VSAT - Earnings call transcript Q1 2023

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Operator

Welcome to Viasat's Fiscal Year 2023 First Quarter Earnings Conference Call.

Your host for today's call is Mark Dankberg, Chairman and CEO.

You may proceed, Mr. Dankberg.

Mark Dankberg

Thanks for joining us today. letter on the our shareholder and closed our available it's website. released shortly market after today, We We'll be referring to it on the call.

the now; Relations. Chief Froelich, Corporate Joining our Robert Blair, our on call and Counsel; Rick Officer; are me Paul General Baldridge, Chief Vice Financial Chairman Officer; Peter Kevin Operating our Development our Harkenrider, Shawn Duffy, today is Lopez, Investor

our let harbor, first. Robert provide safe I'll So

Robert Blair

Thanks, Mark.

forward-looking to statements. could As materially. This a you will know, factors results this reminder cause contain actual differ discussion that is

Additional Form information you, is to from factors available contained in our most or our including Back concerning these Form Mark. are SEC recent XX-K Copies SEC website. filings, reports XX-Q. the on from our and

Mark Dankberg

Okay. Thanks.

we call some our quarter chain of described XXXX our fourth for certifying May. delays security in year products in and transient consistent results Our first that quarter fiscal year-end the factors, new informational some were sequential and supply including Several the topline. seasonality affected outlook with issues the

So mix across below networks preparation falls the as spend are service an infrastructure. expenses improved R&D our that launch. quarter offset well as this Operating revenue in revenue ViaSat-X and in ground heavily for lower growing our

factors adjusted So segment impact revenue of a sequential collectively partially EBITDA. had the by new revenue described. quarter, consolidated I offset both slight just resulting records that product It's some achieve and decline in noting revenue in worth Services the of only service Satellite in from the

installations in government strong largely orders by the with and the year driven throughout sequential in-flight first here point quarter. far systems We the connectivity growth fiscal so first expect of the to our good government into fiscal backlog year EBITDA also low in quarter significant second be XXXX, quarter and activations, scheduled from

as making existing and integration. on good assembly flight of final is aircraft programs and fleet mechanical by and both for testing, targets We for this year new XXX first fiscal progress remainder in-flight an our from aircraft been have expecting spacecraft for that will quarter. customers. first new the last Launch scheduled about payload environmental both and second over grow Boeing the active the in-service satellite ViaSat-X of holding enters now are the retrofit

for to property. from use color the and a on had that the payment previously million Acacia And won interest. wanted We public that to so an a pay its to payment certain The verdict to ultimately a court also upheld regarding Acacia's technology, prior the had collected was of of subsequently could after add That the our insurance also and Communications. contractual jury letter at verdict. that We payments. obtained the use verdict, other that Acacia ordering in includes statutory little we quarter premium first point is our just we be close intellectual of for $XX decision winning economical

didn't expect to was quite factored our as we for soon, While outlook year. payment the into receive the it

investments that ViaSat-X up In in fixed both and support targeting in the year-over-year help funds addition, infrastructure mobile offset discretionary pre-launch the growth business areas. leads are the to ground additional the launch we significant and opportunities expenses will the

it a open of that we'll bit questions. with up for little So background, as

Operator

from We the Landon Morgan take [Operator first will the Instructions] with Stanley. question now line Park of

Landon Park

questions. the Great. afternoon, taking much Good for Thanks very everyone.

Mark Dankberg

Landon. Hi,

Landon Park

in obviously if business. our part terms to just of on reports about drop-ins about that press willingness start government views the been business. releases – can of releases, Thanks. of part wondering I'm if There's potential for sorry, I'm your news not press some if on side you update wondering strategic the we us can just there major business, that then I'll one provide the about right there's business, I size is way differentials to of any with disclosure and that the and margin also the So some and the business? different with parts that have think of of what just portions start follow-up. of maybe around within that pieces

Mark Dankberg

Okay.

about comment first start business. may size. what can and we around So speculation rumors that your of we do question make answers around give what the the the business or are or parts to may not with, I don't to you up on the of the is relative other the

main So One there's and it. Data around roughly kind primarily to compounds called that's business Links, Tactical of is, Link-XX. what's three

of more business. kind government a steadily of third there's little which is and the business. of business. growing that a a of our piece includes of of And business that's a And than business. been less of the is the describes based both the then we the third The satellite been that another products part with rest So oriented. information the satellite which and That sell security technology cybersecurity and There's services the total most in that growing one it the Think synergy has part of has long services maybe time the satellite of of range That's business piece services. kind satellite [indiscernible]. business that fastest based.

