MDA Space Ltd. (MDA) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to MDA Space Limited conference call and webcast. This call is being recorded on November 14, 2025, at 8:30 a.m. Eastern Time. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. (Operator Instructions)

各位女士、先生，早安，歡迎參加 MDA Space Limited 的電話會議與網路直播。本次會議將於 2025 年 11 月 14 日美東時間上午 8:30 錄音。簡報結束後，我們將進行問答環節。屆時將提供指示，說明如何排隊提問。(接線員指示)

I'd now like to turn the conference over to Shereen Zahawi, Head of Investor Relations at MDA Space. Please go ahead.

現在我想將會議交給 MDA Space 投資人關係主管 Shereen Zahawi。請開始。

Thank you, operator. Good morning, and welcome to MDA Space third-quarter 2025 earnings call. Mike Greenley, our CEO; and Guillaume Lavoie, our CFO, will lead today's call and share some prepared remarks before taking your questions. A couple of housekeeping items before we begin. Today's call is accessible via webcast on our Investor Relations website.

謝謝，接線員。各位早安，歡迎參加 MDA Space 2025 年第三季財報電話會議。我們的執行長 Mike Greenley 與財務長 Guillaume Lavoie 將主持今天的會議，先分享一些事先準備的發言，之後再回答各位的提問。在開始之前，有幾項例行事項說明。今天的會議可透過我們投資人關係網站的網路直播收聽。

All our disclosures, including the press release, MD&A and financial statements are available from our Investor Relations website and from SEDAR+. I would also like to remind you that today's call will include estimates and other forward-looking information, which may differ from actual results. Please review the cautionary language in today's press release and public filings regarding various factors, assumptions and risks that could cause actual results to differ.

我們所有揭露資訊，包括新聞稿、管理階層討論與分析（MD&A）及財務報表，均可於我們的投資人關係網站及 SEDAR+ 查閱。我也要提醒各位，今天的會議將包含估計及其他前瞻性資訊，實際結果可能與之不同。請查閱今日新聞稿與公開申報文件中的警示性語句，了解可能導致實際結果不同的各項因素、假設與風險。

In addition, during this call, we will refer to certain non-IFRS financial measures. Although we believe these measures provide useful supplemental information about our financial performance, these measures do not have any standardized meaning under IFRS, and our approach in calculating these measures may differ from that of other issuers and therefore, may not be directly comparable. Please see the company's quarterly report and other public filings for more information about these measures, including reconciliations to their nearest IFRS measures.

此外，在本次會議中，我們將提及若干非 IFRS 財務衡量指標。雖然我們認為這些指標可提供有用的補充資訊以說明我們的財務表現，但在 IFRS 下並無標準化定義，且我們的計算方式可能與其他發行人不同，因此未必可直接比較。關於這些指標的更多資訊（包括與最接近的 IFRS 指標之調節），請參閱本公司季度報告及其他公開申報文件。

And with that, it's my pleasure to turn the call over to Mike.

接下來，我很高興將會議交給 Mike。

Thank you, Shereen. Good morning, everyone, and thank you for joining us today to discuss our third quarter 2025 financial results. In Q3, the MDA Space team delivered another quarter of strong financial performance with double-digit growth in both revenue and profitability. Our revenues totaled $410 million, up 45% year-over-year.

謝謝你，Shereen。各位早安，感謝今天加入我們，一同討論 2025 年第三季的財務結果。在第三季，MDA Space 團隊再次交出強勁的財務表現，營收與獲利能力皆達到雙位數成長。我們的營收合計為 4.10 億美元，年增 45%。

Adjusted EBITDA was $83 million, up 49% year-over-year, and adjusted EBITDA margin was a solid 20.2%. Operating cash flow was healthy at $33 million, and we ended the quarter with a strong balance sheet. Our backlog of $4.4 billion at quarter end provides revenue visibility for 2025 and 2026 and beyond.

調整後 EBITDA 為 8,300 萬美元，年增 49%，調整後 EBITDA 利潤率穩健達 20.2%。營運現金流健康，為 3,300 萬美元，我們在季末以強健的資產負債表作結。季末 44 億美元的在手訂單（backlog）為 2025、2026 及更長期提供營收能見度。

Q3 and the subsequent period was a busy one for MDA Space. In early July, we closed the previously announced acquisition of SatixFy Communications, a leader in next-generation satellite communication solutions based on in-house design chipsets. SatixFy's operations and full technology portfolio is now part of the Satellite Systems business area of MDA Space and integration activities are well underway.

第三季及其後續期間對 MDA Space 而言相當忙碌。7 月初，我們完成先前公告的 SatixFy Communications 收購案；SatixFy 是以自研晶片組為基礎、提供次世代衛星通訊解決方案的領導者。SatixFy 的營運與完整技術產品組合現已納入 MDA Space 的衛星系統（Satellite Systems）業務領域，整合作業正順利推進。

As you know, during the quarter, we also announced our selection by EchoStar to be the prime contractor on a new low Earth orbit direct-to-device satellite constellation valued at approximately USD1.3 billion, whereby MDA Space was tasked with the design, manufacture and testing over 100 software-defined MDA AURORA direct-to-device satellites.

如各位所知，本季期間我們也宣布獲 EchoStar 選定為一項新的低地球軌道（LEO）直連裝置（direct-to-device）衛星星座計畫的總承包商，合約價值約 13 億美元；MDA Space 負責設計、製造與測試超過 100 顆軟體定義的 MDA AURORA 直連裝置衛星。

EchoStar subsequently terminated the contract for convenience in September 2025. As per our contract, MDA Space is entitled to and expect to be compensated for all related termination costs and fees and is in discussions to finalize that contract termination agreement. While we are disappointed with the EchoStar development, as we have said previously, it is unrelated to MDA Space performance and our products and services. These remain in high demand.

EchoStar 隨後於 2025 年 9 月以「便利終止」（termination for convenience）方式終止該合約。依據合約，MDA Space 有權並預期將就所有相關終止成本與費用獲得補償，目前正就完成該合約終止協議進行討論。我們對 EchoStar 的發展感到失望，但如先前所述，這與 MDA Space 的表現以及我們的產品與服務無關。我們的產品與服務仍然需求強勁。

In events and forums around the world this fall, we continue to be encouraged by the high level of customer interest we are seeing in our space technology, which is uniquely positioned to serve the emerging and evolving needs of the space market.

今年秋季在全球各地的活動與論壇中，我們持續受到鼓舞，因為我們看到客戶對我們太空技術的高度興趣；我們的技術具備獨特定位，可滿足太空市場新興且不斷演進的需求。

We are also pleased and honored to be named the 2025 Global Satellite Business of the Year by Novaspace and presented with the award, which celebrates excellence in satellite business at the annual -- at the annual World Space Business Week in Paris this past September. I want to take this opportunity to congratulate and thank our MDA Space team for their commitment, expertise and award-winning industry leadership.

我們也很高興並深感榮幸，獲 Novaspace 評選為「2025 年全球年度衛星企業」（2025 Global Satellite Business of the Year），並於去年 9 月在巴黎舉行的年度世界太空商業週（World Space Business Week）上頒發此獎項，以表彰衛星產業的卓越表現。我也藉此機會恭賀並感謝 MDA Space 團隊的投入、專業，以及屢獲獎項肯定的產業領導力。

Subsequent to quarter end, we announced a $10 million equity investment in Maritime Launch Services, a Canadian-owned commercial space company that is developing Spaceport in Nova Scotia, Canada's first commercial orbital launch complex. The investment will help accelerate the Spaceport's readiness for orbital launch operations, providing reliable domestic launch capability for commercial, civil government and defense clients in Canada.

在季末之後，我們宣布對 Maritime Launch Services 進行 1,000 萬美元的股權投資。該公司為加拿大持有的商業太空公司，正在新斯科細亞省開發太空港（Spaceport），也就是加拿大第一座商業軌道發射基地。此投資將有助於加速太空港達到軌道發射營運的就緒狀態，為加拿大的商業、民用政府與國防客戶提供可靠的國內發射能力。

We are also reaffirming our previous 2025 full year outlook, which we provided with our Q2 2025 earnings release with full year revenues expected to be between $1.57 billion and $1.63 billion representing year-over-year growth of approximately 48% at the midpoint of guidance and full year adjusted EBITDA expected to be between $305 million and $320 million, representing year-over-year growth of approximately 45% at midpoint of guidance. We look forward to delivering another year of solid financial performance in 2025.

我們也重申先前對 2025 全年展望（於 2025 年第二季財報新聞稿中提供）：預期全年營收介於 15.7 億至 16.3 億美元，以指引中點計算年增約 48%；預期全年調整後 EBITDA 介於 3.05 億至 3.20 億美元，以指引中點計算年增約 45%。我們期待在 2025 年再度交出穩健的年度財務表現。

I want to take a moment to speak to what we see as an increasing market opportunity for MDA Space related to the growing focus on defense investment as NATO countries rapidly move to reinvest to build capabilities and infrastructure. With the space domain increasingly recognized as a critical domain for defense and security, we believe MDA Space is well positioned for this opportunity to extend our mission capabilities and support the strategic sovereignty and security requirements of Canada and its partners and allies.

我想花點時間談談我們所看到、與 MDA Space 相關且日益增加的市場機會：隨著北約國家迅速推動再投資以建構能力與基礎設施，國防投資的關注度正在提升。隨著太空領域日益被視為國防與安全的關鍵領域，我們相信 MDA Space 已做好準備把握此機會，延伸我們的任務能力，並支援加拿大及其合作夥伴與盟友在戰略主權與安全方面的需求。

We are in the early days of a new and what is projected to be a prolonged investment cycle. We are noticing a change in pace and intensity of defense space conversations and are actively engaged in these discussions. I'll now give you an update on our three business areas and then pass it to Guillaume for a deep dive on the financials. In Satellite Systems, we continue to see good momentum in this market with our teams working to advance multiple requests for communication satellite solutions and a growing number of constellation projects from multiple markets and geographies.

