CARLSBAD, Calif., Nov. 1, 2018 /PRNewswire/ -- Viasat Inc.
(NASDAQ: VSAT), a global communications company, today announced
financial results for the fiscal second quarter ended September 30, 2018.
"We are executing on our objective of converting our investments
in prior periods into significant revenue and Adjusted EBITDA
growth now in fiscal year 2019. We entered the year with a
substantial order book and we're capitalizing on that by ramping
activation of In-Flight Connectivity (IFC) on commercial airlines
and delivering products and mobile broadband services to government
customers. Satellite services segment revenues are accelerating on
a more diversified base including residential, IFC, enterprise and
community Wi-Fi applications – while our government segment is also
reflecting the benefits of many of these same investments," said
Mark Dankberg, Viasat chairman and
CEO. "Strong sequential and quarter-over-quarter Adjusted EBITDA
growth is indicative of the earnings potential as we scale these
businesses. Exceptional new order activity helps highlight the
momentum we are achieving in our target markets, yielding record
levels of backlog, and lending confidence to sustained growth
through the balance of the fiscal year and beyond. The near term
momentum behind these more global services reinforces the medium-
and long-term potential that will be enabled by our groundbreaking
ViaSat-3
constellation."
Financial
Results
|
(In millions, except
per share data)
|
Q2
FY19
|
Q2
FY18
|
Year-Over-
Year
Change
|
First 6
Months
FY19
|
First 6
Months
FY18
|
Year-Over-
Year
Change
|
Revenues
|
$ 517.5
|
$
393.1
|
31.6%
|
$ 956.3
|
$ 773.1
|
23.7%
|
Net
loss1
|
$ (25.7)
|
$ (13.7)
|
87.9%
|
$ (59.7)
|
$ (22.7)
|
162.8%
|
Non-GAAP net (loss)
income1
|
$ (9.0)
|
$ 5.2
|
*
|
$ (26.4)
|
$ 7.8
|
*
|
Adjusted
EBITDA
|
$ 77.5
|
$ 61.9
|
25.1%
|
$ 122.5
|
$ 123.1
|
(0.5)%
|
Diluted per share net
loss1
|
$ (0.43)
|
$ (0.24)
|
79.2%
|
$ (1.00)
|
$ (0.39)
|
156.4%
|
Non-GAAP diluted per
share net (loss) income1
|
$ (0.15)
|
$ 0.09
|
*
|
$ (0.44)
|
$ 0.13
|
*
|
Fully diluted
weighted average shares2
|
59.7
|
58.2
|
2.6%
|
59.5
|
58.0
|
2.5%
|
New contract
awards3
|
$ 738.6
|
$ 384.8
|
92.0%
|
$ 1,308.3
|
$ 826.6
|
58.3%
|
Sales
backlog4
|
$ 1,911.7
|
$ 1,078.9
|
77.2%
|
$ 1,911.7
|
$ 1,078.9
|
77.2%
|
|
Segment
Results
|
(In
millions)
|
Q2
FY19
|
Q2
FY18
|
Year-Over-
Year
Change
|
First 6
Months
FY19
|
First 6
Months
FY18
|
Year-Over-
Year
Change
|
Satellite
Services
|
|
|
|
|
|
|
New contract
awards3
|
$ 164.7
|
$ 147.7
|
11.5%
|
$ 318.2
|
$ 299.0
|
6.4%
|
Revenues
|
$ 163.0
|
$ 147.6
|
10.4%
|
$ 316.5
|
$ 299.8
|
5.6%
|
Operating
(loss) profit5
|
$ (24.8)
|
$ 12.6
|
*
|
$ (54.8)
|
$ 31.5
|
*
|
Adjusted
EBITDA
|
$ 39.9
|
$ 55.4
|
(28.1)%
|
$ 74.1
|
$ 117.4
|
(36.9)%
|
|
|
|
|
|
|
|
Commercial
Networks
|
|
|
|
|
|
|
New contract
awards
|
$ 123.2
|
$ 54.5
|
126.2%
|
$ 237.3
|
$ 97.1
|
144.5%
|
Revenues
|
$ 114.5
|
$ 56.3
|
103.5%
|
$ 209.6
|
$ 101.5
|
106.5%
|
Operating
loss5
|
$ (39.2)
|
$ (59.4)
|
(34.0)%
|
$ (86.2)
|
$ (125.5)
|
(31.3)%
|
Adjusted
EBITDA
|
$ (24.6)
|
$ (45.0)
|
(45.3)%
|
$ (57.4)
|
$ (95.0)
|
(39.6)%
|
|
|
|
|
|
|
|
Government
Systems
|
|
|
|
|
|
|
New contract
awards
|
$ 450.7
|
$ 182.6
|
146.8%
|
$ 752.8
|
$ 430.5
|
74.9%
|
Revenues
|
$ 240.0
|
$ 189.2
|
26.8%
|
$ 430.2
|
$ 371.8
|
15.7%
|
Operating
profit5
|
$ 44.9
|
$ 34.2
|
31.2%
|
$ 69.8
|
$ 66.8
|
4.5%
|
Adjusted
EBITDA
|
$ 62.2
|
$ 51.5
|
20.8%
|
$ 105.7
|
$ 100.7
|
5.0%
|
|
1
Attributable to Viasat, Inc. common stockholders.