Landon Park

between the business highlight? Are that would different there portions any you of margin the differentials

Mark Dankberg

not In disparate margins, of the of No. characteristics to those the general, highest have whole, services tend but in the as businesses it's margin businesses enormously a the businesses. terms

Landon Park

but are today, of on I surface you understand you're value, about if don't but us thinking business value willingness I don't the full refresh your press getting if on want and – think don't view know for how that credit for think you you like you feel that to strategic you that? of comment optionality how potential reports, your can about just in you that maybe Okay. to And terms business

Mark Dankberg

having really disparate way all in businesses with about of the Well, tend like the a think don't really other. just our collection main is synergy is, we that of way businesses. provide they We to each

been want those long able emphasis with of determine how the most off the the with satellite we pretty It synergy good the the that's of then overall if the of one opportunities greatest you amount strategically I think how Clearly, And company. And with thing on the relative that's the in put we've business our drives growth. and satellite services greatest – main grow, of growth us. the level deal that's time, so to to over businesses. the period got factor as the of I the underlying the direction tactics, the in far, that's well think for amount that way defense probably paid order part different think is fundamental our to about the is we – But is think at being probably a – areas. underlying we the most part. done of of And we've in have that instead and

Landon Park

business of portion that And you say how you strategic for company the view that figures long-term the the into whole? would as have encryption the a

Mark Dankberg

is component believe just part, And cybersecurity tended to a more to Well, there's about there's is cybersecurity. be think encryption side the on in overall in cybersecurity as spillover we've and what the markets. what a space, into And commercial lot evolving of segment. going we encryption on the the cybersecurity more

time respond think we will more significance is of the so we the in I wouldn't synergy only businesses if may the looking way in is and example an would to And so at over have one other not put tend we that's of didn't that synergies. that I across thing a it's and it see there's opportunities that opportunity with circumstances, I areas. it much do guess there's less areas vary we're collection them. I say given where the way area of to that of sometimes opportunity degree sometimes just The

I that's think we're job I things done are managing constantly of say. we've what to those trying a would assess, the that good and

Landon Park

timeline helpful, along give one just for Mark. Inmarsat. that the announced to are might other that about recently but last just one and ongoing? And can very release, maybe expectations you're just your me, missed and switching the us have DOJ in EU terms you all closing That's CMA with how gears of review was thinking in the I reviews latest Okay.

Mark Dankberg

to milestones a We're where we we government to pretty they or draw into of the from need conclusions had from few some and so on us that need need progress think a the period the before inferences Well, we've we now I that do. based responses actions that. some activities that made in entering steady

few now, we're is going next We have target we the still have still our – a in, we say little but target were will so we're learned to bit we where had. still from haven't factor that anything right aiming to information get months the kind Basically, overall more that would less wait control of that, and probably. to that over over deviate to, but have should that we we we

on I think months. closing we're in nine

of end back the towards the be biased more be and to going end. probably front would it's So it that towards

Landon Park

close realm of or I the by the to end the possibilities? is guess, Does the prior, idea of within that was still calendar,

Mark Dankberg

to That's realm put possibility. realm It’s of within the the a way – of yes, within it. it’s

it's us to the Now back provided. the side regulatory we will the agencies on information given especially the anticipate from responses for how come hard that

year. a So the the conceivable information of XX over out the close months that that'll It's go lot two months, three we by or it's still the and possible more will get end can to to we beyond. next it's possible or extend

two. a month over lot more or the next weeks will learn few We to a

Landon Park

there any anticipated surprise review EU and the in that? And was that was expected or

Mark Dankberg

activity the we have the Yes. the UK, It not EU because was of it surprising. in both that the covers that's so most expected sectors, and

Landon Park

the very thanks questions. for taking Well, Great. much

Mark Dankberg

you, Thank Landon.

Operator

the Your of with next JPMorgan Chase. question comes from Philip Cusick line

Mark Dankberg

trying to come and from else Phil. Phil, if question you're Maybe somebody take you mute, we back a should on were to talk.

