SEC Filing | Viasat, Inc.

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8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 25, 2024

LOGO

VIASAT, INC.

(Exact name of registrant as specified in its charter)

Delaware

000-21767

33-0174996

(State or other jurisdiction of
incorporation)

(Commission File No.)

(I.R.S. Employer
Identification No.)

6155 El Camino Real

Carlsbad, California 92009

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (760) 476-2200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

(Title of Each Class)

(Trading Symbol)

(Name of Each Exchange

on which Registered)

Common Stock, par value $0.0001 per share

VSAT

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01.

Regulation FD Disclosure.

The information contained in or furnished with this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as may be expressly set forth by specific reference in such filing.

On May 21, 2024, during the fiscal year 2024 earnings call, Viasat, Inc. (Viasat) announced that it was introducing a new segment reporting structure commencing with the first quarter of fiscal year 2025. The new segment reporting structure is expected to better reflect Viasat’s strategy following the acquisition of Inmarsat in May 2023 (the Inmarsat Acquisition), diverse global end markets and organizational changes, and is expected to allow Viasat to better assess the operational performance of, and allocated resources to, our multiple business lines. Under the new reporting structure, Viasat will have two 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 – and 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 – and 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.

Exhibit 99.1 to this Form 8-K contains unaudited supplemental financial information that illustrates Viasat’s financial results for fiscal years 2023 and 2024 using this new segment reporting structure. There is no change to Viasat’s consolidated results for these periods. The accompanying financial information also includes a presentation of Adjusted EBITDA using the new segment reporting structure, which is a non-GAAP financial measure. Viasat believes this measure is appropriate to enhance an overall understanding of Viasat’s past financial performance and prospects for the future. However, the presentation of this additional non-GAAP information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation between the non-GAAP financial information and the most comparable GAAP information is provided in the Exhibit.

Additionally, to assist investors in evaluating Viasat’s historical and comparative financial performance relative to prior and future periods and to market trends, Viasat is providing unaudited supplemental adjusted combined financial information (in Exhibit 99.2) and unaudited supplemental adjusted combined financial information excluding the non-recurring catch-up contribution from the litigation settlement (in Exhibit 99.3). This supplemental information shows, for illustrative purposes only, certain financial information of Viasat for the fiscal year ended March 31, 2023 and the fiscal quarter ended June 30, 2023 (in Exhibit 99.2) and for the fiscal year ended March 31, 2024, each fiscal quarter in fiscal year 2024 and fiscal year 2023 (in Exhibit 99.3), in each case on an adjusted combined basis, presented using the new segment reporting structure. This supplemental information has been prepared by combining Viasat’s results of operations from continuing operations for each of the new segments for the periods presented with the results of operations of Inmarsat for such segments for periods prior to the closing of the Inmarsat Acquisition on May 30, 2023, together with 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. Viasat and Inmarsat have different fiscal years, and therefore Inmarsat’s results for the twelve-month period ended March 31, 2023 were derived by subtracting Inmarsat’s historical results of operations for the three months ended March 31, 2022 from its historical results of operations for the year ended December 31, 2022, and adding Inmarsat’s historical results of operations for the three months ended March 31, 2023. This adjusted combined financial information is unaudited, does not include pro forma adjustments to reflect the Inmarsat Acquisition and related transactions, and does not purport to be indicative of what the combined company’s results of operations would have been if the Inmarsat Acquisition and related transactions had occurred at the beginning of the periods presented. In addition, the adjustments to arrive to the combined financial information do not reflect non-recurring charges incurred in connection with the Inmarsat Acquisition (other than to the extent already reflected in actual historical results), nor any cost savings and synergies that have resulted and are expected to result from the Inmarsat Acquisition (and associated costs to achieve such savings or synergies), nor any costs associated with severance, restructuring or integration activities resulting from the Inmarsat Acquisition.

This supplemental adjusted combined financial information is provided for illustrative purposes only and should be read in conjunction with: (1) Viasat’s consolidated financial statements and notes thereto filed with the Securities and Exchange Commission, (2) Inmarsat’s consolidated financial statements of Inmarsat Holdings for the year ended December 31, 2022, the unaudited condensed financial statements for the three months ended March 31, 2023 and the unaudited pro forma condensed combined financial information of Viasat for the year ended March 31, 2023 attached to Viasat’s Current Report on Form 8-K/A filed with the Securities and Exchange Commission on June 5, 2023 and (3) the supplemental information regarding Inmarsat’s posted on the Investor Relations section of Viasat’s website.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits


Exhibit Number		Description of Exhibit
99.1		Selected segment information for the fiscal years 2023 and 2024
99.2		Supplemental adjusted combined financial information (fiscal year 2023 and the quarter ended June 30, 2023)
99.3		Supplemental adjusted combined financial information (fiscal year 2024 and each fiscal quarter therein, and fiscal year 2023)
104		Cover Page Interactive Data File (embedded with the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	VIASAT, INC.

