The following is a summary of the Telesat Corporation (TSAT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Telesat reported annual revenues of CAD704 million for 2023 and adjusted EBITDA of CAD534 million.

• In Q4, the company reported revenues of CAD166 million and adjusted EBITDA of CAD123 million.

• Telesat projects full-year revenues for 2024 to fall between $545 million and $565 million, and an adjusted EBITDA between $340 million to $360 million.

• Significant competition from Starlink is projected to negatively impact the aerospace and maritime sectors, causing up to a 50% decline in 2024 revenues.

• Owing to the renewal secured with Bell for Nimiq 4, there's a projected decline in broadcast revenues that majorly factors into their 2024 guidance.

Business Progress:

• Emphasizing on the Lightspeed Program, Telesat has formed partnerships with MDA and SpaceX.

• Aiming to build a global satellite broadband network transitioning from Geosynchronous Equatorial Orbit (GEO) to Low Earth Orbit (LEO) in 2024.

• Telesat anticipates a significant team working on Lightspeed, with a preliminary design review planned for Q3 2024 and the first lightspeed satellite launch is set for June 2026.

• Despite client contract losses - particularly in the maritime sector, and significant revenue reductions expected, Telesat is focusing on strategic partnerships and securing significant government funding for the Lightspace program.

• The company projects substantial savings through reduced borrowing costs and capital expenditure, estimated at $750 million, and government funding around $2.1 billion.

More details: Telesat IR

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