Operator

The Quilty Quilty next with question comes from Analytics. Chris

Chris Quilty

the Southwest… said I into incremental I aircraft visibility going your Thanks, that How the expect you about XXX include into XXX much – year. to do on you wanted to into have – number you does Mark. that orders and the add follow-up think

Mark Dankberg

include as it to both and planes The – And customers. new and retrofit every particular, we new lines. I new equipment that includes Yes. in new would includes with will for XXX have deliver existing that Southwest both aircraft [indiscernible] mentioned,

reasonable it that's are new. There or up them take down could they'll I a have – from target. that So factors drive as And there. we think pretty

kind of reasonable a pretty estimate. that's So

Chris Quilty

switching. to given And given have that there's market online? it. terms picked start here though your some target second can Got pretty and seeing of we're you it's international saturated internationally reasonably airlines a the in coming in of the satellite airlines already more timing capacity solutions, When shortages U.S.,

Mark Dankberg

Okay.

ballpark, XX,XXX-ish estimate kind that's first aircraft, of aircraft. rough of of So a roughly all, probably it's

we're existing that to aircraft of all going kind of in XX% by probably penetration that's in, to XXs. people So the mid-to-late think XX,XXX-ish XX% the aircraft and

of most where the U.S. and the market most in we whole. and We've been coming main are determining the the of still some year. U.S. And And our on successful places where from been in there's market success. that's in main the international traffic done factor current – as fiscal have in well a of the really in installs lot in we – a to So growth think this coverage. We've international the that's mostly kind

transatlantic so And we've recently more international. announced

They are had ViaSat-X. is, are is of we've that's kind So two of that And on factors. places at I getting the think international and kind see I deployment think that basis coverage international the really where progress on one those looking think airlines the we've I well. they done – the coverage, the making. Factor

airlines competitive a as tend connectivity a differentiator. that good to is one other competitive inside see it's – The

been I been think prevalent And the long the in of major haul airlines, factor it's that's so a flights. really kind international – that intercontinental it's And a U.S., of factor. most kind bigger on

still penetration there's the and more opportunity think that'll regional grow. and more among airlines see a more of as factor I lot you become

penetration think overall eye commercial are on I expands. we've as the the our impact got in those market things that the

Chris Quilty

for aircraft? have, And or do antenna product have you those an will you regional

Mark Dankberg

Yes. is Short yes. answer

Okay.

that is think views outfitting the the for what aircraft purpose regional airlines is I of evolving.

inside see, including and to entire an is and on product all integral connectivity of connecting fleet As on services, these their sort having flights. flights I their shorter

we say what's what ago. to interest off be evolving to as And regional I there with the well too seeing with jets – of or in four view might I probably way it view expansive think needed is different and will more that equipped well, you that like or deal have and three kind think of means their are years are So of jets looked a more outfitting regional going view the cutting is I'd two at forward that.

Chris Quilty

acquisition had question. the And they're address final directly that. try Great. losing also And talked we if in EchoStar to I one solution – about Starlink can part course, of Last introducing hybrid of because to cellular latency week, a do satellite you stubs to and Eutelsat GEO-only OneWeb, an market IFC are feel part that to with or do solution for to sufficient? need is announcement Or with… get and latency still something and Eutelsat of consumer a trying a seeing in again, increasing you solution,

Mark Dankberg

move on you the have earth we farther can manufacture go and from So I bandwidth into I think think unique other demand, much. there's with things where around about but that and would the demand from that and And just one we is it's hasn't to a say trade view say latency satellite that that speed mobility, it of that aim efficiently bandwidth one there's with flexibility changed think it out our and hand to between really GEO little latency. especially really bit do places the along we off the the of the on a that,

hit trade right the this said off market with And trailer. that deal good one particular things each there's think for a vertical just you way hit where is have we've to hybrid And mix solutions sweet geographic vertical we to that are wired can of the try options, options so mix segment. we And in for that or we're to those spot to the serve. the terrestrial of trying options, terrestrial those areas of in whether wireless satellite each be markets to lower or latency

with on more streaming done is, video just now, broadcast think especially more work to from hours booming streaming. switching we've in that. growth So and entertainment we Right a and the

to and being is that's data. kind satellite to think lot able a pivot we of of support I big a on is see industry what going

some And throughput might high – to capacity throughput. that's GEO – high or satellite, on MEO latency the be be of high LEO. through or there going from perspective or

on that streaming first focused We So what and a kind on XX%-ish really of That's driving substantial think really that component. basis. been is demand. bandwidth subscriber we've year-over-year growth is

