Delaware | 000-21767 | 33-0174996 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File No.) | (I.R.S. Employer Identification No.) |
Item 2.02 Results of Operations and Financial Condition | ||||||||
Item 9.01 Financial Statements and Exhibits | ||||||||
SIGNATURES | ||||||||
EX-99.1 |
(d) | Exhibits |
Exhibit | ||
Number | Description of Exhibit | |
99.1
|
Press Release dated May 17, 2011 issued by ViaSat, Inc. |
1
Date: May 17, 2011 | ViaSat, Inc. |
|||
By: | /s/ Keven Lippert | |||
Keven Lippert | ||||
Vice President, Secretary and General Counsel | ||||
2
![]() |
News | Contact: Heather Ferrante ViaSat Inc. 760-476-2633 www.viasat.com |
(In millions, except per share data) | Q4 FY 2011 | Q4 FY 2010 | FY 2011 | FY 2010 | ||||||||||||
Revenues |
$ | 216.4 | $ | 212.6 | $ | 802.2 | $ | 688.1 | ||||||||
Adjusted EBITDA4 |
$ | 42.8 | $ | 48.0 | $ | 160.8 | $ | 113.8 | ||||||||
Net income2 |
$ | 12.1 | $ | 10.4 | $ | 36.1 | $ | 31.1 | ||||||||
Diluted per share net income 2 |
$ | 0.28 | $ | 0.27 | $ | 0.84 | $ | 0.89 | ||||||||
Non-GAAP net income 2, 3 |
$ | 18.0 | $ | 16.6 | $ | 59.9 | $ | 54.0 | ||||||||
Non-GAAP diluted net income per share
2, 3 |
$ | 0.41 | $ | 0.43 | $ | 1.39 | $ | 1.55 | ||||||||
Fully diluted weighted average shares |
43.6 | 38.4 | 43.1 | 34.8 | ||||||||||||
New contract awards |
$ | 271.0 | $ | 267.6 | $ | 853.5 | $ | 773.0 | ||||||||
Sales backlog 5 |
$ | 528.7 | $ | 528.8 | $ | 528.7 | $ | 528.8 |
1
ViaSat News | 2 |
1 | ViaSat uses a 52 or 53 week fiscal year which ends on the Friday closest to March 31. ViaSat quarters for fiscal year 2011 ended on July 2, 2010, October 1, 2010, December 31, 2010, and April 1, 2011. | |
2 | Attributable to ViaSat Inc. common stockholders. | |
3 | 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. | |
4 | 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. | |
5 | Includes negative backlog adjustments of $41.9 million in the fourth quarter of fiscal year 2011 and $47.7 million in fiscal year 2011 and $4 million in the fourth quarter of fiscal year 2010 and $28 million in fiscal year 2010. |
--more--
ViaSat News | 3 |
| Received a $477 million IDIQ contract to supply the next generation of Blue Force Tracking (BFT) equipment to the U.S. Army, and equipment orders adding approximately $100 million to backlog entering fiscal year 2012. | ||
| Reached a definitive agreement to provide Ka-band satellite inflight WiFi broadband equipment and service to JetBlue Airways, including an initial $30 million equipment and services order. | ||
| Completed demonstrations of 4 Mbps transmit speeds over Ku-band in operational missions for broadband ISR platforms for U.S. Special Operations Command forces. | ||
| Reached over 150 cumulative government ArcLight® satellite broadband ISR and global Command & Control Communication terminals. | ||
| Reached an agreement with Asia Broadcast Satellite for exclusive access to Ka-band satellite capacity currently available in the Afghanistan region. Established agreement with YahSat to create seamless roaming capabilities for global mobile Ka-band broadband services across the United States, and the Middle East for government and commercial applications. Creating multi-party agreements to add Eutelsat KA-SAT. | ||
| Demonstrated a Ka-band version of the VR-12 ArcLight airborne ISR terminal capable of ISR transmit speeds up to 10 Mbps. |
--more--
ViaSat News | 4 |
| Commenced operational performance testing of our next generation SurfBeam® 2 consumer satellite broadband network over Eutelsats 70 Gbps KA-SAT, in anticipation of start of commercial services in Q2 of calendar year 2011. | ||
| Selected by Boeing to provide the ground based beam forming (GBBF) system for the MEXSAT satellite system, which will provide secure communications for Mexicos national security needs and civil telecommunications. | ||
| Acquired SKYLinkSM airborne broadband service from ARINC Incorporated, adding 80 private business jets to our Yonder® high-speed Internet access network for mobile satellite communications. | ||
