EX-99.3 4 d868550dex993.htm EX-99.3 EX-99.3
ADDITIONAL SUPPLEMENTAL ADJUSTED COMBINED FINANCIAL INFORMATION EXCLUDING LITIGATION SETTLEMENT
(UNAUDITED)
   Exhibit 99.3

(In thousands) 

 

     Three Months Ended      Fiscal Years Ended  
     June 30, 2023      September 30, 2023     December 31, 2023      March 31, 2024      March 31, 2024     March 31, 2023  
     Supplemental
Adjusted (1)
     Supplemental
Adjusted (2), (3)
    Historic reported (3)      Historic reported (3), (6)      Supplemental
Adjusted (6)
    Supplemental
Adjusted (3), (4),  (5), (6)
 

Revenues:

               

Communication services

               

Aviation services

   $ 215,641      $ 224,049     $ 236,008      $ 253,665      $ 929,363     $ 700,561  

Government satcom services

     165,784        169,843       176,311        168,048        679,986       649,997  

Maritime services

     137,242        130,428       130,121        124,196        521,987       505,655  

Fixed services and other services

     244,737        246,442       229,929        215,699        936,807       1,095,380  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total services

     763,404        770,762       772,369        761,608        3,068,143       2,951,593  

Total products

     78,344        75,795       102,489        98,257        354,885       371,632  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total communication services revenues

     841,748        846,557       874,858        859,865        3,423,028       3,323,225  
               

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        13,546       5,611        4,879        27,474       9,230  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total products

     169,885        230,675       200,584        239,733        840,877       629,206  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total defense and advanced technologies revenues

     219,531        283,599       253,681        290,148        1,046,959       795,589  

Elimination of intersegment revenues

                                       
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total revenues

   $ 1,061,279      $ 1,130,156     $ 1,128,539      $ 1,150,013      $ 4,469,987     $ 4,118,814  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Adjusted EBITDA:

               

Communication services

   $ 319,739      $ 349,542     $ 333,110      $ 300,234      $ 1,302,625     $ 1,266,233  

Defense and advanced technologies

     27,677        136,748       50,000        57,501        271,926       185,946  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total Adjusted EBITDA

     347,416        486,290       383,110        357,735        1,574,551       1,452,179  

One-time litigation settlement contribution

            (86,442                   (86,442     (50,827
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total Adjusted EBITDA excluding one-time litigation settlement contribution

   $ 347,416      $ 399,848     $ 383,110      $ 357,735      $ 1,488,109     $ 1,401,352  
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

 

(1) 

The three months ended June 30, 2023, includes the results of operations of Inmarsat in the communication services segment for periods prior to the closing of the Inmarsat Acquisition on May 30, 2023, as well as certain adjustments and reclassifications to reflect purchase price accounting, to conform Inmarsat’s results of operations (which are reported in accordance with International Financial Reporting Standards (IFRS)) to GAAP, and to conform to the presentation of Viasat’s historical financial information. See Exhibit 99.2 for revenue adjustments and Adjusted EBITDA reconciliation.

(2) 

Revenues and Adjusted EBITDA for the three months ended September 30, 2023 exclude $95 million and $86 million, respectively, of non-recurring catch-up contributions from the litigation settlement in advanced technologies and other products within our defense and advanced technologies segment.

(3) 

See the reconciliation of historic reported Adjusted EBITDA for the three months ended September 30, 2023 (before giving effect to the exclusion of the litigation settlement amounts listed in note (2) above), December 31, 2023 and March 31, 2024, and for fiscal year 2023 (before giving effect to the exclusion of the litigation settlement amounts listed in note (5) below) at Exhibit 99.1.

(4) 

The fiscal year ended March 31, 2023, includes the results of operations of Inmarsat in the communication services segment for a full fiscal year, period prior to the closing of the Inmarsat Acquisition on May 30, 2023, as well as certain adjustments and reclassifications to reflect purchase price accounting, to conform Inmarsat’s results of operations (which are reported in accordance with International Financial Reporting Standards (IFRS)) to GAAP, and to conform to the presentation of Viasat’s historical financial information. See Exhibit 99.2 for revenue adjustments and Adjusted EBITDA reconciliation.

(5) 

Revenues and Adjusted EBITDA for the fiscal year ended March 31, 2023 exclude $56 million and $51 million, respectively, of non-recurring catch-up contributions from the litigation settlement in advanced technologies and other products within our defense and advanced technologies segment.

(6) 

From continuing operations