GEO thing on We important is really we're most that. We've we'd the able really interested including that Well, kind been that behind thing thing solutions, focused in saying be Eutelsat to think NEO that explicit also – operator that. we and able of mean, of that's operators I you've some non as answer. operators a non-geosynchronous able multi-orbit of all address that, address that deal think being And next sense, latency So about solutions. is one both geosynchronous. that to been sense hybrid is multi-orbit prospective I working investing little think more, there's a to of kind first, only geosynchronous OneWeb with going satellites. the to things well, multi-orbit. but to do in like – GEO obsolete got non- low do are other be non-geosynchronous to the next we've is to that's in for geosynchronous most to need that, order order got this the that necessarily the do We operators not don't constellation there's bit don't geosynchronous saying be operators to you've a that. And and SES the or might several think elaborate makes just that's multi-orbit that need but hybrid the right case able be interesting and to that in – own hybrid solutions non-geosynchronous a the just that

Eutelsat orbit. You've also a the that's doing that's both significant operator, got GEO

either network as when we do think been as from Eutelsat that just get kind So sense looking we in infrastructure the much the can. well. is highlights direction. this try commonality one the it see as makes point we've things multi-orbit that of and as of what the is that to that OneWeb think sort we at to that of indicative is how other we it I that's And just But

of demonstrated we've bands, two phased acquire like in array mobility things you've instance the been same is. things good that as antennas, do doing the working just there for use It's on so, the choosing well. bands. And can to is need in a them as ours broadband is their lot to opposed one in as And for of different to Inmarsat, network space the one got you a it simpler already Ka-band, in tracking where especially operating antennas

that's an do is of but we get emphasize this been some we've of our ability in from do so things the to more customers are that in one kind hybrids and still same those sides I evolving main and a Things interested to simpler extent try to that work the users. when example the way. want between in of non-GEO are value GEO to thinking. still and And to looking cost things and we're their of them multi-orbit that with are, and infrastructure to delivers the space, the efficiencies both the more Those to that – the we to again, are unified

Chris Quilty

answer. Great. Thanks for detailed the

Mark Dankberg

Welcome.

Operator

Your of Raymond comes with line James. the next question from Ric Prentiss

Ric Prentiss

Thanks. Good afternoon, everyone.

Mark Dankberg

Hi, Ric.

Ric Prentiss

one A housekeeping What some assume payment that like EBITDA a in. might of of was was? The the to revenue. legal done One, sounded should settlement that I lock kind you the on million, have legal couple questions. It think settlement. $XX effect we it

Shawn Duffy

Hey, is This Ric. Shawn.

yes, have of are A revenue going So costs. in costs the you're to costs insurance the right. good but going is offset come and legal line, some we that to of some that, do some it amount

that of I So would it be as XX-ish, EBITDA net should think probably contributing. around

Mark Dankberg

In quarter. the second

Shawn Duffy

In Yes, the second quarter. second quarter.

Mark Dankberg

Yes.

Shawn Duffy

as would little bit interest well. into And income go a

Ric Prentiss

Sure.

then follow-up. voted the Okay. Race”. I reviewing kind to have what see on and you do saw the like final to strategic an Space then be? outcome “the think FCCs recently looking of of would to effort Mark, We X-X And thinking. you the FCC And that that have one do What

Mark Dankberg

FCC are doing in the increasing. they've would I what and one that to think on make anticipating is what to I options – And things that ahead may then think think try space is hand, the get I space. of good – to that that access that sense the to preserving of the said, that, could thing. to try that that, turn context have regulations a out bottleneck inhibit about be that's to address try what to and think And in of those they or

structures of interested I are elements some some – what do. the and there's that's we're for that we And kinds of space really wise. things that interesting think in

it's good we think So be that. considering to

like very it's that the likely notion of are you ask sustainable, numbers lot large large much And think how of you area. think to orienting and think I are, communication really would see that I which that that in in mega to is by measure researchers lot difficult do notion large is you much, oriented. driven represent when sectional how these other I is which too to really around, relatively be from that's what constellations. space risk of of a the And very comes mega a see, few by that – this – that these spacecraft are math, a being constellations much academics that, dominated the lot that is of a is carrying but organizations about how capacity, space stuff quite really cross

not as the on dealing environment issues we'd of that they is see we're space represent already so the like risk much to constellations probably the to likely focus as that of past with look the in And something issue some mega congestion a to to with. that's what don't

