Slide 1: ViaSat, Inc. FY07 Q1 Results
ViaSat, Inc. FY07 Q1 Results August 3, 2006
Slide 2: Safe Harbor Disclosure
Safe Harbor Disclosure GAAP Reconciliation During this presentation, references to financial measures will include references to non-GAAP financial information. We will provide a reconciliation between GAAP and non-GAAP financial information later in this briefing. For more information regarding our
Slide 3: Topics
Topics Q1 Financial Results CEO Business Overview Business Highlights CFO's Discussion Current Business Outlook Summary
Slide 4: Revenues
Revenues FY 06 FY07 Q1 100 128.7 Q1 29% Increase
Slide 5: Q1 Non-GAAP Earnings
Q1 Non-GAAP Earnings FY 06 FY 07 Q1 6.083 7.6 FY 06 FY 07 Q1 0.22 0.26 Earnings EPS 25% Increase 18% Increase
Slide 6: Q1 Net Earnings
Q1 Net Earnings FY 06 FY 07 Q1 5.176 6.1 FY 06 FY 07 Q1 0.18 0.2 Earnings EPS 17% Increase 11% Increase
Slide 7: Topics: Q1 Financial Results
Q1 Financial Results CEO Business Overview Business Highlights CFO's Discussion Current Business Outlook Summary Topics
Slide 8: Key Financial Points
Key Financial Points Record quarterly revenues & awards Very strong operating cash flow Solid balance sheet Good growth in backlog No R&D Tax credit
Slide 9: Backlog & Revenue Trends
Backlog & Revenue Trends Q1 Q2 Q3 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Revenue 48.8 49.5 50.1 47.2 40 49 54 58 64 71.8 83.2 84.2 82.6 88 90.9 100 104 112 118.1 128.7 Book-to-Bill 1.6 1.2 1.1 1.7 1.4 Backlog 199.6 207.6 213.9 256.6 280.8 291.6 280 299.3 304 323 361.9 391.2 389 360 374.9
Slide 10: Topics: CEO Business Overview
Q1 Financial Results CEO Business Overview Business Highlights CFO's Discussion Current Business Outlook Summary Topics
Slide 11: Business Highlights
Business Highlights Government Good revenues, earnings & margins Tactical Data Links Product deliveries MIDS J "CDR" MIDS J Growth Information assurance Record INE shipments Product evolutions Opportunity flow Satellite: mobility Enerdyne acquisition
Slide 12: Business Highlights
Business Highlights Government Good revenues, earnings & margins Tactical Data Links Product deliveries MIDS J "CDR" MIDS J Growth Information assurance Record INE shipments Product evolutions Opportunity flow Satellite: mobility Enerdyne acquisition Commercial Consumer broadband Sustained growth Di
Slide 13: Topics: CFO's Discussion
Q1 Financial Results CEO Business Overview Business Highlights CFO's Discussion Current Business Outlook Summary Topics
Slide 14: Segment Results
Segment Results (amaunts in $000's) Fyrovai ss FYOBa1 Revenues: Government $ 64621 $ 53514 Commercial Satellite Networks 53,086 36 986 Antenna Systems 10,994 10.553 Total Commercial 64,080 47539 Corporate / Eliminations = (1.076) Total $128,701 $ 99977 Operating Eamings: Government $ 12909 $ 10297 C
Slide 15: Condensed P&L - Q1
Condensed P&L - Q1 (amounts in $000's, except per share data) FYO7 Q1 FY06Q1 % Change Revenues $128,701 $ 99.977 29% Cost of revenues 97,295 75721 28% > Selling, general & administrative 15,594 12846 21% Research & development 4,701 3,304 42% Amortization of intangibles 2,060 1512 36% Income from op
Slide 16: GAAP and Non-GAAP EPS
GAAP and Non-GAAP EPS {in thousands, except per share data) Fyora1 Fyo6 a1 GAAP net income § 6064 «=§ 5,176 Diluted cormmon equivalent shares 29,728 28179 GAAP diluted net income per share $020 $ 018 {in thousands, except per share data) Fyora1 Fyo6 a1 GAAP net income § 6064 «=§ 5,176 lAmnartization
Slide 17: Condensed Balance Sheet - Assets
Condensed Balance Sheet - Assets
Slide 18: Condensed Balance Sheet - Liabilities and Equity
Condensed Balance Sheet - Liabilities and Equity
Slide 19: Condensed Cash Flow
Condensed Cash Flow (amounts in $000's) Cash flows from operating activities: Net income Adjustments to reconcile netincome to net cash from operating activities, Decrease in cash resulting from changes in working capital accounts: Net cash provided by operating activities Cash flows from investing
Slide 20: Topics: Current Business Outlook
Q1 Financial Results CEO Business Overview Business Highlights CFO's Discussion Current Business Outlook Summary Topics
Slide 21: FY07 Outlook
FY07 Outlook Revenues: $500M+ Non-GAAP EPS: $1.15 - $1.25 GAAP Reconciliation: Amortization of intangibles ~$0.14 per share Impact of SFAS 123R $0.05-$0.10 per share New orders to sustain growth Flow rates Increasing R&D investments Higher tax rate R&D Tax Credit uncertainty
Slide 22: Topics: Summary
Q1 Financial Results CEO Business Overview Business Highlights CFO's Discussion Current Business Outlook Summary Topics
Slide 23: Summary
Summary Strong financial results Strong cash flow Good new orders pipeline Anticipate FY07 Revenues >$500M MIDS & MIDS-JTRS Information Assurance Satellite broadband Satellite mobility Promising market opportunities
Slide 24: Q & A
Q & A