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

大家好，歡迎參加Telesat 2025年第三季財務業績電話會議。 [操作員提示] 現在我將會議交給James Radcliffe。請開始。

Thank you, Jay Allen and good morning. Thank you for joining us today. Earlier this morning, we filed our quarterly report for the period ending September 30th, 2025 on Forum 6K with the SEC and on CDAR+. Our remarks today may contain forward-looking statements.

謝謝傑伊艾倫，早安。感謝您今天參加我們的活動。今天早些時候，我們已透過 Forum 6K 系統向美國證券交易委員會 (SEC) 和 CDAR+ 系統提交了截至 2025 年 9 月 30 日的季度報告。我們今天的發言可能包含前瞻性陳述。

There are risks that tell us that 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. Helifat assumes no responsibility to update or revise these forward-looking statements. I'd now like to turn the call over to Dan Goldberg, Telesat's President and Chief Executive Officer.

存在一些風險，顯示由於已知和未知的風險及不確定性，實際結果可能與前瞻性聲明中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 (SEC) 提交的年度報告和更新文件。 Helifat 不承擔更新或修訂這些前瞻性聲明的責任。現在，我將把電話交給 Telesat 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. In GEO, our team continues to execute in a discipline, focused manner as we work to maximize the cash flow from our existing satellite fleet.

謝謝詹姆斯，大家早安。感謝各位今天早上參加我們的會議。第三季業績符合預期，我對Telesat今年前九個月在地球同步軌道（GEO）和低地球軌道（LEO）業務板塊的表現都感到滿意。在地球同步軌道業務板塊，我們的團隊繼續以嚴謹專注的態度執行各項工作，努力最大化現有衛星群的現金流。

The biggest revenue had been in the quarter when compared to the third quarter of 2024 was the NNI 5 renewal with Dish. As we shared earlier, Dish renewed the NIC five contract, but at a lower rate and capacity that declines over the renewal period.

與2024年第三季相比，本季最大的收入來自與Dish續約的NNI 5合約。正如我們之前提到的，Dish續簽了NIC 5合同，但價格較低，且續約期間容量逐漸下降。

That renewal combined with the non-renewal by dish of our AIF 3 satellite, which reached the end of its station cap life, so it could no longer support direct to home video services, accounts for nearly half of the total revenue decline year over year.

此次續約加上我們的 AIF 3 衛星因達到其月台容量壽命終點而無法再支援直接到家庭視訊服務，導致總收入年減近一半。

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Leo專案中，我們在衛星、地面基礎設施和網路軟體的開發方面持續取得顯著進展。再次提醒大家，我們的首次發射計劃在明年年底進行。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 teleset 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.

在商業方面，我們看到目標客戶群對遠端光速望遠鏡表現出濃厚的興趣，尤其是在目前航空和政府用戶方面。我們將繼續專注於達成客戶協議並增加合約訂單。

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. In September, we distributed 62% of the equity in Telesat Lightspeed to a wholly owned indirect subsidiary of Telisat Corporation.

除了地球同步軌道（Geo）和高空軌道（Leo）業務取得進展外，本季我們還採取了一項重要舉措，優化公司資本結構並增強融資管道。 9月份，我們將Telesat Lightspeed 62%的股權分配給了Telisat Corporation的全資間接子公司。

I'm also pleased to say that our advisers are engaging with the advisors to the major holders of our geo debt with the objective of finding the best path forward to addressing that debt.

我也很高興地告訴大家，我們的顧問正在與我們地緣債務主要持有者的顧問進行溝通，目標是找​​到解決該債務的最佳方法。

Finally, And as we announced earlier this year, Andrew Brown will be retiring from Telesat after 6 years as the company's CFO. We found a worthy successor to Andrew and Donald Tremblay, who started with the company on October 20th.

最後，正如我們今年稍早宣布的那樣，安德魯布朗將在擔任Telesat公司財務長六年後退休。我們找到了安德魯的合適繼任者，唐納德·特倫布萊於10月20日加入公司。

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. 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.

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。所以，熱烈歡迎唐納德，他今天早上和我在一起。由於安德魯正在將職責交接給唐納德，我們請安德魯在本月稍後正式退休前最後一次向大家報告財務數據。那麼，安德魯，請你來吧。

Thank you, Dan. Good morning, everyone. I would now like to focus on highlights from this morning's press release and filings. In the third quarter of 2025, Kellyar reported consolidated revenues of $101 million. It just $47 million and generated cash.

謝謝丹。大家早安。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。 Kellyar公司公佈，2025年第三季合併營收為1.01億美元，虧損4,700萬美元，並產生了現金流。

From operations of $97 million year-to-date plus ending the quarter with $483 million in cash. 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%.

