Company: VSAT
Filing Date: 2025-05-27
Form Type: 10-K
Source: 0000950170-25-077138
Chunk: 99

Company: VIASAT INC
Filing Date: 2025-05-27
Form: 10-K
Item: Item 6
Chunk 99
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 INC.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (Continued) 

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 March 31, 2025 and March 31, 2024:  

           As ofMarch 31, 2025

           As ofMarch 31, 2024

           (In thousands)

           Unbilled accounts receivable
            
           $
           180,871

           $
           156,322

           Collections in excess of revenues and deferred revenues

           294,034

           260,264

           Deferred revenues, long-term portion

           786,710

           896,402

          Unbilled accounts receivable increased by $24.5 million during fiscal year 2025, primarily driven by revenue recognized in excess of billings primarily in the Company's communication services segment revenues.Collections in excess of revenues and deferred revenues increased by $33.8 million during fiscal year 2025, driven by advances on goods or services received in excess of revenue recognized in each of the Company's segments.During fiscal year 2025, the Company recognized revenue of $238.6 million that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2024. During fiscal year 2024, the Company recognized revenue of $97.8 million that was previously included in the Company’s collections in excess of revenues and deferred revenues at March 31, 2023.Other assets and deferred costs – contracts with customersPer ASC 340-40, Other Assets and Deferred Costs – Contracts with Customers, the Company recognizes an asset from