Telesat Corp (TSAT) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the conference call to report the fourth quarter 2024 financial results for Telesat.

女士們、先生們，早安。歡迎參加電話會議，報告 Telesat 2024 年第四季財務表現。

Our speakers today will be Dan 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. James Ratcliffe, Vice President of Investor Relations. Please go ahead, Mr. Ratcliffe.

今天的演講者是 Telesat 總裁兼執行長 Dan Goldberg；以及 Telesat 財務長 Andrew Browne。現在，我想將會議交給投資者關係副總裁詹姆斯·拉特克利夫先生。請繼續，拉特克利夫先生。

Thank you, Giselle, and good morning, everyone. This morning, we filed our annual report for the period ending December 31, 2024, on Form 20-F with the SEC and on SEDAR 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.

謝謝你，吉賽爾，大家早安。今天上午，我們向美國證券交易委員會和 SEDAR plus 提交了截至 2024 年 12 月 31 日的 20-F 表年度報告。我們今天的評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所預期的結果有重大差異。有關已知風險的討論，請參閱 Telesat 向美國證券交易委員會提交的年度報告。

Telesat assumes no responsibility to update or revise these forward-looking statements. I'll now turn the call over to Dan Goldberg, Telesat's President, and Chief Executive Officer.

Telesat 不承擔更新或修改這些前瞻性聲明的責任。現在我將把電話轉給 Telesat 總裁兼執行長 Dan Goldberg。

Okay. Thanks, James, and thank you all for joining us this morning. I'll say a few words about our performance in 2024 and then talk about our key objectives and expectations for 2025. 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.

好的。謝謝，詹姆斯，也謝謝大家今天早上加入我們。我將簡要介紹我們在 2024 年的表現，然後談談我們對 2025 年的主要目標和期望。然後我將把電話交給安德魯，讓他更詳細地講述這些數字，然後我們將開始回答問題。

2024 was a pivotal and productive year for Telesat, and I'm very pleased with what we accomplished. We delivered focused, disciplined execution in our GEO business resulting in revenue and adjusted EBITDA that were above our guidance. And we deployed a portion of the healthy cash flows the GEO business generates to make some additional debt repurchases, which we believe strengthen our financial position and are accretive for stakeholders.

2024 年對 Telesat 來說是關鍵且富有成效的一年，我對我們所取得的成就感到非常滿意。我們在 GEO 業務中進行了專注且嚴謹的執行，從而實現了高於我們預期的收入和調整後 EBITDA。我們利用 GEO 業務產生的部分健康現金流進行一些額外的債務回購，我們相信這可以增強我們的財務狀況並為利害關係人帶來增值。

In addition, we made major strides forward with Telesat Lightspeed. In September, we closed our financing arrangements with the governments of Canada and Quebec, securing the funding we need for full global service.

此外，我們在 Telesat Lightspeed 方面也取得了重大進展。9 月份，我們與加拿大和魁北克政府達成了融資協議，確保了我們開展全球服務所需的資金。

We also made strong progress on the development and deployment of Lightspeed, investing more than $1 billion over the course of last year in completing some important development milestones. We continue to build out the LEO team on both the engineering and commercial fronts and importantly, got strong traction with prospective customers.

我們也在 Lightspeed 的開發和部署方面取得了重大進展，去年投資超過 10 億美元完成了一些重要的開發里程碑。我們繼續在工程和商業方面建立 LEO 團隊，重要的是，與潛在客戶建立強大的聯繫。

Turning to this year, 2025, we expect the difficult operating environment in our GEO business to continue, which is reflected in our guidance for the year. We anticipate revenue to be down approximately CAD155 million at the midpoint of our guidance, with pressure on both the video and enterprise portions of our business.

展望今年，也就是 2025 年，我們預計 GEO 業務的艱難營運環境仍將持續，這反映在我們對今年的預期中。我們預計收入將按預期下降約 1.55 億加元，因為我們的業務的影片和企業部分都將面臨壓力。

Half the anticipated decline comes from our DTH business, primarily from the full run rate impact of the lower rates associated with the renewal last year of the Nimiq 5 agreement with DISH. We also marked the end of service with [Shaw] last year on our Anik F2 satellite, and early this year, will reach the expiration of our Anik F3 contract with DISH. Anik F3 has come to the end of its station-kept life and so is being put into inclined orbit and will be used for customer requirements that can be supported on an inclined orbit satellite.

預計下降的一半來自於我們的 DTH 業務，主要是由於去年與 DISH 續約 Nimiq 5 協議導致的較低費率對全額運行率的影響。去年，我們也終止了與 [Shaw] 在 Anik F2 衛星上的服務，今年年初，我們與 DISH 的 Anik F3 合約也將到期。Anik F3 已經達到了其駐留壽命的終點，因此將被送入傾斜軌道並將用於可在傾斜軌道衛星上支援的客戶需求。

The other half of our forecasted revenue decline is expected to come from our enterprise and consulting activities. Roughly 20% of that is coming from customers serving the maritime and, to a lesser extent, the aero markets, principally owing to competition from Starlink.

我們預測的收入下降的另一半預計來自我們的企業和諮詢活動。其中約 20% 來自服務海運市場的客戶，以及服務航空市場（較少部分）的客戶，這主要歸因於 Starlink 的競爭。

Other meaningful contributors are reduced revenues from an Indonesian government-funded broadband program where a new Indonesia owned satellite is replacing some of the services we provided, lower revenues from LEO related consulting and demonstration projects with US government agencies NASA and DARPA as well as reduced consulting revenues in our GEO business too and lower revenues owing to the sale of our wholly-owned subsidiary, [Intelsat] that we announced last year.

其他重大貢獻因素包括：印尼政府資助的寬頻專案收入減少，該專案由印尼擁有的新衛星取代了我們提供的一些服務；與美國政府機構 NASA 和 DARPA 合作的 LEO 相關諮詢和演示專案收入減少；GEO 業務諮詢收入減少；以及去年我們宣佈出售全資子公司 [Intelsat] 導致收入減少。

On the OpEx front, we're expecting Lightspeed OpEx to increase by approximately CAD40 million at the midpoint of guidance, with increased investments in engineering, operations and commercial resources, mostly headcount-driven as we continue to ramp up and execute the program.

在營運支出方面，我們預計 Lightspeed 營運支出將在指導中期增加約 4,000 萬加元，隨著我們繼續加強並執行該計劃，對工程、營運和商業資源的投資將增加，主要由員工人數驅動。

We'll run our GEO business in a very focused, disciplined way. We'll continue to do that in an effort to mitigate as much as possible the pressures we're seeing in the market. On a consolidated basis, with the forecast top line declines and the incremental OpEx for Lightspeed, we're expecting consolidated adjusted EBITDA to be down approximately CAD200 million at the midpoint of guidance.

我們將以非常專注、嚴謹的方式來開展我們的 GEO 業務。我們將繼續這樣做，盡可能減輕市場壓力。從合併基礎來看，由於預測營收下降和 Lightspeed 的營運支出增加，我們預計合併調整後 EBITDA 將按指導中位數下降約 2 億加元。

For my colleagues and I, 2025 will be all about focused execution on both GEO and LEO mitigating as best we can, the headwinds we're facing in GEO and building out and commercializing Lightspeed on the LEO front. We're making strong progress across all aspects of developing the Lightspeed constellation, the satellites, the landing stations, user terminals, software development and expect to launch our first batch of satellites late next year.

對於我和我的同事來說，2025 年我們將專注於 GEO 和 LEO 兩個軌道，盡我們所能緩解我們在 GEO 上面臨的阻力，並在 LEO 前端建造和商業化 Lightspeed。我們在光速星座、衛星、著陸站、用戶終端、軟體開發等各方面的開發都取得了重大進展，預計明年年底發射第一批衛星。

On the commercial front for Lightspeed, I'd say we're more bullish than ever given what we're hearing from customers and seeing in the market. We've announced a handful of customer contracts over the past few weeks and are optimistic that we'll have more material contract announcements over the course of this year. Announcements that will translate in the more significant Lightspeed contractual backlog, which in turn will provide greater revenue and cash flow visibility for the project.

