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Viasat (Viasat) Owner Earnings per Share (TTM) : 2.33 (As of Dec. 2023)


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What is Viasat Owner Earnings per Share (TTM)?

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

Viasat's Owner Earnings per Share (TTM) ended in Dec. 2023 was $2.33. It's Price-to-Owner-Earnings ratio for today is 8.09.


The historical rank and industry rank for Viasat's Owner Earnings per Share (TTM) or its related term are showing as below:

VSAT' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 1.49   Med: 8.61   Max: 113.44
Current: 8.08


During the past 13 years, the highest Price-to-Owner-Earnings ratio of Viasat was 113.44. The lowest was 1.49. And the median was 8.61.


VSAT's Price-to-Owner-Earnings is ranked better than
76.51% of 1145 companies
in the Hardware industry
Industry Median: 18.41 vs VSAT: 8.08

Viasat's Earnings per Share (Diluted) for the three months ended in Dec. 2023 was $-0.99. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2023 was $7.58. It's PE Ratio ratio for today is 2.49.

Viasat's EPS without NRI for the three months ended in Dec. 2023 was $0.24. Its EPS without NRI for the trailing twelve months (TTM) ended in Dec. 2023 was $0.77. It's PE Ratio without NRI ratio for today is 24.47.


Viasat Owner Earnings per Share (TTM) Historical Data

The historical data trend for Viasat's Owner Earnings per Share (TTM) can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Viasat Owner Earnings per Share (TTM) Chart

Viasat Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Owner Earnings per Share (TTM)
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.97 -3.88 -0.50 -4.49 14.71

Viasat Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Owner Earnings per Share (TTM) Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -6.13 14.71 12.39 2.58 2.33

Competitive Comparison of Viasat's Owner Earnings per Share (TTM)

For the Communication Equipment subindustry, Viasat's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Viasat's Price-to-Owner-Earnings Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Viasat's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where Viasat's Price-to-Owner-Earnings falls into.



Viasat Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

Viasat's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income 228
Depreciation, Depletion and Amortization 972
Change In Deferred Tax 188
5Y Average of Maintenance Capital Expenditure 955
Change In Working Capital -141
Shares Outstanding (Diluted Average) 125

1. Start with "Net Income" from income statement. Viasat's Net Income for the trailing twelve months (TTM) ended in Dec. 2023 was $228 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Viasat's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Dec. 2023 was $972 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. Viasat's Change In Deferred Tax for the trailing twelve months (TTM) ended in Dec. 2023 was $188 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $955 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

Viasat's 5-Year Average Maintenance Capital Expenditure = $955 Mil

5. "Change In Working Capital" is from cashflow statement. Viasat's Change In Working Capital for the trailing twelve months (TTM) ended in Dec. 2023 was $-141 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. Viasat's Shares Outstanding (Diluted Average) for the months ended in Dec. 2023 was 125.097 Mil.

Viasat's Onwer Earnings Per Share for Dec. 2023 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 228.197 +971.867+187.532
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-955.23747269155+-140.76)/125.097
=2.33

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=18.84/2.33
=8.09

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.


Viasat Owner Earnings per Share (TTM) Related Terms

Thank you for viewing the detailed overview of Viasat's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.


Viasat (Viasat) Business Description

Industry
GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Viasat Inc (NAS:VSAT) » Definitions » Owner Earnings per Share (TTM)
Traded in Other Exchanges
Address
6155 El Camino Real, Carlsbad, CA, USA, 92009
Viasat Inc provides bandwidth technologies and services in three segments: satellite services, which provides satellite-based high-speed broadband services to consumers, enterprises, and commercial airlines; commercial networks, which develops end-to-end communication and connectivity systems; and government systems, which produces network-centric Internet Protocol-based secure government communication systems. A large majority of the firm's revenue is generated in the United States, with the rest coming from the Americas, Europe, Middle East, Africa, and Asia-Pacific.
Executives
Craig Andrew Miller officer: Pres. Government Systems C/O VIASAT, INC., 6155 EL CAMINO REAL, CARLSBAD CA 92009
Keven K Lippert officer: Vice President General Counsel 6155 EL CAMINO REAL, CARLSBAD CA 92009
Benjamin Edward Palmer officer: President, Maritime C/O VIASAT, INC., 6155 EL CAMINO REAL, CARLSBAD CA 92009
Richard A Baldridge officer: Chief Operating Officer 6155 EL CAMINO REAL, CARLSBAD CA 92009
James Michael Dodd officer: President, Global Mobile 6155 EL CAMINO REAL, CARLSBAD CA 92009
Warburg Pincus (europa) Global Growth (cayman), L.p. 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus Llc 10 percent owner 450 LEXINGTON AVENUE, NEW YORK NY 10017
Mark Nieuwendijk 10 percent owner C/O PRETZEL LOGIC BV, WILHELMINALAAN 30, ZEIST P7 3701BL
Luxtopholding Sarl Triton 10 percent owner 1-3 BOULEVARD DE LA FOIRE, LUXEMBOURG N4 L-1528
Logic Bv Pretzel 10 percent owner WILHELMINALAAN 30, ZEIST P7 3701BL
Apax Ix Gp Co. Ltd 10 percent owner THIRD FLOOR, ROYAL BANK PLACE, 1 GLATEGNY ESPLANADE, ST PETER PORT Y7 GY5 7FS
Warburg Pincus (cayman) Global Growth Gp Llc 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus (cayman) Global Growth Gp, L.p. 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Andrew Sukawaty director C/O VIASAT, INC., 6155 EL CAMINO REAL, CARLSBAD CA 92009
Cpp Investment Board Private Holdings (4) Inc. 10 percent owner 1 QUEEN STREET EAST, SUITE 2500, TORONTO A6 M5C 2W5