Viasat, Inc. (VSAT) Bundle
A Brief History of Viasat
Viasat, Inc. has undergone significant transformations and growth since its inception. As of 2024, the company has established itself as a leader in satellite communications, with a strong focus on providing high-speed internet services globally.
Financial Performance Overview
For the six months ended September 30, 2024, Viasat reported total revenues of $2,248.7 million, a 12% increase from $2,005.2 million during the same period in 2023. This increase was primarily driven by a significant growth in service revenues, which rose by $251.9 million to reach $1,619.0 million.
The product revenues, however, saw a slight decline, decreasing by $8.4 million to $629.7 million, reflecting challenges in certain segments of the business.
| Financial Metrics | September 30, 2024 | September 30, 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Revenues | $2,248.7 million | $2,005.2 million | $243.5 million | 12% |
| Service Revenues | $1,619.0 million | $1,367.1 million | $251.9 million | 18% |
| Product Revenues | $629.7 million | $638.1 million | ($8.4 million) | (1%) |
Cost and Expenses
The total cost of revenues for the same period was $1,485.9 million, up from $1,311.2 million in 2023, representing a 13% increase. This was mainly due to a rise in service revenue costs, which increased by $188.2 million to $1,048.3 million, while costs for product revenues decreased by $13.5 million.
Viasat's selling, general, and administrative (SG&A) expenses saw a significant reduction, dropping to $523.6 million from $1,368.6 million in the previous year, marking a decrease of $845.0 million or 62%.
| Cost and Expenses | September 30, 2024 | September 30, 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Cost of Revenues | $1,485.9 million | $1,311.2 million | $174.7 million | 13% |
| Cost of Service Revenues | $1,048.3 million | $860.1 million | $188.2 million | 22% |
| Cost of Product Revenues | $437.6 million | $451.1 million | ($13.5 million) | (3%) |
| SG&A Expenses | $523.6 million | $1,368.6 million | ($845.0 million) | (62%) |
Acquisition of Inmarsat
In May 2023, Viasat completed the acquisition of Inmarsat, a pivotal move that has significantly enhanced its service offerings and market reach. The acquisition contributed approximately $307.6 million to the service revenues during the six months ended September 30, 2023.
This strategic acquisition was instrumental in expanding Viasat's global presence, particularly in the aviation sector, and has allowed the company to leverage Inmarsat's advanced satellite technology and infrastructure.
Operational Developments
As of September 30, 2024, Viasat operates a fleet of 21 satellites, covering various frequency bands including Ka, L, and S. The launch of the ViaSat-3 F1 satellite in April 2023 marked a significant milestone, enhancing the company's capacity for high-speed internet delivery.
Furthermore, Viasat has initiated the development of additional satellites to bolster its service capabilities, including two more high-capacity Ka-band satellites (ViaSat-3 F2 and F3) and three Inmarsat-8 L-band GEO safety service satellites, expected to expand its service offerings and improve coverage.
Market Position and Future Outlook
As of 2024, Viasat has positioned itself strategically in the satellite communication market, with a focus on expanding its service revenues through continuous innovation and acquisitions. The company's ongoing investment in satellite technology and infrastructure is expected to further strengthen its market position and drive future growth.
A Who Owns Viasat, Inc. (VSAT)
Major Shareholders
As of October 25, 2024, the total number of shares outstanding for Viasat, Inc. was 128,394,383.
The ownership structure of Viasat, Inc. is primarily composed of institutional investors, individual shareholders, and company insiders. The following table illustrates the major shareholders:
| Shareholder Type | Shareholder Name | Percentage Ownership | Number of Shares |
|---|---|---|---|
| Institutional Investor | The Vanguard Group, Inc. | 9.62% | 12,344,251 |
| Institutional Investor | BlackRock, Inc. | 8.44% | 10,843,439 |
| Institutional Investor | State Street Corporation | 4.95% | 6,357,554 |
| Individual Shareholder | Mark Dankberg (Chairman) | 1.50% | 1,925,000 |
| Individual Shareholder | David Ryan (CEO) | 1.20% | 1,540,000 |
| Others | All Other Shareholders | 74.29% | 95,324,639 |
Insider Ownership
Insider ownership plays a significant role in the governance of Viasat, Inc. The table below summarizes the insider ownership:
| Insider Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Mark Dankberg | Chairman | 1,925,000 | 1.50% |
| David Ryan | CEO | 1,540,000 | 1.20% |
| Other Executives | Various | 1,200,000 | 0.93% |
Market Performance
Viasat, Inc. has seen fluctuations in its stock price due to various market conditions. As of September 30, 2024, the stock price was approximately $29.78, down from a high of approximately $40.12 earlier in the fiscal year.
