Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 346

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 346
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 we submitted our invoice for the Phase II ARP of $3.7 billion. As of October 19, 2023, the entire Phase II ARP proceeds of $3.7 billion were received. Subsequently, a portion of these proceeds was used to repay
the 2029 Term Loans (as defined in Note 9—Debt) in full.

C-band clearing related
expenditures are either (i) capitalized under ASC 360, Property Plant and Equipment (“ASC 360”) or other applicable accounting principles, or (ii) expensed as fulfillment costs as incurred. Fulfillment costs include costs
to pay personnel or third parties to assist with customer reconfiguration and relocation, installation of filters, and program management costs.

As of December 31, 2022 and 2023, we incurred reimbursable costs associated with the FCC Final Order of $1.6 billion and
$1.8 billion, respectively. Amounts yet to be reimbursed were included within “Receivables relating to C-band” on our consolidated balance sheets and are expected to be received throughout the
coming twelve months. During the year ended December 31, 2021, ten months ended December 31, 2022 and year ended December 31, 2023, we received $6.3 million, $940.8 million, and $209.0 million, respectively, of
reimbursement for C-band clearing costs, a portion of which was used to repay certain outstanding debt (see Note 9—Debt). No similar proceeds were received during the two months ended
February 28, 2022. An additional $64.4 million was received in the first quarter of 2024, resulting in a total of $1.2 billion in reimbursements received through the date of this Annual Report.

As a result of Phase II Validation, we recognized reimbursement income of $720.9 million for the year ended December 31, 2023, which
is included within “Other operating expense (income), net—C-band” on our consolidated statements of operations.

For the year ended December 31, 2021, two months ended February 28, 2022, ten months ended December 31, 2022 and year ended
December 31, 2023, we incurred $809.0 million, $117.3 million, $315.8 million, and $136.6 million, respectively, of C-band clearing related expenditures,