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Financial Statements of Parent and Subsidiary Guarantors (Tables)
3 Months Ended
Jun. 29, 2012
Financial Statements of Parent and Subsidiary Guarantors [Abstract]  
Condensed Consolidated Balance Sheet

Condensed Consolidated Balance Sheet as of June 29, 2012

 

                                         
    Issuing Parent
Company
    Guarantor
Subsidiaries
    Non-Guarantor
Subsidiaries
    Consolidation and
Elimination
Adjustments
    Consolidated  
    (Unaudited, in thousands)  
ASSETS                                        

Current assets:

                                       

Cash and cash equivalents

  $ 117,893     $ 1,896     $ 10,103     $ —       $ 129,892  

Accounts receivable, net

    205,072       10,949       5,873       —         221,894  

Inventories

    111,223       21,627       4,987       —         137,837  

Deferred income taxes

    18,540       1,526       308       —         20,374  

Prepaid expenses and other current assets

    26,774       4,895       643       —         32,312  

Current portion of intercompany receivables

    34,261       —         —         (34,261     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    513,763       40,893       21,914       (34,261     542,309  

Satellites, net

    353,241       219,776       —         —         573,017  

Property and equipment, net

    180,817       122,784       6,008       —         309,609  

Other acquired intangible assets, net

    2,358       49,151       7,306       —         58,815  

Goodwill

    63,938       9,687       9,546       —         83,171  

Investments in subsidiaries and intercompany receivables

    416,879       2,696       1,521       (421,096     —    

Other assets

    126,228       27,836       632       —         154,696  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 1,657,224     $ 472,823     $ 46,927     $ (455,357   $ 1,721,617  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND EQUITY                                        

Current liabilities:

                                       

Accounts payable

  $ 64,516     $ 10,564     $ 651     $ —       $ 75,731  

Accrued liabilities

    115,973       28,936       3,355       —         148,264  

Current portion of other long-term debt

    131       1,124       —         —         1,255  

Current portion of intercompany payables

    —         34,261       —         (34,261     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    180,620       74,885       4,006       (34,261     225,250  

Senior Notes, net

    547,915       —         —         —         547,915  

Other long-term debt

    41       413       —         —         454  

Intercompany payables

    1,530       —         9,606       (11,136     —    

Other liabilities

    37,959       14,096       2,579       —         54,634  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    768,065       89,394       16,191       (45,397     828,253  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Equity:

                                       

ViaSat, Inc. stockholders’ equity

                                       

Total ViaSat, Inc. stockholders’ equity

    889,159       383,429       30,736       (414,165     889,159  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Noncontrolling interest in subsidiary

    —         —         —         4,205       4,205  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

    889,159       383,429       30,736       (409,960     893,364  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and equity

  $ 1,657,224     $ 472,823     $ 46,927     $ (455,357   $ 1,721,617  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Condensed Consolidated Balance Sheet as of March 30, 2012

 

                                         
    Issuing Parent
Company
    Guarantor
Subsidiaries
    Non-Guarantor
Subsidiaries
    Consolidation and
Elimination
Adjustments
    Consolidated  
    (Unaudited, in thousands)  
ASSETS                                        

Current assets:

                                       

Cash and cash equivalents

  $ 162,426     $ 439     $ 9,718     $ —       $ 172,583  

Accounts receivable, net

    192,313       12,411       6,966       —         211,690  

Inventories

    106,151       16,474       5,021       —         127,646  

Deferred income taxes

    18,482       1,526       308       —         20,316  

Prepaid expenses and other current assets

    27,128       2,923       866       —         30,917  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

    506,500       33,773       22,879       —         563,152  

Satellites, net

    358,580       227,151       —         —         585,731  

Property and equipment, net

    178,611       110,137       6,225       —         294,973  

Other acquired intangible assets, net

    2,633       52,389       8,019       —         63,041  

Goodwill

    63,939       9,687       9,835       —         83,461  

Investments in subsidiaries and intercompany receivables

    437,631       2,501       1,428       (441,560 )     —    

Other assets

    117,300       18,886       609       —         136,795  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 1,665,194     $ 454,524     $ 48,995     $ (441,560   $ 1,727,153  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
LIABILITIES AND EQUITY                                        

Current liabilities:

                                       

Accounts payable

  $ 62,085     $ 12,192     $ 763     $ —       $ 75,040  

Accrued liabilities

    128,327       27,477       3,958       —         159,762  

Current portion of other long-term debt

    129       1,111       —         —         1,240  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

    190,541       40,780       4,721       —         236,042  

Senior Notes, net

    547,791       —         —         —         547,791  

Other long-term debt

    74       700       —         —         774  

Intercompany payables

    1,428       4,462       9,429       (15,319     —    

Other liabilities

    37,385       10,269       2,699       —         50,353  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    777,219       56,211       16,849       (15,319     834,960  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Equity:

                                       

ViaSat, Inc. stockholders’ equity

                                       

Total ViaSat, Inc. stockholders’ equity

    887,975       398,313       32,146       (430,459     887,975  

Noncontrolling interest in subsidiary

    —         —         —         4,218       4,218  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

    887,975       398,313       32,146       (426,241     892,193  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and equity

  $ 1,665,194     $ 454,524     $ 48,995     $ (441,560   $ 1,727,153  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Condensed Consolidated Statement of Operations

Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) for the Three Months Ended June 29, 2012

 

                                         
    Issuing Parent
Company
    Guarantor
Subsidiaries
    Non-Guarantor
Subsidiaries
    Consolidation and
Elimination
Adjustments
    Consolidated  
    (Unaudited, in thousands)  

Revenues:

                                       

