Financial Statements of Parent and Subsidiary Guarantors (Tables)

9 Months Ended

Dec. 30, 2011

Financial Statements of Parent and Subsidiary Guarantors [Abstract]

Condensed Consolidated Balance Sheet

Condensed Consolidated Balance Sheet as of December 30, 2011

	Issuing  Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidation  and Elimination Adjustments			Consolidated
	(Unaudited, in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	38,218	$	175	$	7,449	$	—		$	45,842
Accounts receivable, net		167,431		9,291		7,577		—			184,299
Inventories		108,859		14,533		6,371		—			129,763
Deferred income taxes		16,696		1,723		162		—			18,581
Prepaid expenses and other current assets		23,637		27,017		757		—			51,411
Total current assets		354,841		52,739		22,316		—			429,896
Satellites, net		362,711		234,525		—		—			597,236
Property and equipment, net		173,070		96,908		5,620		—			275,598
Other acquired intangible assets, net		3,292		55,627		8,307		—			67,226
Goodwill		63,939		9,687		9,525		—			83,151
Investments in subsidiaries and intercompany receivables		452,910		2,363		654		(455,927	)		—
Other assets		108,426		17,534		596		—			126,556
Total assets	$	1,519,189	$	469,383	$	47,018	$	(455,927	)	$	1,579,663
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	54,227	$	7,814	$	839	$	—		$	62,880
Accrued liabilities		92,571		43,214		3,575		—			139,360
Current portion of other long-term debt		128		1,098		—		—			1,226
Total current liabilities		146,926		52,126		4,414		—			203,466
Senior Notes due 2016, net		272,667		—		—		—			272,667
Other long-term debt		170,107		982		—		—			171,089
Intercompany payables		9,937		—		10,446		(20,383	)		—
Other liabilities		36,476		6,249		2,517		—			45,242
Total liabilities		636,113		59,357		17,377		(20,383	)		692,464
Equity:
ViaSat, Inc. stockholders’ equity
Total ViaSat, Inc. stockholders’ equity		883,076		410,026		29,641		(439,667	)		883,076
Noncontrolling interest in subsidiary		—		—		—		4,123			4,123
Total equity		883,076		410,026		29,641		(435,544	)		887,199
Total liabilities and equity	$	1,519,189	$	469,383	$	47,018	$	(455,927	)	$	1,579,663

Condensed Consolidated Balance Sheet as of April 1, 2011

	Issuing  Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidation and Elimination Adjustments			Consolidated
	(Unaudited, in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	24,347	$	7,600	$	8,543	$	—		$	40,490
Accounts receivable, net		171,183		10,644		10,062		—			191,889
Inventories		88,542		7,484		2,932		(403	)		98,555
Deferred income taxes		16,428		1,723		162		492			18,805
Prepaid expenses and other current assets		15,236		4,745		1,160		—			21,141
Total current assets		315,736		32,196		22,859		89			370,880
Satellites, net		276,418		256,582		—		—			533,000
Property and equipment, net		122,945		103,410		7,785		(1,001	)		233,139
Other acquired intangible assets, net		6,201		65,341		10,347		—			81,889
Goodwill		63,939		9,686		9,907		—			83,532
Investments in subsidiaries and intercompany receivables		490,288		2,246		404		(492,938	)		—
Other assets		89,834		12,922		552		—			103,308
Total assets	$	1,365,361	$	482,383	$	51,854	$	(493,850	)	$	1,405,748
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	62,465	$	8,164	$	1,083	$	—		$	71,712
Accrued liabilities		100,749		25,691		4,143		—			130,583
Current portion of other long-term debt		116		1,012		—		—			1,128
Total current liabilities		163,330		34,867		5,226		—			203,423
Senior Notes due 2016, net		272,296		—		—		—			272,296
Other long-term debt		60,203		1,743		—		—			61,946
Intercompany payables		14,606		—		11,945		(26,551	)		—
Other liabilities		16,464		4,321		3,057		—			23,842
Total liabilities		526,899		40,931		20,228		(26,551	)		561,507
Equity:
ViaSat, Inc. stockholders’ equity
Total ViaSat, Inc. stockholders’ equity		838,462		441,452		31,626		(471,415	)		840,125
Noncontrolling interest in subsidiary		—		—		—		4,116			4,116
Total equity		838,462		441,452		31,626		(467,299	)		844,241
Total liabilities and equity	$	1,365,361	$	482,383	$	51,854	$	(493,850	)	$	1,405,748

Condensed Consolidated Statement of Operations

Condensed Consolidated Statement of Operations for the Three Months Ended December 30, 2011

