Viasat Q1 2026 Earnings Report

Viasat EPS Results

• Actual EPS: $0.17
• Consensus EPS: -$0.15
• Beat/Miss: Beat by +$0.32
• One Year Ago EPS: $0.30

Viasat Revenue Results

• Actual Revenue: $1.17 billion
• Expected Revenue: $1.13 billion
• Beat/Miss: Beat by +$45.99 million
• YoY Revenue Growth: +4.00%

Viasat Announcement Details

• Quarter: Q1 2026
• Date: 8/5/2025
• Time: After Market Closes
• Conference Call Date: Tuesday, August 5, 2025
• Conference Call Time: 5:30PM ET

Viasat (NASDAQ:VSAT), Inc. provides broadband and communications products and services worldwide. The company's Satellite Services segment offers satellite-based fixed broadband services, including broadband internet access and voice over internet protocol services to consumers and businesses; in-flight entertainment and aviation software services to commercial airlines and private business jets; satellite-based connectivity services; mobile broadband services, including satellite-based internet services to energy offshore vessels, cruise ships, consumer ferries, and yachts; and energy services, which include ultra-secure solutions IP connectivity, bandwidth-optimized over-the-top applications, industrial internet-of-things big data enablement, and industry-leading machine learning analytics. Its Commercial Networks segment offers fixed broadband satellite communication systems comprising satellite network infrastructure and ground terminals; mobile broadband satellite communication systems; antenna systems for terrestrial and satellite applications, such as earth imaging, remote sensing, mobile satellite communication, Ka-band earth stations, and other multi-band antennas; and space systems design and satellite networking development systems. The company's Government Systems segment offers government mobile broadband products and services include mobile broadband modems, and terminals and network access control systems; mesh and hub-and-spoke satellite networking systems; secure networking, cybersecurity, and information assurance products; and tactical data link solutions. It designs and development of satellite and ground communications systems and network function virtualization, as well as ground-based network subsystems, as well as space system design and development products and services include architectures for GEO, MEO, LEO satellites, and other satellite platforms. The company was incorporated in 1986 and is headquartered in Carlsbad, California.

Viasat Q1 2026 Earnings Call Transcript

Key Takeaways

• Negative Sentiment: BioSat reported 4% year-over-year revenue growth to $1.17 billion in Q1 FY26, but its net loss widened to $56 million from $33 million, driven by higher depreciation, amortization, and tax expenses.
• Positive Sentiment: Adjusted EBITDA rose 1% year over year to $408 million, led by double-digit growth in the Information Security & Cyber Defense segment offsetting weaker IP licensing and maritime revenues.
• Neutral Sentiment: The ViaSat-3 program advanced with Flight 2 ready for shipment to the launch site by September 2025 and Flight 3 completing deployable reflector tests, though schedule risks remain extrinsic to the company’s control.
• Positive Sentiment: BioSat generated $60 million of positive free cash flow in Q1 (trailing 12-month total of $88 million) and plans to repay its $300 million 2026 Term Loan B to reduce leverage from ~3.6× EBITDA.
• Neutral Sentiment: Communications Services saw aviation revenue up 14% and government satcom up 4% year over year, while maritime declined 5% (but grew 3% sequentially) and fixed-broadband subscribers fell to 172,000.

Presentation

[Operator]

Please stand by. Your program is about to begin. My name is Dustin and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to BioSat's First Quarter Fiscal Year twenty twenty six Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise.

[Operator]

After the speakers' 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.

[Lisa Curran, SVP - Strategic Finance & IR at Viasat]

Thanks, Justin. 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 fiscal year twenty six 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.

[Lisa Curran, SVP - Strategic Finance & IR at Viasat]

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 ks. 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 Zankberg, Chairman and CEO.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

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 we posted on our website referencing the slides we also posted earlier this afternoon for more details. Our first quarter fiscal year twenty twenty six results yielded a bit stronger than expected year over year revenue and adjusted EBITDA growth. Our first quarter performance reflected healthy market demand in our most important business lines more than offsetting lower IP rights, intellectual property, licensing revenue and expected pressures in fixed broadband businesses as well as good cash generation.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

For Q1 fiscal twenty twenty six we had a net loss of $56,000,000 compared to a net loss of $33,000,000 in the 2025. And that was primarily due to improved operating performance that was offset by an increase in depreciation and amortization and a higher income tax provision. Revenue grew 4% year over year, driven largely from double digit growth in the defense and advanced technology segment, which reflected the strength and diversity of our unique technology portfolio, strong market positions and attractive secular drivers. Adjusted EBITDA increased by one percent year over year primarily from double digit adjusted EBITDA growth in information security and cyber defense, partially offset by lower intellectual property licensing revenue and declines in maritime. One of our highest priorities remains getting Flights two and three of the ViaSat-three series into service and our progress is reflected in the updated accompanying satellite roadmap.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Each of the new ViaSat-three satellites is designed to enable more bandwidth capacity than our entire existing fleet creating opportunities to grow in each of our franchise businesses. For flight two, we completed implementation and testing of the corrective actions for the deployable reflectors and have begun the process of final flight installations and closeouts. We've also completed ground operations and defined launch campaign schedules and launch day operational plans with our launch partners. We expect to ship flight two to the launch site by the end of next month, which would be September 2025. For flight three, we also completed testing of the deployable reflectors and began the process of preparing the spacecraft for mechanical environmental testing.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

We continue to monitor the launch manifest and range priorities for our launch vehicles and the Cape Canaveral. As previously shared, as we achieve satellite integration and test milestones on the spacecraft, we reduced the magnitude of the bring into service schedule risk. But of course that doesn't eliminate schedule risks extrinsic to our own spacecraft or launch campaign. We've slightly adjusted the in service state roadmap to better reflect various potential schedule uncertainties post shipment for flight three. ISAT three flight one services continue to scale steadily with more than 60,000 flights occurred to date while fulfilling high performance service level agreements delivering fast and free Wi Fi.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

