Viasat advances cash flow target amid decision not to replace defective ViaSat-3

News Video Global 13 OKT 2023
Viasat advances cash flow target amid decision not to replace defective ViaSat-3
Viasat has confirmed its guidance for full-year 2024 and 2025, saying it expects to reap its synergies from the Inmarsat takeover earlier than expected and to have a much lower capex going forward. The announcements follow the company's analysis of the problems with the ViaSat-3 F1 satellite.

Categories:

Satellite

Companies:

Inmarsat,  ViaSat

Regions:

Global

Tags:

Financial figures, Network equipment, Mergers & Acquisitions, Satellite, Corporate strategy, Financial funding

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Viasat gives up orbital position in Brazil after satellite malfunction

Viasat is abandoning its plan to serve Brazil from the 79 degrees West orbital position. This follows a technical setback with the Viasat-3 F1 Americas satellite. The malfunction significantly reduced its capacity, making it unsuitable for the intended service in South America.

GLOBAL 22 MEI 2024

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Viasat reported record revenue of USD 4.3 billion for its fiscal year to March, up 68 percent from a year ago thanks to the takeover of Inmarsat. One-time costs for the acquisition as well as the problems with the failed Viasat-3 satellite led to a net loss for the year of USD 1.1 billion. However, adjusted EBITDA grew 6 percent on a pro forma basis, to USD 1.5 billion, and Viasat expects further growth in the new fiscal year.

GLOBAL 7 FEB 2024

Viasat sees underlying EBITDA rise 11% in Q3 as Inmarsat merger pays off

Viasat reported revenues of USD 1.1 billion for its fiscal third quarter to December, up 73 percent from a year earlier thanks to the takeover of Inmarsat last May. On a pro forma basis, revenues rose 8 percent, and adjusted EBITDA was up 11 percent to USD 383 million, led by double-digit growth at Inmarsat. The satellite operator said cost savings from the merger are coming on track faster than expected, putting the group on track for positive free cash flow in the first half of calendar 2025. 

UNITED STATES 21 DEC 2023

Viasat launches Business Choice internet service plans

Viasat has introduced new Business Choice internet service plans, aimed at providing SMES in the US with high-speed and reliable connectivity so that they can access critical business tools, even in rural and hard-to-reach locations. The plans come with download speeds of up 100 Mbps coast-to-coast and up to 150 Mbps in select areas. They all supply Wi-Fi, professional installation, and support with live agents.

GLOBAL 9 NOV 2023

Viasat maintains growth outlook after pro forma sales up in Q2

Viasat reported revenues of USD 1.2 billion for its fiscal second quarter to September, up 85 percent from a year earlier thanks to its takeover of Inmarsat in May. Adjusted EBITDA tripled year-on-year to USD 486 million, while the net result was loss of USD 767 million due to write-offs for recent satellite malfunctions. 

GLOBAL 2 NOV 2023

Viasat to cut 10% of workforce

Viasat announced it's reducing its workforce by around 10 percent, or 800 roles. The job cuts are spread across the business in terms of geographies and divisions and are part of a wider reorganisation following the acquisition of Inmarsat earlier this year. Viasat expects around USD 100 million in annual cost savings as result of the smaller workforce, with the impact felt mainly from its fiscal year ending March 2025.

GLOBAL 22 SEP 2023

Viasat prices USD 734 mln senior notes offering

Viasat has priced an offering of USD 733.4 million worth of 7.500 percent senior notes due 2031. The satellite company said it will use the net proceeds, together with cash on hand, to fully repay the unsecured bridge loan of USD 733.4 million it took out to acquire Inmarsat, earlier this spring.

GLOBAL 25 AUG 2023

Viasat reports new problem with Inmarsat-6 satellite in orbit

Viasat has suffered another satellite malfunction. After the problems with the Viasat-3 launched in May, the Inmarsat-6 F2 satellite, which was launched in February, has suffered a power subsystem anomaly during its orbit raising phase. While it's still working to identify the cause, manufacturer Airbus said such problems are "unprecedented".

GLOBAL 10 AUG 2023

Viasat results up after Inmarsat takeover, but cash flow target delayed on satellite malfunction

Viasat has again pushed back its deadline for positive free cash flow at a structural level, after problems with its recently launched Viast-3 F1 satellite. Nevertheless, the company still expects growth in revenues and adjusted EBITDA in the next two fiscal years, supported by the synergies from its merger with Inmarsat.

GLOBAL 13 JUL 2023

ViaSat-3 Americas experiences deployment issue

Viasat said an "unexpected event" took place when its ViaSat-3 Americas satellite tried to deploy its reflector. The company has started a review of the matter, noting the anomaly could impact the satellite's performance. The ViaSat-e Americas satellite went into orbit on 1 May 2023.

GLOBAL 31 MEI 2023

Viasat completes acquisition of Inmarsat

Viasat has completed its USD 7.3 billion acquisition of Inmarsat. Viasat CEO Mark Dankberg said the combined company is now positioned to offer customers a multi-layered network for the "right connectivity at the right time, place and price."

UNITED STATES 1 MEI 2023

ViaSat-3 Americas satellite successfully launched

Viasat said it successfully launched the ViaSat-3 Americas satellite aboard a SpaceX Falcon Heavy rocket from Kennedy Space Center in Florida on 30 April. Approximately four hours and thirty-two minutes after liftoff, the satellite separated from the launch vehicle. First signals from the satellite were acquired approximately 15 minutes later through a ground station in South Korea.

GLOBAL 8 FEB 2023

Viasat sees later positive cash flow as first Viasat-3 launch delayed to early April

Viasat has pushed back its target for reaching positive free cash flow by two quarters, to spring 2025, following delays in the launch of its Viasat-3 satellites and its exit from the Link-16 TDL military business. In its latest quarterly report, the company said the first Viasat-3 satellite is set for the launch in early April, slightly later than its previous schedule of calendar Q1. 

GLOBAL 9 NOV 2022

Viasat collects USD 62 mln from Acacia in Q3; sees later Viasat-3 launch

Viasat said it collected USD 62 million from Acacia Communications in the past quarter as part of a lawsuit over intellectual property violations. The settlement helped increase Viasat's revenue for its fiscal second quarter to September by 6 percent year-on-year to USD 745 million, while adjusted EBITDA rose 21 percent to USD 188 million.

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