$VSAT
VIASAT INC

2018 Q1 Form 10-Q Financial Statement

#000119312518036708 Filed on February 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2016 Q4
Revenue $439.7M $381.8M $380.6M
YoY Change 5.6% 0.32% 9.45%
Cost Of Revenue $327.3M $137.3M $131.0M
YoY Change 19.41% 4.82% 5.81%
Gross Profit $112.3M $244.6M $249.7M
YoY Change -21.08% -2.04% 11.46%
Gross Profit Margin 25.54% 64.05% 65.59%
Selling, General & Admin $106.0M $100.1M $80.28M
YoY Change 9.73% 24.72% 5.15%
% of Gross Profit 94.39% 40.94% 32.16%
Research & Development $36.90M $40.15M $34.44M
YoY Change -7.52% 16.59% 79.64%
% of Gross Profit 32.86% 16.42% 13.79%
Depreciation & Amortization $69.20M $61.50M $61.60M
YoY Change 10.72% -0.16% -3.3%
% of Gross Profit 61.62% 25.15% 24.67%
Operating Expenses $145.4M $140.3M $114.7M
YoY Change 4.15% 22.28% 20.1%
Operating Profit -$33.10M -$25.33M $7.591M
YoY Change -1325.93% -433.63% -26.9%
Interest Expense -$3.200M $1.900M $2.362M
YoY Change 3100.0% -19.56% -61.04%
% of Operating Profit 31.12%
Other Income/Expense, Net
YoY Change
Pretax Income -$36.30M -$24.81M $5.472M
YoY Change -1496.15% -553.47% 13.08%
Income Tax -$9.900M $2.200M $850.0K
% Of Pretax Income 15.53%
Net Earnings -$19.90M -$25.62M $4.622M
YoY Change -397.01% -654.33% -53.52%
Net Earnings / Revenue -4.53% -6.71% 1.21%
Basic Earnings Per Share -$0.42 $0.08
Diluted Earnings Per Share -$337.3K -$0.42 $0.08
COMMON SHARES
Basic Shares Outstanding 58.89M shares 58.64M 52.98M shares
Diluted Shares Outstanding 58.64M shares 54.02M shares

Balance Sheet

Concept 2018 Q1 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.40M $161.8M $284.9M
YoY Change -45.12% -43.21% 345.85%
Cash & Equivalents $71.45M $161.8M $284.9M
Short-Term Investments
Other Short-Term Assets $8.619M $7.423M $3.973M
YoY Change 44.13% 86.84% -96.57%
Inventory $196.3M $182.1M $158.5M
Prepaid Expenses $68.52M $68.93M $49.59M
Receivables $267.7M $228.0M $254.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $612.6M $648.3M $751.7M
YoY Change -0.37% -13.76% 29.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.963B $1.854B $1.587B
YoY Change 19.02% 16.84% 18.64%
Goodwill $121.1M $120.7M $119.6M
YoY Change 1.01% 0.88%
Intangibles
YoY Change
Long-Term Investments $163.8M $161.0M
YoY Change 15.46%
Other Assets $686.1M $658.8M $380.3M
YoY Change 29.61% 73.22% 291.3%
Total Long-Term Assets $2.802B $2.667B $2.131B
YoY Change 19.74% 25.15% 21.42%
TOTAL ASSETS
Total Short-Term Assets $612.6M $648.3M $751.7M
Total Long-Term Assets $2.802B $2.667B $2.131B
Total Assets $3.414B $3.316B $2.883B
YoY Change 15.55% 15.0% 23.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $157.5M $115.1M $79.49M
YoY Change 57.06% 44.82% -3.19%
Accrued Expenses $263.7M $225.9M $199.1M
YoY Change 17.21% 13.46% 245.61%
Deferred Revenue $121.4M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $45.30M $45.60M $284.0K
YoY Change 15629.17% 15955.99% -5.33%
Total Short-Term Liabilities $466.5M $386.6M $278.6M
YoY Change 43.3% 38.78% 11.91%
LONG-TERM LIABILITIES
Long-Term Debt $978.4M $976.1M $847.1M
YoY Change 15.31% 15.23% -9.59%
Other Long-Term Liabilities $9.902M $4.762M $38.50M
YoY Change 230.07% -87.63% 6.94%
Total Long-Term Liabilities $988.3M $980.9M $847.1M
YoY Change 16.07% 15.79% -12.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $466.5M $386.6M $278.6M
Total Long-Term Liabilities $988.3M $980.9M $847.1M
Total Liabilities $1.566B $1.481B $1.166B
YoY Change 28.71% 26.93% -4.95%
SHAREHOLDERS EQUITY
Retained Earnings $286.0M $308.1M $290.8M
YoY Change -3.87% 5.95%
Common Stock $1.536B $1.514B $1.423B
YoY Change 6.67% 6.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.837B $1.833B $1.711B
YoY Change
Total Liabilities & Shareholders Equity $3.414B $3.316B $2.883B
YoY Change 15.55% 15.0% 23.41%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income -$19.90M -$25.62M $4.622M
YoY Change -397.01% -654.33% -53.52%
