Viasat Inc. Files 2024 10-K, Details Satellite Investments & Debt

TL;DR

Viasat's 2024 10-K is out. Big spending on satellites, new loans taken out. Keep an eye on debt.

AI Summary

Viasat Inc. filed its 10-K for the fiscal year ending March 31, 2024, reporting on its operations in satellite communications and related equipment. The company's financial statements reflect its assets, liabilities, and equity, including significant investments in satellites and customer premise equipment. Key financial events include the issuance of new term loan facilities, such as the Inmarsat New Term Loan, and the repayment of existing debt.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Viasat's financial health and strategic investments, particularly in its satellite business, which is crucial for its future growth and revenue generation.

Risk Assessment

Risk Level: medium — The company's significant investments in satellite technology and associated debt financing present inherent risks related to project execution, market adoption, and financial leverage.

Key Numbers

• 20240331 — Fiscal Year End (The period covered by the 10-K filing.)
• 0331 — Fiscal Year End Month/Day (Indicates the end of Viasat's fiscal year.)
• 2024-03-31 — Reporting Period End Date (Specific end date for financial reporting within the 10-K.)
• 2023-09-30 — Prior Period Date (A specific prior date mentioned in relation to accounting standards.)
• 2021-03-31 — Accumulated Other Comprehensive Income Date (Date associated with Accumulated Other Comprehensive Income.)

Key Players & Entities

• VIASAT INC (company) — Filer of the 10-K report
• 20240331 (date) — Fiscal year end date for the report
• 6155 EL CAMINO REAL, CARLSBAD, CA 92009 (address) — Viasat's business and mailing address
• 760-476-2200 (phone_number) — Viasat's business phone number
• vsat:InmarsatNewTermLoanMember (financial_instrument) — A specific term loan facility mentioned
• vsat:SatellitesMember (asset) — Key asset category for Viasat
• vsat:CustomerPremiseEquipmentMember (asset) — Another significant asset category

FAQ

Key Financial Figures

• $0.0001 — h Registered) Common Stock, par value $0.0001 per share VSAT The Nasdaq Stock Mar
• $550.7 million — nmarsat), in exchange for approximately $550.7 million in cash and 46.36 million shares of our
• $616.7 million — Inmarsat Acquisition, we entered into a $616.7 million senior secured term loan facility (the
• $733.4 million — ity (the 2023 Term Loan Facility) and a $733.4 million unsecured bridge loan facility (the Bri
• $1.96 billion — L3Harris) in exchange for approximately $1.96 billion in cash, subject to certain adjustments
• $167.0 million — ), from Eutelsat. We paid approximately $167.0 million in cash, net of approximately $22.0 mil
• $22.0 million — 0 million in cash, net of approximately $22.0 million of purchase price consideration receive
• $121.7 million — second quarter of fiscal year 2024 and $121.7 million of EBI's cash on hand, resulting in a c
• $29.0 million — lting in a cash outlay of approximately $29.0 million. On April 30, 2021, we completed our
• $107.3 million — o RigNet former shareholders, paid down $107.3 million of outstanding borrowings of RigNet's r
• $20.6 million — it facility, and retained approximately $20.6 million of RigNet's cash on hand. The assets

Filing Documents

• vsat-20240331.htm (10-K) — 4565KB
• vsat-ex4_7.htm (EX-4.7) — 70KB
• vsat-ex19.htm (EX-19) — 83KB
• vsat-ex21_1.htm (EX-21.1) — 171KB
• vsat-ex23_1.htm (EX-23.1) — 5KB
• vsat-ex31_1.htm (EX-31.1) — 13KB
• vsat-ex31_2.htm (EX-31.2) — 13KB
• vsat-ex32_1.htm (EX-32.1) — 10KB
• vsat-ex97.htm (EX-97) — 35KB
• img244602398_0.jpg (GRAPHIC) — 59KB
• 0000950170-24-066031.txt ( ) — 20804KB
• vsat-20240331.xsd (EX-101.SCH) — 2712KB
• vsat-20240331_htm.xml (XML) — 4327KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 25 Item 1B. Unresolved Staff Comments 39 Item 1C. Cybersecurity 39 Item 2.

Properties

Properties 42 Item 3.

Legal Proceedings

Legal Proceedings 42 Item 4. Mine Safety Disclosures 42 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43 Item 6. [Reserved] 43 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 61 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 62 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 64 Item 9A.

Controls and Procedures

Controls and Procedures 64 Item 9B. Other Information 65 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 65 PART III Item 10. Directors, Executive Officers and Corporate Governance 66 Item 11.

Executive Compensation

Executive Compensation 66 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 66 Item 13. Certain Relationships and Related Transactions, and Director Independence 66 Item 14. Principal Accounting Fees and Services 66 PART IV Item 15. Exhibits, Financial Statement Schedules 67 Item 16. Form 10-K Summary 72

Signatures

Signatures 73 1 PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, including "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. We use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "goal," "intend," "may," "plan," "project," "seek," "should," "target," "will," "would," variations of such words and similar expressions to identify forward-looking statements. In addition, statements regarding projections of earnings, revenue, costs or other financial items; anticipated growth and trends in our business or key markets; future economic conditions and performance; the development, customer acceptance and anticipated performance of technologies, products or services; the construction, completion, testing, launch, commencement of commercial service, expected performance and benefits of satellites (including future satellites planned or under construction) and the timing thereof; the extent and impact of anomalies on the ViaSat-3 F1 and Inmarsat-6 (I-6) F2 satellites, the anticipated functionality or performance of such satellites and any potential remedial or mitigating measures that may be undertaken or insurance proceeds that may be recoverable in connection therewith; the expected capacity, coverage, service speeds and other features of our satellites, and the cost, economics and other benefits associated therewith; anticipated subscriber growth; plans, objectives and strategies for future operations; international growth opportunities; the number of additional aircraft under existing contracts with commercial airlines anticipa

B USINESS

ITEM 1. B USINESS Corporate Information We were incorporated in California in 1986 under the name Viasat, Inc., and subsequently reincorporated in Delaware in 1996. The mailing address of our worldwide headquarters is 6155 El Camino Real, Carlsbad, California 92009, and our telephone number at that location is (760) 476-2200. Our website address is www.viasat.com. The information on our website does not constitute part of this report. 2 Company Overview We are an innovative, global provider of communications technologies and services, focused on making connectivity accessible, available and secure for current and future customers worldwide. Our end-to-end multi-band platform of satellites, ground infrastructure and user terminals enables us to provide a wide array of cost-effective, high-quality broadband, narrowband and other connectivity solutions to aviation, maritime, enterprise, consumer, military and government users around the globe, whether on the ground, in the air or at sea. In addition, our government business includes a portfolio of communications gateways; situational awareness and command and control products and services; satellite communication products and services across various frequency bands; and cybersecurity and information assurance products and services. We believe that our diversification strategy—anchored in a broad portfolio of customer-centric products and services and supported by our fleet of broadband and narrowband satellites—our vertical integration and our ability to effectively cross-deploy technologies between government and commercial applications and segments as well as across different geographic markets, provide us with a strong foundation to sustain and enhance our leadership in advanced communications and networking technologies. We conduct our business through three segments: satellite services, commercial networks and government systems. In May 2024, certain organizational changes were made that are expected to

View Full Filing

View this 10-K filing on SEC EDGAR