	Issuing  Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidation  and Elimination Adjustments			Consolidated
	(Unaudited, in thousands)
Revenues:
Product revenues	$	115,537		$	735		$	5,651		$	(61	)	$	121,862
Service revenues		30,438			50,864			2,211			(411	)		83,102
Total revenues		145,975			51,599			7,862			(472	)		204,964
Operating expenses:
Cost of product revenues		85,440			854			3,230			(61	)		89,463
Cost of service revenues		17,781			38,200			1,760			(423	)		57,318
Selling, general and administrative		31,801			11,767			2,057			15			45,640
Independent research and development		5,821			—			181			(3	)		5,999
Amortization of acquired intangible assets		971			3,238			543			—			4,752
Income (loss) from operations		4,161			(2,460	)		91			—			1,792
Other income (expense):
Interest income		19			—			1			—			20
Interest expense		(305	)		(26	)		—			—			(331	)
Income (loss) before income taxes		3,875			(2,486	)		92			—			1,481
Provision for (benefit from) income taxes		(1,901	)		(1,318	)		(418	)		—			(3,637	)
Equity in net income (loss) of consolidated subsidiaries		(636	)		—			—			636			—
Net income (loss)		5,140			(1,168	)		510			636			5,118
Less: Net income (loss) attributable to noncontrolling interest, net of tax		—			—			—			(22	)		(22	)
Net income (loss) attributable to ViaSat, Inc.	$	5,140		$	(1,168	)	$	510		$	658		$	5,140

Condensed Consolidated Statement of Operations for the Nine Months Ended December 30, 2011

	Issuing  Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidation  and Elimination Adjustments			Consolidated
	(Unaudited, in thousands)
Revenues:
Product revenues	$	370,293		$	2,313		$	18,818		$	(405	)	$	391,019
Service revenues		70,123			155,853			7,624			(1,530	)		232,070
Total revenues		440,416			158,166			26,442			(1,935	)		623,089
Operating expenses:
Cost of product revenues		275,370			2,396			13,695			(1,804	)		289,657
Cost of service revenues		43,253			113,657			5,419			(1,491	)		160,838
Selling, general and administrative		88,335			36,827			6,578			12			131,752
Independent research and development		17,778			—			753			(29	)		18,502
Amortization of acquired intangible assets		2,911			9,715			1,665			—			14,291
Income (loss) from operations		12,769			(4,429	)		(1,668	)		1,377			8,049
Other income (expense):
Interest income		264			—			5			(210	)		59
Interest expense		(457	)		(85	)		(210	)		210			(542	)
Income (loss) before income taxes		12,576			(4,514	)		(1,873	)		1,377			7,566
Provision for (benefit from) income taxes		(5,364	)		(2,140	)		(303	)		492			(7,315	)
Equity in net income (loss) of consolidated subsidiaries		(3,951	)		—			—			3,951			—
Net income (loss)		13,989			(2,374	)		(1,570	)		4,836			14,881
Less: Net income (loss) attributable to noncontrolling interest, net of tax		—			—			—			7			7
Net income (loss) attributable to ViaSat, Inc.	$	13,989		$	(2,374	)	$	(1,570	)	$	4,829		$	14,874

Condensed Consolidated Statement of Operations for the Three Months Ended December 31, 2010

	Issuing  Parent Company			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Consolidation  and Elimination Adjustments			Consolidated
	(Unaudited, in thousands)
Revenues:
Product revenues	$	119,849		$	1,944	$	4,733		$	(92	)	$	126,434
Service revenues		13,757			53,976		2,188			(414	)		69,507
Total revenues		133,606			55,920		6,921			(506	)		195,941
Operating expenses:
Cost of product revenues		88,745			3,347		3,015			(98	)		95,009
Cost of service revenues		8,604			31,769		1,964			(414	)		41,923
Selling, general and administrative		26,081			11,571		2,777			(16	)		40,413
Independent research and development		6,546			—		119			(4	)		6,661
Amortization of acquired intangible assets		1,189			3,238		496			—			4,923
Income (loss) from operations		2,441			5,995		(1,450	)		26			7,012
Other income (expense):
Interest income		140			—		2			(96	)		46
Interest expense		(58	)		—		(98	)		96			(60	)
Income (loss) before income taxes		2,523			5,995		(1,546	)		26			6,998
Provision for (benefit from) income taxes		(5,952	)		27		(4	)		—			(5,929	)
Equity in net income (loss) of consolidated subsidiaries		4,423			—		—			(4,423	)		—
Net income (loss)		12,898			5,968		(1,542	)		(4,397	)		12,927
Less: Net income (loss) attributable to noncontrolling interest, net of tax		—			—		—			3			3
Net income (loss) attributable to ViaSat, Inc.	$	12,898		$	5,968	$	(1,542	)	$	(4,400	)	$	12,924

Condensed Consolidated Statement of Operations for the Nine Months Ended December 31, 2010

