Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 415

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 415
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 in nature, that we integrate and market as
part of our owned infrastructure. In the case of third-party services in support of government applications, the commitments for third-party capacity are shorter and matched to the government contracting period, and thus remain classified as off-network services. Off-network services can include transponder services and other satellite-based transmission services such as MSS, which are sourced from other
operators, often in frequencies not available on our network. Within the category Off-Network and Other Revenues, we also include revenues from consulting and other services.

Our Intelsat CA revenue is primarily earned from providing connectivity and entertainment services and through sales of equipment. Equipment
may be sold directly to airline customers or to airline Original Equipment Manufacturer (“OEM’s”) for installation as the aircraft is manufactured or to other third-party customers such as aircraft lessors. In the case of OEM’s
and third-party equipment customers, we do not sell connectivity or entertainment services as they are separately negotiated directly with our airline customers. Installation service, which we report within equipment revenue, is an option presented
to our airline customers that we manage through a third-party service provider.

For each service type, the price per unit in our
contracts is generally fixed for each defined time period. While the number of units or price per unit in our multi-year contracts may be different by year or another time period, the number of units and price per unit are fixed for each defined
time period and the total contract price is fixed. To determine the proper revenue recognition method for contracts, we evaluate whether two or more services should be combined and accounted for as a single performance obligation.

Certain Intelsat CA contracts may be based on a fixed monthly fee per aircraft or a variable fee based on the volume of connectivity activity,
or a combination of both. Examples of variable consideration within our contracts include megabyte overages and pay-per-use sessions. We constrain our estimates to
reduce the probability of a significant revenue reversal in future periods, allocate such variable consideration to the identified performance obligations and recognize revenue in the period the services are provided. Our estimates are based on
historical experience, anticipated future performance, market conditions and our best judgment at the time.

A significant change in one
or more of these estimates could affect our estimated contract value, and we regularly review and update our estimates and recognize adjustments under the cumulative catch-up model. Any adjustment under this
method is recorded as a cumulative adjustment in the period identified and revenue for future periods is recognized using the new adjusted estimate.

Our specific revenue