Company Quick10K Filing
Viasat
Price75.27 EPS-0
Shares63 P/E-670
MCap4,724 P/FCF16
Net Debt1,411 EBIT31
TEV6,135 TEV/EBIT196
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-07
10-K 2020-03-31 Filed 2020-05-29
10-Q 2019-12-31 Filed 2020-02-10
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-K 2019-03-31 Filed 2019-05-29
10-Q 2018-12-31 Filed 2019-02-11
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-09
10-K 2018-03-31 Filed 2018-05-30
10-Q 2017-12-31 Filed 2018-02-09
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-K 2017-03-31 Filed 2017-05-25
10-Q 2016-12-31 Filed 2017-02-09
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-K 2016-03-31 Filed 2016-05-26
10-Q 2015-12-31 Filed 2016-02-09
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-K 2015-04-03 Filed 2015-05-26
10-Q 2015-01-02 Filed 2015-02-11
10-Q 2014-10-03 Filed 2014-11-12
10-Q 2014-07-04 Filed 2014-08-13
10-K 2014-04-04 Filed 2014-05-27
10-Q 2014-01-03 Filed 2014-02-12
10-Q 2013-10-04 Filed 2013-11-13
10-Q 2013-06-28 Filed 2013-08-07
10-K 2013-03-29 Filed 2013-05-24
10-Q 2012-12-28 Filed 2013-02-06
10-Q 2012-09-28 Filed 2012-11-07
10-Q 2012-06-29 Filed 2012-08-08
10-K 2012-03-30 Filed 2012-05-25
10-Q 2011-12-30 Filed 2012-02-08
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-07-01 Filed 2011-08-10
10-K 2011-04-01 Filed 2011-05-27
10-Q 2010-12-31 Filed 2011-02-09
10-Q 2010-10-01 Filed 2010-11-10
10-Q 2010-07-02 Filed 2010-08-11
10-K 2010-04-02 Filed 2010-06-01
10-Q 2010-01-01 Filed 2010-02-10
8-K 2020-11-03 Earnings, Officers, Other Events, Exhibits
8-K 2020-09-03 Officers, Shareholder Vote, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-07-23 Sale of Shares, Regulation FD, Exhibits
8-K 2020-06-24
8-K 2020-06-17
8-K 2020-06-17
8-K 2020-05-26
8-K 2020-03-19
8-K 2020-02-06
8-K 2020-02-03
8-K 2019-11-25
8-K 2019-11-07
8-K 2019-09-04
8-K 2019-08-08
8-K 2019-05-23
8-K 2019-03-27
8-K 2019-03-20
8-K 2019-03-19
8-K 2019-02-28
8-K 2019-02-07
8-K 2019-01-18
8-K 2018-11-01
8-K 2018-10-03
8-K 2018-09-06
8-K 2018-08-09
8-K 2018-07-17
8-K 2018-05-24
8-K 2018-02-08
8-K 2018-01-08

VSAT 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Note 1 - Basis of Presentation
Note 2 - Composition of Certain Balance Sheet Captions
Note 3 - Fair Value Measurements
Note 4 - Shares Used in Computing Diluted Net Income (Loss) per Share
Note 5 - Goodwill and Acquired Intangible Assets
Note 6 - Leases
Note 7 - Senior Notes and Other Long - Term Debt
Note 8 - Product Warranty
Note 9 - Commitments and Contingencies
Note 10 - Income Taxes
Note 11 - Equity Method Investments and Related - Party Transactions
Note 12 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 vsat-ex311_8.htm
EX-31.2 vsat-ex312_7.htm
EX-32.1 vsat-ex321_6.htm

Viasat Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
4.43.52.61.80.90.02012201420172020
Assets, Equity
0.70.50.40.20.1-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

vsat-10q_20200930.htm
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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, 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 October 23, 2020 was 67,532,889.

