Telesat Corp (TSAT) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the conference call to report the first quarter 2025 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.

女士們、先生們，早安。歡迎參加電話會議，報告 Telesat 2025 年第一季財務業績。我們今天的演講者是 Telesat 總裁兼執行長 Dan Goldberg；以及 Telesat 財務長 Andrew Browne。

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

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。先生，請繼續。

Thank you, Moe. Good morning, everyone and thank you for joining us today. Earlier this morning, we filed our quarterly report for the period ending March 31, 2025, on Form 6-K with the SEC and on SEDAR+.

謝謝你，莫伊。大家早安，感謝大家今天加入我們。今天早些時候，我們向美國證券交易委員會和 SEDAR+ 提交了截至 2025 年 3 月 31 日的 6-K 表格季度報告。

Our remarks today may contain forward-looking statements. There are risks 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 update filed with the SEC. Telesat assumes no responsibility to update or revise these forward-looking statements.

我們今天的言論可能包含前瞻性陳述。存在風險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 向美國證券交易委員會提交的年度報告和更新報告。Telesat 不承擔更新或修改這些前瞻性聲明的責任。

I would now like to turn the call over to Dan Goldberg, Telesat President and Chief Executive Officer.

現在我想將電話轉給 Telesat 總裁兼執行長 Dan Goldberg。

Okay. Thanks, James, and thank you all for joining us this morning. My opening remarks today are going to be quite short, given we hosted an earnings call just six weeks ago when we released our Q4 and full year numbers.

好的。謝謝，詹姆斯，也謝謝大家今天早上加入我們。鑑於我們六週前剛剛召開了一次財報電話會議並發布了第四季度和全年數據，我今天的開場白將會很簡短。

I'm pleased with Telesat's performance in the first quarter in both our GEO and our LEO segments. In GEO, the team continues to demonstrate disciplined execution in a challenging market environment. And in LEO, we're making excellent progress with Telesat Lightspeed on both the technical and commercial funds.

我對 Telesat 第一季在 GEO 和 LEO 領域的表現感到滿意。在 GEO，團隊在充滿挑戰的市場環境中持續展現嚴謹的執行力。在低地球軌道領域，我們與 Telesat Lightspeed 在技術和商業資金方面都取得了巨大進展。

In addition to the agreements with Orange and ADN that we announced earlier and the term sheet with Space Norway announced in March, we signed a significant multi-year agreement with ViaSat in April, just last month. ViaSat is a sophisticated satellite operator and service provider and is today the largest provider of in-flight broadband connectivity services to the commercial airline industry and an important provider for defense applications, including to the US government.

除了我們先前宣布的與 Orange 和 ADN 達成的協議以及 3 月宣布的與 Space Norway 達成的條款清單之外，我們還在上個月 4 月與 ViaSat 簽署了一項重要的多年期協議。ViaSat 是一家成熟的衛星營運商和服務供應商，目前是商業航空業最大的機上寬頻連線服務供應商，也是包括美國政府在內的國防應用的重要提供者。

As such, the meaningful commitment to Telesat Lightspeed that they've made is a powerful and concrete testimony to the capabilities of the Lightspeed constellation and the huge opportunity we have in the fast-growing enterprise and government service markets.

因此，他們對 Telesat Lightspeed 的有意義的承諾有力而具體地證明了 Lightspeed 星座的能力以及我們在快速成長的企業和政府服務市場中擁有的巨大機會。

The last time we spoke, I said we believe our LEO backlog at the end of 2025 would eclipse the CAD1.1 billion of GEO backlog that we reported at the end of 2024 assuming foreign exchange is more or less stable. We're at nearly CAD1.1 billion in LEO backlog today, and I'm optimistic we'll be able to secure additional commitments over the balance of this year which would allow us to achieve our LEO backlog expectations. We have a robust pipeline of opportunities and strong momentum and are very focused on closing additional deals.

我們上次談話時，我說過，如果外匯基本上穩定，我們相信 2025 年底我們的 LEO 積壓訂單將超過我們在 2024 年底報告的 11 億加元 GEO 積壓訂單。目前，我們的 LEO 積壓訂單接近 11 億加元，我樂觀地認為，我們將能夠在今年餘下時間裡獲得額外的承諾，這將使我們能夠實現 LEO 積壓訂單的預期。我們擁有大量的機會和強勁的發展勢頭，並且非常注重達成更多交易。

So with that, I'll hand over to Andrew, who will speak to the numbers in more detail and then we'll open the call up to questions.

因此，我將把時間交給安德魯，他將更詳細地講述這些數字，然後我們將開始回答問題。

Thank you, Dan. Good morning, everyone. I would now like to focus on highlights from this morning's press release and filings. In the first quarter of 2025, Telesat reported consolidated revenues of $117 million, adjusted EBITDA of $67 million and generated cash from operations of $139 million. We ended the quarter with $797 million of cash.

謝謝你，丹。大家早安。現在我想重點介紹一下今天早上的新聞稿和文件中的重點內容。2025 年第一季度，Telesat 報告綜合收入為 1.17 億美元，調整後 EBITDA 為 6,700 萬美元，營運現金流為 1.39 億美元。本季末我們的現金為 7.97 億美元。

For the first quarter of 2025, revenues decreased by $25 million to $117 million from the first quarter of 2024. Operating expenses increased by $6 million to $53 million and adjusted EBITDA decreased by $43 million to $67 million. The adjusted EBITDA margin was 57.7%. I would note that the margin in our GEO segment was approximately 74%.

2025 年第一季的營收較 2024 年第一季減少 2,500 萬美元至 1.17 億美元。營運費用增加 600 萬美元至 5,300 萬美元，調整後 EBITDA 減少 4,300 萬美元至 6,700 萬美元。調整後的 EBITDA 利潤率為 57.7%。我想指出的是，我們 GEO 部門的利潤率約為 74%。

The revenue decrease for the quarter was primarily due to a lower rate on the renewal of a long-term agreement with a North American direct-to-home customer. Other factors included reductions in services for certain enterprise customers, particularly an Indonesian rural broadband program and lower equipment sales to Canadian government customers.

