Telesat (TSAT) 14 Nov 242024 Q3 Earnings call transcript

Good morning, ladies and gentlemen. Welcome to the conference call to report the third quarter 2024 financial results for Telesat.

Our speakers today will be Dan Goldberg, President and Chief Executive Officer of Telesat; and Andrew Browne, Chief Financial Officer of Telesat. I would now like to turn the meeting over to Mr. James Ratcliffe, Vice President of Investor Relations. Mr. ahead, go Please Ratcliffe.

SEDAR+. and report everyone. September for X-K and on Latanya, filed XX, morning, our Form on SEC the quarterly the with good you, This morning, we XXXX, Thank period ending

that Our remarks today forward-looking results results uncertainties. contain unknown forward-looking statements the as differ from by of Telesat's known risks are materially and statements. may contemplated actual There may risks the a result and

SEC. of discussion statements. updates risks, please assumes annual update Telesat's to and the turn I the forward-looking known see filed call Dan report or with Chief and over For President Executive Telesat now these responsibility no to a revise Telesat's Officer. Goldberg, will

Telesat pleased staff suppliers. new all for are talented the months and as for with Okay. and top executing earnings unfolded to be towards us all have happy morning. of expectations. the collaboration key that see say biggest the to end our of shortly that into the important largely thank closed be revenues I'm we're consistent news of joining with get X to program. that the updated the making track, and end the as up we've indicated and or at and pleased for at I'm eventful QX program our to this our range. for We work QX we range we're you in closing progress Thanks, we with for Lightspeed noted funding on our year we was end QX bringing to of quarter. James, our call we're guidance this this on our people upper having above done far so EBITDA was the the thereafter. adjusted the And release, first happy good and we're the excellent the announcement also with very

Canadian DISH. minimal that certain the material dollars, front, we on provision course but have as to significant QX quarter the the to. X, us, low a prior we Nimiq there. The situation. it meet discussed our we've down GEO contribution. well basis, incremental was our year that, the Lightspeed that And now ramping appreciation developments to also of less good plain users of Switching we the quarter bad that about to we're subsidiary customer with our customer nothing selling a I've X/X we renewal to fully an the the which contract roughly year into last a we the financial into year, growing and lost highly top be little month we the We a call, receiving call deferred QX X-year accounted quarter. used calls. Explore the an funded. having last commitments year connectivity keep of advanced Canada, community see on that increasingly fully and design contemplating of in its with mention to have we're in of been and capable very is making as as LEO we very replace more something than expect will recognized we're progress so the to roughly technical that of of that we an single-digit the level program I'll and $XX on we'll a a were on now satellite benefits pleased high their business don't obviously restructured very is progress focused took we QX each our last for see millions did customer the the requirements earlier for quarter that priority for call. each enter backlog verticals engagement of with addition EBITDA can financial from agreement In thing market plan light than line, apprised to the requirements. Securing We a is GEO Explore's Lightspeed that we'll that the prepayment It's InfosSat proceeds has say EchoStar our DISH called expire that but to the Explorer, using the million that we to first than last roughly move support a contract, It's forward. I'm last mentioned anticipated. will a capacity in cash business entered us generating X for reflect see gone we activities. little renewal about a back spoken capacity about of gears over ISP what on revenue that debt Explore a Nimiq agreement wholly-owned half they're restructured that pleased was to of that our for as X/X use that On sell its renewal of challenges, $XX revenue we at coming In part million through our noted end capacity of originally with today. restructuring. next to We On a in on with

million well line. on proposition progress Lightspeed's and for market but expect from as guidance very year, we're get in bullish the value are we to as deliver an have this performing on relative around extraordinary down Explore our global it at strong to to ability very we quarter, relative well remain and flat stakeholders. sum, to be as busy our pleased Lightspeed to In a year-end. value $X closer and prospects customers fully effectively We're for We year significant funded was to date the revenue program restructuring, to next the to execution. our Following EBITDA service creation making

questions. addressing So, with to Andrew that, I'll and any forward hand then over to look

