2020 Form 10-K Financial Statement

#000156459020027420 Filed on May 29, 2020

View on sec.gov

Income Statement

Concept 2020 2019 Q2 2019 Q1
Revenue $2.309B $537.0M $557.2M
YoY Change 11.65% 22.37% 26.72%
Cost Of Revenue $1.610B $384.5M $398.0M
YoY Change 4.68% 11.48% 21.6%
Gross Profit $699.6M $152.6M $159.2M
YoY Change 31.88% 62.34% 41.76%
Gross Profit Margin 30.3% 28.42% 28.57%
Selling, General & Admin $523.1M $125.1M $118.1M
YoY Change 14.1% 11.06% 11.42%
% of Gross Profit 74.77% 81.98% 74.18%
Research & Development $130.4M $33.50M $29.40M
YoY Change 6.01% 0.38% -20.33%
% of Gross Profit 18.64% 21.95% 18.47%
Depreciation & Amortization $279.7M $68.80M $80.50M
YoY Change 6.65% 7.85% 16.33%
% of Gross Profit 39.98% 45.09% 50.57%
Operating Expenses $653.5M $160.6M $149.8M
YoY Change 12.38% 9.99% 3.03%
Operating Profit $38.42M -$8.065M $9.400M
YoY Change -163.38% -85.2% -128.4%
Interest Expense $38.64M $11.17M -$9.400M
YoY Change -22.73% -1.32% 193.75%
% of Operating Profit 100.57% -100.0%
Other Income/Expense, Net
YoY Change
Pretax Income $1.428M -$18.31M $0.00
YoY Change -101.29% -72.15% -100.0%
Income Tax -$7.915M -$7.200M -$5.300M
% Of Pretax Income -554.27%
Net Earnings $13.81M -$9.737M $2.500M
YoY Change -120.78% -72.57% -112.56%
Net Earnings / Revenue 0.6% -1.81% 0.45%
Basic Earnings Per Share $0.00 -$0.19
Diluted Earnings Per Share $0.00 -$0.19 $41.19K
COMMON SHARES
Basic Shares Outstanding 61.63M 60.92M
Diluted Shares Outstanding 61.63M 60.92M

Balance Sheet

Concept 2020 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $304.3M $129.9M $261.7M
YoY Change 16.28% 137.04% 266.53%
Cash & Equivalents $304.3M $129.9M $261.7M
Short-Term Investments
Other Short-Term Assets $116.3M $18.52M $18.28M
YoY Change 28.22% 16.06% 112.05%
Inventory $294.4M $263.8M $234.5M
Prepaid Expenses $88.33M $72.37M
Receivables $330.7M $303.6M $300.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.046B $804.2M $887.2M
YoY Change 17.87% 31.0% 44.83%
LONG-TERM ASSETS
Property, Plant & Equipment $2.895B $2.536B $2.125B
YoY Change 36.23% 24.5% 8.3%
Goodwill $121.6M $121.7M
YoY Change -0.69% 0.52%
Intangibles
YoY Change
Long-Term Investments $160.2M $158.9M $160.7M
YoY Change -0.31% -6.25% -1.91%
Other Assets $365.3M $779.9M $758.8M
YoY Change 10.46% 5.08% 10.59%
Total Long-Term Assets $3.838B $3.438B $3.028B
YoY Change 26.75% 17.32% 8.09%
TOTAL ASSETS
Total Short-Term Assets $1.046B $804.2M $887.2M
Total Long-Term Assets $3.838B $3.438B $3.028B
Total Assets $4.884B $4.242B $3.915B
YoY Change 24.74% 19.69% 14.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $183.6M $145.5M $157.3M
YoY Change 16.72% -2.68% -0.13%
Accrued Expenses $163.8M $117.8M $308.3M
YoY Change 64.62% -53.31% 16.91%
Deferred Revenue $123.3M $125.5M
YoY Change -3.18% 3.38%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $29.80M $19.65M $19.94M
YoY Change 49.75% -56.62% -55.99%
Total Short-Term Liabilities $604.6M $490.1M $485.5M
YoY Change 24.53% 9.6% 4.08%
LONG-TERM LIABILITIES
Long-Term Debt $1.822B $1.383B $1.393B
YoY Change 30.78% 28.9% 42.36%
Other Long-Term Liabilities $407.5M $4.870M $5.755M
YoY Change 237.33% -46.4% -41.88%
Total Long-Term Liabilities $2.229B $1.388B $1.399B
YoY Change 47.27% 28.27% 41.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $604.6M $490.1M $485.5M
Total Long-Term Liabilities $2.229B $1.388B $1.399B
Total Liabilities $2.856B $2.326B $1.999B
YoY Change 42.27% 40.78% 27.66%
SHAREHOLDERS EQUITY
Retained Earnings $234.1M $245.6M
YoY Change -15.73% -14.12%
Common Stock $1.726B $1.657B
YoY Change 8.61% 7.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.028B $1.963B $1.908B
YoY Change
Total Liabilities & Shareholders Equity $4.884B $4.242B $3.915B
YoY Change 24.74% 19.69% 14.68%