我們正處於一個新投資循環的早期階段，而該循環預期將持續相當長一段時間。我們注意到國防太空相關對話的節奏與強度正在改變，並正積極參與這些討論。接下來我將更新我們三個業務領域的進展，然後交給 Guillaume 深入說明財務細節。在衛星系統方面，我們持續看到市場動能良好；團隊正推進多項衛星通訊解決方案的需求案，以及來自多個市場與地區、數量日增的星座計畫。

We are also seeing good activity levels from customers, and our opportunity funnel remains strong. In Q3, our teams were busy advancing work on our programs. On the Telesat Lightspeed program, our teams are currently working on the program's detailed engineering and manufacturing preparation phase, including the critical design review, which is taking place this year.

我們也看到客戶活動水準良好，商機管道（opportunity funnel）仍然強勁。在第三季，我們的團隊忙於推進各項計畫的工作。在 Telesat Lightspeed 計畫上，我們的團隊目前正進行該計畫的詳細工程設計與製造準備階段，包括今年進行的關鍵設計審查（critical design review）。

The team is also advancing work on the Globalstar next-generation LEO constellation, where MDA Space was selected as the prime contractor to manufacture more than 50 MDA AURORA software-defined digital satellites. The team is making good progress on the engineering, development and procurement activities for the program and is progressing work related to the critical design review milestone.

團隊也正在推進 Globalstar 下一代 LEO 低地球軌道星座的相關工作，其中 MDA Space 已被選為主承包商，負責製造超過 50 顆 MDA AURORA 軟體定義數位衛星。團隊在該計畫的工程、開發與採購活動方面進展良好，並持續推進與關鍵設計審查（CDR）里程碑相關的工作。

In July, our Satellite Systems team also achieved an industry first by demonstrating digital beam forming and steering multiple beams with Ka-band direct radiating arrays using direct sampling. These are among the key features of the MDA AURORA Ka-band DRA and the demonstration marks a key milestone in the development of the digital payload technology for the MDA AURORA software-defined product line.

7 月，我們的衛星系統團隊也達成業界首創，透過直接取樣（direct sampling）使用 Ka 頻段直接輻射陣列（DRA）展示數位波束成形，並可轉向多個波束。這些是 MDA AURORA Ka 頻段 DRA 的關鍵特性之一，而此次展示也標誌著 MDA AURORA 軟體定義產品線之數位酬載技術開發的重要里程碑。

We also continue to advance work on the initial Globalstar program, where MDA Space is the prime contractor to enhance Globalstar's LEO constellation through the addition of 17 satellites, which support SOS features and direct-to-device communication on certain Apple products. In Q3, the team progressed flight hardware production.

我們也持續推進 Globalstar 初始計畫；在該計畫中，MDA Space 擔任主承包商，透過新增 17 顆衛星來強化 Globalstar 的 LEO 星座，這些衛星支援 SOS 功能，並在部分 Apple 產品上支援直連裝置（direct-to-device）通訊。在第三季，團隊推進了飛行硬體的生產。

The team continues to advance final satellite integration and test work with nine spacecraft currently on the shop floor in our Montreal facility. Due to delays resulting from a number of factors, including the supply chain, the delivery of these satellites is now expected in early 2026. We are currently in discussions with Globalstar to address any potential liquidated damages that might result from this delay.

團隊持續推進最終衛星整合與測試工作，目前在我們蒙特婁廠區的產線上有 9 艘太空器正在進行作業。由於包含供應鏈在內的多項因素造成延誤，這些衛星的交付目前預期將落在 2026 年初。我們目前正與 Globalstar 討論，以處理此延誤可能導致的任何約定損害賠償（liquidated damages）。

It's important to note that our contracts with our supply chain are structured in a manner that embeds liquidated damage clauses as well. So we have recourse in the event of supplier delays. We're also making solid progress on our facility expansion in Montreal, Quebec, which will add 185,000 square feet to our existing satellite production facility.

需要特別指出的是，我們與供應鏈簽訂的合約架構中也同樣納入約定損害賠償條款。因此，若供應商延誤，我們仍有追索權。我們也在加拿大魁北克省蒙特婁的廠房擴建方面取得穩健進展，擴建將在現有衛星生產設施上新增 185,000 平方英尺。

A portion of the office space is now complete, and a number of engineers have moved in with great excitement. And we continue to finalize interior elements of the production facility, which remains on track to be completed this year. Once complete, it will be the world's largest high-volume manufacturing facility in its satellite class with capacity to deliver 2 MDA AURORA digital satellites per day.

部分辦公空間現已完工，許多工程師也興奮地搬入。我們持續完成生產設施的室內工程，並仍按計畫於今年完工。完工後，該設施將成為其衛星等級中全球最大的高產量製造基地，產能可達每日交付 2 顆 MDA AURORA 數位衛星。

Finally, in late October, 21 low Earth orbit satellites for the Space Development Agency's Tranche 1 Transport Layer were successfully launched from California's Vandenberg Space Force Base and MDA Space was part of this mission. We provided all Ka-band and L-band antennas as well as motor control electronics for the satellites. The SDA's Tranche 1 Transport Layer, a mesh network of 126 satellites will deliver resilient, low-latency connectivity to support military operations in the United States.

最後，在 10 月下旬，太空發展署（SDA）第一批次（Tranche 1）運輸層（Transport Layer）的 21 顆低地球軌道衛星已自加州范登堡太空軍基地成功發射，MDA Space 亦參與此任務。我們為這些衛星提供所有 Ka 頻段與 L 頻段天線，以及馬達控制電子設備。SDA 的 Tranche 1 運輸層是一個由 126 顆衛星組成的網狀網路，將提供具韌性、低延遲的連線能力，以支援美國的軍事行動。

Our technology plays a key role in enabling secure and reliable communication across the constellation. Congratulations to everyone involved in making this achievement possible. Moving to our Robotics & Space Operations business. We continue to see good traction and activity levels on both the government and commercial fronts. In Q3, we continued to ramp up work volumes on Phase C of the Canadarm3 program, which we were awarded together with Phase D in 2024.

我們的技術在實現整個星座的安全且可靠通訊方面扮演關鍵角色。恭喜所有參與並促成此項成果的同仁。接著談到我們的機器人與太空營運（Robotics & Space Operations）業務。我們持續在政府與商業兩端看到良好的動能與活動水準。在第三季，我們持續提升 Canadarm3 計畫 C 階段（Phase C）的工作量；該計畫的 C 階段與 D 階段（Phase D）於 2024 年一併授予我們。

During the quarter, our teams were busy actively building and testing engineering models of the system elements. Phase C will see us completing the final design before we move on to Phase D, which will see the construction, system assembly, integration and test of the full robotic system as well as a ground segment for command and control.

本季期間，我們的團隊忙於積極建置並測試系統各要素的工程模型。在 C 階段，我們將完成最終設計，之後進入 D 階段；D 階段將進行完整機器人系統的建造、系統組裝、整合與測試，並建置用於指揮與控制的地面段。

We also announced in July that an MDA Space-led team was selected by the Canadian Space Agency to conduct an early phase study for Canada's proposed Lunar Utility Vehicle or LUV. Recall that the 2023 CSA -- recall that in 2023, CSA announced $1.2 billion in funding for a Canadian utility rover that would be contributed to the Artemis program and would support human exploration on the lunar surface.

我們也於 7 月宣布，由 MDA Space 領軍的團隊獲加拿大太空總署（CSA）選定，為加拿大擬議的月球多用途車（Lunar Utility Vehicle，LUV）進行早期階段研究。提醒一下，CSA 在 2023 年宣布提供 12 億美元資金，用於加拿大的多用途月球探測車；該探測車將貢獻於 Artemis 計畫，並支援人類在月球表面的探索。

This initial phase study is a first critical step in defining the LUV mission concept and technology development plan. As part of this effort, the team will integrate MDA SKYMAKER, our full suite of scalable and modular space robotics derived from Canadarm technology, paving the way for scalable autonomous mobility solutions on the lunar surface.

此初始階段研究是界定 LUV 任務概念與技術開發計畫的第一個關鍵步驟。作為此項工作的一部分，團隊將整合 MDA SKYMAKER——我們源自 Canadarm 技術、完整且可擴展與模組化的太空機器人套件——為月球表面可擴展的自主移動解決方案鋪路。

Moving to our Geointelligence business. Customer demand for our Earth observation offering remains robust, and we are seeing increased recognition of the role that commercial Earth observation satellites can play to provide near real-time data and analytics to governments and private enterprise.

接著談到我們的地理情報（Geointelligence）業務。客戶對我們地球觀測產品的需求仍然強勁，我們也看到外界對商業地球觀測衛星所能扮演角色的認知提升：可為政府與民間企業提供近即時的資料與分析。

Notable awards in Q3 include two contracts to equip the Royal Canadian Navy's Halifax-class ships and up to six new Uncrewed Aircraft Systems. Part of the Intelligence, Surveillance, Target Acquisition and Reconnaissance Uncrewed Aircraft System, known as ISTAR UAS project, these new systems will significantly enhance the Navy's ability to detect and monitor potential maritime threats, both at home and abroad.

第三季的重要得標包括兩份合約：為加拿大皇家海軍哈利法克斯級艦艇，以及最多 6 套新的無人航空系統（UAS）提供裝備。這些新系統屬於情報、監視、目標獲得與偵察無人航空系統（ISTAR UAS）專案的一部分，將大幅提升海軍在國內外偵測與監控潛在海上威脅的能力。

The award includes an acquisition contract valued at approximately $39 million for the initial procurement of two uncrewed aircraft systems with options to procure four additional systems and an in-service support contract estimated at $27 million over an initial five-year period to sustain operations with opportunities for extension beyond the initial period. We were also selected to deliver enhanced space situation awareness to the Department of National Defense.

