Telesat Corp (TSAT) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the conference call to report the third-quarter 2024 financial results for Telesat. Our speakers today will be Dan Goldberg, President and Chief Executive Officer of Telesat; and Andrew Browne, Chief Financial Officer of Telesat.

早安，女士們先生們。歡迎參加電話會議，報告 Telesat 2024 年第三季財務業績。今天我們的演講者是 Telesat 總裁兼執行長 Dan Goldberg；安德魯布朗 (Andrew Browne)，Telesat 財務長。

I would now like to turn the meeting over to Mr. James Ratcliffe, Vice President of Investor Relations. Please go ahead, Mr. Ratcliffe.

現在我想將會議轉交給投資者關係副總裁詹姆斯·拉特克利夫 (James Ratcliffe) 先生。請繼續，拉特克利夫先生。

Thank you, Latanya, and good morning, everyone. This morning, we filed our quarterly report for the period ending September 30, 2024, on Form 6-K with the SEC and on SEDAR+. 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 and updates filed with the SEC. Telesat assumes no responsibility to update or revise these forward-looking statements.

謝謝拉塔尼亞，大家早安。今天早上，我們以 6-K 表形式向 SEC 和 SEDAR+ 提交了截至 2024 年 9 月 30 日期間的季度報告。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和不確定性，Telesat 的實際結果可能與前瞻性陳述預期的結果有重大差異。有關已知風險的討論，請參閱 Telesat 向 SEC 提交的年度報告和更新。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 Dan Goldberg, Telesat's President and Chief Executive Officer.

我現在將把電話轉給 Telesat 總裁兼執行長 Dan Goldberg。

Okay. Thanks, James and thank you all for joining us this morning Q3 in the first nine months of this year have unfolded largely consistent with our expectations. And as we noted in our earnings release, we've updated our guidance for revenues to be at the upper end of the range and for adjusted EBITDA to be at or above the top end of the range Q3 was eventful with our biggest news that we closed. The funding for Lightspeed towards the end of the quarter, we indicated on our Q2 call that closing was on track and we're pleased to get the announcement done shortly thereafter.

好的。謝謝詹姆斯，謝謝大家今天早上加入我們。正如我們在收益報告中指出的那樣，我們已經更新了我們的指導，即收入處於該範圍的上限，調整後的 EBITDA 等於或高於該範圍的上限。在本季末為 Lightspeed 提供資金後，我們在第二季電話會議上表示，交易已步入正軌，我們很高興不久後就宣布了這一消息。

I'm happy to say that we're making excellent progress so far, executing the program and are pleased with the work and good collaboration we're having with our key suppliers. I'm also happy to see all the very talented new people we're bringing in to tell us that as we staff up for this important program.

我很高興地說，到目前為止，我們在執行該計劃方面取得了出色的進展，並對我們與主要供應商的工作和良好合作感到滿意。我也很高興看到我們引進的所有非常有才華的新人在我們為這個重要項目配備人員時告訴我們這一點。

In addition to the good progress we're making on the technical front, I've been very pleased to see the level of engagement we're having with the customer community. Now that the program is fully funded. It's increasingly plain that satellite users in each of the verticals we're focused on see the significant benefits of LEO and have an appreciation as well that Lightspeed with its highly advanced and capable design can meet their growing connectivity requirements.

除了我們在技術方面取得的良好進展之外，我還非常高興地看到我們與客戶社群的互動程度。現在該計劃已獲得全額資助。越來越明顯的是，我們關注的每個垂直領域的衛星用戶都看到了 LEO 的顯著優勢，並且認識到 Lightspeed 以其高度先進和強大的設計可以滿足他們不斷增長的連接需求。

Securing customer commitments for Lightspeed is obviously a very high priority for us and we'll keep the market apprised of our progress as we move forward, switching gears to our GEO activities. I'm pleased to say that we entered into a renewal agreement with EchoStar last month for Nimiq 5, a renewal that we've spoken about on our prior calls.

確保客戶對 Lightspeed 的承諾顯然是我們的首要任務，隨著我們前進，我們將向市場通報我們的進展，轉向我們的 GEO 活動。我很高興地說，我們上個月與 EchoStar 就 Nimiq 5 簽訂了續約協議，我們在之前的電話中已經談到了續約。

It's a five year renewal that will see this ramping down its capacity over roughly the course of the first-year to half the capacity they're using today on a cash basis. We'll be receiving a little less than a third of what we used to.

這是一個為期五年的續約，將在第一年的時間內將其容量逐漸減少到目前以現金計算的容量的一半。我們收到的金額將略少於以前的三分之一。

We plan to use the Nimiq 5 capacity we have coming back to us to support certain customer requirements in Canada that we don't expect it to fully replace the lost revenue from dish.

我們計劃使用我們回來的 Nimiq 5 容量來支援加拿大的某些客戶需求，但我們預計它不會完全取代菜餚損失的收入。

We mentioned on our Q2 call that we were contemplating selling a wholly owned subsidiary that was generating roughly $10 million a year top line, but with minimal EBITDA contribution, we did enter into an agreement last quarter to sell that business called info sat for proceeds in the low single digit millions of dollars. So nothing very material there.

我們在第二季的電話會議上提到，我們正在考慮出售一家全資子公司，該子公司每年產生約1000 萬美元的收入，但由於EBITDA 貢獻微乎其微，我們上季度確實達成了一項協議，出售名為info sat 的業務，收益為低個位數數百萬美元。所以那裡沒有什麼實質的東西。

The last thing I'll mention about developments in the quarter on the GEO business is that we restructured our contract with Canadian ISP explore something we also discussed on our last call. Explorer has gone through a financial restructuring and as part of that, we took an incremental bad debt provision last quarter to reflect that situation.

關於本季度 GEO 業務的發展，我要提到的最後一件事是我們重組了與加拿大 ISP 的合同，探索了我們在上次電話會議中也討論過的內容。Explorer 已經進行了財務重組，作為重組的一部分，我們在上季度增加了壞帳準備金以反映這種情況。

On our Q2 call, we noted that Explorer accounted for about $40 million of backlog and that roughly one-third of that was a prepayment that we recognized as deferred revenue each quarter. In light of explores financial challenges. We restructured the contract which will now expire at the end of Q3 next year.

在我們第二季的電話會議上，我們注意到 Explorer 的積壓訂單約為 4000 萬美元，其中大約三分之一是預付款，我們每季將其確認為遞延收入。鑑於探索財務挑戰。我們重組了合同，該合約將於明年第三季末到期。

A little more than a year earlier than originally anticipated. Following the restructuring, we expect revenue from explore to be down around $4 million next year relative to this year, but effectively flat at the EBITDA line, in some it was a busy quarter and we're performing well. Relative to our guidance, as we get closer to year end, we're very pleased to have Lightspeed fully funded for global service and are making strong progress to date on program execution.

比最初預計的時間早了一年多一點。重組後，我們預計明年勘探業務的收入將比今年減少約 400 萬美元，但 EBITDA 線實際上持平，在某些方面，這是一個繁忙的季度，但我們表現良好。相對於我們的指導，隨著接近年底，我們非常高興 Lightspeed 能夠為全球服務提供全額資金，並且迄今為止在專案執行方面取得了巨大進展。

We remain very bullish on Lightspeed prospects in the market as well as our ability to deliver an extraordinary value proposition to our customers and significant value creation for stakeholders. So with that, I'll hand over to Andrew and then look forward to addressing any questions.

我們仍然非常看好 Lightspeed 的市場前景，以及我們為客戶提供非凡價值主張並為利害關係人創造重大價值的能力。因此，我將把工作交給安德魯，然後期待解決任何問題。

Thank you, Dan and good morning, everyone. I would now like to focus on highlights on this morning's press release and filings. In the third quarter of 2024 Telesat reported consolidated revenues of $138 million adjusted EBITDA of $96 million for the first nine months of 2024. The company generated $64 million in cash from operations and the third quarter with $1.1 billion of cash for the third quarter of 2024, compared to the same period in 2023 revenues decreased by $37 million to $138 million. Operating expenses decreased by $4 million to $46 million and adjusted EBITDA decreased by $37 million to $96 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的要點。2024 年第三季度，Telesat 公佈的綜合收入為 1.38 億美元，2024 年前 9 個月的調整後 EBITDA 為 9,600 萬美元。該公司從營運中產生了 6,400 萬美元的現金，2024 年第三季的現金為 11 億美元，與 2023 年同期相比，收入減少了 3,700 萬美元，至 1.38 億美元。營運費用減少 400 萬美元，至 4,600 萬美元，調整後 EBITDA 減少 3,700 萬美元，至 9,600 萬美元。

The adjusted EBITDA margin was 69.5%. As compared to 75.9% in the third quarter of 2023 the revenue decrease for the quarter was primarily due to reductions in services and a lower rate on the renewal of a long term agreement with the North American direct to home customer as well as lower revenues from certain mobility and Latin American customers.