 

 


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

September 30, 2020

 

 

As of

March 31, 2020

 

 

 

(In thousands)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

350,433

 

 

$

304,309

 

Accounts receivable, net

 

 

249,581

 

 

 

330,698

 

Inventories

 

 

332,927

 

 

 

294,416

 

Prepaid expenses and other current assets

 

 

108,178

 

 

 

116,281

 

Total current assets

 

 

1,041,119

 

 

 

1,045,704

 

 

 

 

 

 

 

 

 

 

Property, equipment and satellites, net

 

 

2,848,640

 

 

 

2,586,735

 

Operating lease right-of-use assets

 

 

339,770

 

 

 

308,441

 

Other acquired intangible assets, net

 

 

12,030

 

 

 

14,439

 

Goodwill

 

 

121,765

 

 

 

121,197

 

Other assets

 

 

840,072

 

 

 

807,352

 

Total assets

 

$

5,203,396

 

 

$

4,883,868

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

169,264

 

 

$

183,601

 

Accrued and other liabilities

 

 

423,018

 

 

 

391,190

 

Current portion of long-term debt

 

 

32,301

 

 

 

29,788

 

Total current liabilities

 

 

624,583

 

 

 

604,579

 

 

 

 

 

 

 

 

 

 

Senior notes

 

 

1,681,773

 

 

 

1,285,497

 

Other long-term debt

 

 

132,904

 

 

 

536,166

 

Non-current operating lease liabilities

 

 

313,085

 

 

 

286,550

 

Other liabilities

 

 

143,360

 

 

 

120,934

 

Total liabilities

 

 

2,895,705

 

 

 

2,833,726

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Viasat, Inc. stockholders’ equity

 

 

 

 

 

 

 

 

Common stock

 

 

7

 

 

 

6

 

Paid-in capital

 

 

2,047,525

 

 

 

1,788,456

 

Retained earnings

 

 

234,947

 

 

 

245,373

 

Accumulated other comprehensive loss

 

 

(2,433

)

 

 

(6,048

)

Total Viasat, Inc. stockholders’ equity

 

 

2,280,046

 

 

 

2,027,787

 

Noncontrolling interest in subsidiary

 

 

27,645

 

 

 

22,355

 

Total equity

 

 

2,307,691

 

 

 

2,050,142

 

Total liabilities and equity

 

$

5,203,396

 

 

$

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

 

 

Six Months Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

September 30, 2020

 

 

September 30, 2019

 

 

 

(In thousands, except per share data)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

 

$

255,980

 

 

$

306,830

 

 

$

506,614

 

 

$

570,445

 

Service revenues

 

 

298,298

 

 

 

285,426

 

 

 

578,152

 

 

 

558,848

 

Total revenues

 

 

554,278

 

 

 

592,256

 

 

 

1,084,766

 

 

 

1,129,293

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenues

 

 

191,890

 

 

 

223,075

 

 

 

379,782

 

 

 

420,015

 

Cost of service revenues

 

 

195,423

 

 

 

187,024

 

 

 

393,100

 

 

 

374,543

 

Selling, general and administrative

 

 

125,451

 

 

 

127,391

 

 

 

246,490

 

 

 

252,523

 

Independent research and development

 

 

27,531

 

 

 

34,314

 

 

 

55,167

 

 

 

67,788

 

Amortization of acquired intangible assets

 

 

1,300

 

 

 

2,027

 

 

 

2,858

 

 

 

4,064

 

Income from operations

 

 

12,683

 

 

 

18,425

 

 

 

7,369

 

 

 

10,360

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

128

 

 

 

413

 

 

 

360

 

 

 

1,338

 

Interest expense

 

 

(9,790

)

 

 

(9,540

)

 

 

(19,314

)

 

 

(20,714

)

Income (loss) before income taxes

 

 

3,021

 

 

 

9,298

 

 

 

(11,585

)

 

 

(9,016

)

Benefit from (provision for) income taxes

 

 

687

 

 

 

(2,390

)

 

 

6,435

 

 

 

4,820

 

Equity in (loss) income of unconsolidated

   affiliate, net

 

 

(317

)

 

 

1,154

 

 

 

14

 

 

 

2,521

 

Net income (loss)

 

 

3,391

 

 

 

8,062

 

 

 

(5,136

)

 

 

(1,675

)

Less: net income attributable to

   noncontrolling interest, net of tax

 

 

1,428

 

 

 

4,868

 

 

 

5,290

 

 

 

6,599

 

Net income (loss) attributable to Viasat, Inc.

