Viasat Announces Third Quarter Fiscal Year 2018 Results
CARLSBAD, Calif., Feb. 8, 2018 /PRNewswire/ -- Viasat Inc. (NASDAQ: VSAT), a global communications company, today announced financial results for the fiscal third quarter ended December 31, 2017.
"Fiscal 2018 is a year of investment and positioning Viasat for growth on multiple fronts. We executed well on our primary objectives in the third quarter, including building on the momentum in the Government Systems segment; preparing for the launch of new residential service plans enabled by ViaSat-2; continuing to deploy and scale our next-generation IFC platform; and hitting important research and development (R&D) milestones associated with ViaSat-3," said Mark Dankberg, Viasat chairman and CEO. "Our Government Systems segment continues to set records and create new opportunities despite budget headwinds. In our residential business, we're enthused by the market testing to date for our ViaSat-2 residential services and we are gaining important insights on consumer demand and bandwidth economics that suggest potential for strong revenue and earnings growth opportunities. In our IFC business, we made important strides with Qantas entering production service, we began initial installations for both line-fit and retro-fit on American Airlines and we made progress in Europe. We also increased the number of commercial aircraft either in service or under contract by 92 during the third quarter. Finally, we continue to make progress on the first two ViaSat-3 satellites. We began transitioning certain payload modules into the flight hardware construction phase - resulting in a decrease in R&D expenses in the third quarter relative to the second quarter of this fiscal year. Overall, I'm really pleased with the execution and our team's ability to achieve the milestones that position us for exciting growth in fiscal year 2019 and beyond."
Financial Results
(In millions,
except per share
data) Q3 FY18 Q3 FY17 Year- First 9 First 9 Year-Over-
Over-Year Months Months Year
Change Change
FY18 FY17
--- --- ---- ---
Revenues $381.8 $380.6 0.3% $1,155.0 $1,142.9 1.1%
-------- ------ ------ --- -------- -------- ---
Net (loss)
income(1) $(24.6) $4.2 * $(47.4) $17.1 *
---------- ------ ---- --- ------ ----- ---
Non-GAAP net
(loss) income(1) $(2.4) $15.5 * $5.3 $47.1 (88.7)%
----------------- ----- ----- --- ---- ----- ------
Adjusted EBITDA $56.2 $83.9 (33.0)% $179.4 $257.3 (30.3)%
--------------- ----- ----- ------ ------ ------ ------
Diluted per share
net (loss)
income(1) $(0.42) $0.08 * $(0.81) $0.33 *
----------------- ------ ----- --- ------ ----- ---
Non-GAAP diluted
per share net
(loss) income(1) $(0.04) $0.29 * $0.09 $0.91 (90.1)%
----------------- ------ ----- --- ----- ----- ------
Fully diluted
weighted average
shares(2) 58.6 54.0 8.6% 58.2 51.6 12.8%
----------------- ---- ---- --- ---- ---- ----
New contract
awards $436.0 $353.7 23.2% $1,262.6 $1,276.1 (1.1)%
------------ ------ ------ ---- -------- -------- -----
Sales backlog3 $1,128.7 $1,061.9 6.3% $1,128.7 $1,061.9 6.3%
-------------- -------- -------- --- -------- -------- ---
* Percentage not meaningful.
