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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, 2023.

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)

 

https://cdn.kscope.io/2ee4406aefe021e974680a9d516b326a-img243684642_0.jpg 

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 27, 2023 was 124,507,277.

 

 

 


 

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

 

40

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

60

Item 4. Controls and Procedures

 

61

PART II. OTHER INFORMATION

 

 

Item 1. Legal Proceedings

 

61

Item 1A. Risk Factors

 

61

Item 5. Other Information

 

61

Item 6. Exhibits

 

63

Signatures

 

65

 

2


 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

VIASAT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

As of
 September 30, 2023

 

 

As of
 March 31, 2023

 

 

 

(In thousands)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,961,583

 

 

$

1,348,854

 

Restricted cash

 

 

7,184

 

 

 

30,532

 

Accounts receivable, net

 

 

664,482

 

 

 

419,934

 

Inventories

 

 

345,602

 

 

 

268,563

 

Prepaid expenses and other current assets

 

 

1,080,343

 

 

 

176,629

 

Total current assets

 

 

4,059,194

 

 

 

2,244,512

 

 

 

 

 

 

 

Property, equipment and satellites, net

 

 

7,708,056

 

 

 

4,378,283

 

Operating lease right-of-use assets

 

 

422,959

 

 

 

281,757

 

Other acquired intangible assets, net

 

 

2,771,837

 

 

 

201,205

 

Goodwill

 

 

1,375,542

 

 

 

158,542

 

Other assets

 

 

734,456

 

 

 

466,038

 

Total assets

 

$

17,072,044

 

 

$

7,730,337

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

388,582

 

 

$

271,548

 

Accrued and other liabilities

 

 

1,098,184

 

 

 

647,232

 

Current portion of long-term debt

 

 

62,630

 

 

 

37,939

 

Total current liabilities

 

 

1,549,396

 

 

 

956,719

 

 

 

 

 

 

 

Senior notes

 

 

4,333,129

 

 

 

1,689,186

 

Other long-term debt

 

 

2,895,200

 

 

 

732,315

 

Non-current operating lease liabilities

 

 

397,494

 

 

 

273,006

 

Other liabilities

 

 

2,669,122

 

 

 

218,542

 

Total liabilities

 

 

11,844,341

 

 

 

3,869,768

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Viasat, Inc. stockholders’ equity

 

 

 

 

 

 

Common stock

 

 

13

 

 

 

8

 

Paid-in capital

 

 

4,752,694

 

 

 

2,540,679

 

Retained earnings

 

 

474,094

 

 

 

1,318,336

 

Accumulated other comprehensive income (loss)

 

 

(36,835

)

 

 

(34,713

)

Total Viasat, Inc. stockholders’ equity

 

 

5,189,966

 

 

 

3,824,310

 

Noncontrolling interest in subsidiary

 

 

37,737

 

 

 

36,259

 

Total equity

 

 

5,227,703

 

 

 

3,860,569

 

Total liabilities and equity

 

$

17,072,044

 

 

$

7,730,337

 

 

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, 2023

 

 

September 30, 2022

 

 

September 30, 2023

 

 

September 30, 2022

 

 

 

(In thousands, except per share data)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

 

$

401,729

 

 

$

260,959

 

 

$

638,101

 

 

$

433,454

 

Service revenues

 

 

823,686

 

 

 

402,600

 

 

 

1,367,105

 

 

 

805,161

 

Total revenues

 

 

1,225,415

 

 

 

663,559

 

 

 

2,005,206

 

 

 

1,238,615

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenues

 

 

254,020

 

 

 

174,185

 

 

 

451,098

 

 

 

323,301

 

Cost of service revenues

 

 

512,270

 

 

 

267,703

 

 

 

860,103

 

 

 

536,368

 

Selling, general and administrative (including satellite impairment and related charges, net – see Note 1 – Basis of Presentation - Property, equipment and satellites)

 

 

1,148,989

 

 

 

177,191

 

 

 

1,368,570

 

 

 

348,816

 

Independent research and development

 

 

33,429

 

 

 

32,416

 

 

 

62,433

 

 

 

67,181

 

Amortization of acquired intangible assets

 

 

81,374

 

 

 

7,379

 

 

 

109,185

 

 

 

14,902

 

Income (loss) from operations

 

 

(804,667

)

 

 

4,685

 

 

 

(846,183

)

 

 

(51,953

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

32,486

 

 

 

6,809

 

 

 

51,675

 

 

 

