Viasat (VSAT) 8-K Viasat Announces Second Quarter Fiscal Year 2019 Results

Exhibit 99.1

Viasat Announces Second Quarter Fiscal Year 2019 Results

— Strong sequential quarter and year-over-year growth reported across all segments; record revenue of $517.5 million, up 18% sequentially and 32% year-over-year

— New contract awards surged to new highs, close to double over the prior year quarter, bringing fiscal year 2019 first half contract wins to over $1.3 billion and a Company-widebook-to-bill ratio of 1.4:1

— Second quarter fiscal year 2019 reported net loss decreased by $8.3 million sequentially to $25.7 million, while the year-over-year comparison increased by $12.0 million asnon-cash fixed costs increased along with reduced capitalized interest followingViaSat-2 service launch

— Adjusted EBITDA performance showed strong acceleration, growing 72% sequentially and 25% year-over-year to $77.5 million

— InitiatedViaSat-2 insurance settlement process, with $44.4 million in claims received in the second quarter of fiscal year 2019

CARLSBAD, Calif.,November 1, 2018–Viasat Inc. (NASDAQ: VSAT), a global communications company, today announced financial results for the fiscal second quarter ended September 30, 2018.

“We are executing on our objective of converting our investments in prior periods into significant revenue and Adjusted EBITDA growth now in fiscal year 2019. We entered the year with a substantial order book and we’re capitalizing on that by ramping activation ofIn-Flight Connectivity (IFC) on commercial airlines and delivering products and mobile broadband services to government customers. Satellite services segment revenues are accelerating on a more diversified base including residential, IFC, enterprise and communityWi-Fi applications – while our government segment is also reflecting the benefits of many of these same investments,” said Mark Dankberg, Viasat chairman and CEO. “Strong sequential and quarter-over-quarter Adjusted EBITDA growth is indicative of the earnings potential as we scale these businesses. Exceptional new order activity helps highlight the momentum we are achieving in our target markets, yielding record levels of backlog, and lending confidence to sustained growth through the balance of the fiscal year and beyond. The near term momentum behind these more global services reinforces the medium- and long-term potential that will be enabled by our groundbreakingViaSat-3 constellation.”

Financial Results

(In millions, except per share data)	Q2 FY19			Q2 FY18			Year- Over- Year Change			First 6 Months FY19			First 6 Months FY18			Year- Over- Year Change
Revenues	$	517.5		$	393.1			31.6	%	$	956.3		$	773.1			23.7	%
Net loss1	$	(25.7	)	$	(13.7	)		87.9	%	$	(59.7	)	$	(22.7	)		162.8	%
Non-GAAP net (loss) income1	$	(9.0	)	$	5.2			*		$	(26.4	)	$	7.8			*
Adjusted EBITDA	$	77.5		$	61.9			25.1	%	$	122.5		$	123.1			(0.5	)%
Diluted per share net loss1	$	(0.43	)	$	(0.24	)		79.2	%	$	(1.00	)	$	(0.39	)		156.4	%
Non-GAAP diluted per share net (loss) income1	$	(0.15	)	$	0.09			*		$	(0.44	)	$	0.13			*
Fully diluted weighted average shares2		59.7			58.2			2.6	%		59.5			58.0			2.5	%
New contract awards3	$	738.6		$	384.8			92.0	%	$	1,308.3		$	826.6			58.3	%
Sales backlog4	$	1,911.7		$	1,078.9			77.2	%	$	1,911.7		$	1,078.9			77.2	%

