$VSAT
VIASAT INC

2023 Q3 Form 10-Q Financial Statement

#000095017023040747 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $1.225B $779.8M $678.2M
YoY Change 2096.08% 14.98% 2.01%
Cost Of Revenue $766.3M $544.9M $482.4M
YoY Change 74.73% 12.96% 6.26%
Gross Profit $459.1M $234.9M $195.8M
YoY Change 110.47% 19.94% -7.14%
Gross Profit Margin 37.46% 30.12% 28.88%
Selling, General & Admin $1.149B $219.6M $179.6M
YoY Change 548.45% 22.25% 16.48%
% of Gross Profit 250.27% 93.49% 91.72%
Research & Development $33.43M $29.00M $35.76M
YoY Change 3.13% -18.9% 3.77%
% of Gross Profit 7.28% 12.35% 18.26%
Depreciation & Amortization $333.8M $132.0M $124.1M
YoY Change 4423.65% 6.39% 31.8%
% of Gross Profit 72.71% 56.2% 63.36%
Operating Expenses $1.182B $248.6M $222.9M
YoY Change 464.11% 11.52% 18.15%
Operating Profit -$804.7M -$41.52M -$27.06M
YoY Change -70438.02% 53.41% -266.11%
Interest Expense $86.16M $55.94M -$5.750M
YoY Change 1757.63% -1072.85% -191.39%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $1.011M
YoY Change -100.0% -100.0% -75.45%
Pretax Income -$858.3M -$78.27M -$31.80M
YoY Change -25330.39% 146.11% -324.25%
Income Tax -$93.10M -$533.0K -$10.76M
% Of Pretax Income
Net Earnings -$767.2M -$77.00M -$21.56M
YoY Change 1513.34% 257.1% -219.72%
Net Earnings / Revenue -62.61% -9.87% -3.18%
Basic Earnings Per Share -$6.16 -$0.83 -$0.29
Diluted Earnings Per Share -$6.16 -$0.83 -$288.0K
COMMON SHARES
Basic Shares Outstanding 124.1M 76.91M 74.44M
Diluted Shares Outstanding 124.5M 93.11M 74.86M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.962B $2.093B $221.5M
YoY Change 1215.26% 844.73% -19.65%
Cash & Equivalents $1.962B $1.959B $221.5M
Short-Term Investments $134.3M
Other Short-Term Assets $152.7M $158.2M $172.7M
YoY Change 193.38% -8.38% 311.47%
Inventory $345.6M $335.6M $362.0M
Prepaid Expenses $157.6M $175.4M
Receivables $664.5M $630.5M $372.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.059B $3.426B $1.128B
YoY Change 253.87% 203.67% -0.41%
LONG-TERM ASSETS
Property, Plant & Equipment $7.708B $9.163B $4.210B
YoY Change 92.57% 117.65% 24.21%
Goodwill $1.376B $1.592B
YoY Change 749.08%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $734.5M $727.4M $449.0M
YoY Change 9.74% 62.02% -34.34%
Total Long-Term Assets $13.01B $14.47B $5.355B
YoY Change 142.63% 170.24% 10.15%
TOTAL ASSETS
Total Short-Term Assets $4.059B $3.426B $1.128B
Total Long-Term Assets $13.01B $14.47B $5.355B
Total Assets $17.07B $17.90B $6.483B
YoY Change 162.23% 176.05% 8.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $388.6M $377.6M $246.5M
YoY Change 58.66% 53.19% 20.72%
Accrued Expenses $269.0M $208.2M $136.8M
YoY Change 60.33% 52.19% -9.79%
Deferred Revenue $271.3M $291.7M
YoY Change 103.03%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $62.63M $59.76M $38.47M
YoY Change 62.35% 55.33% 26.85%
Total Short-Term Liabilities $1.549B $1.471B $726.1M
YoY Change 92.8% 102.64% -2.47%
LONG-TERM LIABILITIES
Long-Term Debt $7.228B $7.218B $2.590B
YoY Change 173.07% 178.72% 22.63%
Other Long-Term Liabilities $2.669B $2.812B $449.5M
YoY Change 1783.08% 525.61% 172.38%
Total Long-Term Liabilities $2.669B $2.812B $3.039B
YoY Change 1783.08% -7.48% 1741.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.549B $1.471B $726.1M
Total Long-Term Liabilities $2.669B $2.812B $3.039B
Total Liabilities $11.84B $11.92B $3.830B
YoY Change 205.1% 211.23% 13.52%
SHAREHOLDERS EQUITY
Retained Earnings $474.1M $1.241B
YoY Change 189.57%
Common Stock $4.753B $4.718B
YoY Change 90.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.190B $5.940B $2.653B
YoY Change
Total Liabilities & Shareholders Equity $17.07B $17.90B $6.483B
YoY Change 162.23% 176.05% 8.15%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$767.2M -$77.00M -$21.56M
YoY Change 1513.34% 257.1% -219.72%
Depreciation, Depletion And Amortization $333.8M $132.0M $124.1M
YoY Change 4423.65% 6.39% 31.8%
Cash From Operating Activities $218.9M $103.7M $39.64M
YoY Change 16.13% 161.54% -39.14%
INVESTING ACTIVITIES
Capital Expenditures $365.8M $374.9M -$270.9M
YoY Change -228.82% -238.42% -210.03%
Acquisitions $342.6M
YoY Change
Other Investing Activities $134.2M -$394.6M $0.00
YoY Change -100.0%
Cash From Investing Activities -$231.5M -$769.5M -$270.9M
YoY Change -18.47% 184.12% -32.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $18.87M $12.69M
YoY Change 48.65% 2.81%
Cash From Financing Activities -9.800M 1.278B 144.2M
YoY Change -140.52% 786.44% -54.25%
NET CHANGE
Cash From Operating Activities 218.9M 103.7M 39.64M
Cash From Investing Activities -231.5M -769.5M -270.9M
Cash From Financing Activities -9.800M 1.278B 144.2M
Net Change In Cash -22.40M 613.1M -87.01M
YoY Change -68.57% -804.62% 329.44%
FREE CASH FLOW
Cash From Operating Activities $218.9M $103.7M $39.64M
Capital Expenditures $365.8M $374.9M -$270.9M
Free Cash Flow -$146.9M -$271.3M $310.5M
YoY Change -131.09% -187.36% -271.51%

