ViaSat, Inc.

please stand by. Your program is about to begin. My name is Jordan, and I'll be your conference facilitator this afternoon. At this time, I'd like to welcome everyone to Viasat's third quarter fiscal year 2026 earning results conference call. All lines have been placed on mute to prevent any background noise. After the speakers are marked, there will be a question and answer session. I'd now like to turn the call over to Ms. Lisa Curran. SVP of Investor Relations. Ms. Curran, you may begin the conference.

Thank you, Jordan. 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 Q3 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 law, 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 FCC 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 Dankberg, Chairman and CEO.

Mark Dankberg That's him, and thanks for joining us today. I'm Mark Dankberg, CEO and Chairman of Viasat. With me, along with Lisa, we have Gary Chase, our Chief Financial Officer. As always, we encourage reading the shareholder letter and referencing the slides we posted on our website earlier this afternoon for more details. I'm going to cover three areas. First, an update on some of our recent results and accomplishments. Second, the impacts of those accomplishments and near-term operational objectives on our outlook. And third, an overview of macro market factors in our strategy That helps eliminate our mid- and longer-term approach to continuing to enhance shareholder value. FY26 revenue and EBITDA performance is consistent with our expectations and plans entering the year. Cash generation has been better than planned, driven by efficient cash conversion, targeted strategic transactions, and capital and operational spending efficiencies, while still investing for our future. And that yielded corresponding improvements in our leverage ratio, showing substantial progress toward our target leverage ratio of below 3.0. We have three key focus areas to drive revenue growth in FY27 and into FY28. Biosat-3, multi-orbit, and what some refer to as new frontier defense tech. For Biosat-3, Flight 2 launched in early November. has completed initial deployments, and is about 34 days away from being on station. Final deployments commence quickly after that, and we anticipate services commencing by May. Despite delays, we believe it still represents the state-of-the-art in space spot beam technology, which is the foundation of all broadband satellites. Flight 3 is undergoing final integration and is anticipated to launch at a Falcon Heavy, shortly after flight two final deployments are complete, pending a specific launch date from SpaceX with estimated service entry by late summer. As a reminder, each of flight two and flight three is expected to support more bandwidth capacity than our entire existing fleet and support key growth initiatives in aviation, maritime, and government SATCOM businesses. That is for all our mobility users. They also introduce important new functional capabilities, including new forms of resilience for our U.S. and international government customers, as well as for commercial mobility users, particularly in and around geopolitical or other hotspots. FIKE II and FIKE III are also anticipated to support material improvements in our fixed services businesses. On multi-orbit, we continue to make good progress on demonstrating the customer benefits of multi-orbit broadband networks as compared to either geosynchronous or non-geosynchronous only systems through rapid growth of our maritime Nexus Wave service. Favorable customer perception of multi-orbit networks, including by those who are comparing them to LEO-only networks, is a key competitive factor for mobile broadband customers. We are investing in next-generation multi-orbit user terminals and additional sources of LEO bandwidth for our aero and government customers and expect those terminals to be available as new KA-Band LEO systems enter service. Most of our existing in-flight connectivity aeronautical terminals are also capable of operating with KA-Band LEOs. New defense tech sprint, there's significant changes in modern warfare trends that are behind the growth in our DAT segment and government SATCOM business. Many of those are in very early stages of development and deployment. Key themes where we have very strong competitive positions include the role of space in collecting, evaluating, and distributing targeting information in real time, the role of space, cybersecurity, and multimedia transmission networks, for highly distributed autonomous vehicles, updates to information and cybersecurity required by AI-enabled adversaries with access to quantum computing resources, routine targeting of commercial telecom infrastructure networks on land, undersea, and in space, and the consequent effects on both military and commercial traffic, and the role of dual-use space systems in augmenting sovereign systems and extending resilience to critical commercial platforms. All those themes combined with our assets, technology, and commercial and government customer base are helping us compete very effectively in these rapidly evolving critical markets. So, moving to the strategic theme, we can frame our ongoing strategic initiatives into two pillars that are intended to be mutually reinforcing. First, ongoing capital allocation and strategic initiatives that are aimed squarely at unlocking shareholder value, and then second, positioning ourselves to deliver clearly differentiated value to targeted segments of the fastest-growing space and defense markets with a sharp focus on capital efficiency. So I'll start with capital structure. We have consistently identified cash generation and reducing leverage as top financial objectives. This year, via positive cash from operations plus proceeds from the Logado transaction and smaller divestitures, we have reduced net leverage substantially. In the very near term, additional Logado proceeds plus another divestiture will drive further progress