CARLSBAD, Calif., May 23, 2019 /PRNewswire/ -- Viasat Inc.
(NASDAQ: VSAT), a global communications company, today
announced financial results for the fiscal fourth quarter ended
March 31, 2019.
"Fiscal year 2019 was a pivotal year for Viasat," said
Mark Dankberg, Viasat chairman and
CEO. "We entered the year with an ambitious growth agenda, and a
commitment to capitalize on prior period investments in ViaSat-2,
in-flight connectivity (IFC) mobility and defense products. We
executed well, transforming sales backlogs into record revenue and
compelling Adjusted EBITDA growth. IFC registered impressive market
share gains and global recognition for quality and reliability.
Government Systems delivered exceptional growth, record new
contract awards and expanding market opportunities fueled by
investments in innovative Non-Developmental Item (NDI) products.
Satellite Services achieved record revenues with greater vertical
and geographic market diversification and solid momentum. We've
also made good progress on our growth initiatives in new vertical
and geographic markets – aided by key agreements with global
strategic and regional satellite partners. We are energized by the
opportunities before us in fiscal year 2020 that are enabled by our
unique, highly-integrated technology and business
approach."
Financial
Results
|
|
|
|
|
|
|
|
(In millions, except
per share data)
|
Q4
FY19
|
Q4
FY18
|
Year-
Over-Year
Change
|
FY19
|
FY18
|
Year-
Over-Year
Change
|
|
|
Revenues
|
$557.2
|
$439.7
|
27%
|
$2,068.3
|
$1,594.6
|
30%
|
|
Net income
(loss)1
|
$2.5
|
($19.9)
|
*
|
($67.6)
|
($67.3)
|
0%
|
|
Non-GAAP net income
(loss)1
|
$20.4
|
($3.1)
|
*
|
$0.9
|
$2.2
|
-59%
|
|
Adjusted
EBITDA
|
$108.3
|
$55.6
|
95%
|
$339.4
|
$235.0
|
44%
|
|
Diluted per share net
income (loss)1
|
$0.04
|
($0.34)
|
*
|
($1.13)
|
($1.15)
|
-2%
|
|
Non-GAAP diluted per
share net income (loss)1
|
$0.33
|
($0.05)
|
*
|
$0.01
|
$0.04
|
-75%
|
|
Fully diluted
weighted average shares2
|
61.4
|
59.1
|
4%
|
59.9
|
58.4
|
3%
|
|
|
|
|
|
|
|
|
|
New contract
awards3
|
$612.3
|
$404.0
|
52%
|
$2,369.2
|
$1,666.6
|
42%
|
|
Sales
backlog4
|
$1,866.3
|
$1,090.0
|
71%
|
$1,866.3
|
$1,090.0
|
71%
|
|
|
|
|
|
|
|
|
|
Segment
Results
|
|
|
|
|
|
|
|
(In
millions)
|
Q4
FY19
|
Q4
FY18
|
Year-
Over-Year
Change
|
FY19
|
FY18
|
Year-
Over-Year
Change
|
|
|
Satellite
Services
|
|
|
|
|
|
|
|
New contract
awards3
|
$189.6
|
$145.3
|
30%
|
$693.2
|
$593.6
|
17%
|
|
Revenues
|
$190.0
|
$145.0
|
31%
|
$684.2
|
$589.3
|
16%
|
|
Operating
profit (loss)5
|
$0.7
|
($21.1)
|
*
|
($64.3)
|
$12.0
|
*
|
|
Adjusted
EBITDA
|
$65.2
|
$30.1
|
117%
|
$196.1
|
$193.9
|
1%
|
|
|
|
|
|
|
|
|
|
Commercial
Networks
|
|
|
|
|
|
|
|
New contract
awards
|
$95.8
|
$66.2
|
45%
|
$440.5
|
$250.6
|
76%
|
|
Revenues
|
$91.8
|
$76.2
|
21%
|
$428.4
|
$233.2
|
84%
|
|
Operating
loss5
|
($49.2)
|
($50.1)
|
-2%
|
($166.6)
|
($229.1)
|
-27%
|
|
Adjusted
EBITDA
|
($34.3)
|
($32.9)
|
4%
|
($108.6)
|
($165.9)
|
-35%
|
|
|
|
|
|
|
|
|
|
Government
Systems
|
|
|
|
|
|
|
|
New contract
awards
|
$326.9
|
$192.5
|
70%
|
$1,235.5
|
$822.4
|
50%
|
|
Revenues
|
$275.3
|
$218.6
|
26%
|
$955.6
|
$772.1
|
24%
|
|
Operating
profit5
|
$60.2
|
$40.6
|
48%
|
$180.0
|
$137.1
|
31%
|
|
Adjusted
EBITDA
|
$77.3
|
$58.4
|
32%
|
$252.0
|
$206.9
|
22%
|
|
|
|
1
|
Attributable to
Viasat, Inc. common stockholders.
