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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance Table
The following table sets forth information concerning the compensation of our principal executive officer(s) (“PEO(s)”) and Named Executive Officers (“NEOs”), with certain adjustments to reflect “compensation actually paid” to such individuals, as defined under SEC rules, for each of the fiscal years ended March 31, 2024, 2023, 2022 and 2021, our cumulative total shareholder return (“TSR”), the cumulative TSR of our peer group, net income (loss) and Adjusted EBITDA for each such fiscal year in accordance with SEC rules:
 
 
(a)
 
 
(b) 
 
 
(c) 
 
 
(d) 
 
 
(e) 
 
 
(f) 
 
 
(g) 
 
 
(h) 
 
 
(i) 
 
 
(j) 
 
 
(k) 
                           
 
Value of Initial Fixed $100 
Investment Based on: 
       
  Fiscal
  Year
 
 
Summary 
Compensation 
Table Total for 
First PEO 
(Mr. Dankberg) 
($) 
 
Compensation 
Actually Paid 
to First PEO 
(Mr. Dankberg) 
($) (1)(2) 
 
 
Summary 
Compensation 
Table Total for 
Second PEO 
(Mr. Baldridge) 
($) 
 
 
Compensation 
Actually Paid 
to Second 
PEO 
(Mr. Baldridge) 
($) (1)(2) 
 
 
Average 
Summary 
Compensation 
Table Total 
for Non-PEO 

NEOs ($) 
 
Average 
Compensation 
Actually Paid 
to
Non-PEO 

NEOs 
($) (1)(2) 
 
Total 
Shareholder 
Return 
($) 
 
Peer Group 
Total 
Shareholder 
Return 
($) (3) 
 
Net Income 
(Loss) ($) (in 
thousands) (4) 
 
Adjusted 
EBITDA 
($) (in 
thousands) 
(5)(6) 
 
2024
 
   
 
 
8,960,679 
 
 
   
 
 
(1,818,672) 
 
 
 
   
 
 
N/A 
 
 
   
 
 
N/A  
 
 
   
 
 
6,586,506 
 
 
   
 
 
2,940,276 
 
 
   
 
 
50.36 
 
 
   
 
 
116.91 
 
 
   
 
 
(1,068,904) 
 
 
 
   
 
 
1,410,414 
 
 
 
2023
 
   
 
 
6,996,915 
 
 
   
 
 
(2,285,665) 
 
 
 
   
 
 
4,854,625 
 
 
   
 
 
(4,154,098) 
 
 
 
   
 
 
2,211,338 
 
 
   
 
 
312,927 
 
 
   
 
 
94.21 
 
 
   
 
 
115.70 
 
 
   
 
 
1,084,806  
 
 
   
 
 
583,170 
 
 
 
2022
 
   
 
 
N/A 
 
 
   
 
 
N/A  
 
 
   
 
 
12,236,750 
 
 
   
 
 
9,561,302  
 
 
   
 
 
5,514,686 
 
 
   
 
 
4,238,353 
 
 
   
 
 
135.86 
 
 
   
 
 
131.72 
 
 
   
 
 
(15,534) 
 
 
 
   
 
 
611,218 
 
 
 
2021
 
   
 
 
9,359,823 
 
 
   
 
 
14,176,753  
 
 
   
 
 
9,227,089 
 
 
   
 
 
13,768,258  
 
 
   
 
 
3,176,279 
 
 
   
 
 
4,478,427 
 
 
   
 
 
133.83 
 
 
   
 
 
141.13 
 
 
   
 
 
3,691  
 
 
   
 
 
530,688 
 
 
 
(1)
Amounts represent compensation actually paid to our PEO(s) and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below), which includes the individuals indicated in the table below for each fiscal year:
 
 
Fiscal Year
 
First PEO
 
Second PEO
 
Non-PEO
NEOs
 
2024
 
Mark Dankberg
 
N/A
 
Shawn Duffy, K. Guru Gowrappan, Kevin Harkenrider, Craig Miller and Dave Ryan
 
2023
 
Mark Dankberg
 
Richard Baldridge
 
Shawn Duffy, Kevin Harkenrider, Craig Miller and Mark Miller
 
2022
 
N/A
 
Richard Baldridge
 
Mark Dankberg, Shawn Duffy, Kevin Harkenrider and Mark Miller
 
2021
 
Mark Dankberg
 
Richard Baldridge
 
Shawn Duffy, James Dodd, Ken Peterman and Mark Miller
 
(2)
Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for fiscal year 2024, as adjusted as follows:
 
