Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2021 | Jan. 21, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | VSAT | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | VIASAT, INC. | |
Entity Central Index Key | 0000797721 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 74,393,040 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-21767 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 33-0174996 | |
Entity Address, Address Line One | 6155 El Camino Real | |
Entity Address, City or Town | Carlsbad | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92009 | |
City Area Code | 760 | |
Local Phone Number | 476-2200 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 166,032 | $ 295,949 |
Accounts receivable, net | 363,013 | 238,652 |
Inventories | 353,993 | 336,672 |
Prepaid expenses and other current assets | 144,833 | 119,960 |
Total current assets | 1,027,871 | 991,233 |
Property, equipment and satellites, net | 3,603,181 | 3,050,483 |
Operating lease right-of-use assets | 344,499 | 340,456 |
Other acquired intangible assets, net | 237,850 | 9,568 |
Goodwill | 190,907 | 122,300 |
Other assets | 682,486 | 835,427 |
Total assets | 6,086,794 | 5,349,467 |
Current liabilities: | ||
Accounts payable | 251,335 | 145,134 |
Accrued and other liabilities | 505,702 | 532,831 |
Current portion of long-term debt | 29,590 | 30,472 |
Total current liabilities | 786,627 | 708,437 |
Senior notes | 1,685,484 | 1,683,264 |
Other long-term debt | 463,908 | 119,420 |
Non-current operating lease liabilities | 317,941 | 313,762 |
Other liabilities | 157,104 | 137,350 |
Total liabilities | 3,411,064 | 2,962,233 |
Commitments and contingencies (Note 8) | ||
Viasat, Inc. stockholders’ equity | ||
Common stock | 7 | 7 |
Paid-in capital | 2,397,903 | 2,092,595 |
Retained earnings | 262,710 | 249,064 |
Accumulated other comprehensive (loss) income | (26,170) | 9,803 |
Total Viasat, Inc. stockholders’ equity | 2,634,450 | 2,351,469 |
Noncontrolling interest in subsidiary | 41,280 | 35,765 |
Total equity | 2,675,730 | 2,387,234 |
Total liabilities and equity | $ 6,086,794 | $ 5,349,467 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||||
Total revenues | $ 719,717 | $ 575,559 | $ 2,085,931 | $ 1,660,325 |
Operating expenses: | ||||
Selling, general and administrative | 170,222 | 132,394 | 481,106 | 378,884 |
Independent research and development | 37,316 | 28,803 | 112,309 | 83,970 |
Amortization of acquired intangible assets | 7,531 | 1,313 | 20,859 | 4,171 |
Income from operations | 4,527 | 21,760 | 29,117 | 29,129 |
Other income (expense): | ||||
Interest income | 386 | 114 | 520 | 474 |
Interest expense | (5,411) | (7,880) | (17,796) | (27,194) |
Other income, net | 4,118 | |||
(Loss) income before income taxes | (498) | 13,994 | 15,959 | 2,409 |
(Provision for) benefit from income taxes | (3,492) | (7,008) | 3,469 | (573) |
Equity in income (loss) income of unconsolidated affiliate, net | 774 | (256) | 788 | |
Net (loss) income | (3,990) | 7,760 | 19,172 | 2,624 |
Less: net income attributable to noncontrolling interest, net of tax | 2,623 | 1,000 | 5,526 | 6,290 |
Net (loss) income attributable to Viasat, Inc. | $ (6,613) | $ 6,760 | $ 13,646 | $ (3,666) |
Basic net (loss) income per share attributable to Viasat, Inc. common stockholders | $ (0.09) | $ 0.10 | $ 0.19 | $ (0.06) |
Diluted net (loss) income per share attributable to Viasat, Inc. common stockholders | $ (0.09) | $ 0.10 | $ 0.18 | $ (0.06) |
Shares used in computing basic net (loss) income per share | 73,917 | 67,995 | 73,004 | 65,704 |
Shares used in computing diluted net (loss) income per share | 73,917 | 68,668 | 74,348 | 65,704 |
Comprehensive income (loss): | ||||
Net income | $ (3,990) | $ 7,760 | $ 19,172 | $ 2,624 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments, net of tax | (9,297) | 9,047 | (35,973) | 12,662 |
Other comprehensive (loss) income, net of tax | (9,297) | 9,047 | (35,973) | 12,662 |
Comprehensive (loss) income | (13,287) | 16,807 | (16,801) | 15,286 |
Less: comprehensive income attributable to noncontrolling interest, net of tax | 2,623 | 1,000 | 5,526 | 6,290 |
Comprehensive (loss) income attributable to Viasat, Inc. | (15,910) | 15,807 | (22,327) | 8,996 |
Product [Member] | ||||
Revenues: | ||||
Total revenues | 316,143 | 266,514 | 918,073 | 773,128 |
Operating expenses: | ||||
Cost of revenues | 237,481 | 196,895 | 691,549 | 576,677 |
Service [Member] | ||||
Revenues: | ||||
Total revenues | 403,574 | 309,045 | 1,167,858 | 887,197 |
Operating expenses: | ||||
Cost of revenues | $ 262,640 | $ 194,394 | $ 750,991 | $ 587,494 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands | 9 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Cash flows from operating activities: | ||
Net income | $ 19,172 | $ 2,624 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 304,145 | 241,935 |
Amortization of intangible assets | 65,343 | 50,181 |
Stock-based compensation expense | 64,676 | 64,967 |
Loss on disposition of fixed assets | 32,383 | 29,841 |
Other non-cash adjustments | (932) | 3,611 |
Increase (decrease) in cash resulting from changes in operating assets and liabilities, net of effect of acquisitions: | ||
Accounts receivable | (58,166) | 123,374 |
Inventories | (14,717) | (39,988) |
Other assets | 25,141 | 24,017 |
Accounts payable | 49,718 | (39,004) |
Accrued liabilities | (59,135) | 102,603 |
Other liabilities | (41,250) | (6,787) |
Net cash provided by operating activities | 386,378 | 557,374 |
Cash flows from investing activities: | ||
Purchase of property, equipment and satellites | (671,207) | (655,672) |
Cash paid for patents, licenses and other assets | (41,041) | (47,164) |
Payments related to acquisition of businesses, net of cash acquired | (138,668) | |
Net cash used in investing activities | (850,916) | (702,836) |
Cash flows from financing activities: | ||
Proceeds from debt borrowings | 440,000 | 400,000 |
Payments of debt borrowings | (97,784) | (414,604) |
Payment of debt issuance costs | (5,060) | |
Proceeds from issuance of common stock under equity plans | 20,549 | 19,101 |
Purchase of common stock in treasury (immediately retired) related to tax withholdings for stock-based compensation | (22,165) | (13,013) |
Proceeds from common stock issued in private placement, net of issuance costs | 174,749 | |
Other financing activities | (2,340) | (4,280) |
Net cash provided by financing activities | 338,260 | 156,893 |
Effect of exchange rate changes on cash | (3,639) | 1,604 |
Net (decrease) increase in cash and cash equivalents | (129,917) | 13,035 |
Cash and cash equivalents at beginning of period | 295,949 | 304,309 |
Cash and cash equivalents at end of period | 166,032 | 317,344 |
Non-cash investing and financing activities: | ||
Capital expenditures not paid for | 73,705 | 22,224 |
Right-of-use assets obtained in exchange for operating lease liabilities | 36,422 | $ 55,717 |
RigNet, Inc [Member] | ||
Non-cash investing and financing activities: | ||
Issuance of common stock in connection with acquisition | $ 207,169 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest in Subsidiary [Member] |
Beginning balance at Mar. 31, 2020 | $ 2,050,142 | $ 6 | $ 1,788,456 | $ 245,373 | $ (6,048) | $ 22,355 |
Beginning balance, shares at Mar. 31, 2020 | 62,147,140 | |||||
Issuance of stock under Employee Stock Purchase Plan | 19,101 | 19,101 | ||||
Issuance of stock under Employee Stock Purchase Plan, shares | 638,792 | |||||
Common stock issued in private placement, net of issuance costs | 174,749 | $ 1 | 174,748 | |||
Common stock issued in private placement, net of issuance costs, shares | 4,474,559 | |||||
Stock-based compensation | 75,655 | 75,655 | ||||
Shares issued in settlement of certain accrued employee compensation liabilities | 25,406 | 25,406 | ||||
Shares issued in settlement of certain accrued employee compensation liabilities, shares | 580,846 | |||||
RSU awards vesting, net of shares withheld for taxes which have been retired | (13,013) | (13,013) | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired, shares | 662,991 | |||||
Net (loss) income | 2,624 | (3,666) | 6,290 | |||
Other comprehensive income (loss), net of tax | 12,662 | 12,662 | ||||
Ending balance at Dec. 31, 2020 | 2,347,326 | $ 7 | 2,070,353 | 241,707 | 6,614 | 28,645 |
Ending balance, shares at Dec. 31, 2020 | 68,504,328 | |||||
Beginning balance at Sep. 30, 2020 | 2,307,691 | $ 7 | 2,047,525 | 234,947 | (2,433) | 27,645 |
Beginning balance, shares at Sep. 30, 2020 | 67,532,869 | |||||
Issuance of stock under Employee Stock Purchase Plan | 9,895 | 9,895 | ||||
Issuance of stock under Employee Stock Purchase Plan, shares | 356,523 | |||||
Stock-based compensation | 25,199 | 25,199 | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired | (12,266) | (12,266) | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired, shares | 614,936 | |||||
Net (loss) income | 7,760 | 6,760 | 1,000 | |||
Other comprehensive income (loss), net of tax | 9,047 | 9,047 | ||||
Ending balance at Dec. 31, 2020 | 2,347,326 | $ 7 | 2,070,353 | 241,707 | 6,614 | 28,645 |
Ending balance, shares at Dec. 31, 2020 | 68,504,328 | |||||
Beginning balance at Mar. 31, 2021 | 2,387,234 | $ 7 | 2,092,595 | 249,064 | 9,803 | 35,765 |
Beginning balance, shares at Mar. 31, 2021 | 68,529,133 | |||||
Exercise of stock options | 1,526 | 1,526 | ||||
Exercise of stock options, shares | 27,107 | |||||
Issuance of stock under Employee Stock Purchase Plan | 19,023 | 19,023 | ||||
Issuance of stock under Employee Stock Purchase Plan, shares | 586,203 | |||||
Stock-based compensation | 75,267 | 75,267 | ||||
Shares issued in settlement of certain accrued employee compensation liabilities | 24,488 | 24,488 | ||||
Shares issued in settlement of certain accrued employee compensation liabilities, shares | 457,130 | |||||
RSU awards vesting, net of shares withheld for taxes which have been retired | (22,165) | (22,165) | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired, shares | 793,141 | |||||
Shares issued in connection with acquisition of business | 207,169 | 207,169 | ||||
Shares issued in connection with acquisition of business, shares | 4,000,189 | |||||
Other | (11) | (11) | ||||
Net (loss) income | 19,172 | 13,646 | 5,526 | |||
Other comprehensive income (loss), net of tax | (35,973) | (35,973) | ||||
Ending balance at Dec. 31, 2021 | 2,675,730 | $ 7 | 2,397,903 | 262,710 | (26,170) | 41,280 |
Ending balance, shares at Dec. 31, 2021 | 74,392,903 | |||||
Beginning balance at Sep. 30, 2021 | 2,673,470 | $ 7 | 2,382,356 | 269,323 | (16,873) | 38,657 |
Beginning balance, shares at Sep. 30, 2021 | 73,398,078 | |||||
Exercise of stock options | 1,456 | 1,456 | ||||
Exercise of stock options, shares | 24,850 | |||||
Issuance of stock under Employee Stock Purchase Plan | 10,317 | 10,317 | ||||
Issuance of stock under Employee Stock Purchase Plan, shares | 272,503 | |||||
Stock-based compensation | 24,197 | 24,197 | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired | (20,423) | (20,423) | ||||
RSU awards vesting, net of shares withheld for taxes which have been retired, shares | 697,472 | |||||
Net (loss) income | (3,990) | (6,613) | 2,623 | |||
Other comprehensive income (loss), net of tax | (9,297) | (9,297) | ||||
Ending balance at Dec. 31, 2021 | $ 2,675,730 | $ 7 | $ 2,397,903 | $ 262,710 | $ (26,170) | $ 41,280 |
Ending balance, shares at Dec. 31, 2021 | 74,392,903 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 — Basis of Presentation The accompanying condensed consolidated balance sheet at December 31, 2021, the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended December 31, 2021 and 2020, the condensed consolidated statements of cash flows for the nine months ended December 31, 2021 and 2020 and the condensed consolidated statements of equity for the three and nine months ended December 31, 2021 and 2020 have been prepared by the management of Viasat, Inc. (also referred to hereafter as the Company or Viasat), and have not been audited. These financial statements have been prepared on the same basis as the audited consolidated financial statements for the fiscal year ended March 31, 2021 and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the Company’s results for the periods presented. These financial statements should be read in conjunction with the financial statements and notes thereto for the fiscal year ended March 31, 2021 included in the Company’s Annual Report on Form 10-K. Interim operating results are not necessarily indicative of operating results for the full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (GAAP). The Company’s condensed consolidated financial statements include the assets, liabilities and results of operations of Viasat, its wholly owned subsidiaries and its majority-owned subsidiary, TrellisWare Technologies, Inc. (TrellisWare). During the first quarter of fiscal year 2022, the Company completed the acquisitions of the remaining 51% interest in Euro Broadband Infrastructure Sàrl (EBI) and RigNet, Inc. (RigNet) (see Note 12 – Acquisitions for more information). The acquisitions were accounted for as purchases and accordingly, the condensed consolidated financial statements include the operating results of EBI and RigNet from the dates of acquisition. All significant intercompany amounts have been eliminated. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investment in unconsolidated affiliate in other assets (long-term) on the condensed consolidated balance sheets. On November 8, 2021, the Company entered into a Share Purchase Agreement to combine with Connect Topco Limited, a private company limited by shares and incorporated in Guernsey (Inmarsat), with the shareholders of Inmarsat and certain management and employees who hold options and shares of a subsidiary of Inmarsat whose options and shares will be exchanged for shares of Inmarsat prior to closing (collectively, the Sellers). Pursuant to the Share Purchase Agreement, the Company will purchase all of the issued and outstanding shares of Inmarsat from the Sellers upon the terms and subject to the conditions set forth therein (the Inmarsat Transaction) (see Note 12 – Acquisitions for more information). During the second quarter of fiscal year 2021, the Company issued and sold an aggregate of 4,474,559 shares of the Company’s common stock at a purchase price of $ 39.11 per share to certain accredited investors in a private placement transaction exempt from registration under the Securities Act of 1933, as amended, resulting in net proceeds of approximately $ 174.7 million after deducting offering expenses. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information and actual results could differ from those estimates. Significant estimates made by management include revenue recognition, stock-based compensation, allowance for doubtful accounts, valuation of goodwill and other intangible assets, patents, orbital slots and other licenses, software development, property, equipment and satellites, long-lived assets, contingencies and income taxes including the valuation allowance on deferred tax assets. Revenue recognition The Company applies the five-step model under Accounting Standards Codification (ASC) 606 to its contracts with its customers. Under this model the Company (1) identifies the contract with the customer, (2) identifies its performance obligations in the contract, (3) determines the transaction price for the contract, (4) allocates the transaction price to its performance obligations and (5) recognizes revenue when or as it satisfies its performance obligations. These performance obligations generally include the purchase of services (including broadband capacity and the leasing of broadband equipment), the purchase of products, and the development and delivery of complex equipment built to customer specifications under long-term contracts. Performance obligations The timing of satisfaction of performance obligations may require judgment. The Company derives a substantial portion of its revenues from contracts with customers for services, primarily consisting of connectivity services. These contracts typically require advance or recurring monthly payments by the customer. The Company’s obligation to provide connectivity services is satisfied over time as the customer simultaneously receives and consumes the benefits provided. The measure of progress over time is based upon either a period of time (e.g., over the estimated contractual term) or usage (e.g., bandwidth used/bytes of data processed). The Company evaluates whether broadband equipment provided to its customers as part of the delivery of connectivity services represents a lease in accordance with ASC 842. As discussed further below under “Leases - Lessor accounting”, for broadband equipment leased to consumer broadband customers in conjunction with the delivery of connectivity services, the Company accounts for the lease and non-lease components of connectivity service arrangements as a single performance obligation as the connectivity services represent the predominant component. The Company also derives a portion of its revenues from contracts with customers to provide products. Performance obligations to provide products are satisfied at the point in time when control is transferred to the customer. These contracts typically require payment by the customer upon passage of control and determining the point at which control is transferred may require judgment. To identify the point at which control is transferred to the customer, the Company considers indicators that include, but are not limited to, whether (1) the Company has the present right to payment for the asset, (2) the customer has legal title to the asset, (3) physical possession of the asset has been transferred to the customer, (4) the customer has the significant risks and rewards of ownership of the asset, and (5) the customer has accepted the asset. For product revenues, control generally passes to the customer upon delivery of goods to the customer. The vast majority of the Company’s revenues from long-term contracts to develop and deliver complex equipment built to customer specifications are derived from contracts with the U.S. Government (including foreign military sales contracted through the U.S. Government). The Company’s contracts with the U.S. Government typically are subject to the Federal Acquisition Regulation (FAR) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods and services provided under U.S. Government contracts. The pricing for non-U.S. Government contracts is based on the specific negotiations with each customer. Under the typical payment terms of the Company’s U.S. Government fixed-price contracts, the customer pays the Company either performance-based payments (PBPs) or progress payments. PBPs are interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments based on a percentage of the costs incurred as the work progresses. Because the customer can often retain a portion of the contract price until completion of the contract, the Company’s U.S. Government fixed-price contracts generally result in revenue recognized in excess of billings which the Company presents as unbilled accounts receivable on the balance sheet. Amounts billed and due from the Company’s customers are classified as receivables on the balance sheet. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. For the Company’s U.S. Government cost-type contracts, the customer generally pays the Company for its actual costs incurred within a short period of time. For non-U.S. Government contracts, the Company typically receives interim payments as work progresses, although for some contracts, the Company may be entitled to receive an advance payment. The Company recognizes a liability for these advance payments in excess of revenue recognized and presents it as collections in excess of revenues and deferred revenues on the balance sheet. An advance payment is not typically considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect the Company from the other party failing to adequately complete some or all of its obligations under the contract. Performance obligations related to developing and delivering complex equipment built to customer specifications under long-term contracts are recognized over time as these performance obligations do not create assets with an alternative use to the Company and the Company has an enforceable right to payment for performance to date. To measure the transfer of control, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the cost-to-cost measure of progress for its contracts because that best depicts the transfer of control to the customer which occurs as the Company incurs costs on its contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Estimating the total costs at completion of a performance obligation requires management to make estimates related to items such as subcontractor performance, material costs and availability, labor costs and productivity and the costs of overhead. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recognized in the period the loss is determined. Contract costs on U.S. Government contracts are subject to audit and review by the Defense Contracting Management Agency (DCMA), the Defense Contract Audit Agency (DCAA), and other U.S. Government agencies, as well as negotiations with U.S. Government representatives. The Company’s incurred cost audits by the DCAA have not been concluded for fiscal years 2020 or 2021. As of December 31, 2021, the DCAA had completed its incurred cost audit for fiscal years 2004, 2016 and 2019 and approved the Company’s incurred costs for those fiscal years, as well as approved the Company’s incurred costs for fiscal years 2005 through 2015, 2017 and 2018 without further audit based on the determination of low risk. Although the Company has recorded contract revenues subsequent to fiscal year 2019 based upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company does not know the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed the Company’s estimates, its profitability would be adversely affected. As of December 31, 2021 and March 31, 2021 , the Company had $ 12.1 million and $ 10.3 million, respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on several multi-year U.S. Government cost reimbursable contracts (see Note 8 — Commitments and Contingencies for more information). Evaluation of transaction price The evaluation of transaction price, including the amounts allocated to performance obligations, may require significant judgments. Due to the nature of the work required to be performed on many of the Company’s performance obligations, the estimation of total revenue, and, where applicable, the cost at completion, is complex, subject to many variables and requires significant judgment. The Company’s contracts may contain award fees, incentive fees, or other provisions, including the potential for significant financing components, that can either increase or decrease the transaction price. These amounts, which are sometimes variable, can be dictated by performance metrics, program milestones or cost targets, the timing of payments, and customer discretion. The Company estimates variable consideration at the amount to which it expects to be entitled. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company. In the event an agreement includes embedded financing components, the Company recognizes interest expense or interest income on the embedded financing components using the effective interest method. This methodology uses an implied interest rate which reflects the incremental borrowing rate which would be expected to be obtained in a separate financing transaction. The Company has elected the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. If a contract is separated into more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Estimating standalone selling prices may require judgment. When available, the Company utilizes the observable price of a good or service when the Company sells that good or service separately in similar circumstances and to similar customers. If a standalone selling price is not directly observable, the Company estimates the standalone selling price by considering all information (including market conditions, specific factors, and information about the customer or class of customer) that is reasonably available. Transaction price allocated to remaining performance obligations The Company’s remaining performance obligations represent the transaction price of firm contracts and orders for which work has not been performed. The Company includes in its remaining performance obligations only those contracts and orders for which it has accepted purchase orders. Remaining performance obligations associated with the Company’s subscribers for fixed consumer and business broadband services in its satellite services segment exclude month-to-month service contracts in accordance with a practical expedient and are estimated using a portfolio approach in which the Company reviews all relevant promotional activities and calculates the remaining performance obligation using the average service component for the portfolio and the average time remaining under the contract. The Company’s future recurring in-flight connectivity service contracts in its satellite services segment do not have minimum service purchase requirements and therefore are not included in the Company’s remaining performance obligations. As of December 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 2.1 billion, of which the Company expects to recognize a little over half over the next 12 months, with the balance recognized thereafter . Disaggregation of revenue The Company operates and manages its business in three reportable segments: satellite services, commercial networks and government systems. Revenue is disaggregated by products and services, customer type, contract type, and geographic area, respectively, as the Company believes this approach best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. The following sets forth disaggregated reported revenue by segment and product and services for the three and nine months ended December 31, 2021 and 2020: Three Months Ended December 31, 2021 Satellite Commercial Government Total (In thousands) Product revenues $ — $ 123,059 $ 193,084 $ 316,143 Service revenues 309,711 16,618 77,245 403,574 Total revenues $ 309,711 $ 139,677 $ 270,329 $ 719,717 Nine Months Ended December 31, 2021 Satellite Commercial Government Total (In thousands) Product revenues $ — $ 343,525 $ 574,548 $ 918,073 Service revenues 883,938 49,554 234,366 1,167,858 Total revenues $ 883,938 $ 393,079 $ 808,914 $ 2,085,931 Three Months Ended December 31, 2020 Satellite Commercial Government Total (In thousands) Product revenues $ — $ 75,690 $ 190,824 $ 266,514 Service revenues 220,789 14,409 73,847 309,045 Total revenues $ 220,789 $ 90,099 $ 264,671 $ 575,559 Nine Months Ended December 31, 2020 Satellite Commercial Government Total (In thousands) Product revenues $ — $ 197,560 $ 575,568 $ 773,128 Service revenues 638,660 38,561 209,976 887,197 Total revenues $ 638,660 $ 236,121 $ 785,544 $ 1,660,325 Revenues from the U.S. Government as an individual customer comprised approximately 24 % and 26 % of total revenues for the three and nine months ended December 31, 2021 , respectively, and approximately 28 % and 30 % of total revenues for the three and nine months ended December 31, 2020, respectively, mainly reported within the government systems segment. Revenues from the Company’s other customers, mainly reported within the commercial networks and satellite services segments, comprised approximately 76 % and 74 % of total revenues for the three and nine months ended December 31, 2021 , respectively, and approximately 72 % and 70 % of total revenues for the three and nine months ended December 31, 2020, respectively. The Company’s satellite services segment revenues are primarily derived from the Company’s fixed broadband services, in-flight services and advanced software and