Good the third Telesat everyone. In filings. XXXX, release to of $XXX million, consolidated on morning's of of $XX revenues Dan. million. quarter I EBITDA like focus press now from reported would and you, adjusted this morning, Thank highlights

cash XXXX, third quarter of $XX generated from billion company million cash. the in For X of the ending the months with $X.X operations, first

Lightspeed, decreased quarter $X For primarily decreased the decreased exchange loan on same million This decrease was a The third period the expense to recorded September spot XX.X% the third adjusted weakening third EBITDA Loan to the $XXX adjusted share-based the of the offset primarily expenses revenue American in decrease XXXX. revenues by loss as debt rate by fees well was on lower $XX of dollar of the certain the and same a expenses bad ended Canadian to dollar, the XX.X% million translation to $XX million and to the increased of reduction quarter interest customer by $XX dollar-denominated XXXX. we in to in and result compared term mainly headcount million. noncash expense higher to for the XXXX, as as period due of Operating partially the $XX lower by decline U.S. of increase on rate million XXXX $XX compared to of to primarily The renewal quarter the expense, a to of compared XX, revenues decreased spot B. the Telesat Latin offset XXXX, from In $XX our quarter million the compared due through X long-term a third of to when Interest interest quarter, in and million. facility. the margin U.S. an operating in Term was million the June EBITDA compared U.S. foreign third and lower in to as 'XX, engineering in quarter and notes a services by The the the as related rate quarter gain gain repurchase professional North capitalized our customers. million due mobility impact segment. was months The XX, in higher XXXX. the The during agreement by for was American with was direct-to-home partially rate favorable $X debt. of and in LEO on as compensation resulting

income the earlier, net same to the due benefit $X change for primarily exchange was Our $XX the a net in by the for in The partially foreign compared was offset I mentioned quarter year. million the million third prior revenues. to period of loss decline

payments balance cash which September X made from reflected Of sheet of million activities remaining $XXX end. Guidance. amount, This $XX Capital on XX, million. months consists is expenditures to the related were inflows in cash of ended other amount the the was payables $XXX and quarter accrued. with operating trade Lightspeed. all For were million, almost this at Telesat million $XXX

XXXX our dollar dollar earnings our of as also a we've As $X.XX. and release guidance. assumes updated said, rate this you in to Dan morning This will had Canadian have exchange U.S. guidance noted

of For of XXXX, its end revenues full year million Telesat the upper expects now guidance million. the be $XXX range between and to $XXX at

In our $XX versus the new of This $XX share-based just operating prior we in million expectation now million this hires. year expect to to million. reflects expenses, approximately terms million spend compensation, Telesat of on excluding overall Lightspeed $XX to $XX mainly timing

above expect the now revenue at million and both in total of reflecting to EBITDA, or $XXX lower million, terms adjusted In guidance come OpEx. to range of we better $XXX

available our expenditures, approximately the expect of X-K. our our Quebec. payments GEO in in reflected As and be million separately of held year-end. X requirements timing promised, our in agreements with cash the $X.XX our LEO accruals to expenditures, was interest next Canada received unrestricted to at related estimate capital well short-term filed we of XX under the in we showing at as Approximately In This range of we September end Telesat $X our and billion also XXXX To billion all to capital at cash and to the Lightspeed. expenditures our expected of results and investments capital funding as $X.X billion, respect of including the invoices quarter. $X.X government reflects Note are in statements meet have nearly is cash $XXX of end as subsidiaries the billion which months, for corresponding financial and of

calculated Telesat the compliance generate In credit the At operating amount quarter, agreement amended end a ratio senior of X.XXx. covenants the significant terms third secured as all cash ongoing we credit from our total with continue the on and was indentures. of the activities. in of is in addition, facilities to leverage our the

