Viasat Announces Fourth Quarter and Fiscal Year 2019 Results
CARLSBAD, Calif., May 23, 2019 /PRNewswire/ -- Viasat Inc. (NASDAQ: VSAT), a global communications company, today announced financial results for the fiscal fourth quarter ended March 31, 2019.
"Fiscal year 2019 was a pivotal year for Viasat," said Mark Dankberg, Viasat chairman and CEO. "We entered the year with an ambitious growth agenda, and a commitment to capitalize on prior period investments in ViaSat-2, in-flight connectivity (IFC) mobility and defense products. We executed well, transforming sales backlogs into record revenue and compelling Adjusted EBITDA growth. IFC registered impressive market share gains and global recognition for quality and reliability. Government Systems delivered exceptional growth, record new contract awards and expanding market opportunities fueled by investments in innovative Non-Developmental Item (NDI) products. Satellite Services achieved record revenues with greater vertical and geographic market diversification and solid momentum. We've also made good progress on our growth initiatives in new vertical and geographic markets – aided by key agreements with global strategic and regional satellite partners. We are energized by the opportunities before us in fiscal year 2020 that are enabled by our unique, highly-integrated technology and business approach."
For fiscal year 2019, Satellite Services segment revenues reached a new record as the total ViaSat-2 fixed and mobile service base began to scale. The segment operating loss for fiscal year 2019 reflected the higher depreciation, fixed operating expenses and sales and marketing costs associated with the ViaSat-2 service launch, as well as expenses related to the ramp in IFC aircraft installations. Adjusted EBITDA performance for the segment for fiscal year 2019 improved slightly compared to fiscal year 2018.
For fiscal year 2019 the Commercial Networks segment saw narrowed segment operating losses and improved Adjusted EBITDA compared to the prior fiscal year.
For fiscal year 2019, Viasat's Government Systems segment's record performance continued with revenue growth of 24% to $955.6 million, an operating profit increase of 31% to $180.0 million and an Adjusted EBITDA increase of 22% to $252.0 million, compared to the prior fiscal year.
Use of Non-GAAP Financial Information
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SOURCE Viasat, Inc.