Core Insights - Viasat, Inc. has successfully demonstrated direct-to-device (D2D) connectivity for the automotive sector, paving the way for widespread satellite connectivity adoption in automotive applications [1][4][6] Group 1: Technology and Implementation - The tests conducted in Southern Brazil involved vehicles connecting directly to Viasat's L-band satellites and Skylo's network, enabling narrowband tracking, monitoring, and messaging capabilities [2] - The trials utilized 3GPP standards-based non-terrestrial-network (NTN) service infrastructure, with support from partners like GuardianSat and Acceleronix, showcasing seamless switching between satellite and cellular networks [3][5] - The integration of Quectel's advanced satellite communication modules with Viasat's network highlights the potential for uninterrupted connectivity, regardless of location [7] Group 2: Market Opportunities - D2D technology allows car manufacturers and service providers to offer new services, including positioning data, predictive maintenance, emergency assistance, and real-time supply chain tracking [4][6] - The convergence of satellite and cellular technologies, as outlined in 3GPP's Release 17 standard, is transforming satellite connectivity delivery, enabling devices to connect without dedicated satellite terminals [5] - Viasat is developing a direct-to-device ecosystem involving chipset manufacturers, mobile network operators, and original equipment manufacturers to enhance its existing mobile satellite services [6] Group 3: Strategic Partnerships and Future Outlook - Viasat has joined the 5G Automotive Association to support connected transport applications, following successful mobile device demonstrations in various countries [6] - The Chief Technical Officer of Viasat emphasized the significant opportunity for the transport industry through D2D satellite connectivity, which can enhance safety and efficiency [7]

Business Highlights - Achieved full operational status for the first five BlueBird commercial satellites, featuring the largest commercial communications arrays in LEO[12] - Secured a $43 million revenue contract with the U S Space Development Agency to support critical government missions[16] - Accelerated satellite manufacturing with planning and production of 40 Block 2 BlueBird satellites underway[14] - Spectrum agreement for access to up to 45 MHz of premium lower mid-band spectrum in the U S , enabling peak data transmission speeds of up to 120 Mbps nationwide[14] - Agreements with approximately 50 mobile network operators globally, representing nearly 3 0 billion existing subscribers[19] Financial Position - Robust balance sheet with nearly $1 0 billion in cash, cash equivalents, and restricted cash as of December 31, 2024, pro forma for convertible notes offering[14] - Adjusted operating expenses for the three months ended December 31, 2024, were $40 76 million[40] - Capital expenditures increased from $26 5 million in Q3 2024 to $86 0 million in Q4 2024[36] Strategic Partnerships - Vodafone definitive commercial agreement through 2034 establishes a framework to offer SpaceMobile service across Europe and Africa[16] - Plans to form a jointly owned Vodafone European distribution entity to accelerate commercialization strategies across the European continent[16]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $1,120 million, essentially flat compared to the prior year quarter, reflecting declines in fixed broadband and product revenue within Communications Services, offset by strong growth in Aviation and Defense segments [29][32] - Adjusted EBITDA was $393 million, an increase of 3%, primarily driven by growth in the Defense and Advanced Technologies segment [30][36] - Net loss increased to $158 million from $124 million a year ago, mainly due to a non-cash loss on extinguishment of debt [29][30] - Operating cash flow was $219 million, up more than 60% year over year, driven by decreased working capital and lower cash taxes [30][31] - CapEx was $253 million, down 40% year over year from $421 million [31] Business Line Data and Key Metrics Changes - Aviation service revenue increased approximately 12% year over year, with a total of 3,950 aircraft in service, up about 130 sequentially [25][32] - Defense and Advanced Technologies segment grew revenues almost 20% year over year, with awards up 49% and backlog up 26% [8][26] - Maritime revenue declined 8% due to legacy L band offerings and ARPU pressure [32][34] - Fixed broadband services revenue was down 6%, reflecting subscriber declines [32][34] Market Data and Key Metrics Changes - The aviation market saw a 13% year-over-year growth in aircraft in service, indicating strong demand [5][6] - Government SATCOM business grew revenue by 4%, driven by strong demand for connectivity [32][34] - The backlog was $3.5 billion, down $181 million due to the removal of the Energy Services System Integration backlog [28][32] Company Strategy and Development Direction - The company aims to sustain and enhance its strong positions in attractive and growing satellite services and technology markets [5][10] - Focus on reducing leverage and generating free cash flow as top priorities for capital allocation [17][18] - The company is targeting a return to growth in its maritime business in fiscal year 2026, supported by the rollout of Nexus Wave and the entry of ViaSat-3 flight two into service [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fiscal year 2025 guidance, with expectations for revenue to be flat to slightly up year over year and adjusted EBITDA growth in the mid-single digits [36][39] - The company is optimistic about the long-term growth opportunities in the satellite communications industry, emphasizing the importance of partnerships and cooperation in space [41] - Management acknowledged challenges in the U.S. fixed broadband business but remains focused on building earnings power in aviation and government SATCOM [24][39] Other Important Information - The company completed the sale of the Energy Services System Integration business, which generated approximately $50 million in annual revenue but had minimal strategic synergies [31][32] - The company is making steady progress on integrating capacity from multiple satellite operator partners to expand coverage and capacity [6][10] Q&A Session Summary Question: Update on Flight two and Flight three - Management confirmed that Flight two is planned for The Americas and Flight three for Asia Pacific, with flexibility in satellite locations based on customer demand [46][47] Question: Impact on in-flight connectivity contracts - Management indicated no impact on customer contracts due to the timing of Flight three [52] Question: Fiscal year 2026 revenue growth and EBITDA expectations - Management clarified that expectations for modest adjusted EBITDA growth in fiscal year 2026 are based on closer insights into the business [53] Question: Update on DAT asset sales - Management is focused on reducing debt and unlocking value in equity but did not comment on specific transactions [62] Question: Framework for spectrum monetization - Management is modeling different monetization options for spectrum and will make decisions based on public interest benefits and market conditions [65][66]

As filed with the Securities and Exchange Commission on September 8, 2023 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 4899 41-2116508 (State or other jurisdiction of incorporation or organization (Primary Standard Industrial Classification Code Number (I.R.S. Employer Identification Number 1351 Holiday Square Blvd. Covington, Louisiana 70433 (985) 335-1500 (Address, including zip code, and telephone number, including area code, of registrant's princ ...