Thank you. I would now like to turn the call over to Lisa Curran, Vice President, Investor Relations and Marketing. Please go ahead. During the presentation, we will make 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 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. 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'd like to hand the call over to Susan Miller, President of Viasat Government. Thanks, Lisa, and thanks to all of you for joining us today. I have the privilege of leading Viasat's government group, and I'm here to tell you that we think the defense opportunity is very significant. Today, you'll hear how Viasat is redefining connectivity in the defense sector, developing technologies right across the value chain. We don't just connect, we engineer and innovate, we build and integrate. What you won't hear much about today is SATCOM. Instead, we're talking about our unique value proposition in the defense and technology sectors. We're pushing the boundaries of what's possible, delivering solutions that extend far beyond traditional commercial offerings, and we can distinctively do that because defense is in our DNA. As you know, we recently announced a new segmentation, standing up the Defense and Advanced Technologies, or DAT segment, to highlight the value we are creating in these businesses. DAT is a critical part of our business, but then it always has been. This shift just provides more visibility to our proven track record in the defense and technology sectors. It's a dynamic, growing market where we are serious competitors, not just participants. We have a scalable, competitive edge here, and we're setting new standards for performance and reliability. Our focus is on providing resilient, wireless networking solutions across all domains: air, land, sea, space and cyberspace. This comprehensive approach ensures our government customers have secure, reliable communications in even the most challenging environments. With our technologies and spectrum holdings, we are uniquely positioned to deliver growth. So what makes Viasat a strong investment opportunity in this space? Well, we're leading in a number of areas, allowing us to serve unmet customer needs. This gives us a defensible position in many verticals you will hear about today. How have we done this? We're the original disruptor in space. Our technology leadership has pushed the boundaries in defense for decades, and we're continuing to innovate. But we don't just innovate and invent with a laser focus on delivering for our investors. We offer the best of both worlds. We have a tech startup culture with the financial stability and reference customers of a defense prime, and we've done all this while growing year on year, every year, and we fully expect to continue to do that. Investing in Viasat is investing in a disruptive defense technology company. It's an opportunity to be part of a growth story driven by innovation, market expansion, and a deep understanding of the defense sector's evolving needs. As we move through today's presentation, you'll see how our commitment to excellence in defense technology translates into unique value propositions, tangible growth opportunities and long-term value creation for our investors. On this next slide, you see that Viasat's government business spans two segments, Defense and Advanced Technologies, or DAT, which we're focusing on during this discussion, and communication services. These segments leverage our cutting-edge satellite and wireless technologies to provide mission-critical solutions for defense and civil government customers worldwide. $125 billion market that is expected to grow to $320 billion over the next 10 years, for a total growth of $195 billion, according to the World Economic Forum. The government business overall generated $1.8 billion in total revenue in Viasat fiscal year 2024. With the government business comprised of nearly 60% of that revenue and a tad more than 40% of Communication Services revenue, we believe we are well positioned to take advantage of new market opportunities across all of our business lines. It's worth taking a moment to highlight a few important attributes of the DAT segment. First, our DAT businesses are less capital-intensive than our satellite-based businesses and offer attractive cash flows. Additionally, a wide range of revenue stream types are featured, including licensing, equipment sales, and roles as prime and subcontractor on a multitude of programs. A large portion of our products and software form part of key programs of record in the U.S. DoD, and similarly for allied MODs. Importantly, approximately 2/3 of DAT expected sales in FY 2024 through FY 2025 are sole source awards or limited competitions. As a result, they represent several different types of revenue streams throughout their 10- 15 year life cycle ranges, from development, non-recurring engineering, or NRE, to large production contracts, aftermarket services such as support and repairs, as well as multi-year hardware and software sustainment contracts, which is a typical requirement for continuing operation of products used in defense applications. Consequently, such programs, sometimes spanning years, are often large and multi-phased, which can result in uneven or lumpy award and revenue profiles. Therefore, it's important to keep an eye on total award values and backlogs, as well as related sustainment service revenues when assessing the DAT segment. Viasat has a unique position in the market and strategic advantages that include unrivaled customer intimacy in the government space, both U.S. and international, vertically integrated capabilities spanning space, air, land, sea, and cyberspace domains, a multi-orbit satellite fleet offering global coverage and resilience in multiple bands, advanced encryption and cybersecurity expertise, and a proven track record of innovation. Backed by over 230 patents, our innovative spirit and technological prowess in the government market continues to accelerate. We also have a special pedigree of talent who are cleared to work on U.S. and international government programs. Nearly a quarter of the workforce has the credentials to work on some of the government's most sensitive projects, which allows us to communicate clearly with our customers and execute quickly when contracts are executed. Trusted by governments, nations, and prime contractors worldwide, Viasat consistently provides reliable and secure solutions. And last but not least, we deliver. We always deliver. Viasat is focused on several key initiatives, including expanding our global satellite network to meet increasing government demand, developing next-generation cyber technologies and space and ground systems for enhanced resilience, advancing tactical networks for multi-domain operations, and pursuing opportunities in emerging new markets like space-to-space communications and direct-to-device communications. Viasat is working revenue opportunities across our business lines, valued at several billion dollars or more over the next five years. Space has become a critical strategic domain for nations, with significant implications for national security, economic growth, and technological advancement. This growing importance of space-related technologies presents numerous opportunities. We intend to tap into that growth with our expertise in crypto, Tactical Networking, advanced spacecraft and payloads, ground solutions, and near-Earth space relay communications, just as a few examples. Across both segments, Viasat Government has established contract vehicles with customers that allow us to offer a full range of solutions. These are currently valued at over $6 billion. That reflects the untapped value of existing contract vehicles based on their current ceilings. So above and beyond all the exciting new opportunities with new customers in new markets, there is already substantial upside within our core customer relationships. We have long-standing relationships in defense. We have leading technologies in defense. We have a durable right to win in defense, again, because defense is in our DNA. Moving on to slide 5, illustrates how Viasat's DAT segment leverages its cutting-edge technologies to provide critical solutions for defense and government customers. The DAT segment is divided into four key areas. In the Information Security and Cyber Defense area and in the Tactical Networking area, Viasat offers advanced encryption and cybersecurity solutions to protect sensitive information, tactical links, and networking systems for secure real-time communications in challenging environments, and information assurance products and services to safeguard critical infrastructure. The U.S. and Five Eyes countries are the key buyers here, but as integration by design and interoperability with allied nations becomes more important, we see significant global opportunities to increase our traction in these areas. These capabilities position Viasat as a leader in protecting national security interests and enabling secure communications for defense and government agencies. Another key area is Space and Mission Systems, which focuses on space payloads and full space systems development to include advanced ground segment technologies, mission planning and execution support for space-based operations, and innovative solutions for Earth observation, space situational awareness, ISR, and other mission-critical space applications. We have a mix of direct-to-government and strategic partners that support execution here. This includes government entities like NASA, AFRL, SDA, and other proprietary entities, major defense contractors such as Lockheed Martin and Northrop Grumman, as well as cloud service providers and LEO constellation operators. Advanced technologies focus on commercial communication, satellite product development, orchestration of sovereign and multi-orbit solutions, IP licensing in emerging growth markets, such as direct-to-device communications. We are well-positioned with this diverse and unique portfolio of high-quality assets. Our long-term customer relationships endure. Our leading positions that we've carved out with Advanced Technologies endure. Moving on to the next slide. Here, we are illustrating the significant upside potential from demand in large, attractive defense markets. The global defense and civil government market is large and historically stable. High spending levels spur opportunities for companies to satisfy a wide range of government customer needs. As you know, sizable, steady markets tend not to see rapid growth year on year, but companies can thrive if they have the expertise to solve customer problems, the trust, which is built up over years from those customers to help solve them, and the technology chops to back it up. Viasat has that expertise, Viasat has that trust, and we certainly have the technology chops, too. The addressable markets in our DAT segment are robust, in the tens of billions of dollars. These markets are not realizing double-digit growth, but we are, and that distinction is important. We have both niche and broad appeal technologies in these areas, where with targeted investment and strategic focus, we can expand our offerings across the verticals, benefiting from increased demand globally. Even a modest uplift in market share in revenue pools this big will yield meaningful growth for us. So where do we see the opportunities? Well, our Space and Mission Systems business is well-positioned in an exciting, dynamic, and attractive market. Our ground and space-based communication systems and payloads are poised to play a crucial role in this evolving sector of national security operations. Additionally, our strategic partnerships and investments in cutting-edge research ensure we remain at the leading edge of space and antenna technology advancements. Meanwhile, as the demand for resiliency, interoperability, and multi-domain capabilities continues to grow, our prospects in the Tactical Networking market are expanding, which underscores the increasing importance of our solutions to this vital sector in the defense industry. Our advanced communication systems are designed to meet the rigorous demands of modern tactical environments, ensuring seamless and secure connectivity for mission-critical operations. Also, the cyber threat is widely recognized as one of the main potential failure modes to national security, and the number of identified threats is accelerating. As a global internet service provider, we have unique visibility and access to this threat information and understand how to protect large-scale networks. Our high assurance, quality encryption products and cyber defense solutions are addressing critical data security needs for military and civil government customers. Looking ahead, we turn our attention to the Advanced Technologies market. Although still in its nascent stages, we are enthusiastic about the opportunities it presents. Leveraging our spectrum partnerships and technological capabilities, we aim to develop solutions that will transform niche markets into large global opportunities. We historically have developed technologies in nascent, at the time, considered niche markets, which have evolved into large global markets. But the ultimate payoff in a multi-billion dollar business has to be to develop the technology that will have broad appeal to customers who value its capabilities. The defense market isn't new to us. We're earning market share and growing fast. This is about strategic positioning with dual use technologies in expanding markets. It's about technology innovation and lucrative government contracts in an evolving new space economy. We see a very long runway of opportunity. Now, let's talk for a minute about how Viasat is driving growth to meet multiple verticals. Viasat's DAT segment is diversifying our offerings to meet the next generation requirements of defense and commercial customers. In today's rapidly evolving business landscape, secular trends are reshaping industries and creating transformative opportunities for investors. I won't read all the bullets on this slide to you, but suffice it to say, this is a good reference chart if you want to revisit how secular trends drive sustained growth and transformative potential across multiple DAT verticals. Our investments here are focused on cutting-edge research and development to stay ahead of secular market trends. By aligning our development activities with these critical or emerging customer requirements, Viasat is well positioned to capture growth opportunities across the defense and Advanced Technologies landscape, but I would like to be clear here, we're not playing catch up with market trends. We're not trying to work out where the market is going and then following it. It's the other way around. Market trends are starting to align with what we've been doing for years, what we're experts at. That's why we have a durable right to win. That's why we're well positioned to grow. The changing character of warfare is increasing demand for Viasat's core offerings, as multi-domain operations depend on connectivity and integration from space to cyberspace. Our diverse portfolio, which we'll talk about next, allows us to address evolving defense and commercial needs, driving long-term growth and value for our investors. This next slide illustrates how Viasat's Defense and Advanced Technologies segment is executing targeted strategic initiatives to capitalize on growth potential, reflecting the compression of cycles of innovation resulting from various attractive secular drivers across our business areas. Here we have some examples of why we're growing faster than the market, creating new demand with disruptive technology, and capitalizing on attractive market opportunities with a vertically integrated approach. Let me briefly walk you through our key focus areas, which I'll provide more detail on in select case studies that will follow. In Information Security and Cyber Defense, we're developing next-generation, government-certified encryption appliances. These advanced encryptors will enhance our ability to protect critical data and systems in an increasingly complex threat landscape. For Tactical Networking, we're building on our successful MOJO product portfolio as an example. MOJO is a Move Out, Jump Off gateway that is valuable in Tactical Networking by providing a versatile, rapidly deployable solution that enhances situational awareness, improves interoperability, and enables communication across disparate networks in challenging environments. Our Space and Mission Systems group is advancing on multiple fronts. We're focusing on orbital communications and specialized space and mission payloads, positioning Viasat at the forefront of space-based capabilities. Additionally, we're building ground-based mission infrastructure for major government programs and gateway infrastructure for Low Earth Orbit constellations, further cementing our role in critical space initiatives. In our Advanced Technologies area, we're pushing the boundaries with micro geostationary orbit spacecraft development and direct-to-device communications. These