Date: July 25, 2024	By:	/s/ Brett Church
	Name:	Brett Church
	Title:	Associate General Counsel

EX-99.1


SELECTED SEGMENT INFORMATION FOR FISCAL YEARS 2023 AND 2024 (UNAUDITED)		Exhibit 99.1


	Three Months Ended												Fiscal Years Ended
	June 30, 2023			September 30, 2023			December 31, 2023			March 31, 2024			March 31, 2024			March 31, 2023
	(In thousands)												(In thousands)
Revenues:
Communication services
Aviation services	$	151,112		$	224,049		$	236,008		$	253,665		$	864,834		$	346,950
Government satcom services		82,624			169,843			176,311			168,048			596,826			165,897
Maritime services		45,345			130,428			130,121			124,196			430,090			3,362
Fixed services and other services		214,692			246,442			229,929			215,699			906,762			919,440

Total services		493,773			770,762			772,369			761,608			2,798,512			1,435,649
Total products		66,487			75,795			102,489			98,257			343,028			269,126

Total communication services revenues		560,260			846,557			874,858			859,865			3,141,540			1,704,775

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			108,805			5,611			4,879			122,733			65,024

Total products		169,885			325,934			200,584			239,733			936,136			685,000

Total defense and advanced technologies revenues		219,531			378,858			253,681			290,148			1,142,218			851,383
Elimination of intersegment revenues		—			—			—			—			—			—

Total revenues	$	779,791		$	1,225,415		$	1,128,539		$	1,150,013		$	4,283,758		$	2,556,158

Independent research and development:
Communication services**	$	19,804		$	22,685		$	28,758		$	33,716		$	104,963		$	99,520
Defense and advanced technologies		9,200			10,744			12,970			12,776			45,690			29,403

Total independent research and development	$	29,004		$	33,429		$	41,728		$	46,492		$	150,653		$	128,923

Operating profits (losses):
Communication services	$	(9,943	)	$	(831,186	)	$	36,049		$	(11,974	)	$	(817,054	)	$	(189,402	)
Defense and advanced technologies		(3,762	)		107,893			11,752			38,530			154,413			63,257
Elimination of intersegment operating profits (losses)		—			—			—			—			—			—

Segment operating profit (loss) before corporate and amortization of acquired intangible assets		(13,705	)		(723,293	)		47,801			26,556			(662,641	)		(126,145	)
Corporate		—			—			—			—			—			—
Amortization of acquired intangible assets		(27,811	)		(81,374	)		(91,719	)		(26,261	)		(227,165	)		(29,811	)

Income (loss) from operations	$	(41,516	)	$	(804,667	)	$	(43,918	)	$	295		$	(889,806	)	$	(155,956	)

**	The three months ended September 30, 2023, the three months ended December 31, 2023 and the fiscal year ended March 31, 2024 include $900.0 million, $5.5 million, and $905.5 million, respectively, of satellite impairment and related charges, net.

AN ITEMIZED RECONCILIATION BETWEEN SEGMENT OPERATING PROFIT (LOSS) FROM CONTINUING OPERATIONS BEFORE

CORPORATE AND AMORTIZATION OF ACQUIRED INTANGIBLE ASSETS AND ADJUSTED EBITDA IS AS FOLLOWS:

(In thousands)


	Three months ended June 30, 2023									Three months ended September 30, 2023									Three months ended December 31, 2023									Three months ended March 31, 2024
	Communication Services			Defense and Advanced Technologies			Total			Communication Services			Defense and Advanced Technologies			Total			Communication Services			Defense and Advanced Technologies			Total			Communication Services			Defense and Advanced Technologies			Total
Segment operating profit (loss) before corporate and amortization of acquired intangible assets	$	(9,943	)	$	(3,762	)	$	(13,705	)	$	(831,186	)	$	107,893		$	(723,293	)	$	36,049		$	11,752		$	47,801		$	(11,974	)	$	38,530		$	26,556
Depreciation⁽¹⁾		122,491			9,520			132,011			225,962			10,599			236,561			218,860			10,620			229,480			258,475			11,114			269,589
Stock-based compensation expense		13,524			8,228			21,752			13,510			8,208			21,718			14,252			7,947			22,199			11,376			6,586			17,962
Other amortization		12,292			2,465			14,757			12,719			3,111			15,830			12,414			3,013			15,427			13,293			3,411			16,704
Acquisition and transaction related expenses ⁽²⁾		16,467			11,268			27,735			29,099			8,352			37,451			43,410			21,658			65,068			25,137			2,188			27,325
Satellite impairment and related charges, net		—			—			—			900,000			—			900,000			5,496			—			5,496			—			—			—
Equity in income (loss) of unconsolidated affiliates, net		831			—			831			(502	)		—			(502	)		2,689			—			2,689			3,957			—			3,957
Noncontrolling interest		(60	)		(42	)		(102	)		(60	)		(1,415	)		(1,475	)		(60	)		(4,990	)		(5,050	)		(30	)		(4,328	)		(4,358	)

