Telesat Corp (TSAT) 2026 Q2 法說會逐字稿

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Telesat second quarter 2026 financial results call. (Operator Instructions) I would now like to turn the call over to James Ratcliffe, Vice President, Investor Relations. Please go ahead.

感謝各位稍候。我叫 Jordan，今天將擔任各位的電話會議接線員。此刻，我謹代表公司歡迎各位參加 Telesat 2026 年第二季財務業績電話會議。(接線員指示) 現在我將把電話交給投資人關係副總裁 James Ratcliffe。請開始。

Thank you, Jordan. Good morning, everyone, and thank you for joining us today. Earlier this morning, we filed our quarterly report for the period ending June 30, 2026, on Form 6-K with the SEC and on SEDAR plus. Our remarks today may contain forward-looking statements. There are risks that Telesat's actual results may differ materially from the results contemplated by the forward-looking statements as a result of known and unknown risks and uncertainties.

謝謝你，Jordan。各位早安，感謝今天加入我們。今天稍早，我們已向美國證券交易委員會（SEC）以 6-K 表格，以及在 SEDAR plus 上，提交截至 2026 年 6 月 30 日期間的季度報告。我們今天的發言可能包含前瞻性陳述。由於已知與未知的風險及不確定性，Telesat 的實際結果可能與前瞻性陳述所預期的結果存在重大差異。

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

關於已知風險的討論，請參閱 Telesat 向 SEC 提交的年度報告及其後續更新文件。Telesat 不承擔更新或修訂這些前瞻性陳述的任何責任。現在我將把電話交給 Telesat 總裁兼執行長 Dan Goldberg。

Okay. Thanks, James, and good morning, everyone. Thanks for joining us. I'll start with a few words about the business and then I'll hand the call over to Donald to speak to the numbers in more detail. And we'll then open the call up to questions.

好的。謝謝你，James，各位早安。感謝各位加入我們。我會先就業務簡要說幾句，接著把電話交給 Donald，請他更詳細說明財務數字。之後我們將開放提問。

Just last week, we announced we signed the first contract in the ESCP-P program, and we're very pleased to have secured that key strategic opportunity to provide such a critical capability to the Canadian Armed Forces, to support the range of important missions and interest that they have and that Canada has in the Arctic.

就在上週，我們宣布已簽署 ESCP-P 計畫的第一份合約；我們非常高興能取得這項關鍵的策略性機會，為加拿大武裝部隊提供如此重要的能力，以支援其在北極地區所承擔的各項重要任務與利益，也支援加拿大在北極的相關任務與利益。

With that contract announced and an expanded Lightspeed constellation fully funded for an accelerated rollout, we're very well positioned to execute on the wide range of additional opportunities for Lightspeed that we're now engaged on, including in the defense and government segments, allowing us to build on our already substantial $5.6 billion Telesat Lightspeed contractual backlog.

隨著該合約的宣布，以及擴充後的 Lightspeed 星座已獲得全額資金支持、可加速部署，我們已處於非常有利的位置，得以執行目前正在推進的 Lightspeed 多元新增機會（包括國防與政府領域），並在我們既有可觀的 56 億美元 Telesat Lightspeed 合約積壓訂單基礎上持續拓展。

Our strong confidence in our future prospects caused us to raise our publicly available revenue and EBITDA forecast for Lightspeed, which I hope you all saw last week. In addition to the strong commercial traction we're getting, we've also been making excellent progress on the technical and operations fronts for Lightspeed. On the constellation development side of things, we signed a firm contract with MDA for 69 additional satellites, bringing the fully funded and committed constellation size to 225 satellites.

我們對未來前景的高度信心，促使我們上週上調了對外公開的 Lightspeed 營收與 EBITDA 預測，我希望各位都已看到。除了強勁的商業動能之外，我們在 Lightspeed 的技術與營運面也取得了極佳進展。在星座開發方面，我們與 MDA 簽署了 69 顆額外衛星的具約束力合約，使已獲全額資金支持並已承諾的星座規模提升至 225 顆衛星。

We've secured almost all the launch capacity we need and expect to sign an agreement for the final Falcon nine rocket required to complete the deployment of the 225-satellite constellation in the near future, and we continue to expect global commercial availability in the first quarter of 2028. In light of the expansion of the constellation, you may have noticed in today's earnings release that we updated our 2026 Lightspeed total investment guidance for 2026, which includes both OpEx and CapEx associated with delivering the global network.

我們已取得幾乎所有所需的發射能量，並預期在不久的將來簽署完成部署 225 顆衛星星座所需的最後一枚 Falcon nine 火箭之協議；我們仍預期於 2028 年第一季實現全球商用可用性。鑑於星座擴充，各位可能已注意到我們在今日的財報新聞稿中更新了 2026 年 Lightspeed 全年投資指引，該指引包含交付全球網路所需的營運費用（OpEx）與資本支出（CapEx）。

Our prior guidance was CAD1 billion to CAD1.2 billion of investment this year, which we've now brought up to CAD1.3 billion to CAD1.5 billion, a $300 million increase to the bottom and top end of the range. In our GEO segment, [first quarter] results came in largely as we had expected, with most of the year-over-year decline coming from nonrenewals and lower revenue renewals in our broadcast activities and, to a lesser extent, in reductions in services for fixed broadband customers. That was partially offset by new contracts for broadband services for commercial airline broadband connectivity.

我們先前對今年的投資指引為 10 億至 12 億加幣，現已上調至 13 億至 15 億加幣，區間上下限各增加 3 億美元。在我們的 GEO 業務部門，[第一季]業績大致符合預期；年對年下滑主要來自廣播業務的未續約與續約價格較低，此外固定寬頻客戶服務縮減亦有一定影響。上述影響部分被商用航空公司機上寬頻連線的新寬頻服務合約所抵銷。

As you may have noticed, our GEO backlog increased during the quarter, due primarily to a meaningful term extension of one of our broadcast contracts, evidence of our continued efforts to maximize the value of our existing GEO satellites, lock in long-term commitments where we can to improve cash flow visibility in the legacy business, all while retaining careful cost controls to mitigate the impact of ongoing revenue pressures in the GEO segment.

各位可能已注意到，我們的 GEO 積壓訂單在本季有所增加，主要是因為我們其中一份廣播合約的合約期限獲得顯著延長；這也顯示我們持續致力於最大化既有 GEO 衛星的價值，在可行之處鎖定長期承諾以提升傳統業務現金流可見度，同時維持嚴謹的成本控管，以緩解 GEO 部門持續營收壓力的影響。

During the quarter, two of our GEO satellites, Anik F4 and Telstar 14R, reached the end of their useful lives and were retired from service. While we've been able to transfer nearly half the traffic from these satellites onto certain of our remaining GEO satellites, the decommissioning of these satellites will still be a headwind for the balance of this year and into the future. We had anticipated this impact, we knew that these satellites were going to be retired this year, when we provided our GEO segment guidance for 2026. And we're reiterating that revenue and EBITDA guidance today.

本季期間，我們兩顆 GEO 衛星 Anik F4 與 Telstar 14R 已達使用年限並自服務中退役。雖然我們已能將這些衛星近一半的流量轉移至部分仍在役的 GEO 衛星上，但這些衛星的除役仍將在今年剩餘期間及未來對我們形成逆風。我們已預期到這項影響；在提供 2026 年 GEO 部門指引時，我們就已知道這些衛星將於今年退役。因此，我們今天重申該營收與 EBITDA 指引。

Staying with our GEO segment, we were pleased to see late last month the FCC's Report and Order to repurpose 160 megahertz of C-band satellite spectrum for terrestrial wireless use. Under the terms of the Report and Order, Telesat is due to receive USD189 million in incentive payments for our role in freeing up that valuable spectrum.