XXX of a at now we USD Term debt In including our debt million, have XXX interest of the million repurchases a of cost a of repurchased cumulative 'XX USD reduced USD debt results report an XXXX our of with the calculations Combined interest. XXX in of XXX million is at approximately approximately been year-to-date accrued Loan USD accrued repurchased and savings financial repayment our terms filed cost in including also amount in amount overall of we this approximately have B, statements A principal XXX now and the repurchases, This USD in 'XX, financial million, USD million we our provided by morning. reconciliation XX interest. has Including annually. XX%. of covenant completed million between

provides the in Our subsidiaries are minor information X-K non-guarantor condensed subsidiaries consolidated The with the NDA. the unrestricted unaudited differences. shown interim essentially financial

we're So now happy have. And that our concludes you may questions answer prepared remarks to any the call. for very

we So, the back turn operator. will to

The first from McFadgen from question David Instructions] Cormark [Operator is Securities.

couple a questions. of Just

EchoStar So, just renewal. the first of on all,

you indicated or will you offset about expect revenue but be to that. some X/X of down So, the that XX%,

you just the would what was think do wondering I net So, be? impact

the not Dan. Thanks are Nimiq X that plan sure using of lives, coming back it's from for to the of capacity David, the know, yet. to the their I'm end We've customers coming couple support satellites to got question. we and use don't are who of a satellites. those some I

of ways, in So, a shifting it's bit. just around little some kind revenue

XXXX I best giving mean just we're just don't yet. now -- So, think and right about guidance -- yes, I know. it's to not

So, don't on try do, new that. we But some into When revenue. insight yes, that. give think tuned of stay to we'll as but more it

end approaching that revenue on are going customers other satellites life. that like and I be currently Anik to think moving that's from of more satellites FX are it's

couple questions So of then on just a Lightspeed.

cash of sticking your flow year-to-date. satellite $X you're payment about far, billion $X.X to million of would $XXX statement, CapEx so I So, number guidance at it's the the then Because that When look on programs? show with cash billion. up

that. Yes, I'll answer

program. see generating said to cash in David, that you'll and if the to our satellite two the you Lightspeed activities, Page to as other which related to aspects million, program, is $XXX amounts, and payments payments at property flows for CapEx our itself, fact, notes, cash go I X in equipment, cash you also used related investing my of In look related if

And cash gives nonetheless, the timing draw as mentioned payables. Page they included $XXX There and invoices, million $XXX had there said, X, hasn't other attention paid, So also, given and could to is that there, were of I you of accrued. of that amount an million. been And trade the but we I within million. your amount $XXX is

take $XXX out expenditures. you million, $XXX called million you accrued cash for the paid the if So, the capital and $XXX you for that gives we've add that million

So going going the if $X to those in billion cash flow statement you're right? record actually line $X.X billion to items to be are and impacted, the

XXX%. question? Sorry? correct, was last What that Yes,

no. clarification. That was no, No, a just

some Lightspeed. of just questions So on the development

Taiwan with your trade you're something Can some press, I working in give Lightspeed or any on. government on talk discussions of us Taiwan, So, number guess been that? the you there's that a agreements providing like of update

communications were reports with But say comment say potential discussions to evolve, that about that. played not, conflict that any that is we particularly policy some I say, for we're is are. But and to extraordinarily saw which as the and governments, is requirements has useful how Lightspeed to no, we're having there news before, we've not not out. we've Ukraine and impactful our on about seen We not talked in mean, I this folks, would

canceled think the Australian technology evolved, the has fact no, might that much said, a we think yesterday, defense LEO program these to need better, it distributed it's it. applications Lockheed constraints. that of I to architecture Defense and geostationary recently was was meet You budget and but But owing Martin, we to seen and it multibillion-dollar that a is of function resilient a was have that out more just the Australia requirements, came just Minister there speculation with do

discussions but capabilities. Having see in we on it of that particular policy we said will that would of earnings any event, Lightspeed that, a discussions think note to our on on said Lightspeed's last purchase. that we week notwithstanding in was governments, a can't I with any not lot work we're with so opportunities having, about comment its acknowledge be pending, might commenting So, that that capacity are discussions I Viasat they leveraging us call,

we at there minimum we that's affirm that, seeing like case. lot the with some are to to I of with LEO, think a complement satellite from United existing So, that Starlink. providers. users They saw existing to Airlines recently will infrastructure announced the again, here the Viasat, And moving other need customer they're and out of its a this community, that going over be their transitioning

