Telesat Corp (TSAT) 2025 Q2 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to Telesat Second Quarter 2025 Financial Results Call. (Operator Instructions)

感謝您的耐心等待。在此，我謹代表 Telesat 公司歡迎各位參加 2025 年第二季財務業績電話會議。（操作說明）

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

現在我將把會議交給投資者關係副總裁詹姆斯·拉特克利夫。請繼續。

Thank you, Demi. Good morning, everyone, and thank you for joining us today. Earlier this morning, we filed our quarterly report for the period ending June 30, 2025, on Form 6-K with the SEC and on SEDAR+.

謝謝你，黛咪。各位早安，感謝大家今天收看我們的節目。今天早些時候，我們向美國證券交易委員會 (SEC) 和 SEDAR+ 提交了截至 2025 年 6 月 30 日的季度報告（表格 6-K）。

Our remarks today may contain forward-looking statements. There are risks that Telesat's actual results may differ materially from the results contemplated by the forward-looking statements as a result of known and unknown risks and uncertainties. For a discussion of known risks, please see Telesat's annual report and updates filed with the SEC. Telesat assumes no responsibility to update or revise these forward-looking statements.

我們今天的發言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 的實際業績可能與前瞻性聲明中預期的業績有重大差異。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'd now like to turn the call over to Dan Goldberg, Telesat's President and Chief Executive Officer.

現在我想把電話交給 Telesat 的總裁兼執行長 Dan Goldberg。

Okay. Thanks, James, and thank you all for joining us this morning. Q2 was in line with our expectations, and I'm pleased with Telesat's performance in the first half of this year in both our GEO and LEO segments.

好的。謝謝詹姆斯，也謝謝各位今天早上收看我們的節目。第二季業績符合預期，我對 Telesat 今年上半年在 GEO 和 LEO 領域的表現感到滿意。

In GEO, our team continues to execute in a highly disciplined, focused manner with the Nimiq 5 renewal with DISH in Q4 last year, providing the biggest top line headwind as far as year-over-year comparisons are concerned.

在 GEO 領域，我們的團隊繼續以高度自律、專注的方式執行，去年第四季度與 DISH 續簽的 Nimiq 5 服務，就同比比較而言，帶來了最大的營收阻力。

In LEO, we're moving forward rapidly on both the technical and commercial aspects of Telesat Lightspeed. We're making steady progress on the development of the satellites, ground infrastructure and the software for the network. I'm very pleased with the work that's taking place.

在低地球軌道上，我們在 Telesat Lightspeed 的技術和商業方面都取得了快速進展。我們在衛星、地面基礎設施和網路軟體的開發方面取得了穩步進展。我對目前正在進行的工作非常滿意。

On the commercial side, we're seeing strong interest in Telesat Lightspeed from customers across our target segments, particularly with respect to aero and government users at this time. We have a robust pipeline of opportunities at various stages of development, and we're working hard to turn them into completed deals and committed backlog, which for Telesat Lightspeed was above CAD1 billion at the end of the second quarter and up slightly from the last time we spoke, adjusting for movements in FX. We'll update you on our progress as the year unfolds.

在商業方面，我們看到目標客戶群對 Telesat Lightspeed 表現出濃厚的興趣，尤其是在航空和政府用戶方面。我們擁有大量處於不同發展階段的機會，我們正在努力將它們轉化為已完成的交易和已承諾的訂單，截至第二季度末，Telesat Lightspeed 的訂單量已超過 10 億加元，比我們上次談話時略有增長（已根據匯率波動進行調整）。我們會隨著時間的推移，向您報告我們的進展。

Lastly, and as we've noted before, we remain focused on refinancing the restricted group debt that begins to come due in December next year and expect to engage with our lenders in the near term.

最後，正如我們之前提到的，我們仍然專注於對明年 12 月開始到期的受限集團債務進行再融資，並預計在近期與我們的貸款人進行洽談。

We've also been progressing with our search for a new CFO given Andrew's planned retirement, and we expect to have some clarity there in the near future as well. And speaking of Andrew, I'll hand over to him now so he can speak to the numbers in more detail before opening the call up to questions.

鑑於 Andrew 計劃退休，我們一直在尋找新的財務官，預計不久的將來也會有明確的進展。說到安德魯，我現在把麥克風交給他，讓他更詳細地講解一下這些數字，然後再開放提問環節。

Thank you, Dan. Good morning, everyone. I would now like to focus on highlights from this morning's press release and filings. In the second quarter of 2025, Telesat reported consolidated revenues of $106 million, adjusted EBITDA of $59 million and year-to-date generated cash from operations of $108 million, thus ending the quarter with CAD547 million in cash.

謝謝你，丹。各位早安。現在我想重點介紹一下今天早上新聞稿和文件中的一些要點。2025 年第二季度，Telesat 公佈合併收入為 1.06 億美元，調整後 EBITDA 為 5,900 萬美元，年初至今的營運活動現金流量為 1.08 億美元，因此該季度末現金餘額為 5.47 億加元。

For the second quarter of 2025, revenues decreased by $46 million to $106 million from the second quarter of 2024. Operating expenses decreased by $6 million to $51 million and adjusted EBITDA decreased by $45 million to $59 million. The adjusted EBITDA margin was 55%. I would also note that the margin in the GEO segment was approximately 70%. 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.

2025 年第二季度，營收比 2024 年第二季減少了 4,600 萬美元，至 1.06 億美元。營運支出減少了 600 萬美元，至 5,100 萬美元；調整後 EBITDA 減少了 4,500 萬美元，至 5,900 萬美元。調整後的 EBITDA 利潤率為 55%。我還注意到，GEO 部分的利潤率約為 70%。本季營收下降的主要原因是與北美一家直接到戶客戶續約長期協議的價格較低。

Other factors included reductions in services for certain enterprise customers, particularly in Indonesian rural broadband program, lower consulting revenues and a reduction in services to another North American direct-to-home customer.

其他因素包括減少對某些企業客戶的服務，特別是對印尼農村寬頻計畫的服務，諮詢收入減少，以及減少對另一位北美直接到戶客戶的服務。

The decrease in operating expenses was primarily due to higher capitalized engineering costs, lower consulting costs, lower share-based compensation and offset by higher Telesat Lightspeed head count along with higher legal and professional fees. As usual, we break out the performance of our LEO and GEO segment separately in Note 4 of our financial statements filed on Form 6-K.