延續 GEO 部門的話題，我們很高興在上月底看到 FCC 發布《報告與命令》（Report and Order），將 160 兆赫的 C 頻段衛星頻譜重新規劃供地面無線用途。依據該《報告與命令》的條款，Telesat 因在釋出這項寶貴頻譜中所扮演的角色，將可獲得 1.89 億美元的獎勵款（incentive payments）。

We're actively working to develop a plan to ensure that the spectrum is cleared prior to transition deadlines in 2030 and 2031. We successfully cleared C-band spectrum in the prior FCC C-band reallocation proceeding, and we're confident we'll be successful this time as well. Lastly for Telesat GEO, we've entered into a new term loan agreement with a third-party lender for USD120 million to be used for general corporate purposes.

我們正積極制定計畫，以確保在 2030 與 2031 年的轉換期限前完成頻譜清理。在先前 FCC 的 C 頻段重新分配程序中，我們已成功完成 C 頻段頻譜清理；我們也有信心這次同樣能成功。最後，就 Telesat GEO 而言，我們已與第三方貸款機構簽訂一項新的定期貸款協議，金額為 1.2 億美元，用於一般公司用途。

These new funds will provide Telesat with greater financial resources to support our legacy business. We remain heavily focused on the upcoming Telesat GEO debt maturities and achieving a fair and balanced, consensual outcome for all of our stakeholders. So with that, I'll hand over to Donald, who will speak to the numbers in more detail.

這筆新資金將為 Telesat 提供更充裕的財務資源，以支援我們的傳統業務。我們仍高度聚焦於即將到期的 Telesat GEO 債務到期償付，並致力於為所有利害關係人達成公平、平衡且具共識的結果。接下來我把電話交給 Donald，請他更詳細說明財務數字。

And then we'll open the call up to questions.

之後我們將開放提問。

Thank you, Dan, and good morning, everyone. My prepared remarks today will focus on highlights from this morning's press release and filings. In the second quarter of 2026, we reported consolidated revenue of $79 million, adjusted EBITDA of $22 million and net loss of $559 million. Consolidated net loss for the quarter was impacted by an increase of $475 million in the fair value of Telesat Lightspeed warrants and the weakening of Canadian dollar during the quarter impacting the value of our US dollar-denominated debt.

謝謝你，Dan，各位早安。我今天的事先準備發言將聚焦於今早新聞稿與申報文件的重點。在 2026 年第二季，我們報告合併營收 7,900 萬美元、調整後 EBITDA 2,200 萬美元，以及淨損 5.59 億美元。本季合併淨損受到兩項因素影響：Telesat Lightspeed 認股權證公允價值增加 4.75 億美元，以及本季加幣走弱，影響我們以美元計價債務的價值。

The warrants are now valued at more than $1.3 billion, reflecting the expansion of the constellation to 225 satellites and our ability to accelerate the execution of our plan. Interest expense for the quarter totaled $50 million, down $54 million in the second quarter of 2025, due to a lower interest rate on our term loan. Interest relating to the Telesat Lightspeed totaling $18 million during the second quarter of 2026 was capitalized to the project, compared to $8 million for the same period last year, as the amount outstanding on the Telesat Lightspeed financing has increased to $974 million at the end of the quarter, including capitalized interest of $54 million.

目前該等認股權證估值已超過 13 億美元，反映星座擴充至 225 顆衛星，以及我們加速執行計畫的能力。本季利息費用合計 5,000 萬美元，較 2025 年第二季減少 5,400 萬美元，主要因我們定期貸款的利率較低。2026 年第二季與 Telesat Lightspeed 相關的利息合計 1,800 萬美元已資本化計入該專案；相較之下，去年同期為 800 萬美元。這是因為截至本季末，Telesat Lightspeed 融資未償餘額已增加至 9.74 億美元，其中包含資本化利息 5,400 萬美元。

Our GEO segment results were in line with our expectations during Q2. We generated $78 million in revenue, down 26% or $28 million compared to the same period last year. For the year revenue of our GEO business segment was $164 million, also down 26% from last year. The majority of the revenue decline during the quarter and for the year was in our broadcast segment, driven by the expiration of contract for service on our Nimiq four satellite in 2025 and lower capacity and rate as part of the renewal of contract on Nimiq five. In our enterprise segment, the decline was primarily driven by lower revenue from our Xplore contract renewed in October 2025.

我們的GEO業務分部在第二季的表現符合我們的預期。我們創造了7,800萬美元的營收，較去年同期減少26%，或減少2,800萬美元。今年迄今我們GEO業務分部的營收為1.64億美元，也較去年下降26%。本季及今年迄今營收下滑的主要原因來自我們的廣播業務分部，主要受2025年我們Nimiq四號衛星服務合約到期，以及Nimiq五號合約續約後容量與費率降低所影響。在企業業務分部方面，下滑主要是因我們於2025年10月續約的Xplore合約帶來的營收較低。

These declines were partially offset by new contracts added in 2025 in our aviation vertical by our global commercial team. The utilization of our satellites was 60% at the end of Q2. I'll note that this utilization figure benefits from the retirement of our Telstar 14R and Anik F4 satellites during the quarter. If we adjust for these retirements, utilization declined about 2-percentage-points from the end of Q1. The backlog of our GEO segment rose to $900 million at the end of June, due in large part to the extension of one of our broadcast service contract for five years during the quarter.

這些下滑部分被我們全球商務團隊於2025年在航空垂直領域新增的合約所抵銷。截至第二季末，我們衛星的使用率為60%。我也要指出，這個使用率數字受惠於本季我們退役Telstar 14R與Anik F4衛星。若調整這些退役因素，使用率較第一季末約下降2個百分點。截至6月底，我們GEO業務分部的在手訂單（backlog）上升至9億美元，主要原因是本季我們將其中一項廣播服務合約延長五年。

Adjusted EBITDA for our GEO segment was $43 million for the second quarter, down $37 million compared to last year, driven by lower revenue and higher expense related to our debt refinancing process. Our second quarter 2026 results include approximately $14 million in costs related to our debt refinancing, up approximately $7 million compared to the same period last year.

我們GEO業務分部第二季的調整後EBITDA為4,300萬美元，較去年減少3,700萬美元，主要受營收下降以及與債務再融資流程相關的費用增加所致。我們2026年第二季的結果包含約1,400萬美元與債務再融資相關的成本，較去年同期約增加700萬美元。

Adjusting for this expense, our GEO adjusted EBITDA would have been $57 million during the period, down 30% from last year. For the year, adjusted EBITDA totaled $119 million, after excluding expense relating to our refinancing process. As a result of this performance for the first half of 2026, we are reiterating our GEO business segment guidance for the year of revenue of $300 million to $320 million and adjusted EBITDA of $210 million to $230 million, excluding debt refinancing and related litigation expenditure. Turning to the cash and liquidity position of our GEO business segment. Cash at the end of Q2 was approximately $160 million.

若剔除這項費用，我們在此期間的GEO調整後EBITDA將為5,700萬美元，較去年下降30%。今年迄今，在排除與再融資流程相關的費用後，調整後EBITDA合計為1.19億美元。基於2026年上半年這樣的表現，我們重申今年GEO業務分部的指引：營收3億至3.2億美元，調整後EBITDA為2.1億至2.3億美元，並排除債務再融資及相關訴訟支出。接著談談我們GEO業務分部的現金與流動性狀況。截至第二季末，現金約為1.6億美元。

And we announced today we borrowed USD120 million under a new term loan, providing meaningful additional cash for Telesat GEO. We invested $165 million in the Telesat Lightspeed program during the second quarter of 2026, including $145 million in capital expenditure and $20 million in noncapitalized labor and other operating costs, for a total investment of $336 million this year.

