Intelsat S.A. (I) 10K Annual Reports & 10Q SEC Filings

Fourth quarter Adjusted EBITDA of $371 million or 72 percent of revenue; full-year 2019 Adjusted EBITDA of $1,481 million or 72 percent of revenue

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Intelsat issues 2020 Guidance

Luxembourg, 20 February 2020

Intelsat S.A. (NYSE: I), today announced financial results for the three months and full-year ended December 31, 2019.

Intelsat reported total revenue of $517.0 million and net loss attributable to Intelsat S.A. of $115.0 million for the three months ended December 31, 2019. For the year ended December 31, 2019, Intelsat reported total revenue of $2,061.5 million and net loss attributable to Intelsat S.A. of $913.6 million.

Intelsat reported EBITDA¹, or earnings before net interest, gain on early extinguishment of debt, taxes and depreciation and amortization, of $356.0 million and Adjusted EBITDA¹ of $371.3 million, or 72 percent of revenue, for the three months ended December 31, 2019. Free cash flow from operations¹ was $70.2 million.

For the year ended December 31, 2019, Intelsat reported EBITDA of $1,012.8 million and Adjusted EBITDA of $1,481.5 million, or 72 percent of revenue. Free cash flow from operations was $38.8 million.

Intelsat’s Chief Executive Officer, Stephen Spengler, said, “We delivered on our 2019 plan, exceeding our guidance for full-year revenue and Adjusted EBITDA. Our fourth quarter results reflect the contributions of our new satellites as well as growing revenue streams generated by our Flex managed services, benefitting our network services business. Our media business signed a

significant new direct-to-home television customer contract in Asia, while the government services business achieved important renewals that will support its stability in 2020.

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The following information was filed by Intelsat S.A. (I) on Thursday, February 20, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Intelsat S.A.'s 10-K Annual Report:

Financial - Expense Highlight
Depreciation and Amortization Depreciation and amortization expense decreased by $29.4 million, or 4%, to $658.2 million for the year ended December 31, 2019, as compared to the year ended December 31, 2018.

