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Exhibit 99.1

 

LOGO

ViaSat Announces Second Quarter Fiscal Year 2018 Results

 

  Quarterly highlights include year-over-year double-digit Government Systems segment operating profit and Adjusted EBITDA growth; continued momentum in in-flight connectivity; and record residential broadband Average Revenue Per User (ARPU)
  ViaSat announced today a direct service provider contract with JetBlue to provide its next-generation in-flight internet service to JetBlue aircraft
  ViaSat-2 orbit raising nearly complete; commercial service expected to launch in February 2018
  ViaSat named ‘Global Operator of the Year’ at Euroconsult’s 14th Annual Awards for Excellence in Satellite Communications

CARLSBAD, Calif., November 8, 2017 ViaSat Inc. (NASDAQ: VSAT), a global broadband services and technology company, today announced financial results for the fiscal second quarter ended September 30, 2017.

“Results for our second quarter were consistent with the objectives we established for this fiscal year,” said Mark Dankberg, ViaSat chairman and CEO. “Government Systems revenue, operating profit and Adjusted EBITDA growth continued to be very strong, driven by broadband mobility, tactical data links, and information assurance and cyber security. In-flight connectivity investments delivered key milestones with new customers including American Airlines and Qantas that clear the way for rapid growth in airplanes in service in the quarters ahead. We are very pleased that JetBlue has expanded their relationship with us in order to gain coverage with ViaSat-2, and to foster even greater passenger engagement with their award winning Fly-Fi® service. ViaSat-2 orbit raising is almost complete, and we are positioning our services portfolio to reflect its capabilities. Residential ARPU continued to grow to record levels, reflecting strong demand, as we introduced more plans with higher speed and greater bandwidth on our existing satellites.”

Financial Results

 

(In millions, except per share data)    Q2 FY18     Q2 FY17      Year-
Over-Year
Change
    First 6
Months

FY18
    First 6
Months

FY17
     Year-
Over-Year
Change
 

Revenues

   $ 393.1     $ 399.2        (1.5 )%    $ 773.1     $ 762.3        1.4

Net (loss) income1

   $ (13.7   $ 11.0        *     $ (22.7   $ 12.9        *  

Non-GAAP net income1

   $ 5.2     $ 20.3        (74.2 )%    $ 7.8     $ 31.6        (75.5 )% 

Adjusted EBITDA

   $ 61.9     $ 93.2        (33.5 )%    $ 123.1     $ 173.4        (29.0 )% 

Diluted per share net (loss) income1

   $ (0.24   $ 0.22        *     $ (0.39   $ 0.26        *  

Non-GAAP diluted per share net income1

   $ 0.09     $ 0.40        (77.5 )%    $ 0.13     $ 0.63        (79.4 )% 

Fully diluted weighted average shares2

     58.2       50.5        15.2     58.0       50.4        15.2

New contract awards

   $ 384.8     $ 586.1        (34.3 )%    $ 826.6     $ 922.4        (10.4 )% 

Sales backlog3

   $ 1,078.9     $ 1,091.4        (1.1 )%    $ 1,078.9     $ 1,091.4        (1.1 )% 

* Percentage not meaningful.


Segment Results

 

(In millions)    Q2 FY18     Q2 FY17     Year-
Over-Year
Change
    First 6
Months

FY18
    First 6
Months

FY17
    Year-
Over-Year
Change
 

Satellite Services

            

New contract awards

   $ 147.7     $ 149.2       (1.0 )%    $ 299.0     $ 291.0       2.8

Revenues

   $ 147.6     $ 156.3       (5.6 )%    $ 299.8     $ 308.7       (2.9 )% 

Operating profit4

   $ 12.6     $ 32.6       (61.2 )%    $ 31.5     $ 63.4       (50.4 )% 

Adjusted EBITDA

   $ 55.4     $ 73.9       (25.0 )%    $ 117.4     $ 145.8       (19.5 )% 

Commercial Networks

            