我們今天也宣布，已在一筆新的定期貸款（term loan）下借入1.2億美元，為Telesat GEO提供具實質意義的額外現金。我們在2026年第二季對Telesat Lightspeed計畫投資1.65億美元，其中包括1.45億美元的資本支出，以及2,000萬美元未資本化的人力與其他營運成本，使今年迄今總投資達3.36億美元。

Given the accelerated expansion of the constellation deployment from 156 to 225 satellites we announced last week, we now expect full year investment in the program to be between $1.3 billion to $1.5 billion, up from $1 billion to $1.2 billion guidance we provided earlier this year, with the incremental investment funded by pre-service milestone payment to be received from the Government of Canada.

鑑於我們上週宣布將星座部署加速擴張，衛星數量由156顆增加至225顆，我們目前預期該計畫全年投資將介於13億至15億美元，高於我們今年稍早提供的10億至12億美元指引；新增投資將由加拿大政府將支付的服務前里程碑款項（pre-service milestone payment）提供資金。

In the LEO segment, we ended the quarter with over $200 million in cash on hand. This cash, combined with $1.6 billion in availability under our Telesat Lightspeed financing, USD325 million from our vendor financing and USD1.5 billion in milestone payment related to the ESCP-P contract, is expected to fully fund the Telesat Lightspeed project, including USD500 million of contingencies, until it achieves global commercial service around the end of Q1 of 2028.

在LEO業務分部方面，我們在本季末持有超過2億美元的現金。這筆現金，加上我們Telesat Lightspeed融資中可動用的16億美元、供應商融資3.25億美元，以及與ESCP-P合約相關的15億美元里程碑款項，預期將可完全支應Telesat Lightspeed專案（包括5億美元的預備金），直到其於2028年第一季末左右達成全球商業服務。

Our backlog for Lightspeed increased significantly to approximately $5.6 billion, with the increase coming largely from the 15-year initial ESCP-P contract we announced last week. We also signed a five year contract with Northwestel in early Q2 for rural broadband connectivity in Canada. Before I conclude my prepared remarks, I would like to confirm that we are in compliance with all covenants in our credit agreements and indenture.

我們Lightspeed的在手訂單大幅增加至約56億美元，增量主要來自我們上週宣布的為期15年的ESCP-P初始合約。我們也在第二季初與Northwestel簽署一份為期五年的合約，提供加拿大偏遠地區的寬頻連線。在我結束事先準備的發言之前，我想確認我們符合所有信貸協議與債券契約（indenture）中的各項財務約束條款（covenants）。

I'll now turn the call back to the operator for the Q&A. Thank you.

我現在把電話交回給主持人，進入問答環節。謝謝。

(Operator Instructions)

（主持人指示）

Caleb Henry, Quilty Space.

Caleb Henry，Quilty Space。

Hi, guys. First question is actually on the future expansion of Lightspeed contract -- or excuse me, Lightspeed constellation. On the previous call, it was mentioned that there was going to be X and UHF band, which you're partnered with MDA on. Can you talk about the role that Telesat is playing as a partner there? Is that capacity that you also anticipate being able to sell? Or is Telesat mainly managing the constellation on behalf of the Canadian government?

嗨，各位。第一個問題其實是關於Lightspeed合約未來的擴張——抱歉，我是指Lightspeed星座。在上一通電話會議中提到，將會有X頻段與UHF頻段，而你們與MDA在這方面合作。你能談談Telesat作為合作夥伴在其中扮演的角色嗎？那是否也是你們預期可以對外銷售的容量？或者Telesat主要是代表加拿大政府管理該星座？

Caleb, so maybe just a quick step back on ESCP-P, and we've talked a little bit about this before, it's all about Arctic satellite communications capability. There's a Military Ka-band component of that. And as we've announced before, that's going to be provided using Lightspeed, and we've expanded the constellation to meet those requirements. So that's number one. Number two is there will be also a UHF and X-band capability.

Caleb，我先簡單退一步談一下ESCP-P，我們之前也稍微提過，這主要是關於北極衛星通訊能力。其中包含軍用Ka頻段的部分。而如同我們先前宣布的，這部分將透過Lightspeed提供，我們也擴增了星座以滿足那些需求。這是第一點。第二點是，還會有UHF與X頻段的能力。

That is expected to be in MEO. That is a constellation that will be primed by MDA, and Telesat will be a subcontractor to MDA. And so there's still more work that needs to be done on that. More work with the Government of Canada, DND, the Canadian Air Force, to define exactly what that capability is going to look like, and contracts need to be in place. We've got a teaming agreement with MDA on that.

這預期會在MEO。該星座將由MDA主導建置（primed），而Telesat將作為MDA的分包商。因此這方面仍有更多工作需要完成。需要與加拿大政府、國防部（DND）、加拿大空軍進一步定義該能力最終會是什麼樣貌，並且需要簽訂合約。我們已與MDA就此簽有合作協議（teaming agreement）。

Telesat and MDA have been already, and we announced this a while ago, named as kind of the strategic partners for that capability. It's not my expectation that we're going to end up owning that MEO constellation. Would we have some ability to resell excess capacity on it? I don't know. That's not something that we've explored at this point in time.

Telesat與MDA已經——我們也在一段時間前宣布過——被指定為該能力的策略合作夥伴。我不預期我們最後會擁有那個MEO星座。我們是否能轉售其多餘容量？我不確定。目前我們尚未就此進行探索。

And it's going to take a little while from here. We've got to do definition work and whatnot. I think at a minimum, what Telesat will be doing in connection with the MEO constellation, again, as a subcontractor to MDA, is providing network integration expertise, ground segment expertise. Overall, ESCP-P integration, you've got the Mil Ka, you've got the UHF, you've got the X-band, that's all got to operate as an integrated network. So in any event, I do think it's a meaningful opportunity for Telesat.

而從現在起還需要一些時間。我們必須進行定義工作等等。我認為至少，Telesat在與MEO星座相關的工作中——同樣作為MDA的分包商——將提供網路整合專業能力、地面段專業能力。整體而言，ESCP-P的整合包含軍用Ka、UHF與X頻段，這些都必須作為一個整合式網路運作。無論如何，我確實認為這對Telesat而言是一個具意義的機會。

When we talked about the ESCP-P contract that we announced just last week, we were pretty clear that's an initial contract. We expect follow-on contracts probably next year for even still the Military Ka-band, that it will be more about network integration, user terminals and other ground segment. And that we expect to be a meaningful set of contracts for us.

當我們談到上週才宣布的ESCP-P合約時，我們相當清楚地說那是一份初始合約。我們預期明年可能會有後續合約，即便仍是針對軍用Ka頻段，也會更著重於網路整合、用戶終端以及其他地面段。而我們預期那將是一組對我們相當重要的合約。

And then on MEO, that work is going to take probably a couple of years to get in place. But here again, our expectation is we'll have a long-term role in supporting that constellation, and that there and that represents a very material revenue opportunity for the company. So I hope that's helpful.

至於MEO，那部分的工作可能需要幾年時間才能到位。但同樣地，我們預期將在支援該星座方面扮演長期角色，而這也代表對公司而言非常可觀的營收機會。希望這些說明有幫助。

That is. And then my one follow-up, also harking back to last week's call. The presentation had a couple of mentions of relay as an emerging service area. I was wondering if you could talk a little bit about that forecast for relay revenue and sort of when you see that turning on and some of the drivers.

就是這樣。接著我還有一個追問，也呼應上週的電話會議。簡報中有幾處提到「中繼（relay）」是新興的服務領域。我想請您談談對中繼營收的預測，以及您認為何時會開始放量、以及一些驅動因素。

Yeah. So when we talk about space relay, that's really about leveraging the Lightspeed constellation to communicate with other satellites. Those could be satellites earth observation, for instance. And we have the ability to connect those satellites into our global backbone. So many of those satellites today, they're taking images, they're collecting data.

