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 period ended March 31, 2022. All
amounts are in Canadian dollars and reported under International
Financial Reporting Standards (“IFRS”) unless otherwise noted.
“We had a busy first quarter and it sets us up
well to achieve our objectives for the rest of the year and
beyond,” commented Dan Goldberg, Telesat’s President and CEO. “We
signed an important partial renewal with the DISH Network and
entered into another agreement to support broadband connectivity
for the cruise industry that makes use of virtually all of the
capacity that Dish did not renew. We also took advantage of the
discounted price of Telesat’s senior unsecured notes and, during
March and April, purchased in the open market notes with an
aggregate face value of US$60 million, underscoring our confidence
in the future of our business and our view that the notes are
trading below fair value.”
Goldberg added: “We ended the quarter with over
$1.5 billion in cash as we continue to generate strong cash flows
and maintain industry-leading Adjusted EBITDA margins1. Telesat has
a substantial contractual backlog of $2.0 billion – excluding $750
million of backlog associated with Telesat Lightspeed – that
provides strong visibility into our future cash flows. We remain
highly confident in the promise of our revolutionary Telesat
Lightspeed constellation and at this time are actively seeking to
complete the financing and commence full-scale construction of the
program.”
For the quarter ended March 31, 2022, Telesat
reported consolidated revenue of $186 million, a decrease of 3% ($5
million) compared to the same period in 2021. When adjusted for
changes in foreign exchange rates, revenue declined 2% ($4 million)
compared to 2021. The revenue decrease was primarily due to a
reduction of service for one of Telesat’s North American
direct-to-home customers, termination and reductions on contract
renewal of certain services and a decrease in equipment sales to
Canadian government customers, partially offset by increased
services provided to customers in the mobility market as it
continues to recover from the impact of COVID-19.
Operating expenses for the quarter were $64
million, an increase of $24 million from 2021. The change in
foreign exchange rates had a minimal impact. The increase was
principally due to higher non-cash share-based compensation expense
and, to a lesser extent, the reversal of a bad debt provision in
the first quarter of 2021, which had the impact of lowering
operating expenses in the prior period, and higher expense
(including insurance) associated with being a public company. This
was partially offset by higher capitalized engineering costs
associated with the increased activity in the Telesat Lightspeed
program. The non-cash share-based expense of $24.2 million in the
quarter includes $23.6 million related to Telesat Canada equity
granted in prior years and is substantially greater than the
non-cash share-based expense Telesat expects to recognize quarterly
with respect to future equity grants.
Adjusted EBITDA1 for the quarter was $146
million, a decrease of 4% ($6 million). The change in foreign
exchange rates had a minimal impact. The Adjusted EBITDA margin1
was 78.4%, compared to 79.8% in the same period in 2021.
Telesat’s net income for the quarter was $61
million, compared to $41 million for the 2021 quarter. The increase
was principally due to a positive variation on changes in fair
value of financial instruments combined with the gain on
extinguishment of debt, partially offset by higher non-cash
share-based compensation expense and higher interest expense.
Preliminary 2022 Financial
Outlook
There is no change to the preliminary 2022
financial outlook provided on March 18, 2022:
- Telesat expects its full year 2022
revenues (assuming a foreign exchange rate of US$1 = C$1.30) to be
between $720 million and $740 million.
- Telesat expects its Adjusted
EBITDA1 (assuming a foreign exchange rate of US$1 =C$1.30) to be
between $525 million and $545 million in 2022.
- For 2022, Telesat expects its cash
flows used in investing activities to be in the range of US$100
million to US$120 million. Once Telesat has finalized arrangements
around the construction and financing of its Telesat Lightspeed
program, it will provide a further update on the anticipated
capital expenditures for the year, which could increase
substantially.
Business Highlights
- At March 31, 2022:
- Telesat had contracted backlog2 for
future services of approximately $2.0 billion (excluding
contractual backlog associated with Telesat Lightspeed).
Fleet utilization was 84%.
