VSAT

Interested in Caleres, Inc.? Here are five stocks we like better. Caleres beat second-quarter adjusted earnings expectations: Sales rose 5.6% to $695 million and adjusted EPS increased to $0.47 from $0.35, driven by strong brand-portfolio growth and margin expansion despite weaker Famous Footwear sales. The brand portfolio was the main growth engine: Organic sales rose 8.2%, while gross margin expanded 880 basis points to 49.1%. Stuart Weitzman integration progressed, with Caleres targeting break-even operating earnings for the brand in 2026. Full-year guidance improved, but Famous Footwear remains pressured: Caleres raised the low end of its adjusted EPS outlook to $1.50–$1.65, while expecting Famous Footwear sales to decline low-to-mid single digits amid weakness in lifestyle athletic footwear, promotions and tariff uncertainty. Viasat Drops 29%: Falling Knife or Moonshot Bargain? Caleres (NYSE:CAL) reported second-quarter adjusted earnings above its expectations, as growth in its brand portfolio and margin expansion offset weaker sales at Famous Footwear. President and CEO Jay Schmidt described 2026 as a “build back year” focused on restoring earnings power, integrating Stuart Weitzman and establishing a foundation for longer-term profitable growth. Second-quarter sales rose 5.6% from a year earlier to $695 million. Excluding Stuart Weitzman, sales declined 0.8%. Adjusted diluted earnings per share were $0.47, compared with $0.35 in the prior-year quarter. → 3 Under-the-Radar Defense Stocks With Record Backlogs 3 Late January Earnings Plays With Pop Potential The company’s GAAP results included $57.4 million in refunds related to IEEPA tariffs, according to Chief Financial Officer Dan Karpel. Of that amount, $55.6 million was recorded as a reduction in cost of sales and $1.8 million of related interest income was recorded in other income. Caleres excluded those amounts from adjusted results. Caleres’ brand portfolio posted organic sales growth of 8.2% in the quarter and sales growth of 23.6% including Stuart Weitzman. International sales increased more than 50%, including high-teens organic growth, with Schmidt calling international the company’s largest growth opportunity. He said the company’s lead brands remain underpenetrated in overseas markets. → Ride-Share Reckoning: Tesla Drives Into Uber's Lane Brand portfolio gross margin increased 880 basis points from a year earlier to 49.1%, aided by channel and product mix, lower markdowns and allowances, tariff-mitigation efforts and lower current tariff rates. Brand portfolio operating margin was 10.5%; excluding Stuart Weitzman, it was 13%, up 990 basis points year over year. Sam Edelman: Sales increased by the mid-teens, with broad strength in closed casuals, dress shoes, flats and other franchises. Schmidt said Circana ranked Sam Edelman as the ninth-largest dollar-volume brand in women’s fashion footwear, with the top flat, pump and loafer in the segment through spring. International momentum included China, while the brand’s newly launched men’s line received positive account feedback. Allen Edmonds: Net sales rose by the low teens, led by wholesale and supported by dress shoes, loafers and sandals. The Reserve collection more than doubled during the quarter. Sales at the company’s 18 Port Washington studio stores rose 15%, outperforming the rest of the 58-store fleet by more than 800 basis points. Naturalizer: Sales rose by the high single digits, while profitability exceeded sales growth. Dress footwear grew by double digits, led by pumps, sling-backs and flats. The company also cited demand for ballet flats, Mary Janes and textured materials. Vionic: Sales declined as the company continued to elevate distribution, though earnings increased slightly from a year earlier. Walking-category penetration reached 13%, while walking sales rose more than 50%. Caleres also cited an encouraging early response to Vionic Beach, a more casual and accessible line. Schmidt said Stuart Weitzman made meaningful progress during the quarter as Caleres works toward break-even operating earnings for the brand in 2026. The business is now operating on Caleres platforms, its store fleet has been rationalized and its operating model has been simplified. → High Gas Prices Aren't Budging—Here Are 3 Stocks That Benefit Direct-to-consumer sales were pressured by lower outlet and clearance activity, but full-price sell-through improved. Wholesale exceeded expectations, digital improved following a re-platforming, and brick-and-mortar comparable sales strengthened as key flagship locations returned to growth. International performance, particularly in China, was ahead of plan under new leadership, Schmidt said. The brand ended the quarter with 62 stores, including 21 in North America and 41 in Asia. Its product focus includes established icons such as the 50/50 and Nudist, alongside newer franchises including Stuart Power and Vinnie. The company also pointed to fashion demand for stretch and over-the-knee boots as a favorable trend for the brand. Famous Footwear sales fell 6.3% in the quarter, while comparable sales declined 5.9%. The chain ended the period with 814 locations after opening and closing three stores each. Famous Footwear gross margin declined 100 basis points to 42.7%, reflecting increased promotional and clearance activity in lifestyle athletic footwear. Management said a later-than-expected back-to-school period, due in part to Labor Day timing and changes in tax-free events, hurt second-quarter performance. However, Famous Footwear comparable sales were flat through Labor Day, and the company said the third-quarter start was modestly better than it had previously expected. Schmidt said lifestyle athletic footwear was weak, while performance athletic remained strong. The company is reducing exposure to softer lifestyle athletic products while increasing emphasis on performance athletic, fashion footwear and higher-demand brands and products. Jordan, Birkenstock, Skechers, Brooks and Steve Madden were among the growth brands cited for the quarter. Fashion footwear improved during August and through Labor Day, with fashion comparable sales positive and outperforming athletic by more than 10 percentage points. Caleres said it is expanding its fashion assortment and inventory investment, and plans two non-athletic brand floor takeovers in the second half. Premium product penetration in the company’s Elevate and Edit strategy rose 22% from a year earlier. The company also increased clearance activity and reduced receipts to address excess and aged inventory. Karpel said Famous Footwear is expected to remain promotional in the second half, with year-over-year margin pressure broadly in line with the second quarter. Caleres raised the lower end of its full-year adjusted earnings outlook while maintaining the high end. The company now expects full-year adjusted diluted earnings per share of $1.50 to $1.65, while GAAP diluted EPS is projected at $2.80 to $2.95. For the full year, Caleres expects consolidated sales to rise by the low-to-mid single digits. Brand portfolio sales are expected to increase by the low double digits, or mid-single digits organically, while Famous Footwear sales and comparable sales are projected to decline by the low-to-mid single digits. For the third quarter, the company expects consolidated sales growth in the low single digits, with brand portfolio sales up in the mid-to-high single-digit range and Famous Footwear sales and comparable sales down in the low single digits. Caleres expects consolidated gross margin to improve by 150 to 200 basis points in the third quarter. Karpel said the outlook assumes new tariffs will be enacted during the third quarter that largely replace prior IEEPA tariffs. The company cited continuing tariff uncertainty, expected promotional activity at Famous Footwear and ongoing softness in certain categories as factors incorporated into its forecast. Caleres, Inc, formerly known as Brown Shoe Company, is a leading footwear company engaged in the design, sourcing, marketing and selling of a broad portfolio of branded and private-label shoes. The company's operations span a range of market segments from value-priced to premium and luxury. Caleres operates through two primary segments: a retail segment anchored by the Famous Footwear banner, which includes more than 1,100 stores across North America, and a brand portfolio segment comprising owned and licensed brands such as Allen Edmonds, Naturalizer, Sam Edelman, Dr. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Caleres Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for September 2026.

A month has gone by since the last earnings report for ViaSat (VSAT). Shares have lost about 13.7% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is ViaSat due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Viasat Inc. before we dive into how investors and analysts have reacted as of late. Viasat Q1 Earnings Beat Estimates Despite Lower Y/Y Revenues Viasat reported mixed first-quarter fiscal 2027 results, with revenues missing the Zacks Consensus Estimate and earnings beating the consensus estimate. The company reported a year-over-year revenue decline, reflecting ongoing headwinds in portions of its legacy commercial services portfolio and lower IP licensing revenues. However, its bottom line improved as reduced interest expense, driven by continued debt repayment, outweighed the impact of lower revenues. Net IncomeViasat reported a net loss of $51.7 million or a loss of 38 cents per share compared with a net loss of $56.4 million or a loss of 43 cents per share in the prior-year quarter. The narrower loss was due to lower interest expense during the quarter. Excluding non-recurring items, Viasat reported non-GAAP net income of $24.5 million or 17 cents per share compared with $23.1 million or 17 cents per share in the prior-year period. The bottom line beat the Zacks Consensus Estimate of 10 cents.RevenuesRevenues declined to $1.16 billion from $1.17 billion. The figure missed the consensus estimate of $1.2 billion. Product revenues were $324.1 million, down from $344.7 million in the year-ago quarter. Service revenues increased to $832.4 million from $826.4 million a year ago.Revenues from the Communication Services segment were $825.1 million, down from $827.4 million in the prior-year quarter. The marginal revenue decline reflected lower contributions from residential fixed broadband and maritime services, which offset continued growth in aviation and government Satellite Communications. The segment’s adjusted EBITDA decreased to $311.3 million from $321.5 million.Revenues from the Defense and Advanced Technologies (DAT) segment were $331.5 million, down 4% year over year, primarily due to weaker contributions from Advanced Technologies & Other and Space and Mission Systems, despite strong Tactical Networking growth. Adjusted EBITDA decreased to $69.9 million from $86.9 million in the year-ago quarter.Other DetailsIn the June quarter, Viasat reported an operating income of $47.3 million compared with $46.7 million in the prior-year quarter. Adjusted EBITDA was $381.1 million, down from $408.5 million in the year-ago quarter. The net contract awards increased to $1.3 billion from $1.18 billion a year ago, while the backlog increased 19% year over year to $4.22 billion.Cash Flow & LiquidityDuring the first quarter of fiscal 2027, Viasat generated an operating cash flow of $260.6 million compared with $258.5 million in the prior-year period. As of June 30, 2026, the company had $1.74 billion in cash and cash equivalents, with a net debt of $4.83 billion.OutlookFor fiscal 2027, management expects mid-single-digit revenue growth and flat to slightly up adjusted EBITDA year over year. Viasat anticipates the Communication Services segment’s low single-digit year-over-year revenue performance, due to continued growth in aviation services, offset by a decline in FS&O. DAT revenue growth is anticipated to be in the mid-teens, primarily driven by strong growth in information security and cyber defense, as well as space and mission systems and tactical networking. Capital expenditure is expected to be between $950 million and $1 billion (including approximately $250-$300 million for Inmarsat-related capital expenditures). The company’s operating cash flow is expected to be flat year over year, and the free cash flow is anticipated to be approximately $180 million (excluding the benefit of the Ligado lump sum payments, as they are non-recurring). It turns out, estimates revision have trended downward during the past month. The consensus estimate has shifted -13.33% due to these changes. Currently, ViaSat has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of A on the value side, putting it in the top 20% for value investors. Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions has been net zero. Notably, ViaSat has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. ViaSat is part of the Zacks Wireless Equipment industry. Over the past month, Nokia (NOK), a stock from the same industry, has gained 2.7%. The company reported its results for the quarter ended June 2026 more than a month ago. Nokia reported revenues of $5.6 billion in the last reported quarter, representing a year-over-year change of +8.5%. EPS of $0.08 for the same period compares with $0.05 a year ago. Nokia is expected to post earnings of $0.08 per share for the current quarter, representing a year-over-year change of +14.3%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Nokia. Also, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Viasat Inc. (VSAT) : Free Stock Analysis Report Nokia Corporation (NOK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Viavi Solutions Inc.? Here are five stocks we like better. AI-driven optical networking is expanding Viavi’s testing opportunity as 800G and 1.6T technologies, optical circuit switches and co-packaged optics require more complex testing across development and production. Viavi’s data center business is a major growth driver, while aerospace and defense revenue has more than doubled in two years. The company also sees longer-term potential in AI-related wireless infrastructure and edge connectivity. Management said Viavi could reach $500 million in quarterly revenue earlier than previously expected, potentially as soon as the December quarter, with operating margins in the high-30% range possible at that scale. Viasat Drops 29%: Falling Knife or Moonshot Bargain? Viavi Solutions (NASDAQ:VIAV) expects rising complexity in optical networking, co-packaged optics and aerospace applications to expand the company’s testing and measurement opportunities, executives said during the Rosenblatt Age of AI Technology conference. President and CEO Oleg Khaykin said data center-related revenue accounted for about half of revenue in the company’s Network Service Enablement, or NSE, segment in the recently reported fiscal fourth quarter. Aerospace and defense represented roughly 17%, while telecommunications made up the remainder, according to the discussion. → Datavault AI Locks Down CyberCatch in $94M Security Rollup 3 Stocks Under $20 Worth the Price Khaykin said Viavi works with all five of the world’s largest transceiver manufacturers and has particularly deep engagement with four of them. He said the company is used in development labs and in manufacturing environments by several leading suppliers. As optical speeds advance from 400G to 800G and 1.6T, the amount and precision of testing required increases, Khaykin said. At 800G, manufacturers require more detailed laser, insertion-loss and transceiver testing than at prior generations. At 1.6T, testing becomes more optical and includes more functional testing on production lines. → Michael Burry Is Betting Against Palantir Again—Should Investors Care? “The content for test is actually increasing,” Khaykin said, adding that manufacturers also need additional equipment to test advanced fiber types and multi-fiber connectors. He said defects in a single fiber can render an entire connector unusable, increasing the importance of surface inspection and interferometry. Viavi has been selling 1.6T equipment to developers for more than a year, according to Khaykin. He characterized production deployments as having begun in early stages at the beginning of the year and described the market as being in the “second” or “third inning.” He said a 1.6T tester can also test 800G and 400G modules, improving economics on a cost-per-bit basis, even as the cost of a full testing system rises. → Home Depot Analysts See a Path to $375 and Beyond Khaykin said the price of a 1.6T test box is generally about 50% higher than an 800G equivalent because of higher component costs. The company sees a growing role in testing optical circuit switches, or OCS, and co-packaged optics, or CPO. Khaykin said Viavi is the dominant merchant-equipment supplier for OCS testing, though some companies may build internal equipment. For highly complex products such as OCS, he estimated that the test-and-measurement market could represent roughly 10% of annual market size, while noting that the figure could change as yields improve and manufacturers modify testing practices. CPO creates more testing opportunities per port than pluggable transceivers, Khaykin said. The technology requires testing of electronic integrated circuits and photonic integrated circuits before assembly, retesting after they are combined into optical engines, testing of interconnect platforms, and final system testing after the addition of ASICs and memory. “If you do not do all these other things ahead of it and make sure that all the pieces that you are putting together and the final product is good,” Khaykin said, manufacturers could face costly losses from scrapped modules. He said Viavi has worked on CPO test systems for nearly two years and has begun early shipments. The company expects its integrated and automatable optical test platforms to be used alongside semiconductor testers and probers supplied by companies such as Advantest, Teradyne and FormFactor. Separately, Khaykin said more than 40% of Viavi’s traditional field-instrument business is now driven by data centers. Hyperscale operators are using fiber monitoring tools to qualify newly built networks, monitor dark fiber and identify potential network issues before activating capacity, he said. Viavi’s aerospace and defense business has more than doubled over the past two years, Khaykin said. He described its growth as higher than telecom but somewhat lower and more sustainable than data center growth over the long term. The business focuses on resilient positioning, navigation and timing technologies that can operate without relying solely on GPS. Khaykin said the emergence of drones, intelligent munitions and autonomous equipment has expanded demand for these capabilities. Viavi uses cesium and rubidium clocks and has developed MEMS clock technology that it believes can match cesium-clock performance. While wireless remains weak, Khaykin said the company sees a future opportunity in AI-related radio access networks and edge inference. He said improving bandwidth, latency and edge connectivity will be necessary for broader AI adoption, describing wireless infrastructure as a potential growth area within two to three years. Khaykin said Viavi could approach $500 million in quarterly revenue sooner than its prior expectation of the end of calendar 2027 if demand remains strong. He said the company could be “not far” from that level in the December quarter, although he cautioned that it was too early to make a definitive call. Chief Financial Officer Ilan Daskal said the company had previously viewed the $500 million quarterly revenue milestone as a fiscal 2028 objective but now expects to reach it earlier. Daskal said operating leverage could also alter the company’s profit outlook, adding that operating margins in the high-30% range were “not an unrealistic” possibility when Viavi reaches $500 million in quarterly revenue. Khaykin also described Viavi’s Optical Security and Performance Products segment as a steady business expected to grow at a mid- to high-single-digit annual rate, with opportunities in consumer electronics, autonomous driving, aerospace and defense. He said the business has returned to normalized inventory levels following a COVID-era buildup tied to government demand for currency-printing materials. Viavi Solutions Inc is a provider of network test, monitoring and assurance solutions for communications service providers, cable operators, enterprises and government agencies. The company offers an extensive portfolio of fiber optic and copper cable test and measurement instruments, wireless network testing equipment and network performance monitoring software. Its products are designed to support the deployment, maintenance and optimization of high-speed broadband, 5G wireless, data center and enterprise networks. Viavi's product offerings are organized into two primary segments: Network & Service Enablement and Optical Security & Performance. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Viavi Sees AI Optics, CPO Testing Driving Path Toward $500M Quarterly Revenue" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Viasat’s second quarter results disappointed the market, with revenue falling short of Wall Street expectations and shares declining following the announcement. Management attributed the underperformance to ongoing challenges in certain commercial services, including continued declines in fixed broadband subscribers and slower-than-expected maritime installations. CEO Mark Dankberg emphasized that growth within the Defense and Advanced Technology (DAT) segment, particularly new contract awards and backlog, partially offset these pressures. He highlighted, “We continue to drive good cash performance with positive free cash flow of $72 million, up 19%.” Is now the time to buy VSAT? Find out in our full research report (it’s free). Revenue: $1.16 billion vs analyst estimates of $1.21 billion (1.2% year-on-year decline, 4.4% miss) Adjusted EPS: $0.17 vs analyst estimates of $0.10 (78.9% beat) Adjusted EBITDA: $381.1 million vs analyst estimates of $383.3 million (33% margin, 0.6% miss) Operating Margin: 4.1%, in line with the same quarter last year Market Capitalization: $11.69 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Timothy Horan (Oppenheimer) asked about spectrum ownership and negotiating leverage with governments. CEO Mark Dankberg explained that maintaining active use of licensed spectrum for public benefit supports their position but declined to predict outcomes, citing ongoing engagement with regulators. Brent Penter (Raymond James) questioned capacity allocation from new satellites and revenue drivers. Dankberg outlined that aviation and government mobility, supported by increased bandwidth per platform, will be primary beneficiaries, with some capacity also directed to fixed markets. James Ratzer (New Street Research) sought clarity on the Equatys constellation and its potential capacity. Dankberg said the next major update would follow funding for the constellation, estimating orders-of-magnitude increases in capacity, particularly for enterprise and government markets. Sebastiano Petti (JPMorgan) inquired about the ongoing DAT strategic review and spectrum monetization. Dankberg stated the review is ongoing due to a dynamic environment and aims to maximize shareholder value, without committing to a separation or spectrum sale. Ryan Koontz (Needham & Company) asked about underperformance in maritime and drivers for space systems growth. Dankberg cited installation logistics and distribution fragmentation as near-term maritime issues, while highlighting mission systems and new government opportunities as bright spots for space systems. In the coming quarters, the StockStory team will focus on (1) the operational ramp and customer adoption of ViaSat-3 satellites, (2) the pace and quality of new DAT segment contract wins, especially in tactical networking and mission systems, and (3) signs of stabilization or improvement in challenged commercial segments, particularly fixed broadband and maritime. Progress on the Equatys constellation and any strategic decisions regarding business separation will also be key markers. Viasat currently trades at $85.55, in line with $86.16 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Tuesday, Aug. 4, 2026, at 5:30 p.m. ET Chief Enterprise and Strategy Officer - Lisa Curran Chairman and CEO - Mark Dankberg Chief Financial Officer - Garrett Chase Operator: My name is Tina, and I will be your conference facilitator this afternoon. At this time, I would like to welcome everyone to the Viasat's First Quarter Fiscal Year 2027 Earnings Results Conference Call. [Operator Instructions] I would now like to turn the call over to Ms. Lisa Curran, Chief Enterprise and Strategy Officer. Ms. Curran, you may begin your conference. Lisa Curran: Thank you, Tina. 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 on our Q1 fiscal year 27 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 certain 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. 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 will 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-K. 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 Dankberg, Chairman and CEO. Mark Dankberg: Good afternoon, and thanks for joining us today. I'm Mark Dankberg, CEO and Chairman of Viasat. With me, along with Lisa, we have Gary Chase, our Chief Financial Officer. As always, we encourage reading the shareholder letter and referencing the slides we posted on our website earlier this afternoon for more details. I'll start with 2 areas upfront. Then Gary will review our first quarter results and outlook for fiscal year '27. Then we'll take questions. I'll cover our top level first quarter financial results, our near-term objectives and operational strategic initiatives, including ViaSat-3. The first quarter of fiscal year 2027 showed disciplined execution, continued operational progress and milestones building our confidence in the long-term outlook. Gary will discuss the financial results in more detail, but some of the highlights include record new awards and backlog in the Defense and Advanced Technology, or DAT, segment. Most notably, we won the next phase of the Protected Tactical SATCOM-Global, or PTS-G, program. It's important for 2 key reasons. First, it indicates the importance of a multi-orbit national security strategy, including a new approach to proliferated geosynchronous satellite. Second, it also indicates the competitive advantages of integration across space and technology and dual-use satellite services such as Viasat has. Second, we also continue to drive good cash performance with positive free cash flow of $72 million, up 19%, driven by operating cash flow of $291 million. Third, our government SATCOM services grew 10% year-over-year this quarter. More of our solutions combine multi-orbit orchestration, close integration with specific mission systems, data analytics and dual-use infrastructure to augment and enhance the SATCOM systems. The mission systems aspect leverages our extensive experience with our diversified customer base and helps drive both technology and recurring service revenue. Leveraging dual use both significantly benefits our customers and is expected to benefit our focus on improving return on invested capital. Not only successful deployments for ViaSat-3's Flights 2 and 3 are important for ongoing communication services businesses, but also for the unique technology and functional capabilities that those satellites bring. We believe validation of the underlying technologies will contribute to near-term growth in DAT, including in new multi-orbit space systems that leverage those technologies. On the near-term operational and strategic initiative front, we entered fiscal year '27 focused on 3 priorities: selecting and competing effectively in attractive growth markets; leveraging new technology to reduce our effective