|
2
|
As the fiscal years
ended March 31, 2019 and 2018 and three months ended March 31, 2018
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 March 31, 2018 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
The Company's Satellite
Services segment achieved another quarter of record revenue
performance at $190.0 million in the
fourth quarter of fiscal year 2019, with gains of 31%
year-over-year and 7% sequentially. In fixed broadband services,
the Company's premium service offerings continued to drive
year-over-year revenue growth across both residential and
enterprise markets. Mobile broadband service revenues also achieved
a new high, as the Company's commercial aviation IFC business more
than doubled in-service aircraft year-over-year, and by 17%
sequentially. On the international front, the fourth quarter of
fiscal year 2019 included elevated investments in market expansion
opportunities for fixed and mobile broadband services across
Latin America, Europe and Asia
Pacific. Revenues obtained from businesses other than U.S.
fixed broadband services rose to approximately 24% of the segment's
revenue for the fourth quarter of fiscal year 2019. Segment
Adjusted EBITDA more than doubled compared to the fourth quarter of
fiscal year 2018, and rose 17% on a sequential basis, excluding any
impacts associated with the Company's ViaSat-2 insurance claims
recorded in the second half of fiscal year 2019. Highlights for the
quarter include:
- Fixed broadband services
-
- U.S. residential fixed broadband Average Revenue per User
(ARPU) continued to grow: ARPU reached $81.99 for the fourth quarter of fiscal year
2019, an increase of about 5% from the prior quarter and 15%
year-over-year, as consumers continued to migrate to
Viasat's premium higher-speed plans. At the close of the
fourth quarter of fiscal year 2019, the total number of U.S.
subscribers was up slightly on a sequential quarter basis to
586,000.
- Expanded internet connectivity in Mexico: Viasat and Facebook announced a
collaboration to accelerate the deployment of affordable,
high-speed, high-quality internet to communities that lack reliable
internet or have no connectivity at all. The collaboration will
initially focus on Mexico, bringing internet connectivity to
remote regions of the country, with an opportunity to expand
globally.
- Connecting Brazil: Following
the close of fiscal year 2019, the Brazilian Federal Court of
Accounts (TCU) provided final approval of the Viasat-Telebras
contract, enabling the two companies to commercialize Telebras'
satellite and enter into enterprise and commercial aviation
markets, as well as provide Community Wi-Fi and residential
services across Brazil. To date, Viasat and Telebras have
connected more than 1.2 million students in more than 3,700 public
schools as well as hundreds of additional sites, such as border
patrol posts, public health units and indigenous villages through
the Brazilian e-Government initiative, GESAC.
- Mobility services
-
- At the close of the fourth quarter of fiscal year 2019, the
number of commercial aircraft in-service flying
with Viasat's IFC equipment was 1,312 aircraft – up 189
aircraft from the prior quarter, a 107% increase year-over-year.
Viasat expects to install its IFC equipment on approximately
490 additional commercial aircraft under existing contracts.
- Transatlantic service on ViaSat-2 went live: EL AL Israel
Airlines and Neos, the Italian leisure airline, launched in-flight
Wi-Fi service on routes flying to and from North American
destinations.
- IFC and live television over the same Ka-band antenna: Now
more than 550 aircraft in American Airlines' domestic fleet are
using Viasat's satellite system to power in-flight connectivity and
12-channels of live television service.