Adjustments(a)
PEO
   (Mr. Dankberg)   
 
Average
    Non-PEO    

NEOs
 
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY
 
 
 
 
(5,811,329
 
 
)
 
 
 
 
 
(4,602,041
 
 
)
 
 
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End
 
 
 
 
4,170,838
 
 
 
 
 
 
 
2,475,137
 
 
 
 
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date
 
 
 
 
 
 
 
 
 
 
 
49,682
 
 
 
 
Increase/(deduction) for Awards Granted during Prior FYs that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End
 
 
 
 
(8,227,649
 
 
)
 
 
 
 
 
(1,370,323
 
 
)
 
 
Increase/(deduction) for Awards Granted during Prior Fys that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date
 
 
 
 
(911,211
 
 
)
 
 
 
 
 
(198,685
 
 
)
 
 
COMPENSATION ACTUALLY PAID
 
 
 
(1,818,672
 
)
 
 
 
2,940,276
 
 
 
 
(a)
Fair value or change in fair value, as applicable, of equity awards in the Compensation Actually Paid columns was determined by reference to (1) for RSU awards, the closing price of a share of our common stock on the vesting date or applicable fiscal year end Date, and (2) for performance-based stock options, using a Monte Carlo simulation as of the applicable vesting date or applicable fiscal year end date which considered the likelihood of achieving the vesting conditions with respect to any relative TSR market condition. Assumptions used in the Monte-Carlo simulations performed for this purpose provided for a remaining contractual term assumption ranging between 2.6 - 5.0 years, a volatility assumption ranging between 58.49% - 63.87% using the Company’s historical volatility, and a risk free interest rate ranging between 4.10% - 4.36%, based on the yields of U.S. Treasury securities with maturities approximating the terms of the awards. For additional information on the valuation assumptions used in the calculation of these amounts, refer to note 9 to the financial statements included in our annual report on Form 10-K for the fiscal year ended March 31, 2024, as filed with SEC.
 
(3)
For the relevant fiscal year, represents the cumulative TSR (the “Peer Group TSR”) of the NASDAQ Telecommunications Index (the “Peer Group”).
 
(4)
Represents net income (loss) attributable to Viasat, Inc. Net income (loss) attributable to Viasat, Inc. for fiscal years 2024, 2023, 2022, and 2021 includes net income (loss) from discontinued operations. Net income (loss) from continuing operations attributable to Viasat, Inc. would have been ($1,058.5) million, ($217.6) million, ($114.7) million, and ($79.9) million for 2024, 2023, 2022, and 2021, respectively.
 
(5)
Adjusted EBITDA is a
non-GAAP
measure. We define Adjusted EBITDA as net income (loss) attributable to Viasat, Inc. before interest, income taxes, depreciation and amortization, adjusted to exclude certain significant items. We use Adjusted EBITDA to evaluate our operating performance, to allocate resources and capital, to measure performance for incentive compensation programs and to evaluate future growth opportunities. An itemized reconciliation between net income (loss) attributable to Viasat, Inc. and Adjusted EBITDA for fiscal years 2024, 2023, 2022, and 2021 is set forth below.
 
 
 
Fiscal Year Ended
March 31, 2024
 
Fiscal Year Ended
March 31, 2023
 
Fiscal Year Ended
March 31, 2022
 
Fiscal Year Ended
March 31, 2021
 
(In thousands)
GAAP net income (loss) attributable to Viasat, Inc.
 