Air I think France announced same the shortly thing. after

clearly, Lightspeed we're shock moving to to from huge a community, that's not Telesat, user building benefits So sees why the LEO.

most competitive. a service providers And LEO verticals leverage for so, that looking communication across these in I all right think to to way remain now different order are

what reflection be it terms of are of users And be so going certainly, in Viasat having as just mean, going But competitive able Lightspeed Starlink, is competitive think, users the a Lightspeed to is are conversations a to be I well just with that. transformative and that validated powerful we're I going how alternatives want very has is. And to alternative. really do. to

able use So asked that, is its additional orbit, one would expected for to be gig Starlink better they just to no on speed be So, Lightspeed because right? or following to still, than sure, a as to to SpaceX, stand but change download Starlink want expects be Starlink today well. spectrum offer

comments that have compare you do, know guess, would was do to Starlink Lightspeed on -- is but helpful. proposing be what comments wondering, any don't with, I And I I So, with on would proposing that? they're don't any to just maybe you do? what how

you. agree themselves. that, is It then think service. great traction why And so getting Yes. impactful. will I No, they're And It's it It's why listen, I market. the they're Starlink getting diluting great recognize don't a with people is much today, better. and service they're in a be if so being

the And just that will just that we're getting all Starlink that market today, Starlink sure and us better can that make with not so, better bringing over it's time. services to to the incumbent exists but be upon compete of

that's they have we service. compete going had going features going to quality us. be autonomy we customers then manage we've to are price. service whether we're to level to enterprise have by features. our level important that have on of responsiveness. of and We're We our bandwidth on. the It that will value, that's or things that competitive going that to users to environment of CIRs or duplicated to compete how we've got the particularly the And some always more competitors, believe that ready we're could We're giving on so to to to agreements things think those that And have going to the have And they on to that we're that. procure compete service going to into. think all those compete We're be over compete ultimately going on be are from customer be and case entering all for kind

because yes, used mean, And a to markets it. the bring to how great highly we yes, it in a I We're used to great great think to that market. and I that we're competing network. proposition fundamentally, value that's So a going about will having think we're to, are competitive. be be But successful constellation

going enterprise just they're That's customer market the big. growing. the that will service. to I today, well of take Star serving these customers with want continue of they're operate. providing The customers market kind market. of going It's are, is providers. Even customers XXX% I is gain in how link, known to to multiple those but believe, industry not for We think, high levels share,

with it's today. expectation better gets that link, just think Star doing network we time. I But is And and great it, will agree my be that's anyway, we track a David. how what over they're you. And obviously, So about closely. service a it better

is The Edison Yu from from next Deutsche question Bank.

if you you're the I go seems quarters, of about first a Is X the towards step-down. talk it's wanted Can of the a kind back bit visit we It that? all the take range on to that drivers implied pointing of XQ guidance. kind on basically you us that of maybe MiCX? when

in is No, it John, October. help driver. of re-rated out, October. contract absolutely be That would Yes, me the kind early biggest got Early

and the were cash to it's to So, go-forward a going I that the of we there, on cash, recognized a that versus the just going receiving it's contract. a before. the we previously, have we deferred was said X/X with DISH we revenue be And but in said there I piece of did full prepayment cash what at gotten getting because from basis we're that time we most that a did was what had also revenue

be that in And mind So really will of other to that driver. the nothing biggest comes terms there's else things.

we side, the be LEO driver that our add EBITDA to mostly for biggest We the on will ramp structure. top the activities, continue line. headcount up cost On our but