Ric Prentiss

Link on XX side. follow-up Tactical XX there? offer? kind understand side. are kind business your more Link you the on of segments What kind Help government between of different the looking one of And at synergies Tactical the What do Okay. opportunities us

Mark Dankberg

intended of names in communications of the of battle are sort whole. of sources of All-Domain one a of actually sort to main things is So links names one it. the defense, in Joint Command what communications couple overall intelligence we management is or number long-term Control, on synthesize – into different that communications. is, disparate and comprehensible of & call, and and or what a is But JADCX themes do – that for intelligence seamless are one sort the And going biggest one to that

that, about in an And so combine one do can there when terrestrial with think space. the definitely that being that things with networks, you Link-XX for that way are important you you

avenues because that. been with the we've of and we're one space that's at terrestrial the looking that of the So parts familiar

in I quite that, we to think have it. contribute to and in participating bit been a we've successful pretty

pretty significant relay relay space And of the of successful One notion opportunities the space. And one applications that well. think of we've well with we've notion been spaces we the successful – the other there's that got synergy Link-XX of areas that areas of well. other that's been is been as for as as from we've

there's So definitely opportunities synergy there.

sure all when successful, said greatest really most different definitely ones go that's businesses to to back before threads, services, we the just and Landon’s those have the we're just question, focused for to that can and can what to are just synergy satellite in growing. to the I be us play, the there's of Links think Tactical where opportunities, issue kind space response I two is growth those mobility where main we're – Data the but trying opportunities, services, which assess the it make on that that, comes we

Ric Prentiss

me, for a back space And has to consolidate. get trying been wants time then Phil one Okay. industry in. long final sure, The for and to

do we're and differing What permutations of ViaSat, you do Eutelsat, at Inmarsat, sudden, those think industry your a SES to they're potential a ones solve of opportunity? for? seeing is All proposed affect And OneWeb, you of the that view how how now bunch looking trying Intelsat. rumors

Mark Dankberg

Okay.

we That's transmission it. is But we – of as it the age broadcast the data as down. sort at to of a good consolidation, what cost of want winding And is mechanism synergies. thing advantages to getting of that age talk as lot want of a look a slowing kind times started. the point like take kind just of growth they think is a what when see of is of it's First, people one we mean out satellite The about and pictured I is medium question. how satellite really

companies, business. we're our so thesis for on in us focused is we're we took we what the them That opportunities that and And do. two perspective, what combine really were never creates really to to more for broadcast was from trying way that We're trying Inmarsat in a did data growth. really and

I the is did legacy move large think to that which among operators, another how there's from they theme, is pivot more which broadcast data.

way. a the so really to the – charge either the in are of executing which that is we And are that data we lot broadcast business, are companies or from maybe if frequencies, happening different broadcast that speculated is in think of primarily are preeminent really business. other effective terrestrial business that companies you business always the combinations that, What look almost data analogy global every business. that those that the being on the business broadcast using using kind The so in the use being around been is cellular up terrestrial the ones were data is at

We Inmarsat good really, of they're really different we've that, a it. skills we we've on base, kind assets great think good think our good thoughts just growth. can that leverage. That's that than we has So got got really customer

some I than that. think little other bit are there's of – the the different theories behind a combinations

Ric Prentiss

helps. really Thanks That Mark.

Mark Dankberg

Thanks, Ric.

Operator

comes Company. line Needham the Koontz of with question Your Ryan from next &

Ryan Koontz

that there ViaSat-X What capacity? should how about of price, your How the year. think any I your platform? wanted revenue secondly, on updated the question. a is Thanks next for of spoken of to current business your we for Thank bit per with fully effect cannibalistic of today ramp is plans? be kind monetize here lower going ask And cost long business view until you kind can percentage lower to you. current from

Mark Dankberg

Yes. Okay.