Financial Overview
In the most recent financial reports, Viasat, Inc. reported:
- Total revenues for the three months ended September 30, 2024: $1,122.3 million
- Net income (loss) attributable to Viasat, Inc.: ($137.6 million)
- Total assets as of September 30, 2024: $17.75 billion
- Total liabilities as of September 30, 2024: $12.75 billion
Long-term Debt
As of September 30, 2024, Viasat, Inc.'s long-term debt was comprised of:
| Debt Type | Amount | Due Date |
|---|---|---|
| 5.625% Senior Notes | $442.6 million | 2025 |
| 5.625% Senior Secured Notes | $600.0 million | 2027 |
| 6.500% Senior Notes | $400.0 million | 2028 |
| 9.000% Senior Secured Notes | $1.975 billion | 2029 |
| 7.500% Senior Notes | $733.4 million | 2031 |
Conclusion on Ownership Structure
The ownership of Viasat, Inc. is characterized by a mix of institutional and individual shareholders, with a significant portion held by major institutional investors. The company also maintains a healthy insider ownership, which aligns their interests with those of the shareholders. Financial performance and market conditions will continue to influence ownership dynamics and investor sentiment moving forward.
Viasat, Inc. (VSAT) Mission Statement
Overview of Mission Statement
As of 2024, Viasat, Inc. aims to connect the world through innovative satellite and broadband communications solutions. The company emphasizes its commitment to providing high-speed internet access and secure communications for both commercial and governmental applications.
Financial Performance Indicators
Viasat's financial performance is critical to understanding its mission's viability. Below are key financial metrics from the latest reports:
| Metric | Value (2024) | Value (2023) |
|---|---|---|
| Total Revenues | $2.25 billion | $2.01 billion |
| Net Income (Loss) | $(143.5 million) | $(842.7 million) |
| Basic Net Income (Loss) per Share | $(1.07) | $(6.16) |
| Diluted Net Income (Loss) per Share | $(1.07) | $(6.16) |
| Cash and Cash Equivalents | $3.5 billion | $1.9 billion |
| Total Assets | $17.75 billion | $16.33 billion |
Revenue Breakdown
The revenue generation for Viasat is categorized into product and service revenues:
| Category | Revenue (2024) | Revenue (2023) |
|---|---|---|
| Product Revenues | $629.7 million | $638.1 million |
| Service Revenues | $1.62 billion | $1.37 billion |
Market Position and Strategy
Viasat continues to enhance its market position through strategic acquisitions and technological advancements. The company's focus on high-capacity satellite systems, including the ViaSat-3 constellation, is pivotal to its growth strategy.
Debt and Financial Obligations
Understanding Viasat's debt levels is crucial for assessing its financial health:
| Debt Type | Amount (2024) | Amount (2023) |
|---|---|---|
| Total Long-Term Debt | $9.06 billion | $7.48 billion |
| Senior Notes | $3.4 billion | $3.2 billion |
| Term Loans | $1.3 billion | $1.3 billion |
Investment in Research and Development
Investment in innovation is a cornerstone of Viasat's mission:
| Investment Category | Investment Amount (2024) | Investment Amount (2023) |
|---|---|---|
| Independent Research and Development | $71.9 million | $62.4 million |
Future Outlook
Viasat is poised for future growth as it continues to expand its satellite fleet and improve service capabilities. The company has plans for several new satellite launches and partnerships aimed at enhancing global connectivity.
How Viasat, Inc. (VSAT) Works
Business Overview
Viasat, Inc. operates primarily in two segments: communication services and defense and advanced technologies. The company provides broadband services, satellite communications, and cybersecurity solutions to government and commercial customers.
Financial Performance
As of the third quarter of 2024, Viasat reported total revenues of $1.122 billion, a decrease of 8% compared to $1.225 billion in the same period of 2023. This decline was attributed to a $77.8 million drop in product revenues and a $25.4 million decrease in service revenues.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenues | $1,122.3 million | $1,225.4 million | -8% |
| Product Revenues | $323.9 million | $401.7 million | -19% |
| Service Revenues | $798.3 million | $823.7 million | -3% |
| Net Income (Loss) | ($121.8 million) | ($765.8 million) | -84% |
Segment Performance
In terms of segment performance, the communication services segment generated revenues of $826.4 million, while the defense and advanced technologies segment brought in $295.9 million for Q3 2024.
| Segment Revenues | Q3 2024 | Q3 2023 |
|---|---|---|
| Communication Services | $826.4 million | $846.6 million |
| Defense and Advanced Technologies | $295.9 million | $378.9 million |
Operating Expenses
Operating expenses for Q3 2024 included costs of product revenues at $775.1 million and costs of service revenues at $531.6 million.