調整後的 EBITDA 利潤率為 69.5%。與 2023 年第三季的 75.9% 相比，該季度的收入下降主要是由於服務減少、與北美直接到戶客戶的長期協議續約率較低以及來自某些流動性和拉丁美洲客戶。

The decline in operating expenses was primarily due to lower non cash share based compensation and higher capitalized engineering related to Teleset Lightspeed, partially offset by higher bad debt expense, professional fees and increased head count in our LEO segment.

營運費用的下降主要是由於非現金股份薪酬的減少和與 Teleset Lightspeed 相關的資本化工程的增加，部分被壞帳費用、專業費用的增加和 LEO 部門員工數量的增加所抵消。

Interest expense decreased by $6 million during the fourth quarter. When compared to the same period of 2023 the decrease in interest expense was primarily due to the reporters of notes and term loan B. This was partially offset by an increase in the interest rate on the US term loan facility.

第四季利息支出減少了 600 萬美元。與 2023 年同期相比，利息支出的減少主要是由於票據和定期貸款 B 的報告者所致。

In the third quarter, we recorded a gain on foreign exchange of $36 million as compared to a loss of $77 million in the third quarter of 2023. The gain for the three months ended September 30, 2024, was many. The results of the weakening US dollar, the Canadian dollar spot rate through the quarter as compared to the spot rate as of June 30, '24.

第三季度，我們的外匯收益為 3,600 萬美元，而 2023 年第三季的外匯虧損為 7,700 萬美元。截至 2024 年 9 月 30 日的三個月的漲幅很大。美元疲軟的結果是，整個季度的加幣即期匯率與截至2024年6月30日的即期匯率相比。

And the resulting favorable impact on the translation of a US dollar denominated debt. Our net income for the third quarter was $68 million compared to a net loss of $4 million for the same period in the prior year. The change was primarily due to the foreign exchange benefit. I mentioned earlier partially offset but declined in revenues for the nine months ended September 30, cash inflows from operating activities were $64 million capital expenditures were $661 million. Almost all of which related to Telesat Lightspeed of this amount $550 million consists of cash payments made with the remaining $111 million was accrued. This amount is reflected in trade and other payables on the balance sheet at quarter end.

由此對美元計價債務的換算產生有利影響。我們第三季的淨利潤為 6,800 萬美元，而上年同期淨虧損為 400 萬美元。這項變更主要是由於外匯收益所致。我之前提到，截至 9 月 30 日的九個月收入被部分抵銷但下降，經營活動現金流入為 6,400 萬美元，資本支出為 6.61 億美元。與 Telesat Lightspeed 相關的 5.5 億美元幾乎全部由現金支付組成，其餘 1.11 億美元已提列。此金額反映在季末資產負債表上的貿易和其他應付款項。

Guidance, as you will also have noted in our earnings release this morning and as Dan had said, we've updated our 2024 guidance. This guidance assumes a Canadian dollar to the US dollar exchange rate of $135.

指導，正如您在今天早上的財報中註意到的那樣，正如 Dan 所說，我們已經更新了 2024 年的指導。本指引假設加幣兌美元匯率為 135 美元。

For 2024 Teleset now expects its full year revenues to be at the upper end of the guidance range of between $545 million and $565 million in terms of operating expenses excluding surveys compensation, we now expect to spend approximately $65 million to $70 million in Telesat Lightspeed this year versus our prior expectation of $80 million to $90 million. This mainly reflects just the overall timing in new hires in terms of total adjusted EBITDA.

Teleset 目前預計 2024 年全年收入將處於指導範圍的上限，即營運費用（不包括調查補償）為 5.45 億至 5.65 億美元，我們現在預計今年將在 Telesat Lightspeed 上花費約 6,500 萬至 7,000 萬美元。與我們之前預期的8000 萬至9000 萬美元相比。這主要反映了新員工在調整後 EBITDA 總額方面的整體時間表。

We now expect to come in at or above the guidance range of $340 million to $360 million, reflecting both better revenue and lower OpEx as promised, we are showing our GEO and LEO results separately as reflected in note, four of our financial statements filed in our 6-K.

我們現在預計將達到或高於3.4 億至3.6 億美元的指導範圍，這反映了承諾的更好的收入和更低的營運支出，我們將分別展示我們的GEO 和LEO 結果，如註釋所示，我們在2017 年提交的四份財務報表我們的 6-K。

In respect to capital expenditures, we expect 2024 capital expenditures to be in the range of $1 billion to $1.4 billion which is nearly all related to the Telesat Lightspeed. This also reflects our estimate of timing of invoices received and corresponding accrued at year end to meet our expected cash requirements for the next 12 months including interest payments and capital expenditures.

在資本支出方面，我們預計2024年的資本支出將在10億至14億美元之間，幾乎全部與Telesat Lightspeed有關。這也反映了我們對年底收到發票的時間和相應應計金額的估計，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。

We have approximately $1.1 billion of cash and short term investments at the end of September as well as $2.54 billion available under our funding agreements with the government of Canada and Quebec. Approximately $850 million in cash was held in our unrestricted subsidiaries at the end of the quarter. In addition, we continue to generate a significant amount of cash from our ongoing operating activities.

截至 9 月底，我們擁有約 11 億美元的現金和短期投資，以及與加拿大和魁北克政府簽訂的融資協議下 25.4 億美元的可用資金。截至本季末，我們的非受限子公司持有約 8.5 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 third quarter, the total average ratio is calculated on the terms of the amended senior secured credit facilities was 5.84 times. Telesat is in compliance with all the covenants in our credit agreement and adventures.

截至第三季末，以修訂後的優先擔保信貸額度條款計算的總平均比率為5.84倍。Telesat 遵守我們的信貸協議和冒險活動中的所有契約。

In terms of our debt repurchases we purchased year-to-date in the amount of USD262 million at a cost of USD190 million including accrued interest combined with the debt repurchases completed in '22 and '23 we have now repurchased a cumulative principal amount of USD849 million at a cost of USD459 million including accrued interest. This also results in interest savings of approximately USD54 million annually including the repayments in 2020 of approximately USD356 million of term loan B or overall debt has now been reduced by approximately 36%.

就我們的債務回購而言，我們今年迄今以1.9 億美元的成本購買了2.62 億美元，其中包括應計利息，加上22 年和23 年完成的債務回購，我們現在已經回購了累計本金849 美元百萬美元，成本為 4.59 億美元，包括應計利息。這也導致每年節省約 5,400 萬美元的利息，包括 2020 年償還約 3.56 億美元的定期貸款 B，或整體債務現已減少約 36%。

A reconciliation between our financial statements and financial covenant calculations is provided in the report we filed this morning where 6-K provides the un audited interim condensed consolidated financial information in the NDA.

我們今天早上提交的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，其中 6-K 在 NDA 中提供了未經審計的中期簡明合併財務資訊。

The non-guarantor subsidiary shown are essentially the unrestricted subsidiaries with minor differences. So that concludes our prepared remarks for the call and now we're very happy to answer any questions you may have. So we will turn back to the operator.

所示非擔保子公司實質上是非限制性子公司，差異較小。我們為電話會議準備的演講就到此結束，現在我們非常樂意回答您可能提出的任何問題。所以我們將回到運營商。

(Operator Instructions)

（操作員說明）

David McFadgen, Cormark Securities.

大衛‧麥克法德根 (David McFadgen)，Cormark 證券公司。

Oh, yes. Hi. Just a couple of questions. So first of all, just on the EchoStar renewal. So you indicated that the revenue would be down about a third or 30% that you expect to offset some of that. So I was just wondering, what do you think the net impact would be?

哦是的。你好。只是幾個問題。首先，關於 EchoStar 的續訂。因此，您表示收入將下降約三分之一或 30%，您預計可以抵消其中的一部分。所以我只是想知道，您認為淨影響會是什麼？

Oh, I don't know, David, it's Dan. Thanks for the question. I'm not sure yet. We're, you know, we've got a couple of satellites that are coming to the end of their lives and we plan to use the capacity coming back from Nimiq 5 to support some of the customers who are using those satellites. So, so in some ways it's just kind of shifting revenue around a little bit.