Depreciation, Depletion And Amortization $69.20M $61.50M $61.60M
YoY Change 10.72% -0.16% -3.3%
Cash From Operating Activities $76.00M $96.80M $121.1M
YoY Change -22.92% -20.07% 8.13%
INVESTING ACTIVITIES
Capital Expenditures -$174.9M -$166.0M -$147.7M
YoY Change 25.38% 12.39% -10.86%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$16.60M
YoY Change -100.0% -100.0% 5433.33%
Cash From Investing Activities -$174.9M -$166.0M -$164.3M
YoY Change -30.48% 1.03% -1.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.900M -11.90M 277.1M
YoY Change -758.33% -104.29% 287.55%
NET CHANGE
Cash From Operating Activities 76.00M 96.80M 121.1M
Cash From Investing Activities -174.9M -166.0M -164.3M
Cash From Financing Activities 7.900M -11.90M 277.1M
Net Change In Cash -91.00M -81.10M 233.9M
YoY Change -40.99% -134.67% 1236.57%
FREE CASH FLOW
Cash From Operating Activities $76.00M $96.80M $121.1M
Capital Expenditures -$174.9M -$166.0M -$147.7M
Free Cash Flow $250.9M $262.8M $268.8M
YoY Change 5.38% -2.23% -3.2%

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NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
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us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
16528000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
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us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1146000
us-gaap Profit Loss
ProfitLoss
17518000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Sales Revenue Net
SalesRevenueNet
1142918000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
517485000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
625433000
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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us-gaap Stock Issued1
StockIssued1
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us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
6177000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51647000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50542000 shares
vsat Debt Issuances Costs Capitalized
DebtIssuancesCostsCapitalized
6100000
vsat Amortization Of Acquired Intangible Asset
AmortizationOfAcquiredIntangibleAsset
7565000
vsat Incremental Common Shares Attributable To Restricted Stock Units To Acquire Common Stock
IncrementalCommonSharesAttributableToRestrictedStockUnitsToAcquireCommonStock
656000 shares
vsat Incremental Common Shares Attributable To Potentially Issuable Per Employee Profit Sharing Plan And To Stock Issued Per Employee Stock Purchase Plan
IncrementalCommonSharesAttributableToPotentiallyIssuablePerEmployeeProfitSharingPlanAndToStockIssuedPerEmployeeStockPurchasePlan
184000 shares
dei Entity Central Index Key
EntityCentralIndexKey
0000797721
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
23663000
us-gaap Advertising Expense
AdvertisingExpense
6700000
dei Amendment Flag
AmendmentFlag
false
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
54757000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
33165000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
27086000
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
58000000
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
23100000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
31723000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-1400000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-33813000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
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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 years 2016 and 2017. As of December 31, 2017, the DCAA had completed its incurred cost audit for fiscal year 2004 and approved the Company’s incurred cost claims for fiscal years 2005 through 2015 without further audit. Although the Company has recorded contract revenues subsequent to fiscal year 2015 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.