	Issuing  Parent Company			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Consolidation  and Elimination Adjustments			Consolidated
	(Unaudited, in thousands)
Revenues:
Product revenues	$	367,629		$	4,124	$	10,118		$	(2,849	)	$	379,022
Service revenues		39,227			160,984		7,865			(1,264	)		206,812
Total revenues		406,856			165,108		17,983			(4,113	)		585,834
Operating expenses:
Cost of product revenues		269,181			5,337		6,367			(2,711	)		278,174
Cost of service revenues		26,431			91,476		5,999			(1,224	)		122,682
Selling, general and administrative		77,078			38,109		6,135			(36	)		121,286
Independent research and development		21,191			—		412			(6	)		21,597
Amortization of acquired intangible assets		3,682			9,715		1,230			—			14,627
Income (loss) from operations		9,293			20,471		(2,160	)		(136	)		27,468
Other income (expense):
Interest income		520			—		7			(279	)		248
Interest expense		(3,149	)		—		(281	)		279			(3,151	)
Income (loss) before income taxes		6,664			20,471		(2,434	)		(136	)		24,565
Provision for (benefit from) income taxes		(5,578	)		5,779		236			—			437
Equity in net income (loss) of consolidated subsidiaries		11,865			—		—			(11,865	)		—
Net income (loss)		24,107			14,692		(2,670	)		(12,001	)		24,128
Less: Net income (loss) attributable to noncontrolling interest, net of tax		—			—		—			157			157
Net income (loss) attributable to ViaSat, Inc.	$	24,107		$	14,692	$	(2,670	)	$	(12,158	)	$	23,971

Condensed Consolidated Statement of Cash Flows

Condensed Consolidated Statement of Cash Flows for the Nine Months Ended December 30, 2011

	Issuing  Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidation and Elimination Adjustments			Consolidated
	(Unaudited, in thousands)
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	10,692		$	51,853		$	4,365		$	(1,945	)	$	64,965
Cash flows from investing activities:
Purchase of property, equipment and satellites, net		(130,843	)		(28,069	)		(2,200	)		1,945			(159,167	)
Cash paid for patents, licenses and other assets		(17,068	)		—			(36	)		—			(17,104	)
Long-term intercompany notes and investments		3,265			—			—			(3,265	)		—
Net cash provided by (used in) investing activities		(144,646	)		(28,069	)		(2,236	)		(1,320	)		(176,271	)
Cash flows from financing activities:
Proceeds from line of credit borrowings		130,000			—			—			—			130,000
Payments on line of credit		(20,000	)		—			—			—			(20,000	)
Proceeds from issuance of common stock under equity plans		14,369			—			—			—			14,369
Purchase of common stock in treasury		(6,991	)		—			—			—			(6,991	)
Payments on capital lease		(84	)		(678	)		—			—			(762	)
Long-term intercompany financing		30,531			(30,531	)		(3,265	)		3,265			—
Net cash provided by (used in) financing activities		147,825			(31,209	)		(3,265	)		3,265			116,616
Effect of exchange rate changes on cash		—			—			42			—			42
Net increase (decrease) in cash and cash equivalents		13,871			(7,425	)		(1,094	)		—			5,352
Cash and cash equivalents at beginning of period		24,347			7,600			8,543			—			40,490
Cash and cash equivalents at end of period	$	38,218		$	175		$	7,449		$	—		$	45,842

Condensed Consolidated Statement of Cash Flows for the Nine Months Ended December 31, 2010

	Issuing  Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidation  and Elimination Adjustments			Consolidated
	(Unaudited, in thousands)
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	42,141		$	81,364		$	60		$	(253	)	$	123,312
Cash flows from investing activities:
Purchase of property, equipment and satellites, net		(112,270	)		(38,001	)		(1,712	)		253			(151,730	)
Cash paid for patents, licenses and other assets		(11,470	)		—			(54	)		—			(11,524	)
Payment related to acquisition of business, net of cash acquired		(14,203	)		—			747			—			(13,456	)
Long-term intercompany notes and investments		(2,619	)		100			(195	)		2,714			—
Net cash provided by (used in) investing activities		(140,562	)		(37,901	)		(1,214	)		2,967			(176,710	)
Cash flows from financing activities:
Proceeds from line of credit borrowings		30,000			—			—			—			30,000
Payments on line of credit		(40,000	)		—			—			—			(40,000	)
Proceeds from issuance of common stock under equity plans		24,391			—			—			—			24,391
Purchase of common stock in treasury		(5,505	)		—			—			—			(5,505	)
Long-term intercompany financing		50,996			(50,901	)		2,619			(2,714	)		—
Net cash provided by (used in) financing activities		59,882			(50,901	)		2,619			(2,714	)		8,886
Effect of exchange rate changes on cash		—			—			245			—			245
Net increase (decrease) in cash and cash equivalents		(38,539	)		(7,438	)		1,710			—			(44,267	)
Cash and cash equivalents at beginning of period		66,258			16,216			7,157			—			89,631
Cash and cash equivalents at end of period	$	27,719		$	8,778		$	8,867		$	—		$	45,364