- Repurchase of 6.5% Senior Unsecured
Notes:
- In March and April 2022, Telesat
repurchased the 6.5% Senior Unsecured Notes with a face value of
$75.0 million (US$60 million) by way of open market purchases in
exchange for $37.2 million (US$29.8 million).
- In March 2022 Telesat repurchased
the 6.5% Senior Unsecured Notes with a face value of $40.0 million
(US$32.0 million) by way of open market purchases in exchange for
$19.4 million (US$15.6 million). Of this balance, $14.9 million
(US$11.9 million) was settled prior to March 31, 2022, with $4.5
million (US$3.6 million) settled in April 2022.
- These March 2022 repurchases,
combined with the related write-off of debt issue costs and
prepayment options, resulted in a gain on extinguishment of debt of
$21.0 million which was recorded on the first quarter 2022
statement of income.
- In April 2022, Telesat repurchased
6.5% Senior Unsecured Notes with a face value of $35.0 million
(US$28.0 million) by way of open market purchases in exchange for
$17.8 million (US$14.2 million).
- Telesat will surrender these
purchased 6.5% Senior Unsecured Notes for retirement.
-
Telesat’s Board of Directors has authorized the purchase of up to
US$100 million in face value of additional Telesat debt.
- Anik F3 Renewal
- In April 2022 Telesat concluded an
agreement with Dish Network L.L.C. for the renewal of over half of
the Anik F3 Ku-band capacity for a two-year term with an option for
a third year.
- In addition, substantially all of
the remaining Ku-band capacity was contracted to a mobility service
provider and will be used for services to the maritime market.
- Telesat Government Solutions
- NASA awarded a US$30.65 million
contract to Telesat U.S. Services LLC as a delivery partner for its
Communications Services Project.
- Under this program, Telesat U.S.
Services will develop a space-qualified RF terminal hosted on two
Earth observation spacecraft to demonstrate Ka-band transmission to
Telesat operated satellites flying at a higher altitude, plus space
relay connectivity between optically linked LEO satellites before
downlinking data to NASA mission centers.
- This demonstration of next-generation
space relay services is expected to create a pathway to the future
use of the Telesat Lightspeed network.
Telesat’s quarterly report on Form 6-K for the
quarter ended March 31, 2022, has been filed with the United States
Securities and Exchange Commission (“SEC”) and the Canadian
securities regulatory authorities at the System for Electronic
Document Analysis and Retrieval (“SEDAR”), and may be accessed on
the SEC’s website at www.sec.gov and SEDAR’s website at
www.sedar.com.
Conference Call
Telesat has scheduled a conference call on
Friday, May 6, 2022, at 10:30 a.m. ET to discuss its financial
results for the three-month period ended March 31, 2022. The call
will be hosted by Daniel S. Goldberg, President and Chief Executive
Officer, and Andrew Browne, Chief Financial Officer, of
Telesat.
Dial-in Instructions:
The toll-free dial-in number for the
teleconference is +1 800 806 5484. Callers outside of North America
should dial +1 416 340 2217. The access code is 1755172 followed by
the number sign (#). Please allow at least 15 minutes prior to the
scheduled start time to connect to the teleconference. In the event
of technical issues, please dial *0 and advise the conference call
operator of the company name (“Telesat”) and the name of the
moderator (Michael Bolitho).
Webcast:
The conference call can also be accessed, as a listen in only,
at https://bell.media-server.com/mmc/p/dmoiqqrc. A replay of
the webcast will be archived on Telesat’s website under the tab
“Investors”.
Dial-in Audio Replay:
A replay of the teleconference will be available
one hour after the end of the call on May 6, 2022 until 11:59 p.m.
ET on May 20, 2022. To access the replay, please call +1 800 408
3053. Callers from outside North America should dial +1 905 694
9451. The access code is 3559538 followed by the number sign
(#).
About Telesat
Backed by a legacy of engineering excellence,
reliability and industry-leading customer service, Telesat (NASDAQ
and TSX: TSAT) is one of the largest and most successful global
satellite operators. Telesat works collaboratively with its
customers to deliver critical connectivity solutions that tackle
the world’s most complex communications challenges, providing
powerful advantages that improve their operations and drive
profitable growth.