Segment Results

(In millions)	Q2 FY19			Q2 FY18			Year- Over- Year Change			First 6 Months FY19			First 6 Months FY18			Year- Over- Year Change
Satellite Services
New contract awards3	$	164.7		$	147.7			11.5	%	$	318.2		$	299.0			6.4	%
Revenues	$	163.0		$	147.6			10.4	%	$	316.5		$	299.8			5.6	%
Operating (loss) profit5	$	(24.8	)	$	12.6			*		$	(54.8	)	$	31.5			*
Adjusted EBITDA	$	39.9		$	55.4			(28.1	)%	$	74.1		$	117.4			(36.9	)%
Commercial Networks
New contract awards	$	123.2		$	54.5			126.2	%	$	237.3		$	97.1			144.5	%
Revenues	$	114.5		$	56.3			103.5	%	$	209.6		$	101.5			106.5	%
Operating loss5	$	(39.2	)	$	(59.4	)		(34.0	)%	$	(86.2	)	$	(125.5	)		(31.3	)%
Adjusted EBITDA	$	(24.6	)	$	(45.0	)		(45.3	)%	$	(57.4	)	$	(95.0	)		(39.6	)%
Government Systems
New contract awards	$	450.7		$	182.6			146.8	%	$	752.8		$	430.5			74.9	%
Revenues	$	240.0		$	189.2			26.8	%	$	430.2		$	371.8			15.7	%
Operating profit5	$	44.9		$	34.2			31.2	%	$	69.8		$	66.8			4.5	%
Adjusted EBITDA	$	62.2		$	51.5			20.8	%	$	105.7		$	100.7			5.0	%

¹ Attributable to Viasat, Inc. common stockholders.

² As the three and six months ended September 30, 2018 and 2017 financial information resulted in a net loss, the weighted average number of shares used to calculate basic and diluted net loss per share is the same, as diluted shares would be anti-dilutive.

³  Awards exclude future revenue under recurring consumer commitment arrangements.

⁴ Amounts include certain backlog adjustments due to contract changes and amendments. Backlog does not include anticipated purchase orders and requests for the installation of IFC systems or future recurringin-flight internet service revenues under our commercialin-flight internet agreements in our Commercial Networks and Satellite Services segments, respectively. Starting with the first quarter of fiscal year 2019, upon adoption of ASC 606, our backlog includes contracts with subscribers for fixed broadband services in our Satellite Services segment. Backlog as of September 30, 2017 does not include contracts with our subscribers for fixed broadband services in our Satellite Services segment.

⁵  Before corporate and amortization of acquired intangible assets.

* Percentage not meaningful.

Satellite Services

Viasat’s Satellite Services segment achieved record revenue of $163.0 million for the second quarter of fiscal year 2019, representing an increase both year-over-year and sequentially. Year-over-year growth was primarily driven by fixed broadband internet service revenue increases and accelerating commercial aviation IFC gains, as commercial

aircraft in service grew by 56% compared to the second quarter of fiscal year 2018, bringing revenues from services other than fixed broadband to nearly 20% of segment revenues. Sequential quarter performance also included a narrowed operating loss, which declined 17%, as a result of improved segment Adjusted EBITDA, up 16% from the first quarter of fiscal 2019. Highlights for the quarter include:

• Fixed broadband services

• Residential average revenue per user (ARPU) in the U.S. grew sequentially, and by 10% year-over-year, to $74.35, reflecting a higher mix of new and existing subscribers choosing Viasat’s premium highest speed plans. At the close of the second quarter of fiscal year 2019, subscribers totaled approximately 585,000, up on a sequential quarter basis.

• The Federal Communications Commission announced Viasat as a winning bidder in the Connect America Fund II(CAF-II) auction. Viasat will offer advanced satellite broadband services to designated areas within 20 U.S. states, covering more than 190,000 locations. For its commitment, Viasat is expected to receive approximately $122.5 million over a10-year period to support the U.S.-based expansion of satellite broadband services.

• In business internet, Viasat expanded into new vertical segments, including state parks, announcing Nevada as the first state to deploy Viasat’sWi-Fi hotspot technology at its parks statewide. Viasat also expanded its distribution to businesses, having signed the top five Master Agents in the telecommunications channel. Viasat now has access to over 12,000 newbusiness-to-business agents throughout the U.S.

• The CommunityWi-Fi hotspot business continued to grow in Latin America. Viasat’s service is now within walking distance to over 950,000 people in Mexico.

• Mobility services

• At the close of the second quarter of fiscal year 2019, 898 commercial aircraft were in service using Viasat’s IFC systems, an increase of 141 commercial planes quarter-over-quarter. Viasat expects to install its IFC systems on an additional 854 commercial aircraft under existing contracts.

• Commercial airline customers that began flying with Viasat’s IFC equipment in the second quarter of fiscal year 2019 included EL AL Israel Airlines, which officially launched its IFC service offering to passengers, and Finnair, which began its passengerin-flight testing program.

• Viasat continued to grow its wirelessin-flight entertainment(W-IFE) business, with three of Viasat’s IFC airline customers now using itsW-IFE platform.