哦，我不知道，大衛，我是丹。謝謝你的提問。我還不確定。你知道，我們有幾顆衛星的壽命即將結束，我們計劃利用 Nimiq 5 恢復的容量來支援一些正在使用這些衛星的客戶。所以，從某些方面來說，這只是稍微改變了收入。

So I don't know, I mean, it's best right now just to think about. Yeah, just, you know, and we're not giving 2025 guidance yet, so stay tuned on that. When we do, we'll try to give some more insight into that. But, but yeah, but don't think of it as new revenue. I think it's more going to be revenue that's moving from customers that are currently on satellites like Anik F3 and the other satellites that are approaching end of life.

所以我不知道，我的意思是，現在最好考慮一下。是的，只是，你知道，我們還沒有給出 2025 年的指導，所以請繼續關注。當我們這樣做時，我們將嘗試對此提供更多見解。但是，但是，是的，但是不要將其視為新收入。我認為更多的收入來自目前使用 Anik F3 等衛星和其他即將報廢的衛星的客戶。

Okay. So then just a couple of questions on my team. So if you know, you're sticking with your CapEx guidance of $1 billion to 1.4 billion, when I look in the cash flow statement, would that number then show up on the cash payments, the solid programs? Because so far it's about $500 million here today.

好的。那麼我的團隊有幾個問題。因此，如果你知道，你堅持 10 億至 14 億美元的資本支出指導，當我查看現金流量表時，這個數字會出現在現金支付和可靠的計劃中嗎？因為到目前為止，今天的金額約為 5 億美元。

And I'll answer that. In fact, as I said in my, in my notes that if you look at the CapEx itself, if you go to page 8 and our cash flows used in generating for investing activities, you'll see two amounts, cash payments related to the satellite program. $502 million cash payments related to property and other equipment, which is also related to aspects of our Lightspeed program.

我會回答這個問題。事實上，正如我在我的筆記中所說，如果您查看資本支出本身，如果您轉到第 8 頁以及我們用於投資活動的現金流量，您會看到兩個金額，即與衛星計劃。 5.02 億美元現金支付與財產和其他設備有關，這也與我們的 Lightspeed 計劃的各個方面有關。

So that gives you $550 million. And also as we said that given the timing of invoices, cash hasn't been paid, but nonetheless, they were accrued and I could draw your attention to page 7 trade and other payables. There is an amount of $157 million there and included within there is the amount that I mentioned of $111 million. So if you take the 111 accrue and you ask for the cash pay $550 million that gives you the $661 million that was called out for capital expenses.

這樣你就得到了 5.5 億美元。而且正如我們所說，鑑於發票的時間，現金尚未支付，但儘管如此，它們已應計，我可以提請您注意第 7 頁的貿易和其他應付款項。其中有 1.57 億美元，其中包括我提到的 1.11 億美元。因此，如果您提取 111 項應計費用並要求支付 5.5 億美元的現金，那麼您將獲得 6.61 億美元的資本支出。

Okay. So if you're going to actually record the $11.4 billion and those line items in the cash flow statement are going to be impacted. Right?

好的。因此，如果您要實際記錄 114 億美元，現金流量表中的這些項目將會受到影響。正確的？

Yes. Correct. 100%.

是的。正確的。100%。

Okay. So then just

好的。那麼就

I'm sorry, is that what was that last question? Sorry.

抱歉，這就是最後一個問題嗎？對不起。

No, that was just clarification. It's, I think, I'm fine. Yeah. So just some questions on the development of light. So there's been some, you know, talking to trade press a number of agreements that I guess you're working on. Can you, can you give us any update on Taiwan, you know, your discussions with providing like the government of Taiwan or something like that.

不，那隻是澄清。我想，我很好。是的。所以只是關於光的發展的一些問題。所以，你知道，與貿易媒體討論了一些協議，我猜你正在製定這些協議。您能為我們提供任何有關台灣的最新情況嗎？

We, saw that there were some news reports about that but no, I mean, our policy is, is not to comment on any, you know, potential discussions we're having with, with folks, which is not to say that we're not say that we are. But I would say, and we've talked about this before. Lightspeed is extraordinarily impactful and useful for governments particularly as communications requirements evolve.

我們看到有一些關於此事的新聞報道，但不，我的意思是，我們的政策是，不對我們正在與人們進行的任何潛在討論發表評論，這並不是說我們“我不是說我們是。但我想說，我們之前已經討論過這個問題。Lightspeed 對政府來說具有極大的影響力和實用性，尤其是在通訊需求不斷變化的情況下。

And we've seen how the conflict in Ukraine is played out might have seen that Australia recently cancelled a multibillion dollar GEO stationary program with Lockheed Martin and defense applications and, and there was speculation that it was owing to budget constraints. But I think it was just yesterday, the Australian Minister of Defense came out and said, no, it's a function of the fact that technology has evolved and we need to meet these requirements.

我們已經看到烏克蘭衝突是如何展開的，澳洲最近取消了與洛克希德馬丁公司和國防應用合作的價值數十億美元的GEO固定項目，有人猜測這是由於預算限制。但我認為就在昨天，澳洲國防部長出來說，不，這是技術發展的結果，我們需要滿足這些要求。

But we think that LEO is just a much better, more resilient, distributed architecture to do it. So, so in any event, so we can't comment on any particular discussions that we're having. But I would note that we, we see a lot of, of opportunities to work with governments leveraging Lightspeed capabilities.

但我們認為 LEO 是一個更好、更有彈性的分散式架構。因此，無論如何，我們無法對我們正在進行的任何特定討論發表評論。但我要指出的是，我們看到了許多利用 Lightspeed 功能與政府合作的機會。

Having said that you know, notwithstanding our policy of not commenting on discussions that might be pending. We will acknowledge that bias at said on its earnings call. I think it was last week that they are in discussions with us about a Lightspeed capacity purchase.

話雖如此，您知道，儘管我們的政策是不對可能懸而未決的討論發表評論。我們將在財報電話會議上承認這種偏見。我認為上週他們正在與我們討論購買 Lightspeed 容量的事宜。

So we will affirm that's the case. And here again, you know, I think that via so like a lot of other users out there are seeing the need at a minimum to complement their existing satellite infrastructure with LEO the customer community. And we saw this recently with United Airlines moving from some of its existing providers, they announced that they're going to be transitioning over to Starlink. I think Air France shortly after announced the same thing.

所以我們將確認情況確實如此。再次強調，我認為，像許多其他用戶一樣，客戶社群至少需要用 LEO 來補充他們現有的衛星基礎設施。我們最近看到聯合航空公司從一些現有的供應商轉向，他們宣布將過渡到星鏈。我認為法航不久後也宣布了同樣的事情。

So clearly the user community, not a shock to tell us that's why we're building Lightspeed. She's, you know, huge benefits from moving to LEO. And so I think that most communication service providers across all these different verticals are looking for a way to leverage LEO right now in order to remain competitive. And so, certainly the conversations that we're having with advice that are a reflection of that.

很明顯，用戶社群告訴我們這就是我們建立 Lightspeed 的原因，這並不令人震驚。你知道，搬到低地軌道給她帶來了巨大的好處。因此，我認為所有這些不同垂直領域的大多數通訊服務提供者現在都在尋找一種利用 LEO 的方法，以保持競爭力。因此，我們所進行的對話和建議無疑地反映了這一點。

I mean, Lightspeed's just going to be transformative in terms of what users are going to be able to do. And Starlink, I think is really validated just how powerful it is. But, but users want competitive alternatives as well and Lightspeed is going to be a very competitive alternative.

我的意思是，Lightspeed 將在用戶能夠做的事情方面帶來變革。我認為 Starlink 確實驗證了它的強度。但是，但是用戶也想要有競爭力的替代方案，而 Lightspeed 將會是個非常有競爭力的替代方案。

So just so just following on that, you know, light being would be or is expected to be better than startling today for sure, but no one expects Starling to stay stand still, right. So, you know, the SpaceX Starlink, you know, asked to change its orbit, use additional spectrum because they want to be able to offer a gig download speed as well.