好的。我們談到太空中繼（space relay）時，主要是指利用 Lightspeed 星座與其他衛星進行通訊。例如，可能是地球觀測衛星。而我們有能力把這些衛星連接到我們的全球骨幹網路。目前很多這類衛星都在拍攝影像、蒐集資料。

But the user, the end user, has to wait for the satellite to pass over a gateway that that data gets downloaded. And only then is it available to the end user. We can get that data back to the users in real time. If that satellite is connected to the Lightspeed constellation, it can collect the data, it can instantly relay that data to Lightspeed and we can terminate that traffic anywhere on the face of the earth in milliseconds. And so we think that's very powerful.

但使用者、也就是終端使用者，必須等衛星飛越某個閘道站（gateway）才能把資料下載下來。只有在那之後，終端使用者才能取得資料。我們可以把資料即時回傳給使用者。如果該衛星連上 Lightspeed 星座，它可以蒐集資料，並立即把資料中繼到 Lightspeed，而我們可以在幾毫秒內把這些流量落地到地球上任何地方。因此我們認為這非常有力。

We're already doing work with NASA to demonstrate this capability. And we've disclosed that NASA contract before. And we've been engaged with quite a few potential customers for this, earth observation companies, other governments. Governments have a lot of those satellites in orbit collecting valuable data with -- and they want access to that information as fast as possible. So when -- oh, and I should also say that our optical inter-satellite links meet the US government's SDA standard.

我們已經在與 NASA 合作，示範這項能力。而且我們之前也已揭露過那份 NASA 合約。我們也與不少潛在客戶就此進行接洽，包括地球觀測公司、其他政府。政府在軌道上有大量衛星在蒐集有價值的資料——他們希望能盡可能快速取得這些資訊。另外我也要補充，我們的光學星間鏈路符合美國政府的 SDA 標準。

And so that opens up, we think, a big opportunity because other operators will have their optical links also meeting those standards, which means we can pass traffic to one another. So and you've seen our forecast that revenue ramps, I don't have it in front of me, it sort of ramps gradually. But we're bullish on that opportunity for defense applications, for civil applications. We think there's great promise there.

因此我們認為這會開啟一個很大的機會，因為其他營運商的光學鏈路也會符合這些標準，這表示我們可以彼此轉送流量。至於您看到的我們預測，營收會逐步爬升；我手邊沒有數字，但大致上是循序漸進地上來。不過我們對國防應用、民用應用的機會都很看好。我們認為這裡有很大的潛力。

And certainly, when you hear others talk about data centers in space, that's another opportunity. If there are data centers in space, you got to get that -- it needs to be connected back to the earth. And so when we think about space relay, it covers a pretty wide range of applications that we're quite bullish on.

而且，當你聽到其他人談到「太空中的資料中心」時，那也是另一個機會。如果太空中有資料中心，就必須把它——也就是它的連線——接回地球。因此我們所說的太空中繼，涵蓋相當廣泛的應用範圍，而我們對此相當看好。

Edison Yu, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Edison Yu。

Hey, good morning. Thanks for taking our questions. First, I want to ask you about your latest thoughts regarding D2D. You probably saw MDA address the space RAN proposal. Is that something that you would take part in? Have you had discussions around a potential role in operating such a constellation?

嗨，早安。謝謝讓我們提問。首先我想問您對 D2D 的最新看法。您可能看到 MDA 提到太空 RAN 的提案。這是你們會參與的事情嗎？你們是否就可能在營運這類星座中扮演角色進行過討論？

So I'd say this on D2D, and maybe the first thing I'd say is we're very, very focused right now on executing on Lightspeed. It's the biggest project in Telesat's history. It's the biggest project space project in Canada's history. And we see a huge opportunity there. But we need to stay focused on executing that, and we are.

關於 D2D，我會這麼說：也許首先要說的是，我們目前非常、非常專注於 Lightspeed 的執行。這是 Telesat 歷史上最大的專案。也是加拿大歷史上最大的太空專案。我們看到那裡有巨大的機會。但我們必須保持專注把它執行好，而我們也確實如此。

But that said, we're pretty well acquainted with what the various operators around the world, and here in Canada, are doing around D2D. We've had conversations with a number of parties about what role Telesat could potentially play in a D2D constellation. And so anyway, I won't offer any more specifics than that, other than to say it's not in any sense our principal area of focus. But opportunistically, if we can play a role in a D2D network where we can add value, that can be accretive to Telesat, doesn't distract us from our top priorities, yes, that's something that we would think about.

不過話雖如此，我們對全球各地、以及加拿大本地各家營運商在 D2D 方面的作法都相當熟悉。我們也與多方就 Telesat 在 D2D 星座中可能扮演的角色進行過交流。總之，除了這些我就不再提供更具體的細節；只能說這並不是我們主要的聚焦領域。但若有機會我們能在 D2D 網路中扮演角色、提供價值，且能為 Telesat 帶來增益、又不會分散我們的首要任務，那麼是的，這是我們會考慮的。

Understood. Wanted to also ask you, just going back to Lightspeed. Obviously, you put out those numbers, which were very positive. Can you maybe talk about the underlying assumptions a bit more? Outside of the big change in mix to government and military, did you have a lot of movement in terms of like the pricing assumptions, the price per bit, kind of -- yes, just can you maybe kind of double-click on just some of the underlying assumptions that went into those forecasts that may have changed versus three years ago?

了解。我也想再問一下，回到 Lightspeed。顯然你們公布了那些數字，結果非常正面。你們能否更進一步談談背後的假設？除了政府與軍方占比大幅提高這個重大變化之外，在定價假設、每 bit 價格等方面，你們是否也有很大的調整——是的，能否請你們更深入說明一下，這些預測所依據的一些核心假設，相較三年前有哪些變化？

I would say, fundamentally, there's certainly been, as you noted, a meaningful change in mix. When we first started down the path of Lightspeed, the world was a pretty different place than it is today. And these geopolitical shifts and some of these conflicts that are ongoing around the world have opened up this very significant opportunity for defense and kind of sovereign requirements to respond to that. And to respond to what the Government of Canada was needing for their ESCP-P program, we changed our frequency plan to add the Military Ka-band.

我會說，從根本上來看，確實如你所指出的，組合（mix）出現了顯著變化。當我們最初走上 Lightspeed 這條路時，世界與今天相比是相當不同的。這些地緣政治的變化，以及全球持續中的一些衝突，為國防以及某種程度的主權需求帶來了非常重大的機會，以因應這些情勢。而為了回應加拿大政府在其 ESCP-P 計畫中的需求，我們調整了頻率規劃，加入軍用 Ka 頻段（Military Ka-band）。

And so in any event, so that in and of itself has a big impact on our expectations around revenue mix because, obviously, the Mil Ka is going to be used for those government, defense and sovereignty applications. Beyond that though, yes, we updated all the assumptions, obviously, underpinning the plan with respect to pricing, with respect to take-up, with respect to geographic distribution and whatnot. But there were not, I would say, wholesale changes in terms of our expectations around the pricing environment. We know that the market for satellite delivered broadband connectivity is going to be a competitive market. We always knew that.

因此無論如何，光是這一點就會對我們對營收組合的預期造成很大影響，因為很明顯，軍用 Ka 頻段將用於政府、國防與主權相關的應用。除此之外，是的，我們也更新了支撐整體計畫的所有假設，包括定價、採用率（take-up）、地理分布等等。但我會說，在我們對定價環境的預期方面，並沒有出現全面性的改變。我們知道，衛星提供的寬頻連線市場將會是一個競爭激烈的市場。我們一直都知道。

We've modeled downward price pressure over time throughout the plan. We did that previously. That's still embedded in our current plan. We sort of sharpened our pricing assumptions, in some instances down, in some instances up, based on kind of the more current information that we have. So anyway, that's how we went about doing it. And yes, I hope that was helpful.

