Telesat Corp (TSAT) 2025 Q3 法說會逐字稿

Hello, and welcome to the Telesat third-quarter 2025 financial results call. (Operator Instructions)

大家好，歡迎參加 Telesat 2025 年第三季財務業績電話會議。（操作說明）

I will now turn the conference over to James Ratcliffe. Please go ahead.

現在我將把會議交給詹姆斯·拉特克利夫主持。請繼續。

Thank you, JL. And good morning. Thank you for joining us today. Earlier this morning, we filed our quarterly report for the period ending September 30, 2025, on Form 6-K with the SEC and on SEDAR+.

謝謝你，JL。早安.感謝您今天蒞臨。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 9 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。

Thanks, James. And good morning to everyone. Thanks for joining us this morning. Q3 was in line with our expectations. And I'm pleased with Telesat's performance in the first nine months of this year in both our GEO and LEO segments.

謝謝你，詹姆斯。大家早安。感謝您今天早上收看我們的節目。第三季業績符合預期。我對 Telesat 今年前九個月在 GEO 和 LEO 領域的表現感到滿意。

In GEO, our team continues to execute in a disciplined, focused manner as we work to maximize the cash flow from our existing satellite fleet. The biggest revenue headwind in the quarter, when compared to the third quarter of 2024, was the Nimiq 5 renewal with DISH.

在 GEO 領域，我們的團隊繼續以嚴謹、專注的方式執行任務，努力最大限度地提高現有衛星群的現金流。與 2024 年第三季相比，本季最大的營收阻力是與 DISH 續約 Nimiq 5 合約。

As we've shared earlier, DISH renewed the Nimiq 5 contract, but at a lower rate and capacity that declines over the renewal period. That renewal, combined with the nonrenewal by DISH of our Anik F3 satellite, which reached the end of its station-kept life, so could no longer support direct-to-home video services, accounts for nearly half of the total revenue decline year over year.

正如我們之前分享的那樣，DISH 續簽了 Nimiq 5 的合同，但價格較低，而且續約期間容量會逐漸下降。此次續約，加上 DISH 不再續約我們的 Anik F3 衛星（該衛星已達到其固定壽命，因此無法再支援直接到戶視訊服務），導致總收入同比下降近一半。

In LEO, we continue to make strong progress on the development of the satellites, ground infrastructure, and the software for the network. As a reminder, our first launch is planned to take place late next year. I'm very pleased with all the good work that's taking place on the program.

在低地球軌道（LEO）領域，我們在衛星、地面基礎設施和網路軟體的開發方面繼續取得顯著進展。再次提醒大家，我們的首次發布計劃於明年年底進行。我對該專案目前取得的所有進展都非常滿意。

And on the commercial side, we're seeing strong interest in Telesat Lightspeed across our target segments, particularly at this time with aero and government users. We remain very focused on concluding customer agreements and adding to our contractual backlog. In addition to our progress in the GEO and LEO businesses, we took an important step in the quarter to optimize the company's capital structure and enhance our financing options.

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，尤其是在目前航空和政府用戶方面。我們仍然非常專注於達成客戶協議並增加我們的合約儲備。除了我們在地球同步軌道（GEO）和低地球軌道（LEO）業務方面取得的進展外，本季度我們還採取了一項重要措施，優化公司的資本結構並增強我們的融資選擇。

In September, we distributed 62% of the equity in Telesat Lightspeed to a wholly owned indirect subsidiary of Telesat Corporation. I'm also pleased to say that our advisers are engaging with the advisers to the major holders of our GEO debt with the objective of finding the best path forward to addressing that debt.

9 月，我們將 Telesat Lightspeed 62% 的股權分配給了 Telesat Corporation 的全資間接子公司。我也很高興地告訴大家，我們的顧問正在與我們 GEO 債務的主要持有者的顧問進行溝通，目的是找到解決該債務的最佳途徑。

Finally, and as we announced earlier this year, Andrew Browne will be retiring from Telesat after six years as the company's CFO. We found a worthy successor to Andrew in Donald Tremblay, who started with the company on October 20. Donald has 35 years of leadership experience in finance and is very well-suited to lead our finance team going forward. So a big welcome to Donald, who's here with me this morning.

最後，正如我們今年早些時候宣布的那樣，安德魯布朗將在擔任 Telesat 公司首席財務長六年後退休。我們找到了安德魯的合適繼任者唐納德·特倫布萊，他於 10 月 20 日加入公司。唐納德擁有 35 年的財務領導經驗，非常適合領導我們未來的財務團隊。熱烈歡迎唐納德，他今天早上和我一起在這裡。

As Andrew is in the process of transitioning responsibilities over to Donald, we've asked Andrew to run you through the numbers one last time before his official retirement later this month. So with that, over to you, Andrew.

由於安德魯正在將職責移交給唐納德，我們請安德魯在本月稍後正式退休之前，最後一次向大家介紹相關數據。那麼，接下來就交給你了，安德魯。

Thank you, Dan. Good morning, everyone. I would now like to focus on highlights from this morning's press release and filings.

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。

In the third quarter of 2025, Telesat reported consolidated revenues of $101 million, adjusted EBITDA of $47 million, and generated cash from operations of $97 million year to date, thus ending the quarter with $483 million in cash.

2025 年第三季度，Telesat 公佈合併收入為 1.01 億美元，調整後 EBITDA 為 4,700 萬美元，年初至今經營活動產生的現金為 9,700 萬美元，因此該季度末現金餘額為 4.83 億美元。

For the third quarter, revenues decreased by $37 million to $101 million. Operating expenses increased by $12 million to $58 million, and adjusted EBITDA decreased by $49 million to $47 million. The adjusted EBITDA margin was 46%. I would note that the margin in our GEO segment was approximately 62%.

第三季營收減少 3,700 萬美元，至 1.01 億美元。營運費用增加 1,200 萬美元至 5,800 萬美元，調整後 EBITDA 減少 4,900 萬美元至 4,700 萬美元。調整後的 EBITDA 利潤率為 46%。我注意到，我們 GEO 板塊的利潤率約為 62%。

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 and the expiration of a separate agreement with that customer. Other factors included reductions in services for certain enterprise customers, particularly in Indonesian rural broadband program, and a reduction in services for another North American direct-to-home customer.