- In-flight streaming: As announced during the third quarter
fiscal year 2019 earnings call, American
Airlines and Apple announced free in-flight
streaming of Apple Music, available on all Viasat-equipped
American Airlines aircraft.
- Broadening global reach: After the close of fiscal year 2019,
Viasat announced it partnered with China Satcom to bring IFC
service to airlines over China.
This announcement followed Viasat's introduction of its
second-generation hybrid Ku-/Ka-band IFC antenna system, aimed at
the global commercial wide-body aircraft market.
For fiscal year 2019, Satellite Services segment revenues
reached a new record as the total ViaSat-2 fixed and mobile service
base began to scale. The segment operating loss for fiscal year
2019 reflected the higher depreciation, fixed operating expenses
and sales and marketing costs associated with the ViaSat-2 service
launch, as well as expenses related to the ramp in IFC aircraft
installations. Adjusted EBITDA performance for the segment for
fiscal year 2019 improved slightly compared to fiscal year
2018.
Commercial Networks
For the fourth quarter of
fiscal year 2019, Viasat's Commercial Networks segment revenues
increased 21% from the prior year, as the Company continued its
rapid IFC terminal delivery activities based on strong customer
demand. Segment performance also reflected revenue growth across
the Company's antenna systems infrastructure businesses and other
satellite networking areas. Segment operating losses and Adjusted
EBITDA for the quarter remained relatively flat compared to the
prior year period. Research and Development (R&D) expense for
the quarter declined by $7.0 million
year-over-year, and held flat on a sequential quarter basis, as the
Company progressed through final module test and validation for the
Company's first two ViaSat-3 class satellite payloads, and neared
final migration to the capital portion of the project. Highlights
for the quarter include:
- Strong IFC terminal execution: In the fourth quarter of fiscal
year 2019, Viasat delivered 108 terminals. For the year, the
Company delivered 704 IFC shipsets and secured nine Supplemental
Type Certificates (STC) or amendments for the commercial aviation
business.
- ViaSat-3 program status: Hardware build, enhanced payload
testbed capabilities and qualification testing on flight test
hardware for the first two ViaSat-3 class satellites continued to
progress. The third ViaSat-3 class satellite program commenced with
the design configuration phase underway.
For fiscal year 2019 the Commercial Networks segment saw
narrowed segment operating losses and improved Adjusted EBITDA
compared to the prior fiscal year.
Government Systems
Viasat's Government Systems
segment achieved another quarter of record performance, setting new
highs for revenues, operating profit and Adjusted EBITDA. Fourth
quarter fiscal year 2019 also marked the close of the segment's
first ever $1 billion contract win
year, with fiscal year 2019 segment new contract awards totaling
over $1.2 billion, up 50% compared to
the prior fiscal year, representing a book-to-bill ratio of 1:3:1.
For the quarter, compared to the prior year period, revenues
increased by 26%, to $275.3 million;
operating profit increased by 48%, to $60.2
million; and Adjusted EBITDA grew by 32%, to $77.3 million. Operating results reflected strong
performance across multiple business units, including additional
year-over-year operating profit and Adjusted EBITDA contributions
from sales of government satellite communication products,
government mobile broadband solutions and network security
platforms. Highlights for the quarter include:
- Growing opportunities in the Canadian defense market: Viasat
and partner MDA announced Viasat's KOR-24A Small Tactical
Terminal was selected by the Canadian Department of
National Defence to support the Canadian Army's Airspace
Coordination Centre Modernization project.
- Tactical data links milestone: In March
2019, Viasat reached 1,000 AN/PRC-161 Battlefield
Awareness Targeting System-Dismounted (BATS-D) handheld Link
16 radios shipped. This radio provides secure, reliable access
to integrated air and ground information for improved situational
awareness and enhanced close air support communications.
- Major award programs: After the close of fiscal year 2019,
Viasat was awarded a five-year, sole-source Indefinite Delivery
Indefinite Quantity (IDIQ) contract by the General Services
Administration, with a maximum ceiling of $450 million to support rapid migration of
Command, Control, Communications and Computers/Cyber (C5AD)
capability best practices for U.S. Special Operations Forces and
U.S. General Purpose Forces.
