Viasat, Inc. is an American satellite communications company headquartered in Carlsbad, California. The company provides satellite broadband and narrowband connectivity and communications equipment for commercial aviation, maritime, enterprise, consumer, military and government customers. It operates satellites in the Ka-, L- and S-bands and also uses capacity from partner satellite networks.3 Its revenue was $860 million in 2018.1 Its shares trade on Nasdaq under the symbol VSAT.1Wikipedia text CC BY-SA 4.0
Viasat, Inc. is an American satellite communications company headquartered in Carlsbad, California. The company provides satellite broadband and narrowband connectivity and communications equipment for commercial aviation, maritime, enterprise, consumer, military and government customers. It operates satellites in the Ka-, L- and S-bands and also uses capacity from partner satellite networks.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue10111213146$4.6B in 2026+124% since 2019Operating income10111213146$108.1M in 2026Net income10111213146-$34.1M in 2026−49% since 2019
Revenue151617$1.2B in Q1 FY2026+1% since Q2 FY2025Operating income151617$47.3M in Q1 FY2026+32% since Q2 FY2025Net income151617-$51.7M in Q1 FY2026−16% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2026-03-31
2025-03-31
2024-03-31
Total revenues
$4.6B
$4.5B
$4.3B
Selling, general and administrative (including ground network (FY25), satellite (FY24) impairment and related charges, net - see Note 1)
$999.5M
$1.2B
$1.9B
Independent research and development
$164.9M
$142.4M
$150.7M
Amortization of acquired intangible assets
$260.7M
$263.9M
$227.2M
Income (loss) from operations
$108.1M
-$97.5M
-$889.8M
Interest income
$205.8M
$83.9M
$96.3M
Interest expense
-$360.2M
-$421.9M
-$400.4M
(Loss) gain on extinguishment of debt, net
-$11.9M
-$99.8M
Other income (expense), net
$163.0M
-$10.0M
Income (loss) from continuing operations before income taxes
$104.8M
-$545.3M
-$1.2B
(Provision for) benefit from income taxes from continuing operations
-$116.2M
$941.0K
$139.5M
Equity in income (loss) of unconsolidated affiliate, net
$15.3M
$13.2M
$7.0M
Net income (loss) from continuing operations
$3.9M
-$531.1M
-$1.0B
Net income (loss) from discontinued operations, net of tax
-$10.4M
Net income (loss)
$3.9M
-$531.1M
-$1.1B
Less: net income (loss) attributable to noncontrolling interest, net of tax
$38.0M
$43.8M
$11.0M
Net income (loss) attributable to Viasat, Inc.
-$34.1M
-$575.0M
-$1.1B
Continuing operations
-$0
-$4
-$9
Discontinued Operations
-$0
Income (loss)
-$0.25
-$4.48
-$9.12
Continuing Operations
-$0
-$4
-$9
Discontinued Operations
-$0
Income (loss)
-$0.25
-$4.48
-$9.12
Shares used in computing basic net income (loss) per share
134.7M shares
128.5M shares
117.2M shares
Shares used in computing diluted net income (loss) per share
134.7M shares
128.5M shares
117.2M shares
Foreign currency translation adjustments, net of tax
$22.3M
-$9.3M
$3.0M
Unrealized gain (loss) on hedging, net of tax
-$16.4M
$10.5M
Other comprehensive income (loss), net of tax
$22.3M
-$25.6M
$13.4M
Comprehensive income (loss)
$26.2M
-$556.8M
-$1.0B
Less: comprehensive income (loss) attributable to noncontrolling interest, net of tax
$38.0M
$43.8M
$11.0M
Comprehensive income (loss) attributable to Viasat, Inc.
-$11.8M
-$600.6M
-$1.1B
No quarter-by-quarter statement was filed.