Cashflow Statement

Concept 2020 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $13.81M -$9.737M $2.500M
YoY Change -120.78% -72.57% -112.56%
Depreciation, Depletion And Amortization $279.7M $68.80M $80.50M
YoY Change 6.65% 7.85% 16.33%
Cash From Operating Activities $436.9M $46.46M $112.9M
YoY Change 33.39% -13.66% 48.55%
INVESTING ACTIVITIES
Capital Expenditures $694.0M $166.1M -$162.5M
YoY Change 8.97% 13.29% -7.09%
Acquisitions
YoY Change
Other Investing Activities $2.300M $2.300M $13.50M
YoY Change -98.83% 11.11%
Cash From Investing Activities -$758.8M -$185.8M -$149.0M
YoY Change 55.04% 15.49% -14.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $59.69M
YoY Change -91.85%
Cash From Financing Activities 365.2M 7.494M 254.0M
YoY Change 2.98% -91.82% 3115.19%
NET CHANGE
Cash From Operating Activities 436.9M 46.46M 112.9M
Cash From Investing Activities -758.8M -185.8M -149.0M
Cash From Financing Activities 365.2M 7.494M 254.0M
Net Change In Cash 42.61M -131.8M 217.9M
YoY Change -77.6% 756.84% -339.45%
FREE CASH FLOW
Cash From Operating Activities $436.9M $46.46M $112.9M
Capital Expenditures $694.0M $166.1M -$162.5M
Free Cash Flow -$257.0M -$119.7M $275.4M
YoY Change -16.9% 28.91% 9.76%