We've pioneered many of these services and business models and are continuing to win in our target markets, leveraging a combination of our existing and planned fleet with our third party bandwidth partners. We also continue to advocate and support an open architecture standards based approach to non terrestrial network or NTN roaming and interoperability with terrestrial using a significantly more cost effective aggregation coordinated mobile satellite spectrum. Our approach is designed to leverage the five gs ecosystem which can substantially reduce capital and operating costs for ViaSat and other operating partners and should reduce costs for consumers and help drive broader non terrestrial network adoption. The strong start to first quarter is affirming our ability to position fiscal twenty twenty six as a launch year. We are focused on continuing to more thoroughly optimize the integration of ViaSat and Inmarfat resources and establish the growth opportunities and associated earnings power of our franchises to yield attractive cash conversion.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

We see opportunities to sustain and enhance durable competitive positions while simultaneously reducing capital intensity. We're balancing investing for growth in target markets while continuing to opportunistically strengthen our capital structure via cash flow improvements, addressing debt maturities and ongoing portfolio reviews, all intended to help delever our balance sheet. We're determined to exit fiscal twenty twenty six with a solid foundation for accelerated and sustained growth and cash generation. We have a comprehensive plan to reinforce our competitive positions, portfolio value and drive returns and shareholder value. Fiscal twenty six is the year to reposition for growth.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

As I said before, there will be challenges, but we're planning to win. With that, I'll hand it over to Gary.

[Gary Chase, CFO at Viasat]

Thanks, Mark, and good afternoon to everyone joining us on the call. I want to start by thanking the ViaSat team for all the hard work that went into delivering our fiscal twenty twenty six first quarter results. Last time we were together, I noted that we were starting the year facing some headwinds that we're working to address. OEM aircraft delivery rates continue to recover slowly. In addition, airline partners have increased the number of grounded aircraft as they manage through macro uncertainties, and U.

[Gary Chase, CFO at Viasat]

S. Fixed broadband remains pressured until we bring ViaSat-three flight to into service. During the quarter, while benefiting from a bit of timing, we also absorbed lower IP licensing revenue from Prelisware, the sale of our energy systems integration business, higher ViaSat-three ground build out related OpEx, adverse foreign exchange impacts and elevated legal costs related to Legata. In the first quarter, despite these headwinds, we generated revenue of $1,170,000,000 and adjusted EBITDA reached $4.00 $8,000,000 up 1% year over year or a 35% adjusted EBITDA margin. Growth in the face of these headwinds is a testament to the commitment of our teams to deliver for our customers.

[Gary Chase, CFO at Viasat]

I'm pleased we're off to a good start, but we need to stay focused to deliver on the year. You all know fiscal twenty twenty six is an important one for us as we position the business for higher earnings power in the years ahead. We're expecting to add substantially to our capacity base with two ViaSat-three satellites and judiciously adding third party capacity, continuing to grow our aviation, government, SATCOM and DAT franchises, return our maritime business to growth with NexusWave and expect our fixed broadband business will bottom out with the capacity ViaSat-three Flight two is expected to bring. Executing on these opportunities will drive the three key pillars of our financial journey. First, building our franchise, increasing earnings power while investing in our future with discipline.

[Gary Chase, CFO at Viasat]

Second, generating sustained and growing free cash flow, which is the best means of achieving our third objective, which is reducing the leverage that's pressuring our debt and equity prices. Our team's focused on execution in fiscal 'twenty six, targeting a sustained turning point on all three of these fronts, leaving us into an exciting fiscal 'twenty seven and beyond. Mark spoke to the progress we're making on ViaSat-three and the other ways in which we're building our capacity. Let me highlight just a few examples of how we're building the backlog we need to monetize that capacity and grow profitably. LATAM Group selected ViaSat's AMARA service on wide body long haul aircraft.

[Gary Chase, CFO at Viasat]

This transformative next generation connectivity service will utilize a multi orbital network of GEO and LEO satellites, ensuring a high speed, high resiliency, low latency Internet connection with global coverage. In addition to benefiting passengers, ISAT AMR will optimize operations with real time communication between crew and ground teams, data transmission for predictive aircraft maintenance and route optimization via cockpit connectivity. Our maritime product Nexus Wave surpassed 1,000 orders since introduction for the fully managed high speed bonded connectivity service. In the 2026, we installed 190 vessels, more than double the rate of the prior quarter. Service has gained momentum in its first six months on the market with global customers adopting NexusWave for their fleet.

[Gary Chase, CFO at Viasat]

Our teams are now working to satisfy that demand and continue to steadily increase installation rates. So we exit the year with substantial NexusWave installed base. We received InfoSecond Cyber Defense Awards of $224,000,000 this quarter, an increase of 225% year over year and a book to bill of 2.2 times in this business area. Awards reflect sustained strength and demand for various high assurance encryption products from customers to meet network and data center security needs, especially as more benefits are realized through data fusion and AI. Now let's turn to the financial results for the first quarter.

[Gary Chase, CFO at Viasat]

All of my statements will reference the first quarter fiscal twenty twenty six and the prior year period, 2025. Awards were $1,200,000,000 led by our DAT segment. Net loss was $56,000,000 an increase of $24,000,000 from the prior year period, principally due to an increase in depreciation and amortization and higher income tax provision. Adjusted EBITDA was $4.00 8,000,000 a 1% increase year over year driven by InfoSec and Cyber Defense and Aviation, partially offset by Maritime and lower IP related revenue in tactical networking and advanced technology and other. Free cash flow is a critical focus area for us.

