ViaSat Reports Record Revenues, Adjusted EBITDA, and Backlog
Carlsbad, Calif. – November 7, 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, ViaSat Inc. (NASDAQ: VSAT), an innovator in satellite and other wireless networking systems and services, announced strong fiscal year 2015 second quarter financial results, that included record revenues of $358.8 million and a new Adjusted EBITDA record of $109.7 million, up 102% from $54.4 million recorded in the same period last year. Non-GAAP diluted net income attributable to ViaSat common stockholders for the second quarter of fiscal year 2015 was $0.68 per share compared to $0.20 per share in the fiscal year 2014 second quarter. Our second quarter fiscal year 2015 and fiscal year 2014 diluted GAAP net income per share results were $0.50 and $0.04, respectively.
ViaSat’s fiscal year-to-date results also reflected growth. Revenues increased to $678.2 million and Adjusted EBITDA grew 59% to $169.9 million compared to the same period last year. Net income attributable to ViaSat common stockholders also grew significantly, increasing to $0.73 per share on a non-GAAP diluted basis, or $0.38 on a diluted GAAP basis — compared to the prior year period income of $0.30 and $0.00 per share, respectively.
“We gained significant momentum in our core consumer and government businesses in the second quarter,” said Mark Dankberg, ViaSat CEO and chairman. “Market reaction to new service plans offering greater bandwidth usage has been very good and contributed to company records and sequential growth in consumer services revenue, ARPU, Adjusted EBITDA, and net subscribers — and re-confirmed the opportunity to increase our addressable market with higher speed, higher bandwidth offerings. We also strengthened retail distribution and fulfillment; moves that will begin to take effect in the third quarter of fiscal year 2015 and that we expect will sustain or enhance the progress made in the second quarter. Our commercial in-flight Wi-Fi reached over 200 aircraft, earned another industry-wide technology award and is setting the pace for passenger engagement and usage. Meanwhile, our government business established a quarterly record for new orders, building momentum for a strong second half. Finally, we received a loan commitment from Ex-Im Bank for up to $524.9 million of long-term, fixed rate financing. With long-term interest rates at historic lows, this financing is expected to enhance the cash flow profile for ViaSat-2 and improve our overall corporate liquidity position.”
In September 2014, ViaSat favorably settled all outstanding claims related to its breach of contract and patent infringement lawsuit with Space Systems/Loral (SS/L) and Loral Space & Communications Inc. (Loral) in exchange for $108.7 million payable through 2016, of which $40.0 million was received and recognized in fiscal year 2015 second quarter results. Further information on the accounting treatment of the settlement will be contained in our Quarterly Report on Form 10-Q.
|(In millions, except per share data)||Q2 FY15||Q2 FY14||First 6 Mos. FY15||First 6 Mos. FY14|
|Diluted per share net income2||$0.50||$0.04||$0.38||$0.00|
|Non-GAAP net income2||$32.4||$9.3||$34.8||$14.2|
|Non-GAAP diluted per share net income2||$0.68||$0.20||$0.73||$0.30|
|Fully diluted weighted average shares2||48.0||47.1||47.9||46.9|
|New contract awards||$498.9||$391.1||$809.0||$645.1|
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. As a result of the shift in the fiscal calendar, the second quarter of fiscal year 2014 included an additional week. 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 Amounts include certain backlog adjustments due to contract changes and amendments.