Viasat首季收入11.6億美元 淨虧損收窄至每股0.38美元

10-Q
 
 
 
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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
FORM 10-Q
 
(Mark One) 
 

 
 
 
 
 
 

 
 ☒

  

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  
For the quarterly period ended June 30, 2026. 
OR 
 

 
 
 
 
 
 

 
 ☐

  

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  
For the transition period from to . 
Commission File Number (000-21767) 
 

VIASAT, INC. 
(Exact name of registrant as specified in its charter) 
 
 

 
 
 
 
 

 
 Delaware

 33-0174996

 

 
 (State or other jurisdiction of
incorporation or organization)

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

 

  
6155 El Camino Real 
Carlsbad, California 92009 
(760) 476-2200 
(Address of principal executive offices and telephone number) 
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
 

 
 
 
 
 
 
 
 
 

 
 Large accelerated filer

 ☒

  

  

 Accelerated filer

 ☐

 

 
  

  

  

  

  

  

 

 
 Non-accelerated filer

 ☐

  

  

 Smaller reporting company

 ☐

 

 
  

  

  

  

  

  

 

 
  

  

  

  

 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. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ 
The number of shares outstanding of the registrant’s common stock, $0.0001 par value, as of July 23, 2026 was 137,755,810.
 
 

  

 
  

 VIASAT, INC. 
TABLE OF CONTENTS 
 

 
 
 
 
 
 

 
  

  

 Page

 

 
 PART I. FINANCIAL INFORMATION

  

 

 

 
 Item 1. Financial Statements (Unaudited)

  

 3

 

 
 Condensed Consolidated Balance Sheets

  

 3

 

 
 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

  

 4

 

 
 Condensed Consolidated Statements of Cash Flows

  

 5

 

 
 Condensed Consolidated Statements of Equity

  

 6

 

 
 Notes to the Condensed Consolidated Financial Statements

  

 7

 

 
 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

 33

 

 
 Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

 50

 

 
 Item 4. Controls and Procedures

  

 51

 

 
 PART II. OTHER INFORMATION

  

  

 

 
 Item 1. Legal Proceedings

  

 52

 

 
 Item 1A. Risk Factors

  

 52

 

 
 Item 5. Other Information

  

 52

 

 
 Item 6. Exhibits

  

 53

 

 
 Signatures

  

 54

 

  

 2

 
  

 PART I — FINANCIAL INFORMATION 
Item 1. Financial Statements (Unaudited) 
VIASAT, INC. 
CONDENSED CONSOLIDATED BALANCE SHEETS 
(UNAUDITED) 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 As of
 June 30, 2026

  

  

 As of
 March 31, 2026

  

 

 
  

  

 (In thousands)

  

 

 
 ASSETS

  

  

  

  

  

  

 

 
 Current assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 1,735,819

  

  

 $

 1,746,835

  

 

 
 Accounts receivable, net

  

  

 744,423

  

  

  

 753,430

  

 

 
 Inventories

  

  

 293,788

  

  

  

 281,220

  

 

 
 Prepaid expenses and other current assets

  

  

 330,739

  

  

  

 342,522

  

 

 
 Total current assets

  

  

 3,104,769

  

  

  

 3,124,007

  

 

 
 

  

  

  

  

  

  

 

 
 Property, equipment and satellites, net

  

  

 7,248,899

  

  

  

 7,272,637

  

 

 
 Operating lease right-of-use assets

  

  

 420,810

  

  

  

 427,994

  

 

 
 Acquired intangible assets, net

  

  

 1,931,864

  

  

  

 1,997,436

  

 

 
 Goodwill

  

  

 1,624,700

  

  

  

 1,625,013

  

 

 
 Other assets

  

  

 780,560

  

  

  

 779,509

  

 

 
 Total assets

  

 $

 15,111,602

  

  

 $

 15,226,596

  

 

 
  

  

  

  

  

  

  

 

 
 LIABILITIES AND EQUITY

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 288,629

  

  

