ViaSat Inc.
ViaSat Inc.
25/07/2024 | Press release | Distributed by Public on 26/07/2024 04:17
SELECTED SEGMENT INFORMATION FOR FISCAL YEARS 2023 AND 2024 (UNAUDITED) Form 8 K
| SELECTED SEGMENT INFORMATION FOR FISCAL YEARS 2023 AND 2024 (UNAUDITED) | Exhibit 99.1 |
| Three Months Ended | Fiscal Years Ended | |||||||||||||||||||||||
| June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | March 31, 2024 | March 31, 2023 | |||||||||||||||||||
| (In thousands) | (In thousands) | |||||||||||||||||||||||
|
Revenues: |
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|
Communication services |
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|
Aviation services |
$ | 151,112 | $ | 224,049 | $ | 236,008 | $ | 253,665 | $ | 864,834 | $ | 346,950 | ||||||||||||
|
Government satcom services |
82,624 | 169,843 | 176,311 | 168,048 | 596,826 | 165,897 | ||||||||||||||||||
|
Maritime services |
45,345 | 130,428 | 130,121 | 124,196 | 430,090 | 3,362 | ||||||||||||||||||
|
Fixed services and other services |
214,692 | 246,442 | 229,929 | 215,699 | 906,762 | 919,440 | ||||||||||||||||||
|
Total services |
493,773 | 770,762 | 772,369 | 761,608 | 2,798,512 | 1,435,649 | ||||||||||||||||||
|
Total products |
66,487 | 75,795 | 102,489 | 98,257 | 343,028 | 269,126 | ||||||||||||||||||
|
Total communication services revenues |
560,260 | 846,557 | 874,858 | 859,865 | 3,141,540 | 1,704,775 | ||||||||||||||||||
|
Defense and advanced technologies |
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|
Total services |
49,646 | 52,924 | 53,097 | 50,415 | 206,082 | 166,383 | ||||||||||||||||||
|
Information security and cyber defense products |
56,676 | 82,378 | 72,115 | 90,887 | 302,056 | 181,591 | ||||||||||||||||||
|
Space and mission systems products |
72,387 | 92,306 | 65,182 | 79,378 | 309,253 | 259,286 | ||||||||||||||||||
|
Tactical networking products |
37,384 | 42,445 | 57,676 | 64,589 | 202,094 | 179,099 | ||||||||||||||||||
|
Advanced technologies and other products |
3,438 | 108,805 | 5,611 | 4,879 | 122,733 | 65,024 | ||||||||||||||||||
|
Total products |
169,885 | 325,934 | 200,584 | 239,733 | 936,136 | 685,000 | ||||||||||||||||||
|
Total defense and advanced technologies revenues |
219,531 | 378,858 | 253,681 | 290,148 | 1,142,218 | 851,383 | ||||||||||||||||||
|
Elimination of intersegment revenues |
- | - | - | - | - | - | ||||||||||||||||||
|
Total revenues |
$ | 779,791 | $ | 1,225,415 | $ | 1,128,539 | $ | 1,150,013 | $ | 4,283,758 | $ | 2,556,158 | ||||||||||||
|
Independent research and development: |
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|
Communication services** |
$ | 19,804 | $ | 22,685 | $ | 28,758 | $ | 33,716 | $ | 104,963 | $ | 99,520 | ||||||||||||
|
Defense and advanced technologies |
9,200 | 10,744 | 12,970 | 12,776 | 45,690 | 29,403 | ||||||||||||||||||
|
Total independent research and development |
$ | 29,004 | $ | 33,429 | $ | 41,728 | $ | 46,492 | $ | 150,653 | $ | 128,923 | ||||||||||||
|
Operating profits (losses): |
||||||||||||||||||||||||
|
Communication services |
$ | (9,943 | ) | $ | (831,186 | ) | $ | 36,049 | $ | (11,974 | ) | $ | (817,054 | ) | $ | (189,402 | ) | |||||||
|
Defense and advanced technologies |
(3,762 | ) | 107,893 | 11,752 | 38,530 | 154,413 | 63,257 | |||||||||||||||||
|
Elimination of intersegment operating profits (losses) |
- | - | - | - | - | - | ||||||||||||||||||
|
