Company: VSAT
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-016993
Chunk: 15

Company: VIASAT INC
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 contract liability, or with respect to the Company, collections in excess of revenues and deferred revenues, is recorded. Reductions in the collections in excess of revenues and deferred revenues will be recorded as the Company satisfies the performance obligations.The following table presents contract assets and liabilities as of December 31, 2024 and March 31, 2024:  

          As of December 31, 2024

          As of March 31, 2024

          (In thousands)

          Unbilled accounts receivable
           
          $
          137,851

          $
          156,322

          Collections in excess of revenues and deferred revenues

          307,671

          260,264

          Deferred revenues, long-term portion

          799,565

          896,402

         Unbilled accounts receivable decreased by $18.5 million during the nine months ended December 31, 2024, driven primarily by an increase in billings primarily in the Company's defense and advanced technologies segment.Collections in excess of revenues and deferred revenues increased by $47.4 million during the nine months ended December 31, 2024, driven by advances on goods or services received in excess of revenue recognized in both of the Company's segments.During the three and nine months ended December 31, 2024, the Company recognized revenue of $57.3 million and $203.5 million, respectively, that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2024. During the three and nine months ended December 31, 2023, the Company recognized revenue of $14.1 million and $91.3 million, respectively, that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2023.Cash equivalentsCash equivalents consist of highly liquid investments with original maturities of three months or less at the date of purchase, with a significant portion held in U.S. government-backed securities and treasuries.

13

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

Property, equipment and satellites Satellites and other property and equipment, including internally developed software, are recorded at cost or, in the case of certain satellites and other property acquired, the fair value at the date of acquisition, net of accumulated depreciation. Capitalized satellite costs consist primarily