本季營收下降主要是由於與北美直接到戶客戶續約長期協議的利率較低。其他因素包括減少針對某些企業客戶的服務，特別是印尼農村寬頻計劃，以及減少對加拿大政府客戶的設備銷售。

The increase in operating expenses was primarily due to increased headcount at Telesat Lightspeed, along with higher legal and professional fees, partially offset by an increase in capitalized engineering costs and lower share-based compensation.

營運費用的增加主要是由於Telesat Lightspeed員工人數增加，以及法律和專業費用增加，但資本化工程成本增加和股權激勵減少部分抵消了這一增加。

As usual, we break out the performance of our LEO and GEO segment separately in Note 4 of our financial statements filed on our Form 6-K this morning. Interest expense decreased by $8 million during the fourth quarter when compared to the same period in 2024. The decrease in interest expense was primarily due to the impact of our debt repurchases, along with the impact of lower market rates on our floating rate term loan.

與往常一樣，我們在今天早上提交的 6-K 表財務報表註釋 4 中分別列出了 LEO 和 GEO 部門的業績。與 2024 年同期相比，第四季利息支出減少了 800 萬美元。利息支出的減少主要是由於我們的債務回購的影響，以及較低的市場利率對我們的浮動利率定期貸款的影響。

And just to note, our cumulative principal amount of debt repurchases to date is USD849 million at a cost of USD459 million, an average price of just under $0.53. This also results in interest savings of approximately USD54 million annually.

值得注意的是，迄今為止，我們累積的債務回購本金為 8.49 億美元，成本為 4.59 億美元，平均價格略低於 0.53 美元。這也使得每年節省約 5,400 萬美元的利息。

In the fourth quarter, we recorded a gain on foreign exchange of $2 million as compared to a loss of $68 million in the fourth quarter of 2024. Our net loss for the first quarter was $51 million compared to a net loss of $52 million for the same period in the prior year. The variance was due to lower revenues, a loss related to a change in the fair value of financial instruments and offset with the impact of the year-on-year foreign exchange improvement, as I mentioned.

第四季度，我們錄得 200 萬美元的外匯收益，而 2024 年第四季則虧損 6,800 萬美元。我們第一季的淨虧損為 5,100 萬美元，而去年同期的淨虧損為 5,200 萬美元。正如我所提到的，差異是由於收入下降、金融工具公允價值變動相關的損失以及同比外匯改善的影響所造成的。

For quarter one 2025, the cash inflows from operating activities were $139 million, and the cash flows used by investing activities were $235 million. In terms of capital expenditures incurred, almost all related to Telesat Lightspeed. Also, during the quarter, we completed the first two draws on our financing facilities with the government of Canada and Quebec, receiving CAD340 million.

2025 年第一季，經營活動現金流入為 1.39 億美元，投資活動所用現金流為 2.35 億美元。就發生的資本支出而言，幾乎全部都與Telesat Lightspeed有關。此外，在本季度，我們完成了與加拿大和魁北克政府的兩次融資，共獲得 3.4 億加元。

Guidance, as you will also have noticed in our earnings release this morning, we have reiterated our guidance for 2025. The guidance assumes a Canadian dollar to US dollar exchange rate of CAD1.42. For 2025, we continue to expect full year revenues to be between $405 million to $425 million. In terms of operating expenses, excluding share-based compensation, we expect to spend approximately $110 million to $120 million on Telesat Lightspeed this year as compared to $72 million in 2024.

指導，正如您在我們今天早上發布的收益報告中註意到的那樣，我們重申了對 2025 年的指導。該指南假設加幣兌美元的匯率為 1.42 加幣。對於 2025 年，我們仍然預計全年收入將在 4.05 億美元至 4.25 億美元之間。在營運費用方面，不包括股權激勵，我們預計今年在 Telesat Lightspeed 上的支出約為 1.1 億至 1.2 億美元，而 2024 年為 7,200 萬美元。

In terms of total adjusted EBITDA, we expect to be between $170 million to $190 million on a consolidated basis. In respect to capital expenditures and as previously disclosed and discussed, we continue to expect our 2025 capital expenditures to be in the range of CAD900 million to CAD1.1 billion, which is practically all related to Telesat Lightspeed.

就調整後的 EBITDA 總額而言，我們預計合併後將在 1.7 億美元至 1.9 億美元之間。關於資本支出，正如先前披露和討論的那樣，我們繼續預計 2025 年的資本支出將在 9 億加元至 11 億加元之間，幾乎全部與 Telesat Lightspeed 有關。

To meet our expected cash requirements for the next 12 months, including interest payments and capital expenditures, we have approximately $800 million of cash and short-term investments and at the end of March as well as $2.2 billion available under our funding agreements with the government of Canada and Quebec. At the end of the fourth quarter, the total leverage ratio is calculated under the terms of the amended senior secured credit facilities was 7.24 times. Telesat is in compliance with all the covenants in our credit agreement and indentures.

為了滿足未來 12 個月的預期現金需求（包括利息支付和資本支出），截至 3 月底，我們擁有約 8 億美元的現金和短期投資，根據與加拿大和魁北克政府簽訂的融資協議，我們還擁有 22 億美元可用資金。第四季末，根據修訂後的優先擔保信貸安排條款計算的總槓桿率為7.24倍。Telesat 遵守我們信用協議和契約中的所有約定。

A reconciliation between our financial statements and financial covenant calculations is provided in the report we filed this morning. Our 6-K provides the unaudited interim condensed consolidated financial information in the MD&A. The non-guarantor subsidiaries shown are essentially the unrestricted subsidiaries with minor differences.

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對帳。我們的 6-K 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，但差異不大。

So this concludes our prepared remarks for the call, I’m very happy now to turn back to the operator and address any questions you may have. Thank you very much.