• New airline deals announced in the second quarter of fiscal year 2019: In August 2018, Viasat was selected to outfit 100 new American Airlines Airbus A321neo aircraft with its IFC andW-IFE systems; Aeromexico selected the Viasat IFC system across 18 new Boeing 737 MAX aircraft, with an option to extend up to 60 aircraft; and boutique business-class only airline, La Compagnie, chose Viasat’s IFC system for its fleet with installs expected to begin in the first quarter of fiscal year 2020.

• Following the close of the second quarter of fiscal year 2019, Viasat announced its business aviation connectivity solution will be offered as aline-fit option on the Gulfstream G280, the Embraer Praetor 500 and the Embraer Praetor 600 aircraft.

• Additionally, after the close of the second quarter of fiscal year 2019, Viasat announced it will provide technology integration and cybersecurity services to Bentley for its ‘Advanced Connectivity,’in-carWi-Fi system.

Fiscalyear-to-date, Satellite Services segment revenues reached a new record asViaSat-2-based services began to scale. In addition, operating profit and Adjusted EBITDA for the segment were lower compared to the same period last year, reflecting the same fixed expense impacts seen year-over-year.

Commercial Networks

Viasat’s Commercial Networks segment second quarter fiscal 2019 revenues hit record levels, doubling year-over-year

as the Company’s scaling IFC equipment business continued to gain market penetration. The strong revenue growth coupled with segment operating cost decreases led to narrowed segment operating losses and improved Adjusted EBITDA on both a sequential quarter and year-over-year basis. Research and development (R&D) expenses declined for the fourth consecutive quarter, contributing to segment year-over-year performance by $15.4 million, as the Company’sViaSat-3 payload program migrated to the capital portion of the project. Sequential quarter earnings performance improved, primarily due to large-scale mobile terminal deliveries, and to a lesser extent to reductions in segment level R&D expenses. Highlights for the quarter include:

• In support of Viasat’s accelerating IFC installations, the Commercial Networks segment expanded delivery volumes of its next-generation IFC systems for commercial aircraft, bringing totalyear-to-date fiscal year 2019 next-generation IFC system shipments to over 350 aircraft across nine commercial airlines.

• New contract awards rose 126% versus the same period last year, generating a segmentbook-to-bill ratio of 1.1:1, marking the highest segment backlog in over three years.

• Viasat continued to meet key milestones on theViaSat-3 satellite program, and announced its firstViaSat-3 payload module structure was shipped from Boeing to Viasat’s Tempe, Arizona facility, enabling Viasat to begin integration and testing of the payload electronics.

• Viasat announced twoViaSat-3 launch partners: United Launch Alliance in September 2018 and SpaceX in October 2018.

Fiscalyear-to-date, Commercial Networks segment revenues increased significantly to a new record. In addition, operating loss narrowed and Adjusted EBITDA was higher for the segment compared to the same period last year, reflecting the same year-over-year impacts and investment trends seen in the second quarter of fiscal year 2019.

Government Systems

Viasat’s Government Systems segment achieved quarterly record revenues, operating profit and Adjusted EBITDA. Second quarter fiscal year 2019 revenues increased 27% year-over-year to $240.0 million; operating profits increased 31% year-over-year to $44.9 million; and Adjusted EBITDA increased 21% year-over-year to $62.2 million. Higher operating profit and Adjusted EBITDA were achieved primarily by strong demand for Viasat’s uniqueNon-Developmental Item (NDI) products, as well as government mobile broadband products and services, with segment level service revenues hitting record levels. Highlights for the quarter include:

• New contract awards increased 147% year-over-year, generating a quarterly segment levelbook-to-bill ratio of 1.9:1.

• Viasat secured a new $559.8 million eight-year contract from the U.S. Government to provide elite global IFC services on U.S. Government senior leader aircraft, with second quarter fiscal year 2019 awards inclusive of only the initial12-month period at $55.6 million.

• The Company also announced itsKu-/Ka-band multi-network, multi-mode Global Mobile Antenna5560-101 successfully completed key Federal Aviation Administration and the U.S. Air Force Materiel Command testing, demonstrating critical IFC capabilities.