airtime costs by using greater geographic coverage flexibility to drive more resilient, efficient and effective satellite usage; and continuing to integrate AI and machine learning in multi-orbit network optimization. We're seeing both near-term and longer-term benefits from those 3 initiatives. One overarching theme is the growing convergence of communications, cybersecurity, networking, data analytics and proliferated resilient dual-use space infrastructure. From a national security perspective, there's an emphasis on integrated mission outcomes over just stand-alone products. We believe Viasat is uniquely positioned to compete in a number of important application areas. Another very important theme is a renewed focus on the mobile satellite services frequency bands. There's a lot of attention on direct-to-device because of the integration of 3GPP satellite non-terrestrial network capability into terrestrial mobile devices and networks. As a leading player in the existing mobile satellite services markets such as mobile voice, aeronautical and maritime safety and rapidly growing converged space and terrestrial Internet of Things applications, we also see opportunities to capture growth in those enterprise areas beyond just the consumer markets. We anticipate introduction of AI-driven autonomy into land, sea and air platforms will also be a growth catalyst. We continue to believe that our leading role serving the critical safety services, combined with our ability to reliably and quickly evolve our user base to next-generation space resources, our globally coordinated spectrum and market access licenses and our approaches to highly efficient spectrum utilization and the application of proven shared infrastructure, technology and business models will all help us compete effectively in a broad range of mobile satellite services applications, including D2D. Our teams delivered solid operational performance during the first quarter, maintaining financial discipline, while achieving our adjusted EBITDA objectives despite ongoing headwinds in portions of our portfolio. We maintained a strong focus on cost discipline, operational productivity and cash flow generation, while continuing to invest selectively in strategic growth initiatives. We do understand that some segments of the market are clearly going to be significantly more competitive than in the past. We believe we can continue to be a healthy competitor, leveraging new ViaSat-3 technologies, along with multiband multi-orbit integration. Rapid evolutions in payload, system and mission technology are creating very substantial additional new technology and services market opportunities, especially for companies that integrate across commercial and national security applications and can invent and scale those new technologies. We're beginning to see evidence of the opportunities for Viasat in those areas, and we see growth in DAT awards, in particular, as leading indicators building confidence in that approach. Turning to next generation of connectivity. We did successfully complete all deployments in the bus in-orbit test phase on ViaSat-3 Flight 2. Subsequent to quarter-end, we successfully completed reflector and boom deployment on ViaSat-3 Flight 3 and entered the in-orbit test phase ahead of expected service entry over the Asia Pacific region in late August or early September of this year. The continued integration of multi-orbit capabilities and the development of next-generation terminals and network architectures are all designed to improve bandwidth productivity, that is more usable bandwidth per unit capital and operational spend, and increased network flexibility and resilience, while further decreasing the proportion of those costs that are associated with launch. These capabilities allow us to place capacity where and when it's needed, improve capacity utilization, improve customer experience and support attractive returns on invested capital, while remaining highly competitive in our target market. In maritime, NexusWave continues to demonstrate customer interest and acceptance of effective multi-orbit solutions. In aviation, we remain focused on using our latest satellites to enhance customer experience and service reliability and advancing our next-generation connectivity road map. We continue to work closely with airline partners as the market more closely integrates and optimizes the entire onboard experience across connectivity and passenger entertainment and engagement. From a longer-term perspective, we see increasing convergence of dual-use commercial and national security uses of space. Some key indicators of that include increased targeting of civil and commercial infrastructure of all types, telecom, navigation, timing, energy and computing, even in the earliest stages of geopolitical conflict. That requires increased resilience and adaptability for all forms of satellite communication. Rapidly increasing physical occupation of space, especially LEO, is driving new resilience need for critical national security missions. And the rapid pace of new technology introduction evolve in all forms in geopolitical conflict, putting a premium not just on new technology, but the ability to integrate new technologies into operations and mission success. We believe Viasat is exceptionally well positioned to capture these opportunities through our unique combination of space and ground network technologies, resilient space and terrestrial radio and multimedia networking, link and network security and cyber defense, and mission and operational expertise. While DAT will often be the first place growth in those areas will be manifested, we see good potential for ongoing conversions to both government and commercial recurring satellite services. These DAT contracts can include operational demonstration phases. And this quarter also highlights that we have good growth in recurring government satellite services revenue. In summary, we're seeing evolution in our portfolio of government and commercial technologies, and recurring services businesses. Overall, we recognize the effects of greater competition in our legacy commercial services. We're seeing growth in emerging segments of dual-use, multi-orbit, multiband, driven by underlying new technologies where we can be among the few leaders. We believe the balance suggests overall good growth opportunities with DAT awards and government communication services as leading indicators and those trends becoming increasingly clear even in the balance of this fiscal year. We're continuing to manage our business to generate cash, continue to delever and strengthen the balance sheet, while reducing capital intensity and investing prudently in underlying new technologies. So with that, I'll turn it over to Gary for more information on the first quarter financial results and our outlook for fiscal '27. Garrett Chase: Thank you, Mark, and thanks to all of you who are joining us. Most important of all, thank you to the Viasat team for the hard work that went into producing these results. We remain focused on the 3 pillars of our financial journey: building our franchises, generating cash and reducing our leverage. Using that lens, let's discuss our first quarter results and our outlook for the year. All my statements that follow in this section will refer to the first quarter of fiscal '27 compared to the prior year period, the first quarter of fiscal '26. Before I start, let me call out 2 items that impact comparisons to the prior year. First, we completed the sale of our equity interest in Navarino in the fourth quarter of '26. Navarino contributed $3 million of adjusted EBITDA to Communication Services in the prior year period. Second, IP licensing revenue related to the settlement a few years ago continued to decline as the associated licensee product lines have continued to evolve. The year-over-year revenue and adjusted EBITDA impact of this decline was $19 million in the quarter and is reflected in advanced technologies and other within our Defense and Advanced Technologies segment. On a combined basis, these items impacted year-over-year EBITDA comparisons by $22 million. Company-wide awards for the quarter were about $1.3 billion, up 10%, led by Defense and Advanced Technologies with space and mission systems, tactical networking and aviation, the drivers of growth. Backlog was $4.2 billion, up almost 19% with growth in Communication Services of 13% and in DAT of 32%. Revenue was $1.2 billion, down approximately 1%, reflecting a 4% decline in DAT and flat Communication Services. Revenue would have been flat, excluding the impacts previously noted. Net loss was $52 million, an improvement of $5 million, principally due to lower interest expense as we continue to pay down debt. And adjusted EBITDA was $381 million, down 7%. [ But for ] the noted impact of Navarino and lower IP licensing in AT&O, EBITDA would be just about flat. Excluding cash taxes from the gain on the sale of our interest in Navarino of about $30 million, which were paid in the first quarter of '27, we generated positive free cash flow of $72 million, up 19% and driven by operating cash flow of $291 million, which was up 13% and capital expenditures of $219 million, which were up 11%. The first quarter is typically our toughest cash quarter, given annual bonus payments. So I'm especially pleased to see strong cash generation. Our net debt relative to trailing EBITDA was approximately 3.2x, a meaningful 0.4x improvement versus the prior year period. Now let's turn to some segment highlights. In Communication Services, awards of $774 million increased 3%, driven by aviation and maritime. Revenue was $825 million, approximately flat. Growth in aviation and government SATCOM was offset by declines in residential fixed broadband and maritime. Aviation revenue grew 11%, ending with approximately 4,530 commercial aircraft in service, a 10% increase year-over-year, combined with higher average revenue per aircraft. While we had a healthy quarter for installations, we had a number of aircraft deactivate service for previously announced transitions to a competing provider. Within aviation, we expect revenue growth for the remainder of the year driven by ARPA expansion as more of our customer base migrates to Full, Fast, Free offerings, while units remain relatively stable to the units we ended the first quarter with. We have units flowing in and out of our aircraft backlog each quarter. This quarter's net new aircraft awards were positive, and our backlog declined due to installations during the quarter. Our IFC backlog at quarter-end was about 850 commercial aircraft. Government SATCOM revenue growth accelerated to 10%, reflecting good growth with increased usage from U.S. and international governments. We continue to work through challenges in maritime. Revenue declined 7% as vessels in service were down. We ended the quarter with more than 1,700 NexusWave vessels in service and continue to work on improving our installation rate, while our current order book exceeds 1,400 vessels. Fixed services and other revenue was down 27% as U.S. fixed broadband subscribers continue to decline. We ended the quarter with 115,000 subscribers and $111 average revenue per user. Communication Services adjusted EBITDA was $311 million, down 3%, primarily driven by the decline in fixed services and other and maritime, which included the sale of our interest in Navarino for a $3 million headwind in the quarter. Turning to Defense and Advanced Technologies' performance during the quarter. Our DAT segment awards of $524 million increased 22%, driven by growth in space and mission systems and tactical networking. DAT awards are a leading indicator of future revenues. We continue to see a very strong growth environment for DAT, driven by both government and commercial opportunities for new technologies that will enhance our service businesses. DAT revenue was $331 million, down 4%, reflecting a decline in advanced technology and other and space and mission systems, partially offset by strong growth in tactical networking. Revenue would have been up about 2% excluding the impact from lower IP licensing revenue previously noted. InfoSec and cyber defense product revenues declined 8%, reflecting lower shipments of our High Assurance encryption products. Timing of product delivery varies quarter-to-quarter, based on multiple factors, including customer schedule. Despite the Q1 reduction, we expect strong growth in InfoSec and cyber for fiscal '27. Space and mission systems revenue declined 24%, reflecting a supplier delay in one program and a transition from development to production on another program. However, similar to InfoSec and cyber, we expect strong growth in space mission systems for the fiscal year despite the Q1 decline. Tactical networking revenues were up 36% year-over-year, driven by strength in both our tactical communications products and TrellisWare. TrellisWare revenue growth was driven primarily by product sales to international customers as opposed to waveform royalties. TrellisWare tactical radio revenues are driven by a comprehensive portfolio of products, modules and licenses that each embody unique technology. Advanced technologies and other revenue was down $17 million, reflecting the declining benefit from IP licensing revenue. Adjusted EBITDA was $70 million, down 20% or $17 million compared to the prior year quarter, primarily reflecting the decline in IP licensing revenue within AT&O. Excluding that IP licensing revenue, adjusted EBITDA was up slightly. Now, let's turn to our outlook. Our financial outlook for fiscal '27 is unchanged. We expect revenue to grow mid-single digits with Communication Services growth of low-single digit and DAT growth in the mid-teens. We continue to expect our adjusted EBITDA for the fiscal year to be flat to up slightly year-over-year. Consolidated fiscal '27 CapEx is expected to be between $950 million and $1 billion. Our consolidated CapEx is expected to break down as follows: maintenance of about $400 million; capitalized