$(1,068,904)
 
 
$ 1,084,806 
 
 
$ (15,534)
 
 
$  3,691
 
Provision for (benefit from) income taxes
 
(140,052)
 
 
474,574 
 
 
(14,237)
 
 
9,441
 
Interest expense (income), net
 
304,140 
 
 
7,297 
 
 
28,887 
 
 
32,247
 
Depreciation and amortization
 
1,157,524 
 
 
500,377 
 
 
495,447 
 
 
397,102
 
Stock-based compensation expense
 
83,631 
 
 
84,459 
 
 
86,808 
 
 
84,879
 
Acquisition and transaction related expenses (1)
 
157,579 
 
 
93,548 
 
 
33,965 
 
 
3,328
 
Gain on the
Link-16
TDL Sale
 
11,000 
 
 
(1,661,891)
 
 
— 
 
 
 
Other income, net
 
— 
 
 
— 
 
 
(4,118)
 
 
 
Satellite impairment and related charges, net
 
905,496 
 
 
— 
 
 
— 
 
 
 
Adjusted EBITDA (2)
 
$ 1,410,414 
 
 
$   583,170 
 
 
$611,218 
 
 
$530,688
 
 
 
(1)
Costs typically consist of acquisition, integration, and disposition related costs.
 
 
(2)
Amount includes both continuing and discontinued operations
,
excluding the fourth quarter of fiscal year 2023 gain on the
Link-16
TDL Sale.
 
(6)
Adjusted EBITDA for fiscal years 2024, 2023, 2022, and 2021 includes adjustments attributable to the
Link-16
TDL Business, which was sold to L3 Harris on January 3, 2023. Adjusted EBITDA from continuing operations, which would have excluded this business, would have been $1,410.4 million, $501.1 million, $475.8 million, and $413.8 million for 2023, 2022, and 2021, respectively.
     
Company Selected Measure Name Adjusted EBITDA      
Named Executive Officers, Footnote
(1)
Amounts represent compensation actually paid to our PEO(s) and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below), which includes the individuals indicated in the table below for each fiscal year:
 
 
Fiscal Year
 
First PEO
 
Second PEO
 
Non-PEO
NEOs
 
2024
 
Mark Dankberg
 
N/A
 
Shawn Duffy, K. Guru Gowrappan, Kevin Harkenrider, Craig Miller and Dave Ryan
 
2023
 
Mark Dankberg
 
Richard Baldridge
 
Shawn Duffy, Kevin Harkenrider, Craig Miller and Mark Miller
 
2022
 
N/A
 
Richard Baldridge
 
Mark Dankberg, Shawn Duffy, Kevin Harkenrider and Mark Miller
 
2021
 
Mark Dankberg
 
Richard Baldridge
 
Shawn Duffy, James Dodd, Ken Peterman and Mark Miller
     
Peer Group Issuers, Footnote For the relevant fiscal year, represents the cumulative TSR (the “Peer Group TSR”) of the NASDAQ Telecommunications Index (the “Peer Group”).      
Adjustment To PEO Compensation, Footnote
(2)
Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for fiscal year 2024, as adjusted as follows:
 
Adjustments(a)
PEO
   (Mr. Dankberg)   
 
Average
    Non-PEO    

NEOs
 
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY
 
 
 
 
(5,811,329
 
 
)
 
 
 
 
 
(4,602,041
 
 
)
 
 
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End
 
 
 
 
4,170,838
 
 
 
 
 
 
 
2,475,137
 
 
 
 
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date
 
 
 
 
 
 
 
 
 
 
 
49,682
 
 
 
 
Increase/(deduction) for Awards Granted during Prior FYs that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End
 
 
 
 
(8,227,649
 
 
)
 
 
 
 
 
(1,370,323
 
 
)
 
 
Increase/(deduction) for Awards Granted during Prior Fys that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date
 
 
 
 
(911,211
 
 
)
 
 
 
 
 
(198,685
 
 
)
 
 
COMPENSATION ACTUALLY PAID
 
 
 
(1,818,672
 
)
 
 
 
2,940,276
 
 
 
 
(a)
Fair value or change in fair value, as applicable, of equity awards in the Compensation Actually Paid columns was determined by reference to (1) for RSU awards, the closing price of a share of our common stock on the vesting date or applicable fiscal year end Date, and (2) for performance-based stock options, using a Monte Carlo simulation as of the applicable vesting date or applicable fiscal year end date which considered the likelihood of achieving the vesting conditions with respect to any relative TSR market condition. Assumptions used in the Monte-Carlo simulations performed for this purpose provided for a remaining contractual term assumption ranging between 2.6 - 5.0 years, a volatility assumption ranging between 58.49% - 63.87% using the Company’s historical volatility, and a risk free interest rate ranging between 4.10% - 4.36%, based on the yields of U.S. Treasury securities with maturities approximating the terms of the awards. For additional information on the valuation assumptions used in the calculation of these amounts, refer to note 9 to the financial statements included in our annual report on Form 10-K for the fiscal year ended March 31, 2024, as filed with SEC.
     
