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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended December 31, 2020.

OR

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to             .

Commission File Number (000-21767)

 

VIASAT, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

33-0174996

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

6155 El Camino Real

Carlsbad, California 92009

(760) 476-2200

(Address of principal executive offices and telephone number)

Securities registered pursuant to Section 12(b) of the Act:

 

(Title of Each Class)

 

(Trading Symbol)

 

(Name of Each Exchange on which Registered)

Common Stock, par value $0.0001 per share

 

VSAT

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

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.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The number of shares outstanding of the registrant’s common stock, $0.0001 par value, as of January 22, 2021 was 68,505,328.

 

 


 

VIASAT, INC.

TABLE OF CONTENTS

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

 

Item 1. Financial Statements (Unaudited)

 

3

Condensed Consolidated Balance Sheets

 

3

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

 

4

Condensed Consolidated Statements of Cash Flows

 

5

Condensed Consolidated Statements of Equity

 

6

Notes to the Condensed Consolidated Financial Statements

 

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

34

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

58

Item 4. Controls and Procedures

 

59

PART II. OTHER INFORMATION

 

 

Item 1. Legal Proceedings

 

59

Item 1A. Risk Factors

 

59

Item 6. Exhibits

 

60

Signatures

 

61

 

2


PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

VIASAT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

As of

December 31, 2020

 

 

As of

March 31, 2020

 

 

 

(In thousands)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

317,344

 

 

$

304,309

 

Accounts receivable, net

 

 

202,792

 

 

 

330,698

 

Inventories

 

 

334,919

 

 

 

294,416

 

Prepaid expenses and other current assets

 

 

112,548

 

 

 

116,281

 

Total current assets

 

 

967,603

 

 

 

1,045,704

 

 

 

 

 

 

 

 

 

 

Property, equipment and satellites, net

 

 

2,973,733

 

 

 

2,586,735

 

Operating lease right-of-use assets

 

 

331,066

 

 

 

308,441

 

Other acquired intangible assets, net

 

 

11,079

 

 

 

14,439

 

Goodwill

 

 

122,448

 

 

 

121,197

 

Other assets

 

 

842,777

 

 

 

807,352

 

Total assets

 

$

5,248,706

 

 

$

4,883,868

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

122,342

 

 

$

183,601

 

Accrued and other liabilities

 

 

485,565

 

 

 

391,190

 

Current portion of long-term debt

 

 

33,735

 

 

 

29,788

 

Total current liabilities

 

 

641,642

 

 

 

604,579

 

 

 

 

 

 

 

 

 

 

Senior notes

 

 

1,682,523

 

 

 

1,285,497

 

Other long-term debt

 

 

121,225

 

 

 

536,166

 

Non-current operating lease liabilities

 

 

303,950

 

 

 

286,550

 

Other liabilities

 

 

152,040

 

 

 

120,934

 

Total liabilities

 

 

2,901,380

 

 

 

2,833,726

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Viasat, Inc. stockholders’ equity

 

 

 

 

 

 

 

 

Common stock

 

 

7

 

 

 

6

 

Paid-in capital

 

 

2,070,353

 

 

 

1,788,456

 

Retained earnings

 

 

241,707

 

 

 

245,373

 

Accumulated other comprehensive income (loss)

 

 

6,614

 

 

 

(6,048

)

Total Viasat, Inc. stockholders’ equity

 

 

2,318,681

 

 

 

2,027,787

 

Noncontrolling interest in subsidiary

 

 

28,645

 

 

 

22,355

 

Total equity

 

 

2,347,326

 

 

 

2,050,142

 

Total liabilities and equity

 

$

5,248,706

 

 

$

4,883,868

 

 

See accompanying notes to the condensed consolidated financial statements.

