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TELESAT . Telesat Reports Results for the Quarter and Year Ended December 31 , 2020 OTTAWA , CANADA , March 4 , 2021 - Telesat today announced its financial results for the three - month and one - year periods ended December 31 , 2020. All amounts are in Canadian dollars and reported under International Financial Reporting Standards ( " IFRS " ) unless otherwise noted . For the year ended December 31 , 2020 , Telesat reported consolidated revenue of $ 820 million , a decrease of 10 % ( $ 90 million ) compared to the same period in 2019 . When adjusted for changes in foreign exchange rates , revenue decreased 10 % ( $ 87 million ) compared to 2019. The revenue decrease was due to lower short - term services provided to other satellite operators , a reduction of service for a broadcast customer , the completion of the non - cash amortization of a significant financing component of an agreement , and the impact of the COVID - 19 pandemic , particularly on customers serving the aeronautical and maritime markets . Operating expenses were $ 181 million , an increase of 9 % ( $ 15 million ) from 2019. Operating expenses increased because of higher bad debt expense related to customers impacted by the COVID 19 pandemic , higher professional fees related to Telesat's proposed roll - up transaction , higher in - orbit insurance expense , and higher wages due principally to increased headcount to support the development of the Telesat Lightspeed Low Earth Orbit ( LEO ) satellite constellation . Foreign exchange rate changes did not have a material impact on operating expenses . Adjusted EBITDA¹ was $ 653 million , a decrease of 14 % ( $ 109 million ) or , when adjusted for foreign exchange rates , a decrease of 14 % ( $ 106 million ) . The Adjusted EBITDA margin¹ for 2020 was 79.6 % , compared to 83.7 % in 2019 . For the year ended December 31 , 2020 , net income was $ 246 million , compared to net income of $ 187 million for 2019. The increase in net income for the year was principally the result of a 2019 loss on refinancing which did not re - occur in 2020 , lower interest expense and a lower non - cash loss on financial instruments , partially offset by lower operating income and lower non - cash foreign exchange gains arising from the translation of Telesat's U.S. dollar denominated debt into Canadian dollars . For the quarter ended December 31 , 2020 , consolidated revenue was $ 202 million , a decrease of 8 % ( $ 18 million ) compared to the same period in 2019. Adjusted for foreign exchange rate changes , revenue declined 7 % ( $ 16 million ) . The decrease was primarily due to the non - re - occurrence in 2020 of short - term services provided to other satellite operators . Operating expenses of $ 47 million for the quarter were 7 % ( $ 3 million ) lower than the same period in 2019. Adjusted EBITDA¹ for the quarter was $ 160 million , a decrease of 8 % ( $ 15 million ) compared to the same period in 2019. Adjusted for changes in foreign exchange rates , Adjusted EBITDA¹ declined by 7 % ( $ 13 million )