Total assets1810111213146$15.2B in 2026+259% since 2019Total liabilities1810111213146$10.5B in 2026+351% since 2019Shareholders’ equity1810111213146$4.7B in 2026+144% since 2019Cash1810111213146$1.7B in 2026+567% since 2019Long-term debt19181011$2.5B in 2022+78% since 2019
Total assets151617$15.1B in Q1 FY2026+2% since Q2 FY2025Total liabilities151617$10.4B in Q1 FY2026+2% since Q2 FY2025Shareholders’ equity151617$4.6B in Q1 FY2026+3% since Q2 FY2025Cash151617$1.7B in Q1 FY2026+41% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2026-03-31
2025-03-31
2024-03-31
2023-03-31
Cash and cash equivalents
$1.7B
$1.6B
Accounts receivable, net
$753.4M
$699.6M
Inventories
$281.2M
$293.9M
Prepaid expenses and other current assets
$342.5M
$282.3M
Total current assets
$3.1B
$2.9B
Property, equipment and satellites, net
$7.3B
$7.4B
Operating lease right-of-use assets
$428.0M
$416.5M
Acquired intangible assets, net
$2.0B
$2.3B
Goodwill
$1.6B
$1.6B
Other assets
$779.5M
$845.8M
Total assets
$15.2B
$15.4B
Accounts payable
$288.2M
$264.3M
Accrued and other liabilities
$951.2M
$908.5M
Current portion of long-term debt
$57.8M
$503.8M
Total current liabilities
$1.3B
$1.7B
Senior notes
$3.7B
$3.7B
Other long-term debt
$2.7B
$2.9B
Non-current operating lease liabilities
$430.1M
$414.1M
Other liabilities
$2.4B
$2.2B
Total liabilities
$10.5B
$10.8B
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding at both March 31, 2026 and 2025
$0
$0
Common stock, $0.0001 par value, 200,000,000 shares authorized; 136,557,695 and 130,210,407 shares outstanding at March 31, 2026 and 2025, respectively
$14.0K
$13.0K
Paid-in capital
$5.0B
$4.9B
Retained earnings (accumulated deficit)
-$359.6M
-$325.5M
Accumulated other comprehensive income (loss)
-$24.6M
-$46.9M
Total Viasat, Inc. stockholders equity
$4.7B
$4.6B
Noncontrolling interest in subsidiary
$69.0M
$90.7M
Total equity
$4.7B
$4.6B
$5.1B
$3.9B
Total liabilities and equity
$15.2B
$15.4B
Preferred stock, par value
$0.00
$0.00
Preferred stock, shares authorized
5.0M shares
5.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value
$0.00
$0.00
Common stock, shares authorized
200.0M shares
200.0M shares
Common stock, shares outstanding
136.6M shares
130.2M shares
Period ending
2026-03-31
2025-03-31
2024-03-31
2023-03-31
Cash and cash equivalents
$1.7B
$1.6B
Accounts receivable, net
$753.4M
$699.6M
Inventories
$281.2M
$293.9M
Prepaid expenses and other current assets
$342.5M
$282.3M
Total current assets
$3.1B
$2.9B
Property, equipment and satellites, net
$7.3B
$7.4B
Operating lease right-of-use assets
$428.0M
$416.5M
Acquired intangible assets, net
$2.0B
$2.3B
Goodwill
$1.6B
$1.6B
Other assets
$779.5M
$845.8M
Total assets
$15.2B
$15.4B
Accounts payable
$288.2M
$264.3M
Accrued and other liabilities
$951.2M
$908.5M
Current portion of long-term debt
$57.8M
$503.8M
Total current liabilities
$1.3B
$1.7B
Senior notes
$3.7B
$3.7B
Other long-term debt
$2.7B
$2.9B
Non-current operating lease liabilities
$430.1M
$414.1M
Other liabilities
$2.4B
$2.2B
Total liabilities
$10.5B
$10.8B
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding at both March 31, 2026 and 2025
$0
$0
Common stock, $0.0001 par value, 200,000,000 shares authorized; 136,557,695 and 130,210,407 shares outstanding at March 31, 2026 and 2025, respectively
$14.0K
$13.0K
Paid-in capital
$5.0B
$4.9B
Retained earnings (accumulated deficit)
-$359.6M
-$325.5M
Accumulated other comprehensive income (loss)
-$24.6M
-$46.9M
Total Viasat, Inc. stockholders equity
$4.7B
$4.6B
Noncontrolling interest in subsidiary
$69.0M
$90.7M
Total equity
$4.7B
$4.6B
$5.1B
$3.9B
Total liabilities and equity
$15.2B
$15.4B
Preferred stock, par value
$0.00
$0.00
Preferred stock, shares authorized
