Telesat Corp (TSAT) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the conference call to report the fourth quarter 2023 financial results for Telesat.

女士們先生們早安，歡迎參加 Telesat 報告 2023 年第四季財務業績的電話會議。

Speakers today will be Mr. Daniel Goldberg, President and Chief Executive Officer of Telesat; and Andrew Browne, Chief Financial Officer of Telesat; I would now like to turn the meeting over to Mr. Michael Bolitho, Senior Director of Treasury and Risk Management. Please go ahead, Mr. Bolitho.

今天的發言人是 Telesat 總裁兼執行長 Daniel Goldberg 先生；以及 Telesat 財務長 Andrew Browne；我現在將會議交給財務和風險管理高級總監 Michael Bolitho 先生主持。請繼續，Bolitho 先生。

Thank you, and good morning. This morning, we file our annual report for the year ending December 31, 2023, on form 20-F the SEC on CR plus. Our remarks today may contain forward-looking statements. There are risks that Telesat's actual results may differ materially from the results contemplated by the forward-looking statements as a result of known and unknown risks and uncertainties for a discussion of known risks, please see Telesat's annual report filed with the SEC. Telesat assumes no responsibility to update or revise these forward-looking statements.

謝謝你，早安。今天早上，我們透過 SEC on CR plus 的 20-F 表格提交了截至 2023 年 12 月 31 日的年度報告。我們今天的言論可能包含前瞻性陳述。由於已知和未知的風險以及已知風險討論的不確定性，Telesat 的實際結果可能與前瞻性陳述預期的結果有重大差異，請參閱 Telesat 向 SEC 提交的年度報告。Telesat 不承擔更新或修改這些前瞻性聲明的責任。

I will now turn the call over to Daniel Goldberg , Telesat's President and Chief Executive Officer.

我現在將電話轉給 Telesat 總裁兼執行長 Daniel Goldberg。

Okay. Thanks, Michael. I'll say a few words this morning about our performance last year share some thoughts about our expectations for this year and then give an update as to progress to date on the Lightspeed program. I'll then hand over to Andrew to speak to the numbers in more detail, and then we'll open the call up to questions, very pleased with our performance and the things we achieved in 2023.

好的。謝謝，麥可。今天早上我將就我們去年的表現說幾句話，分享我們對今年的期望的一些想法，然後提供有關光速計劃迄今為止進展的最新情況。然後我將交給 Andrew 更詳細地討論這些數字，然後我們將開始電話提問，對我們的表現以及我們在 2023 年的成就感到非常滿意。

We did a really effective job in staying focused in beating our adjusted EBITDA guidance, maintaining our operating discipline and industry leading operating margins, securing the C-band clearing proceeds and executing well I believe, were some value-enhancing debt repurchases but far and away the most important thing we did last year.

我們做了非常有效的工作，專注於超越調整後的EBITDA 指引，保持我們的營運紀律和行業領先的營運利潤率，確保C 級清算收益並執行良好，我相信，這是一些增值的債務回購，但遠遠不夠我們去年所做的最重要的事情。

This find an innovative and highly accretive path forward for Telesat Lightspeed, including landmark agreements with MDA and Space X as well as important financing arrangements with our government partners in Canada, satellite user community fully consistent with our long-standing expectations is transitioning to LEO networks, and this transition will accelerate over time for that reason.

這為Telesat Lightspeed 找到了一條創新且高度增值的前進道路，包括與MDA 和Space X 達成的里程碑式協議，以及與加拿大政府合作夥伴的重要融資安排，衛星用戶社群完全符合我們向LEO 網路過渡的長期期望，並且由於這個原因，這種轉變將隨著時間的推移而加速。

Moving forward with our transformational Telesat Lightspeed program is our highest priority. 2024 marks the first full year where Telesat starts to make that transition to LEO in earnest. And to help all of you track what we're doing starting this year, breaking down our financials between GEO and LEO.

推進我們的變革性 Telesat Lightspeed 計畫是我們的首要任務。 2024 年是 Telesat 開始認真向 LEO 過渡的第一個完整年份。為了幫助大家追蹤我們從今年開始所做的事情，細分了 GEO 和 LEO 之間的財務狀況。

Showing consolidated numbers as well as you can see in our top line guidance that we released this morning, we're expecting some significant revenue declines around CAD150 million in GEO this year, split pretty evenly between our video and non-video businesses. We're not giving guidance beyond 2024 today. So I would note we're not expecting to see this magnitude of the annual top line decline in the coming years.

從我們今天早上發布的營收指南中可以看到的綜合數據來看，我們預計今年 GEO 的收入將大幅下降約 1.5 億加元，我們的影片和非影片業務的收入將相當平均地分配。今天我們不會提供 2024 年之後的指導。因此，我要指出的是，我們預計未來幾年的年度收入不會有如此大幅的下降。

On video, the expected decline comes primarily from the full run rate impact of the lower rate on Nimiq four from the renewal we secured last October with Bell as well as renewal. We have with EchoStar and Nimiq five coming up in early Q4 this year. Over the past few years, we've talked about the headwinds we're facing in our DTH business, really driven by cord cutting and the rise in over-the-top video platforms and the reductions we're expecting this year are very much a continuation of that trend.

在影片方面，預期的下降主要來自我們去年 10 月與貝爾續訂以及續訂後 Nimiq 4 的較低費率對整個運行率的影響。今年第四季初，我們與 EchoStar 和 Nimiq 合作推出了五款產品。在過去的幾年裡，我們討論了我們在 DTH 業務中面臨的逆風，這些逆風實際上是由掐線和 OTT 視頻平台的興起推動的，我們預計今年的業務量會減少很多這一趨勢的延續。

The other half of our expected revenue decline is coming from the enterprise side of our business, the biggest contributor being erosion of maritime services revenues, other meaningful expected reductions from an aero customer number of customers in Latin America, a universal service program we support in Indonesia and here in Canada, some point-of-sale retail networks and a number of government services.

我們預期收入下降的另一半來自我們業務的企業方面，最大的貢獻者是海事服務收入的侵蝕，以及拉丁美洲航空客戶數量的其他有意義的預期減少，這是我們支持的一項普遍服務計劃印度尼西亞和加拿大這裡有一些銷售點零售網路和一些政府服務。

The biggest driver on the lost revenue in the enterprise segment is the migration of customer requirements from GEO to LEO, namely to Starling, is there the first in the market with a disruptive LEO network. The reality is that enterprise customers want affordable, low latency broadband connectivity, which we've been talking about for quite some time. If anything, the transition in LEO is happening a little faster than even we expected.

企業部門收入損失的最大驅動因素是客戶需求從 GEO 遷移到 LEO，即遷移到 Starling，這是市場上第一個擁有顛覆性 LEO 網路的公司。現實情況是，企業客戶需要負擔得起的、低延遲的寬頻連接，我們已經討論了很長一段時間了。如果有什麼不同的話，那就是近地軌道的轉變發生得比我們預期的要快一些。

And although we don't love seeing Sterling cannibalized some of our GEO customer requirements. It's a strong validation of the market embrace of LEO and the compelling path that we're on with Telesat Lightspeed. We fully anticipated the transition to LEO, and it's precisely why we're building Lightspeed and why we're so bullish on it.

儘管我們不喜歡看到 Sterling 蠶食我們的一些 GEO 客戶需求。這是對 LEO 市場接受程度以及我們在 Telesat Lightspeed 上所走的引人注目的道路的有力證明。我們完全預料到了向 LEO 的過渡，這正是我們建造 Lightspeed 以及我們如此看好它的原因。

Turning to OpEx, we expect to see an increase of roughly CAD40 million year over year is all driven by the investments we're making in Lightspeed. For half the increase comes from headcount expansion. I'm happy to say though, not surprised. We're getting world-class professionals joining and wanting to join Telesat individuals who see where the industry is going and want to be part of building out and bringing to market a really advanced and revolutionary lower orbit global satellite broadband network project is a huge magnet for absolutely top-notch talent throughout our industry.

說到營運支出，我們預計將年增約 4,000 萬加元，這一切都是由我們對 Lightspeed 的投資所推動的。其中一半的成長來自員工人數的擴張。我很高興地說，但並不感到驚訝。我們正在吸引世界一流的專業人士加入，並希望加入Telesat 個人，他們看到了行業的發展方向，並希望成為建造真正先進和革命性的低軌道全球衛星寬頻網路項目並將其推向市場的一部分，這是一個巨大的吸引力為整個行業提供絕對一流的人才。

To give you a sense, we had a little less than 500 people across the company at the end of last year and around 35% of them were working on lightspeed. By the end of this year, we expect to have roughly 740 employees, a roughly 50% increase with nearly two thirds of the team working on lightspeed. Dedicated geo heads are actually coming down over 10% as we shift folks to lightspeed and more broadly take steps to right-size GEO, OpEx. We're a declining GEO business.

給大家一個印象，截至去年底，我們公司的員工略低於 500 人，其中約 35% 從事光速工作。到今年年底，我們預計將擁有約 740 名員工，增幅約為 50%，其中近三分之二的團隊成員從事光速工作。隨著我們將人員轉向光速，並更廣泛地採取措施調整 GEO 和營運支出的規模，專門的 Geo 負責人實際上會減少 10% 以上。我們的 GEO 業務正在衰退。

The rest of the OpEx increase is coming from higher lightspeed revenue related costs as well as costs associated with professional services, IT, travel, marketing and regulatory activities, all tied to the development implementation and commercialization of lightspeed. It's full-on and we're making great progress working with MDA and our other suppliers. We've completed the major system requirements review milestone with MDA and are progressing toward preliminary design review in the third quarter of this year.