New contract awards

   $ 54.5     $ 51.3       6.1   $ 97.1     $ 114.2       (15.0 )% 

Revenues

   $ 56.3     $ 65.5       (14.0 )%    $ 101.5     $ 131.0       (22.5 )% 

Operating loss4

   $ (59.4   $ (40.9     (45.3 )%    $ (125.5   $ (79.4     (58.1 )% 

Adjusted EBITDA

   $ (45.0   $ (25.6     (75.5 )%    $ (95.0   $ (49.8     (90.7 )% 

Government Systems

            

New contract awards

   $ 182.6     $ 385.6       (52.6 )%    $ 430.5     $ 517.2       (16.7 )% 

Revenues

   $ 189.2     $ 177.4       6.7   $ 371.8     $ 322.6       15.3

Operating profit4

   $ 34.2     $ 29.0       18.0   $ 66.8     $ 47.0       42.3

Adjusted EBITDA5

   $ 51.5     $ 44.9       14.6   $ 100.7     $ 77.4       30.0

1 Attributable to ViaSat, Inc. common stockholders.

2 As the three and six months ended September 30, 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 Amounts include certain backlog adjustments due to contract changes and amendments. Backlog does not include contracts with our broadband internet subscribers in our Satellite Services segment, nor does it include anticipated purchase orders and requests for the installation of in-flight broadband systems or future recurring internet services revenues under commercial in-flight internet agreements recorded in our Commercial Networks and Satellite Services segments, respectively.

4 Before corporate and amortization of acquired intangible assets.

5 Government Systems segment Adjusted EBITDA for the three and six months ended September 30, 2016 has been adjusted to exclude $0.3 million of income and approximately $0.1 million of loss, respectively, attributable to noncontrolling interest, net of tax.

Satellite Services

In the second quarter of fiscal year 2018, ViaSat’s Satellite Services segment revenues were essentially flat year-over-year, after exclusion of the prior year benefit of $6.6 million associated with payments under the Space Systems/Loral (SS/L) settlement, which concluded in the fourth quarter of fiscal year 2017. Segment operating profits and Adjusted EBITDA were lower as compared to the prior year period, as a result of increased expenses relating to preparations for the impending ViaSat-2 service launch and a ramp-up in large-scale commercial in-flight connectivity services. Highlights for the quarter include:

 

    In preparation for ViaSat-2 service launch, the Company began to trial a number of new service plans including a wide range of unlimited data options.

 

    ARPU in the residential business grew 9% year-over-year to a record high of $67.35, reflecting a higher mix of new and existing subscribers choosing premium service plans and value added services, and a slightly higher proportion of retail subscribers. This ARPU increase nearly offset the effects of a decrease in the total number of residential subscribers, as the Company began to de-emphasize older service plans. Total residential subscribers at the close of the second quarter of fiscal 2018 were approximately 589,000.


    At the close of the second quarter of fiscal year 2018, there were 576 commercial aircraft in service equipped with ViaSat’s in-flight internet system, and we expect to install our system on approximately 830 additional aircraft under existing contracts.

 

    Key airline customer highlights:

 

    EL AL Israel Airlines selected ViaSat as its in-flight internet partner of choice for its new Boeing 787 Dreamliner aircraft.

 

    Announced today, ViaSat and JetBlue expanded their relationship. In the new agreement, ViaSat will serve as the direct in-flight internet service provider to the airline, upgrading JetBlue aircraft to the latest ViaSat hardware, which will provide access to the expanded coverage and capacity of ViaSat’s next-generation ViaSat-2 and ViaSat-3 satellite platforms.

Fiscal-year-to-date, Satellite Services segment revenues, operating profit and Adjusted EBITDA were lower compared to the same period last year. This loss reflected the $13.2 million year-over-year impact to revenues and operating profit due to the completion of payments under the SS/L settlement agreement in the fourth quarter of fiscal year 2017, plus costs associated with the preparation for the ViaSat-2 service launch and strong commercial in-flight connectivity service ramp, both of which are expected to occur in the second half of fiscal year 2018.