至此，我們為本次電話會議準備的發言就結束了，現在我很高興回到接線員面前，回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。

Hey. This is Laura [ph] on for Edison. Thank you. Thanks for taking our question. And actually, my question is about Lightspeed outlook. So back in late 2023, I think you put out some revenue EBITDA targets for Lightspeed, including like $600 million revenue in 2028 and $400 million EBITDA and also more than $3 billion revenue in 2032 and $2.7 billion EBITDA.

嘿。我是愛迪生的勞拉 [ph]。謝謝。感謝您回答我們的問題。實際上，我的問題是關於 Lightspeed 前景的。所以早在 2023 年底，我想您就為 Lightspeed 提出了一些收入 EBITDA 目標，包括 2028 年 6 億美元的收入和 4 億美元的 EBITDA，以及 2032 年超過 30 億美元的收入和 27 億美元的 EBITDA。

So I think without a doubt, a lot has happened since then. So I guess my question is how are you feeling about those targets and the assumptions underpinning them? And also, do you think there are any variables that are much different than expected? And also, when you might like consider updating this framework?

因此我認為毫無疑問，從那時起發生了很多事情。所以我想我的問題是，您對這些目標以及支撐這些目標的假設有何感想？此外，您認為是否存在與預期有很大差異的變數？此外，您什麼時候可能會考慮更新這個框架？

Okay. Thanks for the question. It's Dan. I'm not sure I heard everything, but I think I got the gist of it. So we have published some projections for Lightspeed revenue, EBITDA, CapEx and the like as part of an investor presentation that we did. That's available on our website. And yeah, that's still very much our plan and our current thinking in terms of our expected performance.

好的。謝謝你的提問。是丹。我不確定我是否聽清了所有內容，但我認為我掌握了要點。因此，作為投資者演示的一部分，我們發布了對 Lightspeed 收入、EBITDA、資本支出等的一些預測。您可以在我們的網站上找到該資訊。是的，就預期表現而言，這仍然是我們的計劃和當前的想法。

In terms of variables, I'd say that things are still very much intact in terms of our outlook regarding our performance. Certainly, the build-out of the constellation is going to plan and our partners are executing well across all the various work streams that we have, and things from a budgetary perspective, a schedule perspective are proceeding consistent with our expectations.

就變數而言，我想說，就我們對我們的表現的展望而言，情況仍然非常完整。當然，星座的建設正在按計劃進行，我們的合作夥伴在我們所有的工作流程中都表現良好，從預算角度和時間表角度來看，事情的進展都符合我們的預期。

And then, the market itself. I think if anything and we've probably referred to this in recent calls, from our perspective, everything we're seeing out there in the market reinforces our conviction that LEO is ascendant in the market. And I think, I said on our last call that in addition to the verticals that we're focused on like backhaul for terrestrial wireless operators, maritime, aviation aero, probably the one vertical that we're even more bullish on than we were when we put the plan together I'd say it's probably around our government services particularly in light of some of the geopolitical shifts that we've seen over the last six months or so.

然後是市場本身。我認為，如果有的話，我們可能在最近的電話會議中提到了這一點，從我們的角度來看，我們在市場上看到的一切都強化了我們的信念，即 LEO 在市場上佔據主導地位。我認為，我在上次電話會議上說過，除了我們關注的垂直領域，例如地面無線運營商的回程、海事、航空，可能有一個垂直領域是我們比制定計劃時更加看好，我想它可能圍繞著我們的政府服務，特別是考慮到我們在過去六個月左右看到的一些地緣政治變化。

And so, yeah, I think, our thesis remains intact. And while there are always changes out there in the environment, I think on balance, if anything, we have greater conviction about our ability to deliver on our plans and our projections.

所以，是的，我認為我們的論點仍然完整。儘管環境總是在變化，但我認為，總的來說，我們對自己實現計劃和預測的能力更有信心。

Okay. Got you. Yeah, I appreciate the color.

好的。明白了。是的，我很欣賞這個顏色。

Thank you.

謝謝。

Chris Quilty, Quilty Space.

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

Thanks, Dan. I just wanted to follow up on that government question. You've had a couple of recent hires in that area. Can you just perhaps outline for us what your government go-to-market strategy looks like and where you expect to focus those efforts domestically internationally?

謝謝，丹。我只是想跟進政府的問題。您最近在該地區招募了幾名員工。您能否為我們概述一下貴政府的行銷策略，以及您預計在國內和國外將重點關注哪些方面？

Yeah. Thanks, Chris. So with respect to government, our focus naturally is with allied governments. So that's certainly the focus in Canada. We're a Canadian company. We've been engaged with the government of Canada for decades and decades. So that's kind of very much of a direct kind of go-to-market activity. In the US, there again, we've been providing services to the US government for decades as well.

是的。謝謝，克里斯。因此，就政府而言，我們的重點自然是盟國政府。所以這當然是加拿大關注的重點。我們是一家加拿大公司。我們與加拿大政府的合作已有數十年。所以這在很大程度上是一種直接的行銷活動。在美國，我們也已經為美國政府提供服務數十年了。

We do have our own kind of foreign mitigated entity down there as a Canadian company to do business directly with the US government. There are advantages to setting up a kind of a proxy company of foreign mitigated entity that has its own Board to mitigate any kind of foreign influence. So we have that in place, and we made, I think, an announcement, maybe just last week about a new senior addition to the team there. We have, I think, really good leadership that's running that organization and a good Board of Directors that provides supervision.

作為一家加拿大公司，我們確實在那裡擁有自己的外國緩解實體，可以直接與美國政府做生意。設立一種擁有自己的董事會的外國緩解實體的代理公司來減輕任何形式的外國影響是有好處的。所以我們已經做好了準備，而且我想，我們可能就在上周宣布了將有一位新的高級成員加入團隊的消息。我認為，我們擁有非常優秀的領導階層來管理組織，並擁有優秀的董事會來提供監督。

So there, the US government market, we're positioned and have taken the steps to do business directly with the US government, but we'll broadly work with all of the long-time service providers and US government integrators that we've worked with for decades. And so, whether it's the proliferated LEO RFP that's out there. We think that Lightspeed is really well architected to meet the needs of governments including the US government. And so we're very open to working with partners, long-standing partners, new partners as well to serve the US government.