營運支出成長的其餘部分來自更高的光速收入相關成本以及與專業服務、IT、旅行、行銷和監管活動相關的成本，所有這些都與光速的開發實施和商業化相關。它正在全力以赴，我們與 MDA 和其他供應商的合作正在取得巨大進展。我們已經與 MDA 完成了重要的系統需求審查里程碑，並正在爭取今年第三季的初步設計審查。

They're ramping up staff just as we are. We're also making great progress with our software partners, developing the tools we need to dynamically, manage the traffic on the network and the API.s and other interfaces.

他們和我們一樣正在增加員工。我們也與軟體合作夥伴取得了巨大進展，開發了動態管理網路流量、API 和其他介面所需的工具。

Our customers will use to purchase and manage Lightspeed services for their users' requirements for also making really good strides with various antenna suppliers for LEO user terminals for each of the verticals we're focused on as well as with suppliers for our landing stations. In short, we're moving up fast on all the key work streams necessary to bring lightspeed into service the customer communities enthusiastic with the approach we're taking in the services we'll be offering.

我們的客戶將根據其用戶的需求購買和管理 Lightspeed 服務，並與我們關注的每個垂直領域的 LEO 用戶終端的各種天線供應商以及我們的著陸站供應商取得真正的長足進步。簡而言之，我們正在快速推進所有必要的關鍵工作流程，以將光速帶入服務中，客戶社群對我們將提供的服務所採用的方法充滿熱情。

And there's great interest also with potential strategic partners and governments around the world to leverage lightspeed for their needs, telcos, mobile network operators, satellite operators, service providers and users in every vertical around the world for enterprise for aero, maritime and government services, they all recognize the transition to LEO that's underway in our industry, and everyone is actively looking for the best path or perhaps to ensure that they don't get left behind our CapEx guidance for this year.

世界各地的潛在戰略合作夥伴和政府也對利用光速來滿足他們的需求、電信公司、行動網路營運商、衛星營運商、服務供應商和用戶在全球各個垂直領域為航空、海事和政府服務的企業抱持著極大的興趣，他們都認識到我們行業正在向 LEO 過渡，每個人都在積極尋找最佳路徑，或者也許是為了確保他們不會落後於我們今年的資本支出指導。

Has us investing roughly CAD1 billion into lightspeed this year. We remain focused on launching our first satellites in June 2026, slightly more than two years from now offering data services shortly thereafter and providing full global coverage in service by the end of 2027.

今年我們在光速方面投資了約 10 億加元。我們仍專注於在 2026 年 6 月發射第一顆衛星，即兩年多後不久提供資料服務，並在 2027 年底之前提供全球全面覆蓋的服務。

Let me now give a quick update on lightspeed funding. Over the past months we've had extensive engagement with the government of Canada over funding for lightspeed. We believe we've reached an understanding on detailed funding terms and expect to release a summary of those terms shortly likely after markets closed today. Suffice to say that we're very pleased we've reached this point.

現在讓我快速介紹一下光速融資的最新情況。在過去的幾個月裡，我們與加拿大政府就光速的資助問題進行了廣泛的接觸。我們相信我們已經就詳細的融資條款達成了諒解，並預計在今天收盤後不久發布這些條款的摘要。我只想說，我們很高興我們已經達到了這一點。

As we've noted in our earnings release, we estimate that our total cost of borrowings is roughly USD750 million lower than our prior funding plan, and that's on top of the USD2 billion in CapEx savings. We're very grateful for the strong support we've had from the government of Canada on the lightspeed program.

正如我們在收益報告中指出的那樣，我們估計我們的總借貸成本比先前的融資計劃低約 7.5 億美元，這還不包括 20 億美元的資本支出節省。我們非常感謝加拿大政府對光速計畫的大力支持。

And I note also that the government of Canada isn't just some in animate object. There are a ton of people throughout the government of Canada who have worked really hard with Telesat and engage closely with us over the past few years. And I just want to note that my colleagues, and I appreciate all their hard work and commitment to the program.

我還注意到，加拿大政府不僅僅是一個有生命的物體。在過去的幾年裡，加拿大政府中有很多人與 Telesat 一起努力工作，並與我們密切合作。我只想指出，我和我的同事感謝他們的辛勤工作和對該計劃的承諾。

And I'd note also not a huge surprise, given all the benefits of Telesat lightspeed delivers to Canada I take the world, whether that's bridging the digital divide, whether it's job creation, technology development, job creation, all of that. There's huge benefits that come from the lightspeed program and the government of Canada and the people that work there recognize that we really appreciate that.

我想說的是，考慮到 Telesat 光速為加拿大帶來的所有好處，我認為這並不令人意外，無論是彌合數位鴻溝，還是創造就業機會、技術開發、創造就業機會，所有這些。光速計劃帶來了巨大的好處，加拿大政府和在那裡工作的人們認識到我們真的很感激這一點。

So in sum, we accomplished a great deal last year and have a very full 2024. As we accelerate our efforts and investment in bringing lightspeed to market. Our industry is undergoing a significant transition as LEO networks gain ascendancy and market share. To that end, our highest priority is on focused execution of the lightspeed program. Both technically and commercially were hugely bullish on our prospects in the market as well as our ability to deliver an extraordinary value proposition for our customers and significant value creation for shareholders.

總而言之，我們去年取得了巨大成就，2024 年也過得很充實。隨著我們加快努力和投資，將光速推向市場。隨著 LEO 網路獲得優勢和市場份額，我們的行業正在經歷重大轉型。為此，我們的首要任務是集中執行光速計劃。無論是技術上或商業上，我們都非常看好我們的市場前景，以及我們為客戶提供非凡價值主張和為股東創造重大價值的能力。

With that, I'll hand over to Andrew and then look forward to addressing any questions may have.

接下來，我將把工作交給安德魯，然後期待解決任何可能的問題。

Thank you, Dan, and good morning, everyone. I would now like to focus on highlights from this morning's press release and filings. Telesat ended the year 2023 with reported revenues of $704 million, adjusted EBITDA of $534 million and generated cash from operations of $169 million with $1.7 billion of cash on the balance sheet at year end. As Dan has mentioned, we outperformed our 2023 adjusted EBITDA guidance in the fourth quarter of 2023. Telesat reported revenues of $166 million.

謝謝丹，大家早安。我現在想專注於今天上午的新聞稿和文件中的要點。截至 2023 年，Telesat 報告營收為 7.04 億美元，調整後 EBITDA 為 5.34 億美元，營運現金為 1.69 億美元，年底資產負債表上有 17 億美元現金。正如丹所提到的，我們在 2023 年第四季的表現超出了 2023 年調整後 EBITDA 指導。Telesat 報告營收為 1.66 億美元。

Adjusted EBITDA was $123 million and generated cash from operations of $13 million for the fourth quarter of 2023 compared to the same period of 2022, revenues decreased by $41 million to $166 million. Operating expenses decreased by $30 billion to $49.9 million and adjusted EBITDA decreased by $15.7 billion to $123.3 million.

2023 年第四季調整後 EBITDA 為 1.23 億美元，營運現金為 1,300 萬美元，與 2022 年同期相比，營收減少 4,100 萬美元，至 1.66 億美元。營運費用減少 300 億美元，至 4,990 萬美元，調整後 EBITDA 減少 157 億美元，至 1.233 億美元。

The adjusted EBITDA margin was 74.3% as compared to 67.2% in 2022 when adjusted for changes in foreign exchange rates, revenues decreased by $41.2 million. Operating expenses decreased by $30.2 million and adjusted EBITDA decreased by [$15.9 million].

調整後的 EBITDA 利潤率為 74.3%，而根據匯率變動調整後的 2022 年為 67.2%，收入減少了 4,120 萬美元。營運費用減少 3,020 萬美元，調整後 EBITDA 減少[1590 萬美元]。

The revenue decrease for the quarter was primarily due to the completion of an equipment sale in 2022 data, which was not repeated in 2023 and a rate reduction on the renewals of a long-term agreement with a North American customer. The decrease in operating expenses is primarily due to lower noncash share-based compensation and higher equipment sales in 2022 related to the DARP in program.

本季收入下降的主要原因是2022年數據完成了設備銷售，2023年不再重複，以及與北美客戶續簽長期協議的費率降低。營運費用的減少主要是由於非現金股權激勵的減少以及與計劃中的 DARP 相關的 2022 年設備銷售額的增加。

As I just mentioned, interest expense decreased by $2 million during the fourth quarter and compared to the same period in 2022. The decrease was due to the repurchase of notes and term loan B in 2023. This was partially offset by an increase in interest rates in the US, term loan B facility. In the fourth quarter, we recorded a gain on foreign exchange of $78 million as compared to a gain of $72 million in the fourth quarter of 2022.

正如我剛才提到的，第四季利息支出與 2022 年同期相比減少了 200 萬美元。減少的原因是2023年回購票據和定期貸款B。這被美國定期貸款 B 便利利率的上升部分抵消。第四季度，我們的外匯收益為 7,800 萬美元，而 2022 年第四季為 7,200 萬美元。

The gain for the three months ended December 31, 2023, was mainly the result of the weaker US dollar the Canadian dollar spot rate as of December 31 compared to the spot rate as of September 30, 2023, and the resulting favorable impact on the translation of our US-denominated debt.