 

3


VIASAT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

December 31, 2020

 

 

December 31, 2019

 

 

December 31, 2020

 

 

December 31, 2019

 

 

 

(In thousands, except per share data)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

 

$

266,514

 

 

$

303,090

 

 

$

773,128

 

 

$

873,535

 

Service revenues

 

 

309,045

 

 

 

285,134

 

 

 

887,197

 

 

 

843,982

 

Total revenues

 

 

575,559

 

 

 

588,224

 

 

 

1,660,325

 

 

 

1,717,517

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenues

 

 

196,895

 

 

 

214,098

 

 

 

576,677

 

 

 

634,113

 

Cost of service revenues

 

 

194,394

 

 

 

190,132

 

 

 

587,494

 

 

 

564,675

 

Selling, general and administrative

 

 

132,394

 

 

 

136,005

 

 

 

378,884

 

 

 

388,528

 

Independent research and development

 

 

28,803

 

 

 

32,164

 

 

 

83,970

 

 

 

99,952

 

Amortization of acquired intangible assets

 

 

1,313

 

 

 

1,856

 

 

 

4,171

 

 

 

5,920

 

Income from operations

 

 

21,760

 

 

 

13,969

 

 

 

29,129

 

 

 

24,329

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

114

 

 

 

179

 

 

 

474

 

 

 

1,517

 

Interest expense

 

 

(7,880

)

 

 

(9,276

)

 

 

(27,194

)

 

 

(29,990

)

Income (loss) before income taxes

 

 

13,994

 

 

 

4,872

 

 

 

2,409

 

 

 

(4,144

)

(Provision for) benefit from income taxes

 

 

(7,008

)

 

 

3,911

 

 

 

(573

)

 

 

8,731

 

Equity in income of unconsolidated affiliate, net

 

 

774

 

 

 

1,807

 

 

 

788

 

 

 

4,328

 

Net income

 

 

7,760

 

 

 

10,590

 

 

 

2,624

 

 

 

8,915

 

Less: net income attributable to

   noncontrolling interest, net of tax

 

 

1,000

 

 

 

4,114

 

 

 

6,290

 

 

 

10,713

 

Net income (loss) attributable to Viasat, Inc.

 

$

6,760

 

 

$

6,476

 

 

$

(3,666

)

 

$

(1,798

)

Basic net income (loss) per share attributable

   to Viasat, Inc. common stockholders

 

$

0.10

 

 

$

0.10

 

 

$

(0.06

)

 

$

(0.03

)

Diluted net income (loss) per share attributable

   to Viasat, Inc. common stockholders

 

$

0.10

 

 

$

0.10

 

 

$

(0.06

)

 

$

(0.03

)

Shares used in computing basic net income

   (loss) per share

 

 

67,995

 

 

 

61,813

 

 

 

65,704

 

 

 

61,405

 

Shares used in computing diluted net income

   (loss) per share

 

 

68,668

 

 

 

62,916

 

 

 

65,704

 

 

 

61,405

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

7,760

 

 

$

10,590

 

 

$

2,624

 

 

$

8,915

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on hedging, net of tax

 

 

 

 

 

184

 

 

 

 

 

 

232

 

Foreign currency translation adjustments, net

   of tax

 

 

9,047

 

 

 

(2,371

)

 

 

12,662

 

 

 

(6,091

)

Other comprehensive income (loss), net of tax

 

 

9,047

 

 

 

(2,187

)

 

 

12,662

 

 

 

(5,859

)

Comprehensive income

 

 

16,807

 

 

 

8,403

 

 

 

15,286

 

 

 

3,056

 

Less: comprehensive income attributable

   to noncontrolling interest, net of tax

 

 

1,000

 

 

 

4,114

 

 

 

6,290

 

 

 

10,713

 

Comprehensive income (loss) attributable to

   Viasat, Inc.

 

$

15,807

 

 

$

4,289

 

 

$

8,996

 

 

$

(7,657

)

 

See accompanying notes to the condensed consolidated financial statements.

4


VIASAT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Nine Months Ended

 

 

 

December 31, 2020

 

 

December 31, 2019

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

2,624

 

 

$

8,915

 

Adjustments to reconcile net income to net cash provided by

   operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

241,935

 

 

 

207,950

 

Amortization of intangible assets

 

 

50,181

 

 

 

47,159

 

Stock-based compensation expense

 

 

64,967

 

 

 

64,236

 

Loss on disposition of fixed assets

 

 

29,841

 

 

 

33,578

 

Other non-cash adjustments

 

 

3,611

 

 

 

(9,394

)

Increase (decrease) in cash resulting from changes in operating

   assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

123,374

 

 

 

(23,596

)

Inventories

 

 

(39,988

)

 

 

(47,897

)

Other assets

 

 

24,017

 

 

 

4,075

 

Accounts payable

 

 

(39,004

)

 

 

8,384

 

Accrued liabilities

 

 

102,603

 

 

 

16,596

 

Other liabilities

 

 