因此，在美國政府市場，我們已經定位並採取措施直接與美國政府開展業務，但我們將與幾十年來一直合作的所有長期服務提供者和美國政府整合商進行廣泛合作。那麼，無論是否存在大量存在的 LEO RFP。我們認為 Lightspeed 的設計確實很好，能夠滿足包括美國政府在內的各國政府的需求。因此，我們非常願意與合作夥伴、長期合作夥伴以及新合作夥伴合作，為美國政府服務。

And then, I'd say around the rest of the world, it's kind of the same. There are many allied governments that we've done business directly with over the years. For sure it will be the case that there are domestic players in each of those markets that will be great partners for us. And here, again, we think that Lightspeed brings something compelling to the government services market. So anyway, Chris, that's how we're thinking about it.

然後我想說，在世界其他地方，情況也差不多。多年來，我們與許多盟國政府直接開展業務往來。可以肯定的是，每個市場中都會有國內企業成為我們優秀的合作夥伴。在這裡，我們再次認為 Lightspeed 為政府服務市場帶來了一些引人注目的東西。不管怎樣，克里斯，這就是我們的想法。

And I'm assuming it's a combination of both direct and partnering in terms of the go-to-market with the government customers.

我認為，就面向政府客戶的行銷而言，它是直接行銷和合作行銷相結合的方式。

Yeah, that's exactly right.

是的，完全正確。

On Lightspeed, I think, we're still on track for first satellite deliveries in the next year. But what are the next well maybe one or two major milestones we should be watching for?

我認為，就光速計畫而言，我們仍有望在明年交付首顆衛星。但是，我們應該關注的下一個或兩個重要里程碑是什麼？

Yeah. Well, to be clear, we're expecting our first launch to be toward the end of next year. So the first satellite delivery will technically be earlier than that. So yeah, we've got a critical design review with NDA in a couple of months.

是的。嗯，明確地說，我們預計首次發布將在明年年底進行。因此從技術上來說，首顆衛星的交付時間將比這更早。是的，幾個月後我們將與 NDA 進行關鍵的設計審查。

Six months.

六個月。

Six months' time. So towards the end of this year, that's something that is an important milestone. We feel good about it.

六個月的時間。因此，對於今年年底來說，這是一個重要的里程碑。我們對此感覺很好。

What else? Pay attention to landing station announcements. We've announced one or two so far, but there will certainly be more of those throughout the course of this year. And next year, we've made some announcements around user terminal development, and we'll update folks on that.

還有什麼？注意登陸站公告。到目前為止，我們已經宣布了一兩個，但今年肯定會有更多這樣的消息。明年，我們將發布一些有關用戶終端開發的公告，並向大家通報最新進展。

And then -- I'm just trying to think. I mean, those will be the things that will be obvious kind of from the outside looking in. Yeah, I'd say, those are things. And then, obviously, once we get into next year, we'll be taking satellite deliveries and then, we'll have a launch. So we're not that far off.

然後——我只是試著思考。我的意思是，這些事情從外面看是顯而易見的。是的，我想說，這些都是事情。然後，顯然，一旦進入明年，我們就會接收衛星，然後進行發射。所以，我們離目標並不遠。

My colleague Michele F, our CTO is pointing out we're building pretty close to our headquarters here across the river in Quebec a facility, where we'll do satellite flight ops. Our NOC will be there. We'll have a data center there. There'll be a cyber facility there. So anyway -- and that's expected to come online toward the end of this year. So anyway, we're super busy but making really good progress across all the different important work streams. So yeah, it's very gratifying.

我的同事、我們的技術長 Michele F 指出，我們正在魁北克河對岸的總部附近建造一座設施，我們將在那裡進行衛星飛行作業。我們的國家奧委會將會出席。我們將在那裡建立一個資料中心。那裡將會有一個網路設施。無論如何——預計它將在今年年底上線。無論如何，我們非常忙碌，但在所有不同的重要工作流程中都取得了非常好的進展。是的，這非常令人欣慰。

Great. You mentioned on the user terminal and maybe just a focus on the IFC portion of that. I think right now, you've got two solutions in Viasat with their existing terminal and Fincomm, which is the Airbus solution that are both electromechanical. How important do you think it is to have more electronic KA market? Or do you think eventually we'll see a combination? And again, maybe your thought on LEO only versus multi-orbit just in terms of architecture that airlines will adopt?

偉大的。您提到了用戶終端，也許只專注於其中的 IFC 部分。我認為現在有兩種解決方案，一種是 Viasat 的現有終端，另一種是 Fincomm（空中巴士的解決方案），它們都是機電解決方案。您認為擁有更多的電子KA市場有多重要？或者您認為我們最終會看到一種組合？再說一次，您是否認為航空公司將採用的架構是僅採用低地球軌道 (LEO) 還是多軌道？

Yeah. Listen, I think, it's a positive for sure that the many of the existing antennas that are out there are kind of backwards compatible with Lightspeed. It just makes it so much easier for us to hit the ground running with our partners because all of these planes today that have -- you mentioned the Fincomm antenna, there's the ViaSat antenna, those are Lightspeed compatible. So it's kind of a built-in addressable market from day one. That's great.

是的。聽著，我認為，這肯定是一個積極的方面，即現有的許多天線在某種程度上都與 Lightspeed 向後相容。這讓我們更輕鬆地與合作夥伴一起工作，因為今天所有這些飛機都配備了——您提到的 Fincomm 天線、ViaSat 天線，它們都與 Lightspeed 相容。因此，從第一天起，它就是一個內建的可尋址市場。那太棒了。

ViaSat announced that they're making their own ESA, which is going to be Lightspeed compatible. It's going to be a multi-orbit antenna from what I understand. We announced, I think, earlier this year, maybe it was late last year that we're working with Quest for an all ESA electronically steerable antenna for the aero market. There are other players out there as well that are building ESA antennas for the aero market for both commercial and for private jets. So long as some of those are KA-band and some of them are KA-band those should be fully compatible with Lightspeed.