interest of greater than $150 million; ViaSat-3 spend of about $50 million, most of which was incurred in Q1; success-based of up to $150 million; and about $225 million to $250 million for growth CapEx with an emphasis on future satellites other than ViaSat-3, as well as investments in DAT segment and government SATCOM. Inmarsat CapEx is expected to be $250 million to $300 million and is contained within the consolidated numbers I just guided to. We continue to expect free cash flow of about $180 million for fiscal year '27. Let's turn to our segments, beginning with Communication Services. Within aviation, we expect revenue growth compared to fiscal '26 as ARPA expands on unit count similar to the Q1 ending number. However, we expect the overall rate of aviation revenue growth to moderate relative to recent years. We expect maritime vessels and service to decline modestly compared to fiscal '26 but expect significant growth in the NexusWave installed base that offers customers more value and drives higher ARPA. We expect stabilization of our fixed broadband business to occur sometime after ViaSat-3's Flight 2 enters service, but expect continued declines until that time. We expect another year of growth within government SATCOM. We've been waiting a long time for the capacity and capabilities of ViaSat-3 Flights 2 and 3. We're excited to be on the cusp of service entry for both satellites. Thanks to all the teams who have made ViaSat-3 a reality. Now our focus is ensuring that the capabilities of ViaSat-3 are mobilized to address the growing appetite our Communication Services customers have for connectivity and to position us for growth in the years ahead. Turning to DAT. We expect a very good year ahead. Our teams are doing an awesome job of anticipating and meeting the growing needs of our customers, which is driving exciting momentum in awards that will drive revenue and earnings for years to come. We expect another year of strong revenue growth from encryption and accelerated growth from space mission systems and tactical networking. The team has continued to deliver big wins in the most important high-growth markets. I'll also note that during the quarter, we did move an additional $100 million in cash from Inmarsat to Viasat. We've now moved a total of $450 million so far, including the $100 million just referenced. And we'll continue to evaluate opportunities to reshape our capital structure. In conclusion, we had a good quarter as we continue to make progress on our financial journey. We're excited for a lot of hard work ahead of us. And we remain focused on improving returns on capital through franchise and earnings growth, generating positive free cash flow, repaying debt and reducing net leverage. We thank you for your continued support. Team Viasat is working to deliver our commitments for the year and beyond. With that, let me hand the call back to Mark. Mark Dankberg: Thanks, Gary. So the combination of growth in the space market and our business and technical progress is creating more opportunity for us than ever. The ViaSat-3 deployments, along with a number of other important space and ground technology accomplishments and competitive wins, is building momentum in new markets and applications. Demand for resilient communications, secure networks, mission-critical connectivity and space-enabled capabilities is clearly growing in both commercial and defense markets globally. Viasat has never been defined by a single technology cycle, satellite launch or market trend. Our history has been built on continued innovation, reinvention, resilience and the ability to adapt to changing customer needs. Our path forward won't be without challenges. We believe the foundation we've built and the opportunities ahead will continue to sustain our success. We enter the remainder of fiscal year 2027 with confidence in our strategy, momentum across key growth initiatives and a clear focus on creating long-term shareholder value. Operator, you can now open the line for questions. Operator: [Operator Instructions] Our first question comes from the line of Timothy Horan with Oppenheimer. Timothy Horan: Good quarter. There is some concern out there that S-band spectrum holders outside the United States might lose some of the rights to that spectrum. Can you talk about your ownership rights and how much negotiating leverage you would have with governments of the United States? And then, secondly, on your L-band spectrum, can you maybe just -- have you studied a little bit more further how much you would need of that spectrum to operate your current business versus maybe selling or leasing or partnering with someone to do direct-to-device or other services? Mark Dankberg: Okay. Well, first thing, I think I'd say just in terms of S-band, S-band tends to be less globally coordinated with [ ITU ] rights and more around national market access when used for mobile satellite services. And it's the same for our spectrum as with others. The main thing we would say is that the best way to hold on to your spectrum is to put it in use for public benefit for the nations which have granted those market access rights. So our S-band is currently in use for the purpose that it was licensed for in Europe. And I think we're working with Europe on those particular missions and new missions. And I think that we will work with -- I think we'll work with the European Union and the individual nations to continue to evolve what we do and what they're looking for. I think we've got -- I think we have good support within Europe. But I'm not going to make any particular predictions about our success relative to others at this point. I think we have a -- as the only incumbent that's actually using the spectrum for the purpose for which it's licensed, I think that gives us a good [ legs up ], but we'll just have to see on that one. On the L-band, I think one of the main points that we want to make is that our L-band is licensed, again, for specific mission purposes. We fulfill those purposes. They're generally really important, involving maritime and aeronautical safety as 2 of the main ones. One of the things that is a little bit unique about L-band is that in order to accomplish those missions, countries want to cooperate with each other, which is the purpose for which Inmarsat was originally formed. We still uphold those missions. And one of the main points is that the amount of bandwidth or bandwidth delivered as opposed to spectrum, separating bandwidth is basically what you get, the bits that you get through the spectrum. The demand for bandwidth is increasing in performing those missions, both in terms of maritime safety market and especially in the aeronautical safety market. So right now, what we are aiming at is not only fulfilling the current missions, but the way that those missions are evolving. And -- but what we think is, there's a good match between the spectrum that we have and the long-term purpose of those missions, as well as new applications that are evolving such as D2D. Now we also use our spectrum for other valuable missions, which are not necessarily associated with those particular safety missions. We think the same thing will happen as we increase the network capabilities using our next generations of constellations. Operator: Your next question comes from the line of Brent Penter with Raymond James. Brent Penter: First one for me, glad to see F2 and F3 both at the finish line here. Obviously, a ton of capacity coming online. How do you envision the use of capacity split in terms of serving existing customers versus the ability to bring new customers online? And can you just help us understand from the outside looking in, what are going to be the biggest drivers of revenue and EBITDA growth as those come online? Mark Dankberg: Okay. Well, first of all, the markets that we're in, primarily for monetizing our satellites now, mostly mobility markets, and that includes aeronautical, both private aviation and public -- commercial aviation, maritime, primarily vertical and maritime on large enterprise ships, and then government. So what we're aiming for -- those are the biggest uses. We also have fixed consumer use, which has obviously been declining over time, mostly because the other markets are a lot more attractive. The -- and then, the other major mobility market is government mobility. So we expect growth in basically all those markets. Probably the one -- right now, the one that's growing -- the ones that are growing fastest are aviation and government. They're both growing from a combination of more bandwidth use per platform and more platforms. So those are really going to be kind of the keys to success. The aviation market is still relatively lightly penetrated, maybe in the range of 30-ish percent, I think, on a global basis. Some of the market segments that are lower penetrated are going to be more challenging. But I think that the addition of more satellites, more capacity is going to help address those, those being more of the international markets and also more of the low-cost carrier markets. So in general, what you're seeing [indiscernible] kind of our transmission markets is lower unit cost of bandwidth, but overtaken by much larger growth in consumption on a per unit basis. So that's the, what we call, ARPA, average revenue per aircraft, in the aviation market. We're seeing the same effects in the maritime market where consumption is growing because of new applications. We'll also see the same in aeronautical and are certainly seeing the same in aviation. So the simple message is similar vertical markets, more platforms, more usage per platform. I think we'll also be able to bring -- because we're getting large infusions of bandwidth, we will bring some of that bandwidth into the fixed markets as well, both consumer -- and we're seeing some opportunities for growth in fixed enterprise as well. Brent Penter: Okay. And then, you continue to talk about the benefits of vertical integration last quarter and this quarter, it seems, increasingly. It'd be good to get an update on the DAT strategic review and where you all are in terms of your thinking there. And as the satellites go into service, does that color how you think about whether a split makes sense or anything around timing? Mark Dankberg: Okay. Yes. When it comes to the DAT segment, I mean, right now, what we're seeing is really good growth in the -- in those parts of the business that are in the DAT part. So that's Defense and Advanced Technology. That's going to be the fastest-growing part of our business. That will be reflected in new awards. I think this was a strong quarter for new awards. Our pipeline is really attractive. And I think that we'll provide updates as we get -- as we execute contracts. Some of those contracts, you'll see possibly in defense -- in defense announcements before we can make those announcements, and keep an eye on that. And in terms of the review, it's ongoing. The main thing that we're looking at is what those particular contracts are and what the criteria are for winning them. So think of it as we -- clearly, our DAT business is going to grow. I'll give you one example, which is, in PTS-G, part of the award there was around technology that is building low-cost, affordable proliferated satellites, but another part of it is actually operating those satellites. So it's interesting to note that among the bidders, the ones that were successful were the ones that can both -- could both provide technology and the operational capabilities. The government is looking, especially in the proliferated environment, for new mechanisms for operating satellites as well. So that -- some of that -- while the original awards will be reflected in the DAT segment, in the longer term, we expect to see communications -- government communication services revenue as well. And if you look at our pipeline of new awards, that notion of integrated, both technology development and technology production, combined with operational capability, is a recurring theme. So the very first thing on our [ pledge ] is just to capture the awards, build the value of the DAT segment. And what we're doing is we're having an ongoing evaluation of how do we best position that, right, for the benefit of shareholders? What is the best way for shareholders to benefit? And right now, while the DAT segment is co-resident with our operating -- our services businesses, we don't have to worry about how we divide up the margins associated with that among different equity holders. So we're looking -- what we're looking at is, what is the best way to do that? It's possible that we continue to keep them together under one roof. We do that for some period of time. But the issue is that doing a separation is a little bit of a one-way door. We want to make sure that at the time we do that, if we do that, we do it in a way that most benefits shareholders. Operator: Your next question comes from the line of Jim Ratzer with New Street Research. James Ratzer: I had a couple, please. Just one, just really appreciate an update on plans for Equatys, if possible, please. And then, secondly, just interested to explore if we can quantify how much new capacity is coming on with these new satellites. I mean, obviously, that's pretty exciting. There's a material growth coming on. But can you help us to kind of just think about that from a kind of quantitative perspective, what percentage increase in capacity, how many kind of gigabits or terabits per second come on with these new satellites over the next few years? Mark Dankberg: Okay. Yes. So in terms of Equatys, our intent with the next major announcement would be the funding of the initial satellite constellation. That's really the catalyst for the next round of disclosures. And that will -- that really will be the answer to the second part of your question, which is how much new capacity will come online. Let's see, the -- I'm not going to talk about the timing of that announcement, but that is -- what we're focused on is the