CARLSBAD, Calif., July 25,
2024 /PRNewswire/ -- Viasat, Inc. (NASDAQ:
VSAT), a global leader in satellite communications, today outlined
additional information about its new segment reporting structure
commencing with the quarter ended June 30,
2024. The new segment reporting is designed to better
reflect the diverse and attractive end markets the company serves
and to provide investors greater insight into Viasat's business
lines and growth opportunities.
Commencing with its first quarter of fiscal year 2025, the
company will report its financial results based on two new
reportable segments: Communication Services and Defense
and Advanced Technologies.
- Communication Services is comprised of four primary
business lines: Aviation, Government Satcom, Maritime, and Fixed
and Other.
- The Communication Services segment provides a wide range of
broadband and narrowband communications solutions across government
and commercial mobility markets, as well as for fixed and
residential broadband customers. These solutions include
nose-to-tail connectivity for commercial airlines and business jet
customers, including our market-leading passenger Wi-Fi services.
In commercial maritime, marketed under the Inmarsat Maritime brand,
solutions support vessel operation, navigation, crew connectivity
and safety services, and include the new NexusWave fully managed
connectivity service. In the government market, Viasat offers
highly trusted and secure interconnectivity solutions for defense
and civilian government customers. Additionally, within this
segment Viasat develops and offers a wide array of advanced
satellite and wireless products, and networks and terminal
solutions that support or enable the provision of fixed and mobile
broadband and narrowband services.
- Defense and Advanced Technologies is comprised of four
primary business lines: Information Security and Cyber Defense,
Space and Mission Systems, Tactical Networking, and Advanced
Technologies and Other.
- The Defense and Advanced Technologies segment provides a
diverse set of resilient, vertically integrated solutions,
leveraging core technical competencies in encryption, cyber
security, tactical gateways, modems and waveforms, to government
and commercial customers. The Information Security and Cyber
Defense business line offers high-quality encryption products that
ensure data security, whether at rest or traveling through a
network. The Space and Mission Systems business line builds
technologies for use on the ground (antennas, modems and gateways)
or in space (space-based communication systems and payloads). The
Tactical Networking group provides resilient communications
designed for on-the-move or on-the-pause operations in a
multi-domain battlespace with friendly force tracking and
narrowband solutions. The Advanced Technologies and Other business
line focuses on commercial communication satellite product
development, orchestration of sovereign and multi-orbit solutions
and emerging growth markets, including direct-to-device.
Viasat previously announced its intention to introduce a new
segment reporting structure commencing with the first quarter of
fiscal year 2025 at the time of reporting its Q4 FY2024 results, on
May 21, 2024. The previous
reporting structure (for periods through March 31, 2024 – FY2024) reported financial
results in three segments: Government Systems, Satellite Services
and Commercial Networks. [Link here for Q4 FY24 shareholder
letter.]
"We are pleased to share our new reporting structure which helps
communicate our markets and value drivers and provides greater
insight into our progress in each portion of our business
portfolio," said Mark Dankberg,
Chairman of the Board and Chief Executive Officer, Viasat, Inc.
"Viasat is a leading provider of space and ground network
technologies and service solutions for a broad range of commercial
and government customers with a long heritage serving narrowband
and broadband low earth orbit (LEO), broadband mid earth orbit
(MEO), and broadband and narrowband geostationary orbit (GEO)
communications and earth observation applications. We believe we
are the only satellite operator with this broad range of global,
vertically integrated capabilities and are well positioned with a
long runway of growth opportunities."
Viasat has prepared unaudited illustrations of the company's
financial reports for Fiscal Year 2023 and 2024 to reflect the
company's results based on the new segment reporting, which can be
found on Viasat's IR site.
About Viasat
Viasat is a global communications
company that believes everyone and everything in the world can be
connected. With offices in 24 countries around the world, our
mission shapes how consumers, businesses, governments and
militaries around the world communicate and connect. Viasat is
developing the ultimate global communications network to power
high-quality, reliable, secure, affordable, fast connections to
positively impact people's lives anywhere they are—on the ground,
in the air or at sea, while building a sustainable future in space.
In May 2023, Viasat completed its
acquisition of Inmarsat, combining the teams, technologies and
resources of the two companies to create a new global
communications partner. Learn more at www.viasat.com,
the Viasat News Room or follow us
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Copyright © 2024 Viasat, Inc. All rights reserved. Viasat,
the Viasat logo and the Viasat Signal are registered in the U.S and
in other countries to Viasat, Inc. All other product or company
names mentioned are used for identification purposes only and may
be trademarks of their respective owners.
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SOURCE Viasat, Inc.