5.0M shares
5.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value
$0.00
$0.00
Common stock, shares authorized
200.0M shares
200.0M shares
Common stock, shares outstanding
136.6M shares
130.2M shares
Cash from operations10111213146$1.6B in 2026+385% since 2019Capital spending101112$1.1B in 2023+69% since 2019Free cash flow1011121314-$709.1M in 2023+129% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2026-03-31
2025-03-31
2024-03-31
Net income (loss)
$3.9M
-$531.1M
-$1.1B
Depreciation
$1.0B
$1.0B
$867.6M
Amortization of intangible assets
$315.9M
$324.3M
$289.9M
Stock-based compensation expense
$81.1M
$80.4M
$83.6M
Disposition of fixed assets losses, ground network (FY25) and satellite (FY24) impairment, net
$22.8M
$152.9M
$975.4M
Gain on sale of equity interest in unconsolidated affiliate
-$168.1M
Loss (gain) on extinguishment of debt, net
$11.9M
$99.8M
Deferred income taxes and other non-cash adjustments
$56.5M
-$107.0M
-$111.1M
Accounts receivable
-$58.2M
-$59.7M
-$69.2M
Inventories
$13.1M
$33.2M
-$13.4M
Other assets
-$6.6M
$18.3M
$45.7M
Accounts payable
$36.8M
$40.5M
-$41.5M
Accrued liabilities
$63.0M
$7.0M
-$141.6M
Other liabilities
$179.2M
-$186.9M
-$139.4M
Net cash provided by (used in) operating activities
$1.6B
$908.2M
$688.2M
Purchase of property, equipment and satellites, and other assets
-$992.8M
-$1.0B
-$1.5B
Proceeds from insurance claims on satellites
$10.0M
$251.5M
$508.6M
Proceeds from sale of equity interest in unconsolidated affiliate
$203.0M
Payment related to acquisition of business, net of cash acquired
-$342.6M
Proceeds from sale of short-term investments
$164.3M
Payments to acquire short-term investments
-$82.0M
Other investing activities
$20.8M
$20.3M
Net cash provided by (used in) investing activities
-$759.0M
-$758.4M
-$1.3B
Payments on debt borrowings
-$809.1M
-$2.4B
-$567.0M
Proceeds from debt borrowings
$175.9M
$2.0B
$1.7B
Payments of debt issuance costs
-$2.7M
-$36.3M
-$53.2M
Distributions to minority shareholders
-$59.7M
Purchase of common stock in treasury (immediately retired) related to tax withholdings for stock-based compensation
-$18.3M
-$5.5M
-$11.7M
Proceeds from issuance of common stock under equity plans
$18.1M
$18.0M
$19.3M
Other financing activities
$1.4M
-$3.1M
$448.0K
Net cash provided by (used in) financing activities
-$694.4M
-$442.6M
$1.1B
Effect of exchange rate changes on cash
-$1.7M
$3.8M
$275.0K
Net increase (decrease) in cash and cash equivalents and restricted cash
$134.7M
-$288.9M
$521.6M
Cash paid for interest (net of amounts capitalized)
$326.5M
$390.0M
$229.0M
Cash paid for income taxes, net
$80.7M
$196.3M
$200.6M
Issuance of common stock in satisfaction of certain accrued employee compensation liabilities
$27.8M
$28.1M
$31.2M
Capital expenditures not paid for during the period
Viasat sits at the top of its group. 137 entities, 61 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Beijing Supersatcom Science and Technology Co., Ltd. Subsidiary · China
Carmel Comunicaciones, S.A. de C.V. Subsidiary · Mexico
ComPetro Comunicações Holdings do Brasil, Ltda. Subsidiary · Brazil
Connect Bidco Limited Subsidiary · Guernsey
Connect Finco SARL Subsidiary · Luxembourg
Connect Midco Limited Subsidiary · Guernsey
Connect Sub-Topco Limited Subsidiary · Guernsey
Connect Topco Limited Subsidiary · Guernsey
Engreen India Private Limited Subsidiary · India
Euro Broadband Infrastructure Sàrl Subsidiary · Switzerland
Euro Broadband Services S.r.l. Subsidiary · Italy
Europasat Limited Subsidiary · United Kingdom
Flysurfer Colombia S.A.S Subsidiary · Colombia
Flysurfer-Ecuador S.A. Subsidiary · Ecuador
Inmarsat Australia Pty Limited Subsidiary · Australia