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CY2020 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:13pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Management estimates and assumptions </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;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (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, contingencies and income taxes including the valuation allowance on deferred tax assets. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;"> </p>
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:13pt;margin-left:2.26%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Concentration of risk </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;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash equivalents and accounts receivable which are generally not collateralized. The Company limits its exposure to credit loss by placing its cash equivalents with high credit quality financial institutions and investing in high quality short-term debt instruments. The Company establishes customer credit policies related to its accounts receivable based on historical collection experiences within the various markets in which the Company operates, historical past due amounts and any specific information that the Company becomes aware of such as bankruptcy or liquidity issues of customers. </p> <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;">Revenues from the U.S. government as an individual customer comprised approximately 30%, 26% and 31% of total revenues for fiscal years 2020, 2019 and 2018, respectively. Billed accounts receivable to the U.S. government as of March 31, 2020 and 2019 were approximately 35% and 32%, respectively, of total billed receivables. In addition, none of the Company’s commercial customers comprised 10% or more of total revenues for fiscal years 2020, 2019 and 2018. The Company’s five largest contracts generated approximately 18%, 20% and 20% of the Company’s total revenues for the fiscal years ended March 31, 2020, March 31, 2019 and March 31, 2018, respectively. </p> <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 Company relies on a limited number of contract manufacturers to produce its products. </p>
CY2020 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
54100000
CY2019 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
39500000
CY2018 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
58900000
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
90646000
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
90179000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
327329000
CY2019Q1 us-gaap Assets
Assets
3915287000
CY2019Q2 us-gaap Assets
Assets
4242149000
CY2019Q1 vsat Accrued And Other Liabilities Current
AccruedAndOtherLiabilitiesCurrent
308268000
CY2019Q2 vsat Accrued And Other Liabilities Current
AccruedAndOtherLiabilitiesCurrent
346674000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
305167000
CY2019Q1 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
120826000
CY2019Q2 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
104115000
CY2019Q1 us-gaap Liabilities
Liabilities
1999209000
CY2019Q2 us-gaap Liabilities
Liabilities
2326071000
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3915287000
CY2019Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4242149000
CY2020Q1 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
3300000
CY2020Q1 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
39500000
CY2020Q1 vsat Finite Lived Patents And Other Licenses Accumulated Amortization
FiniteLivedPatentsAndOtherLicensesAccumulatedAmortization
3700000
CY2020 vsat Debt Issuances Costs Capitalized
DebtIssuancesCostsCapitalized
0
CY2020 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
53000000.0
CY2019 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
45900000
CY2020 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2019 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2018 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2020 vsat Products Warranty Period Maximum
ProductsWarrantyPeriodMaximum
P5Y
CY2019Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
5400000
CY2020 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<p style="margin-bottom:0pt;margin-top:13pt;margin-left:2.26%;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 March 31, 2020 and 2019, no such amounts were accrued related to the aforementioned provisions. </p>
CY2020 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-11600000
CY2019 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-11800000
CY2019 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-10000000.0
CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
22800000
CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
15800000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1900000000
CY2020 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
Company expects to recognize a little over half over the next twelve months, with the balance recognized thereafter
CY2020 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2309238000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2068258000
CY2020Q1 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
75661000
CY2019Q1 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
83743000
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
123019000
CY2019Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
125540000
CY2020Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
80802000
CY2019Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
71230000
CY2020 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-8100000
CY2020 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-2500000
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
93100000
CY2020 vsat Capitalized Contract Cost Amortization And Reduction Of Carrying Value Associated With Contract Termination
CapitalizedContractCostAmortizationAndReductionOfCarryingValueAssociatedWithContractTermination
46400000
CY2019 vsat Capitalized Contract Cost Amortization And Reduction Of Carrying Value Associated With Contract Termination
CapitalizedContractCostAmortizationAndReductionOfCarryingValueAssociatedWithContractTermination
41600000
CY2020 us-gaap Advertising Expense
AdvertisingExpense
25800000
CY2019 us-gaap Advertising Expense
AdvertisingExpense
37800000
CY2018 us-gaap Advertising Expense
AdvertisingExpense
14400000
CY2020Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
807352000
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
758805000
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
123019000
CY2020Q1 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
75661000
CY2019Q1 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
83743000
CY2020Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
260431000
CY2019Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
218276000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5394000
CY2019Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1712000
CY2020Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
330698000
CY2019Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
300307000
CY2020Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
83353000
CY2019Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
77834000
CY2020Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
59429000
CY2019Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
52084000
CY2020Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
151634000
CY2019Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
104600000
CY2020Q1 us-gaap Inventory Net
InventoryNet
294416000
CY2019Q1 us-gaap Inventory Net
InventoryNet
234518000
CY2020Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
84872000
CY2019Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
72369000
CY2020Q1 us-gaap Other Assets Current
OtherAssetsCurrent
31409000
CY2019Q1 us-gaap Other Assets Current
OtherAssetsCurrent
18277000
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
116281000
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
90646000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4101634000
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3419456000
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1514899000
CY2019Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1294166000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2586735000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2125290000
CY2020Q1 us-gaap Equity Method Investments
EquityMethodInvestments
160204000
CY2019Q1 us-gaap Equity Method Investments
EquityMethodInvestments
160711000
CY2020Q1 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
276331000
CY2019Q1 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
258834000
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
14439000
CY2020Q1 vsat Finite Lived Patents And Other Licenses Net
FiniteLivedPatentsAndOtherLicensesNet
39135000
CY2019Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
217784000
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
195483000
CY2020Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
242741000
CY2019Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
244368000
CY2019Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
22301000
CY2019Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
125540000
CY2019Q1 vsat Finite Lived Patents And Other Licenses Net
FiniteLivedPatentsAndOtherLicensesNet
23059000
CY2020Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
88941000
CY2019Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
71833000
CY2019Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
71230000
CY2019Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
56454000
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
