Viasat Reaches Record Annual Revenue of $2.1 Billion
Viasat revealed its financial results for the fiscal fourth quarter ended March 31, in which it reached record annual revenues of $2.1 billion, up 30 percent year-over-year.
Fiscal year 2019 net loss was flat year-over-year and although Adjusted EBITDA increased by $104.4 million, or 44 percent. According to the release, this was offset by an additional $108.9 million of depreciation, amortization and interest expense. Fourth quarter fiscal year 2019 revenues hit a new high of $557.2 million, up 27 percent year-over-year, with improved operating profits reported across all three business segments generating positive net income of $2.5 million and Adjusted EBITDA of $108.3 million — both substantial improvements compared to the prior year period. Additionally, the ViaSat-2 insurance claim was fully settled.
“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.”