營運費用的下降主要是由於資本化工程成本增加、諮詢成本降低、股權激勵費用降低，但被 Telesat Lightspeed 員工人數增加以及法律和專業費用增加所抵消。像往常一樣，我們在以 6-K 表格提交的財務報表附註 4 中分別列出了 LEO 和 GEO 部門的表現。

Interest expense decreased by $8 million during the second quarter when compared to the same period in 2025. The decrease in interest expense was primarily due to the impact of our debt repurchases. Speaking of which to note, the cumulative amount of debt repurchased is USD857 million at a cost of USD462 million, an average price of just under $0.53. This also results in interest savings of approximately USD53 million annually, including previous repayments of approximately $356 million of our Term Loan B, our overall debt is reduced by approximately 36%.

與 2025 年同期相比，第二季利息支出減少了 800 萬美元。利息支出減少主要是由於我們的債務回購所致。值得一提的是，此次回購的債務累計金額為8.57億美元，成本為4.62億美元，平均價格略低於每股0.53美元。這也使得我們每年節省約5,300萬美元的利息支出，其中包括先前償還的約3.56億美元的B類定期貸款，使我們的整體債務減少了約36%。

In the second quarter, we recorded a gain on foreign exchange of $115 million as compared to a loss of $34 million in the second quarter of 2024. Our net income for the second quarter was $76 million compared to net income of $129 million for the same period in the prior year. The variance was due to lower revenues, loss related to the change in the fair value of financial instruments, smaller gain on debt repurchases, partially offset by the foreign exchange gain I've mentioned a little bit earlier.

第二季度，我們錄得外匯收益 1.15 億美元，而 2024 年第二季度則虧損 3,400 萬美元。我們第二季的淨收入為 7,600 萬美元，而去年同期淨收入為 1.29 億美元。造成差異的原因是收入減少、金融工具公允價值變動造成的損失、債務回購收益減少，部分被我前面提到的外匯收益所抵銷。

For the first half of 2025, the cash inflows from operating activities were $108 million, and cash flows used by investing activities were $413 million. In terms of capital expenditures incurred, almost all were related to Telesat Lightspeed. During the first half of 2025, we completed the first two draws on our financing facilities with the government of Canada and government of Quebec, thus receiving CAD340 million.

2025 年上半年，經營活動產生的現金流入量為 1.08 億美元，投資活動使用的現金流量為 4.13 億美元。就資本支出而言，幾乎全部都與 Telesat Lightspeed 有關。2025 年上半年，我們完成了與加拿大政府和魁北克省政府的融資安排的前兩筆提款，從而獲得了 3.4 億加元。

Guidance. As you will also have noted in our earnings release this morning, we have reiterated our guidance for 2025. This guidance assumes a Canadian dollar to U.S dollar exchange rate of CAD1.42. For 2025, we continue to expect full year revenues to be between $405 million and $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 compared to $74 million in 2024.

指導。正如您今天早上在我們的獲利報告中所看到的，我們重申了我們對 2025 年的業績預期。該預測基於加幣兌美元匯率為1.42加元的假設。我們仍預計2025年全年營收將在4.05億美元至4.25億美元之間。就營運費用而言（不包括股權激勵），我們預計今年將在 Telesat Lightspeed 上花費約 1.1 億美元至 1.2 億美元，而 2024 年則為 7,400 萬美元。

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

調整後的 EBITDA 預計在 1.7 億美元至 1.9 億美元之間。關於資本支出，正如先前披露的那樣，我們仍然預計 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 $550 million of cash and short-term investments at the end of June as well as $2.2 billion available under our funding agreements with the government of Canada and Quebec.

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 6 月底，我們擁有約 5.5 億美元的現金和短期投資，此外，根據我們與加拿大和魁北克政府的融資協議，我們還有 22 億美元可用。

At the end of the second quarter, the total leverage ratio as calculated under the terms of the amended senior secured credit facilities was 7.51 times. Telesat is in compliance with all the covenants in our credit agreements and indentures. 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 MDA. The non-guarantor subsidiaries are essentially the unrestricted subsidiaries with some minor differences.

第二季末，根據修訂後的優先擔保信貸安排的條款計算的總槓桿率為 7.51 倍。Telesat 遵守我們信貸協議和契約中的所有條款。我們今天早上提交的報告中提供了財務報表與財務契約計算之間的調節表。我們的 6-K 表格提供了 MDA 中未經審計的簡明合併中期財務資訊。非擔保子公司與非限制性子公司本質上只有一些細微差別。

So with this, I conclude our prepared remarks for the call. Very happy now to turn back to the operator and address any questions you may have. And thank you very much.

那麼，我今天為這通通話準備的發言就到此結束了。現在我非常高興能轉回給客服人員，解答您可能有的任何問題。非常感謝。

(Operator Instructions) David McFadgen, Cormark Securities.

（操作說明）David McFadgen，Cormark Securities。

A couple of questions. So just first of all, on the LEO backlog, when you reported Q1, you said the backlog was about $1.1 billion. But this time, you say it's over $1 billion. So -- but then, Dan, you said that it's up slightly from when you reported Q1. So it is like slightly above $1.1 billion then, I guess?

幾個問題。首先，關於 LEO 積壓訂單，您在報告第一季時表示，積壓訂單約為 11 億美元。但這一次，你說超過了10億美元。所以——但是丹，你說過這比你報告第一季時略有上升。所以大概略高於11億美元吧？

It is -- well, so the deal is we report our -- and David, by the way, thanks for the questions. We report the backlog in Canadian dollars, but for both GEO and LEO, it's a mix of different currencies. For LEO, it's a mix of U.S and Canadian. And fundamentally, over the quarter, the -- and relative to where kind of the U.S.

是這樣的——好吧，所以我們的協議是報告我們的——順便說一句，大衛，謝謝你的提問。我們以加幣報告積壓訂單，但對於 GEO 和 LEO 來說，積壓訂單是由多種不同貨幣混合而成的。對 LEO 來說，它是美國和加拿大的混合體。從根本上講，在本季度，相對於美國的情況而言，情況是這樣的：

dollar and the Canadian dollar sat at the end of Q1, the Canadian dollar has gotten a little bit stronger. So when we take the U.S dollar backlog and convert it into Canadian dollars, it wasn't showing up with as many Canadian dollars at the end of Q2 as it did at the end of Q1. So that's really what it was.