- Spacecraft and Link 16 waveform expertise leads to new
satellite business: After the close of fiscal year 2019, Viasat was
awarded a contract by the Administrator of the Space Enterprise
Consortium, under the Air Force Research Laboratory Space
Vehicles XVI program to deliver and test the first-ever Link
16-capable low earth orbit (LEO) spacecraft prototype.
For fiscal year 2019, Viasat's Government Systems segment's
record performance continued with revenue growth of 24% to
$955.6 million, an operating profit
increase of 31% to $180.0 million and
an Adjusted EBITDA increase of 22% to $252.0
million, compared to the prior fiscal year.
Conference Call
Viasat will host a conference call to
discuss the fourth quarter and fiscal year 2019 results. Details
follow:
DATE/TIME:
|
Thursday, May 23,
2019 at 5:00 p.m. Eastern Time
|
DIAL-IN:
|
(877) 640-9809 in the
U.S.; (914) 495-8528 international
|
WEBCAST:
|
investors.viasat.com.
|
REPLAY:
|
Available from 8:00
p.m. Eastern Time on Thursday, May 23 until 11:59 p.m. Eastern Time
on Friday, May 24 by dialing (855) 859-2056 for U.S. callers and
(404) 537-3406 for international callers; conference ID
6371199.
|
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.
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 2020 and beyond; satellite construction and launch
activities; the expected completion, performance, capacity,
service, coverage, service speeds, availability and other features
of our satellites, and the timing, cost, economics and other
benefits associated therewith; domestic and international expansion
plans, including with respect to the expansion of our footprint and
service offerings in Mexico and
collaboration with Facebook; the number of IFC systems expected to
be installed under existing contracts with commercial airlines; and
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. 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 acquisitions or strategic
partnering arrangements; 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 (including
changes affecting spectrum availability or permitted uses) on our
ability to sell products and services; orbital arc congestion
affecting availability of Ka-band spectrum; the effect of changes
in the way Ka-band spectrum is used by others; 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.
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 © 2019 Viasat, Inc. All rights reserved. Viasat, the
Viasat logo and the Viasat signal are registered trademarks 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
|
|
Twelve months
ended
|
|
March 31,
2019
|
|
March 31,
2018
|
|
March 31,
2019
|
|
March 31,
2018
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Product
revenues
|
$
292,262
|
|
$
231,689
|
|
$
1,092,691
|
|
$
755,547
|
Service
revenues
|
264,959
|
|
207,981
|
|
975,567
|
|
839,078
|
Total
revenues
|
557,221
|
|
439,670
|
|
2,068,258
|
|
1,594,625
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Cost of product
revenues
|
218,104
|
|
170,745
|
|
834,472
|
|
553,677
|
Cost of service
revenues
|
179,901
|
|
156,599
|
|
703,249
|
|
567,137
|
Selling, general and
administrative
|
118,130
|
|
106,038
|
|
458,458
|
|
385,420
|
Independent research
and development
|
29,383
|
|
36,865
|
|
123,044
|
|
168,347
|
Amortization of
acquired intangible assets
|
2,280
|
|
2,474
|
|
9,655
|
|
12,231
|
Income (loss) from
operations
|
9,423
|
|
(33,051)
|
|
(60,620)
|
|
(92,187)
|
Interest expense,
net
|
(9,663)
|
|
(3,595)
|
|
(49,861)
|
|
(3,066)
|
Loss on
extinguishment of debt
|
-
|
|
-
|
|
-
|
|
(10,217)
|
Loss before income
taxes
|
(240)
|
|
(36,646)
|
|
(110,481)
|
|
(105,470)
|
Benefit from income
taxes
|
5,335
|
|
16,745
|
|
41,014
|
|
35,217
|
Equity in income of
unconsolidated affiliate, net
|
268
|
|
385
|
|
2,998
|
|
1,978
|
Net income
(loss)
|
5,363
|
|
(19,516)
|
|
(66,469)
|
|
(68,275)
|
Less: net income
(loss) attributable to noncontrolling interests, net of
tax
|
2,848
|
|
430
|
|
1,154
|
|
(970)
|
Net income (loss)
attributable to Viasat Inc.