And then us in kind noticed tell situation? you I of us just update, Yes. Can on on Understood. the was I or the Shaw. update filing, guess, there an maybe

that whatever sometime update. don't reason, earlier the huge stop they that a Shaw us. paying share not view. a We there's position to they right Well, had for the felt like in took year

a filed And lawsuit so, them. we against

about top million the like $XX-plus under for $XX head, that contract, punitive would off that. they in million and damages is we're my balance revenue be of owe think I us payments damages, things the and So, the seeking

update. huge a not So

and it. no filed, that. has General the a go. our real say Looking so we're lawsuit pursuing feel we way But there's as about strongly But beyond this, at our update we Counsel, claims, I been and

other? more just how that various you the end Viasat. out on of the with than I the split Can of last discussions you having? the Understood. one know than kind one the that kind government? is assume maritime? Is And Does Like for towards just it's more affirmed that Is with you're that of in markets Viasat. discussions of cater just going more maybe me. IFC? if terms discussions us remind stands I

we've all the everyone those We community about. think I we're sea different a engagement customers active are feels is with the we been telling say like people these a going We've just The discussions customers with change that having since us. all different verticals of announced qualitative financed. terms in in to like fully with that Lightspeed funded. will most to over bit I the all of customer But always nature level been that high. And we get believed of verticals was talked very, discussions world it in having very fully of that the

going be things. I One, it's we're the funded, fact to X the time. in X maybe think that that fully things. than X years' it's launching Three, more fact we're

but and the actually you're these So, whether new antennas, need an particularly a lead modem. the planes lot with with need existing even you you a antenna, of lot got, can time, of dealing work, new networks still when you've a a their aero communicate way with the needs Lightspeed airplane

there's so, time. lead And some

that customers funded, need thing the were were of has if think think announced think or LEO. planes going of user component fully one penny have that I Light transition other But whether in that's announced just future a the the start going think LEO all believes the whether same future to community you I they happened, other their now. world United that dropped that the we right working the to speed. we to day to that the And think So, you moving to is totally meaningful or Starlink. they're everyone then I the with And the is now

having fully you link that discussions there, customers of being we're and with if concreteness firming, the getting all funded, out seriousness yes, between the I've traction the between is Star that is, so, And will. noticed that the

then the it's broadband requirements. So, board. any across the government traditional aero, sort it's services, rural old of event, it's so in of It's and backhaul maritime, kind it's

very now, signing And look, commitments. them. just we'll right on be in with announcing customers, the we're do, as but we trenches working focused So anyway,

we're far, everyone LEO that start And so doing financials year, so in to our new but haven't been we in backlog, knows. just disclosing going the

next from Space. from Caleb The question is Henry Quilty

A antennas couple meeting think far how contract, from I a I was Lightspeed constellations. Intellian. questions gets around and that LEO Telesat was with your it curious you recently just of and gateway kind status what is the but so for needs of half also the sure. need, you it's gateways wasn't the guess of sounds antennas that My far. also like announced XXX would I just about speed is Light

looking I Dave our at think I'm CTO, Wendling.

order the out. it's think between with and Dave, covers I help somewhere gateways, Intellian that we made XX XX me

Yes. XX gateways, Dan.

XX between XX. and That's

leaders gateways. antennas So our terminal they good pleased XX I as well. not And are but has with we're doing. Intellian the that user antennas, really only gateway for been sector, for one the of mean, work in

So yes, forward. plowing we're

then existing be least, the Teleport nature. Canada, where some will will a of facilities antennas greenfield that our greenfield be some sites mix kind X, be we'll of Some sites around probably well. of at the in and adding in more maybe Other sites as world gateway

Australia, good so So, Latin And that been in we're the and locations mapping and North Europe America. we've in making in there. Asia, yes, America, about progress we out feel