 $

 288,154

  

 

 
 Accrued and other liabilities

  

  

 902,530

  

  

  

 951,192

  

 

 
 Current portion of long-term debt

  

  

 661,939

  

  

  

 57,753

  

 

 
 Total current liabilities

  

  

 1,853,098

  

  

  

 1,297,099

  

 

 
 

  

  

  

  

  

  

 

 
 Senior notes

  

  

 3,068,721

  

  

  

 3,664,848

  

 

 
 Other long-term debt

  

  

 2,711,739

  

  

  

 2,726,004

  

 

 
 Non-current operating lease liabilities

  

  

 420,685

  

  

  

 430,082

  

 

 
 Other liabilities

  

  

 2,339,668

  

  

  

 2,379,301

  

 

 
 Total liabilities

  

  

 10,393,911

  

  

  

 10,497,334

  

 

 
  

  

  

  

  

  

  

 

 
 Commitments and contingencies (Note 8)

  

  

  

  

  

  

 

 
  

  

  

  

  

  

  

 

 
 Equity:

  

  

  

  

  

  

 

 
 Viasat, Inc. stockholders’ equity

  

  

  

  

  

  

 

 
 Common stock

  

  

 14

  

  

  

 14

  

 

 
 Paid-in capital

  

  

 5,075,524

  

  

  

 5,044,536

  

 

 
 Retained earnings (accumulated deficit)

  

  

 (411,357

 )

  

  

 (359,616

 )

 

 
 Accumulated other comprehensive income (loss)

  

  

 (24,329

 )

  

  

 (24,633

 )

 

 
 Total Viasat, Inc. stockholders’ equity

  

  

 4,639,852

  

  

  

 4,660,301

  

 

 
 Noncontrolling interest in subsidiary

  

  

 77,839

  

  

  

 68,961

  

 

 
 Total equity

  

  

 4,717,691

  

  

  

 4,729,262

  

 

 
 Total liabilities and equity

  

 $

 15,111,602

  

  

 $

 15,226,596

  

 

  
See accompanying notes to the condensed consolidated financial statements. 

 3

 
  

 VIASAT, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
AND COMPREHENSIVE INCOME (LOSS) 
(UNAUDITED) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 

 
  

  

 June 30, 2026

  

  

 June 30, 2025

  

  

 

 
  

  

 (In thousands, except per share data)

  

  

 

 
 Revenues:

  

  

  

  

  

  

  

 

 
 Service revenues

  

 $

 832,438

  

  

 $

 826,370

  

  

 

 
 Product revenues

  

  

 324,105

  

  

  

 344,684

  

  

 

 
 Total revenues

  

  

 1,156,543

  

  

  

 1,171,054

  

  

 

 
 Operating expenses:

  

  

  

  

  

  

  

 

 
 Cost of service revenues

  

  

 513,134

  

  

  

 528,234

  

  

 

 
 Cost of product revenues

  

  

 230,568

  

  

  

 233,382

  

  

 

 
 Selling, general and administrative

  

  

 255,024

  

  

  

 262,832

  

  

 

 
 Independent research and development

  

  

 45,491

  

  

  

 34,193

  

  

 

 
 Amortization of acquired intangible assets

  

  

 65,018

  

  

  

 65,741

  

  

 

 
 Income (loss) from operations

  

  

 47,308

  

  

  

 46,672

  

  

 

 
 Other income (expense):

  

  

  

  

  

  

  

 

 
 Interest income

  

  

 15,391

  

  

  

 14,290

  

  

 

 
 Interest expense

  

  

 (82,304

 )

  

  

 (100,357

 )

  

 

 
 (Loss) gain on extinguishment of debt, net

  

  

 —

  

  

  

 (288

 )

  

 

 
 Other income (expense), net

  

  

 (306

 )

  

  

 (5,164

 )

  

 

 
 Income (loss) before income taxes

  

  

 (19,911

 )

  

  

 (44,847

 )

  

 

 
 (Provision for) benefit from income taxes

  

  

 (23,111

 )

  

  

 (6,610

 )

  

 

 
 Equity in income (loss) of unconsolidated affiliate, net

  

  

 228

  

  

  

 3,733

  

  

 

 
 Net income (loss)

  

  

 (42,794

 )

  

  

 (47,724

 )

  

 

 
 Less: net income (loss) attributable to
   noncontrolling interest, net of tax

  

  

 8,947

  

  

  

 8,710

  

  

 

 
 Net income (loss) attributable to Viasat, Inc.