Segment Results
(In millions) Q3 FY18 Q3 FY17 Year- First 9 First 9 Year-Over-
Over-Year Months Months Year
Change Change
FY18 FY17
--- --- ---- ---
Satellite Services
------------------
New contract
awards $149.3 $153.2 (2.5)% $448.3 $444.2 0.9%
------------ ------ ------ ----- ------ ------ ---
Revenues $144.5 $160.1 (9.7)% $444.3 $468.8 (5.2)%
-------- ------ ------ ----- ------ ------ -----
Operating profit4 $1.7 $34.8 (95.2)% $33.1 $98.3 (66.3)%
----------------- ---- ----- ------ ----- ----- ------
Adjusted EBITDA $46.4 $76.6 (39.4)% $163.9 $222.4 (26.3)%
--------------- ----- ----- ------ ------ ------ ------
Commercial Networks
-------------------
New contract
awards $87.3 $48.3 80.8% $184.4 $162.5 13.4%
------------ ----- ----- ---- ------ ------ ----
Revenues $55.5 $54.5 1.9% $157.1 $185.5 (15.3)%
-------- ----- ----- --- ------ ------ ------
Operating loss4 $(53.5) $(48.6) (10.1)% $(179.0) $(128.0) (39.9)%
--------------- ------ ------ ------ ------- ------- ------
Adjusted EBITDA $(38.0) $(32.6) (16.4)% $(133.0) $(82.5) (61.3)%
--------------- ------ ------ ------ ------- ------ ------
Government Systems
------------------
New contract
awards $199.4 $152.2 30.9% $629.9 $669.4 (5.9)%
------------ ------ ------ ---- ------ ------ -----
Revenues $181.8 $166.0 9.5% $553.6 $488.6 13.3%
-------- ------ ------ --- ------ ------ ----
Operating profit4 $29.7 $24.1 23.0% $96.5 $71.1 35.7%
----------------- ----- ----- ---- ----- ----- ----
Adjusted EBITDA $47.8 $39.9 19.7% $148.5 $117.4 26.5%
--------------- ----- ----- ---- ------ ------ ----
1 Attributable to Viasat, Inc. common
stockholders.
2 As the three and nine months ended
December 31, 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 IFC systems or future
recurring internet services revenues
under commercial IFC agreements recorded
in our Commercial Networks and Satellite
Services segments, respectively.
4 Before corporate and amortization of
acquired intangible assets.
U.S. Tax Reform
The Tax Cuts and Jobs Act (the Tax Reform), enacted on December 22, 2017, among other matters, lowered the corporate federal income tax rate from 35% to 21%. As the Company has a March 31 fiscal year-end, the lower corporate federal income tax rate will be phased in, resulting in a U.S. statutory federal rate of approximately 32% for fiscal year 2018, and 21% for subsequent years. Although, the lower corporate federal income tax rate will be positive for the Company in the long-term, in the current quarter, based on preliminary calculations, the Company revalued its net deferred tax assets and as a result recorded additional income tax expense of approximately $12.2 million for the three and nine months ended December 31, 2017. The impact of the Tax Reform on diluted per share net loss attributable to Viasat, Inc. common stockholders for the three and nine months ended December 31, 2017 was $0.21 per share. The impact of the Tax Reform on Non-GAAP diluted per share net (loss) income attributable to Viasat, Inc. common stockholders for the three and nine months ended December 31, 2017 was $0.06 per share.
Accompanying Announcement from Thursday, February 8, 2018
Today, Viasat announced a new contract with United Airlines (UAL) to bring Viasat's latest generation in-flight entertainment and connectivity (IFEC) system to more than 70 aircraft, including at least 58 of United's new Boeing 737MAX aircraft. Viasat will serve as the direct in-flight internet service provider to United, deploying its most advanced IFEC system, in order to provide United customers access to fast, reliable internet connections from the air--for accessing their favorite websites to connecting with key business applications such as a corporate VPN and secure email. Viasat's IFEC system will also power United's Personal Device Entertainment system, which offers customers access to hundreds of entertainment titles from its onboard library.
Satellite Services
In the third quarter of fiscal year 2018, Viasat's Satellite Services segment revenues were lower compared to the same period last year primarily due to a moderate decrease in the overall number of residential subscribers, which at the close of the third quarter of fiscal year 2018 was approximately 577,000. This decrease was partially offset by continued growth in ARPU, and expansion of Viasat's IFC services. In addition, the prior year included a revenue benefit of $6.8 million associated with payments under the Space Systems/Loral (SS/L) settlement. Segment operating profits and Adjusted EBITDA were lower compared to the prior year period primarily as a result of the revenue decrease as well as increased expenses related to the expected February 2018 commercial launch of broadband services on the ViaSat-2 satellite, and anticipated rapid growth for IFC services. Highlights for the quarter include:
-- ARPU in the residential business grew 8% year-over-year to a record high
of $68.23, as the Company continued to see good response to its
selective introduction of higher-value premium service plans ahead of
the ViaSat-2 commercial service launch.