communication infrastructure services (acquired through the RigNet acquisition). Revenues in the Company’s commercial networks and government systems segments are primarily derived from three types of contracts: fixed-price, cost-reimbursement and time-and-materials contracts. Fixed-price contracts (which require the Company to provide products and services under a contract at a specified price) comprised approximately 91 % and 90 % of the Company’s total revenues for these segments for the three and nine months ended December 31, 2021 , respectively, and approximately 91 % and 88 % of the Company’s total revenues for these segments for the three and nine months ended December 31, 2020, respectively. The remainder of the Company’s revenues in these segments for such periods was derived primarily from cost-reimbursement contracts (under which the Company is reimbursed for all actual costs incurred in performing the contract to the extent such costs are within the contract ceiling and allowable under the terms of the contract, plus a fee or profit) and from time-and-materials contracts (under which the Company is reimbursed for the number of labor hours expended at an established hourly rate negotiated in the contract, plus the cost of materials utilized in providing such products or services). Historically, a significant portion of the Company’s revenues in its commercial networks and government systems segments has been derived from customer contracts that include the development of products. The development efforts are conducted in direct response to the customer’s specific requirements and, accordingly, expenditures related to such efforts are included in cost of sales when incurred and the related funding (which includes a profit component) is included in revenues. Revenues for the Company’s funded development from its customer contracts were approximately 24 % and 23 % of its total revenues for the three and nine months ended December 31, 2021 , respectively, and approximately 20 % and 23 % of its total revenues for the three and nine months ended December 31, 2020, respectively. Contract balances Contract balances consist of contract assets and contract liabilities. A contract asset, or with respect to the Company, an unbilled accounts receivable, is recorded when revenue is recognized in advance of the Company’s right to bill and receive consideration, typically resulting from sales under long-term contracts. Unbilled accounts receivable are generally expected to be billed and collected within one year. The unbilled accounts receivable will decrease as provided services or delivered products are billed. The Company receives payments from customers based on a billing schedule established in the Company’s contracts. When consideration is received in advance of the delivery of goods or services, a contract liability, or with respect to the Company, collections in excess of revenues or deferred revenues, is recorded. Reductions in the collections in excess of revenues or deferred revenues will be recorded as the Company satisfies the performance obligations. The following table presents contract assets and liabilities as of December 31, 2021 and March 31, 2021: As of As of (In thousands) Unbilled accounts receivable $ 102,110 $ 70,785 Collections in excess of revenues and deferred revenues 180,854 216,594 Deferred revenues, long-term portion 89,083 84,654 Unbilled accounts receivable increased $ 31.3 million during the nine months ended December 31, 2021 , primarily driven by revenue recognized in the Company’s commercial networks segment in excess of billings. The acquisition of RigNet contributed $1 7.5 million of unbilled accounts receivable. Collections in excess of revenues and deferred revenues decreased $ 35.7 million during the nine months ended December 31, 2021, primarily driven by revenue recognized in excess of advances on goods or services received in the Company’s commercial networks segment. During the three and nine months ended December 31, 2021 , the Company recognized revenue of $ 47.7 million and $ 169.7 million, respectively, that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2021. During the three and nine months ended December 31, 2020 , the Company recognized revenue of $ 7.6 million and $ 82.2 million, respectively, that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2020 . Property, equipment and satellites Satellites and other property and equipment, including internally developed software, are recorded at cost or, in the case of certain satellites and other property acquired, the fair value at the date of acquisition, net of accumulated depreciation. Capitalized satellite costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to satellite manufacturers (dependent on the continued satisfactory performance of the satellites), costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. The Company also constructs earth stations, network operations systems and other assets to support its satellites, and those construction costs, including interest, are capitalized as incurred. At the time satellites are placed in service, the Company estimates the useful life of its satellites for depreciation purposes based upon an analysis of each satellite’s performance against the original manufacturer’s orbital design life, estimated fuel levels and related consumption rates, as well as historical satellite operating trends. The Company periodically reviews the remaining estimated useful life of its satellites to determine if revisions to estimated useful lives are necessary. Costs incurred for additions to property, equipment and satellites, together with major renewals and betterments, are capitalized and depreciated over the remaining life of the underlying asset. Costs incurred for maintenance, repairs and minor renewals and betterments are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is recognized in operations, which for the periods presented, primarily related to losses incurred for unreturned customer premise equipment (CPE). The Company computes depreciation using the straight-line method over the estimated useful lives of the assets ranging from two to 38 years . Leasehold improvements are capitalized and amortized using the straight-line method over the shorter of the lease term or the life of the improvement. Costs related to internally developed software for internal uses are capitalized after the preliminary project stage is complete and are amortized over the estimated useful lives of the assets, which are approximately three to seven years . Capitalized costs for internal-use software are included in property, equipment and satellites, net in the Company’s condensed consolidated balance sheets. Interest expense is capitalized on the carrying value of assets under construction, in accordance with the authoritative guidance for the capitalization of interest (ASC 835-20). With respect to the construction of satellites, gateway and networking equipment and other assets under construction, the Company capitalized $ 25.8 million and $ 74.2 million of interest expense for the three and nine months ended December 31, 2021 , respectively, and $ 21.8 million and $ 57.7 million for the three and nine months ended December 31, 2020, respectively. The Company owns three satellites in service over North America (ViaSat-2, ViaSat-1 and WildBlue-1) and, after acquiring the remaining interest in EBI during the first quarter of fiscal year 2022, the Company also owns the KA-SAT satellite over Europe, Middle East, and Africa (EMEA). In addition, the Company has lifetime leases of Ka-band capacity on two satellites. The Company also has a global constellation of three third-generation ViaSat-3 class satellites under construction. In addition, the Company owns related earth stations and networking equipment for all of its satellites. The Company procures indoor and outdoor CPE units leased to subscribers under a retail leasing program as part of the Company’s satellite services segment, which are reflected in investing activities and property, equipment and satellites, net in the accompanying condensed consolidated financial statements. The Company depreciates the satellites, earth stations and networking equipment, CPE units and related installation costs over their estimated useful lives. The total cost and accumulated depreciation of CPE units included in property, equipment and satellites, net, as of December 31, 2021 were $ 397.4 million and $ 203.8 million, respectively. The total cost and accumulated depreciation of CPE units included in property, equipment and satellites, net, as of March 31, 2021 were $ 409.9 million and $ 193.7 million, respectively. Occasionally, the Company may enter into finance lease arrangements for various machinery, equipment, computer-related equipment, software, furniture, fixtures, or satellites. The Company records amortization of assets leased under finance lease arrangements within depreciation expense (see Note 1 — Basis of Presentation – Leases for more information). The Company’s finance leases consist primarily of satellite lifetime Ka-band capacity leases and have remaining terms from less than one year to five years . The Company reports assets obtained under finance leases in property, equipment and satellites, net and the current and non-current portions of its finance lease liabilities in current portion of long-term debt and other long-term debt, respectively. Leases Lessee accounting For contracts entered into on or after April 1, 2019, the Company assesses at contract inception whether the contract is, or contains, a lease. Generally, the Company determines that a lease exists when (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all economic benefits from use of the asset, and (3) the Company has the right to direct the use of the asset. A lease is classified as a finance lease when one or more of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset, (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset or (5) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if it does not meet any of these criteria. At the lease commencement date, the Company recognizes a right-of-use asset and a lease liability for all leases, except short-term leases with an original term of 12 months or less. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, less any lease incentives received. All right-of-use assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets. The lease liability is initially measured at the present value of the lease payments, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term as the underlying leases. Lease payments included in the measurement of lease liabilities consist of (1) fixed lease payments for the noncancelable lease term, (2) fixed lease payments for optional renewal periods where it is reasonably certain the renewal option will be exercised, and (3) variable lease payments that depend on an underlying index or rate, based on the index or rate in effect at lease commencement. Certain of the Company’s real estate lease agreements require variable lease payments that do not depend on an underlying index or rate established at lease commencement. Such payments and changes in payments based on a rate or index are recognized in operating expenses when incurred. Lease expense for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as i |
Composition of Certain Balance
Composition of Certain Balance Sheet Captions | 9 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Composition of Certain Balance Sheet Captions | Note 2 — Composition of Certain Balance Sheet Captions As of As of (In thousands) Accounts receivable, net: Billed $ 268,013 $ 172,559 Unbilled 102,110 70,785 Allowance for doubtful accounts ( 7,110 ) ( 4,692 ) $ 363,013 $ 238,652 Inventories: Raw materials $ 103,845 $ 98,338 Work in process 76,184 71,875 Finished goods 173,964 166,459 $ 353,993 $ 336,672 Prepaid expenses and other current assets: Prepaid expenses $ 102,826 $ 94,405 Other 42,007 25,555 $ 144,833 $ 119,960 Property, equipment and satellites, net: Equipment and software (estimated useful life of 3 - 7 years ) $ 1,671,024 $ 1,505,697 CPE leased equipment (estimated useful life of 4 - 5 years ) 397,416 409,942 Furniture and fixtures (estimated useful life of 7 years) 60,076 57,433 Leasehold improvements (estimated useful life of 2 - 17 years ) 155,603 149,324 Buildings (estimated useful life of 12 - 38 years ) 12,405 8,923 Land 3,978 2,291 Construction in progress 335,174 219,482 Satellites (estimated useful life of 7 - 17 years ) 1,060,656 969,952 Satellite Ka-band capacity obtained under finance leases (estimated useful life of 7 - 11 years ) 173,480 173,467 Satellites under construction 1,708,565 1,338,408 5,578,377 4,834,919 Less: accumulated depreciation and amortization ( 1,975,196 ) ( 1,784,436 ) $ 3,603,181 $ 3,050,483 Other acquired intangible assets, net: Technology (weighted average useful life of 7 years) $ 150,559 $ 78,185 Contracts and customer relationships (weighted average useful life of 10 years) 167,294 55,161 Satellite co-location rights (weighted average useful life of 9 years) 8,600 8,600 Trade name (weighted average useful life of 7 years) 32,042 5,940 Other (weighted average useful life of 11 years) 22,388 3,663 380,883 151,549 Less: accumulated amortization ( 143,033 ) ( 141,981 ) $ 237,850 $ 9,568 Other assets: Investment in unconsolidated affiliate $ — $ 176,938 Deferred income taxes 289,181 273,288 Capitalized software costs, net 223,142 237,100 Patents, orbital slots and other licenses, net 62,553 52,889 Other 107,610 95,212 $ 682,486 $ 835,427 Accrued and other liabilities : Collections in excess of revenues and deferred revenues $ 180,854 $ 216,594 Accrued employee compensation 83,017 87,153 Accrued vacation 49,134 59,509 Warranty reserve, current portion 5,009 6,693 Operating lease liabilities 50,049 48,896 Other 137,639 113,986 $ 505,702 $ 532,831 Other liabilities: Deferred revenues, long-term portion $ 89,083 $ 84,654 Warranty reserve, long-term portion 5,699 5,193 Satellite performance incentive obligations, long-term portion 19,568 22,191 Deferred income taxes 15,160 — Other 27,594 25,312 $ 157,104 $ 137,350 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3 — Fair Value Measurements In accordance with the authoritative guidance for financial assets and liabilities measured at fair value on a recurring basis (ASC 820), the Company determines fair value based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants, and prioritizes the inputs used to measure fair value from market-based assumptions to entity specific assumptions: Level 1 — Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 — Inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation. The Company had $ 5.0 million in cash equivalents (Level 1) and no liabilities measured at fair value on a recurring basis as of both December 31, 2021 and March 31, 2021. The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value: Cash equivalents — The Company’s cash equivalents consist of money market funds. Money market funds are valued using quoted prices for identical assets in an active market with sufficient volume and frequency of transactions (Level 1). Contingencies — In connection with the acquisition of the remaining 51 % interest in EBI on April 30, 2021 (see Note 12 — Acquisitions for more information), part of the purchase price consideration will not be determined until two years after the closing date, when the Company may pay or receive up to € 20.0 million, or approximately $ 22.6 million, in cash. The consideration to be paid in the future is contingent based on certain outcomes as defined in the acquisition agreement. Each reporting period, the Company estimates the fair value of the contingent consideration based on unobservable inputs and probability weightings using standard valuation techniques (Level 3). The fair value amount is currently recorded in other assets on the condensed consolidated balance sheets and any change to fair value is recorded in the Company’s condensed consolidated statements of operations each reporting period. As of and for the three-month and nine-month periods ended December 31, 2021, the Company’s fair value estimate, and change in fair value of the contingent consideration since the acquisition date, were immaterial. Long-term debt — The Company’s long-term debt consists of borrowings under its Revolving Credit Facility and Ex-Im Credit Facility (collectively, the Credit Facilities), $ 700.0 million in aggregate principal amount of 2025 Notes, $ 600.0 million in aggregate principal amount of 2027 Notes, $ 400.0 million in aggregate principal amount of 2028 Notes and finance lease obligations reported at the present value of future minimum lease payments with current accrued interest. Long-term debt related to the Revolving Credit Facility is reported at the outstanding principal amount of borrowings, while long-term debt related to the Ex-Im Credit Facility, the 2025 Notes, the 2027 Notes and the 2028 Notes is reported at amortized cost. However, for disclosure purposes, the Company is required to measure the fair value of outstanding debt on a recurring basis. The fair value of the Company’s long-term debt related to the Revolving Credit Facility approximates its carrying amount due to its variable interest rate, which approximates a market interest rate. As of December 31, 2021 and March 31, 2021 , the fair value of the Company’s long-term debt related to the Ex-Im Credit Facility was determined based on a discounted cash flow analysis using observable market interest rates for instruments with similar terms (Level 2) and was approximately $ 78.9 million and $ 100.1 million, respectively. As of December 31, 2021 and March 31, 2021 , the estimated fair value of the Company’s outstanding long-term debt related to each series of Notes was determined based on actual or estimated bids and offers for such series of Notes in an over-the-counter market (Level 2) and was $ 703.5 million and $ 709.6 million, respectively, for the 2025 Notes, $ 616.2 million and $ 629.2 million, respectively, for the 2027 Notes, and $ 402.5 million and $ 420.5 million, respectively, for the 2028 Notes. Satellite performance incentive obligations — The Company’s contracts with the manufacturers of the ViaSat-1 and ViaSat-2 satellites require the Company to make monthly in-orbit satellite performance incentive payments, including interest, through fiscal year 2027 and fiscal year 2028 , respectively, subject to the continued satisfactory performance of the applicable satellites. The Company records the net present value of these expected future payments as a liability and as a component of the cost of the satellites. However, for disclosure purposes, the Company is required to measure the fair value of outstanding satellite performance incentive obligations on a recurring basis. The fair value of the Company’s outstanding satellite performance incentive obligations is estimated to approximate their carrying value based on current rates (Level 2). As of December 31, 2021 and March 31, 2021 , the Company’s estimated satellite performance incentive obligations relating to the ViaSat-1 and ViaSat-2 satellites, including accrued interest, were $ 24.8 million and $ 27.1 million, respectively. |
Shares Used In Computing Dilute
Shares Used In Computing Diluted Net Income (Loss) Per Share | 9 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Shares Used In Computing Diluted Net Income (Loss) Per Share | Note 4 — Shares Used In Computing Diluted Net Income (Loss) Per Share Three Months Ended Nine Months Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (In thousands) Weighted average: Common shares outstanding used in 73,917 67,995 73,004 65,704 Options to purchase common stock as — — 8 — TSR performance stock options to — — 34 — Restricted stock units to acquire — 108 869 — Potentially issuable shares in — 565 433 — Shares used in computing diluted net 73,917 68,668 74,348 65,704 Antidilutive shares excluded from the calculation for the three months ended December 31, 2020 consisted of 1,082,081 shares related to stock options (other than TSR performance stock options), no shares related to TSR performance stock options and 2,928,601 shares related to restricted stock units. Antidilutive shares excluded from the calculation for the nine months ended December 31, 2021 consisted of 918,054 shares related to stock options (other than TSR performance stock options), no shares related to TSR performance stock options and 1,084,275 shares related to restricted stock units. The weighted average number of shares used to calculate basic and diluted net loss per share attributable to Viasat, Inc. common stockholders is the same for the three months ended December 31, 2021 and for the nine months ended December 31, 2020, as the Company incurred a net loss attributable to Viasat, Inc. common stockholders for such periods and inclusion of potentially dilutive weighted average shares of common stock would be antidilutive. Potentially dilutive weighted average shares excluded from the calculation for the three months ended December 31, 2021 consisted of 820,948 shares related to stock options (other than TSR performance stock options), 83,961 shares related to TSR performance stock options, 1,842,847 shares related to restricted stock units and 463,354 shares related to certain terms of the Viasat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan. Potentially dilutive weighted average shares excluded from the calculation for the nine months ended December 31, 2020 consisted of 1,176,106 shares related to stock options (other than TSR performance stock options), no shares related to TSR performance stock options, 2,514,857 shares related to restricted stock units and 496,869 shares related to certain terms of the Viasat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan. |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 9 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Note 5 — Goodwill and Acquired Intangible Assets During the nine months ended December 31, 2021, the increase in the Company’s goodwill primarily related to the acquisitions of the remaining 51% interest in EBI and of RigNet on April 30, 2021 (see Note 12 – Acquisitions for more information) and a foreign currency translation effect recorded within all three of the Company’s segments. During the nine months ended December 31, 2020, the increase in the Company’s goodwill related to the effects of foreign currency translation recorded within all three of the Company’s segments. Other acquired intangible assets are amortized using the straight-line method over their estimated useful lives of two to 20 years (which approximates the economic pattern of benefit). Amortization expense related to other acquired intangible assets was $ 7.5 million and $ 1.3 million for the three months ended December 31, 2021 and 2020, respectively, and $ 20.9 million and $ 4.2 million for the nine months ended December 31, 2021 and 2020, respectively. The expected amortization expense of amortizable acquired intangible assets may change due to the effects of foreign currency fluctuations as a result of international businesses acquired. The current and expected amortization expense for acquired intangible assets for each of the following periods is as follows: Amortization (In thousands) For the nine months ended December 31, 2021 $ 20,859 Expected for the remainder of fiscal year 2022 $ 7,532 Expected for fiscal year 2023 30,128 Expected for fiscal year 2024 28,678 Expected for fiscal year 2025 26,540 Expected for fiscal year 2026 26,388 Thereafter 118,584 $ 237,850 In the first quarter of fiscal year 2022, the gross amount and accumulated amortization for acquired identifiable intangible assets were reduced by the retirement of fully amortized assets that were no longer in use. |
Senior Notes and Other Long-Ter