Commercial Networks

In the second quarter of fiscal year 2018, ViaSat’s Commercial Networks segment activities continued to be heavily focused on R&D investment in the Company’s ultra-high capacity ViaSat-3 class satellite constellation and in ramping its commercial airline programs, which included new spend for Supplemental Type Certificates (STC) and line-fit programs. This investment activity resulted in a 45% increase in R&D expenses compared to the prior year period. Quarterly revenues were down 14% compared to the same period last year, primarily as a result of lower fixed terminal sales for Australia’s nbn™ satellite broadband service, partially offset by delivery of the first next-generation in-flight connectivity systems in September 2017. Finally, the second quarter of fiscal year 2018 included investments to meet demand for accelerating mobile terminal deliveries. As a result, segment operating losses were higher and Adjusted EBITDA was lower for the second quarter of fiscal year 2018 as compared to the same period last year. Highlights for the quarter include:

 

    The ViaSat-2 satellite orbit raising is on schedule, and in-orbit testing and the subsequent on-orbit handover from Boeing are expected to be completed before the end of calendar year 2017.

 

    ViaSat completed the Critical Design Review (CDR) milestones for the ViaSat-3 class spacecraft. ViaSat and Boeing are now proceeding with full construction, integration and of testing the first two ViaSat-3 class satellites.

 

    Initial next-generation mobile terminals have shipped and have been installed on customer aircraft, marking a major commercial in-flight milestone for the Company.

 

    Announced earlier this week, ViaSat signed a €68 million Public Private Partnership between its wholly-owned subsidiary ViaSat Antenna Systems S.A. and the European Space Agency (ESA), to develop and productize key components of the ViaSat-3 class satellite communications system. The partnership is co-funded by ESA with the support of European Union member states, ViaSat and other organizations within the European space and communications industries.

Fiscal-year-to-date, Commercial Networks segment revenues were lower, operating loss was higher and Adjusted EBITDA was lower 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 2018.


Government Systems

ViaSat’s Government Systems segment revenues for the second quarter of fiscal year 2018 were 7% higher year-over-year, equaling $189.2 million. This growth was achieved in large part due to increased demand for ViaSat’s tactical data link products, government mobility platforms and secure networking products, which all address critical challenges in a rapidly changing macro defense environment. Operating profit increased to $34.2 million, an 18% increase year-over-year, and quarterly Adjusted EBITDA hit a new high of $51.5 million, up 15% compared to the prior year period. Operating profit and revenue growth continue to be driven by strong demand for ViaSat’s unique Non-Developmental Item (NDI) products initiated under Company-funded R&D programs in prior periods, alongside expanding demand for advanced government mobile broadband solutions. Highlights for the quarter include:

 

    Fiscal-year-to-date segment contract awards equaled $430.5 million, reflecting a 1.2 to 1 book-to-bill ratio, and a strong segment backlog of $689.0 million, driving total Company backlog to $1.1 billion.

 

    ViaSat announced key awards:

 

    Royal Canadian Navy deployed ViaSat’s end-to-end Link 16 communications system on its Halifax-class frigates

 

    U.S. Government awarded the option for ViaSat to provide global in-flight connectivity services on U.S. Government Senior Leader aircraft

 

    Northrop Grumman Australia selected ViaSat to deliver next-generation satellite communications equipment for the Australian Defence Force

 

    ViaSat was awarded a new cybersecurity software contract to protect mobile devices at the battlefield’s tactical edge

 

    ViaSat achieved the following key milestones:

 

    ViaSat received a U.S. Department of Defense AIMS Certification for its VRG-1000 Identification, Friend or Foe (IFF) flight environment generator

 

    ViaSat’s Small Tactical Terminal (STT) became the first Link 16 radio to successfully pass live radio frequency testing for the Canadian Army’s Air Space Coordination Centre Modernization Project

On a fiscal-year-to-date basis, ViaSat’s Government Systems segment also reflected record performance, with revenue growth of 15% to $371.8 million year-over-year amidst a competitive defense sector. Record operating profit increased 42% year-over-year to $66.8 million, generating record Adjusted EBITDA of $100.7 million, a 30% increase over the same period last year.

Conference Call

ViaSat will host a conference call to discuss the second quarter of fiscal year 2018 results. Details follow:

 

DATE/TIME:

   Wednesday, November 8, 2017 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 Wednesday, November 8 until 11:59 p.m. Eastern Time on Thursday, November 9 by dialing (855) 859-2056 for U.S. callers and (404) 537-3406 for international callers; conference ID 7478959.

