ViaSat, Inc.

Please stand by. Your program is about to begin. My name is Sarah, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Viasat's fourth quarter fiscal year 2024 earnings results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. I would now like to turn the call over to Ms. Lisa Curran, Vice President of Investor Relations. Ms. Curran, you may begin your conference.

Thanks, Sarah. We will present certain non-GAAP financial measures on today's call. Information required by the SEC relating to these non-GAAP financial measures is available in our fourth quarter fiscal year 24 shareholder letter investor relations section of our website. Please note that to provide a more meaningful comparison of our results of operations year over year, results for the fourth quarter and fiscal year 2024 are compared against supplemental combined results for prior year periods. These supplemental combined results are based on the combination of IFSAT's historical reported results from continuing operations with INRASAT's historical reported results for periods prior to the acquisition, with adjustments to reflect purchase price accounting, the conversion of INRASAT's results from IFRS to GAAP, and conforming changes to reflect IFSAT's presentation of its results. the supplemental combined financial information was prepared to better illustrate for investors the performance of our business following our acquisition of Inmarsat. Unless otherwise noted, the presented financial measures reflect year-over-year increases or decreases relative to the supplemental combined financial data in our fourth quarter fiscal year 2024 shareholder letter on the investor relations section of our website. During the presentation, We will describe certain of the more significant factors that impacted year-over-year performance. We will also make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we expect or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, and actual results might differ materially from any forward-looking statements that we make today. Information regarding these factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings and subsequent report on Form 10-K. These forward-looking statements speak only of the date they are made, and we do not assume any obligation to update any forward-looking statements. With that, I'll turn it over to Mark Descartes, Chairman and CEO.

Good afternoon and thanks for joining us today. With me I have Guru Gaurapan, our president, and Sean Duffy, our CFO. We encourage reading the shareholder letter that we posted on our website earlier this afternoon for more details. I'll give an overview of the main points and then Guru will cover operational results and highlights and our growth outlook and then we'll take questions. Fiscal year 2024 revenue and adjusted EBITDA growth above the high end of our guidance, driven by mobility and government. Fiscal year 2024 was a big year for us. We closed the Inmarsat acquisition, dealt with satellite anomalies, immediately undertook integrating the companies to eliminate redundancies, capture synergies, and drive productivity. Our objective is to integrate Inmarsat's global customer base, distribution partners, global satellite coverage, and leading global L-band spectrum rights and aeronautical and maritime safety services with Biosat's technology, domain expertise in aeronautical and government, and systematic methodology to achieve high utilization and productivity to cost-efficiently deliver reliable services to mobility customers, including in the highest demand places and times. Within about six months of close, we made difficult but necessary reductions and achieved operational and recurring capital synergies of approximately $200 million ahead of the planned schedules as we aligned our organization and optimized our satellite networks. We reorganized the company to help drive efficiency and productivity by integrating engineering, operational, distribution, and support functions. We've also added a number of key people to our leadership team, In fiscal year 24, we achieved another approximately $175 million reduction in CapEx, largely through investment prioritizations and synergies, along with some savings due to satellite system delays. We strengthened our capital structure and extended about $2 billion in debt maturities. The state focused on achieving our main operating financial goals for fiscal 24, and as previously mentioned, achieved above the high end of guys. All that while continuing investments to support mobility and government growth, including new implied entertainment and connectivity functionality and additional monetization options for our airlines and next-gen encryption and advanced technology programs for government customers. Now our highest priority for fiscal 25 is establishing a foundation for accelerated multi-year revenue and adjusted EBITDA growth in fiscal year 2026 and beyond as we multiply our total global bandwidth resources substantially with new satellites entering service. Getting those satellites launched and their network infrastructure into service will enable us to continue to normalize CapEx with additional savings in fiscal 26, providing a clear line of sight to an inflection to positive free cash flow by the end of the first half of calendar 25, which is also the end of the first quarter of fiscal 26. GURU will update our capital budget outlook in a few minutes. During fiscal 25, we'll also continue to improve operational efficiencies that drive steadily increasing utilization and productivity from our satellite fleet and partner satellite networks. Starting in the first quarter of 25, we'll also be resegmenting our financial reporting to give investors more transparency into our business areas. We'll also be extending our hybrid multi-orbit, multi-band network services, adding broadband to LEO. We've already executed agreements for LEO components for maritime and enterprise and anticipate providing hybrid multi-orbit to all our mobility services. Our shareholder letter provides a satellite roadmap and schedule. It includes satellite in-service dates consistent with our financial outlooks. The in-service dates are the same as we assumed last quarter. The next ones entering service are GX10A and 10B that are planned for early to mid-2025, calendar 2025. They will support government and enterprise mobility in the polar region. Flight 1 BISAT-3 antenna deployment anomaly is motivating us to reduce the capital cost and schedule for individual future satellites through design approaches that will benefit return on invested capital and further drive down fleet-wide bandwidth fulfillment costs while also improving service quality. Also in fiscal 25, we anticipate introducing the first scalable commercial 3GPP cellular standards based on direct-to-device service for customers of consumer mobile devices on five continents on our existing L-band network and partnering with like-minded mobile satellite services operators. We're working with the Mobile Satellite Services Association to promote a mobile satellite services ecosystem offering the greatest amount of licensed satellite spectrum. We have unique advantages and a technical approach to preserve and evolve our large base of safety service, aeronautical, and maritime customers to next-generation capabilities, building on the D2D infrastructure. We understand the satellite communications competitive landscape is evolving. BISAT entered the satellite services sector by focusing on driving down bandwidth costs to deliver greater value to our customers in terms of speed and consumption volume, and do that via cost-effective user terminals. We offer leading service-level agreements, giving customers confidence their service will meet expectations, even in the highest-demand places and times, and innovations that help our customers leverage connectivity to achieve their operational needs and increase passenger and crew satisfaction. We're adding low-latency services from LEO broadband partners. We've always expected increasing speed and volume value, along with innovative new business models, would drive industry growth through steadily increasing total addressable markets with pronounced price elasticity. That's clearly happening. Now, Biosat has evolved very successfully through several transformational stages in our history. This next phase is very competitive, but with commensurate growth opportunities. InMarsat has a heritage of cooperative engagement with all nations to create timely new services in a unique international ecosystem. We see opportunities to synthesize complementary investments from satellite companies and regional space champions into cohesive multi-band, multi-orbit solutions for enterprising governments, emphasizing global mobility. We're helping foster interoperable architectures that will enable us and others to preserve and responsibly extend our services profitably to Mokivan mail groups. This past year, we faced challenges and embraced a major acquisition. We've taken difficult measures, maintained our focus, met our business objectives, achieving results above prior guidance for the year. As we meet rising customer expectations for quality and certainty, we're capturing more and more real-world data on how, when, and where our customers and their customers use connectivity. We've leveraged that knowledge to help our customers compete and win, dynamically managing our own network ecosystem and shaping future space systems, architectures, and services. We're focused on serving our customers, our employees, our partners, and our shareholders. We continually evaluate our portfolio for opportunities to bring even more value. We're energized by the pace of change. We know we have work to do, and we're up to the challenge. With that, I'll hand it to Guru to cover operational results.