所以，接下來，你知道，光的存在肯定會或預計會比今天的令人震驚更好，但沒有人希望史達琳保持靜止，對吧。所以，你知道，SpaceX Starlink 要求改變軌道，使用額外的頻譜，因為他們也希望能夠提供演出下載速度。

So I was just wondering what do you have any comments on that and how would like to compare with? I guess with what Starling's proposing to do. I don't, I don't maybe you don't know what they're proposing to do but any comments on that would be helpful.

所以我只是想知道您對此有何評論以及希望如何比較？我猜想斯塔琳打算做什麼。我不，我不，也許你不知道他們打算做什麼，但對此的任何評論都會有幫助。

Yeah. No, listen, I agree with you. I, and Starlink is a great service. It's why they're getting so much traction in the market. That's why they're being so impactful. It is a great service today and it will be getting better. And if, and if people don't recognize that, then I think they're deluding themselves. And so it's incumbent upon all of us to make sure that we're bringing to market services that can compete, not just with the Starlink that exists today, but, but the Starlink that will just be getting better and better over time. And so that's the competitive environment that we believe that we're going to be entering into.

是的。不，聽著，我同意你的觀點。我和 Starlink 的服務很棒。這就是為什麼它們在市場上受到如此大的關注。這就是為什麼他們如此有影響力。今天的服務很棒，而且會變得更好。如果人們沒有認識到這一點，那麼我認為他們是在欺騙自己。因此，我們所有人都有責任確保我們向市場推出的服務不僅能夠與現有的星鏈競爭，而且隨著時間的推移，星鏈將會變得越來越好。這就是我們相信我們將進入的競爭環境。

And we're going to have to compete on all the things that we've always had to compete on. We're going to have to compete on quality of service. We're going to have to compete on price. We're going to have to compete on level of customer service and responsiveness.

我們將不得不在所有我們一直需要競爭的事情上進行競爭。我們將不得不在服務品質上進行競爭。我們將不得不在價格上競爭。我們將不得不在客戶服務水平和響應能力方面進行競爭。

And then we're, you know, going to have some features that we think enterprise users are going to particularly value, whether that's, you know, service level agreements or CIRS or giving our customers more kind of autonomy over how they manage the bandwidth that they procure from us. We think that those will, will all be important features. It could be the case that those things are ultimately duplicated by our competitors and we've got to be ready for that.

然後，我們將提供一些我們認為企業用戶特別看重的功能，無論是服務等級協定還是 CIRS，還是為我們的客戶提供更多管理頻寬的自主權他們從我們這裡採購的。我們認為這些都將是重要的特徵。這些事情可能最終會被我們的競爭對手複製，我們必須為此做好準備。

So, so yeah, I mean, that's how we think about it. But, but fundamentally, we're used to competing in markets that are highly competitive. We're used to yeah, having to bring a great value proposition to the market. And I think that we're going to be successful because it will be a great constellation and a great network. We are I think well known in the industry for providing high levels of customer service. Starlink I believe is going to continue to gain market share. But they're not going to take 100% of the market.

所以，是的，我的意思是，這就是我們的想法。但是，但從根本上來說，我們習慣在競爭激烈的市場中競爭。是的，我們已經習慣了必須為市場帶來巨大的價值主張。我認為我們將會成功，因為這將是一個偉大的星座和一個偉大的網絡。我認為我們在業界因提供高水準的客戶服務而聞名。我相信 Starlink 將繼續獲得市場份額。但他們不會佔據 100% 的市場。

The market's big. It's growing even with customers that they're serving today, Those customers will want multiple providers. That's just kind of how these enterprise customers operate. So anyway, that's how we think about it, David, but, but I agree with you, Starlink, it's a great service today and obviously we track what they're doing closely. And my expectation is it will be a network that just gets better and better over time.

市場很大啊即使他們今天所服務的客戶也在不斷成長，這些客戶將需要多個提供者。這就是這些企業客戶的運作方式。所以無論如何，這就是我們的想法，大衛，但是，但我同意你的觀點，星鏈，今天這是一項很棒的服務，顯然我們正在密切跟踪他們正在做的事情。我的期望是，隨著時間的推移，這將是一個越來越好的網路。

Okay. All right, thanks.

好的。好的，謝謝。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Hey, good morning, everyone and thank you for taking our questions. Wanted to go back on the, on the Q4. It kind of implied guidance. It seems there's, you know, if we take the range that you're kind of point us towards and we did the first three quarters. It's a bit of a step down. Can you talk about the drivers of that? Is that basically all on the Nimiq 5?

嘿，大家早上好，感謝您回答我們的問題。想回到Q4。這是一種隱含的指導。看來，你知道，如果我們採取你所指出的範圍，我們就完成了前三個季度的目標。有點退步了。您能談談其驅動因素嗎？Nimiq 5 上基本上都是這樣嗎？

That would absolutely be the biggest driver, you know, that contract got kind of re-rated in, help me out. So it was like, yeah, early October. So it, it's going to have a full, you know, and I said, you know, it's just a third of the cash on a go forward basis that we're going to be receiving versus what we did before. And there I said the cash because, in the revenue that we recognized with this previously, most of what we were getting was cash, but there was also a deferred revenue piece from a prepayment that we had gotten at the time we did that contract.

這絕對是最大的推動力，你知道，合約被重新評估了，幫幫我。所以就像是，是的，十月初。所以，它將有一個完整的，你知道，我說，你知道，與我們之前所做的相比，這只是我們將收到的未來現金的三分之一。我在這裡說的是現金，因為在我們之前確認的收入中，我們得到的大部分都是現金，但也有我們在簽訂合約時收到的預付款的遞延收入。

So, so that'll be the biggest driver. And I'm not sure if there's any, I mean, there's nothing else that really comes to mind. In terms of other things on the EBITDA side, we continue to ramp up our cost structure as we had head count mostly, you know, for our LEO activities. But, but, but that'll be the biggest driver on the top line.

所以，這將是最大的驅動力。我不確定是否有任何，我的意思是，沒有其他真正想到的。就 EBITDA 方面的其他事項而言，我們繼續提高成本結構，因為我們的員工主要用於 LEO 活動。但是，但是，但這將是營收的最大推動力。

Understood. And I noticed there was a, in the filing, there was a, an update, I guess on, on Shaw. Can you just kind of maybe tell us or update us on the situation?

明白了。我注意到，在文件中，我猜有關於肖的更新。能否告訴我們或更新一下情況？

Well, there's not much, I mean, there's not a huge update, Shaw, took the position sometime earlier in the year that, for whatever reason they felt like they had a right to stop paying us. We don't share that view. And so we filed a lawsuit against them. So I think, you know, off the top of my head, we're seeking $45 million in damages.

嗯，沒有太多，我的意思是，沒有什麼大的更新，Shaw，在今年早些時候接受了這個職位，無論出於什麼原因，他們覺得他們有權停止向我們付款。我們不同意這種觀點。因此我們對他們提起訴訟。所以我想，你知道，我突然想到，我們正在尋求 4500 萬美元的賠償。

About $35 million-plus is for revenue payments that they owe us under the contract. And the balance would be, you know, punitive damages and, and, and things like that. So not a huge update. Looking at our general counsel, as I said, this, the lawsuit has been filed and away we go, but we feel strongly about our claims and, and, you know, so we're pursuing it but there's no real update beyond that.

大約 3500 萬美元以上是他們根據合約欠我們的收入付款。平衡點就是，你知道，懲罰性賠償以及類似的事情。所以不是一個巨大的更新。看看我們的總法律顧問，正如我所說，訴訟已經提起，我們已經離開，但我們對我們的主張有強烈的感覺，而且，你知道，所以我們正在追求它，但除此之外沒有真正的更新。

Understood. And, and just last one for me, I know you affirmed the, the discussions with the vat can, can you maybe just remind us, you know, on the discussions that you're having? I assume it's more than just, you know, what I said is that, you know, does that kind of cater more to ISC, is that government, is that maritime? Like how, how, how is that this, the split of discussions going in terms of the various end markets, if one kind of stands out more than the other?

明白了。而且，對我來說，最後一個問題是，我知道您肯定了與大桶的討論，您能否提醒我們，您知道，您正在進行的討論？我認為這不僅僅是，你知道，我所說的是，你知道，這是否更多地迎合ISC，是政府，是海事嗎？就像如何，如何，如何，這如何，關於不同終端市場的討論的分歧，如果一種比另一種更突出？

We are having active discussions with customers all over the world and in all those different verticals that we talked about. The level of engagement with the customer community is very, very high. You know, we've always been telling everyone that Lightspeed was going to get fully financed. And I like to think that most people believed us, but I will say there's been a it feels like a bit of a sea change in terms of just the qualitative nature of the discussions we've been having with customers and all these different verticals since we, you know, announced that we're fully funded. I think it's two things.

