Viasat (VSAT) FY2021 results: revenue $1.9 billion, down 16.8% on the year
Viasat Inc. (VSAT) reported revenue of $1.9 billion for fiscal 2021, the year ended 31 March 2021, down 16.8% on the year before. Net income was $4 million, and diluted earnings per share $0.06. The figures are the company's own, from the 10-K it filed with the SEC on 28 May 2021.
Revenue
$1.9 billion
-16.8% on the year
FY2014FY2021
Operating margin
-2.4%
1.7% a year earlier
FY2014FY2021
Net income
$4 million
FY2014FY2021
Diluted EPS
$0.06
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
1,921
2,309
2,068
-16.8%
Cost of revenue
1,356
1,610
1,538
-15.8%
Gross profit
565
700
531
-19.2%
Gross margin
29.4%
30.3%
25.7%
Research and development
109
130
123
-16.8%
Selling, general and administrative
497
523
458
-5.0%
Operating income
-46.0
38.4
-60.6
Operating margin
-2.4%
1.7%
-2.9%
Interest expense
32.7
38.6
50.0
-15.4%
Pre-tax income
-78.2
1.4
-110
Income tax
-11.2
-7.9
-41.0
Effective tax rate
n/a
-554.3%
n/a
Net income
3.7
-0.2
-67.6
Net margin
0.2%
-0.0%
-3.3%
Diluted EPS
$0.06
$0.00
-$1.13
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
727
437
328
+66.4%
Capital expenditure
827
694
637
+19.2%
Free cash flow
-100
-257
-309
Free cash flow margin
-5.2%
-11.1%
-15.0%
Cash from investing
-885
-759
-489
Cash from financing
150
365
355
-59.0%
Depreciation and amortisation
397
342
319
+16.1%
Share-based compensation
84.9
86.6
79.6
-1.9%
Diluted shares, weighted
67m
62m
60m
+8.7%
Shares outstanding at period end
69m
62m
61m
+10.3%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
2,351
2,028
1,908
+16.0%
Non-controlling interest
35.8
22.4
8.3
+60.0%
Debt
1,833
1,851
1,413
-1.0%
Operating lease liabilities
314
287
n/a
+9.5%
Other liabilities
815
696
586
+17.2%
Total liabilities and equity
5,349
4,884
3,915
+9.5%
Fixed assets
3,050
2,587
2,125
+17.9%
Goodwill
122
121
122
+0.9%
Intangible assets
9.6
14.4
22.3
-33.7%
Cash and equivalents
296
304
262
-2.7%
Receivables
239
331
300
-27.8%
Inventory
337
294
235
+14.4%
Other assets
1,296
1,232
849
+5.2%
Total assets
5,349
4,884
3,915
+9.5%
10-K for the year ended 31 March 2021, filed 28 May 2021: the filing.