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 2018 and beyond; satellite construction and launch activities, including the orbit raising, orbital placement, in-orbit testing and entry into service of the ViaSat-2


satellite and the timing thereof; 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; international expansion plans; the realization of in-flight connectivity investments; and the roll-out, ramp-up and uptake of products and services by, and services offered by, our airline partners as well as our commercial networks and government systems customers. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause actual results to differ include: the failure of the ViaSat-2 satellite to successfully complete orbit raising, orbital placement or in-orbit testing; 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 in-flight connectivity 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, Inc. (NASDAQ: VSAT) keeps the world connected. As a global broadband services and technology company, ViaSat ensures consumers, businesses, governments and military personnel have communications access – anywhere – whether on the ground or in-flight. The Company’s innovations in designing highest-capacity satellites and secure ground infrastructure and terminal technologies coupled with its international network of managed Wi-Fi hotspots enable ViaSat to deliver a best available network that extends the reach and accessibility of broadband internet service, globally. For more information, visit: www.viasat.com, or follow ViaSat on Facebook, Twitter, LinkedIn 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 © 2017 ViaSat, Inc. All rights reserved. ViaSat, and the ViaSat logo, 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     Six months ended  
    September 30, 2017     September 30, 2016     September 30, 2017     September 30, 2016  

Revenues:

       

Product revenues

  $ 181,783     $ 187,235     $ 347,901     $ 347,911  

Service revenues

    211,291       211,923       425,217       414,377  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

    393,074       399,158       773,118       762,288  

Operating expenses:

       

Cost of product revenues

    133,850       136,825       256,495       257,505  

Cost of service revenues

    135,412       134,241       273,263       261,823  

Selling, general and administrative

    90,084       77,224       179,257       156,624  

Independent research and development

    46,268       30,177       91,333       55,354  

Amortization of acquired intangible assets

    3,320       2,277       6,580       4,790  
 

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from operations

    (15,860     18,414       (33,810     26,192  

Interest (expense) income, net

    (20     (4,079     17       (8,890

Loss on extinguishment of debt

    (10,217     —         (10,217     —    
 

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income before income taxes

    (26,097     14,335       (44,010     17,302  

Benefit from (provision for) income taxes

    11,464       (3,596     20,644       (4,406

Equity in income of unconsolidated affiliate, net

    741       —         228       —    
 

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

    (13,892     10,739       (23,138     12,896  

Less: net (loss) income attributable to noncontrolling interests, net of tax

    (203     (280     (410     22  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income attributable to ViaSat Inc.

  $ (13,689   $ 11,019     $ (22,728   $ 12,874  
 

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net (loss) income per share attributable to ViaSat Inc. common stockholders

  $ (0.24   $ 0.22     $ (0.39   $ 0.26  
 

 

 

   

 

 

   

 

 

   

 

 

 

Diluted common equivalent shares

    58,229       50,533       58,039       50,393  


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, 2017     September 30, 2016     September 30, 2017     September 30, 2016  

GAAP net (loss) income attributable to ViaSat Inc.

  $ (13,689   $ 11,019     $ (22,728   $ 12,874  

Amortization of acquired intangible assets

    3,320       2,277       6,580       4,790  

Stock-based compensation expense

    15,983       12,657       31,490       25,418  

Loss on extinguishment of debt

    10,217       —         10,217       —    

Income tax effect (1)

    (10,592     (5,631     (17,809     (11,470
 

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net income attributable to ViaSat Inc.

  $ 5,239     $ 20,322     $ 7,750     $ 31,612  
 

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP diluted net income per share attributable to ViaSat Inc. common stockholders

  $ 0.09     $ 0.40     $ 0.13     $ 0.63  
 

 

 

   

 

 

   

 

 

   

 

 

 

Diluted common equivalent shares

    58,229       50,533       58,039       50,393  

 

(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, 2017     September 30, 2016     September 30, 2017     September 30, 2016  

GAAP net (loss) income attributable to ViaSat Inc.

