ViaSat, Inc.

Please stand by. Your program is about to begin. My name is Meg, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to Viasat's first quarter fiscal year 2025 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, Meg. 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 Q1 FY25 shareholder letter on the 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 first quarter of FY 2025 are compared against supplemental combined results for the prior year period. These supplemental combined results are based on the combination of Viasat's historical reported results with Inmarsat's historical reported results for periods prior to the acquisition, with adjustments to reflect purchase price accounting, the conversion of Inmarsat's results from IFRS to GAAP, and conforming changes to reflect Viasat's presentation of its results. This supplemental combined financial information was prepared to better illustrate for investors the performance of our business following our acquisition of MRSAT. Unless otherwise noted, the presented financial measures reflect year-over-year increases or decreases relative to the supplemental combined financial data in our Q1 FY25 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 security 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 annual report on Form 10-K. These forward-looking statements speak only as 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 Dankbert, Chairman and CEO.

Good afternoon, and thanks for joining us today. With me, along with Lisa, we have Guru Gaurapan, our President, and Sean Duffy, our CFO. We encourage reading the shareholder letter and referencing the slides we posted on our website earlier this afternoon for more details. I'll give a quick overview of the shareholder letter. Guru will cover the financial results and highlights and our growth outlook, and then we'll take questions. Our first quarter fiscal year 2025 results were a little better than expected in terms of year-over-year revenue and adjusted EBITDA growth. on a combined basis as described in the shareholder letter slides. We also continued to take actions to strengthen our capital structure while thoughtfully investing in positioning for a promising future. Our ongoing services revenue coupled with expected activations in aviation, good defense and advanced technology orders, existing and new backlog, and order pipeline enable us to increase our outlook for fiscal year 2025. We're pleased with the financial results this quarter, but remain focused on our agenda of both near and long-term goals, including overcoming the VICEF 3.1 anomaly. We're making steady progress at supporting the improvements in our growth outlook. While these points are all very important, the headway we're making on multiple fronts creates optionality in the ways and sequences in which we address our challenges and opportunities. So that list is first get our satellites under construction into service and holistically address our capital structure and trim our leverage ratios from current levels. We want to continue to groom our business portfolio to the highest leverage satellite and network technologies that attract customers and partners and ultimately yield attractive recurring revenue. We want to continue our integration to drive higher returns on our networks and harmonize our services and operations and achieve our cash flow and collection objectives. We want to cultivate an enduring and economically accretive satellite operator partnership ecosystem to augment coverage and capacity and increase multi-orbit capability. We want to continue to win and execute new defense and advanced technology programs with attractive growth potential. and durable competitive advantages in key technologies such as ground networks, unique free space optical applications, mission-specific phased array terminals, space-based cybersecurity, and others. We can leverage these technologies into recurring revenues for commercial and government customers, and we can use these technologies to help create and promote a competitive ecosystem of partners. And finally, we want to capture a leadership position in the emerging directed device services market by leveraging our substantial installed base of aero, maritime, and mobile users, emerging 3GPP standards, open architectures, and our existing resources. We want to foster innovative business models, serving an extremely large base of satellite-enabled mobile devices and platforms, optimizing our mobile satellite services spectrum licenses, and evolving L-band to create value for the millions of people that depend on our services for safety and connectivity in the air, at sea, and on land. Some of the near-term satellite milestones include Biosat 3 Flight 3 completed thermal vacuum testing. That's an important integrated satellite testing milestone. We announced this week that BISAT-3 Flight 1 entered into commercial service over the American. We've achieved operational speeds well over 200 megabits per second to in-flight aircraft, and it's now in use for in-flight connectivity. It will both cover new routes and enhance services on existing coverage areas. And we've been able to prove the dynamic beamforming and terabit per second payload technology that it works. We expect our partner, EOSAT, to launch our two KA band polar coverage payloads, GX10 A and B, very shortly. They're expected to enter service in early to mid 2025. As a reminder, our financial results have been reframed to give investors more insight into the business areas already yielding attractive growth, those with attractive potential but are currently challenged, and a place for emerging areas such as the direct-to-device and other advanced technologies that we believe merit investor attention. Google will provide more detailed information on the composition of our new segments and the segment revenue breakouts that we have added for our quarterly performance updates. While we're very focused on executing in the near term, Biosat has always planned for the long term. That's enabled us to sustain growth for decades, build key franchise businesses, and evolve our technology, business models, and market segments to sustain competitive advantages even in the presence of generational technology evolutions and consistently shifting playing fields in competitive environments. We're balancing those near and long-term challenges and opportunities. With that, I'll hand it over to Guru.