and done out the play and scale fairly a And at really data of and you've the tried of it the growing around one and we So business base the the get and was fastest. things ViaSat-X, Then kind two, It residential what what on will with one the address operators to think that beginning business. both really also what that grew of the the did new on we've space, is is one similarly seen two ViaSat-X. around could to was to because review if residential government trying with we just ViaSat-X we predominantly space. lot some we into that mobility times started we

to two. than mobility coming they businesses us more now the did when did and for we ViaSat-X, So have scale one

the them using our we by to bit some scale So some existing by those by providing by for as existing platform of of a that, more can expanding business little a services our customers, making to services feature areas existing do to it talked do as comes in when really invite is we'll a we videos customers being streaming for for differentiation that communications. competitive able attractive about before,

we that going of we of kind been but letter, our current do presentations. the to focus And get this, in deterioration businesses has from bandwidth. mobility past it like see But in or with So the contribution as one the also and just of I we way think with sort the didn't way point more big well. this main we about shareholder framed two. early will than – put on ViaSat-X we talk fixed did you in opportunities business productivity the Kind residential of that better the

can our has a strategy the been bandwidth investment, share if get to for amount same lot customers. So we what more of our that capital with

So both it value what of different from money, with customers customers, same that. be greater we price our we we theme give than more what can like, our with do the are up roughly is can come for but tiers, we may bandwidth or the existing amount more pass shared But as improvements it's dollar. per long then we productivity bandwidth as will

satellite that's to grow enabled new our So launch a customer what's increased with bandwidth theme us it's time that's that base we the value and better each economics.

same the see we things so here. And

you and to so that The of three consistently, sold our to like other which time. happening years. applications, we and by But revenue. able we say bandwidth we've thing economically do base that follow-up satellite, all then done that's aim And have more that well we've to what to we evolving what pretty the here that more towards within as constantly each can helps margins we've full, drive is kind the tend it's user to and valuable been do our see right, two is

sold we one on So bunch at base – the opportunity sort what's placed increase to I value, to the rather it just that satellites the if the the that's risk, you that same for the but doing identify it, of as I'd existing the this. happening where see to groom or been XX last really rid whole be things can in the than the a And maybe well, and markets the revenue and new on the can services years satellite use beginning, this on thing the we other additional that hand, margins customers the for applications enabled getting of time. to my we've grow imagine and and life XX of or of it value us most apply products

Ryan Koontz

That's That to like ViaSat-X. a you've sense. upgradeable helpful. the makes a sounds lot terminals at past support for And of it of of some lot recent least the shipped is

Mark Dankberg

Yes.

in bit is one we've time or a but existing what do. terminal have and satellites, so. been set airport known I to that's is things comes airline capabilities features types a in hour the all do the mixing these make you services – airline it, we bunch but able do you do hub the between demand together what And that new high value times be we're efficiency how airlines, we that, like, day, call, is service useful lot a space – order very, the airport on connecting if a one There an them satellite. would then – or are you terminal example that different able be the underappreciated in I Given and several existing of with more different And to, many mobility we're been to what that to is is for or One economical. or been of the maybe we've need on you're additional sets little the on new doing what can agreements an efficiently, lower. this propositions is, satellites, on demand types fit that have a have of of is, be enormous – that schedule we've very architecture in at think used use. get level that disparate make so And great we've aiming able to basically from the very, to of each of very flight the these

just take what So want to band a wave other that is next you really don't to want all without you're waiting you service do for of use. because that

and your get the to schedule idea the areas. areas easily how to average And efficiency? peak especially resources bandwidth factor those in space high you demands, peak high XX of do low be So mobility peak is there between a can

up even we latest margins more of tend So network drive and what after are some the capabilities generation is terminals, the to of revenues that filled do the really build more that And things we've into and ability increase schedule really, and to satellite. we the of efficient. our those

Ryan Koontz

Mark. really Thank you, That's helpful, Mark.

Mark Dankberg

Ryan. Thanks,

Operator

Mike question from next line B. of from Riley. Your comes the Crawford

Mike Crawford

you. Thank

Just my their that – has downstream hear to – question? Does their the Cisco use first like of now a license do part customers mean or that back the go DSP you momentum Acacia to Acacia. did that

Mark Dankberg

think I so.

Mike Crawford

So incorporated has need this license that uses customers or momentum is Acacia DSP. Do they like a in downstream that agreement?

Mark Dankberg

there's paid verdict, a of no was to agreement. judgment. a they clear, the Mike, be result so So This just

agreement And under. of use us so that for under those damages not are our pay did they their technology an

technology of the us use That's So for is what they XXXX. were to. related ordered verdict to through that pay the

under license ordered to they were a pay. So been They Had didn't. They agreement. paid? that would've provided

the covers. So answer question? that verdict what Does your that's

Mike Crawford

Well, partially.

what at. that's getting was So I

under others to years that DSP. there's the bridge using four paid XXXX, up you're past plus another but now So

might be there an is you is opinion? So to your or in out more able expectation issue settled this get this some of

Mark Dankberg

Yes.