我們在整個計畫期間都建模了價格隨時間下行的壓力。以前就這麼做了。目前的計畫中也仍然包含這一點。我們根據目前掌握的較新資訊，讓定價假設更精準：有些情況下調、有些情況上調。總之，我們就是這樣進行的。是的，希望這對你有幫助。

Yeah. thank you. If I could just sneak in just one financial one. Just in terms of the obviously, you got the extra debt. Any update on when we can expect any sort of update on the near-term maturity just in terms of the negotiations and how -- what you think about that?

是的，謝謝。如果可以的話，我想再插問一個財務問題。就你們顯然新增了額外負債而言，關於近期到期債務（near-term maturity）的協商進展，你們何時能提供任何更新？以及你們對此的看法如何？

Yeah. Here's what I'd say about that. And obviously, and everyone on this call knows it, we're limited in terms of what we're able to say about the upcoming maturities. But what I can say is it remains a key priority, it always has been throughout the year. Our focus working with our advisers is to reach consensual outcome with the legacy lenders prior to the maturities coming due.

好的。我會這麼說。而且很明顯，這通電話會議上的每個人都知道，我們在即將到期的事項上能說的內容有限。但我能說的是，這仍然是關鍵優先事項，而且今年一路以來一直都是。我們與顧問合作的重點，是在到期日來臨之前，與既有貸款人達成雙方同意的結果（consensual outcome）。

That's something that we're very focused on. And doing it in a way that's, yes, fair and balanced for all the stakeholders of the business, including, obviously, the lenders. So that's what our focus has been. Our focus remains that. Just given the nature of these kinds of processes, there's only so much that we can say about it. And obviously, as soon as we have a material update that we can share, we will. But that's kind of the status at this point.

這是我們非常專注的一件事。而且會以一種方式來推進——是的——對所有業務利害關係人都公平且平衡，當然也包括放款人。所以這一直是我們的重點。我們的重點仍然是這個。只是鑑於這類流程的性質，我們能談的內容有限。而且顯然，一旦我們有可以分享的重大更新，我們就會分享。但目前大致就是這樣的狀態。

Dave McFadgen, ATB.

Dave McFadgen，ATB。

Hi guys. Yeah, a couple of questions, if I may. So I see that you increased the warrant valuation quite a bit. I was wondering if you could tell us what you actually valuing the deal at to get to that warrant valuation? And then secondly, when do you think you would be able to announce some more defense customers, like some other NATO countries, buying capacity on Lightspeed?

嗨，各位。是的，如果可以的話我有幾個問題。我看到你們把認股權證的估值提高了不少。我想請問，你們實際上是以什麼樣的交易估值來推導出那個認股權證估值的？第二，你們認為何時能宣布更多國防客戶，例如其他北約國家在 Lightspeed 上購買容量？

Thanks for the questions, Dave. So on trying to extrapolate the value of Lightspeed from the warrant value, we're not going to do that for folks. But you're absolutely right though, the value of the warrants has gone up by more than 50%. That's totally a function of the fact that we got the ESCP-P contract done. We've got this very significant backlog now on Lightspeed. We've been able to accelerate our expectations around revenue and EBITDA take-up commensurate with us accelerating the expansion of the constellation.

謝謝你的問題，Dave。至於想從認股權證價值去外推 Lightspeed 的價值，我們不會替大家做這件事。不過你說得完全沒錯，認股權證的價值上升了超過 50%。這完全是因為我們完成了 ESCP-P 合約。我們現在在 Lightspeed 上有非常可觀的積壓訂單。隨著我們加速星座擴張，我們也相應加快了對營收與 EBITDA 放量的預期。

And so anyway, I mean, that's obviously a positive sign for the business. It's good news if you're a Canadian taxpayer because of the Government of Canada and the Government of Quebec have warrants in the Lightspeed project. So anyway. And I'm no sophisticated financial analysts; you are. You can probably working backwards, make your own calculations about what that might imply for the value of Lightspeed.

所以無論如何，這顯然是對業務的正面訊號。如果你是加拿大納稅人，這也是好消息，因為加拿大政府與魁北克省政府在 Lightspeed 專案中持有認股權證。所以，總之。而且我不是什麼資深的金融分析師；你才是。你大概可以倒推，自己算出這可能意味著 Lightspeed 的價值是多少。

But we're not going to do it for you. So that was one. And then on your question about further defense opportunities and when we'd be in a position to announce them, it's always tricky. I mean ESCP-P itself, we laugh about this a little bit, we bid on that originally in 2008. We always knew it was a question of when and not a question of if.

但我們不會替你做。所以這是第一點。至於你問到更多國防機會以及我們何時能宣布，這一向很難說。我的意思是，ESCP-P 本身——我們還會拿這件事開玩笑——我們最初在 2008 年就投標了。我們一直知道這只是「何時」的問題，而不是「是否」的問題。

If someone had told me in 2008, it would take 18 years, I would have been surprised. But I don't expect the opportunities that we have in the pipeline for Lightspeed to take 18 years. Because given the nature of the world right now, the customers that we're talking to, they want this capability as soon as possible. And so we are having real, meaningful, concrete opportunities with, I'd say, sovereign customers about using Lightspeed. It's always hard to handicap just how long those things will take.

如果有人在 2008 年告訴我會花 18 年，我會很驚訝。但我不預期我們在 Lightspeed 管線中的機會會花 18 年。因為以目前世界的情勢，我們正在洽談的客戶希望盡快取得這項能力。因此，我們確實正與我會稱之為主權客戶的對象，就使用 Lightspeed 展開真實、有意義、具體的機會。但要判斷這些事情究竟需要多久，總是很難。

My expectation is, by the end of next year, our backlog will be meaningfully higher because of my confidence, our confidence about converting things that we have in the pipeline today into firm take-or-pay contracts like ESCP-P. Is it possible to get something more done by the end of this year, recognizing that we're already halfway through August? I don't know. Maybe. I wouldn't foreclose it, but I sure wouldn't telegraph that we've got high conviction about doing that.

我的預期是，到明年年底，我們的積壓訂單會顯著提高，因為我、以及我們，對把目前管線中的事項轉換成像 ESCP-P 那樣具約束力的 take-or-pay（照付不議）合約很有信心。考量到我們已經進入八月中旬，今年年底前有可能再完成一些嗎？我不知道。也許。我不會把這個可能性排除，但我也不會釋放訊號說我們對此有很高的把握。

But we do have a higher conviction about getting that done between now, again, in the end of next year before Lightspeed even goes into full commercial service. So that's our expectation. But I got to say, we never gave backlog guidance for this year. I think at most, I would have said we expect backlog to be some multiples higher at the end of this year than it was at the beginning of this year. And there, we're very pleased sitting here today, having gotten ESCP-P, we signed the Northwestel contract.

但我們對於在現在到明年年底之間完成這件事的把握更高——而且是在 Lightspeed 甚至還沒進入全面商業服務之前。所以這是我們的預期。不過我得說，我們從未給過今年的積壓訂單指引。我想最多我會說，我們預期今年年底的積壓訂單會是今年年初的數倍。而就今天坐在這裡來看，我們拿下 ESCP-P，也簽了 Northwestel 合約，我們對此非常滿意。

We have very positive, significant opportunities still in the pipeline above and beyond the incremental meaningful opportunities with ESCP-P. So we are very bullish about our ability to meaningfully grow backlog from here even before we enter commercial service.

除了 ESCP-P 帶來的增量且具意義的機會之外，我們在管線中仍有非常正面、重大的機會。因此，即使在我們進入商業服務之前，我們也非常看好能從現在起顯著成長積壓訂單的能力。

Would it be possible to squeeze one more?

可以再問一個嗎？

Sure.

當然。

So I saw you got that additional loan in GEO sub. What's the collateral for that additional loan?