  

 $

 (51,741

 )

  

 $

 (56,434

 )

  

 

 
 Basic net income (loss) per share attributable
   to Viasat, Inc. common stockholders:

  

 $

 (0.38

 )

  

 $

 (0.43

 )

  

 

 
 Diluted net income (loss) per share attributable
   to Viasat, Inc. common stockholders:

  

 $

 (0.38

 )

  

 $

 (0.43

 )

  

 

 
 Shares used in computing basic net income (loss) per share

  

  

 137,121

  

  

  

 131,578

  

  

 

 
 Shares used in computing diluted net income (loss) per share

  

  

 137,121

  

  

  

 131,578

  

  

 

 
 Comprehensive income (loss):

  

  

  

  

  

  

  

 

 
 Net income (loss)

  

 $

 (42,794

 )

  

 $

 (47,724

 )

  

 

 
 Other comprehensive income (loss), net of tax:

  

  

  

  

  

  

  

 

 
 Foreign currency translation adjustments, net of tax

  

  

 304

  

  

  

 25,259

  

  

 

 
 Other comprehensive income (loss), net of tax

  

  

 304

  

  

  

 25,259

  

  

 

 
 Comprehensive income (loss)

  

  

 (42,490

 )

  

  

 (22,465

 )

  

 

 
 Less: comprehensive income (loss) attributable
   to noncontrolling interest, net of tax

  

  

 8,947

  

  

  

 8,710

  

  

 

 
 Comprehensive income (loss) attributable to Viasat, Inc.

  

 $

 (51,437

 )

  

 $

 (31,175

 )

  

 

 
See accompanying notes to the condensed consolidated financial statements. 

 4

 
  

 VIASAT, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(UNAUDITED) 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

 

 
  

  

 June 30, 2026

  

  

 June 30, 2025

  

 

 
  

  

 (In thousands)

  

 

 
 Cash flows from operating activities:

  

  

  

  

  

  

 

 
 Net income (loss)

  

 $

 (42,794

 )

  

 $

 (47,724

 )

 

 
 Adjustments to reconcile net income (loss) to net cash provided by operating activities:

  

  

  

  

  

  

 

 
 Depreciation

  

  

 233,708

  

  

  

 257,701

  

 

 
 Amortization of intangible assets

  

  

 80,318

  

  

  

 83,965

  

 

 
 Stock-based compensation expense

  

  

 24,191

  

  

  

 14,707

  

 

 
 Loss (gain) on extinguishment of debt, net

  

  

 —

  

  

  

 288

  

 

 
 Deferred income taxes and other non-cash adjustments

  

  

 (13,672

 )

  

  

 21,358

  

 

 
 Loss on disposition of fixed assets

  

  

 3,785

  

  

  

 6,646

  

 

 
 Increase (decrease) in cash resulting from changes in operating
   assets and liabilities:

  

  

  

  

  

  

 

 
 Accounts receivable

  

  

 7,911

  

  

  

 11,792

  

 

 
 Inventories

  

  

 (12,586

 )

  

  

 11,170

  

 

 
 Other assets

  

  

 23,503

  

  

  

 (31,074

 )

 

 
 Accounts payable

  

  

 4,530

  

  

  

 (17,666

 )

 

 
 Accrued liabilities

  

  

 (25,118

 )

  

  

 (31,930

 )

 

 
 Other liabilities

  

  

 (23,226

 )

  

  

 (20,773

 )

 

 
 Net cash provided by (used in) operating activities

  