Acacia. two appeal. the have we pending still restarted lawsuits stayed and So probably outcome pending They or They are month staying the be next so. the were will against of in

XXXX that was was issued relates to and the case other technology One issue that the period in additional the of of technology. present – the from at end first the them to after the same one to relates

in on things But restarted what those be current with those this are pending comment not going so. happen speculate quarter, or and might within So to pending hopefully certainly here month those. – will or litigation still next within probably on I'm cases and the

Mike Crawford

expected And U.S. Cluster rather gears, life. FX an what satellite and of orbit your of That's that Anik powers then understand the switching than just great. I some to Northwest move this of thought. I satellite failure Excellent, kind end with end on inclined going that residential subscribers. sooner to is

on an window to avoidance don't ViaSat-X. there's subscribers since particularly to appear date risk that satellite, to the we U.S. going launch official be for what's service, your have So or

to say launched do you by December. of Although, have end you the that that hope

Mark Dankberg

that cases up customers life. under an We'll constantly is. them what constantly FX put if we'll customers a in our for that to Anik perspective, expected need a bandwidth, things improvements in – those mean, X% it's move good But that individual We've make sort make just do to we satellite provide longer been variance we've been of the well for make who satellites different the for I Yes. existing we of so for to us the capacity has that than it's but on upgrade of satellite aimed in to able in improvements. terminals satellite. been path have satellite,

Mike Crawford

Idaho, Was was understanding, satellite that Okay. father could he like, my my from in the Picabo, Viasat. say only hit that

Mark Dankberg

too have Viasat-X no, Thanks. WildBlue well FX an No, coverage WildBlue overlaps resources and too. that's Yes, as not. that may whole Anik No, example, the other as provide. we

Mike Crawford

tactical question data robust final talked then that And Charles orders is link in you Wave this Okay. quarter. these about include waveforms? Does

Mark Dankberg

No.

It's the parts XX different but it than is, and use. Link application. waveform machine-to-machine It some in different different a for it, lump different application, are a with a machine-to-machine. of it's it's personal it's Link Wave Charles didn't got communications There more than So XX.

Mike Crawford

Wave Right. margin on you characterize need that And revenue – for going given revenue, I mostly now. you with super right that's royalty to Charles what's high think

Mark Dankberg

Yes. Okay.

Wave subsidiary. than we more half own that Charles a a just So little it's recap, subsidiary, to

businesses a waveform a library their popular is developed biggest their a – wanted was they the license waveform of One that one waveform most under in library. – of and the government

products So And that continue or waveform. quite for few licensed fair on years. revenue use of revenue revenue a that modules that their amount either would for is stream a

waveform. the building And I waveform. there that the think products are deploying Wave use Charles we're that radio that relatively of the multiple process in companies early radios use

Mike Crawford

Mark. Okay. Thank you,

Mark Dankberg

Thanks, Mike.

Richard Baldridge

Mike, I just wanted to clarify real quick.

when the I I technology. might mentioned have think I Acacia on I different said case. misspoke

it's products think technology, the I different that same issued. are Acacia

So that. to wanted clarify I just

Mark Dankberg

Okay. Thanks, Robert.

today. questions all for we that’s think the I that have

really growth. quarter catalyst believe quarter strong really our longer system transient quarterly making in be communications. ViaSat-X summarize, the think solid be of term good got rest of Really is financial So fourth We've we and in good and first more and the integration. our Inmarsat good We're expecting expect government great both we towards coming point performance shortly to growth of should for those organic Americas just those year. and factor guidance. and we very will up bottlenecks revenue, and call, terms the We support the expect were continued low year-over-year a the that that this throughout on and the earnings sequential after the are high resolved progress overall next we're visibility launch

us please today. of rest we team, the or in got if contact for all Peter Lopez And discussed for on thanks you've questions to team, results this our hesitate our afternoon. our other don't So or joining that other anybody topics

it back to operator. I will that, with hand So the

Operator

call. today’s concludes This

disconnect. may now You

Viasat (VSAT) 9 Aug 222023 Q1 Earnings call transcript