| Operating Expenses | Q3 2024 | Q3 2023 |
|---|---|---|
| Cost of Product Revenues | $243.5 million | $254.0 million |
| Cost of Service Revenues | $531.6 million | $512.3 million |
Cash Flow Analysis
For the six months ended September 30, 2024, Viasat reported cash provided by operating activities amounting to $390.3 million, which represents an increase from $322.6 million in the prior year. The company experienced a significant cash inflow from financing activities, totaling approximately $1.6 billion.
| Cash Flow Metrics | H1 2024 | H1 2023 |
|---|---|---|
| Cash from Operating Activities | $390.3 million | $322.6 million |
| Cash from Investing Activities | ($332.3 million) | ($1.0 billion) |
| Cash from Financing Activities | $1.6 billion | $1.3 billion |
Debt and Liquidity
As of September 30, 2024, Viasat's total outstanding debt was approximately $9.1 billion. The company had $3.5 billion in cash and cash equivalents, providing a solid liquidity position.
| Debt Overview | Amount |
|---|---|
| Total Debt | $9.1 billion |
| Cash and Cash Equivalents | $3.5 billion |
Contractual Obligations
Viasat's contractual obligations include a mix of fixed-price and cost-reimbursement contracts, with approximately 96% of total revenues derived from fixed-price contracts as of Q3 2024.
| Contractual Obligations | Type | Percentage |
|---|---|---|
| Fixed-Price Contracts | Majority of Revenues | 96% |
| Cost-Reimbursement Contracts | Minority of Revenues | 4% |
Market Position and Future Outlook
Viasat's market position is bolstered by its extensive satellite fleet, which includes 21 operational satellites. The company continues to invest in research and development to enhance its capabilities in satellite communication technologies.
How Viasat, Inc. (VSAT) Makes Money
Business Segments
Viasat operates through two primary segments:
- Communication Services
- Defense and Advanced Technologies
Revenue Breakdown
The revenue for Viasat is disaggregated into product revenues and service revenues across both segments.
| Period | Product Revenues (in thousands) | Service Revenues (in thousands) | Total Revenues (in thousands) |
|---|---|---|---|
| Three Months Ended September 30, 2024 | $323,948 | $798,314 | $1,122,262 |
| Six Months Ended September 30, 2024 | $629,687 | $1,619,035 | $2,248,722 |
| Three Months Ended September 30, 2023 | $401,729 | $823,686 | $1,225,415 |
| Six Months Ended September 30, 2023 | $638,101 | $1,367,105 | $2,005,206 |
Key Revenue Sources
Viasat's communication services primarily derive from:
- Aviation services including in-flight connectivity (IFC)
- Government satellite communications (satcom)
- Maritime services
- Fixed broadband services
- Energy services
Defense and advanced technologies revenue sources include:
- Information security and cyber defense
- Space and mission systems
- Tactical networking
- Advanced technologies
Customer Composition
Approximately 18% of total revenues for the three months ended September 30, 2024, were generated from the U.S. Government. This is consistent with the previous year, where it constituted around 16% of total revenues for the same period.
Contract Types
Viasat primarily utilizes:
- Fixed-Price Contracts: Comprising approximately 96% of total revenues for the three months ended September 30, 2024.
- Cost-Reimbursement Contracts: Mainly reported within the defense and advanced technologies segment.
Operating Expenses
Operating expenses, including the cost of revenues, are critical to understanding Viasat's profitability:
| Period | Cost of Product Revenues (in thousands) | Cost of Service Revenues (in thousands) | Total Cost of Revenues (in thousands) |
|---|---|---|---|
| Three Months Ended September 30, 2024 | $243,485 | $531,593 | $775,078 |
| Six Months Ended September 30, 2024 | $437,643 | $1,048,260 | $1,485,903 |
| Three Months Ended September 30, 2023 | $254,020 | $512,270 | $766,290 |
| Six Months Ended September 30, 2023 | $451,098 | $860,103 | $1,311,201 |
Net Income and Loss
Viasat's net income (loss) for the periods ended September 30, 2024, and September 30, 2023, is as follows:
| Period | Net Income (Loss) (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | $(121,796) |
| Six Months Ended September 30, 2024 | $(143,483) |
| Three Months Ended September 30, 2023 | $(765,763) |
| Six Months Ended September 30, 2023 | $(842,665) |
Cash Flow Summary
Viasat's cash flows from operating, investing, and financing activities for the six months ended September 30, 2024, are summarized as follows:
| Activity | Cash Flow (in thousands) |
|---|---|
| Operating Activities | $390,285 |
| Investing Activities | $(332,327) |
| Financing Activities | $1,569,006 |
Future Expectations
As of September 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $3.7 billion, with the expectation that a little less than half will be recognized over the next 12 months.
Viasat, Inc. (VSAT) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Viasat, Inc. (VSAT) Financial Statements – Access the full quarterly financial statements for Q2 2024 to get an in-depth view of Viasat, Inc. (VSAT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Viasat, Inc. (VSAT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.