Financial - Expense Highlight
The increase was primarily due to the following: an increase of $48.7 million in costs incurred in connection with the purchase of capacity from two uncapitalized satellites, Intelsat 38 and Horizons 3e, that entered into service in 2019; an increase of $16.2 million in equipment and third-party capacity costs recognized under ASC 842; an increase of $13.2 million in third-party capacity costs incurred as part of the Intelsat 29e customer restoration process; and an increase of $9.7 million in staff-related expenses; partially offset by a decrease of $5.7 million in costs largely due to the write-off of uncollectible revenue related to Horizons 2 that is payable to JSAT as part of a revenue sharing agreement; a decrease of $3.9 million in third-party costs for off-network services; and a decrease of $3.0 million in satellite-related insurance costs.
Other - Other Highlight
The Society of Actuaries ("SOA") issued new mortality and mortality improvement tables and modified those tables in 2017, 2018 and 2019.
Other - Other Highlight
We consider an accounting estimate to be critical if: (1) it requires assumptions to be made that were uncertain at the time the estimate was made; and (2) changes in the estimate, or selection of different estimates, could have a material effect on our consolidated results of operations or financial condition.
Financial - Cash Flow Highlight
Our cash flows consisted of the following for the periods shown (in thousands): Net Cash Provided by Operating Activities Net cash provided by operating activities decreased by $88.6 million to $255.5 million for the year ended December 31, 2019, as compared to the year ended December 31, 2018.
Other - Other
The increase was primarily due...Read more
Revenue - Product
The increase in operating assets...Read more
Other - Other
In the first quarter of...Read more
Financial - Expense
Staff expenses consist primarily of...Read more
Revenue - Product
Managed services-an aggregate decrease of...Read more
Other - Other
Our December 31, 2019 valuation...Read more
Revenue - Product
We expect that our future...Read more
Financial - Expense
Included in capitalized satellite costs...Read more
Other - Other
Net loss attributable to Intelsat...Read more
Financial - Shares
The increase was partially offset...Read more
Revenue - Product
Off-Network and Other Revenues: Transponder,...Read more
Other - Other
Our master customer service agreements...Read more
Other - Other
The increase was primarily due...Read more
Other - Other
Adjusted EBITDA is not a...Read more
Other - Other
Additionally, changes in our estimates,...Read more
Financial - Expense
The net proceeds from the...Read more
Revenue - Product
Revenue from network services customers...Read more
Financial - Income
Our income tax expense decreased...Read more
Financial - Expense
The cost of providing benefits...Read more
Financial - Expense
Expenses for our defined benefit...Read more
Other - Other
The return assumptions are established...Read more
Financial - Expense
The increase in interest expense,...Read more
Financial - Debt
No gain or loss on...Read more
Other - Other
In addition, as part of...Read more
Other - Other
The impairment charge consisted of...Read more
Financial - Expense
Direct Costs of Revenue (Excluding...Read more
Other - Other
Our management believes that the...Read more
Other - Other
Net Cash Used in Investing...Read more
Other - Other
Net Cash Provided by Financing...Read more
Financial - Cash Flow
The Third Jackson Credit Agreement...Read more
Other - Other
Our management believes that the...Read more
Other - Other
Key assumptions, including discount rates...Read more
Financial - Expense
Selling, General and Administrative Selling,...Read more
Financial - Expense
The non-cash portion of total...Read more
Other - Other
We maintain a noncontributory defined...Read more
Other - Other
We anticipate that our contributions...Read more
Other - Other
We maintain a noncontributory defined...Read more
Financial - Expense
The remaining net proceeds from...Read more
Financial - Expense
The remaining net proceeds from...Read more
Financial - Expense
HTS capacity, which is designed...Read more
Other - Other
By excluding the potential volatility...Read more
Financial - Income
Adjusted EBITDA should not be...Read more
Other - Other
See Item 1-Business-Our Customer Sets...Read more
Revenue - Product
The following table sets forth...Read more
Financial - Expense
Interest expense, net increased by...Read more
Other - Other
We believe that EBITDA is...Read more
Financial - Debt
These impacts are not permitted...Read more
Financial - Expense
Our direct costs of revenue...Read more
Revenue - Product
By service type, our revenues...Read more
Revenue - Product
The decrease was primarily attributable...Read more
Other - Other
Under each separate service order,...Read more
Financial - Expense
(2) Reflects certain non-recurring expenses,...Read more
Financial - Shares
The net proceeds from the...Read more
Other - Other
Pricing Pricing of our services...Read more
Other - Other
We provide diversified communications services...Read more
Other - Other
These services can include transponder...Read more
Other - Other
March 2018/May 2018 ICF Tender...Read more
Other - Other
No comparable amounts were recognized...Read more
Other - Other
Long-Lived and Amortizable Intangible Assets....Read more
Financial - Cash Flow
We employ a discounted future...Read more
Revenue - Product
This decline includes approximately $22.5...Read more
Revenue - Product
This decline includes approximately $12.6...Read more
Other - Other
In recent years, mobility services...Read more
Other - Other
In establishing the expected return...Read more
Revenue - Product
The following table describes our...Read more
Other - Other
The following table sets forth...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Intelsat S.A. provided additional information to their SEC Filing as exhibits

Exhibit 3.1: Articles Of Incorporation

Exhibit 4.12: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.14: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.18: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.23: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.28: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.29: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.13: Material Contract

Exhibit 10.14: Material Contract

Exhibit 10.19: Material Contract

Exhibit 10.22: Material Contract

Exhibit 10.24: Material Contract

Exhibit 10.25: Material Contract

Exhibit 10.28: Material Contract

Exhibit 10.29: Material Contract

Exhibit 10.35: Material Contract

Exhibit 10.36: Material Contract

Exhibit 10.38: Material Contract

Exhibit 10.40: Material Contract

Exhibit 10.41: Material Contract

Exhibit 10.42: Material Contract

Exhibit 10.43: Material Contract

Exhibit 10.44: Material Contract

Exhibit 10.46: Material Contract

Exhibit 10.47: Material Contract

Exhibit 10.48: Material Contract

Exhibit 10.49: Material Contract

Exhibit 10.50: Material Contract

Exhibit 10.51: Material Contract

Exhibit 10.52: Material Contract

Exhibit 10.53: Material Contract

Exhibit 10.54: Material Contract

Exhibit 10.55: Material Contract

Exhibit 10.56: Material Contract

Exhibit 10.57: Material Contract

Exhibit 10.58: Material Contract

Exhibit 10.59: Material Contract

Exhibit 10.60: Material Contract

Exhibit 10.61: Material Contract

Exhibit 10.62: Material Contract

Exhibit 10.63: Material Contract

Exhibit 10.64: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: I
CIK: 1525773
Form Type: 10-K Annual Report
Accession Number: 0001525773-20-000007
Submitted to the SEC: Thu Feb 20 2020 5:27:14 PM EST
Accepted by the SEC: Thu Feb 20 2020
Period: Tuesday, December 31, 2019
Industry: Communications Services