截至2023年12月31日止三個月的收益主要是由於截至12月31日的美元即加幣即期匯率較截至2023年9月30日的即期匯率走弱，以及由此對換算產生的有利影響我們以美元計價的債務。

Our net income for the quarter was $39 million compared to net income of $91 million for the same period in the prior year. And net income for the year ended December 31 was $583 million compared to a net loss of $82 million for the prior year. The positive variation of $665 million was principally due to C-band clearing proceeds recognized in the second quarter of 2023, combined with the gain on the repurchase of our debt had a foreign exchange gain on the conversion of a US-dollar debt.

我們本季的淨利潤為 3,900 萬美元，而上年同期的淨利潤為 9,100 萬美元。截至 12 月 31 日的年度淨利潤為 5.83 億美元，而上一年的淨虧損為 8,200 萬美元。6.65 億美元的正變動主要是由於 2023 年第二季確認的 C 級清算收益，加上我們債務回購的收益以及美元債務轉換的外匯收益。

This was partially offset by the booking of an impairment of $79.8 million in Q4 for the year ended 31 of December, the cash inflow from operating activities was [$69 million] and the cash flows generated from investing activities were$ 212 million. The cash flows generated from investing activities is due to the proceeds received from the Phase 2 C-band clearing, as mentioned by then partially offset by capital expenditures.

這被截至 12 月 31 日的第四季 7,980 萬美元的減損入帳部分抵消，經營活動現金流入為 [6,900 萬美元]，投資活動產生的現金流為 2.12 億美元。投資活動產生的現金流量來自第二階段 C 級清算所收到的收益，如當時所提到的，部分被資本支出抵銷。

In terms of CapEx incurred to date was primarily related to a lower constellation Telesat lightspeed and the newly acquired [Anik] four satellites.

就迄今為止產生的資本支出而言，主要與較低星座 Telesat 光速和新收購的 [Anik] 四顆衛星有關。

Turning to guidance, as you will also have noted in our earnings release this morning, we provided preliminary 2024 guidance. This guidance assumes a Canadian dollar to US dollar exchange rate of $1.35.

談到指導，正如您在今天早上的財報中所注意到的，我們提供了 2024 年初步指導。本指引假設加幣兌美元匯率為 1.35 美元。

As Dan also mentioned, we will look forward to reporting on a segmented basis where we will breakout or Lightspeed and GMI business as we go forward. And this is really to provide transparency and understanding that everybody would be able to appreciate and bolt as both our businesses develop.

正如 Dan 也提到的那樣，我們將期待在細分的基礎上進行報告，隨著我們的發展，我們將突破 Lightspeed 和 GMI 業務。這實際上是為了提供透明度和理解，隨著我們業務的發展，每個人都能夠欣賞和支持。

Turning to 24. Specifically, Telesat expects its full year revenues to be between $545 million and $565 million. And in terms of operating expenses, excluding share-based comp, we would like to point out that we have a range of $80 million to $90 million attributed to Telesat lightspeed. And also as mentioned, this highlights yield represents an increase of $40 million year on year. In terms of adjusted EBITDA, Telesat expected to be between $340 million to $360 million.

轉眼就到了24號。具體來說，Telesat 預計全年收入將在 5.45 億美元至 5.65 億美元之間。就營運費用而言，不包括基於股票的補償，我們想指出的是，Telesat lightspeed 的營運費用為 8,000 萬至 9,000 萬美元。同樣如上所述，這凸顯了收益率年增了 4000 萬美元。就調整後的 EBITDA 而言，Telesat 預計在 3.4 億美元至 3.6 億美元之間。

Turning to CapEx in respect to capital expenditures for 2024 use in investing activities. We anticipate this to be in a range of $1 billion to $1.4 billion, which is practically all related to Telesat lightspeed. That has also highlighted the drivers to our 2024 financial outlook in terms of revenue declines, we are expecting that the GEO business and the increase in operating expenses that are fundamentally related to Lightspeed. As I had mentioned, the drivers of that more banks is indeed as headcount, as we discussed, marketing, IT systems, professional fees and consulting.

轉向關於 2024 年投資活動資本支出的資本支出。我們預計該金額將在 10 億至 14 億美元之間，幾乎全部與 Telesat 光速相關。這也凸顯了我們 2024 年財務前景收入下降的驅動因素，我們預期 GEO 業務和營運費用的增加與 Lightspeed 根本相關。正如我所提到的，正如我們所討論的，更多銀行的驅動因素確實是人員數量、行銷、IT 系統、專業費用和諮詢。

Turning to cash to meet our expected cash requirements for the next 12 months, including interest payments and capital expenditures. We have approximately $1.7 billion of cash and short-term investments at the end of December as well as approximately USD200 million of borrowings available under our revolving credit facility. Approximately $1.25 billion of cash was held in our unrestricted subsidiaries. In addition, we continued to generate significant amount of cash from our ongoing operating activities.

轉向現金以滿足我們未來 12 個月的預期現金需求，包括利息支付和資本支出。截至 12 月底，我們擁有約 17 億美元的現金和短期投資，以及循環信貸額度下約 2 億美元的可用借款。我們不受限制的子公司持有約 12.5 億美元現金。此外，我們繼續從持續的經營活動中產生大量現金。

At the end of the fourth quarter, the total leverage ratio as calculated under the terms of the amended senior secured credit facilities was 5.32 times. Telesat has complied with all covenants in our credit agreements and indentures further including the repayment we made in 2020 of approximately $241 billion of the outstanding term loan B, combined with our ongoing repurchase program or overall debt, has been reduced by approximately 28% just to recap, we reported to date a total amount of USD587 million at an aggregate cost of USD332.7 million.

截至第四季末，根據修訂後的優先擔保信貸條款計算的總槓桿率為5.32倍。Telesat 遵守了我們的信貸協議和契約中的所有契約，進一步包括我們在2020 年償還的約2,410 億美元的未償還定期貸款B，加上我們正在進行的回購計劃或總體債務，已減少約28 %，僅回顧一下，我們迄今為止報告的總金額為 5.87 億美元，總成本為 3.327 億美元。

In addition, this also resulted in interest savings per year of around $40 million. A reconciliation between our financial statements and financial covenant calculations is provided in the report we filed this morning for 20-F provides the unaudited interim condensed consolidated financial information in the MD&A. The non-guarantor subsidiary showed are essentially the unrestricted subsidiaries had minor differences. So I think that concludes our prepared remarks.

此外，這也導致每年節省約 4,000 萬美元的利息。我們今天早上提交的 20-F 報告中提供了我們的財務報表和財務契約計算之間的調節表，並在 MD&A 中提供了未經審計的中期簡明合併財務資訊。非擔保子公司基本與非受限子公司有細微差異。我認為我們準備好的發言就到此結束。

For the call and very happy now to turn back to the operator and yes address any questions you may have. Thank you very much.

對於這個電話，現在很高興回到接線員處，並解決您可能遇到的任何問題。非常感謝。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Caleb Henry, Quilty Space.

凱勒亨利，奎爾蒂空間。

Dan and crew. Congratulations on getting that financing sub done, but it's been a long trip over the years and somebody I can't decipher, I mean, can you remind us of at was the last publicly stated of note position you had on terms of debt raised with, I think it was around [$2 billion]

丹和船員們。恭喜您完成了融資子項目，但多年來這是一次漫長的旅行，我無法破譯某個人，我的意思是，您能否提醒我們，您最後一次公開聲明的關於債務條款的立場是什麼？ ，我認為是在附近[20億美元]

Yeah. Hi, Chris. Yes, that's about right. That be a US number. I think what we said is Well, Andrew,

是的。嗨，克里斯。是的，差不多是這樣。那是美國的號碼。我認為我們所說的是，安德魯，

Yeah. I'll go had effect on their website. We have the investor presentations. We did a kind of small roadshow in November and throughout the New York and put video from Page 19, just for everyone, at overall in terms of our sources and uses, we had Telesat equity of $1.6 billion, government funding $2.1 billion, which was requested UCaaS vendor financing of $300 million.

是的。我會去影響他們的網站。我們有投資者介紹。我們在11 月在整個紐約進行了一次小型路演，並播放了第19 頁的視頻，僅供所有人觀看，總體而言，就我們的來源和用途而言，我們擁有Telesat 股權16 億美元，政府資金21 億美元，這是請求 UCaaS 供應商融資 3 億美元。

And on just a round off, in terms of our spending, overall, we had $2.7 billion for satellites, operational expenditures of about $800 million. And we also had contingency included of roughly 40% of [$400 billion] are contained within the overall program itself. Just give you a quick refresher on that.

就我們的支出而言，就我們的整體支出而言，就一輪而言，我們的衛星支出為 27 億美元，營運支出約為 8 億美元。我們也考慮了意外事件，其中約 40% 的 [4000 億美元] 包含在整個計劃本身中。讓您快速回顧一下這一點。

That's great. Thanks for the detail. So I kind of jumped over it, but congratulations on the I think the vision you put forward here. If you focus on the enterprise market and that brings up a question. Darling has obviously been hurting the maritime market and other adjacent markets, but haven't really had you seen them at all. You target the traditional enterprise market? And can you help us understand the differentiation of what you're trying to do versus Darling system?

那太棒了。謝謝你的詳細資料。所以我有點跳過它，但祝賀你在這裡提出的願景。如果您專注於企業市場，那就會帶來一個問題。達令顯然已經損害了海運市場和其他鄰近市場，但你根本沒有真正看到它們。您的目標是傳統企業市場嗎？您能幫助我們了解您正在嘗試做的事情與 Darling 系統的差異嗎？

Yeah. Well, Chris, thanks. So let's see, yes, they're definitely having an impact are in maritime. They're working hard to make inroads in aero, but it looks so far like they've had greater traction in maritime and aero at this point, putting in truth, we're kind of we're seeing them everywhere. We see them what when you say enterprise, maybe less kind of corporate enterprise, but we are seeing them for our backhaul requirements on uncertain network so that's where we're seeing them.