ViaSat 宣布他們正在製造自己的 ESA，它將與 Lightspeed 相容。據我所知，它將是一個多軌道天線。我想，我們在今年早些時候，也許是去年年底宣布，我們正在與 Quest 合作，為航空市場開發全 ESA 電子可控天線。還有其他公司也在為商用和私人飛機的航空市場製造 ESA 天線。只要其中一些是 KA 波段，有些是 KA 波段，它們就應該與 Lightspeed 完全相容。

And I think, it's important that those antennas exist. I think the airlines are attracted to them because they're lighter weight. They can have a lower profile which makes them more fuel efficient and the like. And so the airlines like those.

我認為這些天線的存在很重要。我認為航空公司之所以對它們感興趣是因為它們重量較輕。它們可以具有更低的外形，從而使其更節省燃料等等。因此航空公司喜歡這些。

And then, with respect to multi-orbit versus LEO-only, I mean, at the end of the day, the airlines will decide what meets their interest best. And different players are taking different approaches to this. So we're going to see it play out real-time Viasat. And we're very pleased with the agreement that we announced with Viasat last month. That will be a multi-orbit offering. Clearly, Viasat is the largest provider of in-flight connectivity services to the commercial market today and they're on the frontlines there. And it's clear a lot of their customers are excited about having a multi-orbit solution.

然後，關於多軌道與低地球軌道，我的意思是，最終航空公司將決定什麼最符合他們的利益。不同的參與者對此採取了不同的方法。因此我們將看到 Viasat 的即時運行。我們對上個月與 Viasat 宣布的協議感到非常高興。這將是一次多軌道服務。顯然，Viasat 是當今商業市場上最大的機上連接服務提供商，並且處於該領域的前沿。很明顯，很多客戶對多軌道解決方案感到興奮。

Equally, there are others that are turning to Starlink, which is obviously a LEO-only solution. And so I think, for Lightspeed, we're happy if Lightspeed is leveraged in a LEO-only way. I've heard some integrators and some airlines talking about LEO/LEO solutions, so they would work potentially with two LEO providers just for the incremental resiliency and redundancy and the like. So we'll see how it plays out. But again, I think from Telesat's perspective, whether it's multi-orbit or whether it's LEO-only and for sure, we think there are real advantages.

同樣，其他人也開始轉向 Starlink，這顯然是僅適用於低地球軌道 (LEO) 的解決方案。因此我認為，對於 Lightspeed 而言，如果 Lightspeed 能夠以僅用於 LEO 的方式發揮作用，我們會很高興。我聽說一些整合商和航空公司正在談論 LEO/LEO 解決方案，因此他們可能會與兩家 LEO 供應商合作，以實現增量彈性和冗餘等。因此我們將拭目以待。但我再次認為，從 Telesat 的角度來看，無論是多軌道還是僅限於低地球軌道，我們都認為它們確實具有優勢。

We think LEO is a great value prop for the aeronautical market and for some of the other verticals, too. But we think we're well positioned in either setting multi-orbit, LEO-only. And we've really designed Lightspeed to provide really compelling service for the Aero segment. And yeah, so we're pretty bullish around that.

我們認為 LEO 對於航空市場以及其他一些垂直市場來說都具有巨大的價值。但我們認為，無論是多軌道設置還是低地球軌道設置，我們都處於有利地位。我們設計 Lightspeed 的真正目的是為了為 Aero 領域提供真正引人注目的服務。是的，我們對此非常樂觀。

Great. And if I can a final question, I mean, the LEO backlog went up $600 million sequentially. If I assume 80% is Viasat, it's like a $0.5 billion deal. Are there other customers out there of that scale? Or do you think – obviously, I guess, we should assume Viasat was the biggest potential customer since they're the largest IFC provider. But what should we think about in terms of other customers? Are there customers out there that are nine-figure customers or are we looking at a group of deals that you expect to announce?

偉大的。如果我可以問最後一個問題的話，我的意思是，LEO 積壓訂單連續增加了 6 億美元。如果我假設 80% 是 Viasat，那麼這筆交易價值 5 億美元。還有其他同樣規模的客戶嗎？或者您認為——顯然，我想，我們應該假設 Viasat 是最大的潛在客戶，因為他們是最大的 IFC 提供者。但從其他顧客的角度來看，我們該考慮什麼呢？是否有九位數的客戶，或者我們正在看一組您預計會宣布的交易？

It's a great question, Chris. I think, it's going to be a mix. I think, the Viasat contract is a very meaningful contract. I think that there will be other commercial players out there that will sign significant deals. Maybe they won't quite be at the Viasat level, but they could be still in kind of that nine-figure kind of ZIP code when I think about the conversations that we're having and what the pipeline looks like.

這是一個很好的問題，克里斯。我認為，這將是一個混合體。我認為，Viasat合約是一份非常有意義的合約。我認為還會有其他商業參與者簽署重要協議。也許他們不會完全達到 Viasat 的水平，但當我考慮我們正在進行的對話以及管道的情況時，他們可能仍然處於那種九位數的郵政編碼中。

And then, there's the government segment. And I think that there could be meaningful commitments around there, too. Government opportunities are always a little bit harder to wait just because you're dealing with governments. And so there's always more complexity there. But we know that the government requirements are significant. We know that the allies of the US government are all talking about increasing their defense spending to meet their NATO commitments. And we know that space is kind of front of mind for so many of these allies as they've seen for instance the conflict play out in the Ukraine.