|
2 As the
three and six months ended September 30, 2018 and 2017 financial
information resulted in a net loss, the weighted average number of
shares used to calculate basic and diluted net loss per share is
the same, as diluted shares would be anti-dilutive.
|
3 Awards
exclude future revenue under recurring consumer commitment
arrangements.
|
4 Amounts
include certain backlog adjustments due to contract changes and
amendments. Backlog does not include anticipated purchase orders
and requests for the installation of IFC systems or future
recurring in-flight internet service revenues under our commercial
in-flight internet agreements in our Commercial Networks and
Satellite Services segments, respectively. Starting with the first
quarter of fiscal year 2019, upon adoption of ASC 606, our backlog
includes contracts with subscribers for fixed broadband services in
our Satellite Services segment. Backlog as of September 30, 2017
does not include contracts with our subscribers for fixed broadband
services in our Satellite Services segment.
|
5 Before
corporate and amortization of acquired intangible
assets.
|
* Percentage not
meaningful.
|
Satellite Services
Viasat's Satellite Services
segment achieved record revenue of $163.0
million for the second quarter of fiscal year 2019,
representing an increase both year-over-year and sequentially.
Year-over-year growth was primarily driven by fixed broadband
internet service revenue increases and accelerating commercial
aviation IFC gains, as commercial aircraft in service grew by 56%
compared to the second quarter of fiscal year 2018, bringing
revenues from services other than fixed broadband to nearly 20% of
segment revenues. Sequential quarter performance also included a
narrowed operating loss, which declined 17%, as a result of
improved segment Adjusted EBITDA, up 16% from the first quarter of
fiscal 2019. Highlights for the quarter include:
- Fixed broadband services
-
- Residential average revenue per user (ARPU) in the U.S. grew
sequentially, and by 10% year-over-year, to $74.35, reflecting a higher mix of new and
existing subscribers choosing Viasat's premium highest speed plans.
At the close of the second quarter of fiscal year 2019, subscribers
totaled approximately 585,000, up on a sequential quarter
basis.
- The Federal Communications Commission announced Viasat as a
winning bidder in the Connect America Fund II (CAF-II) auction.
Viasat will offer advanced satellite broadband services to
designated areas within 20 U.S. states, covering more than 190,000
locations. For its commitment, Viasat is expected to receive
approximately $122.5 million over a
10-year period to support the U.S.-based expansion of satellite
broadband services.
- In business internet, Viasat expanded into new vertical
segments, including state parks, announcing Nevada as the first state to deploy Viasat's
Wi-Fi hotspot technology at its parks statewide. Viasat also
expanded its distribution to businesses, having signed the top five
Master Agents in the telecommunications channel. Viasat now has
access to over 12,000 new business-to-business agents throughout
the U.S.
- The Community Wi-Fi hotspot business continued to grow in
Latin America. Viasat's service is
now within walking distance to over 950,000 people in Mexico.
- Mobility services
-
- At the close of the second quarter of fiscal year 2019, 898
commercial aircraft were in service using Viasat's IFC systems, an
increase of 141 commercial planes quarter-over-quarter. Viasat
expects to install its IFC systems on an additional 854 commercial
aircraft under existing contracts.
- Commercial airline customers that began flying with Viasat's
IFC equipment in the second quarter of fiscal year 2019 included EL
AL Israel Airlines, which officially launched its IFC service
offering to passengers, and Finnair, which began its passenger
in-flight testing program.
- Viasat continued to grow its wireless in-flight entertainment
(W-IFE) business, with three of Viasat's IFC airline customers now
using its W-IFE platform.