Senior Notes and Other Long-Term Debt | 9 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Senior Notes and Other Long-Term Debt | Note 6 — Senior Notes and Other Long-Term Debt Total long-term debt consisted of the following as of December 31, 2021 and March 31, 2021: As of As of (In thousands) 2028 Notes $ 400,000 $ 400,000 2027 Notes 600,000 600,000 2025 Notes 700,000 700,000 Revolving Credit Facility 370,000 — Ex-Im Credit Facility 78,609 98,261 Finance lease obligations (see Note 1) 48,227 56,336 Total debt 2,196,836 1,854,597 Unamortized discount and debt issuance costs ( 17,854 ) ( 21,441 ) Less: current portion of long-term debt 29,590 30,472 Total long-term debt $ 2,149,392 $ 1,802,684 Revolving Credit Facility As of December 31, 2021, the Revolving Credit Facility provided a $ 700.0 million revolving line of credit (including up to $ 150.0 million of letters of credit), with a maturity date of January 18, 2024 . At December 31, 2021, the Company had $ 370.0 million in principal amount of outstanding borrowings under the Revolving Credit Facility and $ 58.9 million outstanding under standby letters of credit, leaving borrowing availability under the Revolving Credit Facility as of December 31, 2021 of $ 271.1 million. Borrowings under the Revolving Credit Facility bear interest, at the Company’s option, at either (1) the highest of the Federal Funds rate plus 0.50%, the Eurodollar rate plus 1.00%, or the administrative agent’s prime rate as announced from time to time, or (2) the Eurodollar rate, plus, in the case of each of (1) and (2), an applicable margin that is based on the Company’s total leverage ratio. As of December 31, 2021, the weighted average effective interest rate on the Company’s outstanding borrowings under the Revolving Credit Facility was 1.86 % . The Company has capitalized certain amounts of interest expense on the Revolving Credit Facility in connection with the construction of various assets during the construction period. The Revolving Credit Facility is required to be guaranteed by certain significant domestic subsidiaries of the Company (as defined in the Revolving Credit Facility) and secured by substantially all of the Company’s and any such subsidiaries’ assets. As of December 31, 2021, none of the Company’s subsidiaries guaranteed the Revolving Credit Facility. The Revolving Credit Facility contains financial covenants regarding a maximum total leverage ratio and a minimum interest coverage ratio. In addition, the Revolving Credit Facility contains covenants that restrict, among other things, the Company’s ability to sell assets, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments. The Company was in compliance with its financial covenants under the Revolving Credit Facility as of December 31, 2021. On November 23, 2021, the Company amended the Revolving Credit Facility to, among other matters, permit the consummation of the Inmarsat Transaction and provide additional covenant flexibility following the completion of the Inmarsat Transaction. These amendments will become effective at and are conditional upon the closing of the Inmarsat Transaction. Ex-Im Credit Facility The Ex-Im Credit Facility originally provided a $ 362.4 million senior secured direct loan facility, which was fully drawn. Of the $ 362.4 million in principal amount of borrowings made under the Ex-Im Credit Facility, $ 321.2 million was used to finance up to 85 % of the costs of construction, launch and insurance of the ViaSat-2 satellite and related goods and services (including costs incurred on or after September 18, 2012), with the remaining $ 41.2 million used to finance the total exposure fees incurred under the Ex-Im Credit Facility (which included all previously accrued completion exposure fees). As of December 31, 2021, the Company had $ 78.6 million in principal amount of outstanding borrowings under the Ex-Im Credit Facility. Borrowings under the Ex-Im Credit Facility bear interest at a fixed rate of 2.38 %, payable semi-annually in arrears. The effective interest rate on the Company’s outstanding borrowings under the Ex-Im Credit Facility, which takes into account timing and amount of borrowings and payments, exposure fees, debt issuance costs and other fees, is 4.54 %. Borrowings under the Ex-Im Credit Facility are required to be repaid in 16 semi-annual principal installments, which commenced on April 15, 2018 , with a maturity date of October 15, 2025 . Pursuant to the terms of the Ex-Im Credit Facility, certain insurance proceeds related to the ViaSat-2 satellite must be used to pay down outstanding borrowings under the Ex-Im Credit Facility upon receipt. The Ex-Im Credit Facility is guaranteed by Viasat and is secured by first-priority liens on the ViaSat-2 satellite and related assets, as well as a pledge of the capital stock of the borrower under the facility. The Ex-Im Credit Facility contains financial covenants regarding Viasat’s maximum total leverage ratio and minimum interest coverage ratio. In addition, the Ex-Im Credit Facility contains covenants that restrict, among other things, the Company’s ability to sell assets, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments. The Company was in compliance with its financial covenants under the Ex-Im Credit Facility as of December 31, 2021. Borrowings under the Ex-Im Credit Facility are recorded as current portion of long-term debt and as other long-term debt, net of unamortized discount and debt issuance costs, in the Company’s condensed consolidated financial statements. The discount of $ 42.3 million (consisting of the initial $ 6.0 million pre-exposure fee, $ 35.3 million of completion exposure fees, and other customary fees) and deferred financing cost associated with the issuance of the borrowings under the Ex-Im Credit Facility are amortized to interest expense on an effective interest rate basis over the weighted average term of the Ex-Im Credit Facility and in accordance with the related payment obligations. Senior Notes Senior Notes due 2028 In June 2020, the Company issued $ 400.0 million in principal amount of 2028 Notes in a private placement to institutional buyers. The 2028 Notes were issued at face value and are recorded as long-term debt, net of debt issuance costs, in the Company’s condensed consolidated financial statements. The 2028 Notes bear interest at the rate of 6.500 % per year, payable semi-annually in cash in arrears, which interest payments commenced in January 2021. Debt issuance costs associated with the issuance of the 2028 Notes are amortized to interest expense on a straight-line basis over the term of the 2028 Notes, the results of which are not materially different from the effective interest rate basis. The 2028 Notes are required to be guaranteed on an unsecured senior basis by each of the Company’s existing and future subsidiaries that guarantees the Revolving Credit Facility. As of December 31, 2021, none of the Company’s subsidiaries guaranteed the 2028 Notes. The 2028 Notes are the Company’s general senior unsecured obligations and rank equally in right of payment with all of the Company’s existing and future unsecured unsubordinated debt. The 2028 Notes are effectively junior in right of payment to the Company’s existing and future secured debt, including under the Credit Facilities and the 2027 Notes (to the extent of the value of the assets securing such debt), are structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries that do not guarantee the 2028 Notes, and are senior in right of payment to all of the Company’s existing and future subordinated indebtedness. The indenture governing the 2028 Notes limits, among other things, the Company’s and its restricted subsidiaries’ ability to: incur, assume or guarantee additional debt; issue redeemable stock and preferred stock; pay dividends, make distributions or redeem or repurchase capital stock; prepay, redeem or repurchase subordinated debt; make loans and investments; grant or incur liens; restrict dividends, loans or asset transfers from restricted subsidiaries; sell or otherwise dispose of assets; enter into transactions with affiliates; reduce the Company’s satellite insurance; and consolidate or merge with, or sell substantially all of their assets to, another person. Prior to July 15, 2023, the Company may redeem up to 40% of the 2028 Notes at a redemption price of 106.500 % of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the redemption date, from the net cash proceeds of specified equity offerings. The Company may also redeem the 2028 Notes prior to July 15, 2023, in whole or in part, at a redemption price equal to 100 % of the principal amount thereof plus the applicable premium and any accrued and unpaid interest, if any, thereon to the redemption date. The applicable premium is calculated as the greater of: (i) 1.0% of the principal amount of such 2028 Notes and (ii) the excess, if any, of (a) the present value at such date of redemption of (1) the redemption price of such 2028 Notes on July 15, 2023 plus (2) all required interest payments due on such 2028 Notes through July 15, 2023 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the treasury rate (as defined under the indenture governing the 2028 Notes) plus 50 basis points, over (b) the then-outstanding principal amount of such 2028 Notes. The 2028 Notes may be redeemed, in whole or in part, at any time during the 12 months beginning on July 15, 2023 at a redemption price of 103.250 % , during the 12 months beginning on July 15, 2024 at a redemption price of 101.625 % , and at any time on or after July 15, 2025 at a redemption price of 100 %, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. In the event a change of control triggering event occurs (as defined in the indenture governing the 2028 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2028 Notes at a purchase price in cash equal to 101 % of the aggregate principal amount of the 2028 Notes repurchased, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). Senior Secured Notes due 2027 In March 2019, the Company issued $ 600.0 million in principal amount of 2027 Notes in a private placement to institutional buyers. The 2027 Notes were issued at face value and are recorded as long-term debt, net of debt issuance costs, in the Company’s condensed consolidated financial statements. The 2027 Notes bear interest at the rate of 5.625 % per year, payable semi-annually in cash in arrears, which interest payments commenced in October 2019. Debt issuance costs associated with the issuance of the 2027 Notes are amortized to interest expense on a straight-line basis over the term of the 2027 Notes, the results of which are not materially different from the effective interest rate basis. The 2027 Notes are required to be guaranteed on a senior secured basis by each of the Company’s existing and future subsidiaries that guarantees the Revolving Credit Facility. As of December 31, 2021, none of the Company’s subsidiaries guaranteed the 2027 Notes. The 2027 Notes are secured, equally and ratably with the Revolving Credit Facility and any future parity lien debt, by liens on substantially all of the Company’s assets. The 2027 Notes are the Company’s general senior secured obligations and rank equally in right of payment with all of its existing and future unsubordinated debt. The 2027 Notes are effectively senior to all of the Company’s existing and future unsecured debt (including the 2025 Notes and the 2028 Notes) as well as to all of any permitted junior lien debt that may be incurred in the future, in each case to the extent of the value of the assets securing the 2027 Notes. The 2027 Notes are effectively subordinated to any obligations that are secured by liens on assets that do not constitute a part of the collateral securing the 2027 Notes, are structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries that do not guarantee the 2027 Notes (including obligations of the borrower under the Ex-Im Credit Facility), and are senior in right of payment to all of the Company’s existing and future subordinated indebtedness. The indenture governing the 2027 Notes limits, among other things, the Company’s and its restricted subsidiaries’ ability to: incur, assume or guarantee additional debt; issue redeemable stock and preferred stock; pay dividends, make distributions or redeem or repurchase capital stock; prepay, redeem or repurchase subordinated debt; make loans and investments; grant or incur liens; restrict dividends, loans or asset transfers from restricted subsidiaries; sell or otherwise dispose of assets; enter into transactions with affiliates; reduce the Company’s satellite insurance; and consolidate or merge with, or sell substantially all of their assets to, another person. Prior to April 15, 2022, the Company may redeem up to 40% of the 2027 Notes at a redemption price of 105.625 % of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the redemption date, from the net cash proceeds of specified equity offerings. The Company may also redeem the 2027 Notes prior to April 15, 2022, in whole or in part, at a redemption price equal to 100 % of the principal amount thereof plus the applicable premium and any accrued and unpaid interest, if any, thereon to the redemption date. The applicable premium is calculated as the greater of: (i) 1.0% of the principal amount of such 2027 Notes and (ii) the excess, if any, of (a) the present value at such date of redemption of (1) the redemption price of such 2027 Notes on April 15, 2022 plus (2) all required interest payments due on such 2027 Notes through April 15, 2022 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the treasury rate (as defined under the indenture governing the 2027 Notes) plus 50 basis points, over (b) the then-outstanding principal amount of such 2027 Notes. The 2027 Notes may be redeemed, in whole or in part, at any time during the 12 months beginning on April 15, 2022 at a redemption price of 102.813 % , during the 12 months beginning on April 15, 2023 at a redemption price of 101.406 % , and at any time on or after April 15, 2024 at a redemption price of 100 %, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. In the event a change of control triggering event occurs (as defined in the indenture governing the 2027 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2027 Notes at a purchase price in cash equal to 101 % of the aggregate principal amount of the 2027 Notes repurchased, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). Senior Notes due 2025 In September 2017, the Company issued $ 700.0 million in principal amount of 2025 Notes in a private placement to institutional buyers. The 2025 Notes were issued at face value and are recorded as long-term debt, net of debt issuance costs, in the Company’s condensed consolidated financial statements. The 2025 Notes bear interest at the rate of 5.625 % per year, payable semi-annually in cash in arrears, which interest payments commenced in March 2018. Debt issuance costs associated with the issuance of the 2025 Notes are amortized to interest expense on a straight-line basis over the term of the 2025 Notes, the results of which are not materially different from the effective interest rate basis. The 2025 Notes are required to be guaranteed on an unsecured senior basis by each of the Company’s existing and future subsidiaries that guarantees the Revolving Credit Facility. As of December 31, 2021, none of the Company’s subsidiaries guaranteed the 2025 Notes. The 2025 Notes are the Company’s general senior unsecured obligations and rank equally in right of payment with all of the Company’s existing and future unsecured unsubordinated debt. The 2025 Notes are effectively junior in right of payment to the Company’s existing and future secured debt, including under the Credit Facilities and the 2027 Notes (to the extent of the value of the assets securing such debt), are structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries that do not guarantee the 2025 Notes, and are senior in right of payment to all of the Company’s existing and future subordinated indebtedness. The indenture governing the 2025 Notes limits, among other things, the Company’s and its restricted subsidiaries’ ability to: incur, assume or guarantee additional debt; issue redeemable stock and preferred stock; pay dividends, make distributions or redeem or repurchase capital stock; prepay, redeem or repurchase subordinated debt; make loans and investments; grant or incur liens; restrict dividends, loans or asset transfers from restricted subsidiaries; sell or otherwise dispose of assets; enter into transactions with affiliates; reduce the Company’s satellite insurance; and consolidate or merge with, or sell substantially all of their assets to, another person. The 2025 Notes may be redeemed, in whole or in part, at any time prior to September 15, 2022 at a redemption price of 101.406 % , and at any time thereafter at a redemption price of 100 %, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. In the event a change of control triggering event occurs (as defined in the indenture governing the 2025 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2025 Notes at a purchase price in cash equal to 101 % of the aggregate principal amount of the 2025 Notes repurchased, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). |
Product Warranty
Product Warranty | 9 Months Ended |
Dec. 31, 2021 | |
Guarantees And Product Warranties [Abstract] | |
Product Warranty | Note 7 — Product Warranty The Company provides limited warranties on its products for periods of up to five years . The Company records a liability for its warranty obligations when products are shipped or they are included in long-term construction contracts based upon an estimate of expected warranty costs. Amounts expected to be incurred within 12 months are classified as accrued liabilities and amounts expected to be incurred beyond 12 months are classified as other liabilities in the condensed consolidated financial statements. For mature products, the warranty cost estimates are based on historical experience with the particular product. For newer products that do not have a history of warranty costs, the Company bases its estimates on its experience with the technology involved and the types of failures that may occur. It is possible that the Company’s underlying assumptions will not reflect the actual experience and, in that case, future adjustments will be made to the recorded warranty obligation. The following table reflects the change in the Company’s warranty accrual during the nine months ended December 31, 2021 and 2020: Nine Months Ended December 31, December 31, (In thousands) Balance, beginning of period $ 11,886 $ 11,643 Change in liability for warranties 4,064 4,120 Settlements made (in cash or in kind) ( 5,242 ) ( 3,882 ) Balance, end of period $ 10,708 $ 11,881 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8 — Commitments and Contingencies The Company has entered into satellite construction agreements with The Boeing Company (Boeing) for the construction and purchase of three ViaSat-3 class satellites and the integration of Viasat’s payload and technologies into the satellites. See Note 12 – Commitments to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021 for information regarding the Company’s future minimum payments under its satellite construction contracts and other satellite-related purchase commitments. From time to time, the Company is involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of business, including government investigations and claims, and other claims and proceedings with respect to intellectual property, breach of contract, labor and employment, tax and other matters. Such matters could result in fines; penalties, compensatory, treble or other damages; or non-monetary relief. A violation of government contract laws and regulations could also result in the termination of its government contracts or debarment from bidding on future government contracts. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of its current pending matters will not have a material adverse effect on its business, financial condition, results of operations or liquidity. The Company has contracts with various U.S. Government agencies. Accordingly, the Company is routinely subject to audit and review by the DCMA, the DCAA and other U.S. Government agencies of its performance on government contracts, indirect rates and pricing practices, accounting and management internal control business systems, and compliance with applicable contracting and procurement laws, regulations and standards. An adverse outcome to a review or audit or other failure to comply with applicable contracting and procurement laws, regulations and standards could result in material civil and criminal penalties and administrative sanctions being imposed on the Company, which may include termination of contracts, forfeiture of profits, triggering of price reduction clauses, suspension of payments, significant customer refunds, fines and suspension, or a prohibition on doing business with U.S. Government agencies. In addition, if the Company fails to obtain an “adequate” determination of its various accounting and management internal control business systems from applicable U.S. Government agencies or if allegations of impropriety are made against it, the Company could suffer serious harm to its business or its reputation, including its ability to bid on new contracts or receive contract renewals and its competitive position in the bidding process. The Company’s incurred cost audits by the DCAA have not been concluded for fiscal years 2020 or 2021. As of December 31, 2021, the DCAA had completed its incurred cost audit for fiscal years 2004, 2016 and 2019 and approved the Company’s incurred costs for those fiscal years, as well as approved the Company’s incurred costs for fiscal years 2005 through 2015, 2017 and 2018 without further audit based on the determination of low risk. Although the Company has recorded contract revenues subsequent to fiscal year 2019 based upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company does not know the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed the Company’s estimates, its profitability would be adversely affected. As of December 31, 2021 and March 31, 2021 , the Company had $ 12.1 million and $ 10.3 million, respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on several multi-year U.S. Government cost reimbursable contracts. This reserve is classified as either an element of accrued liabilities or as a reduction of unbilled accounts receivable based on the status of the related contracts. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 — Income Taxes Ordinarily, the Company calculates its provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. However, when a reliable estimate cannot be made, the Company computes its provision for income taxes using the actual effective tax rate (discrete method) for the year-to-date period. The Company’s effective tax rate is highly influenced by the amount of its R&D tax credits. A small change in estimated annual pretax income (loss) can produce a significant variance in the annual effective tax rate given the Company’s expected amount of R&D tax credits. This variability provides an unreliable estimate of the annual effective tax rate. As a result, and in accordance with the authoritative guidance for accounting for income taxes in interim periods, the Company has computed its provision for income taxes for the three and nine months ended December 31, 2021 and 2020 by applying the actual effective tax rate to the income (loss) for the three-month and nine-month periods. For the three and nine months ended December 31, 2021, the Company recorded an income tax provision of $ 3.5 million and an income tax benefit of $ 3.5 million, respectively, resulting in effective tax rates of negative 701 % and negative 22 % , respectively. The effective tax rates for such periods differed from the U.S. statutory rate primarily due to the benefit of federal and state R&D tax credits, partially offset by the expense for tax deficiencies upon settlement of stock-based compensation during the periods and, in the nine months ended December 31, 2021, a reversal of a deferred tax liability recorded for EBI’s outside basis difference upon the assertion made during the first quarter of fiscal year 2022 to indefinitely reinvest future earnings. For the three and nine months ended December 31, 2020, the Company recorded an income tax provision of $ 7.0 million and an insignificant amount, respectively, resulting in effective tax rates of 50 % and 24 % , respectively. The effective tax rates for the periods differed from the U.S. statutory rate primarily due to the expense for tax deficiencies upon settlement of stock-based compensation during the periods, partially offset by the benefit of federal and state R&D tax credits. Future realization of existing deferred tax assets ultimately depends on future profitability and the existence of sufficient taxable income of appropriate character (for example, ordinary income versus capital gains) within the carryforward period available under tax law. In the event that the Company’s estimate of taxable income is less than that required to utilize the full amount of any deferred tax asset, a valuation allowance is established, which would cause a decrease to income in the period such determination is made. For the three and nine months ended December 31, 2021 , the Company’s gross unrecognized tax benefits increased by $ 6.7 million and $ 13.1 million, respectively, including interest and penalties of an insignificant amount, which were included as a component of the provision for income taxes. In the next 12 months it is reasonably possible that the amount of unrecognized tax benefits will not change significantly. |
Equity Method Investments and R
Equity Method Investments and Related-Party Transactions | 9 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments And Related Party Transactions [Abstract] | |
Equity Method Investments and Related-Party Transactions | Note 10 — Equity Method Investments and Related-Party Transactions Euro Broadband Infrastructure Sàrl In March 2017, the Company acquired a 49 % interest in EBI for $ 139.5 million as part of the consummation of the Company’s strategic partnering arrangement with Eutelsat. On April 30, 2021, EBI became a consolidated subsidiary when the Company purchased the remaining 51 % interest in EBI from Eutelsat (see Note 12 — Acquisitions — EBI for more information). Prior to the purchase of the remaining 51 % interest on April 30, 2021, the Company’s investment in EBI was accounted for under the equity method and the total investment including basis difference allocated to tangible assets, identifiable intangible assets, deferred income taxes and goodwill, was classified as a single line item, as an investment in unconsolidated affiliate, in the Company’s condensed consolidated balance sheets. Because the underlying net assets in EBI and the related excess carrying value of investment over the proportionate share of net assets was denominated in Euros, foreign currency translation gains or losses impacted the recorded value of the Company’s investment. Prior to the purchase, the Company’s investment in EBI was presented at cost of investment plus its accumulated proportional share of income or loss, including amortization of the difference in the historical basis of the Company’s contribution, less any distributions it has received. The difference between the Company’s carrying value of its investment in EBI and its proportionate share of the net assets of EBI as of March 31, 2021 is summarized as follows: As of Carrying value of investment in EBI $ 176,938 Less: proportionate share of net assets of Euro 159,394 Excess carrying value of investment over $ 17,544 The excess carrying value has been primarily Goodwill $ 23,978 Identifiable intangible assets 8,332 Tangible assets ( 15,781 ) Deferred income taxes 1,015 $ 17,544 As of March 31, 2021, the identifiable intangible assets had useful lives of up to 11 years and a weighted average useful life of approximately ten years , and tangible assets had useful lives of up to 11 years and a weighted average useful life of approximately 11 years. Goodwill is not deductible for tax purposes. The Company’s share of earnings on its investment in EBI was no ne and an insignificant amount for the three and nine months ended December 31, 2021, respectively, and an insignificant amount for both the three and nine months ended December 31, 2020, consisting of the Company’s share of equity in EBI’s income (loss), including amortization of the difference in the historical basis of the Company’s contribution. Prior to the purchase of the remaining 51 % interest on April 30, 2021, the Company recorded its proportionate share of the results of EBI, and any related basis difference amortization expense, within equity in income of unconsolidated affiliate, net, one quarter in arrears. Subsequent to April 30, 2021, the results of EBI have been included within the consolidated results of the Company and will no longer be recorded in arrears with no material impact. Since acquiring its initial interest in EBI through the purchase date, the Company recorded $ 10.4 million in retained earnings of undistributed cumulative earnings in equity interests, net of tax, as of April 30, 2021. Related-party transactions Transactions with the equity method investee are considered related-party transactions. In the first quarter of fiscal year 2022, the Company acquired the remaining 51 % interest in its former equity method investee, EBI. Refer to Note 12 — Acquisitions — EBI for further information. The following tables set forth the material related-party transactions entered into between EBI and its subsidiaries, on the one hand, and the Company and its subsidiaries, on the other hand, in the ordinary course of business for the time periods presented: Three Months Ended Nine Months Ended December 31, 2020 December 31, 2020 (In thousands) Revenue – EBI $ 8,319 $ 9,743 Expense – EBI 4,163 12,331 Cash received – EBI 1,773 9,995 Cash paid – EBI 7,867 20,947 As of Collections in excess of revenues and deferred $ 6,013 * Amount was insignificant. |
Segment Information