該得標包含一份採購合約，初期採購 2 套無人航空系統，合約價值約 3,900 萬美元，並附帶可再採購 4 套的選擇權；另有一份在役支援合約，估計在初始 5 年期間約 2,700 萬美元，用以維持營運，並有機會在初始期間後延長。我們也獲選為國防部提供強化的太空態勢感知（space situation awareness）。

The standing offer awarded to MDA Space in partnership with Canadian-based Thoth Group underscores the growing importance of space domain awareness in safeguarding Canada's critical space assets amid a rapidly evolving and increasingly congested orbital environment. Building on MDA Space's proven legacy as a space domain mission partner and leveraging Thoth Group's initiative Earthfence radar capability, the new service integrates high-fidelity sensor data with secure cloud-based infrastructure optimized for tracking and assessing satellite and space objects in the geosynchronous belt, approximately 36,000 kilometers above the Earth surface.

MDA Space 與加拿大 Thoth Group 合作獲授予的常設供應安排（standing offer），凸顯在軌道環境快速演變且日益擁擠之際，太空領域感知（space domain awareness）在保護加拿大關鍵太空資產方面的重要性日增。在 MDA Space 作為太空領域任務合作夥伴的既有實績基礎上，並結合 Thoth Group 的 Earthfence 雷達能力，這項新服務將高保真感測器資料與安全的雲端基礎設施整合，並針對追蹤與評估地球同步帶（距地表約 36,000 公里）中的衛星與太空物體進行最佳化。

We also continue to advance work on MDA CHORUS. Our spacecraft electrical integration and testing activities continued, and we have all spacecraft units on hand. Solid progress was made in building and testing the SAR antenna panels, and we're building up the last of four panels in parallel with electrical and RF characterization and test activities of the second and third panels. On the ground segment side, the MDA Space team continues to track to development and release plans. Construction works also continues for a new mission control center from where MDA CHORUS will be operated.

我們也持續推進 MDA CHORUS 的相關工作。太空器電氣整合與測試活動持續進行，且我們已備齊所有太空器單元。在 SAR 天線面板的建置與測試方面取得穩健進展；我們正建置四片面板中的最後一片，同時並行進行第二與第三片面板的電氣與射頻（RF）特性量測與測試活動。在地面段方面，MDA Space 團隊持續依照開發與發布計畫推進。用於營運 MDA CHORUS 的新任務控制中心也持續施工中。

And while we are overall pleased with the performance of our supply chain, we have encountered some delays with certain units, which are impacting the program time line. As a result of those delays, we are now targeting a launch window for MDA CHORUS in late 2026. We are looking forward to deliver the constellation's enhanced functionality to our current and future customers with many active discussions of the future opportunities in our pipeline.

儘管整體而言我們對供應鏈表現感到滿意，但在某些單元上仍遭遇一些延誤，正影響計畫時程。受這些延誤影響，我們目前將 MDA CHORUS 的發射窗口目標訂在 2026 年下半年。我們期待將星座的強化功能交付給現有與未來客戶，並就管線中的未來機會展開多項積極洽談。

I also want to provide an update with respect to a proposed class action claim that MDA Space was served subsequent to quarter end. The allegations are related to the announcement and subsequent cancellation of the EchoStar constellation contract that was announced by MDA Space in the third quarter of 2025 and the sales by certain insiders of shares after the announcement of contract and before its termination. MDA Space believes the claims are without merit and intends to vigorously defend itself.

我也想就一項在季度結束後送達 MDA Space 的擬議集體訴訟索賠提供最新進展。相關指控涉及 MDA Space 於 2025 年第三季宣布、其後取消的 EchoStar 星座合約，以及在合約宣布後、終止前，部分內部人士出售股份的行為。MDA Space 認為該等索賠毫無根據，並擬積極為自身辯護。

With that, I'll hand it over to Guillaume to walk us through the financial details.

接下來，我把時間交給 Guillaume，請他帶我們了解財務細節。

Thank you, Mike, and good morning, everyone. For my update, I will walk you through our Q3 financial results and provide more details on our 2025 financial outlook. Overall, Q3 results were solid with growth in revenue and profitability and a strong balance sheet and backlog, providing us good revenue visibility for the remainder of 2025, 2026 and beyond. Total revenues for the third quarter were $410 million.

謝謝你，Mike，各位早安。在我的更新中，我將帶各位回顧我們第三季的財務結果，並提供更多關於 2025 年財務展望的細節。整體而言，第三季表現穩健，營收與獲利能力成長，資產負債表與積壓訂單亦強勁，為我們在 2025 年剩餘期間、2026 年及更長期提供良好的營收能見度。第三季總營收為 4.10 億美元。

This represents a $127 million or 45% increase over the same period last year. The year-over-year increase is driven by higher volumes of work performed in our Satellite Systems and Robotics & Space Operations businesses. By business area, revenues in Satellite Systems of $284 million in the third quarter were $116 million or 69% higher compared to the same period in 2024.

這較去年同期增加 1.27 億美元，或 45%。年增主要由我們的衛星系統以及機器人與太空作業業務中更高的工作量所帶動。按業務領域來看，第三季衛星系統營收為 2.84 億美元，較 2024 年同期增加 1.16 億美元，或 69%。

The growth was driven by the ramp-up of the Telesat Lightspeed program and the Globalstar next-generation LEO constellation program. In Robotics & Space Operations, revenue of $78 million in the latest quarter represented a $12 million or 18% increase versus Q3 of last year, driven by the continued ramp of Phase C of the Canadarm3 program. Revenues in our Geointelligence business of $48 million in the latest quarter were in line with our expectations and the levels reported in that business segment last year.

成長主要來自 Telesat Lightspeed 計畫與 Globalstar 下一代 LEO 星座計畫的產能爬坡。在機器人與太空作業方面，最新一季營收為 7,800 萬美元，較去年第三季增加 1,200 萬美元，或 18%，主要受 Canadarm3 計畫 C 階段持續爬坡所帶動。我們地理空間情報（Geointelligence）業務最新一季營收為 4,800 萬美元，符合我們預期，亦與去年該業務分部所報告的水準相當。

Moving to gross profit. For Q3, gross profit was $108 million, representing a $32 million or 43% increase over the same period last year, again driven by higher volumes of work. Gross margin in the latest quarter was 26.4% and compares to 26.8% for the same period in 2024. Adjusted EBITDA in the latest quarter was $83 million compared to $56 million in Q3 2024, representing an increase of $27 million or 49% year-over-year, again, driven by higher work volumes as we continue to execute on our backlog.

接著談毛利。第三季毛利為 1.08 億美元，較去年同期增加 3,200 萬美元，或 43%，同樣是由更高的工作量所驅動。最新一季毛利率為 26.4%，相較 2024 年同期的 26.8%。最新一季調整後 EBITDA 為 8,300 萬美元，2024 年第三季為 5,600 萬美元，年增 2,700 萬美元或 49%，同樣受更高工作量帶動，因我們持續執行積壓訂單。

Adjusted EBITDA margin was 20.2% in the latest quarter, consistent with the company's full year margin guidance of 19% to 20% and compares to adjusted EBITDA margin of 19.7% reported in the third quarter of 2024. Adjusted net income for Q3 was $46 million compared to $35 million in the same period last year.

最新一季調整後 EBITDA 利潤率為 20.2%，與公司全年 19% 至 20% 的利潤率指引一致，並高於 2024 年第三季所報告的 19.7%。第三季調整後淨利為 4,600 萬美元，去年同期為 3,500 萬美元。

The year-over-year increase of $11 million or 33% is primarily driven by higher operating income after adjusting for the amortization of intangibles expenses incurred in Q3 2025 and attributable to the SatixFy Communications transaction, which we've closed on July 2, 2025.

年增 1,100 萬美元或 33%，主要是因在調整 2025 年第三季發生、且可歸因於 SatixFy Communications 交易的無形資產攤銷費用後，營業利益提高；該交易已於 2025 年 7 月 2 日完成交割。

Moving to our backlog. We ended the quarter with $4.4 billion in backlog, a decrease of $185 million or 4% compared with the backlog as of September 30, 2024, driven by continued conversion of our backlog into revenue. Last 12-month book-to-bill ratio stood at 0.9 times at quarter end and our current backlog provides us with high revenue visibility for the remainder of 2025, 2026 and beyond that.

接著談積壓訂單。本季末我們的積壓訂單為 44 億美元，較 2024 年 9 月 30 日的積壓訂單減少 1.85 億美元或 4%，主要因我們持續將積壓訂單轉化為營收。過去 12 個月的接單出貨比（book-to-bill）於季末為 0.9 倍，而目前的積壓訂單為我們在 2025 年剩餘期間、2026 年及其後提供高度的營收能見度。

Moving to CapEx. We remain focused on making investments in the business to support our strategic growth initiatives. In Q3, we spent $70 million on capital expenditures compared to $53 million last year as we continue to progress our development of CHORUS, where most of the investment has been incurred. And other growth initiatives such as the expansion of our Montreal satellite manufacturing facility.

接著談資本支出（CapEx）。我們仍專注於投資業務，以支持策略性成長計畫。第三季我們的資本支出為 7,000 萬美元，去年為 5,300 萬美元，因我們持續推進 CHORUS 的開發，其中大部分投資已在該項目上發生。以及其他成長計畫，例如擴建我們蒙特婁的衛星製造設施。

Cash from operations during the quarter generated $33 million compared to a cash generation of $259 million in Q3 2024. The year-over-year change was primarily due to working capital fluctuations. Free cash flow was negative $37 million in the quarter, and compares to $205 million for the same period in 2024, with the year-over-year change attributed to the previously noted working capital fluctuations.