- New airline deals announced in the second quarter of fiscal
year 2019: In August 2018, Viasat was
selected to outfit 100 new American Airlines Airbus A321neo
aircraft with its IFC and W-IFE systems; Aeromexico selected the
Viasat IFC system across 18 new Boeing 737 MAX aircraft, with an
option to extend up to 60 aircraft; and boutique business-class
only airline, La Compagnie, chose Viasat's IFC system for its fleet
with installs expected to begin in the first quarter of fiscal year
2020.
- Following the close of the second quarter of fiscal year 2019,
Viasat announced its business aviation connectivity solution will
be offered as a line-fit option on the Gulfstream G280, the Embraer
Praetor 500 and the Embraer Praetor 600 aircraft.
- Additionally, after the close of the second quarter of fiscal
year 2019, Viasat announced it will provide technology integration
and cybersecurity services to Bentley for its 'Advanced
Connectivity,' in-car Wi-Fi system.
Fiscal year-to-date, Satellite Services segment revenues reached
a new record as ViaSat-2-based services began to scale. In
addition, operating profit and Adjusted EBITDA for the segment were
lower compared to the same period last year, reflecting the same
fixed expense impacts seen year-over-year.
Commercial Networks
Viasat's Commercial
Networks segment second quarter fiscal 2019 revenues hit record
levels, doubling year-over-year as the Company's scaling IFC
equipment business continued to gain market penetration. The strong
revenue growth coupled with segment operating cost decreases led to
narrowed segment operating losses and improved Adjusted EBITDA on
both a sequential quarter and year-over-year basis. Research and
development (R&D) expenses declined for the fourth consecutive
quarter, contributing to segment year-over-year performance by
$15.4 million, as the Company's
ViaSat-3 payload program migrated to the capital portion of the
project. Sequential quarter earnings performance improved,
primarily due to large-scale mobile terminal deliveries, and to a
lesser extent to reductions in segment level R&D expenses.
Highlights for the quarter include:
- In support of Viasat's accelerating IFC installations, the
Commercial Networks segment expanded delivery volumes of its
next-generation IFC systems for commercial aircraft, bringing total
year-to-date fiscal year 2019 next-generation IFC system shipments
to over 350 aircraft across nine commercial airlines.
- New contract awards rose 126% versus the same period last year,
generating a segment book-to-bill ratio of 1.1:1, marking the
highest segment backlog in over three years.
- Viasat continued to meet key milestones on the ViaSat-3
satellite program, and announced its first ViaSat-3 payload module
structure was shipped from Boeing to Viasat's Tempe, Arizona facility, enabling Viasat to
begin integration and testing of the payload electronics.
- Viasat announced two ViaSat-3 launch partners: United Launch
Alliance in September 2018 and SpaceX
in October 2018.
Fiscal year-to-date, Commercial Networks segment revenues
increased significantly to a new record. In addition, operating
loss narrowed and Adjusted EBITDA was higher for the segment
compared to the same period last year, reflecting the same
year-over-year impacts and investment trends seen in the second
quarter of fiscal year 2019.
Government Systems
Viasat's Government Systems
segment achieved quarterly record revenues, operating profit and
Adjusted EBITDA. Second quarter fiscal year 2019 revenues increased
27% year-over-year to $240.0 million;
operating profits increased 31% year-over-year to $44.9 million; and Adjusted EBITDA increased 21%
year-over-year to $62.2 million.
Higher operating profit and Adjusted EBITDA were achieved primarily
by strong demand for Viasat's unique Non-Developmental Item (NDI)
products, as well as government mobile broadband products and
services, with segment level service revenues hitting record
levels. Highlights for the quarter include:
- New contract awards increased 147% year-over-year, generating a
quarterly segment level book-to-bill ratio of 1.9:1.
- Viasat secured a new $559.8
million eight-year contract from the U.S. Government to
provide elite global IFC services on U.S. Government senior leader
aircraft, with second quarter fiscal year 2019 awards inclusive of
only the initial 12-month period at $55.6
million.
- The Company also announced its Ku-/Ka-band multi-network,
multi-mode Global Mobile Antenna 5560-101 successfully completed
key Federal Aviation Administration and the U.S. Air Force
Materiel Command testing, demonstrating critical IFC
capabilities.