Segment Information | 9 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Note 11 — Segment Information The Company’s reporting segments, comprised of the satellite services, commercial networks and government systems segments, are primarily distinguished by the type of customer and the related contractual requirements. The Company’s satellite services segment provides satellite-based broadband and related services to residential customers, Community Internet hotspot users, enterprises, commercial airlines and other mobile broadband customers. The Company’s commercial networks segment develops and offers advanced satellite and wireless broadband platforms, ground networking equipment, radio frequency and advanced microwave solutions, Application-Specific Integrated Circuit chip design, satellite payload development and space-to-earth connectivity systems, some of which are ultimately used by the Company’s satellite services segment. The Company’s government systems segment provides global mobile broadband services to military and government users and develops and offers network-centric, internet protocol-based fixed and mobile secure communications products and solutions. The more regulated government environment is subject to unique contractual requirements and possesses economic characteristics which differ from the satellite services and commercial networks segments. The Company’s segments are determined consistent with the way management currently organizes and evaluates financial information internally for making operating decisions and assessing performance. Segment revenues and operating profits (losses) for the three and nine months ended December 31, 2021 and 2020 were as follows: Three Months Ended Nine Months Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (In thousands) Revenues: Satellite services Product $ — $ — $ — $ — Service 309,711 220,789 883,938 638,660 Total 309,711 220,789 883,938 638,660 Commercial networks Product 123,059 75,690 343,525 197,560 Service 16,618 14,409 49,554 38,561 Total 139,677 90,099 393,079 236,121 Government systems Product 193,084 190,824 574,548 575,568 Service 77,245 73,847 234,366 209,976 Total 270,329 264,671 808,914 785,544 Elimination of intersegment revenues — — — — Total revenues $ 719,717 $ 575,559 $ 2,085,931 $ 1,660,325 Operating profits (losses): Satellite services $ 14,152 $ 11,457 $ 43,711 $ 21,083 Commercial networks ( 44,572 ) ( 39,028 ) ( 127,601 ) ( 135,785 ) Government systems 42,478 50,644 133,866 148,002 Elimination of intersegment operating — — — — Segment operating profit before corporate 12,058 23,073 49,976 33,300 Corporate — — — — Amortization of acquired intangible ( 7,531 ) ( 1,313 ) ( 20,859 ) ( 4,171 ) Income from operations $ 4,527 $ 21,760 $ 29,117 $ 29,129 Assets identifiable to segments include: accounts receivable, unbilled accounts receivable, inventory, acquired intangible assets and goodwill. The Company’s property and equipment, including its satellites, earth stations and other networking equipment, are assigned to corporate assets as they are available for use by the various segments throughout their estimated useful lives. Segment assets as of December 31, 2021 and March 31, 2021 were as follows: As of As of (In thousands) Segment assets: Satellite services $ 437,337 $ 64,048 Commercial networks 228,416 168,334 Government systems 477,909 470,389 Total segment assets 1,143,662 702,771 Corporate assets 4,943,132 4,646,696 Total assets $ 6,086,794 $ 5,349,467 Other acquired intangible assets, net and goodwill included in segment assets as of December 31, 2021 and March 31, 2021 were as follows: Other Acquired Intangible Goodwill As of As of As of As of (In thousands) Satellite services $ 235,240 $ 5,738 $ 82,567 $ 13,814 Commercial networks — — 44,083 44,044 Government systems 2,610 3,830 64,257 64,442 Total $ 237,850 $ 9,568 $ 190,907 $ 122,300 Amortization of acquired intangible assets by segment for the three and nine months ended December 31, 2021 and 2020 was as follows: Three Months Ended Nine Months Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (In thousands) Satellite services $ 7,231 $ 557 $ 19,650 $ 1,612 Commercial networks — — — 257 Government systems 300 756 1,209 2,302 Total amortization of acquired $ 7,531 $ 1,313 $ 20,859 $ 4,171 Revenues by geographic area for the three and nine months ended December 31, 2021 and 2020 were as follows: Three Months Ended Nine Months Ended December 31, 2021 December 31, 2021 (In thousands) U.S. customers $ 616,682 $ 1,782,459 Non-U.S. customers (each country individually insignificant) 103,035 303,472 Total revenues $ 719,717 $ 2,085,931 Three Months Ended Nine Months Ended December 31, 2020 December 31, 2020 (In thousands) U.S. customers $ 512,439 $ 1,523,969 Non-U.S. customers (each country individually insignificant) 63,120 136,356 Total revenues $ 575,559 $ 1,660,325 The Company distinguishes revenues from external customers by geographic area based on customer location. |
Acquisitions
Acquisitions | 9 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Note 12 — Acquisitions Inmarsat Transaction On November 8, 2021, the Company entered into a Share Purchase Agreement with the Sellers to combine Viasat with Inmarsat. Pursuant to the Share Purchase Agreement, the Company will purchase all of the issued and outstanding shares of Inmarsat from the Sellers upon the terms and subject to the conditions set forth therein. The total consideration payable by the Company under the Share Purchase Agreement consists of $ 850.0 million in cash, subject to adjustments, and approximately 46.36 million unregistered shares of the Company’s common stock. The closing of the Inmarsat Transaction is subject to customary closing conditions, including receipt of regulatory approvals and clearances, and approval by the stockholders of the Company of the issuance of shares in the transaction and an amendment to the Company’s certificate of incorporation to increase the number of shares of common stock authorized for issuance. The Share Purchase Agreement contains certain termination rights for both the Company and certain of the Sellers and further provides that, upon termination of the Share Purchase Agreement under certain circumstances, the Company may be obligated to pay a termination fee of up to $ 200.0 million or to reimburse certain out-of-pocket expenses of certain Sellers up to $ 40.0 million. The Company has obtained financing commitments for $ 2.3 billion of new debt facilities in connection with the Inmarsat Transaction (which may be secured and/or unsecured), a portion of which is to be raised between the signing and closing of the Inmarsat Transaction to fund the Company’s standalone growth expenditures. The Company also plans to assume $ 2.1 billion in principal amount of Inmarsat senior secured bonds and the outstanding indebtedness under Inmarsat’s $ 2.4 billion senior secured credit facilities. The Company had also obtained commitments of $ 3.2 billion to backstop certain amendments required under the Credit Facilities and Inmarsat’s $ 2.4 billion senior secured credit facilities, which amendments have been obtained under the Revolving Credit Facility and Inmarsat’s $ 2.4 billion senior secured credit facilities. Euro Broadband Infrastructure Sàrl On April 30, 2021, the Company acquired the remaining 51 % interest in EBI, a broadband services provider, from Eutelsat. By completing the acquisition, the Company gained 100 % ownership and control of EBI and the KA-SAT satellite over EMEA and related ground infrastructure, which is expected to facilitate the diversification of the Company’s business portfolio in Europe, while establishing operations, distribution and sales of satellite-based broadband services, ahead of the anticipated ViaSat-3 (EMEA) satellite launch. The benefits and additional opportunities of the acquisition were among the factors that contributed to a purchase price resulting in the recognition of preliminary estimated goodwill, which was recorded within the Company’s satellite services segment. The goodwill recognized is not deductible for U.S. and foreign income tax purposes. Prior to the acquisition date, the Company owned a 49 % interest in EBI and accounted for the investment using the equity method of accounting (see Note 10 – Equity Method Investments and Related-Party Transactions for more information). The acquisition of the remaining equity interest in EBI was accounted for as a step acquisition in accordance with the authoritative guidance for business combinations (ASC 805). Accordingly, the Company allocated the purchase price of the acquired company to the net tangible assets and intangible assets acquired based upon their preliminary estimated fair values. The Company remeasured the previously held equity method investment to its fair value based upon a valuation of the acquired business, as of the date of acquisition. The Company considered multiple factors in determining the fair value of the previously held equity method investment, including, (i) the price negotiated with the selling shareholder for the remaining 51 % interest in EBI and (ii) an income valuation model (discounted cash flow). As a result of the equity method investment remeasurement, recognition of previously unrecognized foreign currency gain and settlement of insignificant preexisting relationships, the Company recognized an insignificant total net gain included in other income, net, in the condensed consolidated statements of operations and comprehensive income (loss) in the first quarter of fiscal year 2022. The purchase price of $ 327.4 million was primarily comprised of $ 167.0 million of cash, net of what is currently estimated to be an immaterial amount of estimated purchase price consideration to be settled among the parties over the next 24 months ( up to plus or minus € 20.0 million , or approximately $ 22.6 million, see Note 3 — Fair Value Measurements for more information) from the closing date (which after consideration of approximately $ 121.7 million of EBI’s cash on hand, resulted in a net cash outlay of approximately $ 51.0 million) and the fair value of previously held equity method investment of approximately $ 160.4 million. The purchase price allocation is preliminary primarily due to the finalization of the Company’s valuation analysis and review of various tax attributes . The preliminary purchase price allocation of the acquired assets and assumed liabilities based on the estimated fair values as of April 30, 2021, slightly adjusted since the close of the acquisition, primarily between goodwill, identifiable intangible assets and property, equipment and satellites, is as follows: (In thousands) Current assets $ 154,479 Property, equipment and satellites 108,696 Identifiable intangible assets 26,574 Goodwill 42,488 Other assets 1,028 Total assets acquired $ 333,265 Total liabilities assumed $ ( 5,914 ) Total consideration transferred $ 327,351 Amounts assigned to identifiable intangible assets are preliminary and are being amortized on a straight-line basis over their estimated useful lives (which approximates the economic pattern of benefit) and are as follows as of April 30, 2021: Preliminary Estimated Weighted Fair Value Average Useful Life (In thousands) (In years) Customer relationships $ 17,877 8 Other 7,851 7 Trade name 846 2 Total identifiable intangible assets $ 26,574 8 At the closing of the acquisition, EBI became a wholly owned subsidiary of the Company and EBI’s operations have been included in the Company’s condensed consolidated financial statements in the Company’s satellite services segment commencing on the acquisition date. As EBI’s results of operations are not material to the Company’s consolidated results of operations, pro forma results of operations for this acquisition have not been presented. RigNet, Inc. On April 30, 2021, the Company completed the acquisition of all outstanding shares of RigNet, a publicly held leading provider of ultra-secure, intelligent networking solutions and specialized applications. The acquisition of RigNet is beneficial to the Company as it enables the Company to expand into new and adjacent industries, including renewable energy, transportation, maritime, mining and other enterprise markets. These benefits and additional opportunities were among the factors that contributed to a purchase price resulting in the recognition of preliminary estimated goodwill, which was recorded within the Company’s satellite services segment. The goodwill recognized is not deductible for U.S. and foreign income tax purposes. The consideration transferred of approximately $ 317.9 million was primarily comprised of $ 207.2 million of the fair value of approximately 4.0 million shares of the Company’s common stock issued at the closing date, $ 107.3 million related to the pay down of outstanding borrowings of RigNet’s revolving credit facility, a de minimis amount in cash consideration in respect of fractional shares to the former shareholders of RigNet and an insignificant amount of other consideration. In connection with the RigNet acquisition, the Company recorded merger-related transaction costs of an insignificant amount and approximately $ 7.2 million, respectively, for the three and nine months ended December 31, 2021, included in selling, general and administrative expenses. The purchase price allocation is preliminary primarily due to the finalization of the Company’s valuation analysis and review of various tax attributes. The preliminary purchase price allocation of the acquired assets and assumed liabilities based on the estimated fair values as of April 30, 2021 is as follows: (In thousands) Current assets $ 88,166 Property, equipment and satellites 63,191 Identifiable intangible assets 221,540 Goodwill 29,132 Other assets 13,350 Total assets acquired $ 415,379 Current liabilities ( 66,006 ) Other long-term liabilities ( 31,433 ) Total liabilities assumed $ ( 97,439 ) Total consideration transferred $ 317,940 Amounts assigned to identifiable intangible assets are preliminary and are being amortized on a straight-line basis over their estimated useful lives (which approximates the economic pattern of benefit) and are as follows as of April 30, 2021: Preliminary Estimated Weighted Fair Value Average Useful Life (In thousands) (In years) Technology $ 85,440 8 Customer relationships 101,920 12 Trade name 25,540 8 Other 8,640 12 Total identifiable intangible assets $ 221,540 10 In connection with the acquisition, the Company assumed a contingent liability associated with a RigNet predecessor subsidiary of approximately $ 13.8 million, which represented the maximum amount payable under the terms of the agreement. As of December 31, 2021 , no amount remains payable as the maximum amount payable was paid during the first and second quarters of fiscal year 2022. The condensed consolidated financial statements include the operating results of RigNet from the date of acquisition. Since the acquisition date, the Company recorded approximately $ 52.2 million and $ 131.4 million in revenue for the three and nine months ended December 31, 2021 , respectively, and $ 7.0 million and $ 23.2 million of net losses for the three and nine months ended December 31, 2021, respectively, with respect to the RigNet business primarily in the Company’s satellite services segment (with a portion included in its commercial networks segment) in the condensed consolidated statements of operations. Unaudited Pro Forma Financial Information The unaudited financial information in the table below summarizes the combined results of operations for the Company and RigNet on a pro forma basis, as though the companies had been combined as of the beginning of the prior fiscal year, April 1, 2020. The pro forma information is presented for informational purposes only and may not be indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the related fiscal periods. The pro forma financial information for the three-month and nine-month periods ended December 31, 2021, and December 31, 2020 include the business combination accounting effects primarily related to the amortization and depreciation changes from acquired intangible and tangible assets, acquisition-related transaction costs and related tax effects. Three Months Ended Nine Months Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (In thousands) Total revenues $ 719,717 $ 622,606 $ 2,097,548 $ 1,809,485 Net (loss) income attributable $ ( 6,613 ) $ ( 4,308 ) $ 9,222 $ ( 47,628 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of consolidation | The Company’s condensed consolidated financial statements include the assets, liabilities and results of operations of Viasat, its wholly owned subsidiaries and its majority-owned subsidiary, TrellisWare Technologies, Inc. (TrellisWare). During the first quarter of fiscal year 2022, the Company completed the acquisitions of the remaining 51% interest in Euro Broadband Infrastructure Sàrl (EBI) and RigNet, Inc. (RigNet) (see Note 12 – Acquisitions for more information). The acquisitions were accounted for as purchases and accordingly, the condensed consolidated financial statements include the operating results of EBI and RigNet from the dates of acquisition. All significant intercompany amounts have been eliminated. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investment in unconsolidated affiliate in other assets (long-term) on the condensed consolidated balance sheets. On November 8, 2021, the Company entered into a Share Purchase Agreement to combine with Connect Topco Limited, a private company limited by shares and incorporated in Guernsey (Inmarsat), with the shareholders of Inmarsat and certain management and employees who hold options and shares of a subsidiary of Inmarsat whose options and shares will be exchanged for shares of Inmarsat prior to closing (collectively, the Sellers). Pursuant to the Share Purchase Agreement, the Company will purchase all of the issued and outstanding shares of Inmarsat from the Sellers upon the terms and subject to the conditions set forth therein (the Inmarsat Transaction) (see Note 12 – Acquisitions for more information). During the second quarter of fiscal year 2021, the Company issued and sold an aggregate of 4,474,559 shares of the Company’s common stock at a purchase price of $ 39.11 per share to certain accredited investors in a private placement transaction exempt from registration under the Securities Act of 1933, as amended, resulting in net proceeds of approximately $ 174.7 million after deducting offering expenses. |
Management estimates and assumptions | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information and actual results could differ from those estimates. Significant estimates made by management include revenue recognition, stock-based compensation, allowance for doubtful accounts, valuation of goodwill and other intangible assets, patents, orbital slots and other licenses, software development, property, equipment and satellites, long-lived assets, contingencies and income taxes including the valuation allowance on deferred tax assets. |
Revenue recognition | Revenue recognition The Company applies the five-step model under Accounting Standards Codification (ASC) 606 to its contracts with its customers. Under this model the Company (1) identifies the contract with the customer, (2) identifies its performance obligations in the contract, (3) determines the transaction price for the contract, (4) allocates the transaction price to its performance obligations and (5) recognizes revenue when or as it satisfies its performance obligations. These performance obligations generally include the purchase of services (including broadband capacity and the leasing of broadband equipment), the purchase of products, and the development and delivery of complex equipment built to customer specifications under long-term contracts. Performance obligations The timing of satisfaction of performance obligations may require judgment. The Company derives a substantial portion of its revenues from contracts with customers for services, primarily consisting of connectivity services. These contracts typically require advance or recurring monthly payments by the customer. The Company’s obligation to provide connectivity services is satisfied over time as the customer simultaneously receives and consumes the benefits provided. The measure of progress over time is based upon either a period of time (e.g., over the estimated contractual term) or usage (e.g., bandwidth used/bytes of data processed). The Company evaluates whether broadband equipment provided to its customers as part of the delivery of connectivity services represents a lease in accordance with ASC 842. As discussed further below under “Leases - Lessor accounting”, for broadband equipment leased to consumer broadband customers in conjunction with the delivery of connectivity services, the Company accounts for the lease and non-lease components of connectivity service arrangements as a single performance obligation as the connectivity services represent the predominant component. The Company also derives a portion of its revenues from contracts with customers to provide products. Performance obligations to provide products are satisfied at the point in time when control is transferred to the customer. These contracts typically require payment by the customer upon passage of control and determining the point at which control is transferred may require judgment. To identify the point at which control is transferred to the customer, the Company considers indicators that include, but are not limited to, whether (1) the Company has the present right to payment for the asset, (2) the customer has legal title to the asset, (3) physical possession of the asset has been transferred to the customer, (4) the customer has the significant risks and rewards of ownership of the asset, and (5) the customer has accepted the asset. For product revenues, control generally passes to the customer upon delivery of goods to the customer. The vast majority of the Company’s revenues from long-term contracts to develop and deliver complex equipment built to customer specifications are derived from contracts with the U.S. Government (including foreign military sales contracted through the U.S. Government). The Company’s contracts with the U.S. Government typically are subject to the Federal Acquisition Regulation (FAR) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods and services provided under U.S. Government contracts. The pricing for non-U.S. Government contracts is based on the specific negotiations with each customer. Under the typical payment terms of the Company’s U.S. Government fixed-price contracts, the customer pays the Company either performance-based payments (PBPs) or progress payments. PBPs are interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments based on a percentage of the costs incurred as the work progresses. Because the customer can often retain a portion of the contract price until completion of the contract, the Company’s U.S. Government fixed-price contracts generally result in revenue recognized in excess of billings which the Company presents as unbilled accounts receivable on the balance sheet. Amounts billed and due from the Company’s customers are classified as receivables on the balance sheet. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. For the Company’s U.S. Government cost-type contracts, the customer generally pays the Company for its actual costs incurred within a short period of time. For non-U.S. Government contracts, the Company typically receives interim payments as work progresses, although for some contracts, the Company may be entitled to receive an advance payment. The Company recognizes a liability for these advance payments in excess of revenue recognized and presents it as collections in excess of revenues and deferred revenues on the balance sheet. An advance payment is not typically considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect the Company from the other party failing to adequately complete some or all of its obligations under the contract. Performance obligations related to developing and delivering complex equipment built to customer specifications under long-term contracts are recognized over time as these performance obligations do not create assets with an alternative use to the Company and the Company has an enforceable right to payment for performance to date. To measure the transfer of control, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the cost-to-cost measure of progress for its contracts because that best depicts the transfer of control to the customer which occurs as the Company incurs costs on its contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Estimating the total costs at completion of a performance obligation requires management to make estimates related to items such as subcontractor performance, material costs and availability, labor costs and productivity and the costs of overhead. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recognized in the period the loss is determined. Contract costs on U.S. Government contracts are subject to audit and review by the Defense Contracting Management Agency (DCMA), the Defense Contract Audit Agency (DCAA), and other U.S. Government agencies, as well as negotiations with U.S. Government representatives. The Company’s incurred cost audits by the DCAA have not been concluded for fiscal years 2020 or 2021. As of December 31, 2021, the DCAA had completed its incurred cost audit for fiscal years 2004, 2016 and 2019 and approved the Company’s incurred costs for those fiscal years, as well as approved the Company’s incurred costs for fiscal years 2005 through 2015, 2017 and 2018 without further audit based on the determination of low risk. Although the Company has recorded contract revenues subsequent to fiscal year 2019 based upon an estimate of costs that the Company believes will be approved upon final audit or review, the Company does not know the outcome of any ongoing or future audits or reviews and adjustments, and if future adjustments exceed the Company’s estimates, its profitability would be adversely affected. As of December 31, 2021 and March 31, 2021 , the Company had $ 12.1 million and $ 10.3 million, respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on several multi-year U.S. Government cost reimbursable contracts (see Note 8 — Commitments and Contingencies for more information). Evaluation of transaction price The evaluation of transaction price, including the amounts allocated to performance obligations, may require significant judgments. Due to the nature of the work required to be performed on many of the Company’s performance obligations, the estimation of total revenue, and, where applicable, the cost at completion, is complex, subject to many variables and requires significant judgment. The Company’s contracts may contain award fees, incentive fees, or other provisions, including the potential for significant financing components, that can either increase or decrease the transaction price. These amounts, which are sometimes variable, can be dictated by performance metrics, program milestones or cost targets, the timing of payments, and customer discretion. The Company estimates variable consideration at the amount to which it expects to be entitled. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company. In the event an agreement includes embedded financing components, the Company recognizes interest expense or interest income on the embedded financing components using the effective interest method. This methodology uses an implied interest rate which reflects the incremental borrowing rate which would be expected to be obtained in a separate financing transaction. The Company has elected the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. If a contract is separated into more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. Estimating standalone selling prices may require judgment. When available, the Company utilizes the observable price of a good or service when the Company sells that good or service separately in similar circumstances and to similar customers. If a standalone selling price is not directly observable, the Company estimates the standalone selling price by considering all information (including market conditions, specific factors, and information about the customer or class of customer) that is reasonably available. Transaction price allocated to remaining performance obligations The Company’s remaining performance obligations represent the transaction price of firm contracts and orders for which work has not been performed. The Company includes in its remaining performance obligations only those contracts and orders for which it has accepted purchase orders. Remaining performance obligations associated with the Company’s subscribers for fixed consumer and business broadband services in its satellite services segment exclude month-to-month service contracts in accordance with a practical expedient and are estimated using a portfolio approach in which the Company reviews all relevant promotional activities and calculates the remaining performance obligation using the average service component for the portfolio and the average time remaining under the contract. The Company’s future recurring in-flight connectivity service contracts in its satellite services segment do not have minimum service purchase requirements and therefore are not included in the Company’s remaining performance obligations. As of December 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 2.1 billion, of which the Company expects to recognize a little over half over the next 12 months, with the balance recognized thereafter . Disaggregation of revenue The Company operates and manages its business in three reportable segments: satellite services, commercial networks and government systems. Revenue is disaggregated by products and services, customer type, contract type, and geographic area, respectively, as the Company believes this approach best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. The following sets forth disaggregated reported revenue by segment and product and services for the three and nine months ended December 31, 2021 and 2020: Three Months Ended December 31, 2021 Satellite Commercial Government Total (In thousands) Product revenues $ — $ 123,059 $ 193,084 $ 316,143 Service revenues 309,711 16,618 77,245 403,574 Total revenues $ 309,711 $ 139,677 $ 270,329 $ 719,717 Nine Months Ended December 31, 2021 Satellite Commercial Government Total (In thousands) Product revenues $ — $ 343,525 $ 574,548 $ 918,073 Service revenues 883,938 49,554 234,366 1,167,858 Total revenues $ 883,938 $ 393,079 $ 808,914 $ 2,085,931 Three Months Ended December 31, 2020 Satellite Commercial Government Total (In thousands) Product revenues $ — $ 75,690 $ 190,824 $ 266,514 Service revenues 220,789 14,409 73,847 309,045 Total revenues $ 220,789 $ 90,099 $ 264,671 $ 575,559 Nine Months Ended December 31, 2020 Satellite Commercial Government Total (In thousands) Product revenues $ — $ 197,560 $ 575,568 $ 773,128 Service revenues 638,660 38,561 209,976 887,197 Total revenues $ 638,660 $ 236,121 $ 785,544 $ 1,660,325 Revenues from the U.S. Government as an individual customer comprised approximately 24 % and 26 % of total revenues for the three and nine months ended December 31, 2021 , respectively, and approximately 28 % and 30 % of total revenues for the three and nine months ended December 31, 2020, respectively, mainly reported within the government systems segment. Revenues from the Company’s other customers, mainly reported within the commercial networks and satellite services segments, comprised approximately 76 % and 74 % of total revenues for the three and nine months ended December 31, 2021 , respectively, and approximately 72 % and 70 % of total revenues for the three and nine months ended December 31, 2020, respectively. The Company’s satellite services segment revenues are primarily derived from the Company’s fixed broadband services, in-flight services and advanced software and communication infrastructure services (acquired through the RigNet acquisition). Revenues in the Company’s commercial networks and government systems segments are primarily derived from three types of contracts: fixed-price, cost-reimbursement and time-and-materials contracts. Fixed-price contracts (which require the Company to provide products and services under a contract at a specified price) comprised approximately 91 % and 90 % of the Company’s total revenues for these segments for the three and nine months ended December 31, 2021 , respectively, and approximately 91 % and 88 % of the Company’s total revenues for these segments for the three and nine months ended December 31, 2020, respectively. The remainder of the Company’s revenues in these segments for such periods was derived primarily from cost-reimbursement contracts (under which the Company is reimbursed for all actual costs incurred in performing the contract to the extent such costs are within the contract ceiling and allowable under the terms of the contract, plus a fee or profit) and from time-and-materials contracts (under which the Company is reimbursed for the number of labor hours expended at an established hourly rate negotiated in the contract, plus the cost of materials utilized in providing such products or services). Historically, a significant portion of the Company’s revenues in its commercial networks and government systems segments has been derived from customer contracts that include the development of products. The development efforts are conducted in direct response to the customer’s specific requirements and, accordingly, expenditures related to such efforts are included in cost of sales when incurred and the related funding (which includes a profit component) is included in revenues. Revenues for the Company’s funded development from its customer contracts were approximately 24 % and 23 % of its total revenues for the three and nine months ended December 31, 2021 , respectively, and approximately 20 % and 23 % of its total revenues for the three and nine months ended December 31, 2020, respectively. Contract balances Contract balances consist of contract assets and contract liabilities. A contract asset, or with respect to the Company, an unbilled accounts receivable, is recorded when revenue is recognized in advance of the Company’s right to bill and receive consideration, typically resulting from sales under long-term contracts. Unbilled accounts receivable are generally expected to be billed and collected within one year. The unbilled accounts receivable will decrease as provided services or delivered products are billed. The Company receives payments from customers based on a billing schedule established in the Company’s contracts. When consideration is received in advance of the delivery of goods or services, a contract liability, or with respect to the Company, collections in excess of revenues or deferred revenues, is recorded. Reductions in the collections in excess of revenues or deferred revenues will be recorded as the Company satisfies the performance obligations. The following table presents contract assets and liabilities as of December 31, 2021 and March 31, 2021: As of As of (In thousands) Unbilled accounts receivable $ 102,110 $ 70,785 Collections in excess of revenues and deferred revenues 180,854 216,594 Deferred revenues, long-term portion 89,083 84,654 Unbilled accounts receivable increased $ 31.3 million during the nine months ended December 31, 2021 , primarily driven by revenue recognized in the Company’s commercial networks segment in excess of billings. The acquisition of RigNet contributed $1 7.5 million of unbilled accounts receivable. Collections in excess of revenues and deferred revenues decreased $ 35.7 million during the nine months ended December 31, 2021, primarily driven by revenue recognized in excess of advances on goods or services received in the Company’s commercial networks segment. During the three and nine months ended December 31, 2021 , the Company recognized revenue of $ 47.7 million and $ 169.7 million, respectively, that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2021. During the three and nine months ended December 31, 2020 , the Company recognized revenue of $ 7.6 million and $ 82.2 million, respectively, that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2020 . |
Property, equipment and satellites | Property, equipment and satellites Satellites and other property and equipment, including internally developed software, are recorded at cost or, in the case of certain satellites and other property acquired, the fair value at the date of acquisition, net of accumulated depreciation. Capitalized satellite costs consist primarily of the costs of satellite construction and launch, including launch insurance and insurance during the period of in-orbit testing, the net present value of performance incentives expected to be payable to satellite manufacturers (dependent on the continued satisfactory performance of the satellites), costs directly associated with the monitoring and support of satellite construction, and interest costs incurred during the period of satellite construction. The Company also constructs earth stations, network operations systems and other assets to support its satellites, and those construction costs, including interest, are capitalized as incurred. At the time satellites are placed in service, the Company estimates the useful life of its satellites for depreciation purposes based upon an analysis of each satellite’s performance against the original manufacturer’s orbital design life, estimated fuel levels and related consumption rates, as well as historical satellite operating trends. The Company periodically reviews the remaining estimated useful life of its satellites to determine if revisions to estimated useful lives are necessary. Costs incurred for additions to property, equipment and satellites, together with major renewals and betterments, are capitalized and depreciated over the remaining life of the underlying asset. Costs incurred for maintenance, repairs and minor renewals and betterments are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is recognized in operations, which for the periods presented, primarily related to losses incurred for unreturned customer premise equipment (CPE). The Company computes depreciation using the straight-line method over the estimated useful lives of the assets ranging from two to 38 years . Leasehold improvements are capitalized and amortized using the straight-line method over the shorter of the lease term or the life of the improvement. Costs related to internally developed software for internal uses are capitalized after the preliminary project stage is complete and are amortized over the estimated useful lives of the assets, which are approximately three to seven years . Capitalized costs for internal-use software are included in property, equipment and satellites, net in the Company’s condensed consolidated balance sheets. Interest expense is capitalized on the carrying value of assets under construction, in accordance with the authoritative guidance for the capitalization of interest (ASC 835-20). With respect to the construction of satellites, gateway and networking equipment and other assets under construction, the Company capitalized $ 25.8 million and $ 74.2 million of interest expense for the three and nine months ended December 31, 2021 , respectively, and $ 21.8 million and $ 57.7 million for the three and nine months ended December 31, 2020, respectively. The Company owns three satellites in service over North America (ViaSat-2, ViaSat-1 and WildBlue-1) and, after acquiring the remaining interest in EBI during the first quarter of fiscal year 2022, the Company also owns the KA-SAT satellite over Europe, Middle East, and Africa (EMEA). In addition, the Company has lifetime leases of Ka-band capacity on two satellites. The Company also has a global constellation of three third-generation ViaSat-3 class satellites under construction. In addition, the Company owns related earth stations and networking equipment for all of its satellites. The Company procures indoor and outdoor CPE units leased to subscribers under a retail leasing program as part of the Company’s satellite services segment, which are reflected in investing activities and property, equipment and satellites, net in the accompanying condensed consolidated financial statements. The Company depreciates the satellites, earth stations and networking equipment, CPE units and related installation costs over their estimated useful lives. The total cost and accumulated depreciation of CPE units included in property, equipment and satellites, net, as of December 31, 2021 were $ 397.4 million and $ 203.8 million, respectively. The total cost and accumulated depreciation of CPE units included in property, equipment and satellites, net, as of March 31, 2021 were $ 409.9 million and $ 193.7 million, respectively. Occasionally, the Company may enter into finance lease arrangements for various machinery, equipment, computer-related equipment, software, furniture, fixtures, or satellites. The Company records amortization of assets leased under finance lease arrangements within depreciation expense (see Note 1 — Basis of Presentation – Leases for more information). The Company’s finance leases consist primarily of satellite lifetime Ka-band capacity leases and have remaining terms from less than one year to five years . The Company reports assets obtained under finance leases in property, equipment and satellites, net and the current and non-current portions of its finance lease liabilities in current portion of long-term debt and other long-term debt, respectively. |
Capitalized interest policy | Interest expense is capitalized on the carrying value of assets under construction, in accordance with the authoritative guidance for the capitalization of interest (ASC 835-20). |
Lessee Accounting | Lessee accounting For contracts entered into on or after April 1, 2019, the Company assesses at contract inception whether the contract is, or contains, a lease. Generally, the Company determines that a lease exists when (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all economic benefits from use of the asset, and (3) the Company has the right to direct the use of the asset. A lease is classified as a finance lease when one or more of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset, (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset or (5) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease is classified as an operating lease if it does not meet any of these criteria. At the lease commencement date, the Company recognizes a right-of-use asset and a lease liability for all leases, except short-term leases with an original term of 12 months or less. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, less any lease incentives received. All right-of-use assets are periodically reviewed for impairment in accordance with standards that apply to long-lived assets. The lease liability is initially measured at the present value of the lease payments, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term as the underlying leases. Lease payments included in the measurement of lease liabilities consist of (1) fixed lease payments for the noncancelable lease term, (2) fixed lease payments for optional renewal periods where it is reasonably certain the renewal option will be exercised, and (3) variable lease payments that depend on an underlying index or rate, based on the index or rate in effect at lease commencement. Certain of the Company’s real estate lease agreements require variable lease payments that do not depend on an underlying index or rate established at lease commencement. Such payments and changes in payments based on a rate or index are recognized in operating expenses when incurred. Lease expense for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Lease expense for finance leases consists of the depreciation of assets obtained under finance leases on a straight-line basis over the lease term and interest expense on the lease liability based on the discount rate at lease commencement. For both operating and finance leases, lease payments are allocated between a reduction of the lease liability and interest expense. The Company’s operating leases consist primarily of leases for office space, data centers and satellite ground facilities and have remaining terms from less than one year to 11 years, some of which include renewal options, and some of which include options to terminate the leases within one year. Certain earth station leases have renewal terms that have been deemed to be reasonably certain to be exercised and as such have been recognized as part of the Company’s right-of-use assets and lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company recognized right-of-use assets and lease liabilities for such leases in connection with its adoption of ASC 842 as of April 1, 2019. The Company reports operating lease right-of-use assets in operating lease right-of-use assets and the current and non-current portions of its operating lease liabilities in accrued and other liabilities and non-current operating lease liabilities, respectively. |
Lessor Accounting | Lessor accounting For broadband equipment leased to fixed broadband customers in conjunction with the delivery of connectivity services, the Company has made an accounting policy election not to separate the broadband equipment from the related connectivity services. The connectivity services are the predominant component of these arrangements. The connectivity services are accounted for in accordance with ASC 606. The Company is also a lessor for certain insignificant communications equipment. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material. |
Patents, orbital slots and other licenses | Patents, orbital slots and other licenses The Company capitalizes the costs of obtaining or acquiring patents, orbital slots and other licenses. Amortization of intangible assets that have finite lives is provided for by the straight-line method over the shorter of the legal or estimated economic life. Total capitalized costs of $ 3.5 million related to patents were included in other assets as of both December 31, 2021 and March 31, 2021 . The Company capitalized costs of $ 64.1 million and $ 53.8 million related to acquiring and obtaining orbital slots and other licenses included in other assets as of December 31, 2021 and March 31, 2021 , respectively. Accumulated amortization related to these assets was $ 5.0 million and $ 4.4 million as of December 31, 2021 and March 31, 2021, respectively. Amortization expense related to these assets was an insignificant amount for the three and nine months ended December 31, 2021 and 2020. If a patent, orbital slot or other license is rejected, abandoned or otherwise invalidated, the unamortized cost is expensed in that period. During the three and nine months ended December 31, 2021 and 2020 , the Company did not write off any significant costs due to abandonment or impairment. |
Debt issuance costs | Debt issuance costs Debt issuance costs are amortized and recognized as interest expense using the effective interest rate method, or, when the results are not materially different, on a straight-line basis over the expected term of the related debt. During the nine months ended December 31, 2021 and 2020 , no debt issuance costs and $ 5.1 million of debt issuance costs were capitalized, respectively. Unamortized debt issuance costs related to extinguished debt are expensed at the time the debt is extinguished and recorded in loss on extinguishment of debt in the condensed consolidated statements of operations and comprehensive income (loss). Debt issuance costs related to the Company’s revolving credit facility (the Revolving Credit Facility) are recorded in prepaid expenses and other current assets and in other long-term assets in the condensed consolidated balance sheets in accordance with the authoritative guidance for imputation of interest (ASC 835-30). Debt issuance costs related to the Company’s 5.625% Senior Notes due 2025 (the 2025 Notes), the Company’s 5.625% Senior Secured Notes due 2027 (the 2027 Notes), the Company’s 6.500% Senior Notes due 2028 (the 2028 Notes and, together with the 2025 Notes and the 2027 Notes, the Notes) and the Ex-Im Credit Facility are recorded as a direct deduction from the carrying amount of the related debt, consistent with debt discounts, in accordance with the authoritative guidance for imputation of interest (ASC 835-30). |
Software development | Software development Costs of developing software for sale are charged to independent research and development expense when incurred, until technological feasibility has been established. Software development costs incurred from the time technological feasibility is reached until the product is available for general release to customers are capitalized and reported at the lower of unamortized cost or net realizable value. Once the product is available for general release, the software development costs are amortized based on the ratio of current to future revenue for each product with an annual minimum equal to straight-line amortization over the remaining estimated economic life of the product, generally within five years . Capitalized costs, net, of $ 223.1 million and $ 237.1 million related to software developed for resale were included in other assets as of December 31, 2021 and March 31, 2021 , respectively. The Company capitalized $ 8.7 million and $ 29.6 million of costs related to software developed for resale for the three and nine months ended December 31, 2021 , respectively. The Company capitalized $ 13.0 million and $ 41.5 million of costs related to software developed for resale for the three and nine months ended December 31, 2020 , respectively. Amortization expense for capitalized software development costs was $ 14.5 million and $ 43.6 million for the three and nine months ended December 31, 2021 , respectively, and $ 17.1 million and $ 45.1 million for the three and nine months ended December 31, 2020 , respectively. |
Self-insurance liabilities | Self-insurance liabilities The Company has self-insurance plans to retain a portion of the exposure for losses related to employee medical benefits and workers’ compensation. The self-insurance plans include policies which provide for both specific and aggregate stop-loss limits. The Company utilizes internal actuarial methods as well as other historical information for the purpose of estimating ultimate costs for a particular plan year. Based on these actuarial methods, along with currently available information and insurance industry statistics, the Company has recorded self-insurance liability for its plans of $ 6.9 million in accrued and other liabilities in the condensed consolidated balance sheets as of both December 31, 2021 and March 31, 2021 . The Company’s estimate, which is subject to inherent variability, is based on average claims experience in the Company’s industry and its own experience in terms of frequency and severity of claims, including asserted and unasserted claims incurred but not reported, with no explicit provision for adverse fluctuation from year to year. This variability may lead to ultimate payments being either greater or less than the amounts presented above. Self-insurance liabilities have been classified as a current liability in accrued and other liabilities in accordance with the estimated timing of the projected payments. |
Indemnification provisions | Indemnification provisions In the ordinary course of business, the Company includes indemnification provisions in certain of its contracts, generally relating to parties with which the Company has commercial relations. Pursuant to these agreements, the Company will indemnify, hold harmless and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, including but not limited to losses relating to third-party intellectual property claims. To date, there have not been any material costs incurred in connection with such indemnification clauses. The Company’s insurance policies do not necessarily cover the cost of defending indemnification claims or providing indemnification, so if a claim was filed against the Company by any party that the Company has agreed to indemnify, the Company could incur substantial legal costs and damages. A claim would be accrued when a loss is considered probable and the amount can be reasonably estimated. At December 31, 2021 and March 31, 2021 , no such amounts were accrued related to the aforementioned provisions. |
Noncontrolling interests | Noncontrolling interests A noncontrolling interest represents the equity interest in a subsidiary that is not attributable, either directly or indirectly, to the Company and is reported as equity of the Company, separately from the Company’s controlling interest. Revenues, expenses, gains, losses, net income (loss) and other comprehensive income (loss) are reported in the condensed consolidated financial statements at the consolidated amounts, which include the amounts attributable to both the controlling and noncontrolling interest. |
Investments in unconsolidated affiliate - equity method | Investments in unconsolidated affiliate — equity method Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investment in unconsolidated affiliate in other assets (long-term) on the condensed consolidated balance sheets. The Company records its share of the results of such entities within equity in income (loss) of unconsolidated affiliate, net on the condensed consolidated statements of operations and comprehensive income (loss). The Company monitors such investments for other-than-temporary impairment by considering factors including the current economic and market conditions and the operating performance of the entities and records reductions in carrying values when necessary. The fair value of privately held investments is estimated using the best available information as of the valuation date, including current earnings trends, undiscounted cash flows, quoted stock prices of comparable public companies, and other company specific information, including recent financing rounds. |
Stock-based compensation | Stock-based compensation In accordance with the authoritative guidance for share-based payments (ASC 718), the Company measures stock-based compensation cost at the grant date, based on the estimated fair value of the award. Expense for restricted stock units and stock options is recognized on a straight-line basis over the employee’s requisite service period. Expense for total shareholder return (TSR) performance stock options that vest is recognized regardless of the actual TSR outcome achieved and is recognized on a graded-vesting basis. The Company accounts for forfeitures as they occur. The Company recognized $ 21.4 million and $ 64.7 million of stock-based compensation expense for the three and nine months ended December 31, 2021, respectively. The Company recognized $ 21.7 million and $ 65.0 million of stock-based compensation expense for the three and nine months ended December 31, 2020 , respectively. The Company recognizes excess tax benefits or deficiencies on vesting or settlement of awards as discrete items within income tax benefit or provision within net income (loss) and the related cash flows are classified within operating activities. |
Income taxes | Income taxes Accruals for uncertain tax positions are provided for in accordance with the authoritative guidance for accounting for uncertainty in income taxes (ASC 740). The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The authoritative guidance for accounting for uncertainty in income taxes also provides guidance on derecognition of income tax assets and liabilities, classification of deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and income tax disclosures. The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. Ordinarily, the Company calculates its provision for income taxes at the end of each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. However, when a reliable estimate cannot be made, the Company computes its provision for income taxes using the actual effective tax rate (discrete method) for the year-to-date period. The Company’s effective tax rate is highly influenced by the amount of its research and development (R&D) tax credits. A small change in estimated annual pretax income (loss) can produce a significant variance in the annual effective tax rate given the Company’s expected amount of R&D tax credits. This variability provides an unreliable estimate of the annual effective tax rate. As a result, and in accordance with the authoritative guidance for accounting for income taxes in interim periods, the Company has computed its provision for income taxes for the three and nine months ended December 31, 2021 and 2020 by applying the actual effective tax rate to the pretax income (loss) for the three-month and nine-month periods. A deferred income tax asset or liability is established for the expected future tax consequences resulting from differences in the financial reporting and tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credit and loss carryforwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. |