Inmarsat BH d.o.o Subsidiary · Bosnia and Herzegovina
Inmarsat Brasil Sat é lites LTDA Subsidiary · Brazil
Inmarsat Communications Company LLC Subsidiary · United Arab Emirates
Inmarsat Finance III Limited Subsidiary · United Kingdom
Inmarsat Finance Limited Subsidiary · United Kingdom
Inmarsat Germany GmbH Subsidiary · Germany
Inmarsat Global Japan KK Subsidiary · Japan
Inmarsat Global Limited Subsidiary · United Kingdom
Inmarsat Group Holdings Limited Subsidiary · United Kingdom
Inmarsat Group Limited Subsidiary · United Kingdom
and 111 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Viasat reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our worldwide headquarters are located at our Carlsbad, California campus and our international headquarters are located in London, United Kingdom. In addition to our Carlsbad campus and international headquarters in London, each of which we lease, we own or lease facilities, offices and earth stations across the globe, including our leased facility in Tempe, Arizona. Each of our segments uses each of these facilities. Although we believe that our existing facilities are suitable and adequate for our present purposes, in fiscal year 2027 and beyond, we will continue to evaluate our real estate needs and may further re-size our real estate footprint based on utilization and operational needs (such as the re-sizing undertaken in fiscal years 2024 and 2023).
Viasat was founded in May 1986 by Mark Dankberg, Mark Miller and Steve Hart, who had previously worked at the satellite communications company Linkabit. The company initially focused on communications equipment for defense customers. Viasat held its initial public offering in December 1996 and began trading on the Nasdaq under the symbol VSAT.
Between 2000 and 2002, Viasat acquired the satellite networking business of Scientific Atlanta, satellite network terminal operations formerly belonging to Comsat Laboratories, and US Monolithics. The acquisitions expanded the company's commercial satellite communications business.
In 2009, Viasat agreed to acquire satellite internet provider WildBlue Communications for approximately $568 million in cash and stock. The acquisition was completed in December 2009, giving Viasat an established residential satellite internet business ahead of the launch of ViaSat-1.
Viasat announced an agreement to acquire British satellite operator Inmarsat in November 2021. The transaction underwent competition and national-security reviews in several jurisdictions before Viasat completed the acquisition on May 30, 2023. Viasat paid approximately $550.7 million in cash and issued 46.36 million shares as consideration for Inmarsat.
Before completing the Inmarsat transaction, Viasat sold its Link 16 Tactical Data Links business to L3Harris for approximately $1.96 billion in January 2023.
Viasat organizes its operations into two reportable segments: Communication Services and Defense and Advanced Technologies. In fiscal 2026, Communication Services generated $3.30 billion in revenue and Defense and Advanced Technologies generated $1.34 billion.
Communication services
The Communication Services segment provides broadband and narrowband satellite services and related equipment. Its principal businesses include aviation, government satellite communications, maritime services, and fixed and enterprise services.
As of March 31, 2026, Viasat's in-flight connectivity systems were installed and in service on approximately 4,580 commercial aircraft and about 2,100 business jets. The company also provided Ka-band communications services to approximately 13,200 vessels. Its U.S. fixed broadband business had approximately 130,000 subscribers.