  

 260,550

  

  

  

 258,460

  

 

 
 Cash flows from investing activities:

  

  

  

  

  

  

 

 
 Purchase of property, equipment and satellites, and other assets

  

  

 (218,928

 )

  

  

 (198,013

 )

 

 
 Proceeds from insurance claims on satellites

  

  

 —

  

  

  

 10,000

  

 

 
 Other investing activities

  

  

 —

  

  

  

 12,063

  

 

 
 Net cash provided by (used in) investing activities

  

  

 (218,928

 )

  

  

 (175,950

 )

 

 
 Cash flows from financing activities:

  

  

  

  

  

  

 

 
 Payments on debt borrowings

  

  

 (18,367

 )

  

  

 (462,722

 )

 

 
 Purchase of common stock in treasury (immediately retired) related
   to tax withholdings for stock-based compensation

  

  

 (28,725

 )

  

  

 (4,668

 )

 

 
 Proceeds from issuance of common stock under equity plans

  

  

 4,046

  

  

  

 —

  

 

 
 Distributions to minority shareholders

  

  

 —

  

  

  

 (45,902

 )

 

 
 Other financing activities

  

  

 (7,188

 )

  

  

 (527

 )

 

 
 Net cash provided by (used in) financing activities

  

  

 (50,234

 )

  

  

 (513,819

 )

 

 
 Effect of exchange rate changes on cash

  

  

 (2,404

 )

  

  

 (3,304

 )

 

 
 Net increase (decrease) in cash and cash equivalents

  

  

 (11,016

 )

  

  

 (434,613

 )

 

 
 Cash and cash equivalents at beginning of period

  

  

 1,746,835

  

  

  

 1,612,105

  

 

 
 Cash and cash equivalents at end of period

  

 $

 1,735,819

  

  

 $

 1,177,492

  

 

 
 Non-cash investing and financing activities:

  

  

  

  

  

  

 

 
 Issuance of common stock in satisfaction of certain accrued
   employee compensation liabilities

  

 $

 28,485

  

  

 $

 27,784

  

 

 
 Right-of-use assets obtained in exchange for operating lease liabilities

  

  

 8,088

  

  

  

 26,304

  

 

 
 Capital expenditures not paid for during the period

  

  

 7,734

  

  

  

 16,263

  

 

 
See accompanying notes to the condensed consolidated financial statements. 

 5

 
  

 VIASAT, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY 
(UNAUDITED) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Viasat, Inc. Stockholders

  

  

  

  

  

  

  

 

 
  

  

 Common Stock

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

 Number of
Shares
Issued

  

  

 Amount

  

  

 Paid-in
Capital

  

  

 Retained
Earnings
(Accumulated Deficit)

  

  

 Accumulated
Other
Comprehensive
Income (Loss)

  

  

 Noncontrolling
Interest in
Subsidiary

  

  

 Total

  

 

 
  

  

 (In thousands, except share data)

  

 

 
 For the Three Months Ended June 30, 2026

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at March 31, 2026

  

  

 136,557,695

  

  

 $

 14

  

  

 $

 5,044,536

  

  

 $

 (359,616

 )

  

 $

 (24,633

 )

  

 $

 68,961

  

  

 $

 4,729,262

  

 

 
 Exercise of stock options

  

  

 131,984

  

  

  

 —

  

  

  

 4,046

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 4,046

  

 

 
 Stock-based compensation

  

  

 —

  

  

  

 —

  

  

  

 27,182

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 27,182

  

 

 
 Shares issued in settlement of certain accrued
   employee compensation liabilities

  

  

 409,153

  

  

  

 —

  

  

  

 28,485

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 28,485

  

 

 
 RSU and PSU awards vesting, net of shares
   withheld for taxes which have been retired

  

  

 655,408

  

  

  

 —

  

  

  

 (28,725

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (28,725

 )

 

 
 Other noncontrolling interest activity

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (69

 )

  

  

 (69

 )

 

