Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 241

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 241
---
 • |     | a decrease of $1.7 million due to higher investment impairments in 2024 as compared to 2023 (see Note                                   
 6—Investments of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus). |

Gain on Disposition of ARP Rights Intelsat recognized a gain on disposition of ARP rights of $139.0 million for the year ended December 31, 2023 upon validation of the Phase II Certification of Accelerated Relocation under the FCC Final Order (“Phase II Validation”), with no comparable amount for the year ended December 31, 2024. Income Tax Expense (Benefit) Income tax expense decreased by $29.2 million to income tax benefit of $5.8 million for the year ended December 31, 2024, as compared to income tax expense of $23.4 million for the year ended December 31, 2023, primarily as a result of valuation allowance decreases offset by prior year adjustments, current year impairments, lower income from Intelsat’s U.S. subsidiaries and derecognition of uncertain tax benefits for which the statute of limitations has expired. 187

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Cash received for income taxes, net of payments, totaled $4.1 million for the year ended December 31, 2024, as compared to cash paid for income taxes, net of refunds, which totaled $64.3 million for the year ended December 31, 2023. EBITDA EBITDA consists of earnings before net interest, taxes and depreciation and amortization. EBITDA is a measure commonly used in the FSS sector, and Intelsat presents EBITDA to enhance the understanding of its 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