$VSAT
VIASAT INC

2015 Q1 Form 10-Q Financial Statement

#000119312515043907 Filed on February 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $339.6M $332.6M
YoY Change 2.1% 7.73%
Cost Of Revenue $110.2M $102.6M
YoY Change 7.44% -55.83%
Gross Profit $229.3M $229.9M
YoY Change -0.28% 201.37%
Gross Profit Margin 67.53% 69.15%
Selling, General & Admin $70.96M $69.10M
YoY Change 2.69% 1.47%
% of Gross Profit 30.95% 30.05%
Research & Development $11.85M $15.14M
YoY Change -21.75% 29.43%
% of Gross Profit 5.17% 6.59%
Depreciation & Amortization $57.60M $46.50M
YoY Change 23.87% 15.1%
% of Gross Profit 25.12% 20.22%
Operating Expenses $82.81M $84.24M
YoY Change -1.7% 1.13%
Operating Profit $18.18M $1.524M
YoY Change 1092.78% -121.77%
Interest Expense $7.640M $9.169M
YoY Change -16.68% -189.89%
% of Operating Profit 42.03% 601.64%
Other Income/Expense, Net
YoY Change
Pretax Income $11.40M -$7.642M
YoY Change -249.11% -55.57%
Income Tax -$3.389M -$1.682M
% Of Pretax Income -29.74%
Net Earnings $14.78M -$5.960M
YoY Change -348.05% -413.68%
Net Earnings / Revenue 4.35% -1.79%
Basic Earnings Per Share $0.31 -$0.13
Diluted Earnings Per Share $0.31 -$0.13
COMMON SHARES
Basic Shares Outstanding 47.38M shares 45.94M shares
Diluted Shares Outstanding 48.44M shares 45.94M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.60M $41.40M
YoY Change 135.75% -60.83%
Cash & Equivalents $97.64M $41.36M
Short-Term Investments
Other Short-Term Assets $4.357M $2.827M
YoY Change 54.12% -56.92%
Inventory $129.2M $126.5M
Prepaid Expenses $39.16M $41.39M
Receivables $268.1M $282.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $577.1M $519.8M
YoY Change 11.04% -4.61%
LONG-TERM ASSETS
Property, Plant & Equipment $1.144B $1.031B
YoY Change 10.91% 172.33%
Goodwill $117.3M $83.30M
YoY Change 40.79% 0.36%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $268.6M $256.0M
YoY Change 4.92% 24.73%
Total Long-Term Assets $1.576B $1.410B
YoY Change 11.81% 12.84%
TOTAL ASSETS
Total Short-Term Assets $577.1M $519.8M
Total Long-Term Assets $1.576B $1.410B
Total Assets $2.153B $1.929B
YoY Change 11.61% 7.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $82.33M $112.2M
YoY Change -26.65% 35.21%
Accrued Expenses $187.0M $155.9M
YoY Change 19.94% -3.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.066M $1.500M
YoY Change -28.93% -31.82%
Total Short-Term Liabilities $269.3M $269.7M
YoY Change -0.12% 9.11%
LONG-TERM LIABILITIES
Long-Term Debt $818.8M $670.1M
YoY Change 22.19% 14.27%
Other Long-Term Liabilities $40.98M $51.54M
YoY Change -20.5% -2.09%
Total Long-Term Liabilities $859.8M $51.54M
YoY Change 1568.14% -2.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $269.3M $269.7M
Total Long-Term Liabilities $859.8M $51.54M
Total Liabilities $1.129B $991.3M
YoY Change 13.91% 11.85%
SHAREHOLDERS EQUITY
Retained Earnings $244.4M $215.1M
YoY Change 13.62% -2.68%
Common Stock $773.6M $763.9M
YoY Change 1.27% 6.82%
Preferred Stock
YoY Change
Treasury Stock (at cost) $48.60M
YoY Change 43.91%
Treasury Stock Shares
Shareholders Equity $1.019B $932.5M
YoY Change
Total Liabilities & Shareholders Equity $2.153B $1.929B
YoY Change 11.61% 7.54%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $14.78M -$5.960M
YoY Change -348.05% -413.68%
Depreciation, Depletion And Amortization $57.60M $46.50M
YoY Change 23.87% 15.1%
Cash From Operating Activities $112.9M $32.10M
YoY Change 251.71% -24.82%
INVESTING ACTIVITIES
Capital Expenditures -$148.6M -$95.80M
YoY Change 55.11% 53.28%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$148.7M -$95.80M
YoY Change 55.22% 53.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 91.60M 37.90M
YoY Change 141.69% 193.8%
NET CHANGE
Cash From Operating Activities 112.9M 32.10M
Cash From Investing Activities -148.7M -95.80M
Cash From Financing Activities 91.60M 37.90M
Net Change In Cash 55.80M -25.80M
YoY Change -316.28% 273.91%
FREE CASH FLOW
Cash From Operating Activities $112.9M $32.10M
Capital Expenditures -$148.6M -$95.80M
Free Cash Flow $261.5M $127.9M
YoY Change 104.46% 21.58%