Recent authoritative guidance | Recent authoritative guidance In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various areas related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted the new guidance in the first quarter of fiscal year 2022 on a prospective basis and as a result upon purchase of the remaining 51 % interest in EBI from Eutelsat (see Note 12 — Acquisitions for more information), and assertion to permanently reinvest future earnings, the deferred tax liability recorded for EBI’s outside basis difference of $ 8.1 million was reversed and recorded in the first quarter of fiscal year 2022 as an income tax benefit in the condensed consolidated statements of operations and comprehensive income (loss). In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (ASC 321), Investments – Equity Method and Joint Ventures (ASC 323) and Derivatives and Hedging (ASC 815). ASU 2020-01 clarifies the interaction of the accounting for equity securities under ASC 321 and investments accounted for under the equity method of accounting under ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. The Company adopted the new guidance in the first quarter of fiscal year 2022 on a prospective basis and the guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (ASC 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by removing the beneficial conversion and cash conversion accounting models for convertible instruments and removes certain settlement conditions that are required for contracts to qualify for equity classification. This new standard also simplifies the diluted earnings per share calculations by requiring that an entity use the if-converted method for convertible instruments and requires that the effect of potential share settlement be included in diluted earnings per share calculations when an instrument may be settled in cash or shares. The new standard requires entities to provide expanded disclosures about the terms and features of convertible instruments, how the instruments have been reported in the entity’s financial statements, and information about events, conditions, and circumstances that can affect how to assess the amount or timing of an entity’s future cash flows related to those instruments. The new standard will become effective for the Company beginning in fiscal year 2023, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. ASU 2020-08 clarifies that a company should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The Company adopted the new guidance in the first quarter of fiscal year 2022 on a prospective basis and the guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (ASC 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized in accordance with ASC 606 as if the acquirer had originated the contracts. The new standard will become effective for the Company beginning in fiscal year 2024, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. In November 2021, the FASB issued ASU 2021-10, Government Assistance (ASC 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires annual disclosures when an entity accounts for a transaction with a government by applying a grant or contribution accounting model by analogy to other accounting guidance. The new standard will become effective for the Company beginning in fiscal year 2023, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. |
Fair value measurements | In accordance with the authoritative guidance for financial assets and liabilities measured at fair value on a recurring basis (ASC 820), the Company determines fair value based on the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants, and prioritizes the inputs used to measure fair value from market-based assumptions to entity specific assumptions: Level 1 — Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 — Inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation. The Company had $ 5.0 million in cash equivalents (Level 1) and no liabilities measured at fair value on a recurring basis as of both December 31, 2021 and March 31, 2021. The following section describes the valuation methodologies the Company uses to measure financial instruments at fair value: Cash equivalents — The Company’s cash equivalents consist of money market funds. Money market funds are valued using quoted prices for identical assets in an active market with sufficient volume and frequency of transactions (Level 1). Contingencies — In connection with the acquisition of the remaining 51 % interest in EBI on April 30, 2021 (see Note 12 — Acquisitions for more information), part of the purchase price consideration will not be determined until two years after the closing date, when the Company may pay or receive up to € 20.0 million, or approximately $ 22.6 million, in cash. The consideration to be paid in the future is contingent based on certain outcomes as defined in the acquisition agreement. Each reporting period, the Company estimates the fair value of the contingent consideration based on unobservable inputs and probability weightings using standard valuation techniques (Level 3). The fair value amount is currently recorded in other assets on the condensed consolidated balance sheets and any change to fair value is recorded in the Company’s condensed consolidated statements of operations each reporting period. As of and for the three-month and nine-month periods ended December 31, 2021, the Company’s fair value estimate, and change in fair value of the contingent consideration since the acquisition date, were immaterial. Long-term debt — The Company’s long-term debt consists of borrowings under its Revolving Credit Facility and Ex-Im Credit Facility (collectively, the Credit Facilities), $ 700.0 million in aggregate principal amount of 2025 Notes, $ 600.0 million in aggregate principal amount of 2027 Notes, $ 400.0 million in aggregate principal amount of 2028 Notes and finance lease obligations reported at the present value of future minimum lease payments with current accrued interest. Long-term debt related to the Revolving Credit Facility is reported at the outstanding principal amount of borrowings, while long-term debt related to the Ex-Im Credit Facility, the 2025 Notes, the 2027 Notes and the 2028 Notes is reported at amortized cost. However, for disclosure purposes, the Company is required to measure the fair value of outstanding debt on a recurring basis. The fair value of the Company’s long-term debt related to the Revolving Credit Facility approximates its carrying amount due to its variable interest rate, which approximates a market interest rate. As of December 31, 2021 and March 31, 2021 , the fair value of the Company’s long-term debt related to the Ex-Im Credit Facility was determined based on a discounted cash flow analysis using observable market interest rates for instruments with similar terms (Level 2) and was approximately $ 78.9 million and $ 100.1 million, respectively. As of December 31, 2021 and March 31, 2021 , the estimated fair value of the Company’s outstanding long-term debt related to each series of Notes was determined based on actual or estimated bids and offers for such series of Notes in an over-the-counter market (Level 2) and was $ 703.5 million and $ 709.6 million, respectively, for the 2025 Notes, $ 616.2 million and $ 629.2 million, respectively, for the 2027 Notes, and $ 402.5 million and $ 420.5 million, respectively, for the 2028 Notes. Satellite performance incentive obligations — The Company’s contracts with the manufacturers of the ViaSat-1 and ViaSat-2 satellites require the Company to make monthly in-orbit satellite performance incentive payments, including interest, through fiscal year 2027 and fiscal year 2028 , respectively, subject to the continued satisfactory performance of the applicable satellites. The Company records the net present value of these expected future payments as a liability and as a component of the cost of the satellites. However, for disclosure purposes, the Company is required to measure the fair value of outstanding satellite performance incentive obligations on a recurring basis. The fair value of the Company’s outstanding satellite performance incentive obligations is estimated to approximate their carrying value based on current rates (Level 2). As of December 31, 2021 and March 31, 2021 , the Company’s estimated satellite performance incentive obligations relating to the ViaSat-1 and ViaSat-2 satellites, including accrued interest, were $ 24.8 million and $ 27.1 million, respectively. |
Other acquired intangible assets | Other acquired intangible assets are amortized using the straight-line method over their estimated useful lives of two to 20 years (which approximates the economic pattern of benefit). |
Product warranty | The Company provides limited warranties on its products for periods of up to five years . The Company records a liability for its warranty obligations when products are shipped or they are included in long-term construction contracts based upon an estimate of expected warranty costs. Amounts expected to be incurred within 12 months are classified as accrued liabilities and amounts expected to be incurred beyond 12 months are classified as other liabilities in the condensed consolidated financial statements. For mature products, the warranty cost estimates are based on historical experience with the particular product. For newer products that do not have a history of warranty costs, the Company bases its estimates on its experience with the technology involved and the types of failures that may occur. It is possible that the Company’s underlying assumptions will not reflect the actual experience and, in that case, future adjustments will be made to the recorded warranty obligation. |
Segment reporting | The Company’s segments are determined consistent with the way management currently organizes and evaluates financial information internally for making operating decisions and assessing performance. |
Acquisitions | Euro Broadband Infrastructure Sàrl On April 30, 2021, the Company acquired the remaining 51 % interest in EBI, a broadband services provider, from Eutelsat. By completing the acquisition, the Company gained 100 % ownership and control of EBI and the KA-SAT satellite over EMEA and related ground infrastructure, which is expected to facilitate the diversification of the Company’s business portfolio in Europe, while establishing operations, distribution and sales of satellite-based broadband services, ahead of the anticipated ViaSat-3 (EMEA) satellite launch. The benefits and additional opportunities of the acquisition were among the factors that contributed to a purchase price resulting in the recognition of preliminary estimated goodwill, which was recorded within the Company’s satellite services segment. The goodwill recognized is not deductible for U.S. and foreign income tax purposes. Prior to the acquisition date, the Company owned a 49 % interest in EBI and accounted for the investment using the equity method of accounting (see Note 10 – Equity Method Investments and Related-Party Transactions for more information). The acquisition of the remaining equity interest in EBI was accounted for as a step acquisition in accordance with the authoritative guidance for business combinations (ASC 805). Accordingly, the Company allocated the purchase price of the acquired company to the net tangible assets and intangible assets acquired based upon their preliminary estimated fair values. The Company remeasured the previously held equity method investment to its fair value based upon a valuation of the acquired business, as of the date of acquisition. The Company considered multiple factors in determining the fair value of the previously held equity method investment, including, (i) the price negotiated with the selling shareholder for the remaining 51 % interest in EBI and (ii) an income valuation model (discounted cash flow). As a result of the equity method investment remeasurement, recognition of previously unrecognized foreign currency gain and settlement of insignificant preexisting relationships, the Company recognized an insignificant total net gain included in other income, net, in the condensed consolidated statements of operations and comprehensive income (loss) in the first quarter of fiscal year 2022. The purchase price of $ 327.4 million was primarily comprised of $ 167.0 million of cash, net of what is currently estimated to be an immaterial amount of estimated purchase price consideration to be settled among the parties over the next 24 months ( up to plus or minus € 20.0 million , or approximately $ 22.6 million, see Note 3 — Fair Value Measurements for more information) from the closing date (which after consideration of approximately $ 121.7 million of EBI’s cash on hand, resulted in a net cash outlay of approximately $ 51.0 million) and the fair value of previously held equity method investment of approximately $ 160.4 million. The purchase price allocation is preliminary primarily due to the finalization of the Company’s valuation analysis and review of various tax attributes . The preliminary purchase price allocation of the acquired assets and assumed liabilities based on the estimated fair values as of April 30, 2021, slightly adjusted since the close of the acquisition, primarily between goodwill, identifiable intangible assets and property, equipment and satellites, is as follows: (In thousands) Current assets $ 154,479 Property, equipment and satellites 108,696 Identifiable intangible assets 26,574 Goodwill 42,488 Other assets 1,028 Total assets acquired $ 333,265 Total liabilities assumed $ ( 5,914 ) Total consideration transferred $ 327,351 Amounts assigned to identifiable intangible assets are preliminary and are being amortized on a straight-line basis over their estimated useful lives (which approximates the economic pattern of benefit) and are as follows as of April 30, 2021: Preliminary Estimated Weighted Fair Value Average Useful Life (In thousands) (In years) Customer relationships $ 17,877 8 Other 7,851 7 Trade name 846 2 Total identifiable intangible assets $ 26,574 8 At the closing of the acquisition, EBI became a wholly owned subsidiary of the Company and EBI’s operations have been included in the Company’s condensed consolidated financial statements in the Company’s satellite services segment commencing on the acquisition date. As EBI’s results of operations are not material to the Company’s consolidated results of operations, pro forma results of operations for this acquisition have not been presented. RigNet, Inc. On April 30, 2021, the Company completed the acquisition of all outstanding shares of RigNet, a publicly held leading provider of ultra-secure, intelligent networking solutions and specialized applications. The acquisition of RigNet is beneficial to the Company as it enables the Company to expand into new and adjacent industries, including renewable energy, transportation, maritime, mining and other enterprise markets. These benefits and additional opportunities were among the factors that contributed to a purchase price resulting in the recognition of preliminary estimated goodwill, which was recorded within the Company’s satellite services segment. The goodwill recognized is not deductible for U.S. and foreign income tax purposes. The consideration transferred of approximately $ 317.9 million was primarily comprised of $ 207.2 million of the fair value of approximately 4.0 million shares of the Company’s common stock issued at the closing date, $ 107.3 million related to the pay down of outstanding borrowings of RigNet’s revolving credit facility, a de minimis amount in cash consideration in respect of fractional shares to the former shareholders of RigNet and an insignificant amount of other consideration. In connection with the RigNet acquisition, the Company recorded merger-related transaction costs of an insignificant amount and approximately $ 7.2 million, respectively, for the three and nine months ended December 31, 2021, included in selling, general and administrative expenses. The purchase price allocation is preliminary primarily due to the finalization of the Company’s valuation analysis and review of various tax attributes. The preliminary purchase price allocation of the acquired assets and assumed liabilities based on the estimated fair values as of April 30, 2021 is as follows: (In thousands) Current assets $ 88,166 Property, equipment and satellites 63,191 Identifiable intangible assets 221,540 Goodwill 29,132 Other assets 13,350 Total assets acquired $ 415,379 Current liabilities ( 66,006 ) Other long-term liabilities ( 31,433 ) Total liabilities assumed $ ( 97,439 ) Total consideration transferred $ 317,940 Amounts assigned to identifiable intangible assets are preliminary and are being amortized on a straight-line basis over their estimated useful lives (which approximates the economic pattern of benefit) and are as follows as of April 30, 2021: Preliminary Estimated Weighted Fair Value Average Useful Life (In thousands) (In years) Technology $ 85,440 8 Customer relationships 101,920 12 Trade name 25,540 8 Other 8,640 12 Total identifiable intangible assets $ 221,540 10 In connection with the acquisition, the Company assumed a contingent liability associated with a RigNet predecessor subsidiary of approximately $ 13.8 million, which represented the maximum amount payable under the terms of the agreement. As of December 31, 2021 , no amount remains payable as the maximum amount payable was paid during the first and second quarters of fiscal year 2022. The condensed consolidated financial statements include the operating results of RigNet from the date of acquisition. Since the acquisition date, the Company recorded approximately $ 52.2 million and $ 131.4 million in revenue for the three and nine months ended December 31, 2021 , respectively, and $ 7.0 million and $ 23.2 million of net losses for the three and nine months ended December 31, 2021, respectively, with respect to the RigNet business primarily in the Company’s satellite services segment (with a portion included in its commercial networks segment) in the condensed consolidated statements of operations. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Disaggregation of Revenue by Segment and Product and Services | The following sets forth disaggregated reported revenue by segment and product and services for the three and nine months ended December 31, 2021 and 2020: Three Months Ended December 31, 2021 Satellite Commercial Government Total (In thousands) Product revenues $ — $ 123,059 $ 193,084 $ 316,143 Service revenues 309,711 16,618 77,245 403,574 Total revenues $ 309,711 $ 139,677 $ 270,329 $ 719,717 Nine Months Ended December 31, 2021 Satellite Commercial Government Total (In thousands) Product revenues $ — $ 343,525 $ 574,548 $ 918,073 Service revenues 883,938 49,554 234,366 1,167,858 Total revenues $ 883,938 $ 393,079 $ 808,914 $ 2,085,931 Three Months Ended December 31, 2020 Satellite Commercial Government Total (In thousands) Product revenues $ — $ 75,690 $ 190,824 $ 266,514 Service revenues 220,789 14,409 73,847 309,045 Total revenues $ 220,789 $ 90,099 $ 264,671 $ 575,559 Nine Months Ended December 31, 2020 Satellite Commercial Government Total (In thousands) Product revenues $ — $ 197,560 $ 575,568 $ 773,128 Service revenues 638,660 38,561 209,976 887,197 Total revenues $ 638,660 $ 236,121 $ 785,544 $ 1,660,325 |
Summary of Contract Assets and Liabilities | The following table presents contract assets and liabilities as of December 31, 2021 and March 31, 2021: As of As of (In thousands) Unbilled accounts receivable $ 102,110 $ 70,785 Collections in excess of revenues and deferred revenues 180,854 216,594 Deferred revenues, long-term portion 89,083 84,654 |
Composition of Certain Balanc_2
Composition of Certain Balance Sheet Captions (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Composition of Certain Balance Sheet Captions | As of As of (In thousands) Accounts receivable, net: Billed $ 268,013 $ 172,559 Unbilled 102,110 70,785 Allowance for doubtful accounts ( 7,110 ) ( 4,692 ) $ 363,013 $ 238,652 Inventories: Raw materials $ 103,845 $ 98,338 Work in process 76,184 71,875 Finished goods 173,964 166,459 $ 353,993 $ 336,672 Prepaid expenses and other current assets: Prepaid expenses $ 102,826 $ 94,405 Other 42,007 25,555 $ 144,833 $ 119,960 Property, equipment and satellites, net: Equipment and software (estimated useful life of 3 - 7 years ) $ 1,671,024 $ 1,505,697 CPE leased equipment (estimated useful life of 4 - 5 years ) 397,416 409,942 Furniture and fixtures (estimated useful life of 7 years) 60,076 57,433 Leasehold improvements (estimated useful life of 2 - 17 years ) 155,603 149,324 Buildings (estimated useful life of 12 - 38 years ) 12,405 8,923 Land 3,978 2,291 Construction in progress 335,174 219,482 Satellites (estimated useful life of 7 - 17 years ) 1,060,656 969,952 Satellite Ka-band capacity obtained under finance leases (estimated useful life of 7 - 11 years ) 173,480 173,467 Satellites under construction 1,708,565 1,338,408 5,578,377 4,834,919 Less: accumulated depreciation and amortization ( 1,975,196 ) ( 1,784,436 ) $ 3,603,181 $ 3,050,483 Other acquired intangible assets, net: Technology (weighted average useful life of 7 years) $ 150,559 $ 78,185 Contracts and customer relationships (weighted average useful life of 10 years) 167,294 55,161 Satellite co-location rights (weighted average useful life of 9 years) 8,600 8,600 Trade name (weighted average useful life of 7 years) 32,042 5,940 Other (weighted average useful life of 11 years) 22,388 3,663 380,883 151,549 Less: accumulated amortization ( 143,033 ) ( 141,981 ) $ 237,850 $ 9,568 Other assets: Investment in unconsolidated affiliate $ — $ 176,938 Deferred income taxes 289,181 273,288 Capitalized software costs, net 223,142 237,100 Patents, orbital slots and other licenses, net 62,553 52,889 Other 107,610 95,212 $ 682,486 $ 835,427 Accrued and other liabilities : Collections in excess of revenues and deferred revenues $ 180,854 $ 216,594 Accrued employee compensation 83,017 87,153 Accrued vacation 49,134 59,509 Warranty reserve, current portion 5,009 6,693 Operating lease liabilities 50,049 48,896 Other 137,639 113,986 $ 505,702 $ 532,831 Other liabilities: Deferred revenues, long-term portion $ 89,083 $ 84,654 Warranty reserve, long-term portion 5,699 5,193 Satellite performance incentive obligations, long-term portion 19,568 22,191 Deferred income taxes 15,160 — Other 27,594 25,312 $ 157,104 $ 137,350 |
Shares Used In Computing Dilu_2
Shares Used In Computing Diluted Net income (Loss) Per Share (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Shares Used In Computing Diluted Net Income (Loss ) Per Share | Three Months Ended Nine Months Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (In thousands) Weighted average: Common shares outstanding used in 73,917 67,995 73,004 65,704 Options to purchase common stock as — — 8 — TSR performance stock options to — — 34 — Restricted stock units to acquire — 108 869 — Potentially issuable shares in — 565 433 — Shares used in computing diluted net 73,917 68,668 74,348 65,704 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Expected Amortization Expense for Acquired Intangible Assets | The current and expected amortization expense for acquired intangible assets for each of the following periods is as follows: Amortization (In thousands) For the nine months ended December 31, 2021 $ 20,859 Expected for the remainder of fiscal year 2022 $ 7,532 Expected for fiscal year 2023 30,128 Expected for fiscal year 2024 28,678 Expected for fiscal year 2025 26,540 Expected for fiscal year 2026 26,388 Thereafter 118,584 $ 237,850 |
Senior Notes and Other Long-T_2
Senior Notes and Other Long-Term Debt (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Total long-term debt consisted of the following as of December 31, 2021 and March 31, 2021: As of As of (In thousands) 2028 Notes $ 400,000 $ 400,000 2027 Notes 600,000 600,000 2025 Notes 700,000 700,000 Revolving Credit Facility 370,000 — Ex-Im Credit Facility 78,609 98,261 Finance lease obligations (see Note 1) 48,227 56,336 Total debt 2,196,836 1,854,597 Unamortized discount and debt issuance costs ( 17,854 ) ( 21,441 ) Less: current portion of long-term debt 29,590 30,472 Total long-term debt $ 2,149,392 $ 1,802,684 |
Product Warranty (Tables)
Product Warranty (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Guarantees And Product Warranties [Abstract] | |
Change in the Company's Warranty Accrual | The following table reflects the change in the Company’s warranty accrual during the nine months ended December 31, 2021 and 2020: Nine Months Ended December 31, December 31, (In thousands) Balance, beginning of period $ 11,886 $ 11,643 Change in liability for warranties 4,064 4,120 Settlements made (in cash or in kind) ( 5,242 ) ( 3,882 ) Balance, end of period $ 10,708 $ 11,881 |
Equity Method Investments and_2
Equity Method Investments and Related-Party Transactions (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments And Related Party Transactions [Abstract] | |
The Difference Between Carrying Value of Investment in Euro Infrastructure Co. and Proportionate Share of Net Assets of Euro Infrastructure Co. and Summary of Condensed Financial Information of Significant Non-consolidated Equity Method Investment | The difference between the Company’s carrying value of its investment in EBI and its proportionate share of the net assets of EBI as of March 31, 2021 is summarized as follows: As of Carrying value of investment in EBI $ 176,938 Less: proportionate share of net assets of Euro 159,394 Excess carrying value of investment over $ 17,544 The excess carrying value has been primarily Goodwill $ 23,978 Identifiable intangible assets 8,332 Tangible assets ( 15,781 ) Deferred income taxes 1,015 $ 17,544 |
Schedule of Related Party Transactions | The following tables set forth the material related-party transactions entered into between EBI and its subsidiaries, on the one hand, and the Company and its subsidiaries, on the other hand, in the ordinary course of business for the time periods presented: Three Months Ended Nine Months Ended December 31, 2020 December 31, 2020 (In thousands) Revenue – EBI $ 8,319 $ 9,743 Expense – EBI 4,163 12,331 Cash received – EBI 1,773 9,995 Cash paid – EBI 7,867 20,947 As of Collections in excess of revenues and deferred $ 6,013 * Amount was insignificant. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Revenues and Operating Profits (Losses) | Segment revenues and operating profits (losses) for the three and nine months ended December 31, 2021 and 2020 were as follows: Three Months Ended Nine Months Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (In thousands) Revenues: Satellite services Product $ — $ — $ — $ — Service 309,711 220,789 883,938 638,660 Total 309,711 220,789 883,938 638,660 Commercial networks Product 123,059 75,690 343,525 197,560 Service 16,618 14,409 49,554 38,561 Total 139,677 90,099 393,079 236,121 Government systems Product 193,084 190,824 574,548 575,568 Service 77,245 73,847 234,366 209,976 Total 270,329 264,671 808,914 785,544 Elimination of intersegment revenues — — — — Total revenues $ 719,717 $ 575,559 $ 2,085,931 $ 1,660,325 Operating profits (losses): Satellite services $ 14,152 $ 11,457 $ 43,711 $ 21,083 Commercial networks ( 44,572 ) ( 39,028 ) ( 127,601 ) ( 135,785 ) Government systems 42,478 50,644 133,866 148,002 Elimination of intersegment operating — — — — Segment operating profit before corporate 12,058 23,073 49,976 33,300 Corporate — — — — Amortization of acquired intangible ( 7,531 ) ( 1,313 ) ( 20,859 ) ( 4,171 ) Income from operations $ 4,527 $ 21,760 $ 29,117 $ 29,129 |
Segment Assets | Segment assets as of December 31, 2021 and March 31, 2021 were as follows: As of As of (In thousands) Segment assets: Satellite services $ 437,337 $ 64,048 Commercial networks 228,416 168,334 Government systems 477,909 470,389 Total segment assets 1,143,662 702,771 Corporate assets 4,943,132 4,646,696 Total assets $ 6,086,794 $ 5,349,467 |