截至第一季末，美元和加元匯率均有所波動，加元略有走強。因此，當我們把美元積壓款項換算成加幣時，第二季末的加幣金額沒有第一季末那麼多。原來事情就是這樣。

Now we added a little bit of a small incremental LEO contract, which on an apples-to-apples basis would have made Lightspeed backlog a little bit higher at the end of Q2 than it was at the end of Q1. So anyway, that's what was going on there.

現在我們增加了一份小規模的 LEO 增量合同，按同等條件計算，這將使 Lightspeed 在第二季度末的積壓訂單比第一季末略高一些。總之，當時的情況就是這樣。

Yes, because you guys announced Arabsat and Vocus after you reported your Q1. So…

是的，因為你們是在發布第一季財報之後才宣布收購Arabsat和Vocus的。所以…

Well, to be clear, so Vocus -- I think Vocus might have been a little something, wasn't massively material. Arabsat, I think we just signed a term sheet or a letter of intent with them. So that has no backlog contribution at this point of time.

嗯，說清楚點，Vocus——我覺得Vocus可能有點名氣，但並不十分重要。我想我們剛剛和Arabsat公司簽署了一份條款清單或意向書。所以目前還沒有積壓的工作要完成。

Okay. And because I think Space Norway as well has a term sheet, have you concluded them yet?

好的。而且，我認為挪威太空公司也有一份投資意向書，你們最後敲定了嗎？

Same thing. No, not yet. Same thing. We don't count term sheets as until we have a final definitive agreement, it doesn't go into backlog.

一樣。不，還沒有。一樣。我們不把條款清單算在內，因為在達成最終協議之前，它不會進入待辦事項清單。

Okay. All right. So then on the debt negotiations, restructuring the debt, I mean, I believe that you're talking to your debt holders. I was just wondering if you can give us any update there and whether you still think it's possible to conclude this in 2025?

好的。好的。所以，關於債務談判、債務重組，我的意思是，我相信你們是在和債權人談判。我只是想問一下，您能否提供一些最新進展，以及您是否仍然認為有可能在 2025 年完成這項工作？

I think -- so I would say that we really haven't started to engage with the restricted group debt holders at this point. We will soon is what our expectation is, but we haven't yet. As far as how long it will take to reach an agreement on refinancing, I think it's conceivable that it could get done by the end of this year. But until we engage and get a better sense of it, I'd say hard to tell.

我認為——所以我想說，目前我們還沒有真正開始與受限群體債務持有人接觸。我們預計很快就會實現，但目前還沒有。至於達成再融資協議需要多長時間，我認為有可能在今年年底前完成。但是，在我們真正接觸並更好地了解情況之前，很難說。

Okay. I mean I'm just wondering why it's taking so long to start engaging with them. Can you provide any information on why it's taking so long?

好的。我只是好奇為什麼花了這麼長時間才開始與他們互動。您能否提供一些信息，說明為什麼需要這麼長時間？

Yes, there's no great mystery. I'd say that it's a process that we need to go through on our side, working with our advisers, working with our Board. It is absolutely a priority for us. But obviously, we've got a lot of other things going on at the company as well. So anyway, it's a combination of all of that.

是的，這沒什麼神祕的。我認為這是我們這邊需要經歷的過程，需要與我們的顧問和董事會合作。這絕對是我們的首要任務。但很顯然，公司裡還有很多其他事情正在進行。總之，這是所有這些因素的綜合作用。

And -- but I think that, as I said, I think we'll be in a position to engage in the near term.

而且——但我認為，正如我所說，我認為我們在短期內將有能力參與其中。

Okay. And then just on the GEO business, you referenced a couple of big contracts that's -- you renegotiated those, and that's why the business is declining the way it is. I mean when do you lap that or those two deals? And then do you think the decline would ease up?

好的。然後，就 GEO 業務而言，你提到了幾份大合同——你重新談判了這些合同，這就是該業務目前下滑的原因。我的意思是，你什麼時候才能完成那兩項交易？那你認為這種下滑趨勢會放緩嗎？

Yes. So look, the declines, I mean, I was looking at the numbers earlier, obviously. And we highlight in the earnings release basically two North American DTH customers. So one was DISH on the Nimiq 5 renewal. The other one would be Shaw, now Rogers, which is no longer using Anik F2.

是的。所以你看，這些下降，我的意思是，我之前顯然看過這些數字。我們在財報中重點介紹了兩家北美DTH客戶。其中之一是 DISH 對 Nimiq 5 續訂的報道。另一家是 Shaw，現在叫 Rogers，它已經不再使用 Anik F2 了。

And then the other two that we highlighted were a rural broadband program in Indonesia, where some Indonesian domestic satellites have come online and are taking some more of that business. And I also think just that whole broadband program was sort of getting refinanced or there were some questions around its funding.

我們重點介紹的另外兩個項目分別是印尼的農村寬頻計劃，以及一些印尼國內衛星已經上線並搶佔了更多業務。而且我認為整個寬頻計劃當時正在進行再融資，或者說其資金來源存在一些問題。

And then lastly, on the LEO consulting side, we had been doing some work with NASA, but that is sort of a lumpy contract. Those four things, DISH, Shaw, Indonesia Broadband and NASA account for roughly 3/4 of the decrease in revenue. So as far as when things kind of flush out, I think we did the DISH renewal. That's been the biggest headwind this year. We did that in October of last year. So it will have -- come Q4, we'll start to kind of get even with that, not entirely.

最後，在近地軌道諮詢方面，我們曾與美國太空總署 (NASA) 進行過一些合作，但這屬於一種不太穩定的合約。這四項業務，即 DISH、Shaw、印尼寬頻和 NASA，約佔收入下降的 3/4。所以，就事情最終塵埃落定的時候而言，我想我們續訂了DISH衛星電視服務。這是今年最大的不利因素。我們去年十月就做了這件事。所以到了第四季度，我們會開始逐漸趕上這種情況，但不會完全趕上。

And then I'd say the other thing that -- and again, not giving guidance for 2026, but I'd say the other North America DTH contract that will provide a headwind, it would be Nimiq 4. Nimiq 4 is with Bell. That satellite has about another year plus of life on it, but it's not our expectation that Bell will renew when that contract comes up in October. They'll consolidate their activities on Nimiq 6.

