ViaSat Announces Fiscal Year 2012 Third Quarter Results
Feb.
6,
2012
ViaSat
Inc.
announced
financial
results
for
the
fiscal
third
quarter
ended
December
30,
2011
including
new
contract
awards
of
$211.9
million,
revenues
of
$205.0
million,
Adjusted
EBITDA
of
$36.9
million,
and
non-GAAP
diluted
net
income
attributable
to
ViaSat
common
stockholders
of
$0.26
per
share,
or
$0.12
per
share
on a
diluted
GAAP
basis.
Year-to-date,
ViaSat
reported
new
contract
awards
of
$711.2
million,
revenues
of
$623.1
million,
Adjusted
EBITDA
of
$112.1
million,
and
non-GAAP
diluted
net
income
attributable
to
ViaSat
common
stockholders
of
$0.74
per
share,
or
$0.34
per
share
on a
diluted
GAAP
basis.
"Our
third
quarter
financial
results
were
generally
in
line
with
our
expectations,"
said
Mark
Dankberg,
ViaSat
CEO
and
chairman.
"New
orders,
revenue
and
backlog
are
growing
compared
to
last
fiscal
year,
but
costs
associated
with
the
ViaSat-1
launch
delay
weigh
on
earnings.
Now,
with
the
successful
launch
of
the
groundbreaking
ViaSat-1
satellite
in
October
and
the
subsequent
introduction
of
our
new
high-speed
Exede(SM)
broadband
service
early
in
2012,
we
can
really
grow
our
broadband
subscriber
base
for
the
first
time
since
the
WildBlue
acquisition
two
years
ago."
Financial Results(1)
(In millions, except per share data)
Q3 FY12
Q3 FY11
First 9 Mos. FY12
First 9 Mos. FY11
Revenues
$205.0
$195.9
$623.1
$585.8
Adjusted EBITDA(2)
$36.9
$37.3
$112.1
$118.0
Net income(3)
$5.1
$12.9
$14.9
$24.0
Diluted per share net income (3)
$0.12
$0.30
$0.34
$0.56
Non-GAAP net income (3,4)
$11.6
$18.6
$32.7
$41.9
Non-GAAP diluted per share net income (3,4)
$0.26
$0.43
$0.74
$0.98
Fully diluted weighted average shares
44.3
43.4
44.0
42.8
New contract awards
$211.9
$175.9
$711.2
$582.5
Sales backlog(5)
$575.3
$523.5
$575.3
$523.5
(1) ViaSat uses a 52 or 53 week fiscal year which ends on the Friday closest to March 31. ViaSat quarters for fiscal year 2012 end on July 1, 2011, September 30, 2011, December 30, 2011, and March 30, 2012.
(2) Adjusted EBITDA represents net income (loss) attributable to ViaSat Inc. before interest, taxes, depreciation and amortization, adjusted to exclude the effects of non-cash stock-based compensation expense and acquisition related expenses. A reconciliation of specific adjustments to GAAP results for these periods is included in the table titled "An Itemized Reconciliation Between Net Income Attributable to ViaSat Inc. and Adjusted EBITDA" contained in this release. A description of our use of non-GAAP information is provided below under "Use of Non-GAAP Financial Information."
(3) Attributable to ViaSat Inc. common stockholders.
(4) All non-GAAP net income numbers have been adjusted to exclude the effects of amortization of acquired intangible assets, acquisition related expenses, and non-cash stock-based compensation expenses, net of tax. A reconciliation of specific adjustments to GAAP results for these periods is included in the table titled "An Itemized Reconciliation Between Net Income Attributable to ViaSat Inc. on a GAAP Basis and Non-GAAP Basis" contained in this release. A description of our use of non-GAAP information is provided below under "Use of Non-GAAP Financial Information."
(5) Amounts include certain backlog adjustments due to contract changes and amendments.
Government
Systems
Segment
The
Government
Systems
segment
posted
quarterly
revenues
of
$94.9
million,
a
slight
decrease
of
2.8%
from
the
third
quarter
of
fiscal
year
2011.
The
decrease
was
due
to
lower
sales
of
information
assurance
and
tactical
data
link
products,
offset
partly
by
an
increase
in
broadband
networking
service
revenues
for
military
customers.
Adjusted
EBITDA
for
the
Government
Systems
segment
was
$19.8
million
in
the
third
quarter
of
fiscal
year
2012,
compared
to
$14.4
million
in
the
same
period
of
the
prior
fiscal
year.
New
contract
awards
in
our
Government
Systems
segment
for
the
third
quarter
of
fiscal
year
2012
were
$114.3
million.
Year
to
date,
Government
Systems
revenue
was
$284.4
million,
an
increase
of
1.1%
from
the
same
period
of
last
fiscal
year.
Commercial
Networks
Segment
In
the
Commercial
Networks
segment,
revenues
were
$54.4
million
for
the
third
quarter
of
fiscal
year
2012,
a
39.4%
increase
from
the
third
quarter
of
fiscal
year
2011.
The
revenue
increase
was
primarily
due
to
increased
sales
of
antenna
systems
products,
satellite
payload
technology
development
programs,
consumer
broadband
products,
and
mobile
broadband
satellite
communication
systems,
offset
by
decreased
sales
of
enterprise
VSAT
networks
and
products.
Adjusted
EBITDA
for
the
Commercial
Networks
segment
shows
a
loss
of
$0.1
million
in
the
third
quarter
of
fiscal
year
2012,
compared
to a
loss
of
$1.0
million
in
the
same
period
of
the
prior
fiscal
year.
New
contract
awards
in
our
Commercial
Networks
segment
for
the
third
quarter
of
fiscal
year
2012
were
$41.9
million.
Year
to
date,
Commercial
Networks
revenues
were
$170.7
million,
an
increase
of
32.4%
from
the
same
period
of
last
fiscal
year.
Satellite
Services
Segment
Our
Satellite
Services
segment
contributed
revenues
of
$55.7
million
for
the
third
quarter
of
fiscal
year
2012,
a
6.2%
decrease
compared
to
the
third
quarter
of
fiscal
year
2011,
primarily
from
a
decrease
in
WildBlue®
services
due
to
the
lower
number
of
wholesale
subscribers
as
our
sales
channels
provisioned
fewer
customers
with
existing
service
plans
in
anticipation
of
the
commencement
of
our
new
Exede
service
offerings
in
January
2012.
Adjusted
EBITDA
for
the
Satellite
Services
segment
was
$17.3
million
in
the
third
quarter
of
fiscal
year
2012,
compared
to
$24.0
million
in
the
same
period
of
the
prior
fiscal
year.
New
contract
awards
in
our
Satellite
Services
segment
for
the
third
quarter
of
fiscal
year
2012
were
$55.7
million.
Year
to
date,
Satellite
Services
revenues
were
$167.9
million,
a
decrease
of
4.3%
from
the
same
period
of
last
fiscal
year.