Continuously innovating to meet the connectivity
demands of the future, Telesat Lightspeed, the company’s Low Earth
Orbit (“LEO”) satellite network, will be the first and only LEO
network optimized to meet the rigorous requirements of telecom,
government, maritime and aeronautical customers. Operating under
its international priority Ka-band spectrum rights, Telesat
Lightspeed will redefine global satellite connectivity with
ubiquitous, affordable, high-capacity links with fibre-like speeds.
For updates on Telesat, follow us on Twitter, LinkedIn, or visit
www.telesat.com.
Contacts: |
|
|
Investor Relations |
|
|
|
|
|
Hugh Harley |
|
Michael Bolitho |
+1 613 748 8424 |
|
+1 613 748 8828 |
ir@telesat.com |
|
ir@telesat.com |
Forward-Looking Statements Safe
Harbor
This news release contains statements that are
not based on historical fact, including financial outlook for 2022,
and are “forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and Canadian
securities laws. When used herein, statements which are not
historical in nature, or which contain the words “will,”
“expected,” “plans,” “considering”, ”view” or similar expressions,
are forward-looking statements. Actual results may differ
materially from the expectations expressed or implied in the
forward-looking statements as a result of known and unknown risks
and uncertainties. All statements made in this press release are
made only as of the date set forth at the beginning of this
release. Telesat Corporation undertakes no obligation to update the
information made in this release in the event facts or
circumstances subsequently change after the date of this press
release.
These forward-looking statements are based on
Telesat Corporation’s current expectations and are subject to a
number of risks, uncertainties and assumptions. These statements
are not guarantees of future performance and are subject to risks,
uncertainties and other factors, some of which are beyond Telesat
Corporation’s control, are difficult to predict, and could cause
actual results to differ materially from those expressed or
forecasted in the forward-looking statements. Known risks and
uncertainties include but are not limited to: risks associated with
operating satellites and providing satellite services, including
satellite construction or launch delays, launch failures, in-orbit
failures or impaired satellite performance; the impact of COVID-19
on Telesat Corporation’s business and the economic environment; the
ability to deploy successfully an advanced global LEO satellite
constellation, and the timing of any such deployment; the
availability of government and/or other funding for the LEO
satellite constellation; the receipt of proceeds in relation to the
re-allocation of C-band spectrum; volatility in exchange rates; the
ability to expand Telesat Corporation’s existing satellite
utilization; and risks associated with domestic and foreign
government regulation. The foregoing list of important factors is
not exhaustive. Investors should review the other risk factors
discussed in Telesat Corporation’s annual report on Form 20-F for
the year ended December 31, 2021, that was filed on March 18, 2022,
with the United States Securities and Exchange Commission (“SEC”)
and the Canadian securities regulatory authorities at the System
for Electronic Document Analysis and Retrieval (“SEDAR”), and may
be accessed on the SEC’s website at www.sec.gov and SEDAR’s website
at www.sedar.com.