[Gary Chase, CFO at Viasat]

We generated $60,000,000 of positive free cash flow this quarter, bringing our trailing twelve months tally to a positive $88,000,000 with another quarter of double digit growth in operating cash flow and a double digit decline in CapEx. Continue working to find ways to improve operating cash flows and lower the capital intensity of our businesses. We're laser focused on driving a sustained and growing free cash flow in the years ahead. Finally, net leverage was flat year over year reflecting strong free cash generation and ended the quarter at approximately 3.6 times trailing twelve months adjusted EBITDA. Now let's turn to some segment highlights.

[Gary Chase, CFO at Viasat]

In the 2026, communication services revenue was $827,000,000 flat with the prior year period, reflecting growth in aviation and government satcom, offset by the sale of our energy system integration business, along with expected declines in maritime and U. S. Fixed broadband. Aviation grew 14% led by a 9% year over year increase in commercial aircraft and service combined with higher average revenue per aircraft. With continued growth in our installed base, we did see our backlog decline slightly on a sequential basis to about fifteen eighty aircraft, down from 1,600.

[Gary Chase, CFO at Viasat]

Our government SATCOM revenue grew 4% year over year, primarily reflecting airtime services for U. S. Government satellite services. Maritime revenue declined 5% year over year as vessels in service were down. Non safety standalone L band offerings continue to migrate to multi band multi orbit solutions like our Nexus Wave offering.

[Gary Chase, CFO at Viasat]

Our maritime business grew 3% sequentially and we continue to expect a return to year over year growth in maritime by the end of fiscal twenty twenty six. Fixed services and other revenue was down 13% year over year as U. S. Fixed broadband subscribers continued to decline. We ended the quarter with 172,000 subscribers and 115 average revenue per user.

[Gary Chase, CFO at Viasat]

These revenue impacts, along with lower segment R and D, drove Communications Services segment adjusted EBITDA to $322,000,000 up 5% year over year. Turning to Defense and Advanced Technologies performance during the quarter. Our Defense and Advanced Technologies segment awards of $428,000,000 increased 22% versus the prior period, led by InfoSec and Cyber Defense. Revenue was $344,000,000 up 15% compared to $300,000,000 in Q1 fiscal twenty twenty five, driven by growth in InfoSec and Cyber Defense base and mission systems, partially offset by lower IP related revenue. InfoSec and cyber defense product revenues were up 84% year over year driven by high assurance encryption products.

[Gary Chase, CFO at Viasat]

Space and mission systems revenues were up year over year 20% driven by antenna systems. Tactical networking revenues, including Trellisware, were down year over year by 4% driven by lower IP related revenue. As a reminder, the 2025, Trellisware benefited from a large order for upgraded licenses across radios already deployed by U. And allied forces for a $25,000,000 revenue uplift in the prior year period. Advanced technology and other revenues were down $9,000,000 year over year, driven by lower IT related revenue from our forward error correction technology used in optical networking.

[Gary Chase, CFO at Viasat]

First quarter twenty twenty six TAT adjusted EBITDA was $87,000,000 down $9,000,000 compared to the 2025, reflecting less high margin IT related revenue flow through. Excluding the approximately $25,000,000 impact of lower IP related from TrellisWare, adjusted EBITDA would have increased year over year. Overall, the first quarter was a good start to fiscal twenty twenty six with a balance of growth, future. We saw strength in DAT and Aviation, exciting new program wins and very strong awards for DAT. We generated positive free cash flow while both our ViaSat-three satellites continue to progress, all of which positions us well for the future.

[Gary Chase, CFO at Viasat]

Let me now move on to our outlook. Continue to expect fiscal 'twenty six revenue to be up low single digits year over year with flattish year over year adjusted EBITDA growth, and we do expect some variability quarter to quarter. We're pleased to have started the year with modest growth in our first quarter. We remain focused on delivering not just the numbers, but the business outcomes to tee up stronger performance in the years ahead. We've provided additional segment level detail in the outlook section of our shareholder letter and slides.

[Gary Chase, CFO at Viasat]

Our focus on cash flow remains as does our focus on reducing the capital intensity of our business. And we now expect capital expenditures for the year to be about $1,200,000,000 including $250,000,000 for the completion of the ViaSat-three constellation and approximately $400,000,000 for Inmarsat. Dollars 1,200,000,000.0 is an improvement of $100,000,000 from our guidance last quarter. We continue to believe sustainable positive free cash flow inflection will incur in the second half of our fiscal year as we get beyond the elevated CapEx related to the development of our ViaSat-three space and ground networks. Guidance does not include the anticipated impact from Legato settlement payment.

[Gary Chase, CFO at Viasat]

See the related press release for additional details. Post the bankruptcy court confirmation hearing of reorganization, we can finalize the financial implications. Before closing, I wanted to touch on our framework for reducing the leverage that's impacting our debt and equity prices. Our goal is to improve our cost of capital while maintaining flexibility. Our first priority will be to repay our $300,000,000 in Marsat twenty twenty six Term Loan B.

[Gary Chase, CFO at Viasat]

That will reduce our cash interest expense and drive incremental free cash flow, which in turn can be used to further pay down debt. That's the virtuous cycle we're determined to initiate. Generating free cash flow and using it to retire debt is the best way to reduce the capital base in our business and drive returns higher. After addressing the MRSAT term loan B, we'll turn our attention towards achieving our desired long term capital structure, which we know will start with a long term leverage ratio below three times EBITDA. While we'll be opportunistic given market conditions, we'll also be purposely working to achieve a value maximizing end state for ViaSat and our shareholders.

[Gary Chase, CFO at Viasat]

In closing, our first quarter fiscal twenty twenty six operational performance was good. We're capturing our share of large and growing markets and remain focused on improving operational and capital productivity. Fiscal twenty twenty six remains on track with a number of important catalysts ahead. We continue to leverage our backlog for earnings power growth in our aviation, government, SATCOM and DAT franchises. We plan to accelerate the rollout of NexusWave and deploy ViaSat-three flights two and three, which will help to reverse downward trends in maritime and US fixed broadband.