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費率降低，以及與該客戶的另一項協議到期。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，以及減少對另一位北美直接到戶客戶的服務。

The increase in operating expenses was primarily due to higher Telesat Lightspeed headcount growth, along with higher legal and professional fees, and offset by higher capitalized engineering costs. As usual, we break out the performance of our LEO and GEO segments separately in Note 4 of our financial statements filed on Form 6-K. Interest expense in the third quarter decreased by $5 million during the quarter when compared to the same period in 2024.

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，但被更高的資本化工程成本所抵消。和往常一樣，我們在提交給 6-K 表格的財務報表附註 4 中分別列出了 LEO 和 GEO 部門的表現。與 2024 年同期相比，第三季利息支出減少了 500 萬美元。

To note, our cumulative principal amount of debt repurchases is USD857 million at a cost of USD450 million, an average price of $0.53. This also results in interest savings of approximately USD53 million annually. Combined with the previous repayment of USD356 million of Term Loan B, our overall debt has been reduced by approximately 36%. In the third quarter, we reported a loss in foreign exchange of $32 million as compared to a gain of $36 million in the third quarter of 2024.

值得注意的是，我們累積回購債務本金總額為 8.57 億美元，成本為 4.5 億美元，平均價格為每股 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。加上先前償還的3.56億美元B類定期貸款，我們的總債務減少了約36%。第三季度，我們報告外匯虧損 3,200 萬美元，而 2024 年第三季則獲利 3,600 萬美元。

In the third quarter, we incurred $121 million net loss in the quarter compared to net income of $68 million in the third quarter of 2025. The variance was due to lower revenues, the foreign exchange loss I just mentioned, a loss related to the change in the fair value of financial instruments, and the nonrecurrence of the gain on the repurchase of debt recorded in the third quarter of 2024.

第三季度，我們淨虧損 1.21 億美元，而 2025 年第三季淨利為 6,800 萬美元。造成差異的原因有：收入減少、我剛才提到的外匯損失、與金融工具公允價值變動相關的損失，以及2024年第三季記錄的債務回購收益不再發生。

For the first nine months of 2025, cash inflows from operating activities were $97 million, and cash flows used by investing activities were $540 million. In terms of capital expenditures incurred, almost all were related to Telesat Lightspeed.

2025 年前九個月，經營活動產生的現金流入為 9,700 萬美元，投資活動使用的現金流量為 5.4 億美元。就資本支出而言，幾乎全部都與 Telesat Lightspeed 有關。

During the third quarter, we completed our third draw on our financing facilities with the government of Canada and the government of Quebec. Just receiving $65 million as of September 30, we had drawn a total of $405 million from the facilities. Subsequent to the quarter end, we have drawn a further $135 million at the end of October, thus having a total cumulative draw of $540 million.

第三季度，我們完成了從加拿大政府和魁北克省政府獲得的融資額度的第三次提取。截至9月30日，我們僅收到6,500萬美元，而我們從這些設施中總共提取了4.05億美元。季度末之後，我們在 10 月底又提取了 1.35 億美元，因此累計提取總額達到 5.4 億美元。

Guidance. As you will also have noted in our earnings release this morning, we reiterated our guidance for 2025 for revenues, adjusted EBITDA, and capital expenditure. The guidance assumes a Canadian dollar to US dollar exchange rate of $1.42. For 2025, we continue to expect full-year revenues to be between $405 million and $425 million.

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 年收入、調整後 EBITDA 和資本支出的預期。該預測基於加幣兌美元匯率為1.42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。

In terms of operating expenses, excluding share-based compensation, we expect spending to be approximately between $75 million and $85 million on Telesat Lightspeed this year. That guidance reflects higher capitalized engineering and the timing of hiring as we continue to ramp up the Telesat Lightspeed team. We continue to expect total adjusted EBITDA to be between $170 million to $190 million, and also reflects provisions we've made for advisory, legal professional fees related to the work in respect to GEO.

就營運費用而言（不包括股權激勵），我們預計今年在 Telesat Lightspeed 上的支出約為 7,500 萬美元至 8,500 萬美元。這項指導意見反映了更高的工程資本投入以及隨著我們不斷壯大 Telesat Lightspeed 團隊而進行的招募時機。我們仍預期調整後的總 EBITDA 將在 1.7 億美元至 1.9 億美元之間，也反映了我們為與 GEO 相關的諮詢、法律專業費用所做的準備。

In respect to capital expenditures, we continue to expect our 2025 expenditures to be in the range of $900 million to $1.1 billion, which is nearly all related to Telesat Lightspeed. To meet our expected cash requirements for the next 12 months including interest payments and capital expenditures, we have approximately $480 million of cash and short-term investments at the end of September, as well as $2 billion available under our funding agreements with the government of Canada and Quebec.

關於資本支出，我們仍然預計 2025 年的支出將在 9 億至 11 億美元之間，幾乎全部與 Telesat Lightspeed 有關。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 9 月底，我們擁有約 4.8 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 20 億美元可用。

At the end of the third quarter, the total leverage ratio is calculated under the terms of the amended senior secured credit facilities was 8.676 times. Telesat is compliance with all the 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.

第三季末，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 8.676 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。

Our 6-K provides you notice that interim condensed consolidated financial information on the MD&A. The non-guarantor subsidiaries shown are essentially the unrestricted subsidiaries of minor differences.

我們的 6-K 表格向您提供關於管理層討論與分析的臨時性簡明合併財務資訊的通知。所示非擔保子公司基本上是僅有細微差異的非限制性子公司。

This concludes our prepared remarks for the call and very happy to turn back to the operator and address any questions you may have. Thank you very much.

我們的演講到此結束，非常樂意將麥克風交給接線員，解答您可能提出的任何問題。非常感謝。

(Operator Instructions) David McFadgen, Cormark Securities.

（操作說明）David McFadgen，Cormark Securities。

Yes. So first of all, I just want to say congratulations to Andrew on his retirement. Hope you have a nice retirement there. So a couple of questions. Yeah. I'll just start, first of all, on the debt negotiations.

是的。首先，我要祝賀安德魯退休。希望你在那裡安享晚年。我有幾個問題。是的。首先，我就從債務談判開始吧。

I was wondering, could you just maybe give us an idea of do you think you're far apart in terms of what the debt holders want or you think you might be pretty close? Just kind of wondering where things stand with respect to that.

我想問一下，您能否大概說說您認為您和債權人之間的分歧有多大，或者您認為您的立場可能非常接近？我只是想知道這件事目前的進展。

Hey, David, it's Dan. So it's too early to say. We've started engagement, and we'll just have to take it from there. So yeah, too early to say.

