EX-99.1 2 d868550dex991.htm EX-99.1 EX-99.1
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:

             

Communication services

             

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

             

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:

             

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