toward our target of under 3.0 net leverage. We are free cash flow positive for the trailing 12 months and are taking actions to continue to reduce capital spending and growing EBITDA to further improve positive free cash flow in fiscal 27. We've also committed to sustained reductions in capital intensity in the business while simultaneously enhancing our reputation for revival, cutting-edge innovation, and customer value. Here, there's two elements to that. defining a common small multi-orbit and multi-band individual satellite architecture that can be adapted to either broadband, AA, or mobile LNS frequencies, and either LEO or GEO orbits. It's enabled by a very innovative, extremely flexible and powerful space-based phased array payload architecture with little to no mechanical deployments. The point is to add network capacity and capability in small dollar increments and in the right places at the right time. We're also working closely with ecosystem partners as co-founders of a developing new shared space infrastructure entity that enables us to reduce capital costs for targeted business segments. The objective is to acquire our portions of that capacity at very attractive unit costs while delivering industry-leading performance at sustained or enhanced financial margins. This Equitas Mobile Satellite Services partnership with Space 42 is expected to leverage technical innovation, application of the terrestrial shared tower business model to space, and emerging 3GPP interoperable non-terrestrial network standards. Importantly, the shared tower model allows us to deploy and retain our scarce licensed spectrum resources even more cost-effectively while continuing to serve vital public interest missions like maritime and aeronautical safety. A high-powered L-band network combined with 3GPP NTN-capable 5G modem chips makes literally billions of phones, wearables, IFT devices, autos, and autonomous land, sea, and air vehicles able to use our network whenever and wherever terrestrial 5G service is even momentarily unavailable and they can see the sky. That's the enormous attraction of updating our LBAN to support those standards. Stay tuned for further updates on equities in the near future. We've previously referenced our board's strategic review committee that with the help of independent financial advisors is guiding our capital allocation and portfolio priorities. We continue to evaluate a range of strategic options up to and including separating our government and commercial businesses. intended to build shareholder value and ensure competitive positioning in attractive target markets. That includes assessing the value of our portfolio of assets and resources, key dependencies, including the entry into service, devised at three, flights two and three, macro secular trends in our target markets, and the effects of achieving de-levering targets and ongoing free cash flow generation. The second pillar is to position Biosat to compete effectively in the most attractive, fastest-growing sectors of the space economy. The recently issued 12th edition of NovaSpace's space economy report shows the global space economy's significant growth trajectory, expanding from $626 billion in 2025 to $1 trillion by 2034. Recent events. and transactions underscore that macro geopolitical, economic, and technology forces are being driven by sovereign control of critical space and ground infrastructure assets, including communications, sensing, and compute, dual commercial and national security uses, cooperative and coalition capabilities, the non-terrestrial network D2D augmentation of terrestrial networks for national security and commercial applications, vulnerabilities of terrestrial telecom infrastructure and contested geographies, and resilience to space and ground cyber and physical threats. While many companies are scrambling to vertically integrate, BISAT is arguably one of an extremely short list of companies that has the ingredients needed to offer state-of-the-art technology, broadband, and mobility applications and resilience along with the business model supporting national and regional sovereign interests, and the security credentials needed to even have access to the products. That theme underpins much of our rapid growth in our DAT and government sat-com businesses, as well as creating new commercial growth opportunities. We also have the detailed understanding needed to help craft policy and technology solutions to warrant continued access to the spectrum and orbital resources needed for the world to participate in the rapidly evolving and emerging space economy. We note that many of the issues governing access to both orbits and spectrum are emerging as linchpins to doing so, and all that implies for national security interests, whether economic, physical, or digital security. The pending European Space Act and European Digital Network Acts reflect rising awareness of these factors and the policy responses. The U.S. government is also investing substantially in multiple orbits to enhance resilience for critical strategic and tactical national security communications. So, in summary, our financial results are evidence of our ability to execute with cash flow and net leverage improvements as key proof points. Near-term operational targets for bringing 5.3, 5.2, and 3 into service, along with multi-orbit and new defense technology, and additional cash collections of specific transactions can help us reach our target for ongoing free cash flow and net leverage ratios. We have specific and actionable longer-term plans intended to reduce capital intensity and improve return on invested capital, while simultaneously improving strategic focus and differentiated competitive positioning in very attractive growth markets that are all squarely aimed at driving shareholder returns. So, with that, I'll turn it over to Gary for more information on our third quarter financial results and insight into our outlook for the fourth quarter and FY26 as a whole.