-- As of quarter end, approximately 43,000 subscribers were already on
"ViaSat-2 like" unlimited plans on the ViaSat-1 satellite, indicating
consumers' interest for higher-value premium service plans that deliver
higher speeds, more data and more video streaming.
-- At the close of the third quarter of fiscal year 2018, there were 589
commercial aircraft in service equipped with Viasat's IFC system and
Viasat expects to install its system on 912 additional aircraft under
existing contracts, a sequential increase of 92 planes to a total of
1,501 aircraft either in service or under contract. The Company
anticipates a significant increase in new installations of its IFC
system to begin in the fourth quarter of fiscal year 2018.
-- Viasat expanded its relationship with JetBlue, signing a contract to
upgrade JetBlue aircraft to the latest Viasat connectivity hardware.
This will provide JetBlue direct access to the expanded coverage and
capacity of the ViaSat-2 and ViaSat-3 satellite platforms and create new
opportunities for innovative passenger information and entertainment
options.
Fiscal year-to-date, Satellite Services segment revenues, operating profit and Adjusted EBITDA were lower compared to the same period last year. This decrease reflected the $20.0 million year-over-year impact to revenues and operating profit due to the completion of payments under the SS/L settlement agreement in the prior fiscal year, plus costs associated with the preparation and launch of the ViaSat-2 satellite service for residential, aviation, enterprise and emerging markets.
Commercial Networks
In the third quarter of fiscal year 2018, Viasat's Commercial Networks segment results continued to reflect R&D investments in the Company's ultra-high capacity ViaSat-3 class satellite constellation, as well as upfront costs due to ramping demand for Viasat's IFC terminal systems. As a result, segment operating loss was higher and Adjusted EBITDA was lower for the third quarter of fiscal year 2018 compared to the same period last year. Highlights for the quarter include:
-- New contract awards for the segment were higher by 81% compared to the
same period last fiscal year, and by 13% on a fiscal year-to-date basis,
primarily due to demand for IFC equipment and new contract wins for
next-generation broadband capabilities, including phased array antenna
solutions for residential and on-the-move applications. The book-to-bill
ratio for the third quarter and year-to-date were 1.6:1 and 1.2:1,
respectively.
-- Viasat expects to launch commercial broadband services on the ViaSat-2
satellite in February 2018.
-- Viasat and Boeing have proceeded with full construction, integration and
testing of the first two ViaSat-3 class satellites. As a result, R&D for
the quarter decreased sequentially from the second quarter of fiscal
year 2018.
Fiscal year-to-date, Commercial Networks segment operating loss was higher and Adjusted EBITDA was lower compared to the same period last year, reflecting year-over-year impacts and investment trends similar to those seen in the third quarter of fiscal year 2018. Fiscal year-to-date segment revenues were down 15% compared to the same period last year, primarily as a result of lower fixed terminal sales for Australia's nbn(TM) satellite broadband service, partially offset by an increase in delivery of next-generation IFC systems.
Government Systems
Viasat's Government Systems segment revenues for the third quarter of fiscal year 2018 were $181.8 million, a 9% increase year-over-year. Continued demand for Viasat's tactical data link products, secure networking products and government mobility services provides evidence of Viasat's ability to bring commercial innovation into the defense sector. Operating profit increased by 23% to $29.7 million and Adjusted EBITDA increased 20% to $47.8 million for the quarter, compared to the prior year period. Operating profit and revenue growth were driven primarily by strong demand for Viasat's Non-Developmental Item (NDI) products initiated under Company funded R&D programs in prior periods, alongside expanding demand for cybersecurity and information assurance products. Highlights for the quarter include:
-- Fiscal year-to-date segment contract awards equaled $629.9 million,
reflecting a 1.1 to 1 book-to-bill ratio, and a record segment backlog
of $702.2 million, driving total Company backlog to $1.1 billion.
-- Key awards:
-- Viasat was awarded a contract to upgrade the NATO UHF satellite
communications control stations to comply with the Integrated
Waveform baseline, giving NATO greater communications
interoperability, scalability and flexibility across legacy and
next-generation platforms.