我看到你們在 GEO 子公司那邊又拿到一筆額外貸款。那筆額外貸款的擔保品是什麼？

So I'd say this, like we're not going to get into the weeds of it on this call, but I will say at the highest level, under our covenant package in the -- and I'm just talking about in the legacy borrowings, so the term loan and the notes that we have out there. We obviously had scope to raise this incremental funding, and so we're pleased to get it done.

我會這麼說：我們不會在這通電話裡深入細節，但我可以在最高層級說明，在我們的契約條款組合之下——我指的是既有借款，也就是我們現有的定期貸款與在外流通的票據——我們顯然有空間去籌措這筆增量資金，因此我們很高興能把它完成。

It just gives us more financial resources to support the legacy business, which here again I think is a good thing for the business. And I will say this also, we provided some disclosure about this loan in the release and in the financial statements. And in the fullness of time, we'll file the loan agreement as well. And so that will be out there.

這只是讓我們有更多財務資源來支持既有業務，而我再次認為這對公司是好事。另外我也要說，我們已在新聞稿與財務報表中就這筆貸款提供了一些揭露。而在適當的時候，我們也會提交該貸款協議。所以相關文件會公開。

Maher Yaghi, Scotiabank.

Maher Yaghi，加拿大豐業銀行（Scotiabank）。

Great. Thank you for taking my question. I have a few. Maybe I'll start with the ESCP-P contract that you signed. Maybe if we can go back. It was great to see the contract being finalized. I wanted to ask you specifically the new satellites that you are going to deploy following that contract being signed, are they in any way different, technologically speaking, in terms of frequencies that they operate under versus the initial 156?

很好。謝謝讓我提問。我有幾個問題。我先從你們簽署的 ESCP-P 合約開始。也許我們可以回到這裡。很高興看到合約最終敲定。我想具體問一下：在該合約簽署後你們將部署的新衛星，在技術上是否有任何不同？例如其運作頻率，相較於最初的 156 顆是否有所差異？

Thanks for the question. No, they're identical to the first 156. And what's good about that is they're going to just follow immediately down the assembly line from the 156. So it means that nothing about adding those 69 additional satellites is going to slow down in any way the delivery of those first 156, which is why we're standing behind our target entry date in terms of when we go into global service. And then those next 69 just follow right on from the initial 156. So yes, all 225 will be identical.

謝謝你的問題。沒有，它們與前 156 顆完全相同。這樣的好處是，它們會緊接著在那 156 顆之後沿著組裝產線繼續生產。因此，新增這 69 顆衛星不會以任何方式拖慢首批 156 顆的交付，這也是為什麼我們仍然支持我們的目標啟用日期，也就是我們何時開始提供全球服務。接著那 69 顆就會在最初 156 顆之後順勢接上。所以是的，全部 225 顆都會是相同的。

Okay. So given this, I was trying to figure out, when I look at the revenue run rate of the program, beyond the initial spike in cash payments upfront, I was wondering, why do you need the new satellites? Because I was trying to figure out the capacity that the new contract is going to consume out of your existing 156 satellites on the Mil Ka-band, which is 25% of your spectrum allocation, it doesn't seem to me like it's going to use up much of that 25% anyway. So why did we move in the direction of putting up more satellites right away instead of waiting after commercial launch and then putting up more satellites?

好的。那在這個前提下，我在試著理解：當我看這個計畫的營收運行率時，除了前期一次性的現金付款高峰之外，我想知道為什麼你們需要新衛星？因為我在估算新合約會消耗你們既有 156 顆衛星在軍用 Ka 頻段（Mil Ka-band）的容量；那是你們頻譜配置的 25%，看起來這份合約也不太會用掉那 25% 的太多容量。所以為什麼我們會選擇立刻再發射更多衛星，而不是等到商業發射之後再增加衛星？

Yeah, no, it's a great question. And there are a couple of reasons. So one, when we converted the frequency plan for the first 156, absolutely the right thing to do, given all the opportunities we see with defense users and how much demand we expect there'll be for this very advanced Military Ka-band capability. So excited about that.

是的，不，這是個很好的問題。而且有幾個原因。第一，當我們為最初的156顆衛星調整頻率規劃時，考量到我們在國防用戶方面看到的所有機會，以及我們預期對這項非常先進的軍用Ka頻段能力會有多大的需求，那絕對是正確的做法。所以對此感到非常興奮。

But at the same time, we took 25% of the frequencies that were going to be available for our commercial customers sort of off the market. And we see huge opportunities there. And we didn't want to reduce our capacity that could support those commercial verticals, like broadband connectivity for the airline industry, broadband connectivity for the maritime sector, broadband connectivity for rural broadband, enterprise users around the world and the like. And so what was great about accelerating the expansion of the satellites, because we -- our plans were always to have more satellites than 156, we were just going to fund the expansion satellites with the cash flow from the first 156.

但同時，我們把原本要提供給商業客戶的頻率中有25%某種程度上從市場上撤下來了。而我們在那裡看到巨大的機會。我們不想降低可支援那些商業垂直領域的容量，例如航空業的寬頻連線、海事領域的寬頻連線、偏鄉寬頻、全球各地的企業用戶等等。因此，加速擴充衛星的好處在於——因為我們的計畫一直都是要有超過156顆衛星，我們原本只是打算用前156顆的現金流來資助擴充衛星。

So it wasn't a view that we won't see demand for that capacity. We just didn't have enough money to grow the constellation as much as we wanted to. And so with this deal with ESCP-P, we're able to restore the 25% of commercial capacity that we had diverted for the defense market, number one. Two, accelerate the satellites that we always need -- that we always knew the market would need. And then I'd say, lastly, just having more satellites in the constellation means more resiliency, more redundancy, better performance of the network. So it was just a big win-win-win.

所以這並不是認為我們看不到對那個容量的需求。我們只是沒有足夠的資金把星座擴大到我們想要的程度。因此，透過與ESCP-P的這筆交易，我們能夠把先前為國防市場挪用的25%商業容量恢復回來，這是第一。第二，加速我們一直需要——也一直知道市場會需要——的衛星。最後我會說，星座裡有更多衛星也意味著更高的韌性、更高的備援度，以及更好的網路效能。所以這就是一個三贏的大勝利。

Walter Piecyk, LightShed.

Walter Piecyk，LightShed。

Thanks. Hey, Dan, just want to go to the expansion, and specifically Falcon nine. Are these contracted? Because I know SpaceX has talked about stopped taking third-party bookings beyond '28. I assume that that expansion will go beyond '28. So I was just curious if these things are contracted and whether they have to be on Falcon nine or are you going to look for other launch opportunities?

謝謝。嗨，Dan，我想談談擴充，特別是Falcon 9。這些已經簽約了嗎？因為我知道SpaceX曾提到，2028年之後就停止接受第三方預訂。我猜這次擴充會延伸到2028年之後。所以我只是好奇，這些是否已簽約，以及是否一定要用Falcon 9，還是你們會尋找其他發射機會？

So to launch the 225 satellites, we estimate we need 15 rockets. We already have 14 under contract with SpaceX. We had sort of three, for lack of a better term, surplus rockets that we didn't need for the 156. But when we added the 69, we needed those three. So those got kind of brought forward.

要發射225顆衛星，我們估計需要15枚火箭。我們已經有14枚與SpaceX簽約。我們之前有——姑且這麼說——三枚多餘的火箭，對於156顆的計畫其實不需要。但當我們新增了69顆之後，就需要那三枚了。所以那些就等於被提前使用了。

And then we needed 1 more, and so that one more Falcon nine. And we like using Falcon nine. Super reliable. They obviously, SpaceX launches at a very rapid cadence. We're very focused on getting the constellation deployed as quickly as possible.