|
$
2,515
|
|
$
(19,946)
|
|
$
(67,623)
|
|
$
(67,305)
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share attributable to Viasat Inc. common
stockholders
|
$
0.04
|
|
$
(0.34)
|
|
$
(1.13)
|
|
$
(1.15)
|
Diluted common
equivalent shares
|
61,356
|
|
59,052
|
|
59,942
|
|
58,438
|
|
|
|
|
|
|
|
|
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
|
|
Twelve months
ended
|
|
March 31,
2019
|
|
March 31,
2018
|
|
March 31,
2019
|
|
March 31,
2018
|
|
|
|
|
|
|
|
|
GAAP net income
(loss) attributable to Viasat Inc.
|
$
2,515
|
|
$
(19,946)
|
|
$
(67,623)
|
|
$
(67,305)
|
Amortization of
acquired intangible assets
|
2,280
|
|
2,474
|
|
9,655
|
|
12,231
|
Stock-based
compensation expense
|
20,941
|
|
19,413
|
|
79,599
|
|
68,545
|
Loss on
extinguishment of debt
|
-
|
|
-
|
|
-
|
|
10,217
|
Income tax effect
(1)
|
(5,353)
|
|
(5,082)
|
|
(20,746)
|
|
(21,508)
|
Non-GAAP net income
(loss) attributable to Viasat Inc.
|
$
20,383
|
|
$
(3,141)
|
|
$
885
|
|
$
2,180
|
Non-GAAP diluted net
income (loss) per share attributable to Viasat Inc. common
stockholders
|
$
0.33
|
|
$
(0.05)
|
|
$
0.01
|
|
$
0.04
|
Diluted common
equivalent shares
|
61,356
|
|
59,052
|
|
59,942
|
|
58,438
|
|
|
|
|
|
|
|
|
(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
|
|
Twelve months
ended
|
|
March 31,
2019
|
|
March 31,
2018
|
|
March 31,
2019
|
|
March 31,
2018
|
|
|
|
|
|
|
|
|
GAAP net income
(loss) attributable to Viasat Inc.
|
$
2,515
|
|
$
(19,946)
|
|
$
(67,623)
|
|
$
(67,305)
|
Benefit from income
taxes
|
(5,335)
|
|
(16,745)
|
|
(41,014)
|
|
(35,217)
|
Interest expense,
net
|
9,663
|
|
3,595
|
|
49,861
|
|
3,066
|
Depreciation and
amortization
|
80,508
|
|
69,276
|
|
318,613
|
|
255,652
|
Stock-based
compensation expense
|
20,941
|
|
19,413
|
|
79,599
|
|
68,545
|
Loss on
extinguishment of debt
|
-
|
|
-
|
|
-
|
|
10,217
|
Adjusted
EBITDA
|
$
108,292
|
|
$
55,593
|
|
$
339,436
|
|
$
234,958
|
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
March 31, 2019
|
|
Three months ended
March 31, 2018
|
|
|
Satellite
Services
|
|
Commercial
Networks
|
|
Government
Systems
|
|
Total
|
|
Satellite
Services
|
|
Commercial
Networks
|
|
Government
Systems
|
|
Total
|
Segment operating
profit (loss) before corporate and amortization of acquired
intangible assets
|
|
$
650
|
|
$
(49,189)
|
|
$
60,242
|
|
$
11,703
|
|
$ (21,122)
|
|
$
(50,098)
|
|
$
40,643
|
|
$ (30,577)
|
Depreciation(2)
|
|
50,439
|
|
6,140
|
|
10,148
|
|
66,727
|
|
40,043
|
|
7,542
|
|
9,645
|
|
57,230
|
Stock-based
compensation expense
|
|
6,460
|
|
7,071
|
|
7,410
|
|
20,941
|
|
5,019
|
|
7,133
|
|
7,261
|
|
19,413
|
Other
amortization
|
|
7,429
|
|
1,720
|
|
2,352
|
|
11,501
|
|
4,825
|
|
2,571
|
|
2,176
|
|
9,572
|
Equity in income of
unconsolidated affiliate, net
|
|
268
|
|