是的。好吧，克里斯，謝謝。讓我們看看，是的，它們肯定會對海事產生影響。他們正在努力進軍航空領域，但到目前為止，他們在航海和航空領域似乎擁有更大的吸引力，說實話，我們似乎到處都能看到他們。當你說企業時，我們看到它們，也許不太像公司企業，但我們看到它們是為了滿足不確定網路上的回程需求，所以這就是我們看到它們的地方。

And you know, we said it in our remarks. Customers want affordable, high throughput, low latency, resilient connectivity and space X by now has launched a lot of satellites and it's a good product, but our product is differentiated for the verticals that we're focused on, which are, you know, those enterprise verticals. So, we've talked about telcos, mobile network operators, corporates, governments, Aero maritime.

你知道，我們在講話中已經說過了。客戶想要價格實惠、高吞吐量、低延遲、彈性連接，而Space X 到目前為止已經發射了很多衛星，這是一個很好的產品，但我們的產品針對我們所關注的垂直領域進行了差異化，你知道，這些企業垂直領域。我們討論了電信公司、行動網路營運商、企業、政府、航空海事。

And I'd say it's a few things. One of the key things that we do, unlike a service that's kind of principally a consumer-grade focused service. We've got the ability with our customers to do a bunch of things, give them a SLAs. It make commitments around CIRI give our customers the ability to have their own dedicated bandwidth pools, which then they can manage they can oversubscribe, but they can offer different service tiers.

我想說的是一些事情。我們所做的關鍵事情之一，與主要是消費者級的服務不同。我們有能力與客戶一起做很多事情，為他們提供 SLA。它圍繞著 CIRI 作出承諾，使我們的客戶能夠擁有自己的專用頻寬池，然後他們可以管理這些頻寬池，可以超額訂閱，但他們可以提供不同的服務等級。

They can move their bits around across their network of which for some of them could be the entire earth on. So it gives them massive flexibility, massive control over their bids over their network. So I actually that's a big part of the differentiation from the customer standpoint. I think from the investor standpoint, what we're doing, I think is also very capital efficient.

他們可以在他們的網路上移動他們的比特，對於他們中的一些人來說，這個網路可能是整個地球。因此，這為他們提供了巨大的靈活性，可以對網路上的出價進行大規模控制。所以我實際上從客戶的角度來看這是差異化的一個重要部分。我認為從投資者的角度來看，我們正在做的事情也非常具有資本效率。

We're able to cover the world with terabytes and terabytes of this very high-performing capacity with hundreds of satellites, not thousands of satellites and satellites that lasts, you know, north of 10 years. So gives us a long opportunity to earn the kinds of returns that we need to on our invested capital.

我們能夠透過數百顆衛星，而不是數千顆衛星和持續 10 年以上的衛星，以數 TB 的高性能容量覆蓋全世界。因此，我們有很長的機會從我們的投資資本中獲得所需的回報。

So in any event and look, again, I think Space X is moving fast and being disruptive. We don't get everything right around here to say the least. But we definitely saw the transition from GEO the LEO come in and what a powerful value proposition that is for our enterprise customers. So we've been all over that. But I'd say as good as a Space X isn't as fast as they're moving while no one's going to own this entire market, the market's huge. It's growing fast. It should, particularly for enterprise customers, never want to put all their eggs in any one basket and so.

所以無論如何，我認為 Space X 正在快速發展並且具有顛覆性。至少可以說，我們這裡並沒有把一切都搞定。但我們確實看到了從 GEO 到 LEO 的轉變，以及這對我們的企業客戶來說是多麼強大的價值主張。所以我們已經討論過了。但我想說的是，SpaceX 的發展速度並不快，而且沒有人會擁有整個市場，這個市場是巨大的。它增長得很快。它應該，特別是對於企業客戶來說，永遠不想把所有雞蛋放在任何一個籃子裡等等。

In any event, we're excited to get moving and get out there as fast as we can. And as you've probably picked up in my remarks this morning, we're just super focused and making big investments to get there as fast as we can.

無論如何，我們很高興能盡快採取行動。正如您今天早上在我的演講中可能已經了解的那樣，我們非常專注並進行大量投資，以盡快實現這一目標。

Phase 2 on NDA, clearly has a pretty tall task ahead of them here over the next couple of years. But after listening to the Eutelsat OneWeb call, I find myself asking you the more important question, which is where are you in terms of your gateway file?

NDA 的第二階段顯然在未來幾年內面臨相當艱鉅的任務。但在聽完 Eutelsat OneWeb 電話會議後，我發現自己問了您一個更重要的問題，即您的網關文件在哪裡？

In terms of insurance? Are you kind of US focused?

在保險方面？您是否專注於美國？

Well, no, I mean for the global deployment, and one was had or Constellation up and it's still not fully operational because they couldn't get their gateways installed, right?

嗯，不，我的意思是對於全球部署，已經有一個星座，但它仍然沒有完全運行，因為他們無法安裝網關，對嗎？

Yeah. No, I tracked all that to. Here's what I'd say a few things about gateways. One for better or worse. We've been working on this for a long time. So we've identified that we're starting off with at a minimum 25 landing stations around the world will be connected up and the like. And then we'll scale our landing station infrastructure from there. And then for any given customer in any given country, we can kind of have sort of more bespoke landing stations as well as some of the flexibility that an advanced system like ours has.

是的。不，我追蹤了所有這些。這是我要說的關於網關的一些事情。一個是好是壞。我們已經為此努力了很長時間。因此，我們已經確定，我們一開始將連接世界各地至少 25 個著陸站等。然後我們將從那裡擴展我們的登陸站基礎設施。然後，對於任何特定國家的任何特定客戶，我們都可以擁有更多客製化的著陸站以及像我們這樣的先進系統所具有的一些靈活性。

The other thing I'd note about lightspeed, maybe unlike OneWeb is we've got the optical and or satellite links on our constellation. And so what that means is you probably need, probably you need fewer gateways in order two, still have our full global coverage and connectivity and the opportunity to manage traffic around and to make sure that all of your satellites, 24/7 are kind of on network enabled to contribute. So Yes, we've identified the main seasons where we need to go. I think we'll be in good shape.

關於光速，我要注意的另一件事可能與 OneWeb 不同，那就是我們的星座上有光纖和/或衛星連結。因此，這意味著您可能需要，可能您需要更少的網關（第二個​​），但仍然擁有我們完整的全球覆蓋和連接，以及管理周圍流量並確保所有衛星 24/7 運行的機會在網路上能夠做出貢獻。所以，是的，我們已經確定了我們需要去的主要季節。我想我們會保持良好狀態。

Would you be interested in buying a StarLink optical cross-connect on?

您有興趣購買 StarLink 光纖交叉連接嗎？

You know it. It's a it's an interesting question and all share with you that we haven't had any conversations with StarLink about that. They're probably pros and cons of doing something like that on pros being space. X is building lots of them and it would allow us to grow.

你知道的。這是一個有趣的問題，我們與大家分享的是，我們還沒有與 StarLink 就此進行過任何對話。他們可能是在空間上做類似事情的優點和缺點。X 正在建立許多這樣的項目，這將使我們能夠成長。

No. I mean, theoretically interconnect with their constellation, although they're flying lower than we are so worried where we'd interconnect with those guys probably do that in our app rather than optical. I'm not sure that the StarLink optical link is SDA compliant that would have to be something that we would take into consideration. There are a number of a good OISL optical into satellite link providers out there with Heritage and the like.

不。我的意思是，理論上可以與他們的星座互連，儘管它們飛得比我們擔心的要低，我們可能會在我們的應用程式中而不是光學上與這些人互連。我不確定 StarLink 光纖鏈路是否符合 SDA 標準，我們必須考慮這一點。有許多優秀的 OISL 光纖衛星鏈路供應商，例如 Heritage 等。

So anyway, stay tuned on that. We've announced a good many of our suppliers, including MDA and Space X we announced earlier, we are working with us on some of the software that's going to orchestrate the constellation on and as we work with MDA and pick that kind of next level supply chain and folks will learn more about the maybe different component parts of the network.

所以無論如何，請繼續關注。我們已經宣布了許多供應商，包括我們之前宣布的 MDA 和 Space X，我們正在與我們合作開發一些軟體，這些軟體將在我們與 MDA 合作並選擇下一個級別時編排星座。供應鏈和人們將更多地了解網路中可能不同的組成部分。

Great. And a final question on Nimiq five. Is that a one year or multiyear contract?

偉大的。最後一個問題是關於 Nimiq 5 的。這是一年合約還是多年合約？

Nimiq five on the well, it was a fit

尼米克五號就不錯了，很合適

One in the coming up for renewal.

其中之一即將續訂。

Yeah, it's coming up for renewal. So you know, so it hasn't been renewed yet. We've started having conversations with EchoStar about it, but it was a 15-year agreement that comes up in October of this year. So stay tuned on that.

是的，即將更新。所以你知道，所以它還沒有更新。我們已經開始與 EchoStar 就此事進行對話，但這是一項為期 15 年的協議，於今年 10 月達成。所以請繼續關注。

Got it.

知道了。

Thanks, Chris.

謝謝，克里斯。

Thank you.