[Gary Chase, CFO at Viasat]

Fiscal twenty six, we are working to deliver our commitments and position our franchises for sustained and profitable growth and free cash flow with easing capital requirements following the deployment of our ViaSat-three constellation. I'm thankful and excited to be part of the ViaSat team as we work together to realize all the opportunities ahead. With that, let me turn the call back to Mark.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Thanks, Gary. Before opening the line for questions, I'll briefly address last week's letter from Carinade Capital Management. ViPat consistently engages in dialogue with its shareholders and welcomes constructive input aimed at driving intrinsic shareholder value. We are focused on strengthening our franchise's earnings power, delivering sustainable, compelling operating and free cash flow and reducing leverage while we continue our previously announced and active review of our portfolio. We believe there is tremendous value in our franchise's assets as a leader in satellite infrastructure and connectivity, in flight connectivity, and critical military and government communication.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Our businesses are well positioned to compete globally. The board and management team are carefully evaluating Erinate's ideas. We look forward to continuing constructive and collaborative dialogue with all our stakeholders, including CareNADE. So with that, Dustin, let's please open it up for questions.

[Operator]

Thank you. We'll be opening up the floor of question and answers. And the first question comes from the line of Louie DiPalma from William Blair. Your line is open.

[Louie Dipalma, Research Analyst - Industrials at William Blair]

Great. Thanks. Mark, Gary, Lisa, and Peter, good afternoon.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Good evening.

[Louie Dipalma, Research Analyst - Industrials at William Blair]

Hi.

[Louie Dipalma, Research Analyst - Industrials at William Blair]

Motorola Solutions, which is one of the companies that I cover, they recently announced a deal to acquire Silvis Technologies for $5,000,000,000 and many investors were wondering and I was wondering as well, how does Trellisware compare with mobile ad hoc networking and tactical networking peers? And what are the major industry dynamics for Trellisware's growth and do those overlap with what's been taking place with Syllvis?

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Okay. So that's a broad question. I can tell you that both of them are in the mobile ad hoc networking space which you described, which is basically a way for relatively large numbers of terminals to communicate with each other and in some self forming architecture. The Silvis approach, our understanding is it's mostly WiFi based whereas the Trellisware system is based on a proprietary networking waveform specifically designed for ad hoc mesh networking. We can't really comment that much on Silvis' valuation is, what drives their value.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

I think for Trellisware, the main operating mode has been licensing. Trellisware also sells hardware that implements their networking. But the main growth driver for Trellisware has been that the US government and a number of allies have adopted the Trellis Square waveforms as standards for their radio communications. So that's really been what the driver is for growth as The US and those, and the allies, especially those that want to interoperate with The US have been acquiring radios that are capable of running the TraverseWare waveform. And then original equipment manufacturer for those radios includes TraverseWare.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Those are some of the differences. I think there's other differences in terms of applications and distribution. There's clearly differences in Motorola's market compared to the markets of US government suppliers. We think, clearly, Charlesworth is on a good growth trajectory. It's been very widely adopted for, basically for individual soldiers or small teams of soldiers and for vehicles and aircraft.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

There are a number of additional markets that Charles Square is both attracted to and where their technology would be really, really interesting. And so we see really good growth potential with TravelSquare. But I'd say we're not really the ones to make a direct head to head comparison between them.

[Louie Dipalma, Research Analyst - Industrials at William Blair]

Great. That that makes a ton of sense. And related to that, you talked about the further growth prospects in terms of Trellisware and the waveform being used for other platforms. Could it also be used for for aerial platforms and and weapon systems in terms of Internet of Things and on drones as well?

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Yes, it can. Those weren't really the initial focus for TrellisWare. A lot of what TrellisWare has done, been really successful, have been in especially US Army programs of record where they were aimed at specific functional capabilities, mostly in the areas that I described. That is individual soldiers, teams of soldiers, platforms which included airborne platforms, air and land vehicles. But we've had a lot of success in those markets and the waveform is also good.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

You could see extensions to unmanned aerial vehicles, unmanned vehicles, areas like that where we think a lot of the same features that have made the waveform successful for these radio applications would also be beneficial. But the distribution strategy for trellisware has so far really been based on government standards, that is they want all these radios to interoperate. There's less, I'd say there's been less focus on standardization in some of these new emerging markets. And so doesn't mean that there won't be, I think to the extent that there is, there's opportunity there. But it's just been kind of the markets developed in different ways and so far we've not been as focused on it.

[Louie Dipalma, Research Analyst - Industrials at William Blair]

Great, thanks. And you, for the broader defense and advanced technologies segment, you announced very strong bookings and I think you highlighted certain large awards for, cybersecurity and, I believe it was in encryption. What is the the general penetration of your next generation encryption products? Is there a large upgrade cycle going on?

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Yes. So first off, there is definitely a large upgrade cycle going on. We've talked about that, which really has to do, I mean the fundamental of it are making national security encryption systems robust to quantum computing. That is a big driver. And so that has been accelerating sales for encryption products due to that refresh.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

But the other, we're kind of in two different, think of it as two different domains. One of the domains that we have really good market share in and has been growing fast is the data center side. So think of that as secure cloud data centers. Our devices are used for inter data center communications, which is really important for things like fusing different sources of information that comes into different data centers. So the more and more work that's been done on fusion of different sensor data is really driving demand.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

The other really big thing is the use of AI in cloud computing centers, which means that there's lots of inbound inquiries and probably more data sources that will be combined. So those things are, think of it as the market's growing, the data center market is clearly growing, the market for type one secure data centers is growing. And so the things that are really discriminating those products are number one, having security certifications, that's a big discriminating feature. And then the other one is building in the next generation encryption standards, so we receive awards on there. That's another discriminator for us.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

And finally, last big one is given the volume of information, higher and higher speeds. So those represent more value for the users. They also save on power, data center space, all those things are key drivers. This is one that we've been working on for a long time but we think that kind of the secular drivers are about as strong as they've ever been, if not stronger in that particular market. The other market is kind of tactical part of it, which would be, think of it as less the cloud center side, but the users who want access to those cloud centers either to put data into them or also to pull data out.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

That is either raw data or data that's been fused. All this is really, think of it as there's been a lot of talk about kill chain, kill chain involving sensor to shooter. So you've got demand side on the sensor side, demand side on the shooter side, and more and more of that's going through data centers. So we aren't yet the leading provider for the tactical user side, but given the refreshes that are going on, we see lots of good opportunity to gain market share there as well.