Unaudited Interim Condensed Consolidated Statements of
Income |
|
|
|
|
|
|
|
|
|
For the three months
ended March 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands of Canadian dollars) |
|
|
2022 |
|
|
|
2021(4) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
185,769 |
|
|
$ |
190,492 |
|
|
Operating expenses |
|
|
(64,366 |
) |
|
|
(40,365 |
) |
|
Depreciation |
|
|
(49,308 |
) |
|
|
(50,367 |
) |
|
Amortization |
|
|
(3,698 |
) |
|
|
(4,115 |
) |
|
Other operating losses,
net |
|
|
(30 |
) |
|
|
(673 |
) |
|
Operating income |
|
|
68,367 |
|
|
|
94,972 |
|
|
Interest expense |
|
|
(48,503 |
) |
|
|
(41,995 |
) |
|
Gain on extinguishment of
debt |
|
|
21,030 |
|
|
|
— |
|
|
Interest and other income |
|
|
660 |
|
|
|
121 |
|
|
Gain (loss) on changes in fair
value of financial instruments |
|
|
2,358 |
|
|
|
(25,124 |
) |
|
Gain on foreign exchange |
|
|
36,147 |
|
|
|
35,113 |
|
|
Income before tax |
|
|
80,059 |
|
|
|
63,087 |
|
|
Tax expense |
|
|
(19,429 |
) |
|
|
(21,765 |
) |
|
Net
income |
|
$ |
60,630 |
|
|
$ |
41,322 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to: |
|
|
|
|
|
|
|
|
|
Telesat Corporation shareholders |
|
$ |
13,983 |
|
|
$ |
41,322 |
|
|
Non-controlling interest |
|
|
46,647 |
|
|
|
— |
|
|
|
|
$ |
60,630 |
|
|
$ |
41,322 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share attributable to Telesat Corporation
shareholders |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.16 |
|
$ |
0.83 |
|
Diluted |
|
$ |
1.13 |
|
$ |
0.83 |
|
|
|
|
|
|
|
|
|
|
|
Total Weighted Average
Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
|
12,023,077 |
|
|
49,546,692 |
|
Diluted |
|
|
13,562,260 |
|
|
49,812,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Interim
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands of Canadian dollars) |
|
|
March 31, 2022 |
|
|
December 31, 2021(4) |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,512,590 |
|
$ |
1,449,593 |
|
Trade and other
receivables |
|
|
68,772 |
|
|
122,698 |
|
Other current financial
assets |
|
|
856 |
|
|
861 |
|
Current income tax
recoverable |
|
|
3,311 |
|
|
3,219 |
|
Prepaid expenses and other
current assets |
|
|
56,744 |
|
|
41,064 |
|
Total current
assets |
|
|
1,642,273 |
|
|
1,617,435 |
|
Satellites, property and other
equipment |
|
|
1,374,771 |
|
|
1,429,688 |
|
Deferred tax assets |
|
|
45,962 |
|
|
46,187 |
|
Other long-term financial
assets |
|
|
14,019 |
|
|
16,348 |
|
Long-term income tax
recoverable |
|
|
15,137 |
|
|
12,277 |
|
Other long-term assets |
|
|
31,067 |
|
|
31,254 |
|
Intangible assets |
|
|
759,897 |
|
|
762,659 |
|
Goodwill |
|
|
2,446,603 |
|
|
2,446,603 |
|
Total
assets |
|
$ |
6,329,729 |
|
$ |
6,362,451 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Trade and other payables |
|
$ |
39,090 |
|
$ |
54,628 |
|
Other current financial
liabilities |
|
|
52,665 |
|
|
36,647 |
|
Income tax payable |
|
|
706 |
|
|
5,622 |
|
Other current liabilities |
|
|
82,175 |
|
|
85,058 |
|
Current indebtedness |
|
|
4,561 |
|
|
— |
|
Total current
liabilities |
|
|
179,197 |
|
|
181,955 |
|
Long-term indebtedness |
|
|
3,712,640 |
|
|
3,792,597 |
|
Deferred tax liabilities |
|
|
293,764 |
|
|
296,318 |
|
Other long-term financial
liabilities |
|
|
22,135 |
|
|
23,835 |
|
Other long-term
liabilities |
|
|
358,860 |
|
|
371,453 |
|
Total
liabilities |
|
|
4,566,596 |
|
|
4,666,158 |
|
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital |
|
|
43,185 |
|
|
42,841 |
|
Accumulated earnings |
|
|
364,012 |
|
|
350,029 |
|
Reserves |
|
|
24,282 |
|
|
22,804 |
|
Total Telesat
Corporation shareholders’ equity |
|
|
431,479 |
|
|
415,674 |
|
Non-controlling interest |
|
|
1,331,654 |
|
|
1,280,619 |
|
Total shareholders'