嘿，大衛，我是丹。所以現在下結論還太早。我們已經開始了互動，接下來就只能順其自然了。所以，現在下結論還太早。

Okay. So then a question on the guidance. So you left your EBITDA guidance unchanged, but yet you dropped your spend on the LEO. So that would imply a higher -- or sorry, a lower EBITDA being generated from GEO, but you didn't change your revenue outlook on GEO. So just kind of wondering how you square those off because if the revenue hasn't changed on GEO, it shouldn't really change the EBITDA.

好的。那麼，關於指導意見，我有一個問題。所以你們維持了 EBITDA 預期不變，但卻削減了 LEO 的支出。所以這意味著 GEO 產生的 EBITDA 會更高——或者抱歉，會更低，但你並沒有改變對 GEO 的收入預期。所以我只是想知道如何平衡這些，因為如果 GEO 的收入沒有變化，那麼 EBITDA 也不應該改變。

Maybe I'll take the first crack at this. So relative to guidance, we've underspent some mostly related to LEO headcount. And that's been two things. One, we've capitalized more kind of engineering expense than we originally assumed. So that's number one.

或許我會第一個嘗試。因此，相對於指導意見，我們在某些​​方面支出不足，主要與執法人員數量有關。那就是兩件事。第一，我們資本化的工程費用種類比我們原先預想的還要多。這是第一點。

And number two, our hiring feels like, at the end of the day, it's going to be sort of more backloaded than what the budget assumed. And so in any event, so that explains the kind of underspend on the LEO OpEx, but it's been offset by greater spending than anticipated around professional fees, and that's pretty much entirely around the refinancing exercise and the transaction where we spun out the equity stake in Telesat LEO.

第二，我們感覺最終的招募工作可能會比預算預期的更加落後。所以無論如何，這就解釋了 LEO 營運支出方面的支出不足，但這被專業費用方面超出預期的支出所抵消，而這些支出幾乎完全與再融資活動以及我們剝離 Telesat LEO 股權的交易有關。

So in any event, I mean, that's kind of how it's played out. So yes, so at the end of the day, OpEx down on LEO headcount because of capitalized engineering and just a slower ramp, but offset by increased professional fees, mostly around the transaction that we announced spinning out LEO.

總之，事情大概就是這樣發展的。所以，最終，由於資本化的工程和緩慢的成長速度，LEO 人員的營運支出有所下降，但專業費用的增加抵消了這一影響，這主要與我們宣布分拆 LEO 的交易有關。

Okay. I think most people would have viewed those as one-time and would hit EBITDA by that, but at least we know what's going on.

好的。我認為大多數人會把這些視為一次性支出，並認為這些支出會影響 EBITDA，但至少我們現在知道發生了什麼事。

Yeah. I mean, fair point. I mean, just to be transparent about it, that's what it was.

是的。嗯，有道理。我的意思是，坦白說，事情就是這樣。

Right, okay. So you called out the two sectors where you're seeing, I guess, stronger interest than others, aero and government. Are you seeing a really increased demand, say, from the defense sector, that defense could be kind of viewed as its own?

好的。所以你特別提到了航空和政府這兩個領域，我想，你認為這兩個領域比其他領域更受關注。您是否看到來自國防領域的需求顯著增加，以至於國防可以被視為一個獨立的領域？

Yeah. You know what, that's a great question because when we work with government, a lot of that is around rural broadband programs. But what I was referring to in my opening comments is much more on the defense side. So we know that the current government of Canada has committed to meet Canada's NATO spending obligations, and other allies have made similar commitments. The government of Canada is announcing a budget today. And based on everything we're reading and based on everything we're seeing, we expect there will be a meaningful uptick in defense spending.

是的。你知道嗎，這是一個很好的問題，因為我們與政府合作時，許多工作都圍繞著農村寬頻計畫。但我開場白所指的更多的是防守方面的內容。因此我們知道，加拿大現任政府已承諾履行加拿大在北約的開支義務，其他盟國也做出了類似的承諾。加拿大政府今天將公佈預算案。根據我們所了解到的情況和所看到的，我們預計國防開支將會顯著成長。

Lightspeed, and we've talked about this before, sort of a dual-use infrastructure. It's designed for rural broadband connectivity for commercial aero, for maritime services for cellular backhaul, and the like, but it also has great utility for defense use cases as well. And given what Canada is saying about the importance of Arctic sovereignty, given the amount of spending that Canada will be doing with its allies to meet its defense obligations -- and I think an expectation from the government that when it's spending a lot of money with its allies, there's some expectation that the allies will, in turn, reciprocally be contracting with Canadian providers.

光速，我們之前也討論過，這是一種雙用途基礎設施。它專為商業航空的農村寬頻連接、蜂窩回傳的海上服務等而設計，但它在國防應用方面也具有很大的實用價值。鑑於加拿大對北極主權重要性的表態，鑑於加拿大將與其盟友進行大量支出以履行其國防義務——我認為，加拿大政府期望，當它與其盟友進行大量支出時，盟友反過來也會與加拿大供應商簽訂合約。

All of those things gives us a great deal of optimism about us to grow our business and leverage Lightspeed for those defense requirements, both with the government of Canada and Canada's allies.

所有這些都讓我們對發展業務並利用 Lightspeed 滿足加拿大政府及其盟友的國防需求充滿信心。

So just following up on that comment, the Canadian government has committed to a minimum revenue commitment of $60 million a year for 10 years. I would have thought that most of that $60 million was not defense. Can you confirm that?

所以，針對剛才的評論，加拿大政府已承諾在未來 10 年內每年至少投入 6,000 萬美元的收入。我原以為那6000萬美元大部分不會用於國防。能確認一下嗎？

Yeah, correct. That's going to be used for rural broadband connectivity. And you'll recall the way that agreement works is we basically create a pool of capacity that we've then agreed to sell to rural Canadian ISPs at sort of below market rates. So that $60 million a year for 10 years should -- the pool of capacity that underpins that we expect incremental revenue when that capacity is made available to those rural ISPs. And then yes, any commitments from the government of Canada for defense purposes would be above and beyond that.

