Viasat (VSAT) FY2023 results: revenue $2.6 billion, up 5.7% on the year

Viasat Inc. (VSAT) reported revenue of $2.6 billion for fiscal 2023, the year ended 31 March 2023, up 5.7% on the year before. Net income was $1.1 billion, and diluted earnings per share $14.29. The figures are the company's own, from the 10-K it filed with the SEC on 22 May 2023.

Revenue

$2.6 billion

+5.7% on the year

FY2016FY2023

Operating margin

-6.1%

-4.7% a year earlier

FY2016FY2023

Net income

$1.1 billion

FY2016FY2023

Diluted EPS

$14.29

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,556	2,417	1,921	+5.7%
Cost of revenue	1,835	1,711	1,356	+7.2%
Gross profit	721	706	565	+2.2%
Gross margin	28.2%	29.2%	29.4%
Research and development	129	149	109	-13.7%
Selling, general and administrative	719	641	497	+12.1%
Operating income	-156	-113	-46.0
Operating margin	-6.1%	-4.7%	-2.4%
Interest expense	26.8	29.4	32.7	-8.8%
Pre-tax income	-162	-138	-78.2
Income tax	49.4	-36.5	-11.2
Net income	1,085	-15.5	3.7
Net margin	42.4%	-0.6%	0.2%
Diluted EPS	$14.29	-$0.21	$0.06

$ million except per share.

Free 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	368	506	727	-27.2%
Capital expenditure	1,077	938	827	+14.8%
Free cash flow	-709	-433	-100
Free cash flow margin	-27.7%	-17.9%	-5.2%
Cash from investing	768	-1,130	-885
Cash from financing	-66.1	644	150
Depreciation and amortisation	500	495	397	+1.0%
Share-based compensation	84.5	86.8	84.9	-2.7%
Diluted shares, weighted	76m	73m	67m	+3.4%
Shares outstanding at period end	77m	74m	69m	+3.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	3,824	2,634	2,351	+45.2%
Non-controlling interest	36.3	48.7	35.8	-25.6%
Debt	2,422	2,486	1,833	-2.6%
Operating lease liabilities	273	316	314	-13.7%
Other liabilities	1,175	904	815	+29.9%
Total liabilities and equity	7,730	6,389	5,349	+21.0%
Fixed assets	4,378	3,705	3,050	+18.2%
Goodwill	159	169	122	-6.0%
Intangible assets	201	236	9.6	-14.8%
Cash and equivalents	1,349	310	296	+334.5%
Receivables	420	312	239	+34.5%
Inventory	269	198	337	+35.7%
Other assets	955	1,459	1,296	-34.6%
Total assets	7,730	6,389	5,349	+21.0%

10-K for the year ended 31 March 2023, filed 22 May 2023: the filing.