• Viasat announced its commercialoff-the-shelf Visual Integrated Satellite Communications Information, Operation and Networking (VISION) software successfully passed the North Atlantic Treaty Organization (NATO) First Article System Test, enabling NATO to expedite theroll-out of its Ultra High Frequency satellite communications modernization efforts.

On a fiscalyear-to-date basis, Viasat’s Government Systems segment achieved record performance with revenue growth of 16% to $430.2 million, operating profit increases of 4% to $69.8 million and Adjusted EBITDA increases of 5% to $105.7 million, over the same period last year.

Conference Call

Viasat will host a conference call to discuss the second quarter of fiscal year 2019 results. Details follow:

DATE/TIME:	Thursday, November 1, 2018 at 1:00 p.m. Eastern Time
DIAL-IN:	(877)640-9809 in the U.S.; (914)495-8528 international
WEBCAST:	investors.viasat.com.
REPLAY:	Available from 4:00 p.m. Eastern Time on Thursday, November 1 until 11:59 p.m. Eastern Time on Friday, November 2 by dialing (855)859-2056 for U.S. callers and (404)537-3406 for international callers; conference ID 1486685.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include, among others, statements that refer to opportunities, growth and outlook for fiscal year 2019 and beyond; satellite construction and launch activities; the performance and benefits of ourViaSat-2 andViaSat-3 class satellites; the expected completion, capacity, service, coverage, service speeds, availability and other features of our satellites, and the timing, cost, economics and other benefits associated therewith; the development and performance of equipment and hardware for theViaSat-2 andViaSat-3 class satellite platforms, the timing thereof and the benefits associated therewith; domestic and international expansion plans; the realization of IFC andW-IFE investments and the number of IFC systems expected to be installed under existing contracts with commercial airlines; the impacts of new contracts entered into with, and theroll-out,ramp-up and uptake of products and services by, and services to be offered by, our airline partners and other customers; and expected payments for providing advanced satellite broadband services resulting from theCAF-II auction. Readers are cautioned that actual results could differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ include: our ability to realize the anticipated benefits of theViaSat-2 andViaSat-3 class satellites; unexpected expenses related to our satellite projects; our ability to successfully implement our business plan for our broadband satellite services on our anticipated timeline or at all; risks associated with the construction, launch and operation of our satellites, including the effect of any anomaly, operational failure or degradation in satellite performance; our ability to realize the anticipated benefits of our strategic partnership arrangement with Eutelsat; our ability to successfully develop, introduce and sell new technologies, products and services; the number of purchase orders that are submitted and accepted for the installation of IFC systems with respect to aircraft under contract; audits by the U.S. government; changes in the global business environment and economic conditions; delays in approving U.S. government budgets and cuts in government defense expenditures; our reliance on U.S. government contracts, and on a small number of contracts which account for a significant percentage of our revenues; reduced demand for products and services as a result of continued constraints on capital spending by customers; changes in relationships with, or the financial condition of, key customers or suppliers; our reliance on a limited number of third parties to manufacture and supply our products; increased competition; introduction of new technologies and other factors affecting the communications and defense industries generally; the effect of adverse regulatory changes on our ability to sell products and services; our level of indebtedness and ability to comply with applicable debt covenants; our involvement in litigation, including intellectual property claims and litigation to protect our proprietary technology; and our dependence on a limited number of key employees. In addition, please refer to the risk factors contained in our SEC filings available at www.sec.gov, including our most recent Annual Report on Form10-K and Quarterly Reports on Form10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements for any reason.

About Viasat

Viasat is a global communications company that believes everyone and everything in the world can be connected. For more than 30 years, Viasat has helped shape how consumers, businesses, governments and militaries around the world communicate. Today, the Company is developing the ultimate global communications network to power high-quality, secure, affordable, fast connections to impact people’s lives anywhere they are – on the ground, in the air or at sea. To learn more about Viasat, visit: www.viasat.com, go toViasat’s Corporate Blog, or follow the Company on social media at:Facebook,Instagram,LinkedIn,Twitter orYouTube.