是的，沒錯。這將用於農村寬頻連線。您應該還記得，該協議的運作方式是，我們基本上創建了一個容量池，然後同意以低於市場價格的價格將其出售給加拿大農村地區的網路服務供應商。因此，每年 6000 萬美元，持續 10 年——這筆資金構成了我們預期的容量基礎，當這些容量提供給農村 ISP 時，我們預計會產生增量收入。當然，加拿大政府出於國防目的所做的任何承諾都將超出這些範圍。

Okay. So there's a potential for that to be significantly greater. So you also said that the first launch for satellites is planned late next year. I thought that the satellites were going to start to be launched in Q3 '26.

好的。所以，這種情況有可能遠比這嚴重得多。所以你也說過，首次衛星發射計畫在明年年底進行。我原以為衛星會在 2026 年第三季開始發射。

No. No. I think for many, many quarters now, we've been talking about late next year.

不。不。我認為，在過去的許多季度裡，我們一直在討論明年年底的事。

Okay. All right. I guess I was incorrect on that one. Okay. Like, I mean, you have a book of SpaceX, right? So can you give us an idea of what month you expect the satellites to start to go out?

好的。好的。看來我在這點判斷錯了。好的。我的意思是，你有一本關於SpaceX的書，對吧？那麼，您能否大概告訴我們衛星預計哪個月開始發射？

It will be late as our -- I mean, we're probably looking at a December launch with a couple of Pathfinder satellites that we'll use to do testing and validation and start to do that for our own purposes and make it available to meaningful customers as well to do their own testing and the like. And then 2027 should be a very busy launch cadence for us as we launch really all the rest of the satellites in the constellation.

時間會比較晚，因為我們——我的意思是，我們可能要等到 12 月才能發射幾顆探路者衛星，我們將用它們來進行測試和驗證，並開始為我們自己進行測試和驗證，同時也將其提供給重要的客戶，讓他們也能進行自己的測試等等。然後，2027 年對我們來說將是一個非常繁忙的發射季，因為我們將發射星座中剩餘的所有衛星。

Dave, you have one more?

戴夫，你還有一張嗎？

I did have one more. Sorry, (inaudible). You're still expecting to start to generate revenue on Lightspeed in the fourth quarter of '27, correct?

我還有一個。對不起，（聽不清楚）你仍然預計 Lightspeed 將在 2027 年第四季開始產生收入，對嗎？

Yeah. That's exactly right. We expect to enter global service by the end of 2027. So that's right.

是的。完全正確。我們預計將於 2027 年底開始提供全球服務。沒錯。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

So firstly, I just want to come back to the carve-out of the LEO equity. Could you walk us through the main rationale behind this move? And like would you contemplate raising more equity for Lightspeed, or like potentially use it as a sort of currency as part of other transactions?

首先，我想回到剝離 LEO 股權的問題。能否為我們詳細介紹一下此舉背後的主要原因？那麼，你會考慮為 Lightspeed 籌集更多股權，或將其用作某種貨幣，用於其他交易嗎？

So I mean, the rationale is really around just trying to optimize the capital structure and to enhance our ability to do kind of more -- raise more funds in the future. I mean, the notion is by getting that controlling interest into an entity that's separate from where the debt sits for our GEO activities, it just gives us more scope, more flexibility, more optionality around using that stake to -- if we need to, to secure incremental funding. So that's the primary purpose of doing that transaction.

所以我的意思是，這樣做的理由其實就是為了優化資本結構，增強我們未來籌集更多資金的能力。我的意思是，透過將控股權轉移到一個與我們 GEO 活動債務所在實體分開的實體，我們可以獲得更大的範圍、更大的靈活性和更多的選擇權，以便在需要時利用該股份來獲得額外的資金。所以，這就是進行這筆交易的主要目的。

As far as issuing more equity at this time -- and that's not a current plan. Lightspeed for the first 156 satellites, which is what we need to launch a compelling, fully global network, is fully funded with the commitments that we have from the government of Canada in Quebec to loan this money, with our own equity contribution, with the USD300 million of vendor financing that we have. So we're in good shape there. So yeah, that's how we think about it.

至於目前是否會增發股票——目前還沒有這個計畫。首批 156 顆衛星的「光速」計畫（這是我們發射一個引人注目的、完全全球網路所需的）已獲得全額資助，資金來源包括加拿大魁北克省政府承諾提供的貸款、我們自己的股權出資以及我們擁有的 3 億美元供應商融資。所以，我們那邊情況良好。是的，我們就是這麼想的。

Okay, got you. And also about -- we have seen some spectrum transactions in the industry recently. Just curious about your thoughts on that, like the spectrum supply-demand landscape, like how you see it playing out for the longer term. And also Telesat potentially like have a role to play in this D2D market?

好的，明白了。另外，我們最近也看到業界出現了一些頻譜交易。我很好奇你對此有何看法，例如頻譜供需格局，以及你認為它在長期內會如何發展。Telesat公司是否有可能在這個D2D市場中扮演某種角色？

So the spectrum -- I mean, the big spectrum transaction was obviously SpaceX acquiring the S-band rights of EchoStar. And to your point, that was all about having spectrum for D2D. We certainly see rumors that there could be more of those transactions contemplated. We've got no insight on that.

所以頻譜——我的意思是，最大的頻譜交易顯然是 SpaceX 收購了 EchoStar 的 S 波段權利。正如你所說，這一切都是為了擁有D2D頻譜。我們確實看到有傳言稱，可能會有更多類似的交易正在考慮中。我們對此一無所知。

Our focus, as we've said before, is really on deploying Lightspeed, which is not a direct-to-device constellation, but instead an advanced global broadband constellation. So that's where our focus is right now.

正如我們之前所說，我們的重點是部署 Lightspeed，它不是一個直接面向設備的星座，而是一個先進的全球寬頻星座。所以，這就是我們目前的關注重點。

I mean, we certainly have the wherewithal and the expertise to launch a direct device network. We don't have the spectrum for it other than the C-band spectrum that we still have, following the decision by the US and the Canadian regulators to repurpose about three-fifths of that spectrum for 5G. But we still have the other two-fifths, but it's not our focus at this point to pursue a direct-to-device network.

我的意思是，我們當然有能力和專業知識來啟動直接設備網路。除了我們目前擁有的 C 波段頻譜之外，我們沒有其他頻譜用於 5G，這是因為美國和加拿大監管機構決定將該頻譜的大約五分之三用於 5G。但我們還有另外五分之二的份額，但目前我們並沒有把重點放在建構直接面向裝置的網路上。

I would note that the FCC recently issued a -- I think, a notice of proposed rulemaking or a notice of inquiry about potentially using the rest of the C-band that the satellite industry continues to make use of using the rest of that spectrum for 5G. So that's certainly something that Telesat will be paying close attention to. We have satellites that have C-band coverage and capacity over the US and, of course, over Canada as well.