- Viasat announced its commercial off-the-shelf Visual Integrated
Satellite Communications Information, Operation and Networking
(VISION) software successfully passed the North Atlantic
Treaty Organization (NATO) First Article System Test, enabling
NATO to expedite the roll-out of its Ultra High Frequency satellite
communications modernization efforts.
On a fiscal year-to-date basis, Viasat's Government Systems
segment achieved record performance with revenue growth of 16% to
$430.2 million, operating profit
increases of 4% to $69.8 million and
Adjusted EBITDA increases of 5% to $105.7
million, over the same period last year.
Conference Call
Viasat will host a conference call to
discuss the second quarter of fiscal year 2019 results.
Details follow:
DATE/TIME:
|
Thursday, November 1,
2018 at 1:00 p.m. Eastern Time
|
DIAL-IN:
|
(877) 640-9809 in the
U.S.; (914) 495-8528 international
|
WEBCAST:
|
investors.viasat.com.
|
REPLAY:
|
Available from 4:00
p.m. Eastern Time on Thursday, November 1 until 11:59 p.m. Eastern
Time on Friday, November 2 by dialing (855) 859-2056 for U.S.
callers and (404) 537-3406 for international callers; conference ID
1486685.
|
Forward-Looking Statements
This press release contains
forward-looking statements that are subject to the safe harbors
created under the Securities Act of 1933 and the Securities
Exchange Act of 1934. Forward-looking statements include, among
others, statements that refer to opportunities, growth and outlook
for fiscal year 2019 and beyond; satellite construction and launch
activities; the performance and benefits of our ViaSat-2 and
ViaSat-3 class satellites; the expected completion, capacity,
service, coverage, service speeds, availability and other features
of our satellites, and the timing, cost, economics and other
benefits associated therewith; the development and performance of
equipment and hardware for the ViaSat-2 and ViaSat-3 class
satellite platforms, the timing thereof and the benefits associated
therewith; domestic and international expansion plans; the
realization of IFC and W-IFE investments and the number of IFC
systems expected to be installed under existing contracts with
commercial airlines; the impacts of new contracts entered into
with, and the roll-out, ramp-up and uptake of products and services
by, and services to be offered by, our airline partners and other
customers; and expected payments for providing advanced satellite
broadband services resulting from the CAF-II auction. Readers are
cautioned that actual results could differ materially and adversely
from those expressed in any forward-looking statements. Factors
that could cause actual results to differ include: our ability to
realize the anticipated benefits of the ViaSat-2 and ViaSat-3 class
satellites; unexpected expenses related to our satellite projects;
our ability to successfully implement our business plan for our
broadband satellite services on our anticipated timeline or at all;
risks associated with the construction, launch and operation of our
satellites, including the effect of any anomaly, operational
failure or degradation in satellite performance; our ability to
realize the anticipated benefits of our strategic partnership
arrangement with Eutelsat; our ability to successfully develop,
introduce and sell new technologies, products and services; the
number of purchase orders that are submitted and accepted for the
installation of IFC systems with respect to aircraft under
contract; audits by the U.S. government; changes in the global
business environment and economic conditions; delays in approving
U.S. government budgets and cuts in government defense
expenditures; our reliance on U.S. government contracts, and on a
small number of contracts which account for a significant
percentage of our revenues; reduced demand for products and
services as a result of continued constraints on capital spending
by customers; changes in relationships with, or the financial
condition of, key customers or suppliers; our reliance on a limited
number of third parties to manufacture and supply our products;
increased competition; introduction of new technologies and other
factors affecting the communications and defense industries
generally; the effect of adverse regulatory changes on our ability
to sell products and services; our level of indebtedness and
ability to comply with applicable debt covenants; our involvement
in litigation, including intellectual property claims and
litigation to protect our proprietary technology; and our
dependence on a limited number of key employees. In addition,
please refer to the risk factors contained in our SEC filings
available at www.sec.gov, including our most recent Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q. Readers are
cautioned not to place undue reliance on any forward-looking
statements, which speak only as of the date on which they are made.
We undertake no obligation to update or revise any forward-looking
statements for any reason.
About Viasat
Viasat is a global communications company
that believes everyone and everything in the world can be
connected. For more than 30 years, Viasat has helped shape how
consumers, businesses, governments and militaries around the world
communicate. Today, the Company is developing the ultimate global
communications network to power high-quality, secure, affordable,
fast connections to impact people's lives anywhere they are—on the
ground, in the air or at sea. To learn more about Viasat,
visit: www.viasat.com, go to Viasat's Corporate Blog, or
follow the Company on social media at:
Facebook, Instagram, LinkedIn, Twitter or YouTube.