Adjusted EBITDA from continuing operations	$	155,602		$	27,677		$	183,279		$	349,542		$	136,748		$	486,290		$	333,110		$	50,000		$	383,110		$	300,234		$	57,501		$	357,735

Adjusted EBITDA from discontinued operations⁽³⁾		—			—			—			—			—			—			—			—			—			—			—			—

Adjusted EBITDA	$	155,602		$	27,677		$	183,279		$	349,542		$	136,748		$	486,290		$	333,110		$	50,000		$	383,110		$	300,234		$	57,501		$	357,735


	Twelve months ended March 31, 2024									Twelve months ended March 31, 2023
	Communication Services			Defense and Advanced Technologies			Total			Communication Services			Defense and Advanced Technologies			Total
Segment operating profit (loss) before corporate and amortization of acquired intangible assets	$	(817,054	)	$	154,413		$	(662,641	)	$	(189,402	)	$	63,257		$	(126,145	)
Depreciation⁽¹⁾		825,788			41,853			867,641			350,954			52,701			403,655
Stock-based compensation expense		52,662			30,969			83,631			51,578			30,534			82,112
Other amortization		50,718			12,000			62,718			49,058			11,047			60,105
Acquisition and transaction related expenses ⁽²⁾		114,113			43,466			157,579			53,285			33,011			86,296
Satellite impairment and related charges, net		905,496			—			905,496			—			—			—
Other income, net		—			—			—			—			1,098			1,098
Equity in income (loss) of unconsolidated affiliates, net		6,975			—			6,975			(66	)		—			(66	)
Noncontrolling interest		(210	)		(10,775	)		(10,985	)		(240	)		(5,702	)		(5,942	)

Adjusted EBITDA from continuing operations	$	1,138,488		$	271,926		$	1,410,414		$	315,167		$	185,946		$	501,113

Adjusted EBITDA from discontinued operations⁽³⁾		—			—			—			—			82,057			82,057

Adjusted EBITDA	$	1,138,488		$	271,926		$	1,410,414		$	315,167		$	268,003		$	583,170

⁽¹⁾	Depreciation expenses not specifically recorded in a particular segment have been allocated based on other indirect allocable costs, which management believes is a reasonable method.

⁽²⁾	Costs typically consist of acquisition, integration, and disposition related costs.

⁽³⁾	A reconciliation of Adjusted EBITDA from discontinued operations is presented below.

AN ITEMIZED RECONCILIATION BETWEEN NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO VIASAT, INC.

AND ADJUSTED EBITDA FROM DISCONTINUED OPERATIONS IS AS FOLLOWS:

(In thousands)


	Twelve months ended March 31, 2024								Twelve months ended March 31, 2023
	Communication Services		Defense and Advanced Technologies			Total			Communication Services		Defense and Advanced Technologies			Total
GAAP net income (loss) from discontinued operations attributable to Viasat, Inc.	$	—	$	(10,422	)	$	(10,422	)	$	—	$	1,302,387		$	1,302,387
Provision for (benefit from) income taxes		—		(578	)		(578	)		—		425,156			425,156
Depreciation and amortization		—		—			—			—		6,806			6,806
Stock-based compensation expense		—		—			—			—		2,347			2,347
Acquisition and transaction related expenses ⁽²⁾		—		—			—			—		7,252			7,252
(Gain) loss on the Link-16 TDL Sale		—		11,000			11,000			—		(1,661,891	)		(1,661,891	)

Adjusted EBITDA from discontinued operations	$	—	$	—		$	—		$	—	$	82,057		$	82,057

EX-99.2


SUPPLEMENTAL ADJUSTED COMBINED FINANCIAL INFORMATION (UNAUDITED)		Exhibit 99.2
(In millions)


