ViaSat, Inc.

and I will be your conference operator today. At this time, I would like to welcome everyone to the QT2026 FISAT Earnings 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. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. And to withdraw your question, press star one again. Now I would like to turn the call over to Lisa Karan. Please go ahead.

Thank you, Mark. 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 Q2 fiscal year 26 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 filing 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 Dankberg, Chairman and CEO.

Thanks, Lisa. Good afternoon, and thanks for joining us today. With me, along with Lisa, we have Gary Chase, our Chief Financial Officer, and Sean Duffy, our Chief Accounting Officer. As always, we encourage reading the shareholder letter and referencing the slides we posted on our website earlier this afternoon for more details. Our second quarter fiscal year 2026 performance and the imminent launch of Viasat 3 Flight 2 reflect the meaningful progress we're making against our highest priorities and commitment to building value for our employees, customers, and shareholders. We're especially pleased with our awards growth and cash performance as we balance investing for future growth while reducing capital intensity. For Q2 FY26, our net loss of $61 million improved from a net loss of $138 million in the second quarter of FY2025 and was primarily due to favorable service revenue mix, lower depreciation and amortization, and lower SG&A expenses. Revenue grew 2% year-over-year, led by 3% growth in the defense and advanced technology segment, and a 1% year-over-year increase in the communication services segment. Adjusted EBITDA increased by 3% year-over-year, as better-than-expected adjusted EBITDA growth in communication services was partially offset by an expected year-over-year decline in the DAT segment. We were hopeful to have already had the launch of Biosat-3 Flight 2 by today, but the United Launch Alliance Atlas rocket carrying the Flight 2 mission was scrubbed last night due to an issue with an Atlas booster liquid oxygen tank vent valve. ULA is evaluating it and is now aiming to launch in a week. The launch of Biosat-3 Flight 2 will be a very meaningful milestone for the company. An incredible amount of dedication went into preparing the satellite for launch, and I really appreciate the efforts of our entire team. We remain focused on getting both Flight 2 and Flight 3 into service as reflected in the accompanying satellite roadmap. As a reminder, each of the new Biosat-3 satellites is designed to enable more bandwidth capacity than our entire existing fleet, with the unique flexibility to aim that bandwidth exactly where needed. Creating opportunities to grow in each of our franchise businesses and to accelerate growth and drive meaningful free cash flow contributions in communication services. Our debt segment outlook is promising as backlog increase to a record of $1.2 billion up 31% year over year and up 14% sequentially the long term growth trajectory is supported by several attractive secular growth drivers. including increased reliance on space-based assets for national security purposes, both domestically and internationally, which creates a growing set of global opportunities for the commercial space industry, especially for dual-use capable systems. Increased demand for highly resilient communications integrating both terrestrial and satellite and multi-domain operations that require seamless interoperability, as well as growing demand for digitized military infrastructure to support highly computationally intensive, autonomous, cloud-centric, and AI decisions while simultaneously defending against increasingly sophisticated cyber threats. There's also the growing global recognition of the importance of sovereign control over those space systems. And finally, there's the increased integration of commercial and defense dual-use technologies together with the rise of non-terrestrial network connectivity, including direct-to-device mobile services. Not surprisingly, we're seeing a significant uptake in interest for commercial mobile space networks that enable these direct-to-consumer device non-terrestrial network connectivities. Given some of the market transactions we're seeing in this space and our own coordination agreement, with AST and Legato seems there's a greater appreciation of the value that we can create with our mobile satellite spectrum. The announcement we made in September regarding our intention to form equities with Space 42 and potentially other operators is an example of how we believe we can continue to build on the value of our large coordinated and highly strategic global position in mobile satellite services while managing and reducing capital intensity and creating meaningful competitive advantages. As I mentioned last quarter, we're continuing to opportunistically strengthen our capital structure via cash flow improvements, addressing debt maturities, and conducting ongoing portfolio reviews. The strategic review committee of our board of directors continues to evaluate our capital allocation portfolio priorities, including the potential merits of separating our government commercial businesses within a competitive environment of government commercial dual use and vertical integration opportunities. We're focused on building shareholder value and reinforcing our competitive positions, and we see accelerating, deleveraging, and collapsing debt silos and thinking critically about our portfolio as important components to that. We believe the overall strong start to our first half is an important proof point as we compete not only for business success and outcomes, but also for investor confidence and capital. Once again, we recognize there's challenges, but we're playing to win. So with that, I'll hand it to Gary.