ViaSat reports record revenues for fiscal first quarter


ViaSat logoViaSat has announced its financial results for the fiscal first quarter ended June 30, noting revenues were up 5% to $380m, marking a new first quarter record high.

It said operating cash flow also reached a record high of $153.7m, while new contract awards in the quarter grew sharply, up 31% over the prior year period, driving backlog up 19% year-on-year.

The company’s Satellite Services segment saw a 12% increase in first quarter commercial aircraft in service with its in-flight connectivity systems compared to the prior year period.

The ViaSat-2 satellite successfully launched on June 1 and has executed its scheduled in-flight manoeuvrers to date. Commercial services are expected to begin in the fourth quarter of fiscal year 2018.

Mark Dankberg, ViaSat Chairman and CEO, said: “While we prepare to bring the satellite into service, we continue to deliver strong operating results.

First quarter government results were exceptional, demonstrating the strategic benefits we seek from research and development (R&D) investments

Commercial in-flight Wi-Fi is now also poised for exciting growth with a highly-differentiated service, and around 840 additional planes under contract.

Our investments there will enable installations for new customers to start in the second quarter of fiscal 2018.

As top-line performance across these businesses trend upward, we also expect the uptick in R&D expenses, driven by the ViaSat-3 payload and investments in commercial airline platforms, to largely subside later this fiscal year.

Our goal is to execute the substantial growth opportunities we’ve enabled in each segment as we wind down R&D expenses to more normal proportions.”

It said strong in-flight connectivity services revenue growth continued, compared with the same period last year, driven by more commercial aircraft in service, and a greater amount of ViaSat’s Ka-band fleet bandwidth allocated to serve more passengers.

At the close of the first quarter of fiscal year 2017-2018, there were 568 aircraft in service and approximately 840 additional aircraft under contract.

It said the rate of new installations is anticipated to accelerate significantly during fiscal year 2017-2018 based on Supplemental Type Certificate (STC) approvals and completion of airline-specific acceptance tests.

ViaSat also introduced its second-generation (Gen-2) in-flight entertainment and connectivity (IFEC) equipment for the ViaSat-2 and ViaSat-3 class satellite platforms.

Following the close of the first quarter, ViaSat completed its first Gen-2 installation on a Qantas 737-800 aircraft and received Gen-2 STC approval from the Federal Aviation Administration, allowing ViaSat to offer internet services on Boeing 737 aircraft.

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ViaSat reports record revenues for fiscal first quarter was last modified: August 9th, 2017 by Steve Nichols
Filed in: Commercial Tags: , ,

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