Use ofNon-GAAP Financial Information

To supplement Viasat’s consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), ViaSat usesnon-GAAP net income (loss) attributable to Viasat Inc. and Adjusted EBITDA, measures Viasat believes are appropriate to enhance an overall understanding of Viasat’s past financial performance and prospects for the future. We believe thenon-GAAP results provide useful information to both management and investors by excluding specific expenses that we believe are not indicative of our core operating results. In addition, since we have historically reportednon-GAAP results to the investment community, we believe the inclusion ofnon-GAAP numbers provides consistency in our financial reporting and facilitates comparisons to the Company’s historical operating results. Further, thesenon-GAAP results are among the primary indicators that management uses as a basis for evaluating the operating performance of our segments, allocating resources to such segments, planning and forecasting in future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of specific adjustments to GAAP results is provided in the tables below.

Copyright^© 2018 Viasat, Inc. All rights reserved. Viasat is a registered trademark of Viasat, Inc. The Viasat logo is a trademark of Viasat, Inc. All other product or company names mentioned are used for identification purposes only and may be trademarks of their respective owners.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share data)

	Three months ended						Six months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
Revenues:
Product revenues	$	280,435		$	181,783		$	498,564		$	347,901
Service revenues		237,039			211,291			457,779			425,217
Total revenues		517,474			393,074			956,343			773,118
Operating expenses:
Cost of product revenues		216,900			133,850			390,348			256,495
Cost of service revenues		175,230			135,412			346,662			273,263
Selling, general and administrative		113,120			90,084			225,762			179,257
Independent research and development		31,360			46,268			64,733			91,333
Amortization of acquired intangible assets		2,435			3,320			4,888			6,580
Loss from operations		(21,571	)		(15,860	)		(76,050	)		(33,810	)
Interest (expense) income, net		(14,045	)		(20	)		(25,333	)		17
Loss on extinguishment of debt		—			(10,217	)		—			(10,217	)
Loss before income taxes		(35,616	)		(26,097	)		(101,383	)		(44,010	)
Benefit from income taxes		9,704			11,464			38,909			20,644
Equity in income of unconsolidated affiliate, net		314			741			1,379			228
Net loss		(25,598	)		(13,892	)		(61,095	)		(23,138	)
Less: net income (loss) attributable to noncontrolling interests, net of tax		126			(203	)		(1,361	)		(410	)
Net loss attributable to Viasat Inc.	$	(25,724	)	$	(13,689	)	$	(59,734	)	$	(22,728	)
Diluted net loss per share attributable to Viasat Inc. common stockholders	$	(0.43	)	$	(0.24	)	$	(1.00	)	$	(0.39	)
Diluted common equivalent shares		59,734			58,229			59,470			58,039

AN ITEMIZED RECONCILIATION BETWEEN NET INCOME (LOSS) ATTRIBUTABLE TO VIASAT INC.

ON A GAAP BASIS ANDNON-GAAP BASIS IS AS FOLLOWS:

(In thousands, except per share data)

	Three months ended						Six months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
GAAP net loss attributable to Viasat Inc.	$	(25,724	)	$	(13,689	)	$	(59,734	)	$	(22,728	)
Amortization of acquired intangible assets		2,435			3,320			4,888			6,580
Stock-based compensation expense		19,377			15,983			38,503			31,490
Loss on extinguishment of debt		—			10,217			—			10,217
Income tax effect(1)		(5,042	)		(10,592	)		(10,087	)		(17,809	)
Non-GAAP net (loss) income attributable to Viasat Inc.	$	(8,954	)	$	5,239		$	(26,430	)	$	7,750
Non-GAAP diluted net (loss) income per share attributable to Viasat Inc. common stockholders	$	(0.15	)	$	0.09		$	(0.44	)	$	0.13
Diluted common equivalent shares		59,734			58,229			59,470			58,039

⁽¹⁾  The income tax effect is calculated using the tax rate applicable for thenon-GAAP adjustments.

AN ITEMIZED RECONCILIATION BETWEEN NET INCOME (LOSS) ATTRIBUTABLE TO VIASAT INC.

