Viasat Announces New Reporting Segment Structure
CARLSBAD, Calif., July 25, 2024 /PRNewswire/ -- Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, today outlined additional information about its new segment reporting structure commencing with the quarter ended June 30, 2024. The new segment reporting is designed to better reflect the diverse and attractive end markets the company serves and to provide investors greater insight into Viasat's business lines and growth opportunities.
Commencing with its first quarter of fiscal year 2025, the company will report its financial results based on two new reportable segments: Communication Services and Defense and Advanced Technologies.
-- Communication Services is comprised of four primary business lines:
Aviation, Government Satcom, Maritime, and Fixed and Other.
-- The Communication Services segment provides a wide range of
broadband and narrowband communications solutions across government
and commercial mobility markets, as well as for fixed and
residential broadband customers. These solutions include
nose-to-tail connectivity for commercial airlines and business jet
customers, including our market-leading passenger Wi-Fi services. In
commercial maritime, marketed under the Inmarsat Maritime brand,
solutions support vessel operation, navigation, crew connectivity
and safety services, and include the new NexusWave fully managed
connectivity service. In the government market, Viasat offers highly
trusted and secure interconnectivity solutions for defense and
civilian government customers. Additionally, within this segment
Viasat develops and offers a wide array of advanced satellite and
wireless products, and networks and terminal solutions that support
or enable the provision of fixed and mobile broadband and narrowband
services.
-- Defense and Advanced Technologies is comprised of four primary business
lines: Information Security and Cyber Defense, Space and Mission
Systems, Tactical Networking, and Advanced Technologies and Other.
-- The Defense and Advanced Technologies segment provides a diverse set
of resilient, vertically integrated solutions, leveraging core
technical competencies in encryption, cyber security, tactical
gateways, modems and waveforms, to government and commercial
customers. The Information Security and Cyber Defense business line
offers high-quality encryption products that ensure data security,
whether at rest or traveling through a network. The Space and
Mission Systems business line builds technologies for use on the
ground (antennas, modems and gateways) or in space (space-based
communication systems and payloads). The Tactical Networking group
provides resilient communications designed for on-the-move or
on-the-pause operations in a multi-domain battlespace with friendly
force tracking and narrowband solutions. The Advanced Technologies
and Other business line focuses on commercial communication
satellite product development, orchestration of sovereign and
multi-orbit solutions and emerging growth markets, including
direct-to-device.
Viasat previously announced its intention to introduce a new segment reporting structure commencing with the first quarter of fiscal year 2025 at the time of reporting its Q4 FY2024 results, on May 21, 2024. The previous reporting structure (for periods through March 31, 2024 - FY2024) reported financial results in three segments: Government Systems, Satellite Services and Commercial Networks. [Link here for Q4 FY24 shareholder letter.]
"We are pleased to share our new reporting structure which helps communicate our markets and value drivers and provides greater insight into our progress in each portion of our business portfolio," said Mark Dankberg, Chairman of the Board and Chief Executive Officer, Viasat, Inc.
"Viasat is a leading provider of space and ground network technologies and service solutions for a broad range of commercial and government customers with a long heritage serving narrowband and broadband low earth orbit (LEO), broadband mid earth orbit (MEO), and broadband and narrowband geostationary orbit (GEO) communications and earth observation applications. We believe we are the only satellite operator with this broad range of global, vertically integrated capabilities and are well positioned with a long runway of growth opportunities."
Viasat has prepared unaudited illustrations of the company's financial reports for Fiscal Year 2023 and 2024 to reflect the company's results based on the new segment reporting, which can be found on Viasat's IR site.
About Viasat
Viasat is a global communications company that believes everyone and everything in the world can be connected. With offices in 24 countries around the world, our mission shapes how consumers, businesses, governments and militaries around the world communicate and connect. Viasat is developing the ultimate global communications network to power high-quality, reliable, secure, affordable, fast connections to positively impact people's lives anywhere they are--on the ground, in the air or at sea, while building a sustainable future in space. In May 2023, Viasat completed its acquisition of Inmarsat, combining the teams, technologies and resources of the two companies to create a new global communications partner. Learn more at www.viasat.com, the Viasat News Room or follow us on Facebook, Instagram, LinkedIn, X or YouTube.
Copyright © 2024 Viasat, Inc. All rights reserved. Viasat, the Viasat logo and the Viasat Signal are registered in the U.S and in other countries to Viasat, Inc. All other product or company names mentioned are used for identification purposes only and may be trademarks of their respective owners.
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SOURCE Viasat, Inc.