Use of Non-GAAP Financial Information
To supplement
Viasat's consolidated financial statements presented in accordance
with generally accepted accounting principles (GAAP), ViaSat uses
non-GAAP net income (loss) attributable to Viasat Inc. and Adjusted
EBITDA, measures Viasat believes are appropriate to enhance an
overall understanding of Viasat's past financial performance and
prospects for the future. We believe the non-GAAP results provide
useful information to both management and investors by excluding
specific expenses that we believe are not indicative of our core
operating results. In addition, since we have historically reported
non-GAAP results to the investment community, we believe the
inclusion of non-GAAP numbers provides consistency in our financial
reporting and facilitates comparisons to the Company's historical
operating results. Further, these non-GAAP results are among the
primary indicators that management uses as a basis for evaluating
the operating performance of our segments, allocating resources to
such segments, planning and forecasting in future periods. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for measures of
financial performance prepared in accordance with GAAP. A
reconciliation of specific adjustments to GAAP results is provided
in the tables below.
Copyright © 2018 Viasat, Inc. All rights reserved. Viasat is a
registered trademark of Viasat, Inc. The Viasat logo is a trademark
of Viasat, Inc. All other product or company names mentioned are
used for identification purposes only and may be trademarks of
their respective owners.
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
September 30,
2018
|
|
September 30,
2017
|
|
September 30,
2018
|
|
September 30,
2017
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Product
revenues
|
$
280,435
|
|
$
181,783
|
|
$
498,564
|
|
$
347,901
|
Service
revenues
|
237,039
|
|
211,291
|
|
457,779
|
|
425,217
|
Total
revenues
|
517,474
|
|
393,074
|
|
956,343
|
|
773,118
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Cost of product
revenues
|
216,900
|
|
133,850
|
|
390,348
|
|
256,495
|
Cost of service
revenues
|
175,230
|
|
135,412
|
|
346,662
|
|
273,263
|
Selling, general and
administrative
|
113,120
|
|
90,084
|
|
225,762
|
|
179,257
|
Independent research
and development
|
31,360
|
|
46,268
|
|
64,733
|
|
91,333
|
Amortization of
acquired intangible assets
|
2,435
|
|
3,320
|
|
4,888
|
|
6,580
|
Loss from
operations
|
(21,571)
|
|
(15,860)
|
|
(76,050)
|
|
(33,810)
|
Interest (expense)
income, net
|
(14,045)
|
|
(20)
|
|
(25,333)
|
|
17
|
Loss on
extinguishment of debt
|
-
|
|
(10,217)
|
|
-
|
|
(10,217)
|
Loss before income
taxes
|
(35,616)
|
|
(26,097)
|
|
(101,383)
|
|
(44,010)
|
Benefit from income
taxes
|
9,704
|
|
11,464
|
|
38,909
|
|
20,644
|
Equity in income of
unconsolidated affiliate, net
|
314
|
|
741
|
|
1,379
|
|
228
|
Net loss
|
(25,598)
|
|
(13,892)
|
|
(61,095)
|
|
(23,138)
|
Less: net income
(loss) attributable to noncontrolling interests, net of
tax
|
126
|
|
(203)
|
|
(1,361)
|
|
(410)
|
Net loss attributable
to Viasat Inc.
|
$
(25,724)
|
|
$
(13,689)
|
|
$
(59,734)
|
|
$
(22,728)
|
|
|
|
|
|
|
|
|
Diluted net loss per
share attributable to Viasat Inc. common stockholders
|
$
(0.43)
|
|
$
(0.24)
|
|
$
(1.00)
|
|
$
(0.39)
|
Diluted common
equivalent shares
|
59,734
|
|
58,229
|
|
59,470
|
|
58,039
|
|
|
|
|
|
|
|
|
AN ITEMIZED
RECONCILIATION BETWEEN NET INCOME (LOSS) ATTRIBUTABLE TO VIASAT
INC.
|
ON A GAAP BASIS
AND NON-GAAP BASIS IS AS FOLLOWS:
|
(In thousands,
except per share data)
|
Three months
ended
|
|
Six months
ended
|
|
September 30,
2018
|
|
September 30,
2017
|
|
September 30,
2018
|
|
September 30,
2017
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to Viasat Inc.
