Viasat, Inc. · NASDAQ:VSAT
Viasat — Connect Bidco Ltd (Inmarsat) — Q3 2023 Earnings Presentation
13 slides from Viasat's earnings presentation, Nov 10, 2023
Slide 1: Quarter ended 30 September 2023 (Q3) Results for Connect Bidco Ltd
th Quarter ended 30 September 2023 (Q3) Results for Connect Bidco Ltd All information presented herein is related to Inmarsat which is part of the Viasat, Inc. group (“Viasat”), following the acquisition by Viasat on 30th May 2023 (the “Viasat Transaction”). All references herein to ‘Group’ and ‘Com
Slide 2: Q3 2023 Headlines
Q3 2023 Headlines Trading Performance › The Group has continued to deliver year-on-year revenue growth in the quarter across all business units. ▪ Government revenues have grown from higher equipment sales in the U.S. and strong GX services outside the U.S. ▪ Maritime delivered good revenue growth t
Slide 3: Q3 2023 Headlines (Cont.)
Q3 2023 Headlines (Cont.) Satellite Programme Update › I6-F1: Satellite has successfully completed final testing and is now fully operational. › I6-F2: During Q3, Inmarsat confirmed that its I6-F2 satellite suffered a power subsystem anomaly during the orbit raising phase and subsequent to 30 Septem
Slide 4: Group Financial Performance
Group Financial Performance $m (unaudited) Q3 20231 Q3 20222 Change $m Change % 9M 20231 9M 20222 Change $m Change % Revenue 398.0 366.6 31.4 8.6% 1,199.3 1,078.0 121.3 11.3% o/w Government 141.5 132.1 9.4 7.1% 416.5 385.0 31.5 8.2% o/w Maritime 132.9 128.1 4.8 3.7% 407.2 383.3 23.9 6.2% o/w Aviatio
Slide 5: Government Q3 Results
Government Q3 Results Growth across both U.S. and outside U.S. Total Government revenue increased by 7% ($9m) YoY Q3 2023 Revenue ($m) › U.S. revenues up 8% ($7m) YoY to $100m 141.5 ▪ Higher equipment sales 132.1 ▪ Timing of contract milestones ▪ Higher GX usage › Revenues outside the U.S. up 5% ($2
Slide 6: Maritime Q3 Results
Maritime Q3 Results Continued good growth in revenue Revenue increased by 4% ($5m) YoY Q3 2023 Revenue ($m) › VSAT1 revenue up 11% ($8m) YoY to $83m 132.9 ▪ FX vessels grow YoY 8% ▪ ARPU increased 2% from higher retail contributions 128.1 › FleetBroadband revenue down 20% ($7m) YoY to $27m ▪ Continu
Slide 7: Aviation Q3 Results
Aviation Q3 Results Robust performance from a diverse portfolio Revenue increased by 20% ($15m) YoY Q3 2023 Revenue ($m) › Core revenue up 11% ($7m) YoY to $68m 92.9 ▪ BGA up 17% › Continued growth in installations and usage › JX aircraft installed grew YoY with 6% higher ARPA 77.7 ▪ AOS revenues do
Slide 8: Enterprise Q3 Results
Enterprise Q3 Results Continued strong handset deliveries Revenue increased by 5% ($1m) YoY Q3 2023 Revenue ($m) › Satellite phone revenues up 31% ($2m) YoY to $10m 26.5 ▪ Higher handset deliveries 25.2 ▪ Higher airtime › M2M and lease revenues up 3% YoY to $9m ▪ M2M subscriber growth › Legacy Enter
Slide 9: Group Liquidity
Group Liquidity $m (unaudited) Q3 2023 Q2 2023 Total cash, cash equivalents and short-term deposits 338.8 261.4 Undrawn RCF 700.0 700.0 Total available liquidity 1,038.8 961.4 Gross debt1 3,763.7 3,768.1 Cash and cash equivalents and short-term deposits (338.8) (261.4) Net financial debt 3,424.9 3,5
Slide 10: Questions & Answers
Questions & Answers PUBLIC 10
Slide 11: Legal Disclaimer
Legal Disclaimer All information in this presentation is related to Connect Bidco Limited (together with its subsidiaries, “Inmarsat”), which is part of the Viasat, Inc. group (“Viasat”) following the acquisition by Viasat of Connect Topco Limited, the parent company of Inmarsat, on May 30, 2023 (th
Slide 12: Legal Disclaimer
Legal Disclaimer › Forward-Looking Statements This presentation contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the US Securities Act of 1933 and the US Securities Exchange Act of 1934. These statements are based o
Slide 13: Thank you
Thank you PUBLIC 13
Connect Bidco Ltd (Inmarsat) — Q3 2023 Earnings Presentation on 6ix