6,932

 

Interest expense

 

 

(86,157

)

 

 

(4,638

)

 

 

(142,096

)

 

 

(10,511

)

Other income, net

 

 

 

 

 

87

 

 

 

 

 

 

1,098

 

Income (loss) from continuing operations before income taxes

 

 

(858,338

)

 

 

6,943

 

 

 

(936,604

)

 

 

(54,434

)

(Provision for) benefit from income taxes from continuing operations

 

 

93,077

 

 

 

(76,646

)

 

 

93,610

 

 

 

(53,833

)

Equity in income (loss) of unconsolidated affiliate, net

 

 

(502

)

 

 

(40

)

 

 

329

 

 

 

(40

)

Net income (loss) from continuing operations

 

 

(765,763

)

 

 

(69,743

)

 

 

(842,665

)

 

 

(108,307

)

Net income (loss) from discontinued operations, net of tax

 

 

 

 

 

22,187

 

 

 

 

 

 

39,712

 

Net income (loss)

 

 

(765,763

)

 

 

(47,556

)

 

 

(842,665

)

 

 

(68,595

)

Less: net income (loss) attributable to
   noncontrolling interest, net of tax

 

 

1,475

 

 

 

684

 

 

 

1,577

 

 

 

1,209

 

Net income (loss) attributable to Viasat, Inc.

 

$

(767,238

)

 

$

(48,240

)

 

$

(844,242

)

 

$

(69,804

)

Income (loss) per share attributable
   to Viasat, Inc. common stockholders - basic:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(6.16

)

 

$

(0.93

)

 

$

(7.75

)

 

$

(1.45

)

Discontinued operations

 

 

 

 

 

0.29

 

 

 

 

 

 

0.53

 

Income (loss)

 

$

(6.16

)

 

$

(0.64

)

 

$

(7.75

)

 

$

(0.93

)

Income (loss) per share attributable
   to Viasat, Inc. common stockholders - diluted

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(6.16

)

 

$

(0.93

)

 

$

(7.75

)

 

$

(1.45

)

Discontinued operations

 

 

 

 

 

0.29

 

 

 

 

 

 

0.53

 

Income (loss)

 

$

(6.16

)

 

$

(0.64

)

 

$

(7.75

)

 

$

(0.93

)

Shares used in computing basic net
   income (loss) per share

 

 

124,529

 

 

 

75,758

 

 

 

108,903

 

 

 

75,313

 

Shares used in computing diluted net
   income (loss) per share

 

 

124,529

 

 

 

75,758

 

 

 

108,903

 

 

 

75,313

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(765,763

)

 

$

(47,556

)

 

$

(842,665

)

 

$

(68,595

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net
   of tax

 

 

(12,107

)

 

 

(21,995

)

 

 

(3,580

)

 

 

(42,336

)

Unrealized gain (loss) on hedging, net of tax

 

 

(4,839

)

 

 

 

 

 

1,458

 

 

 

 

Other comprehensive income (loss), net of tax

 

 

(16,946

)

 

 

(21,995

)

 

 

(2,122

)

 

 

(42,336

)

Comprehensive income (loss)

 

 

(782,709

)

 

 

(69,551

)

 

 

(844,787

)

 

 

(110,931

)

Less: comprehensive income (loss) attributable
   to noncontrolling interest, net of tax

 

 

1,475

 

 

 

684

 

 

 

1,577

 

 

 

1,209

 

Comprehensive income (loss) attributable to
   Viasat, Inc.

 

$

(784,184

)

 

$

(70,235

)

 

$

(846,364

)

 

$

(112,140

)

See accompanying notes to the condensed consolidated financial statements.

4


 

VIASAT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Six Months Ended

 

 

 

September 30, 2023

 

 

September 30, 2022

 

Cash Flows from Continuing and Discontinued Operations

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income (loss)

 

$

(842,665

)

 

$

(68,595

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation

 

 

368,572

 

 

 

204,599

 

Amortization of intangible assets

 

 

139,772

 

 

 

43,888

 

Stock-based compensation expense

 

 

43,470

 

 

 

43,806

 

Satellite impairment and disposition of fixed assets losses, net

 

 

835,900

 

 

 

25,406

 

Deferred income taxes and other non-cash adjustments

 

 

(86,749

)

 

 

65,250

 

Increase (decrease) in cash resulting from changes in operating
   assets and liabilities, net of effect of acquisition:

 

 

 

 

 

 

Accounts receivable

 