Viasat also provides narrowband mobile satellite services, including safety and operational communications for aviation and maritime users, through the L-band network acquired with Inmarsat.
Read the full text
Defense and advanced technologies
The Defense and Advanced Technologies segment develops communications and cybersecurity products for government and commercial customers. Its business lines include information security and cyber defense, space and mission systems, tactical networking, and other advanced communications technologies. Products developed by the segment include encryption systems, satellite communications terminals and modems, tactical networking equipment, antennas and satellite payload technologies.
In fiscal 2026, the segment generated $1.34 billion in revenue.
Satellite fleet
Viasat operates a multi-band satellite fleet assembled through its own satellite programs and the acquisition of Inmarsat. As of March 31, 2026, the company reported 23 in-service or operational satellites spanning the Ka-, L- and S-bands. The fleet consisted of 13 Ka-band satellites, eight L-band satellites, one S-band satellite and one hybrid Ka-/L-band satellite. Viasat also purchases capacity on satellites operated by other companies.
The company's high-capacity Ka-band satellites include ViaSat-1, ViaSat-2 and the ViaSat-3 series. The first ViaSat-3 spacecraft, covering the Americas, entered the operational fleet after completing in-orbit testing in July 2024. The second spacecraft, ViaSat-3 F2, was launched in November 2025, and ViaSat-3 F3 was launched in April 2026.
Viasat's fleet also includes satellites acquired with Inmarsat, including L-band spacecraft used for mobile satellite and safety services. The company has also been developing the GX7, GX8 and GX9 Ka-band satellites and four Inmarsat-8 L-band satellites.
On February 24, 2022, a cyberattack disrupted the KA-SAT satellite network operated by Viasat at the start of the Russian invasion of Ukraine. The attack caused communications outages in Ukraine and elsewhere in Europe. In May 2022, the European Union attributed the operation to the Russian Federation.
In June 2025, Viasat was identified as a victim of the Chinese-linked Salt Typhoon cyberespionage campaign. Viasat said an investigation with an independent cybersecurity firm found unauthorized access through a compromised device but no evidence that customers were affected. The company said the intrusion had been remediated and that it had not detected subsequent activity related to the incident.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
614 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 66 major events, 355 insider forms, 44 large holders, 129 other. The latest 20:
73 open-market trades by officers, directors and large owners since October 2021: 2 buys and 71 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed May 29, 2026 (Section 12(b) of the Exchange Act).20
Risk factors and legal proceedings
The risks Viasat names in Item 1A of its 10-K filed May 29, 2026: 32 risks under these headings, as written.20
Risks Related to Our Satellites and Business
Our Operating Results Are Difficult to Predict
Satellite Failures, Degradations in Satellite Performance or Shortened Satellite Useful Life Could Affect Our Business, Financial Condition and Results of Operations
New or Proposed Satellites Are Subject to Significant Risks Related to Construction, Launch and Orbit Raising that Could Limit Our Ability to Utilize these Satellites
Potential Satellite Losses May Not Be Fully Covered By Insurance, or at All
The Markets in Which We Compete Are Highly Competitive and Our Competitors May Have Greater Resources than Us
Our Success Depends on the Investment in, and Development and Market Acceptance of, New Broadband Technologies and Advanced Communications and Secure Networking Systems, Products and Services
The Global Business Environment and Economic Conditions Could Negatively Affect Our Business, Financial Condition and Results of Operations
Acquisitions, Joint Ventures and Other Strategic Alliances May Have an Adverse Effect on Our Business; We May Fail to Realize the Anticipated Benefits of Such Transactions
Our Reliance on U.S. Government Contracts Exposes Us to Significant Risks
Because Our Products Are Complex and Are Deployed in Complex Environments, Our Products as well as Third Party Products on Which We Rely Are Likely to Have Vulnerabilities and Defects that We May Discover only After Full Deployment, which Could Seriously Harm Our Business
Our Reputation, Business, Results of Operations, and Financial Condition Could Be Materially Harmed as a Result of Data Breaches, Data Theft, Unauthorized Access, Hacking or Other Cybersecurity Incidents
The other 22 risks
We Use AI Technologies in Our Business, and the Use of These Technologies Involve Technological and Legal Risks.