截至目前，公司營業收入為9,700萬美元，季末現金餘額為4.83億美元。第三季度，營收減少3,700萬美元至1.01億美元。營業支出增加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EBITDA利潤率為46%。需要指出的是，我們地域分部的利潤率約為62%。

The revenue decreased for the quarter, but primarily due to a lower rate on the renewal of a long-term agreement with the North American direct to home customer and the expiration of a separate agreement with that customer.

本季營收有所下降，但主要是由於與北美直接到戶客戶續簽長期協議的費率降低，以及與該客戶的另一項協議到期所致。

Other factors included reductions in services for certain enterprise customers, particularly in the Indonesian rural broadband program, and a reduction in services for another North American direct to home customer. The increase in operating expenses was primarily due to higher tele light speed headcount growth, along with higher legal professional fees and offset by higher capitalized engineering costs.

其他因素包括部分企業客戶的服務削減，尤其是在印尼農村寬頻專案中，以及另一家北美直接入戶客戶的服務削減。營運成本的增加主要是由於電信光速部門人員數量的增長以及法律專業費用的增加，但被更高的工程資本化成本所抵消。

As usual, we break out the performance of a Leo and Geo segments separately in those four of our financial statements filed on Form 6K. Interest expense in the third quarter decreased by EUR5 million during the quarter and compared to the same period in 2020.

像往常一樣，我們在提交給 6K 表格的四份財務報表中分別列出了 Leo 和 Geo 業務部門的表現。第三季利息支出較 2020 年同期減少了 500 萬歐元。

To note, a cumulative principal amount of debt we purchases is $857 million at a cost of $450 million, an average price of $0.53. This also results in the interest savings of approximately $53 million annually. Combined with the previous repayments of $356 million of term loanee, our overall debt has been reduced by approximately 36%.

值得注意的是，我們此次收購的債務本金總額為8.57億美元，總成本為4.5億美元，平均價格為每股0.53美元。這每年可節省約5,300萬美元的利息支出。加上先前償還的3.56億美元定期貸款，我們的整體債務已減少了約36%。

In the third quarter, we reported a loss in foreign exchange of EUR32 million as compared to a gain of EUR36 million in the third quarter of 2024. 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.

第三季度，我們報告外匯損失3,200萬歐元，而2024年第三季則為外匯收益3,600萬歐元。第三季度，我們淨虧損1.21億美元，而2025年第三季則為淨利6,800萬美元。

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 non-recurrence of the gain on the repurchase of debt recorded in the third quarter of 2024.

造成差異的原因包括收入下降、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年第三季確認的債務回購收益的非經常性損失。

For the first nine months of 2025, cash inflows from offering 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 tele light speed.

2025年前九個月，發行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。在資本支出方面，幾乎全部與遠端光速技術相關。

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 30th, we've drawn $1,405 million from the facilities. Subsequent to the quarter end, we've drawn a further $135 million at the end of October, thus having a total cumulative draw of EUR540 million.

第三季度，我們完成了從加拿大聯邦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，我們已收到6,500萬美元，累計提領額度達14.05億美元。季度末之後，我們在10月底又提取了1.35億美元，累計提取總額達5.4億歐元。

Guidance, as you will also have noted in our earnings released this morning, we reiterated our guidance for 2025 for revenues adjusted with that in 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 and EUR425 million.

正如您在今天早上發布的財報中所看到的，我們重申了2025年經資本支出調整後的營收預期。此預期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4.05億歐元至4.25億歐元之間。

In terms of operating expenses, excluding share-based compensation, we expect spending to be approximately between EUR75 million and EUR85 million on tele lightspeed this year. This guidance reflects higher capitalized engineering and the timing of hiring as we continue to ramp up the tele lightspeed team.

就營運支出而言（不計股權激勵），我們預計今年在遠端光速技術方面的支出約為7500萬至8500萬歐元。這項預期反映了更高的工程資本投入以及隨著我們不斷擴大遠端光速團隊而進行的招募安排。

We continue to expect total adjusted EBITDA to be between $1,170 million to $190 million and also reflects provisions we've made for advisory legal professional fees related to the work in respect to G. 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 tele satellite speed.

我們仍然預計調整後 EBITDA 總額將在 11.7 億美元至 1.9 億美元之間，也反映了我們為與 G 相關的諮詢法律專業費用所做的準備金。關於資本支出，我們仍然預期 2025 年的支出將在 9 億至 11 億美元之間，幾乎全部與電信衛星速度有關。

To meet our expected cash requirements for the next 12 months, including interest payments and capital expenditures, we have approximately $480 billion of cash in 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.

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，我們在短期投資中擁有約 4800 億美元的現金，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 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.

