$VSAT
VIASAT INC

2020 Q4 Form 10-Q Financial Statement

#000156459021004665 Filed on February 08, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4
Revenue $575.6M $588.2M
YoY Change -2.15% 6.04%
Cost Of Revenue $391.3M $404.2M
YoY Change -3.19% 0.37%
Gross Profit $184.3M $184.0M
YoY Change 0.16% 21.05%
Gross Profit Margin 32.02% 31.28%
Selling, General & Admin $132.4M $136.0M
YoY Change -2.65% 18.71%
% of Gross Profit 71.84% 73.91%
Research & Development $28.80M $32.20M
YoY Change -10.55% 11.31%
% of Gross Profit 15.63% 17.5%
Depreciation & Amortization $102.5M $88.90M
YoY Change 15.3% 10.02%
% of Gross Profit 55.62% 48.32%
Operating Expenses $161.2M $170.1M
YoY Change -5.23% 18.54%
Operating Profit $21.76M $13.97M
YoY Change 55.77% 132.55%
Interest Expense $7.880M $9.276M
YoY Change -15.05% -37.73%
% of Operating Profit 36.21% 66.4%
Other Income/Expense, Net
YoY Change
Pretax Income $13.99M $4.872M
YoY Change 187.23% -155.0%
Income Tax $7.000M -$3.900M
% Of Pretax Income 50.02% -80.05%
Net Earnings $7.760M $10.59M
YoY Change -26.72% -198.63%
Net Earnings / Revenue 1.35% 1.8%
Basic Earnings Per Share $0.10 $0.10
Diluted Earnings Per Share $0.10 $0.10
COMMON SHARES
Basic Shares Outstanding 68.00M 61.81M
Diluted Shares Outstanding 68.67M 62.92M

Balance Sheet

Concept 2020 Q4 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $317.3M $47.80M
YoY Change 563.81% 10.14%
Cash & Equivalents $317.3M $47.78M
Short-Term Investments
Other Short-Term Assets $30.09M $18.43M
YoY Change 63.31% -17.63%
Inventory $334.9M $283.3M
Prepaid Expenses $82.46M $84.30M
Receivables $202.8M $316.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $967.6M $750.2M
YoY Change 28.98% 9.57%
LONG-TERM ASSETS
Property, Plant & Equipment $2.974B $2.513B
YoY Change 18.33% 22.35%
Goodwill $121.7M
YoY Change 0.2%
Intangibles
YoY Change
Long-Term Investments $168.8M $158.4M
YoY Change 6.59% -2.62%
Other Assets $842.8M $799.9M
YoY Change 5.36% 7.39%
Total Long-Term Assets $4.281B $3.763B
YoY Change 13.75% 27.79%
TOTAL ASSETS
Total Short-Term Assets $967.6M $750.2M
Total Long-Term Assets $4.281B $3.763B
Total Assets $5.249B $4.514B
YoY Change 16.28% 24.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $122.3M $152.4M
YoY Change -19.74% -5.26%
Accrued Expenses $164.6M $147.3M
YoY Change 11.74% -49.6%
Deferred Revenue $206.8M $120.3M
YoY Change 71.95% -5.51%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $33.70M $30.10M
YoY Change 11.96% 38.36%
Total Short-Term Liabilities $641.6M $538.4M
YoY Change 19.17% 13.38%
LONG-TERM LIABILITIES
Long-Term Debt $1.804B $1.543B
YoY Change 16.92% 35.7%
Other Long-Term Liabilities $152.0M $5.829M
YoY Change 2508.34% -95.58%
Total Long-Term Liabilities $152.0M $5.829M
YoY Change 2508.34% -99.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $641.6M $538.4M
Total Long-Term Liabilities $152.0M $5.829M
Total Liabilities $2.930B $2.488B
YoY Change 17.75% 42.71%
SHAREHOLDERS EQUITY
Retained Earnings $243.8M
YoY Change 0.29%
Common Stock $1.763B
YoY Change 8.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.319B $2.006B
YoY Change
Total Liabilities & Shareholders Equity $5.249B $4.514B
YoY Change 16.28% 24.35%