innovations have the potential to transform global connectivity, open new market opportunities, and establish new ecosystem partnerships. Lastly, there is potential for cross-segment synergies with our Communication Services business. Our vertically integrated approach allows us to leverage technologies and capabilities that enhance our overall value proposition. As we continue to innovate and grow, these synergies will play a crucial role in driving long-term value for investors. The bottom line is clear: Viasat is strategically positioning itself for dynamic market evolution and growth. By investing in these highly leverageable, cutting-edge technologies and solutions, we're not just keeping pace with the market, we're helping to shape its future. Moving on to slide 9, we will begin to look at a number of case studies to help you better understand our enduring value propositions. Our next-gen encryption highlights how Viasat is an industry leader in high assurance Type 1 encryption solutions, with over 75 certifications to date and 100,000 products shipped by the end of this year. We are proud of our heritage, where U.S. and international governments trust Viasat to protect classified mission data and networks, including everything from the telemetry, tracking, and control links between ground stations and satellites, all the way to classified data centers and cloud service providers. Our encryption business has been a consistent growth area for Viasat, with exciting new opportunities as the U.S. government is in the initial stages of a major modernization initiative that will see most fielded network encryption devices replaced over the next decade. Viasat has received over $30 million in contract awards just this year to build next-generation modernized network encryptors. Further, as cybersecurity has emerged as one of the five warfighting domains, we believe high assurance encryption will continue to be critical in protecting U.S. and coalition partner assets, networks, and data. The modernization initiative underway will result in a substantial recapitalization investment by the U.S. government over the next decade. As just one of a handful of trusted providers of this advanced technology, Viasat is uniquely positioned to continue our history of growth in the encryption market. Viasat entered this market in the early 2000 timeframe with a single appliance serving both tactical and enterprise classified networks. Today, we have a portfolio of products and are a leader in high-speed classified cloud data center encryption, fueled by AI-driven growth in cloud computing. We lead in ground-based satellite encryption solutions and are now expanding into space. Expansion in edge computing and unmanned systems is providing new growth opportunities at the tactical edge, where Viasat is already delivering complementary tactical communication solutions across our portfolio of wireless devices, such as our TrellisWare Mobile Ad Hoc Network, MANET radios, tactical gateways, and laser free- space optics. And the impact is sizable and defensible. We're expecting double-digit revenue growth due to compression of government procurement cycles in areas where we possess significant competitive moats. Moving on to the next case study, let's look at tactical edge connectivity on the move. There is a major shift happening in the DoD today, driven by the emergence of near- peer adversaries armed with hypersonics, advanced jamming, and unmanned systems, along with an increased multidimensional attack surface that now includes space and cyber. The decisive advantage may go to whomever can sense, make sense, and act the fastest, and thus shorten the decision-to-action cycle. The U.S. government is recognizing this challenge and has established multiple initiatives to drive positive outcomes, including rapid contracting strategies using other transaction authorities or OTAs, and experimentation initiatives such as the U.S. Air Force Advanced Battle Management System, or ABMS program, where they are building the digital infrastructure designed to shorten the decision-to-action cycle. Viasat is well positioned to succeed and substantially grow in this shift towards rapid capability that leverages commercial investment and moves away from bespoke solutions like what we see happening today between new space and legacy launch providers, and equally between swarm unmanned systems and large platforms. The challenge for the emerging digital infrastructure is connecting everything from the edge to the cloud across the services and coalition partners, processing the data at the speed of need, and delivering actionable intelligence to decision makers, and doing so while under jamming and cyber attacks. Viasat, as a commercial global connectivity provider, has a deep heritage in delivering secure, resilient connectivity from edge to enterprise for U.S. and international partners, leveraging our AI-driven cybersecurity operations and large fielded base of high assurance encryptors. We have a deployed base of over 130,000 Blue Force Tracking terminals on several ground and airborne platforms for the U.S. Army and the U.S. Marine Corps, providing global coverage on our satellite network. Viasat's TrellisWare Mobile Ad Hoc Network, MANET tactical radios, are used across the Army and partners for enabling resilient wireless communications all the way to the dismounted soldier. Viasat is a technology leader in small form factor data link gateways, where we deliver the battlespace common operational picture in a suitcase-sized kit to mobile operators. We are excited about bringing next-generation wireless technologies through our laser free-space optics communications terminal. Laser communications emit no RF and are harder for our adversaries to detect and track. Our NetAgility software-defined networking capability bridges together disparate and stovepipe networks to provide seamless sensing and connectivity across any number of networks to mitigate the effects of interference. Viasat is uniquely positioned for this transition as we integrate our commercial and government heritage of global transport, multi-net connectivity across edge to cloud, and cybersecurity to enable the future of the digital infrastructure at the speed of relevance. For this next case study, let's turn our attention to a key innovation in our Tactical Networking portfolio, TrellisWare's scalable Mobile Ad Hoc Networking solution. TrellisWare Technologies was founded in the year 2000 by four innovators in the areas of signal processing and advanced communications. The co-founders spun off the company from Viasat to pursue terrestrial applications of technology that combined foundations in signal processing innovation with the ability to productize these ideas for the real world in the commercial sector. TrellisWare communication technologies center around two primary Mobile Ad Hoc Networking, or MANET, waveforms: Katana, narrowband networking, and TSM, wideband networking, which is the one highlighted in this case study. The challenge in tactical communications has long been the limitations of available spectrum and the need for robust, scalable mesh networks that can handle voice, data, and efficient position location information, or PLI, distribution. Previous attempts, like the Joint Tactical Radio System programs, which cost the U.S. government $17 billion over 15 years, fell short in developing the necessary, robust, scalable mobile ad hoc network waveforms. TrellisWare's solution addresses these challenges head-on with its unique TSM waveform. This proprietary technology is truly game-changing. It's ultra-scalable, supporting over 800 nodes in just 1.2 megahertz of spectrum. It provides simultaneous multi-channel voice, data, and PLI capabilities, enabling truly mission-critical concepts of operations. What sets this solution apart is its flexibility. As a true software-defined radio waveform, it's hardware-agnostic and can be readily integrated into partner program of record radios. It's also been battle-tested since early 2010s by U.S. Special Operations Forces and is protected by high-quality patents and trade secrets. For example, the Barrage Relay Networking, or BRN, technology is patented and eliminates the need for routing, providing unrivaled scalability, using less spectrum than any other MANET technology. The impact of this technology has been significant. It's become the standard for U.S. tactical communications, helping restart the Army's Handheld, Manpack, and Small Form Fit program and establish the Army's Integrated Tactical Network. This innovation has created a win-win-win scenario for the U.S. Army and coalition partners, prime radio vendors, and TrellisWare. It's also opened up a highly attractive commercial IP licensing business model, complementing direct TrellisWare radio sales and increasing the percentage of high-margin service revenue. In essence, this is another example of highly leverageable, bespoke technology that exemplifies our commitment to developing solutions that not only meet current needs, but anticipate and shape the future of tactical communication. Turning to the next slide, let's talk about some specialized space payloads. As discussed, there are secular changes occurring rapidly in the defense markets. The space market is experiencing one of the most dramatic shifts in a generation. Governments worldwide are seeing the benefits of proliferated space architectures that leverage the benefit of all orbits, and they are significantly increasing their presence in LEO and MEO. They are also seeking the cost and speed benefits of new space companies that leverage more commercial practices than their traditional space suppliers, as the need for intersatellite communications continues to increase with proliferated constellation architectures. Viasat is also a leader in low SWaP, software-defined radio technologies and space-qualified payloads to enable secure communications at the tactical edge, closing the sensor to shooter link we talked about anytime and anywhere on the globe. So why is all this important? It means we are capturing niche, but critical pieces of the rapidly growing space market and moving up the value chain. One example we can talk about is in orbital communications. Today, Viasat is the only company that can offer global two-way space communications services from GEO with our L-band payloads. As a result of this capability and our forthcoming Ka service, NASA awarded Viasat over $80 million under a funded Space Act Agreement to develop and deliver a commercial service to eventually replace the aging Tracking and Data Relay Satellite System, or TDRS. Today, NASA spends almost $200 million a year for the TDRS service. Through this contract, Viasat will fly a full mission at LEO with Ka, L, and direct-to-Earth payloads, demonstrating seamless on-orbit Communication Services in 2026. Ultimately, we believe our diverse and unique payload technologies put us in a great position to capitalize on critical elements of the growing commercial and government proliferated space architectures. Moving on to the next case study, we're going to talk a little bit about scalable ground segment. Viasat is an industry leader in Low Earth Orbit, or LEO, ground systems to customers across the civil, defense, and commercial sectors. Tracing its history back to the early NASA space programs in the 1960, and with well over 1,000 large aperture gateways delivered to customers around the world, customers depend on Viasat to deliver results on the ground. Our extensive portfolio of ground segment products and technologies enables us to continue to innovate and solve the next generation of problems for our customers. When combined with our vertically integrated engineering and manufacturing approach, we can execute this at speed and scale. This is just one example where our Antenna Systems team was selected to develop and deploy a global ground station capability to support a new LEO communication satellite constellation. Our team was selected based on our proven capability to meet the demanding program requirements, which include challenging technical specifications, a compressed schedule, and the high reliability of our products in a variety of environmental conditions. Our extensive history and demonstrated successful past performance led our customer to entrust Viasat to make this happen. This program includes the development and delivery of nearly 100 large aperture Antenna Systems, a sizable contract award, with the possibility of follow-ons and a new family of products that can be utilized on future program opportunities within our market. Why are we showing you this? It's evidence of our customers choosing our expert teams and trusting our resilient, secure, reliable solutions and rewarding us for it. Moving to the next slide. As we look at Viasat's Defense and Advanced Technologies segment, we see a compelling story of consistent growth and strategic wins. Our bar chart illustrates the steady revenue expansion we've achieved over the past several years, with almost $300 million in incremental revenue over the last two years and a compound annual growth rate of approximately 17% over that period. This demonstrates our ability to capture market share and deliver value in this critical sector. As an example, from 2022, the InfoSec and Cyber Defense business revenue doubled, and the total DAT portfolio generated revenue of over $1 billion in fiscal year 2024. This revenue growth performance highlights Viasat's strong positioning in the market and our ability to scale and deliver innovative, mission-critical solutions to our government and commercial customers. As we look ahead, we're confident in our ability to develop a growth trajectory and capture emerging opportunities in the evolving defense and space sectors. So you can see why we think the defense opportunity is significant. Our technology, our strategy, in fact, everything about our entire organization is unique to the SATCOM business. We go far beyond the narrower bounds of that market. With our last slide, I'd like to briefly summarize some of the key messages you've heard today. We are an established provider of defense and advanced technology solutions, and we are continuing to innovate. We're pushing boundaries and winning contracts with an ever-expanding portfolio of highly leverageable and interoperable assets. We're not new to defense. We have deep expertise and a right to win in this space. The secular drivers in this market not only align to the direction we're heading, but we've had a head start on them. We believe our string-of-pearls strategy will continue to position us at the forefront of market trends, not just in the significant U.S. market, but internationally too, which we're even more confident about since the Inmarsat acquisition. Across the defense and advanced technology sector, many of our businesses are outpacing market growth, and we expect that to continue, especially in areas such as encryption and Space and Mission Systems, where our unique value propositions and scalable competitive edge create opportunities to expand our market share. We have a great business here, a robust one, a growing one, and with cross-segment synergies, we can expand the scope and scale even further. Our vertical integration and extensive infrastructure provide a key competitive advantage, allowing us to offer unique and comprehensive solutions. We will continue to engineer and innovate. We will continue to build and integrate, and we will always deliver for defense. For investors, this means a commitment to delivering more profitable growth and stronger returns, exposure to high-growth markets with significant expansion potential, investment in a company driving scalable technological advancements in critical defense and space sectors, and a diversified, durable portfolio that capitalizes on sustained market opportunities. Thank you. Meg, you may now open the line for questions. At this time, if you would like to ask a question, simply press star, followed by the number one on your telephone keypad. Again, that is star one for any questions. We'll pause for just a moment to compile the Q&A roster. Our first question will come from the line of Ryan Koontz with Needham & Company. Please go ahead. Hi, can you hear me okay? Yes, we can hear you. Yes, Ryan, we can hear you. Great. Thanks. Yeah, thanks for the presentation. Question for you. Didn't talk much about channel and kind of, you know, time, sales cycles and these sorts of things. Can you kind of walk us through your sales structure, what your relationships are like with your various customers here, how you think they're sticky and differentiated, and, you know, what the typical sales cycle is like and average contract duration? Thanks a lot. Yeah, thanks, Ryan. So we've talked about a number of different businesses, and these things, in terms of sales cycle, channel, relationships, et cetera, do vary a little bit, but let me just make some general remarks. So in terms of channel, we very often work with defense prime contractors to reach the government customer itself. But we do have a number of instances