Viasat (VSAT) FY2014 results: revenue $1.4 billion, up 20.7% on the year
Viasat Inc. (VSAT) reported revenue of $1.4 billion for fiscal 2014, the year ended 4 April 2014, up 20.7% on the year before. Net income was -$9 million, and diluted earnings per share $-0.21. The figures are the company's own, from the 10-K it filed with the SEC on 27 May 2014.
Revenue
$1.4 billion
+20.7% on the year
FY2009FY2014
Operating margin
0.2%
-1.8% a year earlier
FY2009FY2014
Net income
-$9 million
FY2009FY2014
Diluted EPS
-$0.21
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,351
1,120
864
+20.7%
Cost of revenue
991
848
636
+16.9%
Gross profit
360
272
228
+32.6%
Gross margin
26.7%
24.3%
26.4%
Research and development
60.7
35.4
25.0
+71.3%
Selling, general and administrative
282
241
182
+16.9%
Operating income
3.3
-20.4
2.2
Operating margin
0.2%
-1.8%
0.3%
Interest expense
37.9
44.0
8.3
-13.8%
Pre-tax income
-34.6
-90.7
-6.1
Income tax
-25.9
-50.1
-13.7
Net income
-9.4
-41.2
7.5
Net margin
-0.7%
-3.7%
0.9%
Diluted EPS
-$0.21
-$0.94
$0.17
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
205
91.8
141
+123.5%
Capital expenditure
308
176
205
+74.5%
Free cash flow
-102
-84.5
-63.5
Free cash flow margin
-7.6%
-7.5%
-7.4%
Cash from investing
-354
-202
-229
Cash from financing
102
42.9
220
+137.1%
Depreciation and amortisation
185
157
126
+17.7%
Share-based compensation
33.6
27.0
21.4
+24.4%
Buybacks
n/a
n/a
7.5
Diluted shares, weighted
46m
44m
44m
+4.1%
Shares outstanding at period end
n/a
n/a
43m
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
941
903
888
+4.2%
Non-controlling interest
5.6
4.8
4.2
+16.3%
Debt
692
586
549
+17.9%
Other liabilities
322
300
286
+7.4%
Total liabilities and equity
1,960
1,794
1,727
+9.3%
Fixed assets
n/a
379
295
Goodwill
83.6
83.0
83.5
+0.8%
Intangible assets
35.4
47.2
63.0
-25.0%
Cash and equivalents
58.3
106
173
-44.8%
Receivables
272
267
212
+1.8%
Inventory
120
106
128
+12.5%
Other assets
1,391
806
774
+72.6%
Total assets
1,960
1,794
1,727
+9.3%
10-K for the year ended 4 April 2014, filed 27 May 2014: the filing.