|
$
(25,724)
|
|
$
(13,689)
|
|
$
(59,734)
|
|
$
(22,728)
|
Amortization of
acquired intangible assets
|
2,435
|
|
3,320
|
|
4,888
|
|
6,580
|
Stock-based
compensation expense
|
19,377
|
|
15,983
|
|
38,503
|
|
31,490
|
Loss on
extinguishment of debt
|
-
|
|
10,217
|
|
-
|
|
10,217
|
Income tax effect
(1)
|
(5,042)
|
|
(10,592)
|
|
(10,087)
|
|
(17,809)
|
Non-GAAP net (loss)
income attributable to Viasat Inc.
|
$
(8,954)
|
|
$
5,239
|
|
$
(26,430)
|
|
$
7,750
|
Non-GAAP diluted net
(loss) income per share attributable to Viasat Inc. common
stockholders
|
$
(0.15)
|
|
$
0.09
|
|
$
(0.44)
|
|
$
0.13
|
Diluted common
equivalent shares
|
59,734
|
|
58,229
|
|
59,470
|
|
58,039
|
|
|
|
|
|
|
|
|
(1)The
income tax effect is calculated using the tax rate applicable for
the non-GAAP adjustments.
|
|
|
|
|
|
|
|
|
|
AN ITEMIZED
RECONCILIATION BETWEEN NET INCOME (LOSS) ATTRIBUTABLE TO VIASAT
INC.
|
AND ADJUSTED
EBITDA IS AS FOLLOWS:
|
(In
thousands)
|
Three months
ended
|
|
Six months
ended
|
|
September 30,
2018
|
|
September 30,
2017
|
|
September 30,
2018
|
|
September 30,
2017
|
|
|
|
|
|
|
|
|
GAAP net loss
attributable to Viasat Inc.
|
$
(25,724)
|
|
$
(13,689)
|
|
$
(59,734)
|
|
$
(22,728)
|
Benefit from income
taxes
|
(9,704)
|
|
(11,464)
|
|
(38,909)
|
|
(20,644)
|
Interest expense
(income), net
|
14,045
|
|
20
|
|
25,333
|
|
(17)
|
Depreciation and
amortization
|
79,474
|
|
60,874
|
|
157,271
|
|
124,809
|
Stock-based
compensation expense
|
19,377
|
|
15,983
|
|
38,503
|
|
31,490
|
Loss on
extinguishment of debt
|
-
|
|
10,217
|
|
-
|
|
10,217
|
Adjusted
EBITDA
|
$
77,468
|
|
$
61,941
|
|
$
122,464
|
|
$
123,127
|
AN ITEMIZED
RECONCILIATION BETWEEN SEGMENT OPERATING PROFIT (LOSS)
BEFORE
|
|
|
|
|
|
|
CORPORATE AND
AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS AND ADJUSTED EBITDA IS
AS FOLLOWS:
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2018
|
|
Three months ended
September 30, 2017
|
|
|
|
|
Satellite
Services
|
|
Commercial
Networks
|
|
Government
Systems
|
|
Total
|
|
Satellite
Services
|
|
Commercial
Networks
|
|
Government
Systems
|
|
Total
|
|
|
Segment operating
(loss) profit before corporate and amortization of acquired
intangible assets
|
|
$ (24,839)
|
|
$
(39,197)
|
|
$
44,900
|
|
$ (19,136)
|
|
$
12,616
|
|
$
(59,377)
|
|
$
34,221
|
|
$ (12,540)
|
|
|
Depreciation(2)
|
|
50,823
|
|
5,502
|
|
8,872
|
|
65,197
|
|
35,307
|
|
6,729
|
|
8,795
|
|
50,831
|
|
|
Stock-based
compensation expense
|
|
5,733
|
|
6,758
|
|
6,886
|
|
19,377
|
|
3,816
|
|
6,109
|
|
6,058
|
|
15,983
|
|
|
Other
amortization
|
|
7,051
|
|
2,328
|
|
2,463
|
|
11,842
|
|
2,502
|
|
1,573
|
|
2,648
|
|
6,723
|
|
|
Equity in income of
unconsolidated affiliate, net
|
|
314
|
|
-
|
|
-
|
|
314
|
|
741
|
|
-
|
|
-
|
|
741
|
|
|
Noncontrolling
interests
|
|
783
|
|
-
|
|
(909)
|
|
(126)
|
|
436
|
|
-
|
|
(233)
|
|
203
|
|
|
Adjusted
EBITDA
|
|
$
39,865
|
|
$
(24,609)
|
|
$
62,212
|
|
$
77,468
|
|
$
55,418
|
|
$
(44,966)
|
|
$
51,489
|
|
$