我想指出的是，FCC 最近發布了一份——我認為是——擬議規則制定通知或詢問通知，內容是關於可能將衛星行業繼續使用的 C 頻段的剩餘部分用於 5G。所以，這肯定是 Telesat 會密切關注的事情。我們的衛星在美國上空具有 C 波段覆蓋範圍和容量，當然，在加拿大上空也具有覆蓋範圍和容量。

So we participated in the last proceeding when the FCC reallocated that C-band spectrum. And if that's something they do again, we'll follow that and participate in that actively again.

因此，我們參與了 FCC 重新分配 C 波段頻譜的上一次程序。如果他們再次這樣做，我們會繼續跟進並積極參與。

Caleb Henry, Quilty Space.

Caleb Henry，Quilty Space。

A follow-up on the launch side of things. You mentioned first launching some Pathfinders and then serial launches. Are you planning a gap between those two? And if so, can you quantify how much time would be in between the first launch and the second? And if you're anticipating any design changes or upgrades, or tweaks that might come from that learning period?

關於產品發布方面的後續情況。您提到先啟動一些探路者，然後再進行序列啟動。你打算在這兩者之間留出一段空檔期嗎？如果可以，你能量化第一次發射和第二次發射之間會間隔多久嗎？如果您預計在學習期間會有任何設計變更、升級或調整，那又該如何？

Thanks, Caleb, for the question. So it's always been our plan to launch the Pathfinder satellites. We can do an enormous amount of testing on the ground, which we will do, but there's nothing quite like gaining the confidence of testing the satellites in orbit, in space, real conditions. So we'll do that.

謝謝Caleb的提問。所以，發射探路者衛星一直是我們的計畫。我們可以進行大量的地面測試，我們也會這樣做，但沒有什麼比在軌道上、在太空中、在真實條件下測試衛星更能增強信心的了。所以我們會這麼做。

It's probably going to be, I don't know, two, three, four months. When we launch those satellites, we need to do some orbit raising. We're going to want to put them sort of fully through their paces, test out. Just everything -- the onboard processors, the inter-satellite links, the handoff of traffic from satellite to satellite on the ground.

可能要兩個月、三個月、四個月吧。當我們發射這些衛星時，我們需要進行一些軌道提升。我們想對他們進行全面的測試和檢驗。包括所有面向－機載處理器、星間連結、地面衛星間流量的交接。

So anyway, we'll do all that. And again, we'll be doing some of that ourselves alongside of MDA and then with customers as well. And we know that the customer community is keen to engage in a variety of tests with us as well. So that's the plan.

總之，我們會做所有這些事。而且，我們也會與MDA一起做一些事情，也會與客戶一起做一些事情。我們也知道，客戶群非常樂意與我們一起參與各種測試。這就是計劃。

And -- but -- so we have a comprehensive testing plan. Our expectation, particularly after all the testing we'll have done on the ground, is that it should be -- it's more confirmatory in nature, I would say. So we're not expecting -- yeah, we're expecting to confirm the findings of the testing that we've done on the ground once the birds are up in space.

但是——所以我們制定了全面的測試計劃。我們的預期，尤其是在我們進行了所有實地測試之後，應該是——我認為，這更多的是一種驗證性質的。所以，我們並不期望——是的，我們期望在飛船進入太空後，能夠證實我們在地面上進行的測試結果。

Okay. I also thought this morning, Telesat had announced the partnership and investment in Farcast. Can you share how that fits into the planned user terminal portfolio for Lightspeed?

好的。我今天早上也以為 Telesat 宣布了與 Farcast 建立合作夥伴關係並進行投資的消息。能否分享一下這如何融入 Lightspeed 的用戶終端產品組合計畫？

Yeah. We've made a couple of announcements already. We will have a suite of different user terminals for each of the different verticals that we're focused on. I think to date, we announced a collaboration with QEST around aeronautical FPAs. We've announced a collaboration with Intellian on both flat panel antennas and a dual parabolic antenna, which, for certain applications, can still make sense.

是的。我們已經發布了一些公告。我們將針對我們關注的每個不同垂直領域，提供一系列不同的使用者終端。我認為到目前為止，我們已經宣布與 QEST ​​在航空 FPA 方面展開合作。我們宣布與 Intellian 合作開發平板天線和雙拋物面天線，對於某些應用來說，這仍然很有意義。

And then the one today with Farcast, Farcast is a very innovative company with a very innovative technology where they interleave the transmit and receive elements of one of these flat panel antennas. And there are real advantages that you get from that. I mean, basically, you get a smaller user terminal that's still highly capable.

今天介紹的是 Farcast 公司，Farcast 是一家非常有創新精神的公司，擁有非常創新的技術，他們將平板天線的發射和接收元件交錯排列。這樣做確實能帶來一些好處。我的意思是，基本上，你可以得到一個體積更小但功能仍然很強大的用戶終端。

And we've been working with Farcast for some years now and feel, yeah, very optimistic about the progress that they've made and the advantages that leveraging their technology can give us and our customers across a whole range of different verticals. And I'd say we're not the only satellite operator out there that's enthusiastic about the technology that they're developing.

我們與 Farcast 合作已有數年，我們非常樂觀地認為，他們取得了長足的進步，並且利用他們的技術可以為我們和我們的客戶在各個不同的垂直領域帶來優勢。而且我認為，我們並不是唯一一家對他們正在開發的這項技術充滿熱情的衛星營運商。

So that's our approach. It's very much, I'd say, an open ecosystem in many ways in terms of the user terminals that can be used. We'll have a modem that can be integrated into these various flat-panel and dual parabolic antennas. Our constellation can also operate in a transparent mode. So in some circumstances, customers can bring their own waveforms and their own modems. There's some segment of customers where that might be attractive.

這就是我們的方法。我認為，就可使用的用戶終端而言，它在許多方面都是一個非常開放的生態系統。我們將推出一款可以整合到各種平板天線和雙拋物面天線中的數據機。我們的星座也可以以透明模式運作。因此在某些情況下，客戶可以自備波形圖和數據機。對於部分客戶群來說，這可能很有吸引力。

We've always said that the trajectory of the technology development around these flat panel antennas is moving in a very favorable way. And this announcement with Farcast, I'd say, is just a manifestation of that. We're excited about it.

