Viasat's Strong Adjusted EBITDA Growth Pushes Year-to-date Results to Record Levels
Carlsbad, Calif., February 10, 2015–ViaSat Inc. (NASDAQ: VSAT), announced strong fiscal year 2015 third quarter financial results that included revenues of US$ 339.6 million and strong Adjusted EBITDA growth of 51% to US$ 85.9 million, up from US$ 56.7 million recorded in the same period last year.
Non-GAAP diluted net income attributable to ViaSat common stockholders for the third quarter of fiscal year 2015 also grew sharply to $0.49 per share compared to $0.03 per share in the fiscal year 2014 third quarter, reflecting the strong growth in operating performance in addition to a $0.17 per share income tax benefit from the retroactive reinstatement of the federal research and development credit. Diluted GAAP net income attributable to ViaSat common stockholders was $0.31 in the third quarter compared to a net loss of $0.13 per share for the third quarter of fiscal year 2014.
ViaSat’s fiscal year-to-date results also reflected strong earnings growth. Revenues were US$ 1.0 billion and Adjusted EBITDA grew 56% compared to the same period last year, to US$ 255.8 million. Net income attributable to ViaSat common stockholders also grew significantly, increasing to $1.22 per share on a non-GAAP diluted basis inclusive of the third quarter federal research and development credit benefit, or $0.68 on a diluted GAAP basis – compared to the prior year period net income of $0.35 and net loss of $0.13 per share, respectively.
“Our strong earnings performance this quarter was a result of the cumulative effect of steady gains in satellite services, and a solid quarter for government margins,” said Mark Dankberg, ViaSat CEO and chairman. “We are continuing to see the benefits of building our retail consumer distribution, improving unit operational metrics, reducing churn, and introducing higher value service plans. Year-to-date company-wide new contract awards are favorable in terms of both book-to-bill, and in comparison to the same period last year – sustaining a healthy backlog and creating the opportunity for robust growth ahead,” he added.
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