where in the businesses we have contracts directly with the government. And so, you know, it's kind of a mix there. So through some partners and directly to the government, the channel. And it really varies within the businesses and depends on the size of the program we're going after and so forth. So more and more, I think the trend that we have in our business is to do more prime contracting, but we like the ability to sort of be light on our feet and, you know, just kind of pick the business, the portion of the business, that makes the most sense for us, that's differentiated for us, and so working through primes will continue to be one of our strategies as well. Sales cycle, again, varies quite a bit. When you look at our encryption business in terms of the development and, you know, the production of the products and all that, that does take a fair amount of time, and we're always kind of working on the next generation there. But when it comes to the sales cycle itself, from the time the business identifies a requirement or a need until an order is reached, it's probably on, you know, the order of a number of months, not, you know, much longer than that. And then we are quite quick in terms of our ability to manufacture and deliver, quite quick to fulfill those orders, if you will. If you think, for example, for a minute, we talk about our Space and Mission Systems, where we're dealing with space-based hardware, where we're looking at payloads that we deliver into a spacecraft development program. Those are largely direct relationships, or again, through primes, but also those are a little bit longer in terms of sales cycle, and just kind of following that from the moment a requirement is identified through the process that the government actually follows, in terms of RFI, RFP, actual proposal submission, et cetera. That can take a good half a year or more, you know, for a sales cycle to complete, and then again, it varies a little bit more. You know, we talked about TrellisWare today, that sales cycle is shorter, and, you know, we'll hear more about that through other questions. In the other areas, you know, in terms of Antenna Systems, the large Antenna Systems, sales cycle can be fairly long there as well. You know, we do build large ground segment components or capabilities for LEO satellite operators or more proprietary, restricted customers and so forth. And those things can take quite a while to pursue, so that can be on the order of a year, sometimes more, depending on when the funding for those things come through, in the government budget cycles as well. So I hope that answers your question. Yeah, that's super helpful. Just a quick follow-up here. In terms of geographies, I assume this is dominantly U.S., but can you give us kind of a rough idea of the international mix within DAT? You're right, it is largely U.S., but we definitely have a component of international in each of these business areas. I specifically don't have that number for you in terms of, you know, consolidated across the segment. But yeah, I would. Yeah, I'll ask David Schmolke, who's here with us, to talk a little bit about, for example, the U.S. versus foreign, you know, sales in the encryption and information security business. Yeah. So for our encryption products, what we tend to see there, and keep in mind, this is gonna be one of our more restricted portfolios, just the nature, high assurance nature of these products, are restricted on where we can sell it internationally. But even within that portfolio. Last year, we were operating close around, you know, approximately 10% of the revenue of that part of the business. This year, we're seeing some robust growth there. And so, you know, in part, due to, now Inmarsat, you know, the Inmarsat acquisition, now being part of our sales team, has seen some growth in that space. Thanks, David. And I don't know, Metin, would you like to comment with regard to TrellisWare? Sure. So for TrellisWare, a key part of our business is waveform development and actually getting those waveforms into requirements into large services such as U.S. Army, U.S. Marine Corps, and then we try to, once we do that, go international and repeat the same thing, such as Five Eyes, and after that, NATO, so what happens is that the U.S. government obviously is the largest spender on defense, and that also is true for Communication Services. We see our U.S. business to be usually significantly larger than international. Right now, it's probably in the neighborhood of 80-20. However, we expect that international is gonna catch up over time to domestic here in the U.S. As you probably know, defense business tends to be cyclical. For example, U.S. Marine Corps might decide that they want to buy lots and lots of radios in a few years, and then they go kind of dormant for a few years until they start buying radios again. Usually, that's when international business makes a little bit more sense, so you get more of a smoothed out revenue stream. Thank you. Maybe, you know, just to finish that off, I'll make a comment. Even though I don't have the overall percentage number, I will say that we do see, as Metin points out, overall, the international is growing, and it's been slightly above the overall segment growth. For example, between FY 2022 through 2024, we have about a 19% CAGR in terms of international business growth. It is kind of early stages, but that's a, you know, a capability and an opportunity that we expect to develop further. Your next question comes from Edison Yu with Deutsche Bank. Please go ahead. Hey, good afternoon. Thank you very much for the very comprehensive information. Wanted to take maybe a high-level question. Can you go over the four segments and perhaps describe the level of competitiveness in each one? For example, market share, who are the main other players, just to give us a sense of the competitive dynamics. Sure, we can do that, and I'm thinking that it might be good to just touch with each of the business leaders, to actually give you the best sort of insight there. We can start with our information security and encryption business. David Schmolke, if you want to make some high-level comments about that. Yeah. Thank you, Susan. So yeah, what we see, if you look at the high assurance Type 1 encryption market, it's a rather small community of players. Viasat entered this space around the 2004 timeframe with our first certified product. From that, we've grown into a product portfolio that now covers not just network encryption across land, sea, and air, but also moving on to enterprise networks, space networks, both ground and space-wise. And so we've been able to demonstrate an ability to be able to continue to grow and penetrate new markets. And some of that has been within a very light market in terms of other players in this space. Over time, you know, we're going to continue to pursue and grow into more areas. But that's, you know, Viasat has a fair amount of market share. We have large market share with our GEO encryptor, our ground, space satellite encryptors, and we have large market share today in our enterprise crypto market. And we continue to grow and expand more in our HAIPE inline network encryptors as well. Thanks, David. I'm turning over to Mike Maughan now, who's also on the Q&A panel and heads up our Space and Mission Systems group. Mike, would you like to talk about your business area similarly? Sure, Susan. Thank you. Yeah, as everyone knows, space is a pretty rapidly growing market and lots of new entrants as well as traditional entrants. So we tend to compete with, and sometimes prime, with the large defense primes. We also compete with new space companies that are coming into the market, depending on the specific opportunity. We even partner and work with each of those, both new space as well as primes. But given the kind of unique nature of Viasat's commercial experience, as well as its defense heritage, we feel like we can compete on a different playing field, depending on where it is. So, you know, on the legacy front, we can leverage our commercial best practices and the ability to provide commercial services, for example, orbital communications. And so we feel that's an advantage against some of the traditional primes. And then when you look at some of the new space competitors, we feel like our defense heritage, the ability to have a cleared workforce, cleared facilities, and, you know, trust with certain communities, that experience enables us to kind of a competitive advantage against some of these new space entrants. So holistically, we kind of like our position in the growing space market, and, you know, we're looking forward to trying to grow that business. Thanks, Mike. I'll turn it over to Kent Leka, who heads up our Antenna Systems group in Duluth, Georgia. Kent, would you make some comments? Yeah, great. Thank you, Susan. Appreciate the handoff. I would say for the Antenna Systems business, part of our strategy is to really focus on the areas where we can differentiate, you know, some of our unique capabilities. So kind of shape the market and look at it from that perspective. And so from the areas where we play, we think we can participate well in probably the 30%-40% market share. And again, I condition that with the fact that we're pretty careful about what we go after and how we actually define the market in which we participate. So as far as competition, we've got, you know, two or three competitors really that we see in our market space. One of them used to be a part of General Dynamics, the SATCOM group. They were since sold off to a private equity group. And the other used to be a part of L3Harris, and they too were subsequently sold off to a private equity group. And then we've got a couple. Those were both domestic, and we have a couple internationals as well, but fairly small, competitive market that we participate in. Susan? Yeah. Thanks, Kent. I appreciate that. And Metin, from TrellisWare, would you care to comment as well, please? Sure. So obviously, competition exists. We're in the waveform and radio business, and everyone is always trying to show their U.S. waveforms, U.S. radios to the U.S. Army, to U.S. Marine Corps, internationally as well. But one unique situation that TrellisWare is in, and this goes back to the earlier question, in terms of how long the sales cycles are. But the U.S. Army buys, for example, as was one of the case studies before, they buy radios in large programs of record. And these programs are worth it. The HMS program is worth probably close to $20 billion in the life of the program, and it's a +10 year program, right? So the sales cycle to get into a program like that is long. It took TrellisWare probably anywhere from three to five years to convince them that this was the waveform they wanted. Then they had to do a little testing to make sure that this waveform worked and met all their concept of operations and all that kind of stuff. So at the end of the day, they made, for example, TrellisWare a requirement, right? So if you're gonna be, if you're a prime, such as L3Harris Communications, Collins Aerospace, and you want to provide, and you are providing as the prime, your radios to the U.S. Army under this HMS program, you have to have TrellisWare's technology as part of it. Otherwise, you cannot sell your radio, right? What that does to us though is for the winners, and in this case, TrellisWare was the winner. Then even though there is a lot of competition from outside, if you're part of this large program of record and if you're a requirement, then it puts you in a rather unique position. It's similar actually if you look at large defense, large ministries of defense. That's how the Marine Corps in the U.S. buys. That's how Special Operations Command in the U.S. buys. That's how the Ministry of Defense in the U.K. and Canada buys. And we've been rather successful in getting our technology to be a requirement in those programs. So as the primes sell their radios, we are going to be part of that. Sometimes it's a five-year program, sometimes it's a +15 year program. So in those areas, our position tends to be very, very strong. In addition to that, because we are part of these large programs of record, that essentially creates an ecosystem, and it has huge networking effects. So, for example, in the old days, they used to say, "Well, no one got fired for buying IBM." Well, when you're, say, in the Philippines and you're demonstrating your radios, your technology, your waveform technology to the Philippine Army, one of the things is, if the U.S. Army has chosen you, right, then it has huge credibility when you can say, "Yes, this is what the U.S. Army is using. So if you buy this technology, you're essentially getting the technology that the U.S. Army has." So yes, there's lots of competition. That's why we are innovating, but at the same time, we are very comfortable with our position as well, which is rather unique in the space that we are in. Thank you. Okay. Thanks, Metin. Edison, did you have a follow-up? Yes. No, that was very helpful. The follow-up is probably a bit more simple question. So I know you have that graph or table with the 17% CAGR. How did that compare to the, how do you think that compares to the market, as in how much above market growth do you think that represents? Yeah, thanks for that. I would say that we, you know, we know that we are outpacing the market growth, because, you know, as we describe, these markets are kind of large and stable markets, but in terms of exactness, let me turn that over to Lisa for further comment. Lisa, do you have that data available? Yeah. I'm sorry, Edison, can you repeat what you said? Context on that 17% CAGR. I know you're outgrowing the market, but is it, you know, is that like 15% better than market? Is that 10%? Any sense of how much above the market that you're growing? Yeah. I would just point you back to the market growth slides. I believe it was where we talked about the TAM. It is a blended rate, but I would say it's comfortably above. I don't wanna get ahead of myself because what's making it difficult is the lumpiness, and we've had some of the licensing revenue in there. I would say it's yeah, comfortably above. Your next. Again, if you, if you would like to ask the question, press star one on your telephone keypad. Your next question comes from Richard Prentiss with Raymond James. Thank you. Please go ahead. Yeah. Thanks, everybody. Obviously, a lot of details in the presentation really helps us unpack and understand a fairly complicated and diverse business. So this has been really, really helpful. I'm looking at slide 5, which I found very useful. I want us kind of piggyback on the prior question, too. Like, if we take slide 5 and say, you know, who would the top competitors be for those customers that you show in each one of these four silos? Is there any way to kind of lay out either company names or more specific than you gave us as a previous answer? Just kind of helping us understand how to take that slide 5 and go to that next step of who you're competing against, primarily. Okay, Richard, and we can, we can circulate that around to the team as well. David, do you wanna expand more on the competition? Sure. So, yeah, if we bring it back to the high assurance encryption business, specific competitors we see in this space are General Dynamics, but we see others as well, like L3Harris, RTX, and Northrop Grumman. As I mentioned previously, this is a small community of trust. Viasat's really proud of being a part of this community. Again, we entered it only twenty years ago. And it really is about developing intimacy and trust with the government agencies, because you're protecting the nation's most important secrets, most important networks and systems that are critical to the country's mission. And so to be a part of that small community and to grow as much as we had over the last twenty years and expand well beyond just network encryption, now into space and across other platforms, we're again very proud of that heritage and very excited about the continued growth. Any others down the list? Okay. You know, let's go over to Mike. Mike, do you wanna expand a little bit more on competition in SMS? Sure, Susan. So, in a number of the restricted space and other realms, we tend to, you know, very similar to what David communicated, is we compete with a number of the primes: General Dynamics, Northrop Grumman, and Lockheed Martin. But we also partner with them. We have some critical component technologies that we provide into that. But this is a very trusted group, and we feel, you know, privileged to be a part of that and have been working in that realm for a couple of decades now, and think we've got a fairly good moat around some of the differentiated technologies around special communications and some of the intersatellite link technologies that we have. As you look at more commercial capabilities, like the TDRSS replacement, as that gets sunsetted, a recent announcement with NASA basically said any new missions now are gonna be adopting commercial communication services, and so NASA, very similar to how