Other Acquired Intangible Assets, Net and Goodwill Included in Segment Assets and Amortization of Acquired Intangible Assets by Segment | Other acquired intangible assets, net and goodwill included in segment assets as of December 31, 2021 and March 31, 2021 were as follows: Other Acquired Intangible Goodwill As of As of As of As of (In thousands) Satellite services $ 235,240 $ 5,738 $ 82,567 $ 13,814 Commercial networks — — 44,083 44,044 Government systems 2,610 3,830 64,257 64,442 Total $ 237,850 $ 9,568 $ 190,907 $ 122,300 Amortization of acquired intangible assets by segment for the three and nine months ended December 31, 2021 and 2020 was as follows: Three Months Ended Nine Months Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (In thousands) Satellite services $ 7,231 $ 557 $ 19,650 $ 1,612 Commercial networks — — — 257 Government systems 300 756 1,209 2,302 Total amortization of acquired $ 7,531 $ 1,313 $ 20,859 $ 4,171 |
Revenues by Geographic Area | Revenues by geographic area for the three and nine months ended December 31, 2021 and 2020 were as follows: Three Months Ended Nine Months Ended December 31, 2021 December 31, 2021 (In thousands) U.S. customers $ 616,682 $ 1,782,459 Non-U.S. customers (each country individually insignificant) 103,035 303,472 Total revenues $ 719,717 $ 2,085,931 Three Months Ended Nine Months Ended December 31, 2020 December 31, 2020 (In thousands) U.S. customers $ 512,439 $ 1,523,969 Non-U.S. customers (each country individually insignificant) 63,120 136,356 Total revenues $ 575,559 $ 1,660,325 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
EBI Step Acquisition [Member] | |
Business Acquisition [Line Items] | |
Summary of Purchase Price Allocation of Acquired Assets and Assumed Liabilities | The preliminary purchase price allocation of the acquired assets and assumed liabilities based on the estimated fair values as of April 30, 2021, slightly adjusted since the close of the acquisition, primarily between goodwill, identifiable intangible assets and property, equipment and satellites, is as follows: (In thousands) Current assets $ 154,479 Property, equipment and satellites 108,696 Identifiable intangible assets 26,574 Goodwill 42,488 Other assets 1,028 Total assets acquired $ 333,265 Total liabilities assumed $ ( 5,914 ) Total consideration transferred $ 327,351 |
Summary of Identifiable Intangible Assets Amortized on a Straight Line Basis | Amounts assigned to identifiable intangible assets are preliminary and are being amortized on a straight-line basis over their estimated useful lives (which approximates the economic pattern of benefit) and are as follows as of April 30, 2021: Preliminary Estimated Weighted Fair Value Average Useful Life (In thousands) (In years) Customer relationships $ 17,877 8 Other 7,851 7 Trade name 846 2 Total identifiable intangible assets $ 26,574 8 |
RigNet, Inc [Member] | |
Business Acquisition [Line Items] | |
Summary of Purchase Price Allocation of Acquired Assets and Assumed Liabilities | The preliminary purchase price allocation of the acquired assets and assumed liabilities based on the estimated fair values as of April 30, 2021 is as follows: (In thousands) Current assets $ 88,166 Property, equipment and satellites 63,191 Identifiable intangible assets 221,540 Goodwill 29,132 Other assets 13,350 Total assets acquired $ 415,379 Current liabilities ( 66,006 ) Other long-term liabilities ( 31,433 ) Total liabilities assumed $ ( 97,439 ) Total consideration transferred $ 317,940 |
Summary of Identifiable Intangible Assets Amortized on a Straight Line Basis | Amounts assigned to identifiable intangible assets are preliminary and are being amortized on a straight-line basis over their estimated useful lives (which approximates the economic pattern of benefit) and are as follows as of April 30, 2021: Preliminary Estimated Weighted Fair Value Average Useful Life (In thousands) (In years) Technology $ 85,440 8 Customer relationships 101,920 12 Trade name 25,540 8 Other 8,640 12 Total identifiable intangible assets $ 221,540 10 |
Summary of Proforma Financial Information | The pro forma financial information for the three-month and nine-month periods ended December 31, 2021, and December 31, 2020 include the business combination accounting effects primarily related to the amortization and depreciation changes from acquired intangible and tangible assets, acquisition-related transaction costs and related tax effects. Three Months Ended Nine Months Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (In thousands) Total revenues $ 719,717 $ 622,606 $ 2,097,548 $ 1,809,485 Net (loss) income attributable $ ( 6,613 ) $ ( 4,308 ) $ 9,222 $ ( 47,628 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Sep. 30, 2020USD ($)shares | Sep. 30, 2021 | Dec. 31, 2021USD ($)Segmentshares | Dec. 31, 2020USD ($)shares | Apr. 30, 2021 | Mar. 31, 2021USD ($)shares | Jul. 23, 2020$ / shares | |
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Net proceeds form sale of shares after deducting offering expenses | $ 174,700,000 | $ 174,749,000 | |||||||
Revenue, practical expedient, financing component | true | ||||||||
Remaining performance obligations | $ 2,100,000,000 | $ 2,100,000,000 | |||||||
Number of reportable segments | Segment | 3 | ||||||||
Increase (decrease) in unbilled accounts receivable | $ 31,300,000 | ||||||||
Decrease in collections in excess of revenues and deferred revenues | 35,700,000 | ||||||||
Collections in excess of revenues and deferred revenues, recognized revenue | 47,700,000 | $ 7,600,000 | 169,700,000 | 82,200,000 | |||||
Capitalized interest expense | 25,800,000 | 21,800,000 | $ 74,200,000 | 57,700,000 | |||||
Operating lease, existence of option to terminate | true | ||||||||
Operating lease, option to terminate, description | some of which include renewal options, and some of which include options to terminate the leases within one year. | ||||||||
Total capitalized costs related to patents | 3,500,000 | $ 3,500,000 | $ 3,500,000 | ||||||
Total capitalized costs related to orbital slots and other licenses | 64,100,000 | 64,100,000 | 53,800,000 | ||||||
Accumulated amortization of patents, orbital slots and other licenses | 5,000,000 | 5,000,000 | 4,400,000 | ||||||
Debt issuance costs capitalized | 0 | 5,100,000 | |||||||
Capitalized costs, net, related to software developed for resale | 223,142,000 | 223,142,000 | 237,100,000 | ||||||
Capitalized cost related to software development for resale | 8,700,000 | 13,000,000 | 29,600,000 | 41,500,000 | |||||
Amortization expense of capitalized software development costs | 14,500,000 | 17,100,000 | 43,600,000 | 45,100,000 | |||||
Self-insurance liability | 6,900,000 | 6,900,000 | 6,900,000 | ||||||
Repurchase and immediate retirement of treasury shares pursuant to vesting of certain RSU agreements | 20,423,000 | 12,266,000 | 22,165,000 | 13,013,000 | |||||
Stock-based compensation expense | 21,400,000 | 21,700,000 | 64,676,000 | 64,967,000 | |||||
Benefit from income taxes | (3,492,000) | $ (7,008,000) | $ 3,469,000 | $ (573,000) | |||||
Accounting Standards Update 2019-12 [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Description of new accounting pronouncements | In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various areas related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted the new guidance in the first quarter of fiscal year 2022 on a prospective basis and as a result upon purchase of the remaining 51% interest in EBI from Eutelsat (see Note 12 — Acquisitions for more information), and assertion to permanently reinvest future earnings, the deferred tax liability recorded for EBI’s outside basis difference of $8.1 million was reversed and recorded in the first quarter of fiscal year 2022 as an income tax benefit in the condensed consolidated statements of operations and comprehensive income (loss). | ||||||||
Benefit from income taxes | $ 8,100,000 | ||||||||
Accounting Standards Update 2020-01 [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Description of new accounting pronouncements | In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (ASC 321), Investments – Equity Method and Joint Ventures (ASC 323) and Derivatives and Hedging (ASC 815). ASU 2020-01 clarifies the interaction of the accounting for equity securities under ASC 321 and investments accounted for under the equity method of accounting under ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. The Company adopted the new guidance in the first quarter of fiscal year 2022 on a prospective basis and the guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. | ||||||||
Accounting Standards Update 2020-06 [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Description of new accounting pronouncements | In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (ASC 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2020-06 simplifies the accounting for convertible instruments by removing the beneficial conversion and cash conversion accounting models for convertible instruments and removes certain settlement conditions that are required for contracts to qualify for equity classification. This new standard also simplifies the diluted earnings per share calculations by requiring that an entity use the if-converted method for convertible instruments and requires that the effect of potential share settlement be included in diluted earnings per share calculations when an instrument may be settled in cash or shares. The new standard requires entities to provide expanded disclosures about the terms and features of convertible instruments, how the instruments have been reported in the entity’s financial statements, and information about events, conditions, and circumstances that can affect how to assess the amount or timing of an entity’s future cash flows related to those instruments. The new standard will become effective for the Company beginning in fiscal year 2023, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | ||||||||
Accounting Standards Update 2020-08 [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Description of new accounting pronouncements | In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs. ASU 2020-08 clarifies that a company should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The Company adopted the new guidance in the first quarter of fiscal year 2022 on a prospective basis and the guidance did not have a material impact on the Company’s consolidated financial statements and disclosures. | ||||||||
Accounting Standards Update 2021-08 [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Description of new accounting pronouncements | In October 2021, the FASB issued ASU 2021-08, Business Combinations (ASC 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires contract assets and contract liabilities acquired in a business combination to be recognized in accordance with ASC 606 as if the acquirer had originated the contracts. The new standard will become effective for the Company beginning in fiscal year 2024, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | ||||||||
Accounting Standards Update 2021-10 [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Description of new accounting pronouncements | In November 2021, the FASB issued ASU 2021-10, Government Assistance (ASC 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires annual disclosures when an entity accounts for a transaction with a government by applying a grant or contribution accounting model by analogy to other accounting guidance. The new standard will become effective for the Company beginning in fiscal year 2023, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. | ||||||||
CPE Leased Equipment [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Property, equipment and satellites | 397,416,000 | $ 397,416,000 | 409,942,000 | ||||||
Accumulated depreciation and amortization | $ 203,800,000 | $ 203,800,000 | 193,700,000 | ||||||
Minimum [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Property, equipment and satellites, estimated useful life (years) | 2 years | ||||||||
Financing lease, remaining lease term | 1 year | 1 year | |||||||
Operating lease, remaining lease term | 1 year | 1 year | |||||||
Estimated useful life, years | 2 years | ||||||||
Minimum [Member] | Internally Developed Software [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Property, equipment and satellites, estimated useful life (years) | 3 years | ||||||||
Minimum [Member] | CPE Leased Equipment [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Property, equipment and satellites, estimated useful life (years) | 4 years | ||||||||
Maximum [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Property, equipment and satellites, estimated useful life (years) | 38 years | ||||||||
Financing lease, remaining lease term | 5 years | 5 years | |||||||
Operating lease, remaining lease term | 11 years | 11 years | |||||||
Estimated useful life, years | 20 years | ||||||||
Maximum [Member] | Software Development Costs [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Estimated useful life, years | 5 years | ||||||||
Maximum [Member] | Internally Developed Software [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Property, equipment and satellites, estimated useful life (years) | 7 years | ||||||||
Maximum [Member] | CPE Leased Equipment [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Property, equipment and satellites, estimated useful life (years) | 5 years | ||||||||
RigNet, Inc [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Unbilled accounts receivable contributed by acquisition | $ 7,500,000 | ||||||||
EBI Step Acquisition [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Percentage of additional interest in subsidiary acquired | 51.00% | ||||||||
Funded Research and Development from Customer Contracts [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Percentage of revenue | 24.00% | 20.00% | 23.00% | 23.00% | |||||
Operating Segments [Member] | Commercial Networks and Government Systems [Member] | Fixed-price Contract [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Percentage of revenue | 91.00% | 91.00% | 90.00% | 88.00% | |||||
U.S. Government as an Individual Customer [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Percentage of revenue | 24.00% | 28.00% | 26.00% | 30.00% | |||||
Other Customers [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Percentage of revenue | 76.00% | 72.00% | 74.00% | 70.00% | |||||
Unfavorable Regulatory Action [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Accrued reserves | $ 12,100,000 | $ 12,100,000 | 10,300,000 | ||||||
Indemnification Agreement [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Accrued reserves | $ 0 | $ 0 | $ 0 | ||||||
Common Stock [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of shares issued and sold | shares | 4,474,559 | 4,474,559 | |||||||
Stock purchase price per share | $ / shares | $ 39.11 | ||||||||
Common stock issued based on the vesting terms of certain restricted stock unit agreements | shares | 1,091,363 | 963,565 | 1,220,370 | 1,028,535 | |||||
Common Stock Held in Treasury [Member] | |||||||||
Company And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Shares of common stock outstanding | shares | 0 | 0 | 0 | ||||||
Purchase of treasury shares pursuant to vesting of certain RSU agreements | shares | 393,891 | 348,629 | 427,229 | 365,544 | |||||
Repurchase and immediate retirement of treasury shares pursuant to vesting of certain RSU agreements | $ 20,400,000 | $ 12,300,000 | $ 22,200,000 | $ 13,000,000 |
Basis of Presentation - Addit_2
Basis of Presentation - Additional Information (Detail 1) | 9 Months Ended |
Dec. 31, 2021 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Company And Summary Of Significant Accounting Policies [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, explanation | Company expects to recognize a little over half over the next 12 months, with the balance recognized thereafter |
Basis of Presentation - Summary
Basis of Presentation - Summary of Disaggregation of Revenue by Segment and Product and Services (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 719,717 | $ 575,559 | $ 2,085,931 | $ 1,660,325 |
Product [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 316,143 | 266,514 | 918,073 | 773,128 |
Service [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 403,574 | 309,045 | 1,167,858 | 887,197 |
Operating Segments [Member] | Satellite Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 309,711 | 220,789 | 883,938 | 638,660 |
Operating Segments [Member] | Satellite Services [Member] | Service [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 309,711 | 220,789 | 883,938 | 638,660 |
Operating Segments [Member] | Commercial Networks [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 139,677 | 90,099 | 393,079 | 236,121 |
Operating Segments [Member] | Commercial Networks [Member] | Product [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 123,059 | 75,690 | 343,525 | 197,560 |
Operating Segments [Member] | Commercial Networks [Member] | Service [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 16,618 | 14,409 | 49,554 | 38,561 |
Operating Segments [Member] | Government Systems [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 270,329 | 264,671 | 808,914 | 785,544 |
Operating Segments [Member] | Government Systems [Member] | Product [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 193,084 | 190,824 | 574,548 | 575,568 |
Operating Segments [Member] | Government Systems [Member] | Service [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 77,245 | $ 73,847 | $ 234,366 | $ 209,976 |
Basis of Presentation - Summa_2
Basis of Presentation - Summary of Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Accounting Policies [Abstract] | ||
Unbilled accounts receivable | $ 102,110 | $ 70,785 |
Collections in excess of revenues and deferred revenues | 180,854 | 216,594 |
Deferred revenues, long-term portion | $ 89,083 | $ 84,654 |
Composition of Certain Balanc_3
Composition of Certain Balance Sheet Captions - Composition of Certain Balance Sheet Captions (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Mar. 31, 2021 | |
Accounts receivable, net: | ||
Accounts receivable, Billed | $ 268,013 | $ 172,559 |
Accounts receivable, Unbilled | 102,110 | 70,785 |
Allowance for doubtful accounts | (7,110) | (4,692) |
Accounts receivable, net | 363,013 | 238,652 |
Inventories: | ||
Raw materials | 103,845 | 98,338 |
Work in process | 76,184 | 71,875 |
Finished goods | 173,964 | 166,459 |
Inventories | 353,993 | 336,672 |
Prepaid expenses and other current assets: | ||
Prepaid expenses | 102,826 | 94,405 |
Other | 42,007 | 25,555 |
Prepaid expenses and other current assets | 144,833 | 119,960 |
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 5,578,377 | 4,834,919 |
Less: accumulated depreciation and amortization | (1,975,196) | (1,784,436) |
Property and equipment, net | 3,603,181 | 3,050,483 |
Other acquired intangible assets, net: | ||
Other acquired intangible assets, gross | 380,883 | 151,549 |
Less: accumulated amortization | (143,033) | (141,981) |
Other acquired intangible assets, net | 237,850 | 9,568 |
Other assets: | ||
Investment in unconsolidated affiliate | 176,938 | |
Deferred income taxes | 289,181 | 273,288 |
Capitalized software costs, net | 223,142 | 237,100 |
Patents, orbital slots and other licenses, net | 62,553 | 52,889 |
Other | 107,610 | 95,212 |
Other assets | 682,486 | 835,427 |
Accrued and other liabilities: | ||
Collections in excess of revenues and deferred revenues | 180,854 | 216,594 |
Accrued employee compensation | 83,017 | 87,153 |
Accrued vacation | 49,134 | 59,509 |
Warranty reserve, current portion | 5,009 | 6,693 |
Operating lease liabilities | 50,049 | 48,896 |
Other | $ 137,639 | $ 113,986 |
Operating Lease Liability Current Statement Of Financial Position Extensible List | http://www.viasat.com/#AccruedAndOtherLiabilitiesCurrent | http://www.viasat.com/#AccruedAndOtherLiabilitiesCurrent |
Accrued And Other Liabilities Current | $ 505,702 | $ 532,831 |
Accrued and other liabilities | 505,702 | 532,831 |
Other liabilities: | ||
Deferred revenues, long-term portion | 89,083 | 84,654 |
Warranty reserve, long-term portion | 5,699 | 5,193 |
Satellite performance incentive obligations, long-term portion | 19,568 | 22,191 |
Deferred income taxes, long-term | 15,160 | |
Other | 27,594 | 25,312 |
Other liabilities | 157,104 | 137,350 |
Technology [Member] | ||
Other acquired intangible assets, net: | ||
Other acquired intangible assets, gross | 150,559 | 78,185 |
Contracts and Customer Relationships [Member] | ||
Other acquired intangible assets, net: | ||
Other acquired intangible assets, gross | 167,294 | 55,161 |
Satellite Co-Location Rights [Member] | ||
Other acquired intangible assets, net: | ||
Other acquired intangible assets, gross | 8,600 | 8,600 |
Trade Name [Member] | ||
Other acquired intangible assets, net: | ||
Other acquired intangible assets, gross | 32,042 | 5,940 |
Other [Member] | ||
Other acquired intangible assets, net: | ||
Other acquired intangible assets, gross | 22,388 | 3,663 |
Satellites [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 1,060,656 | 969,952 |
Satellites under Construction [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 1,708,565 | 1,338,408 |
Equipment and Software [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 1,671,024 | 1,505,697 |
CPE Leased Equipment [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 397,416 | 409,942 |
Satellite Ka-band Capacity Obtained under Finance Leases [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 173,480 | 173,467 |
Furniture and Fixtures [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 60,076 | 57,433 |
Leasehold Improvements [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 155,603 | 149,324 |
Buildings [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 12,405 | 8,923 |
Land [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | 3,978 | 2,291 |
Construction in Progress [Member] | ||
Property, equipment and satellites, net: | ||
Property, equipment and satellites, gross | $ 335,174 | $ 219,482 |
Composition of Certain Balanc_4
Composition of Certain Balance Sheet Captions - Composition of Certain Balance Sheet Captions (Parenthetical) (Detail) | 9 Months Ended |
Dec. 31, 2021 | |
Technology [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Other acquired intangible assets, weighted average useful life | 7 years |
Contracts and Customer Relationships [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Other acquired intangible assets, weighted average useful life | 10 years |
Satellite Co-Location Rights [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Other acquired intangible assets, weighted average useful life | 9 years |
Trade Name [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Other acquired intangible assets, weighted average useful life | 7 years |
Other [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Other acquired intangible assets, weighted average useful life | 11 years |
Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 2 years |
Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 38 years |
Equipment and Software [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 3 years |
Equipment and Software [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 7 years |
CPE Leased Equipment [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 4 years |
CPE Leased Equipment [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 5 years |
Furniture and Fixtures [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 2 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 17 years |
Buildings [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 12 years |
Buildings [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 38 years |
Satellites [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 7 years |
Satellites [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 17 years |
Satellite Ka-band Capacity Obtained under Finance Leases [Member] | Minimum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 7 years |
Satellite Ka-band Capacity Obtained under Finance Leases [Member] | Maximum [Member] | |
Schedule Of Composition Of Certain Balance Sheet Captions [Line Items] | |
Property, equipment and satellites, estimated useful life (years) | 11 years |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) € in Millions | Apr. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Apr. 30, 2021EUR (€) | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2017USD ($) |
Satellite Performance Incentives Obligation [Member] | ViaSat-1 Satellite [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Expiration year of in-orbit satellite performance incentive obligation | 2027 | ||||||
Satellite Performance Incentives Obligation [Member] | ViaSat-2 Satellite [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Expiration year of in-orbit satellite performance incentive obligation | 2028 | ||||||
2025 Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Principal amount of senior notes issued | $ 700,000,000 | $ 700,000,000 | |||||
2027 Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Principal amount of senior notes issued | 600,000,000 | $ 600,000,000 | |||||
2028 Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Principal amount of senior notes issued | $ 400,000,000 | $ 400,000,000 | |||||
EBI Step Acquisition [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Percentage of additional interest in subsidiary acquired | 51.00% | 51.00% | |||||
Contingent consideration arrangements | the Company may pay or receive up to €20.0 million, or approximately $22.6 million, in cash. | up to plus or minus €20.0 million | |||||
EBI Step Acquisition [Member] | Maximum [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair value estimate of the maximum amount of the contingency | $ 22,600,000 | € 20 | |||||
Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Liabilities measured at fair value on a recurring basis | $ 0 | $ 0 | |||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash equivalents measured at fair value on a recurring basis | 5,000,000 | 5,000,000 | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Satellite Performance Incentives Obligation [Member] | ViaSat-1 and ViaSat-2 Satellites [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Satellite performance incentives obligation | 24,800,000 | 27,100,000 | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | 2025 Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair value of long term debt | 703,500,000 | 709,600,000 | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | 2027 Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair value of long term debt | 616,200,000 | 629,200,000 | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | 2028 Notes [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair value of long term debt | 402,500,000 | 420,500,000 | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Ex-Im Credit Facility [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair value of long term debt | $ 78,900,000 | $ 100,100,000 |
Shares Used In Computing Dilu_3
Shares Used In Computing Diluted Net Income (Loss) Per Share - Shares Used In Computing Diluted Net Income (Loss) Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares Used In Computing Diluted Net Income Loss Per Share [Line Items] | ||||
Weighted average common shares outstanding used in calculating basic net (loss) income per share attributable to Viasat, Inc. common stockholders | 73,917 | 67,995 | 73,004 | 65,704 |
Weighted average restricted stock units to acquire common stock as determined by application of the treasury stock method | 108 | 869 | ||
Weighted average potentially issuable shares in connection with certain terms of the Viasat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan | 565 | 433 | ||
Weighted average shares used in computing diluted net (loss) income per share attributable to Viasat, Inc. common stockholders | 73,917 | 68,668 | 74,348 | 65,704 |
Employee Stock Option [Member] | ||||
Shares Used In Computing Diluted Net Income Loss Per Share [Line Items] | ||||
Weighted average options to purchase common stock as determined by application of the treasury stock method | 8 | |||
TSR Performance Stock Options [Member] | ||||