us-gaap Cost Of Goods Sold
CostOfGoodsSold
382932000
us-gaap Cost Of Services
CostOfServices
410538000
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-19940000
us-gaap Depreciation
Depreciation
153211000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.268 pure
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
dei Document Type
DocumentType
10-Q
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.81
dei Document Period End Date
DocumentPeriodEndDate
2017-12-31
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.81
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
795000
dei Entity Registrant Name
EntityRegistrantName
VIASAT INC
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-25768000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-10217000
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: ARIAL" size="2"><b><i>Indemnification provisions</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: ARIAL" size="2">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 December&#xA0;31, 2017 and March&#xA0;31, 2017, no such amounts were accrued related to the aforementioned provisions.</font></p> </div>
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-68824000
us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
12200000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-29626000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
16965000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
24148000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
24938000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
71807000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1593000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-18472000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
5804000
us-gaap Interest Expense
InterestExpense
253000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
46500000
us-gaap Interest And Other Income
InterestAndOtherIncome
782000
us-gaap Loss On Contracts
LossOnContracts
6400000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-409611000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
282595000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1400000
us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
13465000
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
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us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
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us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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us-gaap Profit Loss
ProfitLoss
-48759000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58237000 shares
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
3500000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: ARIAL" size="2">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 12 months. Amounts for obligations extending beyond 12 months are recorded within other liabilities in the condensed consolidated financial statements.</font></p> </div>
us-gaap Revenue Recognition Multiple Element Arrangements
RevenueRecognitionMultipleElementArrangements
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: ARIAL" size="2">In accordance with the authoritative guidance for revenue recognition for multiple element arrangements, the Accounting Standards Update (ASU) <font style="WHITE-SPACE: nowrap">2009-13</font> (ASU <font style="WHITE-SPACE: nowrap">2009-13),</font> Revenue Recognition (ASC 605) Multiple-Deliverable Revenue Arrangements, which updates ASC <font style="WHITE-SPACE: nowrap">605-25,</font> 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.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: ARIAL" size="2">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 <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">go-to-market</font></font> strategy. As the Company&#x2019;s, or its competitors&#x2019;, pricing and <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">go-to-market</font></font> 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.</font></p> </div>
us-gaap Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: ARIAL" size="2">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 <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">percentage-of-completion</font></font> method of accounting (Accounting Standards Codification (ASC) <font style="WHITE-SPACE: nowrap">605-35).</font> 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 <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">units-of-delivery</font></font> 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. During the three months ended December&#xA0;31, 2017 and 2016, the Company recorded losses of approximately $2.7&#xA0;million and $0.8&#xA0;million, respectively, related to loss contracts. During the nine months ended December&#xA0;31, 2017 and 2016, the Company recorded losses of approximately $6.4&#xA0;million and $2.8&#xA0;million, respectively, related to loss contracts.</font></p> </div>
us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
523858000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: ARIAL" size="2">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.</font></p> </div>
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Standard Product Warranty Accrual Payments
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us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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us-gaap Stock Issued1
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us-gaap Stock Issued During Period Value Employee Benefit Plan
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us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
218000
dei Trading Symbol
TradingSymbol
VSAT
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: ARIAL" size="2">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.</font></p> </div>
CY2016Q4 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
17600000
CY2016Q4 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
8400000
CY2016Q4 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
379000
CY2016Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2788000
CY2016Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
3167000
CY2016Q4 us-gaap Cost Of Goods Sold
CostOfGoodsSold
