VIASAT INC
For the period ended Mar 31, 2024. Filed May 29, 2024.
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FY2024 · Filed May 29, 2024
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Financial Statements and Supplementary Data
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Our consolidated financial statements at March 31, 2024 and March 31, 2023 and for each of the three fiscal years in the period ended March 31, 2024, and the Report of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm (PCAOB ID 238), are included in this report on pages F-1 through F-53.
Summarized Quarterly Data (Unaudited)
The following financial information reflects all normal recurring adjustments which are, in the opinion of management, necessary for the fair statement of the results for the interim periods. Summarized quarterly data for fiscal years 2024 and 2023 are as follows:
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |
|---|---|---|---|---|
| (In thousands, except per share data) | ||||
| Total revenues | $779,791 | $1,225,415 | $1,128,539 | $1,150,013 |
| Income (loss) from operations | (41,516) | (804,667) | (43,918) | 295 |
| Net income (loss) from continuing operations | (76,902) | (765,763) | (119,349) | (85,483) |
| Net income (loss) from discontinued operations, net of tax | — | — | — | (10,422) |
| Net income (loss) | (76,902) | (765,763) | (119,349) | (95,905) |
| Net income (loss) attributable to Viasat, Inc. | (77,004) | (767,238) | (124,399) | (100,263) |
| Income (loss) per share attributable to Viasat, Inc. common stockholders - basic: | ||||
| Continuing operations | $(0.83) | $(6.16) | $(0.99) | $(0.71) |
| Discontinued operations | — | — | — | (0.08) |
| Income (loss) | $(0.83) | $(6.16) | $(0.99) | $(0.80) |
| Income (loss) per share attributable to Viasat, Inc. common stockholders - diluted: | ||||
| Continuing operations | $(0.83) | $(6.16) | $(0.99) | $(0.71) |
| Discontinued operations | — | — | — | (0.08) |
| Income (loss) | $(0.83) | $(6.16) | $(0.99) | $(0.80) |
| Total revenues* | $575,056 | $663,559 | $651,444 | $666,099 |
| Income (loss) from operations* | (56,638) | 4,685 | (31,311) | (72,692) |
| Net income (loss) from continuing operations* | (38,564) | (69,743) | (44,758) | (58,574) |
| Net income (loss) from discontinued operations, net of tax* | 17,525 | 22,187 | 4,333 | 1,258,342 |
| Net income (loss) | (21,039) | (47,556) | (40,425) | 1,199,768 |
| Net income (loss) attributable to Viasat, Inc.* | (21,564) | (48,240) | (42,228) | 1,196,838 |
| Income (loss) per share attributable to Viasat, Inc. common stockholders - basic: | ||||
| Continuing operations | $(0.52) | $(0.93) | $(0.61) | $(0.80) |
| Discontinued operations* | 0.23 | 0.29 | 0.06 | 16.36 |
| Income (loss) | $(0.29) | $(0.64) | $(0.55) | $15.56 |
| Income (loss) per share attributable to Viasat, Inc. common stockholders - diluted: | ||||
| Continuing operations | $(0.52) | $(0.93) | $(0.61) | $(0.80) |
| Discontinued operations* | 0.23 | 0.29 | 0.06 | 16.36 |
| Income (loss) | $(0.29) | $(0.64) | $(0.55) | $15.56 |
- Certain prior period quarterly amounts have been adjusted by an insignificant amount from the amounts previously reported in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, due to the determination that certain contracts could not be novated in connection with the closing of the Link-16 TDL Sale.
In the second quarter of fiscal year 2024 and second quarter of fiscal year 2023, we recorded a one-time benefit from a litigation settlement of $95.3 million and $55.8 million, respectively, in revenues. See Note 15 — Contingencies to our consolidated financial statements for more information.
The summarized quarterly data above includes the operating results of Inmarsat from the date of acquisition on May 30, 2023. Therefore the first quarter of fiscal year 2024 only includes one month of Inmarsat's operating results, whereas the remaining quarters of fiscal year 2024 include a full quarter of Inmarsat's operating results.
On January 3, 2023, we completed the Link-16 TDL Sale, and as a result the fourth quarter of fiscal year 2023 included the impact of the gain of approximately $1.66 billion (net of costs to sell of $40.8 million) within net income (loss) from discontinued operations, net of tax on the consolidated statements of operations and comprehensive income (loss) for fiscal year 2023.
Basic and diluted net income (loss) per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted net income per share.
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