Non-PEO NEO Average Total Compensation Amount $ 6,586,506 $ 2,211,338 $ 5,514,686 $ 3,176,279
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,940,276 312,927 4,238,353 4,478,427
Adjustment to Non-PEO NEO Compensation Footnote
(2)
Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for fiscal year 2024, as adjusted as follows:
 
Adjustments(a)
PEO
   (Mr. Dankberg)   
 
Average
    Non-PEO    

NEOs
 
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY
 
 
 
 
(5,811,329
 
 
)
 
 
 
 
 
(4,602,041
 
 
)
 
 
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End
 
 
 
 
4,170,838
 
 
 
 
 
 
 
2,475,137
 
 
 
 
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date
 
 
 
 
 
 
 
 
 
 
 
49,682
 
 
 
 
Increase/(deduction) for Awards Granted during Prior FYs that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End
 
 
 
 
(8,227,649
 
 
)
 
 
 
 
 
(1,370,323
 
 
)
 
 
Increase/(deduction) for Awards Granted during Prior Fys that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date
 
 
 
 
(911,211
 
 
)
 
 
 
 
 
(198,685
 
 
)
 
 
COMPENSATION ACTUALLY PAID
 
 
 
(1,818,672
 
)
 
 
 
2,940,276
 
 
 
 
(a)
Fair value or change in fair value, as applicable, of equity awards in the Compensation Actually Paid columns was determined by reference to (1) for RSU awards, the closing price of a share of our common stock on the vesting date or applicable fiscal year end Date, and (2) for performance-based stock options, using a Monte Carlo simulation as of the applicable vesting date or applicable fiscal year end date which considered the likelihood of achieving the vesting conditions with respect to any relative TSR market condition. Assumptions used in the Monte-Carlo simulations performed for this purpose provided for a remaining contractual term assumption ranging between 2.6 - 5.0 years, a volatility assumption ranging between 58.49% - 63.87% using the Company’s historical volatility, and a risk free interest rate ranging between 4.10% - 4.36%, based on the yields of U.S. Treasury securities with maturities approximating the terms of the awards. For additional information on the valuation assumptions used in the calculation of these amounts, refer to note 9 to the financial statements included in our annual report on Form 10-K for the fiscal year ended March 31, 2024, as filed with SEC.
     
Compensation Actually Paid vs. Total Shareholder Return
LOGO
     
Compensation Actually Paid vs. Net Income
 
 
LOGO
     
Compensation Actually Paid vs. Company Selected Measure
LOGO
     
Total Shareholder Return Vs Peer Group
LOGO
     
Tabular List, Table
Pay Versus Performance Tabular List
We believe the following performance measures represent the most important financial performance measures used by us to link compensation actually paid to our NEOs for the fiscal year ended March 31, 2024:
 
 
 
Revenue
 
 
 
Adjusted EBITDA
 
 
 
TSR Relative to the S&P MidCap 400 Index
 
 
 
Non-GAAP
Diluted Net Income (Loss) Per Share
 
 
 
New Contract Awards
 
 
 
Net Operating Asset Turnover
 
 
 
Stock Price
     
Total Shareholder Return Amount $ 50.36 94.21 135.86 133.83
Peer Group Total Shareholder Return Amount 116.91 115.7 131.72 141.13
Net Income (Loss) $ (1,068,904,000) $ 1,084,806,000 $ (15,534,000) $ 3,691,000
Company Selected Measure Amount 1,410,414,000 583,170,000 611,218,000 530,688,000
Measure:: 1        
Pay vs Performance Disclosure        
Name Revenue      
Measure:: 2        
Pay vs Performance Disclosure        
Name Adjusted EBITDA      
Non-GAAP Measure Description
(5)
Adjusted EBITDA is a
non-GAAP
measure. We define Adjusted EBITDA as net income (loss) attributable to Viasat, Inc. before interest, income taxes, depreciation and amortization, adjusted to exclude certain significant items. We use Adjusted EBITDA to evaluate our operating performance, to allocate resources and capital, to measure performance for incentive compensation programs and to evaluate future growth opportunities. An itemized reconciliation between net income (loss) attributable to Viasat, Inc. and Adjusted EBITDA for fiscal years 2024, 2023, 2022, and 2021 is set forth below.
 
