ViaSat Inc. (NASDAQ:VSAT) Q3 2020 Earnings Conference Call - Final Transcript
Feb 06, 2020 • 05:00 pm ET
Welcome to Viasat's FY 2020 Third Quarter Earnings Conference Call. Your host for today's call is Mark Dankberg, Chairman and CEO. You may proceed, Mr. Dankberg.
Okay. Thanks. Good afternoon, everybody, and welcome to Viasat's earnings call for our third fiscal quarter of 2020. So I'm Mark Dankberg, Chairman and CEO; and also on the call with me are Rick Baldridge, our President and Chief Operating Officer; Shawn Duffy, our CFO; Robert Blair, General Counsel; Bruce Dirks, our Treasurer; and Paul Froelich in Corporate Development.
And before we start, Robert will provide our safe harbor disclosure.
Thanks, Mark. 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.
With that said, let me turn it back over to Mark.
Thanks, Robert. So we'll be referring to slides that are available over the web. I'll start with an overview, and Shawn will discuss the consolidated and segment-level financial results. And then I'll give more color on the business, progress on ViaSat-3, our global expansion plans and update our outlook. Financial results continue to be strong. Revenue of $588 million for Q3 is up 6% year-over-year. And $1.7 billion year-to-date is up 14% compared to last year. EBITDA of $122 million for third quarter is up 13% year-over-year and at $337 million year-to-date is 46% higher than last year. Year-to-date orders of $1.8 billion are slightly above last year and reflect a book-to-bill of just over 1-times.
The financial results demonstrated strong business fundamentals. We are scaling and refining and improving execution. We're able to deliver solid gains while investing for future growth. In the near to mid-term aeronautical broadband, both government and commercial, has great growth potential. We're aiming to translate the accomplishments and market share gains we've achieved in North American in-flight connectivity on a global basis, and we're making significant progress. By the nature of how government platforms are deployed, global expansion opportunities are already in motion. Government systems is firing on all cylinders and creating more opportunities from network effects across several product lines.
One of our strategic themes is diversifying our satellite services portfolio to increase resilience, grow our total addressable market and prepare for global coverage. We've shown progress every quarter. While we're efficiently driving revenue and earnings growth in U.S. fixed site service, our other markets are growing even faster. We're entering each vertical market and methodically expanding geographically. We have a very substantial growth runway in front of us. Our strategy is being proven, our highly unique form of vertical integration in space and ground technology and service delivery underpins a unified global approach, with tailored playbooks for specific applications in geographic regions. Through our work in platform specific terminal integration, end user applications integration, machine learning, data analytics and cybersecurity,