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CY2023Q2 us-gaap Use Of Estimates
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<p style="text-indent:4.533%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information and actual results could differ from those estimates. Significant estimates made by management include revenue recognition, stock-based compensation, allowance for doubtful accounts, valuation of goodwill and other intangible assets, patents, orbital slots and other licenses, software development, property, equipment and satellites, long-lived assets, derivatives, contingencies and income taxes including the valuation allowance on deferred tax assets.</span></p>
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CY2023Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
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Company expects to recognize almost half over the next 12 months, with the balance recognized thereafter
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NumberOfReportableSegments
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CY2023Q1 us-gaap Contract With Customer Liability Noncurrent
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some of which include renewal options, and some of which include options to terminate the leases within one year.
CY2023Q2 us-gaap Lessee Operating Lease Existence Of Option To Terminate
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CY2023Q1 us-gaap Self Insurance Reserve
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CY2023Q2 us-gaap Guarantees Indemnifications And Warranties Policies
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:14.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Indemnification provisions</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:4.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">In the ordinary course of business, the Company includes indemnification provisions in certain of its contracts, generally relating to parties with which the Company has commercial relations. Pursuant to these agreements, the Company will indemnify, hold harmless and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, including but not limited to losses relating to third-party intellectual property claims. To date, there have not been any material costs incurred in connection with such indemnification clauses. The Company’s insurance policies do not necessarily cover the cost of defending indemnification claims or providing indemnification, so if a claim was filed against the Company by any party that the Company has agreed to indemnify, the Company could incur substantial legal costs and damages. A claim would be accrued when a loss is considered probable and the amount can be reasonably estimated. At June 30, 2023 and March 31, 2023</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">, </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> such amounts were accrued related to the aforementioned provisions.</span></p>
CY2023Q2 us-gaap Description Of Interest Rate Cash Flow Hedge Activities
DescriptionOfInterestRateCashFlowHedgeActivities
he interest rate cap contracts provided protection of USD LIBOR up to 2% and covered 98% of the total nominal amount of the Inmarsat Term Loan Facility. At the time of the acquisition, the Company continued to account for the interest rate cap contracts as cash-flow hedges.
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LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
2490112000
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
315783000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
30672000
CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
59757000
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
37939000
CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
7218294000
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
2421501000
CY2023Q2 vsat Percentage Of Revolving Credit Commitment
PercentageOfRevolvingCreditCommitment
0.40
CY2022Q3 us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
62200000
CY2023Q2 us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
97500000
CY2023Q2 vsat Litigation Settlement Amount Awarded From Other Party Recorded In Noncurrent Other Liabilities
LitigationSettlementAmountAwardedFromOtherPartyRecordedInNoncurrentOtherLiabilities
97500000
CY2023Q2 vsat Amortization Of Acquired Intangible Asset
AmortizationOfAcquiredIntangibleAsset
27811000
CY2022Q2 vsat Amortization Of Acquired Intangible Asset
AmortizationOfAcquiredIntangibleAsset
7523000
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.01
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-22800000
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.37
CY2023Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
73300000
CY2023Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
21100000
CY2023Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
73300000
CY2023Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
16300000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
779791000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
575056000
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-41516000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-56638000
CY2023Q2 us-gaap Assets
Assets
17897606000
CY2023Q1 us-gaap Assets
Assets
7730337000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2546130000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
201205000
CY2023Q2 us-gaap Goodwill
Goodwill
1592057000
CY2023Q1 us-gaap Goodwill
Goodwill
158542000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
779791000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
575056000

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