 
 Net income (loss)

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (51,741

 )

  

  

 —

  

  

  

 8,947

  

  

  

 (42,794

 )

 

 
 Other comprehensive income (loss), net of tax

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 304

  

  

  

 —

  

  

  

 304

  

 

 
 Balance at June 30, 2026

  

  

 137,754,240

  

  

 $

 14

  

  

 $

 5,075,524

  

  

 $

 (411,357

 )

  

 $

 (24,329

 )

  

 $

 77,839

  

  

 $

 4,717,691

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 For the Three Months Ended June 30, 2025

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at March 31, 2025

  

  

 130,210,407

  

  

 $

 13

  

  

 $

 4,926,259

  

  

 $

 (325,530

 )

  

 $

 (46,911

 )

  

 $

 90,729

  

  

 $

 4,644,560

  

 

 
 Stock-based compensation

  

  

 —

  

  

  

 —

  

  

  

 16,456

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 16,456

  

 

 
 Shares issued in settlement of certain accrued
   employee compensation liabilities

  

  

 3,125,378

  

  

  

 —

  

  

  

 27,784

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 27,784

  

 

 
 RSU and PSU awards vesting, net of shares
   withheld for taxes which have been retired

  

  

 848,807

  

  

  

 —

  

  

  

 (4,668

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (4,668

 )

 

 
 Distributions declared to minority shareholders

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (59,695

 )

  

  

 (59,695

 )

 

 
 Net income (loss)

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (56,434

 )

  

  

 —

  

  

  

 8,710

  

  

  

 (47,724

 )

 

 
 Other comprehensive income (loss), net of tax

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 25,259

  

  

  

 —

  

  

  

 25,259

  

 

 
 Balance at June 30, 2025

  

  

 134,184,592

  

  

 $

 13

  

  

 $

 4,965,831

  

  

 $

 (381,964

 )

  

 $

 (21,652

 )

  

 $

 39,744

  

  

 $

 4,601,972

  

 

  
See accompanying notes to the condensed consolidated financial statements.

 6

 
  

 VIASAT, INC. 
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
(UNAUDITED) 
Note 1 — Basis of Presentation
The accompanying condensed consolidated balance sheet at June 30, 2026, the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended June 30, 2026 and 2025, the condensed consolidated statements of cash flows for the three months ended June 30, 2026 and 2025 and the condensed consolidated statements of equity for the three months ended June 30, 2026 and 2025 have been prepared by the management of Viasat, Inc. (also referred to hereafter as the Company or Viasat), and have not been audited. These financial statements have been prepared on the same basis as the audited consolidated financial statements for the fiscal year ended March 31, 2026 and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the Company’s results for the periods presented. These financial statements should be read in conjunction with the financial statements and notes thereto for the fiscal year ended March 31, 2026 included in the Company’s Annual Report on Form 10-K. Interim operating results are not necessarily indicative of operating results for the full year. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (GAAP).
The Company’s condensed consolidated financial statements include the assets, liabilities and results of operations of Viasat, its wholly owned subsidiaries and its majority-owned subsidiary, TrellisWare Technologies, Inc. (TrellisWare).
All significant intercompany amounts have been eliminated. Investments in entities in which the Company can exercise significant influence, but does not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investment in unconsolidated affiliate in other assets (long-term) in the condensed consolidated balance sheets.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information and actual results could differ from those estimates. Significant estimates made by management include revenue recognition, stock-based compensation, allowance for doubtful accounts, valuation of goodwill and other intangible assets, patents, orbital slots and other licenses, software development, property, equipment and satellites, long-lived assets, contingencies and income taxes including the valuation allowance on deferred tax assets.

