Company: VSAT
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0000950170-25-016993
Chunk: 150

Company: VIASAT INC
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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 respectively, and approximately 10% and 12% of its total revenues for the three and nine months ended December 31, 2023, respectively, mainly reported within the Company's defense and advanced technologies segment. Contract balancesContract balances consist of contract assets and contract liabilities. A contract asset, or with respect to the Company, an unbilled accounts receivable, is recorded when revenue is recognized in advance of the Company’s right to bill and receive consideration, typically resulting from sales under long-term contracts. Unbilled accounts receivable are generally expected to be billed and collected within one year. The unbilled accounts receivable will decrease as provided services or delivered products are billed. The Company receives payments from customers based on a billing schedule established in the Company’s contracts.When consideration is received in advance of the delivery of goods or services, a 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