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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

 

 

 

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

 

35

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

 

65

Signatures

 

67

 

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