Overview Key strengths Key risks Participation in growth verticals, including mobility and government systems. Intensifying competition, including from incumbent operators, terrestrial networks, and low earth orbit (LEO)-based operators. Leading provider of Kurtz-above (Ka)-band services in North America. High capital intensity results in significantly negative free operating cash flow (FOCF) for at least the next two years. Exposure to government systems contributes to earnings stability. Exposure to residential broadband, which faces increasing competition from LEO-based operators, fixed wireless, and subsidized fiber expansion. Solid mix among residential, mobility, and government customers. Execution risk associated with satellite launch delays or in-orbit failures. Viasat?s operating and financial performance has been weaker because of delays in the launch of Viasat-3 Americas (the first of three
