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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