在 Lightspeed 的商業方面，根據我們從客戶那裡聽到的信息和在市場上看到的情況，我想說我們比以往任何時候都更樂觀。我們在過去幾週宣布了一些客戶合同，並樂觀地認為今年我們將有更多重要的合約公告。該公告將轉化為更重要的 Lightspeed 合約積壓，這反過來將為該項目提供更大的收入和現金流可見度。

We've spoken for some time about the huge opportunity we see in the market for commercial services, something that's becoming much more concrete as we get closer to launch. And as the markets embrace the LEO value proposition accelerates across all verticals.

我們已經談論過商業服務市場上的巨大機遇，隨著我們越來越接近發布，這一機會變得越來越具體。隨著市場接受 LEO 價值主張，所有垂直產業都加速發展。

We'd also note that the recent fairly tectonic shifts in the geopolitical environment are making us even more bullish on sovereign national security requirements. Requirements, we always believe were significant, but now expect will provide an even stronger tailwind as countries increase their defense spending and look to diversify the allied governments and service providers they work with to protect and advance their national security interest.

我們也注意到，最近地緣政治環境的劇烈變化使我們對主權國家安全要求更加樂觀。我們始終認為，這些要求非常重要，但現在預計這些要求將提供更強勁的推動力，因為各國增加了國防開支，並尋求與盟友政府和服務提供者多樣化，以保護和推進其國家安全利益。

Lastly, I'd note that refinancing our restricted group debt remains an important priority for the company this year. In sum, we made an enormous amount of progress in 2024, and we have a clear plan and huge opportunity as we go forward. Given the progress we've made and the opportunities we see in the market at this time, we're more bullish than ever on our ability to deliver the services and solutions the market is demanding while delivering highly attractive returns to our shareholders.

最後，我要指出的是，再融資我們的限制性集團債務仍然是公司今年的重要任務。總而言之，我們在 2024 年取得了巨大進步，我們有一個明確的計劃和巨大的機會。鑑於我們所取得的進展和目前在市場上看到的機遇，我們比以往任何時候都更加看好我們提供市場所需的服務和解決方案的能力，同時為我們的股東帶來極具吸引力的回報。

As I hand over to Andrew, you may have seen in our release this morning that after more than five years at Telesat and well over 40 years in the computer chip and satellite communications industries, Andrew has decided to retire. We'll be instituting a search for his successor shortly, and Andrew will ensure a smooth transition and handover.

當我把權力移交給安德魯時，大家可能已經在我們今天上午的發布會上看到，在 Telesat 工作了五年多、在電腦晶片和衛星通訊行業工作了 40 多年後，安德魯決定退休。我們很快就會開始尋找他的繼任者，安德魯將確保順利過渡和交接。

I've known and worked with Andrew for over 1/4 century and while we'll still be working together for the next little while, I can't thank him enough for his exemplary work and contributions and for his warm collegiality and friendship over the years. I wish him a heartfelt congratulations and all the very best as he gets ready to take this very well-deserved next step. So with that, over to you, Andrew.

我認識安德魯並與他共事已有超過四分之一世紀，雖然我們還會繼續合作一段時間，但我對他多年來的出色工作和貢獻以及熱情的同事關係和友誼深表感謝。我衷心祝賀他，並祝他在邁出當之無愧的下一步時一切順利。那麼，就交給你了，安德魯。

Good morning, everyone. Firstly, thank you, Dan, for those really kind and generous words. And so very much appreciate it. It's been a great privilege to know and have worked with you for many years and especially here at Telesat. As you move ahead with Telesat Lightspeed, I'm really very excited about the future created for Telesat and indeed Canada and the world.

大家早安。首先，感謝丹的這些真正善良和慷慨的話語。非常感謝。多年來，特別是在 Telesat 公司，我很榮幸能夠認識您並與您共事。隨著 Telesat Lightspeed 的不斷推進，我對 Telesat 乃至加拿大和世界所創造的未來感到非常興奮。

As we all know, there are times in life when certain decisions have to be made and the last believe this is the right time to use that word retirement, especially given where we are now at Telesat and also, I think, for the -- my good wife and family. I will naturally do all I can to ensure a smooth and seamless handover to my successor, and sincere thank you again Dan and also to my colleagues, a very good friends around the table with me this morning and here at Telesat and to our Board.

眾所周知，生活中有時必須做出某些決定，而最後我相信這是使用退休這個詞的正確時機，特別是考慮到我們現在在 Telesat 的狀況，而且我想，也考慮到我的妻子和家人。我當然會竭盡全力確保順利無縫地交接給我的繼任者，並再次真誠地感謝丹，也感謝我的同事們，你們都是今天早上和我一起在座的、在 Telesat 和我們董事會的好朋友。

So with that said, I would now like to focus on highlights from this morning's press release and filings. Telesat ended the year 2024 with reported revenues of $571 million. Adjusted EBITDA of $384 million and cash from operations of $62 million with $552 million of cash on the balance sheet at year-end.

所以說了這麼多，我現在想重點談談今天上午的新聞稿和文件中的重點內容。截止 2024 年，Telesat 報告的收入為 5.71 億美元。調整後 EBITDA 為 3.84 億美元，營運現金流量為 6,200 萬美元，年末資產負債表上有 5.52 億美元現金。

As Dan has mentioned, we outperformed the revenue and EBITDA guidance for 2024. In the fourth quarter of 2024, Telesat reported revenues of $128 million and adjusted EBITDA of $73 million, down $38 million, and $50 million, respectively, from the same period in 2023.

正如丹所提到的，我們的 2024 年收入和 EBITDA 超出了預期。2024 年第四季，Telesat 報告營收為 1.28 億美元，調整後 EBITDA 為 7,300 萬美元，分別較 2023 年同期下降 3,800 萬美元和 5,000 萬美元。

When adjusted for changes in foreign exchange rates, total revenues decreased by $40 million, and adjusted EBITDA decreased by $53 million. Our adjusted EBITDA margin was 67.4% as compared to 74.3% in the fourth quarter of 2023.

經匯率變動調整後，總收入減少了 4,000 萬美元，調整後的 EBITDA 減少了 5,300 萬美元。我們的調整後 EBITDA 利潤率為 67.4%，而 2023 年第四季為 74.3%。

The GEO segment adjusted EBITDA margin, which includes our ongoing investment in Telesat Lightspeed was 78%, versus 82.2% in the fourth quarter of 2023. The revenue decrease for the quarter was primarily due to a rate reduction on the renewal of a long-term agreement with a North American DTH customer, lower enterprise revenues and the sale of the company's Intelsat business, as Dan mentioned. The decline in our consolidated adjusted EBITDA reflects the revenue decline along with higher costs associated with the Telesat Lightspeed deployment.

GEO 部門調整後的 EBITDA 利潤率（其中包括我們對 Telesat Lightspeed 的持續投資）為 78%，而 2023 年第四季為 82.2%。丹提到的，本季營收下降主要是由於與北美 DTH 客戶續簽長期協議的費率降低、企業收入下降以及公司出售 Intelsat 業務。我們合併調整後 EBITDA 的下降反映了收入下降以及與 Telesat Lightspeed 部署相關的成本增加。

Interest expense decreased by $7 million during the fourth quarter when compared to the same period in 2023. The decrease in interest expense was primarily due to the repurchase of Term Loan B in 2024. This was partially offset by an increase in interest rates in the US term loan facility. In the fourth quarter, we recorded a foreign exchange loss of $177 million, as compared to a gain of $78 million in the fourth quarter of '23.

與 2023 年同期相比，第四季利息支出減少了 700 萬美元。利息支出的減少主要是因為 2024 年回購了定期貸款 B。但美國定期貸款利率的上升部分抵銷了這一影響。第四季度，我們記錄了 1.77 億美元的外匯損失，而 23 年第四季的外匯收益為 7,800 萬美元。

The loss for the three months ended December 31, '24 was mainly the result of the stronger US dollar to Canadian dollar spot rate as of December 31 compared to the spot rate as of September 30 and the resulting impact on the translation of our US dollar-denominated debt.

截至 24 年 12 月 31 日的三個月的虧損主要是由於 12 月 31 日美元兌加元的即期匯率較 9 月 30 日的即期匯率走強，從而對我們以美元計價的債務的換算產生了影響。

We recorded a $447 million net loss in the fourth quarter of 2024 compared to net income of $39 million for the same period in the prior year. For the full 2024, we recorded a net loss of $302 million, compared to a gain of $583 million for the prior year. The variance primarily due to previously mentioned foreign exchange impact the recognition of C-band proceeds in 2023, higher impairment charges on our orbital slots and satellites on the reduction in revenues.

