$VSAT
VIASAT INC

2018 Q4 Form 10-Q Financial Statement

#000156459019002523 Filed on February 11, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $554.7M $381.8M
YoY Change 45.27% 0.32%
Cost Of Revenue $402.7M $137.3M
YoY Change 193.35% 4.82%
Gross Profit $152.0M $244.6M
YoY Change -37.85% -2.04%
Gross Profit Margin 27.4% 64.05%
Selling, General & Admin $114.6M $100.1M
YoY Change 14.42% 24.72%
% of Gross Profit 75.37% 40.94%
Research & Development $28.93M $40.15M
YoY Change -27.95% 16.59%
% of Gross Profit 19.03% 16.42%
Depreciation & Amortization $80.80M $61.50M
YoY Change 31.38% -0.16%
% of Gross Profit 53.16% 25.15%
Operating Expenses $143.5M $140.3M
YoY Change 2.3% 22.28%
Operating Profit $6.007M -$25.33M
YoY Change -123.72% -433.63%
Interest Expense $14.90M $1.900M
YoY Change 684.0% -19.56%
% of Operating Profit 247.98%
Other Income/Expense, Net
YoY Change
Pretax Income -$8.858M -$24.81M
YoY Change -64.3% -553.47%
Income Tax $3.200M $2.200M
% Of Pretax Income
Net Earnings -$10.74M -$25.62M
YoY Change -58.09% -654.33%
Net Earnings / Revenue -1.94% -6.71%
Basic Earnings Per Share -$0.17 -$0.42
Diluted Earnings Per Share -$0.17 -$0.42
COMMON SHARES
Basic Shares Outstanding 60.15M 58.64M
Diluted Shares Outstanding 60.15M 58.64M shares

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.40M $161.8M
YoY Change -73.18% -43.21%
Cash & Equivalents $43.37M $161.8M
Short-Term Investments
Other Short-Term Assets $22.37M $7.423M
YoY Change 201.39% 86.84%
Inventory $230.1M $182.1M
Prepaid Expenses $81.16M $68.93M
Receivables $295.3M $228.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $684.7M $648.3M
YoY Change 5.61% -13.76%
LONG-TERM ASSETS
Property, Plant & Equipment $2.054B $1.854B
YoY Change 10.78% 16.84%
Goodwill $121.5M $120.7M
YoY Change 0.68% 0.88%
Intangibles
YoY Change
Long-Term Investments $162.6M $161.0M
YoY Change 1.02%
Other Assets $744.9M $658.8M
YoY Change 13.06% 73.22%
Total Long-Term Assets $2.945B $2.667B
YoY Change 10.41% 25.15%
TOTAL ASSETS
Total Short-Term Assets $684.7M $648.3M
Total Long-Term Assets $2.945B $2.667B
Total Assets $3.630B $3.316B
YoY Change 9.47% 15.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $160.9M $115.1M
YoY Change 39.73% 44.82%
Accrued Expenses $292.3M $225.9M
YoY Change 29.39% 13.46%
Deferred Revenue $127.3M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $21.76M $45.60M
YoY Change -52.29% 15955.99%
Total Short-Term Liabilities $474.9M $386.6M
YoY Change 22.84% 38.78%
LONG-TERM LIABILITIES
Long-Term Debt $1.137B $976.1M
YoY Change 16.46% 15.23%
Other Long-Term Liabilities $132.0M $4.762M
YoY Change 2671.94% -87.63%
Total Long-Term Liabilities $1.137B $980.9M
YoY Change 15.9% 15.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $474.9M $386.6M
Total Long-Term Liabilities $1.137B $980.9M
Total Liabilities $1.744B $1.481B
YoY Change 17.77% 26.93%
SHAREHOLDERS EQUITY
Retained Earnings $243.1M $308.1M
YoY Change -21.11% 5.95%
Common Stock $1.630B $1.514B
YoY Change 7.69% 6.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.881B $1.833B
YoY Change
Total Liabilities & Shareholders Equity $3.630B $3.316B
YoY Change 9.47% 15.0%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income -$10.74M -$25.62M
YoY Change -58.09% -654.33%
Depreciation, Depletion And Amortization $80.80M $61.50M
YoY Change 31.38% -0.16%
Cash From Operating Activities $103.4M $96.80M
YoY Change 6.82% -20.07%
INVESTING ACTIVITIES
Capital Expenditures -$169.1M -$166.0M
YoY Change 1.87% 12.39%
Acquisitions
YoY Change
Other Investing Activities $127.8M $0.00
YoY Change -100.0%
Cash From Investing Activities -$41.30M -$166.0M
YoY Change -75.12% 1.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -68.70M -11.90M
YoY Change 477.31% -104.29%
NET CHANGE
Cash From Operating Activities 103.4M 96.80M
Cash From Investing Activities -41.30M -166.0M
Cash From Financing Activities -68.70M -11.90M
Net Change In Cash -6.600M -81.10M
YoY Change -91.86% -134.67%
FREE CASH FLOW
Cash From Operating Activities $103.4M $96.80M
Capital Expenditures -$169.1M -$166.0M
Free Cash Flow $272.5M $262.8M
YoY Change 3.69% -2.23%

