2023 Q4 Form 10-Q Financial Statement

#000095017023062152 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.129B $1.225B
YoY Change 73.24% 2096.08%
Cost Of Revenue $767.3M $766.3M
YoY Change 58.85% 74.73%
Gross Profit $361.3M $459.1M
YoY Change 114.51% 110.47%
Gross Profit Margin 32.01% 37.46%
Selling, General & Admin $271.7M $1.149B
YoY Change 66.87% 548.45%
% of Gross Profit 75.22% 250.27%
Research & Development $41.73M $33.43M
YoY Change 41.72% 3.13%
% of Gross Profit 11.55% 7.28%
Depreciation & Amortization $91.72M $333.8M
YoY Change -26.62% 4423.65%
% of Gross Profit 25.39% 72.71%
Operating Expenses $313.5M $1.182B
YoY Change 63.02% 464.11%
Operating Profit -$43.92M -$804.7M
YoY Change 40.26% -70438.02%
Interest Expense $133.5M $86.16M
YoY Change 1426.66% 1757.63%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income -$156.5M -$858.3M
YoY Change 295.96% -25330.39%
Income Tax -$34.50M -$93.10M
% Of Pretax Income
Net Earnings -$124.4M -$767.2M
YoY Change 207.73% 1513.34%
Net Earnings / Revenue -11.02% -62.61%
Basic Earnings Per Share -$0.99 -$6.16
Diluted Earnings Per Share -$0.99 -$6.16
COMMON SHARES
Basic Shares Outstanding 124.5M 124.1M
Diluted Shares Outstanding 125.1M 124.5M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.651B $1.962B
YoY Change 806.62% 1215.26%
Cash & Equivalents $1.621B $1.962B
Short-Term Investments $80.00M
Other Short-Term Assets $131.4M $152.7M
YoY Change 121.31% 193.38%
Inventory $353.6M $345.6M
Prepaid Expenses $154.3M $157.6M
Receivables $675.8M $664.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.736B $4.059B
YoY Change 198.38% 253.87%
LONG-TERM ASSETS
Property, Plant & Equipment $7.374B $7.708B
YoY Change 75.66% 92.57%
Goodwill $1.614B $1.376B
YoY Change 870.4% 749.08%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $744.3M $734.5M
YoY Change 11.46% 9.74%
Total Long-Term Assets $12.91B $13.01B
YoY Change 132.7% 142.63%
TOTAL ASSETS
Total Short-Term Assets $3.736B $4.059B
Total Long-Term Assets $12.91B $13.01B
Total Assets $16.65B $17.07B
YoY Change 144.79% 162.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $314.6M $388.6M
YoY Change 4.83% 58.66%
Accrued Expenses $999.1M $269.0M
YoY Change 485.26% 60.33%
Deferred Revenue $266.1M $271.3M
YoY Change 130.41% 103.03%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $62.84M $62.63M
YoY Change 52.29% 62.35%
Total Short-Term Liabilities $1.377B $1.549B
YoY Change 61.71% 92.8%
LONG-TERM LIABILITIES
Long-Term Debt $7.223B $7.228B
YoY Change 149.14% 173.07%
Other Long-Term Liabilities $2.522B $2.669B
YoY Change 1600.76% 1783.08%
Total Long-Term Liabilities $2.522B $2.669B
YoY Change 1600.76% 1783.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.377B $1.549B
Total Long-Term Liabilities $2.522B $2.669B
Total Liabilities $11.50B $11.84B
YoY Change 175.25% 205.1%
SHAREHOLDERS EQUITY
Retained Earnings $349.7M $474.1M
YoY Change 187.82% 189.57%
Common Stock $4.768B $4.753B
YoY Change 90.25% 90.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.103B $5.190B
YoY Change
Total Liabilities & Shareholders Equity $16.65B $17.07B
YoY Change 144.79% 162.23%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$124.4M -$767.2M
YoY Change 207.73% 1513.34%
Depreciation, Depletion And Amortization $91.72M $333.8M
YoY Change -26.62% 4423.65%
Cash From Operating Activities $133.6M $218.9M
YoY Change 49.32% 16.13%
INVESTING ACTIVITIES
Capital Expenditures $420.8M $365.8M
YoY Change 42.19% -228.82%
Acquisitions
YoY Change
Other Investing Activities -$29.96M $134.2M
YoY Change
Cash From Investing Activities -$450.8M -$231.5M
YoY Change 52.35% -18.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -32.41M -9.800M
YoY Change -113.64% -140.52%
NET CHANGE
Cash From Operating Activities 133.6M 218.9M
Cash From Investing Activities -450.8M -231.5M
Cash From Financing Activities -32.41M -9.800M
Net Change In Cash -349.7M -22.40M
YoY Change -1223.63% -68.57%
FREE CASH FLOW
Cash From Operating Activities $133.6M $218.9M
Capital Expenditures $420.8M $365.8M
Free Cash Flow -$287.2M -$146.9M
YoY Change 39.1% -131.09%

Facts In Submission

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us-gaap Profit Loss
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<p style="text-indent:4.533%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">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</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">compensation, </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">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>
us-gaap Revenue Practical Expedient Financing Component
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us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
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CY2023Q3 us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Capitalized Computer Software Additions
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us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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us-gaap Impaired Assets To Be Disposed Of By Method Other Than Sale Facts And Circumstances Leading To Impairment
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On July 12, 2023, the Company reported a reflector deployment issue that materially impacted the performance of the ViaSat-3 F1 satellite. The Company and the reflector provider conducted a rigorous review of the development and deployment of the affected reflector to determine its impact and potential remedial measures. In connection with the root cause analysis, the Company determined that while the satellite payload is functional, the Company will recover less than 10% of the planned throughput on the ViaSat-3 F1 satellite.
us-gaap Lessee Operating Lease Option To Terminate
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some of which include renewal options, and some of which include options to terminate the leases within one year.
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us-gaap Capitalized Computer Software Amortization1
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us-gaap Capitalized Computer Software Amortization1
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vsat Debt Issuances Costs Capitalized
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vsat Debt Issuances Costs Capitalized
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us-gaap Guarantees Indemnifications And Warranties Policies
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<p style="text-indent:0;font-size:10pt;margin-top:14pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Indemnification provisions</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:4pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;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 September 30, 2023 and March 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">, </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> such amounts were accrued related to the aforementioned provisions.</span></p>
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us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q3 us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Change Due To Net Income Attributable To Parent And Effects Of Changes Net
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us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Change Due To Net Income Attributable To Parent And Effects Of Changes Net
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us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Change Due To Net Income Attributable To Parent And Effects Of Changes Net
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vsat-20230930.htm Edgar Link pending
vsat-20230930.xsd Edgar Link pending
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vsat-20230930_htm.xml Edgar Link completed