equity |
|
|
1,763,133 |
|
|
1,696,293 |
|
Total liabilities and
shareholders' equity |
|
$ |
6,329,729 |
|
$ |
6,362,451 |
|
|
|
|
|
|
|
|
|
Unaudited Interim Consolidated Statements of Cash
Flows |
|
|
|
|
|
|
|
|
For the three months
ended March 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands of Canadian dollars) |
|
|
2022 |
|
|
|
2021(4) |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
60,630 |
|
|
$ |
41,322 |
|
Adjustments to reconcile net income to cash flows from operating
activities |
|
|
|
|
|
|
|
|
Depreciation |
|
|
49,308 |
|
|
|
50,367 |
|
Amortization |
|
|
3,698 |
|
|
|
4,115 |
|
Tax expense |
|
|
19,429 |
|
|
|
21,765 |
|
Interest expense |
|
|
48,503 |
|
|
|
41,995 |
|
Interest income |
|
|
(964 |
) |
|
|
(433 |
) |
Gain on foreign exchange |
|
|
(36,147 |
) |
|
|
(35,113 |
) |
(Gain) Loss on changes in fair value of financial instruments |
|
|
(2,358 |
) |
|
|
25,124 |
|
Share-based compensation |
|
|
24,169 |
|
|
|
1,711 |
|
Loss on disposal of assets |
|
|
30 |
|
|
|
673 |
|
Gain on extinguishment of debt |
|
|
(21,030 |
) |
|
|
— |
|
Deferred revenue amortization |
|
|
(16,434 |
) |
|
|
(17,738 |
) |
Pension expenses |
|
|
1,893 |
|
|
|
2,014 |
|
Other |
|
|
(510 |
) |
|
|
(4,453 |
) |
Income taxes paid, net of income taxes received |
|
|
(29,471 |
) |
|
|
(30,635 |
) |
Interest paid, net of interest received |
|
|
(22,109 |
) |
|
|
(18,453 |
) |
Operating assets and liabilities |
|
|
(35,194 |
) |
|
|
16,790 |
|
Net cash from operating activities |
|
|
43,443 |
|
|
|
99,051 |
|
|
|
|
|
|
|
|
|
|
Cash flows generated from (used in) investing
activities |
|
|
|
|
|
|
|
|
Satellite programs |
|
|
(8,420 |
) |
|
|
(16,746 |
) |
Purchase of property and other equipment |
|
|
(9,633 |
) |
|
|
(3,297 |
) |
C-band clearing proceeds |
|
|
64,651 |
|
|
|
— |
|
Net cash generated from (used in) investing
activities |
|
|
46,598 |
|
|
|
(20,043 |
) |
|
|
|
|
|
|
|
|
|
Cash flows used in financing activities |
|
|
|
|
|
|
|
|
Repurchase of Senior Unsecured Notes |
|
|
(14,880 |
) |
|
|
— |
|
Payments of principal on lease liabilities |
|
|
(368 |
) |
|
|
(605 |
) |
Satellite performance incentive payments |
|
|
(1,364 |
) |
|
|
(1,733 |
) |
Government grant received |
|
|
4,541 |
|
|
|
— |
|
Net cash used in financing activities |
|
|
(12,071 |
) |
|
|
(2,338 |
) |
|
|
|
|
|
|
|
|
|
Effect of changes in exchange rates on cash and cash
equivalents |
|
|
(14,973 |
) |
|
|
(11,957 |
) |
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents |
|
|
62,997 |
|
|
|
64,713 |
|
Cash and cash equivalents, beginning of period |
|
|
1,449,593 |
|
|
|
818,378 |
|
Cash and cash equivalents, end of period |
|
$ |
1,512,590 |
|
|
$ |
883,091 |
|
|
|
|
|
|
|
|
|
|
Telesat’s Adjusted EBITDA margin(1):
|
|
Three months ended March 31, |
(in
thousands of Canadian dollars) (unaudited) |
|
2022 |
|
2021(4) |
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
60,630 |
|
|
$ |
41,322 |
|
Tax expense |
|
|
19,429 |
|
|
|
21,765 |
|
(Gain) loss on changes in fair
value of financial instruments |
|
|
(2,358 |
) |
|
|
25,124 |
|
Gain on foreign exchange |
|
|
(36,147 |
) |
|
|
(35,113 |
) |
Gain on extinguishment of
debt |
|
|
(21,030 |
) |
|
|
— |
|
Interest and other income |
|
|
(660 |
) |
|
|
(121 |
) |
Interest expense |
|
|
48,503 |
|
|
|
41,995 |
|
Depreciation |
|
|
49,308 |
|
|
|
50,367 |
|
Amortization |
|
|
3,698 |
|
|
|
4,115 |
|
Other operating losses,
net |
|
|
30 |
|
|
|
673 |
|
Non-recurring compensation
expenses(3) |
|
|
1 |
|
|
|
161 |
|
Non-cash expense related to
share-based compensation |
|
|
24,169 |
|
|
|
1,711 |
|
Adjusted
EBITDA |
|
$ |
145,573 |
|
|
$ |
151,999 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
