ViaSat, Inc. (NASDAQ:VSAT) Q4 2022 Earnings Conference Call May 25, 2022 5:00 PM ET

Company Participants

Rick Baldridge - President and CEO

Robert Blair - General Counsel

Mark Dankberg - Executive Chairman

Shawn Duffy - CFO

Conference Call Participants

Landon Park - Morgan Stanley

Ryan Koontz - Needham & Company

Louie DiPalma - William Blair

Chris Quilty - Quilty Analytics

Operator

Hello and welcome to Viasat's Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. Your host for today is Rick Baldridge, President and CEO. Sir you may proceed.

Rick Baldridge

Okay. Thanks for joining us today. Just want to point out that we released our Shareholder Letter shortly after market closed and is available on our website. We'll be referring throughout the call.

So, joining me today on the call Mark Dankberg, our Executive Chairman; our CFO, Shawn Duffy; Robert Blair, our General Counsel; and Paul Froelich, Corporate Development; Peter Lopez from Investor Relations.

So, today's call -- we'll just go through a few brief opening remarks, following up by Q&A.

So, before we get started, let's have Robert provide our Safe Harbor.

Robert Blair

Thanks Rick. As you know this discussion will contain forward-looking statements. This is a reminder that factors could cause actual results to differ materially. Additional information concerning these factors is contained in our SEC filings including our most recent reports on Form 10-K and Form 10-Q. Copies are available from the SEC or from our website.

Back to you, Rick.

Rick Baldridge

Okay. Thanks Robert. Fiscal ’22 was a great year for ViaSat. We delivered the financial results that we targeted -- we had targeted and previously communicated to our investors and we continue to execute on a number of very strategic and operational fronts.

For the year, we achieved record revenue of $2.8 billion and record adjusted EBITDA of $611 million. For revenue, this was a 24% year-over-year increase and for adjusted EBITDA was a 15% increase which is consistent with our guidance of double-digit revenue growth and mid-teens adjusted EBITDA growth.

We hit our goals for the year. While we outperformed in the first three quarters, we knew Q4 would be sequentially softer based on the factors we communicate in our last call, with increased ground network costs for the upcoming ViaSat-3 America satellite, increased R&D investments, and changes in product mix which had -- which were exasperated by certain government secure products certification delays, as we described last quarter, as well as some sudden, but since resolved supply chain issues that impacted certain government product shipments.