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Viasat Announces Fourth Quarter and Fiscal Year 2018 Results

Viasat Inc. has recently announced financial results for the fiscal fourth quarter and fiscal year ended March 31, 2018.

Satellite services. Q4 2018 marked the entry of the ViaSat-2 satellite into commercial service. Sequential Q-o-Q revenues grew slightly despite having 2 fewer days in Q4 as compared to Q3 2018. Y-o-Y segment revenues reflected growth in Viasat’s IFC services business, while residential broadband revenues reflected a lower subscriber base as a result of the ViaSat-2 satellite service launch delay. ARPU continued to increase sequentially and Y-o-Y as subscribers moved to higher-value service plans. The segment revenues reflected a USD 26.8 million Y-o-Y impact to revenues and operating profit due to the completion of payments under the SS/L settlement agreement in the prior fiscal year, plus costs associated with the preparation and launch of the ViaSat-2 satellite service in the fourth operating profit and adjusted EBITDA were lower compared to the same period last year. This decrease in quarter of fiscal year 2018 and an upcoming IFC service ramp is anticipated in fiscal year 2019.

Commercial networks. In Q4 2018, Viasat’s commercial networks revenues reflected a strong sequential quarter growth of 37 percent primarily driven by ramping in-flight terminal deliveries and, to a lesser extent, revenue growth from fiscal year 2018 next-generation broadband contract wins. New contract awards were 29 percent higher for the fourth quarter of fiscal year 2018 compared to the prior year period primarily due to demand for IFC equipment and new contract wins for next-generation broadband capabilities.

Government systems. The segment revenues for Q4 2018 were a record of USD 218.6 million, an increase of 11 percent Y-o-Y. This growth was led by the company’s market-leading next-generation small form factor tactical data link products. Operating profit increased by 59 percent to a record of USD 40.6 million and adjusted EBITDA increased 30 percent to a record of USD 58.4 million for the quarter, compared to the prior year period. New contract awards equaled USD 822.4 million, reflecting a 1.1:1 book-to-bill ratio, driving segment backlog and total company backlog as of March 31, 2018 to USD 671.2 million and USD 1.1 billion, respectively. The segment delivered another year of record performance in fiscal year 2018, with record revenue of USD 772.1 million, an increase of 13 percent Y-o-Y. Operating profit increased 42 percent Y-o-Y to a record of USD 137.1 million which generated record adjusted EBITDA of USD 206.9 million, a 27 percent increase Y-o-Y.

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