 

$

1,963

 

 

$

3,194

 

 

$

(10,426

)

 

$

(8,274

)

Basic net income (loss) per share attributable

   to Viasat, Inc. common stockholders

 

$

0.03

 

 

$

0.05

 

 

$

(0.16

)

 

$

(0.14

)

Diluted net income (loss) per share attributable

   to Viasat, Inc. common stockholders

 

$

0.03

 

 

$

0.05

 

 

$

(0.16

)

 

$

(0.14

)

Shares used in computing basic net income

   (loss) per share

 

 

66,576

 

 

 

61,480

 

 

 

64,554

 

 

 

61,200

 

Shares used in computing diluted net income

   (loss) per share

 

 

67,006

 

 

 

62,761

 

 

 

64,554

 

 

 

61,200

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

3,391

 

 

$

8,062

 

 

$

(5,136

)

 

$

(1,675

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on hedging, net of tax

 

 

 

 

 

3

 

 

 

 

 

 

48

 

Foreign currency translation adjustments, net

   of tax

 

 

4,418

 

 

 

(1,436

)

 

 

3,615

 

 

 

(3,720

)

Other comprehensive income (loss), net of tax

 

 

4,418

 

 

 

(1,433

)

 

 

3,615

 

 

 

(3,672

)

Comprehensive income (loss)

 

 

7,809

 

 

 

6,629

 

 

 

(1,521

)

 

 

(5,347

)

Less: comprehensive income attributable

   to noncontrolling interest, net of tax

 

 

1,428

 

 

 

4,868

 

 

 

5,290

 

 

 

6,599

 

Comprehensive income (loss) attributable to

   Viasat, Inc.

 

$

6,381

 

 

$

1,761

 

 

$

(6,811

)

 

$

(11,946

)

 

See accompanying notes to the condensed consolidated financial statements.

4


VIASAT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Six Months Ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(5,136

)

 

$

(1,675

)

Adjustments to reconcile net loss to net cash provided by

   operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

157,939

 

 

 

135,144

 

Amortization of intangible assets

 

 

31,675

 

 

 

31,206

 

Stock-based compensation expense

 

 

43,328

 

 

 

42,328

 

Loss on disposition of fixed assets

 

 

17,678

 

 

 

23,566

 

Other non-cash adjustments

 

 

(2,354

)

 

 

(4,023

)

Increase (decrease) in cash resulting from changes in operating

   assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

73,856

 

 

 

893

 

Inventories

 

 

(38,034

)

 

 

(34,091

)

Other assets

 

 

19,513

 

 

 

(6,403

)

Accounts payable

 

 

(14,481

)

 

 

5,582

 

Accrued liabilities

 

 

52,510

 

 

 

(2,292

)

Other liabilities

 

 

(2,972

)

 

 

(6,943

)

Net cash provided by operating activities

 

 

333,522

 

 

 

183,292

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchase of property, equipment and satellites

 

 

(426,298

)

 

 

(329,558

)

Cash paid for patents, licenses and other assets

 

 

(33,586

)

 

 

(35,445

)

Proceeds from insurance claims on ViaSat-2 satellite

 

 

 

 

 

2,277

 

Net cash used in investing activities

 

 

(459,884

)

 

 

(362,726

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from debt borrowings

 

 

400,000

 

 

 

 

Payments of debt borrowings

 

 

(402,940

)

 

 

(14,821

)

Payment of debt issuance costs

 

 

(4,882

)

 

 

(2,479

)

Proceeds from issuance of common stock under equity plans

 

 

9,206

 

 

 

27,016

 

Purchase of common stock in treasury (immediately retired) related

   to tax withholdings for stock-based compensation

 

 

(747

)

 

 

(3,128

)

Proceeds from common stock issued in private placement, net

   of issuance costs

 

 

174,749

 

 

 

 

Other financing activities

 

 

(3,454

)

 

 

(1,368

)

Net cash provided by financing activities

 

 

171,932

 

 

 

5,220

 

Effect of exchange rate changes on cash

 

 

554

 

 

 

(442

)

Net increase (decrease) in cash and cash equivalents

 

 

46,124

 

 

 

(174,656

)

Cash and cash equivalents at beginning of period

 

 

304,309

 

 

 

261,701

 

Cash and cash equivalents at end of period

 

$

350,433

 

 

$

87,045

 

 

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, 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