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Consolidated Statements of Cash Flows - CAD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income (loss) $ (302,466) $ 583,270 $ (81,597)
Adjustments to reconcile net income (loss) to cash flows from operating activities:      
Depreciation 127,274 182,669 188,755
Amortization 11,337 13,093 14,979
Tax expense (recovery) (13,037) 89,596 51,409
Interest expense 243,757 270,350 221,756
Interest income (65,996) (63,838) (23,564)
(Gain) loss on foreign exchange 244,527 (77,758) 239,591
(Gain) loss on changes in fair value of financial instruments 12,761 (4,314)
Share-based compensation 17,557 33,015 67,428
(Gain) loss on disposal of assets 534 (59) (7)
Gain on disposal of subsidiaries (2,620)
Gain on repurchase of debt (202,493) (230,080) (106,916)
Impairment 267,017 79,740
Deferred revenue amortization (58,044) (59,337) (77,075)
Pension expense 5,648 5,674 7,587
C-band clearing income (344,892)
Non-cash other income (expense) 33,902
Other 7,511 2,958 (1,184)
Income taxes paid, net of income tax received (60,510) (66,841) (98,143)
Interest paid, net of interest received (161,595) (209,261) (163,113)
Government grant received 2,520 972 10,703
Operating assets and liabilities (45,120) (39,212) (6,744)
Net cash from operating activities 62,464 170,059 239,551
Cash flows (used in) generated from investing activities      
Cash payments related to satellite programs (1,045,671) (83,319) (31,805)
Cash payments related to property and other equipment (64,804) (42,920) (32,701)
Purchase of intangible assets (52) (13,267) (71)
Net proceeds from disposal of subsidiaries 3,613
Government grant received 15,359 117 11,621
C-band clearing proceeds 351,438 64,651
Net cash (used in) generated from investing activities (1,091,555) 212,049 11,695
Cash flows (used in) generated from financing activities      
Repurchase of indebtedness (155,903) (344,014) (97,234)
Payments of principal on lease liabilities (2,422) (2,171) (2,498)
Satellite performance incentive payments (4,572) (6,385) (6,667)
Tax withholdings on settlement of restricted share units (7,732) (3,198)
Proceeds from exercise of stock options 426 27
Final Transaction adjustment payment (20,790)
Net cash (used in) generated from financing activities (170,203) (355,741) (127,189)
Effect of changes in exchange rates on cash and cash equivalents 82,269 (35,070) 104,142
Changes in cash and cash equivalents (1,117,025) (8,703) 228,199
Cash and cash equivalents, beginning of year 1,669,089 1,677,792 1,449,593
Cash and cash equivalents, end of year $ 552,064 $ 1,669,089 $ 1,677,792