我們一直認為，圍繞這些平板天線的技術發展軌跡正朝著非常有利的方向發展。我認為，Farcast 的這次聲明正是這種趨勢的體現。我們對此感到興奮。

You announced a modem supplier? I assume it's one single company?

你們宣布了一家調變解調器供應商？我猜它是一家公司？

On the -- Michel, do you want to say something about the modems?

關於調製解調器，米歇爾，你想說些什麼嗎？

Yes. So for the modem user terminal, this is a development that we took on us. We are partnering with some vendors to do the detailed design that Telesat will own. And we're also partnering with candidate contract manufacturers for development production here in Canada to be announced at a later time.

是的。所以對於調變解調器用戶終端來說，這是我們自己承擔的開發工作。我們正在與一些供應商合作，進行Telesat將擁有的詳細設計。此外，我們也正在與一些候選合約製造商合作，在加拿大進行開發生產，具體資訊將在稍後公佈。

Okay, thanks. And then just last question. We've seen a decent amount in the news about LEO constellations or tech companies that are excited about the idea of space-based data centers for AI. Think Musk and Bezos and Starcloud and NVIDIA. Is this something that Telesat will be interested in doing as well? And can it be done with the baseline Lightspeed constellation? Or would that require some sort of upgrade?

好的，謝謝。最後一個問題。我們已經在新聞中看到不少關於低地球軌道星座或科技公司對太空人工智慧資料中心的想法感到興奮的報導。想想馬斯克、貝佐斯、Starcloud 和英偉達。Telesat公司是否也有興趣開展這項業務？能否使用基礎的 Lightspeed 星座來實現？或者說，這需要某種升級？

Caleb, you broke up a little bit there. Would you just mind repeating the question?

卡萊布，你剛才有點情緒失控了。您能否再說一次問題？

Sure. Sorry. I was asking if Telesat has interest in space-based data centers for AI because of the amount of enthusiasm we're seeing between kind of other players like Musk and Bezos, and if that can be done with the existing Lightspeed architecture or if that requires any changes?

當然。對不起。我問的是，鑑於像馬斯克和貝佐斯這樣的其他參與者對基於太空的人工智慧資料中心所表現出的熱情，Telesat 是否對此感興趣；以及這是否可以使用現有的 Lightspeed 架構來實現，還是需要進行任何更改？

So maybe a couple of thoughts on that. One, we're bullish about leveraging AI to improve the efficiency of the network in terms of managing traffic and the like. So that's number one.

所以，關於這一點，我可能有幾點想法。第一，我們非常看好利用人工智慧來提高網路在流量管理等方面的效率。這是第一點。

Number two, AI is going to just drive a lot of broadband usage. And so that is accretive to what we're doing, too. Three, every single one of our satellites is basically a flying computer processor. And so we see it absolutely playing a role in the kind of larger global digital infrastructure including in connection with AI. But I don't think that will be leveraging Lightspeed so much for kind of space-based data centers.

第二，人工智慧將會大大推動寬頻的使用。所以，這對我們正在做的事情也是有益的。第三，我們的每一顆衛星基本上都是一台飛行計算機處理器。因此，我們看到它在更廣泛的全球數位基礎設施中發揮重要作用，包括與人工智慧相關的領域。但我認為這不會過度利用 Lightspeed 來建立太空資料中心。

I see lots of advantages and benefits from the development of AI in terms of how our constellation will be operated and used. But we're not contemplating Lightspeed per se to be used as kind of in-space data centers. I think that's a little bit different.

我認為人工智慧的發展對我們星座的運作和使用有許多優點和好處。但我們並沒有考慮將光速號本身用作太空資料中心。我覺得這有點不一樣。

Chris Quilty, Quilty Space.

克里斯·奎爾蒂，奎爾蒂空間。

Thanks. Dan, I think you said you're still targeting end of '27 for service. I just want to clarify, is that -- do you need all 198 for launching initial service? Or can you launch with a subset of that?

謝謝。丹，我記得你說過你仍然計劃在 2027 年底前完成服務。我想確認一下，是不是－啟動初始服務需要全部 198 個實例？或者，能否先發布其中的一部分？

We expect to have -- so we're starting with 156 satellites. We expect those will be in orbit by the end of 2027. We can start global service with -- yeah, with 96 satellites, and we'll do that. But the balance, the other 60, I guess, will follow on very quickly from that. But yeah, that remains the plan.

我們預計會有——所以我們先從156顆衛星開始。我們預計這些衛星將於 2027 年底前進入軌道。我們可以用 96 顆衛星啟動全球服務，我們會做到的。但剩下的 60 個人，我想，也會很快跟上。是的，計劃依然如此。

So 96 would give you geographic coverage but not the capacity.

所以96可以提供地理覆蓋範圍，但不能提供容量。

Well, I mean, I think we can actually -- we'll start customers up on 96, and we've got a lot of folks that are very keen to have Lightspeed in service and to start leveraging it. But we'll go from 96 to 156 in a matter of a couple of months.

嗯，我的意思是，我認為我們實際上可以——我們將讓客戶在 96 號伺服器上開始使用 Lightspeed，而且有很多客戶非常渴望使用 Lightspeed 並開始利用它。但短短幾個月內，我們的數字就會從 96 增加到 156。

Got you. And in order to launch service, you need the gateway ground network. Where are we at in that process?

抓到你了。而要開通服務，您需要網關地面網路。目前我們處於這個過程的哪個階段？

Yeah. We're making good progress there. We've -- I think we've already announced a deal with Orange for a European teleport. We've made some announcements, I think, with Vocus for teleports in Australia. We ourselves are building out three or four teleports, four teleports here in Canada, and we've procured the land and the like to be building those out. And we're in the midst of an RFP right now lining up landing station locations -- US, LatAm, Asia.

是的。我們在那方面進展順利。我想我們已經宣布與 Orange 達成一項關於歐洲遠程傳送站的協議。我認為，我們已經和 Vocus 就澳洲的傳送服務發布了一些公告。我們自己正在加拿大建造三到四個傳送站，我們已經獲得了建造這些傳送站所需的土地等資源。我們目前正在進行招標，確定登陸站的選址—美國、拉丁美洲、亞洲。

And I'd say we're well advanced in site selection and the like. Intellian is under contract to build all of the gateway antennas, and they're making good progress there. So anyway, we're absolutely where we need to be in terms of the rollout of our landing station infrastructure.