第三季末，根據修訂後的優先擔保信貸安排條款計算的總槓桿率為8.676倍，符合我們信貸協議和契約中的所有契約條款。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的調節表。

Our 6K provides you notice that in turn condemns consolidated financial information on the NDNA. The non-guarantor subsidiaries shown are essentially the unrestricted subsidiaries of minor differences. This concludes our prepared remarks for the call, and I'm very happy to turn back to the operator and address any questions you may have. Thank you very much.

我們的6K文件通知您，該文件進而駁斥了NDNA上的合併財務資訊。所示的非擔保子公司基本上是僅有少量差異的非限制性子公司。以上是我們為本次電話會議準備的發言，我很高興將麥克風交給接線員，回答您可能提出的任何問題。非常感謝。

Thank you [Operator Instructions] One moment for your first question. Your first question comes from one of David McFadgen of Cormac securities your line is open.

謝謝。 [操作員說明] 請稍等片刻，回答您的第一個問題。您的第一個問題來自 Cormac Securities 的 David McFadgen，您的線路已開通。

Oh, great, yeah, so first of all I just want to say, congratulations to Andrew on his, retirement. Hope you have a nice retirement now. So a couple of questions, yeah, I'll just start first of all on, the debt negotiations. 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 with respect to that.

哦，太好了，首先我想祝賀安德魯退休。希望他退休生活愉快。我有幾個問題，首先是關於債務談判的。我想問一下，您覺得您和債權人之間的分歧很大嗎？還是您覺得雙方的立場比較接近？我只是想了解目前的情況。

Hey, David, it's Dan. So, it's too early to say. We, 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。現在說這些還太早了。我們已經開始訂婚了，接下來就順其自然吧。所以，是的，現在說這些還太早了。

Okay, so then a question on the guidance, so you left your, either the guidance unchanged, but yet you dropped your spend on the leo, so that would imply a higher, or sorry, a lower Eva dot being generated from GO, but you didn't change your revenue outlook on GO, so just kind of just kind of wondering how you square those off, cause if the revenue hasn't changed on Geo, it shouldn't really change the eva.

好的，那麼關於業績指引的問題，你們要么維持了業績指引不變，要么降低了在 LEO 上的支出，這意味著 GO 產生的 Eva 點數會更高，或者更確切地說，會更低，但你們並沒有改變 GO 的收入預期，所以我想知道你們是如何平衡這兩者的，因為如果 Geo 的收入沒有變化，那麼 Eva 也不應該發生變化。

Maybe I'll take the first crack at this.

或許我會第一個嘗試。

So relative to guidance, we've underspent some mostly related to Leo's headcount, and that's been two things. One, we've capitalized more kind of engineering expense than we originally assumed.

因此，與預期相比，我們的支出有所減少，這主要與Leo的員工人數有關，具體體現在兩方面。第一，我們資本化了比原先預想更多的工程費用。

So that's #1, and number 2, our hiring feels like at the end of the day it's going to be sort of more back loaded than what the budget assumed. And so in any event, so that's, that explains the kind of underspend on the Leo op X, but it's been op. 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 Teles at Leo. So in any event, I mean that that's kind of how it, it's played out. So yeah, 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 that we announced spinning out.

所以，這是第一點。第二點，我們感覺最終的招募計畫會比預算預期更偏向後期。總而言之，這就解釋了為什麼Leo營運支出低於預期，但專業費用支出卻高於預期，這幾乎完全與再融資以及我們從Leo剝離Teles股權的交易有關。總之，情況就是這樣。所以，最終Leo的營運支出由於資本化的工程項目和緩慢的成長速度而減少，但被增加的專業費用所抵消，這些費用主要來自我們宣布的剝離交易。

Leo.

獅子座。

Okay, I think most people would have viewed those as one time and wouldn't, hit either the dog by that, but anyways, at least you know what's going on.

好吧，我想大多數人都會把那些事看作是一次性的，不會因此打狗，但無論如何，至少你知道發生了什麼事。

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

嗯，你說得有道理。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 interests than others, there in government.

好的。所以，你指出了政府中兩個利益團體的利益比其他團體更強烈。

Are you seeing a really increased demand, say from the defense sector that that defense could be Kind of views that viewed as its own.

你是否看到需求確實增加，例如來自國防領域的需求，而這種國防可能被視為其自身的一部分？

Yeah 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 you know other allies have made similar commitments. The government of Canada is announcing a budget today, and I don't know, based on everything we're reading and based on everything we're seeing. We expect there will be a meaningful uptick in defense spending, light speed. 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.

