Viasat, Inc. · NASDAQ:VSAT
Viasat — Shareholder Meeting (September 2022)
29 slides from Viasat's shareholder meeting presentation, Sep 1, 2022
Slide 1: Annual Stockholder Presentation
- Viasat : CONNECTING THE WORLD. * : Annu al Sh eholder Presen tation . : . SEPTEMBER 1, 2022
Slide 2: 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 Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include, among others, statements that refer to the p
Slide 3: Welcome / Presenting Today
WELCOME PRESENTING TODAY MARK DANKBERG CHAIRMAN, CEO AND CO-FOUNDER
Slide 4: Key themes of the presentation
› Long term & › Competitive › ViaSat-3 launches › Technology scales recent track insights & to market record execution › Inmarsat opportunity Transaction › Applied to large & › Inmarsat › Sustainable & growing markets transaction stable 4
Slide 5: Financial Track Record
Slide 6: Long-term growth since FY05 (CAGR)
FY05 FY05 FY05 FY06 FY06 FY06 FY07 FY07 FY07 FY08 FY08 FY08 FY09 FY09 FY09 FY10 FY10 FY10 FY11 FY11 FY11 FY12 FY12 FY12 FY13 FY13 FY13 FY14 FY14 FY14 FY15 FY15 FY15 FY16 FY16 FY16 FY17 FY17 FY17 FY18 FY18 FY18 FY19 FY19 FY19 FY20 FY20 FY20 FY21 FY21 FY21 FY22 FY22 FY22 FY25 FY25 Est. Est. +13% +34%
Slide 7: Fiscal 2022 revenue and Adjusted EBITDA
Revenue Adj. EBITDA(1) $2.79B $611M +24% YoY +15% YoY $2.65B ~+40% Awards YoY Increase in -2% YoY IFC Aircraft In Service 7
Slide 8: Segment revenue and Adjusted EBITDA
Revenue: $1.1 billion Revenue: $1.2 billion Revenue: $512 million Adj. EBITDA: $281 million(1) Adj. EBITDA: $429 million(1) Adj. EBITDA: ($99) million(1) Key Products and Services Key Products and Services Key Products and Services Satcom-As-A- Fixed Broadband In-Flight Connectivity Mobile & Fixed S
Slide 9: Business areas and growth drivers
Mobility - Commercial In Flight Connectivity Mobility ViaSat-3 launches & Government US & International International - Fixed & Government Systems Inmarsat Transaction Fixed Mobile Antenna Ground Systems Government 9
Slide 10: Large and growing markets by segment
US DoD US DoD US Gov. Internet of US DoD International Comms Cyber Cyber Battlefield Command & MILCOM & Cyber +5% CAGR Things Control Commercial Business Value Added Connected Connected Maritime Trains & Air Aviation Services Cars Buses +12% CAGR Energy Enterprise Ground IoT Cybersecurity Segment +7
Slide 11: Competitive Strategy
Slide 12: Bandwidth productivity and return on capital
Useful Bandwidth Delivered in Real-time Service Level Superior revenue in Space per locations with reallocation over Agreements per & earnings per capital $ application large geographies subscription $ capital $ demand 12
Slide 13: Dynamic bandwidth and ViaSat-3
Dynamic Bandwidth Video VIASAT -'3 AMERICAS «a Viasat™*
Slide 14: Catalysts: Near Term
Slide 15: LTM revenues by segment and region
$4,000 3,500 $3,500 3,000 APAC APAC $3,000 2,500 LTM Revenues ($M) $2,500 Covid Impact EMEA 2,000 EMEA $2,000 1,500 $1,500 Americas 1,000 $1,000 Americas 500 $500 $0 0 FY13 Q1 FY15 Q1 FY17 Q1 FY19 Q1 FY21 Q1 FY23 Q1 Gov't Systems Sat Serv / Comm'l Networks Capacity 15
Slide 16: Inmarsat revenue and Adjusted EBITDA