然後我想說另一件事——同樣，我不會對 2026 年的情況做出預測，但我想說，另一個將帶來不利影響的北美 DTH 合約是 Nimiq 4。Nimiq 4 由 Bell 公司發行。那顆衛星還能再用一年多，但我們預期貝爾公司不會在10月合約到期時續約。他們將把業務整合到 Nimiq 6 上。

So that will be kind of the next contract that's coming up that I think will provide a headwind. But in any event -- so we'll give guidance for 2026. I'd say that, yes, some of the big headwinds on the North America DTH side with the exception of that Nimiq 4 contract will have flushed their way through, and then we'll go from there.

所以，我認為接下來即將到期的這份合約將會帶來一些阻力。但無論如何——所以我們將給出 2026 年的指導意見。我想說，是的，除了Nimiq 4合約之外，北美DTH方面的一些重大不利因素將會逐漸消除，然後我們再從那裡開始。

Okay. And then just lastly, on the Q1 call, you seem pretty optimistic on the interest or demand for Lightspeed, just given what's happening geopolitically or just what's happening in the market. Are you still -- do you still have the same level of optimism?

好的。最後，在第一季電話會議上，考慮到地緣政治局勢或市場形勢，您似乎對 Lightspeed 的興趣或需求相當樂觀。你現在還保持著同樣的樂觀態度嗎？

Yes, 100%. I noted in my remarks that the pipeline for Lightspeed is robust. I noted that, that's particularly the case for aero and for government. Obviously, we did the Viasat deal. It was technically in Q2, although we announced it when we did our Q1 numbers, and we see more opportunities there.

是的，百分之百。我在發言中提到，Lightspeed 的流程非常穩健。我注意到，這種情況在航空業和政府部門尤其如此。很顯然，我們完成了與Viasat的交易。嚴格來說，這屬於第二季度，儘管我們是在公佈第一季業績時宣布的，而且我們看到了更多的機會。

And Viasat is, I'd say, principally about commercial aero connectivity, although I believe they'll leverage Lightspeed for some of their other verticals as well. And we see more opportunities out there on the commercial aero broadband front.

我認為，Viasat 主要專注於商業航空連接，但我相信他們也會利用 Lightspeed 來拓展其他一些垂直領域。我們看到，在商業航空寬頻領域還有更多機會。

And then government. I've said before, it's always a little bit harder to handicap exactly when these government opportunities will land. But we see very meaningful opportunities out there for government, including here in Canada. Canada, like the rest of the U.S allies is looking to spend more money on defense in part to meet NATO contribution commitments.

然後是政府。我之前說過，要準確預測這些政府提供的機會何時到來總是有點困難。但我們看到政府有很多非常有意義的機會，包括在加拿大。加拿大和其他美國盟國一樣，正尋求增加國防開支，部分原因是履行對北約的貢獻承諾。

I think Telesat Lightspeed is very well positioned to meet the government's requirements in terms of Northern sovereignty, NORAD modernization, making capabilities available to their allies. And so yes, I think Telesat has a really meaningful opportunity there. But we've got work to do and nothing is done until it's done. But yes, we remain very bullish on our commercial prospects.

我認為 Telesat Lightspeed 在北方主權、北美防空司令部現代化以及向其盟友提供能力方面，完全有能力滿足政府的要求。所以，是的，我認為 Telesat 在那裡擁有一個非常有意義的機會。但是我們還有工作要做，不完成這項工作，什麼都不算完成。但是，我們仍然對我們的商業前景非常樂觀。

Caleb Henry, Quilty Space.

Caleb Henry，Quilty Space。

Questions, a couple of questions. First is just on OpEx for Lightspeed. Can you provide some visibility into how that's expected to trend throughout 2026 as the constellation moves closer to service entry?

幾個問題。首先是 Lightspeed 的營運支出。能否預測一下隨著衛星星座逐漸接近投入運營，到 2026 年這一趨勢將如何發展？

In 2026 -- Caleb, thanks for the question. So I mean, Lightspeed expenses are ramping, particularly driven by headcount. I'd say we are a little bit slower off the mark for the first half of the year. We expect -- we've hired a lot of people, but we were expecting to hire even more people. We believe we will catch up from a headcount perspective toward the back end of the year.

2026 年－Caleb，謝謝你的提問。我的意思是，Lightspeed 的支出正在增加，尤其是人員增加帶來的支出成長。我認為我們今年上半年的起步速度稍微慢了一些。我們預期－我們已經僱用了很多人，但我們原本預期會僱用更多的人。我們相信，到今年下半年，我們的人員數量將會追上來。

And yes, that will continue to ramp into 2026. Again, we're not giving guidance on 2026 numbers, but our technical staff will continue to grow. We'll be starting to scale our commercial team in a more meaningful way starting in 2026.

是的，這種情況將持續到 2026 年。再次聲明，我們不對 2026 年的數字給予預測，但我們的技術人員隊伍將繼續壯大。從 2026 年開始，我們將以更有意義的方式擴大我們的商業團隊規模。

I mean so much of the head count growth that we've had has been mostly around technical staff to support the build-out of satellites, gateways, writing software, modems, user terminals and the like. But as we get closer to in-service, we've got to scale the commercial organization as well. And we've been doing that, but that will accelerate into the next year. So anyway, but again, we'll provide guidance on that as we get closer to it.

我的意思是，我們新增的人員大多是技術人員，他們負責支援衛星、網關、軟體編寫、數據機、用戶終端等的建置。但隨著我們越來越接近投入使用，也必須擴大商業組織的規模。我們一直在這樣做，但明年將會加速。總之，我們會隨著事態發展提供相關指引。

All right. And then I know we talked last call a little about the state of user terminals and gateways and things. But can you provide a little more clarity on like when you think user terminals will be available? I think we talked about ThinKom and QEST and some others. Are you expecting those to be ready like the day Lightspeed turns on? Or are they ready now? Kind of how is that pacing alongside the constellations development?

好的。我知道我們在最後一次通話中稍微聊了一下用戶終端機、閘道器等等的情況。但是，您能否更清楚地說明一下，例如您認為用戶終端何時可用？我想我們當時也談到了 ThinKom、QEST ​​和其他一些公司。你期望它們能像光速引擎啟動當天一樣準備就緒嗎？他們現在準備好了嗎？這種發展與星座的形成節奏是如何同步的呢？

Yes. So I mean, to talk about user terminals, you kind of need to go vertical by vertical. And then you have to -- there are flat panel antennas. There are dual parabolic for certain applications for aero. There are the more mechanically steered antennas that exist today.