本季營運活動產生的現金流為 3,300 萬美元，相較 2024 年第三季的 2.59 億美元。年對年變動主要由營運資金波動所致。本季自由現金流為負 3,700 萬美元，對比 2024 年同期的 2.05 億美元；年對年變動歸因於前述營運資金波動。

Excluding growth CapEx, free cash flow was $26 million in the latest quarter and compares to $253 million for the same period last year. Moving to our balance sheet. We ended the quarter with cash of $196 million, available liquidity of $404 million under our revolving credit facility and total liquidity of $600 million.

若排除成長性資本支出，最新一季自由現金流為 2,600 萬美元，對比去年同期的 2.53 億美元。接著談資產負債表。本季末我們的現金為 1.96 億美元，循環信貸額度下可用流動性為 4.04 億美元，總流動性為 6.00 億美元。

Our net debt to last 12 month adjusted EBITDA ratio stood at 0.3 times at quarter end. The slight uptick in leverage is due to the completion of the previously announced SatixFy Communications Ltd. acquisition, which closed again on July 2, 2025. Recall that the company used cash on hand and borrowings from our revolving credit facility to pay for the transaction. In summer, this was a strong quarter, and I'd like to thank our teams for their dedication and efforts to make this happen.

本季末，我們的淨負債對過去 12 個月調整後 EBITDA 比率為 0.3 倍。槓桿率小幅上升，係因完成先前宣布的 SatixFy Communications Ltd. 收購案，該交易同樣於 2025 年 7 月 2 日完成交割。提醒各位，公司使用手頭現金及循環信貸額度借款支付該交易對價。在夏季，這是一個強勁的季度，我也要感謝我們團隊的投入與努力，促成這一切。

Let me now turn to our full year outlook. As Mike noted, we are reaffirming the previous 2025 outlook provided in our Q2 '25 earnings release. For fiscal '25, we continue to expect full year revenue to be between $1.57 billion and $1.63 billion, representing year-over-year growth of approximately 48% at the midpoint of guidance.

接下來談全年展望。如 Mike 所提，我們重申先前在 2025 年第二季（Q2 '25）財報新聞稿中提供的 2025 年展望。就 2025 會計年度而言，我們仍預期全年營收介於 15.7 億至 16.3 億美元，按指引中位數計算，年增約 48%。

We continue to expect full year adjusted EBITDA to be between $305 million and $320 million representing year-over-year growth of approximately 45% at the midpoint of guidance and approximately 19% to 20% adjusted EBITDA margin. We reaffirm capital expenditures to be between $210 million and $240 million, comprising of growth investments to support the previously outlined growth initiatives across our business areas.

我們仍預期全年調整後 EBITDA 介於 3.05 億至 3.20 億美元，按指引中位數計算，年增約 45%，調整後 EBITDA 利潤率約 19% 至 20%。我們重申資本支出介於 2.10 億至 2.40 億美元，主要為成長性投資，以支持先前所述各業務領域的成長計畫。

Lastly, we expect full year free cash flow to be neutral to positive in 2025. Note that the financial outlook provided does not factor any potential impact from tariffs. We continue to expect our potential exposure, if any, to be manageable. We are monitoring the situation and may elect to update our financial outlook if deemed necessary. With our $4.4 billion backlog, combined with a robust $20 billion opportunity pipeline, we are confident in delivering continued growth while remaining focused on disciplined execution and profitability.

最後，我們預期 2025 年全年自由現金流將持平至正值。請注意，所提供的財務展望未納入任何關稅可能帶來的影響。我們仍預期即使存在潛在曝險，其影響亦可控。我們正持續監測情勢，並可能在必要時選擇更新我們的財務展望。憑藉 44 億美元的積壓訂單，結合強勁的 200 億美元機會管線，我們有信心在持續專注於紀律執行與獲利能力的同時，交付持續成長。

Mike, with that, I'll turn it over back to you.

Mike，說到這裡，我把時間交回給你。

Thank you, Guillaume. With that, operator, we will open it to questions.

謝謝你，Guillaume。那麼，接線員，我們開放提問。

(Operator Instructions)

(接線員指示)

Benoit Poirier, Desjardins Capital Markets.

Benoit Poirier，Desjardins Capital Markets。

Yes, good morning, Mike and Guillaume. Maybe first question, could you comment about your latest updates with Globalstar and also how a potential sale would impact your contracts? So if ultimately, Globalstar decided to sell itself, what -- if any, protections do you have in place? I know this is out of your control, but if you could provide any color, that would be great.

是的，早安，Mike 和 Guillaume。也許第一個問題，能否談談你們與 Globalstar 最新的進展，以及潛在出售將如何影響你們的合約？所以如果最終 Globalstar 決定出售自身，你們有哪些（若有的話）保護措施？我知道這不在你們掌控之中，但若能提供一些看法就太好了。

Thanks. As you would appreciate, as a matter of company policy, we can't really comment on rumors or speculation concerning another company or what people are talking about it. For us, with Globalstar, we're actively involved in executing on our two contracts. We are making good progress on those two contracts as we've indicated.

謝謝。如你所理解，基於公司政策，我們無法就另一家公司相關的傳聞或臆測、或外界對其討論內容作出評論。就我們而言，針對 Globalstar，我們正積極執行兩份合約。如我們所述，這兩份合約的進展良好。

On our original contract, we have nine satellites being completed and getting ready to be shipped out in early 2026, ready for launch. And in our second larger contract, we continue to execute well on those satellites moving forward. These satellites are important to Globalstar for their constellations, and we are actively engaged in getting them delivered.

在我們原始合約方面，有九顆衛星正在完成中，並準備於 2026 年初出貨，待發射。而在第二份規模更大的合約中，我們也持續良好地推進相關衛星的執行工作。這些衛星對 Globalstar 的星座至關重要，我們正積極投入以確保交付。

Okay. That's great. And in terms of outlook, obviously, you're very encouraged with all the discussion you have. But could you maybe quantify your bidding pipeline and talk also about how it has evolved versus last quarter? And I would be curious to see where do you see the greatest opportunities among them.

好的。很棒。就展望而言，顯然你們對目前所有的討論都很受鼓舞。但你們能否量化一下你們的投標管線，並談談相較上一季有何演變？我也想了解你們認為其中最大的機會在哪裡。

Sure. The company pipeline remains at around $20 billion over the next five years of specific opportunities that we are speaking with people about in the markets. Of that $20 billion, approximately $13 billion of it would be in the Satellite Systems business area, primarily in the area of constellations for both broadband satellites and/or direct-to-device satellites.

當然。公司管線在未來五年仍約為 200 億美元，這些是我們正在與市場各方洽談的具體機會。在這 200 億美元中，約 130 億美元將來自衛星系統業務領域，主要集中在星座領域，包括寬頻衛星及／或直連裝置（direct-to-device）衛星。

After that, there'd be solid opportunities in Geointelligence, specifically around -- the larger opportunities would be around satellite systems for government programs, for Earth and space observation. And then a solid pipeline in robotics for robotics and rover systems for both government and commercial programs.

其後，在地理情報（Geointelligence）方面也有穩健機會，特別是——較大的機會將圍繞政府計畫的衛星系統，用於地球與太空觀測。另外，在機器人領域也有穩健的管線，包括面向政府與商業計畫的機器人與探測車（rover）系統。

Okay. And you mentioned some delays related to Globalstar and CHORUS. So what could be the -- Mike, the potential outcomes for MDA in terms of liquidated damages? And could you be maybe more specific about what's causing the delays? And is it the same supplier? And do you see an opportunity to do some vertical integration?

好的。你提到與 Globalstar 和 CHORUS 相關的一些延遲。那麼，Mike，對 MDA 而言，在約定損害賠償（liquidated damages）方面可能的結果會是什麼？你能否更具體說明造成延遲的原因？是否是同一家供應商？以及你們是否看到進行垂直整合的機會？

Yes. In Globalstar and CHORUS, I indicated in each case, there was some delays and in each case due to activities in suppliers. They are different suppliers, different topics. Just different people having challenges that we've worked with them to work through. In each case, we've worked through them and have solutions now for the -- to move forward, but they did cause some delays.

是的。就 Globalstar 與 CHORUS 而言，我在各自情況中都提到有一些延遲，而每一個案例都是由供應商端的活動所致。它們是不同的供應商、不同的議題。只是不同的合作方遇到挑戰，我們已與他們合作一同解決。在每個案例中，我們都已處理並且現在已有方案可以——繼續往前推進，但確實造成了一些延遲。

In the case of Globalstar, to answer your question about liquidated damages, it is normal. All of our firm fixed price contracts have liquidated damages clauses. And so it's been disclosed by Globalstar and by ourselves that those clauses do exist. And as a result of the deliveries now being late due to the supplier issues, that it's eligible to talk about liquidated damages clauses.

以 Globalstar 為例，回答你關於約定損害賠償的問題，這是正常的。我們所有的固定總價（firm fixed price）合約都包含約定損害賠償條款。因此，Globalstar 與我們都已揭露確實存在這些條款。而由於供應商問題導致交付延後，因此符合討論約定損害賠償條款的情況。

And these are in discussion. It is normal for us to have back-to-back liquidated damages clauses with our suppliers so that if they are late, then we can impose liquidated damages on them. So all of this is a discussion point. The focus is absolutely just getting the satellites finished by getting them out in early 2026 and getting them to launch. And so that is all well underway and everyone's entire focus across all the teams involved in that project.

目前正在討論中。我們通常會與供應商採取背對背（back-to-back）的約定損害賠償條款，因此若他們延遲，我們可以對其主張約定損害賠償。所以這些都是討論事項。重點絕對是把衛星完成，於 2026 年初出貨並送去發射。因此這一切都在順利推進中，所有參與該專案的團隊都把全部重心放在這件事上。

In CHORUS, that supplier delay had occurred, a different supplier, again, resolved. And so now we're completing the assembly of the units on that satellite and getting it ready out for test. And so the implications are what we stated is that we shifted our target launch date to the end of 2026, and we continue to progress on that basis.

