- Viasat Inc VSAT reported third-quarter FY22 revenue growth of 25% year-on-year to $719.7 million, beating the consensus of $712.5 million.
- Revenue from Satellite Services rose 40% Y/Y to $309.7 million, Commercial Networks increased 55% Y/Y to $139.7 million, and Government Systems grew 2% Y/Y to $270.3 million.
- Consolidated new contract awards for the quarter were $569 million, down 12% Y/Y resulting in a consolidated backlog of $2.1 billion, down 10% Y/Y.
- Adjusted EBITDA rose 10% Y/Y to $162.8 million. The margin declined 300 bps from costs associated with the upcoming ViaSat-3 service launch, international expansion, and increased R&D.
- Non-GAAP EPS of $0.33 beat the consensus of $0.01.
- Viasat held $166 million in cash and equivalents and generated $159 million in operating cash flow.
- Outlook: Viasat expects to generate meaningful revenue and Adjusted EBITDA growth in FY22.
- The company notes Satellite Services segment outlook for the remainder of FY22 is robust, and Government Systems' overall outlook remains attractive.
- The company also expects the Commercial Networks segment to continue the recent trends of solid revenue growth.
- Price Action: VSAT shares traded lower by 0.65% at $41.41 on the last check Thursday.
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