我們正在與世界各地以及我們所討論的所有不同垂直領域的客戶進行積極的討論。與客戶社群的互動程度非常非常高。你知道，我們一直告訴大家，Lightspeed 將獲得全額融資。我想大多數人都相信我們，但我想說，從我們與客戶以及所有這些不同垂直領域進行的討論的質量來看，感覺有點像翻天覆地的變化。我認為這是兩件事。

One, the fact that we're fully funded, maybe it's more than two things three, the fact that, you know, we're going to be launching in two years’ time. So, and the way a lot of these networks work, you need lead time, particularly when you're dealing with the arrow. And you've got, you know, whether it is an airplane needs a new antenna. A lot of the planes can actually communicate with Lightspeed, even with their existing antennas, but you still need a new modem.

第一，我們資金充足，也許這不僅僅是兩件事第三，我們將在兩年內推出。因此，按照許多此類網路的工作方式，您需要準備時間，尤其是在處理箭頭時。你知道，無論是飛機還是需要新的天線。許多飛機實際上可以與 Lightspeed 通信，即使使用現有的天線，但您仍然需要一個新的數據機。

And so, so, so there's some lead time. So the customers need to start working now if they're going transition to Lightspeed. And then the other thing, I think that's happened the same day that we announced that we were fully funded. United, announced that they were moving all of their planes to Starlink and I think the penny has just dropped with the user community that whether you think the future is totally LEO or whether you think that the future is going to have a meaningful component of LEO.

所以，所以，所以還有一些準備時間。因此，如果客戶要過渡到 Lightspeed，他們需要立即開始工作。然後另一件事，我認為這發生在我們宣布我們獲得全額資助的同一天。聯合航空宣布他們將把所有飛機轉移到星鏈，我認為用戶社區已經明白了，無論你認為未來完全是低地軌道，還是認為未來將有低地軌道的一個有意義的組成部分。

But I think everyone in the world believes one or the other right now. And so, I've noticed that between being fully funded between all the tracks and that Starlink is getting out there, the seriousness of and the concreteness of the discussions that we're having with customers is, yeah, firming if you will. So in any event, it's so, so it's across the board, it's aero, it's maritime, it's government services and then it's the old kind of traditional, you know, back haul rural broadband sort of requirements.

但我認為現在世界上每個人都相信其中之一。因此，我注意到，在所有軌道之間得到充分資助以及 Starlink 的推出之間，我們與客戶進行的討論的嚴肅性和具體性是，是的，如果你願意的話，是堅定的。所以無論如何，都是如此，所以它是全面的，它是航空的，它是海事的，它是政府服務的，然後是舊的傳統的，你知道的，回程農村寬頻的需求。

So anyway, but look, you know, we're just in the trenches right now working with customers very focused on signing commitments and as we do, you know, be announcing them and, and so far we haven't in our financials been disclosing LEO backlog, but we're going to start doing that in the New year just so everyone knows it.

所以無論如何，但是你看，我們現在正與客戶密切合作，非常專注於簽署承諾，正如我們所做的那樣，你知道，我們正在宣布這些承諾，而且到目前為止，我們的財務狀況還沒有披露LEO 積壓工作，但我們將在新年開始這樣做，以便每個人都知道。

Great. Thank you for that. Appreciate the insights.

偉大的。謝謝你。欣賞這些見解。

Caleb Henry, Quilty Space.

凱勒亨利，奎爾蒂空間。

Alright, thanks guys, a couple of questions around. Just Lightspeed and also video constellations. To that had recently announced the contract. I think it was 127 antennas from Intellian. I was just curious how far that gets you with, you know, meeting your gateway needs and also kind of what the status is of the gateways for Lightspeed so far. My guess is it's probably, it sounds like it's about half the antenna you would need, but I wasn't sure.

好的，謝謝大家，有幾個問題請教一下。只有光速和視訊星座。至最近宣布了合約。我認為是 Intellian 的 127 根天線。我只是很好奇這能在多大程度上滿足您的網關需求，以及到目前為止 Lightspeed 網關的狀態。我的猜測是，聽起來大約是您需要的天線的一半，但我不確定。

I think I'm looking at our CTO Dave Wendel and I think the order that we made with Intellian covers about David's like somewhere between 25 and 30 gateways help me out 27 gateway stand, that's between 25 and 30. So 27 gateways and really pleased with the good work that Intel has been doing. I mean, they are one of the leaders in our sector, not only for gateway antennas but for user terminal antennas as well.

我想我正在關注我們的技術長戴夫溫德爾（Dave Wendel），我認為我們與Intellian 製作的關於David 的訂單大約在25 到30 個網關之間，幫助我找到了27 個網關站，即25 到30 個之間。27 個網關，對英特爾一直以來所做的出色工作感到非常滿意。我的意思是，他們是我們行業的領導者之一，不僅在網關天線方面，而且在用戶終端天線方面也是如此。

So, yeah, we're plowing forward. Some of the sites in Canada at least will be kind of more green in nature. Other sites around the world will be probably a mix of two, some that you know, existing teleport facilities where we'll be adding our gateway antennas and then maybe some Greenfield sites as well.

所以，是的，我們正在努力前進。加拿大的一些地點至少在本質上會更綠。世界各地的其他站點可能是兩個站點的混合體，其中一些是您知道的現有傳送設施，我們將在其中添加網關天線，然後可能還有一些綠地站點。

So, so we've been mapping out locations in North America, in Asia, in Europe and Australia and Latin America. And yeah, so we feel good about the progress that we're making there.

因此，我們一直在北美、亞洲、歐洲、澳洲和拉丁美洲規劃地點。是的，所以我們對我們在那裡取得的進展感到滿意。

Okay. Thanks. And then a question on this one may go a little way back. I remember in 2020 Telesat that was working on, I think it was interoperability with the Space Development Agency. And since you have the same optical terminal provider, does it look like Lightspeed will be able to communicate with the military constellation in the US? PWSA.

好的。謝謝。關於這個問題的問題可能要追溯到很久以前。我記得 2020 年 Telesat 正在致力於與太空發展局的互通性。既然你們有相同的光終端供應商，Lightspeed是否能夠與美國的軍事星座進行通訊？公共服務管理局。

I listen, we've tried really hard to track what the US government has been saying about interoperability of these. I mean, it's really important for the US government that as part of their proliferated LEO initiative that these various LEO constellations are interoperable, it gives them more resilience, it gives them more flexibility, greater deterrence value and all of that.

我聽著，我們非常努力地追蹤美國政府關於這些設備的互通性的說法。我的意思是，對於美國政府來說，作為其擴散的低地球軌道計劃的一部分，這些不同的低地球軌道星座是可互操作的，這對美國政府來說非常重要，這給了它們更多的彈性，給了它們更多的靈活性，更大的威懾價值等等。

So, so that was certainly a consideration for us when Teleset and MD&A chose t-shot. So I think that we're going to be interoperable but it goes beyond just the ISLS like we're also using [Alya]. We announced that too. I believe we did. We announced [Alya], which is a software provider that you know, is, is providing at least some level of the software platform that we'll be using to manage the traffic of the consolation and whatnot in the US government, I believe is also working with [Alya].

所以，當 Teleset 和 MD&A 選擇 t-shot 時，這當然是我們的考慮因素。所以我認為我們將實現互通，但它不僅僅是 ISLS，就像我們也在使用的那樣[艾莉亞]。我們也宣布了這一點。我相信我們做到了。我們宣布 [Alya]，您知道，這是一家軟體供應商，正在提供至少某種程度的軟體平台，我們將使用該平台來管理美國政府的安慰之類的流量，我相信是還與[艾莉亞]。

So that not only do the ISLS facilitate interoperability in terms of the constellations being able to pass traffic between each other optically and, and there are ways to do it with our F as well, but it's also handy to have your, your systems being able to talk to each other to facilitate traffic flows across networks.

因此，ISLS 不僅可以促進星座之間的互通性，能夠以光學方式在彼此之間傳遞流量，而且也有多種方法可以使用我們的 F 來實現這一點，而且讓您的系統能夠相互交談以促進網路上的流量流動。

And so anyway, we've been very intentional about trying to make Lightspeed interoperable. And certainly, you know, again, we've already acknowledged so as vat that we're talking to vat, that's obviously a big consideration for them as well.

