UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 9, 2018

Viasat, Inc.

(Exact Name of Registrant as Specified in its Charter)

6155 El Camino Real

Carlsbad, California 92009

(Address of Principal Executive Offices, Including Zip Code)

(760) 476-2200

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

On August 9, 2018, Viasat, Inc. issued a press release reporting its results of operations for the first quarter of fiscal year 2019. A copy of the press release is furnished herewith as Exhibit 99.1.

The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

2

Exhibit 99.1

Viasat Announces First Quarter Fiscal Year 2019 Results

CARLSBAD, Calif., August 9, 2018 – Viasat Inc. (NASDAQ: VSAT), a global communications company, today announced financial results for the fiscal first quarter ended June 30, 2018.

“Our first quarter results signal a promising start toward driving meaningful growth in fiscal year 2019, by capitalizing on the service launch of ViaSat-2 and leveraging prior year research and development (R&D) and infrastructure investments,” said Mark Dankberg, chairman and CEO of Viasat. “All segments contributed to 15% year-over-year revenue growth and even stronger 29% year-over-year new contract awards growth, which together build confidence in sustained or accelerating growth for the fiscal year as a whole. Prior investments in network and business infrastructure create the opportunity for significant margin expansion as we accumulate the benefits of growing revenues in residential, IFC, government, Wi-Fi and enterprise broadband services over the course of the fiscal year.”

Financial Results

Segment Results

¹ Attributable to Viasat, Inc. common stockholders.

² As the first quarter of fiscal years 2019 and 2018 financial information resulted in a net loss, the weighted average number of shares used to calculate basic and diluted net loss per share is the same, as diluted shares would be anti-dilutive.

³ Awards exclude future revenue under recurring consumer commitment arrangements.

⁴ Amounts include certain backlog adjustments due to contract changes and amendments. Backlog does not include anticipated purchase orders and requests for the installation of IFC systems or future recurring in-flight internet service revenues under our commercial in-flight internet agreements in our Commercial Networks and Satellite Services segments, respectively. Starting with the first quarter of fiscal year 2019, upon adoption of ASC 606, our backlog includes contracts with subscribers for fixed broadband services in our Satellite Services segment. Backlog as of June 30, 2017 does not include contracts with our subscribers for fixed broadband services in our Satellite Services segment.

⁵ Before corporate and amortization of acquired intangible assets.

* Percentage not meaningful.

Expansion of the American Airlines contract

Subsequent to the end of the first quarter of fiscal year 2019, Viasat expanded its relationship with American Airlines and was selected to outfit 100 new American Airlines Airbus A321neo aircraft with its IFC and Wi-Fi entertainment systems. Viasat will also provide logistics support and network monitoring for its systems on these aircraft. Delivery of these airplanes is expected to begin in early 2019.

Adoption of revenue recognition accounting standards codification (ASC) 606, Revenue from Contracts with Customers

Viasat adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (commonly referred to as ASC 606) during the first quarter of fiscal year 2019. This update established ASC 606, Revenue from Contracts with Customers and ASC 340-40, Other Assets and Deferred Costs – Contracts with Customers. The largest impact of the ASC 606 adoption resulted in the recognition of a “day one” $38.3 million asset related to commission costs which were previously expensed primarily in the Company’s Satellite Services segment. This asset will be amortized over the remaining estimated contract lives of the Company’s fixed broadband subscribers. Additional details related to the Company’s adoption of ASC 606 and the impacts to the Company’s financial statements for the first quarter of fiscal year 2019 and comparable periods, can be found in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 filed with the Securities and Exchange Commission.

Satellite Services

Near the end of the first quarter of fiscal year 2019, Viasat expanded the geographic areas offering its fastest fixed broadband plans. First quarter of fiscal year 2019 segment revenues of $153.6 million increased year-over-year and sequentially. The anticipated substantial ramp in IFC system installations planned for fiscal year 2019 showed a solid start, with a 33% year-over-year increase in commercial aircraft in service as of June 30, 2018. Year-over-year segment operating margin and Adjusted EBITDA performance reflected higher fixed operating expenses associated with the ViaSat-2 service launch and IFC ramp, as well as sales and marketing costs as the Company expanded its highest-speed ViaSat-2 broadband service offerings into new vertical and geographic markets. Highlights for the quarter include:

Commercial Networks

Viasat’s Commercial Networks segment revenues grew significantly in the first quarter of fiscal year 2019, with strong sequential and year-over-year increases of 25% and 110%, respectively. The Company’s scaling IFC equipment business was the primary driver. Segment revenues also benefitted from next-generation broadband contract wins. The strong revenue growth combined with segment operating cost decreases led to narrowed segment operating loss, and Adjusted EBITDA improvement on both a sequential quarter and year-over-year basis. R&D expenses declined sequentially and year-over-year by $3.7 million and $12.4 million, respectively, as the Company’s ViaSat-3 payload program continued to progress into the capital portion of the project. Highlights for the quarter include:

Government Systems

Viasat’s Government Systems segment revenues for the first quarter of fiscal year 2019 were $190.2 million, an increase of 4% year-over-year. Operating profit decreased by 24% to $24.9 million and Adjusted EBITDA decreased by 12% to $43.5 million for the quarter, compared to the prior year period. Lower operating profit and Adjusted EBITDA reflected higher investments in bid and proposal activities, R&D targeted at additional growth opportunities, and the specific product and service mix during the period. Highlights for the quarter include:

Conference Call

Viasat will host a conference call to discuss the first quarter of fiscal year 2019 results. Details follow:

Forward-Looking Statements

This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include, among others,

statements that refer to opportunities, growth and outlook for fiscal year 2019 and beyond; satellite construction and launch activities; the performance and benefits of our ViaSat-2 and ViaSat-3 class satellites; the expected completion, capacity, service, coverage, service speeds, availability and other features of our satellites, and the timing, cost, economics and other benefits associated therewith; the development and performance of equipment and hardware for the ViaSat-2 and ViaSat-3 class satellite platforms, the timing thereof and the benefits associated therewith; international expansion plans; the realization of IFC investments and the number of IFC systems expected to be installed under existing contracts with commercial airlines; the impacts of new contracts entered into with, and the roll-out, ramp-up and uptake of products and services by, and services to be offered by, our airline partners and other customers. Readers are cautioned that actual results could differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ include: our ability to realize the anticipated benefits of the ViaSat-2 and ViaSat-3 class satellites; unexpected expenses related to our satellite projects; our ability to successfully implement our business plan for our broadband satellite services on our anticipated timeline or at all; risks associated with the construction, launch and operation of our satellites, including the effect of any anomaly, operational failure or degradation in satellite performance; our ability to realize the anticipated benefits of our strategic partnership arrangement with Eutelsat; our ability to successfully develop, introduce and sell new technologies, products and services; the number of purchase orders that are submitted and accepted for the installation of IFC systems with respect to aircraft under contract; audits by the U.S. government; changes in the global business environment and economic conditions; delays in approving U.S. government budgets and cuts in government defense expenditures; our reliance on U.S. government contracts, and on a small number of contracts which account for a significant percentage of our revenues; reduced demand for products and services as a result of continued constraints on capital spending by customers; changes in relationships with, or the financial condition of, key customers or suppliers; our reliance on a limited number of third parties to manufacture and supply our products; increased competition; introduction of new technologies and other factors affecting the communications and defense industries generally; the effect of adverse regulatory changes on our ability to sell products and services; our level of indebtedness and ability to comply with applicable debt covenants; our involvement in litigation, including intellectual property claims and litigation to protect our proprietary technology; and our dependence on a limited number of key employees. In addition, please refer to the risk factors contained in our SEC filings available at www.sec.gov, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements for any reason.

About Viasat

Viasat is a global communications company that believes everyone and everything in the world can be connected. For more than 30 years, Viasat has helped shape how consumers, businesses, governments and militaries around the world communicate. Today, the Company is developing the ultimate global communications network to power high-quality, secure, affordable, fast connections to impact people’s lives anywhere they are—on the ground, in the air or at sea. To learn more about Viasat, visit: www.viasat.com, go to Viasat’s Corporate Blog, or follow the Company on social media at: Facebook, Instagram, LinkedIn, Twitter or YouTube.

Use of Non-GAAP Financial Information

To supplement Viasat’s consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), ViaSat uses non-GAAP net income (loss) attributable to Viasat Inc. and Adjusted EBITDA, measures Viasat believes are appropriate to enhance an overall understanding of Viasat’s past financial performance and prospects for the future. We believe the non-GAAP results provide useful information to both management and investors by excluding specific expenses that we believe are not indicative of our core operating results. In addition, since we have historically reported non-GAAP results to the investment community, we believe the inclusion of non-GAAP numbers provides consistency in our financial reporting and facilitates comparisons to the Company’s historical operating results. Further, these non-GAAP results are among the primary indicators that management uses as a basis for evaluating the operating performance of our segments, allocating resources to such

segments, planning and forecasting in future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of specific adjustments to GAAP results is provided in the tables below.

Copyright ^© 2018 Viasat, Inc. All rights reserved. Viasat is a registered trademark of Viasat, Inc. The Viasat logo is a trademark of Viasat, Inc. All other product or company names mentioned are used for identification purposes only and may be trademarks of their respective owners.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share data)

AN ITEMIZED RECONCILIATION BETWEEN SEGMENT OPERATING PROFIT (LOSS) BEFORE CORPORATE AND AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS AND ADJUSTED EBITDA IS AS FOLLOWS:

(In thousands)

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

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Viasat, Inc. Contacts:

Chris Phillips, Corporate Communications and Public Relations, +1 760-476-2322, chris.phillips@viasat.com June Harrison, Investor Relations, +1 760-476-2633, IR@viasat.com