[Louie Dipalma, Research Analyst - Industrials at William Blair]

Yeah, we also cover Palantir, which they've experienced rapid growth with their Maven Smart System and that seems to be related to this sensor to shooter and there's also a program with the Army for a tactical intelligence targeting access node with Palantir and Andoril. That seems to also be related, at least as you describe it. So as these software platforms that connect to AI systems get rolled out, would adoption of your encryption services continue to increase?

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Yes, think that's really what the driver is and what Palantir does often is they combine data from disparate sources in effective ways. And that's a good example of why there's more sensor data coming in and then that more of the decisions that are being made are coming out of these data centers. And so we think there's a big opportunity on both the data center side and on the tactical user side and there are very few companies that have certifications and the skills for these markets. We think it's a good growth business, it's one that we've been grooming for a while.

[Louie Dipalma, Research Analyst - Industrials at William Blair]

Excellent. That's it for me. I know those are a lot of defense related questions, but it's very interesting business given everything that's happening geopolitically. So thank you, Mark, and thanks, everybody.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Thanks Louie.

[Operator]

Thanks Louie. Thank you. Our next question comes from the line of Rick Prentiss from Raymond James. Your line is open.

[Ric Prentiss, Managing Director at Raymond James Financial]

Thanks. Good afternoon everybody.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Hey Rick.

[Lisa Curran, SVP - Strategic Finance & IR at Viasat]

Hey.

[Ric Prentiss, Managing Director at Raymond James Financial]

I'll take a shot at a question. We are seeing a lot of spin codes in our coverage zone. I know you can't talk specifically, but philosophically can you kind of tee up for us the pros and cons as companies think about separating their businesses? Obviously something might be growthier, something might need different capital, something might need different leverage. But is there any philosophical framework you can help us understand at ViaSat?

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Okay, yeah. So we'll talk about a couple of things. One is, so one of the lenses that we use when we look at our portfolio of businesses that we've talked about a fair amount is synergy. And that is are there really benefits for keeping two businesses under the same roof. And generally what we're seeing is space capabilities are being integrated more and more into a number of different systems, both commercially and government wise.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

So that's one example. And some these areas, sometimes the synergies increase, sometimes they decrease. One area where there was decreasing synergy and we acted was on the tactical data links area where there was quite a bit of new work going on in there. We had chosen to invest in other areas and it made sense to divest it. I'll give you an example of a couple of areas that are converging.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

One is some of the work we just talked about encryption, which is really about cyber security in space where it's become more and more evident that especially for large constellations, one of the single failure modes common to an entire constellation is cyber security. And so one of the elements of our crypto business that deals with the intersection of cyber and space, that's one where there could be an example of increasing synergy. Another lens besides the synergy lens that we use is the one that you mentioned which is the capital needs of each of our businesses. One of the things is that our satellite services businesses have historically been very capital intensive whereas the product businesses and our government businesses have been capital light. One of the things that we are working on, we've talked about a number of times, is reducing the capital intensity of our satellite services businesses to try to make the two maybe have more common capital needs.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

And as we evaluate how well we can do there, that will be a factor in how we think about spin offs. Those are two of the lenses that we've used in the past and have talked about.

[Ric Prentiss, Managing Director at Raymond James Financial]

Great. Speaking of capital efficiency and capital intensity, one of the other satellite operators who has pretty naval S band spectrum around the globe and some AWS-four patches up spectrum wise terrestrial. Kind of surprised a bunch of people last week throwing out a 5,000,000,000 peak funding for an NTN. DDD, Leo, I'll throw as many acronyms out there I guess as I can. Help us understand as the cusp of positive free cash flow and that focuses Gary was talking about free cash flow generation.

[Ric Prentiss, Managing Director at Raymond James Financial]

Help us understand you guys have S band two, where you see that market going and how it might be more effective for you to compete in that marketplace?

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Yeah, okay. So what is, I can tell you, it doesn't strike us that a $5,000,000,000 capital investment is consistent with reducing the capital intensity of our business. So that's not, I can tell you that's not what we're looking at. I mean what we are looking at is that we have a strong presence in L band and S band. We see big opportunities for evolving our existing L band mobile satellite services businesses.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

We have strong positions in especially aviation safety, maritime safety, and there are unique benefits to L and S band, especially for small platforms in those environments and especially as there is going to be a growth of unmanned vehicles, air, land and sea. Those are all really good target markets. One of the things that we have been talking about and we've been working with other operators on is a concept that's been very successful in the terrestrial world which is to create shared infrastructure among multiple operators. And think about it, talked about this before, in the terrestrial world, satellite operators that see a large market have decided that there's no point in trying to distinguish their business by steel and concrete towers or utilitarian fiber networks. So there's opportunities to do the same thing in satellite.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Traditionally, of the mobile satellite services operators have all looked at each other as arch enemies. I think that now there's an opportunity to come up especially as that business becomes more focused on open architecture and standards, the 3GPP standards, there just doesn't seem to be a reason that each operator has to have space infrastructure that's unique to their space segment and that one of the things that we have is really good technology for building wideband systems that can serve multiple operators and still be able to do all the beam forming work that's needed to get the D to D powers, power flux density you need on the ground, sensitivities you need in space. So that's what we're working towards. And our objective is really A, to be able to build a system at much substantially lower cost than the $5,000,000,000 number that you mentioned. And then also to be able to share that infrastructure among multiple operators which would further reduce the capital investments required by each individual operator.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

