Business
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
About this update from Viasat, Inc.
[{"type":"text","content":"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.\n\"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.\" \nSatellite Services The Company's Satellite Services segment achieved another quarter of record revenue performance at $190.0 million in the fourth quarter of fiscal year 2019, with gains of 31% year-over-year and 7% sequentially. In fixed broadband services, the Company's premium service offerings continued to drive year-over-year revenue growth across both residential and enterprise markets. Mobile broadband service revenues also achieved a new high, as the Company's commercial aviation IFC business more than doubled in-service aircraft year-over-year, and by 17% sequentially. On the international front, the fourth quarter of fiscal year 2019 included elevated investments in market expansion opportunities for fixed and mobile broadband services across Latin America, Europe and Asia Pacific. Revenues obtained from businesses other than U.S. fixed broadband services rose to approximately 24% of the segment's revenue for the fourth quarter of fiscal year 2019. Segment Adjusted EBITDA more than doubled compared to the fourth quarter o...