Globalstar Inc (GSAT)

[finesand]

Blog: 2Q18 ER CC Coverage. Great results, interesting Q&A convo details about spectrum https://finesand.wordpress.com/2018/08/02/globalstar-gsat-2q18-earnings-call/

Q&A

21:00 Simon Flannery (sic?) from Morgan Stanley
31:45 Jason Bernstein from Cantor
42:30 Nalish Madar from M.. (sic)
44:14 John P.. (sic) Muller Road Capital
– No other Thermo Merger
– @ 46:28: Big C-Band Value Question, A: we’ve been busy – wow

Non-GAAP PR Notes

Increased total revenue by 20% (service & subscriber)
Operating income improved $14.4M from a loss of $12.4M in 2Q17 to income of $2.0M in 2Q18
Net loss decreased $91.7M during 2Q18 due primarily to a lower non-cash derivative loss of $75.0M
Adjusted EBITDA increased 37% to $11.2M during 2Q18 primarily from a $5.6M increase in total revenue

10-Q GAAP Notes

Operating income $1.948M
Payed $38.9M debt down 2Q18, $45M in 4Q17
Net cash provided by operating activities $9.82M
No Going Concern Warning

CC Notes

12/20 companies signed NDA for spectrum sales, continues, DD tech capability focused on 2.4Ghz US, no offer yet as of end of 2017
3gpp + Nokia is helping, working item status .. approval expected this or next year
27 specific countries to get spectrum approval to monetize it
Monetizing spectrum for (private) LTE
Spectrum lease in US w/ 1 party (caused a notable AH buy of 45.5k shares)
Anticipate additional approvals 2018 (spectrum)
Q&A: 46:28 Q “why isn’t there a more you know aggressive effort on the company’s part to get c-band into the forefront?”, A: “we’ve been busy” (Apologetic angry/strong down-tone? C-Band about probable hidden value re cancelled merger)