-- Viasat received a five-year, sole-source Indefinite Delivery
Indefinite Quantity (IDIQ) contract with an initial ceiling of $350
million for advanced equipment, systems, services and support to
modernize ground/air situational awareness, tactical data links,
terrestrial networking, intelligence, surveillance and
reconnaissance, tactical satellite communications, information
assurance, network management and cybersecurity for Special
Operations Forces.
-- Key milestones achieved:
-- The first ever handheld Link 16 radio, the Viasat Battlefield
Awareness and Targeting System - Dismounted (BATS-D) device, known
to the United States Department of Defense as the AN/PRC-161, became
National Security Agency (NSA) Type 1 certified.
-- The U.S. Air Force and Viasat completed production readiness review
on the Mini Crypto program for the development of an embeddable
cryptographic security/data module for military handheld devices and
unmanned systems that communicates sensitive and classified data.
Fiscal year-to-date, Viasat's Government Systems segment delivered record performance, with revenue growth of 13% year-over-year to $553.6 million amidst a competitive defense sector. Operating profit increased 36% year-over-year to a record of $96.5 million, generating record Adjusted EBITDA of $148.5 million, a 27% increase over the same period last year.
Conference Call
Viasat will host a conference call to discuss the third quarter of fiscal year 2018 results. Details follow:
DATE/TIME: Thursday, February 8, 2018 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, February 8 until 11:59 p.m. Eastern
Time on Friday, February 9 by dialing (855)
859-2056 for U.S. callers and (404) 537-3406
for international callers; conference ID
8985728.
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 completion of in-orbit testing and launch of commercial service on the ViaSat-2 satellite and the timing thereof; the residential service plans to be offered on the ViaSat-2 satellite and the expected customer demand; 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 IFC 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 as well as our commercial networks and government systems customers; and future impacts of the Tax Reform. 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 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 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 Nine months ended
------------------ -----------------
December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016
----------------- ----------------- ----------------- -----------------
Revenues:
Product revenues $175,957 $169,574 $523,858 $517,485
Service revenues 205,880 211,056 631,097 625,433
------- ------- ------- -------
Total revenues 381,837 380,630 1,154,955 1,142,918
Operating expenses:
Cost of product
revenues 126,437 124,579 382,932 382,084
Cost of service
revenues 137,275 130,967 410,538 392,790
Selling, general and
administrative 100,125 80,282 279,382 236,906
Independent research
and development 40,149 34,436 131,482 89,790
Amortization of
acquired intangible
assets 3,177 2,775 9,757 7,565
(Loss) income from
operations (25,326) 7,591 (59,136) 33,783
Interest income
(expense), net 512 (2,119) 529 (11,009)
Loss on extinguishment
of debt - - (10,217) -
(Loss) income before
income taxes (24,814) 5,472 (68,824) 22,774
(Provision for) benefit
from income taxes (2,172) (850) 18,472 (5,256)
Equity in income of
unconsolidated
affiliate, net 1,365 - 1,593 -
----- --- ----- ---
Net (loss) income (25,621) 4,622 (48,759) 17,518
Less: net (loss) income
attributable to
noncontrolling
interests, net of tax (990) 379 (1,400) 401
Net (loss) income
attributable to Viasat
Inc. $(24,631) $4,243 $(47,359) $17,117
======== ====== ======== =======
Diluted net (loss)
income per share
attributable to Viasat
Inc. common
stockholders $(0.42) $0.08 $(0.81) $0.33
====== ===== ====== =====
Diluted common
equivalent shares 58,638 54,015 58,237 51,647
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 Nine months ended
------------------ -----------------
December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016
----------------- ----------------- ----------------- -----------------
GAAP net (loss) income
attributable to Viasat
Inc. $(24,631) $4,243 $(47,359) $17,117