they've done in commercial crew, commercial launch, they are now doing that in communication services. They have a NASA Communications Services Project, which is a funded Space Act Agreement. There are six competitors out there. Actually, five now, now that Viasat purchased Inmarsat. You can see the competitors there that we are competing against. We like our position for some of the orbital communication services, both for the Ka-band and L-band that Susan had mentioned in her brief. But that, that's certainly gonna be, you know, a competitive market, but we, you know, we feel confident in our ability to play there. We're also looking at future technologies beyond RF, around free space optics, and think we have some interesting advantages in that realm as well to play. So, you know, we're largely playing in that at, that kind of I would say traditional defense contractor market, where we can be an enabler as well as a competitor. And then in some of the more new space type markets, we tend to compete with a lot of the new folks coming in. You know, you see Amazon Kuiper, SpaceX, as well in those spaces. Thanks, Mike. How about you, Kent? Can you talk a little more about competition that you're looking at? Yeah, sure. I thank you for that. So I would say the three biggest competitors we have in the market are CPI, a company called Datron, and then one of the divisions within Safran used to be Zodiac. Those are kind of the three main ones, and I think I spoke earlier that you know one came from General Dynamics, the other from L3Harris, and then again one owned by Safran. So they. That's our competitors. That's mostly who we see. Then for our customer base, say about half of our revenue currently is with classified end users. And as Susan mentioned earlier, our channel to some of that is through some of the big primes. So you got Lockheed, Raytheon, General Dynamics, Boeing, Peraton, and some of the big players there. And then the other half of our business is split between some international work. We do quite a bit of international work, a lot of business in India. And then some of the large constellation operators, like OneWeb, who we've been providing large constellation ground stations to those guys. So, that kind of gives you a flavor then for who our competitors are and majority of our customers. Back to you, Susan. Thanks, Kent. And Metin Bayram, can we hear a little more from you on competition specifically? Sure. A s I mentioned, a key part of our business model is rather than trying to sell a lot of hardware, we try to get our technology to be a required technology. We have a very, very differentiated waveform. Actually, all of our waveforms are extremely differentiated from competition. So once you get into these large programs of record, and, you know, they are mostly shipped by these large primes, L3Harris, TDSI, Thales Communications, Rockwell, you know, Collins Aerospace. So at a high level, we can say that our competition is any company that provides waveforms, or companies that provide both waveforms and radios. So that's kind of on the one hand. But on the other hand, a lot of these companies, they are big partners of ours as well, because the reason that they are shipping radios to these large programs of record, whether it's in the U.S. or outside of the U.S., is because they have the right to carry our technology in them. So again, you know, L3Harris, you know, it is a competitor that we consider definitely on the waveform side. But on the other hand, they're our largest partner as well, because most of the instantiations of our technology comes from them, given that they're the largest, probably, communications gear provider in the defense sector. There are also a few other companies in the U.S. that are private companies that provide their own technologies also to the same end customers that we do. However, they do not have the large install base that we have and the strong relations and the strong partnerships with these large primes. So, I would say again, we do feel quite comfortable at being in that position. It obviously took a long time to get to that point. As I mentioned, in some cases, those sales cycle if that's what you would call them would be almost half a decade. Thank you. Thanks, Metin. Susan, one other or two other quick ones for you. That was very helpful. You mentioned early on in the presentation, low capital intensity. What kind of level of capital intensity do you see at these four different silos on slide five? And how many of them then rely on capital intensity from the comm services side? I'll talk in general about, you know, CapEx for these businesses. And you know, we do. I did mention it, and we do invest in all of these businesses through both R&D and CapEx. So far, the investments have generated pretty good returns for Viasat. And a lot of times, the R&D that we invest is really co-funded by the customer. So a government agency will invest alongside Viasat to develop the technology or the capability that they need. So we also talk about these businesses as really differentiated and different from the Communication Services side of the house, because these are fairly CapEx light. You know, you get the partial funding from the customers, and when you compare this to the infrastructure and capability on orbit needed for the communication segment, which we're operating two global fleets of satellites there, the DAT segment is particularly, you know, pretty, you know, low CapEx intensity. In terms of actual dollars, I could turn that over. I don't know if Lisa, you have numbers that you would share on that, or do we not break that out? No, we don't provide. Yeah. No, we don't do CapEx by segment, but y ou know, was there a follow-up question? Just, you know, directionally, obviously, much lower capital intensity as far as CapEx divided by revenues. Much lower. Yeah. Yeah. Right, and last one for me. Apologize for this one, but obviously, private equity was brought up a couple of times in some of the competitive dynamics. What are the advantages for some of your competitors to go into private equity? Or what are the disadvantages of private equity trying to become involved here? Again, I would turn that over to Lisa for comment. Yeah, actually, I'm gonna ask Kent, 'cause Kent and I were just having a conversation about this. He's seeing this in his business. Kent, would you mind speaking to what you're seeing there? No, it's a great question, and thanks for handing it over to me, Lisa. So you know, you know, I'll talk a little bit in generalities because obviously, you know, each case is somewhat unique, and over time, things change. What we've experienced, and I think we're benefiting from, to a degree, is that, you know, a lot of times when these companies kind of get moved into a private equity ownership, that we're seeing less. In some cases, we're seeing less investment in the long term, less investment in, you know, the next generation technology, and perhaps more investment in the current verticals that makes sense for the nearer term. And so, you know, we look at things and always have from a long time. I mean, we've been in this business since the nineteen sixties. We obviously have been here a long time, and we look at the long run when we make those kinds of investments. I just think, you know, again, without, you know, pointing any individual company out, a competitor out, I just think we get some advantage in being able to think longer term and invest for the longer term, and that seems like an advantage for us. Now, an advantage for them, I really couldn't speak to. I haven't been a part of that. We've always been a part of Viasat. Lisa, anything else? No, that was perfect, Kent, as always. Okay. I believe we have one more question or a question on the line. And then after that, we had a question come in online that I'll ask Dave to read and address. But, Meg, I believe Mike Pace is on the line if we wanna open it up for him, please. Your next question comes from Mike Pace with J.P. Morgan. Please go ahead. Taking the question. I'm wondering if you could just talk about the, I think you called it the government modernization replacement cycle. I think you said that it could be over ten years, and I'm just wondering, it just seems like a pretty important product, encryption that is. So, is that? Can you quantify that, what that could be from kind of, revenues for you? And is it? How important could it be, front-end loaded or kind of more linear as you see it? And then I have a follow-up. Okay, thanks. I mean, we can definitely talk more about that modernization effort and how the cycles are being compressed. As Dave pointed out earlier, you know, more like IT upgrades that occur, you know, frequently rather than in such long periods of time because of the cyber threats becoming more sophisticated and growing rapidly, I will ask Dave to talk a little bit more about, you know, the cycle moving from the 10-year to a much shorter period, and how that kind of enables our business to generate additional revenue and, you know, to keep our product line refreshed and put it out to market as quickly as possible. Yes. Thank you, Susan. And to clarify that, yeah, the 10-year cycle is what historically it has been. What we're expecting, what we're seeing, and how the government's been messaging it and starting to plan budgets, we're expecting that to cut around in half. And as Susan alluded to, that's being driven by the increased nature of the cyber threats that are out there and the recognition that the speed of upgrade of this kind of technology, given its critical importance into our infrastructure, needs to move at a speed that keeps up with the pace of that threat. This is gonna come in the form of hardware upgrades coming more quickly. And as a result of that, you asked about numbers. We're expecting double-digit type take of growth that's gonna be driven by that network modernization. But another key component of this is the pace of software updates. We're gonna start to deploy that at a much more rapid pace, more in line with what you see in your traditional IT model today. And so consistent with that, we would expect also additional revenue streams supporting the services with that. So just like you see now, where IT hardware is often sold with software-based licenses, that includes rapid software updates and product support, that's now a growth opportunity for Viasat in order to be able to expand revenue streams into that services play as well, on top of the more rapid hardware cycle. Did you get answer to your question? It did. Thank you. And then I guess on some past maybe conference calls, one or two, and even in your recent shareholder letter, I think the company has talked about the potential for looking at some non-core assets and what strategic value they may have, maybe to others. So I'm just wondering if you could talk about that. And I think some of those businesses are within, you know, defense and advanced technology. Can you just discuss maybe any updated thoughts there or anything that you'd like to share? Sure. Let me hand that question over to Lisa, because you're right, we have previously made some relevant comments there. Lisa, would you talk to that, please? Yeah, absolutely. Thanks, Susan, and thanks for the question, Mike. Yeah, we don't have anything to announce today, but to your point, we have stated that we continue to groom our business portfolio to the highest leverage satellite network technologies that, as you saw today and heard from us today, attract many customers and partners, and ultimately, yield attractive recurring service revenues. But yeah, this process could include those non-core portfolio monetizations. And I'll just leave it at that, but nothing to announce today. I do hope, though, that you all take away how much value is in this portfolio and hopefully start to reward us for that. Okay. Thanks. Thank you. Thanks, Mike. Yeah, Dave, maybe back to you if you have that question that came in online, if you wouldn't mind reading it and then providing an answer, please. Yeah, not at all. So the question that came in is: Can you discuss Viasat's encrypted communications portfolio and how it interacts versus programs like U.S. Space Force Evolved Strategic SATCOM or SDA Tranche 2 Beta? So yeah, so to answer that, this is a good opportunity to kind of talk about Viasat's history in this market. Again, I've mentioned a few times, we entered this market with a single product as a network encryptor. This is, you know, I hate to use the cliché of skating to the puck, but I think we have a few examples of doing that here. Where at the time we entered that market, you know, the predominant encryption technologies were what they call link encryptors. These were so-called encryptors that were used, you know, primarily with low data rate type radios. Viasat saw the market moving towards IP-based encryption and the movement towards putting highly classified networks up on traditional IP networks. After that, Viasat then recognized an opportunity towards the need for high-speed cryptos, driven by the movement of classified cloud networks to commercial classified solution providers. And then, of course, what we're seeing playing out today in the market is with the movement towards generative AI, that's driving even more cloud demand growth and providing the need for even more cloud services. Viasat, with investments we made many years ago in high-speed encryption at the layer two, now enables that capability out there for U.S. government needs. Space is now in a similar situation. Viasat, a number of years ago, has developed and is a market leader in delivering ground-based encryptors that talk to satellites. This is both over the telemetry tracking and control links, protecting those communication links that control the satellite, but also the data link that's used to communicate the data path over to the satellite as well. More recently, we've also now have won work in the area of space encryption, and this gets back to the question. I can't get into specifics of the programs, but I can tell you we're in development of high assurance encryption products for satellite embedment, both satellites operating at GEO, which you know a program like you're alluding to here operates at, but also satellites that operate at LEO. Viasat has offered some interesting differentiation here that we've been developing over a number of years to position ourselves to deliver capability for now satellite technology communications. This is an interesting market and yet another example of skating to the puck. As you see, the proliferation of LEO satellites for both commercial and DoD use, and particularly the DoD use applications, is driving a large demand for high assurance encryption solutions. No longer can we tolerate, you know, inferior or software-based solutions for these critical networks that are used in all sorts of mission-critical applications. And so we see this as yet the next tier of growth within our high assurance business. So going from, again, catching that wave of network encryption, catching that wave of cloud encryption, now with the opportunity to catch that wave of space encryption. Thanks, Dave. I will turn the program back over to Susan Miller for closing comments. Thank you. Yes. I'd like to conclude with just a few remarks, and then to reiterate, Viasat's commitment to defense is not just a strategic choice, it's really where we came from, and it's who we are. As I mentioned earlier, I'll mention again, defense is really in our DNA. Our defense and advanced technology segment is at the forefront of innovation, addressing critical needs in Information Security, Tactical Networking, Space and Mission Systems, and emerging technologies like direct-to-device communications. We're leveraging our global infrastructure and vertically integrated capabilities to deliver comprehensive solutions that meet the complex demands of our government customers worldwide. Our focus on secular growth drivers, coupled with our ability to capitalize on cross-segment synergies, positions us uniquely in the rapidly evolving defense and space markets. As we look to the future, Viasat remains dedicated to driving profitable growth and delivering value to our investors. We're not just responding to market trends, we're shaping them. Our track record of consistent growth, major contract wins, and strategic investments in cutting-edge technologies underscores our strong market position. With defense as a strategic priority, we're poised to continue our trajectory of innovation, excellence, and long-term success in this dynamic sector. At Viasat, we don't just serve the defense market, we embody its spirit of constant advancement and unwavering commitment to security. This is who we are, and this is how we'll continue to lead in the defense and technology sectors for years to come. Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Thank you for standing by. My name is Meg, and I will be your conference operator today. At this time, I would like to welcome everyone to the Viasat Defense and Advanced Technologies Investors Teach-in. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. We ask that you limit your question to one and follow-up. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Lisa Curran, Vice President, Investor Relations and Marketing. Please go ahead. During the presentation, we will make 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 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. 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'd like to hand the call over to Susan Miller, President of Viasat Government. Thanks, Lisa, and thanks to all of you for joining us today. I have the privilege of leading Viasat's government group, and I'm here to tell you that we think the defense opportunity is very significant. Today, you'll hear how Viasat is redefining connectivity in the defense sector, developing technologies right across the value chain. We don't just connect, we engineer and innovate, we build and integrate. What you won't hear much about today is SATCOM. Instead, we're talking about our unique value proposition in the defense and technology sectors. We're pushing the boundaries of what's possible, delivering solutions that extend far beyond traditional commercial offerings, and we can distinctively do that because defense is in our DNA. As you know, we recently announced a new segmentation, standing up the Defense and Advanced Technologies, or DAT segment, to highlight the value we are creating in these businesses. DAT is a critical part of our business, but then it always has been. This shift just provides more visibility to our proven track record in the defense and technology sectors. It's a dynamic, growing market where we are serious competitors, not just participants. We have a scalable, competitive edge here, and we're setting new standards for performance and reliability. Our focus is on providing resilient, wireless networking solutions across all domains: air, land, sea, space, and cyberspace. This comprehensive approach ensures our government customers have secure, reliable communications in even the most challenging environments. With our technologies and spectrum holdings, we are uniquely positioned to deliver growth. So what makes Viasat a strong investment opportunity in this space? Well, we're leading in a number of areas, allowing us to serve unmet customer needs. This gives us a defensible position in many verticals you will hear about today. How have we done this? We're the original disruptor in space. Our technology leadership has pushed the boundaries in defense for decades, and we're continuing to innovate. But we don't just innovate and invent with a laser focus on delivering for our investors. We offer the best of both worlds. We have a tech startup culture with the financial stability and reference customers of a defense prime, and we've done all this while growing year on year, every year, and we fully expect to continue to do that. Investing in Viasat is investing in the disruptive defense technology company. It's an opportunity to be part of a growth story driven by innovation, market expansion, and a deep understanding of the defense sector's evolving needs. As we move through today's presentation, you'll see how our commitment to excellence in defense technology translates into unique value propositions, tangible growth opportunities, and long-term value creation for our investors. On this next slide, you see that Viasat's government business spans two segments, Defense and Advanced Technologies, or DAT, which we're focusing on during this discussion, and communication services. These segments leverage our cutting-edge satellite and wireless technologies to provide mission-critical solutions for defense and civil government customers worldwide. A $125 billion market that is expected to grow to $320 billion over the next 10 years, for a total growth of $195 billion, according to the World Economic Forum. The government business overall generated $1.8 billion in total revenue in Viasat fiscal year 2024. With the government business comprised of nearly 60% of that revenue and a tad more than 40% of Communication Services revenue, we believe we are well-positioned to take advantage of new market opportunities across all of our business lines. It's worth taking a moment to highlight a few important attributes of the DAT segment. First, our DAT businesses are less capital-intensive than our satellite-based businesses and offer attractive cash flows. Additionally, a wide range of revenue stream types are featured, including licensing, equipment sales, and roles as prime and subcontractor on a multitude of programs. A large portion of our products and software form part of key programs of record in the U.S. DoD, and similarly for allied MODs. Importantly, approximately 2/3 of DAT expected sales in FY 2024 through FY 2025 are sole source awards or limited competitions. As a result, they represent several different types of revenue streams throughout their 10- to 15-year life cycle ranges, from development, Non-Recurring Engineering or NRE, to large production contracts, aftermarket services such as support and repairs, as well as multi-year hardware and software sustainment contracts, which is a typical requirement for continuing operation of products used in defense applications. Consequently, such programs, sometimes spanning years, are often large and multi-phased, which can result in uneven or lumpy award and revenue profiles. Therefore, it's important to keep an eye on total award values and backlogs, as well as related sustainment service revenues when assessing the DAT segment. Viasat has a unique position in the market and strategic advantages that include unrivaled customer intimacy in the government space, both U.S. and international, vertically integrated capabilities spanning space, air, land, sea, and cyberspace domains, a multi-orbit satellite fleet offering global coverage and resilience in multiple bands, advanced encryption and cybersecurity expertise, and a proven track record of innovation. Backed by over 230 patents, our innovative spirit and technological prowess in the government market continues to accelerate. We also have a special pedigree of talent who are cleared to work on U.S. and international government programs. Nearly a quarter of the workforce has the credentials to work on some of the government's most sensitive projects which allows us to communicate clearly with our customers and execute quickly when contracts are executed. Trusted by governments, nations, and prime contractors worldwide, Viasat consistently provides reliable and secure solutions. Last but not least, we deliver. We always deliver. Viasat is focused on several key initiatives, including expanding our global satellite network to meet increasing government demand, developing next-generation cyber technologies and space and ground systems for enhanced resilience, advancing tactical networks for multi-domain operations, and pursuing opportunities in emerging new markets like space-to-space communications and direct-to-device communications. Viasat is working revenue opportunities across our business lines, valued at several billion dollars or more over the next five years. Space has become a critical strategic domain for nations, with significant implications for national security, economic growth, and technological advancement. This growing importance of space-related technologies presents numerous opportunities. We intend to tap into that growth with our expertise in crypto, Tactical Networking, advanced spacecraft and payloads, ground solutions, and near-Earth space relay communications, just as a few examples. Across both segments, Viasat Government has established contract vehicles with customers that allow us to offer a full range of solutions. These are currently valued at over $6 billion. That reflects the untapped value of existing contract vehicles based on their current ceilings. So above and beyond all the exciting new opportunities with new customers in new markets, there is already substantial upside within our core customer relationships. We have long-standing relationships in defense. We have leading technologies in defense. We have a durable right to win in defense, again, because defense is in our DNA. Moving on to slide five illustrates how Viasat's DAT segment leverages its cutting-edge technologies to provide critical solutions for defense and government customers. The DAT segment is divided into four key areas. In the Information Security and Cyber Defense area and in the Tactical Networking area, Viasat offers advanced encryption and cybersecurity solutions to protect sensitive information, tactical links and networking systems for secure real-time communications in challenging environments, and information assurance products and services to safeguard critical infrastructure. The U.S. and Five Eyes countries are the key buyers here, but as integration by design and interoperability with allied nations becomes more important, we see significant global opportunities to increase our traction in these areas. These capabilities position Viasat as a leader in protecting national security interests and enabling secure communications for defense and government agencies. Another key area is Space and Mission Systems, which focuses on space payloads and full space systems development to include advanced ground segment technologies, mission planning and execution support for space-based operations, and innovative solutions for Earth observation, space situational awareness, ISR, and other mission-critical space applications. We have a mix of direct-to-government and strategic partners that support execution here. This includes government entities like NASA, AFRL, SDA, and other proprietary entities, major defense contractors such as Lockheed Martin and Northrop Grumman, as well as cloud service providers and LEO constellation operators. Advanced technologies focus on commercial communications, satellite product development, orchestration of sovereign and multi-orbit solutions, IT licensing and emerging growth markets, such as direct-to-device communications. We are well-positioned with this diverse and unique portfolio of high-quality assets. Our long-term customer relationships endure. Our leading positions that we've carved out with Advanced Technologies endure. Moving on to the next slide. Here, we are illustrating the significant upside potential from demand in large, attractive defense markets. The global defense and civil government market is large and historically stable. High spending levels spur opportunities for companies to satisfy a wide range of government customer needs. As you know, sizable, steady markets tend not to see rapid growth year on year, but companies can thrive if they have the expertise to solve customer problems, the trust, which is built up over years from those customers to help solve them, and the technology chops to back it up. Viasat has that expertise, Viasat has that trust, and we certainly have the technology chops, too. The addressable markets in our DAT segment are robust, in the tens of billions of dollars. These markets are not realizing double-digit growth, but we are, and that distinction is important. We have both niche and broad appeal technologies in these areas where, with targeted investment and strategic focus, we can expand our offerings across the verticals, benefiting from increased demand globally. Even a modest uplift in market share in revenue pools this big will yield meaningful growth for us. So where do we see the opportunities? Well, our Space and Mission Systems business is well-positioned in an exciting, dynamic, and attractive market. Our ground and space-based communication systems and payloads are poised to play a crucial role in this evolving sector of national security operations. Additionally, our strategic partnerships and investments in cutting-edge research ensure we remain at the leading edge of space and antenna technology advancements. Meanwhile, as the demand for resiliency, interoperability, and multi-domain capabilities continues to grow, our prospects in the Tactical Networking market are expanding, which underscores the increasing importance of our solutions to this vital sector in the defense industry. Our advanced communication systems are designed to meet the rigorous demands of modern tactical environments, ensuring seamless and secure connectivity for mission-critical operations. Also, the cyber threat is widely recognized as one of the main potential failure modes to national security, and the number of identified threats is accelerating. As a global internet service provider, we have unique visibility and access to this threat information and understand how to protect large-scale networks. Our high assurance, quality encryption products and cyber defense solutions are addressing critical data security needs for military and civil government customers. Looking ahead, we turn our attention to the Advanced Technologies market. Although still in its nascent stages, we are enthusiastic about the opportunities it presents. Leveraging our spectrum partnerships and technological capabilities, we aim to develop solutions that will transform niche markets into large global opportunities. We historically have developed technologies in nascent, at the time, considered niche markets, which have evolved into large global markets, but the ultimate payoff in a multi-billion dollar business has to be to develop the technology that will have broad appeal to customers who value its capabilities. The defense market isn't new to us. We're earning market share and growing fast. This is about strategic positioning with dual use technologies in expanding markets. It's about technology innovation and lucrative government contracts in an evolving new space economy. We see a very long runway of opportunity. Now, let's talk for a minute about how Viasat is driving growth to meet multiple verticals. Viasat's DAT segment is diversifying our offerings to meet the next generation requirements of defense and commercial customers. In today's rapidly evolving business landscape, secular trends are reshaping industries and creating transformative opportunities for investors. I won't read all the bullets on this slide to you, but suffice it to say, this is a good reference chart if you want to revisit how secular trends drive sustained growth and transformative potential across multiple DAT verticals. Our investments here are focused on cutting-edge research and development to stay ahead of secular market trends. By aligning our development activities with these critical or emerging customer requirements, Viasat is well-positioned to capture growth opportunities across the defense and Advanced Technologies landscape, but I would like to be clear here, we're not playing catch up with market trends. We're not trying to work out where the market is going and then following it. It's the other way around. Market trends are starting to align with what we've been doing for years, what we're experts at. That's why we have a durable right to win. That's why we're well-positioned to grow. The changing character of warfare is increasing demand for Viasat's core offerings, as multi-domain operations depend on connectivity and integration from space to cyberspace. Our diverse portfolio, which we'll talk about next, allows us to address evolving defense and commercial needs, driving long-term growth and value for our investors. This next slide illustrates how Viasat's Defense and Advanced Technologies segment is executing targeted strategic initiatives to capitalize on growth potential, reflecting the compression of cycles of innovation resulting from various attractive secular drivers across our business areas. Here, we have some examples of why we're growing faster than the market, creating new demand with disruptive technology, and capitalizing on attractive market opportunities with a vertically integrated approach. Let me briefly walk you through our key focus areas, which I'll provide more detail on in select case studies that will follow. In Information Security and Cyber Defense, we're developing next generation, government-certified encryption appliances. These advanced encryptors will enhance our ability to protect critical data and systems in an increasingly complex threat landscape. For Tactical Networking, we're building on our successful MOJO product portfolio as an example. MOJO is a Move Out, Jump Off gateway that is valuable in Tactical Networking by providing a versatile, rapidly deployable solution that enhances situational awareness, improves interoperability, and enables communication across disparate networks in challenging environments. Our Space and Mission Systems group is advancing on multiple fronts. We're focusing on orbital communications and specialized space and mission payloads, positioning Viasat at the forefront of space-based capabilities. Additionally, we're building ground-based mission infrastructure for major government programs and gateway infrastructure for Low Earth Orbit constellations, further cementing our role in critical space initiatives. In our Advanced Technologies area, we're