124579000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58237000 shares
vsat Debt Issuances Costs Capitalized
DebtIssuancesCostsCapitalized
9800000
vsat Increase Decrease In Other Noncontrolling Interest Activities
IncreaseDecreaseInOtherNoncontrollingInterestActivities
-22000
vsat Amortization Of Acquired Intangible Asset
AmortizationOfAcquiredIntangibleAsset
9757000
vsat Products Warranty Period Maximum
ProductsWarrantyPeriodMaximum
P5Y
CY2016Q4 us-gaap Cost Of Services
CostOfServices
130967000
CY2016Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.155 pure
vsat Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options And Restricted Stock Shares Released
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptionsAndRestrictedStockSharesReleased
1300000
CY2017 vsat Loss Contingency Estimate Of Possible Loss Impact To Net Income Loss Available To Common Stockholders
LossContingencyEstimateOfPossibleLossImpactToNetIncomeLossAvailableToCommonStockholders
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CY2017 vsat Loss Contingency Estimate Of Possible Loss Impact To Net Income Loss Attributable To Noncontrolling Interest
LossContingencyEstimateOfPossibleLossImpactToNetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2016Q4 us-gaap Advertising Expense
AdvertisingExpense
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CY2016Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2016Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2016Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5472000
CY2016Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2016Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
850000
CY2016Q4 us-gaap Interest Expense
InterestExpense
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CY2016Q4 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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CY2016Q4 us-gaap Interest And Other Income
InterestAndOtherIncome
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CY2016Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2016Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2016Q4 us-gaap Selling General And Administrative Expense
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CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q4 us-gaap Loss On Contracts
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CY2016Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4243000
CY2016Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
379000
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2016Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2016Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2016Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2016Q4 us-gaap Profit Loss
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CY2016Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2016Q4 us-gaap Sales Revenue Net
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CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52976000 shares
CY2016Q4 vsat Debt Issuances Costs Capitalized
DebtIssuancesCostsCapitalized
0
CY2016Q4 vsat Amortization Of Acquired Intangible Asset
AmortizationOfAcquiredIntangibleAsset
2775000
CY2016Q4 vsat Incremental Common Shares Attributable To Restricted Stock Units To Acquire Common Stock
IncrementalCommonSharesAttributableToRestrictedStockUnitsToAcquireCommonStock
629000 shares
CY2016Q4 vsat Incremental Common Shares Attributable To Potentially Issuable Per Employee Profit Sharing Plan And To Stock Issued Per Employee Stock Purchase Plan
IncrementalCommonSharesAttributableToPotentiallyIssuablePerEmployeeProfitSharingPlanAndToStockIssuedPerEmployeeStockPurchasePlan
175000 shares
CY2017Q4 us-gaap Advertising Expense
AdvertisingExpense
3200000
CY2017Q4 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
20200000
CY2017Q4 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
6800000
CY2017Q4 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-990000
CY2017Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-21040000
CY2017Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-22030000
CY2017Q4 us-gaap Cost Of Goods Sold
CostOfGoodsSold
126437000
CY2017Q4 us-gaap Cost Of Services
CostOfServices
137275000
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.088 pure
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.42
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.42
CY2017Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-24814000
CY2017Q4 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
12200000
CY2017Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1365000
CY2017Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2172000
CY2017Q4 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
15800000
CY2017Q4 us-gaap Interest And Other Income
InterestAndOtherIncome
512000
CY2017Q4 us-gaap Loss On Contracts
LossOnContracts
2700000
CY2017Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24631000
CY2017Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-990000
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-25326000
CY2017Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3591000
CY2017Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
3619000
CY2017Q4 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-28000
CY2017Q4 us-gaap Profit Loss
ProfitLoss
-25621000
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
40149000
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
381837000
CY2017Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
175957000
CY2017Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
205880000
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
17600000
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
100125000
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58638000 shares
CY2017Q4 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
1100000
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58638000 shares
CY2017Q4 vsat Debt Issuances Costs Capitalized
DebtIssuancesCostsCapitalized
0
CY2017Q4 vsat Amortization Of Acquired Intangible Asset
AmortizationOfAcquiredIntangibleAsset
3177000
CY2017Q4 vsat Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options And Restricted Stock Shares Released
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptionsAndRestrictedStockSharesReleased
1200000

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