ViaSat sees FY24 revenue $4.10B-$4.25B, consensus $4.23B

The company said, “During the quarter, we maintained strong financial performance, took actions to achieve operating cost and capital expenditure synergies, and earned substantial new business awards. Our awards and backlog continued to increase driven by our government and mobility businesses in particular. The Inmarsat integration and organizational transformation, combining the best of each company, continued to make progress, consistent with the accelerated timeline and increased magnitude of synergies that we announced last quarter. As a result, we continue to expect to grow over the near- and long term while improving cash generation.” The company added, “For FY2024 we expect YoY revenue growth in the high single-digit percentages over the combined revenue of Viasat and Inmarsat in FY2023, excluding the one-time benefits from the litigation settlement of $56M in Q2 FY2023 and $95M in Q2 FY2024. Excluding the non-recurring contribution to revenue from the litigation settlement, Viasat expects FY2024 actual revenue to increase to a range of $4.10B-$4.25B”.Sees FY24 Adjusted EBITDA up in the mid-single-digit percentages over FY23 estimated combined Adjusted EBITDA, excluding the one-time benefits from the litigation settlement of $51M in Q2 FY2023 and $86M in Q2. Excluding the non-recurring contribution to Adjusted EBITDA from the litigation settlement, Viasat now expects FY24 Adjusted EBITDA to increase to a narrowed range of $1.275B-$1.30B.