謝謝。

Thank you. Arun Seshadri, BNP Paribas

謝謝。阿倫‧塞沙德里 (Arun Seshadri)，法國巴黎銀行

Yes, hi, thanks for taking my questions. First from me, I noticed this word like your funding conditionality that the program is fully funded to global service delivery, subject to certain conditions. If you can outline what those conditions are would be helpful.

是的，嗨，感謝您回答我的問題。首先，我注意到這個詞，就像你們的資助條件一樣，即該計劃完全資助全球服務交付，但須遵守某些條件。如果您能概述這些條件是什麼，將會有所幫助。

And then separately on the funding plan itself, clearly strong support from the government of Canada for the $750 million reduction and to be cheaper today. Can you sort of tell us how you calculate that $750 million, so just to understand the puts and takes there.

然後，就融資計畫本身而言，加拿大政府顯然大力支持削減 7.5 億美元，並降低今天的成本。您能否告訴我們您是如何計算這 7.5 億美元的，以便了解其中的看跌期權和持倉金額。

Yeah. We have Andrew, do you want to start with that and then I'll maybe talk about what some of the conditionality.

是的。我們有安德魯，你想從這個開始嗎？然後我可能會談談一些條件。

Yeah. Absolutely am. You know, as you know that we were initially dealing with sort of Talos and dealing with the export credit agencies and that I have to say the export credit agencies are not necessarily cheap, right? And they have a lot of fees, a lot of upfront fees and premiums. And so when you calculate it out, the arrangements that we have come with the Canadian government and you do the math basically that it just falls out of the equation, it's [$750 million] cheaper.

是的。絕對是。你知道，正如你所知，我們最初是在與 Talos 打交道並與出口信貸機構打交道，我不得不說出口信貸機構不一定便宜，對嗎？他們有很多費用，很多預付費用和保費。因此，當你計算出來時，我們與加拿大政府達成的安排，你基本上進行數學計算，它就被排除在等式之外，它便宜了[7.5億美元]。

So, and over to me on conditionality, I mean, it show got to be definitely careful here. My General Counsel is sitting across the table from me. So what would I say on the conditionality that it doesn't make my CCI rate. I guess I'd say, you know, the conditionality, it's kind of a typical stop with any a funding agreement, right? So we are entering into definitive agreements. We've got multiple funding sources, each funding source needs to make sure that the other one is there. And Scott, you know, and that in the aggregate, we have sufficient cash to fully fund the program. So it's that kind of stuff.

所以，關於條件，我的意思是，這表明在這裡必須要小心。我的總法律顧問坐在我對面。那麼，關於它不符合我的 CCI 利率的條件，我該怎麼說呢？我想我會說，你知道，條件性，這是任何融資協議的典型停止，對吧？因此，我們正在簽訂最終協議。我們有多個資金來源，每個資金來源都需要確保另一個資金來源的存在。斯科特，你知道，總的來說，我們有足夠的現金來全額資助該計劃。所以就是這樣的事情。

As you can see, I'm a big believer in actions speaking louder than words. We're confident we've got the financing in place that we need to move our project forward, which is why we're hiring all these people and spending all this money and entering into these contracts. But that's, you know, when we referenced it on were kept on a tight leash here by our legal department. And so it was mostly just to be it's just careful to say, yes, we still need to get those definitive agreements in place and the like and I'll take

正如您所看到的，我堅信行動勝於雄辯。我們相信我們已經獲得了推進專案所需的融資，這就是為什麼我們要雇用所有這些人並花費所有這些錢並簽訂這些合約。但你知道，當我們引用它時，我們的法律部門對此嚴格控制。因此，主要是要小心地說，是的，我們仍然需要達成這些最終協議等，我會採取

I'll just add further that we've got contingency, you know, as we mentioned, the $400 million also within that, again, a lot of progress.

我想進一步補充一點，我們有應急措施，你知道，正如我們所提到的，4 億美元也在其中，再次取得了許多進展。

Got it. That's helpful on that. On the original, the $750million, glad I had a reduction. So obviously I understand, Andrew, that the that the export agencies are not the necessarily that cheap. But just in terms of the assumptions in that $750 million, is that just, you know, kind of a -- over the portal, the debt costs over a certain period of time that are that it's lower by like can you just share those assumptions in advance of the disclosure that's going to come out tonight?

知道了。這對此很有幫助。最初的 7.5 億美元，很高興我減少了。安德魯，顯然我明白出口機構不一定那麼便宜。但就這 7.5 億美元的假設而言，你知道，在一定時間內，門戶網站上的債務成本會降低，你能分享一下這些假設嗎？在今晚即將公佈的消息之前？

They are all ticked up and you just?

他們都興奮起來了，而你呢？

Yeah, I mean, fundamentally, yeah, like we've stared at what our total cost of borrowings under the original plan with another vendor on and what it is now, we took everything into account, we took into account what the total CapEx and other costs of the original program were versus the new one we took into account what are expected our cost of borrowings will be over the life of the funding commitments, right.

是的，我的意思是，從根本上來說，是的，就像我們盯著原始計劃下與另一家供應商的借貸總成本以及現在的情況一樣，我們考慮了一切，我們考慮了總資本支出和原始計劃的其他成本與新計劃的其他成本相比，我們考慮了在融資承諾期限內預期的借款成本，對吧。

So the interest rate any other and this is relevant for the export credit agencies, premia and stuff like that we have to pay. And then we compare that to what our expectations are, will be our cost of borrowings for what I'll call the new and improved approach. And yes, that's come up with the $750 million savings over the course of the program. And it's my expectation that in the near term, we'll provide some additional details around our funding terms, and it will allow folks to kind of make their own calculations about what our cost of borrowings are a good risk process that we've gone through.

因此，任何其他利率都與出口信貸機構、溢價和我們必須支付的類似費用有關。然後我們將其與我們的預期進行比較，這將是我稱之為新的改進方法的借款成本。是的，在該計劃過程中節省了 7.5 億美元。我預計，在短期內，我們將提供一些有關融資條款的額外細節，這將使人們能夠自己計算我們的借貸成本是我們已經採取的良好風險流程通過。

Got it. Understood. Thank you. And then separately, can you talk about broadcast revenue? It seems like even adjusting for the run rate Bell and maybe a little bit from for the EchoStar, your broadcast revenue is still a little bit lower than we would have expected. If you could give any additional color there? And then also how much in geo OpEx reductions are embedded in your EBITDA guidance? Thank you

知道了。明白了。謝謝。然後您能單獨談談轉播收入嗎？看來即使調整了 Bell 的運行率，也許還調整了 EchoStar 的運行率，你們的廣播收入仍然比我們預期的要低一些。如果你可以在那裡添加任何額外的顏色嗎？然後，您的 EBITDA 指導中包含了多少地理營運支出削減？謝謝

I'll let Andrew take the second one. I'll start with the first one. And so yes, I mean, I said it in my opening remarks, the expected decline in video are overwhelmingly driven by one thing that's already happened, which was the renewal that we secured with Bell for Nimiq.

我會讓安德魯拿第二個。我將從第一個開始。所以，是的，我的意思是，我在開場白中說過，影片的預期下降很大程度上是由已經發生的一件事推動的，這就是我們與貝爾為 Nimiq 達成的續約。

Yes. So you just keep my Nimiq straight with Nimiq four last October. So we had, you know, nearly three months impact of that lower rate last year, but we got the full run-rate impact of it. Our for this year. And we said at the time it was a significant, a significantly lower rate of that. We agreed with Bell to close that number for renewal.

是的。所以去年十月你就讓我的 Nimiq 與 Nimiq 4 保持一致。所以，你知道，去年我們受到了近三個月較低利率的影響，但我們得到了它的全部運行率影響。我們今年的。我們當時說這是一個顯著的、明顯較低的比率。我們同意貝爾關閉該號碼以進行更新。

So that's the biggest contributor, to the expected decline in broadcast this year. And then there's Echo. So we've just started conversations with Echo. Our guidance accommodates a range of different outcomes where we end up with them. From they don't renew anything to maybe renew just part of it for their new all of it.

因此，這是今年預計廣播量下降的最大原因。然後是迴聲。我們剛開始與 Echo 的對話。我們的指南適應了我們最終得到的一系列不同的結果。從他們不更新任何東西到可能只更新部分內容以換取全部新內容。

But no matter what our expectation is given what's going on in the market given the and other recent renewals we got we are expecting under any scenario, it's going to be mature, materially less revenue from DISH on MiMagic five than what we've been recognizing over the past 15 years. So anyway, and then you know, there are no other broadcast customers we have that we sort of take into account when we put our projections together. But fundamentally, it's the two that I've highlighted.

但無論我們的預期如何，考慮到市場上正在發生什麼，考慮到我們在任何情況下獲得的和其他最近的續訂，我們都預計它會成熟，MiMagic 5 上的DISH 收入將大大低於我們所認識的收入過去15年。所以無論如何，然後你知道，當我們將我們的預測放在一起時，我們沒有考慮到其他廣播客戶。但從根本上來說，我強調的是這兩個。

Got it. Helpful. Last thing for me is how much do you plan on spending? I guess on lightspeed before getting definitive data from, I guess, the Canadian government on the funding? And do you think about the OpEx side, you kind of mentioned on EBITDA for 2025, the step down will be less than 24. Any way you could quantify the OpEx within that within 25 that you can expect today? Thanks. That's all from me.