Facts In Submission

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us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:9pt;text-indent:4.54%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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>
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CY2018Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
5200000
CY2018Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
4500000
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<p style="margin-bottom:0pt;margin-top:13pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Indemnification provisions </p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 December 31, 2018 and March 31, 2018, no such amounts were accrued related to the aforementioned provisions. </p>
CY2018Q4 us-gaap Share Based Compensation
ShareBasedCompensation
20200000
us-gaap Share Based Compensation
ShareBasedCompensation
58700000
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
17600000
us-gaap Share Based Compensation
ShareBasedCompensation
49100000
CY2018Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
209587000
CY2018Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
184536000
CY2018Q4 vsat Unbilled Receivables Not Billable At Balance Sheet Date1
UnbilledReceivablesNotBillableAtBalanceSheetDate1
87085000
CY2018Q1 vsat Unbilled Receivables Not Billable At Balance Sheet Date1
UnbilledReceivablesNotBillableAtBalanceSheetDate1
85156000
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1347000
CY2018Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2027000
CY2018Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
295325000
CY2018Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
267665000
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
78850000
CY2018Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
62252000
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
52240000
CY2018Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
47465000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
99032000
CY2018Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
86590000
CY2018Q4 us-gaap Inventory Net
InventoryNet
230122000
CY2018Q1 us-gaap Inventory Net
InventoryNet
196307000
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
81155000
CY2018Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
68516000
CY2018Q4 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
12317000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
22372000
CY2018Q1 us-gaap Other Assets Current
OtherAssetsCurrent
8619000
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
115844000
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
77135000
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
217920000
CY2018Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
219137000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
193160000
CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
187275000
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
24760000
CY2018Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
31862000
CY2018Q4 us-gaap Equity Method Investments
EquityMethodInvestments
162617000
CY2018Q1 us-gaap Equity Method Investments
EquityMethodInvestments
163835000
CY2018Q4 us-gaap Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
251992000
CY2018Q1 us-gaap Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
222274000
CY2018Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
244924000
CY2018Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
246792000
CY2018Q4 vsat Finite Lived Patents And Other Licenses Net
FiniteLivedPatentsAndOtherLicensesNet
16700000
CY2018Q1 vsat Finite Lived Patents And Other Licenses Net
FiniteLivedPatentsAndOtherLicensesNet
16100000
CY2018Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
68618000
CY2018Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
37133000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
744851000
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
686134000
CY2018Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
127286000
CY2018Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
121439000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
55418000
CY2018Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
46106000
CY2018Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
39971000
CY2018Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
39022000
CY2018Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
5311000
CY2018Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
5357000
CY2018Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
292260000
CY2018Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
263676000
CY2018Q4 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
81877000
CY2018Q1 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
77831000
CY2018Q4 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
16525000
CY2018Q1 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
13769000
CY2018Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
1696000
CY2018Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
1557000
CY2018Q4 vsat Satellite Performance Incentives Obligation Noncurrent
SatellitePerformanceIncentivesObligationNoncurrent
25292000
CY2018Q1 vsat Satellite Performance Incentives Obligation Noncurrent
SatellitePerformanceIncentivesObligationNoncurrent
18181000
CY2018Q4 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
131970000
CY2018Q1 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
121240000
vsat Amortization Of Acquired Intangible Asset
AmortizationOfAcquiredIntangibleAsset
7375000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2209000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
7524000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5133000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3310000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3005000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
3579000
CY2018Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1177286000
CY2018Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1062401000
CY2018Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
18696000
CY2018Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
38696000
CY2018Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
21755000
CY2018Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
45300000
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1136835000
CY2018Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
978405000
vsat Products Warranty Period Maximum
ProductsWarrantyPeriodMaximum
P5Y
CY2018Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6914000
CY2017Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11058000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2982000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
218000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2889000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3931000
CY2018Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7007000
CY2017Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7345000
CY2018Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-35700000
CY2018Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.36
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.32
CY2017Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-18500000
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.09
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.27
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
5100000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q4 us-gaap Assets
Assets
3629716000
CY2018Q1 us-gaap Assets
Assets
3414109000
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
24760000

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