pushing the boundaries with micro geostationary orbit spacecraft development and direct-to-device communications. These innovations have the potential to transform global connectivity, open new market opportunities, and establish new ecosystem partnerships. Lastly, there is potential for cross-segment synergies with our Communication Services business. Our vertically integrated approach allows us to leverage technologies and capabilities that enhance our overall value proposition. As we continue to innovate and grow, these synergies will play a crucial role in driving long-term value for investors. The bottom line is clear: Viasat is strategically positioning itself for dynamic market evolution and growth. By investing in these highly leverageable, cutting-edge technologies and solutions, we're not just keeping pace with the market, we're helping to shape its future. Moving on to slide 9, we will begin to look at a number of case studies to help you better understand our enduring value propositions. Our next-gen encryption highlights how Viasat is an industry leader in high assurance Type 1 encryption solutions, with over 75 certifications to date and 100,000 products shipped by the end of this year. We are proud of our heritage, where U.S. and international governments trust Viasat to protect classified mission data and networks, including everything from the telemetry, tracking, and control links between ground stations and satellites, all the way to classified data centers and cloud service providers. Our encryption business has been a consistent growth area for Viasat, with exciting new opportunities as the U.S. government is in the initial stages of a major modernization initiative that will see most fielded network encryption devices replaced over the next decade. Viasat has received over $30 million in contract awards just this year to build next-generation modernized network encrypters. Further, as cybersecurity has emerged as one of the five warfighting domains, we believe high assurance encryption will continue to be critical in protecting U.S. and coalition partner assets, networks, and data. The modernization initiative underway will result in a substantial recapitalization investment by the U.S. government over the next decade. As just one of a handful of trusted providers of this advanced technology, Viasat is uniquely positioned to continue our history of growth in the encryption market. Viasat entered this market in the early 2000 timeframe with a single appliance serving both tactical and enterprise classified networks. Today, we have a portfolio of products and are a leader in high-speed classified cloud data center encryption, fueled by AI-driven growth in cloud computing. We lead in ground-based satellite encryption solutions and are now expanding into space. Expansion in edge computing and unmanned systems is providing new growth opportunities at the tactical edge, where Viasat is already delivering complementary tactical communication solutions across our portfolio of wireless devices, such as our TrellisWare Mobile Ad Hoc Network, MANET radios, tactical gateways, and laser free- space optics, and the impact is sizable and defensible. We're expecting double-digit revenue growth due to compression of government procurement cycles in areas where we possess significant competitive moats. Moving on to the next case study, let's look at tactical edge connectivity on the move. There is a major shift happening in the DoD today, driven by the emergence of near peer adversaries armed with hypersonics, advanced jamming, and unmanned systems, along with an increased multidimensional attack surface that now includes space and cyber. The decisive advantage may go to whomever can sense, make sense, and act the fastest, and thus shorten the decision-to-action cycle. The U.S. government is recognizing this challenge and has established multiple initiatives to drive positive outcomes, including rapid contracting strategies using other transaction authorities or OTAs, and experimentation initiatives such as the U.S. Air Force Advanced Battle Management System, or ABMS program, where they are building the digital infrastructure designed to shorten the decision-to-action cycle. Viasat is well-positioned to succeed and substantially grow in this shift towards rapid capability that leverages commercial investment and moves away from bespoke solutions, like what we see happening today between new space and legacy launch providers, and equally between swarm unmanned systems and large platforms. The challenge for the emerging digital infrastructure is connecting everything from the edge to the cloud across the services and coalition partners, processing the data at the speed of need, and delivering actionable intelligence to decision makers, and doing so while under jamming and cyberattacks. Viasat, as a commercial global connectivity provider, has a deep heritage in delivering secure, resilient connectivity from edge to enterprise for U.S. and international partners, leveraging our AI-driven cybersecurity operations and large fielded base of high assurance encrypters. We have a deployed base of over a 130,000 Blue Force Tracking terminals on several ground and airborne platforms for the U.S. Army and the U.S. Marine Corps, providing global coverage on our satellite network. Viasat's TrellisWare Mobile Ad Hoc Network, MANET tactical radios, are used across the Army and partners for enabling resilient wireless communications all the way to the dismounted soldier. Viasat is a technology leader in small form factor data link gateways, where we deliver the battlespace common operational picture in a suitcase-sized kit to mobile operators. We are excited about bringing next-generation wireless technologies through our laser free space optics communications terminal. Laser communications emit no RF and are harder for our adversaries to detect and track. Our NetAgility software-defined networking capability bridges together disparate and stovepipe networks to provide seamless sensing and connectivity across any number of networks to mitigate the effects of interference. Viasat is uniquely positioned for this transition as we integrate our commercial and government heritage of global transport, multi-net connectivity across edge to cloud, and cybersecurity to enable the future of the digital infrastructure at the speed of relevance. For this next case study, let's turn our attention to a key innovation in our Tactical Networking portfolio, TrellisWare's scalable Mobile Ad Hoc Networking solution. TrellisWare Technologies was founded in the year 2000 by four innovators in the areas of signal processing and advanced communications. The co-founders spun off the company from Viasat to pursue terrestrial applications of technology that combines foundations in signal processing innovation with the ability to productize these ideas for the real world in the commercial sector. TrellisWare communication technologies center around two primary Mobile Ad Hoc Networking, or MANET, waveforms: Katana, narrowband networking, and TSM, wideband networking, which is the one highlighted in this case study. The challenge in tactical communications has long been the limitations of available spectrum and the need for robust, scalable mesh networks that can handle voice, data, and efficient position location information, or PLI, distribution. Previous attempts, like the Joint Tactical Radio System programs, which cost the U.S. government $17 billion over 15 years, fell short in developing the necessary, robust, scalable mobile ad hoc network waveforms. TrellisWare's solution addresses these challenges head-on with its unique TSM waveform. This proprietary technology is truly game-changing. It's ultra-scalable, supporting over 800 nodes in just 1.2 megahertz of spectrum. It provides simultaneous multi-channel voice, data, and PLI capabilities, enabling truly mission-critical concepts of operations. What sets this solution apart is its flexibility. As a true software-defined radio waveform, it's hardware-agnostic and can be readily integrated into partner program of record radios. It's also been battle-tested since early 2010s by U.S. Special Operations forces and is protected by high-quality patents and trade secrets. For example, the Barrage Relay Networking, or BRN, technology is patented and eliminates the need for routing, providing unrivaled scalability using less spectrum than any other MANET technology. The impact of this technology has been significant. It's become the standard for U.S. tactical communications, helping restart the Army's Handheld, Manpack, and Small Form Fit program and establish the Army's Integrated Tactical Network. This innovation has created a win-win-win scenario for the U.S. Army and coalition partners, prime radio vendors, and TrellisWare. It's also opened up a highly attractive commercial IP licensing business model, complementing direct TrellisWare radio sales and increasing the percentage of high-margin service revenue. In essence, this is another example of highly leverageable, bespoke technology that exemplifies our commitment to developing solutions that not only meet current needs, but anticipate and shape the future of tactical communication. Turning to the next slide, let's talk about some specialized space payloads. As discussed, there are secular changes occurring rapidly in the defense markets. The space market is experiencing one of the most dramatic shifts in a generation. Governments worldwide are seeing the benefits of proliferated space architectures that leverage the benefit of all orbits, and they are significantly increasing their presence in LEO and MEO. They are also seeking the cost and speed benefits of new space companies that leverage more commercial practices than their traditional space suppliers, as the need for inter-satellite communications continues to increase with proliferated constellation architectures. Viasat is also a leader in low SWaP, software-defined radio technologies and space-qualified payloads to enable secure communications at the tactical edge, closing the sensor-to-shooter link we talked about anytime and anywhere on the globe. So why is all of this important? It means we are capturing niche, but critical pieces of the rapidly growing space market and moving up the value chain. One example we can talk about is in orbital communications. Today, Viasat is the only company that can offer global two-way space communications services from GEO with our L-band payloads. As a result of this capability and our forthcoming Ka service, NASA awarded Viasat over $80 million under a funded Space Act Agreement to develop and deliver a commercial service to eventually replace the aging Tracking and Data Relay Satellite System, or TDRSS. Today, NASA spends almost $200 million a year for the TDRSS service. Through this contract, Viasat will fly a full mission at LEO with Ka, L, and direct-to-Earth payloads, demonstrating seamless on-orbit Communication Services in 2026. Ultimately, we believe our diverse and unique payload technologies put us in a great position to capitalize on critical elements of the growing commercial and government proliferated space architectures. Moving on to the next case study, we're going to talk a little bit about scalable ground segment. Viasat is an industry leader in Low Earth Orbit, or LEO, ground systems to customers across the civil, defense, and commercial sectors. Tracing its history back to the early NASA space programs in the 1960, and with well over 1,000 large aperture gateways delivered to customers around the world, customers depend on Viasat to deliver results on the ground. Our extensive portfolio of ground segment products and technologies enables us to continue to innovate and solve the next generation of problems for our customers. When combined with our vertically integrated engineering and manufacturing approach, we can execute this at speed and scale. This is just one example where our Antenna Systems team was selected to develop and deploy a global ground station capability to support a new LEO communication satellite constellation. Our team was selected based on our proven capability to meet the demanding program requirements, which include challenging technical specifications, a compressed schedule, and the high reliability of our products in a variety of environmental conditions. Our extensive history and demonstrated successful past performance led our customer to entrust Viasat to make this happen. This program includes the development and delivery of nearly 100 large aperture Antenna Systems, a sizable contract award with the possibility of follow-ons and a new family of products that can be utilized on future program opportunities within our market. Why are we showing you this? It's evidence of our customers choosing our expert teams and trusting our resilient, secure, reliable solutions and rewarding us for it. Moving to the next slide, as we look at Viasat's Defense and Advanced Technologies segment, we see a compelling story of consistent growth and strategic wins. Our bar chart illustrates the steady revenue expansion we've achieved over the past several years, with almost $300 million in incremental revenue over the last two years and a compound annual growth rate of approximately 17% over that period. This demonstrates our ability to capture market share and deliver value in this critical sector. As an example, from 2022, the InfoSec and cyber defense business revenue doubled, and the total DAT portfolio generated revenue of over $1 billion in fiscal year 2024. This revenue growth performance highlights Viasat's strong positioning in the market and our ability to scale and deliver innovative mission-critical solutions to our government and commercial customers. As we look ahead, we're confident in our ability to develop a growth trajectory and capture emerging opportunities in the evolving defense and space sectors. So you can see why we think the defense opportunity is significant. Our technology, our strategy, in fact, everything about our entire organization is unique to the SATCOM business. We go far beyond the narrower bounds of that market. With our last slide, I'd like to briefly summarize some of the key messages you've heard today. We are an established provider of defense and advanced technology solutions, and we are continuing to innovate. We're pushing boundaries and winning contracts with an ever-expanding portfolio of highly leverageable and interoperable assets. We're not new to defense. We have deep expertise and a right to win in this space. The secular drivers in this market not only align to the direction we're heading, but we've had a head start on them. We believe our string of pearls strategy will continue to position us at the forefront of market trends, not just in the significant U.S. market, but internationally too, which we're even more confident about since the Inmarsat acquisition. Across the defense and advanced technology sector, many of our businesses are outpacing market growth, and we expect that to continue, especially in areas such as encryption and Space and Mission Systems, where our unique value propositions and scalable competitive edge create opportunities to expand our market share. We have a great business here, a robust one, a growing one, and with cross-segment synergies, we can expand the scope and scale even further. Our vertical integration and extensive infrastructure provide a key competitive advantage, allowing us to offer unique and comprehensive solutions. We will continue to engineer and innovate. We will continue to build and integrate, and we will always deliver for defense. For investors, this means a commitment to delivering more profitable growth and stronger returns, exposure to high-growth markets with significant expansion potential, investment in a company driving scalable technological advancements in critical defense and space sectors, and a diversified, durable portfolio that capitalizes on sustained market opportunities. Thank you. Meg, you may now open the line for questions. At this time, if you would like to ask a question, simply press star, followed by the number one on your telephone keypad. Again, that is star one for any questions. We'll pause for just a moment to compile the Q&A roster. Our first question will come from the line of Ryan Koontz with Needham & Company. Please go ahead. Hi, can you hear me okay? Yes, we can hear you. Yes, Ryan, we can hear you. Great, thanks. Yeah, thanks for the presentation. Question for you. You didn't talk much about channel and kind of, you know, time, sales cycles, and these sorts of things. Can you kind of walk us through your sales structure, what your relationships are like with your various customers here, how you think they're sticky and differentiated, and, you know, what the, what the typical sales cycle is like, and average contract duration? Thanks a lot. Yeah. Thanks, Ryan, so we've talked about a number of different businesses, and these things, in terms of sales cycle, channel, relationships, et cetera, do vary a little bit, but let me just make some general remarks, so in terms of