$VSAT
VIASAT INC

2020 Q2 Form 10-Q Financial Statement

#000156459020038352 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $530.5M $537.0M
YoY Change -1.22% 22.37%
Cost Of Revenue $385.6M $384.5M
YoY Change 0.29% 11.48%
Gross Profit $144.9M $152.6M
YoY Change -5.05% 62.34%
Gross Profit Margin 27.31% 28.42%
Selling, General & Admin $121.0M $125.1M
YoY Change -3.25% 11.06%
% of Gross Profit 83.53% 81.98%
Research & Development $27.64M $33.50M
YoY Change -17.5% 0.38%
% of Gross Profit 19.07% 21.95%
Depreciation & Amortization $77.76M $68.80M
YoY Change 13.02% 7.85%
% of Gross Profit 53.66% 45.09%
Operating Expenses $148.7M $160.6M
YoY Change -7.43% 9.99%
Operating Profit -$5.314M -$8.065M
YoY Change -34.11% -85.2%
Interest Expense $9.524M $11.17M
YoY Change -14.77% -1.32%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$14.61M -$18.31M
YoY Change -20.25% -72.15%
Income Tax -$5.700M -$7.200M
% Of Pretax Income
Net Earnings -$8.527M -$9.737M
YoY Change -12.43% -72.57%
Net Earnings / Revenue -1.61% -1.81%
Basic Earnings Per Share -$0.20 -$0.19
Diluted Earnings Per Share -$0.20 -$0.19
COMMON SHARES
Basic Shares Outstanding 62.51M 60.92M
Diluted Shares Outstanding 62.51M 60.92M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $232.4M $129.9M
YoY Change 78.91% 137.04%
Cash & Equivalents $232.4M $129.9M
Short-Term Investments
Other Short-Term Assets $24.24M $18.52M
YoY Change 30.87% 16.06%
Inventory $312.7M $263.8M
Prepaid Expenses $81.75M $88.33M
Receivables $270.4M $303.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $921.5M $804.2M
YoY Change 14.59% 31.0%
LONG-TERM ASSETS
Property, Plant & Equipment $2.716B $2.536B
YoY Change 7.08% 24.5%
Goodwill $121.3M $121.6M
YoY Change -0.27% -0.69%
Intangibles
YoY Change
Long-Term Investments $158.7M $158.9M
YoY Change -0.1% -6.25%
Other Assets $827.7M $779.9M
YoY Change 6.14% 5.08%
Total Long-Term Assets $3.983B $3.438B
YoY Change 15.85% 17.32%
TOTAL ASSETS
Total Short-Term Assets $921.5M $804.2M
Total Long-Term Assets $3.983B $3.438B
Total Assets $4.904B $4.242B
YoY Change 15.61% 19.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $176.0M $145.5M
YoY Change 20.93% -2.68%
Accrued Expenses $130.7M $117.8M
YoY Change 10.95% -53.31%
Deferred Revenue $128.1M $123.3M
YoY Change 3.87% -3.18%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $29.50M $19.65M
YoY Change 50.11% -56.62%
Total Short-Term Liabilities $565.2M $490.1M
YoY Change 15.33% 9.6%
LONG-TERM LIABILITIES
Long-Term Debt $1.816B $1.383B
YoY Change 31.28% 28.9%
Other Long-Term Liabilities $142.5M $4.870M
YoY Change 2826.67% -46.4%
Total Long-Term Liabilities $142.5M $1.388B
YoY Change -89.73% 28.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $565.2M $490.1M
Total Long-Term Liabilities $142.5M $1.388B
Total Liabilities $2.831B $2.326B
YoY Change 21.72% 40.78%
SHAREHOLDERS EQUITY
Retained Earnings $234.1M
YoY Change -15.73%
Common Stock $1.726B
YoY Change 8.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.073B $1.963B
YoY Change
Total Liabilities & Shareholders Equity $4.904B $4.242B
YoY Change 15.61% 19.69%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$8.527M -$9.737M
YoY Change -12.43% -72.57%
Depreciation, Depletion And Amortization $77.76M $68.80M
YoY Change 13.02% 7.85%
Cash From Operating Activities $156.9M $46.46M
YoY Change 237.7% -13.66%
INVESTING ACTIVITIES
Capital Expenditures $208.7M $166.1M
YoY Change 25.65% 13.29%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.300M
YoY Change -100.0% 11.11%
Cash From Investing Activities -$229.3M -$185.8M
YoY Change 23.41% 15.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $402.7M
YoY Change
Cash From Financing Activities 140.0K 7.494M
YoY Change -98.13% -91.82%
NET CHANGE
Cash From Operating Activities 156.9M 46.46M
Cash From Investing Activities -229.3M -185.8M
Cash From Financing Activities 140.0K 7.494M
Net Change In Cash -71.89M -131.8M
YoY Change -45.46% 756.84%
FREE CASH FLOW
Cash From Operating Activities $156.9M $46.46M
Capital Expenditures $208.7M $166.1M
Free Cash Flow -$51.82M -$119.7M
YoY Change -56.69% 28.91%

Facts In Submission

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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, 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>
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CY2019Q2 us-gaap Lease Cost
LeaseCost
17689000
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.054
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.054
CY2020Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.054
CY2020Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.054
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
15482000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
14914000
CY2020Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
867000
CY2020Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2583000
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
7870000
CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3566000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
44488000
CY2020Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
9900000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
60739000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
12000000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
56773000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
12000000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
55533000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
12000000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
51456000
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
12000000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
122896000
CY2020Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
15000000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
391885000
CY2020Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
72900000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
65913000
CY2020Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
10539000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
325972000
CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
62361000
CY2020Q2 vsat Lessee Operating Lease Lease Not Yet Commenced
LesseeOperatingLeaseLeaseNotYetCommenced
88900000
CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
62361000
CY2020Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
64956000
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
1870448000
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
1872869000
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
25440000
CY2020Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
21418000
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
29470000
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
29788000
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1815538000
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1821663000
CY2020 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
188000000.0
CY2019 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
188000000.0
CY2020Q2 vsat Products Warranty Period Maximum
ProductsWarrantyPeriodMaximum
P5Y
CY2020Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11643000
CY2019Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
7584000
CY2020Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1202000
CY2019Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2182000
CY2020Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1123000
CY2019Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1316000
CY2020Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11722000
CY2019Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
8450000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5700000
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.39
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-7200000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.39
CY2020Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
3200000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
530488000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
537037000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5314000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-8065000
CY2020Q2 us-gaap Assets
Assets
4904374000
CY2020Q1 us-gaap Assets
Assets
4883868000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13041000
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
14439000
CY2020Q2 us-gaap Goodwill
Goodwill
121285000
CY2020Q1 us-gaap Goodwill
Goodwill
121197000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
530488000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
537037000

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