details of a satellite constellation procurement for Equatys and then what that means for each of the users of the Equatys constellation, with us and Space42 being the 2 largest and initial users of it. In terms of the amount of increase in capacity, that's going to be orders of magnitude. The amount of capacity on a per satellite basis is going to be hundreds or thousands of relative -- remember, capacity -- the relative capacity is a function not only of the satellites, but also of the types of terminals that are using them. When used in the types of applications that we do -- that we have now, it will be in the 1,000 to 10,000-ish amount of total capacity on a global basis for the new constellation. So, that will cover higher speeds, higher volume, higher density of usage associated with these evolved MSS applications, some of which we think will be pretty substantial growth in that, especially for things like unmanned vehicles, both land and air vehicles, that's going to have -- that's going to consume a lot of growth. And then, also -- but we expect that we'll be able to apply a lot of that capacity towards other markets, too, especially the D2D market and government markets. But that -- I think the increase in capacity is going to be in orders of magnitude. We'll be able to find that more clearly when we describe the initial constellation in more detail. James Ratzer: And how much [ of it ] also just comes on from the kind of the F2 and the F3, just the kind of the GEO satellites in the immediate future? Mark Dankberg: So the -- from a -- I'll say, so the F2 and F3 satellites are Ka-band. Those are broadband satellites. Those require directional antennas. The Equatys constellation will be mobile satellite services band, which is the L&S band. So we don't -- there will be -- think of it as a continuum of missions. So we'll have aeronautical uses for broadband, which will scale with different platforms. We'll also have aeronautical uses for L&S band. But what I was referring to before and with Equatys, that will be the L&S band frequencies, and F2 and F3 will cater that. Operator: Your next question comes from the line of Sebastiano Petti with JPMorgan. Sebastiano Petti: I guess, just following up on Brent's question about the strategic review. I mean, Mark, what -- has the landscape shifted that would dictate that we're closing in on 2 years of the strategic review? And it seems as though -- I mean, is the target -- is it a moving target? I understand the complexities associated with the strategic review. But can you perhaps kind of opine on whether or not there are additional complexities that have evolved over time, including the potential to monetize a portion of the spectrum via sale or via lease that has perhaps created this elongated strategic review time line? Because I think given commentary about the synergies and the merits of keeping the businesses together, it seems as though the feedback -- it seems as though that -- it seems decreasing in likelihood that we will get a separation. And that just seems to be the public -- the messaging. And so, I just want to see if we are closing one door in terms of the strategic review in terms of a separation and is spectrum more front and center within that strategic review? Just trying to understand the different moving pieces and how we should kind of think about that and whether or not -- again, whether or not Equatys also kind of plays into that as well because I think last quarter, we talked about maybe going down a dual path. Is that still something that you would consider at this point? Mark Dankberg: Okay. Yes. The purpose of the strategic -- the purpose of the strategic review has been and remains to be delivering value to shareholders, right? That's the purpose of it. The issue is that we're in a very dynamic business environment, geopolitical environment. That's what -- the question is, do we come up with a strategy that is pertinent or relevant to what the competitive situation is and the value of our resources and assets. And so, the first thing that we had to deal with were some internal issues associated with potential separation. And that includes -- the 2 big ones that we had highlighted at the time was, one, bringing Flights 2 and 3 into service, making sure that satellites deployed directly and now we can bring them into service. We're at the tail end of those. I think we're going to retire those risks. There were also some risks associated with the separate debt silos from the Inmarsat and Viasat, from the Inmarsat acquisition. I think those things are becoming more clear as well. But the biggest factor and one of the ones that we've also highlighted is the competitive posture of the combined company relative to the separate companies. And clearly, the multiples associated with the defense business are really attractive with the stand-alone business. That is one of the things that we've been -- that's prompted that review. But the other thing is the thing behind that is that you want a defense business that's going to grow rapidly. And so, we -- the very first thing we're trying to preserve is make sure that our defense business grows rapidly, which we believe it is. And we also -- what we believe as well, and some of that will become more evident over the next couple of quarters as we win or lose specific contracts or -- and learn what the reasoning is behind that customer decisions. But right now, our prospects -- so we're really optimistic about our prospects, and those prospects do involve dual-use applications. And that is -- if you look on a competitive basis in the space segment, dual use does seem to be a really important theme both in the U.S. and globally. And that's because of reasons that we've talked about before, which is the cost of putting assets in space and the potential for monetizing those assets in the commercial market when they're not used for defense applications. And then, the other one -- the other thing that's becoming really, really clear, you can certainly see that from what's going on in the Middle East as well, is that more and more commercial infrastructure is targeted. So there will be -- certainly will be benefits from having the same or related types of resilience techniques for commercial use. Things like navigation positioning, timing, communications, access to situational awareness, all those things are becoming more important for commercial assets as well. So while we're -- I'd say, while we're on a good run in the DAT business, we're probably going to make sure that we understand that because we don't want to prematurely separate the businesses. That's probably the single biggest factor on the DAT side. On the spectrum side, what we're also seeing is a rapidly evolving environment where the competitive dynamics, especially in the D2D space, are really -- they're in turmoil because of the issue about whether, let's say, nonterrestrial networks are intended to augment terrestrial networks or compete with terrestrial networks. That has a really big impact on the competitive environment. And the choices of some nonterrestrial network operators will create opportunities for others. So we're definitely seeing the effects of that. So again, what we -- our real near-term focus is to increase the value of our spectrum by being able to address some of these larger markets to validate not just what the transactional value of the spectrum is, but what the value of it would be when brought into use, whether it's by us or others, to make sure that we can put our spectrum to the highest purposes. And that -- I think that Equatys is going to help us frame that. So that's what we're going to continue to do. I think we're not going to make a premature decision on either spectrum or DAT separation, while the competitive environment is so dynamic. Operator: Your next question comes from the line of Justin Lang with Morgan Stanley. Justin Lang: Mark, you called out AI-driven autonomy across domains as presenting a growth catalyst for you. I'm hoping maybe you could sort of expand on that a little bit. Is that sort of a nod to drones? Or is that getting at something else? Any color there around sort of opportunity sizing and time frame would be great as well. Mark Dankberg: Yes. So just in terms of the aeronautical safety requirement, drones are certainly a really big potential growth area. And for drones, one of the things to look at is, there was a notice of proposed rulemaking from the Department of Transportation about how the U.S. would handle autonomous air vehicles. And it requires some backup -- assuming that the primary -- well, the simple thing to think of is think about what's happened with autonomous ground vehicles. They get confused sometimes. They have the option of pulling over to the side of the road. You don't have that option with an air vehicle, right? So it's really, really important that air vehicles have continuous and uninterrupted transmission for command and control telemetry. So, that is one of the things that's addressed in that. That will be a special purpose application. It's very directly related to some of our existing -- to some of our existing missions in air traffic safety. Even with commercial air traffic, there's lots of interest in, for instance, autonomous copilots, single pilot vehicles, where there's -- you can see that there's some overlap between -- or a continuum between completely unmanned ones and the manned aerial vehicles. So we -- that's a really good target area for us. For unmanned land vehicles, there's another aspect of it, which is that besides the just command and control part of it, it opens up a lot more applications for passenger use of those vehicles, a lot of which likely would be through 5G terrestrial networks, but would certainly be augmented by nonterrestrial networks. So those are 2 examples. The other really big example is the use of autonomous drones, land, sea and air, in government applications. So that's clearly a rapidly growing area as well. So those are some of the ones that we're keeping current in terms of working with potential customers, making sure our technology is appropriate for those. Justin Lang: Got it. That's great color. And then, maybe just one on the PTS-G win. It looks like the contract has a $4 billion ceiling value. And Gary, maybe you could help us understand what you've booked so far and how the task orders work here. Just trying to get a sense of how the program might ramp and over what time frame and if there are any major deltas between sort of revenue recognition and cash receipts to be aware of here. I would be grateful for any color there. Garrett Chase: Okay. So we booked what we've been awarded thus far. There's 2 components to it. There's a base order and there are some options. What's in the backlog is the order that we received, does not include the options. I'm sorry, I'm not sure I entirely followed the remainder of that question. Maybe you could repeat it for me. Was it about revenue recognition? Justin Lang: Well, just over what time frame that ceiling might be exercised and how to think about potential task orders being cut from here? Garrett Chase: More of an operational question. We're going to -- we will recognize revenue and we'll have earnings in that program based on how we're spending against the long-term program value. We'll book it as percent complete accounting, the way we do with the remainder of our contracts that are like this. Mark Dankberg: Yes. Different companies treat these delivery order contracts differently. What we do is, we only put it in backlog or count it as an order when we have a firm delivery order against the delivery order contract. Some contractors will -- some people will we'll just announce the value of that, consider that backlog. What we do is, we have a separate -- we'll separately describe the total value of delivery order contracts that we can work against, but that's not the same as backlog for us. In this particular case, I think the next increases in delivery orders against the contract would be either for more copies of the same satellite, which is -- that's one possibility. The other one would be for subsequent generations of the satellite, which we also expect that the government will go probably to some extent in both of those directions. Operator: Your next question comes from the line of Edison Yu with Deutsche Bank. Xin Yu: So firstly, I have a bit of a maybe shallow question, so apologies. If I look at the last quarter shareholder letter, I think Equatys was mentioned 10 times. And if you look at the shareholder letter today, I don't think it was mentioned once. So are we just reading too much into that? Is there some type of maybe relative change in just your stance or in the timing of Equatys as it pertains to a quarter ago? Mark Dankberg: Short answer is, no. I think what we're holding up for is to have the next announcement, which really would be about the Equatys' purchase of its initial satellite constellation. So once we can announce that, that's when we will do it. And we just decided just to wait for that. Xin Yu: Okay. And then, just a follow-up. I know spectrum has been asked about several times, but maybe if we kind of refer to the -- I don't know if you looked at the Amazon-Globalstar proxy, but it seems there are at least 4 bidders out there for MSS spectrum. And I'm curious kind of -- I mean, in your discussions and kind of what's been going on behind the scenes, does that sound like what the market looks like to you, call it like 4 bidders out there that are really interested? Any way you can comment on that? Mark Dankberg: Well, I think that -- I mean, that was a transaction where we get more insight into it. Yes, there were 4 bidders. I think that the number of bidders is going to depend both on -- like on other spectrum -- if you think of a potential spectrum transaction, it's going to be both the unit value, or you think of it as price per megahertz-pop per market area. But that's one way that you'll see what the amount of interest