Viasat: ViaSat-3 F1 recovers <10% throughput; no replacement needed; free cash flow ahead of plan

VIASAT INC

ViaSat-3 F1 payload functional but less than 10% of planned throughput expected; insurance coverage $420M in place.
No replacement satellite required; company confident in meeting mobility customer needs with fleet and other mitigations.
Inmarsat synergies ($80M opex, $110M capex annually) now fully realized in FY25, ahead of original three-year plan.
FY25 capex forecast $1.4-1.5B; positive free cash flow inflection expected in 1H calendar 2025 (vs prior 2H).
Reaffirmed FY24 revenue growth high single-digits and Adjusted EBITDA growth; liquidity >$3B as of Sept 30, 2023.

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