在 CHORUS 方面，供應商延遲也曾發生，是另一家供應商，同樣已解決。因此我們現在正在完成該衛星上各單元的組裝，並讓其準備進入測試。所以其影響如我們所述：我們將目標發射日期調整至 2026 年底，並在此基礎上持續推進。

Okay. And last one for me, just for Guillaume. In terms of capital allocation, given the recent drop in share price, how does it impact your capital allocation strategy? Do you still see some attractive M&A opportunities out there? Or do you see an opportunity for buyback or -- yes.

好的。我最後一個問題給 Guillaume。在資本配置方面，鑑於近期股價下跌，這會如何影響你們的資本配置策略？你們是否仍看到一些具吸引力的併購（M&A）機會？或者你們是否看到回購的機會，或——是的。

Yes. Thank you, Benoit. We obviously always look at capital allocation. I'm not going to comment too much on the share price movement other than saying that, yes, we are where we are right now. It's not just MDA. The whole sector is down. Our strategy regarding M&A hasn't changed really. We're focused in two areas.

是的。謝謝你，Benoit。我們當然一直都會檢視資本配置。我不會對股價波動多做評論，只能說，是的，我們目前就是這樣的狀況。不只是 MDA。整個產業板塊都在下跌。我們在併購方面的策略其實沒有改變。我們聚焦在兩個領域。

One of which is, if there are opportunities for us to continue to strategically pursue supply chain opportunities, we'll do that. We did that this year with SatixFy. And the other area of focus for us is to consider expanding in new regions, primarily targeting Europe and the US. And obviously, we always think about what type of financing we would need for such potential acquisitions, but I'll leave it at that for the moment, Benoit.

其中之一是，如果有機會讓我們持續以策略性方式追求供應鏈相關機會，我們就會去做。我們今年透過 SatixFy 就做了這件事。另一個聚焦領域是考慮在新區域擴張，主要鎖定歐洲與美國。而且我們當然也會一直思考，若進行這類潛在收購，需要何種融資方式；但目前我就先說到這裡，Benoit。

Thank you very much, gentlemen.

非常感謝，兩位先生。

Thank you.

謝謝。

Konark Gupta, Scotiabank.

Konark Gupta，Scotiabank。

Good morning. I wanted to ask you, Mike, you mentioned in the opening remarks about space defense. I think you're attending and maybe presenting at a conference next week in Ottawa. What kind of space defense opportunities are we talking about here? Like is it all constellation related, just geo, maybe robotics, it's all across? Or anything specific you're focusing on in the near term?

早安。Mike，我想請教你，你在開場致詞中提到太空防務。我想你下週會在渥太華參加、也可能在一場會議上發表演講。我們這裡談的太空防務機會是哪些類型？例如全部都與星座相關、或只是地理情報、也許是機器人，是全面性的嗎？或是你們短期內特別聚焦的方向是什麼？

Sure. From an MDA Space capabilities perspective, space defense provides a number of opportunities. One of the areas would be in defense communication networks. You would have heard in my remarks that we do provide key technologies into the communication satellites in the United States for their Department of Defense communication satellites. We have opportunities in multiple countries to provide satellites and satellite technologies for military communication networks.

當然。從 MDA Space 的能力角度來看，太空防務帶來多項機會。其中一個領域是國防通訊網路。你在我剛才的談話中也聽到，我們確實為美國的通訊衛星提供關鍵技術，用於其國防部的通訊衛星。我們在多個國家都有機會，為軍事通訊網路提供衛星與衛星技術。

A second area would be in Earth observation. We own and operate RADARSAT-2 where, as we just discussed, heading towards the launch of CHORUS. Our provision of synthetic aperture radar-based imagery to defense and intelligence customers around the world is obviously a strong defense asset to provide Earth observation for military surveillance operations.

第二個領域會是在地球觀測。我們擁有並營運 RADARSAT-2，而正如我們剛才討論的，也正朝著 CHORUS 的發射邁進。我們向全球國防與情報客戶提供以合成孔徑雷達為基礎的影像，顯然是一項強大的國防資產，可為軍事監偵作業提供地球觀測能力。

Another area is space observation, whereby it was announced in my remarks that we just recently picked up a new contract in partnership with [Thoth Group] in Canada to provide space observation to track the activities of satellites in orbit, which is tracking what people are up to and who's moving around and who's going where in orbit with their satellites, which is an important defense-related activity.

另一個領域是太空觀測；正如我在發言中提到的，我們最近宣布與加拿大的 [Thoth Group] 合作取得一份新合約，提供太空觀測以追蹤在軌衛星的活動，也就是追蹤人們在做什麼、誰在移動、以及他們的衛星在軌道上要去哪裡；這是一項重要的國防相關活動。

There are a number of opportunities in Canada and around the world for us to provide space observation technologies, both from the Earth and from orbit, which means from satellites to be able to contribute to space domain awareness or space observation pictures. Once you observe activity in space, sometimes you want to do something about it from a military operations perspective, which is starting to open up a market in the counter space domain. I call it the counter space domain.

在加拿大以及全球各地，我們都有許多機會提供太空觀測技術，包含從地面與從軌道（也就是透過衛星）進行，以便為太空領域態勢感知或太空觀測圖像做出貢獻。一旦你觀測到太空中的活動，從軍事作戰的角度，有時你會想要對此採取行動，這也開始在反太空領域開啟一個市場。我稱之為反太空領域。

You would have seen announcements in some countries recently talking about guard satellites, for example. These are defense departments putting up satellites that can sense what other satellites are doing that can maneuver to protect satellites and keep other satellites away from them and/or go and inspect or investigate other satellites from a military perspective.

你最近可能已經看到一些國家的公告，例如談到「護衛衛星」。這些是國防部門部署的衛星，能夠感測其他衛星在做什麼，並可機動以保護己方衛星、讓其他衛星遠離它們，並／或從軍事角度前往檢視或調查其他衛星。

Our really strong experiences in satellite design and operation and proximity operations from our 40 years of robotics activity. We have a very strong background in proximity operations and our experience in robotics. All of these capabilities put us in a strong position to be able to offer counter space or guard satellite solutions for the market. And militaries around the world are increasingly looking for those as the space domain becomes more congested. So that's the long story. The short story is there's opportunities in all 3 business areas.

我們在衛星設計與營運，以及近距離操作方面擁有非常深厚的經驗，這源自我們 40 年的機器人業務活動。我們在近距離操作方面有非常強的基礎，也具備機器人相關經驗。所有這些能力使我們處於有利位置，能為市場提供反太空或護衛衛星解決方案。隨著太空領域愈加擁擠，全球各國軍方也愈來愈在尋找這類解決方案。所以這是長版的說法。短版的說法是：三個業務領域都有機會。

That's great. Great to hear that. And if I can follow up, your recent equity investment in Maritime Launch, what's the idea there? I mean, are you guys looking to eventually become more vertically integrated like with obviously SatixFy now on the supply side and now the launch maybe? Or is it just a one-off to support Canada's missions?

太好了。很高興聽到。如果我可以追問一下，你們最近對 Maritime Launch 的股權投資，背後的想法是什麼？我的意思是，你們是否希望最終變得更垂直整合——例如現在供應端有 SatixFy，現在可能也要涉足發射？還是這只是一次性的投資，用來支持加拿大的任務？

Yes, it's a bit of a longer-term strategic view. Certainly, the words that you just used, which is to support the Canadian space ecosystem is an important element of this. MDA Space, as the largest space company in Canada has a number of roles in addition to delivering a good business. We also have a leadership or championship role that we have in the country to be able to help make everything work in the space ecosystem.

是的，這比較偏向長期的策略觀點。當然，你剛才用到的措辭——支持加拿大太空生態系——是其中一個重要元素。MDA Space 作為加拿大最大的太空公司，除了把業務做好之外，也扮演多重角色。我們在國內也有一種領導或帶頭的角色，能夠協助讓太空生態系中的各個環節運作順暢。

One of those areas, as countries get more interested in sovereignty, being able to just take care of themselves as a country. One of the key areas from the space domain for both civil and military purposes is to have domestic launch capability. Canada is moving towards this. Maritime Launch has been advancing this over the last few years. So our small investment gives us a position with the company. It gives us certain investor rights such as Board positions and the like, so that we can be involved in helping to shepherd the advancement of that capability in the country.

其中一個面向是，隨著各國對主權更感興趣，也就是作為一個國家能夠自給自足。在太空領域中，無論民用或軍用，一個關鍵能力就是具備國內發射能力。加拿大正朝這個方向前進。Maritime Launch 在過去幾年一直推動這件事。因此，我們的小額投資讓我們在該公司取得一個位置。也讓我們擁有某些投資人權利，例如董事會席位等，使我們能參與並協助引導國內這項能力的推進。

Over time, we'll continue to monitor that participation, could result in increased investments in the future or not. But it certainly allows us to leverage our size, scope and leadership and different skill sets to the Maritime Launch capability to ensure that Canada advances an effective domestic launch capability through the Spaceport, Nova Scotia.

隨著時間推進，我們會持續觀察這項參與，未來可能會、也可能不會增加投資。但這確實讓我們能運用自身的規模、範疇、領導力以及不同的技能組合，來支持 Maritime Launch 的能力，確保加拿大透過新斯科細亞的太空港（Spaceport, Nova Scotia）推進有效的國內發射能力。

Got it. And last one for me before I turn over. Maybe Guillaume can answer this. Looking at the working capital swing, I think it's pretty normal. These swings are happening. Anything out of the ordinary you could point out in Q3? And I'm specifically also looking at the contract liability item. I think it went up.

了解。在我交棒之前最後一個問題。也許 Guillaume 可以回答。看營運資金的波動，我覺得這很正常。這些波動一直在發生。第三季有沒有什麼不尋常之處可以指出？我也特別在看合約負債這個項目。我想它上升了。

Some is obviously driven by SatixFy acquisition because you tuck them in, but it seems without SatixFy, you also got some increase in liabilities there. Is there like -- is it driven by the new contracts? Or it's driven by the existing contract like SatixFy, Globalstar?