A Significant Portion of Our Revenues Is Derived from a Few of Our Contracts
Our Development Contracts May Be Difficult for Us to Comply with and May Expose Us to Third-Party Claims for Damages, and We May Experience Losses from Fixed-Price Contracts
Our Reliance on a Limited Number of Third Parties to Manufacture and Supply Our Products and Supply Network Infrastructure and Bandwidth Exposes Us to Various Risks
We Depend on a Limited Number of Key Employees Who Would Be Difficult to Replace
Because We Conduct Business Internationally, We Face Additional Risks, including Risks Related to Global Political and Economic Conditions, Sanctions, Changes in Regulation and Currency Fluctuations
Adverse Resolution of Litigation May Harm Our Operating Results or Financial Condition
Future Sales of Our Common Stock Could Lower Our Stock Price and Dilute Existing Stockholders
We Expect Our Stock Price to Be Volatile, and You May Lose All or Some of Your Investment
We May Not Be Able to Utilize All of Our Deferred Tax Assets
Provisions in Our Certificate of Incorporation and Bylaws, under Delaware Law and in Our Credit Facilities May Discourage, Delay or Prevent a Change in Control or an Acquisition of Our Business at a Premium Price
Risks Related to the Regulation of Our Business
We May Be Unable to Obtain or Maintain Required Authorizations or Contractual Arrangements
Changes in the Regulatory Environment Could Have a Material Adverse Impact on Our Competitive Position, Growth and Financial Performance
Our International Sales and Operations Are Subject to Applicable Laws Relating to Trade, Sanctions, Export Controls and Foreign Corrupt Practices, the Violation of Which Could Have a Material Adverse Impact on Our Business
Our Business Could Be Adversely Affected by a Negative Audit by the U.S. Government and other Governments
Risks Associated with Environmental, Social and Governance Matters, Including Global Climate Change, and Legal, Regulatory or Market Responses to These Matters Could Harm Our Reputation and Business
Risks Related to Our Indebtedness
Our Level of Indebtedness May Adversely Affect Our Ability to Operate Our Business, Remain in Compliance with Debt Covenants, React to Changes in Our Business or the Industry in Which We Operate, or Prevent Us From Making Payments on Our Indebtedness
We May Not Be Able to Generate Sufficient Cash to Service All of Our Indebtedness and Fund Our Working Capital and Capital Expenditures or Refinance Our Indebtedness, and May Be Forced to Take Other Actions to Satisfy Our Obligations under Our Indebtedness, which May Not Be Successful
Covenants in Our Debt Agreements Could Limit Our Ability to Implement Our Business Plan
Risks Related to Intellectual Property
Our Ability to Protect Our Proprietary Technology Is Limited
Our Involvement in Litigation Relating to Intellectual Property Claims May Have a Material Adverse Effect on Our Business
We Rely on the Availability of Third-Party Licenses
Legal proceedings
Periodically, we are involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of business, including government investigations and claims, and other claims and proceedings with respect to intellectual property, breach of contract, labor and employment, tax and other matters. Such matters could result in fines; penalties, compensatory, treble or other damages; or non-monetary relief. A violation of government contract laws and regulations could also result in the termination of our government contracts or debarment from bidding on future government contracts. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, we believe that the resolution of our current pending matters will not have a material adverse effect on our business, financial condition, results of operations or liquidity. Regardless of the outcome, litigation can have an adverse impact on us because of defense costs, diversion of management resources and other factors. In addition, it is possible that an unfavorable resolution of one or more such proceedings could in the future materially and adversely affect our business, financial condition, results of operations or liquidity in a particular period. For further information on the risks we face from existing and future claims, suits, investigations and proceedings, see “Risk Factors” in Part I, Item 1A of this report.
