Viasat, Inc. (NASDAQ:VSAT) Q2 2024 Results Conference Call November 8, 2023 5:30 PM ET

Company Participants

Mark Dankberg - Chairman & Chief Executive Officer

Guru Gowrappan - President

Shawn Duffy - Chief Financial Officer

Robert Blair - General Counsel

Conference Call Participants

Phil Cusick - JPMorgan

Mike Crawford - B. Riley Securities

Ric Prentiss - Raymond James

Chris Quilty - Quilty Space

Edison Yu - Deutsche Bank

Louie DiPalma - William Blair

Operator

Good day everyone and welcome to Viasat's FY '24 Second Quarter Earnings Conference Call.

Your host for today is Mark Dankberg, Chairman and CEO. You may proceed, Mr. Dankberg.

Mark Dankberg

Thanks. Good afternoon, everybody. Thanks for joining us today. So with me, I've got Guru Graben, our President, Shawn Duffy, our Chief Financial Officer; and Robert Blair, our General Counsel.

So, Robert could you please start us with our safe harbor disclosure.

Robert Blair

Sure 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 10-Q. Copies are available from the SEC or from our website.

Back to you, Mark.

Mark Dankberg

Okay. Thanks. So we encourage reading the shareholder letter that we posted on our website earlier this afternoon for more details. I'll start with an overview of the main points, and then we'll have time for questions.

Our main objective today is to bring you up-to-date, organize some information and provide clarity on our plans. So I'll start with a quick update on performance in the quarter, which was really good. Overall, up well into double digits on revenue and adjusted EBITDA on a combined operating basis. I'll give an update on the status of the two satellite anomalies. They have the financial implications of putting those behind us and describe the go forward plan.

And then, I'll give a quick reminder of our overall strategy and why we're well positioned for growth, primarily in the $108 billion market for commercial and government global mobility. So after that, Guru will go into more depth on the quarter with business highlights and financial results give a little bit more color on the Inmarsat integration and give an update on our fiscal year '24 and '25 growth outlook.

Just for context at the beginning, we have a good track record of identifying and building profitable and enduring positions in a succession of specific, somewhat esoteric market segments, including against much larger competitors. And we think the sale of the tactical data links business earlier this year to a leading aerospace and defense company for about $2 billion, it's indicative of our ability to build long-term value, while also transforming target market segments.