U.S., like with Space go interoperability it able will Telesat Light be military a same was the constellation since this then XXXX, it speed one on was look Agency. you way the in a I the the with PWSA? little on, remember but And think optical communicate back, have terminal provider, to And question may in Okay. does Development working

them government gives Listen, them constellations all initiative It really about for we've that. their proliferated U.S. various value, these. LEO has flexibility, to and the these deterrence it's gives that mean, part I tried are interoperability hard what of been the more of important U.S. that resilience. government really greater LEO saying track interoperable more as of

consideration that Telesat was chose and MDA So when us TSAT. certainly for a

not. software also be that is level U.S. Aalyria, which we'll of too, it at believe, manage and believe providing some of that platform ISLs, announced We the we're government, to the the But Aalyria. we We least we're Aalyria. that a announced goes working also just beyond using So, the I using the I what that is software is with going think I to did. constellation traffic provider like be interoperable. And

also not with the interoperability it's traffic that to pass of to there ways other to systems are being traffic RF to facilitate able in talk your constellations do and being each So handy only each networks. as terms to have the able well. between it flows other to ISLs facilitate optically, do But across

And anyway, acknowledged that Lightspeed Viasat, about to them interoperable. to again, They we've network. so Viasat very consideration a been as big trying obviously a hybrid we've we're that's intentional for as make And talking so already certainly, well. envision multi-orbit

as And the so, the or other for it's provide U.S. for interoperability good working whether possible. good as government with customers. for Telesat. operators at It's It's to much the ecosystem good large. It's

there I IRIS² Canada Union, given the how there I is European know know none? Agency. is there obviously don't around interoperability? perhaps might for part the of chance any European but discussions overlap And Canada funding co-funding or is if not the connective between or is I was be they're part a of question. network, extent tissue that last wondering, then Canada and And or IRIS what Space to

OISLs, the there's Telesat the maximize our been I other Look, I -- resilience, But I TSAT, has initiative. IRIS² like of mean in been European Americans, a Europeans, just like that Airbus. activity. manufacturer not it's involved maximize constellations. with would focused interoperable to assume allied We'd mean IRIS² to constellations, flexibility. the it's the very that's see much to

So, with certainly, to allies. going that to EU, Canada that want of and believe their I've a are the got nations great I got there's that members And And constellations. IRIS² for own think to other IRIS². the -- we reasons, likelihood high the to will are with be European the interoperable be those Europeans interoperable

believe and what think gov going I that is maybe Ka. their hard IRIS² yes, no -- I Ka-band, look, So and for is doing Ka-band, be we're requirements to

some and all is doing. that we're would believe also what between interoperability what IRIS² So about I facilitate

is from LightShed. next The Walt question Piecyk from

the what were think, XX% the I the to comments to you they reduction question. it correctly was capacity reduction were back first the and the over I correct I didn't go want in in them. want first just Just prepared paying. thought And XX% from DISH you comments. to asked questioner, time prepared describing transaction, I a if heard it when XX% in clarify

what around Yes, were prepared think X/X to XX% can't comments receiving is I we around I or if expect the be XX%, remember said but I -- X/X.

I that reduction opposed a reduction. just to XX% correctly. a like I as to heard sure XX% That's want make

It's And that again, XX% we've here. right. cash been reduction. tend that's taking in, about to we from Yes, around care and cash the

that's So right.

you, Walter, what pay. the about they now, and but from paying be will half Sorry interrupt to about used capacity of it a to year X/X

lower lower So, less the getting we're they taking, taking capacity and that taking at that are they're a capacity unit. rate somewhat reflects cash the they're per

And of then end terms to the and years would of effectively go in to that -- at then do the to need not the expectation for would renewal. X usage and zero another be their their

it if And a Thanks, there's a of And even down stepped now. know. January know right then it, need the that XX XXXX. I time. And at know the EchoStar first the but the they extend with and found early at year, comes for might already end that. I other transponders, the of we going also is case more than at they lot of XXXX. don't that that on obviously, Look, on little John. might some what in more They that, haven't about I to up don't year, DISH be uses it don't end of

channels still have Nimiq TV to look, we'll getting renewed. they off why So, subscribers of that of which are lots is X, see. their they've lots have and But

And plays how to it so, see we'll out. have just

to I then you case LEO the moving contracted? And the already have, -- you have affirmed that affirmed Viasat. they in the Or on said fact, discussions? you Viasat, and that's think Affirming about

using today They're that's their customer with of They relationship affirming. we're call, were We've with No, look, No, affirming we've a last no, all a around us our with Lightspeed engaged worked capacity. got no. discussions GEO and in they Viasat. great them for a ours said And discussions. on years. commitment,