然後是政府部分。我認為那裡也可能有有意義的承諾。政府機會總是有點難以等待，因為你正在與政府打交道。因此，那裡總是存在著更多的複雜性。但我們知道政府的要求很重要。我們知道，美國政府的盟友都在談論增加國防開支，以履行對北約的承諾。我們知道，太空是許多盟友最關心的問題，例如他們已經看到了烏克蘭衝突的進展。

And so we think that there could be some very meaningful opportunities for Lightspeed in the government services market. But kind of being specific around the timing of those, the quantum of those is always a little bit hard. But for the avoidance of doubt, we're very bullish on our opportunities there and think that that's going to be a meaningful part of the Lightspeed business including kind of pre-launch business. So anyway, stay tuned.

因此，我們認為 Lightspeed 在政府服務市場可能會有一些非常有意義的機會。但要具體地確定這些事情的時間和數量總是有點困難。但為避免疑問，我們對那裡的機會非常樂觀，並認為這將成為 Lightspeed 業務（包括某種預發布業務）的重要組成部分。無論如何，請繼續關注。

Very good. Thanks, Dan

非常好。謝謝，丹

Okay, thank you.

好的，謝謝。

David McFadden, Cormark Securities.

Cormark 證券公司的 David McFadden。

Great. Thank you. A couple of questions. So I was just looking at the LEO EBITDA loss in the quarter. It was definitely lower than what I was expecting. I thought that $110 million to $120 million number would sort of be even throughout the year. So I was wondering if you can give us an update on sort of the cadence that you would expect to get to that $110 million to $120 million.

偉大的。謝謝。有幾個問題。所以我只是在看本季的 LEO EBITDA 損失。這絕對低於我的預期。我認為 1.1 億美元到 1.2 億美元這個數字全年應該會比較穩定。所以我想知道您是否可以向我們介紹一下您預計達到 1.1 億至 1.2 億美元目標的節奏。

Andrew, do you want to take that?

安德魯，你想接受這個嗎？

Yeah. I think, David, we're pretty consistent. I mean it's sort of timing and we're hiring ramping up staff, etc. So it's really about that. We feel pretty comfortable with the guidance that we had given because it's a big program that we're developing. So obviously, between one quarter and another quarter, you may have things that shift slightly. But overall, net-down, we feel pretty comfortable with where we are as the guidance.

是的。大衛，我認為我們非常一致。我的意思是，這有點像是時機問題，我們正在招募更多員工等等。所以，這真的與此有關。我們對所給予的指導感到非常滿意，因為我們正在開發一個大型專案。因此顯然，在一個季度和另一個季度之間，情況可能會發生輕微的變化。但總體而言，我們對目前的指導水準感到非常滿意。

I mean, I can tell you so much of it is headcount driven.

我的意思是，我可以告訴你，這很大程度上是由員工人數決定的。

Totally.

完全。

And we are adding a lot of new colleagues around here. I think I have the data somewhere here. But for instance, we've got 60 new colleagues that will be joining us. So they've already accepted their offers. They haven't shown up yet. Since the Q1 ended, we added a whole lot new people. So anyway, you'll see it in our numbers. Yeah, we're ramping up our spending as we execute on the program.

我們這裡也增加了很多新同事。我認為這裡的某個地方有這些數據。例如，我們有 60 位新同事加入我們。所以他們已經接受了他們的提議。他們還沒有出現。自第一季結束以來，我們增加了許多新員工。無論如何，您都會在我們的數字中看到它。是的，我們在執行該計劃的同時正在增加支出。

Okay. And then, just a question on Viasat. So in the press release, it says that they're going to use Lightspeed for aviation, maritime enterprise and defense. Is there a vertical that Viasat services today that they're not planning to use Lightspeed for?

好的。然後，我再問一個關於 Viasat 的問題。因此，新聞稿中表示他們將使用 Lightspeed 進行航空、航海事業和國防。Viasat 目前提供的垂直服務中是否有他們不打算使用 Lightspeed 的？

I don't think so. I mean it's a better question for Viasat, but certainly, if you looked at the press release that we issued and they issued at the time, I think it covers pretty much all their verticals. I think, the main focus probably coming out of the gate will be the commercial aero business. But no, my expectation is that they -- at a minimum want to have the ability to leverage Lightspeed for all the different verticals that they're participating in. So that's my expectation.

我不這麼認為。我的意思是，對於 Viasat 來說，這是一個更好的問題，但當然，如果你看一下我們發布的新聞稿和他們當時發布的新聞稿，我認為它幾乎涵蓋了他們所有的垂直領域。我認為，主要的焦點可能首先是商業航空業務。但不，我的期望是他們——至少希望能夠利用 Lightspeed 來參與他們所參與的所有不同垂直領域。這就是我的期望。

Someone is pointing out to me to the extent that they're doing direct-to-consumer Internet, that's not the focus. But for aero, defense applications, maritime, they've got a business kind of a rural broadband business. All of that, I think, is fair game for how they think about multi-orbit and leveraging Lightspeed.

有人向我指出，就他們所進行的直接面向消費者的網路業務而言，這並不是重點。但對於航空、國防應用和航海領域，他們有一種類似農村寬頻的業務。我認為，所有這些都是公平的，因為他們認為多軌道和利用光速是合理的。

Okay. So I mean, it's my view that probably every GEO operator will probably want to license Lightspeed. So have you entered into any other discussions with other GEO operators right now?

好的。所以我的意思是，我的觀點是每個 GEO 運營商可能都希望獲得 Lightspeed 的許可。那麼您現在是否與其他 GEO 營運商進行過其他討論？

Yeah, we have. It's a great question. I don't expect everyone who is a GEO operator today to go out and build their own LEO constellation. And so -- and yet everyone I think sees where the market is going. So for sure, particularly with a lot of the regional GEO operators around the world and many of these companies Telesat has supported through our consulting business for years. So we have good relations with these different companies around the world.