AND ADJUSTED EBITDA IS AS FOLLOWS:

(In thousands)

	Three months ended						Six months ended
	September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
GAAP net loss attributable to Viasat Inc.	$	(25,724	)	$	(13,689	)	$	(59,734	)	$	(22,728	)
Benefit from income taxes		(9,704	)		(11,464	)		(38,909	)		(20,644	)
Interest expense (income), net		14,045			20			25,333			(17	)
Depreciation and amortization		79,474			60,874			157,271			124,809
Stock-based compensation expense		19,377			15,983			38,503			31,490
Loss on extinguishment of debt		—			10,217			—			10,217
Adjusted EBITDA	$	77,468		$	61,941		$	122,464		$	123,127

AN ITEMIZED RECONCILIATION BETWEEN SEGMENT OPERATING PROFIT (LOSS) BEFORE

CORPORATE AND AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS AND ADJUSTED EBITDA IS AS FOLLOWS:

(In thousands)

	Three months ended September 30, 2018												Three months ended September 30, 2017
	Satellite Services			Commercial Networks			Government Systems			Total			Satellite Services		Commercial Networks			Government Systems			Total
Segment operating (loss) profit before corporate and amortization of acquired intangible assets	$	(24,839	)	$	(39,197	)	$	44,900		$	(19,136	)	$	12,616	$	(59,377	)	$	34,221		$	(12,540	)
Depreciation (2)		50,823			5,502			8,872			65,197			35,307		6,729			8,795			50,831
Stock-based compensation expense		5,733			6,758			6,886			19,377			3,816		6,109			6,058			15,983
Other amortization		7,051			2,328			2,463			11,842			2,502		1,573			2,648			6,723
Equity in income of unconsolidated affiliate, net		314			—			—			314			741		—			—			741
Noncontrolling interests		783			—			(909	)		(126	)		436		—			(233	)		203
Adjusted EBITDA	$	39,865		$	(24,609	)	$	62,212		$	77,468		$	55,418	$	(44,966	)	$	51,489		$	61,941
	Six months ended September 30, 2018												Six months ended September 30, 2017
	Satellite Services			Commercial Networks			Government Systems			Total			Satellite Services		Commercial Networks			Government Systems			Total
Segment operating (loss) profit before corporate and amortization of acquired intangible assets	$	(54,775	)	$	(86,205	)	$	69,818		$	(71,162	)	$	31,459	$	(125,502	)	$	66,813		$	(27,230	)
Depreciation (2)		100,833			10,995			17,162			128,990			70,944		13,255			17,460			101,659
Stock-based compensation expense		11,026			13,864			13,613			38,503			7,448		12,080			11,962			31,490
Other amortization		13,960			3,995			5,438			23,393			6,546		5,161			4,863			16,570
Equity in income of unconsolidated affiliate, net		1,379			—			—			1,379			228		—			—			228
Noncontrolling interests		1,707			—			(346	)		1,361			813		—			(403	)		410
Adjusted EBITDA	$	74,130		$	(57,351	)	$	105,685		$	122,464		$	117,438	$	(95,006	)	$	100,695		$	123,127

⁽²⁾  Depreciation expenses not specifically recorded in a particular segment have been allocated based on other indirect allocable costs, which management believes is a reasonable method.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

Assets	As of September 30, 2018		As of March 31, 2018
Current assets:
Cash and cash equivalents	$	44,458	$	71,446
Restricted cash		7,169		—
Accounts receivable, net		268,803		267,665
Inventories		232,078		196,307
Prepaid expenses and other current assets		233,258		77,135
Total current assets		785,766		612,553
Property, equipment and satellites, net		1,950,373		1,962,475
Other acquired intangible assets, net		26,072		31,862
Goodwill		122,676		121,085
Other assets		744,740		686,134
Total assets	$	3,629,627	$	3,414,109

Liabilities and Equity	As of September 30, 2018		As of March 31, 2018
Current liabilities:
Accounts payable	$	165,317	$	157,481
Accrued liabilities		250,407		263,676
Current portion of long-term debt		47,702		45,300
Total current liabilities		463,426		466,457
Senior notes		691,497		690,886
Other long-term debt		460,101		287,519
Other liabilities		130,266		121,240
Total liabilities		1,745,290		1,566,102
Total Viasat Inc. stockholders’ equity		1,874,713		1,837,166
Noncontrolling interest in subsidiaries		9,624		10,841
Total equity		1,884,337		1,848,007
Total liabilities and equity	$	3,629,627	$	3,414,109

# # #

Viasat, Inc. Contacts:

Chris Phillips, Corporate Communications and Public Relations, +1 760-476-2322, chris.phillips@viasat.com

June Harrison, Investor Relations, +1 760-476-2633, IR@viasat.com