Mike Arnold
Long only, small-cap, tech, growth at reasonable price

ViaSat Looks To Fly Higher

Executive summary:

  • ViaSat top line revenue and adjusted EBITDA growth continues at a lofty pace (16 and 17%, respectively, year-over-year).
  • In-flight WiFi launch on JetBlue (NASDAQ:JBLU) in December is another growth driver.
  • Backlog continues to grow, with new orders up 23% year-over-year.
  • Favorable broadband economics in the Satellite Services segment continue to shine with revenue up 37% and adjusted EBITDA up 110% year-over-year.


The market never ceases to amaze me.

At one point in December 2013, the market caps of Gogo (NASDAQ:GOGO), the in-flight WiFi provider and Viasat (NASDAQ:VSAT) were nearly identical.

It goes to show you how much the Street loves a growth story.

However, ViaSat has a superior business model relative...

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