Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 218

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 218
---
 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 year ended December 31, 2023, and year ended December 31, 2024 is as follows (in thousands):

|                               |     |   |   Year Ended 
 December 31, 
         2023 |   |     |   |   Year Ended 
 December 31, 
         2024 |   |
|:------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Net income (loss)             |     | $ |      821,471 |   |     | $ |     (183,806 | ) |
| Add (Subtract):               |     |   |              |   |     |   |              |   |
| Interest expense              |     |   |      437,384 |   |     |   |      267,244 |   |
| Interest income               |     |   |     (239,762 | ) |     |   |      (67,115 | ) |
| Income tax expense (benefit)  |     |   |       23,432 |   |     |   |       (5,832 | ) |
| Depreciation and amortization |     |   |      536,408 |   |     |   |      589,677 |   |
| EBITDA                        |     | $ |    1,578,933 |   |     | $ |      600,168 |   |

Liquidity and Capital Resources for the Years Ended December 31, 2024 and 2023 Overview Intelsat’s contractual obligations, commitments and debt