Double digit Adjusted EBITDA growth driven by broadband and mobility services
Carlsbad, Calif. – August 12, 2014 – ViaSat Inc. (NASDAQ: VSAT), an innovator in satellite and other wireless networking systems and services, announced its fiscal year 2015 first quarter financial results, which included revenues of $319.5 million and a new Adjusted EBITDA record of $60.2 million, up 14% from $52.7 million recorded in the same period last year. Non-GAAP diluted net income attributable to ViaSat common stockholders for the first quarter of fiscal year 2015 was $0.05 per share compared to $0.11 per share in the fiscal year 2014 first quarter. The results reflect a $0.05 non-GAAP diluted net income per share reduction due to the expiration of the federal income tax credit for research and development expenditures and a $0.03 per share year-over-year reduction due to increased legal expenses, net of tax, supporting our satellite litigation activities resulting in a favorable jury verdict. Our first quarter fiscal year 2015 and fiscal year 2014 diluted GAAP net loss per share was $0.13 and $0.04, respectively, reflecting the same year-over-year tax and legal expense per share impacts as our non-GAAP diluted per share results.
“ViaSat earned record quarterly Adjusted EBITDA largely driven by steady increases in average revenue per subscriber and expanding margins in satellite services,” said Mark Dankberg, CEO and chairman of ViaSat. “Government backlog is building as delayed orders are beginning to accrue. Our commercial in-flight Wi-Fi is beginning to grow on steady aircraft installation and unprecedented usage per flight. We’re pleased by the opportunities we have in each of these areas to continue our run of strong annual Adjusted EBITDA growth.”
|(In millions, except per share data)||Q1 FY15||Q1 FY14|
|Net (loss) income2||$(5.9)||$(1.8)|
|Diluted per share net (loss) income2||$(0.13)||$(0.04)|
|Non-GAAP net income2||$2.4||$4.9|
|Non-GAAP diluted per share net income2||$0.05||$0.11|
|Fully diluted weighted average shares3||46.5||45.1|
|New contract awards||$310.1||$254.0|
1 ViaSat uses a 52 or 53 week fiscal year which ends on the Friday closest to March 31. ViaSat quarters for fiscal year 2015 end on July 4, 2014, October 3, 2014, January 2, 2015, and April 3, 2015. This results in a 53 week fiscal year approximately every four to five years. Fiscal year 2015 is a 52 week year, compared with a 53 week year in fiscal year 2014. ViaSat does not believe that the extra week in fiscal year 2014 resulted in any material impact on its financial results.
2 Attributable to ViaSat Inc. common stockholders.
3 As the first quarter of fiscal years 2015 and 2014 financial information resulted in a net loss, the weighted average number of shares used to calculate basic and diluted net loss per share is the same, as diluted shares would be anti-dilutive.
4 Amounts include certain backlog adjustments due to contract changes and amendments.
ViaSat will host a conference call to discuss the fiscal year 2015 first quarter results at 5:00 p.m. Eastern Time on Tuesday, August 12, 2014. The dial-in number is (877) 640-9809 in the U.S. and (914) 495-8528 internationally. A replay of the conference call will be available from 8:00 p.m. Eastern Time on Tuesday, August 12 until midnight on Wednesday, August 13 by dialing (855) 859-2056 for U.S. callers and (404) 537-3406 for international callers, and entering the conference ID 85053782. You can also access our conference call webcast and other material financial information discussed on our conference call on the Investor Relations section of our website at investors.viasat.com. The call will be archived and available on that site for approximately one month immediately following the conference call.