Telesat Corporation (NASDAQ:TSAT) Q1 2023 Results Conference Call May 11, 2023 10:30 AM ET
Company Participants
Michael Bolitho - Director of Treasury and Risk Management
Dan Goldberg - President and Chief Executive Officer
Andrew Browne - Chief Financial Officer
Paul Firkins - Controller and Director, Taxation.
Conference Call Participants
Arun Seshadri - BNP Paribas
Marcello Chermisqui - Ares
Brandon Karsch - Kennedy Lewis
Operator
Good morning, ladies and gentlemen. Welcome to the conference call to report the First Quarter 2023 Financial Results for Telesat. Our speakers today will be Dan Goldberg, President and Chief Executive Officer of Telesat; and Andrew Browne, Chief Financial Officer of Telesat.
I would like to turn the meeting over to Mr. Michael Bolitho, Director of Treasury and Risk Management. Please go ahead, Mr. Bolitho.
Michael Bolitho
Thank you, and good morning. This morning, we filed our annual report for Form 6-K with the SEC and on SEDAR. Our remarks today may contain forward-looking statements. There are risks that Telesat's actual results may differ materially from the results contemplated by the forward-looking statements as a result of known and unknown risks and uncertainties. For a discussion of known risks, see Telesat's annual report filed earlier today with the SEC. Telesat assumes no responsibility to update or revise these forward-looking statements.
I will now turn the call over to Dan Goldberg, Telesat's President and Chief Executive Officer.
Dan Goldberg
Thank you, Michael. This morning, I'll share some thoughts on our financial results and give an update on the business. I'll then hand over to Andrew, who will speak to the numbers in detail and then we will open the call up to questions. It's been just six weeks since we held our call for our full year 2022 results, so we don't have that many big updates to shake. Our Q1 numbers came in consistent with our expectations. And at this time, we can reaffirm the full year guidance we gave in late March.
When we released our full year results, I noticed the two biggest contributors to the decreases in revenue and adjusted EBITDA that we're forecasting this year. The first was the residual headwinds from the Anik F3 DISH renewal we secured early last year, which will show up in the first four months of this year. This we noted was an expected renewal with Bell for Nimiq 4, which comes up for renewal in early October this year.