然後我們還需要再多1枚，也就是再多1枚Falcon 9。我們喜歡使用Falcon 9。非常可靠。而且很明顯，SpaceX的發射節奏非常快。我們非常專注於盡快完成星座部署。

So that's the right launch vehicle for Lightspeed. And so we needed one more rocket. So we've been in touch with our friends at SpaceX. They've agreed to make that rocket available to us. We're getting the launch services agreement in place to do that. But I'd also note, it's our expectation that all of our launches for all 225 satellites will get done by the end of 2028. So that's the plan.

所以那是Lightspeed最合適的運載火箭。因此我們需要再多一枚火箭。我們已經和SpaceX的朋友們保持聯繫。他們同意提供那枚火箭給我們。我們正在把發射服務協議落實到位。但我也要補充，我們預期225顆衛星的所有發射都會在2028年底前完成。這就是計畫。

That's good to know you're locked and loaded. I know I've asked this question many times over the last couple of years. So I suspect I know the answer. But I'm just going to ask again because there's just a lot of talk in the market about SpaceX out looking for additional spectrum. There's companies out there that own spectrum, their stocks are really moving. Any kind of, let's call it, request from potential customers, for you to layer in additional spectrum to the satellites that you've developed before you actually get these launches going?

很高興知道你們已經準備就緒、萬事俱備。我知道過去幾年我問過很多次這個問題。所以我想我大概知道答案。但我還是再問一次，因為市場上有很多討論，說SpaceX正在尋找額外的頻譜。也有一些擁有頻譜的公司，股價波動很大。有沒有來自潛在客戶的任何要求——我們就稱之為——希望你們在實際開始這些發射之前，為你們已開發的衛星再疊加額外頻譜？

So these first 225, we're done. And by done, I mean, the design is done, the hardware has been ordered and satellites are already at MDA's new factory. Like we're going hard down the path. We've got -- and these are great satellites. I mean it's and with the right frequency plan with the Military Ka-band, we feel really good about that.

所以，這前225顆，我們已經定案了。我說的定案是指，設計已完成、硬體已下單，而且衛星已經在MDA的新工廠了。我們正全力推進。我們已經——而且這些是很棒的衛星。我的意思是，配合軍用Ka頻段的正確頻率規劃，我們對此感覺非常好。

So we don't have any scope at this point in time, without taking some massive delay, which we will not do, to make modifications to these 225. So the ship has sailed on those. For future satellites, and our expectation is absolutely the Lightspeed constellation is going to grow over time. That will be a response to demand that we're seeing out there in the market, but we're very bullish on that. We're already doing a fair amount of work around here as to what our next generation of Lightspeed satellites will look like. Could those accommodate other frequency bands, hosted payloads? Absolutely. But not these first 225.

所以在目前這個時間點，如果不造成重大的延遲——而我們不會那麼做——我們沒有任何空間去對這225顆做修改。所以那班船已經開走了。至於未來的衛星，我們的預期是Lightspeed星座絕對會隨時間成長。那將會回應我們在市場上看到的需求，但我們對此非常看多。我們也已經在這方面做了相當多的工作，思考下一代Lightspeed衛星會是什麼樣子。它們能否容納其他頻段、搭載式酬載（hosted payloads）？當然可以。但不是這前225顆。

James Ratzer, New Street Research.

James Ratzer，New Street Research。

Great. Dan, thanks very much for taking the questions. I had a couple, please. Just the first one was just coming back, if we can, to the refinancing coming up. I think you mentioned you wanted to be kind of fair, balanced and consensual. I was reading though the kind of court document from July 27, and that seemed to suggest that you might also be considering a Chapter 11 process as well.

很好。Dan，非常感謝你回答問題。我有幾個問題，麻煩了。第一個是想回到即將到來的再融資，如果可以的話。我想你提到你希望能夠公平、平衡並且取得共識。不過我在閱讀7月27日的法院文件時，似乎暗示你們也可能在考慮走Chapter 11程序。

So I was wondering if you could just kind of respond to that. Is that something you are seriously thinking about at this stage as one outcome? And then secondly, just coming on to the USD120 million of new financing you've just received, can you just let us know where in the stack that ranks? Is it kind of pari passu with the senior debt or the unsecured? So I'd just be interested to know where that sits in the stack.

所以我想請你回應一下。在這個階段，這是否是你們正在認真考慮、可能發生的一種結果？第二個問題，關於你們剛取得的1.2億美元新融資，能否請你們說明它在資本結構（stack）中的順位？它是與優先債務同順位（pari passu），還是與無擔保債務同一層級？我想了解它在資本結構中的位置。

Okay. Thanks, James. The filing -- I'm not sure what you're referencing to what you're referencing in terms of drawing a conclusion that we're entertaining a bankruptcy filing. That's not the case at all. Our focus is strongly just to say our focus is strongly on refinancing the debt prior to the maturities, achieving a consensual outcome. That's the focus.

好的。謝謝，James。關於那份文件——我不確定你指的是哪一段、以及你是如何得出我們正在考慮申請破產的結論。完全不是那樣。我們的重點非常明確——就是在到期日前為債務進行再融資，並達成一個有共識的結果。這就是重點。

We're spending a lot of time and a lot of energy to achieve that outcome, number one. And then on the USD120 million, where it fits in, here again, like -- on this call this morning, the plan is not to go into the weeds on that. As I said, we'll share more information about that. We've said that the borrowings were made within a non-guarantor subsidiary of Telesat GEO. So we're over there in the legacy debt silo. And as I said also, the loan agreement will get filed and made available. And so for now, we'll leave it at that.

我們投入了大量時間與精力來達成這個結果，這是第一。至於那1.2億美元，它在資本結構中的位置，同樣地——今天早上的這通電話，我們的計畫不是要深入細節。如我所說，我們會分享更多相關資訊。我們已經說明，這些借款是在Telesat GEO的一家非保證子公司內進行。所以我們是在既有（legacy）債務的獨立架構（silo）那邊。而且我也說過，貸款協議會提交並公開供查閱。所以目前我們就先說到這裡。

Got it. You can't say, Dan, whether it is linked to the new C-band proceeds that you know you're going to be receiving? Or is that something that's separate from the new debt you just raised?

了解。Dan，你不能說這是否與你知道你們將會收到的新 C 頻段收益有關嗎？還是說那是與你們剛籌得的新債務分開的另一件事？

Yeah. So there, we -- you're right, I won't say. But I will note that, obviously, having that FCC order come out and Telesat being eligible for those proceeds, subject to our meeting our obligations to clear that spectrum on time, that's obviously a very accretive development for the business.

是的。所以在這點上，我們——你說得對，我不會說。但我會指出，顯然，FCC 的命令發布後，且 Telesat 在我們按時履行清理該頻譜義務的前提下有資格獲得那些收益，這對業務而言顯然是非常具增益性的發展。

Got it that's clear thank you very much thank you.

了解，這很清楚，非常感謝，謝謝。

Chris Quilty, Quilty Space.

Chris Quilty，Quilty Space。

Thanks. Just a follow-up on the ESCP-P program. Is that going to require an incremental ground segment? Or is that something that the existing Lightspeed ground segment, you can sort of lease back to the customer? And just more broadly, where do you sit in terms of the ground segment build-out? And I think you had some past deliberations around bringing in outside financing, or not, for the ground segment. Where do you stand on that?

謝謝。就 ESCP-P 計畫再追問一下。那是否需要新增的地面段？或者可以用現有的 Lightspeed 地面段，某種程度上再租回給客戶？更廣泛地說，你們在地面段建置進度上目前到哪個階段？我記得你們過去曾討論過是否要為地面段引入外部融資。你們目前的立場是什麼？

Yeah, Chris thanks, We're making really good progress on rolling out the ground segment. So we're talking about landing stations here. So we have -- I'm looking at my technical colleague, at least three or four landing stations already under development here in Canada. And we've been installing the big gateway antennas, doing testing.

