Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 192

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 192
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 year ended December 31, 2023, Intelsat repurchased 220,000 common shares for $6.5 million. As of December 31, 2023, approximately
$193.5 million remained available under the share repurchase program. The program does not obligate Intelsat to acquire a minimum amount of shares. Refer to Note 10—Shareholders’ Equity of the Intelsat audited financial statements for
the period ended December 31, 2023 included elsewhere in this prospectus.

Revenue

Revenue Overview

Intelsat earns revenue
primarily by providing services over satellite transponder capacity to Intelsat’s customers. Intelsat’s customers generally obtain satellite capacity from it by placing an order pursuant to one of several master customer service
agreements. The master customer agreements and related service orders under which Intelsat sells services specify, among other things, the amount of satellite capacity to be provided, whether service will be
non-preemptible or preemptible and the service term. Most services are full time in nature, with service terms of up to 15 years. Occasional use services used for video applications can be for much shorter
periods, including increments of one hour. Intelsat’s master customer service agreements offer different service

130

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 types, including transponder services, managed services, and channel, which are all services that are provided on, or used to provide access to, Intelsat’s global network. Intelsat refers to these services as on-networkservices. Intelsat’s customer agreements also cover services that Intelsat procures from third parties and resell, which Intelsat refers to as off-networkservices. These services can include transponder services and other satellite-based transmission services sourced from other operators, often in frequencies not available on Intelsat’s network, and other operational fees related to satellite operations provided on behalf of third-party satellites. Intelsat’s Intelsat CA business generates two types of revenue: service revenue and equipment revenue. Service revenue is primarily derived from connectivity services and, to a lesser extent, from entertainment services, CAS and maintenance services. Connectivity is provided to Intelsat’s customers using both air-to-ground(“ATG”) and satellite technologies. Service revenue is earned by services paid for by passengers, airlines and third parties. Equipment revenue primarily consists of the sale of ATG and satellite connectivity