其中一部分顯然是由 SatixFy 併購所帶動，因為你們把它併入報表；但看起來即使不含 SatixFy，你們那邊的負債也有一些增加。這是——是由新合約所驅動嗎？還是由既有合約所驅動，例如 SatixFy、Globalstar？

Yes. Konark, so first of all, the fluctuation in Q3 is totally normal. We've been saying all along that from one quarter to the other, we will be seeing working capital fluctuations. So we had a bit of a reversal this quarter. Overall, our free cash flow performance year-to-date is quite strong. But yes, we maintain our outlook of neutral to positive for this year. We are always being conservative on the cash planning. We're happy with the progress with our programs and overall with our cash management. And from a contract liability, this is just like us progressing the work. And you can see the balance sheet fluctuations associated with that, but there was nothing outside of the ordinary for this quarter, Konark.

是的。Konark，首先，第三季的波動完全正常。我們一直都在說，從一個季度到下一個季度，我們會看到營運資金的波動。所以本季出現了一些反向變動。整體而言，我們年初至今的自由現金流表現相當強勁。不過是的，我們仍維持今年「中性到正向」的展望。我們在現金規劃上一向保守。我們對各項計畫的進展以及整體現金管理都感到滿意。至於合約負債，這只是我們推進工作進度所致。你會看到與此相關的資產負債表波動，但本季沒有任何異常之處，Konark。

Thanos Moschopoulos, BMO Capital Markets.

Thanos Moschopoulos，BMO 資本市場。

Hi, good morning, Mike. With respect to the pipeline for Satellite Systems, how would you characterize the mix between government relative to commercial opportunities and how that's evolved? Is it a good split? Or is it heavily weighted towards one versus the other?

嗨，早安，Mike。關於衛星系統（Satellite Systems）的案源（pipeline），你會如何描述政府機會相對於商業機會的組合，以及這個組合如何演變？這個比例分配得好嗎？還是明顯偏向其中一方？

And then on commercial, are we talking mostly about incumbent operators looking for satellites? Are we talking about maybe corporate entities who are new to the satellite industry, but want to buy infrastructure? Is it start-ups, all of the above? Just any color on the nature of the customers there would be helpful.

另外在商業端，我們談的是主要是既有營運商在尋找衛星嗎？還是可能是一些對衛星產業較新、但想購買基礎設施的企業實體？是新創，還是以上皆是？如果能補充一些客戶性質的細節會很有幫助。

Sure. Yes, satellite opportunities are mainly commercial. There are some government opportunities, but they are mainly commercial, to answer your first question. On commercial opportunities, they are varied. They include experienced satellite operators for sure. Maybe the majority would be experienced satellite operators around the world.

當然。是的，衛星機會主要是商業端。也有一些政府機會，但主要是商業端，回答你第一個問題。在商業機會方面，類型很多元。當然包含有經驗的衛星營運商。而且多數應該是全球各地有經驗的衛星營運商。

There are some that are pulling together new investments to be able to produce space-based networks as a business opportunity. And then there are some that would be corporations looking to have networks. But the majority would be established financed space network operators.

也有一些正在整合新的投資，以便把建置太空網路作為一個商業機會來推動。另外也有一些是企業希望擁有自己的網路。但多數仍會是已建立、且具備資金的太空網路營運商。

Okay. And with respect to your digital cable technology, how important is that becoming a differentiator? Like obviously, you've talked in the past about new customers needing some education maybe in terms of the benefits. But are your advantages there now becoming more recognized? Or are most of the RFPs still looking for analog satellites?

好的。那就你們的數位電纜技術而言，它成為差異化因素有多重要？顯然，你們過去談過新客戶可能需要一些教育，來理解其效益。但你們在這方面的優勢現在是否正被更廣泛地認可？或者大多數的RFP仍然在尋找類比衛星？

I think that people are increasingly appreciating the opportunity that digital satellites offer. I think that in my remarks, I mentioned our demonstration capability that we now have in our facility in Montreal to be able to demonstrate dynamic beam forming. This is very important for customers to be able to come in and actually see dynamic beam forming in operation.

我認為人們愈來愈能體會數位衛星所帶來的機會。我想我在發言中提到，我們現在在蒙特婁的設施具備展示能力，可以展示動態波束成形。這對客戶非常重要，因為他們能夠親自來到現場，實際看到動態波束成形的運作。

So to have those technologies advance to the demonstration level is extremely important for those customers to be able to not only mathematically realize the benefits of a digital satellite, but to visually see and experience that technology in operation. I think that, that is really important.

因此，讓這些技術推進到可展示的層級，對客戶而言極其重要；這使他們不僅能從數學上理解數位衛星的效益，也能以視覺方式看到並親身體驗該技術的運作。我認為這一點真的很重要。

I think that our completion of our expanded satellite production facility, high-volume production facility, as I mentioned, with engineers now moving into their spaces, in an exciting development and thus now finishing the manufacturing environment as we complete 2025 puts us in a position where we not only have this digital technology, we can demonstrate this digital technology, but we're entering into a production mode where we can do it at scale and at pace.

我認為，正如我提到的，我們已完成擴建的衛星生產設施、也就是高產量生產設施；工程師現在正搬入各自的工作空間，這是一項令人振奮的進展。隨著我們在2025年完成製造環境的建置，這讓我們處於一個位置：我們不僅擁有這項數位技術、也能展示這項數位技術，並且正進入可規模化、可加速的量產模式。

And so the space-based network market is competitive. There's a lot of activity in this sector, especially in the direct-to-device element of the sector. And so the race to revenue is important. And so our ability to be able to have shorter high-volume delivery times of an advanced demonstratable digital technology is definitely a differentiating element of competitive conversations.

因此，太空網路市場競爭激烈。這個領域活動很多，尤其是在直連裝置（direct-to-device）這一塊。因此，搶先實現營收很重要。我們能以更短的高產量交付週期，提供先進且可展示的數位技術，這在競爭對話中絕對是一個差異化要素。

Great, I'll pass the line. Thanks.

很好，我把線路交回去。謝謝。

Doug Taylor, Canaccord Genuity.

Doug Taylor，Canaccord Genuity。

Yeah, thank you. Good morning. Mike, Mike, I want to ask another question on the direct-to-handset (sic -- "direct-to-device") market. You referenced a very dynamic situation right now with some of the participants. I think investors are grappling with what the end state of that market looks like with all these vertically integrated participants moving pretty quickly to consolidate spectrum. Can you talk about how you see that end state evolving here from where you sit in your conversations as a supplier into that market?

是的，謝謝。早安。Mike，Mike，我想再問一個關於直連手機（原文口誤—「direct-to-device」直連裝置）市場的問題。你提到目前部分參與者的情勢非常動態。我想投資人正在苦思這個市場的最終樣貌會是什麼，因為這些垂直整合的參與者正相當快速地推動頻譜整併。你能談談，從你作為該市場供應商、在與客戶對話的角度，你如何看待這個最終狀態將如何演變嗎？

Yes. I think it's -- I agree with your characterization of it as being dynamic. It's certainly a busy time. There have been some moves by players. Obviously, the SpaceX acquisition of EchoStar spectrum has been -- was a sudden development that suddenly occurred and is causing people to adjust.

可以。我認同你把它形容為動態的說法。這確實是一段非常忙碌的時期。一些業者已經採取了行動。顯然，SpaceX收購EchoStar的頻譜是一個——是一個突然出現的發展，讓大家必須做出調整。

I think that there are a number of parties in the market that are really running, like I say, the race to revenue, really working hard and fast to get their direct-to-device network projects moving forward. And that's an important thing. As a supplier of satellite technology into those markets, there are definitely in our pipeline, a number of opportunities for us to provide our MDA AURORA digital satellite into folks that want to build and operate direct-to-device networks. And those conversations continue.

我認為市場上有不少參與者，正如我所說，真的在進行「搶先實現營收」的競賽，非常努力、非常快速地推動他們的直連裝置網路專案往前走。這很重要。作為向這些市場提供衛星技術的供應商，我們的管線中確實有多個機會，能把我們的MDA AURORA數位衛星提供給想要建置並營運直連裝置網路的客戶。而這些對話仍在持續。

I think that sometimes in the pipeline, as people look at their plans and competitor plans and how to collaborate with each other and stuff, it is resulting in some dynamic conversations to be able to ensure that folks that do want to collaborate can collaborate in the market space in the future, and that's kind of interesting to be able to work through with people. But it's a dynamic busy time. That's for sure. But the opportunities are there.

我認為在管線中，有時候當各方檢視自己的計畫、競爭對手的計畫，以及如何彼此合作等等時，會引發一些動態的討論，以確保那些確實想合作的業者，未來能在市場中合作；這點在與大家一起推進時也挺有意思。但這確實是一段動態且忙碌的時期。這是肯定的。不過機會是存在的。

Okay. And a lot of focus on that direct-to-handset application of the LEO network. And maybe I can flip to talking about some of the other parts of that communications satellite market being the broadband and satellite-based backhaul applications, more of that Lightspeed type model. How the pipeline on that side progress and that market evolved in response to all this?

好的。市場上對於LEO網路的直連手機應用有很多關注。那我也許換個角度，談談通訊衛星市場的其他部分，也就是寬頻與衛星回傳（backhaul）應用，更偏向Lightspeed那種模式。在這一側，你們的管線進展如何？市場又是如何因應這些變化而演進？

Yes, it's solid. It's definitely solid. There are strong commercial opportunities there to have Lightspeed like relationships with folks around the world. And so we're actively engaged in those types of conversations in our pipeline. There are government opportunities there.