是的，Chris 謝謝，我們在推進地面段部署方面進展非常好。這裡我們談的是著陸站。所以我們已經——我在看我的技術同事——至少在加拿大這裡已有三到四個著陸站在開發中。我們也一直在安裝大型閘道天線並進行測試。

That's going well. We have announced that we've got some ground stations being built for us in Australia. We did the deal with Orange in France at their Bercenay teleport. So that is being -- what's the word I'm looking for? Commissioned.

進展順利。我們已宣布在澳洲有一些地面站正在為我們建置。我們也與法國 Orange 在其 Bercenay 電信傳送站（teleport）達成合作。所以那正在——我在找的詞是什麼？啟用驗收（commissioned）。

Thank you, Michel. Commissioned, right now. So we're making really good progress there. We've been doing testing on the antennas, and we gave Intellian a big contract to build the landing station antennas, and so we've been commissioning those and doing the testing. So that's all going very positively.

謝謝你，Michel。正在啟用驗收中，就在現在。所以我們在那方面進展非常好。我們一直在對天線做測試，也給了 Intellian 一份大型合約來建置著陸站天線，因此我們一直在對這些設備進行啟用驗收並做測試。所以整體都非常正面。

As to working with third parties to support the landing stations, yes, I would say absolutely that's something that we're receptive to. And it's something that we've always done. Even our Geostationary, the ground stations around the world that support our GEO satellites, some of those we own, including some in Canada, one in the US but many of them, we're relying on third-party teleports to provide this service with Lightspeed. And by the way, this isn't unique to Telesat.

至於與第三方合作來支援著陸站，是的，我會說我們絕對樂於接受。而且這也是我們一向的做法。即使在我們的地球同步軌道（GEO）業務中，支援我們 GEO 衛星的全球地面站，有些是我們自有的（包括加拿大的一些以及美國的一座），但其中很多我們是依賴第三方電信傳送站來為 Lightspeed 提供這項服務。順帶一提，這並非 Telesat 獨有。

It's what everyone does, including Amazon, Starlink, OneWeb, I believe, certainly, SES, we all make use of third-party teleports. We might own some of the equipment that sits at those third-party teleports, so they kind of host that equipment for us and provide us a service. And we're not thinking about it any differently with respect to Lightspeed. And there are some real benefits if we work with third-party providers. We don't need to own teleports all over the world.

大家都是這麼做的，包括 Amazon、Starlink、OneWeb（我相信）、當然還有 SES；我們都會使用第三方電信傳送站。我們可能會擁有放置在那些第三方電信傳送站的部分設備，因此他們等於是替我們託管那些設備並向我們提供服務。就 Lightspeed 而言，我們並不打算用不同的方式來看待這件事。而且如果我們與第三方供應商合作，確實有一些實質好處。我們不需要在全球各地都自建電信傳送站。

That wouldn't be a good use, I think, of our capital or time. And so we've already -- are working with some third parties in Australia, Europe, I mentioned. We're having some conversations with folks in Asia because we need landing stations there too. And we're receptive to doing something, I'd say, kind of broader, more comprehensive with one or more third parties, if that's something that would accelerate our rollout, if that were financially accretive, always, of course, provided that they can provide the mission-critical services we need and do it in a secure environment given the nature of the traffic that we'll be supporting on Lightspeed.

我認為那不會是對我們資本或時間的良好運用。因此我們已經——正在與澳洲、歐洲的一些第三方合作（我剛提到）。我們也在與亞洲的一些夥伴洽談，因為我們在那裡也需要著陸站。而且如果能與一家或多家第三方做更廣泛、更全面的合作，若那能加速我們的部署、且在財務上具增益性，我會說我們也樂於採行；當然前提是他們能提供我們所需的關鍵任務服務，並且在安全的環境中運作，考量到我們將在 Lightspeed 上承載的流量性質。

And is that something that would likely happen this year or slipping out into next year?

那這件事比較可能在今年發生，還是會延到明年？

Well, we're -- I mean, we're rolling out landing stations. We have to support our upcoming launches. And so we've got at least eight plus teleports, landing stations under development in various stages right now. Some of them are already done, some of them are in flight. We'll be doing more, even over the course of this year. And so yes, we expect to be able to share more information about our plans for that.

嗯，我們——我的意思是，我們正在部署著陸站。我們必須支援即將到來的發射。因此目前至少有 8 個以上的電信傳送站／著陸站正處於不同階段的開發中。其中一些已經完成，一些正在進行中。今年接下來我們還會做更多。所以是的，我們預期能分享更多關於我們相關規劃的資訊。

Great, thank you.

很好，謝謝。

Thank you.

謝謝。

That concludes our question-and-answer session. I'd like to turn the call over to Dan Goldberg for closing remarks.

問答環節到此結束。我想把電話交回給 Dan Goldberg 作結語。

Okay. Well, operator, thank you very much. Maybe I'd just say in sum, I mean, we're about two thirds of the way through the year, and we feel very good about how the business is performing, how we're executing where we reiterated our guidance for GEO. Last week we announced the largest contract in Telesat's history with the ESCP-P contract. The pipeline for Lightspeed is very, very significant.

好的。那麼，接線員，非常感謝。我想簡單總結一下：我們今年大約已經過了三分之二，我們對業務表現與執行狀況感到非常滿意，因此我們重申了 GEO 的指引。上週我們宣布了 Telesat 歷史上最大的合約，也就是 ESCP-P 合約。Lightspeed 的商機管線非常、非常可觀。

We have $5.6 billion of backlog at this point in time with Lightspeed. And between the further opportunities with ESCP-P, the other sovereign opportunities that we have and commercial opportunities that we have in the pipeline, we are, I'd say, more bullish than ever about our prospects. The constellation has expanded. It's accelerated. It's fully funded.

截至目前，Lightspeed 的在手訂單（backlog）為 56 億美元。而在 ESCP-P 的進一步機會、我們擁有的其他主權客戶機會，以及管線中的商業機會之間，我會說我們對前景的看多程度比以往任何時候都更高。星座規模已擴大。進度已加速。資金已完全到位。

We have USD0.5 billion in contingency on support Lightspeed, which we're very focused on not needing to dip into. The GEO business actually is performing pretty well year-to-date. We actually grew our backlog in GEO this past quarter, which we haven't done for a while. I think that shows some of the resiliency around that business and improved cash flow visibility when we're able to grow it.

我們為 Lightspeed 設有 5 億美元的預備金（contingency），我們非常專注於不必動用這筆資金。GEO 業務今年迄今的表現其實相當不錯。我們在上一季實際上增加了 GEO 的在手訂單，這是我們一段時間以來首次做到。我認為這顯示了該業務的韌性，以及當我們能夠擴大在手訂單時，現金流可見度也有所改善。

Certainly, the announcement by the FCC recently on the C-band process and Telesat being eligible for USD189 million of proceeds, on the back of the $344 million in proceeds that we received from the earlier proceeding, which gives us confidence that we'll secure this USD189 million, I think we end Q2 and head into the rest of the year really optimistic and bullish about where the business is going and our prospects. So in any event, thank you all for joining us this morning, and we look forward to chatting with you when we issue our third quarter numbers.

當然，FCC 最近就 C 頻段流程的公告，以及 Telesat 有資格獲得 1.89 億美元收益；再加上我們先前程序已收到 3.44 億美元收益，這讓我們有信心能取得這 1.89 億美元。我認為我們在第二季結束並邁入今年剩餘時間時，對業務走向與前景都非常樂觀且偏多。無論如何，感謝各位今天早上加入我們；我們期待在發布第三季數字時再與各位交流。

So thank you, operator.

所以謝謝你，接線員。

This concludes today's meeting. You may now disconnect.

今天的會議到此結束。您現在可以掛線。