Emergency Board Meeting last night.
No all hands post Earnings call and stock slide.
Shows where our Owners and Leaders heads are at - talking only to themselves.
Shame !
63 replies (most recent on top)
@6ysw
Feel sorry for the ISAT folks, but not their leadership or government.
Sure we were sold a lie about "making the best from both companies" and then we watched Viasat systematically dismantling and mocking anything from Inmarsat. Arrogant, much?
I fully expect the mass culling that's coming to further decimate the Inmarsat ranks, but that won't get the required savings so there will be more Viasat pain next time.
Don't forget good old Chapter 11. All legal obligations can be wriggled out of if you're American, and bankrupt. I don't see any of the old Inmarsat Exec guard surviving cuts to come and he-l mend them as they have been complicit in the cuts to date without doing a thing to change the combined company business model. Oh woe is me Mark and Guru don't listen, cry, cry, take the Bonus tho.....
The future is THAT bright, right now.
Just got word that there's a P&C investigation of a coworker in my dept. Isn't that convenient? What is this!?
Feel sorry for the ISAT folks, their leadership and government fell for old bait and swithcharoo…
Wonder will the mass culling thats coming how that impacts the legally binding agreements they put in place with the UK government???
Could we see a wholesale shift of leadership over there, so as not to break those agreements?
Keep hearing Inmarsat outsourced everything, they outsourced no more than Viashat.
Yes last few years money was not spent on innovation as was being made as attractive as possible, but clearly if Viashat did spend anything it soent it very very badly…
Inmarsat has been badly let down by the original taking it private and then being allowed to be bought by the fake it to you make it joke that is Viashat, now the whole lot is going to go down the pan and very rapidly!
So no Christmas party this year?😀
Inmarsat was profitable.
Legacy inmarsat is still profitable (as of May 2024)
https://investors.viasat.com/static-files/3cc0e859-36b8-41b9-9365-06c43c485516
lol what profit… u mean net loss per employee?
What about profit per employee?
So Viasat has 6300 employees at $2.5 billion in Revenue compared to Inmarsat’s 1700 employees at $2 billion? Was one innovating and the other running bare bones to make private equity money on dying technology? Or was one extremely bloated while the other just efficient?
I doubt revenue per employee is a valid metric to compare considering Inmarsat outsourced everything.
$500M was always the goal, nothing new. More surprising they stumbled and didn’t act before earnings.
Inmarsat revenues were $2billion with roughly 1700 employees and it still had to many people, so it does not take a genius to work out that Viasat was and is incredibly bloated!
They will go for around 1500-3000 cuts and thats on top of the VRP.
It will still not be enough but may provide the opportunity to offload other parts of the business, as no one wants it in its current bloated and inefficient form.
You're right, they can't RIF that many. They would have to "cut" by selling off parts.
I doubt you will hear about any of that stuff at the all hands. They can't say anything until a deal has been finalized. Instead they'll talk about how great the quarter was and filibuster until no more time is left and they can't take any questions.
Clearly it won’t be 5 x 800 heads (we don’t have that many to loose) but it does make u think what gets cut.
Ki-l domestic broadband business ?
Ki-l one or two new satellites?
Break up GOPS?
Sell VES, Defense, Enterprise, Maritime, aviation?
I think all suggestions will be unwelcome at the next All Hands
Make sure you get heard
MD must be so proud of the fruits of his strategic vision and leadership. After all the pivots that could have been, the off ramps not taken, the doors not opened....this.
So cut 4000 heads next year? That's over half the company!
nov 23' layoff was appx 800 heads, and stated to save 100M annually.
500M in cuts in 2025, geesh!
Hey @2dbo+1vtz2lxI
It’s not that clever. J@mmy D is loose lipped as ever. No conspiracy theory required.
I mean, if they need to save $500M they got to tell & activate a few of us to wield the axes.
Makes sense, no?
Ha! I could have recommended that for ony $10M!
@2gwl+1vtz2lxI Exactly who is leaking these details? Does Guru send you snapchats? Rajeev hitting you up on Facebook messenger? Ricky B swiping right on Tinder?
This is why they started the recent goal setting initiative and performance based bonus (lol yeah right) stuff. The next cuts will be based on that. The problem is they started it too late. They won't be able to do the cuts until performance review time in May. By then the stock could be at $2/share.
They used to allow anonymous question submittal prior to all hands. They do not anymore. They will know who is asking the uncomfortable questions and who to fire.
@ Post ID: @2wwe
That should be a short meeting LOL
Oh yeah. Thats also a hot ticket…. Meh
But we have a One Viasat invite to celebrate our strategy and values and get to listen to leadership talk about our role as employees in realizing that vision. /s
Friends. Comrades. Viasaters. Inmarsaters.
Let us commit to asking LOTS of questions at the coming All Hands.
We have voices and us “insiders” are 9% of the shareholders. We can vote.
Make Viasat Great Again.
I wouldn’t say waiting is the right word. The VRP has been “bitterly disappointing” and it seems only Aviation & GOPS wielded the axe in November with involuntaries. So, 2024 cuts didn’t cut it.
In 2025 EVERYONE gets an invite to the J@mmy & J@son Axe Party.
No no no. I have it on good authority from sources here that there are no layoffs and any layoffs you may have seen are just your eyes lying to you
How much did the Nov 2023 RIF save?
They are waiting until 2025 to do something, then? Stock might be $3 by then.
Ge-z. $500M more than just a RIF (or a RIF far beyond any of the previous)
So, details leaking out from the emergency board meeting 12/13.
The board tasked Exec and management to identify a further $500M savings to be delivered in 2025. Thats a big number.
Understanding is leadership will use remaining 2024 to identify the cost reduction plan for execution in 2025.
Sounds like a job for Elon but oh darn he already took a gig like that.....
The equalizer got his azz kicked.
Extreme Upvoter = Starlink
Vote Equalizer = Viasat
Maybe I’m stupid but it seems that our leadership, board and investors all read this. It likely p@sses them off but there is some info here they won’t get coming up thru servile “‘management”.
I say - keep sharing and keep sharing
I can’t wait for the all hands. Got a ton of questions for the “sorry we have no time for question time cos grampa simpson rambled (again)”
I guess they read this forum. All hands scheduled in 2 weeks. They must be waiting on something to happen before then. Or maybe they’re hoping most employees will miss the call due to Thanksgiving. Less angry employees to deal with.
I bet they still haven't cut loose any sacred cows. Layoffs don't even hurt yet, and they're ramping down.
They went from insisting they would go cash flow positive by end of June next year to being non commital about it on the last call.
Former employee here - man reading through this forum is a little cringe.
Do they still send out those tone deaf employee surveys? what kind of questions are on there now?!
The silence is deafening. Stock has dropped 70% in 3 months, and 30% in 1 week. Already more than a week past earnings, where's the all hands? They don't care about the employees.
The data from the SEC Form 4 doesn't suggest that kind of a sale from KH. It says he exercised 15k options but sold 4.2k shares for tax withholding. tbh it looks like a normal thing rather than him bailing on shares. But I do agree the fact he's selling at all is telling in that he recognizes there is more downside than upside, it's safer to sell the shares to cover taxes today than use cash to pay that tomorrow.
https://www.secform4.com/insider-trading/797721.htm