Canada. RXA years, Over bought VSAT the and we've to from broadband business other in things hubs support here them

So back. anyway, way we go

terms of, And beyond out approached S-band of integrating you Lightspeed possibly spectrum Is Has prior ? for the -- there. already it, I what and planned let's call to then that launch? in spectrum in L-band terms anyone guess, you of use that's

if of have and they're -- But now. answer those is satellites I'm the We're I looking on approached mass our every we us ounce they're MDA certainly, just People bus. wondering support and host power we and to using of same those for don't. it's had public mission. And kind whatnot scope payloads. MDA, for the is leveraging Globalstar mean, our leveraging at, building satellites look, to

can are we're And bus so lower support that using that using satellites bands. spectrum for those so certainly, -- anyway the used direct-to-device

could and I time, to jointly hell who knows? them for that something In mean, So direct-to-device constellation wants trying a make we them. for fullness that maybe would consider the of we yes, with do something to launch us. with sense do entity ever and an

part constellation? for it in to to Could put And of be deadline like an that. have for like that that place actually be when what's agreement of part would the be the

for we're the It beyond now, satellites we doing have, be will that. Right has that. sailed, the ship first XXX

that a about, my them, concept later, last booking of maybe Does end the resonating is customers guess, enterprise a prepared about not will I you of customers, on the build constellation the the numbers. quarterly maybe later with that some was that with of some guess, call, the of question, starting are how I may to you've that preference. LEO then enough even you to in providing again, enterprise disclose comments there then at at imply that And already the but talked to disclose, ultimately, about be this end And you quarter? bookings are the bookings year level sign started significant some fourth talked

Yes. I create home am loath to at And always and expectations at listen, work. high

of that lots So, things can a this particularly any now we're having I people. of some right targets with backlog. I've industry discussions look, lots those we're first a ones. not for the long of time. for And know been long in take time, giving

for of said, not to we just GEO anyway, SEC for our well. as but I start in LEO as So our business, backlog, plan, disclosing filings

focused see concrete having for sure, and we'll stay we and tuned. when folks, it, we're good really on with where So, let's start sure, right just now, those that disclosures. it we at lots leave we're so for are But of making discussions

The next question is from Chris Quilty from Quilty Space.

So, in to really gone? congrats to a sales time focus of where there customer Is deal of particular the raising one or free and regulatory on closed for ever now? worry your or the debt getting now that's again, terms sort you number area manufacturing money that management has have don't risen all about

management I mean, is word. Well, big a

which I the divide So, we're consumed areas. which does to But And more our trying in is to mirror though, that rearview funding in all that did. Chris, one absolutely to a of glad time, getting that for sorts to note kind your have done is it of conquer. are ton devote reasons mean, implicit and us we right, to now, it give of of other the question you're time

looking a was time of just fun I'm to certainly, say right which of and of lot for to MDA, the time the time working my people funding. who it that a Intellian, implemented full less That our team with Relations going turn Dave, talking his program moving when much wasn't a customer the moving just like hiring just technical more a now totally And Lightspeed spending spent We're from getting now. nailing myself, know of to our attention time whole the time. close little going wanted lot funds activities, then We're to to Investor So is with spent side, of are Aalyria. lots right spending takes spending at this, lot spending answering on ton lot folks diligence CTO, whole a forward, and I partners lenders and with now he with as time our questions a financing we're the I'm The of down bit on our community. forward.