Facts In Submission

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us-gaap Earnings Per Share Diluted
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us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Collections in excess of revenues and deferred revenues represent cash collected from customers in advance of revenue recognition and are recorded in accrued liabilities for obligations within the next twelve months. Amounts for obligations extending beyond twelve months are recorded within other liabilities in the condensed consolidated financial statements.</p> </div>
us-gaap Revenue Recognition Multiple Element Arrangements
RevenueRecognitionMultipleElementArrangements
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In accordance with the authoritative guidance for revenue recognition for multiple element arrangements, the Accounting Standards Update (ASU) 2009-13 (ASU 2009-13), Revenue Recognition (ASC 605) Multiple-Deliverable Revenue Arrangements, which updates ASC 605-25, Revenue Recognition-Multiple element arrangements, of the Financial Accounting Standards Board (FASB) codification, for substantially all of the arrangements with multiple deliverables, the Company allocates revenue to each element based on a selling price hierarchy at the arrangement inception. The selling price for each element is based upon the following selling price hierarchy: vendor specific objective evidence (VSOE) if available, third party evidence (TPE) if VSOE is not available, or estimated selling price (ESP) if neither VSOE nor TPE are available (a description as to how the Company determines VSOE, TPE and ESP is provided below). If a tangible hardware systems product includes software, the Company determines whether the tangible hardware systems product and the software work together to deliver the product&#x2019;s essential functionality and, if so, the entire product is treated as a nonsoftware deliverable. The total arrangement consideration is allocated to each separate unit of accounting for each of the nonsoftware deliverables using the relative selling prices of each unit based on the aforementioned selling price hierarchy. Revenue for each separate unit of accounting is recognized when the applicable revenue recognition criteria for each element have been met.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> To determine the selling price in multiple-element arrangements, the Company establishes VSOE of the selling price using the price charged for a deliverable when sold separately. The Company also considers specific renewal rates offered to customers for software license updates, product support and hardware systems support, and other services. For nonsoftware multiple-element arrangements, TPE is established by evaluating similar and/or interchangeable competitor products or services in standalone arrangements with similarly situated customers and/or agreements. If the Company is unable to determine the selling price because VSOE or TPE doesn&#x2019;t exist, the Company determines ESP for the purposes of allocating the arrangement by reviewing historical transactions, including transactions whereby the deliverable was sold on a standalone basis and considers several other external and internal factors including, but not limited to, pricing practices including discounting, margin objectives, competition, the geographies in which the Company offers its products and services, the type of customer (i.e., distributor, value added reseller, government agency or direct end user, among others), volume commitments and the stage of the product lifecycle. The determination of ESP considers the Company&#x2019;s pricing model and go-to-market strategy. As the Company, or its competitors&#x2019;, pricing and go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes to its determination of VSOE, TPE and ESP. As a result, the Company&#x2019;s future revenue recognition for multiple-element arrangements could differ materially from those in the current period.</p> </div>
dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
VIASAT INC
dei Trading Symbol
TradingSymbol
VSAT
us-gaap Concentration Risk Government Contracts
ConcentrationRiskGovernmentContracts
Contract costs on U.S. government contracts are subject to audit and review by the Defense Contracting Management Agency (DCMA), the Defense Contract Audit Agency (DCAA), and other U.S. government agencies, as well as negotiations with U.S. government representatives. The Company’s incurred cost audits by the DCAA have not been concluded for fiscal year 2011 and subsequent fiscal years. During the second quarter of fiscal year 2015, the DCAA completed its incurred cost audit for fiscal year 2004 and approved the Company’s incurred cost claims for fiscal years 2005 through 2010 without further audit. Although the Company has recorded contract revenues subsequent to fiscal year 2010 based upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company does not know the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed the Company’s estimates, its profitability would be adversely affected.
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
518000 shares