We think that's good for us. We think it's good for other operators. We've got interest from other operators who see the same benefits that we do. And that's what we're working towards. You know me, I've been a big

[Ric Prentiss, Managing Director at Raymond James Financial]

proponent of the tower model, the shared infrastructure model. It's smart for the operators, it's smart for Wall Street, not to over capitalize stuff. So that's encouraging to hear. Last one for me is a real quick and easy one. Assuming Legado makes it through the BK, which we think it will, where will that actually get booked?

[Ric Prentiss, Managing Director at Raymond James Financial]

What line item should we be thinking of? That's where the Legado payments would come into.

[Gary Chase, CFO at Viasat]

Yeah, I I think it's early, Rick, for us to make that determination. Assuming that we're in that position, we'll update all the financial implications as we get through the end of it, if we do.

[Ric Prentiss, Managing Director at Raymond James Financial]

Okay. Thanks guys. Have a good evening.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Thanks, Vic.

[Operator]

Thank you. Our next question comes from the line of Edison Yu from Deutsche Bank. Your line is open.

[Edison Yu, Director at Deutsche Bank]

Hi, thank you. Good afternoon, everyone. And wanted to follow-up on the previous question about philosophy and kind of your philosophy Mark for value creation. If we look at DAT, think you would agree and many investors agree. It's clearly undervalued.

[Edison Yu, Director at Deutsche Bank]

Do you think that is more a perception issue or more structural? And I mean, this in the context of perception being you obviously delivering very good growth, lots of backlog and eventually that value will be realized within the current structure. Or do you think it's naturally, I guess, going to be constrained by the current situation? Any thoughts you have about that would be great.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Well, so we're in the operating business, we're not in the investing business. So it's a little bit hard for us to read the minds of other investors and how they interpret it. I mean for us it's pretty, I think the thing that we're really focused on is increasing the present value of future cash flows. That is kind of the foundation for equity and debt capitalization. I think that we've got some challenges due to the delay in some of satellite programs especially that's increased the amount of debt and inhibited our cash flow and increased our capital spending.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

So right now the thing that we're really the most focused on is for each of our businesses first of all is just doing what I just described which is increasing the present value of future cash flows. It's really based on the competitive positions. I'd say we acknowledge that, think of it as there's a packaging element to that as well. Can we organize that into investable bites for debt and equity holders. And that's kind of I think when we talk about our portfolio review, things that we're looking at in our portfolio review are the synergy element I mentioned before, the capital intensity of each of the businesses.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

And then there's another consideration which is what is the value proposition for investors. And so we are looking at that as part of our portfolio review.

[Edison Yu, Director at Deutsche Bank]

Understood, understood. And then just a more, I guess, strategic question. I'm sure you've seen this. There's a lot of excitement around Golden Dome and what the two could potentially do. Do you have some initial thoughts on what kind of role Viasat might play?

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Yes, we do. I mean, I don't know that I'm going to yes, we do. The short answer is yes, do. Some of it has to do, think of it as there's a sensing portion of it. There's certainly a strong cryptographic component to it.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

All the stuff that we talked about, data centers, fusion, kill chain, all that is all got to be automated in real time in very complex systems. So there's definitely an element worth in that. And we think there's some really interesting opportunities for us in ground networks and space infrastructure. Those would be, I'd say those are just some of the top level areas that we have involvement. Another area that we've talked about as well in the context of commercial and government applications is hybrid networking.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Hybrid networking being one form of that being multi orbit satellite communications. So for Golden Dome there's definitely a number of applications that are going to use multiple and diverse communications. And then another area of that is combining both line of sight, terrestrial communications, space communications, we have opportunities there as well. Those are, I'd say, those are some of the most obvious areas where I think we'll be involved.

[Edison Yu, Director at Deutsche Bank]

If I could sneak in just a financial one for Gary. It seems like the margin, the EBITDA performance in comm services was very strong both on a quarter to quarter and year over year basis. If you just look at the revenue, it was flattish, but actually EBITDA went up a lot. Do you have any sense what can you give us a sense what drove that and what were they one time items?

[Gary Chase, CFO at Viasat]

Yeah, well some of it is Edison. We referenced it in terms of a little bit of timing benefit. We did have good business mix in the quarter, both if you look in terms of product versus service revenue and then actually even within the communication services segment. For example, we just had a really favorable mix of aviation terminal deliveries as the way the timing played out for us during the quarter. So, those are the things that you see that drove the leverage you just described.

[Edison Yu, Director at Deutsche Bank]

Great. Thank you.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Thanks guys.

[Operator]

Thank you. Our next question comes from the line of Sebastiano Petti from JPMorgan. The line is open.