是的，這是一個很好的問題，因為我們與政府合作時，很多工作都圍繞著農村寬頻計畫展開，但我在開場白中提到的更多的是國防方面的問題。我們知道，加拿大現任政府已承諾履行其在北約的開支義務，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，根據我們目前了解到的信息，我們預計國防開支將大幅增加。我們之前也討論過這種雙用途基礎設施。它不僅用於農村寬頻連接、商業航空、海事服務、蜂窩網路回傳等，而且在國防領域也具有巨大的應用價值。考慮到加拿大強調北極主權的重要性，以及加拿大將與其盟國共同承擔的國防開支，我認為這是一個合理的預期。

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

政府表示，當它與盟友進行大量支出時，自然也期望盟友反過來與加拿大供應商簽訂合同，諸如此類。這讓我們對發展業務充滿信心，並能以極快的速度滿足加拿大政府及其盟友的國防需求。

So just following up on that comment, the Korean 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?

關於您剛才的評論，韓國政府承諾每年至少投入6000萬美元，為期10年。我原以為這6000萬美元大部分並非用於國防。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 you know that $60 million a year for 10 years should, the.

是的，沒錯，這筆錢將用於農村寬頻連線。您應該記得，這項協議的運作方式是，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。所以，您知道，每年 6000 萬美元，為期 10 年，應該…

A 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.

我們期望，當這種能力提供給農村地區的網路服務供應商時，就能帶來增量收入。當然，加拿大政府出於國防目的的任何承諾都將是在此基礎上額外增加的。

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 Q326.

好的，所以這個數字有可能還會大幅增加。您也提到，首次衛星發射計畫在明年年底。我原以為衛星會在第三季開始發射。

Nope, I think, for many quarters now, we've been talking about late next year.

不，我認為，過去很多季度以來，我們一直在討論的是明年年底。

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

好吧，看來我剛才說錯了。好吧，就像你一樣，你也預訂了SpaceX的行程，對吧？那你能大概告訴我們你預計太陽會在幾月份開始消失嗎？

It'll be late as our expect. 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 you know all the rest of the satellites in the constellation.

正如我們預期的那樣，發射時間會比較晚。我的意思是，我們可能會在12月發射幾顆探路者衛星，用於測試和驗證，並開始為自己進行這項工作。同時，我們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的所有其他衛星。

Thanks David I move on to the next question, please.

謝謝大衛，請繼續回答下一個問題。

David, do you have one.

大衛，你有嗎？

More.

更多的。

I did have one more. Sorry, I don't give him enough like the call. You're still expecting to start to generate revenue on light ski in the fourth quarter of 207, correct?

我還有個問題。抱歉，我沒能給他足夠的關注。您仍然預計在207年第四季開始從輕型滑雪板業務中獲得收入，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年底開始全球服務，所以沒錯。

Okay, alright, thanks again.

好的，再次感謝。

Okay, thank you.

好的，謝謝。

Okay. Thank you. Your next question comes from the line of Edison Yu of Deutsche Bank. Your line is open.

好的，謝謝。下一個問題來自德意志銀行的餘生愛迪生（Edison Yu）的線路。您的線路已接通。

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

您好，感謝您回答我們的問題。首先，我想回到剝離Leo股權的問題上。您能否解釋一下此舉背後的主要邏輯？您是否考慮過為此籌集更多股權，或將其用作某種形式的貨幣，用於其他交易？

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 our GO.

所以我的意思是，這樣做的根本原因在於優化資本結構，並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獨立於我們一般義務投資（GO）債務所在實體之外的實體，來實現這一目標。

Activities, it just gives us more scope, more flexibility, more optionality around using that stake to if we need to secure incremental funding. So that's, the primary purpose of doing that transaction. As far as issuing more equity at this time and that's not, a current plan, light speed for the 1st 156 satellites, which is what we need to launch a compelling fully global network, is fully funded.

這項交易賦予我們更大的範圍、更大的靈活性和更多的選擇權，以便在需要時利用這些股票來獲得額外的資金。這就是進行這項交易的主要目的。至於目前是否計劃增發股票，目前還沒有這個計劃，因為首批156顆衛星的發射（這是我們建構一個強大的全球網路所必需的）資金已經全部到位。

With the commitments that we have from the government of Canada in Quebec to loan us money with our own equity contribution with the, $300 million US vendor financing that we have. So we're in good shape there. So yeah, that's how we think about it.

有了加拿大魁北克省政府承諾的貸款，加上我們自身的股權出資，以及我們獲得的3億美元供應商融資，我們目前的狀況良好。是的，我們就是這麼想的。

Okay. Gotcha. and also about, we have seen some spectrum transaction in the industry recently. Just like curious about your thoughts on that, like the spectrum supply demand landscape, like how you see it playing out for longer-term, and also would tell us that potentially like have a role to play in this D2D market.

好的，明白了。另外，我們最近看到業界出現了一些頻譜交易。我很想聽聽您對此的看法，例如頻譜的供需格局，您認為長期發展趨勢如何，以及您在D2D市場中可能扮演的角色。

So the spectrum, I mean the big spectrum transaction was obviously SpaceX acquiring the SA rights of EcoStar, and to your point, that was all about, having spectrum for D to D. We certainly see rumors that, there could be more of those transactions contemplated.

