Viasat, Inc. (NASDAQ:VSAT) Q1 2024 Earnings Conference Call August 9, 2023 5:30 PM ET
Company Participants
Mark Dankberg - Chairman & Chief Executive Officer
Robert Blair - General Counsel
Shawn Duffy - Chief Financial Officer
Guru Gowrappan - President
Conference Call Participants
Simon Flannery - Morgan Stanley
Mike Crawford - B. Riley Securities
Chris Quilty - Quilty Analytics
Ric Prentiss - Raymond James
Ryan Koontz - Needham & Company
Louie DiPalma - William Blair
Operator
Welcome to Viasat's FY '24 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. Good afternoon, everybody. Thanks for joining us for our call today. With me, Guru Graben, our President, Shawn Duffy, our Chief Financial Officer; and Robert Blair, our General Counsel.
So before we start, Robert will give a safe harbor disclosure.
Robert Blair
Thanks, Mark. As you know, this discussion will contain forward-looking statements. This is a reminder that factors could cause actual results to differ materially. Additional information concerning these factors is contained in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q. Copies are available from the SEC or from our website.
Back to you, Mark.
Mark Dankberg
Okay. Thanks. So we encourage everybody to read the shareholder letter that we posted on our website earlier this afternoon. It will have a lot more detail. We'll give an overview of the main points upfront, and then we'll have out plenty of time for questions. So the first quarter results were very good. The Inmarsat acquisition closed in May and contributed one month to our first quarter results.
Year-over-year consolidated continuing revenue grew 36% to $780 million and adjusted EBITDA grew 87% to $183 million, with good performance across the business. Viasat's standalone revenues grew 12% and adjusted EBITDA grew 13% year-over-year. New awards and backlog were good, and momentum has continued into the second quarter, especially in connectivity.
On a go-forward basis, we'll refer to consolidated and segment results for the combined company and adjust for continuing operations that is appropriate. Post-merger, we're starting with a stronger-than-anticipated balance sheet and even stronger than what we expected when we closed the [indiscernible] back in January. And we're making good progress on the integration and are on track to achieve our overall synergy goals and aiming to improve on those.
Also, I'd like to mention that Andrew Sukawaty, who is formulary Inmarsat's Chairman, and Rajeev Suri, who is the Inmarsat's CEO, joined the Viasat Board of Directors, and we're looking forward to their contributions.