是的。所以我的意思是，要談論使用者終端，你需要逐一垂直地進行分析。然後你還得——還有平板天線。對於某些航空應用，可以使用雙拋物線。目前市面上有更多機械控制的天線。

And so the mechanically steered antennas, they're obviously here now and Lightspeed is sort of backwards compatible with those provided that they're operating in Ka-band and recognizing also that they'll require a Lightspeed modem. And so those are available today. On the flat panel side for aero, there are flat panel aero antennas today, and we are -- I'm trying to remember what we've announced from what we haven't announced.

因此，機械控制天線現在顯然已經存在，Lightspeed 在某種程度上向後相容於這些天線，前提是它們在 Ka 波段運行，而且它們還需要一個 Lightspeed 數據機。所以這些產品現在都可以買到。在航空領域的平板天線方面，目前已經有了平板航空天線，而我們——我正在努力回憶我們已經宣布過什麼，還沒有宣布過什麼。

The development with QEST?

與QEST的合作進展如何？

Yes. Thank you, Michel. So we've announced on flat panel antennas for the aero segment development effort with QEST, which has a promising antenna. But there are others as well who are developing flat panel antennas. So -- and yes, we expect those will be, frankly, all of our user terminals, whether they're flat panel antennas or in some cases, for kind of community aggregator applications that all of our user terminals, including the antennas, obviously, will be available in advance of our entry into commercial service.

是的。謝謝你，米歇爾。因此，我們宣布與 QEST ​​合作，為航空領域的開發提供平板天線，QEST ​​擁有一個很有前景的天線。但也有其他人正在開發平板天線。所以——是的，坦白說，我們預計這些將是我們所有的用戶終端，無論是平板天線，還是在某些情況下，用於某種社區聚合器應用，我們所有的用戶終端（包括天線）顯然都將在我們進入商業服務之前提供。

So we've announced some of that already. We announced development with Intellian. We've just now referenced the development with QEST. And I'd say stay tuned. We'll make some other announcements, too, on that front.

我們已經公佈了其中的一些內容。我們宣布與 Intellian 展開合作開發。我們剛才提到了與 QEST ​​的合作開發。我建議大家敬請期待。我們也會就此發布其他一些公告。

But it feels good. I mean, we always expected there would be good developments on the user terminal front, particularly with respect to flat panel antennas and that is very much materializing.

但感覺很好。我的意思是，我們一直期待用戶終端方面會有良好的發展，尤其是在平板天線方面，而這正在逐步實現。

Okay. And then last question, just sort of an obligatory Golden Dome question. I know there's been some discussion about Canada being involved. Is there any opportunity for Telesat Lightspeed to be involved in that? Or is that kind of too far out or too speculative?

好的。最後一個問題，算是金色穹頂的例行問題。我知道有人討論過加拿大是否應該參與其中。Telesat Lightspeed 是否有機會參與其中？或者說，這種想法是不是太離譜、太推測了？

It's probably all of that. On only too far out and too speculative. I mean, I think it's fair to say that Golden Dome is something that's still being defined. It looks like it will be a network of networks and that space-based architectures at various orbits will form an important part of Golden Dome. Whether Canada participates or not, I think, is still an open question.

可能以上所有原因都有。只是過於超前和推測而已。我的意思是，我認為可以公平地說，「金頂」這個概念仍在不斷被定義。它看起來像是一個網絡組成的網絡，而位於不同軌道上的天基架構將成為金色穹頂的重要組成部分。我認為，加拿大是否參與仍然是個懸而未決的問題。

I think from what I've just read, the U.S is receptive to Canada participating.

根據我剛才讀到的內容，我認為美國對加拿大的參與持開放態度。

And so -- anyway, so I'd say that's still an open question. But I believe that Lightspeed, given its capabilities, given the orbit that we're flying at up at around 1,300 kilometers. Yes, I think that Lightspeed could make valuable contributions to Golden Dome. And so that's something that we're watching. We're certainly making sure that decision-makers are aware of the capabilities of Lightspeed.

所以——總之，我認為這仍然是一個懸而未決的問題。但我相信，鑑於光速號的能力，鑑於我們目前飛行的軌道高度約為 1300 公里，它一定能夠成功。是的，我認為 Lightspeed 可以為金色圓頂做出寶貴貢獻。所以，這是我們正在關注的事情。我們一定會確保決策者了解 Lightspeed 的各項功能。

And so yes, look, I think there's a reason we're investing billions of dollars in LEO, we're absolutely convinced that the world and our industry is moving to LEO in all of these different verticals that we're talking about, broadband connectivity, broadband to planes to ships, to rural communities to moving vehicles for government users. It's just the -- for us, the overall trends are pointing to LEO.

所以，是的，你看，我認為我們向低地球軌道 (LEO) 投資數十億美元是有原因的，我們絕對相信，世界和我們的行業正在向低地球軌道 (LEO) 遷移，在我們談論的所有不同垂直領域，寬頻連接，從飛機到船舶，從農村社區到政府用戶的移動車輛，都將如此。對我們來說，整體趨勢都指向LEO。

And LEO is hard, and there aren't that many of them. And particularly when you talk about architectures like Golden Dome, they need to be multiple networks to ensure resiliency. And so yes, we're very bullish about the positioning that Lightspeed will have. So thanks for the question.

執法人員很難選拔，而且人數也不多。尤其是像 Golden Dome 這樣的架構，需要多個網路來確保彈性。所以，是的，我們非常看好 Lightspeed 的未來發展前景。謝謝你的提問。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

I want to start off on Lightspeed. You highlighted aero and government. Could you shed some light on the discussions around pricing and usage dynamics going on? Obviously, you had put out some forecasts in the past about the kind of revenue you're going to generate. And I assume there was some pricing embedded in that.

我想先從光速引擎開始。你重點提到了航空和政府部門。您能否就目前正在進行的有關定價和使用動態的討論​​做一些說明？顯然，你過去曾對你將產生的收入做出一些預測。我估計這裡面肯定包含了一定的定價。

Are those kind of discussions implying pricing is where you think it is? Is it better or worse? And also in terms of the usage patterns, is it fixed versus variable? Just curious if you could shed more light on those elements.

