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Viasat Announces Second Quarter Fiscal Year 2016 Results

November 18, 2015

– Second quarter revenues reached $353.3 million, pushing Viasat’s fiscal 2016 first half revenues to a record high
– Adjusted EBITDA for the second quarter grew to $86.5 million, a 24% increase after excluding the fiscal 2015 second quarter $39.7

Carlsbad, Calif. – Nov 9, 2015 /PRNewswire/ — Viasat Inc. (NASDAQ: VSAT), a global broadband services and technology company, today announced financial results for the fiscal second quarter ended September 30, 2015.

“We made great progress in our second quarter in terms of business accomplishments and financial results that highlight our success in delivering solid earnings growth through higher value service offerings in both consumer and mobile broadband markets,” said Mark Dankberg, Viasat chairman and CEO. “Our strong core Adjusted EBITDA growth for the quarter and year-to-date, have been led by exceptional Satellite Services performance and double digit Government Systems growth despite an extremely challenging macro environment.”

“Additionally, our partnership with Virgin America bringing Netflix to air travelers took flight in the quarter, demonstrating that video is the litmus test for in-flight internet service,” Dankberg continued. “JetBlue’s upcoming video streaming partnership with Amazon will show we can uniquely scale video streaming at a time when airlines are beginning to see the benefits of delighting passengers with high-quality connectivity. With about 1,100 aircraft in total enabled with our in-flight internet service, we have network flexibility and scale to ensure the highest quality streaming experiences at 35,000 feet – with speeds reaching upwards of 20Mbps per device. This experience is proven daily on JetBlue, Virgin America and United Airlines with as many as 148 simultaneous active devices, and many of those using streaming media, on any given flight across our entire network. We’ve also seen similarly strong results in performance on flight tests for government applications.”

Financial Results1

(In millions, except per share data) Q2 FY16 Q2 FY15 Year-Over-Year
Revenues 1 $353.3 $358.8 (1.5)%
Adjusted EBITDA 1 $86.5 $109.7 (21.1)%
Net Income1, 2 $4.9 $23.9 (79.4)%
Diluted per share net income1, 2 $0.10 $0.50 (80.0)%
Non-GAAP net income1, 2 $14.9 $32.4 (54.2)%
Non-GAAP diluted per share net income1, 2 $0.30 $0.68 (55.9)%
Fully diluted weighted average shares 49.1 48.0 2.3%
New contract awards 1 $386.2 $498.9 (22.6)%
Sales backlog3, 1 $897.8 $1024.6 (12.4)%

1 During the second quarter of fiscal year 2015, the Company recorded $40.0 million with respect to amounts realized under a legal settlement agreement associated with certain patents and intellectual property, of which $21.0 million was recognized as product revenues in the Company’s Satellite Services segment, $18.7 million was recognized as a reduction to selling, general and administrative expenses, and $0.3 million was recognized as interest income in the condensed consolidated financial statements. During the three and six months ended September 30, 2015, the Company recorded $6.9 million and $13.7, respectively, with respect to the recurring amounts realized under the settlement agreement, of which $6.3
million and $12.5 million were recognized as product revenues in the Company’s Satellite Services segment and $0.6 million and $1.3 million were recognized as interest income in the condensed consolidated financial statements, respectively. Further information on the settlement is contained in Viasat’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015.

2 Attributable to Viasat Inc. common stockholders.

3 Amounts include certain backlog adjustments due to contract changes and amendments.

Read the full release.