财务数据和关键指标变化 - 2023年全年收入为7.04亿加元,调整后EBITDA为5.34亿加元,经营活动产生的现金流为1.69亿加元,年末现金及短期投资为17亿加元 [32] - 2023年第四季度收入为1.66亿加元,调整后EBITDA为1.233亿加元,经营活动产生的现金流为1300万加元 [33] - 2023年第四季度收入同比下降2500万加元,主要是2022年完成了一笔DARPA设备销售,以及与一家北美客户的长期协议续约导致收费降低 [35] - 2023年第四季度运营费用同比下降3000万加元,主要是股份支付费用下降以及2022年DARPA项目相关的设备销售成本下降 [35] - 2023年全年净收益为5.83亿加元,2022年为亏损8200万加元,主要是2023年确认了C频段清算收益以及债务回购收益和外汇收益 [38] 各条业务线数据和关键指标变化 - 视频业务收入预计将下降约1.5亿加元,主要是Nimiq 4卫星与Bell续约价格大幅下降,以及Nimiq 5卫星与EchoStar的续约 [12][13][14] - 企业业务收入预计将下降约1.5亿加元,主要是海事服务收入下降,受到Starlink等LEO网络的冲击 [14][15] 各个市场数据和关键指标变化 - 海事业务收入大幅下降,主要是客户流失给Starlink [15] - 航空业务收入也有所下降,但幅度不及海事业务 [15] - 拉丁美洲和印尼的政府服务项目以及加拿大的零售网点业务也有一定下降 [15] 公司战略和发展方向及行业竞争 - 公司最高优先事项是专注执行Lightspeed计划,加快向LEO网络的转型 [28][29] - Lightspeed项目进展顺利,与MDA和SpaceX达成重要协议,并获得加拿大政府的大力支持 [8][9][24][25][26][27] - 行业正在向LEO网络过渡,Starlink等LEO网络正在快速发展,对公司GEO业务产生一定冲击 [10][15][16] - 公司认为Lightspeed相比Starlink等LEO网络具有更好的价值主张,能为企业客户提供更灵活、更高性能的服务 [53][54][55][59] 管理层对经营环境和未来前景的评论 - 2023年公司业绩出色,超额完成了调整后EBITDA指引,维持了行业领先的运营利润率 [8] - 2024年公司GEO业务收入预计将下降约1.5亿加元,主要是视频和企业业务的下滑 [12][14][15] - 公司预计未来几年GEO业务收入下降幅度不会像2024年这么大 [12] - 公司正在大幅增加Lightspeed相关的投入,包括人员、软件系统、供应商等,以加快Lightspeed的商业化进程 [17][19][21] 其他重要信息 - 公司与加拿大政府就Lightspeed项目融资达成共识,预计总融资成本将比之前计划低7.5亿美元 [24][25][78][79] - 公司2024年资本支出预计在10亿-14亿加元之间,几乎全部用于Lightspeed项目 [23][42] - 公司2024年调整后EBITDA预计在3.4亿-3.6亿加元之间 [41] 问答环节重要的提问和回答 问题1 **Chris Quilty 提问** 询问公司之前公开披露的Lightspeed项目总融资成本约20亿美元的情况 [48][49] **Daniel Goldberg 回答** 公司之前的融资计划中总融资成本约为20亿美元,现在通过与加拿大政府的合作,预计总融资成本将降低7.5亿美元 [50][51] 问题2 **Arun Seshadri 提问** 询问公司Lightspeed项目融资的条件限制 [76][77] **Daniel Goldberg 回答** 融资条件主要是需要签订正式协议,各方面融资来源需要到位,以确保项目有足够资金 [78][79] 问题3 **Mike Pace 提问** 询问公司GEO业务和Lightspeed业务的未来收入情况 [115][116][117][118][119] **Daniel Goldberg 回答** 公司预计未来几年GEO业务收入下降幅度不会像2024年这么大,但企业业务中的海事和航空业务仍面临一定下滑风险 [138][139][140][141][142][143][144][145][146][147][148][149][150][151]

Exhibit 99.1 Telesat Reports Results for the Quarter and Twelve Months Ended December 31, 2023 OTTAWA, CANADA — March 28, 2024 — Telesat (NASDAQ and TSX: TSAT), one of the world’s largest and most innovative satellite operators, today announced its financial results for the three-month and one-year periods ended December 31, 2023. All amounts are in Canadian dollars and reported under International Financial Reporting Standards (IFRS) unless otherwise noted. “Telesat achieved a great deal in 2023 and I am p ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 20-F __________________________ (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SE ...

Telesat Corporation (NASDAQ:TSAT) Q3 2023 Earnings Call Transcript November 6, 2023 10:30 AM ET Company Participants Michael Bolitho - Director of Treasury and Risk Management Daniel Goldberg - President and Chief Executive Officer Andrew Browne - Chief Financial Officer Conference Call Participants Walter Piecyk - LightShed Partners Caleb Henry - Quilty Space Arun Seshadri - BNP Paribas Brandon Karsch - Kennedy Lewis Matt Lapides - Abry Partners Operator Good morning, ladies and gentlemen. Welcome to the c ...

Exhibit 99.1 TELESAT CORPORATION Quarterly Report For the Three and Nine Month Periods Ended September 30, 2023 PART I. FINANCIAL INFORMATION | --- | --- | --- | |---------|---------------------------------------------------------------------------------------|-------| | Item 1. | Financial Statements | 1 | | Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 26 | | Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 55 | PART II. OTHER INFOR ...

Telesat Corporation (NASDAQ:TSAT) Q2 2023 Earnings Call Transcript August 11, 2023 9:30 AM ET Company Participants Michael Bolitho - Director of Treasury and Risk Management Daniel Goldberg - President and Chief Executive Officer Andrew Browne - Chief Financial Officer Conference Call Participants Michael Pace - JP Morgan Walter Piecyk - LightShed Partners Arun Seshadri - BNP Paribas Raghav Garg - DoubleLine Group Marcello Chermisqui - Ares Operator Good morning, ladies and gentlemen. Welcome to the confere ...

Exhibit 99.1 TELESAT CORPORATION Quarterly Report For the Three and Nine Month Periods Ended September 30, 2023 PART I. FINANCIAL INFORMATION Item 1. Financial Statements 1 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures About Market Risk 55 PART II. OTHER INFORMATION Item 1. Legal Proceedings 56 Item 1A. Risk Factors 56 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 3. Defaults Upo ...

Exhibit 99.1 TELESAT CORPORATION Quarterly Report For the Three and Six Month Periods Ended June 30, 2023 PART I. FINANCIAL INFORMATION Item 1. Financial Statements 1 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures About Market Risk 54 PART II. OTHER INFORMATION Item 1. Legal Proceedings 55 Item 1A. Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 3. Defaults Upon Seni ...

Exhibit 99.1 Telesat Reports Results for the Quarter and Twelve Months Ended December 31, 2022 OTTAWA, CANADA - March 29, 2023 –Telesat (NASDAQ and TSX: TSAT), one of the world’s largest and most innovative satellite operators, today announced its financial results for the three-month and one-year periods ended December 31, 2022. All amounts are in Canadian dollars and reported under International Financial Reporting Standards (“IFRS”) unless otherwise noted. “I am pleased to report that we outperformed our ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 20-F __________________________ (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SE ...