 

(44,050

)

 

 

(42,625

)

Inventories

 

 

(45,707

)

 

 

(40,190

)

Other assets

 

 

(13,277

)

 

 

8,382

 

Accounts payable

 

 

36,175

 

 

 

13,222

 

Accrued liabilities

 

 

(7,242

)

 

 

3,299

 

Other liabilities

 

 

(61,557

)

 

 

(28,310

)

Net cash provided by (used in) operating activities

 

 

322,642

 

 

 

228,132

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of property, equipment and satellites, and other assets

 

 

(740,664

)

 

 

(554,813

)

Payment related to acquisition of a business, net of cash acquired

 

 

(342,621

)

 

 

 

Proceeds from sale of short-term investments

 

 

134,266

 

 

 

 

Payments to acquire short-term investments

 

 

(52,000

)

 

 

 

Net cash provided by (used in) investing activities

 

 

(1,001,019

)

 

 

(554,813

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from debt borrowings

 

 

1,334,683

 

 

 

275,000

 

Payments on debt borrowings

 

 

(27,979

)

 

 

(82,348

)

Payments of debt issuance costs

 

 

(47,963

)

 

 

(1,511

)

Proceeds from issuance of common stock under equity plans

 

 

10,130

 

 

 

9,626

 

Purchase of common stock in treasury (immediately retired) related
   to tax withholdings for stock-based compensation

 

 

(2,565

)

 

 

(832

)

Repurchase of shares by majority-owned subsidiary

 

 

 

 

 

(30,000

)

Other financing activities

 

 

2,186

 

 

 

(1,540

)

Net cash provided by (used in) financing activities

 

 

1,268,492

 

 

 

168,395

 

Effect of exchange rate changes on cash

 

 

(734

)

 

 

(3,001

)

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

589,381

 

 

 

(161,287

)

Cash and cash equivalents and restricted cash at beginning of period

 

 

1,379,386

 

 

 

310,459

 

Cash and cash equivalents and restricted cash at end of period

 

$

1,968,767

 

 

$

149,172

 

Non-cash investing and financing activities:

 

 

 

 

 

 

Issuance of common stock in connection with acquisition

 

$

2,123,455

 

 

$

 

Issuance of common stock in satisfaction of certain accrued compensation liabilities

 

$

31,173

 

 

$

27,619

 

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

 

$

13,848

 

 

$

3,499

 

Capital expenditures not paid for during the period

 

$

6,369

 

 

$

45,688

 

Debt issuance costs not paid for

 

$

2,151

 

 

$

 

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, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2023

 

 

124,054,755

 

 

$

13

 

 

$

4,718,054

 

 

$

1,241,332

 

 

$

(19,889

)

 

$

36,362

 

 

$

5,975,872

 

Issuance of stock under Employee Stock Purchase Plan

 

 

382,062

 

 

 

 

 

 

10,048

 

 

 

 

 

 

 

 

 

 

 

 

10,048

 

Stock-based compensation

 

 

 

 

 

 

 

 

24,945

 

 

 

 

 

 

 

 

 

 

 

 

24,945

 

RSU awards vesting, net of shares withheld for taxes
   which have been retired

 

 

44,476

 

 

 

 

 

 

(353

)

 

 

 

 

 

 

 

 

 

 

 

(353

)

Other noncontrolling interest activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(100

)

 

 

(100

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

(767,238

)

 

 

 

 

 

1,475

 

 

 

(765,763

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,946

)

 

 

 

 

 

(16,946

)

Balance at September 30, 2023

 

 

124,481,293

 

 

$

13

 

 

$

4,752,694

 

 

$

474,094

 

 

$

(36,835

)

 

$

37,737

 

 

$

5,227,703

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2022

 

 

75,551,823

 

 

$

8

 

 

$

2,482,847

 

 

$

211,966

 

 

$

(41,962

)

 

$

49,253

 

 

$

2,702,112

 

Stock-based compensation

 

 

 

 

 

 

 

 

26,046

 

 

 

 

 

 

 

 

 

 

 

 

26,046

 

RSU awards vesting, net of shares withheld for taxes
   which have been retired

 

 

33,398

 

 

 

 

 

 

(327

)

 

 

 

 

 

 

 

 

 

 

 

(327

)

Other noncontrolling interest activity

 

 

 

 

 

 

 

 

(11,783

)

 

 

 

 

 

 

 

 

(18,306

)

 

 

(30,089

)

Net income (loss)