ViaSat Inc. (VSAT): Falling Back to Earth

• ViaSat’s satellite-based residential broadband business likely to be extinct in 5 to 10 years due to competing terrestrial operators  
• Average Revenue per User (ARPU) has been inflated by non-core products that will erode under competitive pressure, causing ARPU to decline over the next few years
• The addressable market of rural and under-served homes is rapidly shrinking due to accelerating technological advancements in wireless, DSL and other terrestrial home broadband delivery solutions
• The company continues to burn cash and earn poor returns in pursuit of its doomed-to-fail business model