這些討論是否暗示定價正如你所認為的那樣？是更好還是更糟？此外，就使用模式而言，是固定的還是可變的？我只是好奇您能否就這些方面做更詳細的解釋。

Yes. I mean I'll tell you what we see right now. So for sure, we've got a model for Lightspeed. It goes vertical by vertical. We've got pricing assumed on a basically per megabit basis in every vertical.

是的。我的意思是，我來告訴你我們現在看到的情況。所以可以肯定的是，我們已經有光速模型了。它一節一節地向上延伸。我們基本上在所有垂直領域都採用了以兆位元為單位的定價方式。

It depends on what user terminal uses as well. Obviously, the bigger the antenna, the more efficiency you get on the link. And so if someone is using a big antenna tend to give them a lower rate per megabit. If they have a little antenna, it means there are more inefficiencies in the link and you try.

這也取決於用戶終端使用的是什麼設備。顯然，天線越大，連結效率就越高。因此，如果有人使用大型天線，往往會降低每兆位元的速率。如果它們的天線很小，那就意味著連結效率較低，你可以嘗試一下。

So anyway, so just to give you a sense of what -- how that model is built up, and then for the deals that we've closed to date, I'd say probably on balance, the pricing is -- the pricing that we're seeing in the market and deals that we've closed is consistent with or higher than our pricing. I'd say we've been not pessimistic on our pricing, but we built a model that, yes, we think that we can execute on. So we envisioned a world where pricing would be lower than where it is today and would come down over time. I'd love to be proven wrong on that, but that's what we've assumed.

總而言之，為了讓大家了解這個模型是如何構建的，然後就我們迄今為止完成的交易而言，我認為總體來說，我們在市場上看到的定價以及我們完成的交易的定價與我們的定價一致或更高。我認為我們對定價並不悲觀，但我們建立了一個模型，是的，我們認為我們可以執行這個模型。因此，我們設想了一個價格低於現在水平，並且隨著時間的推移而持續下降的世界。我當然希望事實證明我是錯的，但這是我們一直以來的假設。

And the pricing that has been in the contracts that we've closed on has been either consistent with or north of what's in our model. I'd say that's true of the conversations that we're having in terms of opportunities in the pipeline.

我們已經簽訂的合約中的價格要么與我們的模型價格一致，要么高於我們的模型價格。我認為，就我們目前正在討論的潛在客戶而言，情況確實如此。

And so -- and as I said before, where we're seeing the most opportunities at this stage of Lightspeed. And by that, I mean, we're not going to be in service until the end of 2027, where we're seeing the most opportunities right now, the most concrete opportunities are in aero because there, you need a longer horizon for our partners to equip those airlines to be ready for Lightspeed.

所以——正如我之前所說，在 Lightspeed 的這個階段，我們看到了最多的機會。我的意思是，我們的產品要到 2027 年底才能投入使用，而我們目前看到的最大機會、最切實的機會都在航空領域，因為在航空領域，我們需要更長遠的計劃來幫助我們的合作夥伴為航空公司做好準備，迎接 Lightspeed 的到來。

So the planning cycles in aero tend to be among the longest, shorter in maritime, shorter in, I'd say, terrestrial backhaul. And then there's government and the governments tend to plan well in advance. And so those are the two verticals right now, I'd say we're getting the most traction. So yes. And then as far as volumes, yes, I've been pleasantly surprised.

因此，航空運輸的規劃週期往往最長，海運的規劃週期較短，而陸路回程運輸的規劃週期則較短。然後還有政府，而政府往往會事先做好規劃。所以，目前這兩個垂直領域，我認為我們發展勢頭最強。是的。至於銷售方面，是的，我感到驚喜。

I'm glad to see that we're getting as much real traction as we're getting even with Lightspeed still not coming online until basically another, what is it, 1.5 years or something like that or more. 2.5 years.

我很高興看到我們取得瞭如此大的實際進展，儘管 Lightspeed 專案還要再過一段時間才能上線，大概還要 1.5 年，甚至更久，2.5 年。

Understood. I appreciate the detailed color. I wanted to ask about maritime. I know you said -- you just said that it's kind of shorter cycle time. Is that a market you think you will pursue, I guess, fairly aggressively?

明白了。我喜歡這種細緻的色彩表現。我想諮詢一下海事方面的問題。我知道你剛才說過──你剛才說它的週期時間比較短。我想，您認為您會相當積極地開拓這個市場嗎？

I would assume that the pricing dynamics there are probably less favorable than aero, government. But perhaps to your point, is it just cycle time? Or do you think it's more of a pricing or pricing competitive there?

我認為那裡的定價動態可能不如航空和政府部門那麼有利。但或許正如您所說，這僅僅是周期時間嗎？還是你認為這比較是定價問題或價格競爭問題？

No. So we will absolutely be pursuing maritime. Today, maritime probably represents, I don't know, a little bit more than 5% of our total revenues, and that's down. That's down a lot. It's been cannibalized by Starlink because the maritime users like from what the market is telling us, they like the LEO value proposition.

不。所以，我們一定會繼續發展海事業務。如今，海運業務可能占我們總收入的 5% 多一點，而且這個比例還在下降。下降了很多。它已被 Starlink 蠶食，因為從市場反饋來看，海上用戶喜歡 LEO 的價值主張。

They like the low latency. They like the high throughput. They like the smaller antennas. And so maritime is a great market for LEO and we'll be absolutely addressing that market with Lightspeed cruise, maritime transport, high-end yachts, the energy kind of offshore market. All of that, we think, is very promising.

他們喜歡低延遲。他們喜歡高吞吐量。他們喜歡較小的天線。因此，海事領域是 LEO 的一個巨大市場，我們將透過 Lightspeed 郵輪、海上運輸、高端遊艇以及海上能源市場來全面開拓這個市場。我們認為，所有這些都非常有前景。

Understood. Understood. And last one, I actually wanted to shift to the GEO side. I realize you're not providing kind of exact numbers going forward, but can we assume that GEO should at least be from a stand-alone basis, cash flow accretive or cash flow positive in the next few years? And if so, like when do you think that kind of becomes neutral or drag? Or -- I understand it could be quite a few years away, but how do you think about, I guess, the cash generation ability of GEO as it sort of trickles down?

