Item 7.01. Regulation FD Disclosure.
The information contained in this Item 7.01 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act except as may be expressly set forth by specific reference in such filing.
In connection with the offering of the Notes (as defined below),
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? The COVID-19 pandemic is continuing to impactViasat's higher-margin in-flight services business and its mobile broadband satellite communications system business in its satellite services and commercial networks segments, respectively, due to the severe decline in global air traffic and resulting downturn in the commercial aviation market.Viasat expects this negative impact on revenues and operating cash flows from its in-flight connectivity businesses to continue in fiscal year 2021, but to lessen over time with increases in passenger air traffic. In fiscal year 2020, less than 10% ofViasat's total revenues were generated by services and products provided to commercial airlines reported in its satellite services and commercial networks segments. ? AlthoughViasat's government systems segment is continuing to perform in line with its expectations,Viasat's government business has experienced some administrative delays on certain contractual vehicles as government customers adjust to the challenges inherent in the remote work environment resulting from the COVID-19 pandemic. As a result,Viasat anticipates that contract awards in its government systems segment in fiscal year 2021 may be more heavily weighted towards the second half ofViasat's fiscal year. ?Viasat's fiscal first quarter is also typically its lightest fiscal quarter with respect to earnings generation, reflecting seasonal trends as well as the timing of awards in its government systems segment (which tend to be lighter in its first fiscal quarter). In fiscal year 2020, Adjusted EBITDA for the quarter endedJune 30, 2019 represented only 21% of Adjusted EBITDA for the full fiscal year.
However,
For a further discussion of the impact of the COVID-19 pandemic on
Item 8.01. Other Events.
On
Neither the press release nor this Current Report on Form 8-K constitutes an
offer to sell or the solicitation of an offer to buy securities. Any offers of
the securities will be made only by means of a private offering memorandum. The
Notes have not been registered under the Securities Act, and may not be offered
or sold in
In accordance with Rule 135c(d) under the Securities Act, a copy of the press release is attached hereto as Exhibit 99.1.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description of Exhibit 99.1 Press Release datedJune 17, 2020 issued byViasat, Inc. 104 Cover Page Interactive Data File (embedded with the Inline XBRL document)
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