Amortization of
acquired intangible
assets 3,177 2,775 9,757 7,565
Stock-based
compensation expense 17,642 14,505 49,132 39,923
Loss on extinguishment
of debt - - 10,217 -
Acquisition related
expenses - 615 - 615
Income tax effect (1) 1,383 (6,636) (16,426) (18,106)
Non-GAAP net (loss)
income attributable to
Viasat Inc. $(2,429) $15,502 $5,321 $47,114
======= ======= ====== =======
Non-GAAP diluted net
(loss) income per
share attributable to
Viasat Inc. common
stockholders $(0.04) $0.29 $0.09 $0.91
====== ===== ===== =====
Diluted common
equivalent shares 58,638 54,015 58,237 51,647
(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 Nine months ended
------------------ -----------------
December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016
----------------- ----------------- ----------------- -----------------
GAAP net (loss) income
attributable to Viasat
Inc. $(24,631) $4,243 $(47,359) $17,117
Provision for (benefit
from) income taxes 2,172 850 (18,472) 5,256
Interest (income)
expense, net (512) 2,119 (529) 11,009
Depreciation and
amortization 61,567 61,578 186,376 183,398
Stock-based
compensation expense 17,642 14,505 49,132 39,923
Loss on extinguishment
of debt - - 10,217 -
Acquisition related
expenses - 615 - 615
Adjusted EBITDA $56,238 $83,910 $179,365 $257,318
======= ======= ======== ========
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 December 31, 2017 Three months ended December 31, 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 $1,681 $(53,505) $29,675 $(22,149) $34,846 $(48,598) $24,118 $10,366
Depreciation(2) 35,151 7,301 9,100 51,552 35,136 6,364 8,840 50,340
Stock-based compensation
expense 4,394 6,660 6,588 17,642 3,117 5,788 5,600 14,505
Other amortization 3,093 1,549 2,196 6,838 3,330 3,632 1,501 8,463
Equity in income of
unconsolidated affiliate, net 1,365 - - 1,365 - - - -
Acquisition related expenses - - - - 190 179 246 615
Noncontrolling interests 754 - 236 990 - - (379) (379)
--- --- --- --- --- --- ---- ----
Adjusted EBITDA $46,438 $(37,995) $47,795 $56,238 $76,619 $(32,635) $39,926 $83,910
======= ======== ======= ======= ======= ======== ======= =======
Nine months ended December 31, 2017 Nine months ended December 31, 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 $33,140 $(179,007) $96,488 $(49,379) $98,263 $(127,997) $71,082 $41,348
Depreciation(2) 106,095 20,556 26,560 153,211 106,384 18,390 26,107 150,881
Stock-based compensation
expense 11,842 18,740 18,550 49,132 8,348 16,053 15,522 39,923
Other amortization 9,639 6,710 7,059 23,408 9,238 10,912 4,802 24,952
Equity in income of
unconsolidated affiliate, net 1,593 - - 1,593 - - - -
Acquisition related expenses - - - - 190 179 246 615
Noncontrolling interests 1,567 - (167) 1,400 - - (401) (401)
----- --- ---- ----- --- --- ---- ----
Adjusted EBITDA $163,876 $(133,001) $148,490 $179,365 $222,423 $(82,463) $117,358 $257,318
======== ========= ======== ======== ======== ======== ======== ========
(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 December 31, 2017 March 31, 2017 Liabilities and Equity December 31, 2017 March 31, 2017
----------------- -------------- ----------------- --------------
Current assets: Current liabilities:
Cash and cash
equivalents $161,821 $130,098 Accounts payable $115,112 $100,270
Accounts
receivable,
net 228,037 263,721 Accrued liabilities 225,868 224,959
Inventories 182,059 163,201 Current portion of long-term debt 45,599 288
-------------------
Prepaid
expenses and
other current
assets 76,356 57,836 Total current liabilities 386,579 325,517
Total current
assets 648,273 614,856 Senior notes 690,581 575,380
Other long-term debt 285,557 273,103
Other liabilities 117,838 42,722
------- ------
Total liabilities 1,480,555 1,216,722
--------- ---------
Property,
equipment and
satellites,
net 1,853,977 1,648,878
Other acquired
intangible
assets, net 33,862 41,677 Total Viasat Inc. stockholders' equity 1,833,161 1,734,618
Goodwill 120,682 119,876 Noncontrolling interest in subsidiaries 1,891 3,313
-------------------
Other assets 658,813 529,366 Total equity 1,835,052 1,737,931
------------
Total assets $3,315,607 $2,954,653 Total liabilities and equity $3,315,607 $2,954,653
========== ========== ========== ==========
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SOURCE Viasat, Inc.