  $ (13,689   $ 11,019     $ (22,728   $ 12,874  

(Benefit from) provision for income taxes

    (11,464     3,596       (20,644     4,406  

Interest expense (income), net

    20       4,079       (17     8,890  

Depreciation and amortization

    60,874       61,822       124,809       121,820  

Stock-based compensation expense

    15,983       12,657       31,490       25,418  

Loss on extinguishment of debt

    10,217       —         10,217       —    
 

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

  $ 61,941     $ 93,173     $ 123,127     $ 173,408  
 

 

 

   

 

 

   

 

 

   

 

 

 


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, 2017     Three months ended September 30, 2016  
    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

  $ 12,616     $ (59,377   $ 34,221     $ (12,540   $ 32,550     $ (40,868   $ 29,009     $ 20,691  

Depreciation (2)

    35,307       6,729       8,795       50,831       35,908       6,234       8,627       50,769  

Stock-based compensation expense

    3,816       6,109       6,058       15,983       2,423       5,184       5,050       12,657  

Other amortization

    2,502       1,573       2,648       6,723       2,986       3,824       1,966       8,776  

Equity in income of unconsolidated affiliate, net

    741       —         —         741       —         —         —         —    

Noncontrolling interests

    436       —         (233     203       —         —         280 (3)      280  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

  $ 55,418     $ (44,966   $ 51,489     $ 61,941     $ 73,867     $ (25,626   $ 44,932 (3)    $ 93,173  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    Six months ended September 30, 2017     Six months ended September 30, 2016  
    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

  $ 31,459     $ (125,502   $ 66,813     $ (27,230   $ 63,417     $ (79,399   $ 46,964     $ 30,982  

Depreciation (2)

    70,944       13,255       17,460       101,659       71,248       12,026       17,267       100,541  

Stock-based compensation expense

    7,448       12,080       11,962       31,490       5,231       10,265       9,922       25,418  

Other amortization

    6,546       5,161       4,863       16,570       5,908       7,280       3,301       16,489  

Equity in income of unconsolidated affiliate, net

    228       —         —         228       —         —         —         —    

Noncontrolling interests

    813       —         (403     410       —         —         (22 )(3)      (22
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

  $ 117,438     $ (95,006   $ 100,695     $ 123,127     $ 145,804     $ (49,828   $ 77,432 (3)    $ 173,408  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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.
(3)  Government Systems segment Adjusted EBITDA for the three and six months ended September 30, 2016 has been adjusted to exclude $0.3 million of income and approximately $0.1 million of loss, respectively, attributable to noncontrolling interest, net of tax


Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

 

    As of     As of  
    September 30, 2017     March 31, 2017  

Assets

   

Current assets:

   

Cash and cash equivalents

  $ 242,708     $ 130,098  

Accounts receivable, net

    251,879       263,721  

Inventories

    181,399       163,201  

Prepaid expenses and other current assets

    72,389       57,836  
 

 

 

   

 

 

 

Total current assets

    748,375       614,856  

Property, equipment and satellites, net

    1,740,368       1,648,878  

Other acquired intangible assets, net

    36,796       41,677  

Goodwill

    120,592       119,876  

Other assets

    642,090       529,366  
 

 

 

   

 

 

 

Total assets

  $ 3,288,221     $ 2,954,653  
 

 

 

   

 

 

 
     As of      As of  
     September 30, 2017      March 31, 2017  

Liabilities and Equity

     

Current liabilities:

     

Accounts payable

   $ 101,052      $ 100,270  

Accrued liabilities

     207,000        224,959  

Current portion of long-term debt

     22,945        288  
  

 

 

    

 

 

 

Total current liabilities

     330,997        325,517  

Senior notes

     690,270        575,380  

Other long-term debt

     306,202        273,103  

Other liabilities

     112,979        42,722  
  

 

 

    

 

 

 

Total liabilities

     1,440,448        1,216,722  
  

 

 

    

 

 

 

Total ViaSat Inc. stockholders’ equity

     1,844,841        1,734,618  

Noncontrolling interest in subsidiaries

     2,932        3,313  
  

 

 

    

 

 

 

Total equity

     1,847,773        1,737,931  
  

 

 

    

 

 

 

Total liabilities and equity

   $ 3,288,221      $ 2,954,653  
  

 

 

    

 

 

 
 

 

# # #

ViaSat, Inc. Contacts:

Chris Phillips, Public Relations, 760-476-2322, chris.phillips@viasat.com

June Harrison, Investor Relations, 760-476-2633, IR@viasat.com