Product revenues

  $ 143,174     $ 531     $ 4,128     $ (104   $ 147,729  

Service revenues

    37,360       54,584       2,478       (388     94,034  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

    180,534       55,115       6,606       (492     241,763  

Operating expenses:

                                       

Cost of product revenues

    106,325       82       2,722       (80     109,049  

Cost of service revenues

    24,354       52,925       1,678       (388     78,569  

Selling, general and administrative

    31,143       22,975       2,383       —         56,501  

Independent research and development

    7,091       150       152       (24     7,369  

Amortization of acquired intangible assets

    275       3,238       551       —         4,064  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations

    11,346       (24,255     (880     —         (13,789

Other income (expense):

                                       

Interest income

    58       —         2       —         60  

Interest expense

    (11,521     (20     (5     —         (11,546
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    (117     (24,275     (883     —         (25,275

Provision for (benefit from) income taxes

    (1,320     (9,389     (133     —         (10,842

Equity in net income (loss) of consolidated subsidiaries

    (15,623     —         —         15,623       —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

    (14,420     (14,886     (750     15,623       (14,433

Less: Net income (loss) attributable to noncontrolling interest, net of tax

    —         —         —         (13     (13
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to ViaSat, Inc.

  $ (14,420   $ (14,886   $ (750   $ 15,636     $ (14,420
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to ViaSat, Inc.

  $ (15,121   $ (14,886   $ (1,475   $ 16,361     $ (15,121
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) for the Three Months Ended July 1, 2011

 

                                         
    Issuing Parent
Company
    Guarantor
Subsidiaries
    Non-Guarantor
Subsidiaries
    Consolidation and
Elimination
Adjustments
    Consolidated  
    (Unaudited, in thousands)  

Revenues:

                                       

Product revenues

  $ 118,913     $ 652     $ 3,250     $ (269   $ 122,546  

Service revenues

    17,697       53,351       2,226       (719     72,555  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

    136,610       54,003       5,476       (988     195,101  

Operating expenses:

                                       

Cost of product revenues

    89,564       757       2,573       (609     92,285  

Cost of service revenues

    10,892       37,136       1,958       (670     49,316  

Selling, general and administrative

    26,615       13,077       2,044       (3     41,733  

Independent research and development

    5,365       —         338       (9     5,694  

Amortization of acquired intangible assets

    970       3,238       564       —         4,772  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations

    3,204       (205     (2,001     303       1,301  

Other income (expense):

                                       

Interest income

    133       —         2       (109     26  

Interest expense

    —         —         (109     109       —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

    3,337       (205     (2,108     303       1,327  

Provision for (benefit from) income taxes

    (20     (90     (157     —         (267

Equity in net income (loss) of consolidated subsidiaries

    (1,901     —         —         1,901       —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

    1,456       (115     (1,951     2,204       1,594  

Less: Net income (loss) attributable to noncontrolling interest, net of tax

    —         —         —         (165     (165
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to ViaSat, Inc.

  $ 1,456     $ (115   $ (1,951   $ 2,369     $ 1,759  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to ViaSat, Inc.

  $ 1,636     $ (115   $ (1,508   $ 1,926     $ 1,939  
Condensed Consolidated Statement of Cash Flows

Condensed Consolidated Statement of Cash Flows for the Three Months Ended June 29, 2012

 

                                         
    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

  $ (24,999   $ 25,674     $ 116     $ —       $ 791  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

                                       

Purchase of property, equipment and satellites, net

    (12,721     (23,944     (217     —         (36,882

Cash paid for patents, licenses and other assets

    (6,293     —         (34     —         (6,327

Long-term intercompany notes and investments

    (633     —         —         633       —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) investing activities

    (19,647     (23,944     (251     633       (43,209

Cash flows from financing activities:

                                       

Proceeds from issuance of common stock under equity plans

    4,635       —         —         —         4,635  

Payment of debt issuance costs

    (2,215     —         —         —         (2,215

Purchase of common stock in treasury

    (2,020     —         —         —         (2,020

Payments on capital lease

    (32     (273     —         —         (305

Payments of satellite performance incentives obligation

    (255     —         —         —         (255

Long-term intercompany financing

    —         —         633       (633     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) financing activities

    113       (273     633       (633     (160

Effect of exchange rate changes on cash

    —         —         (113     —         (113
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

    (44,533     1,457       385       —         (42,691

Cash and cash equivalents at beginning of period

    162,426       439       9,718       —         172,583  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

  $ 117,893     $ 1,896     $ 10,103     $ —       $ 129,892  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Condensed Consolidated Statement of Cash Flows for the Three Months Ended July 1, 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

  $ (4,303   $ 12,921     $ 291     $ —       $ 8,909  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

                                       

Purchase of property, equipment and satellites, net

    (30,440     (5,897     (230     —         (36,567

Cash paid for patents, licenses and other assets

    (4,112     —         (7     —         (4,119

Long-term intercompany notes and investments

    (955     —         —         955       —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) investing activities

    (35,507     (5,897     (237     955       (40,686

Cash flows from financing activities:

                                       

Proceeds from issuance of common stock under equity plans

    4,469       —         —         —         4,469  

Purchase of common stock in treasury

    (2,165     —         —         —         (2,165

Proceeds from line of credit borrowings

    15,000       —         —         —         15,000  

Long-term intercompany financing

    11,069       (11,069     955       (955     —    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) financing activities

    28,373       (11,069     955       (955     17,304  

Effect of exchange rate changes on cash

    —         —         96       —         96  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

    (11,437     (4,045     1,105       —         (14,377

Cash and cash equivalents at beginning of period

    24,347       7,600       8,543       —         40,490  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

  $ 12,910     $ 3,555     $ 9,648     $ —       $ 26,113