知道了。有幫助。對我來說最後一件事是你打算花多少錢？在從加拿大政府獲得有關資金的明確數據之前，我猜想是光速？您是否考慮過營運支出方面，您在 2025 年的 EBITDA 中提到，降幅將小於 24。您可以透過什麼方式將營運支出量化在您今天預期的 25 年內？謝謝。這就是我的全部。

I'll address this some components of your question indeed. I think the first question was relating to the step down in India or geo OpEx. And as you probably appreciate, our fixed costs are approximately, you know, 60% to 65%. And nonetheless, we've gone through in detail looking at our plans or scale-up plans is down and go through the investment in lightspeed through the future for them sold broader GEO cost-downs.

我確實會解決你問題的一些組成部分。我認為第一個問題與印度或地理營運支出的下降有關。正如您可能意識到的，我們的固定成本約為 60% 到 65%。儘管如此，我們已經詳細審查了我們的計劃或擴大規模的計劃是否已縮減，並審查了未來對光速的投資，以便他們出售更廣泛的 GEO 成本下降。

Now approximately, I'd say 4% or so notwithstanding the fact that our costs are pretty well fixed and then when you look at lightspeed and that indeed, about 65% to 70% of that increase is the fixed and primarily is coming from compensation as we scale out and we hire people coming in.

現在，我想說大約 4% 左右，儘管事實上我們的成本已經很好地固定了，然後當你看看光速時，確實，大約 65% 到 70% 的增長是固定的，主要來自補償當我們擴大規模並僱用進來的人時。

And then just coming back to our sort of guidance, as you know, adjusted EBITDA at $340 million to $360 million, but just to compare, if you take a look at what we said, $80 million, $90 million for lightspeed. If you actually added that back to what the adjusted EBITDA guidance is, we come to a margin of like 79% to 80%.

然後回到我們的指導，如你所知，將 EBITDA 調整為 3.4 億至 3.6 億美元，但只是為了比較，如果你看看我們所說的，光速為 8000 萬美元、9000 萬美元。如果您實際上將其加回調整後的 EBITDA 指引值中，我們的利潤率約為 79% 至 80%。

So our costs are very, very focused. And after 2025, we probably maybe you know that it says, I think our expectations in terms of top line was not to do reductions that we're seeing now. And in OpEx, we probably wouldn't give any guidance right now specifically for 2025. So I hope that kind of addressed your variation of your questions.

所以我們的成本非常非常集中。2025 年之後，我們可能知道，它說，我認為我們對營收的預期不會像現在這樣減少。在營運支出方面，我們現在可能不會專門針對 2025 年提供任何指導。所以我希望這能解決你的各種問題。

Yes, thank you.

是的，謝謝。

Thank you. Walter Piecyk, LightShed Partners.

謝謝。沃爾特·皮西克 (Walter Piecyk)，LightShed 合夥人。

Yes, hi, everybody. This is Joe for Walt, you provide a CapEx range and just want to kind of get a sense of what's the difference between hitting the high end versus coming in at $1 billion low end of the range. Is there something like what's the limiting factor right now?

是的，大家好。這是 Walt 的 Joe，您提供了一個資本支出範圍，只是想了解達到該範圍的高端與 10 億美元的低端之間有什麼區別。現在有什麼限制因素嗎？

What I mean, our suppliers need to hit milestones in order to get money from us. So you know, we've got a nominal schedule that they need to achieve, but if they don't hit their milestone, we're going to pay them. So, you know, we've built the range principally around that.

我的意思是，我們的供應商需要達到里程碑才能從我們這裡獲得資金。所以你知道，我們有一個他們需要實現的名義時間表，但如果他們沒有達到他們的里程碑，我們將付錢給他們。所以，你知道，我們主要圍繞這一點構建了這個系列。

Okay. And then getting back to I think it was Chris's question about enterprise, if you could if you drill down a little further into that, just so I understand were these costs were these customer contracts that were up for renewal, and they required having LEO as part of the solution going forward. So there's going to be a non-renewal. How does that work with the it kind of guide come down that much?

好的。然後回到我認為這是克里斯關於企業的問題，如果你可以進一步深入研究一下，我明白這些成本是這些需要續簽的客戶合同，他們要求 LEO 作為未來解決方案的一部分。所以將會出現不續約的情況。它是如何與它類型的指南一起工作的？

Yes, that's exactly it, Joe. I mean, we had contracts coming up for renewal. I said in my opening remarks, that a big chunk of it, the biggest contributor was around maritime. It was cruise. We've got customers that have been serving the cruise market and they lost business to start with and so they didn't renew their contracts with us that that adds how it works that's attached, but it was on exactly what it was. And now to capital again, that's obviously the biggest contributor.

是的，就是這樣，喬。我的意思是，我們的合約即將續約。我在開場白中說過，其中很大一部分、最大的貢獻者是海事。這是巡航。我們有一些客戶一直在為遊輪市場提供服務，但他們一開始就失去了業務，因此他們沒有與我們續簽合同，這增加了附加的工作方式，但它正是如此。現在又回到資本，這顯然是最大的貢獻者。

Okay. And then are those are those how long are those contracts generally like is there a chance for, let's say, the next renewal, whenever that is one in 2027 or 2026 or whatever, when you have something that's potentially down on the horizon to be commercial with Lightspeed that you could win that business back?

好的。然後就是這些合約通常需要多長時間，是否有機會進行下一次續約，無論是在 2027 年或 2026 年還是其他什麼時候，當你有一些可能即將商業化的東西時與Lightspeed 合作，您可以贏回該業務嗎？

Yes. Look, it's pretty fluid. I mean, the big enterprise customers are sophisticated about, you know, what's happening out there in the market and they have quite a bit of flexibility to add networks, dropped networks of both will make some what we've achieved maybe kind of medium-term commitments, maybe two or three years or something like that.

是的。你看，它非常流暢。我的意思是，大型企業客戶對市場上正在發生的事情非常了解，他們有相當大的靈活性來添加網絡，刪除網絡將使我們所取得的一些成就可能成為一種中等水平——期限承諾，可能是兩年或三年或類似的時間。

I don't have full visibility exactly what they've committed to restoring. I know that Sterling has had a practice of oftentimes not signing long-term agreements with customers. It's almost kind of month-to-month in some ways whether whether they did something differently with the cruise customers, I don't know. But suffice to say that the cruise lines and the service providers that serve them some are well aware of what we're working on with lightspeed.

我無法完全了解他們承諾恢復的內容。我知道Sterling有經常不與客戶簽訂長期協議的做法。我不知道他們是否對遊輪客戶做了不同的事情，在某些方面幾乎是逐月進行的。但可以說的是，郵輪公司和為其提供服務的服務提供者非常了解我們在光速方面的工作。

They like what we can offer and the flexibility that we offer and our ability to our concentrate capacity at ports and on key shipping lines. They like to have a diversity of suppliers, as I mentioned on. So yeah, I mean, we're I hate losing any renewal on. But yes, we're sure not kind of blocked out of the market on a go forward basis.

他們喜歡我們提供的服務、我們提供的靈活性以及我們在港口和主要航線上集中運力的能力。正如我所提到的，他們喜歡擁有多元化的供應商。所以，是的，我的意思是，我討厭失去任何續約。但是，是的，我們確信未來不會被排除在市場之外。

And then my last question on the funding. You mentioned the Canadian government is the provincial government, the Quebec provincial government still involved in the funding process?

然後是我關於資金的最後一個問題。您提到加拿大政府是省政府，魁北克省政府還參與資助過程嗎？

Yeah, our expectation is that Quebec will be a meaningful funding participant in our program, Quebec. It's great things from this lightspeed initiative. I think now more than ever that we're working with MDA are when I think about the amount of investment that was going to be made in Quebec under the original our plan when Quebec had agreed to certain funding commitments. Now that MDA is our prime contractor.

是的，我們的期望是魁北克將成為我們魁北克計劃的有意義的資助參與者。這項光速計畫帶來了許多偉大的成果。我認為現在我們比以往任何時候都更願意與 MDA 合作，因為當我想到魁北克同意某些資金承諾時，根據我們最初的計劃將在魁北克進行的投資金額。現在 MDA 是我們的主要承包商。

Yes, the amount of investment in Quebec is gone up, I'd say dramatically. So yes, our expectation is Quebec will be part one of our funding sources.

是的，我想說的是，魁北克省的投資額大幅增加。所以，是的，我們的期望是魁北克將成為我們的資金來源之一。

Okay. Thanks

好的。謝謝

Thanks, John.

謝謝，約翰。

Thank you. Michael Pace, JP Morgan.

謝謝。麥可‧佩斯，摩根大通。

Good morning, guys, and thank you for the added color on the guidance between the two segments. I guess just to dig down a little bit and you said you don't expect the same type of declines in '25. And I guess I understand that from a total basis versus a broad catchment area for us from an enterprise from which I continue to expect enterprise to decline at that same kind of rate and maybe another way to get at it is I think we've discussed this in the past. I know how much of your enterprise business do you think is at risk for real alternatives, including your own eventual.