-
|
|
-
|
|
268
|
|
385
|
|
-
|
|
-
|
|
385
|
Noncontrolling
interests
|
|
-
|
|
-
|
|
(2,848)
|
|
(2,848)
|
|
919
|
|
-
|
|
(1,349)
|
|
(430)
|
Adjusted
EBITDA
|
|
$
65,246
|
|
$
(34,258)
|
|
$
77,304
|
|
$ 108,292
|
|
$
30,069
|
|
$
(32,852)
|
|
$
58,376
|
|
$
55,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended March 31, 2019
|
|
Twelve months
ended March 31, 2018
|
|
|
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
|
|
$ (64,321)
|
|
$
(166,613)
|
|
$
179,969
|
|
$ (50,965)
|
|
$
12,018
|
|
$
(229,105)
|
|
$
137,131
|
|
$ (79,956)
|
Depreciation(2)
|
|
202,332
|
|
22,798
|
|
37,159
|
|
262,289
|
|
146,138
|
|
28,098
|
|
36,205
|
|
210,441
|
Stock-based
compensation expense
|
|
23,736
|
|
27,777
|
|
28,086
|
|
79,599
|
|
16,861
|
|
25,873
|
|
25,811
|
|
68,545
|
Other
amortization
|
|
29,037
|
|
7,436
|
|
10,196
|
|
46,669
|
|
14,464
|
|
9,281
|
|
9,235
|
|
32,980
|
Equity in income of
unconsolidated affiliate, net
|
|
2,998
|
|
-
|
|
-
|
|
2,998
|
|
1,978
|
|
-
|
|
-
|
|
1,978
|
Noncontrolling
interests
|
|
2,269
|
|
-
|
|
(3,423)
|
|
(1,154)
|
|
2,486
|
|
-
|
|
(1,516)
|
|
970
|
Adjusted
EBITDA
|
|
$ 196,051
|
|
$
(108,602)
|
|
$
251,987
|
|
$ 339,436
|
|
$ 193,945
|
|
$
(165,853)
|
|
$
206,866
|
|
$ 234,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
March 31,
2019
|
|
March 31,
2018
|
|
Liabilities and
Equity
|
March 31,
2019
|
|
March 31,
2018
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
Current
liabilities:
|
|
|
|
Cash and cash
equivalents
|
$
261,701
|
|
$
71,446
|
|
Accounts
payable
|
$
157,275
|
|
$
157,481
|
Accounts receivable,
net
|
300,307
|
|
267,665
|
|
Accrued
liabilities
|
308,268
|
|
263,676
|
Inventories
|
234,518
|
|
196,307
|
|
Current portion
of long-term debt
|
19,937
|
|
45,300
|
Prepaid expenses and
other current assets
|
90,646
|
|
77,135
|
|
Total current
liabilities
|
485,480
|
|
466,457
|
Total current
assets
|
887,172
|
|
612,553
|
|
Senior
notes
|
1,282,898
|
|
690,886
|
|
|
|
|
|
Other long-term
debt
|
110,005
|
|
287,519
|
|
|
|
|
|
Other
liabilities
|
120,826
|
|
121,240
|
|
|
|
|
|
Total
liabilities
|
1,999,209
|
|
1,566,102
|
Property, equipment
and satellites, net
|
2,125,290
|
|
1,962,475
|
|
|
|
|
|
Other acquired
intangible assets, net
|
22,301
|
|
31,862
|
|
Total Viasat
Inc. stockholders' equity
|
1,907,748
|
|
1,837,166
|
Goodwill
|
121,719
|
|
121,085
|
|
Noncontrolling
interest in subsidiaries
|
8,330
|
|
10,841
|
Other
assets
|
758,805
|
|
686,134
|
|
Total
equity
|
1,916,078
|
|
1,848,007
|
Total
assets
|
$
3,915,287
|
|
$
3,414,109
|
|
Total
liabilities and equity
|
$
3,915,287
|
|
$
3,414,109
|
View original
content:http://www.prnewswire.com/news-releases/viasat-announces-fourth-quarter-and-fiscal-year-2019-results-300856243.html
SOURCE Viasat, Inc.