Business
Telesat Reports Results for the Quarter and Year Ended December 31, 2021
OTTAWA, March 18, 2022 (GLOBE NEWSWIRE) -- Telesat (NASDAQ and TSX: TSAT), one of the world’s largest and most innovative satellite operators, today announced
About this update from Telesat Corporation
[{"type":"text","content":"OTTAWA, March 18, 2022 (GLOBE NEWSWIRE) -- 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, 2021. All amounts are in Canadian dollars and reported under International Financial Reporting Standards (“IFRS”) unless otherwise noted. “I am pleased to report our 2021 fourth quarter and full year results as a dual-listed, public company,” commented Dan Goldberg, Telesat’s President and CEO. “Despite modestly lower year-over-year revenues and Adjusted EBITDA, adjusted for foreign exchange rate changes, Telesat continued to generate strong cash flows, ending the year with over $1.4 billion in cash. We also continued to deliver industry-leading Adjusted EBITDA margins1 with high capacity utilization and have a substantial contractual backlog of $2.1 billion, providing high visibility into our future cash flows.” Goldberg added: “I am also pleased that we made significant progress last year on our revolutionary Telesat Lightspeed constellation, including announcing $1.44 billion and $400 million of investment in the project by the Government of Canada and the Government of Quebec, respectively; making strong progress on the advanced technologies and systems underpinning the constellation; and concluding an agreement with the Government of Ontario to use Telesat Lightspeed to help bridge the Digital Divide, which, along with our Government of Canada agreement previously announced, contributes to the over $750 million in contractual backlog we had in place for Telesat Lightspeed at the end of 2021. Our focus now is completing the financing of Telesat Lightspeed and commencing the full-scale construction of the program. Although the program has been delayed as a result of certain supply chain issues, we remain bullish that Telesat Lightspeed will position Telesat and its customers for strong future growth.” For the year ended December 31, 2021, Telesat reported consolidated revenue of $758 million, a decrease of 8% ($62 million) compared to the same period in 2020. When adjusted for changes in foreign exchange rates, revenue declined 4% ($32 million) compared to 2020. The revenue decrease was primarily due to a reduction of service for one of Telesat’s North American direct-to-home customers, th...