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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 September 30, 2021.
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 October 22, 2021 was 73,398,817.
VIASAT, INC.
TABLE OF CONTENTS
2
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
VIASAT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
As of
September 30, 2021 |
|
|
As of
March 31, 2021 |
|
|
|
(In thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
217,654 |
|
|
$ |
295,949 |
|
Accounts receivable, net |
|
|
369,222 |
|
|
|
238,652 |
|
Inventories |
|
|
348,342 |
|
|
|
336,672 |
|
Prepaid expenses and other current assets |
|
|
131,169 |
|
|
|
119,960 |
|
Total current assets |
|
|
1,066,387 |
|
|
|
991,233 |
|
|
|
|
|
|
|
|
|
|
Property, equipment and satellites, net |
|
|
3,465,367 |
|
|
|
3,050,483 |
|
Operating lease right-of-use assets |
|
|
340,165 |
|
|
|
340,456 |
|
Other acquired intangible assets, net |
|
|
243,331 |
|
|
|
9,568 |
|
Goodwill |
|
|
191,125 |
|
|
|
122,300 |
|
Other assets |
|
|
686,485 |
|
|
|
835,427 |
|
Total assets |
|
$ |
5,992,860 |
|
|
$ |
5,349,467 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
193,247 |
|
|
$ |
145,134 |
|
Accrued and other liabilities |
|
|
511,093 |
|
|
|
532,831 |
|
Current portion of long-term debt |
|
|
29,965 |
|
|
|
30,472 |
|
Total current liabilities |
|
|
734,305 |
|
|
|
708,437 |
|
|
|
|
|
|
|
|
|
|
Senior notes |
|
|
1,684,744 |
|
|
|
1,683,264 |
|
Other long-term debt |
|
|
425,829 |
|
|
|
119,420 |
|
Non-current operating lease liabilities |
|
|
310,565 |
|
|
|
313,762 |
|
Other liabilities |
|
|
163,947 |
|
|
|
137,350 |
|
Total liabilities |
|
|
3,319,390 |
|
|
|
2,962,233 |
|
Commitments and contingencies (Note 8) |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Viasat, Inc. stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock |
|
|
7 |
|
|
|
7 |
|
Paid-in capital |
|
|
2,382,356 |
|
|
|
2,092,595 |
|
Retained earnings |
|
|
269,323 |
|
|
|
249,064 |
|
Accumulated other comprehensive (loss) income |
|
|
(16,873 |
) |
|
|
9,803 |
|
Total Viasat, Inc. stockholders’ equity |
|
|
2,634,813 |
|
|
|
2,351,469 |
|
Noncontrolling interest in subsidiary |
|
|
38,657 |
|
|
|
35,765 |
|
Total equity |
|
|
2,673,470 |
|
|
|
2,387,234 |
|
Total liabilities and equity |
|
$ |
5,992,860 |
|
|
$ |
5,349,467 |
|
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 |
|
|
Six Months Ended |
|
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
|
(In thousands, except per share data) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues |
|
$ |
308,666 |
|
|
$ |
255,980 |
|
|
$ |
601,930 |
|
|
$ |
506,614 |
|
Service revenues |
|
|
392,688 |
|
|
|
298,298 |
|
|
|
764,284 |
|
|
|
578,152 |
|
Total revenues |
|
|
701,354 |
|
|
|
554,278 |
|
|
|
1,366,214 |
|
|