| Awarded $19.5 million in grant funding by the Department of Agriculture Rural Utilities Service (RUS) under the American Reinvestment and Recovery Act of 2009 (ARRA) to provide affordable broadband services using our WildBlue service to unserved and rural areas in 24 Western and Midwestern states. | ||
| Acquired Stonewood Group Limited, a leader in the design, manufacture and delivery of data at rest encryption products and services that encrypt and protect data on computer hard drives. | ||
| Introduced the AltaSec® IPS-250 inline network encryptor (INE), the first network encryptor compatible with the National Security Agency (NSA) Cryptographic High Value Product (CHVP) Suite B standards, which enable U.S. warfighters and government agencies to create secure IP networks without the logistics and lifecycle costs associated with Controlled Cryptographic Items (CCI). | ||
| Industry Recognition: |
| Inaugural Defense Security Service Award of Excellence in Counterintelligence | ||
| EuroConsult Strategic Transaction of the Year Award for WildBlue acquisition | ||
| Space News Top 50 Space Companies |
--more--
ViaSat News | 5 |
--more--
ViaSat News | 6 |
--more--
Three months ended | Twelve months ended | |||||||||||||||
April 1, 2011 | April 2, 2010 | April 1, 2011 | April 2, 2010 | |||||||||||||
Revenues: |
||||||||||||||||
Product revenues |
$ | 144,916 | $ | 146,185 | $ | 523,938 | $ | 584,074 | ||||||||
Service revenues |
71,456 | 66,457 | 278,268 | 104,006 | ||||||||||||
Total revenues |
216,372 | 212,642 | 802,206 | 688,080 | ||||||||||||
Operating expenses: |
||||||||||||||||
Cost of product revenues |
111,771 | 99,421 | 389,945 | 408,526 | ||||||||||||
Cost of service revenues |
37,941 | 42,245 | 160,623 | 66,830 | ||||||||||||
Selling, general and administrative |
42,979 | 42,636 | 164,265 | 132,895 | ||||||||||||
Independent research and development |
7,114 | 5,766 | 28,711 | 27,325 | ||||||||||||
Amortization of acquired intangible assets |
4,782 | 4,726 | 19,409 | 9,494 | ||||||||||||
Income from operations |
11,785 | 17,848 | 39,253 | 43,010 | ||||||||||||
Interest income (expense), net |
72 | (4,783 | ) | (2,831 | ) | (6,733 | ) | |||||||||
Income before income taxes |
11,857 | 13,065 | 36,422 | 36,277 | ||||||||||||
(Benefit) provision for income taxes |
(439 | ) | 2,673 | (2 | ) | 5,438 | ||||||||||
Net income |
12,296 | 10,392 | 36,424 | 30,839 | ||||||||||||
Less: Net income (loss) attributable to the
noncontrolling interest, net of tax |
152 | (54 | ) | 309 | (297 | ) | ||||||||||
Net income attributable to ViaSat, Inc. |
$ | 12,144 | $ | 10,446 | $ | 36,115 | $ | 31,136 | ||||||||
Diluted net income per share attributable
to ViaSat, Inc. common stockholders |
$ | 0.28 | $ | 0.27 | $ | 0.84 | $ | 0.89 | ||||||||
Diluted common equivalent shares |
43,605 | 38,438 | 43,059 | 34,839 | ||||||||||||
AN ITEMIZED RECONCILIATION BETWEEN NET INCOME ATTRIBUTABLE TO VIASAT, INC ON A GAAP BASIS AND NON-GAAP BASIS IS AS FOLLOWS: |
||||||||||||||||
GAAP net income attributable to ViaSat, Inc. |
$ | 12,144 | $ | 10,446 | $ | 36,115 | $ | 31,136 | ||||||||
Amortization of acquired intangible assets |
4,782 | 4,726 | 19,409 | 9,494 | ||||||||||||
Acquisition related expenses |
| 1,612 | 1,379 | 11,374 | ||||||||||||
Stock-based compensation expense |
4,750 | 3,800 | 17,440 | 12,212 | ||||||||||||
Income tax effect |
(3,702 | ) | (4,010 | ) | (14,480 | ) | (10,180 | ) | ||||||||
Non-GAAP net income attributable to ViaSat,
Inc. |
$ | 17,974 | $ | 16,574 | $ | 59,863 | $ | 54,036 | ||||||||
Non-GAAP diluted net income per share
attributable to ViaSat, Inc. common
stockholders |
$ | 0.41 | $ | 0.43 | $ | 1.39 | $ | 1.55 | ||||||||
Diluted common equivalent shares |
43,605 | 38,438 | 43,059 | 34,839 | ||||||||||||
AN ITEMIZED RECONCILIATION BETWEEN NET INCOME ATTRIBUTABLE TO VIASAT, INC. AND ADJUSTED EBITDA IS AS FOLLOWS: |
||||||||||||||||
GAAP net income attributable to ViaSat, Inc. |
$ | 12,144 | $ | 10,446 | $ | 36,115 | $ | 31,136 | ||||||||
(Benefit) provision for income taxes |
(439 | ) | 2,673 | (2 | ) | 5,438 | ||||||||||
Interest expense (income), net |