所以，關於頻譜，我的意思是，最大的頻譜交易顯然是SpaceX收購了EcoStar的頻譜使用權，正如你所說，這完全是為了獲得D2D通訊所需的頻譜。我們確實看到有傳言說，可能會有更多類似的交易正在考慮中。

We've got no insight on that. 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 that's where our focus is right now.

我們對此一無所知。正如我們之前所說，我們的重點是部署光速網絡，它並非直接面向設備的星座網絡，而是先進的全球寬頻星座網路。所以，這就是我們目前的關注點。

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 CMA spectrum that we still have following. The decision by the US and the Canadian regulators to repurpose about 3/5 of that spectrum for 5G, but we still have the other 2 bits, but it's not our focus at this point to pursue a direct to device network. I would note that the FCC recently.

我們當然有能力和專業知識來啟動直接設備網路。除了我們目前仍然擁有的CMA頻譜之外，我們沒有其他頻譜資源。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，但我們仍然擁有剩餘的2比特，不過目前我們並沒有將重點放在發展直接設備網路上。我注意到，FCC最近也…

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.

我認為，他們發布了一份擬議規則制定通知或徵詢意見通知，內容是關於衛星產業目前仍在使用的C頻段剩餘部分是否可用於5G。因此，Telesat肯定會密切關注此事。

We have Satellites that have C band coverage and capacity over the US and of course over Canada as well. So we participated in the last proceeding when the FCC reallocated that Cband spectrum and if that's something they do again, we'll follow that and participate in that actively again.

我們的衛星在美國和加拿大都擁有C頻段的覆蓋範圍和容量。因此，我們參與了上次FCC重新分配C頻段頻譜的程序，如果他們再次進行類似操作，我們也會積極參與。

Okay, gotcha. I appreciate the color.

好的，明白了。我很喜歡這個顏色。

Thank you.

謝謝。

Thank you. Your next question comes from the line of Caleb Henry of Quilty Space. Your line is open.

謝謝。下一個問題來自 Quilty Space 的 Caleb Henry。您的提問通道已開放。

Alright guys, thanks for taking the questions. Follow-up on the launch side of things you mentioned first launching some Pathfinders and then serial launches. Are you planning a GAAP 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?

好的，謝謝各位回答問題。關於產品發布方面，你們提到會先推出一些探路者版本，然後再進行大量發布。你們計劃在這兩次發布之間設定一個通用應用實作（GAAP）嗎？如果是的話，能否具體說明第一次發布和第二次發布之間會間隔多久？你們預計在這個學習階段會有哪些設計變更、升級或調整？

Thanks, Caleb, for the question.

謝謝Caleb的提問。

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.

所以，發射探路者衛星一直是我們的計畫。我們可以在地面上進行大量的測試，我們也會這樣做，但沒有什麼比在太空的真實環境下進行軌道測試更能增強信心的了。所以我們會這樣做。

It's probably going to be, I don't know, 234 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 on board processors, the, inner satellite links, the handoff of traffic from satellite to satellite on the ground.

大概需要234個月，等我們發射這些衛星的時候，我們需要進行軌道提升。我們要對它們進行全面的測試，包括所有星載處理器、衛星內部連結以及地面衛星間的資料交接等。

So anyway, we'll do all that and again we'll be doing some of that, ourselves alongside of NDA 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, that's the plan, and, but, So we have a comprehensive testing plan.

總之，我們會做所有這些事情，其中​​一些我們會自己做，一部分與NDA合作，一部分與客戶合作，我們知道客戶群也渴望參與其中。我們會和他們一起進行各種測試。這就是計劃，我們有一個全面的測試計劃。

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.

我們的預期，尤其是在我們完成所有地面測試之後，應該是，它更像是一種驗證性的發現。所以我們並不是預期，而是預期在太空船進入太空後，能夠證實我們在地面測試中得出的結論。

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

好的，我今天早上也看到Teles宣布了與Farcast的合作和投資。您能解釋一下這如何融入Lightspeed的用戶終端產品組合計畫嗎？

Yeah, we, 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 the cast around aeronautical FPAs.

是的，我們已經發布了一些公告。我們將針對我們關注的各個垂直領域推出一系列不同的用戶終端。我想到目前為止，我們宣布了與 Cast 公司在航空 FPA 方面的合作。

We've announced collaboration with Intelion. On both flat panel antennas and a dual parabolic antenna which for certain applications you can still make sense and then and then the one today with Barcast. Barcast is a very innovative company with a very Innovative technology where they interleave the transmit

我們宣布與 Intelion 展開合作，合作內容包括平板天線和雙拋物面天線。在某些應用場景下，雙拋物面天線仍具有實用價值。此外，我們今天也與 Barcast 合作。 Barcast 是一家極具創新精神的公司，擁有非常先進的技術，他們採用交錯發射技術。

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 and we've been working with Forcast for some years now and feel.