是的，我們有。這是一個很好的問題。我並不期望如今的每一位地球靜止軌道 (GEO) 運營商都出去建造自己的低地球軌道 (LEO) 星座。所以——我認為每個人都知道市場走向。因此可以肯定的是，特別是對於世界各地的許多區域 GEO 運營商以及 Telesat 多年來透過我們的諮詢業務支持的許多這樣的公司。因此，我們與世界各地的不同公司都保持著良好的關係。

So, yeah, how those discussions play out at the end of the day, stay tuned. But I think that -- I mean just to answer your question, David, yes, we're engaged with a pretty wide range of regional GEO operators that are interested in finding a compelling LEO solution so that they can continue to meet the needs of their existing customers including quite oftentimes their own domestic governments.

所以，是的，這些討論最終會如何進行，請繼續關注。但我認為——我的意思是回答你的問題，大衛，是的，我們正在與相當廣泛的區域 GEO 運營商合作，他們有興趣找到一個引人注目的 LEO 解決方案，以便他們能夠繼續滿足現有客戶的需求，其中很多時候包括他們自己的國內政府。

Okay. And then, I noticed you talked about Space Norway, you expect to conclude that deal in the latter half of this year. I was wondering if you could give us an idea of the magnitude of that deal? Like would it be 50% of Viasat 100% of Viasat, just (multiple speakers)

好的。然後，我注意到您談到了挪威太空公司，您預計在今年下半年完成這筆交易。我想知道您是否可以告訴我們這筆交易的規模？例如 Viasat 的 50% 和 Viasat 的 100% 就（多位發言者）

Yeah, it's a little premature. And look, a deal isn't closed until a deal is closed. And I think that having that done by year end feels like that's pretty reasonable. But here, again, Space Norway is the government of Norway. And back to my comments about how deals with governments can sometimes take a little bit longer. That could take a little bit longer. And then, in terms of quantum, yes, I'd say stay tuned on that one, too.

是的，有點為時過早。你看，交易只有達成了才算完成。我認為在年底前完成這項工作是相當合理的。但在這裡，Space Norway 指的是挪威政府。回到我關於與政府達成協議有時可能需要更長的評論。這可能需要更長的時間。然後，就量子而言，是的，我會說也請繼續關注這一點。

Space Norway is the Telenor space business. So on the one hand, they've got a lot of purely commercial requirements much like Telesat has in our business. And then, they have their own government requirements for Norway. And I think, they have close relations with the other Scandinavian governments and whatnot, and of course, their allies. So anyway, so hard to say just right now what that will look like in terms of quantum. My expectation is it should be a pretty meaningful agreement but we're still working with them on figuring that all out.

Space Norway 是挪威電信 (Telenor) 的太空業務公司。因此，一方面，他們有很多純商業需求，就像 Telesat 對我們的業務一樣。然後，他們對挪威有自己的政府要求。我認為，他們與其他斯堪的納維亞政府等以及他們的盟友保持著密切的關係。所以無論如何，現在很難說從量子角度來看它會是什麼樣子。我的期望是這應該是一個非常有意義的協議，但我們仍在與他們合作解決所有問題。

Okay. And two more if I may. So I believe Taiwan wanted to make or was planning to make a decision about whether they were going to license Lightspeed or not this year. And so I don't know, can you provide us with any update there?

好的。如果可以的話，我還要再說兩個。因此我相信台灣想要或計劃在今年決定是否向 Lightspeed 授予許可。所以我不知道，您能為我們提供任何更新資訊嗎？

Well, we've always been pretty clear. I don't think we've ever confirmed that we're in discussions with any particular government. Space Norway is different because we signed and announced a term sheet there. So we are -- as I said, David, Lightspeed has been specifically architected to meet a lot of the pretty rigorous requirements that governments have in terms of constellation capabilities, cyber kind of standards, other standards that government users have in terms of resiliency and some other features that are important to government.

嗯，我們一直都很清楚。我認為我們從未確認過我們正在與任何特定政府進行討論。挪威太空公司有所不同，因為我們在那裡簽署並宣布了一份條款清單。因此，正如我所說的，大衛，Lightspeed 經過專門設計，可以滿足政府在星座能力、網絡標準、政府用戶在彈性方面的其他標準以及對政府很重要的一些其他功能方面的許多非常嚴格的要求。

So anyway, all I would say is we've had multiple conversations with various governments around the world as governments more and more think about leveraging LEO to meet their growing space requirements. And I think, that's really all we can say. As we have deals to announce, we'll announce them and that's pretty much all I can say. And again, with that caveat that government procurement, even with your own domestic government let alone foreign governments, it's always a process that's a bit opaque with lots of moving parts and variables. And so it's always a bit of a mug's game to make too many specific predictions around how those things play out.

無論如何，我想說的是，我們已經與世界各國政府進行了多次對話，因為各國政府越來越多地考慮利用低地球軌道來滿足其日益增長的空間需求。我想，這就是我們能說的全部了。只要我們有交易要宣布，我們就會宣布，這就是我能說的全部。再次強調，政府採購，即使是本國政府，更不用說外國政府，始終是一個不太透明的過程，包含許多變動的部分和變數。因此，對於事情如何發展做出太多具體的預測總是有點愚蠢。

Okay. And then, just lastly, have you entered into negotiations yet with the debt holders?

好的。最後，您是否已經與債權人展開談判了？

So there, I would say -- and we said this when we released our full year numbers, we've got a number of important corporate priorities this year and seeking to refinance the restricted group balance sheet with the kind of geo lenders, that's an important corporate priority for us.

所以，我想說——我們在發布全年數據時就說過，今年我們有許多重要的企業優先事項，並尋求利用地理貸款機構為受限集團資產負債表進行再融資，這對我們來說是一項重要的企業優先事項。

So in answer to the question, no, we haven't really fully engaged with the restricted group lenders at this point in time. But back to the comments around, it's an important corporate priority for us to try to make progress on that this year. The expectation is that that's something that we will be doing sooner than later. And so that's our plan.

因此，回答這個問題，不，我們目前還沒有真正與受限制的團體貸款機構充分合作。但回到周圍的評論，這是我們今年努力取得進展的重要公司優先事項。我們期望我們能盡快完成這件事。這就是我們的計劃。

Okay. All right. Thank you.

好的。好的。謝謝。

Okay. Thank you.