is. The other one is going to be on the volume of that -- the size of that transaction, the amount of spectrum that's available. So, that was one data point. I think more recently, there's probably going to be some disclosure around an Iridium data point. And we're paying -- yes, we're paying attention to all that. And then, as -- just on the other side, again, we think that the transactional value should be -- should grow with the development value, right? So what we're trying to make sure we understand is, what is the development value of the spectrum and what's the transaction value, and then we can decide strategically what makes the most sense for us. Operator: And your next question comes from the line of Ryan Koontz with Needham & Company. Ryan Koontz: Maybe just first one on maritime. It seems like it's maybe not keeping up with some of your expectations with some of the installs and such. Can you maybe expand on how you see that market developing here in the short to medium term and things you're doing to counteract that? Mark Dankberg: Yes. I mean, there are several values -- several variables at play in the maritime market. One is the rate at which we can do installations. Some of that -- where we have customers that have made commitments for portions of their fleet, getting those portions installed are kind of gates to getting additional orders. But also, the market is somewhat -- let's think of it as the distribution channel to market is a little bit fragmented as well. And so, I think we're doing really well where -- with our direct relationships. Some of the indirect relationships are going to require more work because of some of the incentives that have existed in the past for some of the resellers and aggregators of satellite capacity. I think as demand is going up that more and more -- I think that those aggregators will turn to arrangements with the few satellite operators that really have the ability to serve the most congested and densest markets. So I think we've got a couple of things that we're working through. I think the biggest thing is so far -- and we're closing in on a couple of thousand vessels connected. I think customer satisfaction is good. The ability to deliver as essentially the same as a LEO-only solution is pretty clear. So that's the thing that we're most focused on is the value proposition to the end users. I think that part is going well. The rest -- I think we do have some logistics stuff. I don't mean to minimize that. I think we're making progress on that. And then, I think we're also working on the distribution. Those will be the factors that will drive longer-term penetration. Ryan Koontz: Really helpful, Mark. And maybe if you could just expand on your role in like the space systems business. Obviously, it's a very hot segment, and you guys have talked about growth this year. What do you see as some of the drivers there of your space systems business? Mark Dankberg: Yes. So in DAT, we have a part called mission systems. And what we're seeing are opportunities all across the board. I mean, there are -- think of it as short-term issues with existing government space assets that are expiring and they're looking for commercial versions. That's some combination of defense, civil, special mission stuff. We're seeing opportunities there. We're also seeing the government wanting to consolidate the ways that they manage and control systems, refreshes on the ground system, refreshes on the terminals. The other really big thing that's become an issue is, think of it as what we made like tactical radios for fighter jets or ground vehicles. And often, you'll find integration is a really big issue, getting a system distributed within the platform that it's serving. So, that's creating opportunities for us as well. And then, there are some new -- just really new areas around space-to-space links. We're doing well in that. Optical, space-to-space, space-to-ground, those are opportunities. It's just a real -- I mean, that is -- space in general is really booming area for us. And I think that's what you're going to see when it comes to award opportunities for us in the next year. Operator: And with no further questions in queue, I will now hand the call back over to Mark for closing remarks. Mark Dankberg: Okay. So thanks, everybody, for joining our call. I know that it is a really dynamic environment out there. We're excited about that. I think kind of the numbers that are most attractive to us and most exciting for us are both kind of the new order rate, especially in the DAT segment, which includes technology on both the government and commercial side. We think technology is going to be the leading indicator for awards growth. And we've got a really good pipeline. I think that will develop over just the next few quarters. We'll be able to talk about that. And the other point that I want to reinforce is that the technology is really the leading edge of what drives our services and recurring revenue business. So I think that, that's going to help us overcome some of the increased competition in some of our older parts of our business. But basically, all the things where we're seeing growth are well within kind of the target area that we've been working for probably decades. So thanks for joining us and look forward to speaking again next quarter. Operator: Thank you again for joining us today. This does conclude today's conference call. You may now disconnect. Before you buy stock in Viasat, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Viasat wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $411,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 11, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Viasat (VSAT) Q1 2027 Earnings Call Transcript was originally published by The Motley Fool

Interested in Viavi Solutions Inc.? Here are five stocks we like better. Viavi exceeded fourth-quarter guidance, reporting revenue of $443.1 million, up 52.5% year over year, non-GAAP operating margin of 24%, and EPS of $0.34. Fiscal 2026 revenue rose 40% to $1.518 billion, aided by $145 million from acquired Spirent product lines. Network Service Enablement drove growth, with revenue up 69.2% year over year to $353.9 million, supported by data-center, aerospace and defense demand. Management said data-center revenue now represents about 50% of NSE sales, with strong momentum in optical testing and emerging 1.6-terabit technology. Viavi forecast first-quarter fiscal 2027 revenue of $450 million to $460 million and EPS of $0.40 to $0.42. The company also used proceeds from a $575 million share offering to repay its remaining Term Loan B and said it could exceed a $500 million quarterly revenue run rate during calendar 2027. Viasat Drops 29%: Falling Knife or Moonshot Bargain? Viavi Solutions (NASDAQ:VIAV) reported fiscal fourth-quarter revenue and earnings above its guidance, supported by demand from data-center customers, aerospace and defense markets, and contributions from acquired Spirent product lines. Fiscal fourth-quarter revenue totaled $443.1 million, exceeding the company’s guidance range of $427 million to $437 million. Revenue increased 8.9% sequentially and 52.5% from a year earlier. Non-GAAP operating margin was 24%, also above guidance, while non-GAAP earnings per share reached $0.34, compared with the company’s outlook of $0.29 to $0.31. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control 3 Stocks Under $20 Worth the Price CFO Ilan Daskal said a $1.5 million tariff refund modestly benefited fourth-quarter operating margin. Lower interest expense and the tariff refund together contributed approximately $0.02 to quarterly EPS, he said. For fiscal 2026, Viavi reported revenue of $1.518 billion, up 40% year over year. The Spirent product lines acquired during the second fiscal quarter contributed $145 million of full-year revenue. Full-year non-GAAP operating margin rose 630 basis points to 20.6%, while EPS increased to $1.00 from $0.47 in fiscal 2025. → 3 Drone Stocks That Should Soar After the Summer Slump During the fourth quarter, Viavi completed a follow-on offering of about 12.78 million shares at $45 per share, generating $575 million in gross proceeds. Daskal said the company used the proceeds to repay the remaining balance of its Term Loan B, with excess proceeds included in quarter-end cash. Cash and short-term investments were $656.7 million at quarter-end, compared with $508 million at the end of the prior quarter. Operating cash flow was $66.7 million, up from $23.8 million in the year-earlier period. Viavi did not repurchase stock during the quarter as it prioritized debt management, though it repurchased about 2.7 million shares for approximately $30 million during fiscal 2026 in connection with an earlier convertible-note exchange. The company said it has nearly $170 million remaining under its authorized repurchase program. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Network Service Enablement, or NSE, revenue was $353.9 million in the fourth quarter, above the company’s $340 million to $348 million outlook. The segment’s revenue increased 69.2% year over year, including $47.7 million from Spirent product lines. NSE gross margin was 64.1%, and operating margin was 20%, compared with 4.6% a year earlier. President and CEO Oleg Khaykin attributed the segment’s growth primarily to demand from the data-center ecosystem and aerospace and defense customers. He said the data-center opportunity encompasses optical products used in research and development labs, production testing, fiber monitoring and data-center build-outs. “Our data center is now running at about 50% of the NSE revenue,” Khaykin said during the question-and-answer session. He estimated aerospace and defense at about 17% of NSE revenue, with the remaining business coming from service providers. Khaykin said the company’s data-center business more than doubled year over year excluding Spirent. He identified production-related applications as a particularly fast-growing part of the opportunity, including testing for fiber-optic modules, fiber-optic cables and co-packaged optics, or CPO. The company also launched what Khaykin described as the industry’s first validation solution for Ultra Ethernet transport, designed to support large-scale artificial intelligence and high-performance computing workloads. While 800 gigabits-per-second technology remains the largest driver by volume, Khaykin said 1.6-terabit-per-second technology is ramping quickly. He expects 1.6 Tbps to potentially reach parity with 800 Gbps in 2027, while noting that multiple technology generations, including 400 Gbps, are likely to remain in use. Optical Security and Performance, or OSP, generated fourth-quarter revenue of $89.2 million, at the high end of guidance and up 9.6% year over year. Growth was driven by 3D sensing, anti-counterfeiting and other products. OSP gross margin increased 50 basis points to 55.2%, and operating margin was 40%. For the first quarter of fiscal 2027, Viavi forecast consolidated revenue of $450 million to $460 million. NSE revenue is expected to be between $360 million and $368 million, while OSP revenue is projected at $90 million to $92 million. The company expects operating margin of 27.1%, plus or minus 40 basis points, and EPS of $0.40 to $0.42. The first fiscal quarter will include an additional week, which the company said will create elevated variable costs but have minimal revenue impact because customer shipments are concentrated near calendar quarter-end. Guidance also includes an approximately $11 million tariff refund received in July, primarily benefiting first-quarter cost of goods sold. Viavi said the net impact of the tariff refund and the additional week is expected to add about 100 basis points to operating margin and about $0.02 to EPS. Management said Spirent integration activities, including go-to-market and research-and-development rationalization, were completed by the end of the June quarter. Daskal said restructuring savings are being realized and that Spirent revenue is expected to rise about 10% sequentially in the September quarter, with December typically its strongest quarter. Khaykin said the company expects continued growth from data centers and aerospace and defense over the next several quarters. He also said demand for wireless products remains “anemic,” though stable, while service-provider demand improved seasonally through fiber-monitoring and cable-architecture migration projects. On profitability, Khaykin said NSE gross margins generally range from the low 60% range for certain field instruments to the high 70% range for some lab products. As NSE grows faster than OSP, he said the company expects its overall gross margin to trend higher. Management expects operating leverage from research and development and other operating expenses to support mid- to high-20% operating margins in the not-too-distant future. Khaykin also said Viavi could reach a quarterly revenue run rate above $500 million sooner than previously anticipated, potentially sometime during calendar 2027 rather than by the exit of fiscal 2028. Viavi Solutions Inc is a provider of network test, monitoring and assurance solutions for communications service providers, cable operators, enterprises and government agencies. The company offers an extensive portfolio of fiber optic and copper cable test and measurement instruments, wireless network testing equipment and network performance monitoring software. Its products are designed to support the deployment, maintenance and optimization of high-speed broadband, 5G wireless, data center and enterprise networks. Viavi's product offerings are organized into two primary segments: Network & Service Enablement and Optical Security & Performance. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Viavi Solutions Q4 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Viasat, Inc. VSAT reported mixed first-quarter fiscal 2027 results, wherein the top line missed the Zacks Consensus Estimate but the bottom line beat the same.The company reported a year-over-year revenue decline, reflecting ongoing headwinds in portions of its legacy commercial services portfolio and lower IP licensing revenues. However, its bottom line improved as reduced interest expense, driven by continued debt repayment, outweighed the impact of lower revenues. Viasat reported a net loss of $51.7 million or a loss of 38 cents per share compared with a net loss of $56.4 million or a loss of 43 cents per share in the prior-year quarter. The narrower loss was due to lower interest expense during the quarter. Excluding non-recurring items, Viasat reported non-GAAP net income of $24.5 million or 17 cents per share compared with $23.1 million or 17 cents per share in the prior-year period. The bottom line beat the Zacks Consensus Estimate of 10 cents. Viasat Inc. price-consensus-eps-surprise-chart | Viasat Inc. Quote Revenues declined to $1.16 billion from $1.17 billion. The figure missed the consensus estimate of $1.2 billion. Product revenues were $324.1 million, down from $344.7 million in the year-ago quarter. Net sales from Service increased to $832.4 million from $826.4 million a year ago.Revenues from the Communication Services segment were $825.1 million, down from $827.4 million in the prior-year quarter. The marginal revenue decline reflected lower contributions from residential fixed broadband and maritime services, which offset continued growth in aviation and government Satellite Communications. The segment’s adjusted EBITDA decreased to $311.3 million from $321.5 million.Revenues from the Defense and Advanced Technologies (DAT) segment were $331.5 million, down 4% year over year, primarily due to weaker contributions from Advanced Technologies & Other and Space and Mission Systems, despite strong Tactical Networking growth. Adjusted EBITDA decreased to $69.9 million from $86.9 million in the year-ago quarter. In the June quarter, Viasat reported an operating income of $47.3 million compared with $46.7 million in the prior-year quarter. Adjusted EBITDA was $381.1 million, down from $408.5 million in the year-ago quarter. The net contract awards increased to $1.3 billion from $1.18 billion a year ago, while the backlog increased 19% year over year to $4.22 billion. During the first quarter of fiscal 2027, Viasat generated an operating cash flow of $260.6 million compared with $258.5 million in the prior-year period. As of June 30, 2026, the company had $1.74 billion in cash and cash equivalents, with a net debt of $4.83 billion. For fiscal 2027, management expects mid-single-digit revenue growth and flat to slightly up adjusted EBITDA year over year. Viasat anticipates the Communication Services segment’s low single-digit year-over-year revenue performance, due to continued growth in aviation services, offset by a decline in FS&O. DAT revenue growth is anticipated to be in the mid-teens, primarily driven by strong growth in information security and cyber defense, as well as space and mission systems and tactical networking. Capital expenditure is expected to be between $950 million and $1 billion (including approximately $250-$300 million for Inmarsat-related capital expenditures). The company’s operating cash flow is expected to be flat year over year, and the free cash flow is anticipated to be approximately $180 million (excluding the benefit of the Ligado lump sum payments, as they are non-recurring). Viasat currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Keysight Technologies, Inc. KEYS is scheduled to release third-quarter fiscal 2026 earnings on Aug. 18. The Zacks Consensus Estimate for earnings is pegged at $2.46 per share, suggesting growth of 43.02% from the year-ago reported figure.Keysight has a long-term earnings growth expectation of 19.44%. The company delivered an average earnings surprise of 9.46% in the last four reported quarters.Analog Devices, Inc. ADI is set to release third-quarter fiscal 2026 earnings Aug. 19. The Zacks Consensus Estimate for earnings is pegged at $3.33 per share, implying growth of 62.44% from the year-ago reported figure.Analog Devices has a long-term earnings growth expectation of 31.04%. The company delivered an average earnings surprise of 5.48% in the last four reported quarters.Applied Materials, Inc. AMAT is scheduled to release third-quarter fiscal 2026 earnings on Aug. 13. The Zacks Consensus Estimate for earnings is pegged at $3.36 per share, suggesting growth of 35.48% from the year-ago reported figure.Applied Materials has a long-term earnings growth expectation of 32.44%. The company delivered an average earnings surprise of 6.06% in the last four reported quarters. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Viasat Inc. (VSAT) : Free Stock Analysis Report Analog Devices, Inc. (ADI) : Free Stock Analysis Report Applied Materials, Inc. (AMAT) : Free Stock Analysis Report Keysight Technologies Inc. (KEYS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

For the quarter ended June 2026, ViaSat (VSAT) reported revenue of $1.16 billion, down 1.2% over the same period last year. EPS came in at $0.17, compared to $0.17 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $1.2 billion, representing a surprise of -3.55%. The company delivered an EPS surprise of +70%, with the consensus EPS estimate being $0.10. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how ViaSat performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenue- Product revenues: $324.11 million versus $365.65 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -6% change. Revenue- Service revenues: $832.44 million versus $831.01 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +0.7% change. Revenue- Communication Services: $825.08 million compared to the $832.9 million average estimate based on four analysts. The reported number represents a change of -0.3% year over year. Revenue- Defense and Advanced Technologies: $331.46 million versus the four-analyst average estimate of $378.17 million. The reported number represents a year-over-year change of -3.6%. Revenue- Communication services- Maritime services: $109.5 million versus $115.91 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -7% change. Revenue- Communication services- Fixed services and other services: $127.43 million compared to the $137.43 million average estimate based on two analysts. The reported number represents a change of -27.1% year over year. Revenue- Communication services- Total services: $773.04 million versus the two-analyst average estimate of $771.77 million. The reported number represents a year-over-year change of -0.5%. Revenue- Communication services- Total products: $52.04 million compared to the $55.34 million average estimate based on two analysts. The reported number represents a change of +3.7% year over year. Revenue- Defense and advanced technologies- Total services: $59.4 million compared to the $55.92 million average estimate based on two analysts. The reported number represents a change of +20.8% year over year. Revenue- Communication services- Government satcom services: $211.73 million versus the two-analyst average estimate of $201.08 million. The reported number represents a year-over-year change of +10.4%. Revenue- Defense and advanced technologies- Space and mission systems products: $66.86 million versus $98.97 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -24% change. Revenue- Defense and advanced technologies- Tactical networking products: $92.57 million versus $72.72 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +35.6% change. View all Key Company Metrics for ViaSat here>>> Shares of ViaSat have returned -3% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Viasat Inc. (VSAT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: $1.2 billion, down approximately 1% year-over-year, with communication services flat and defense and advanced technologies down 4%. Net Loss: $52 million, an improvement of $5 million year-over-year, primarily due to lower interest expenses. Adjusted EBITDA: $381 million, down 7% year-over-year, but roughly flat excluding the impact of Navarino sale and lower IP licensing revenue. Free Cash Flow: Positive $72 million, up 19% year-over-year, driven by operating cash flow of $291 million. Operating Cash Flow: $291 million, up 13% year-over-year. Capital Expenditures: $219 million, up 11% year-over-year. Net Leverage: Net debt to trailing EBITDA of approximately 3.2 times, a 0.4 times improvement versus the prior year period. Company-wide Awards: Approximately $1.3 billion, up 10% year-over-year. Backlog: $4.2 billion, up almost 19% year-over-year. Communication Services Revenue: $825 million, approximately flat year-over-year. Aviation Revenue: Grew 11% year-over-year, with approximately 4,530 commercial aircraft in service, a 10% increase. Government SATCOM Revenue: Grew 10% year-over-year. Maritime Revenue: Declined 7% year-over-year, with more than 1,700 NexusWave vessels in service. Fixed Services and Other Revenue: Down 27% year-over-year, with 115,000 U.S. fixed broadband subscribers and $111 average revenue per user. Communication Services Adjusted EBITDA: $311 million, down 3% year-over-year. Defense and Advanced Technologies (DAT) Revenue: $331 million, down 4% year-over-year, but up about 2% excluding lower IP licensing revenue. DAT Awards: $524 million, up 22% year-over-year. Tactical Networking Revenue: Up 36% year-over-year. Space and Mission Systems Revenue: Declined 24% year-over-year. InfoSec and Cyber Defense Product Revenue: Declined 8% year-over-year. DAT Adjusted EBITDA: $70 million, down 20% or $17 million year-over-year, primarily due to lower IP licensing revenue. Fiscal 2027 Outlook: Revenue expected to grow mid-single-digits, with adjusted EBITDA flat to up slightly year-over-year. Fiscal 2027 CapEx Guidance: Between $950 million and $1 billion. Fiscal 2027 Free Cash Flow Guidance: Approximately $180 million. Warning! GuruFocus has detected 7 Warning Signs with VSAT. Is VSAT fairly valued? Test your thesis with our free DCF calculator. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record new awards and backlog in the Defense and Advanced Technology (DACT) segment, including the significant PTSG program win, indicating strong growth prospects. Positive free cash flow of $72 million, up 19%, driven by operating cash flow of $291 million, showcasing solid cash generation. Government satcom services revenue grew 10% year-over-year, reflecting strong demand and successful execution in this segment. Successful deployment and in-orbit test phase completion for ViaSat-3 Flights 2 and 3, positioning the company for enhanced capacity and service capabilities. Strong growth in tactical networking revenues, up 36% year-over-year, driven by product sales to international customers. Continued deleveraging with net debt to EBITDA improving to 3.2x, a 0.4x improvement year-over-year. Aviation revenue grew 11% with a 10% increase in commercial aircraft in service, indicating robust market penetration. Expectations for strong growth in InfoSec and Cyber and space mission systems for fiscal 2027 despite Q1 declines. Successful transfer of $100 million in cash from Inmarsat to Viasat, totaling $450 million, supporting balance sheet strength. Strong pipeline and momentum in DAT segment, with awards up 22%, indicating future revenue growth. Revenue declined 1% year-over-year, with a 4% decline in the DAT segment and flat communication services. Adjusted EBITDA decreased 7% year-over-year, impacted by lower IP licensing revenue and the sale of Navarino. Maritime revenue declined 7% due to fewer vessels in service, with ongoing challenges in installation rates. Fixed broadband subscribers continued to decline, with revenue down 27% and 115,000 subscribers remaining. Infosec and cyber defense product revenues declined 8% due to lower shipments of high assurance encryption products. Space mission systems revenue declined 24% due to supplier delays and program transitions, though expected to recover. Increased competition in legacy commercial services, particularly in aviation with some aircraft deactivations to competitors. IP licensing revenue continued to decline, impacting year-over-year comparisons by $19 million. Net loss of $52 million, though improved by $5 million year-over-year. Uncertainty around spectrum rights and the strategic review process, with no clear timeline for resolution. Q: Can you provide an update on the strategic review of the DAT segment, and has the landscape shifted to make a separation more or less likely?A: Mark Dankberg (CEO): The purpose of the review remains delivering value to shareholders. We are in a very dynamic business and geopolitical environment. The first priority is ensuring our defense business grows rapidly, which we believe it is. We are seeing that dual-use applications are a really important theme in the space segment, both in the US and globally, due to the cost of putting assets in space and the potential for commercial monetization. We are also seeing a rapidly evolving environment in the D2D space, which is creating opportunities. We are not going to make a premature decision on either spectrum or DAT separation while the competitive environment is so dynamic. Q: There is concern that S-band spectrum holders outside the US might lose some rights. Can you talk about your ownership rights and negotiating leverage? Also, how much L-band spectrum do you need for your current business versus selling or leasing for D2D?A: Mark Dankberg (CEO): S-band is less globally coordinated with ITU rights and more around national market access. The best way to hold onto spectrum is to put it in use for public benefit. Our S-band is currently in use for its licensed purpose in Europe, and we are working with the EU on those missions. As the only incumbent actually using the spectrum, we have a good advantage. For L-band, it is licensed for specific missions like maritime and aeronautical safety. The demand for bandwidth is increasing in those missions. We see a good match between our spectrum and the long-term purpose of those