接收這些平板天線的元件，確實能帶來一些優勢。我的意思是，基本上你可以獲得一個更小巧但功能強大的用戶終端，我們與Forcast合作多年，感覺…

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. So so that's our approach.

是的，我們對他們的進展以及利用他們的技術能為我們和我們的客戶在各個垂直領域帶來的優勢非常樂觀。而且我認為，我們並不是唯一對他們正在開發的技術充滿熱情的衛星營運商。這就是我們的態度。

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 you know a modem that can be integrated into these various flat panel and dual parabolic antennas.

我認為它在很多方面都非常開放，是一個生態系統。就可用的用戶終端而言，我們提供一種可整合到各種平板和雙拋物面天線中的數據機。

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.

我們的星座圖也可以以透明模式運作。因此，在某些情況下，客戶可以使用自己的波形和數據機。這對於部分客戶群來說可能很有吸引力。

We've always said that the trajectory of the technology development around these flat panel antennas is is moving in a very favorable way, and this announcement with forecast, I'd say is just a manifestation of that. We're excited about it. If not, have you announced a modem supplier? I assume it's one single company.

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，而這次發布的預測正是這一趨勢的體現。我們對此感到非常興奮。如果沒有，你們是否已經宣布了調變解調器供應商？我猜應該只有一家公司。

Michelle, do you want to say something about the modems. so for the modem, the user terminal, this is a development that we took on us. We are partnering with some vendors to do the detailed design that will own and we're also partnering with the candidate contract manufacturer for the volume production here in Canada to be announced at a later time.

米歇爾，你想談談調變解調器嗎？關於數據機，也就是用戶終端，這是我們自己開發的。我們正在與一些供應商合作進行詳細設計，並與我們選定的代工廠商合作，在加拿大進行批量生產，具體資訊稍後公佈。

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. Musk and Bezos and StarCloud and Nvidia.

好的，謝謝。最後一個問題，我們最近在新聞中看到不少關於獅子座星座以及對太空人工智慧資料中心概念感到興奮的科技公司的報道。例如馬斯克、貝佐斯、StarCloud和英偉達。

Is this something that Telesat would be interested in doing as well, and can it be done with the baseline lightspeed constellation, or would that require some sort of upgrade?

Telesat 是否也對此感興趣？能否使用現有的 Lightspeed 星座來實現，還是需要進行某種升級？

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

嘿，卡萊布，你剛才好像有點語無倫次了。你能再說一次那個問題嗎？

Sure, sorry, I was asking if Telisat has interest in space-based data centers for AI because of the amount of enthusiasm we're seeing between 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，不好意思，我是想問 Telisat 是否對基於太空的人工智慧資料中心感興趣，因為我們看到像馬斯克和貝佐斯這樣的其他參與者對此表現出了極大的熱情，以及這是否可以利用現有的 Lightspeed 架構來實現，或者是否需要進行任何更改。

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 #1. Number 2, AI is going to just drive a lot of broadband usage and so that, is accretive to what we're doing too. 3. 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.

所以，關於這一點，我有幾點想法。首先，我們非常看好利用人工智慧來提升網路效率，例如流量管理等面向。這是第一點。第二，人工智慧將極大地推動寬頻使用，這對我們目前的工作也是有益的。第三，我們的每一顆衛星本質上都是一台飛行電腦處理器，因此，我們認為它將在全球數位基礎設施建設中發揮至關重要的作用。

Including in connection with AI, but I don't think that we'll, be leveraging lightspeed so much for, kind of, space-based data centers that I see lots of advantages and benefits from the development of AI in terms of how our consolation will be operated and used, but, we're not. contemplating light speed per se to be used as kind of, in space data centers. I think that's a little bit.

包括與人工智慧相關的方面，但我認為我們不會過度利用光速來建立太空資料中心。雖然我認為人工智慧的發展在資料中心的運作和使用方面有很多優點和益處，但我們並沒有考慮將光速本身用於太空資料中心。我認為這有點…

Different. Got it. Okay, thank you very much.

不一樣。明白了。好的，非常感謝。

Your next question is from Chris Quilty of Quilty Space. Your line is open.

下一個問題來自 Quilty Space 的 Chris Quilty。您的提問通道已開放。

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 all198 for launching initial service, or can you, launch with a subset of that?

謝謝，丹。我記得你說過你們的目標上線日期還是27號。我想確認一下，你們啟動初始服務是否需要全部198個服務，還是可以用其中的一部分來啟動？

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 96 satellites, and we'll do that, but the balance, the other 60, I guess, follow on very quickly from that. But yeah, that remains the plan.