好的。謝謝。

Walter Piecyk, LightShed.

Walter Piecyk，LightShed。

Hi. This is Joe on for Walt. I noticed in the filing that there's a table that shows the pace of anticipated drawdowns for the build-out of Lightspeed. Is that pretty locked in at this point? Or what would cause that schedule to change around the margin other than like Forex kind of like I guess an Andrew question.

你好。這是喬，代替沃特。我注意到文件中有一張表格，顯示了 Lightspeed 建設預計的縮減速度。現在這個點已經確定了嗎？或者除了外匯之外，什麼會導致該計劃發生邊際變化，我猜這是一個安德魯的問題。

This is Dan. Maybe I'll take it in the first instance and Andrew can chime in. So basically, our ability to draw down from the facilities that we have with the government of Canada and the government of Quebec are mostly tied to milestones with our vendors. And so I think, so long as the vendors are executing the plan that we're probably going to be reasonably consistent with whatever schedule that we filed.

這是丹。也許我會先接受它，然後安德魯可以加入。因此，基本上，我們從與加拿大政府和魁北克政府簽訂的協議中提取資金的能力主要與我們的供應商達成的里程碑有關。因此我認為，只要供應商執行計劃，我們就可能與我們提交的任何時間表保持合理的一致性。

What could cause it to move to the right is if our key vendors -- and look, the big one is MDA. If they were to get late in the milestones that are kind of tied to those drawdowns, if those milestones were to shift out to the right, then our drawdowns will shift down to the right. And look, you put yourself in the company's shoes. As soon as we draw down, then the interest starts kicking on those drawdowns.

如果我們的主要供應商是 MDA，那麼它就有可能向右移動。如果他們在與這些縮減相關的里程碑上落後，如果這些里程碑向右移動，那麼我們的縮減就會向右移動。瞧，你要站在公司的立場來考慮問題。一旦我們提取資金，利息就會開始計算。

So we certainly don't want to draw down any earlier than we need to. So I think, the schedule that you see is kind of our best approximation of when we anticipate we'll need to make those drawdowns tied to the milestones that we have with our various vendors. And here, again, if they're late on those milestones, then we'll draw down a little bit later than what's there.

因此，我們當然不想在必要之前就撤軍。因此我認為，您看到的時間表是我們預計需要將這些提款與我們與各個供應商達成的里程碑聯繫起來的最佳近似值。再說一次，如果他們在這些里程碑上遲到了，那麼我們就會比現在晚一點撤退。

Yeah. I think, Dan, that covers it very clearly. We're all over the cash, very focused. We've got these milestones that are all related to the progress of the program and we're in good shape right now. So yeah, that's it.

是的。丹，我認為，這已經非常清楚地說明了這一點。我們全神貫注於現金，非常專注。我們已經取得了與計劃進度相關的這些里程碑，目前我們處於良好狀態。是的，就是這樣。

And then, like a follow-up on the interest associated with Lightspeed. So my understanding is that gets capitalized.

然後，就像對與 Lightspeed 相關的興趣的後續關注。所以我的理解是，它是大寫的。

Yeah.

是的。

And when does that become P&L interest expense I guess as opposed to being capitalized?

那我猜什麼時候它會變成損益利息費用而不是資本化呢？

At the end of the program.

在程序結束時。

So when the whole constellation is up or does it change over time as birds go up in the air?

那麼，當整個星座升起時，它是否會隨著鳥兒飛上天空而改變？

Well, 156 satellites.

嗯，156顆衛星。

Okay. And then, just the last one back to Viasat. It's more just a general question. On the user terminals, what's the status of some of the antennas with I guess getting regulatory approval? How long does that process usually take? Just get a general sense.

好的。然後，最後一輛返回 Viasat。這只是一個一般性的問題。在用戶終端上，我猜一些天線的狀況如何，是否獲得了監管部門的批准？該過程通常需要多長時間？只是有個大概的了解。

Yeah. Joe, thanks for that. That's definitely a better question to put to Viasat than us. I mean, we have a decent understanding of the certifications that are required and a decent understanding of that process. But that will principally be looking at my general counsel, as I say this, principally that will be Viasat's responsibility. We'll certainly be working with them to make sure that the modem, the user terminal kind of more broadly speaking, the antenna and whatnot, are compatible with Lightspeed, and we'll support them as they get the approvals that they need.

是的。喬，謝謝你。這個問題絕對應該向 Viasat 提出，而不是向我們提出。我的意思是，我們對所需的認證和流程有相當的了解。但這主要取決於我的總法律顧問，正如我所說，這主要將是 Viasat 的責任。我們肯定會與他們合作，以確保調製解調器、更廣泛地說是用戶終端、天線等等與 Lightspeed 相容，並且我們會在他們獲得所需的批准時為他們提供支援。

But, yeah, I would say, what we need to do is well understood. And Viasat again, being the largest provider of in-flight connectivity services, is about as probably more experienced than anyone in obtaining those certifications. So anyway, but for us, that's not something that is a worry for us in terms of when we'll be able to start serving Viasat and supporting them with their end-user customer.

但是，是的，我想說，我們需要做的事情是眾所周知的。而 Viasat 作為最大的機上連接服務提供商，在獲得這些認證方面可能比其他任何人都更有經驗。無論如何，但對我們來說，這並不是什麼值得擔心的事情，因為我們何時能夠開始為 Viasat 提供服務並為其最終用戶客戶提供支援。

Okay. Thanks.

好的。謝謝。

Thank you. That concludes the question-and-answer session. I would now like to turn the meeting back over to Mr. Goldberg.

謝謝。問答環節到此結束。現在我想將會議交還給戈德堡先生。

Okay. Operator, well, thank you very much. Thank you everyone for joining us this morning and we look forward to speaking again when we release our second quarter numbers. So thank you, again.

好的。接線員，好的，非常感謝。感謝大家今天早上加入我們，我們期待在發布第二季數據時再次與您交談。再次感謝您。

Thank you very much.

非常感謝。

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。