[Sebastiano Petti, Senior Research Analyst at JP Morgan]

Hi, thank you for taking the question. I guess just kind of following up on Rick's question there or just thought process in terms of the direct to device. I mean, Mark, it sounds like a shared infrastructure model and maximizing value for and you believe is not through a big CapEx program like a $5,000,000,000 program, but through shared infrastructure. But given all the competition in the space, I mean, does that I guess, how do you think about the puts and takes on why a shared infrastructure might work versus maybe against some of the gold alone LEO constellations and other direct to device kind of satellite Sure, operators

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

yeah.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Out that's a good question. On the direct to device one of the things that people are paying a lot of attention to are the data rates that you can deliver to off the shelf devices. And so if you look at how do you get, think of that as just like broadband, it's really what is the total capacity of your constellation, especially when you're delivering service into these off the shelf mobile phones as an example. So that is, think of that problem, discriminating, one of the main discriminating features of that is you need more power on the ground in order to get those devices. So one of the things that I think everybody is coming to realize is that a constellation that doesn't have high power pulse densities on the ground isn't going to work in the D2D environment.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Not for the broadband speeds, five gs new radio functions that people want. So that's part of what's driving interest in a low earth orbit component to these systems. But the issue is if you want to get high capacity that is throughput, you just got to go back to the physics which is Shannon capacity and what that tells you is that capacity grows linearly with spectrum but only like the log power. So it's not super surprising that the contenders with the least or no spectrum are building systems with the highest power, but that operators that have spectrum that are looking to aggregate spectrum, that is if they can share their spectrum with others, that that's a far, far more efficient way to develop and to increase capacity. So that's the principle.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

And think of it as when you talk about the log of power, that means you need it's like multiple, I don't want to speculate, depending on the amount of spectrum you have relative to say a five MHz chunk, can get an order of magnitude advantage in capacity at the same power by having spectrum. So the people that have spectrum, so what we're really trying to do is work with the other spectrum holders, show them how we can use five gs networking tools to aggregate spectrum and it's a huge competitive advantage. So that's really what's underlying all this. And then the other thing is one of the big issues, one of the big regulatory issues has been the interference that those very high levels of satellite power create on not only other satellite services but other terrestrial networks as well. That's one of the most contentious issues on these reuse of terrestrial spectrum.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

So by judiciously combining spectrum or using the spectrum portfolio that spectrum holders have now, you can get really good services into devices much more economically. That's the principle. And only go through this with some other spectrum holders, they're seeing it makes sense. So I think we're not done with that, but we're working on it. And I think it makes a lot of sense from a physics perspective, from an economics perspective, but it's also usually capital efficient in a very capital intensive industry.

[Sebastiano Petti, Senior Research Analyst at JP Morgan]

That's helpful, Mario. And one quick follow-up, guess, again on maybe just the Legato and the settlement. I think is there any update in terms of the timeline of the court approval on the bankruptcy court approval with Legato? Just thinking about if there could be any slippage from the announced timeline and the payments that you announced in the July press release. Thank you.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

There be, there definitely can be slippage from the July press release. That's why we've conditioned our, we've conditioned all the information we've provided on approval by the bankruptcy court. So that's still in process and when it's complete we'll provide an update.

[Sebastiano Petti, Senior Research Analyst at JP Morgan]

Thank you so much.

[Operator]

Thank you. Our next question comes from the line of Colin Cantino from Cantor Fitzgerald. The line is open.

[Colin Canfield, Director at Cantor Fitzgerald]

Hey, thank you for the question. Maybe focusing on kind of just like going about the philosophy approach. In terms of like tech participation in the conversations with spectrum holders, can you just maybe talk about how kind of the mega TMT giants are shaping the conversation both with respect to kind of like appetite for providing capital is one bucket. The second bucket is kind of shared we'll call it shared spectrum support cooperation on that. And then the third bucket of potential restrictions, right?

[Colin Canfield, Director at Cantor Fitzgerald]

The concept that they provide a blank check upfront for capability and that's a wholly owned capacity. So maybe if you could kind of flush out those three dynamics with respect to the conversations with other spectrum holders, that'd be super helpful. Thank you.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

I just want to make sure the three things three things being

[Colin Canfield, Director at Cantor Fitzgerald]

Yeah. Cash, cash, cash, spectrum and restrictions. Basically, like the back end of we'll call it funded constellations and one of your peers having 85% of capacity restrictions and stuff like that.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Okay, so, well, I'm going to go back to the towers analogy. What happened in the towers business is that it became evident that, think of it as a towers company that works with multiple different spectrum holders, really is pretty much insulated from a lot of the competitive factors that define competition among each of the carriers. Their business is not dependent on the split of market share among those or even the device refresh cycles. It's really like a utility play. We're going to provide towers and fiber infrastructure.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

So one of the things to do here is that you can see that if multiple spectrum holders participate, that there's an opportunity to bring in capital, third party capital that's really less sensitive to the performance of any individual spectrum holder and more sensitive to the demand in the market as a whole. So that's one of those things. And then basically think of it as, if you think of different businesses, you can think of the space infrastructure business, especially if it's a utility as being capital intensive, but if it's less susceptible to the competition among individual carriers and more sensitive to the demand in the market as a whole, then it can have less risk. And that can be attractive to infrastructure type investors and that sort of relieves the spectrum holders from having to capitalize the things themselves and confuse this sort of low infrastructure investment that can be a utility like thing with the services that they offer. So that basically is what the value proposition is and the terrestrial side we think we can create similar value proposition in the space side.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

The key to doing that among the spectrum holders is that they just want to be assured that the infrastructure company is treating all spectrum holders fairly, that there's no competitive advantage. And so attributable one that disadvantages the others relative to owning their own infrastructure. And that's really a governance issue and that's one of the main things that we're working on, on an infrastructure based utility like infrastructure. Does that cover the points that you're asking about or is there another one that I was missing?

[Colin Canfield, Director at Cantor Fitzgerald]

It does in the kind of concept of the, we'll call it the large third party infrastructure organizer. So I think that that kind of data point is one I definitely want to hone in on. And maybe if you can kind of talk about kind of maybe not so less the three bucket concept, but assuming that there is a large infrastructure called quarterback in play or organizer in play, maybe just discuss kind of a high level way that that participant thinks about price, especially in light of the EchoStar announcement. So I think one of the concepts that folks had kind of honed in on is the idea that EchoStar could peel away or potentially lease out or sell S band holdings, right? And that it was kind of a spectrum amalgamation play.