我認為我們在選址等方面已經取得了相當大的進展。Intellian公司承包了所有網關天線的建設，目前進展順利。總之，就我們的著陸站基礎設施建設而言，我們已經完全達到了預期目標。

Got you. And obviously, higher altitude helps with siting, but do you anticipate any areas or regions where it's more difficult and you might have to actually have fiber laid more than just setting up at an existing Teleport facility?

抓到你了。顯然，海拔越高越有利於選址，但您是否預期在某些地區或區域，選址會更加困難，您可能需要鋪設光纖，而不僅僅是在現有的傳送站設施中進行設定？

I don't think so. And we're -- we've got good candidate locations in all the geographies where we need it. Now of course, I mean, all these gateways are going to be fibered up, and they'll be connected to POPs at kind of strategic locations around the world. But no, I mean, we're -- that's proceeding in a good way.

我不這麼認為。而且，我們在所有需要的地區都有合適的候選地點。當然，我的意思是，所有這些網關都將鋪設光纖，並且它們將連接到世界各地戰略位置的存取點。不，我的意思是，我們——事情進展順利。

And remember also, the constellation as intersatellite links -- we'll be rolling out initially about 25 landing stations around the world and then adding to those. And then our customers can have their own landing stations as well. But having the intersatellite links gives us greater flexibility in terms of -- and minimizes in some ways -- the number of landing stations we need in order to have a fully connected global network.

另外，請記住，該星座作為星間連結——我們最初將在全球各地推出約 25 個著陸站，然後逐步增加。這樣一來，我們的客戶也可以擁有自己的降落站。但是，有了衛星間鏈路，我們就能在建立完全互聯的全球網路方面擁有更大的靈活性，並在某些方面最大限度地減少所需的著陸站數量。

Got you. A follow-up on just the constellation build. I know it's a fixed price contract, but so more of MDA's issue. But are you seeing any challenges related to the tariff situation, which seems to change on a weekly basis?

抓到你了。對星座建構的後續報導。我知道這是固定價格合同，但這更多是MDA的問題。但您是否遇到與關稅狀況相關的任何挑戰？關稅情況似乎每週都在變化。

Not yet, and we're in contact, as you can imagine, with MDA all the time to date. And so what's happening is MDA is building the satellites at their factory outside of Montreal. They're sourcing some of the components from here in Canada. They're sourcing components from Europe. They're sourcing components from the US. So there are components coming from other parts of the world as well.

還沒有，而且正如您所想，我們至今一直與MDA保持聯繫。所以現在的情況是，MDA正在蒙特婁郊外的工廠裡建造衛星。他們從加拿大本地採購一些零件。他們從歐洲採購零件。他們從美國採購零件。所以，其中也包含來自世界其他地區的零件。

And so it's really where MDA could potentially be at risk is if they're importing components from the US and Canada implements retaliatory tariffs, which they haven't done to date. That's where there would be more risk. But so far, Canada hasn't implemented retaliatory tariffs. And as far as we can tell from MDA, they're not being adversely impacted by the tariffs that are out there.

因此，MDA 真正可能面臨風險的地方在於，如果他們從美國進口零件，而加拿大實施報復性關稅（但迄今為止加拿大還沒有這樣做）。那裡風險更大。但到目前為止，加拿大尚未實施報復性關稅。根據我們從MDA所了解到的情況來看，他們並沒有受到現有關稅的不利影響。

Great. Looks like SpaceX and OneWeb may actually get into India sometime next year, not this year as I thought. But with that market opening up, do you have a specific plan for that market? I think you had an announcement with Nelco some years ago. Is that still the partner and have you evolved the strategy?

偉大的。看來SpaceX和OneWeb可能要到明年才能進入印度市場，而不是像我之前認為的那樣今年。但隨著該市場的開放，您是否針對該市場制定了具體的計畫？我記得幾年前你和Nelco有過一次合作發表會。那還是你們的合作夥伴嗎？你們的策略是否有調整？

We're engaged with a number of parties that will be good partners for us in India. We'll need to get market access from a satellite perspective, and then our customers will need their own authorizations to be service providers and provide service to their customers in India. So in any event, we've been following closely the developments in that market.

我們正在與一些在印度有潛力成為我們良好合作夥伴的各方進行接洽。我們需要從衛星通訊的角度獲得市場准入，然後我們的客戶需要獲得授權才能成為服務提供者，並向他們在印度的客戶提供服務。總之，我們一直密切關注該市場的發展動態。

From a GEO perspective, it's a market that I've certainly been active in that market for decades. So it's a market that we know well. We think that Lightspeed can offer a lot to users in India and help the government achieve some of their public policy objectives around broadband connectivity and the like. So yeah, we've got a plan there.

從地理角度來看，我的確在這個市場活躍了幾十年。所以，這是我們非常熟悉的市場。我們認為 Lightspeed 可以為印度用戶提供許多服務，並幫助政府實現其在寬頻連線等方面的公共政策目標。是的，我們已經有了計劃。

SpaceX got its first customer for its Plug and Plaser capability, which is really acting as a transport layer for other satellite operators. Is that a consideration for Lightspeed, and how would that be implemented in the future?

SpaceX 的 Plug and Plaser 技術獲得了第一個客戶，該技術實際上是為其他衛星營運商提供傳輸層。Lightspeed是否考慮過這個問題？未來又將如何實現？

So it's interesting this question of making the constellations interoperable at the optical level. Our optical terminals are coming from TSAT. We were deliberate in selecting an optical terminal that was compatible with the US government's standard that came from the Space Development Agency, I believe. So we will be interoperable with other constellations that are also meeting the FDA's standards. So that's one.

因此，如何使各個星座在光學層面上實現互通性，這是一個很有趣的問題。我們的光終端來自TSAT。我相信，我們特意選擇了一款符合美國政府標準的、來自太空發展局的光學終端。因此，我們將與其他同樣符合FDA標準的系統進行互通。這是其中之一。

And then with respect to SpaceX, we've given some thought to how we could make Lightspeed interoperable with SpaceX at the optical level. Technically, there's a relatively straightforward path to get that done. So it's the old, you can do it.