to progress great world. making to much getting the now all really glad throughout question. I'm side, more broadcast so a out Nimiq well services X, able is the lot on forward-looking users and about we're now, renewal a the It restructured to there. can arrangements We're and there's going bringing Starlink lot do we're not what it's the for of the got right market the got Then right of gateways, reception up a just Explore. We access Canada, now. we with Anyway, GEO as On right all it's be with asked satellite. around our team, ecosystem want feels we other be of stuff applications the but with prospective with utility more just the a Anyway, people now. lot think there activity in non-broadcast that Honestly, too. They use out DISH. in that We speaking and you done some we approval getting have of just terms partners really great for out kind of as alternatives in superb competitive build business, The that activity great rolling We a customers more commercial service. good. regulatory Lightspeed. right

recognize of those folks think alternatives. we're one I

step-up of Andrew, was like some obviously, it sales a what sequentially going I modelling numbers imply that program. settle to those on the Great, you your basis? Can those. Where timing you're in an and QX, hire. staff and ongoing Obviously, out to and cost would maybe in of kind sense guidance a question, sequentially was both we're with issues of your there's like of do costs half guess quick continuing a your us give see

what hiring indeed, got think etc. I question the Dan for and Chris, earlier said capability we're you building we're people, I think, the as we say, has that our program,

as you a people. that on headcount, share to the see just itself, year in some people. and to step-up headcount with costs with the and that. XXX that we We're increase ancillary think That's go numbers looking the I forward, will come XXX so at close started we So, XX%

So, in essence, that's see. what we will

given of the of looks we our up look I haven't if XXXX. in what a levels XXXX, terms sort just guidance have 'XX, going you EBITDA. deck We of feel published, at would say revenue the XXXX. it Also, gives to forward of you build it investor that you up that 'XX that like for from shows looking,

program, forward. is you the such will what function want in I That's it if that's say but view see say, OpEx Chris, we implication, goes step can what a step-up So what By get we to you would large absolutely of will as how what a you grow. see be, with correct. a

the for Understood, but variability reason was QX? any in there

be exactly, Chris, responsive. we can in Variability what so just

I the half dropped mean, sequentially. of in revenue likewise, and almost staff cost lowest years a costs were at in couple of

with one big there that that contract be The we NASA. would have

We had NASA. costs involved with

So that's what made down. kind of

interoperability recognize in we that That nature. work NASA. Yes, of with because was that's satellite lumpy. We it lumpy was about networks, did all

for So, expense the with wasn't Anyway, lot that we It would a and recognized year, account a EBITDA contributing it. lot then some revenue a think that, of associated the too. there I earlier in on big was line. of chunk

that grow we go well impact, build headcount. have well we as an and forward. capitalized of as That will will We engineering terms in will have as as

I Satixfire Then contract any and other Eutelsat are an made OneWeb. X you. road? Obviously, has ground in And there guess, context orbit, awards on on the be got need landing years they've with And that operating launch gateway Intellian due constellation that side? the you the delayed confident final you stations. you've been service of the the in how rollout? like won't Are that down awards looks on to you pieces antennas but ground or Got question, I major it ask situation

now different not stations this like to be team don't on in I situation, Well, with that in the terms those where station discussions it's in got a in We're going antennas. has the to world program. great go. we need. are we We've in right stations Intellian started that of parties around landing all terms we're of a record various producing out track We've landing got just think mapped place landing good the the side. going

some, of start we're Whatnot need raising of around we them. or have whatnot satellites, stations testing we with when X the satellites. to when around the Look, probably world so, look interdependencies up the and within landing And our we'll and those come all world stations we just do and because going schedule the we two in launch when need orbit and running X at some our to and years landing batch first

that good. So feels

Looking the and BSS antennas, at constellation. some We've satellite agreements station landing with mentioned the OSS for contract contracts, the for launch, with big certainly, of done providers Aalyria. Dave, most big the the the

The this engaged It's satellite. right good for all antenna antennas verticals. we're various the now with are to those so for time doing out for announced. mind forward. flat the in with engaged, for panel been on folks is parties supply development, work point we're that. and different chain on panel flat the various and moving me dispenser comes That's announced So time, for there a is, at What

are further meeting questions no over I this at registered turn the now Mr. There to time. would Goldberg. like to

we chatting our to joining for and when all look year Okay. us and this fourth morning, Well, you quarter thank forward you we numbers. release with full

So, thank you.

conference at for The has you participation. this time. disconnect Please Thank your lines you. your now Thank ended.