+6% $1.35bn +6% $711mm +13% $748mm $1.27bn $668mm +9% $407mm $663mm $373mm 2020 2021 2020 2021 1H21 1H22 1H21 1H22 16
Slide 17: Combined revenue and EBITDA projections with synergies
$2,097 $80 $2,026 $80 $1,903 $1,260 $1,690 $1,212 $1,483 $1,106 $961 $5,315 $5,575 $832 $4,807 $3,907 $1,459 $3,255 $1,344 $1,040 $672 $789 CY 2022e CY 2023e CY 2024e CY 2025e CY 2026e CY 2022e CY 2023e CY 2024e CY 2025e CY 2026e VIASAT INMARSAT VIASAT INMARSAT OPEX SYNERGIES 17
Slide 18: Combined company revenue mix
• 73% N. America • 14% Europe • 9% APAC • 4% RoW • 39% Government • 29% Mobility(10) • 21% Fixed Broadband • 11% Other 18
Slide 19: Future Opportunities to Scale
Slide 20: Vast Emerging Opportunities
Vast Emerging Opportunities DIRECT TO SPACE TO DEVICE SPACE 1OT STREAMING Viasat™* ay
Slide 21: New markets, new space payloads and orbital debris
Vast new markets New space payloads Orbital debris Balance New business National New networks Climate change models regulatory rights New dimensions Leadership positions Astronomy Global adoption of value 21
Slide 22: Concern re: Sustainable Space
Concern re: Sustainable Space @cesa rove. Ti FE ovo MITRE MCP OBSERVATORY 1 BRITISH nu FEDERALE DE LAUSANNE Technology FT FINANCIAL CN NEWS TIMES @|ESPI European Space Policy Institute HE AEROSPACE ACORPORATION JOURNAL of, SPACE SAFETY ENGINEERING SCIENTIFIC AMERICAN 22 Viasat™*
Slide 23: Summary
Slide 24: Summary: track record, strategy and near-term events
Financial Track Record Diversity, Resilience Strong near- & long-term performance Global reach & coverage, Diverse applications Clear Strategy Technology Innovation Bandwidth productivity drives Capital efficient space & Return on Capital terrestrial - domain specific Large & Growing TAM Sustainable
Slide 25: Thank You
THANK YOU
Slide 26: Footnotes and sources
8. In millions. Projections were reviewed by the board when approving the transaction in 2HCY21. 9. Based on CY21E revenue, using geography allocation based on CY21A available and CY20A 1. A reconciliation of Adjusted EBITDA to net income information. (loss) is provided at the end of this presentati
Slide 27: Adjusted EBITDA reconciliation by fiscal year
(1) ($ in millio ns) FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Q1FY23 Net Inco me (Lo ss) A ttributable to Viasat, Inc. $ 19 $ 24 $ 30 $ 34 $ 38 $ 31 $ 36 $ 7 $ (41) $ (9) $ 40 $ 22 $ 24 $ (67) $ (68) $ (0) $ 4 $ (16) $ (22) (+) P ro visio n fo r / (B
Slide 28: Adjusted EBITDA by segment, twelve months ended March 31, 2022
Twelve Months Ended March 31, 2022 Satellite Commercial Government Total ($ in millions) Services Networks Systems Segment Operating Profit (Loss) Before Corporate and Amortization of Acquired Intangible Assets $ 42.9 $ (180.3) $ 174.5 $ 37.1 Depreciation (1) $ 300.8 $ 42.3 $ 64.3 $ 407.4 Stock-Base
Slide 29: Inmarsat Adjusted EBITDA reconciliation
($ in millions) Year Ended Year Ended Six Months Ended Six Months Ended Decem ber 31, 2020(1) Decem ber 31, 2021(1) June 30, 2021(2) June 30, 2022(2) Profit / (Loss) for the Period $ (215.7) $ (176.5) $ (148.4) $ 24.7 Depreciation & Amortization 673.0 632.5 316.9 303.7 Financing Costs, Net 196.7(3)