Viasat, Inc. · NASDAQ:VSAT
Viasat — Q3 FY2020 Earnings Presentation
14 slides from Viasat's earnings presentation, Feb 6, 2020
Slide 1: Viasat, Inc. FY20 Q3 Results
Viasat, Inc. FY20 Q3 Results February 6, 2020
Slide 2: Safe Harbor Disclosure
Safe Harbor Disclosure 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. These statements are based on
Slide 3: Overview
Overview Revenue Growth & › Execution › Scale Margin Improvement › Learning curves Strong Underlying Business › Government Fundamentals › Aero › Consumer › Vertical markets Attractive, Diversified, › Geographic Services Portfolio › Resilient Strategically Positioned for › Bandwidth! ViaSat-3 approac
Slide 4: Financial Highlights
Financial Highlights Q3 FY20 YTD Q3 FY20 Revenues $588M $1.7B Up 6% YoY Up 14% YoY Adj EBITDA $122M $337M Up 13% YoY Up 46% YoY Awards $577M $1.8B Up 29% YoY Up 1% YoY 4
Slide 5: Financial Results – Q3 FY20
Financial Results – Q3 FY20 Strong revenue growth in Gov’t Systems and Satellite Services AEBITDA reflects higher revenues and expanding margins in Satellite Services Revenues Adjusted EBITDA $588 $122 $555 6% $109 13% $212 $178 $85 $127 $57 $75 $(17) $(31) $69 $78 $292 $250 Q3 FY19 Q3 FY20 Q3 FY19
Slide 6: Financial Results – YTD Q3 FY20
Financial Results – YTD Q3 FY20 Strong revenue growth in Gov’t Systems and Satellite Services AEBITDA reflects higher revenues and 400+ bp margin improvement Revenues Adjusted EBITDA $1,718 $337 $1,511 14% $614 46% $494 $231 $252 $337 $131 $213 $(74) $(98) $175 $222 $852 $680 Y TD Q 3 F Y 1 9 Y TD Q
Slide 7: Income, Cashflow & Borrowings
Income, Cashflow & Borrowings Income Cashflow Q3 YTD Q3 YTD Q3 FY19 FY20 FY19 FY20 FY19 FY20 Net (loss) income $ (71.8) $ 8.9 Revenue $ 554.7 $ 588.2 $ 1,511.0 $ 1,717.5 Depr / amort / other, net 307.2 343.5 Income (loss) from operations $ 6.0 $ 14.0 $ (70.0) $ 24.3 Working capital change, net (20.7
Slide 8: Government Systems Highlights
Government Systems Highlights › Growth! › Growth drivers & opportunities – Dynamic threats – Expanding user base – Coalition partners Space – Network effects (in process) – VS-3 Link 16 Product Family / Network Effects 1,000’s 10,000’s 100,000’s Beyond Line of Sight Close Air Air Superiority Support
Slide 9: Satellite Services Highlights
Satellite Services Highlights › Growth through VS-3 service launch › Cash efficient › Diversification › International › Low latency hybrid › Streaming video Satellite Services Segment Revenue ($M) $804 35% $750 $684 30% $603 25% $589 $600 $534 22% 25% $467 16% 20% $450 15% 12% 15% $300 10% 10% $150
Slide 10: ViaSat-3 Progress
ViaSat-3 Progress › All three programs in full swing – VS-3 Americas: flight HW production and payload assembly – VS-3 EMEA: flight HW production – VS-3 Asia Pacific: delta PDR complete; advanced design phase › First flight payload assembly to spacecraft integration ~CY20 Q3 VS-3 Payload Unique Stan
Slide 11: VS-3 Opportunity
VS-3 Opportunity › Massive productivity gains › Resilient portfolio › Growth, scale, earnings VS-3 Constellation $4,000 3,500 $3,500 3,000 VS-2 Runway $3,000 2,500 TTM Revenues ($M) $2,500 Gbps ~ 8x 2,000 $2,000 increase expected 1,500 $1,500 1,000 $1,000 VS-2 ~ 2x increase 500 $500 VS-1 $0 0 FY11 Q
Slide 12: VS-3 Applications Reflect Geography & Demand
VS-3 Applications Reflect Geography & Demand MOBILE Gov’t Aero Maritime Enterprise FIXED Enterprise Community Residential Flight 1 Flight 2 Flight 3 Americas EMEA APAC 12
Slide 13: Outlook and Key Drivers
Outlook and Key Drivers Trailing Twelve Months ($M) › Growth momentum continuing Revenue AEBITDA $2,275 › Govt’ Systems: enduring growth drivers › Satellite Services: demand, scale, $1,778 learning curve › Diverse, resilient services portfolio $446 › Prudent success-based investments in global growt
Slide 14: Q&A
Q&A