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ViaSat Announces 4th Quarter Fiscal Year 2014 Results

May 21, 2014

Fiscal year 2014 revenues and Adjusted EBITDA hit record levels

Carlsbad, Calif. – May 20, 2014 – ViaSat Inc. (NASDAQ: VSAT), an innovator in satellite and other wireless networking systems and services, announced financial results for the fourth quarter and fiscal year 2014. ViaSat’s fiscal year 2014 results reflected strong growth. Revenues increased 21% to $1.4 billion and Adjusted EBITDA grew 35% to $221.2 million compared to last year. Net income attributable to ViaSat common stockholders rose to $0.44 per share on a non-GAAP diluted basis, or a loss of $0.21 per share on a diluted GAAP basis – compared to fiscal year 2013 net income of $0.02 and a loss of $0.94 per share, respectively.

Revenues for the fourth quarter increased 11% to $343.9 million and Adjusted EBITDA hit record levels, growing 41% to $57.4 million for the fourth quarter of fiscal year 2014 compared to the same period last year. New contract awards doubled to $454.0 million for the quarter compared to the same period last year. Non-GAAP diluted net income attributable to ViaSat common stockholders was $0.10 per share, or a loss of $0.08 per share on a diluted GAAP basis – compared to net income of $0.19 and $0.04 per share, respectively, for the fourth quarter of fiscal year 2013.

“Fiscal year 2014 was a momentous year,” said Mark Dankberg, CEO and chairman of ViaSat. “We made substantial progress in showing that our innovations in high-capacity satellite network technology have the potential to disrupt attractive markets in consumer broadband, mobile services such as in-flight Wi-Fi, and important government applications. We also achieved record revenues and Adjusted EBITDA, while simultaneously increasing discretionary spending in company-funded R&D, and legal expenses to protect that R&D, by nearly $50.0 million compared to the prior year. We began fiscal year 2014 by commencing construction of ViaSat-2, which we expect will extend the state of the art in satellite broadband. And we begin fiscal year 2015 with a landmark legal victory validating our role in creating the current state of the art, ViaSat-1. We’re excited about building on our momentum and the prospects for continued growth.”

Financial Results1

(In millions, except per share data) Q4 FY14 Q4 FY13 FY14 FY13
Revenues $343.9 $308.7 $1,351.5 $1,119.7
Adjusted EBITDA $57.4 $40.8 $221.2 $163.3
Net (loss) income2 $(3.5) $1.9 $(9.4) $(41.2)
Diluted per share net (loss) income2 $(0.08) $0.04 $(0.21) $(0.94)
Non-GAAP net income2 $4.4 $8.8 $20.3 $0.9
Non-GAAP diluted per share net income2 $0.10 $0.19 $0.44 $0.02
Fully diluted weighted average shares3 46.3 45.9 45.7 43.9
New contract awards $454.0 $227.1 $1,425.9 $1,373.4
Sales backlog4 $899.5 $851.9 $899.5 $851.9

1 ViaSat uses a 52 or 53 week fiscal year which ends on the Friday closest to March 31. ViaSat quarters for fiscal year 2014 ended on June 28, 2013, October 4, 2013, January 3, 2014, and April 4, 2014. This results in a 53 week fiscal year approximately every four to five years. Fiscal year 2014 was a 53 week year, compared with a 52 week year in fiscal year 2013. 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 resulted in any material impact on its financial results..

2 Attributable to ViaSat Inc. common stockholders.

3 As the fourth quarter of fiscal year 2014 and fiscal years 2014 and 2013 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.

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