185,769 |
|
|
$ |
190,492 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
Margin |
|
|
78.4% |
|
|
|
79.8% |
|
|
|
|
|
|
|
|
|
|
End Notes
1 The common
definition of EBITDA is “Earnings Before Interest, Taxes,
Depreciation and Amortization.” In evaluating financial
performance, Telesat uses revenue and deducts certain operating
expenses (including share-based compensation expense and unusual
and non-recurring items, including restructuring related expenses)
to obtain operating income before interest expense, taxes,
depreciation and amortization (“Adjusted EBITDA”) and the Adjusted
EBITDA margin (defined as the ratio of Adjusted EBITDA to revenue)
as measures of Telesat’s operating performance.
Adjusted EBITDA allows Telesat and investors to
compare Telesat’s operating results with that of competitors
exclusive of depreciation and amortization, interest and investment
income, interest expense, taxes and certain other expenses.
Financial results of competitors in the satellite services industry
have significant variations that can result from timing of capital
expenditures, the amount of intangible assets recorded, the
differences in assets’ lives, the timing and amount of investments,
the effects of other income (expense), and unusual and
non-recurring items. The use of Adjusted EBITDA assists Telesat and
investors to compare operating results exclusive of these items.
Competitors in the satellite services industry have significantly
different capital structures. Telesat believes the use of Adjusted
EBITDA improves comparability of performance by excluding interest
expense.
Telesat believes the use of Adjusted EBITDA and
the Adjusted EBITDA margin along with IFRS financial measures
enhances the understanding of Telesat’s operating results and is
useful to Telesat and investors in comparing performance with
competitors, estimating enterprise value and making investment
decisions. Adjusted EBITDA as used here may not be the same as
similarly titled measures reported by competitors. Adjusted EBITDA
should be used in conjunction with IFRS financial measures and is
not presented as a substitute for cash flows from operations as a
measure of Telesat’s liquidity or as a substitute for net income as
an indicator of Telesat’s operating performance.
2
Remaining
performance obligations, which Telesat refers to as contracted
revenue backlog (‘‘backlog’’), represents Telesat’s expected future
revenue from existing service contracts (without discounting for
present value) including any deferred revenue that Telesat will
recognize in the future in respect of cash already received. The
calculation of the backlog reflects the revenue recognition
policies adopted under IFRS 15. The majority of Telesat’s
contracted revenue backlog is generated from contractual agreements
for satellite capacity.
3 Includes
severance payments and special compensation and benefits for
executives and employees.
4 2021 balances were
adjusted to take into account the retroactive impact of the change
in accounting policy associated with the capitalization of software
as a Service arrangements. For additional details, refer to Note 3
of the financial statements included in the Telesat’s quarterly
report on Form 6-K for the quarter ended March 31, 2022, which has
been filed with the United States Securities and Exchange
Commission (“SEC”) and the Canadian securities regulatory
authorities at the System for Electronic Document Analysis and
Retrieval (“SEDAR”), and may be accessed on the SEC’s website at
www.sec.gov and SEDAR’s website at www.sedar.com.
Telesat (TSX:TSAT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Telesat (TSX:TSAT)
Historical Stock Chart
From Apr 2023 to Apr 2024