Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 205

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 205
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 presents EBITDA to enhance the understanding of Intelsat’s operating performance. Intelsat uses EBITDA as one criterion for evaluating its performance relative to that of its peers. Intelsat believes that EBITDA is an operating performance measure, and not a liquidity measure, that provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies. However, EBITDA is not a measure of financial performance under U.S. GAAP, and Intelsat’s EBITDA may not be comparable to similarly titled measures of other companies. EBITDA should not be considered as an alternative to operating income (loss) or net income (loss) determined in accordance with U.S. GAAP, as an indicator of Intelsat’s operating performance, or as an alternative to cash flows from operating activities determined in accordance with U.S. GAAP, as an indicator of cash flows, or as a measure of liquidity. A reconciliation of net income (loss) to EBITDA for the two months ended February 28, 2022, ten months ended December 31, 2022 and year ended December 31, 2023 is as follows (in thousands):

|                               |     | Predecessor |   Two Months 
        Ended 
 February 28, 
         2022 |   |     | Successor |   Ten Months 
        Ended 
 December 31, 
         2022 |   |     | Non-GAAP 
 Combined |   Year Ended 
 December 31, 
         2022 |   |     | Successor |   Year Ended 
 December 31, 
         2023 |   |
|:------------------------------|:----|:------------|-------------:|:--|:----|:----------|-------------:|:--|:----|:---------|-------------:|:--|:----|:----------|-------------:|:--|
| Net income (loss)             |     | $           |    4,629,347 |   |     | $         |     (151,708 | ) |     | $        |    4,477,639 |   |     | $         |      821,471 |   |
| Add (Subtract):               |     |             |              |   |     |           |              |   |     |          |              |   |     |           |              |   |
| Interest expense