至於 SpaceX，我們已經考慮過如何讓 Lightspeed 在光學層面上與 SpaceX 實現互通。從技術上講，實現這一目標有一條相對直接的途徑。所以還是老一套，你可以做到。

And then the next question is, should you do it? Are there benefits to Telesat, SpaceX, and importantly, the user community for us to be interoperable? And I'd say that's still something that I think we all need to reflect on a little bit more. But there's certainly a path there to get that done.

那麼下一個問題是，你應該這樣做嗎？Telesat、SpaceX 以及更重要的使用者群體，實現互通性是否有任何好處？我認為這仍然是我們需要再多思考的問題。但肯定有辦法實現這一點。

Got you. Final question. You're like the only space company that hasn't mentioned Golden Dome on their conference call for the obvious reason. But as you mentioned, you are SDA compliant on the terminal side. Is there a path forward, and any discussions that you expect around potentially working on that program or contributing?

抓到你了。最後一個問題。你們可能是唯一一家在電話會議上沒有提到金穹頂的航太公司，原因顯而易見。但正如您所提到的，您在終端方面符合 SDA 標準。未來是否有發展方向？您是否預期會就參與該專案或做出貢獻進行任何討論？

Well, I'd say, in all honesty, I haven't mentioned Golden Dome on this call but I'm guilty of mentioning it in prior calls. I mean -- and what we've said on those prior calls is, yes, Lightspeed, I think, could make excellent contributions to a Golden Dome network.

說實話，這次電話會議我沒有提到金頂大廈，但我承認在之前的電話會議中提到過它。我的意思是——我們在之前的電話會議中也說過，是的，我認為 Lightspeed 可以為金色穹頂網路做出巨大貢獻。

I mean, from what I know of Golden Dome, and there's still a lot there that needs to be fleshed out in terms of what Golden Dome is exactly, but it's basically a collection of different networks that are going to be interoperable with one another. Some of those network layers will be space-based. Others will be ground-based, and they're all going to need to talk to each other.

我的意思是，就我所知，金穹頂（Golden Dome）究竟是什麼，還有很多需要進一步完善的地方，但它基本上是由一些可以相互操作的不同網絡組成的集合。其中一些網路層將基於太空。其他人將駐紮在地面，他們都需要互相溝通。

We certainly believe that there's a role that Lightspeed could play because of our optical intersatellite links because of the orbits that we're flying in, which are additive, I think, and would add resiliency to what -- where some of the other constellations are. I think Canada has expressed an openness to participating with the US in Golden Dome. Certainly, Canada and the US, through NORAD, have a long history of cooperating to protect sovereignty and the defense of North America.

我們堅信，由於我們所處的軌道具有疊加效應，Lightspeed 衛星能夠利用其光學星間鏈路發揮作用，從而增強其他一些衛星星座的韌性。我認為加拿大已經表示願意與美國一起參與金頂峰會。當然，加拿大和美國透過北美防空司令部（NORAD）有著悠久的合作歷史，共同保護北美的主權和國防。

So -- and certainly, it's the case that Space Force and the Pentagon and DoD more broadly, are well aware of the capabilities of Lightspeed and I think very interested in the capabilities that we could offer. So yes, we think of Golden Dome as another one of those defense opportunities that could be very accretive to the broader Lightspeed business case.

所以——而且可以肯定的是，太空部隊、五角大樓以及更廣泛的國防部都非常清楚光速的能力，而且我認為他們對我們所能提供的能力非常感興趣。所以，是的，我們認為金穹頂是另一個國防機遇，它可能會大大促進光速公司的整體業務發展。

This concludes the Q&A session. I will now turn the call over to CEO, Dan Goldberg, for closing remarks.

問答環節到此結束。現在我將把電話交給執行長丹‧戈德堡，請他作總結發言。

Okay. Well, thank you all for joining us this morning. I do want to take just a moment. It is Andrew's last earnings call with us, and Andrew and I have worked together for -- I think it's 27 years now. And before signing off here, I just wanted to acknowledge what a brilliant career Andrew has had, certainly in the satellite industry. He served as CFO for, I think, at least four or five publicly traded satellite companies and had a great career in the tech world even before joining the satellite sector.

好的。謝謝各位今天早上收看我們的節目。我想佔用您一點時間。這是安德魯最後一次和我們一起參加財報電話會議，我和安德魯已經一起工作了——我想應該是27年了。在結束今天的演講之前，我只想表達對安德魯輝煌職業生涯的敬意，尤其是在衛星行業。我認為他至少擔任過四、五家上市衛星公司的財務長，而且在進入衛星產業之前，他在科技界也擁有非常輝煌的職業生涯。

So in any event, just to say to Andrew, thank you for being such a great colleague and being such a great CFO. Thank you for all of your contributions to Telesat over the last six years. We deeply appreciate it, and we wish you well.

總之，我想對安德魯說，謝謝你一直以來都是這麼棒的同事，這麼優秀的財務長。感謝您在過去六年對 Telesat 的所有貢獻。我們深表感謝，並祝您一切順利。

And so with that, I'll sign off -- maybe Andrew has a word, but I'll sign off and just say to everyone, thank you for joining the call and we look forward to speaking with you again when we issue our full-year numbers. But over to Andrew.

那麼，我就此結束發言——也許安德魯還有話要說，但我還是要結束發言，並向大家表示感謝，感謝大家參加本次電話會議，我們期待在發布全年業績數據時再次與大家交流。現在把麥克風交給安德魯。

Look, Dan, thank you so much for your kind words and indeed, [event of] partnership over many years and six years here at Telesat. And welcome Donald coming. He'll do a great job. And just to say personally, I feel very proud of what we've collectively achieved to date and with a great future ahead. And also sincerely would like to thank all my colleagues around this table and people that we worked very closely together over the years, and thank the Board.

丹，非常感謝你的讚揚，也感謝你多年來，特別是六年來在 Telesat 的合作。歡迎唐納德的到來。他會做得很好。就我個人而言，我為我們迄今為止共同取得的成就感到非常自豪，並且對我們美好的未來充滿信心。我還要真誠地感謝在座的所有同事，以及多年來與我們密切合作的人們，並感謝董事會。

And so that's it. I will miss our quarterly calls. And with that, thank you very much. And thank you Dan, again.

就這樣。我會想念我們的季度電話會議。那麼，非常感謝。再次感謝你，丹。

Okay. Thank you all.

好的。謝謝大家。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。