2024 年第四季度，我們錄得 4.47 億美元的淨虧損，而去年同期的淨收入為 3,900 萬美元。2024 年全年，我們淨虧損 3.02 億美元，而上一年淨利 5.83 億美元。差異主要由於前面提到的外匯影響了 2023 年 C 波段收益的確認，以及我們軌道位置和衛星的減損費用增加導致收入減少。

For the year ended December 31, cash inflows from operating activities were $62 million, with total cash capital expenditures of $1.11 billion or $1.21 billion on an accrual basis, of that $1.21 billion, virtually all was related to our investments in Telesat Lightpeed.

截至 12 月 31 日的年度，經營活動現金流入為 6,200 萬美元，總現金資本支出為 11.1 億美元或按應計制計算為 12.1 億美元，其中幾乎全部與我們對 Telesat Lightpeed 的投資有關。

In terms of debt repurchases, we repurchased USD262 million during 2024 at the cost of USD119 million, including accrued interest. Combined with debt repurchases completed the '22 and '23, we have now repurchased a cumulative principal amount of USD849 million at a cost of USD459 million, an average price of just under $0.53.

在債務回購方面，我們於 2024 年回購了 2.62 億美元，成本為 1.19 億美元，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 8.49 億美元，成本為 4.59 億美元，平均價格略低於 0.53 美元。

This also results in interest savings of approximately USD54 million annually. Combined with our 2020 repayments of $365 a return loan, we've retired 36% of our total debt outstanding and lowering overall annualized interest expense by USD78 million at current rates.

這也使得每年可節省約 5,400 萬美元的利息。加上我們 2020 年每筆 365 美元的還款，我們已經償還了 36% 的總未償還債務，並以當前利率降低了 7800 萬美元的整體年化利息支出。

Turning to guidance, as Dan discussed. And as you also have noted in our earnings release this morning, we provided guidance for 2025. The guidance assumes a Canadian to US dollar exchange rate of CAD1.42 million. In 2025, Telesat expects its full year revenues to be between $405 million to $425 million.

正如丹所討論的，轉向指導。正如您在今天早上的收益報告中提到的那樣，我們提供了 2025 年的指引。該指引假設加拿大元兌美元的匯率為 142 萬加元。2025 年，Telesat 預計其全年收入將在 4.05 億美元至 4.25 億美元之間。

In terms of adjusted EBITDA, Telesat expects to be between $170 million to $190 million on a consolidated basis. From a segment perspective, we expect LEO operating expenses to be in the range of $110 million to $120 million, a $38 million to $48 million increase in 2024.

就調整後的 EBITDA 而言，Telesat 預計合併後利潤將在 1.7 億美元至 1.9 億美元之間。從分部角度來看，我們預計 LEO 營運費用將在 1.1 億美元至 1.2 億美元之間，到 2024 年將增加 3,800 萬至 4,800 萬美元。

The drivers of the increased operating expenditures include higher compensation expense as we continue to build out the Telesat teams, LightSpeed team, IT services and consulting costs. We expect capital expenditures in 2025 to be in the range of $900 million to $1.1 billion, virtually all of which is related to Telesat Lightspeed.

隨著我們繼續擴大 Telesat 團隊、LightSpeed 團隊、IT 服務和諮詢成本，營運支出增加的原因包括更高的薪資支出。我們預計 2025 年的資本支出將在 9 億至 11 億美元之間，幾乎全部與 Telesat Lightspeed 有關。

Turning to our cash and liquidity position. In the restricted group, we had approximately $211 million cash on hand at the end of 2024, and the business continues to generate healthy cash flows.

談談我們的現金和流動性狀況。在受限集團中，截至 2024 年底，我們手頭上有約 2.11 億美元現金，業務持續產生健康的現金流。

In the LEO Group, we ended the year with $317 million cash on hand and also with the full CAD2.54 billion in lending capacity from the governments of Canada and Quebec available to draw. As you noted in our release, we received the first tranche of funds from the loan facilities in January of this year.

在 LEO 集團，我們在年底時持有 3.17 億加元現金，同時也擁有加拿大和魁北克政府提供的 25.4 億加元的全部貸款能力可供使用。正如您在我們的新聞稿中提到的，我們在今年 1 月收到了第一批貸款資金。

At the fourth quarter, the total leverage ratio as calculated under the terms of the amended senior secured facilities of 6.68 times. Telesat is in compliance with all covenants in our credit agreement and indentures. A reconciliation between our financial statements and financial covenant calculations is provided in the report we filed this morning or 20-F provides unaudited interim condensed consolidated financial information in the MD&A. The nonguarantor subsidiary shown are essentially the unrestricted subsidiaries with minor differences.

第四季度，根據修訂後的優先擔保貸款條款計算的總槓桿率為 6.68 倍。Telesat 遵守我們信用協議和契約中的所有承諾。我們今天上午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對賬，或者 20-F 在 MD&A 中提供了未經審計的中期合併財務資訊。所示的非擔保子公司本質上是不受限制的子公司，但差異很小。

So with this, it concludes our prepared remarks for the call, and I'm very happy to turn back to the operator and address any questions you may have, and thank you very much.

因此，我們在此次通話中準備的發言到此結束，我很高興回到接線員那裡並解答你們可能提出的任何問題，非常感謝。

(Operator Instructions) Edison Yu, Deutsche Bank.

（操作員指示）德意志銀行的 Edison Yu。

First off, I know you mentioned tectonic shifts happening in part due to the geopolitics. Can you give us a sense on how those discussions have changed? Was it one of those things where couple of months ago, literally, your phone just kind of blew up? Or how do you think have been going on in the background and then it just accelerated -- some color there would be great.

首先，我知道您提到了部分由於地緣政治而發生的地殼變化。您能告訴我們這些討論發生了怎樣的變化嗎？這是否就是幾個月前你的手機突然爆炸的情況？或者您認為背景中發生了什麼，然後它就加速了——那裡的某些顏色會很棒。

Okay. Thanks, Edison. It's Dan. Yes, I think that's probably a fair characterization. The -- where they going on in the background. And then did they accelerate, I think that's kind of probably best captures and maybe less accelerate, but maybe it's the same thing, but it just seems to be more concrete now.

好的。謝謝，愛迪生。是丹。是的，我認為這可能是一種公平的描述。他們在後台做什麼。然後它們加速了嗎，我認為這可能是最好的捕捉，也許加速較少，但也許是同一件事，但現在似乎更具體了。

There's just a much greater focus it feels like with, yes, kind of sovereign customers in thinking about their need to have access to an advanced LEO network, their focus on making sure that they've got options in terms of who they work with.

是的，感覺主權客戶更專注於自己是否需要連接先進的 LEO 網絡，他們專注於確保在與誰合作方面有選擇。

Certainly, for the government, of Canada, we've been here -- and I should say we're in an election up here right now. So we're hearing a lot from political leaders from all parties right now and whether it's the conservative party of Canada, whether it's the liberal party of Canada.

當然，對於加拿大政府來說，我們一直在這裡——我應該說我們現在正在進行選舉。因此，我們現在聽到了來自各黨派的政治領袖的許多言論，無論是加拿大保守黨，還是加拿大自由黨。

They've been articulating in connection with this election. Their views around the need to have greater defense spending, number one; to accelerate that spending, so to achieve NATO spending targets much sooner than what was earlier envisioned. Doing it in a way that sort of supports Canadian industry.

他們一直在就這次選舉發表看法。他們對增加國防開支必要性的看法是：加快支出，以便比之前預想的更快地實現北約的支出目標。以某種方式支持加拿大工業。

I'd say most countries do this. When they increase their defense spending, they usually in the first instance, look to do that with their domestic suppliers. And certainly, doing all that with a greater focus on here in Canada, at least Arctic sovereignty is an area of great focus and working with all of their allies to make sure that the defense spending is done in a way that doesn't just lift the -- or meet the kind of more parochial domestic objectives, but that is kind of a win-win in terms of what the allies are thinking about as well.