明白了。明白了。最後，我其實想轉到 GEO 這邊。我知道您沒有提供未來幾年的確切數字，但我們能否假設 GEO 至少在未來幾年內，從獨立營運的角度來看，應該能夠增加現金流或實現正現金流？如果是這樣的話，你覺得這種情況什麼時候會變得中立或拖沓呢？或者——我知道這可能還需要好幾年時間，但您如何看待 GEO 的現金流產生能力，以及它如何逐步惠及下層員工？

Well, I'm no finance guy. But it's pretty straightforward, I think, on GEO. I mean the reality is it's generating a lot of cash right now. And because we haven't been building new GEO satellites, it means there's not a lot of CapEx going out. There's very little maintenance CapEx in terms of GEO.

嗯，我不是搞金融的。但我覺得在 GEO 上操作起來非常簡單。我的意思是，現實情況是它現在正在產生大量現金流。因為我們沒有建造新的地球同步軌道衛星，這意味著沒有太多資本支出。從地理位置來看，維護方面的資本支出非常少。

I think we do a really good job managing the operating expenses around GEO. We report our segments separately. And you can see that GEO still has a very favorable EBITDA margin.

我認為我們在控制 GEO 的營運費用方面做得非常出色。我們分別報告各部分內容。你可以看到，GEO 的 EBITDA 利潤率仍然非常可觀。

So we run that business very efficiently. And we still have almost $1 billion of backlog left on GEO. And every quarter, we've got new stuff that comes up for renewal. So net-net, we've been running backlog down, but we replenished some of it along the way with some renewals. And so in terms of -- so yes, for the foreseeable future, it's free cash flow positive. It's accretive to our cash position. And that would, I think, only change in the next couple of years if we had a new opportunity to invest in GEO.

所以我們經營這項業務的效率非常高。我們還有近10億美元的GEO專案積壓訂單。每個季度，我們都會有一些新的內容需要續約。總的來說，我們一直在減少積壓訂單，但在此過程中，我們也透過一些續約訂單補充了一些積壓訂單。所以就目前而言——是的，在可預見的未來，它的自由現金流為正。這增加了我們的現金儲備。我認為，未來幾年內，只有當我們有新的機會投資 GEO 時，這種情況才會改變。

And so then we're building a new GEO satellite, so there's cash flows out that would offset the cash flows in. So anyway, so that's what it looks like right now. And we'd love to build a new GEO satellite provided that we feel good about the business case for the last like 10 years, we haven't been able to close a business case on either a new GEO satellite or even a replacement GEO satellite, just given everything that's been going on in the market. But we still see some opportunities out there potentially. And so yes, so -- and we continue to work hard to develop a sound GEO business case. So that, I think, is what the outlook looks like.

因此，我們正在建造一顆新的地球同步軌道衛星，所以會產生現金流出，以抵消現金流入。總之，這就是目前的情況。我們很樂意建造一顆新的地球同步軌道衛星，前提是我們對商業案例感到滿意。但在過去 10 年裡，由於市場上發生的一切，我們一直未能就建造一顆新的地球同步軌道衛星，甚至更換一顆地球同步軌道衛星達成商業協議。但我們仍然看到一些潛在的機會。所以，是的，我們將繼續努力製定合理的 GEO 商業案例。所以，我認為，前景大致是如此。

Yes absolutely, Dan. I agree.

當然可以，丹。我同意。

(Operator Instructions) Walter Piecyk, LightShed Partners.

（操作說明）Walter Piecyk，LightShed Partners。

Dan, with Kuiper kind of getting a little momentum at least in launches, just curious, can you update us on -- and they seemingly are going after a similar market, just kind of your competitive analysis there and whether they're under consideration for any of the business that you've been attempting to win ahead of your LEO launch?

丹，Kuiper 目前在發射方面似乎獲得了一些進展，我很好奇，你能給我們更新一下情況嗎？他們似乎瞄準的是類似的市場，你對他們的競爭分析是什麼？在你 LEO 發射之前，他們是否在你努力爭取贏得的業務範圍內？

Walter, yes. So look, we always knew Kuiper was coming. Every once in a while, somebody would question how committed Amazon was to Kuiper. I was always convinced that this was something that they're very, very serious about, and I continue to believe that. And I think it will be like Starlink, a very capable constellation.

是的，沃爾特。所以你看，我們一直都知道柯伊伯會到來。時不時地，會有人質疑亞馬遜對 Kuiper 的投入程度。我一直堅信他們對此非常非常認真，而且我仍然這麼認為。我認為它會像星鏈一樣，成為一個非常強大的衛星系統。

And you're right, they're like Starlink, focused on the same verticals that we're focused on, plus consumer broadband. So again, like Starlink, we're not, as you know, focused on the B2C direct-to-consumer market.

你說得對，他們就像 Starlink 一樣，專注於我們關注的相同垂直領域，外加消費者寬頻。所以，就像 Starlink 一樣，正如您所知，我們並不專注於 B2C 直接面向消費者的市場。

And yes, we see Kuiper out there in the market pitching themselves in all these different verticals that we're focused on. So -- which is all to say, as far as I'm concerned, nothing's changed. We knew they were coming. Maybe on balance, they're coming a little bit later than we had anticipated, but they're starting to launch now.

是的，我們看到 Kuiper 在市場上向我們關注的各個垂直領域推銷自己。所以——也就是說，就我而言，一切都沒有改變。我們知道他們會來。總的來說，它們可能比我們預期的要晚一些，但現在已經開始陸續發布了。

Do you see them in RFP processes though or no?

你在招標過程中看過它們嗎？

Yes. That's a good question. I mean the folks that kind of do more formal RFPs, it seems like the airlines certainly do that. We tend to support our channel partners in those RFPs. So I have a little less visibility there.

是的。這是個好問題。我的意思是那些會進行更正式的招標的人，航空公司似乎肯定會這樣做。我們通常會在這些招標項目中支持我們的通路合作夥伴。所以我在那邊的視野稍微差一些。

But I would say, I assume they're pitching in the aero segment. To date, that segment is being successfully won by the incumbent operators, so the Viasat of the world, the Gogo, Panasonic, Hughes has made some inroads there. And then, of course, Starlink.

