Narrow market for satellite broadband services. Significant revenue concentration from the U.S. government, which currently accounts for about 31% of revenue. Growth opportunities stemming from ViaSat-2, which has additional capacity and speed capabilities. Favorable mix between residential, mobility, and government customers insulates the company from declining prices for traditional network services, which has been affecting legacy global satellite service providers. Leverage in the low-5x area in fiscal year 2019 (FY19) improves to the low-4x area in fiscal year 2020 (FY20) due to meaningful EBITDA growth. Elevated capital spending, primarily associated with the construction of ViaSat-3, results in negative free operating cash flow (FOCF) over the next few years. Sufficient liquidity to meet cash outflows over next 12 months. S&P Global
