Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 421

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 421
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.7 million and $48.6 million were capitalized for the two months ended February 28, 2022, ten months ended December 31, 2022, year ended December 31, 2023, and year ended December 31, 2024, respectively. Additionally, depreciation expense was, $98.6 million, $428.6 million, $542.5 million and $559.3 million, for the two months ended February 28, 2022, ten months ended December 31, 2022, year ended December 31, 2023, and year ended December 31, 2024, respectively. We have entered into contracts for the launch of both specified and unspecified future satellites. Each of these launch contracts may be terminated at our option, subject to payment of a termination fee that increases as the applicable launch date approaches. In the second quarter of 2024, we executed an additional finance lease for an in-orbit,satellite servicing vehicle, which has not yet commenced, with payments totaling approximately $33.0 million. The lease is expected to commence in 2026 with a lease term of approximately 4 years. (b) Galaxy 15 Anomaly In April 2010, our Galaxy 15 satellite experienced an anomaly resulting in our inability to command the satellite or to receive telemetry, and in December 2010, we recovered command of the spacecraft and have subsequently uploaded flight software code to protect against future anomalies of this type. On August 10, 2022, the Galaxy 15 satellite experienced an anomaly, likely during space weather activity, resulting in our inability to command the satellite. A failure review board convened with the satellite’s manufacturer, Northrop Grumman (formerly Orbital Sciences Corporation), and concluded that the anomaly is similar to the one encountered in April 2010. We recorded an impairment charge of the full carrying value of approximately $5.2 million in the third quarter of 2022, which is included within “Satellite impairment” in our consolidated statements of operations. There was no impact to customer services, and we migrated all customers originally on Galaxy 15 to other satellites in our network. The Galaxy 15 satellite was replaced by the Galaxy 33 satellite in the fourth quarter of 2022. On March 7, 2023, we recovered command and telemetry of the Galaxy 15 satellite and were able to stop the drift of the satellite across the geostationary orbit. We decommissioned the satellite on