我想說大多數國家都是這樣做的。當他們增加國防開支時，他們通常會先考慮與國內供應商合作。當然，在加拿大，我們更加關注北極主權，這是我們非常關注的領域，我們與所有盟友合作，確保國防開支不只是為了提升或滿足狹隘的國內目標，而且從盟友的角度來看，這也是一種雙贏的局面。

So anyway, so that's what we're seeing, and I've talked a little bit about what's happening here in Canada, but we're seeing it all over when I read the press about what the Europeans are doing, and I see how that's impacting some of our European peers out there.

無論如何，這就是我們所看到的，我已經談了一些加拿大正在發生的事情，但是當我讀到媒體關於歐洲人在做什麼時，我們看到了這一切，我看到這對我們一些歐洲同行產生了影響。

I think they're probably experiencing the same thing. And when we have conversations around the world with other governments. Here again, whether it's sovereign requirements or just making sure that they've got good broadband infrastructure to bridge the digital divide in their countries, there just seems to be a greater focus on ensuring that there are a diversity of suppliers that can bring these kind of architectures to market. So I'll stop there, Edison, but that's what it's like.

我想他們可能正在經歷同樣的事情。當我們與世界各國政府對話時。再次，無論是主權要求，還是僅僅確保他們擁有良好的寬頻基礎設施來彌合其國家的數位鴻溝，他們似乎都更加重視確保有各種各樣的供應商可以將此類架構推向市場。所以我就到此為止了，愛迪生，但事實就是這樣的。

And maybe just one more thing. As I said in my remarks, we were always optimistic about how Telesat Lightspeed can deliver on all those sorts of objectives, but it just seems so much more concrete now, so much more tangible and the nature of the discussions we're having just there's just a greater immediacy.

也許還有一件事。正如我在演講中所說，我們一直對 Telesat Lightspeed 實現所有這些目標持樂觀態度，但現在看來它更加具體，更加切實，我們正在進行的討論的性質也更加緊迫。

I would say -- and I think a lot of that has to do just with the fact that our program is getting closer to launch, number one. But number two, some of these geopolitical shifts that I talked about have just really focused the minds of government users and that just gives us greater confidence that the things that we believe were going to happen are going to happen and maybe sooner rather than later.

我想說——我認為這在很大程度上與我們的計劃越來越接近啟動有關，這是第一點。第二，我談到的一些地緣政治變化確實引起了政府用戶的關注，這讓我們更加相信，我們認為會發生的事情將會發生，而且可能會更快。

Understood. I appreciate the color. On the comment you made about the backlog for Lightspeed, do you have -- can you give us a sense of magnitude? I think that the last disclosure made was $600 million or something. Could we see that double, triple in the next year or two? Any kind of color around the -- maybe the pipeline to getting that number much larger?

明白了。我很欣賞這個顏色。關於您對 Lightspeed 積壓訂單的評論，您能給我們一個大概的規模嗎？我認為上次披露的金額是 6 億美元左右。我們是否能在未來一兩年內看到這數字翻倍、三倍？周圍的任何顏色——也許是管道讓這個數字變得更大？

Yes. I'll say something about that. And I'll say a couple of things. One, we had promised to start disclosing LEO backlog and to break that out in our financial statements, and we are going to do that. It's not in our 20-F, but we'll start doing that looking around the table.

是的。我就此說幾句。我要說幾件事。首先，我們曾承諾開始揭露 LEO 積壓訂單，並將其列在我們的財務報表中，我們將這樣做。它不在我們的 20-F 內，但我們將開始根據表格進行操作。

My colleagues will start doing that in Q1, which isn't that far off at this point. So you'll see that. We disclosed GEO backlog at year-end this time around, which was CAD1.1 billion.

我的同事將在第一季開始這樣做，目前來說時間並不長。所以你會看到這一點。這次我們揭露了年底的 GEO 積壓訂單，金額為 11 億加幣。

But here's what I'd say. We've talked about LEO backlog before, and we'll do that more formally in our public filings. But your recollection is correct. We've talked about LEO backlog being in order of magnitude about CAD600 million. I would note that, that includes that $600 million agreement that we have with the government of Canada.

但我想說的是。我們之前已經討論過 LEO 積壓問題，我們將在公開文件中更正式地討論這個問題。但你的記憶是正確的。我們已討論過 LEO 積壓訂單的數量級約為 6 億加元。我要指出的是，其中包括我們與加拿大政府達成的 6 億美元協議。

So we include that. And obviously, that's a big part. Now we have been announcing some smaller Lightspeed customer contracts. I mentioned in the last few weeks; there's something with Orange that we mentioned. A lot of that was where they're going to be hosting a landing station for us.

因此我們將其包括在內。顯然，這是一個很重要的部分。現在我們已經宣布了一些規模較小的 Lightspeed 客戶合約。我在過去幾週提到；我們之前提到過 Orange 的一些情況。他們在很大程度上是為了為我們設立登陸站。

They made a smallish commitment for Lightspeed. What's more fundamental about that is Orange is obviously a big player in the mobile and broadband connectivity space in Europe throughout Africa and elsewhere and having them as a partner and getting them set up to integrate

他們對 Lightspeed 做出了較小的承諾。更根本的是，Orange 顯然是歐洲、非洲和其他地區行動和寬頻連接領域的重要參與者，並擁有他們作為合作夥伴，並幫助他們進行整合

Lightspeed into their network, which isn't that hard, given the way we've architected Lightspeed. I think there's more strategic significance in that than there is actual kind of meaningful contributions to backlog. At this time, we announced just yesterday, I think, maybe the day before, Bangladesh satellite services integrator has made a commitment to Lightspeed, more meaningful than Orange, but still not what I would consider rather a big material level.

將 Lightspeed 連接到他們的網絡，考慮到我們設計 Lightspeed 的方式，這並不難。我認為這其中的戰略意義比對積壓工作的實際有意義的貢獻更大。此時，我們昨天剛剛宣布，我想，也許是前天，孟加拉國衛星服務整合商已經對 Lightspeed 做出了承諾，這比 Orange 更有意義，但仍然不是我認為的重大物質層面的承諾。

But there are things in the pipeline that we have that are giving us confidence that we will see some more meaningful contributions to backlog even by the end of this year. I'd note we're not going to get in the habit of giving guidance for backlog, but I'll give maybe just some high-level thoughts.

但我們正在籌備的一些項目讓我們有信心，甚至到今年年底，我們就會看到對積壓訂單更有意義的貢獻。我想指出的是，我們不會養成提供積壓指導的習慣，但我可能會給出一些高層次的想法。

Given what we're seen, what I'm seeing in our pipeline right now and the nature and the quality of the discussions that we're having with different folks out there. My own expectation is that by the end of this year that light speed backlog could very likely eclipse what our GEO backlog was at the end of last year, that CAD1.1 billion. And look, it ain't over until it's over.

鑑於我們所看到的情況、我現在所看到的我們的管道情況以及我們與不同人士進行的討論的性質和品質。我自己的預期是，到今年年底，光速積壓訂單很可能會超過我們去年年底的 GEO 積壓訂單，即 11 億加元。你看，不到最後，一切都還不算結束。

We're having some advanced discussions with customers about Lightspeed commitments, which I think is great, right? I mean we're still about 1.5 years out from our first launch. But the market just feels like it's moving in our direction.

我們正在與客戶就 Lightspeed 承諾進行一些深入討論，我認為這很棒，對吧？我的意思是我們距離首次發布還有大約 1.5 年的時間。但感覺市場正朝著我們的方向發展。

And so that's kind of some feeling for how we think backlog is going to shape up. But we got to close these deals. And as we do, hopefully, we'll be making some announcements about that throughout the course of this year.

這就是我們對積壓問題將會如何發展的一些感覺。但我們必須完成這些交易。正如我們所做的那樣，我們希望在今年內能夠宣布一些相關的消息。

David McFadgen, Cormark Securities.

Cormark Securities 的 David McFadgen。

A couple of questions. Well, first of all, sorry to see Andrew go. Anyway, I'll just start off first with -- you talked about the debt restructuring and you said it's a priority. So, what's the update on that? And do you think you could get that resolved in 2025?

幾個問題。首先，我很遺憾看到安德魯離開。無論如何，我首先要說的是——您談到了債務重組，並說這是優先事項。那麼，最新進展如何？您認為能在 2025 年解決這個問題嗎？

That's going to be our focus, David. It is a priority for us. And look, I got to say, I mean, the maturities don't come up until the end of next year. So it's not like these are things that are coming up at the end of next quarter. But we want to tackle this sooner than later.