 
 
Fiscal Year Ended
March 31, 2024
 
Fiscal Year Ended
March 31, 2023
 
Fiscal Year Ended
March 31, 2022
 
Fiscal Year Ended
March 31, 2021
 
(In thousands)
GAAP net income (loss) attributable to Viasat, Inc.
 
$(1,068,904)
 
 
$ 1,084,806 
 
 
$ (15,534)
 
 
$  3,691
 
Provision for (benefit from) income taxes
 
(140,052)
 
 
474,574 
 
 
(14,237)
 
 
9,441
 
Interest expense (income), net
 
304,140 
 
 
7,297 
 
 
28,887 
 
 
32,247
 
Depreciation and amortization
 
1,157,524 
 
 
500,377 
 
 
495,447 
 
 
397,102
 
Stock-based compensation expense
 
83,631 
 
 
84,459 
 
 
86,808 
 
 
84,879
 
Acquisition and transaction related expenses (1)
 
157,579 
 
 
93,548 
 
 
33,965 
 
 
3,328
 
Gain on the
Link-16
TDL Sale
 
11,000 
 
 
(1,661,891)
 
 
— 
 
 
 
Other income, net
 
— 
 
 
— 
 
 
(4,118)
 
 
 
Satellite impairment and related charges, net
 
905,496 
 
 
— 
 
 
— 
 
 
 
Adjusted EBITDA (2)
 
$ 1,410,414 
 
 
$   583,170 
 
 
$611,218 
 
 
$530,688
 
 
 
(1)
Costs typically consist of acquisition, integration, and disposition related costs.
 
 
(2)
Amount includes both continuing and discontinued operations
,
excluding the fourth quarter of fiscal year 2023 gain on the
Link-16
TDL Sale.
     
Measure:: 3        
Pay vs Performance Disclosure        
Name TSR Relative to the S&P MidCap 400 Index      
Measure:: 4        
Pay vs Performance Disclosure        
Name Non-GAAP Diluted Net Income (Loss) Per Share      
Measure:: 5        
Pay vs Performance Disclosure        
Name New Contract Awards      
Measure:: 6        
Pay vs Performance Disclosure        
Name Net Operating Asset Turnover      
Measure:: 7        
Pay vs Performance Disclosure        
Name Stock Price      
Richard Baldridge [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount   $ 4,854,625 $ 12,236,750 $ 9,227,089
PEO Actually Paid Compensation Amount   $ (4,154,098) $ 9,561,302 13,768,258
PEO Name   Richard Baldridge    
Mark Dankberg [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 8,960,679 $ 6,996,915   9,359,823
PEO Actually Paid Compensation Amount $ (1,818,672) $ (2,285,665)   $ 14,176,753
PEO Name Mark Dankberg Mark Dankberg    
PEO | Mark Dankberg [Member] | Amounts Reported under the Stock Awards and Option Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (5,811,329)      
PEO | Mark Dankberg [Member] | ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,170,838      
PEO | Mark Dankberg [Member] | Awards Granted during Prior FYs that were Outstanding and Unvested as of Applicable FY End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (8,227,649)      
PEO | Mark Dankberg [Member] | Awards Granted during Prior FYs that Vested During Applicable FY [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (911,211)      
Non-PEO NEO | Amounts Reported under the Stock Awards and Option Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (4,602,041)      
Non-PEO NEO | ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,475,137      
Non-PEO NEO | ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 49,682      
Non-PEO NEO | Awards Granted during Prior FYs that were Outstanding and Unvested as of Applicable FY End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,370,323)      
Non-PEO NEO | Awards Granted during Prior FYs that Vested During Applicable FY [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (198,685)