Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Information [Abstract]

Schedule of Operating Segment

The segment information regularly reviewed by the CODM and the reconciliation thereof to the net income (loss) as well as the capital expenditures by operating segment are included in the following tables:

For the year ended December 31, 2024	GEO			LEO			Other(3)			Consolidated
Revenue	$	554,286		$	16,758		$	—		$	571,044
Operating expenses, net of share-based compensation and non-recurring items(1)		(110,851	)		(74,361	)		(2,095	)		(187,307	)
Adjusted EBITDA(1)	$	443,435		$	(57,603	)	$	(2,095	)		383,737
Share-based compensation											(17,557	)
Non-recurring items(2)											(2,903	)
Depreciation											(127,274	)
Amortization											(11,337	)
Other operating gains (losses), net											(264,931	)
Operating income											(40,265	)
Interest expense											(243,757	)
Interest and other income											23,314
Gain on repurchase of debt											202,493
Gain (loss) on changes in fair value of financial instruments											(12,761	)
Gain (loss) on foreign exchange											(244,527	)
Income (loss) before income taxes											(315,503	)
Tax (expense) recovery											13,037
Net income (loss)										$	(302,466	)
Capital expenditures	$	4,136		$	1,200,881		$	—		$	1,205,017

For the year ended December 31, 2023	GEO			LEO			Other(3)			Consolidated
Revenue	$	693,219		$	10,942		$	—		$	704,161
Operating expenses, net of share-based compensation and non-recurring items(1)		(114,075	)		(53,921	)		(2,463	)		(170,459	)
Adjusted EBITDA(1)	$	579,144		$	(42,979	)	$	(2,463	)		533,702
Share-based compensation											(33,015	)
Non-recurring items(2)											(1,078	)
Depreciation											(182,669	)
Amortization											(13,093	)
Other operating gains (losses), net											264,999
Operating income											568,846
Interest expense											(270,350	)
Interest and other income											66,532
Gain on repurchase of debt											230,080
Gain (loss) on foreign exchange											77,758
Income (loss) before income taxes											672,866
Tax (expense) recovery											(89,596	)
Net income (loss)										$	583,270
Capital expenditures	$	16,688		$	116,014		$	—		$	132,702

For the year ended December 31, 2022	GEO			LEO			Other(3)			Consolidated
Revenue	$	726,285		$	32,884		$	—		$	759,169
Operating expenses, net of share-based compensation and non-recurring items(1)		(121,034	)		(67,015	)		(3,201	)		(191,250	)
Adjusted EBITDA(1)	$	605,251		$	(34,131	)	$	(3,201	)		567,919
Share-based compensation											(67,428	)
Non-recurring items(2)											(311	)
Depreciation											(188,755	)
Amortization											(14,979	)
Other operating gains (losses), net											7
Operating income											296,453
Interest expense											(221,756	)
Interest and other income											23,476
Gain on repurchase of debt											106,916
Gain (loss) on changes in fair value of financial instruments											4,314
Gain (loss) on foreign exchange											(239,591	)
Income (loss) before income taxes											(30,188	)
Tax (expense) recovery											(51,409	)
Net income (loss)										$	(81,597	)
Capital expenditures	$	1,696		$	54,787		$	—		$	56,483

(1)      The performance of each segment is evaluated by the CODM based on Adjusted EBITDA. Adjusted EBITDA is defined as operating income (excluding certain operating expenses such as share-based compensation expenses and unusual and non-recurring items, including restructuring related expenses) before interest expense, taxes, depreciation and amortization. Adjusted EBITDA margin is used to measure Telesat’s operating performance.

(2)      Non-recurring payments includes severance payments and special compensation and benefits for executives and employees.

(3)      Transactions that do not belong to a particular operating segment such as certain corporate entities are reported within “Other”.

Schedule of Revenue Derived from Services

Revenue derived from the above services were as follows:

For the years ended December 31,	2024		2023		2022
Broadcast	$	274,414	$	331,842	$	358,661
Enterprise(1)		267,768		348,823		376,126
Consulting and other(1)		28,862		23,496		24,382
Revenue	$	571,044	$	704,161	$	759,169

(1)      Revenue between Enterprise and Consulting and other were reclassified to correspond to the presentation in the current year.

Schedule of Equipment Sales within Services

Equipment sales included within the various services were as follows:

For the years ended December 31,	2024		2023		2022
Broadcast	$	—	$	16	$	81
Enterprise		7,754		12,630		28,071
Revenue	$	7,754	$	12,646	$	28,152

Schedule of Revenue Derived from Segments

Revenue derived from the GEO operating segment was as follows:

For the years ended December 31,	2024		2023		2022
Broadcast	$	274,414	$	331,842	$	358,661
Enterprise(1)		267,768		348,823		356,100
Consulting and other(1)		12,104		12,554		11,524
Revenue	$	554,286	$	693,219	$	726,285

Revenue derived from the LEO operating segment was as follows:

For the years ended December 31,	2024		2023		2022
Enterprise(1)	$	—	$	—	$	20,026
Consulting and other(1)		16,758		10,942		12,858
Revenue	$	16,758	$	10,942	$	32,884

(1)      Revenue between Enterprise and Consulting and other were reclassified to correspond to the presentation in the current year.

Schedule of Geographic Regions

Revenue by geographic regions was based on the point of origin of the revenue, which was the destination of the billing invoice, and was allocated as follows:

For the years ended December 31,	2024		2023		2022
Canada	$	260,425	$	324,226	$	330,533
United States		210,628		245,328		289,946
Asia & Australia		31,984		50,651		45,082
Latin America & Caribbean		36,459		48,664		57,842
Europe, Middle East & Africa		31,548		35,292		35,766
Revenue	$	571,044	$	704,161	$	759,169

For disclosure purposes, the satellites and the intangible assets have been classified based on ownership. Satellites, property and other equipment and intangible assets by geographic regions were allocated as follows:

As at December 31,	2024		2023
Canada	$	1,903,673	$	782,639
United Kingdom		349,619		446,194
United States		14,964		18,035
Europe, Middle East & Africa (excluding United Kingdom)		7,427		11,395
All others		1,460		2,035
Satellites, property and other equipment	$	2,277,143		1,260,298

As at December 31,	2024		2023
Canada	$	477,221	$	650,528
United States		7,896		25,999
Latin America & Caribbean		8,817		11,963
All others		3,532		4,266
Intangible assets	$	497,466	$	692,756

Other long-term assets by geographic regions were allocated as follows:

As at December 31	2024		2023
Canada	$	516,507	$	79,939
Other long-term assets	$	516,507	$	79,939