Financial Data and Key Metrics Changes - In Q2 2024, Telesat reported consolidated revenues of $152 million, a decrease of $27 million compared to the same period in 2023 [6] - Adjusted EBITDA for Q2 2024 was $103 million, down $35 million from the previous year, with an adjusted EBITDA margin of 67.8% compared to 77.1% in Q4 2023 [6][7] - Operating expenses increased by $556 million, primarily due to higher wages, benefits, and consulting costs [7] - Net income for Q2 2024 was $129 million, significantly higher than $19 million in the same period last year, mainly due to a one-time recognition of C-band clearing income in Q2 2023 [8] Business Line Data and Key Metrics Changes - The revenue decrease was attributed to reduced services and a lower renewal rate from a North American direct-to-home customer, as well as lower revenues from mobility and Latin American customers [6][7] - Cash inflows from operating activities for the first six months of 2024 were $66 million, with capital expenditures of $334 million, mostly related to Telesat Lightspeed [8][10] Market Data and Key Metrics Changes - The company ended Q2 2024 with $1.4 billion in cash and approximately $200 million in borrowing capacity available on the revolving credit facility [10] - The total leverage ratio was reported at 5.6%, with Telesat in compliance with all covenants [10][11] Company Strategy and Development Direction - Telesat is focused on maximizing EBITDA and cash flow from its GEO activities while executing the Lightspeed program, which includes building out satellites and ground infrastructure [4][5] - The company is optimistic about concluding funding agreements with the governments of Canada and Quebec by the end of summer 2024 [3][4] - Telesat expects full-year revenues between $545 million and $565 million, with adjusted EBITDA projected between $340 million and $360 million [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress of the Lightspeed program and the company's ability to deliver value to customers and shareholders [5] - The management noted that while there are challenges, such as the restructuring of customer Xplore, the overall business is unfolding as expected [27][56] - The company is monitoring the situation with EchoStar closely, with expectations that they will find a way to continue payments due to the importance of the Nimiq-5 satellite [38][41] Other Important Information - Telesat has repurchased $262 million in debt at a cost of $120 million year-to-date, resulting in annual interest savings of approximately $55 million [11] - The company has spent approximately CAD 334 million on the Lightspeed project so far in 2024, with total CapEx expected to be between $1 billion and $1.4 billion for the year [9][23] Q&A Session Summary Question: Are negotiations on track for funding agreements? - Management confirmed that they expect to conclude the agreements in the next couple of weeks [13][16] Question: Update on DTH customer negotiations? - Management stated they are engaged with EchoStar for the Nimiq-5 satellite renewal, with expectations to reach a resolution soon [21][22] Question: Insights on CapEx guidance? - Management explained that the CapEx range reflects expected spending patterns, with significant expenditures in Q2 indicating the program is on track [17][19] Question: Concerns about EchoStar's revenue contribution? - Management indicated that guidance includes a range of outcomes for EchoStar, and they expect to maintain cash flow from the DTH business [38][39] Question: Update on Xplore's restructuring impact? - Management acknowledged the restructuring of Xplore and its impact on bad debt provisions, but they continue to recognize revenue from Xplore [27][51] Question: Any incremental bookings since the last earnings call? - Management stated there have been no significant new bookings, but engagement with prospective users remains strong [44]

Telesat (TSAT) came out with a quarterly loss of $2.87 per share versus the Zacks Consensus Estimate of $2.47. This compares to earnings of $1.53 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -216.19%. A quarter ago, it was expected that this satellite communications company would post a loss of $0.80 per share when it actually produced a loss of $0.80, delivering no surprise. Over the last four quarters, the company has no ...

Quarterly Report | --- | --- | --- | |------------|-----------------------------------------------------------------------------------------------------------|-------| | | | | | Item 1. | Financial Statements | 1 | | Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 28 | | Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 56 | | | PART II. OTHER INFORMATION | | | Item 1. | Legal Proceedings | 57 | | Item 1A. | Risk Factors | 57 | | | | | | ...

OTTAWA, Ontario, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Telesat (NASDAQ and TSX: TSAT), one of the world's largest and most innovative satellite operators, has scheduled a conference call on Wednesday, August 14, 2024 at 10:30 a.m. ET to discuss its financial results for the three month and six month periods ended June 30, 2024. The call will be hosted by Daniel S. Goldberg, President and Chief Executive Officer, and Andrew Browne, Chief Financial Officer, of Telesat. Prior to the commencement of the call, Teles ...

OTTAWA, Ontario, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Telesat (NASDAQ and TSX: TSAT), one of the world's largest and most innovative satellite operators, has scheduled a conference call on Wednesday, August 14, 2024 at 10:30 a.m. ET to discuss its financial results for the three month and six month periods ended June 30, 2024. The call will be hosted by Daniel S. Goldberg, President and Chief Executive Officer, and Andrew Browne, Chief Financial Officer, of Telesat. Prior to the commencement of the call, Teles ...

OTTAWA, June 20, 2024 (GLOBE NEWSWIRE) -- Telesat Corporation (NASDAQ and TSX: TSAT) ("Telesat" or the "Company"), one of the world's largest and most innovative satellite operators, announced the voting results from its annual meeting of shareholders held yesterday virtually via live audio webcast. Final voting results on all matters voted on at the meeting will be filed on SEDAR+ at https://www.sedarplus.com/ and on EDGAR at https://www.sec.gov/ Continuously innovating to meet the connectivity demands of ...

Shareholders of Telesat voted in favour of all items of business, including the appointment of Deloitte LLP Chartered Professional Accountants as auditors of the Company, the amendment to the Company's Omnibus Plan to increase the number of Class A Common Shares and Class B Variable Voting Shares available for issuance under the Omnibus Plan and the election of each of the director nominees as follows: Final voting results on all matters voted on at the meeting will be filed on SEDAR+ at https://www.sedarpl ...

Market contrarianism tends to be one of the riskiest pathways available, yet it can also, on occasion, lead to massive gains. That might be the situation with highrisk, high-reward idea Telesat (NASDAQ:TSAT). Financially, the company presents a rather poor profile. Nevertheless, TSAT stock has attracted interest from retail investors. Falling under the communication equipment industry, Telesat specializes as a satellite operator. The company provides many services, one of which is providing direct-to-home ( ...

Telesat Corporation (NASDAQ:TSAT) Q1 2024 Earnings Conference Call May 10, 2024 10:30 AM ET Company Participants Michael Bolitho - Director, Treasury & Risk Management Daniel Goldberg - CEO & President Andrew Browne - CFO John Flaherty - VP, Business Planning and Marketing Conference Call Participants Edison Yu - Scotiabank Arun Seshadri - BNP Paribas Chris Quilty - Quilty Analytics Marcello Chermisqui - Ares Management Matt Lapides - ABRY Partners Evan McFadgen - Cormark Securities Alex Nolan - Invesco US ...

Telesat Corporation (NASDAQ:TSAT) Q4 2023 Earnings Conference Call March 28, 2024 10:30 AM ET Company Participants Michael Bolitho - Senior Director of Treasury and Risk Management Daniel Goldberg - President and CEO Andrew Browne - CFO Conference Call Participants Chris Quilty - Quilty Space Arun Seshadri - BNP Paribas Mike Pace - JPMorgan Marcello Chermisqui - Ares Joe Ghergurovich - Sixth Street Operator Good morning, ladies and gentlemen. Welcome to the Conference Call to report the Fourth Quarter 2023 ...