channel, we very often work with defense prime contractors to reach the government customer itself, but we do have a number of instances where in the businesses we have contracts directly with the government, and so, you know, it's kind of a mix there, so through some partners and directly to the government, the channel, and it really varies within the businesses and depends on the size of the program we're going after and so forth. So more and more, I think the trend that we have in our business is to do more prime contracting, but we like the ability to sort of be light on our feet and you know just kind of pick the business, the portion of the business that makes the most sense for us, that's differentiated for us, and so working through primes will continue to be one of our strategies as well. Sales cycle, again, varies quite a bit. When you look at our encryption business, in terms of the development and you know the production of the products and all that, that does take a fair amount of time, and we're always kind of working on the next generation there. But when it comes to the sales cycle itself, from the time the business identifies a requirement or a need until an order is reached, it's probably on, you know, the order of a number of months, not, you know, much longer than that. And then we are quite quick in terms of our ability to manufacture and deliver, quite quick to fulfill those orders, if you will. If you think, for example, for a minute, we talk about our Space and Mission Systems, where we're dealing with space-based hardware, where we're looking at payloads that we deliver into a spacecraft development program, those are largely direct relationships, or again, through primes. But also those are a little bit longer in terms of sales cycle, and just kind of following that from the moment a requirement is identified through the process that the government actually follows, in terms of RFI, RFP, you know, proposal submission, et cetera, and that can take a good half a year or more, you know, for a sales cycle to complete, and then again, it varies a little bit more. You know, we talked about TrellisWare today, that sales cycle is shorter, and, you know, we'll hear more about that through other questions, and in the other areas, you know, in terms of Antenna Systems, the large Antenna Systems, sales cycle can be fairly long there as well. You know, we do build large ground segment components or capabilities for LEO satellite operators or more proprietary, restricted customers and so forth. And those things can take quite a while to pursue, so that can be on the order of a year, sometimes more, depending on when the funding for those things comes through in the government budget cycles as well. So I hope that answers your question. Yeah, that's super helpful. Just a quick follow-up here. In terms of geographies, I assume this is dominantly U.S., but can you give us kind of a rough idea of the international mix within DAT? You, you're right. It is largely U.S., but we definitely have a component of international in each of these business areas. I specifically don't have that number for you in terms of, you know, consolidated across the segment. But yeah, I'll ask David Schmolke, who's here with us, to talk a little bit about, for example, the U.S. versus foreign, you know, sales in the encryption and information security business. Yeah. So for our encryption products, what we tend to see there, and keep in mind, this is gonna be one of our more restricted portfolios, just the nature, high assurance nature of these products, are restricted on where we can sell it internationally. But even within that portfolio, last year, we were operating close around, you know, approximately 10% of the revenue of that part of the business. This year, we're seeing some robust growth there. And so, you know, in part due to, now Inmarsat, you know, the Inmarsat acquisition, them being part of our sales team, has seen some growth in that space. Thanks, David. And I don't know, Metin, would you like to comment with regard to TrellisWare? Sure. So for TrellisWare, a key part of our business is waveform development and actually getting those waveforms into, as requirements into large services such as U.S. Army, U.S. Marine Corps. And then we try to, once we do that, then we go international and repeat the same thing, such as Five Eyes, and after that, NATO. So what happens is that, the U.S. government obviously is the largest spender on defense, and that also is true for Communication Services. So, we see our U.S. business to be usually significantly larger than international. Right now, it's probably in the neighborhood of 80 to 20. However, we expect that international is gonna catch up over time to domestic here in the U.S. As you probably know, defense business tends to be cyclical. So for example, U.S. Marine Corps might decide that they want to buy lots and lots of radios in a few years, and then they go kind of dormant for a few years until they start buying radios again. And usually, that's when international business makes it a little bit more viable, so you get more of a smoothed out revenue stream. Thank you. Maybe, you know, just to finish that off, I'll make a comment. Even though I don't have the overall percentage number, I will say that we do see, as Metin pointed out, overall, the international is growing, and it's been slightly above the overall segment growth. So for example, between FY 2022 through 2024, we have about a 19% CAGR in terms of international business growth. So it is kind of early stages, but that's a you know, a capability and an opportunity that we expect to develop further. Your next question comes from Edison Yu with Deutsche Bank. Please go ahead. Hey, afternoon. Thank you very much for the very comprehensive information. Wanted to take maybe a high-level question. Can you go over the four segments and perhaps describe the level of competitiveness in each one? For example, market share, who are the main other players, just to give us a sense of the competitive dynamics. Sure, we can do that. And I'm thinking that it might be good to just touch with each of the business leaders, to actually give you the best sort of insight there. We can start with our information security and encryption business. David Schmolke, if you want to make some high-level comments about that? Yeah. Thank you, Susan. So, yeah, so what we see, if you look at the high assurance, Type 1 encryption market, it's a rather small community of players. Viasat entered this space, around the 2004 timeframe, with our first certified product. From that, we've grown into a product portfolio that now covers not just network encryption across land, sea, and air, but also moving on to enterprise networks, space networks, both ground and space flight. And so we've been able to demonstrate an ability to be able to continue to grow and penetrate new markets. And some of that has been in a very light market in terms of other players in this space. Over time, you know, we're going to continue to pursue and grow into more areas, but that's, you know, Viasat has a fair amount of market share. We have large market share with our GEO encryptors, our ground space satellite encryptors, and we have large market share today in our enterprise crypto market, and we continue to grow and expand more in our HAIPE inline network encryptors as well. Thanks, David. Mike, I'm turning over to Mike Maughan now, who's also on the Q&A panel and heads up our Space and Mission Systems group. Mike, would you like to talk about your business area similarly? Sure, Susan. Thank you. Yeah, as everyone knows, space is a pretty rapidly growing market and lots of new entrants as well as traditional entrants. So we tend to compete with, and sometimes prime, with the large defense primes. We also compete with new space companies that are coming into the market, depending on the specific opportunity. We even partner and work with each of those, both new space as well as primes. But given the kind of unique nature of Viasat's commercial experience, as well as its defense heritage, we feel like we can compete on a different playing field, depending on where it is. So, you know, on the legacy front, we can leverage our commercial best practices and the ability to provide commercial services, for example, orbital communications. And so we feel that's an advantage against some of the traditional primes. And then when you look at some of the new space competitors, we feel like our defense heritage, the ability to have a cleared workforce, cleared facilities, and, you know, trust with certain communities, that experience enables us to kind of a competitive advantage against some of these new space entrants. So holistically, we kind of like our position in the growing space market, and, you know, we're looking forward to trying to grow that business. Thanks, Mike. I'll turn it over to Kent Leka, who heads up our Antenna Systems group in Duluth, Georgia. Kent, would you make some comments? Yeah, great. Thank you, Susan. Appreciate the handoff. I would say, for the antenna system business, part of our strategy is to really focus on the areas where we can differentiate, you know, some of our unique capabilities. So kind of shape the market and look at it from that perspective. And so from the areas where we play, we think we participate well in probably the 30%-40% market share. And again, I condition that with the fact that we're pretty careful about what we go after and how we actually define the market in which we participate. So as far as competition, we've got, you know, two or three competitors really that we see in our market space. One of them we used to be a part of General Dynamics, the SATCOM group. They were since sold off to a private equity group. And the other used to be a part of L3Harris, and they too were subsequently sold off to a private equity group. So and then we've got a couple. Those were both domestic, and we have a couple internationals as well, but, fairly small competitive market that we participate in. Susan? Yeah, thanks, Kent. I appreciate that. Metin, from TrellisWare, would you care to comment as well, please? Sure. So obviously, competition exists. We're in the waveform and radio business, and everyone is always trying to show their U.S. waveforms, U.S. radios to the U.S. Army, to U.S. Marine Corps, internationally as well. One unique situation that TrellisWare is in, and this goes back to the earlier question, in terms of how long the sales cycles are. When the U.S. Army buys, for example, as was one of the case studies before, they buy radios in large programs of record. And these programs are worth it. The HMS program is worth probably close to $20 billion in the life of the program, and it's a +10 year program, right? So the sales cycle to get into a program like that is long. It took TrellisWare probably anywhere from three to five years to convince them that this was the waveform they wanted. Then they had to do a little testing to make sure that this waveform worked and met all their concept of operations and all that kind of stuff. So at the end of the day, they make, for example, TrellisWare a requirement, right? So if you're at a prime, such as L3Harris Communications, Collins Aerospace, and you want to provide, and you're providing as the prime, your radios to the U.S. Army under this HMS program, you have to have TrellisWare's technology as part of it, otherwise you cannot sell your radio, right? So what that does to us, though, is for the winners, and in this case, TrellisWare was the winner. Then, even though there is a lot of competition from outside, if you're part of this large program of record and if you're a requirement, then it puts you in a rather unique position. It's similar actually, if you look at large defense large ministries of defense that have the Marine Corps in the U.S. buys, that have Special Operations Command in the U.S. buys, that have the Ministry of Defense in the U.K. and Canada buys. We've been rather successful in getting our technology to be a requirement in those programs. As the primes sell their radios, we are going to be part of that. And sometimes it's a five-year program, sometimes it's a +15 year program. So in those areas, our position tends to be very, very strong. In addition to that, because we are part of these large programs of record, that essentially creates an ecosystem, and it has huge networking effects. So, for example, in the old days, they used to say, "Well, no one got fired for buying IBM." Well, when you're, say, in the Philippines and you're demonstrating your radios, your technology, your waveform technology to the Philippines army, one of the things is, if the U.S. Army has chosen you, right, then it has huge credibility when you can say, "Yes, this is what the U.S. Army is using. So if you buy this technology, you're essentially getting the technology that the U.S. Army has." So yes, there's lots of competition. That's why we are innovating, but at the same time, we are very comfortable with our position as well, which is rather unique in the space that we are in. Thank you. Okay, thanks, Metin. Edison, did you have a follow-up? Yes. No, that was very-- that was very helpful. The follow-up is probably a bit more simple question. So I know you have that graph or table with the 17% CAGR. How do you think that compares to the market, as in how much above market growth do you think that represents? Yeah, thanks for that. I would say that we, you know, we know that we are outpacing the market growth, because, you know, as we described, these markets are kind of large and stable markets. But in terms of exactness, let me turn that over to Lisa for further comment. Lisa, do you have that data available? Yeah. I'm sorry, Edison, can you repeat what you said? Context on that 17% CAGR. I know you're outgrowing the market, but is it, you know, is that, like, 15% better than market? Is that 10%? Any sense of how much above the market that you're growing? Yeah. I would just point you back to the market growth slides. I believe it was where we talked about the TAM. And it is a blended rate, but I would say it's comfortably above. I don't want to get ahead of myself because what's making it difficult is the lumpiness, and we've had some of the licensing revenue in there. But I would say it's, yeah, comfortably above. Your next. Again, if you, if you would like to ask a question, press star one on your telephone keypad. Your next question comes from Richard Prentiss with Raymond James. Thank you. Please go ahead. Yeah. Thanks, everybody. Obviously, a lot of details in the presentation really helps us unpack and understand a fairly complicated and diverse business. So this has been really, really helpful. I'm looking at slide 5, which I found very useful, and wanted to kind of piggyback on the prior question, too. Like, if we take slide 5 and say, you know, who would the top competitors be for those customers that you show in each one of these four silos? Is there any way to kind of lay out either company names or more specific than you gave us with the previous answer? Just kind of helping us understand how to take that slide 5 and go to that next step of who you're competing against, primarily. Okay, Richard, and we can, we can circulate that around to the team as well. David, do you wanna expand more on the competition? Sure. So, yeah, if we bring it back to the high assurance encryption business, specific competitors we see in this space are General Dynamics, but we see others as well, like L3Harris, RTX, and Northrop Grumman. As I mentioned previously, this is a-- it's a small community. It's a small community of trust. Viasat's really proud of being a part of this community. Again, we entered it only twenty years ago. And it really is about developing intimacy and trust with the government agencies because you're protecting the nation's most important secrets, most important networks and systems that are critical to the country's mission. To be a part of that small community and to grow as much as we have over the last twenty years and expand well beyond just network encryption, now into space and across other platforms, we're, again, very proud of that heritage and very excited about the continued growth. Any others down the list? Okay. You know, let's go over to Mike. Mike, do you wanna expand a little bit more on competition in SMS? Sure, Susan. So, in a number of the restricted space and other realms, we tend to, you know, very similar to what David communicated, is we compete with a number of the primes: General Dynamics, Northrop Grumman, and Lockheed Martin. But we also partner with them. We have some critical component technologies that we provide into that. But this is a very trusted group, and we feel, you know, privileged to be a part of that and have been working in that realm for a couple of decades now, and think we've got a fairly good moat around some of the differentiated technologies around special communications and some of the intersatellite link technologies that we have. As you look at more commercial capabilities, like, the TDRS replacement, as