(72 | ) | 4,783 | 2,831 | 6,733 | |||||||||||
Depreciation and amortization |
26,445 | 24,703 | 103,053 | 46,955 | ||||||||||||
Stock-based compensation expense |
4,750 | 3,800 | 17,440 | 12,212 | ||||||||||||
Acquisition related expenses |
| 1,612 | 1,379 | 11,374 | ||||||||||||
Adjusted EBITDA |
$ | 42,828 | $ | 48,017 | $ | 160,816 | $ | 113,848 | ||||||||
Quarter ended April 1, 2011 | Quarter ended April 2, 2010 | |||||||||||||||||||||||||||||||
Government Systems |
Commercial Networks |
Satellite Services |
Total |
Government Systems |
Commercial Networks |
Satellite Services |
Total | |||||||||||||||||||||||||
Segment
operating profit (loss) before corporate and
amortization |
$ | 7,240 | $ | (1,805 | ) | $ | 11,132 | $ | 16,567 | $ | 18,538 | $ | 3,141 | $ | 914 | $ | 22,593 | |||||||||||||||
Depreciation * |
3,866 | 2,038 | 15,745 | 21,649 | 3,179 | 1,717 | 15,045 | 19,941 | ||||||||||||||||||||||||
Stock-based compensation expense |
2,277 | 1,522 | 951 | 4,750 | 1,906 | 1,398 | 496 | 3,800 | ||||||||||||||||||||||||
Acquisition related expenses |
| | | | | | 1,612 | 1,612 | ||||||||||||||||||||||||
Adjusted EBITDA before other |
$ | 13,383 | $ | 1,755 | $ | 27,828 | 42,966 | $ | 23,623 | $ | 6,256 | $ | 18,067 | 47,946 | ||||||||||||||||||
Other |
(138 | ) | 71 | |||||||||||||||||||||||||||||
Adjusted EBITDA |
$ | 42,828 | $ | 48,017 | ||||||||||||||||||||||||||||
Fiscal year ended April 1, 2011 | Fiscal year ended April 2, 2010 | |||||||||||||||||||||||||||||||
Government Systems |
Commercial Networks |
Satellite Services |
Total |
Government Systems |
Commercial Networks |
Satellite Services |
Total | |||||||||||||||||||||||||
Segment
operating profit (loss) before corporate and
amortization |
$ | 29,872 | $ | (9,482 | ) | $ | 38,228 | $ | 58,618 | $ | 55,720 | $ | 6,091 | $ | (9,305 | ) | $ | 52,506 | ||||||||||||||
Depreciation * |
15,228 | 7,260 | 61,141 | 83,629 | 12,423 | 7,325 | 17,625 | 37,373 | ||||||||||||||||||||||||
Stock-based compensation expense |
8,388 | 5,946 | 3,106 | 17,440 | 6,320 | 4,684 | 1,208 | 12,212 | ||||||||||||||||||||||||
Acquisition related expenses |
866 | | 513 | 1,379 | | | 11,374 | 11,374 | ||||||||||||||||||||||||
Adjusted EBITDA before other |
$ | 54,354 | $ | 3,724 | $ | 102,988 | 161,066 | $ | 74,463 | $ | 18,100 | $ | 20,902 | 113,465 | ||||||||||||||||||
Other |
(250 | ) | 383 | |||||||||||||||||||||||||||||
Adjusted EBITDA |
$ | 160,816 | $ | 113,848 | ||||||||||||||||||||||||||||
* | The depreciation related to assets that are not specific to a particular segment have been allocated based on sales, which management believes is a reasonable method. |
Assets | April 1, 2011 | April 2, 2010 | Liabilities and Equity | April 1, 2011 | April 2, 2010 | |||||||||||||
Current assets: |
Current liabilities: | |||||||||||||||||
Cash and cash equivalents |
$ | 40,490 | $ | 89,631 | Accounts payable | $ | 71,712 | $ | 78,355 | |||||||||
Accounts receivable, net |
191,889 | 176,351 | Accrued liabilities | 130,583 | 102,251 | |||||||||||||
Inventories |
98,555 | 82,962 | Current portion of other long-term debt | 1,128 | | |||||||||||||
Deferred income taxes |
18,805 | 17,346 | Total current liabilities | 203,423 | 180,606 | |||||||||||||
Prepaid expenses and other current assets |
21,141 | 28,857 | Senior Notes due 2016, net | 272,296 | 271,801 | |||||||||||||
Total current assets |
370,880 | 395,147 | Other long-term debt | 61,946 | 60,000 | |||||||||||||
Other liabilities | 23,842 | 24,395 | ||||||||||||||||
Property, equipment and satellites, net |
766,139 | 651,493 | Total liabilities | 561,507 | 536,802 | |||||||||||||
Other acquired intangible assets, net |
81,889 | 89,389 | Total ViaSat, Inc. stockholders equity | 840,125 | 753,005 | |||||||||||||
Goodwill |
83,532 | 75,024 | Noncontrolling interest in subsidiary | 4,116 | 3,745 | |||||||||||||
Other assets |
103,308 | 82,499 | Total equity | 844,241 | 756,750 | |||||||||||||
Total assets |
$ | 1,405,748 | $ | 1,293,552 | Total liabilities and equity | $ | 1,405,748 | $ | 1,293,552 | |||||||||
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