但我認為，他們應該是在航空領域競爭。迄今為止，該細分市場一直被現有營運商成功佔據，因此像 Viasat、Gogo、Panasonic 和 Hughes 這樣的公司已經在那裡取得了一些進展。當然，還有星鏈。

So -- but I assume that Amazon -- I'm sorry, Kuiper is out there as well. And then we see them -- there are different government opportunities all around the world. So yes, I mean, it is as we expected. And I think that they'll have a great offering. I think that they'll get a lot of traction in the market. And I continue to believe that we will, too. It's a big market. We've got certain capabilities that are differentiated. So yes.

所以——但我認為亞馬遜——抱歉，是柯伊伯——也在那裡。然後我們看到——世界各地都有不同的政府職位空缺。是的，我的意思是，這和我們預期的一樣。我認為他們會帶來非常棒的產品。我認為他們會在市場上獲得很大的成功。我仍然相信我們也會這樣做。這是一個很大的市場。我們擁有一些獨特的優勢。是的。

Is there value proposition enhanced because of their ability to tie it into AWS?

由於能夠將其與 AWS 集成，其價值主張是否有所提升？

I think -- I mean, look, they leverage a large ecosystem, and they will benefit from that. They leverage a large ecosystem in terms of AWS. They have deep capabilities in terms of, obviously, software development, development of devices. I mean Amazon is obviously one of the largest companies in the world. They've got Amazon Prime. So we'll leverage all of those things, I think, in a pretty effective way.

我認為——我的意思是，你看，他們利用了一個龐大的生態系統，他們會從中受益。他們利用了AWS龐大的生態系。他們在軟體開發和設備開發方面顯然擁有雄厚的實力。我的意思是，亞馬遜顯然是世界上最大的公司之一。他們有亞馬遜Prime會員。所以我認為，我們會非常有效地利用所有這些因素。

Okay. And then on the tactical side, you have this company, AST, that has -- is in the process of sourcing some spectrum from Ligado, something I've asked you about historically on past calls, as you know. I think there's some other S-band that they identified today. But also Starlink, I think, has been attempting to acquire additional spectrum from what's now EchoStar through an FCC process. We'll see how that goes, but it seems like there's some momentum there.

好的。而在戰術方面，有一家名為 AST 的公司，它正在從 Ligado 獲取一些頻譜，正如你所知，我過去曾多次就此問題與你聯繫過。我認為他們今天還發現了其他一些S波段。但我認為，Starlink 也一直在嘗試透過 FCC 程式從現在的 EchoStar 獲取額外的頻譜。我們拭目以待，但目前看來這方面勢頭不錯。

I'm just curious, and again, I know this is a question I've asked you many times over the years, but I just want to refresh, not just because if your peers doing, it doesn't necessarily mean you have to do it. But is there any interest or discussion or kind of where are you in the development process of your birds that you could integrate additional spectrum? And why -- or why is that not important for the future of connectivity when you're seeing some of your peers, let's put AST aside for a second, but even Starlink, right, looking to add additional spectrum to their constellation?

我只是好奇，而且我知道這些年來我已經問過你很多次這個問題了，但我只是想再次確認一下，這不僅僅是因為你的同齡人這樣做，並不一定意味著你也必須這樣做。但是，對於是否可以將額外的光譜整合到您的鳥類培育過程中，您有任何興趣、討論或想法嗎？為什麼——或者說，為什麼這對未來的連結性不重要？當你看到一些同行，我們暫且把 AST 放在一邊，甚至包括 Starlink，對吧，都在尋求向他們的衛星星座添加額外的頻譜？

So we're still sticking to our knitting in terms of enterprise broadband connectivity. We're well aware what others are doing in the direct-to-device market, and we wish them well. But we don't really have the spectrum for that. And our satellites that we're building today are absolutely optimized every amp, every kilo of mass is absolutely devoted to our core mission. We do not have the capability to modify them in a way to add antennas or payloads to do direct-to-device.

所以，我們在企業寬頻連線方面仍然專注於我們擅長的領域。我們非常清楚其他公司在直接面向設備的市場中正在做什麼，我們祝他們一切順利。但我們目前還沒有對應的頻譜。我們今天建造的衛星絕對經過優化，每一安培、每一公斤的品質都絕對用於我們的核心任務。我們沒有能力對它們進行改裝，以添加天線或有效載荷來實現直接到設備的通訊。

The satellites would look massively different than they do. We'd lose schedules. So that's not something that we're being distracted by.

這些衛星的外觀將與現在截然不同。我們會打亂行程。所以，這並不是我們分心的事情。

And so yes, I mean, to come back to it, Lightspeed is a significant undertaking from an engineering perspective, a commercial perspective, a regulatory perspective, a CapEx perspective. And so we've got to stay focused on that, and we are 1,000% focused on that, and I think making really good progress. I think the value creation opportunity for Telesat, if we execute well on our Lightspeed plan is massive. And so we have to stay focused to capture that.

所以，是的，我的意思是，回到正題，從工程角度、商業角度、監管角度、資本支出角度來看，Lightspeed 都是一項意義重大的工程。所以我們必須繼續專注於此，我們也百分之百專注於此，我認為我們取得了非常好的進展。我認為，如果我們能成功執行“光速計劃”，Telesat 將獲得巨大的價值創造機會。所以我們必須保持專注，才能捕捉到這一點。

On the spectrum front, the FCC, it sounds like, is going to take another look at the portion of the C-band that they did not claw back in auction for 5G services. We continue to operate on C-band in North America. So maybe there's an opportunity there, but I don't think that's Telesat building a direct-to-device constellation. That's not on our radar.

在光譜方面，FCC 似乎將重新審視他們在拍賣中未能收回用於 5G 服務的 C 頻段部分。我們繼續在北美使用C波段進行營運。所以也許那裡存在機會，但我認為 Telesat 不會建造直接面向裝置的衛星星座。我們目前沒有考慮過這個問題。

Seeing no further questions, that concludes our Q&A session. I'd like to turn the call back over to Dan Goldberg for closing remarks.

鑑於沒有其他問題，我們的問答環節到此結束。我謹將電話交還給丹‧戈德堡，請他作總結發言。

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

好的。好的，接線員，謝謝，也感謝各位今天早上收看我們的節目，我們期待在發布第三季業績時再次與大家交流。所以，謝謝你。

Thank you very much.

非常感謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。