that gets sunsetted, a recent announcement with NASA basically said any new missions now are gonna be adopting commercial communication services, and so NASA, very similar to how they've done in commercial crew, commercial launch, they are now doing that in communication services. They have a NASA Communications Services Project, which is a funded Space Act Agreement. There are six competitors out there. Actually, five now that Viasat and Inmarsat, Viasat purchased Inmarsat. So, you can see the competitors there that we are competing against. We like our position for some of the orbital communication services, both for the Ka-band and L-band that Susan had mentioned in her brief. But that's certainly gonna be, you know, a competitive market, but we, you know, we feel confident in our ability to play there. We're also looking at future technologies beyond RF, around free space optics, and think we have some interesting advantages in that realm as well, to play. So, you know, we're largely playing in that kind of, I would say, traditional defense contractor market, where we can be an enabler as well as a competitor. And then in some of the more new space-type markets, we tend to compete with a lot of the new folks coming in. You know, you see Amazon Kuiper, SpaceX, as well in those spaces. Thanks, Mike. How about you, Kent? Can you talk a little more about competition that you're looking at? Yeah, sure. I, Thank you for that. So I would say the three biggest competitors we have in the market are CPI, a company called Datron, and then one of the divisions within Safran, used to be Zodiac. Those are kind of the three main ones. And I think I spoke earlier that, you know, one came from General Dynamics, the other from L3Harris, and then again, one owned by Safran. So they-- that's our competitors. That, that's mostly who we see. And then for our customer base, say about half of our revenue currently is with, classified end users. And as Susan mentioned earlier, our channel. So some of that is through some of the big primes. So you got Lockheed, Raytheon, General Dynamics, Boeing, Peraton, you know, some of the big players there. And then the other half of our business is split between some international work. We do quite a bit of international work, a lot of business in India. And then some of the large constellation operators, like OneWeb, who we've been providing, large constellation ground stations to those guys. So, that kind of gives you a flavor then for who our competitors are and majority of our customers. Back to you, Susan. Thanks, Kent. And Metin Bayram, can we hear a little more from you on competition, specifically? Sure. A s I mentioned, a key part of our business model is rather than trying to sell a lot of hardware, we try to get our technology to be a required technology. We have a very, very differentiated waveform. Actually, all of our waveforms are extremely differentiated from competition. So once you get into these large programs of record, and you know, they are mostly shipped by these large primes: L3Harris, TDSI, Thales Communications, Rockwell, you know, Collins Aerospace. So at a high level, we can say that our competition is any company that provides waveforms, or companies that provide both waveforms and radios. So that's kind of on the one hand. But on the other hand, a lot of these companies, they are big partners of ours as well, because the reason that they are shipping radios to these large programs of record, whether it's in the U.S. or outside of the U.S., is because they have the right to carry our technology in them. So again, you know, L3Harris, you know, it is a competitor that we consider definitely on the waveform side. But on the other hand, they're our largest partner as well, because most of the instantiations of our technology comes from them, given that they're the largest, probably, communications gear provider in the defense sector. There are also other few others companies in the U.S. that are private companies that provide their own technologies also to the same end customers that we do. However, they do not have the right large install base that we have and the strong relations and the strong partnerships with these large primes. So I would say again it we do feel quite comfortable at being in that position. It obviously took a long time to get to that point. As I mentioned, in some cases those sales cycle if that's you would call them would be almost half a decade. Thank you. Yeah. Thanks, Metin. Susan, one other or two other quick ones for you. That was very helpful. You mentioned early on in the presentation low capital intensity. What kind of level of capital intensity do you see at these four different silos on slide five? And how many of them then rely on capital intensity from the comm services side? I'll talk in general about, you know, CapEx for these businesses. And you know, I did mention it, and we do invest in all of these businesses through both R&D and CapEx. So far, the investments have generated pretty good returns for Viasat. And a lot of times, the R&D that we invest is really co-funded by the customer. So a government agency will invest alongside Viasat to develop the technology or the capability that they need. We also talk about these businesses as a really differentiated and different from the Communication Services side of the house, because these are fairly CapEx light. You know, you get the partial funding from the customers, and when you compare this to the infrastructure and capability on orbit needed for the communication segment, which we're operating two global fleets of satellites there, the DAT segment is particularly, you know, pretty, you know, low CapEx intensity. In terms of actual dollars, I could turn that over. I don't know if Lisa, you have numbers that you would share on that, or do we not break that out? No, we don't provide. Yeah. No, we don't do CapEx by segment. But, y ou know, we--o r was there a follow-up question? Just, you know, directionally, obviously, much lower capital intensity as far as CapEx divided by revenues. Much lower. Yeah. Yeah. Right. And last one for me. Apologize for this one, but obviously, private equity was brought up a couple times in some of the competitive dynamics. What are the advantages for some of your competitors to go into private equity, or what are the disadvantages of private equity trying to become involved here? Again, I would turn that over to Lisa for comment. Yeah, actually, I'm gonna ask Kent, 'cause Kent and I were just having a conversation about this. He's seen this in his business. Kent, would you mind speaking to what you're seeing there? No, it's a great question, and thanks for handing it over to me, Lisa. So, you know, I'll talk a little bit in generalities because obviously, you know, each case is somewhat unique and over time, things change. What we've experienced, and I think we're benefiting from, to a degree, is that, you know, a lot of times when these companies kind of get moved into a private equity ownership, that they -- we're seeing less - in some cases, we're seeing less investment in the long term, less investment in, you know, the next generation technology, and perhaps more investment in, the current verticals, that makes sense for the nearer term. And so, you know, we look at things and always have from a long time. I mean, we've been in this business since the 1960s. So we obviously have been here a long time, and we look at the long run when we make those kinds of investments. And so I just think, you know, again, without pointing any individual company out, a competitor out, I just think we get some advantage in being able to think longer term and invest for the longer term, and that seems like an advantage. But for us, now, an advantage for them, I really couldn't speak to. I haven't been a part of that. We've always been a part of Viasat. So, Lisa, anything else? No, that was perfect, Kent, as always. Okay. I believe we have one more question or a question on the line, and then after that, we had a question come in online that I'll ask Dave to read and address, but Meg, I believe Mike Pace is on the line if we wanna open it up for him, please. Your next question comes from Mike Pace with J.P. Morgan. Please go ahead. Taking the question. I'm wondering if you could just talk about the, I think you called it the government modernization replacement cycle. I think you said that it could be over ten years, and I'm just wondering, just seems like a pretty important product, encryption that is. So is that? Can you quantify that? What that could be from kind of, revenues for you, and is it, how important could it be front-end loaded or kind of more linear as you see it? And then I have a follow-up. Okay, thanks. I mean, we can definitely talk more about that modernization effort and how the cycles are being compressed. As Dave pointed out earlier, you know, more like IT upgrades that occur, you know, frequently rather than in such long periods of time because of the cyber threats becoming more sophisticated and growing rapidly. But I will ask Dave to talk a little bit more about, you know, the cycle moving from the 10-year to a much shorter period, and how that kind of enables our business to generate additional revenue and, you know, to keep our product line refreshed and put it out to market as quickly as possible. Yes. Thank you, Susan. And to clarify that, yeah, the 10-year cycle is what historically it has been. What we're expecting, what we're seeing, and how the governments are messaging it and starting to plan budgets, we're expecting that to cut around half. And as Susan alluded to, that's being driven by the increased nature of the cyber threats that are out there and the recognition that the speed of upgrade of this kind of technology, given its critical importance into our infrastructure, needs to move at a speed that keeps up with the pace of that threat. This is going to come in the form of hardware upgrades coming more quickly. And as a result of that, you asked about numbers. We're expecting double-digit type of growth that's gonna be driven by that network modernization, but another key component of this is the pace of software updates. We're gonna start to deploy that at a much more rapid pace, more in line with what you see in your traditional IT model today, and so consistent with that, we would expect also additional revenue streams supporting the services with that, so just like you see now, where IT hardware is often sold with software-based licenses, that includes rapid software updates and product support, that's now a growth opportunity for Viasat in order to be able to expand revenue streams into that services play as well, on top of the more rapid hardware cycle. Did you get answer to your question? It did. Thank you, and then I guess on some past maybe conference calls, one or two, and even in your recent shareholder letter, I think you, the company has talked about the potential for looking at some non-core assets and what strategic value they may have, maybe to others. So I'm just wondering if you could talk about that, and I think some of those businesses are within, you know, defense and advanced technology. Can you just discuss maybe any updated thoughts there or anything that you'd like to share? Sure. Let me hand that question over to Lisa, because you're right, we have previously made some relevant comments there. Lisa, would you talk to that, please? Yeah, absolutely. Thanks, Susan, and thanks for the question, Mike. Yeah, we don't have anything to announce today, but to your point, we have stated that we continue to groom our business portfolio to the highest leveraged satellite network technologies that, as you saw today and heard from us today, attract many customers and partners and ultimately yield attractive recurring service revenues. But yeah, this process could include those non-core portfolio monetizations, and I'll just leave it at that, but nothing to announce today. I do hope, though, that you all take away how much value is in this portfolio and hopefully start to reward us for that. Okay, thanks. Thank you. Thanks, Mike. Yeah. Dave, maybe back to you. If you have that question that came in online, if you wouldn't mind reading it and then providing an answer, please. Yeah, not at all. So the question that came in is: Can you discuss Viasat's encrypted communications portfolio and how it interacts versus programs like U.S. Space Force Evolved Strategic SATCOM or SDA Tranche 2 Beta? So yeah, so to answer that, this is a good opportunity to kind of talk about Viasat's history in this market. Again, I've mentioned a few times, we entered this market with a single product as a network encryptor. This is, you know, I hate to use the cliché of skating to the puck, but I think we have a few examples of doing that here, where at the time we entered that market, you know, the predominant encryption technologies were what they call link encryptors. These were solo encryptors that were used, you know, primarily with low data rate type radios. Viasat saw the market moving towards IP-based encryption and the movement towards putting highly classified networks up on traditional IP networks. After that, Viasat then recognized an opportunity towards the need for high-speed cryptos, driven by the movement of classified cloud networks to commercial classified solution providers. And then, of course, what we're seeing playing out today in the market is with the movement towards generative AI, that's driving even more cloud demand growth and providing the need for even more cloud services, and Viasat, with investments we made many years ago in high-speed encryption at the layer two, now enables that capability out there for US government needs. Space is now in a similar situation. Viasat, a number of years ago, has developed and is a market leader in delivering ground-based encryptors that talk to satellites. And this is both over the telemetry tracking and control links, protecting those communication links that control the satellite, but also the data link that's used to communicate the data path over to the satellite as well. More recently, we've also now have won work in the area of space encryption, and this gets back to the question. I can't get into specifics of the programs, but I can tell you we're in development of high assurance encryption products for satellite embedment, both satellites operating at GEO, which you know a program like you're alluding to here operates at, but also satellites that operate at LEO. Viasat has offered some interesting differentiation here that we've been developing over a number of years to position ourselves to deliver capability for now satellite technology communications. This is an interesting market and yet another example of skating to the puck. As you see, the proliferation of LEO satellites for both commercial and DoD use, and particularly the DoD use applications, is driving a large demand for high assurance encryption solutions. No longer can we tolerate, you know, inferior or software-based solutions for these critical networks that are used in all sorts of mission-critical applications, and so we see this as yet the next tier of growth within our high assurance business, so going from, again, catching that wave of network encryption, catching that wave of cloud encryption, now with the opportunity to catch that wave of space encryption. Thanks, Dave. I will turn the program back over to Susan Miller for closing comments. Thank you. Yes, I'd like to conclude with just a few remarks, and then to reiterate, Viasat's commitment to defense is not just a strategic choice, it's really where we came from, and it's who we are. As I mentioned earlier, I'll mention again, defense is really in our DNA. Our defense and advanced technology segment is at the forefront of innovation, addressing critical needs in Information Security, Tactical Networking, Space and Mission Systems, and emerging technologies like direct-to-device communications. We're leveraging our global infrastructure and vertically integrated capabilities to deliver comprehensive solutions that meet the complex demands of our government customers worldwide. Our focus on secular growth drivers, coupled with our ability to capitalize on cross-segment synergies, positions us uniquely in the rapidly evolving defense and space markets. As we look to the future, Viasat remains dedicated to driving profitable growth and delivering value to our investors. We're not just responding to market trends, we're shaping them. Our track record of consistent growth, major contract wins, and strategic investments in cutting-edge technologies underscores our strong market position. With defense as a strategic priority, we're poised to continue our trajectory of innovation, excellence, and long-term success in this dynamic sector. At Viasat, we don't just serve the defense market. We embody its spirit of constant advancement and unwavering commitment to security. This is who we are, and this is how we'll continue to lead in the defense and technology sectors for years to come. Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.