Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 421

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 421
---
 owners and from certain customers on our satellites. TT&C agreements entered into in connection with our satellite utilization contracts are typically for the period of the related service agreement. We
recognize this revenue over the term of the service agreement.

In-OrbitBackup Services. We provide back-up transponder capacity that is held on reserve for certain customers on agreed-upon terms. We recognize revenues for in-orbit
protection services over the term of the related agreement.

Revenue Share Arrangements. We recognize revenues under revenue
share agreements for satellite-related services either on a gross or net basis in accordance with principal versus agent considerations.

Airline connectivity revenue.Connectivity is provided to our customers using both our air-to-ground (“ATG”) and satellite technologies. Under the airline-directed business model, the airline is our customer and we earn service revenue as connectivity services are consumed directly by
the airline or indirectly by passengers. Under the turnkey business model, we earn revenue for connectivity services consumed directly by passengers.

Entertainment revenue. Entertainment revenue consists of entertainment services we provide to the airline for use by its passengers.
Revenue is recognized as the services are provided to the airline.

Connected Aircraft Services. We recognize revenue for real-time
credit card transaction processing, electronic flight bags, and real-time weather information as the service is provided.

Equipment Revenue.Equipment revenue primarily consists of the sale of satellite connectivity and ATG equipment and the sale of entertainment equipment. Equipment revenue is recognized when we transfer control of the equipment to our customers, which
generally occurs upon shipment.

We occasionally sell products or services individually or in some combination to our customers. When
products or services are sold together, we allocate revenue for each performance obligation based on each obligation’s relative selling price. In these arrangements, revenue for products is recognized when the transfer of control passes to the
customer, while service revenue is recognized over the service term.

Contract Assets

Contract assets include unbilled amounts typically resulting from sales under our long-term contracts when the total contract value is
recognized on a straight-line basis and the revenue recognized exceeds the amount billed to

F-133

the customer. Contract assets also result from revenue contracts with multiple performance obligations when the allocated revenue recognized from satisfied performance obligations exceeds the
amount billed to the customer.

Contract Liabilities

Contract liabilities consist of advance payments and collections in excess of revenue recognized and deferred revenue. A limited number of our
contracts contain prepayment terms that range from one month to seventeen years in advance of providing the service. If we expect at contract inception