早安，夥計們，感謝您為兩個部分之間的指導添加了色彩。我想稍微深入一點，你說你預計 25 年不會出現同樣類型的下降。我想我明白，從一個企業的整體基礎與我們的廣泛服務區域來看，我仍然預計企業會以同樣的速度下降，也許另一種方法是我認為我們已經討論過這在過去。我知道您認為您的企業業務有多少面臨真正替代方案的風險，包括您自己的最終業務。

That's a great question. If I'm smiling, because we were making We had anticipated this question. So I'm not sure we have a great answer for it on Passover what whould I say, look, we've got a long-term plan. We have I gave our guidance obviously this morning for 2024, we have had a decent amount of visibility. It's one of the nice things about our sector, a decent amount of visibility in terms of you know what our longer-term performance, we'll probably be we don't always get it exactly right, but a nice little fishy track record,

這是一個很好的問題。如果我微笑，因為我們在製作我們已經預料到了這個問題。所以我不確定我們在逾越節有一個很好的答案，我想說的是，看，我們有一個長期計劃。今天早上我顯然已經給出了 2024 年的指導，我們已經有了相當多的能見度。這是我們行業的一件好事，就你知道我們的長期表現而言，有相當大的可見性，我們可能並不總是完全正確，但有一個不錯的小可疑記錄，

I think so we've done pretty on, I'd say, for most companies a super rigorous analysis on. We've done a real kind of rounds up analysis looking out beyond 2024 and having done that, it's why we were able to say this morning that it isn't our expectation, which is to say it is not our expectation that we're going to have the magnitude of top line decline in future years that we've had this year and we need to do a little bit more work. I think to give a, you know, either a substantive lack of better word answer to your question about where you are more vulnerable to, for instance, Starlink or even cannibalizing our own revenue.

我認為，對於大多數公司來說，我們已經做了相當嚴格的分析。我們已經對 2024 年之後的情況進行了真正的匯總分析，這就是為什麼我們今天早上能夠說這不是我們的預期，也就是說，我們不希望我們未來幾年的收入下降幅度將與今年一樣，我們需要做更多的工作。我想給出一個，你知道的，要么對你的問題缺乏更好的文字答案，比如你在哪裡更容易受到星鏈的影響，要么甚至蠶食我們自己的收入。

We used to give some guidance about the percentage of our enterprise revenue or maybe even our total revenue that we anticipated would migrate over to lightspeed over time. And like many things, I've forgotten what we said, but John, remember what we had said I want to say we had estimated it was around 50% of our enterprise revenues that we thought would be migratable to lightspeed over time. I think that's what we said.

我們曾經對我們的企業收入百分比甚至我們的總收入提供一些指導，我們預計隨著時間的推移，這些收入將轉變為光速。就像很多事情一樣，我忘記了我們說過的話，但是約翰，記住我們說過的話，我想說的是，我們估計我們的企業收入的50% 左右，我們認為隨著時間的推移，這些收入將可以遷移到光速。我想這就是我們所說的。

I believe it was in that zone and there are some things that just aren't suitable for, yes, that are better served.

我相信它就在那個區域，有一些東西不適合，是的，有更好的服務。

So that's the range that that was kind of the estimate that we gave before. And so I would say now again, we said a little while ago and already we see some move off on the if not for lightspeed, but historically but in many ways, it probably be a similar book of business that, you know, it could move to lightspeed that would be more vulnerable to LEO competition writ large.

這就是我們之前給出的估計範圍。所以我現在要再說一遍，我們剛才說過，如果不是光速的話，我們已經看到了一些進展，但從歷史上看，但在很多方面，這可能是一本類似的商業書籍，你知道，它可以向光速移動將更容易受到近地軌道競爭的影響。

I again think that lightspeed is a better value prop for enterprise users than the other LEO constellations. But I don't know if it's a long-winded winded answer, Mike, and as I said, we need to do a little bit more work on it, but kind of order of magnitude, that's probably the, you know, a book of business that's at risk. And then and I'm sure looking at my colleagues who do the work of updating the long-term plan.

我再次認為，與其他 LEO 星座相比，光速對企業用戶來說是一個更好的價值支柱。但我不知道這是否是一個冗長的答案，麥克，正如我所說，我們需要在這方面做更多的工作，但在數量級上，這可能是一本書面臨風險的業務。然後我肯定會關注負責更新長期計劃工作的同事。

And I'm sure that's kind of how we thought about of where I mean to be clear, we assume in our forward projections that there is, but there are additional requirements that move to LEO in, including before lightspeed's available, which is to say we lose it on. So yes, I think we've captured that.

我確信這就是我們的想法，我想澄清的是，我們在前瞻性預測中假設存在這種情況，但是還有其他要求需要轉移到近地軌道，包括在光速可用之前，也就是說我們失去了它。所以是的，我認為我們已經抓住了這一點。

Okay. A few more, and they can be quick on my end on the I just want make sure I understand. So if I take your consolidated EBITDA guidance for '24 and I add back the lightspeed OpEx, is that basically the GEO business or the restricted group in terms of EBITDA?

好的。還有一些，他們可以很快地告訴我，我只是想確保我理解。因此，如果我採用你們 24 年的綜合 EBITDA 指導，並添加光速營運支出，那麼就 EBITDA 而言，這基本上是 GEO 業務還是受限群體？

Yes, absolutely.

是的，一點沒錯。

Okay. And then can you share what the lightspeed OpEx was in 2023?

好的。那麼可以分享一下 2023 年的光速營運支出是多少嗎？

In 2023. It was approximately just under [$50 million], [$48 million] to be precise.

2023年。確切地說，它大約略低於[5000萬美元]，[4800萬美元]。

The Canadian?

加拿大人？

Yeah, Canadian.

是的，加拿大人。

Yes. Thank you. And then, I think I got the math. You did not repurchase any debt in the fourth quarter can you confirm that and anything subsequent to the end of the quarter?

是的。謝謝。然後，我想我得到了數學。您在第四季沒有回購任何債務，您能否確認這一點以及季度末之後的情況？

That's correct, yes.

這是正確的，是的。

Okay. And then I believe you still have a USD150 million basket. I don't recall if it's our peer committed investments that you can move from G or restricted group to unrestricted group. Has that happened or if not, when should we expect that to happen, especially

好的。然後我相信你還有1.5億美元的籃子。我不記得是否是我們同儕承諾的投資可以從 G 組或限制組轉移到非限制組。這種情況是否發生過，如果沒有，我們應該期望什麼時候發生這種情況，特別是

It has not happened. We would expect to do that fairly soon.

但它並沒有發生。我們希望很快就能做到這一點。

Okay, great. Thanks, guys.

好的，太好了。多謝你們。

Yeah, thanks, Mike.

是的，謝謝，麥克。

Thank you. Marcello Chermisqui, Ares.

謝謝。馬塞洛·切爾米斯基，阿瑞斯。

Hey, guys. Thanks so much for taking the question. I wanted to ask a couple of questions on the guidance. My understanding is maritime, and aerospace represent about 20% of enterprise sales, so about $70 million of the 2023 enterprise sales. So it seems like between like the cruise business and aerospace customer it could be down 50% in 2024. So in line with what you are saying, the Starling competition left, is that the right way to think about?

大家好。非常感謝您提出問題。我想問一些有關指南的問題。我的理解是海事、航空航太約佔企業銷售額的20%，因此2023年企業銷售額約7,000萬美元。因此，郵輪業務和航空航太客戶之間的業務量似乎到 2024 年可能會下降 50%。因此，根據您所說的，Starling 競爭離開了，這是正確的思考方式嗎？

John's just going to confirm a show so the shift that I'm looking at has aero and maritime being a little bit less than 20% of our total revenue. I forget what you would kind of characterize it as a percentage of our enterprise revenues, Ivan, then the backward math on that, but roughly half-and-half. Yeah, there yeah.

約翰只是要確認一場演出，所以我正在考慮的轉變是航空和航海業務占我們總收入的比例略低於 20%。我忘記了您將其描述為我們企業收入的百分比，伊万，然後對此進行倒推計算，但大約是一半對一半。是啊，有啊。

So I'm sorry, so the question again?

抱歉，所以又問這個問題了？

Yeah, it seems like aerospace Maritime is down 50% in your guidance. Is that the right way to think about it?

是的，按照您的指導，航空航天海事似乎下降了 50%。這是正確的思考方式嗎？

It will be roughly, yes, you've done good math there.

大概是，是的，你在那裡做了很好的數學計算。

Appreciate it. So it seems like, given your earlier comment about 50% of potential off the satellite. You think that there's not much more risk there, or do you think that segment might have incrementally more in the 50%?

欣賞它。看來，鑑於您先前的評論，衛星的潛力有 50%。您認為那裡沒有更多的風險，還是您認為該細分市場的 50% 風險可能會逐漸增加？

That segment would probably have incrementally more maybe less aero and more Maritime is how we would think about it think StarLink. Yeah, of all the verticals right now, probably having the biggest impact in maritime for what we felt so far.

這個細分市場可能會逐漸增加或減少航空航太和更多海事，這就是我們對 StarLink 的看法。是的，在目前所有垂直領域中，就我們目前的感受而言，可能對海事領域的影響最大。

Okay. No, that's helpful. And then on the Broadcast revenue side, it seems like you're guiding to 50% of the total revenue decline. So that $75 million. If I look at the decline from fourth quarter versus the third quarter of 2023, it seems with a $10 million decline likely mostly due to the mix for the Bell contract renewal. So that would imply about $30 million of decline baked into 2024 numbers.

好的。不，這很有幫助。然後在廣播收入方面，您似乎正在引導總收入下降 50%。也就是 7500 萬美元。如果我看一下第四季與 2023 年第三季的下降情況，似乎下降了 1000 萬美元，這可能主要是由於貝爾續約合約的影響。因此，這意味著 2024 年的數據將減少約 3,000 萬美元。

So doing the remaining, say, $45 million of broadcast revenue decline outside of minute four. Is that all mix by the way that one is only two months remaining, even if you assume zero, it seems like there might be other stuff that's going on.