是的，很穩健。確實很穩健。在全球與各方建立類Lightspeed的合作關係方面，有很強的商業機會。因此我們在管線中正積極參與這類對話。同時也有政府端的機會。

One of the geopolitical shifts over the last year in 2025 has been the interest in countries to have increased sovereignty, defense sovereignty, security, sovereignty, economic sovereignty, which can include at times in some countries' minds, the importance of having domestic communications capability and/or domestic Earth observation capability for their country.

過去一年、在2025年的一個地緣政治轉變，是各國對提升主權的興趣增加——國防主權、安全主權、以及經濟主權；在某些國家的觀點中，這有時也包含擁有本國通訊能力和／或本國地球觀測能力的重要性。

And so these are -- as folks are looking at increased government spend to increase sovereignty and security of their nations, communication systems and observation systems are key elements, of those sovereignty type postures. And so both in the commercial sector and the Telesat Light companies around the world, in addition to the government sector, there's an increased interest in space-based communication networks.

因此，當各方提高政府支出以提升國家主權與安全時，通訊系統與觀測系統是這類主權態勢中的關鍵要素。所以，不論是在商業領域、以及全球各地的Telesat Lightspeed類公司，再加上政府部門，對太空通訊網路的興趣都在增加。

And so last question for me with everything that you've just said, and I think you previously talked about the potential for another LEO satellite constellation award within the next year or 12-month time frame even after the EchoStar situation. Is that still the case? Are there programs out there with that kind of immediacy in the pipeline?

那我最後一個問題：基於你剛才所說的一切，而且我記得你先前談過，即使在EchoStar事件之後，未來一年或12個月內仍可能再拿下一個LEO衛星星座的訂單。現在仍是如此嗎？管線中是否仍有具備這種急迫性的專案？

Yes. Certainly, the order pace is always up to the customer in terms of when they want to move out and place an order. I always look at and talk about the maturity of bids. Bids get more and more mature and more and more specific when you're interacting with customers. And so yes, there are a number of opportunities out there that are at a maturity level where people could choose to move over the next year. And so we -- that remains a possibility for sure.

是的。當然，下單節奏始終取決於客戶，取決於他們何時想要推進並下單。我一向會看、也會談投標的成熟度。當你與客戶互動時，投標會愈來愈成熟、愈來愈具體。所以是的，確實有不少機會已達到一個成熟度水準，使得客戶可以選擇在未來一年內推進。因此，我們——這仍然確實是一種可能性。

And I should emphasize it's a possibility, but it's not a necessity. The backlog that Guillaume speaks to in the company of over $4 billion is extremely strong. It's a good position to be in. It's really important in our focus to execute well on that backlog. But to have the current size of our company, basically a three-year backlog of signed contracts in hand that we're executing on, we're in a good spot.

我也要強調，這是一種可能性，但不是必然。Guillaume提到公司超過40億美元的在手訂單（backlog）非常強勁。這是一個很好的位置。我們的重點是把這些在手訂單執行好，這非常重要。但以我們目前公司的規模來看，手上基本上有三年的已簽約合約在執行中，我們處於很好的狀態。

It means that over the next couple of years, we definitely have to get more orders and have a lot of opportunities to do so. Some of them could come in the next year for sure. But no panic there, but there is a lot of opportunity that we're working as we move forward within that pipeline.

這意味著在接下來幾年，我們確實需要取得更多訂單，而我們也有很多機會可以做到。其中一些當然可能在未來一年內落地。但不需要恐慌；我們在推進管線的過程中，正在努力把握大量的機會。

David McFadgen, Cormark Securities.

David McFadgen，Cormark Securities。

Yes, a couple of questions. Can you give us an update on what's happening with that Artemis contract, the USD4 billion contract for the vehicle, the Lunar vehicle? What's happening there? I thought that to be awarded this year?

是的，有幾個問題。能否請您更新一下那個 Artemis 合約的最新進展，也就是那個用於載具、月球載具的 40 億美元合約？目前進展如何？我原本以為會在今年授標？

The original plan -- that project is called the Lunar Terrain Vehicle System (sic -- "Lunar Terrain Vehicle Services") or LTVS. We are on one of the teams for the Lunar Terrain Vehicle System (sic -- "Lunar Terrain Vehicle Services") and -- which is the Lunar Outpost team and really good progress on that team's evolution of its rover solution and in its bid to NASA. It was NASA's intent to announce a winner to that.

原始計畫——那個專案稱為 Lunar Terrain Vehicle System（原文如此——「Lunar Terrain Vehicle Services」），或 LTVS。我們是 Lunar Terrain Vehicle System（原文如此——「Lunar Terrain Vehicle Services」）其中一個團隊的成員——也就是 Lunar Outpost 團隊；該團隊在其月球車解決方案的演進以及向 NASA 投標方面都取得了非常好的進展。NASA 原本的意圖是要宣布該案的得標者。

I believe there's been some delays in that due to the government shutdown in the United States. So there's only certain things that you can do during a government shutdown in the mindset. As -- it looks like that's getting cleaned up right now. So as that gets cleaned up, hopefully, they can complete their assessment and announcement process.

我相信由於美國政府停擺，這件事出現了一些延遲。因此在政府停擺期間，能做的事情只有某些範圍內的工作。看起來——目前這個狀況正在被處理、逐步清理。所以隨著狀況改善，希望他們能完成評估並完成公告流程。

Okay. But do you -- would you expect they would announce that contract award in 2025 or now it's more 2026?

好的。但您——您預期他們會在 2025 年宣布該合約授標，還是現在更可能是 2026 年？

We still think there's a chance of talking about it in 2025. We don't obviously control the pace of the US government making announcements, but our indications are that there's still a chance that the winner could be discussed publicly in 2025. If not, obviously, it would drift into 2026, but we're still hopeful that something could be said this year.

我們仍然認為在 2025 年談到它仍有機會。我們當然無法控制美國政府發布公告的節奏，但我們得到的訊息顯示，得標者仍有可能在 2025 年對外公開討論。若不是，顯然就會延到 2026 年，但我們仍希望今年能有一些消息可以對外說明。

Okay. And then what about the Canada's plans for the RADARSAT Constellation Mission replacement? I haven't heard anything about this for quite some time. (inaudible) on that?

好的。那加拿大對 RADARSAT Constellation Mission 的替換計畫呢？我已經很久沒聽到相關消息了。（聽不清）那方面有什麼進展嗎？

Yes. So Canada announced, what was that, about a year or more ago, that they intended to -- that they put some money aside to do a couple of things, which was to add some additional radar satellite capability into the RADARSAT Constellation Mission to ensure its resiliency moving forward in addition to looking at radar-based or Earth observation-based services moving forward into the future, and doing some studies on the next-generation synthetic aperture radar or radar-based Earth observation capability for the country.

是的。加拿大在大約一年或更久之前宣布，他們打算——也就是他們預留了一些資金來做幾件事：其一是在 RADARSAT Constellation Mission 中增加額外的雷達衛星能力，以確保其未來的韌性；其二是展望未來的雷達式或地球觀測式服務；其三是針對下一代合成孔徑雷達（SAR）或以雷達為基礎的地球觀測能力，為國家進行一些研究。

There are activities in all three of those areas going on within government and back and forth asking industry for inputs in those areas. And so they do -- they all continue to progress. I don't have a focused estimate of like when those things would come out in public or whatever. But there's definitely solid progression of those things in the -- inside government and in the government to industry kind of Q&A information exchange activities.

政府內部在這三個領域都有相關活動在進行，並且來回向產業徵詢這些領域的意見。因此它們都持續在推進。我沒有一個明確的時間點預估，例如何時會對外公開之類的。但可以確定的是，這些事項在政府內部，以及政府與產業之間的問答與資訊交流活動中，都有紮實的進展。

Okay. And then maybe if I can ask a couple of questions on your pipeline. So within the satellite opportunity pipeline, is there -- are you in discussions with Apple, Globalstar to expand the number of satellites on the second constellation?

好的。那如果我可以再問幾個關於你們 pipeline（商機管線） 的問題。在衛星商機管線方面，你們是否正在與 Apple、Globalstar 討論擴增第二個星座的衛星數量？

Right now, our focus with Globalstar is execution on our current work. And so that's our absolute focus right now is to make sure that we get those satellites built and moving forward into orbit.

目前我們與 Globalstar 的重點是執行現有工作。所以我們現在絕對的重點，是確保把那些衛星建造完成並推進到入軌。

Okay. And of the $13 billion pipeline that you said on the satellite side, how much of that would be, say, direct-to-device versus broadband?

好的。在你提到的衛星端 130 億美元管線中，大概有多少會是 direct-to-device（直連終端）相對於寬頻？

I don't have an exact percentage number, but it's -- I'm just thinking through my head in real time here. It might be 50-50, 60-40 kind of thing, but there's a legitimate handful of each of those things in the pipeline.

我沒有精確的百分比數字，但——我現在即時在腦中盤算一下。可能是 50/50、60/40 這樣的比例，但管線中確實兩類都有相當數量的案子。

Okay. And then just lastly, you talked about defense and how defense spending is going up around the world. We all know that. Is defense a material part of the pipeline right now? And is it growing?

好的。最後一個問題，你提到國防，以及全球國防支出正在上升。我們都知道這點。國防目前在你們的管線中是否占有實質比重？而且它是否正在成長？

I would say it has the potential to grow in the pipeline. We do have some significant opportunities for sure in our pipeline related to defense, but that is an area where it's -- and that's why I made remarks about it in my comments because you can feel the number of conversations increasing in the defense sector. And so that is likely to result in further and new opportunities in the pipeline going forward.

我會說它在管線中有成長的潛力。我們的管線中確實有一些與國防相關的重大機會；而這也是我在評論中提到它的原因，因為你可以感受到國防領域的對話數量正在增加。因此這很可能會在未來帶來更多、更新的管線機會。

So I do expect that based on -- we don't put things in the pipeline until we can talk about a program with a budget that we think is going to move and then we put it in the pipeline. We will have all kinds of conversations, obviously, with people about the potential to do things before they become a specific opportunity that's got parameters around it. And so in the defense sector, you can certainly feel the intensity of the conversation is increasing. The number of questions people are asking are increasing. And so I think that there will be the opportunity to add more defense to our pipeline as we go forward in the future.

