 |
|
|
44,184 |
|
7,724 |
|
|
45,670 |
|
5,888 |
Commercial IoT |
|
5,986 |
|
1,891 |
|
|
5,135 |
|
3,705 |
|
|
22,867 |
|
11,866 |
|
|
19,516 |
|
10,132 |
Wholesale capacity |
|
25,661 |
|
— |
|
|
12,273 |
|
— |
|
|
109,067 |
|
— |
|
|
34,913 |
|
— |
Engineering and Other |
|
979 |
|
29 |
|
|
722 |
|
45 |
|
|
2,146 |
|
22 |
|
|
2,747 |
|
416 |
|
$ |
48,951 |
$ |
3,459 |
|
$ |
36,375 |
$ |
4,931 |
|
$ |
204,196 |
$ |
19,612 |
|
$ |
132,068 |
$ |
16,436 |
|
|
|
|
|
|
|
|
|
|
|
|
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Average Subscribers |
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|
|
|
|
|
|
|
|
|
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Duplex |
|
31,338 |
|
|
|
38,822 |
|
|
|
33,884 |
|
|
|
40,913 |
|
||||
SPOT |
|
254,464 |
|
|
|
271,658 |
|
|
|
260,141 |
|
|
|
272,088 |
|
||||
Commercial IoT |
|
492,143 |
|
|
|
454,805 |
|
|
|
481,859 |
|
|
|
442,060 |
|
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Other |
|
345 |
|
|
|
417 |
|
|
|
364 |
|
|
|
13,330 |
|
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|
|
|
|
|
|
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|
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ARPU (1) |
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|
|
|
|
|
|
|
|
|
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Duplex |
$ |
62.16 |
|
|
$ |
61.13 |
|
|
$ |
63.78 |
|
|
$ |
59.52 |
|
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SPOT |
|
13.73 |
|
|
|
13.65 |
|
|
|
14.15 |
|
|
|
13.99 |
|
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Commercial IoT |
|
4.05 |
|
|
|
3.76 |
|
|
|
3.95 |
|
|
|
3.68 |
|
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(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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228230199/en/
Investor Contact Information:
Email: investorrelations@globalstar.com
Source: Globalstar, Inc.
FAQ
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