| SUPPLEMENTAL CASH FLOW INFORMATION |
21. SUPPLEMENTAL CASH FLOW INFORMATION
|
As at March 31,
|
|
2026
|
|
2025
|
|
Cash
|
|
$
|
507,990 |
|
$
|
764,098 |
|
Short-term investments(1)
|
|
|
14,735 |
|
|
33,273 |
|
Cash and cash equivalents
|
|
$
|
522,725 |
|
$
|
797,371 |
Income taxes paid, net of income taxes received was comprised of the following:
|
Three months ended March 31,
|
|
2026
|
|
2025
|
|
Income taxes paid
|
|
$
|
(9,328 |
)
|
|
$
|
(1,580 |
)
|
|
Income taxes received
|
|
|
—
|
|
|
|
—
|
|
| |
|
$
|
(9,328 |
)
|
|
$
|
(1,580 |
)
|
Interest paid, net of interest received was comprised of the following:
|
Three months ended March 31,
|
|
2026
|
|
2025
|
|
Interest paid
|
|
$
|
(31,537 |
)
|
|
$
|
(36,708 |
)
|
|
Interest received
|
|
|
4,459 |
|
|
|
5,358 |
|
| |
|
$
|
(27,078 |
)
|
|
$
|
(31,350 |
)
|
The reconciliation of the liabilities arising from financing activities were as follows:
|
|
|
Indebtedness
|
|
Satellite
performance
incentive
payments
|
|
Lease liabilities
|
|
Balance as at January 1, 2026
|
|
$
|
3,493,607 |
|
|
$
|
12,355 |
|
|
$
|
40,109 |
|
|
Cash inflows
|
|
|
130,218 |
|
|
|
—
|
|
|
|
—
|
|
|
Cash outflows
|
|
|
—
|
|
|
|
(212 |
)
|
|
|
(674 |
)
|
|
Amortization of deferred financing costs, prepayment options, warrants and loss on repayment
|
|
|
2,325 |
|
|
|
—
|
|
|
|
—
|
|
|
Interest paid
|
|
|
—
|
|
|
|
—
|
|
|
|
(404 |
)
|
|
Interest accrued
|
|
|
12,477 |
|
|
|
—
|
|
|
|
442 |
|
|
Non-cash transfer from deferred charges to indebtedness of debt issue costs and warrants
|
|
|
(32,865 |
)
|
|
|
—
|
|
|
|
—
|
|
|
Non-cash addition
|
|
|
—
|
|
|
|
—
|
|
|
|
100 |
|
|
Non-cash transfer
|
|
|
—
|
|
|
|
—
|
|
|
|
(29 |
)
|
|
Impact of foreign exchange
|
|
|
39,050 |
|
|
|
171 |
|
|
|
30 |
|
|
Balance as at March 31, 2026
|
|
$
|
3,644,812 |
|
|
$
|
12,314 |
|
|
$
|
39,574 |
|
|
|
|
Indebtedness
|
|
Satellite
performance
incentive
payments
|
|
Lease liabilities
|
|
Balance as at January 1, 2025
|
|
$
|
3,096,615 |
|
|
$
|
15,060 |
|
|
$
|
33,375 |
|
|
Cash inflows
|
|
|
340,000 |
|
|
|
—
|
|
|
|
—
|
|
|
Cash outflows
|
|
|
—
|
|
|
|
(190 |
)
|
|
|
(515 |
)
|
|
Amortization of deferred financing costs, prepayment options, warrants and loss on repayment
|
|
|
727 |
|
|
|
—
|
|
|
|
—
|
|
|
Interest paid
|
|
|
—
|
|
|
|
—
|
|
|
|
(446 |
)
|
|
Interest accrued
|
|
|
3,076 |
|
|
|
—
|
|
|
|
446 |
|
|
Non-cash transfer from deferred charges to indebtedness of debt issue costs and warrants
|
|
|
(85,943 |
)
|
|
|
—
|
|
|
|
—
|
|
|
Non-cash addition
|
|
|
—
|
|
|
|
—
|
|
|
|
4,215 |
|
|
Impact of foreign exchange
|
|
|
(1,267 |
)
|
|
|
2 |
|
|
|
(82 |
)
|
|
Balance as at March 31, 2025
|
|
$
|
3,353,208 |
|
|
$
|
14,872 |
|
|
$
|
36,993 |
|
The net change in operating assets and liabilities was comprised of the following:
|
Three months ended March 31,
|
|
2026
|
|
2025
|
|
Trade and other receivables
|
|
$
|
(755 |
)
|
|
$
|
98,059 |
|
|
Financial assets
|
|
|
1,399 |
|
|
|
(3,305 |
)
|
|
Other assets
|
|
|
8,398 |
|
|
|
(3,346 |
)
|
|
Trade and other payables
|
|
|
9,905 |
|
|
|
(1,573 |
)
|
|
Financial liabilities
|
|
|
(53 |
)
|
|
|
325 |
|
|
Other liabilities
|
|
|
(6,142 |
)
|
|
|
28,612 |
|
| |
|
$
|
12,752 |
|
|
$
|
118,772 |
|
Non-cash investing activities were comprised of:
|
Three months ended March 31,
|
|
2026
|
|
2025
|
|
Satellites, property and other equipment
|
|
$
|
48,341 |
|
$
|
52,309 |
|