Segment operating profit (loss) before corporate and amortization of acquired intangible assets |
(13,705 | ) | (723,293 | ) | 47,801 | 26,556 | (662,641 | ) | (126,145 | ) | ||||||||||||||
|
Corporate |
- | - | - | - | - | - | ||||||||||||||||||
|
Amortization of acquired intangible assets |
(27,811 | ) | (81,374 | ) | (91,719 | ) | (26,261 | ) | (227,165 | ) | (29,811 | ) | ||||||||||||
|
Income (loss) from operations |
$ | (41,516 | ) | $ | (804,667 | ) | $ | (43,918 | ) | $ | 295 | $ | (889,806 | ) | $ | (155,956 | ) | |||||||
| ** |
The three months ended September 30, 2023, the three months ended December 31, 2023 and the fiscal year ended March 31, 2024 include $900.0 million, $5.5 million, and $905.5 million, respectively, of satellite impairment and related charges, net. |
AN ITEMIZED RECONCILIATION BETWEEN SEGMENT OPERATING PROFIT (LOSS) FROM CONTINUING OPERATIONS BEFORE
CORPORATE AND AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS AND ADJUSTED EBITDA IS AS FOLLOWS:
(In thousands)
| Three months ended June 30, 2023 | Three months ended September 30, 2023 | Three months ended December 31, 2023 | Three months ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||
|
Communication Services |
Defense and Advanced Technologies |
Total |
Communication Services |
Defense and Advanced Technologies |
Total |
Communication Services |
Defense and Advanced Technologies |
Total |
Communication Services |
Defense and Advanced Technologies |
Total | |||||||||||||||||||||||||||||||||||||
|
Segment operating profit (loss) before corporate and amortization of acquired intangible assets |
$ | (9,943 | ) | $ | (3,762 | ) | $ | (13,705 | ) | $ | (831,186 | ) | $ | 107,893 | $ | (723,293 | ) | $ | 36,049 | $ | 11,752 | $ | 47,801 | $ | (11,974 | ) | $ | 38,530 | $ | 26,556 | ||||||||||||||||||
|
Depreciation (1) |
122,491 | 9,520 | 132,011 | 225,962 | 10,599 | 236,561 | 218,860 | 10,620 | 229,480 | 258,475 | 11,114 | 269,589 | ||||||||||||||||||||||||||||||||||||
|
Stock-based compensation expense |
13,524 | 8,228 | 21,752 | 13,510 | 8,208 | 21,718 | 14,252 | 7,947 | 22,199 | 11,376 | 6,586 | 17,962 | ||||||||||||||||||||||||||||||||||||
|
Other amortization |
12,292 | 2,465 | 14,757 | 12,719 | 3,111 | 15,830 | 12,414 | 3,013 | 15,427 | 13,293 | 3,411 | 16,704 | ||||||||||||||||||||||||||||||||||||
|
Acquisition and transaction related expenses (2) |
16,467 | 11,268 | 27,735 | 29,099 | 8,352 | 37,451 | 43,410 | 21,658 | 65,068 | 25,137 | 2,188 | 27,325 | ||||||||||||||||||||||||||||||||||||
|
Satellite impairment and related charges, net |
- | - | - | 900,000 | - | 900,000 | 5,496 | - | 5,496 | - | - | - | ||||||||||||||||||||||||||||||||||||
|
Equity in income (loss) of unconsolidated affiliates, net |
831 | - | 831 | (502 | ) | - | (502 | ) | 2,689 | - | 2,689 | 3,957 | - | 3,957 | ||||||||||||||||||||||||||||||||||
|
Noncontrolling interest |
(60 | ) | (42 | ) | (102 | ) | (60 | ) | (1,415 | ) | (1,475 | ) | (60 | ) | (4,990 | ) | (5,050 | ) | (30 | ) | (4,328 | ) | (4,358 | ) | ||||||||||||||||||||||||
|
Adjusted EBITDA from continuing operations |
$ | 155,602 | $ | 27,677 | $ | 183,279 | $ | 349,542 | $ | 136,748 | $ | 486,290 | $ | 333,110 | $ | 50,000 | $ | 383,110 | $ | 300,234 | $ | 57,501 | $ | 357,735 | ||||||||||||||||||||||||
|
Adjusted EBITDA from discontinued operations(3) |
- | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
|
Adjusted EBITDA |