這將是我們的重點，大衛。這對我們來說是當務之急。而且我必須說，我的意思是，到期日要到明年年底。所以這些事情並不會在下個季度末發生。但我們希望儘早解決這個問題。

And so yes, that's going to be our focus. We obviously have a lot going on at Telesat right now. I'm happy to say it's good stuff, but we've got a lot going on. But no engaging with the restricted group lenders and seeking to refinance that restricted group debt is a priority for us this year, and I believe it's realistic that we'll be able to get that done, but we'll see. So it is a priority.

是的，這將是我們的重點。顯然，我們目前在 Telesat 有很多事情要做。我很高興地說這是好東西，但我們還有很多事情要做。但今年我們的首要任務是避免與受限制團體貸款人接觸並尋求對受限制團體債務進行再融資，我相信我們能夠做到這一點，但我們拭目以待。所以這是一個優先事項。

Okay. Then just on the GEO business, obviously, we've seen a decent decline in '24 and then your guidance of '25 is another decent decline. Do you think the decline in the GEO revenue would ease up in 2026 because you've factored in a couple of big contract renewals?

好的。然後就 GEO 業務而言，顯然，我們看到 24 年出現了大幅下滑，而您對 25 年的預測又是一次大幅下滑。您是否認為，由於考慮到了幾份大型合約的續約，GEO 收入的下降趨勢會在 2026 年有所緩解？

Gosh, I haven't quite looked out that far, I mean, we've got a long-term plan, obviously, but just getting ready for this call is more focused on last year and this year than 2026. Fortunately, I've got colleagues here that. But in any event, what would I say? I mean, the good thing about our GEO business is fairly predictable. Half of it's the DTH business that we provide, I think, a huge amount of visibility on in terms of when these big contracts come up for renewal.

天哪，我還沒有考慮那麼遠，我的意思是，我們顯然有一個長期計劃，但為這次電話會議做準備時，我們更關注去年和今年，而不是 2026 年。幸運的是，我在這裡有同事。但無論如何，我該說什麼呢？我的意思是，我們的 GEO 業務的好處是相當可預測的。其中一半是我們提供的DTH業務，我認為，在這些大合約的續約時間方面，我們提供了大量可預測性。

And so I certainly think folks out there, that's a pretty easy part of our business to model. We've said a lot about the Nimiq 5 renewal we had with DISH. We've said a lot about the end of life on our Anik F2 and Anik F3 satellites and whatnot.

因此，我確實認為，這是我們業務中相當容易建模的部分。我們已經多次討論過與 DISH 合作的 Nimiq 5 更新事宜。我們已經多次討論過 Anik F2 和 Anik F3 衛星的壽命終止等問題。

So that's been, I think, reasonably easy to model the enterprise a little bit more challenging looking from the outside in. But yes, what can I say? We expected these shifts to be taking place in our industry. It's why we're working as hard and as fast as we can on Lightspeed. And that business still generates a lot of cash.

因此，我認為，對企業進行建模相當容易，只是從外部看更具挑戰性。但是是的，我能說什麼呢？我們預計這些轉變將會在我們的產業發生。這就是我們在 Lightspeed 上盡可能努力和快速工作的原因。而該業務仍能產生大量現金。

We are fighting in the trenches on every new opportunity on every renewal to support that business as best as possible. We continue to manage the cost structure in a very disciplined way. And we can't -- it is a largely fixed cost business, but we will be reducing some costs over the course of this year in the GEO business.

我們努力抓住每一個新機遇，每一次革新，盡力為這項業務提供支援。我們繼續以非常嚴謹的方式管理成本結構。我們不能——這是一個很大程度上固定成本的業務，但今年我們將在 GEO 業務中削減一些成本。

So anyway, so I don't want to project all the way out to 2026, maybe as we get a little bit deeper into this year, we'll try to start to foreshadow how we think that's going to shape up.

所以無論如何，我不想一直預測到 2026 年，也許隨著我們更深入地了解今年的情況，我們將嘗試開始預測我們認為將會如何發展。

Okay. And then you said you have $211 million in cash and restricted subs. So I was just wondering why you haven't purchased any debt, you didn't purchase in Q4. I don't think you purchased any in Q3 as well. Just wondering what your thoughts are there?

好的。然後你說你有 2.11 億美元現金和受限制的訂閱。所以我只是想知道為什麼你沒有買任何債務，你在第四季沒有買。我認為您在第三季也沒有購買任何東西。只是想知道您的想法是什麼？

Look, we -- that's another area. We just try to be pretty transparent about. We think those debt repurchases that we've made to date totally sensible. We think it strengthens our financial position. We think it's accretive to shareholders, but candidly, to all stakeholders.

瞧，我們——那是另一個領域。我們只是盡力保持透明。我們認為迄今為止所做的債務回購是完全合理的。我們認為這增強了我們的財務狀況。我們認為這不僅對股東有利，而且坦白說，對所有利害關係人也有利。

We do have some available cash if we want to do more of those. And I'd say there are a lot of variables that we have to take into account when we go into the market, whether that's liquidity or just where things are trading. So anyway, I'll say if we make additional repurchases, as always, we'll disclose them. And so I'll probably leave it there, David.

如果我們想做更多這樣的事，我們確實有一些可用現金。我想說，當我們進入市場時，我們必須考慮很多變量，無論是流動性還是交易情況。無論如何，我想說，如果我們進行額外回購，我們會像往常一樣披露。所以我可能就把它留在那裡了，大衛。

Okay. Just one last one, if I may. So when you look at your CapEx, you spent $1 billion on say, Lightspeed in '24, the guidance this year is about another $1 billion. So it seemed to me that given the total CapEx of this program, '26 CapEx is going to be probably something like $1 billion as well, right?

好的。如果可以的話，我只想說最後一個問題。因此，當你查看你的資本支出時，你會發現，你在 24 年為 Lightspeed 花費了 10 億美元，而今年的預期是再花費 10 億美元。所以在我看來，考慮到該計劃的總資本支出，'26 年的資本支出可能也會達到 10 億美元左右，對嗎？

So for the next couple of years, so '26, '27 it would be in that sort of range, absolutely.

所以在接下來的幾年裡，也就是 26、27 年，它絕對會處於這樣的範圍內。

Chris Quilty, Quilty Space.

克里斯·奎爾蒂（Chris Quilty），奎爾蒂空間（Quilty Space）。

Dan, not to go back to the enterprise business, but it declined $24 million two years ago, it was down $93 million this year just in terms of revenue contribution. Does it slow from there? Or does it accelerate? And I guess what I'm asking is, what is the nature of the enterprise customers that remain on the network? And how much of the customers who were subject to loss have already left from the (technical difficulty) ?

丹，不要再談論企業業務了，但兩年前企業業務下降了 2,400 萬美元，今年光從收入貢獻就下降了 9,300 萬美元。從那時起它就慢下來了嗎？或者說它會加速嗎？我想我問的是，留在網路上的企業客戶的性質是什麼？遭受損失的客戶中有多少已經離開了（技術難度）？

Thanks for the question, Chris. So would I say about that. I mean our Enterprise business is a mix of different things. It's rural broadband connectivity and broadband connectivity in the maritime and the Aero segments. We include government services in there. There are kind of some services in the energy market, kind of point-of-sale networks and whatnot. So it's a bunch of different things.

謝謝你的提問，克里斯。我對此也是這麼說的。我的意思是我們的企業業務是多種不同事物的混合。它是農村寬頻連接以及海運和航空領域的寬頻連接。我們在其中包括政府服務。能源市場上存在一些服務、銷售點網路等等。所以這是很多不同的事情。

And we've talked before where we've already seen big impacts in the Enterprise business from Starlink and Starlink has been ramping up, and there have been some -- it certainly impacts to the GEO operators tell us that included where we've seen the most of it to date has been in the maritime segment.

我們之前已經談到，我們已經看到 Starlink 對企業業務的巨大影響，而且 Starlink 一直在加速發展，它肯定會對 GEO 運營商產生影響，我們告訴我們，迄今為止，我們看到的最大影響是在海事領域。

I'd say that maritime and aero combined are, I don't know, in order of magnitude, 10% of our total revenue, roughly. And it's right -- it was split pretty evenly between the two. My instinct is, given that we've seen more hits to aero -- I'm sorry, to maritime over the past 12, 24 months, it wouldn't surprise me if aero is now in our mix a little bit bigger than maritime at this point.

