| ADDITIONAL SUPPLEMENTAL ADJUSTED COMBINED FINANCIAL INFORMATION EXCLUDING LITIGATION SETTLEMENT (UNAUDITED) | Exhibit 99.3 |
(In thousands)
| Three Months Ended | Fiscal Years Ended | |||||||||||||||||||||||
| June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | March 31, 2024 | March 31, 2023 | |||||||||||||||||||
| Supplemental Adjusted (1) | Supplemental Adjusted (2), (3) | Historic reported (3) | Historic reported (3), (6) | Supplemental Adjusted (6) | Supplemental Adjusted (3), (4), (5), (6) | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Communication services | ||||||||||||||||||||||||
Aviation services | $ | 215,641 | $ | 224,049 | $ | 236,008 | $ | 253,665 | $ | 929,363 | $ | 700,561 | ||||||||||||
Government satcom services | 165,784 | 169,843 | 176,311 | 168,048 | 679,986 | 649,997 | ||||||||||||||||||
Maritime services | 137,242 | 130,428 | 130,121 | 124,196 | 521,987 | 505,655 | ||||||||||||||||||
Fixed services and other services | 244,737 | 246,442 | 229,929 | 215,699 | 936,807 | 1,095,380 | ||||||||||||||||||
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Total services | 763,404 | 770,762 | 772,369 | 761,608 | 3,068,143 | 2,951,593 | ||||||||||||||||||
Total products | 78,344 | 75,795 | 102,489 | 98,257 | 354,885 | 371,632 | ||||||||||||||||||
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Total communication services revenues | 841,748 | 846,557 | 874,858 | 859,865 | 3,423,028 | 3,323,225 | ||||||||||||||||||
Defense and advanced technologies | ||||||||||||||||||||||||
Total services | 49,646 | 52,924 | 53,097 | 50,415 | 206,082 | 166,383 | ||||||||||||||||||
Information security and cyber defense products | 56,676 | 82,378 | 72,115 | 90,887 | 302,056 | 181,591 | ||||||||||||||||||
Space and mission systems products | 72,387 | 92,306 | 65,182 | 79,378 | 309,253 | 259,286 | ||||||||||||||||||
Tactical networking products | 37,384 | 42,445 | 57,676 | 64,589 | 202,094 | 179,099 | ||||||||||||||||||
Advanced technologies and other products | 3,438 | 13,546 | 5,611 | 4,879 | 27,474 | 9,230 | ||||||||||||||||||
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Total products | 169,885 | 230,675 | 200,584 | 239,733 | 840,877 | 629,206 | ||||||||||||||||||
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Total defense and advanced technologies revenues | 219,531 | 283,599 | 253,681 | 290,148 | 1,046,959 | 795,589 | ||||||||||||||||||
Elimination of intersegment revenues | — | — | — | — | — | — | ||||||||||||||||||
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Total revenues | $ | 1,061,279 | $ | 1,130,156 | $ | 1,128,539 | $ | 1,150,013 | $ | 4,469,987 | $ | 4,118,814 | ||||||||||||
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Adjusted EBITDA: | ||||||||||||||||||||||||
Communication services | $ | 319,739 | $ | 349,542 | $ | 333,110 | $ | 300,234 | $ | 1,302,625 | $ | 1,266,233 | ||||||||||||
Defense and advanced technologies | 27,677 | 136,748 | 50,000 | 57,501 | 271,926 | 185,946 | ||||||||||||||||||
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Total Adjusted EBITDA | 347,416 | 486,290 | 383,110 | 357,735 | 1,574,551 | 1,452,179 | ||||||||||||||||||
One-time litigation settlement contribution | — | (86,442 | ) | — | — | (86,442 | ) | (50,827 | ) | |||||||||||||||
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Total Adjusted EBITDA excluding one-time litigation settlement contribution | $ | 347,416 | $ | 399,848 | $ | 383,110 | $ | 357,735 | $ | 1,488,109 | $ | 1,401,352 | ||||||||||||
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| (1) | The three months ended June 30, 2023, includes the results of operations of Inmarsat in the communication services segment for periods prior to the closing of the Inmarsat Acquisition on May 30, 2023, as well as certain adjustments and reclassifications to reflect purchase price accounting, to conform Inmarsat’s results of operations (which are reported in accordance with International Financial Reporting Standards (IFRS)) to GAAP, and to conform to the presentation of Viasat’s historical financial information. See Exhibit 99.2 for revenue adjustments and Adjusted EBITDA reconciliation. |
| (2) | Revenues and Adjusted EBITDA for the three months ended September 30, 2023 exclude $95 million and $86 million, respectively, of non-recurring catch-up contributions from the litigation settlement in advanced technologies and other products within our defense and advanced technologies segment. |
| (3) | See the reconciliation of historic reported Adjusted EBITDA for the three months ended September 30, 2023 (before giving effect to the exclusion of the litigation settlement amounts listed in note (2) above), December 31, 2023 and March 31, 2024, and for fiscal year 2023 (before giving effect to the exclusion of the litigation settlement amounts listed in note (5) below) at Exhibit 99.1. |
| (4) | The fiscal year ended March 31, 2023, includes the results of operations of Inmarsat in the communication services segment for a full fiscal year, period prior to the closing of the Inmarsat Acquisition on May 30, 2023, as well as certain adjustments and reclassifications to reflect purchase price accounting, to conform Inmarsat’s results of operations (which are reported in accordance with International Financial Reporting Standards (IFRS)) to GAAP, and to conform to the presentation of Viasat’s historical financial information. See Exhibit 99.2 for revenue adjustments and Adjusted EBITDA reconciliation. |
| (5) | Revenues and Adjusted EBITDA for the fiscal year ended March 31, 2023 exclude $56 million and $51 million, respectively, of non-recurring catch-up contributions from the litigation settlement in advanced technologies and other products within our defense and advanced technologies segment. |
| (6) | From continuing operations |