- Record Q2 FY2017 new contract awards and revenues of $586.1 million and $399.2 million, respectively
- Government Systems segment secured $385.6 million in new contract awards during the quarter and accumulated record backlog; increasing product and service revenues drove segment operating profit and Adjusted EBITDA to new highs
- Satellite Services segment set record revenue level for the fifth consecutive quarter at $156.3 million with a 55% increase in operating profit and Adjusted EBITDA margins of over 47%
- New contracts with commercial airline customers announced: Major North American airline, as well as European airlines Finnair and SAS
- Record first half FY2017 operating cash flows of nearly $200.0 million support next-generation satellite platform investments
- ViaSat-2 satellite nears construction completion and ready-to-ship date; first two ViaSat-3 class satellites on schedule with spacecraft preliminary design review scheduled for November 2016
CARLSBAD, Calif., Nov. 8, 2016 /PRNewswire/ — ViaSat Inc. (NASDAQ: VSAT), a global broadband services and technology company, today announced financial results for the fiscal second quarter ended September 30, 2016.
“We had a very strong second fiscal quarter. Our government business showed exceptional growth, satellite services continued to steadily increase earnings and revenues driven by ARPU gains and growth in in-flight Wi-Fi services and our record new contract awards are indicative of sustained demand for both our products and services,” said Mark Dankberg, ViaSat chairman and CEO. “For the first six months, Adjusted EBITDA grew twice the rate of revenue excluding the impact of R&D expenses associated with the internal development of our next-generation ViaSat-3 class satellite payloads. Continued earnings and operating cash flow growth demonstrated the attractive economics of our network in the residential and aero markets, where we now have contracts with eight commercial airlines globally, and we maintained strong positioning in key government sectors including tactical data links, broadband mobility and IP network security. The ViaSat-2 satellite is expected to ship before calendar year-end, and we’re making exciting early progress on our ViaSat-3 platform, which will significantly expand our bandwidth resources, lower our costs, increase our geographic footprint and expand our addressable markets as we position to deliver abundant, cost-effective broadband access on a global scale.”