Telesat Corp

NASDAQ:TSATUnited StatesView on Canadian Exchange

Nov 14, 2024

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• Telesat Swings to Q3 Profit on Forex Gain, from 8:09AM ET on Thursday Nov 14, 2024 by MT Newswires

  8:09AM ET on Thursday Nov 14, 2024 by MT Newswires
  Companies Mentioned: TSAT
  08:09 AM EST, 11/14/2024 (MT Newswires) -- Telesat (TSAT.TO), a global satellite operator, on Thursday said it swung to a third-quarter profit due to foreign exchange impacts, despite lower revenue. Net income of $68 million or $1.23 per diluted sha...

• -- Telesat Brief: Reporting Q3 consolidated revenue of $138 million, a decrease of 20.9% ($37 million) compared to the same period in 2023., from 7:12AM ET on Thursday Nov 14, 2024 by MT Newswires

  7:12AM ET on Thursday Nov 14, 2024 by MT Newswires
  Companies Mentioned: TSAT
  07:12 AM EST, 11/14/2024 (MT Newswires) -- ...

• *DJ Telesat 3Q EPS C$1.23 >TSAT.T, from 7:03AM ET on Thursday Nov 14, 2024 by Dow Jones

  7:03AM ET on Thursday Nov 14, 2024 by Dow Jones
  Companies Mentioned: TSAT

• Telesat Reports Results for the Quarter and Nine Months Ended September 30, 2024, from 7:00AM ET on Thursday Nov 14, 2024 by Dow Jones

  7:00AM ET on Thursday Nov 14, 2024 by Dow Jones
  Companies Mentioned: TSAT
  Total liabilities and shareholders' equity $ 6,332,161 $ 6,274,355 =========== ========== Telesat Corporation Unaudited Interim Condensed Consolidated Statements of Cash Flows For the nine months ended September 30 (in thousands of Canadian dollars) 2024 2023 --------------------------------------- ----------- ------------- Cash flows from operating activities Net income (loss) $ 144,764 $ 543,930 Adjustments to reconcile net income (loss) to cash flows from operating activities Depreciation 100,272 140,067 Amortization 8,438 9,927 Tax expense (recovery) 40,192 99,820 Interest expense 185,815 205,171 Interest income (55,970) (47,627) (Gain) loss on foreign exchange 67,215 (181) Share-based compensation 14,504 26,066 (Gain) loss on disposal of assets 366 (7) Gain on disposal of subsidiaries (2,620) -- Gain on repurchase of debt (193,690) (221,462) Deferred revenue amortization (42,222) (45,453) Pension expense 4,232 4,254 C-band clearing income -- (344,892) Other 6,255 2,819 Income taxes paid, net of income taxes received (40,550) (44,650) Interest paid, net of interest received (99,562) (140,125) Government grant received 2,364 972 Operating assets and liabilities (75,647) (31,640) --------- --------- Net cash from operating activities 64,156 156,989 --------- --------- Cash flows (used in) generated from investing activities Cash payments related to satellite programs (502,384) (46,896) Cash payments related to property and other equipment (47,938) (26,879) Purchase of intangible assets (52) (13,211) Net proceeds from disposal of subsidiaries 1,213 -- Government grant received 15,031 117 C-band clearing proceeds -- 351,438 --------- --------- Net cash (used in) generated from investing activities (534,130) 264,569 --------- --------- Cash flows (used in) generated from financing activities Repurchase of indebtedness (147,908) (316,733) Payments of principal on lease liabilities (1,808) (1,608) Satellite performance incentive payments (2,971) (4,319) Proceeds from exercise of stock options -- 27 Tax withholdings on settlement of restricted and performance share units (5,396) (2,719) --------- --------- Net cash (used in) generated from financing activities (158,083) (325,352) --------- --------- Effect of changes in exchange rates on cash and cash equivalents 36,367 1,046 --------- --------- Changes in cash and cash equivalents (591,690) 97,252 Cash and cash equivalents, beginning of period 1,669,089 1,677,792 --------- --------- Cash and cash equivalents, end of period $1,077,399 $1,775,044 ========= ========= Telesat's Adjusted EBITDA margin(1) : The following table provides a quantitative reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA margin, each of which are non-IFRS measures. Three Months Ended Nine Months Ended September 30, September 30, -------------------------- ---------------------------- (in thousands of Canadian dollars) (unaudited) 2024 2023 2024 2023 -------------- ------------ ------------ ------------- ------------- Net income (loss) $ 67,842 $ (3,509) $ 144,764 $ 543,930 Tax expense (recovery) 5,164 18,433 40,192 99,820 (Gain) loss on foreign exchange (35,675) 76,886 67,215 (181) Interest and other income (15,668) (16,181) (57,033) (48,764) Interest expense 59,443 67,748 185,815 205,171 Gain on repurchase of debt (21,368) (68,072) (193,690) (221,462) Depreciation 32,233 47,058 100,272 140,067 Amortization 2,807 3,164 8,438 9,927 Other operating (gains) losses, net (2,272) 14 (2,254) (344,899) Non-recurring compensation expenses(3) 677 209 2,065 693 Non-cash expense related to share-based compensation 3,061 7,060 14,504 26,066 ------- ------- -------- -------- Adjusted EBITDA $ 96,244 $132,810 $ 310,288 $ 410,368 ======= ======= ======== ======== Revenue $138,441 $175,086 $ 443,049 $ 538,260 Adjusted EBITDA Margin 69.5% 75.9% 70.0% 76.2%