所以無論如何，我們一直非常有意識地嘗試讓 Lightspeed 具有互通性。當然，你知道，我們已經承認我們正在與增值稅交談，這顯然對他們來說也是一個重要的考慮因素。

They envision a multi orbit hybrid network. And, and so working with whether it's us government or other operators to provide as much interoperability as possible. It's, it's good for the customers. It's good for the ecosystem writ large, it's good for Telesat.

他們設想了一個多軌道混合網路。並且，與美國政府或其他業者合作，提供盡可能多的互通性。這是，這對客戶有好處。這對整個生態系統都有好處，對 Telesat 也有好處。

Okay. And then last question, I know that Canada is obviously not part of the European Union, but Canada is part of the, the European Space Agency and given how they're funding the co funding the Iris Squared Network. I was wondering, is there any chance for overlap or perhaps discussions around interoperability? I don't know to what extent there might be a connective tissue between Canada and IIRIS² or if there's none.

好的。最後一個問題，我知道加拿大顯然不是歐盟的一部分，但加拿大是歐洲太空總署的一部分，考慮到他們如何為虹膜平方網路提供共同資助。我想知道，是否有機會進行重疊或圍繞互通性進行討論？我不知道加拿大和 IIRIS² 之間可能存在何種程度的結締組織，或者是否不存在。

I mean, there's tell us that has not been involved in the IRIS² initiative. I mean, that's been very much a European focused activity. But I would assume that the Europeans just like the Americans to maximize resilience to maximize our flexibility, would like to see IRIS² interoperable with other constellations, you know, allied constellations. Look the manufacturer of our IRIS², it's [TSA], it's Airbus.

我的意思是，有人告訴我們尚未參與 IRIS² 計劃。我的意思是，這在很大程度上是一項以歐洲為中心的活動。但我認為歐洲人就像美國人一樣，希望最大限度地提高彈性，最大限度地提高我們的靈活性，希望看到 IRIS² 與其他星座（你知道，聯盟星座）進行互通。看看我們的 IRIS² 製造商，它是 [TSA]，它是空中巴士公司。

So I got to think that there's a high likelihood that we will be interoperable with IRIS². And I got to believe that for their own, for their own reasons, the Europeans are going to want IRIS² to be interoperable with other constellations. And certainly Canada and the European, the members of the EU those nations are great allies.

因此我認為我們很有可能與 IRIS² 實現互通。我相信，出於他們自己的原因，歐洲人會希望 IRIS² 能夠與其他星座進行互通。當然，加拿大和歐洲、歐盟成員國都是偉大的盟友。

So, yeah, I think and, and look, we're KA then and I believe that what IRIS²,is doing for their hard gov requirements is going to be KA then maybe no KA. So that also would facilitate some interoperability between what I believe IRIS² is all about and what and what we're doing?

所以，是的，我認為，看，我們那時就是 KA，我相信 IRIS² 為他們的硬政府要求所做的事情將是 KA，然後可能沒有 KA。那麼這也將促進我認為 IRIS² 的全部內容與我們正在做的事情之間的互通性？

All right, great. Thank you.

好吧，太好了。謝謝。

Walter Piecyk, LightShed Ventures.

沃爾特·皮西克 (Walter Piecyk)，LightShed Ventures。

Walter. Are you with us? -- I think we're going to need to.

沃特.你和我們在一起嗎？ ——我認為我們需要這麼做。

Can you hear me now?

現在你能聽到我說話嗎？

Oh, there you go.

哦，就這樣吧。

Sorry about that.

對此感到抱歉。

No worries.

不用擔心。

Just want to go back to the first question. I thought in the prepared comments when you were describing the dish transaction, 50% reduction over time and capacity and the 70% reduction in and what they were paying. The first questioner, I think asked it was 30% you didn't correct him. I just want to clarify if I heard it correctly. From the pre prepared comments.

只是想回到第一個問題。我認為在準備好的評論中，當您描述菜餚交易時，隨著時間和容量的增加，減少了 50%，並且他們所支付的費用減少了 70%。第一個提問者，我想問的是30%你沒有糾正他。我只是想澄清一下我是否聽對了。來自預先準備的評論。

Yeah, I think what the prepared comments were we expect to be receiving around. I, I can't remember if I said a 30% but 30% is around the third.

是的，我認為我們希望收到準備好的評論。我，我不記得我是否說過 30%，但 30% 大約是三分之一。

I think a 70% reduction as opposed to a 30% reduction, just want to make sure that I heard that correctly.

我認為減少 70% 而不是減少 30%，只是想確保我聽到的是正確的。

Yeah, that's right. A 70% reduction. And again, from the cash that we've been taking and we tend to care about cash around here. So, that's right.

是的，沒錯。減少 70%。再說一次，從我們一直拿走的現金來看，我們傾向於關心這裡的現金。所以，沒錯。

And then, so, so it'll be about, it'll be so sorry to interrupt you, Walter, but it'll be about, you know, a year from now, half the capacity and paying about, you know, a third of what they used to pay. So, you know, the, the lower cash that we're getting reflects that they're taking less capacity and the capacity they are taking, they're taking at a somewhat lower rate per unit.

然後，所以，所以，這將是關於，很抱歉打擾你，沃爾特，但這將是關於，你知道，一年後，容量的一半，並支付大約，你知道，他們過去支付的三分之一。所以，你知道，我們獲得的現金越少，反映出他們佔用的產能越少，而他們佔用的產能，他們每單位的利用率較低。

Got it. And then the expectation would be at the end of the five years that would effectively go to zero and then in terms of their usage and there, and their need for to not to do another renewal obviously. Well.

知道了。然後，預期在五年結束時，這將有效地降至零，然後就其使用情況而言，以及他們顯然不需要進行另一次更新的需要。出色地。

I don't know, I look, I don't know about that. I don't know about that. And what I also don't know is at the end of the year, we, at the end of the first year, a little more than that comes up in January of 2026. Thanks John.

我不知道，我看，我不知道這一點。我對此一無所知。我也不知道的是，到今年年底，我們在第一年年底，會比 2026 年 1 月的數字多一點。謝謝約翰。

They, they stepped down to 16 transponders but, but they might need more at that time and if we haven't already, you know, found other uses for it, then it might be the case that they extend on some of that even, you know, early 2026.

他們，他們減少到 16 個轉發器，但是，但他們當時可能需要更多，如果我們還沒有，你知道，找到它的其他用途，那麼他們可能會擴展其中的一些，你知道，2026 年初。

I don't know. And obviously there's a lot going on with dish and EchoStar right now. So, so we'll have to see. But look, they still have lots and lots of subscribers that are getting there TV channels off of Nimiq 5, which is why they renewed and so we'll just have to see how it plays out.

我不知道。顯然，Dish 和 EchoStar 目前正在發生很多事情。所以，我們得看看。但看，他們仍然有很多很多訂閱者透過 Nimiq 5 觀看電視頻道，這就是他們續訂的原因，所以我們只需要看看結果如何。

And then on the, we get to the LEO and buy us that I think you said you affirmed that's the case about life affirming discussions or have you affirmed that they have in fact already contracted?

然後，我們到達 LEO 並向我們購買，我認為您說過您確認了關於生命肯定討論的情況，或者您是否確認過他們實際上已經簽訂了合約？

No, affirming discussions. They, they said on their last call they were engaged in discussions with us around a Lightspeed commitment and that's all we're affirming and look, we've got it. We've got a great relationship with us that we've, worked with them for years. They're a customer of ours today using our GEO capacity over the years, we've bought VAD hubs from them and other things to support our two way broadband business here in Canada. So anyway, we go way back.

不，肯定討論。他們在上次通話中表示，他們正在與我們圍繞光速承諾進行討論，這就是我們所確認的一切，看起來，我們已經做到了。我們與他們有著良好的關係，我們已經與他們合作了多年。他們今天是我們的客戶，多年來使用我們的 GEO 容量，我們從他們那裡購買了 VAD 集線器和其他東西來支持我們在加拿大的雙向寬頻業務。所以無論如何，我們還是回去吧。

And then in terms of I guess let's call it L band and S band spectrum that's out there. Has anyone approached you in terms of possibly integrating the integrate or integrating the use of spectrum beyond what you already planned for Lightspeed prior to launch is that.