我們預計會發射156顆衛星，所以先從這156顆開始。我們預計這些衛星將在2027年底前入軌。我們可以用96顆衛星啟動全球服務，我們也會這麼做，剩下的60顆衛星，我想，很快就會跟進。是的，這仍然是我們的計劃。

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做到，我們會讓客戶從 96 開始使用，而且有很多客戶非常渴望使用光速服務並開始利用它，但我們會在幾個月內從 96 升級到 156。

Gotcha. And in order to launch service, you need a gateway ground network where are we at in that process?

明白了。要開通服務，需要一個地面網關網絡，我們現在進展到哪一步了？

Yeah, we're making good progress there. 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 3 or 4 teleports here in Canada.

是的，我們在那方面進展順利。我想我們已經宣布與Orange公司達成了一項在歐洲建造傳送站的協議。我們也宣布了與Vocus公司在澳洲建造傳送站的合作計畫。我們自己也在加拿大建造三到四個傳送站。

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, and I'd say we're well advanced in site selection and the like.

我們已經購買了建造這些設施所需的土地和其他資源，目前正在進行招標。我們正在確定登陸站的選址，包括美國、拉丁美洲和亞洲，我認為我們在選址等方面進展順利。

Intelian is under contract to build all 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.

Intelian公司已簽訂合約負責建造所有網關天線，目前進展順利。總之，就登陸站基礎設施的部署而言，我們完全達到了預期目標。

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

明白了。顯然，海拔越高越有利於觀測，但您是否預料到某些區域或地區觀測難度較大，可能需要鋪設光纖，而不僅僅是在現有的傳送設施上進行設定？

I don't think so. We're, we've got good candidate locations and 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, that's.

我不這麼認為。我們已經有了合適的候選地點，涵蓋了我們需要的所有地區。當然，我的意思是，所有這些網關都將鋪設光纖，並連接到世界各地戰略位置的存取點，但是，不，我的意思是，我們，就是這樣。

Proceeding in a good way and remember also, the constellation that in satellite 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 inner satellite 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.

進展順利，別忘了衛星連結星座。我們最初將在全球各地部署約25個著陸站，之後會逐步增加，我們的客戶也可以擁有自己的著陸站。但有了內部衛星鏈路，我們就擁有了更大的靈活性，並在某種程度上減少了建立完全互聯的全球網路所需的著陸站數量。

Gotcha. 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 the tariff situation which seems to change on a weekly basis?

明白了。關於星座建設的後續問題，我知道這是固定價格合同，但更多的是MDA方面的問題，您是否遇到與關稅相關的任何挑戰？關稅似乎每週都在變動。

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.

還沒有，正如您所想，我們一直與 MDA 保持聯繫，到目前為止，MDA 正在蒙特利爾郊外的工廠建造衛星。

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.

他們從加拿大本地採購一些零件，從歐洲採購一些零件，從美國採購一些零件。所以，還有一些零件來自世界其他地區。

And so it's really, where MDA could potentially be at risk is if they're importing components say, 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，如果他們從美國和加拿大等國進口零件，而這些國家實施報復性關稅（目前為止尚未實施），那麼MDA的風險就會更大。但就目前而言，加拿大尚未實施報復性關稅，而且據我們從MDA方面了解到的情況，他們也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 had thought, but with that market opening up, do you have a specific plan for that market? I think you had an announcement with NLCO some years ago. Is that still the partner and have you evolved the strategy?

太好了。看來SpaceX和OneWeb明年或許真的會進軍印度市場，而不是今年我想的那樣。不過，隨著印度市場的開放，你們針對這個市場有什麼具體的計畫嗎？我記得幾年前你們和NLCO有過合作。 NLCO現在還是你們的合作夥伴嗎？你們的戰略有調整嗎？

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 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 light speed 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.

我們正在與多家公司洽談，他們將成為我們在印度的良好合作夥伴。我們需要從衛星角度獲得市場准入，然後我們的客戶也需要獲得相應的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，我們一直密切關注印度市場的地域發展。我自己在這個市場已經活躍了幾十年，所以我們對這個市場非常了解。我們認為光速網路可以為印度用戶帶來許多益處，並幫助政府實現一些與寬頻連線相關的公共政策目標。是的，我們已經制定了相關計劃。

Gotcha. SpaceX got its first customer for its, plug-in lazer capability, which is, really acting as a transport layer for other satellite operators. Is that a consideration, for light speed and how would that be implemented, in the future?.

明白了。 SpaceX 的即插即用雷射技術已經獲得了首位客戶，這項技術實際上是為其他衛星營運商提供傳輸層。這是否會影響光速傳輸？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 A meeting the SDA's standards. So that's one. And then with respect to SpaceX, we've given some thought to how we could make light speed interoperable with SpaceX at the optical level.