我想說，海運和航空業務合計大約占我們總收入的 10%，我不知道具體數量。這是正確的——它在兩者之間分配得相當均勻。我的直覺是，鑑於過去 12 至 24 個月來我們看到航空——抱歉，是海運——受到的打擊越來越大，所以如果航空在我們的業務組合中現在比海運稍微大一點，我也不會感到驚訝。

Is that leveling out? I don't know. We're actually doing okay in aero right now, notwithstanding the inroads that Starlink has been making. There's been some pressure there, but it feels like we're seeing a good number of renewals and some new business opportunities there. That market continues to grow quickly. The question is who's going to capture it. But we're kind of holding our own there.

這是否已經趨於平穩？我不知道。儘管 Starlink 取得了進展，但目前我們在航空領域實際上做得還不錯。那裡存在一些壓力，但感覺我們看到了大量的續約和一些新的商機。該市場持續快速成長。問題是誰將捕獲它。但我們還是堅持自己的立場。

I think one of the issues that we're going to have to watch is just beyond kind of the macro dynamics out there, just our own fleet, right? So we've got Anik F3 going to new inclined operations. We've got Anik F2 going to inclined operations.

我認為我們必須關注的問題之一不僅僅是宏觀動態，還有我們自己的艦隊，對嗎？因此我們讓 Anik F3 進行新的傾斜作業。我們已讓 Anik F2 開始傾斜作業。

I've said before, we haven't ordered a new GEO satellite in nine years, and that means that some of our satellites are starting to come to their end of life. So even away from kind of the LEO, GEO dynamics out there in the market and what that means, there are some issues that are more Telesat specific because we haven't been able to close a compelling business case for a new GEO satellite in quite some time.

我之前說過，我們已經九年沒有訂購新的地球靜止軌道衛星了，這意味著我們的一些衛星的壽命開始走到盡頭。因此，即使遠離市場上的 LEO 和 GEO 動態及其意義，也存在一些更具 Telesat 特色的問題，因為我們在相當長的一段時間內還未能為新的 GEO 衛星提出令人信服的商業案例。

We saw where this market was going. So as you all know, we've been taking that cash flow and thinking about our LEO investments, repurchasing debt, and the like. I'm not totally -- I still think there might be another opportunity or two for a new GEO satellite in the future, but we'll see.

我們看到了這一市場的走向。大家知道，我們一直在利用現金流來考慮我們的 LEO 投資、回購債務等。我並不完全相信——我仍然認為未來可能還會有一兩次新的地球靜止軌道衛星的機會，但我們拭目以待。

So we're not totally by any measure, abandoning that. Anyway, Chris, it's a long answer. I think net-net, there will continue to be headwinds in the Enterprise space. This particular year, '25 relative to '24, we had the restructuring and exploring that we talked about that's provided some headwinds.

因此，無論從何種角度來看，我們都不會完全放棄這一點。不管怎樣，克里斯，這是一個很長的答案。我認為，整體而言，企業領域仍將面臨阻力。今年，也就是 25 年相對於 24 年，我們進行了所討論的重組和探索，這帶來了一些阻力。

We sold our Intelsat business, which has some headwinds. We were providing some consulting services to the US government around LEO. Some of those projects are still ongoing, but we expect less revenue this year versus 2024. But overall, I think that there is going to be a shift from GEO to LEO that will continue to act as a headwind to our Enterprise GEO revenues as well some of the -- reaching the end of life of some of our satellites.

我們出售了面臨一些阻力的 Intelsat 業務。我們正在為美國政府提供一些有關低地球軌道（LEO）的諮詢服務。其中一些項目仍在進行中，但我們預計今年的收入將低於 2024 年。但總體而言，我認為從地球靜止軌道 (GEO) 到低地球軌道 (LEO) 的轉變將繼續對我們的企業地球靜止軌道 (GEO) 收入產生不利影響，而我們的一些衛星的使用壽命即將結束。

And then I think we're going to see massive acceleration once Lightspeed gets into service as those enterprise applications are just really well served by Lightspeed.

然後我認為，一旦 Lightspeed 投入使用，我們將看到巨大的加速，因為這些企業應用程式確實由 Lightspeed 很好地服務。

Andrew, real quickly, I mean, I will miss your distinguished way of reading through the earnings report, but I do have one final question for you. For the equity guy here, can you remind us of how the debt -- government debt draws down over time?

安德魯，很快，我的意思是，我會懷念你閱讀收益報告的獨特方式，但我還有最後一個問題要問你。對於這裡的股權專家，您能否提醒我們一下債務—政府債務是如何隨著時間的推移而減少的？

It will be drawn down pretty well in line, I think, with our CapEx that we just referred to. It's clearly matched up with that, Chris. So that would be the expectation. Our CapEx like for this year, it will be around the same as the CapEx itself. It will be pretty kind of linear. I appreciate your comments on my (technical difficulty), by the way. I appreciate that as well.

我認為，它將與我們剛才提到的資本支出相當一致。這顯然與此相符，克里斯。這就是我們的期望。我們今年的資本支出將與資本支出本身大致相同。它將是非常線性的。順便說一句，我很感謝您對我的（技術難題）的評論。我對此也深表感激。

One of my favorites over the years.

多年來我最喜歡的之一。

Walter Piecyk, LightShed.

Walter Piecyk，LightShed。

Dan, thanks for the -- I know it's not an official target, but at least kind of sizing where you think the backlog can go. But now you basically enable us all to keep asking questions and kind of how you're tracking to hit that. So I would suggest maybe providing that every quarter kind of where you are in pacing on the backlog for LEO.

丹，謝謝你——我知道這不是一個官方目標，但至少你認為積壓工作可以達到某種規模。但現在你基本上讓我們所有人都能繼續提問，並了解你是如何追蹤實現這一目標的。因此，我建議也許每季都提供一下 LEO 積壓工作的進度。

The press releases have also been helpful, even if they don't include that data. So to the extent you sign up additional customers for LEO capacity, I would just encourage you guys to continue to issue those releases, so we can get some sense of the pace.

即使新聞稿中沒有包含這些數據，它們也很有幫助。因此，就您為 LEO 容量簽約更多客戶而言，我只會鼓勵你們繼續發布這些版本，這樣我們就可以了解速度。

One of the potentials that I think should be out there in terms of a customer for LEO capacity would be Viasat. And I'm just curious kind of what the state of the relationship you have with the company and what might be taking so long?

我認為，就低地球軌道 (LEO) 容量而言，其中一個潛在客戶是 Viasat。我只是好奇您與公司的關係狀況如何，為什麼要花這麼長時間？

And presumably, if you did come to some agreement with them, it would be an announce able event. Would you anticipate something more strategic like that being like kind of a take-or-pay cash type of deal or maybe equity in Lightspeed, -- like how would you imagine a relationship like that taking place?

而且據推測，如果你確實與他們達成了某種協議，這將是一個可以宣布的事件。您是否會期待更具策略性的交易，例如某種「要麼接受要麼支付」的現金交易，或者是 Lightspeed 的股權，您如何想像這樣的關係會發生？

Okay. Walter, thanks for the question. So I'll say a few words about Viasat, but I'll say at the start. Look, as a rule, we tend not to talk about deal discussions with prospective customers, we'll make an exception for Viasat largely because Viasat has been talking about the discussions that they've been having with us. And I should note, we gave them a green light to do that.

好的。沃特，謝謝你的提問。所以我想先談談 Viasat，但我先從頭說起。按照慣例，我們傾向於不與潛在客戶談論交易討論，但對 Viasat 來說，我們會破例，主要是因為 Viasat 一直在談論他們與我們進行的討論。我應該指出，我們已允許他們這樣做。

And I know they had their earnings call a couple of weeks ago and Mark Dankberg made some comments about his discussions with Lightspeed. And I'll affirm what Mark said, I believe Mark said that they are -- Viasat is in advanced negotiations with Telesat, that we are converging in terms of the nature of those discussions, that they're thinking about their use of the Lightspeed network kind of to support them across a couple of verticals, but probably with a heavy emphasis on the commercial aero market and in-flight connectivity.

