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ViaSat Announces Second Quarter Fiscal Year 2017 Results

CARLSBAD, Calif., Nov. 8, 2016 /PRNewswire/ -- ViaSat Inc. (VSAT), a global broadband services and technology company, today announced financial results for the fiscal second quarter ended September 30, 2016.

"We had a very strong second fiscal quarter. Our government business showed exceptional growth, satellite services continued to steadily increase earnings and revenues driven by ARPU gains and growth in in-flight Wi-Fi services and our record new contract awards are indicative of sustained demand for both our products and services," said Mark Dankberg, ViaSat chairman and CEO. "For the first six months, Adjusted EBITDA grew twice the rate of revenue excluding the impact of R&D expenses associated with the internal development of our next-generation ViaSat-3 class satellite payloads. Continued earnings and operating cash flow growth demonstrated the attractive economics of our network in the residential and aero markets, where we now have contracts with eight commercial airlines globally, and we maintained strong positioning in key government sectors including tactical data links, broadband mobility and IP network security. The ViaSat-2 satellite is expected to ship before calendar year-end, and we're making exciting early progress on our ViaSat-3 platform, which will significantly expand our bandwidth resources, lower our costs, increase our geographic footprint and expand our addressable markets as we position to deliver abundant, cost-effective broadband access on a global scale."

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Financial Results

(In millions, except per share data)

Q2 FY17

Q2 FY16

Year-Over-
Year
Change

First 6
Months
FY17

First 6
Months

FY16

Year-
Over-Year
Change

Revenues

$ 399.2

$ 353.3

13.0%

$ 762.3

$ 697.7

9.3%

Net income,1

$ 11.0

$ 4.9

123.2%

$ 12.9

$ 7.5

70.7%

Non-GAAP net income1

$ 20.3

$ 14.9

36.8%

$ 31.6

$ 27.0

17.2%

Adjusted EBITDA

$ 93.2

$ 86.5

7.7%

$ 173.4

$ 164.1

5.7%

Diluted per share net income1

$ 0.22

$ 0.10

120.0%

$ 0.26

$ 0.15

73.3%

Non-GAAP diluted per share net income1

$ 0.40

$ 0.30

33.3%

$ 0.63

$ 0.55

14.5%

Fully diluted weighted average shares

50.5

49.1

2.9%

50.4

49.0

2.9%








New contract awards

$ 586.1

$ 386.2

51.8%

$ 922.4

$ 691.7

33.4%

Sales backlog2

$ 1,091.4

$ 897.8

21.6%

$ 1,091.4

$ 897.8

21.6%


Segment Results

(In millions)

Q2 FY17

Q2 FY16

Year-Over-
Year
Change

First 6
Months

FY17

First 6
Months
FY16

Year-
Over-Year
Change

Satellite Services







New contract awards

$ 149.2

$ 127.6

16.9%

$ 291.0

$ 247.9

17.4%

Revenues

$ 156.3

$ 140.2

11.5%

$ 308.7

$ 272.6

13.2%

Operating profit3

$ 32.6

$ 21.0

54.7%

$ 63.4

$ 38.1

66.5%

Adjusted EBITDA

$ 73.9

$ 61.9

19.4%

$ 145.8

$ 116.5

25.2%








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