missions, as well as new applications like D2D. Q: With F2 and F3 coming online, how do you envision the capacity split between serving existing customers versus bringing new customers online? What will be the biggest drivers of revenue and EBITDA growth?A: Mark Dankberg (CEO): The primary markets for monetizing our satellites are mobility markets, including aeronautical (private and commercial aviation), maritime, and government. The fastest-growing are aviation and government, driven by more bandwidth use per platform and more platforms. The aviation market is still lightly penetrated globally. The addition of more capacity will help address international and low-cost carrier markets. We are seeing lower unit costs of bandwidth, but that is overtaken by much larger growth in consumption per unit (ARPA). We will also bring some bandwidth into fixed markets. Q: Can you provide an update on plans for Eutelsat and quantify how much new capacity is coming online with the new satellites?A: Mark Dankberg (CEO): Our intent is that the next major announcement will be the funding of the initial satellite constellation, which will be the catalyst for the next round of disclosures. The increase in capacity will be in orders of magnitude. The relative capacity is a function of both the satellites and the types of terminals using them. For the new constellation, it will be in the 1,000 to 10,000-ish amount of total capacity on a global basis. This will cover higher speeds and volume for evolved MSS applications, including unmanned vehicles and the D2D market. Q: You called out AI-driven autonomy as a growth catalyst. Can you expand on that and provide opportunity sizing and timeframe?A: Mark Dankberg (CEO): For drones, the Department of Transportation has issued a notice of proposed rulemaking on autonomous air vehicles. Unlike ground vehicles, air vehicles cannot pull over, so they require continuous and uninterrupted transmission for command and control. This is directly related to our existing missions in air traffic safety. We also see opportunities in autonomous co-pilots and single-pilot vehicles. For unmanned land vehicles, it opens up more applications for passenger use, likely through 5G terrestrial networks augmented by non-terrestrial networks. There is also a rapidly growing area for autonomous drones in government applications. Q: Can you help us understand how the PTSG contract works, what you have booked so far, and how task orders might ramp over time?A: Garrett Chase (CFO): We booked what we have been awarded thus far, which includes a base order and some options. What is in the backlog is the order we received and does not include the options. We will recognize revenue and earnings based on how we are spending against the long-term program value, using percent complete accounting. Mark Dankberg (CEO): We only put a firm delivery order in backlog. The next increases in delivery orders would be for more copies of the same satellite or for subsequent generations of the satellite. Q: The shareholder letter last quarter mentioned Eutelsat 10 times, but it wasn't mentioned once this quarter. Are we reading too much into that?A: Mark Dankberg (CEO): Short answer is no. We are holding out for the next announcement, which would be about the Eutelsat purchase of its initial satellite constellation. Once we can announce that, we will do it. We just decided to wait for that. Q: Can you expand on the Maritime market, which seems to be not keeping up with expectations? What are you doing to counteract that?A: Mark Dankberg (CEO): There are several variables at play. One is the rate at which we can do installations, which are gates to getting additional orders. The distribution channel is somewhat fragmented. We are doing well with direct relationships, but indirect relationships require more work due to past incentives for resellers. As demand goes up, we think aggregators will turn to a few satellite operators that can serve the most congested markets. We are closing in on a couple of thousand vessels connected, and customer satisfaction is good. We are making progress on logistics and distribution. Q: Can you expand on your role in the space systems business and what you see as the drivers there?A: Mark Dankberg (CEO): In our mission systems part, we are seeing opportunities across the board. There are short-term issues with existing government space assets expiring, and they are looking for commercial versions. The government also wants to consolidate control systems, ground system refreshes, and terminal refreshes. Integration is a big issue, creating opportunities for us. There are also new areas around space-to-space links and optical space-to-space and space-to-ground. Space in general is a really booming area for us, and you will see that in award opportunities in the next year. Q: Can you provide an update on the first quarter financial results and the outlook for fiscal year 2027?A: Garrett Chase For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Viasat, Inc. VSAT used its first-quarter fiscal 2027 earnings call to emphasize accelerating Defense and Advanced Technologies awards, the near-term entry of two ViaSat-3 satellites into service and cash generation. VSAT’s fiscal first-quarter non-GAAP earnings of 17 cents per share beat the Zacks Consensus Estimate of 10 cents by 70%. However, revenues of $1.16 billion missed the $1.20 billion consensus. Free cash flow rose 19% to $72 million, and net leverage improved 0.4x to 3.2x. Viasat Inc. price-consensus-eps-surprise-chart | Viasat Inc. Quote Management kept its outlook unchanged despite pressure from fixed broadband, maritime and lower IP licensing revenues. The key issue is whether backlog and new capacity can drive the stronger second half executives expect. Chairman and CEO Mark Dankberg presented DAT awards as a leading indicator for recurring government services. He highlighted the Protected Tactical SATCOM-Global win as evidence of demand for integrated space technology and operations. DAT awards rose 22% to a record $524 million, while backlog increased 32% to $1.4 billion. The segment posted a 1.6x book-to-bill ratio despite a 4% revenue decline. A Morgan Stanley analyst asked how PTS-G could ramp. CFO Garrett Chase said backlog includes the firm base order, not options, and revenues will use percentage-of-completion accounting. Dankberg said later orders could cover more satellites or new generations. Chase maintained guidance for mid-single-digit revenue growth and adjusted EBITDA that is flat to up slightly, with stronger second-half performance expected. Communication Services should grow in the low single digits, while DAT should rise in the mid-teens. Capital expenditures remain targeted at $950 million to $1 billion, including $250 million to $300 million for Inmarsat. Free cash flow guidance stays near $180 million, and management expects net leverage to decline slightly. Dankberg said Flight 2 completed deployments and bus testing, with service expected by September 2026. Flight 3 entered in-orbit testing and is expected to begin Asia-Pacific service in late August or early September. He said the satellites should improve bandwidth productivity, geographic flexibility, resilience and utilization. Management identified aviation, maritime and government mobility as the main near-term uses. A Raymond James analyst asked how capacity would serve customers. Dankberg said growth should come from more connected platforms and higher usage per platform, especially in aviation and government, with some capacity directed to fixed markets. Chase said aviation revenues increased 11%, with 4,530 commercial aircraft in service, up 10%. He expects higher average revenue per aircraft, while unit counts remain near first-quarter levels amid transitions to a competing provider. Maritime revenues declined 7%. Viasat ended the quarter with more than 1,700 NexusWave vessels in service and an order book above 1,400 vessels, but management acknowledged installation delays and uneven indirect-channel incentives. Fixed services revenues fell 27% as U.S. broadband subscribers declined to 115,000. Chase expects stabilization after Flight 2 enters service. Government SATCOM offset some pressure, with revenue growth accelerating to 10%. A JPMorgan analyst pressed management on the DAT review. Dankberg said separation remains under evaluation, but called it a one-way decision that should wait until Viasat understands how integrated capabilities affect contract wins. A Deutsche Bank analyst asked why Equatys was absent from the shareholder letter. Dankberg said the company’s stance was unchanged and the next major disclosure would be tied to funding the initial satellite constellation. An Oppenheimer analyst questioned S-band and L-band strategy. Dankberg emphasized existing safety missions, rising bandwidth needs and direct-to-device opportunities while making no commitment to sell, lease or retain spectrum. Management’s tone was confident on DAT, government SATCOM and ViaSat-3, but measured on legacy services where fixed broadband, maritime execution and competition remain pressure points. Dankberg and Chase returned to three priorities: capture higher-growth awards, convert new capacity into recurring services and use cash generation to reduce leverage while lowering capital intensity. VSAT currently carries a Zacks Rank #3 (Hold), a neutral near-term earnings-estimate-revision signal. Its B Value Score, B Growth Score and B VGM Score indicate favorable characteristics in those styles, while the F Momentum Score reflects weak price-trend timing. Style Scores complement the Zacks Rank, with the strongest historical combinations centered on Zacks Rank #1 (Strong Buy) and #2 (Buy) stocks paired with A or B scores. The Zacks Rank can change as analysts revise estimates following the just-reported results. You can see the complete list of today’s Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Viasat Inc. (VSAT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Satellite communications company ViaSat (NASDAQ: VSAT) stock tumbled 4.5% through 2 p.m. ET Wednesday after reporting mixed earnings last night. As TheFly.com reports, ViaSat's fiscal Q1 2027 earnings of $0.17 per share (non-GAAP) were nearly twice the $0.09 per share that analysts expected; however, the company's revenue fell just short of the predicted $1.2 billion. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » Despite the apparent earnings beat, however, not all ViaSat's news was good. Earnings calculated under generally accepted accounting principles (GAAP) were negative $52 million -- better than last year's $56 million loss, but still a loss. Sales declined 1% year over year at ViaSat, with communications services revenue flat and defense revenue declining 4%. But not all the news was bad either. Free cash flow at ViaSat, for example, was positive despite the GAAP loss, with ViaSat generating cash profits of $72 million, a 19% year-over-year increase. ViaSat also took in $1.3 billion in new orders during the quarter, more than it recorded as sales going out the door -- and resulting in a positive book-to-bill ratio of 1.08 that implies sales growth will resume in the near future. ViaSat noted that over the last 12 months, its total free cash flow generated is $189 million, so the jump to $72 million is significant. Still, even assuming ViaSat can maintain this level of quarterly cash generation going forward, at its current $11.1 billion market capitalization, ViaSat stock trades at nearly 59 times FCF -- and that's before accounting for its $5.2 billion in net debt. Counting that, the company's enterprise value would be closer to 86 times FCF, which seems expensive to me. At this price, I fear ViaSat stock looks more like a sell than a buy. Yesterday, 4:26 PM Reports Q1 revenue $1.16B, consensus $1.2B. Before you buy stock in Viasat, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Viasat wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $396,758!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,300,820!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 5, 2026. Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why ViaSat Stock Dropped After Earnings was originally published by The Motley Fool

ViaSat (VSAT) came out with quarterly earnings of $0.17 per share, beating the Zacks Consensus Estimate of $0.1 per share. This compares to earnings of $0.17 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +70.00%. A quarter ago, it was expected that this provider of satellite and wireless networking technology would post earnings of $0.25 per share when it actually produced a loss of $0.02, delivering a surprise of -108%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. ViaSat, which belongs to the Zacks Wireless Equipment industry, posted revenues of $1.16 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 3.55%. This compares to year-ago revenues of $1.17 billion. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. ViaSat shares have added about 135.9% since the beginning of the year versus the S&P 500's gain of 11%. While ViaSat has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for ViaSat was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is breakeven on $1.19 billion in revenues for the coming quarter and $0.30 on $4.87 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Wireless Equipment is currently in the top 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Motorola (MSI), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This communications equipment maker is expected to post quarterly earnings of $3.86 per share in its upcoming report, which represents a year-over-year change of +8.1%. The consensus EPS estimate for the quarter has been revised 0.2% higher over the last 30 days to the current level. Motorola's revenues are expected to be $3 billion, up 8.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Viasat Inc. (VSAT) : Free Stock Analysis Report Motorola Solutions, Inc. (MSI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research