|
1,084,766 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenues |
|
|
234,721 |
|
|
|
191,890 |
|
|
|
454,068 |
|
|
|
379,782 |
|
Cost of service revenues |
|
|
253,722 |
|
|
|
195,423 |
|
|
|
488,351 |
|
|
|
393,100 |
|
Selling, general and administrative |
|
|
156,684 |
|
|
|
125,451 |
|
|
|
310,884 |
|
|
|
246,490 |
|
Independent research and development |
|
|
40,530 |
|
|
|
27,531 |
|
|
|
74,993 |
|
|
|
55,167 |
|
Amortization of acquired intangible assets |
|
|
7,399 |
|
|
|
1,300 |
|
|
|
13,328 |
|
|
|
2,858 |
|
Income from operations |
|
|
8,298 |
|
|
|
12,683 |
|
|
|
24,590 |
|
|
|
7,369 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
71 |
|
|
|
128 |
|
|
|
134 |
|
|
|
360 |
|
Interest expense |
|
|
(6,093 |
) |
|
|
(9,790 |
) |
|
|
(12,385 |
) |
|
|
(19,314 |
) |
Other income, net |
|
|
— |
|
|
|
— |
|
|
|
4,118 |
|
|
|
— |
|
Income (loss) before income taxes |
|
|
2,276 |
|
|
|
3,021 |
|
|
|
16,457 |
|
|
|
(11,585 |
) |
Benefit from income taxes |
|
|
2,874 |
|
|
|
687 |
|
|
|
6,961 |
|
|
|
6,435 |
|
Equity in (loss) income of unconsolidated affiliate, net |
|
|
— |
|
|
|
(317 |
) |
|
|
(256 |
) |
|
|
14 |
|
Net income (loss) |
|
|
5,150 |
|
|
|
3,391 |
|
|
|
23,162 |
|
|
|
(5,136 |
) |
Less: net income attributable to
noncontrolling interest, net of tax |
|
|
1,859 |
|
|
|
1,428 |
|
|
|
2,903 |
|
|
|
5,290 |
|
Net income (loss) attributable to Viasat, Inc. |
|
$ |
3,291 |
|
|
$ |
1,963 |
|
|
$ |
20,259 |
|
|
$ |
(10,426 |
) |
Basic net income (loss) per share attributable
to Viasat, Inc. common stockholders |
|
$ |
0.04 |
|
|
$ |
0.03 |
|
|
$ |
0.28 |
|
|
$ |
(0.16 |
) |
Diluted net income (loss) per share attributable
to Viasat, Inc. common stockholders |
|
$ |
0.04 |
|
|
$ |
0.03 |
|
|
$ |
0.27 |
|
|
$ |
(0.16 |
) |
Shares used in computing basic net income
(loss) per share |
|
|
73,544 |
|
|
|
66,576 |
|
|
|
72,549 |
|
|
|
64,554 |
|
Shares used in computing diluted net income
(loss) per share |
|
|
74,872 |
|
|
|
67,006 |
|
|
|
73,862 |
|
|
|
64,554 |
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
5,150 |
|
|
$ |
3,391 |
|
|
$ |
23,162 |
|
|
$ |
(5,136 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net
of tax |
|
|
(10,934 |
) |
|
|
4,418 |
|
|
|
(26,676 |
) |
|
|
3,615 |
|
Other comprehensive (loss) income, net of tax |
|
|
(10,934 |
) |
|
|
4,418 |
|
|
|
(26,676 |
) |
|
|
3,615 |
|
Comprehensive (loss) income |
|
|
(5,784 |
) |
|
|
7,809 |
|
|
|
(3,514 |
) |
|
|
(1,521 |
) |
Less: comprehensive income attributable
to noncontrolling interest, net of tax |
|
|
1,859 |
|
|
|
1,428 |
|
|
|
2,903 |
|
|
|
5,290 |
|
Comprehensive (loss) income attributable to
Viasat, Inc. |
|
$ |
(7,643 |
) |
|
$ |
6,381 |
|
|
$ |
(6,417 |
) |
|
$ |
(6,811 |
) |
See accompanying notes to the condensed consolidated financial statements.