[Colin Canfield, Director at Cantor Fitzgerald]

But now that they're going after Constellation, I think maybe it's fair to assume that there's kind of like a price accretion dynamic or there's an increased scarcity around ViaSat, S band and L band holdings. So maybe just talking to a high level less the three buckets, but maybe the price sensitivity of, I'll call it the large undisclosed coordinator. Okay.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

In order for D2D to work you've got to make a sufficient power flux density on the ground. That's a big thing. What that power flux density needs to be in order to deliver certain speeds into handsets depends a lot on how much spectrum you have. So one of the big advantages of the approach that we're doing is we have a technical approach that covers a large amount of spectrum. The incremental cost of spectrum compared to other components in this isn't necessarily that high.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

So we can get a lot of economic benefits by covering large amounts of spectrum that does pressure some of the beam forming elements. That's one of the things that we're really, really good at. So I think when you're thinking about any particular system, you've got to think about two things. One is we always talk about in the broadband space, we always talk about the productivity of satellite infrastructure. That is like think about how many gigabits per second of throughput do we get per megabuck of capital investment.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

So one is you need a really good, you need high productivity on it. And then the other part is how you finance it and how you divide up the capital investment among others. So I think just based on what we're seeing from others, I think our technical approach is very productive and then I think we're amplifying the benefits of that by being able to cover enough spectrum to share that among multiple spectrum holders. And I think the other thing that we're trying to highlight here, which has become kind of evident is especially in the D2D space, there are multiple industry participants besides just spectrum holders that would like to see a lot of spectrum efficiently apply to this to drive costs down, to enable services on automobiles, UAVs. So there's actually a pretty fair amount of industry interest in creating the type of shared infrastructure that we're describing.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Because not only does it reduce capital intensity, but it reduces cost. If we reduce capital intensity, the airtime cost should be a lot more attractive than kind of the kinds of numbers, things that are being picked around now. I mean that's what you need to get the five gs new radio type services. So we think that the thing that we're doing makes a lot of sense from a business logic perspective. And one of the key parts of it though is having technology that's really focused on that particular constellation mission purpose.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

And it's different than what we've seen from anybody else. I mean the architecture is different and so technical solutions are different and we think we've got one that makes a lot of sense.

[Colin Canfield, Director at Cantor Fitzgerald]

Got it. Got it. Thank you. One, maybe just like, is there a sense of timing where we might get incremental color on kind of an organizational announcement of these kind of this effort?

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

I don't want to comment on that yet, but it's not way off in the future. I think it wouldn't be appropriate to comment on that yet.

[Colin Canfield, Director at Cantor Fitzgerald]

No worries. I appreciate the color. This has been super helpful. Thank you.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Thanks.

[Operator]

Thank you. Our last question comes from the line of Ryan Poultz from Needham and Co. Your line is open. Great.

[Ric Prentiss, Managing Director at Raymond James Financial]

Thanks for

[Ryan Koontz, MD - Research Analyst at Needham & Company]

squeezing me in. Yep. I was going to ask you about the competitive landscape in IFC, commercial IFC, Mark, but that's maybe a little too blue sky for the end, so maybe I'll just make it a layup here. If we look at your fixed broadband revenues, we saw an inflection to grow after a couple of years of steady decline. I'm wondering if you can unpack that and maybe explain what's going on there.

[Ryan Koontz, MD - Research Analyst at Needham & Company]

Is this kind of revenue optimization among your existing subs? Are we seeing Starlink capacity exhaust? Maybe less aggressive pricing? What's going on in fixed? Thank you.

[Gary Chase, CFO at Viasat]

Yes, we're not seeing that in fixed broadband. So not entirely clear what you're after there but were you referring to sequential growth in maritime? Is that what you were referring to? I apologize. I heard fixed broadband. Yeah, yeah.

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

On the maritime side, it's really, the nexus wave, hybrid LEO GEO system, it's growing pretty fast and it's, we're getting, one of the things we talked about a few weeks ago is a thousand ships under contract. The install rates been ramping up, the average revenue per vessel is significantly higher because we are delivering way, way more bandwidth. Whereas the existing base was really geared towards operational applications only, This current one is geared towards operational applications plus crew services and some additional services. So it's really the growth rate of the sequential growth rate in nexus wave is what's driving the sequential growth in maritime and like we said, we think that is going to lead to year over year growth by the end of the year.

[Gary Chase, CFO at Viasat]

And recall that's one of the critical business outcomes that we've been focused on for what we call the importance of the year. We obviously have a lot of confidence given what Mark's described, first step in that journey was the sequential growth we saw this quarter. Feeling really good about how that's playing out. Hats off to our teams for making that a reality.

[Ryan Koontz, MD - Research Analyst at Needham & Company]

And you've got confidence in the performance there with the OneWeb partnership?

[Mark Dankberg, CEO & Chairman of The Board at Viasat]

Yeah, I think we have I mean, one of the things we've been really focused on is understanding geographic distribution of demand. We have a good understanding of what both the benefits and the constraints are for OneWeb, but when we augment that OneWeb with what we have in GEO and what's coming in GEO, we've got a good runway for growth there.

[Ryan Koontz, MD - Research Analyst at Needham & Company]

That's helpful, thanks so much.

[Operator]

Thank you. That concludes our question and answer session. That also concludes this call. Thank you all for joining. You may now disconnect.

Participants

Executives

• Lisa Curran, SVP - Strategic Finance & IR
• Mark Dankberg, CEO & Chairman of The Board
• Gary Chase, CFO

Analysts

• Louie Dipalma, Research Analyst - Industrials at William Blair
• Ric Prentiss, Managing Director at Raymond James Financial
• Edison Yu, Director at Deutsche Bank
• Sebastiano Petti, Senior Research Analyst at JP Morgan
• Colin Canfield, Director at Cantor Fitzgerald
• Ryan Koontz, MD - Research Analyst at Needham & Company