(6,787

)

 

 

(16,644

)

Net cash provided by operating activities

 

 

557,374

 

 

 

293,362

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchase of property, equipment and satellites

 

 

(655,672

)

 

 

(548,225

)

Cash paid for patents, licenses and other assets

 

 

(47,164

)

 

 

(49,613

)

Proceeds from insurance claims on ViaSat-2 satellite

 

 

 

 

 

2,277

 

Net cash used in investing activities

 

 

(702,836

)

 

 

(595,561

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from debt borrowings

 

 

400,000

 

 

 

110,000

 

Payments of debt borrowings

 

 

(414,604

)

 

 

(27,142

)

Payment of debt issuance costs

 

 

(5,060

)

 

 

(2,479

)

Proceeds from issuance of common stock under equity plans

 

 

19,101

 

 

 

38,093

 

Purchase of common stock in treasury (immediately retired) related

   to tax withholdings for stock-based compensation

 

 

(13,013

)

 

 

(28,268

)

Proceeds from common stock issued in private placement, net

   of issuance costs

 

 

174,749

 

 

 

 

Other financing activities

 

 

(4,280

)

 

 

(1,746

)

Net cash provided by financing activities

 

 

156,893

 

 

 

88,458

 

Effect of exchange rate changes on cash

 

 

1,604

 

 

 

(182

)

Net increase (decrease) in cash and cash equivalents

 

 

13,035

 

 

 

(213,923

)

Cash and cash equivalents at beginning of period

 

 

304,309

 

 

 

261,701

 

Cash and cash equivalents at end of period

 

$

317,344

 

 

$

47,778

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for operating lease liabilities

 

$

55,717

 

 

$

17,900

 

Right-of-use assets obtained in exchange for finance lease liabilities

 

$

1,931

 

 

$

72,711

 

 

See accompanying notes to the condensed consolidated financial statements.

 

5


 

 

VIASAT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(UNAUDITED)

 

 

 

Viasat, Inc. Stockholders

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

Issued

 

 

Amount

 

 

Paid-in

Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Noncontrolling

Interest in

Subsidiary

 

 

Total

 

 

 

(In thousands, except share data)

 

For the Three Months Ended December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2020

 

 

67,532,869

 

 

$

7

 

 

$

2,047,525

 

 

$

234,947

 

 

$

(2,433

)

 

$

27,645

 

 

$

2,307,691

 

Issuance of stock under Employee Stock Purchase

   Plan

 

 

356,523

 

 

 

 

 

 

9,895

 

 

 

 

 

 

 

 

 

 

 

 

9,895

 

Stock-based compensation

 

 

 

 

 

 

 

 

25,199

 

 

 

 

 

 

 

 

 

 

 

 

25,199

 

RSU awards vesting, net of shares withheld for taxes

   which have been retired

 

 

614,936

 

 

 

 

 

 

(12,266

)

 

 

 

 

 

 

 

 

 

 

 

(12,266

)

Net income

 

 

 

 

 

 

 

 

 

 

 

6,760

 

 

 

 

 

 

1,000

 

 

 

7,760

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,047

 

 

 

 

 

 

9,047

 

Balance at December 31, 2020

 

 

68,504,328

 

 

$

7

 

 

$

2,070,353

 

 

$

241,707

 

 

$

6,614

 

 

$

28,645

 

 

$

2,347,326

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2019

 

 

61,352,560

 

 

$

6

 

 

$

1,751,924

 

 

$

237,311

 

 

$

1,666

 

 

$

14,929

 

 

$

2,005,836

 

Exercise of stock options

 

 

33,642

 

 

 

 

 

 

2,033

 

 

 

 

 

 

 

 

 

2,033

 

Issuance of stock under Employee Stock Purchase

   Plan

 

 

145,367

 

 

 

 

 

 

9,044

 

 

 

 

 

 

 

 

 

9,044

 

Stock-based compensation

 

 

 

 

 

 

 

25,135

 

 

 

 

 

 

 

 

 

25,135

 

RSU awards vesting, net of shares withheld for taxes

   which have been retired

 

 

591,689

 

 

 

 

 

 

(25,140

)

 

 

 

 

 

 

 

 

(25,140

)

Net income

 

 

 

 

 

 

 

 

 

6,476

 

 

 

 

 

4,114

 

 

 

10,590

 

Other comprehensive loss, net of tax