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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271433000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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, self-insurance reserves, allowance for doubtful accounts, warranty accruals, 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.</p> </div>
dei Document Period End Date
DocumentPeriodEndDate
2015-01-02
us-gaap Fiscal Period
FiscalPeriod
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company&#x2019;s fiscal year is the 52 or 53 weeks ending on the Friday closest to March&#xA0;31 of the specified year. For example, references to fiscal year 2015 refer to the fiscal year ending on April&#xA0;3, 2015. The Company&#x2019;s quarters for fiscal year 2015 end on July&#xA0;4, 2014,&#xA0;October&#xA0;3, 2014,&#xA0;January 2, 2015 and April&#xA0;3, 2015. This results in a 53 week fiscal year approximately every four to five years. Fiscal year 2015 is a 52&#xA0;week year, compared with a 53&#xA0;week year in fiscal year 2014. As a result of the shift in the fiscal calendar, the second quarter of fiscal year 2014 included an additional week. The Company does not believe that the extra week results in any material impact on its financial results.</p> </div>
us-gaap Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Revenue recognition</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> A substantial portion of the Company&#x2019;s revenues is derived from long-term contracts requiring development and delivery of complex equipment built to customer specifications. Sales related to long-term contracts are accounted for under the authoritative guidance for the percentage-of-completion method of accounting (Accounting Standards Codification (ASC) 605-35). Sales and earnings under these contracts are recorded either based on the ratio of actual costs incurred to date to total estimated costs expected to be incurred related to the contract, or as products are shipped under the units-of-delivery method. Anticipated losses on contracts are recognized in full in the period in which losses become probable and estimable. Changes in estimates of profit or loss on contracts are included in earnings on a cumulative basis in the period the estimate is changed.</p> </div>
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--04-03
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
33600000
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Indemnification provisions</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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&#x2019;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 January&#xA0;2, 2015 and April&#xA0;4, 2014, no such amounts were accrued related to the aforementioned provisions.</p> </div>
dei Entity Central Index Key
EntityCentralIndexKey
0000797721
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company also enters into certain leasing arrangements with customers and evaluates the contracts in accordance with the authoritative guidance for leases (ASC 840). The Company&#x2019;s accounting for equipment leases involves specific determinations under the authoritative guidance for leases, which often involve complex provisions and significant judgments. In accordance with the authoritative guidance for leases, the Company classifies the transactions as sales type or operating leases based on: (1)&#xA0;review for transfers of ownership of the equipment to the lessee by the end of the lease term, (2)&#xA0;review of the lease terms to determine if it contains an option to purchase the leased equipment for a price which is sufficiently lower than the expected fair value of the equipment at the date of the option, (3)&#xA0;review of the lease term to determine if it is equal to or greater than 75% of the economic life of the equipment, and (4)&#xA0;review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the equipment at the inception of the lease. Additionally, the Company considers the cancelability of the contract and any related uncertainty of collections or risk in recoverability of the lease investment at lease inception. Revenue from sales type leases is recognized at the inception of the lease or when the equipment has been delivered and installed at the customer site, if installation is required. Revenues from equipment rentals under operating leases are recognized as earned over the lease term, which is generally on a straight-line basis.</p> </div>
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
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536352000
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503000 shares
CY2015Q1 vsat Incremental Common Shares Attributable To Potentially Issuable Per Employee Profit Sharing Plan And To Stock Issued Per Employee Stock Purchase Plan
IncrementalCommonSharesAttributableToPotentiallyIssuablePerEmployeeProfitSharingPlanAndToStockIssuedPerEmployeeStockPurchasePlan
135000 shares
CY2015Q1 vsat Amortization Of Acquired Intangible Asset
AmortizationOfAcquiredIntangibleAsset
4651000
CY2015Q1 vsat Finite Lived Intangible Asset Patent And Other Licenses Amortization Expense
FiniteLivedIntangibleAssetPatentAndOtherLicensesAmortizationExpense
0

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