Cashflow Statement

Concept 2020 Q4 2019 Q4
OPERATING ACTIVITIES
Net Income $7.760M $10.59M
YoY Change -26.72% -198.63%
Depreciation, Depletion And Amortization $102.5M $88.90M
YoY Change 15.3% 10.02%
Cash From Operating Activities $223.9M $110.1M
YoY Change 103.36% 6.48%
INVESTING ACTIVITIES
Capital Expenditures -$242.9M -$232.8M
YoY Change 4.34% 37.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$242.9M -$232.9M
YoY Change 4.29% 463.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.00M 83.30M
YoY Change -118.01% -221.25%
NET CHANGE
Cash From Operating Activities 223.9M 110.1M
Cash From Investing Activities -242.9M -232.9M
Cash From Financing Activities -15.00M 83.30M
Net Change In Cash -34.00M -39.50M
YoY Change -13.92% 498.48%
FREE CASH FLOW
Cash From Operating Activities $223.9M $110.1M
Capital Expenditures -$242.9M -$232.8M
Free Cash Flow $466.8M $342.9M
YoY Change 36.13% 25.83%

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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<p style="margin-bottom:0pt;margin-top:14pt;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, 2020 and March 31, 2020, no such amounts were accrued related to the aforementioned provisions. </p>
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
3482000
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
202792000
CY2020Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
330698000
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
95872000
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
68071000
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
170976000
CY2020Q4 us-gaap Inventory Net
InventoryNet
334919000
CY2020Q1 us-gaap Inventory Net
InventoryNet
294416000
CY2020Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
82455000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
30093000
CY2020Q1 us-gaap Other Assets Current
OtherAssetsCurrent
31409000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
112548000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4686060000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1712327000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2973733000
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
216489000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
205410000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
11079000
CY2020Q4 us-gaap Equity Method Investments
EquityMethodInvestments
168787000
CY2020Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
842777000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
108036000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
98175000
CY2020Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
25784000
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
152040000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65704000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61405000
CY2019Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
90000
CY2020Q4 vsat Incremental Common Shares Attributable To Restricted Stock Units To Acquire Common Stock
IncrementalCommonSharesAttributableToRestrictedStockUnitsToAcquireCommonStock
108000
CY2019Q4 vsat Incremental Common Shares Attributable To Restricted Stock Units To Acquire Common Stock
IncrementalCommonSharesAttributableToRestrictedStockUnitsToAcquireCommonStock
773000
CY2020Q4 vsat Incremental Common Shares Attributable To Potentially Issuable Per Employee Profit Sharing Plan And To Stock Issued Per Employee Stock Purchase Plan
IncrementalCommonSharesAttributableToPotentiallyIssuablePerEmployeeProfitSharingPlanAndToStockIssuedPerEmployeeStockPurchasePlan
565000
CY2019Q4 vsat Incremental Common Shares Attributable To Potentially Issuable Per Employee Profit Sharing Plan And To Stock Issued Per Employee Stock Purchase Plan
IncrementalCommonSharesAttributableToPotentiallyIssuablePerEmployeeProfitSharingPlanAndToStockIssuedPerEmployeeStockPurchasePlan
240000
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68668000
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
62916000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65704000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61405000
CY2020Q4 vsat Amortization Of Acquired Intangible Asset
AmortizationOfAcquiredIntangibleAsset
1300000
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
61927000
CY2020Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
64956000
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
1860188000
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
1872869000
CY2020Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
22705000
CY2020Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
21418000
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
33735000
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
29788000
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1803748000
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
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
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
4120000
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
6216000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3882000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3729000
CY2020Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11881000
CY2019Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
10071000
CY2020Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.50
CY2019Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3900000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-8700000
CY2019Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.80
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
2.11
CY2020Q4 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
5100000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
12000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1660325000
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
14439000
CY2020Q1 us-gaap Goodwill
Goodwill
121197000
CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
575559000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1660325000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
588224000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1717517000

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