所以我確實預期——我們不會把案子放進管線，除非我們能談到一個有預算、且我們認為會推進的計畫，然後才會把它納入管線。在它成為一個具有明確參數的具體機會之前，我們當然會與各方就潛在合作進行各式各樣的對話。因此在國防領域，你確實能感受到對話的強度正在提升。人們提出的問題數量也在增加。所以我認為，隨著未來推進，我們將有機會把更多國防相關項目加入我們的管線。

Okay, all right, thank you.

好的，好，謝謝。

Thanks, David.

謝謝，David。

Ken Herbert, RBC Capital Markets.

Ken Herbert，RBC Capital Markets。

Yeah, hi, good morning, Maybe Guillaume, can you level set us on what you expect -- how much of the third quarter revenues were from EchoStar and what you expect sort of the full year run rate to be on that? And should all of maybe those negotiations be cleaned up? Or would there be any sort of final recognition of EchoStar revenues or reimbursements into '26?

是的，嗨，早安。也許 Guillaume，你能否先幫我們校準一下你們的預期——第三季營收中有多少來自 EchoStar，以及你預期全年在這部分的 run rate（年化運行水準）大概會是多少？另外，是否應該把那些談判都視為會被完全解決？或者在 2026 年還會有任何 EchoStar 營收或補償款的最終認列？

Thank you for the question, Ken. So we have not recognized a lot of revenue, obviously, for EchoStar. It was very small in Q3. And now we're working with them to have a contract termination agreement. So I won't speculate on the timing of that. And that's why we left our guidance basically intact because that's one thing that's in flux right now, but very minimal revenue associated to that contract in Q3, Ken.

謝謝你的問題，Ken。我們顯然沒有認列太多來自 EchoStar 的營收。第三季的金額非常小。目前我們正與他們合作，擬定一份合約終止協議。因此我不會推測其時間點。這也是我們基本上維持既有財測不變的原因，因為這件事目前仍在變動中；但第三季與該合約相關的營收非常有限，Ken。

Okay. And you've obviously seen some -- you called out supply chain challenges in both CHORUS and on Globalstar. Are you seeing any incremental risk on the supply chain with Lightspeed? And I guess, do the challenges or delays with -- site delays with Globalstar and CHORUS, do those represent maybe any opportunity to pull Lightspeed to the left a bit?

好的。你們顯然也看到一些——你提到了 CHORUS 與 Globalstar 都有供應鏈挑戰。在 Lightspeed 方面，你們是否看到供應鏈有任何新增的風險？另外，我想問，Globalstar 與 CHORUS 的場址延遲所造成的挑戰或延宕，是否可能帶來一些機會，讓 Lightspeed 的時程稍微往前拉一些？

I don't think there'd be an opportunity -- I don't think that would represent something to pull Lightspeed to the left. I also don't see any unique, whatever the word you said was incremental supply chain risk. I'm just thinking through the elements of Lightspeed at the moment.

我不認為會有機會——我不認為那會代表有什麼能把 Lightspeed 拉向左邊的因素。我也看不出有任何獨特的、你剛才用的那個詞——增量的供應鏈風險。我只是此刻在把 Lightspeed 的各個要素想一遍。

So I think that's an issue -- that's not an issue that I would be thinking about at the moment. The Lightspeed project, like I mentioned, continues well through its critical design review process. And so -- and you would have heard from their CEO recently on their earnings call.

所以我認為那是一個議題——但不是我此刻會去思考的議題。Lightspeed 專案，如我提到的，仍在其關鍵設計審查流程中穩步推進。所以——而且你們最近也在他們執行長的財報電話會議上聽到相關說法。

Just finally on that, Mike, any update on timing as to when the options on either of the existing contracts could potentially when we -- when is a realistic time frame to expect those could be exercised if they are going to be?

最後再問一下，Mike，關於時程方面有沒有更新：現有兩份合約中的任一份，其選擇權可能在什麼時候——我們——如果它們要被行使的話，合理預期大概會在什麼時間範圍內被行使？

Yes, I don't really have any specifics on that. The -- all those customers, the customers with options are constantly looking at their businesses and their business activities and the health and size and capacity of their networks to meet the demand that they want to load up on their network, and they'll make their calls there. So I don't -- Yes, I don't have any specific guidance in terms of when we would expect those things. They remain valid. They remain active as opportunities for us, but no specific time estimates.

是的，我其實沒有任何具體資訊。——所有那些客戶、也就是擁有選擇權的客戶，都會持續檢視他們的業務與營運活動，以及其網路的健康狀況、規模與容量，以滿足他們希望在其網路上承載的需求，然後他們會在那邊做出決定。所以我——是的，我沒有任何關於我們預期那些事情何時發生的具體指引。那些選擇權仍然有效。它們仍然是我們的有效機會，但沒有具體的時間估計。

(Operator Instructions)

（接線員指示）

Kristine Liwag, Morgan Stanley.

Morgan Stanley 的 Kristine Liwag。

Hi, good morning. This is Justin on for Kristine. Mike, just on the $13 billion satellite systems pipeline, I know you've mentioned in the past that the opportunities can span anywhere from $1 million to over $2 billion. Is there any way to put a finer point on that? Maybe how many discrete opportunities are in that pipeline that are valued around $1 billion or more potentially?

嗨，早安。我是 Justin，代 Kristine 提問。Mike，關於 130 億美元的衛星系統商機管線，我知道你過去提過，機會的規模可能從 100 萬美元到超過 20 億美元不等。有沒有辦法把這個說法再更精準一些？例如，這個管線裡大約有多少個獨立機會，其潛在價值在 10 億美元或以上？

Yes, I don't have a specific number in my head, but there's certainly the number. I would say the range of those would be sort of $250 million to $2.5 billion plus, like in terms of the range of sizes, it depends on the size of constellations that people want to talk about and what orbit they're in. I think that there are definitely a number of them. I think your question was how many are over $1 billion. I don't have a specific number, but there are definitely more than a handful.

是的，我腦中沒有一個具體數字，但確實有一定數量。我會說其範圍大概在 2.5 億美元到 25 億美元以上——就規模區間而言，這取決於人們想談的星座規模，以及它們位於哪個軌道。我認為其中確實有不少案子。我想你的問題是有多少案子超過 10 億美元。我沒有具體數字，但肯定不只少數幾個。

Okay. Great. And then just a quick one. Guillaume, the free cash flow guidance looks like it would imply significant free cash flow burn in 4Q if you get close to that neutral guide, and that would be on lighter implied CapEx. So just curious what you're expecting from working capital to end the year? And if you can provide any color on the drivers there would be helpful.

好的。很好。接著再快速問一個。Guillaume，自由現金流指引看起來如果你們要接近那個持平的指引，會意味著第四季會有顯著的自由現金流消耗，而且那是在隱含資本支出較輕的情況下。所以想請教你對年底營運資金的預期是什麼？如果你能就背後的驅動因素提供一些說明會很有幫助。

Justin, so look, we haven't changed our guidance. I think overall, when I take a step back here, we're looking at significant growth year-on-year on the top line. I mean, at the midpoint, it's going to be 48% adjusted EBITDA, 45% growth. And yes, we continue to invest in our business. So far from a CapEx standpoint, we've been sort of spending at the rate we were expecting.

Justin，你看，我們沒有改變我們的指引。整體而言，當我退一步看，我們預期營收端會有顯著的年增成長。我的意思是，以中位數來看，調整後 EBITDA 將是 48%，成長 45%。而且是的，我們仍持續投資於我們的業務。就資本支出而言，到目前為止我們的支出速度大致符合預期。

And we have a good position on the free cash flow year-to-date, slight consumption in Q3 related to working capital. And so we decided to keep our neutral to positive guidance. I think we're in a good position. And I think that we always plan conservatively. We could see some working capital consumption in the fourth quarter. But again, back to Konark's question, I mean, this is normal as part of our business.

而且我們今年迄今在自由現金流方面處於不錯的位置，第三季因營運資金因素而有些微消耗。因此我們決定維持持平到正向的指引。我認為我們處於良好狀態。而且我認為我們一向規劃得比較保守。我們可能會在第四季看到一些營運資金的消耗。但同樣回到 Konark 的問題，這在我們的業務中屬於正常現象。

And for the time being, we remain focused on getting our milestones completed and then invoicing our customer, getting the cash in the door and then obviously managing our outflows. And as I mentioned earlier, we're very pleased so far with how we've been able to manage our working capital throughout this year. So I'll leave it at that. But for now, there's no concerns on the working capital from my perspective for the fourth quarter.

而就目前而言，我們仍專注於完成各項里程碑，然後向客戶開立發票、把現金收進來，接著當然也要管理我們的現金流出。如我先前提到的，我們對今年以來能夠管理營運資金的表現感到非常滿意。所以我就先說到這裡。但就目前來看，從我的角度，第四季在營運資金方面沒有任何疑慮。

Okay. Perfect. Thank you, both.

好的。非常好。謝謝兩位。

Thank you.

謝謝。

At this time, Mr. Greenley, we have no further questions registered. Please proceed.

目前為止，Greenley 先生，我們沒有登記到其他問題。請繼續。

Okay. Well, thank you. Thanks for the operator, and thank you, everyone, for your time this morning. We look forward to updating everyone on our progress at our next earnings call. Have a great day.

好的。那麼，謝謝。謝謝接線員，也謝謝各位今天早上撥冗參與。我們期待在下一次財報電話會議上向各位更新我們的進展。祝各位有美好的一天。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines. Have a good weekend.

謝謝您，先生。各位女士、先生，今天的電話會議到此確實結束。再次感謝各位出席。此時也請各位掛斷電話線路。祝各位週末愉快。