ViaSat, Inc.

Please stand by. Your program is about to begin. My name is Jericho, and I'll be your conference facilitator this afternoon. At this time, I would like to welcome everyone to the Viasat's fourth quarter and fiscal year 2026 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, Chief Enterprise and Strategy Officer. Ms. Curran? You may begin the conference.

Thank you, Jericho. 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 Q4 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 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.

Good afternoon, and thanks for joining us today. I'm Mark Dankberg, CEO and Chairman of ISAT. 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'll start with three areas up front. Then Gary will review our fiscal year 26 and fourth quarter results and a preliminary outlook for fiscal year 27. Then we'll take questions. I'll cover an update on our strategic perspective, including the cooperation agreement with Karen Aid Capital Management, and updates on Viasat 3, Flights 2 and 3, our top level financial year 26 results, and our near-term objectives and operational and strategic initiatives. First, I'd like to welcome Shekhar Iyer and Jinny Yoon to our Board of Directors. Shekhar is a seasoned technology executive with deep operating experience at scale. across enterprise software, cloud, networking, and communications infrastructure, with significant public company experience, including business strategy and M&A. His board experience includes seeing Altair through its $10-plus billion sale to Siemens. Jenny brings strong financial governance and capital allocation experience to the board, advising on and structuring billions of dollars in public debt issuances and working extensively with executive teams on strategic transactions and risk management, including as a member of Innosat's board through the completion of its sale to SES. Both Shaker and Ginny have been appointed to our board's strategic review committee. Earlier this month, we also announced a cooperation agreement with CarinAid. We have appreciated the constructive dialogue with CarinAid over the past year and are pleased with this agreement, which we believe is in the best interests of VISA and its shareholders. On the Viasat-3 front, subsequent to quarter end, we successfully completed all deployments on flight two, including the reflectors and boom. Service entry is pending authorization from the FCC. Also subsequent to quarter end, Viasat-3 flight three launched successfully on April 29th. Since then, radiator and solar array deployments have been successfully completed, and orbit raising is underway. Flight 3 is expected to cover the Asia Pacific region, arrive on station in about a month, and have service entry expected in August or September this calendar year. Our ongoing fleet expansions support key growth initiatives in aviation, maritime, fixed services, and government SATCOM businesses. It also introduces important new capabilities, including new forms of resilience, for our government and commercial customers. We believe that the Biosat-3 satellites are the most advanced commercial satellites in the world in terms of adaptive beamforming for cost efficiencies, user performance improvements, and resilience to interference. We also believe they set new commercial standards for solar power generation and thermal dissipation. Both those capabilities are among the foundational technology challenges for developing economical data centers in space. Switching to fiscal year 26 results, those financial results are largely consistent with our expectations and plans entering the year, despite headwinds from the U.S. government shutdown during the back half of the fiscal year. Gary will go through the financial results in greater detail, but some highlights include record new contract awards and backlog, along with modest growth in revenue and adjusted EBITDA that are also both at record levels. Our cash generation is a clear standout as we generated nearly $600 million in free cash flow and about $180 million excluding the lump sum legato payment. We've also had positive free cash flow in each of the last five quarters. We've achieved this while still investing for our future. And our strong cash performance has contributed to strengthening our capital structure, including very substantial progress towards our target leverage ratio of below 3.0. So, switching to near-term operational and strategic initiatives, as I shared last quarter, we have three key near-term focus areas to drive growth in fiscal 27 and beyond. First, our ongoing fleet expansion is expected to roughly triple bandwidth inventory, and increasing adaptive beamforming flexibility is an additional boost to the fleet's effective capacity. offering higher speeds on both forward and return links. We'll also expand our fleet-wide multi-orbit capabilities in maritime by augmenting our existing LEO and GEO resources. We are making steady progress on our ERA KA-band multi-orbit terminal for in-flight communications, which has already entered the LineFit certification process for all Boeing commercial airliners. Telesat is also progressing with launch of its first Pathfinder Lightspeed LEO satellite scheduled this year and initial global service planned for late next year. While the market for broadband satellite services is very competitive, it's also growing rapidly, and we believe we have a good opportunity to grow with it. Our second key area, developing and deploying shared multi-tenant, multi-orbit, L and S-band shared infrastructure delivering next-generation mobile satellite services, including for global aero and maritime safety, as well as next-generation air, ground, and maritime vehicle autonomy, along with mobile directed device opportunities with a focus on lowering capital intensity. While we were aiming for services in 2029, we were targeting significant revenue from our role as the technology provider for Equitas, the space infrastructure entity we are forming along with Space 42. And third, we also intend to sustain the rapid growth rate in our DAT segment for both defense and commercial markets, building on our dual-use advanced technology. The DAT segment is the first place that new technology developments, as we're doing for Equitas, would be recognized. The Equitas Initiative for Next Generation L&S Band Space and Ground Infrastructure is anticipated to be an important contributor for broadband services, mobile L&S band services, and that. We continue to work closely with Space 42 and other potential partners as co-founders of the new shared infrastructure entity that is intended to substantially improve capital productivity for L and S band satellite mobility services. Equitas infrastructure is intended to enable 3GPP standards for interoperable non-terrestrial network services through both satellite specific and terrestrial frequencies. The shared tower infrastructure model can enable greater spectrum efficiency as well as reduced infrastructure costs for all participating parties. As with terrestrial shared tower infrastructure, the