所以，關於如何在光學層面實現星座互通性這個問題很有趣。我們的光學終端來自TSAT。我們刻意選擇了符合美國政府標準（我相信是來自太空發展局）的光學終端，讓我們能與其他同樣符合SDA標準的星座互通。這是一方面。另一方面，關於SpaceX，我們也考慮如何讓Light Speed在光學層面與SpaceX實現互通。

Technically, there's a relatively straightforward path to get that done. So then, it's the old, you can do it, and then the next question is should you do it? are there, benefits to tell us that 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.

從技術上講，實現這一點有一條相對直接的途徑。所以，問題回到了老生常談的“你能做到”，然後下一個問題就是“你應該做嗎？”。 SpaceX以及使用者社群是否真的需要我們實現互通性？我認為我們都需要對此進行更深入的思考，但實現這一目標的途徑是存在的。

Gotcha. A 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?

明白了。最後一個問題，你們好像是唯一一家在電話會議上沒有提及金穹頂的航太公司，原因顯而易見。但如你所說，你們的終端符合SDA標準。未來是否有合作或貢獻的計劃？你們預計會就此展開哪些討論？

Well, I'd say in all H1sty, 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, light speed.

嗯，總的來說，H1sty，我這次電話會議沒提到金穹頂，但我承認之前幾次電話會議提到過。我的意思是，我們在之前的電話會議裡說過，沒錯，就是光速。

I think could make excellent contributions to a Golden Dome network. 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.

我認為我能為金穹網絡做出卓越貢獻。就我目前對金穹的了解而言（當然，關於金穹的具體內容還有很多需要完善的地方），它基本上是由多個可互通的不同網絡組成的集合。其中一些網路層將基於太空，有些則基於地面，它們都需要彼此通訊。

We certainly believe that there's a role that lightspeed could play because of our. Optical and satellite 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.

我們堅信，光速傳輸可以發揮重要作用，這得益於我們的光學和衛星鏈路，以及我們所處的軌道——我認為，這些鏈路具有疊加效應，能夠增強其他一些衛星星座的可靠性。我認為，加拿大已經表示願意與美國合作參與。

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. So, and certainly it's the case that Space Force and the Pentagon and DOD sort of more broadly are well aware of the capabilities of light speed 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.

在金色穹頂，加拿大和美國透過北美防空司令部（NORAD）有著長期的合作歷史，共同維護北美主權和防禦。因此，太空部隊、五角大廈以及更廣泛的國防部都非常了解光速技術的能力，並且對我們所能提供的能力非常感興趣。所以，我們認為金穹頂計畫是另一個能夠大幅促進光速技術整體商業發展的國防機會。

Thanks a bunch, gentlemen. Okay, thank you.

非常感謝各位。好的，謝謝。

This concludes the Q&A session. I'll 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.

好的，感謝各位今天早上參加我們的電話會議。我想佔用大家一點時間。這是安德魯最後一次和我們一起參加財報電話會議，我和安德魯已經共事27年了。在結束今天的會議之前，我只想表達我對安德魯在衛星行業中取得的輝煌成就的敬意。

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. So in any event, just to say to Andrew, thank you for being such a great colleague and being such a great CFO.

他曾擔任至少四、五家上市衛星公司的財務官，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。總之，我想對安德魯說聲謝謝，感謝你是如此優秀的同事，也是一位如此出色的財務長。

Thank you for all of your contributions to tell us that over the last 6 years. We deeply appreciate it and we wish you well. 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.

感謝大家過去六年來的貢獻，讓我們了解了這些資訊。我們深表感激，並祝福大家一切順利。那麼，我就此結束發言，也許安德魯還有話要說，但我還是要說，感謝大家參加這次電話會議，我們期待在發布全年業績報告時再次與大家交流。現在，就讓安德魯發言吧。

And look, Dan, thank you so much for your kind words and indeed eventual partnership over many years and 6 years here at Tyat 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 what a great future ahead and also sincerely

丹，非常感謝你的鼓勵和多年來的合作，尤其是在泰亞特公司這六年。歡迎唐納德的加入，他一定會做得非常出色。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，也對我們美好的未來充滿信心。

would like to thank all my colleagues around this table and people that we worked very closely together over the years and thanked the board. And so that's it. I will miss our quarterly calls and with that, thank you very much and thank you again. Okay, thank you.

我要感謝在座的各位同事，以及多年來與我們密切合作的夥伴們，也要感謝董事會。就說這些吧。我會想念我們每季的電話會議，再次感謝大家。好的，謝謝。

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

各位，今天的電話會議到此結束，您可以掛斷電話了。