然後就我想我們稱之為 L 波段和 S 波段頻譜而言。有沒有人就可能整合或整合頻譜使用的問題與您接洽，超出您在發布之前為 Lightspeed 計劃的範圍。

People have approached us wondering if we had scope on our satellites to host those kind of payloads. And the answer is we, we just don't we're using every ounce of power and mass and whatnot to support our mission. So, you know, but certainly for MD&A look, I mean, it's public now MD&A is building the satellites for Globalstar and they're leveraging, I'm looking at Dave the leveraging the same bus.

人們聯繫我們，想知道我們的衛星是否有足夠的空間來承載此類有效載荷。答案是我們，我們只是不使用每一盎司的力量和品質以及諸如此類的東西來支持我們的使命。所以，你知道，但對於 MD&A 來說，我的意思是，現在公開的 MD&A 正在為 Globalstar 建造衛星，他們正在利用，我正在看戴夫利用同一個總線。

And so anyway, so certainly the bus that we're using can support you know, satellites that are used for direct to device using, you know, those, those lower spectrum bands.

無論如何，我們使用的總線當然可以支援您知道的、用於直接連接到設備的衛星，您知道，那些較低的頻段。

So maybe, you know who I know in the fullness of time, would we ever consider trying to do something with an entity that wants to launch a direct to device constellation? And we do something jointly with them or I mean, yeah, that could make sense for them and for us. So, but that's--

所以，也許，你知道我在充分的時間裡認識誰，我們會考慮嘗試與想要推出直接到設備星座的實體做一些事情嗎？我們與他們共同做一些事情，或者我的意思是，是的，這對他們和我們來說都有意義。所以，但是那是——

Could that be part of the cancellation? And, and, and like, what's the deadline for when an agreement like that would have to be put in place for it to actually be part of?

這可能是取消的一部分嗎？而且，以及，類似這樣的協議必須落實到位才能真正成為其一部分的最後期限是多少？

Right now, for the first 198 satellites we have, we're, the ship is so we're, we're doing that. It would be beyond that.

現在，對於我們擁有的前 198 顆衛星，我們、這艘船就是這樣，我們、我們正在這樣做。事情會超出這個範圍。

Understood. And my last question, I guess is you talked about again in the prepared comments about how the enterprise customers, the, the concept of a LEO constellation was resonating with them, maybe even a preference. And then later, you talked about maybe at the end of the year providing some booking numbers.

明白了。我的最後一個問題，我想您在準備好的評論中再次談到了企業客戶、LEO 星座的概念如何與他們產生共鳴，甚至可能是一種偏好。後來，您談到也許會在年底提供一些預訂號碼。

Does that imply that you've already started to, you know, sign some level of bookings with some enterprise customers that may not be significant enough to disclose on this quarterly call. But, but ultimately, there are bookings that are starting to build that you will then later disclose, I guess at the end of the fourth quarter.

這是否意味著您已經開始與一些企業客戶簽署某種程度的預訂，這些訂單的重要性可能不足以在本季度電話會議上披露。但是，但最終，一些預訂正在開始增加，你稍後會披露，我猜是在第四季末。

Yeah. And listen, I always loathe to create high expectations at home and at work. So, look, we're not, we're not giving any targets right now for backlog and we're having lots of discussions with lots of people. I've been in this industry for a long time. I know that some of those things can take a long time, particularly the first ones.

是的。聽著，我總是討厭在家庭和工作中抱持著很高的期望。所以，看，我們沒有，我們現在沒有給出任何積壓目標，我們正在與很多人進行大量討論。我從事這個行業已經很久了。我知道其中一些事情可能需要很長時間，尤其是第一件事。

So anyway, we plan, as I said to start disclosing, in our SEC filings, a backlog, not just for our GEO business, but for LEO as well. So, so let's just leave it at that right now and we'll see where we are when we start making those disclosures, but for sure we're focused on it and, and for sure we're having lots of really good concrete discussions with folks. So, yeah, so stay tuned.

因此，無論如何，正如我所說，我們計劃在向 SEC 提交的文件中開始披露積壓訂單，不僅針對我們的 GEO 業務，還針對 LEO 業務。所以，讓我們現在就這樣，當我們開始披露這些資訊時，我們會看到我們的進展，但我們肯定會專注於它，並且我們肯定會進行很多非常好的具體討論與人們。所以，是的，所以請繼續關注。

Great. Thank you.

偉大的。謝謝。

Chris Quilty, Quilty Space.

克里斯·奎爾蒂，奎爾蒂空間。

Thanks. So congrats on getting the debt deal closed and now that you don't have to ever worry about raising money again, where has all your free time?

謝謝。恭喜您完成了債務交易，現在您不必再擔心籌資了，您的空閒時間都去哪了？

Is there a particular area in terms of manufacturing or regulatory or customer sales that's really, you know, risen to sort of the number one focus for management now?

您知道，在製造、監管或客戶銷售方面是否有一個特定領域確實已經成為管理層現在的首要關注點？

Well, I mean, management is a big word, so we're kind of trying to divide and conquer. But you're absolutely right though, Chris, to note that I mean, implicit in your question is that getting the funding done, consumed a ton of our time, which it did. And we are glad for all sorts of reasons to have that in the rearview mirror. Now, one of which is it does give us more time to devote to other areas.

嗯，我的意思是，管理是一個很大的詞，所以我們試圖分而治之。但克里斯，你是絕對正確的，請注意，我的意思是，你的問題中隱含的是，完成融資消耗了我們大量的時間，事實確實如此。出於各種原因，我們很高興將其納入後視鏡。現在，其中之一是它確實讓我們有更多時間投入其他領域。

So you know, so certainly, I'm looking at Dave our CTO, as I say, this, he and his team spending a whole lot less time answering diligence questions from lenders and are just full on right now with MD&A, with folks like Intellian.

所以你知道，所以當然，我正在關注我們的首席技術官戴夫（Dave），正如我所說，他和他的團隊花在回答貸方盡職調查問題上的時間要少得多，而且現在正忙於MD&A，與像這樣的人一起工作。

I mean, we're just spending a ton of time with our partners moving the program forward, spending a lot of time hiring lots of people right now that takes a lot of time. And then for myself, I'm spending much more of my time on working with the customer community and we're going to turn our attention a little bit to the investor relations activities which you know, it wasn't a whole lot of fun going, talking to funds. You just wanted to know when we're going to close our funding.

我的意思是，我們只是花了很多時間與我們的合作夥伴一起推動該計劃，花很多時間僱用很多人，這需要很多時間。對我自己來說，我花了更多的時間與客戶社群合作，我們將把注意力轉向投資者關係活動，你知道，這並不是一件很有趣的事情去，與基金交談。您只是想知道我們何時結束融資。

So yeah, I mean, so the time now that was spent nailing down the financing is totally spent on the technical side, getting Lightspeed implemented and moving forward on the commercial side, it's going out there speaking with prospective customers and other partners about Lightspeed.

所以，是的，我的意思是，現在花在確定融資上的時間完全花在技術方面，實施 Lightspeed 並在商業方面取得進展，它正在與潛在客戶和其他合作夥伴討論 Lightspeed。

But then there's our GEO business too. I mean, we got the renewal done with dish, we restructured the arrangements with explore, we're out there working, we got a regulatory approval to use Nimiq 5, not just for broadcast applications in Canada but for non-broadcast services as well so that we have some more utility in terms of what we can do with that satellite.

但還有我們的 GEO 業務。我的意思是，我們完成了 Dish 的更新，我們重組了 Explore 的安排，我們正在那里工作，我們獲得了使用 Nimiq 5 的監管批准，不僅適用於加拿大的廣播應用，也適用於非廣播服務這樣我們就可以利用這顆衛星做更多的事。

So anyway, and then, yeah, you know, a lot of activity rolling out the gateways, a lot of activity, getting market access, you know, all around the world. So anyway, it's great to be able to just be much more forward-looking on all that stuff right now. And, honestly, I'm glad you asked the question. It feels good. We're, we're, we're really making a lot of progress right now and we're really bringing in just superb of people right now as we build up the team and we're getting a great reception, just kind of throughout the ecosystem right now. The users want, they think Starlink is a great service, they want more competitive alternatives out there. And I think folks recognize we're one of those alternatives.