61,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
September 30, 2018
|
|
Six months ended
September 30, 2017
|
|
|
|
|
Satellite
Services
|
|
Commercial
Networks
|
|
Government
Systems
|
|
Total
|
|
Satellite
Services
|
|
Commercial
Networks
|
|
Government
Systems
|
|
Total
|
|
|
Segment operating
(loss) profit before corporate and amortization of acquired
intangible assets
|
|
$ (54,775)
|
|
$
(86,205)
|
|
$
69,818
|
|
$ (71,162)
|
|
$
31,459
|
|
$
(125,502)
|
|
$
66,813
|
|
$ (27,230)
|
|
|
Depreciation(2)
|
|
100,833
|
|
10,995
|
|
17,162
|
|
128,990
|
|
70,944
|
|
13,255
|
|
17,460
|
|
101,659
|
|
|
Stock-based
compensation expense
|
|
11,026
|
|
13,864
|
|
13,613
|
|
38,503
|
|
7,448
|
|
12,080
|
|
11,962
|
|
31,490
|
|
|
Other
amortization
|
|
13,960
|
|
3,995
|
|
5,438
|
|
23,393
|
|
6,546
|
|
5,161
|
|
4,863
|
|
16,570
|
|
|
Equity in income of
unconsolidated affiliate, net
|
|
1,379
|
|
-
|
|
-
|
|
1,379
|
|
228
|
|
-
|
|
-
|
|
228
|
|
|
Noncontrolling
interests
|
|
1,707
|
|
-
|
|
(346)
|
|
1,361
|
|
813
|
|
-
|
|
(403)
|
|
410
|
|
|
Adjusted
EBITDA
|
|
$
74,130
|
|
$
(57,351)
|
|
$
105,685
|
|
$ 122,464
|
|
$ 117,438
|
|
$
(95,006)
|
|
$
100,695
|
|
$ 123,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)Depreciation expenses not specifically
recorded in a particular segment have been allocated based on other
indirect allocable costs, which management believes is a reasonable
method.
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
As
of
|
|
|
As
of
|
|
As
of
|
Assets
|
September 30,
2018
|
|
March 31,
2018
|
|
Liabilities and
Equity
|
September 30,
2018
|
|
March 31,
2018
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
Current
liabilities:
|
|
|
|
Cash and cash
equivalents
|
$
44,458
|
|
$
71,446
|
|
Accounts
payable
|
$
165,317
|
|
$
157,481
|
Restricted
cash
|
7,169
|
|
-
|
|
Accrued
liabilities
|
250,407
|
|
263,676
|
Accounts receivable,
net
|
268,803
|
|
267,665
|
|
Current portion of
long-term debt
|
47,702
|
|
45,300
|
Inventories
|
232,078
|
|
196,307
|
|
Total current
liabilities
|
463,426
|
|
466,457
|
Prepaid expenses and
other current assets
|
233,258
|
|
77,135
|
|
Senior
notes
|
691,497
|
|
690,886
|
Total current
assets
|
785,766
|
|
612,553
|
|
Other long-term
debt
|
460,101
|
|
287,519
|
|
|
|
|
|
Other
liabilities
|
130,266
|
|
121,240
|
|
|
|
|
|
Total
liabilities
|
1,745,290
|
|
1,566,102
|
Property, equipment
and satellites, net
|
1,950,373
|
|
1,962,475
|
|
|
|
|
|
Other acquired
intangible assets, net
|
26,072
|
|
31,862
|
|
Total Viasat Inc.
stockholders' equity
|
1,874,713
|
|
1,837,166
|
Goodwill
|
122,676
|
|
121,085
|
|
Noncontrolling
interest in subsidiaries
|
9,624
|
|
10,841
|
Other
assets
|
744,740
|
|
686,134
|
|
Total
equity
|
1,884,337
|
|
1,848,007
|
Total
assets
|
$
3,629,627
|
|
$
3,414,109
|
|
Total liabilities and
equity
|
$
3,629,627
|
|
$
3,414,109
|
View original
content:http://www.prnewswire.com/news-releases/viasat-announces-second-quarter-fiscal-year-2019-results-300741917.html
SOURCE Viasat, Inc.