	Three months ended June 30, 2023						Twelve months ended March 31, 2023
	Communication Services		Defense and Advanced Technologies		Total		Communication Services		Defense and Advanced Technologies		Total
Viasat historical revenues (US GAAP)⁽¹⁾	$	560	$	220	$	780	$	1,705	$	851	$	2,556
Inmarsat historical revenues (IFRS) ⁽²⁾		267		—		267		1,528		—		1,528
Adjustments for purchase accounting, IFRS to US GAAP and other conforming adjustments ⁽³⁾		15		—		15		90		—		90

Supplemental adjusted combined revenues	$	842	$	220	$	1,061	$	3,323	$	851	$	4,175


	Three months ended June 30, 2023						Twelve months ended March 31, 2023
	Communication Services		Defense and Advanced Technologies		Total		Communication Services		Defense and Advanced Technologies		Total
Viasat Adjusted EBITDA ^{(1), (5)}	$	156	$	28	$	183	$	315	$	186	$	501
Inmarsat Adjusted EBITDA conformed to Viasat ^(4), (5)		154		—		154		890		—		890
Purchase accounting, IFRS to US GAAP and other conforming adjustments ⁽³⁾		10		—		10		61		—		61

Supplemental adjusted combined Adjusted EBITDA	$	320	$	28	$	347	$	1,266	$	186	$	1,452

⁽¹⁾	Viasat, Inc. from continuing operations as reported under new segments. See Exhibit 99.1.

⁽²⁾	Inmarsat historical revenues for the three months ended June 30, 2023 consist of standalone revenues for the two months ended May 30, 2023 only.

⁽³⁾	Adjustments reflect purchase accounting and reclassifications to conform the historical financial information of Inmarsat from IFRS to US GAAP, giving effect to the Inmarsat Acquisition as if it occurred prior to fiscal year 2023.

⁽⁴⁾	Inmarsat Adjusted EBITDA conformed to the Viasat Adjusted EBITDA calculation. For the three months ended June 30, 2023, Inmarsat information represents standalone Adjusted EBITDA for the two months ended May 30, 2023 only.

⁽⁵⁾

See reconciliation of Viasat Adjusted EBITDA to Viasat segment operating profit (loss) before corporate and amortization of acquired intangible assets at Exhibit 99.1 and see reconciliation of Connect Bidco Limited Adjusted EBITDA (which is not materially different from Inmarsat Holdings’ Adjusted EBITDA) to Connect Bidco Limited profit / (loss) below before giving effect to conforming changes to reflect Viasat’s Adjusted EBITDA presentation. A reconciliation of segment Adjusted EBITDA for Connect Bidco Limited Adjusted AEBITDA is not provided as Connect Bidco Limited is included entirely in the Communications Services segment.

CONNECT BIDCO LIMITED ITEMIZED RECONCILIATION BETWEEN PROFIT / (LOSS) AND ADJUSTED EBITDA IS AS FOLLOWS:

(In millions)


	Three months ended June 30, 2023		Twelve months ended March 31, 2023
Profit / (loss) for the period (IFRS)		13		151
Taxation charge / (income)		4		50
Net financing costs		16		99
Depreciation and amortisation		151		593
Cost associated with the Viasat transaction		41		47

Adjusted EBITDA ^{(6), (7)}	$	225	$	940

⁽⁶⁾

Adjusted EBITDA prior to conforming to Viasat’s presentation (such as, policy election related to the treatment of a one-off foreign exchange gain related to the provision held for the HMRC launch costs case ($28 million) that was settled during the quarter ended March 31, 2023, treatment of noncontrolling interest, equity in income (loss) of unconsolidated affiliates, etc.).

⁽⁷⁾

Contributions from Ligado were previously included as a net down adjustment to Adjusted EBITDA. However, as of June 5, 2024 (the date the Connect Bidco Limited March 31, 2024 quarterly results were reported), Ligado contributions are no longer classified as an exceptional item. Therefore Adjusted EBITDA for the twelve months ended March 31, 2023 has now been adjusted to include $20 million of contributions from Ligado. As this adjustment was previously included in our supplemental information table above within row “Adjustments for purchase accounting, IFRS to US GAAP and other confirming adjustments”, our supplemental information is unchanged.

EX-99.3


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

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

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

Total products		169,885		230,675			200,584		239,733		840,877			629,206

Total defense and advanced technologies revenues		219,531		283,599			253,681		290,148		1,046,959			795,589
Elimination of intersegment revenues		—		—			—		—		—			—

Total revenues	$	1,061,279	$	1,130,156		$	1,128,539	$	1,150,013	$	4,469,987		$	4,118,814

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

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	)

Total Adjusted EBITDA excluding one-time litigation settlement contribution	$	347,416	$	399,848		$	383,110	$	357,735	$	1,488,109		$	1,401,352

⁽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