VIASAT INC
For the period ended Mar 31, 2025. Filed May 27, 2025.
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FY2025 · Filed May 27, 2025
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Financial Statements and Supplementary Data
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Our consolidated financial statements at March 31, 2025 and March 31, 2024 and for each of the three fiscal years in the period ended March 31, 2025, 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 2025 and 2024 are as follows:
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |
|---|---|---|---|---|
| (In thousands, except per share data) | ||||
| Total revenues | $1,126,460 | $1,122,262 | $1,123,767 | $1,147,082 |
| Income (loss) from operations | 59,735 | (24,678) | 21,248 | (153,785) |
| Net income (loss) from continuing operations | (21,687) | (121,796) | (146,907) | (240,735) |
| Net income (loss) from discontinued operations, net of tax | — | — | — | — |
| Net income (loss) | (21,687) | (121,796) | (146,907) | (240,735) |
| Net income (loss) attributable to Viasat, Inc. | (32,912) | (137,584) | (158,413) | (246,053) |
| Income (loss) per share attributable to Viasat, Inc. common stockholders - basic: | ||||
| Continuing operations | $(26.00) | $(1.07) | $(1.23) | $(1.89) |
| Discontinued operations | — | — | — | — |
| Income (loss) | $(26.00) | $(1.07) | $(1.23) | $(1.89) |
| Income (loss) per share attributable to Viasat, Inc. common stockholders - diluted: | ||||
| Continuing operations | $(26.00) | $(1.07) | $(1.23) | $(1.89) |
| Discontinued operations | — | — | — | — |
| Income (loss) | $(26.00) | $(1.07) | $(1.23) | $(1.89) |
| 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) |
In the fourth quarter of fiscal year 2025, we recorded $169.4 million in impairment charges and other liabilities related to the exit from certain locations in EMEA markets, in selling, general and administrative expenses (see Note 1 — The Company and a Summary of Its Significant Accounting Policies to our consolidated financial statements for more information).
In the second quarter of fiscal year 2024, we recorded a one-time benefit from a litigation settlement of $95.3 million in revenues (see Note 15 — Contingencies to our consolidated financial statements for more information). Additionally, in the second quarter of fiscal year 2024, we recorded a reduction to the carrying value of satellites under construction of approximately $1.67 billion, which was partially offset by total insurance claim receivables of approximately $770.0 million, resulting in a net loss of approximately $905.5 million recorded in selling, general and administrative expenses (see Note 1 — The Company and a Summary of Its Significant Accounting Policies 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 included one month of Inmarsat's operating results, whereas the remaining quarters of fiscal year 2024 included a full quarter of Inmarsat's operating results.
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 (loss) per share.
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