spectrum rights and obligations remain with the participating licensees, which are initially Biostat and Space 42, but with potential to grow to additional partners. Biostat is expected to participate as the initial technology prime contractor for Equitas. Space-based L and S-band beamforming technology is at the heart of the NTN direct-to-device opportunity, and our technology solution both benefits from and advances our long history of advanced L-band and K-band broadband space-based phased array technology. The foundational EPITIS satellite and phased array technologies are also designed to support multi-orbit broadband, such as K-band services, at both GEO and LEO orbits. The near-term market for commercial and government broadband satellite services remains both highly competitive and rapidly growing. Biosat has recently seen double-digit revenue and earnings growth in aviation, offset by declines in fixed residential services and maritime. In fiscal 27, we anticipate financial results in fixed and residential services will improve, but increased competition will reduce our growth rate in aviation services. However, we're seeing accelerated growth opportunities in our DAP segment that, in combination with our communication services segment, creates opportunities for accelerating company-wide revenue growth ahead. The space sector is poised to benefit from a number of exciting new defense, commercial, and scientific initiatives, and we believe Biosat is well-positioned to participate in a number of those. We believe our relatively unique position as both a leading space technology innovator and a leading satellite services company helps differentiate us from competitors that are, in most cases, not vertically integrated across those markets. In the near term, many of those opportunities will first be captured in our DAT segment. I'd like to point out a few opportunities that generally involve innovations in business models as well as technology. One key opportunity was just announced last week. When subsequent to the end of Q4, we received a follow-on award to our initial phase of the PTSG, or Protected Tactical Satellite Global Contract, for a first delivery of a small, low-cost, maneuverable, dual-band, geosynchronous orbit U.S. government tactical satellite. We believe PTSG is an excellent opportunity to grow our participation in government tactical space system technologies and services and an opportunity to use technology innovation to substantially increase the effectiveness and resilience of U.S. tactical broadband satellite communications while helping address potential threats to other orbits and systems. PTSG is closely related to the existing WGS, or Wideband Global System, U.S. Tactical Satellite Network, through which the U.S. has a significant range of international partnerships and coalition interoperability relationships. So there's also a meaningful international opportunity. There are also substantial follow-on opportunities in related dual-use broadband space technology and services. Our low-cost L&S band multi-orbit proliferated LEO and low-cost broadband maneuverable geo-satellites share important technology foundations and are evidence of the value of our vertical integration, dual-use, multi-orbit, multi-band assets, resources, and capabilities. We believe this is a key differentiator for us to provide resilient and highly valuable services to our government and commercial customers across bands and orbits. Recently, the three major U.S. mobile carriers announced plans to create a joint venture around directed device non-terrestrial network services. As a reminder, there are D2D opportunities using both licensed satellite spectrum and supplemental satellite use of terrestrial spectrum, each offering distinct use cases. Terrestrial spectrum used via space towers can extend coverage into places where no terrestrial coverage exists. Satellite spectrum can do that and can also be used via space towers as overlays to perfect service gaps in places where there already is coverage through terrestrial towers or access points. The Equitas business model is organized to support a full-service business where Viasat could compete to deliver standard interoperable directed device non-terrestrial network services using licensed satellite LRS band spectrum. Or a JV or the individual mobile network operators can simply contract for shared space power infrastructure to support Those mobile network operators already own terrestrial spectrum in locations where that is appropriate. Think of Equidist as a unique player offering unbundled space infrastructure, ground infrastructure, and or shared network operations as well as being a platform for satellite operators such as Biosat or Space 42 or other global or regional satellite operators to offer directed device services using their own license spectrum. The U.S. Mobile Network Operator Joint Venture, or D2D NTN, is an example of an application that we see as a good growth opportunity for Viasat as both a service provider and as the initial equities technology provider in supporting mobile network operators in applying satellite to best augment their terrestrial networks. Another area driving innovation and growth in satellite technology is the potential for space data centers. While launch is certainly a key enabling technology, there are several other areas that overlap key enabling satellite communications technologies, such as solar power generation, thermal dissipation, radiation hardening of tolerance for advanced digital computing, space to ground and space to space broadband communications, including both RF and optical, and orchestration and coordination of suggested orbital spectrum and spatial resources. We believe we have state-of-the-art expertise in technology in a number of these areas and have a number of avenues available for research and partnerships. It's on our target list of DAT growth opportunities, taking advantage of our multi-orbit, dual-use, vertically integrated technology base. We have several of these significant data opportunities pending and will update our fiscal year 27 outlook as those opportunities mature over the first half of this fiscal year. So, in summary, our performance over fiscal year 26 illustrates our ability to translate strategy into attractive financial results with cash flow and net leverage improvements as key indicators and to to balance near-term execution with long-term strategic positioning, and also the resilience and commitment of our team to meet the challenges associated with cutting-edge space technology. We're highly focused on a critical few strategic initiatives to ensure we can participate in rapidly evolving markets, technologies, and business models while maintaining top-tier competitive positions. We have optionality in our longer-term plans, building on reduced capital intensity and improving return on invested capital, with key levers available to realize shareholder value. So with that, I'll turn it over to Gary for more information on our fourth quarter financial results and our outlook for fiscal 27.