Telesat Corporation (NASDAQ:TSAT) Q1 2022 Earnings Conference Call May 6, 2022 10:30 AM ET
Company Participants
Michael Bolitho - Director of Treasury and Risk Management
Daniel Goldberg - President, CEO and Director
Andrew Browne - CFO
Conference Call Participants
Julia Kim - Goldman Sachs
Arun Seshadri - Crédit Suisse
Raghav Garg - DoubleLine
Amer Tiwana - Imperial Capital
Brandon Karsch - Kennedy Lewis
Walt Piecyk - LightShed
Operator
Good morning, ladies and gentlemen. Welcome to the conference call to report the First Quarter 2022 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 quarterly report on 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, Telesat's annual and quarterly reports filed 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.
Daniel Goldberg
Thank you, Michael. Good morning, everyone. This morning, I'll share some thoughts on the quarter, and I'll give an update on the business. I'll then hand over to Andrew, who will speak to the numbers in detail, and then we'll open the call up to questions. In the past, I think there's probably been too much overlap in what Andrew and I have each shared in terms of financial performance. So I'm really going to try to focus my comments on the key developments in the quarter and the key objectives we're working on.
So as noted in the earnings release, we're off to a good start for the year. As you know, we had a key contract with the DISH network on our Anik F3 satellite that came up for renewal at the end of last month. As I suggested would likely be the case on our Q4 earnings call in March, we ended up getting a partial renewal. DISH renewed a little more than half the capacity they had previously been taking, although at a rate that's lower than what they had been paying. The renewal is for 2 years with an option to extend for an additional year beyond that.