Company: VSAT
Filing Date: 2025-05-27
Form Type: 10-K
Source: 0000950170-25-077138
Chunk: 38

Company: VIASAT INC
Filing Date: 2025-05-27
Form: 10-K
Item: Item 6
Chunk 38
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at Acquisition.Interest expense The $373.6 million increase in interest expense in fiscal year 2024 compared to fiscal year 2023 was primarily the result of the effects of increased interest expense arising from our increased level of indebtedness following the closing of the Inmarsat Acquisition in May 2023. The increase in interest expense was partially offset by an increase in the amount of interest capitalized during fiscal year 2024 compared to the prior year period.Income taxesThe income tax benefit in fiscal year 2024 primarily reflected the tax benefit from our loss before income taxes, partially offset by a valuation allowance recorded against our U.S. net deferred tax assets. The income tax provision in fiscal year 2023 primarily reflected the establishment of a valuation allowance on the deferred tax asset for California R&D tax credits and the expense for tax deficiencies upon settlement of stock-based compensation during the period, partially offset by the benefit of federal R&D tax credits. Our valuation allowance against deferred tax assets increased from $150.0 million at March 31, 2023 to $353.6 million at March 31, 2024. The valuation allowance relates to federal, state, and foreign net operating loss carryforwards, federal and state R&D tax credit carryforwards and foreign tax credit carryforwards. Segment Results for Fiscal Year 2024 Compared to Fiscal Year 2023Communication services segment Revenues 

     Fiscal Years Ended

     Dollar

     Percentage

     (In millions, except percentages)
      
     March 31, 2024

     March 31, 2023

     Increase(Decrease)

     Increase(Decrease)

     Segment service revenues
      
     $
     2,798.5

     $
     1,435.6

     $
     1,362.9

     95
     %

     Segment product revenues

     343.0

     269.1

     73.9

     28
     %

     Total segment revenues
      
     $
     3,141.5

     $
     1,704.8

     $
     1,436.8

     84
     %
    
    Our communication services segment revenues increased by $1,436.8 million due to a $1,362.9 million increase in service revenues and a $73.9 million increase in product revenues. The increase in segment service revenues was primarily attributable to the Inmarsat Acquisition in May