因此，剩下的，比如說，第四分鐘之後，廣播收入就會下降 4,500 萬美元。順便說一下，這一切都是混合在一起的，只剩下兩個月了，即使你假設為零，似乎可能還有其他事情正在發生。

So, I think your math around the impact of Nimiq four is kind of directionally right? There might have been some other stuff in there as well. Then as I mentioned, the other big, I would say, anticipated contributor would be dish. And by addition in EchoStar on there, yes, I mean, it comes up in early October.

所以，我認為你對 Nimiq 4 影響的數學計算是有方向性的，對嗎？那裡可能還有其他一些東西。然後，正如我所提到的，我想說，另一個重要的預期貢獻者將是菜餚。是的，我的意思是，它會在十月初出現。

And we just it's just too early to say, you know, whether that it gets renewed at all or, you know, it's just some partial renewal. So it's that. And then beyond that, yes, it's kind of making provision for any other erosion that we could potentially have. And yeah, so those are the component parts of that.

我們只是現在說它是否得到更新還為時過早，或者，你知道，這只是部分更新。就是這樣。除此之外，是的，這在某種程度上為我們可能遇到的任何其他侵蝕做好了準備。是的，這些就是其中的組成部分。

Okay that's helpful. And then I noticed in the disclosures, you mentioned something about minutes for that that happened earlier this year. So what are your contingency plans with -- in case something more permanent happens to mimic for? And is it correct that the insurance only lasts until November 2024?

好的，這很有幫助。然後我注意到，在披露的內容中，你提到了今年早些時候發生的事情。那麼，如果有更持久的事情發生，你有什麼應急計畫呢？保險只持續到 2024 年 11 月，這樣正確嗎？

So, we'll take the insurance when there's Nimiq four is at the end of its life for Myriad's inhibits its Orbital to maneuver life. So it has very little book value. So it has very little assurance what insurance is there expires in November 2024. And then as far as kind of contingency for Bell, so right now, they use

因此，當 Nimiq 4 的壽命即將結束時，我們會採取保險措施，因為 Myriad 會抑制其軌道機動壽命。所以它的帳面價值很小。因此，它無法保證哪些保險會在 2024 年 11 月到期。至於貝爾的意外情況，現在他們使用

Nimiq four is end of its (Inaudible). You know, we highlighted the issue that we have with Nimiq four. You know, it's the right thing to do to highlight it for everyone. My own expectation is that our Nimiq four makes it to its anticipated end of life in Evernote if it didn't, those got Nimiq six and they're using that. And beyond that, we'll see who remained with EchoStar and the Nimiq five renewal, you know, maybe there's some ability to use

Nimiq 4 已結束（聽不清楚）。您知道，我們強調了 Nimiq 4 存在的問題。你知道，向每個人強調這一點是正確的做法。我自己的期望是，我們的 Nimiq 4 能夠在 Evernote 中達到預期的使用壽命，如果沒有達到預期的壽命，那麼那些擁有 Nimiq 6 並且他們正在使用它。除此之外，我們還會看到誰留下了 EchoStar 和 Nimiq 5 更新，你知道，也許有一些能力可以使用

Nimiq five and to look after those. If they needed it. So certainly, I'd say those are kind of the things that we think about and also sophisticated customer. I mean, they understand how the networks work.

Nimiq 五並照顧那些。如果他們需要的話。當然，我想說這些是我們考慮的事情，也是成熟的客戶所考慮的事情。我的意思是，他們了解網路是如何運作的。

Really Appretiate it. On Nimiq five, what are you assuming on the scale of assumptions? Are you assuming no revenue for that into 2024?

真的很欣賞它。對於 Nimiq 5，您的假設規模是多少？您是否假設 2024 年不會有任何收入？

I would just say we like you know, we gave a range of guidance. You can accommodate a range of different outcomes, if you know. So yeah, it accommodates all kinds of different outcomes with EchoStar, my own guess is we get a partial renewal with them, but it's just too early to say they got work to do on their side in terms of how they go about distributing all the channels that they need to distribute.

我想說的是，我們提供了一系列指導。如果你知道的話，你可以適應一系列不同的結果。所以是的，它適應了 EchoStar 的各種不同結果，我自己的猜測是我們與他們進行了部分續約，但現在說他們在如何分發所有內容方面還有工作要做還為時過早他們需要分發的管道。

And so they've got work to do with them. We've known those guys for a long, long time. We have a good relationship with them. But, you know, it's still some months away and we develop the guidance range that accommodates just a whole range of different outcomes with them.

所以他們有工作要做。我們認識這些人很久很久了。我們和他們關係很好。但是，您知道，還有幾個月的時間，我們將製定指導範圍，以適應它們的一系列不同結果。

And that that satellite, does that represent a significant might be much more revenue versus other Nimiq satellites or other satellites you have? Or is it pretty consistent with in terms of size scale of other ones?

那顆衛星，與其他 Nimiq 衛星或您擁有的其他衛星相比，是否意味著收入可能要高得多？或者它的尺寸比例與其他的相當一致嗎？

I'd say of the Nimiq from kind of the same order of magnitude with a limit for Nimiq five Nimiq recognizing. I should say if you go back to the original rates on because Nimiq four and Nimiq five have been renewed at lower rates, much lower rates then than their first 15 years of life. But if you went back and looked at the rates on Nimiq the original rates on Nimiq four, and Nimiq five, Nimiq six. Yes, they're kind of on the same [ballpark].

我想說的是，Nimiq 的數量級與 Nimiq 的辨識極限是 5 個 Nimiq。我應該說，如果你回到原來的費率，因為 Nimiq 4 和 Nimiq 5 的續約費率較低，遠低於其前 15 年的費率。但如果你回頭看看 Nimiq 的費率，你會發現 Nimiq 4、Nimiq 5、Nimiq 6 的原始費率。是的，他們有點相同[球場]。

Very helpful. Thanks so much. For answering the questions.

很有幫助。非常感謝。為了回答問題。

You're welcome.

不客氣。

Okay. We have one more. We have time for one more brief.

好的。我們還有一個。我們還有時間再做一個簡短的介紹。

Thank you. [Mr. Joe Pooler beach, IQstream].

謝謝。[先生。喬普爾海灘，IQstream]。

Thanks for squeezing me in here. Most of my questions have been answered. I guess just one on the fourth quarter performance on EBITDA come in better than expected was there any one-time items in there or what was driving that?

謝謝你把我擠在這裡。我的大部分問題都得到了解答。我想只有一個關於第四季度 EBITDA 的表現比預期好，其中是否有任何一次性項目或是什麼推動了這一結果？

Overall, I think it's just for the timing of our expenditures, particularly as we invest in sort of lightspeed going forward, as you can probably tell, we control the OpEx pretty tightly. And so, you know, with the program as soon as we get going in our 2024, the target set of guidance, I'd say that's kind of one of the main contributing elements in addition to the frugality of how we manage money.

總的來說，我認為這只是為了我們的支出時機，特別是當我們投資於未來的光速發展時，正如你可能會說的那樣，我們非常嚴格地控制營運支出。因此，你知道，隨著我們在 2024 年啟動該計劃，目標指導集，我想說，除了我們管理資金的節儉之外，這是主要貢獻因素之一。

Yeah. Got it. And then just one more on. So just to be clear, the $700 million of government funding that you are in advanced discussions for as of last quarter. Are you saying now that the whole $2.1 billion of US government funding is now secured and you expect to release detailed after the close?

是的。知道了。然後再上一篇。需要澄清的是，截至上季度，你們正在就 7 億美元的政府資金進行深入討論。您現在是說美國政府 21 億美元的全部資金現已到位，您預計在收盤後公佈詳細資訊嗎？

I don't know what the $700 million reference is to we noted in the earnings release, and I reiterated it in my remarks that we expect to have about $750 million of savings relative to what our original funding plan was. And by savings, I mean, savings in terms of our cost of borrowings,

我不知道我們在財報中提到的 7 億美元指的是什麼，我在發言中重申，相對於我們最初的融資計劃，我們預計將節省約 7.5 億美元。我所說的儲蓄，是指我們的借貸成本方面的儲蓄，

In addition to the $2 billion US CapEx, our savings. And then as far as that [$2.1 million], so there I'd say stay tuned. The government of Canada we would expect would be a meaningful amount of our government partner funding sources. We expect that Quebec, as I mentioned earlier, will also be part of that. And so I would just say stay tuned on we expect to make some information available in the near term around the government of Canada, our financing, and then it's not going to be too long till we do our Q1 call so we'll probably be able to provide a bit of an update there as well.

除了 20 億美元的美國資本支出之外，我們還節省了開支。至於 [210 萬美元]，我想說請繼續關注。我們預計加拿大政府將成為我們政府合作夥伴的重要資金來源。正如我之前提到的，我們預計魁北克也將成為其中的一部分。因此，我只想說，請繼續關注，我們預計會在短期內提供一些有關加拿大政府、我們的融資的信息，然後在我們進行第一季度電話會議之前不會太久，所以我們可能會也能夠在那裡提供一些更新。

Thank you very much for your time.

非常感謝您的寶貴時間。

Thank you, Joe.

謝謝你，喬。

All right. Well, listen, everyone thanks you very much for joining us this morning. As I mentioned, our Q1 call is I'm kind of around the corner, so we look forward to speaking with everyone again, then thank you very much.

好的。好吧，聽著，大家非常感謝你們今天早上加入我們。正如我所提到的，我們的第一季電話會議即將到來，所以我們期待再次與大家交談，非常感謝。

Thank you very much, cereal.

非常感謝你，麥片。

Thank you. The conference has now ended. Please disconnect your lines at this time. Thank you for participation.

謝謝。會議現已結束。此時請斷開您的線路。感謝您的參與。