Revenue recognition
In accordance with the authoritative guidance for revenue from contracts with customers (Accounting Standards Codification (ASC) 606), the Company applies the five-step model to its contracts with its customers. Under this model the Company (1) identifies the contract with the customer, (2) identifies its performance obligations in the contract, (3) determines the transaction price for the contract, (4) allocates the transaction price to its performance obligations and (5) recognizes revenue when or as it satisfies its performance obligations. These performance obligations generally include the purchase of services (including broadband capacity and the leasing of broadband equipment), the purchase of products, and the development and delivery of complex equipment built to customer specifications under long-term contracts. Taxes imposed by governmental authorities on the Company’s revenues, such as sales taxes and value added taxes, are excluded from net sales.
 

 7

 
 VIASAT, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
 

 Performance obligations
The timing of satisfaction of performance obligations may require judgment. The Company derives a substantial portion of its revenues from contracts with customers for services, primarily consisting of connectivity services. These contracts typically require advance or recurring monthly payments by the customer. The Company’s obligation to provide connectivity services is satisfied over time as the customer simultaneously receives and consumes the benefits provided. The measure of progress over time is based upon either a period of time (e.g., over the estimated contractual term) or usage (e.g., bandwidth used/bytes of data processed). The Company evaluates whether broadband equipment provided to its customers as part of the delivery of connectivity services represents a lease in accordance with the authoritative guidance for leases (ASC 842). As discussed further below under “Leases - Lessor accounting”, for broadband equipment leased to customers in conjunction with the delivery of connectivity services, the Company accounts for the lease and non-lease components of connectivity service arrangements as a single performance obligation as the connectivity services represent the predominant component.
The Company also derives a portion of its revenues from contracts with customers to provide products. Performance obligations to provide products are satisfied at the point in time when control is transferred to the customer. These contracts typically require payment by the customer upon passage of control and determining the point at which control is transferred may require judgment. To identify the point at which control is transferred to the customer, the Company considers indicators that include, but are not limited to, whether (1) the Company has the present right to payment for the asset, (2) the customer has legal title to the asset, (3) physical possession of the asset has been transferred to the customer, (4) the customer has the significant risks and rewards of ownership of the asset, and (5) the customer has accepted the asset. For product revenues, control generally passes to the customer upon delivery of goods to the customer.
The Company’s contracts with the U.S. Government typically are subject to the Federal Acquisition Regulation (FAR) and are priced based on estimated or actual costs of producing goods or providing services. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods and services provided under U.S. Government contracts. The pricing for non-U.S. Government contracts is based on the specific negotiations with each customer. Under the typical payment terms of the Company’s U.S. Government fixed-price contracts, the customer pays the Company either performance-based payments (PBPs) or progress payments. PBPs are interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments based on a percentage of the costs incurred as the work progresses. Because the customer can often retain a portion of the contract price until completion of the contract, the Company’s U.S. Government fixed-price contracts generally result in revenue recognized in excess of billings which the Company presents as unbilled accounts receivable on the balance sheet. Amounts billed and due from the Company’s customers are classified as receivables on the balance sheet. The portion of the payments retained by the customer until final contract settlement is not considered a significant financing component because the intent is to protect the customer. For the Company’s U.S. Government cost-type contracts, the customer generally pays the Company for its actual costs incurred within a short period of time. For non-U.S. Government contracts, the Company typically receives interim payments as work progresses, although for some contracts, the Company may be entitled to receive an advance payment. The Company recognizes a liability for these advance payments in excess of revenue recognized and presents it as collections in excess of revenues and deferred revenues on the balance sheet. An advance payment is not typically considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect the Company from the other party failing to adequately complete some or all of its obligations under the contract.

 8

 
 VIASAT, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
 

 Performance obligations related to developing and delivering complex equipment built to customer specifications under long-term contracts are recognized over time as these performance obligations do not create assets with an alternative use to the Company and the Company has an enforceable right to payment for performance to date. To measure the transfer of control, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the cost-to-cost measure of progress for its contracts because that best depicts the transfer of control to the customer, which occurs as the Company incurs costs on its contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Estimating the total costs at completion of a performance obligation requires management to make estimates related to items such as subcontractor performance, material costs and availability, labor costs and productivity and the costs of overhead. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recognized in the period t