Company: VSAT
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-016993
Chunk: 26

Company: VIASAT INC
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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's investments in equity method investments were not significant as of December 31, 2024 and March 31, 2024.Common stock held in treasury As of December 31, 2024 and March 31, 2024, the Company had zero shares of common stock held in treasury. During the three months ended December 31, 2024 and 2023, the Company issued 1,103,337 and 1,284,326 shares of common stock, respectively, based on the vesting terms of certain restricted stock unit agreements. During the nine months ended December 31, 2024 and 2023, the Company issued 1,473,495 and 1,478,822 shares of common stock, respectively, based on the vesting terms of certain restricted stock unit agreements. In order for employees to satisfy minimum statutory employee tax withholding requirements related to the issuance of common stock underlying these restricted stock unit agreements, during the three months ended December 31, 2024 and 2023, the Company repurchased 378,657 and 445,393 shares of common stock, respectively, at cost and with a total value of $2.8 million and $8.7 million, respectively. During the nine months ended December 31, 2024 and 2023, the Company repurchased 520,538 and 506,794 shares of common stock, respectively, at cost and with a total value of $5.2 million and $11.2 million, respectively. Although shares withheld for employee withholding taxes are technically not issued, they are treated as common stock repurchases for accounting purposes (with such shares deemed to be repurchased and then immediately retired), as they reduce the number of shares that otherwise would have been issued upon vesting of the restricted stock units. These retired shares remain as authorized stock and are considered to be unissued. The retirement of treasury stock had no impact on the Company’s total consolidated stockholders’ equity.DerivativesAs a result of the Inmarsat Acquisition (see Note 4 — Acquisition for more information), the Company assumed interest rate cap contracts to hedge the variable interest rate under Inmarsat's senior secured term loan facilities (see Note 7 — Senior Notes and Other Long-Term Debt for more information). The interest rate cap contracts provide protection from Compound SOFR rates over 2%, cover the total nominal amount of Inmarsat's senior secured term loan facilities of $1.6 billion and mature at the end of February