72654000
CY2020Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
48963000
CY2019Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
43077000
CY2020Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
6233000
CY2019Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
5877000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
42146000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
98175000
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
77320000
CY2020Q1 vsat Accrued And Other Liabilities Current
AccruedAndOtherLiabilitiesCurrent
391190000
CY2019Q1 vsat Accrued And Other Liabilities Current
AccruedAndOtherLiabilitiesCurrent
308268000
CY2020Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
80802000
CY2019Q1 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
16810000
CY2020Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
5410000
CY2019Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
1707000
CY2020Q1 vsat Satellite Performance Incentives Obligation Noncurrent
SatellitePerformanceIncentivesObligationNoncurrent
24349000
CY2019Q1 vsat Satellite Performance Incentives Obligation Noncurrent
SatellitePerformanceIncentivesObligationNoncurrent
25324000
CY2020Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
10373000
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5755000
CY2020Q1 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
120934000
CY2019Q1 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
120826000
CY2020 vsat Amortization Of Acquired Intangible Asset
AmortizationOfAcquiredIntangibleAsset
7600000
CY2019 vsat Amortization Of Acquired Intangible Asset
AmortizationOfAcquiredIntangibleAsset
9700000
CY2018 vsat Amortization Of Acquired Intangible Asset
AmortizationOfAcquiredIntangibleAsset
12200000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
5120000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3297000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2993000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2472000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
557000
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
14439000
CY2020Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
213281000
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
198842000
CY2020 us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
some of which include renewal options, and some of which include options to terminate the leases within one year.
CY2020 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
11328000
CY2020 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2144000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
60861000
CY2020 us-gaap Short Term Lease Cost
ShortTermLeaseCost
4750000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
8608000
CY2020 us-gaap Lease Cost
LeaseCost
87691000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.054
CY2020Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.054
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
58987000
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
25420000
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
72711000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
58466000
CY2020Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
13350000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
59171000
CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
12000000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
54558000
CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
12000000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
54389000
CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
12000000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
50405000
CY2020Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
12000000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
120311000
CY2020Q1 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
15000000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
397300000
CY2020Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
76350000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
68604000
CY2020Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
11394000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
328696000
CY2020Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
64956000
CY2020Q1 vsat Lessee Operating Lease Lease Not Yet Commenced
LesseeOperatingLeaseLeaseNotYetCommenced
90300000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
59164000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
59452000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
57500000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
50933000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
51000000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
183077000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
461126000
CY2019 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
53500000
CY2020Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
64956000
CY2019Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
1872869000
CY2019Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
1439560000
CY2020Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
21418000
CY2019Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
26720000
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
29788000
CY2019Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
19937000
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1821663000
CY2019Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1392903000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
29788000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
28945000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
29454000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
419992000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
30559000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1334131000
CY2020Q1 vsat Long Term Debt Maturities Repayments Of Principal
LongTermDebtMaturitiesRepaymentsOfPrincipal
1872869000
CY2020Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
21418000
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
1851451000
CY2020Q2 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
2300000
CY2019 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
185700000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1428000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-110481000
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<p style="margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Note 13 — Contingencies</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;">From time to time, the Company is involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of business, including government investigations and claims, and other claims and proceedings with respect to intellectual property, breach of contract, labor and employment, tax and other matters. Such matters could result in fines; penalties, compensatory, treble or other damages; or non-monetary relief. A violation of government contract laws and regulations could also result in the termination of its government contracts or debarment from bidding on future government contracts. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of its current pending matters will not have a material adverse effect on its business, financial condition, results of operations or liquidity. </p> <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 Company has contracts with various U.S. government agencies. Accordingly, the Company is routinely subject to audit and review by the DCMA, the DCAA and other U.S. government agencies of its performance on government contracts, indirect rates and pricing practices, accounting and management internal control business systems, and compliance with applicable contracting and procurement laws, regulations and standards. An adverse outcome to a review or audit or other failure to comply with applicable contracting and procurement laws, regulations and standards could result in material civil and criminal penalties and administrative sanctions being imposed on the Company, which may include termination of contracts, forfeiture of profits, triggering of price reduction clauses, suspension of payments, significant customer refunds, fines and suspension, or a prohibition on doing business with U.S. government agencies. In addition, if the Company fails to obtain an “adequate” determination of its various accounting and management internal control business systems from applicable U.S. government agencies or if allegations of impropriety are made against it, the Company could suffer serious harm to its business or its reputation, including its ability to bid on new contracts or receive contract renewals and its competitive position in the bidding process. The Company’s incurred cost audits by the DCAA have not been concluded for fiscal years 2019 or 2020. As of March 31, 2020, the DCAA had completed its incurred cost audit for fiscal years 2004 and 2016 and approved the Company’s incurred costs for those fiscal years, as well as approved the Company’s incurred costs for fiscal years 2005 through 2015, 2017 and 2018 without further audit based on the determination of low risk. Although the Company has recorded contract revenues subsequent to fiscal year 2018 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. As of March 31, 2020 and 2019, the Company had $7.8 million and $4.9 million, respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on several multi-year U.S. government cost reimbursable contracts. This reserve is classified as either an element of accrued liabilities or as a reduction of unbilled accounts receivable based on the status of the related contracts. </p>
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