4
VIASAT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
Six Months Ended |
|
|
|
September 30, 2021 |
|
|
September 30, 2020 |
|
|
|
(In thousands) |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
23,162 |
|
|
$ |
(5,136 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
198,970 |
|
|
|
157,939 |
|
Amortization of intangible assets |
|
|
42,890 |
|
|
|
31,675 |
|
Stock-based compensation expense |
|
|
43,241 |
|
|
|
43,328 |
|
Loss on disposition of fixed assets |
|
|
19,324 |
|
|
|
17,678 |
|
Other non-cash adjustments |
|
|
(7,534 |
) |
|
|
(2,354 |
) |
Increase (decrease) in cash resulting from changes in operating
assets and liabilities, net of effect of acquisitions: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(59,047 |
) |
|
|
73,856 |
|
Inventories |
|
|
(8,927 |
) |
|
|
(38,034 |
) |
Other assets |
|
|
25,660 |
|
|
|
19,513 |
|
Accounts payable |
|
|
21,129 |
|
|
|
(14,481 |
) |
Accrued liabilities |
|
|
(48,981 |
) |
|
|
52,510 |
|
Other liabilities |
|
|
(22,088 |
) |
|
|
(2,972 |
) |
Net cash provided by operating activities |
|
|
227,799 |
|
|
|
333,522 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchase of property, equipment and satellites |
|
|
(448,345 |
) |
|
|
(426,298 |
) |
Cash paid for patents, licenses and other assets |
|
|
(26,633 |
) |
|
|
(33,586 |
) |
Payments related to acquisition of businesses, net of cash acquired |
|
|
(138,668 |
) |
|
|
— |
|
Net cash used in investing activities |
|
|
(613,646 |
) |
|
|
(459,884 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from debt borrowings |
|
|
320,000 |
|
|
|
400,000 |
|
Payments of debt borrowings |
|
|
(15,227 |
) |
|
|
(402,940 |
) |
Payment of debt issuance costs |
|
|
— |
|
|
|
(4,882 |
) |
Proceeds from issuance of common stock under equity plans |
|
|
8,776 |
|
|
|
9,206 |
|
Purchase of common stock in treasury (immediately retired) related
to tax withholdings for stock-based compensation |
|
|
(1,742 |
) |
|
|
(747 |
) |
Proceeds from common stock issued in private placement, net
of issuance costs |
|
|
— |
|
|
|
174,749 |
|
Other financing activities |
|
|
(1,479 |
) |
|
|
(3,454 |
) |
Net cash provided by financing activities |
|
|
310,328 |
|
|
|
171,932 |
|
Effect of exchange rate changes on cash |
|
|
(2,776 |
) |
|
|
554 |
|
Net (decrease) increase in cash and cash equivalents |
|
|
(78,295 |
) |
|
|
46,124 |
|
Cash and cash equivalents at beginning of period |
|
|
295,949 |
|
|
|
304,309 |
|
Cash and cash equivalents at end of period |
|
$ |
217,654 |
|
|
$ |
350,433 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Right-of-use assets obtained in exchange for operating lease liabilities |
|
$ |
18,099 |
|
|
$ |
53,464 |
|
Issuance of common stock in connection with acquisition |
|
$ |
207,169 |
|
|
$ |
— |
|
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 September 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2021 |
|
|
73,320,854 |
|
|
$ |
7 |
|
|
$ |
2,360,023 |
|
|
$ |
266,032 |
|
|
$ |
(5,939 |
) |
|
$ |
36,887 |
|
|
$ |
2,657,010 |
|
Exercise of stock options |
|
|
1,894 |
|
|
|
— |
|
|
|
59 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
59 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
23,558 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,558 |
|
RSU awards vesting, net of shares withheld for taxes
which have been retired |
|
|
75,330 |
|
|
|
— |
|
|
|
(1,284 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,284 |
) |
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(89 |
) |
|
|
(89 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,291 |
|
|
|
— |
|
|
|
1,859 |
|
|
|
5,150 |
|
Other comprehensive loss, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,934 |
) |
|
|
— |
|
|
|
(10,934 |
) |
Balance at September 30, 2021 |
|
|
73,398,078 |
|
|
$ |
7 |
|
|
$ |
2,382,356 |
|
|
$ |
269,323 |
|
|
$ |
(16,873 |
) |
|
$ |
38,657 |
|
|
$ |
2,673,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2020 |
|
|
63,026,001 |
|
|
$ |
6 |
|
|
$ |
1,846,827 |
|
|
$ |
232,984 |
|
|
$ |
(6,851 |
) |
|
$ |
26,217 |
|
|
$ |
2,099,183 |
|
Common stock issued in private placement, net of
issuance costs |
|
|
4,474,559 |
|
|
|
1 |
|
|
|
174,748 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
174,749 |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
26,296 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
26,296 |
|
RSU awards vesting, net of shares withheld for taxes
which have been retired |
|
|
32,309 |
|
|
|
— |
|
|
|
(346 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
(346 |
) |
Net income |
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,963 |
|
|
— |
|
|
|
|