Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 215

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 215
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, and Horizons-3 Satellite LLC and Horizons-4 Satellite LLC capital contributions and capacity purchase obligations. |

145

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Results of Operations for the Year Ended December 31, 2022

See the section titled “Results of Operations for the Year Ended December31, 2023” beginning on
page 134 for Intelsat’s comparative statements of operations for the periods shown (in thousands).

Revenue

See the section titled “Results of Operations for the Year Ended December31, 2023 – Revenue”
beginning on page 134 for Intelsat’s comparative revenue by service type, with Off-Network and Other Revenues shown separately from On-Network Revenues, for
the periods shown (in thousands).

EBITDA

See the section titled “Results of Operations for the Year Ended December31, 2023 – EBITDA” beginning
on page 140 for a reconciliation of net income (loss) to EBITDA for the two months ended February 28, 2022 and ten months ended December 31, 2022 (in thousands).

Critical Accounting Policies and Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect reported
amounts and related disclosures. Intelsat considers 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 Intelsat’s consolidated results of operations or financial condition.

Intelsat
believes that some of the more important estimates and related assumptions that affect Intelsat’s financial condition and results of operations are in the areas of fresh start and bankruptcy accounting, revenue recognition, the allowance for
credit losses, asset impairments, income taxes and pension and other postretirement benefits.

While Intelsat believes that its estimates,
assessments, assumptions, and judgments are reasonable, they are based on information presently available. Actual results may differ significantly. Additionally, changes in Intelsat’s estimates, assessments, assumptions, or judgments as a
result of unforeseen events or otherwise could have a material impact on Intelsat’s financial position or results of operations.

Intelsat’s significant accounting policies are described in Note 1—Background and Summary of Significant Accounting Policies of the