所以無論如何，然後，是的，你知道，世界各地都有很多活動推出網關，很多活動，獲得市場准入。所以無論如何，現在能夠在所有這些事情上更具前瞻性真是太好了。老實說，我很高興你提出這個問題。感覺很好。我們，我們，我們現在確實取得了很大的進步，我們現在確實引進了非常優秀的人才，因為我們建立了團隊，我們得到了很好的接待，只是有點現在整個生態系統。使用者希望，他們認為 Starlink 是一項很棒的服務，他們想要更具競爭力的替代方案。我認為人們認識到我們是這些選擇之一。

Great, a quick modeling question. Andrew they, like in Q3, your cost of sales was kind of half of what it was sequentially and, and your staff costs. And obviously, there's some timing issues with the program. Can you give us a sense maybe?

太棒了，一個快速建模問題。安德魯，就像第三季一樣，你的銷售成本是上一季的一半，還有你的員工成本。顯然，該計劃存在一些時間問題。你能給我們一個感覺嗎？

And I guess you're implied, sorry, your implied guidance, would your guidance would imply that, you know, we're going to see a step up sequentially in both of those, where do those numbers settle out like on an ongoing basis? And obviously you're continuing to hire, but--

我想你是在暗示，抱歉，你的暗示指導，你的指導是否意味著，你知道，我們將看到這兩個方面相繼有所提高，這些數字會在哪裡持續穩定下來？ ？顯然你會繼續招聘，但是——

And I think what you say indeed. And I think the earlier question we got is Dan has said that and obviously, you know, our program, we're building the capability for a program, you know, we're hiring people, et cetera. So I think as we go forward that you will see the step up and just to share some numbers and head count, you know, we started the year with 500 people. We're looking to close at 700 people. That's a 40% increase in head count itself. And so the in, in that come with that.

我認為你說的話確實如此。我認為我們之前得到的問題是丹說過的，顯然，你知道，我們的計劃，我們正在為一個計劃建立能力，你知道，我們正在招聘人員，等等。因此，我認為，隨著我們的前進，您會看到我們的進步，只是分享一些數字和人數，您知道，我們年初時有 500 名員工。我們預計人數將達到 700 人。這意味著員工人數本身就增加了 40%。因此，隨之而來的是。

So in essence, that's what we will see. You know, we haven't given sort of guidance for 2025, 2026. I would just say that in terms of that forward-looking. If you look at our investor deck that we have, you know, published, it gives you a feel of what the revenue build looks like going out in 2020 you know, '27, '28 out of 2032. And also it shows you the level of the.

所以本質上，這就是我們將看到的。你知道，我們還沒有給 2025 年、2026 年的指導。我只想說，就前瞻性而言。如果你看看我們發布的投資者資料，你知道，它會讓你了解 2020 年的收入成長情況，你知道，2032 年的 27、28 年。也讓你看到了它的水平。

So that's what I would say, Chris, if you want to get a view of how it goes forward and by implication, you can see what this, what the step up in in OpEx will be. But, you know, with such a large program, what you say is absolutely correct. That's what we will see is that function as we grow.

所以這就是我想說的，克里斯，如果你想了解它的進展情況，並且暗示，你可以看到這是什麼，營運支出的進步將是什麼。但是，你知道，這麼大的程序，你說的是絕對正確的。隨著我們的成長，我們將會看到這種功能。

Understand. But was there any reason for the variability in Q3.

理解。但第三季的變化是否有任何原因呢？

And variability in what exactly Chris? Just so we can be responsive.

克里斯的可變性到底是什麼？這樣我們就可以做出回應。

I mean, staff costs were at the lowest in a couple of years. And likewise, cost of revenue dropped almost in half.

我的意思是，員工成本處於幾年來的最低水準。同樣，收入成本幾乎下降了一半。

Essentially the big one, there would be that contract that we have with NASA.

本質上是一項大合同，我們與美國宇航局簽訂了一份合約。

That we had a cost involved with NASA. So that's what the name.

我們與美國宇航局有關的費用。所以這就是名字。

Because that's lumpy. So, you know, we recognize we, we did that work with now. So that was all about interoperability of satellite networks and, but it was lumpy in nature. So we recognized some revenue earlier in the year and then there was a lot of expense associated with that too. It wasn't, it wasn't contributing a lot on the EBITDA line. So anyway, I think that would account for a big chunk of it.

因為那是塊狀的。所以，你知道，我們認識到我們現在已經完成了這項工作。這就是衛星網路的互通性，但本質上是不穩定的。因此，我們在今年早些時候確認了一些收入，然後也有很多與之相關的費用。事實並非如此，它對 EBITDA 的貢獻並不大。所以無論如何，我認為這將佔其中很大一部分。

And we would have capitalized engineering as well as we grow in terms of our pet plan. So that will have an impact and that was built as well as we go forward.

我們將擁有資本化的工程，以及我們在我們的寵物計劃中的成長。因此，這將會產生影響，並且我們將繼續前進。

Got you. Okay. And then I guess final question, it looks like, you know, you've made contract awards with Intellian on gateway antennas and (Inaudible) landing stations. Are there any other, you know, major awards or pieces you need on the ground side? And I ask that in the context of you know, les at one web and obviously, you know, they've got and operating constellation on orbit, but the service launch has been delayed due to the ground roll out. And, you know, how confident are you that you won't be in that situation two years down the road.

明白你了。好的。然後我想最後一個問題，看起來，你知道，你已經與 Intellian 就網關天線和（聽不清楚）著陸站簽訂了合約。您知道，地面方面還有其他您需要的重大獎項或作品嗎？我問的是，在一個網路上，顯然，他們已經在軌道上運行了星座，但由於地面部署，服務啟動已被推遲。而且，你知道，你有多大信心兩年後你不會陷入這種情況。

Well, I don't think we're going to be in that situation. You know, it's not like we just started this program. We, we've got a great team in place on the landing station side. We've mat out all the different landing stations that we need. We're in discussions with various parties around the world right now in terms of where those landing stations are going to go in intelligence, got a good track record in terms of producing the antennas.

嗯，我認為我們不會陷入這種情況。你知道，我們並不是剛開始這個計畫。我們，我們在著陸站方面有一支出色的團隊。我們已經準備好了我們需要的所有不同的著陸站。我們現在正在與世界各地的各方討論這些著陸站在情報方面的發展方向，在生產天線方面取得了良好的記錄。

And so when we look at, you know, our schedule and all the interdependencies and whatnot, the landing stations, come in when we need them and look, we'll start with some, we're going to have probably five or six around the world up and running within two years because when we launch our first batch of satellites, we need some landing stations around the world just to do the testing and orbit raising and whatnot of those satellites.

因此，當我們查看我們的日程安排以及所有相互依賴性以及諸如此類的內容時，著陸站會在我們需要它們時出現，我們將從一些開始，我們可能會有五到六個世界在兩年內啟動並運行，因為當我們發射第一批衛星時，我們需要世界各地的一些著陸站來對這些衛星進行測試和軌道提升等。

So that feels good. I think in terms of other looking at Dave, most of the big contracts, I mean, certainly satellite launch, landing station antennas mentioned the contract with [Alya]. We've done some big agreements with providers for the BSS and the OSS for the constellation. So those are out there for the dispenser for the satellite that that's all been announced.

所以感覺很好。我認為，就戴夫的其他方面而言，大多數大合同，我的意思是，當然衛星發射、著陸站天線都提到了與[艾莉亞]。我們已經與星座的 BSS 和 OSS 提供者達成了一些重大協議。因此，這些都是用於衛星分配器的，這一切都已宣布。

But we'll, we're, what comes to mind for me right now is we're doing work with various parties on a flat panel antennas for the different verticals there, I mean, it's a good time for flat panel antenna development and so we're engaged with various folks on that. But we're, I mean, the supply chain is at this point in time, engaged, announced and moving forward.

但是，我們，我們，現在我想到的是，我們正在與各方就不同垂直領域的平板天線進行合作，我的意思是，現在是平板天線開發的好時機，所以我們正在與不同的人就此進行接觸。但我的意思是，我們的供應鏈目前正在參與、宣布並向前發展。

Good. Well, congratulations and keep up the good work.

好的。好吧，恭喜你，繼續努力。

Thanks, Chris.

謝謝，克里斯。

Thank you. There are no further questions registered at this time. I would now like to turn the meeting over to Mr. Goldberg.

謝謝。目前沒有登記任何其他問題。我現在想把會議交給戈德堡先生。

Okay. Well, thank you all for joining us this morning and we look forward to chatting with you when we release our fourth quarter and for your numbers. So, thank you.

好的。好吧，感謝大家今天早上加入我們，我們期待在我們發布第四季度時與您交談並了解您的數據。所以，謝謝你。

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

謝謝。會議現已結束。此時請斷開您的線路。感謝您的參與。