$ | 155,602 | $ | 27,677 | $ | 183,279 | $ | 349,542 | $ | 136,748 | $ | 486,290 | $ | 333,110 | $ | 50,000 | $ | 383,110 | $ | 300,234 | $ | 57,501 | $ | 357,735 | ||||||||||||||||||||||||
| Twelve months ended March 31, 2024 | Twelve months ended March 31, 2023 | |||||||||||||||||||||||
|
Communication Services |
Defense and Advanced Technologies |
Total |
Communication Services |
Defense and Advanced Technologies |
Total | |||||||||||||||||||
|
Segment operating profit (loss) before corporate and amortization of acquired intangible assets |
$ | (817,054 | ) | $ | 154,413 | $ | (662,641 | ) | $ | (189,402 | ) | $ | 63,257 | $ | (126,145 | ) | ||||||||
|
Depreciation (1) |
825,788 | 41,853 | 867,641 | 350,954 | 52,701 | 403,655 | ||||||||||||||||||
|
Stock-based compensation expense |
52,662 | 30,969 | 83,631 | 51,578 | 30,534 | 82,112 | ||||||||||||||||||
|
Other amortization |
50,718 | 12,000 | 62,718 | 49,058 | 11,047 | 60,105 | ||||||||||||||||||
|
Acquisition and transaction related expenses (2) |
114,113 | 43,466 | 157,579 | 53,285 | 33,011 | 86,296 | ||||||||||||||||||
|
Satellite impairment and related charges, net |
905,496 | - | 905,496 | - | - | - | ||||||||||||||||||
|
Other income, net |
- | - | - | - | 1,098 | 1,098 | ||||||||||||||||||
|
Equity in income (loss) of unconsolidated affiliates, net |
6,975 | - | 6,975 | (66 | ) | - | (66 | ) | ||||||||||||||||
|
Noncontrolling interest |
(210 | ) | (10,775 | ) | (10,985 | ) | (240 | ) | (5,702 | ) | (5,942 | ) | ||||||||||||
|
Adjusted EBITDA from continuing operations |
$ | 1,138,488 | $ | 271,926 | $ | 1,410,414 | $ | 315,167 | $ | 185,946 | $ | 501,113 | ||||||||||||
|
Adjusted EBITDA from discontinued operations(3) |
- | - | - | - | 82,057 | 82,057 | ||||||||||||||||||
|
Adjusted EBITDA |
$ | 1,138,488 | $ | 271,926 | $ | 1,410,414 | $ | 315,167 | $ | 268,003 | $ | 583,170 | ||||||||||||
| (1) |
Depreciation expenses not specifically recorded in a particular segment have been allocated based on other indirect allocable costs, which management believes is a reasonable method. |
| (2) |
Costs typically consist of acquisition, integration, and disposition related costs. |
| (3) |
A reconciliation of Adjusted EBITDA from discontinued operations is presented below. |
AN ITEMIZED RECONCILIATION BETWEEN NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO VIASAT, INC.
AND ADJUSTED EBITDA FROM DISCONTINUED OPERATIONS IS AS FOLLOWS:
(In thousands)
| Twelve months ended March 31, 2024 | Twelve months ended March 31, 2023 | |||||||||||||||||||||||
|
Communication Services |
Defense and Advanced Technologies |
Total |
Communication Services |
Defense and Advanced Technologies |
Total | |||||||||||||||||||
|
GAAP net income (loss) from discontinued operations attributable to Viasat, Inc. |
$ | - | $ | (10,422 | ) | $ | (10,422 | ) | $ | - | $ | 1,302,387 | $ | 1,302,387 | ||||||||||
|
Provision for (benefit from) income taxes |
- | (578 | ) | (578 | ) | - | 425,156 | 425,156 | ||||||||||||||||
|
Depreciation and amortization |
- | - | - | - | 6,806 | 6,806 | ||||||||||||||||||
|
Stock-based compensation expense |
- | - | - | - | 2,347 | 2,347 | ||||||||||||||||||
|
Acquisition and transaction related expenses (2) |
- | - | - | - | 7,252 | 7,252 | ||||||||||||||||||
|
(Gain) loss on the Link-16 TDL Sale |
- | 11,000 | 11,000 | - | (1,661,891 | ) | (1,661,891 | ) | ||||||||||||||||
|
Adjusted EBITDA from discontinued operations |
$ | - | $ | - | $ | - | $ | - | $ | 82,057 | $ | 82,057 | ||||||||||||