Viasat Reports Q3 Fiscal Year 2021 Financial Results

Carlsbad, Calif., February 4, 2021--Viasat released third quarter Fiscal Year 2021 Financial results today in a letter to shareholders .  The quarterly company revenues were US$ 575.6 million versus US$ 588.2 million last year. Quarterly revenues were down 2.2% year on year (YoY) and EBITDA was up 20.6 % YoY.  The results were 6.6% above consensus.

Q3 FY2021 net income grew over 4% YoY, and Adjusted EBITDA grew 21% as margins expanded over 480 basis points (bps) YoY.  Net leverage declined to 3.1x LTM Adjusted EBITDA for the quarter on improved operating performance while liquidity remained steady compared to Q2 FY2021 at nearly US$ 1 billion.

Year-to-date (YTD) Government Systems awards reached US$ 978 million and backlog increased to over $1 billion, up 12% YoY.

U.S. fixed broadband average revenue per user (ARPU) reached a quarterly record, driven by new and existing Q3 Fiscal Year 2021 Highlights subscribers choosing plans with more data. Given current bandwidth supply constraints and anticipated growth in our domestic IFC business, including the addition of Delta Air Lines, U.S. fixed subscribers decreased sequentially as we proactively reduced gross additions in certain areas for capacity planning purposes.

Commercial Networks segment awards in the quarter grew 75% YoY to US$ 235 million with the first terminal orders under the Delta Air Lines win and a large next-generation antenna. program ›Consolidated award bookings were up 11% YoY to $643 million with a book-to-bill of 1.1x for the quarter, extending the company  backlog to US$ 2.4 billion.

Read the complete letter to shareholders here: http://investors.viasat.com/static-files/b273f869-6a88-4853-9ae9-6edf634e71f6