我知道他們幾週前召開了財報電話會議，馬克·丹克伯格就他與 Lightspeed 的討論發表了一些評論。我同意馬克的說法，我相信馬克說過，Viasat 正在與 Telesat 進行深入談判，我們在討論的性質方面正在達成一致，他們正在考慮使用 Lightspeed 網路來支持他們的幾個垂直領域，但可能重點是商業航空市場和機上連接。

And so yes, I mean I think Mark's characterization of where we are is, yes, very fair. We know Viasat well. We've worked with them for a long time. They're a customer of Telesat today. We've been a customer of theirs over the years for their VSAT product and whatnot.

是的，我的意思是我認為馬克對我們所處狀況的描述非常公正。我們非常了解 Viasat。我們與他們已經合作了很長時間。他們現在是 Telesat 的客戶。多年來，我們一直是他們的 VSAT 產品和其他產品的客戶。

And we have a high regard for Viasat. They're definitely a leading, pretty well vertically integrated service provider. It's -- just to say a little bit, it's less about kind of an equity kind of deal and more about them being a Lightspeed customer. And so -- and whether it's taking long or not, I don't know, these -- there are pretty complex arrangements to negotiate. But as Mark said, yes, the discussions are advanced, the parties are converging. If we ultimately get there with them, for sure, we'll announce that.

我們非常尊重 Viasat。他們絕對是一家領先的、垂直整合程度相當高的服務提供者。簡單來說，這與股權交易關係不大，更多的是因為他們也是 Lightspeed 的顧客。所以——我不知道這是否需要很長時間，但這些——都有相當複雜的安排需要談判。但正如馬克所說，是的，討論正在取得進展，各方正在達成共識。如果我們最終與他們達成一致，我們肯定會宣布這一消息。

And yes, maybe I'd just add, I think they'd be a great customer of Lightspeed given the verticals that they're focused on, given kind of the way the market is developing, we'd welcome the opportunity to work with them. We welcome the opportunity as we've always done in the past to work with a lot of the other service providers out there across all the different verticals. That's our business model.

是的，也許我只是想補充一點，我認為他們會是 Lightspeed 的優秀客戶，考慮到他們所關注的垂直領域，考慮到市場的發展方式，我們歡迎有機會與他們合作。正如我們過去一貫所做的那樣，我們歡迎這個機會與各個不同垂直領域的許多其他服務提供者合作。這就是我們的商業模式。

It's a B2B business model. We need good channels, whether it's into the aeronautical market, the maritime market, government, the deal with Orange and ADN, that's much more about rural broadband connectivity and extension of terrestrial and wireless networks on the ground.

這是一種B2B商業模式。我們需要良好的管道，無論是進入航空市場、海運市場、政府，還是與 Orange 和 ADN 的交易，這些更多的都是關於農村寬頻連接以及地面和無線網路的擴展。

Space Norway, that we announced that we signed the term sheet with Space Norway. We've worked with them for years. They're owned by the government now. They used to be owned by Telenor, but Space Norway is now owned by the government of Norway. They've got a mix of different requirements, commercial requirements, government requirements.

挪威太空公司，我們宣布已經與挪威太空公司簽署了條款清單。我們已經與他們合作多年了。它們現在歸政府所有。它們曾經歸 Telenor 所有，但是 Space Norway 現在歸挪威政府所有。他們有各種不同的要求，商業要求，政府要求。

Like Viasat, they kind of have a multi-orbit strategy, Lightspeed is Dynamite, advanced LEO network. So anyway, so I'll stop there.

和 Viasat 一樣，他們也擁有多軌道策略，而 Lightspeed 則是 Dynamite，一種先進的 LEO 網路。不管怎樣，我就到此為止了。

Would a contract with them substantially get you to that end of year target? And I guess, similarly, any of these announcements ever merit you putting sizing them in there? Or is it always going to be something you kind of hold back and only aggregate up in terms of overall backlog for LEO?

與他們簽訂的合約是否能幫助您實現年底的目標？而且我想，同樣地，這些公告中的任何一個是否值得你對它們進行尺寸標註呢？或者它總是你會保留的某樣東西，而只在 LEO 的整體積壓方面進行匯總？

Yes, you tend not to disclose exact contract sizes that tends to be pretty commercial and proprietary. So when we talk about it, we'll probably talk about it more in the aggregate. And I don't know, maybe try to put some markers down distinguishing a very large contract from a contract that might be strategic, but it might be smaller in terms of guaranteed dollar contribution.

是的，你往往不會透露具體的合約規模，因為這往往是相當商業化和專有的。因此，當我們談論它時，我們可能會更多地從總體上談論它。我不知道，也許可以嘗試做一些標記，將非常大的合約與可能是策略性的合約區分開來，但就保證的美元貢獻而言，它可能較小。

So anyway, no, but I mean when we think about the pipeline of opportunities, Viasat's obviously in that pipeline, there are others. And yes, when we kind of think about them in the aggregate that gets us into the ZIP code of sort of what I was suggesting, where we could land in terms of LEO backlog by the end of this year.

所以無論如何，不，但我的意思是，當我們考慮機會管道時，Viasat 顯然在那個管道中，還有其他的。是的，當我們從整體上考慮這些問題時，我們就會得到我所建議的郵遞區號，我們可以在今年年底前實現 LEO 積壓目標。

May I prefer it take-or-pay or cash, as you indicated as opposed to equity. So that's obviously good to hear. Can you.

我更喜歡照付不議或現金，就像您所說，而不是股權。聽到這個消息顯然是件好事。你可以嗎。

You know what, Walter. You'll be happy to know that we're pretty aligned there. We like take-or-pay contracts too. We like the backlog creation. We like the revenue and the cash flow visibility that it offers to investors. And yes, that's our focus. We're pretty simple guys. We're building a great network, and we're focused on being out there selling it in a pretty clear straightforward way.

你知道嗎，沃特。您會很高興知道我們在這方面是相當一致的。我們也喜歡照付不議合約。我們喜歡積壓創作。我們喜歡它為投資者提供的收入和現金流可視性。是的，這就是我們的重點。我們是很簡單的人。我們正在建立一個偉大的網絡，並且我們專注於以非常清晰直接的方式銷售它。

Can you give us a sense of -- when we look at 2025, I know there's a lot of intermingled expenses, but if we want to get a sense of kind of what the GEO world looks like versus LEO, just what the OpEx is that's associated with the LEO. Because obviously, you're ramping up this year. We see it in CapEx, I assume there's OpEx that you can't capitalize, maybe I'm wrong, (technical difficulty) ?

您能否為我們介紹一下——當我們展望 2025 年時，我知道會有很多混雜的費用，但如果我們想了解 GEO 世界與 LEO 相比的情況，那麼與 LEO 相關的營運支出是多少。因為很明顯，你今年正在加大努力。我們在資本支出中看到了這一點，我認為有些營運支出是無法資本化的，也許我錯了，（技術難度）？

Look at our guidance, we've literally broken out what our LEO OpEx, we gave a range of LEO OpEx of between CAD110 million and CAD120 million, that's OpEx. There's other expenditures for LEO that we expect will get capitalized.

看看我們的指導，我們已經詳細列出了我們的 LEO 營運支出，我們給出的 LEO 營運支出範圍在 1.1 億加元至 1.2 億加元之間，這就是營運支出。我們預計 LEO 的其他支出也會資本化。

And most of that CAD110 million, CAD120 million, I mean, a huge part of that is head count and compensation-related expenses. We continue to ramp up the team. A lot of that is technical people, but there's some commercial people and then we just kind of have to scale the rest of the organization to keep up with that. And then there are other expenses, obviously, that are above and beyond comp.

而這 1.1 億加元和 1.2 億加元中的大部分，我的意思是，很大一部分是與員工人數和薪酬相關的費用。我們將繼續加強隊伍建設。其中許多是技術人員，但也有一些商業人員，因此我們必須擴大組織的其他部分以滿足他們的需求。顯然，還有其他超出公司收入範圍的開支。

But yes, no, we'll be real transparent about trying to help folks understand LEO versus GEO so that you can see how those different activities are shaping up.

但是的，不是的，我們會真正透明地嘗試幫助人們理解 LEO 與 GEO，以便您可以看到這些不同的活動是如何形成的。

Well, you can see the 20-F, we break out the segmentation, we make that very clear. So going forward that will continue for sure.