Shares Used In Computing Diluted Net Income Loss Per Share [Line Items] | ||||
Weighted average options to purchase common stock as determined by application of the treasury stock method | 34 |
Shares Used In Computing Dilu_4
Shares Used In Computing Diluted Net Income (Loss) Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 820,948 | 1,082,081 | 918,054 | 1,176,106 |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 1,842,847 | 2,928,601 | 1,084,275 | 2,514,857 |
Viasat 401(k) Profit Sharing Plan and Employee Stock Purchase Plan [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 463,354 | 496,869 | ||
TSR Performance Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 83,961 | 0 | 0 | 0 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of acquired intangible assets | $ 7,531 | $ 1,313 | $ 20,859 | $ 4,171 |
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other acquired intangible assets estimated useful lives | 2 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other acquired intangible assets estimated useful lives | 20 years |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets - Expected Amortization Expense for Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Amortization of acquired intangible assets | $ 7,531 | $ 1,313 | $ 20,859 | $ 4,171 | |
Expected for the remainder of fiscal year 2022 | 7,532 | 7,532 | |||
Expected for fiscal year 2023 | 30,128 | 30,128 | |||
Expected for fiscal year 2024 | 28,678 | 28,678 | |||
Expected for fiscal year 2025 | 26,540 | 26,540 | |||
Expected for fiscal year 2026 | 26,388 | 26,388 | |||
Thereafter | 118,584 | 118,584 | |||
Other acquired intangible assets, net | $ 237,850 | $ 237,850 | $ 9,568 |
Senior Notes and Other Long-T_3
Senior Notes and Other Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Debt Instrument [Line Items] | ||
Finance lease obligations (see Note 1) | $ 48,227,000 | $ 56,336,000 |
Total debt | 2,196,836,000 | 1,854,597,000 |
Unamortized discount and debt issuance costs | (17,854,000) | (21,441,000) |
Less: current portion of long-term debt | 29,590,000 | 30,472,000 |
Total long-term debt | 2,149,392,000 | 1,802,684,000 |
2028 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 400,000,000 | 400,000,000 |
2027 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 600,000,000 | 600,000,000 |
2025 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 700,000,000 | 700,000,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | 370,000,000 | |
Ex-Im Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of debt | $ 78,609,000 | $ 98,261,000 |
Senior Notes and Other Long-T_4
Senior Notes and Other Long-Term Debt - Additional Information (Detail) | 9 Months Ended | |||
Dec. 31, 2021USD ($)Installment | Jun. 30, 2020USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2017USD ($) | |
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit Facility maximum borrowing capacity | $ 700,000,000 | |||
Maturity date of the Credit Facility | Jan. 18, 2024 | |||
Outstanding borrowings under the Credit Facility | $ 370,000,000 | |||
Borrowing availability under the Credit Facility | $ 271,100,000 | |||
Credit Facility interest rate description | Borrowings under the Revolving Credit Facility bear interest, at the Company’s option, at either (1) the highest of the Federal Funds rate plus 0.50%, the Eurodollar rate plus 1.00%, or the administrative agent’s prime rate as announced from time to time, or (2) the Eurodollar rate, plus, in the case of each of (1) and (2), an applicable margin that is based on the Company’s total leverage ratio. | |||
Weighted average interest rate | 1.86% | |||
Credit facility description | The Revolving Credit Facility contains financial covenants regarding a maximum total leverage ratio and a minimum interest coverage ratio. In addition, the Revolving Credit Facility contains covenants that restrict, among other things, the Company’s ability to sell assets, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments. The Company was in compliance with its financial covenants under the Revolving Credit Facility as of December 31, 2021.On November 23, 2021, the Company amended the Revolving Credit Facility to, among other matters, permit the consummation of the Inmarsat Transaction and provide additional covenant flexibility following the completion of the Inmarsat Transaction. These amendments will become effective at and are conditional upon the closing of the Inmarsat Transaction. | |||
Ex-Im Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit Facility maximum borrowing capacity | $ 362,400,000 | |||
Outstanding borrowings under the Credit Facility | $ 78,600,000 | |||
Credit facility description | The Ex-Im Credit Facility contains financial covenants regarding Viasat’s maximum total leverage ratio and minimum interest coverage ratio. In addition, the Ex-Im Credit Facility contains covenants that restrict, among other things, the Company’s ability to sell assets, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments. | |||
Amount of qualified ViaSat-2 satellite costs limited to finance | $ 321,200,000 | |||
Percent of qualified ViaSat-2 expenses used to finance | 85.00% | |||
The maximum exposure fees under Ex-Im Credit Facility | $ 41,200,000 | |||
Interest rate on the outstanding borrowings | 2.38% | |||
Required number of installment repayments | Installment | 16 | |||
Debt maturity date | Oct. 15, 2025 | |||
Effective interest rate on the Ex-Im Credit Facility | 4.54% | |||
Ex-Im credit facility repayment commenced date | Apr. 15, 2018 | |||
Cumulative Ex-Im Credit Facility loan discount | $ 42,300,000 | |||
Exposure fees included in the principal | 35,300,000 | |||
The exposure fees paid under Ex-Im Credit Facility borrowings | $ 6,000,000 | |||
2028 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on the outstanding borrowings | 6.50% | |||
Principal amount of senior notes issued | $ 400,000,000 | $ 400,000,000 | ||
Debt maturity year | 2028 | |||
2028 Notes [Member] | Debt Instrument, Redemption, Other Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 106.50% | |||
Redemption description of Senior Notes | Prior to July 15, 2023, the Company may redeem up to 40% of the 2028 Notes at a redemption price of 106.500% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the redemption date, from the net cash proceeds of specified equity offerings. | |||
2028 Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 100.00% | |||
Redemption description of Senior Notes | The Company may also redeem the 2028 Notes prior to July 15, 2023, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus the applicable premium and any accrued and unpaid interest, if any, thereon to the redemption date. The applicable premium is calculated as the greater of: (i) 1.0% of the principal amount of such 2028 Notes and (ii) the excess, if any, of (a) the present value at such date of redemption of (1) the redemption price of such 2028 Notes on July 15, 2023 plus (2) all required interest payments due on such 2028 Notes through July 15, 2023 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the treasury rate (as defined under the indenture governing the 2028 Notes) plus 50 basis points, over (b) the then-outstanding principal amount of such 2028 Notes. | |||
2028 Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 103.25% | |||
Redemption description of Senior Notes | in whole or in part, at any time during the 12 months beginning on July 15, 2023 at a redemption price of 103.250% | |||
2028 Notes [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 100.00% | |||
Redemption description of Senior Notes | at any time on or after July 15, 2025 at a redemption price of 100%, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. | |||
2028 Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 101.625% | |||
Redemption description of Senior Notes | during the 12 months beginning on July 15, 2024 at a redemption price of 101.625% | |||
2028 Notes [Member] | Change of Control [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 101.00% | |||
Redemption description of Senior Notes | In the event a change of control triggering event occurs (as defined in the indenture governing the 2028 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2028 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2028 Notes repurchased, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). | |||
2027 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on the outstanding borrowings | 5.625% | |||
Principal amount of senior notes issued | $ 600,000,000 | $ 600,000,000 | ||
Debt maturity year | 2027 | |||
2027 Notes [Member] | Debt Instrument, Redemption, Other Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 105.625% | |||
Redemption description of Senior Notes | Prior to April 15, 2022, the Company may redeem up to 40% of the 2027 Notes at a redemption price of 105.625% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the redemption date, from the net cash proceeds of specified equity offerings. | |||
2027 Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 100.00% | |||
Redemption description of Senior Notes | The Company may also redeem the 2027 Notes prior to April 15, 2022, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus the applicable premium and any accrued and unpaid interest, if any, thereon to the redemption date. The applicable premium is calculated as the greater of: (i) 1.0% of the principal amount of such 2027 Notes and (ii) the excess, if any, of (a) the present value at such date of redemption of (1) the redemption price of such 2027 Notes on April 15, 2022 plus (2) all required interest payments due on such 2027 Notes through April 15, 2022 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the treasury rate (as defined under the indenture governing the 2027 Notes) plus 50 basis points, over (b) the then-outstanding principal amount of such 2027 Notes. | |||
2027 Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 102.813% | |||
Redemption description of Senior Notes | in whole or in part, at any time during the 12 months beginning on April 15, 2022 at a redemption price of 102.813% | |||
2027 Notes [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 100.00% | |||
Redemption description of Senior Notes | at any time on or after April 15, 2024 at a redemption price of 100%, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. | |||
2027 Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 101.406% | |||
Redemption description of Senior Notes | during the 12 months beginning on April 15, 2023 at a redemption price of 101.406% | |||
2027 Notes [Member] | Change of Control [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 101.00% | |||
Redemption description of Senior Notes | In the event a change of control triggering event occurs (as defined in the indenture governing the 2027 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2027 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2027 Notes repurchased, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). | |||
2025 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate on the outstanding borrowings | 5.625% | |||
Principal amount of senior notes issued | $ 700,000,000 | $ 700,000,000 | ||
Debt maturity year | 2025 | |||
2025 Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 101.406% | |||
Redemption description of Senior Notes | in whole or in part, at any time prior to September 15, 2022 at a redemption price of 101.406% | |||
2025 Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 100.00% | |||
Redemption description of Senior Notes | at any time thereafter at a redemption price of 100%, in each case plus accrued and unpaid interest, if any, thereon to the redemption date. | |||
2025 Notes [Member] | Change of Control [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage of Senior Notes | 101.00% | |||
Redemption description of Senior Notes | In the event a change of control triggering event occurs (as defined in the indenture governing the 2025 Notes), each holder will have the right to require the Company to repurchase all or any part of such holder’s 2025 Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the 2025 Notes repurchased, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). | |||
Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit Facility maximum borrowing capacity | $ 150,000,000 | |||
Standby letters of credit outstanding amount | $ 58,900,000 |
Product Warranty - Additional I
Product Warranty - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2021 | |
Product Warranties Disclosures [Abstract] | |
Maximum warranty periods provided on limited warranty | 5 years |
Product Warranty - Change in th
Product Warranty - Change in the Company's Warranty Accrual (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance, beginning of period | $ 11,886 | $ 11,643 |
Change in liability for warranties issued in period | 4,064 | 4,120 |
Settlements made (in cash or in kind) during the period | (5,242) | (3,882) |
Balance, end of period | $ 10,708 | $ 11,881 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Mar. 31, 2021 |
Unfavorable Regulatory Action [Member] | ||
Loss Contingencies [Line Items] | ||
U.S. government contract-related reserves | $ 12.1 | $ 10.3 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Provision (benefit) from income taxes | $ 3,492 | $ 7,008 | $ (3,469) | $ 573 |
Effective income tax benefit rate | 701.00% | 50.00% | (22.00%) | 24.00% |
Increase (decrease) in gross unrecognized tax benefits | $ 6,700 | $ 13,100 |
Equity Method Investments and_3
Equity Method Investments and Related-Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Apr. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Earnings from equity method investments | $ 774,000 | $ (256,000) | $ 788,000 | ||||
EBI Step Acquisition [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of additional interest in subsidiary acquired | 51.00% | ||||||
EBI [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Payments, net of transaction costs, to acquire the issued shares in investment | $ 139,500,000 | ||||||
Equity method investment ownership percentage | 49.00% | ||||||
Maximum useful life of intangible assets basis difference, years | 11 years | ||||||
Weighted average useful life of intangible assets basis difference, years | 10 years | ||||||
Maximum useful life of tangible assets basis difference, years | 11 years | ||||||
Weighted average useful life of tangible assets basis difference, years | 11 years | ||||||
Earnings from equity method investments | $ 0 | ||||||
Retained earnings of undistributed cumulative earnings in equity interests, net of tax | $ 10,400,000 |
Equity Method Investments and_4
Equity Method Investments and Related-Party Transactions - The Difference Between Carrying Value of Investment in Euro Infrastructure Co. and Proportionate Share of Net Assets of Euro Infrastructure Co. (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Investment in unconsolidated affiliate | $ 176,938 |
EBI [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Investment in unconsolidated affiliate | 176,938 |
Less: proportionate share of net assets of Euro Infrastructure Co. | 159,394 |
Excess carrying value of investment over proportionate share of net assets | 17,544 |
EBI [Member] | Goodwill [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Excess carrying value of investment over proportionate share of net assets | 23,978 |
EBI [Member] | Identifiable Intangible Assets [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Excess carrying value of investment over proportionate share of net assets | 8,332 |
EBI [Member] | Tangible Assets [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Excess carrying value of investment over proportionate share of net assets | (15,781) |
EBI [Member] | Deferred Income Taxes [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Excess carrying value of investment over proportionate share of net assets | $ 1,015 |
Equity Method Investments and_5
Equity Method Investments and Related-Party Transactions - Schedule of Related Party Transactions (Detail) - EBI [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Revenue | $ 8,319 | $ 9,743 | |
Expense | 4,163 | 12,331 | |
Cash received | 1,773 | 9,995 | |
Cash paid | $ 7,867 | $ 20,947 | |
Collections in excess of revenues and deferred revenues | $ 6,013 |
Segment Information - Segment R
Segment Information - Segment Revenues and Operating Profits (Losses) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||||
Total revenues | $ 719,717 | $ 575,559 | $ 2,085,931 | $ 1,660,325 |
Operating profits (losses): | ||||
Income (loss) from operations | 4,527 | 21,760 | 29,117 | 29,129 |
Amortization of acquired intangible assets | (7,531) | (1,313) | (20,859) | (4,171) |
Product [Member] | ||||
Revenues: | ||||
Total revenues | 316,143 | 266,514 | 918,073 | 773,128 |
Service [Member] | ||||
Revenues: | ||||
Total revenues | 403,574 | 309,045 | 1,167,858 | 887,197 |
Operating Segments [Member] | ||||
Operating profits (losses): | ||||
Income (loss) from operations | 12,058 | 23,073 | 49,976 | 33,300 |
Operating Segments [Member] | Satellite Services [Member] | ||||
Revenues: | ||||
Total revenues | 309,711 | 220,789 | 883,938 | 638,660 |
Operating profits (losses): | ||||
Income (loss) from operations | 14,152 | 11,457 | 43,711 | 21,083 |
Amortization of acquired intangible assets | (7,231) | (557) | (19,650) | (1,612) |
Operating Segments [Member] | Satellite Services [Member] | Service [Member] | ||||
Revenues: | ||||
Total revenues | 309,711 | 220,789 | 883,938 | 638,660 |
Operating Segments [Member] | Commercial Networks [Member] | ||||
Revenues: | ||||
Total revenues | 139,677 | 90,099 | 393,079 | 236,121 |
Operating profits (losses): | ||||
Income (loss) from operations | (44,572) | (39,028) | (127,601) | (135,785) |
Amortization of acquired intangible assets | (257) | |||
Operating Segments [Member] | Commercial Networks [Member] | Product [Member] | ||||
Revenues: | ||||
Total revenues | 123,059 | 75,690 | 343,525 | 197,560 |
Operating Segments [Member] | Commercial Networks [Member] | Service [Member] | ||||
Revenues: | ||||
Total revenues | 16,618 | 14,409 | 49,554 | 38,561 |
Operating Segments [Member] | Government Systems [Member] | ||||
Revenues: | ||||
Total revenues | 270,329 | 264,671 | 808,914 | 785,544 |
Operating profits (losses): | ||||
Income (loss) from operations | 42,478 | 50,644 | 133,866 | 148,002 |
Amortization of acquired intangible assets | (300) | (756) | (1,209) | (2,302) |
Operating Segments [Member] | Government Systems [Member] | Product [Member] | ||||
Revenues: | ||||
Total revenues | 193,084 | 190,824 | 574,548 | 575,568 |
Operating Segments [Member] | Government Systems [Member] | Service [Member] | ||||
Revenues: | ||||
Total revenues | 77,245 | 73,847 | 234,366 | 209,976 |
Material Reconciling Items [Member] | ||||
Operating profits (losses): | ||||
Amortization of acquired intangible assets | $ (7,531) | $ (1,313) | $ (20,859) | $ (4,171) |
Segment Information - Segment A
Segment Information - Segment Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 6,086,794 | $ 5,349,467 |
Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,143,662 | 702,771 |
Operating Segments [Member] | Satellite Services [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 437,337 | 64,048 |
Operating Segments [Member] | Commercial Networks [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 228,416 | 168,334 |
Operating Segments [Member] | Government Systems [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 477,909 | 470,389 |
Corporate, Non-Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 4,943,132 | $ 4,646,696 |
Segment Information - Other Acq
Segment Information - Other Acquired Intangible Assets, Net and Goodwill Included in Segment Assets and Amortization of Acquired Intangible Assets by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Other acquired intangible assets, net | $ 237,850 | $ 237,850 | $ 9,568 | ||
Goodwill | 190,907 | 190,907 | 122,300 | ||
Amortization of acquired intangible assets | 7,531 | $ 1,313 | 20,859 | $ 4,171 | |
Operating Segments [Member] | Satellite Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other acquired intangible assets, net | 235,240 | 235,240 | 5,738 | ||
Goodwill | 82,567 | 82,567 | 13,814 | ||
Amortization of acquired intangible assets | 7,231 | 557 | 19,650 | 1,612 | |
Operating Segments [Member] | Commercial Networks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 44,083 | 44,083 | 44,044 | ||
Amortization of acquired intangible assets | 257 | ||||
Operating Segments [Member] | Government Systems [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Other acquired intangible assets, net | 2,610 | 2,610 | 3,830 | ||
Goodwill | 64,257 | 64,257 | $ 64,442 | ||
Amortization of acquired intangible assets | $ 300 | $ 756 | $ 1,209 | $ 2,302 |
Segment Information - Revenues
Segment Information - Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 719,717 | $ 575,559 | $ 2,085,931 | $ 1,660,325 |
U.S. Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 616,682 | 512,439 | 1,782,459 | 1,523,969 |
Non U.S. Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 103,035 | $ 63,120 | $ 303,472 | $ 136,356 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) shares in Thousands, € in Millions | Nov. 08, 2021USD ($)shares | Apr. 30, 2021USD ($)shares | Mar. 31, 2017USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Apr. 30, 2021EUR (€) |
Business Acquisition [Line Items] | ||||||||
Net cash outlay after acquiree's cash on hand | $ 138,668,000 | |||||||
Shares issued in connection with acquisition of business | 207,169,000 | |||||||
Total revenues | $ 719,717,000 | $ 575,559,000 | $ 2,085,931,000 | $ 1,660,325,000 | ||||
EBI [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity method investment ownership percentage | 49.00% | |||||||
EBI Step Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of additional interest in subsidiary acquired | 51.00% | 51.00% | ||||||
Ownership percentage after completing the acquisition | 100.00% | 100.00% | ||||||
The consideration transferred | $ 327,400,000 | $ 160,400,000 | ||||||
Payments to acquire business | 167,000,000 | |||||||
Euro Infrastructure Co.’s cash on hand | 121,700,000 | |||||||
Net cash outlay after acquiree's cash on hand | $ 51,000,000 | |||||||
Contingent consideration arrangements | the Company may pay or receive up to €20.0 million, or approximately $22.6 million, in cash. | up to plus or minus €20.0 million | ||||||
EBI Step Acquisition [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amount of estimated purchase price consideration to be settled among the parties over the next 24 months from the closing date | $ 22,600,000 | € 20 | ||||||
RigNet, Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
The consideration transferred | 317,900,000 | |||||||
Shares issued in connection with acquisition of business | $ 207,200,000 | |||||||
Shares issued in connection with acquisition of business, net of issuance costs, shares | shares | 4,000 | |||||||
Pay down of outstanding borrowings of acquiree | $ 107,300,000 | |||||||
Remaining amount payable | 0 | $ 0 | ||||||
Total revenues | 52,200,000 | 131,400,000 | ||||||
Net losses | 7,000,000 | 23,200,000 | ||||||
RigNet, Inc [Member] | Selling General and Administrative Expenses [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Merger-related transaction costs | $ 7,200,000 | $ 7,200,000 | ||||||
RigNet, Inc [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Contingent consideration liability | $ 13,800,000 | |||||||
Inmarsat [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration payable under the Share Purchase Agreement in cash, subject to adjustments | $ 850,000,000 | |||||||
Consideration payable under the Share Purchase Agreement in common stock, subject to adjustments | shares | 46,360 | |||||||
Termination fee payable upon termination of the Share Purchase Agreement under certain circumstances | $ 200,000,000 | |||||||
Reimbursement of certain out-of-pocket expenses of certain sellers upon termination of the Share Purchase Agreement under certain circumstances | 40,000,000 | |||||||
Financing commitments in connection with acquisition | 2,300,000,000 | |||||||
Commitment obtained to backstop certain amendments required under current credit facilities | 3,200,000,000 | |||||||
Inmarsat Legal Entity [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Principal amount of senior secured debt | 2,100,000,000 | |||||||
Outstanding indebtedness borrowings under the Credit Facility | 2,400,000,000 | |||||||
Financing commitments | $ 2,400,000,000 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation of Acquired Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Apr. 30, 2021 | Mar. 31, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 190,907 | $ 122,300 | |
EBI Step Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | $ 154,479 | ||
Property, equipment and satellites | 108,696 | ||
Identifiable intangible assets | 26,574 | ||
Goodwill | 42,488 | ||
Other assets | 1,028 | ||
Total assets acquired | 333,265 | ||
Total liabilities assumed | (5,914) | ||
Total consideration transferred | 327,351 | ||
RigNet, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Current assets | 88,166 | ||
Property, equipment and satellites | 63,191 | ||
Identifiable intangible assets | 221,540 | ||
Goodwill | 29,132 | ||
Other assets | 13,350 | ||
Total assets acquired | 415,379 | ||
Current liabilities | (66,006) | ||
Other long-term liabilities | (31,433) | ||
Total liabilities assumed | (97,439) | ||
Total consideration transferred | $ 317,940 |
Acquisition - Summary of Identi
Acquisition - Summary of Identifiable Intangible Assets Amortized on a Straight Line Basis (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Dec. 31, 2021 |
EBI Step Acquisition [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Preliminary fair value | $ 26,574 | |
Estimated weighted average useful life | 8 years | |
RigNet, Inc [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Preliminary fair value | $ 221,540 | |
Estimated weighted average useful life | 10 years | |
Customer Relationships [Member] | EBI Step Acquisition [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Preliminary fair value | $ 17,877 | |
Estimated weighted average useful life | 8 years | |
Customer Relationships [Member] | RigNet, Inc [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Preliminary fair value | $ 101,920 | |
Estimated weighted average useful life | 12 years | |
Other [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated weighted average useful life | 11 years | |
Other [Member] | EBI Step Acquisition [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Preliminary fair value | $ 7,851 | |
Estimated weighted average useful life | 7 years | |
Other [Member] | RigNet, Inc [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Preliminary fair value | $ 8,640 | |
Estimated weighted average useful life | 12 years | |
Trade Name [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated weighted average useful life | 7 years | |
Trade Name [Member] | EBI Step Acquisition [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Preliminary fair value | $ 846 | |
Estimated weighted average useful life | 2 years | |
Trade Name [Member] | RigNet, Inc [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Preliminary fair value | $ 25,540 | |
Estimated weighted average useful life | 8 years | |
Technology [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated weighted average useful life | 7 years | |
Technology [Member] | RigNet, Inc [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Preliminary fair value | $ 85,440 | |
Estimated weighted average useful life | 8 years |
Acquisitions - Summary of Profo
Acquisitions - Summary of Proforma Financial Information (Details) - RigNet, Inc [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Total revenues | $ 719,717 | $ 622,606 | $ 2,097,548 | $ 1,809,485 |
Net (loss) income attributable to Viasat, Inc. | $ (6,613) | $ (4,308) | $ 9,222 | $ (47,628) |