好吧，您可以看到 20-F，我們打破了分割，我們把它變得非常清晰。因此，未來這種情況肯定會持續下去。

Okay. And just one last one. Just I think in our earlier answer, you said something to the extent of enterprise is more challenging from the outside looking in. And I'm just -- I want to get a little bit more color. I think you were relating to the GEO business, but I guess, in general, in terms of satellite connectivity, has the enterprise market changed at all?

好的。只剩最後一個了。我只是認為，在我們之前的回答中，您說過，從外部來看，企業的某些方面更具挑戰性。我只是——我想要多一點色彩。我認為您談論的是 GEO 業務，但我想，總體而言，就衛星連接而言，企業市場是否發生了變化？

And then similarly, like it looks like (technical difficulty) is finally starting to move forward on their own, getting satellites up. Does their entrance or finalizing some of their launch stuff change kind of your perception of them?

然後同樣地，看起來（技術難度）終於開始自行向前推進，讓衛星升空。他們的進入或完成一些發布會是否會改變您對他們的看法？

I know you said you were super bullish in the prepared comments, but then I just caught that more challenging from the outside looking. Maybe I was misunderstanding what you were saying there. But just kind of go back on the enterprise there and say, what exactly is going on? And what you think maybe (technical difficulty)does to that market in '26 and '27 when you launch?

我知道您在準備好的評論中說過您非常樂觀，但後來我發現從外部來看這更具挑戰性。也許我誤解了你所說的話。但只要回顧一下企業的情況並問，到底發生了什麼事？您認為在 26 年和 27 年推出時（技術難度）可能會對市場產生什麼影響？

So I'll clarify the remarks I made. What I was trying to say is if you look at our GEO business, it's easier to model the video side of that, it's three customers. It's a handful of satellites. It's easier to model the video side of our GEO business from the outside looking in than it is to model the GEO enterprise side of our business from the outside looking in. They're just more moving parts there. So that's all -- that's all we were saying.

因此我將澄清我所發表的言論。我想說的是，如果你看看我們的 GEO 業務，就會更容易對其視訊方面進行建模，因為它有三個客戶。這是少數衛星之一。從外部視角對我們的 GEO 業務的視訊方面進行建模要比從外部視角對我們的 GEO 企業方面進行建模更容易。它們只是那裡更多活動的部件而已。這就是我們所說的全部。

And then as far as Kuiper, we've known Kuiper has been coming for quite some time. They are a little bit later than they had originally planned on coming to market. But we still fully believe that they will be coming to market, and that they'll have a very capable constellation.

至於柯伊伯，我們已經知道柯伊伯已經到來很久了。他們上市的時間比原計劃晚了一點。但我們仍然完全相信它們將會進入市場，而且它們將擁有非常強大的星座。

And so our confidence around our ability to be successful with Lightspeed has always taken into account not just Starlink being there and continuing to improve their constellation, but the entry of Kuiper as well. And they're out there in the market right now, engaging with commercial and government users.

因此，我們對 Lightspeed 成功的能力充滿信心，這不僅考慮到 Starlink 的存在並繼續改進他們的星座，也考慮到 Kuiper 的進入。他們現在就在市場上，與商業和政府用戶互動。

So we're already seeing them out there.

我們已經在那裡看到它們了。

(Operator Instructions) Caleb Henry, Quilty Space.

（操作員指示） Caleb Henry，Quilty Space。

Most of my questions have been answered. I just wanted to do one follow-up on the sovereignty discussion. I was looking -- there's a couple of Canadian programs like the enhanced satellite communications project. It's listed as a [$5 billion Canadian] program, and then there's the recent Northern Operational Support hub Canadian Forces program that's supposed to have around $2.7 billion across 20 years.

我的大部分問題都已得到解答。我只是想對主權討論做一次後續討論。我正在尋找幾個加拿大項目，例如增強衛星通訊項目。它被列為一項 [ 50 億加元 ] 計劃，然後還有最近的北方作戰支援中心加拿大武裝部隊計劃，該計劃預計在 20 年內投入約 27 億美元。

I guess my question there is, are there programs that we should watch that could be needle moving for Lightspeed or what Canadian programs on the government side, should we be paying attention to that might have an impact in terms of kind of putting some more structure around the software discussion?

我的問題是，我們是否應該關註一些可能對 Lightspeed 或加拿大政府方面的項目產生影響的項目，我們是否應該關注這些項目，這些項目可能會對軟體討論產生更多的影響？

Yes. Caleb, thanks for the question. So certainly, Escape has been kind of a long-standing program of record for the Department of National Defense here. It's all about, kind of Arctic sovereignty, Arctic communications, it's envisioned to be a program that would provide in the upper latitudes, broadband connectivity, more narrowband, tactical communications. So that is a program and a set of requirements we understand very well.

是的。Caleb，謝謝你的提問。可以肯定的是，「Escape」是美國國防部的長期計畫。這一切都與北極主權、北極通訊有關，該計畫旨在為高緯度地區提供寬頻連接和更窄帶的戰術通訊。所以，這是一個我們非常了解的計劃和一系列要求。

So that's one to watch. And then -- but I would also say that is a long-standing program of record. And I do think that with these geopolitical shifts that we spoke about, that there will be greater focus still on kind of that underlying mission that Escape was all about.

這是值得關注的。然後——但我還想說，這是一個長期的記錄計劃。我確實認為，隨著我們談到的地緣政治變化，人們將更加關注《Escape》所涉及的潛在使命。

Maybe other things, I point folks to is just some of these recent announcements that we've heard from, I'd say, the two leading political parties here in Canada, the conservatives announced their Arctic strategy, probably a month or so ago.

也許還有其他的事情，我想指出的是，我們最近聽到的一些聲明，我想說，加拿大的兩個主要政黨，保守黨，大概在一個月前宣布了他們的北極戰略。

And if you have a look at that and then kind of think about the things that Lightspeed can do in terms of connecting forward operating bases, connecting ships, icebreaker ships and other ships in terms of just having greater presence in connectivity and you think about fighter jets and you think about UAVs and drones. So -- and then here, again, you think about Lightspeed's capabilities. So that's one thing on the one hand.

如果你看一下這個，然後想一想 Lightspeed 在連接前沿作戰基地、連接艦船、破冰船和其他艦船方面所能做的事情，它在連接方面具有更大的存在感，你想想戰鬥機、無人機和無人駕駛飛機。所以 — — 然後在這裡，您再次思考 Lightspeed 的功能。一方面，這是一件事。

The liberals earlier this week announced kind of a refreshed defense policy and there's kind of lots of points in there. But one of the points that they make in there is about the ability that Canada has to accelerate its defense spending with Canadian suppliers.

本週早些時候，自由黨宣布了更新的國防政策，其中有許多觀點。但他們提出的觀點之一是加拿大有能力透過與加拿大供應商合作來加速其國防開支。

And one of those ways is to roll forward with dual-use investments, so investments that can support not only sovereign, defense, national security requirements, but also other requirements that can be -- I'll make it up, bridging the digital divide, providing infrastructure for first responders and territorial and provincial and municipal governments and in that refresh liberal policy, they explicitly mentioned satellite technologies.

其中一種方法是推進軍民兩用投資，這樣投資不僅可以支持主權、國防和國家安全要求，還可以支持其他要求——我會彌補，縮小數位鴻溝，為急救人員和地區、省級和市級政府提供基礎設施，在更新自由主義政策時，他們明確提到了衛星技術。

So those are other things maybe I'd point folks to think about and to track. And those are the sorts of things that give us even greater confidence that the capabilities that we're investing in are really well suited to help the government of Canada and their allies out as they, yes, kind of engaged in this new environment.

因此，這些可能是我想讓人們思考和追蹤的其他事情。這些事情讓我們更有信心，我們所投資的能力確實非常適合幫助加拿大政府及其盟友應對這種新環境。

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

目前還沒有其他登記問題。現在我想將會議交給丹‧戈德堡先生。

Good. Okay. Well, thank you, operator. Thank you all for joining us this morning, and we'll be speaking in the not-too-distant future because in the not-too-distant future, we'll be releasing our Q1 numbers. So we look forward to speaking with you again then. Thank you.

好的。好的。好的，謝謝您，接線生。感謝大家今天早上加入我們，我們將在不久的將來發表講話，因為在不久的將來，我們將發布我們的第一季數據。因此，我們期待再次與您交談。謝謝。

Thank you.

謝謝。

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

謝謝。會議現已結束。請立即斷開您的線路，感謝您的參與。