Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 396

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 396
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 then sells that capacity to its customers. We incurred direct costs of revenue related to these purchases of $17.9 million, $2.9 million, $15.5 million and $20.5 million, and then sold the
purchased capacity to customers to generate total revenue of $50.0 million, $7.7 million, $40.5 million and $49.2 million during the year ended December 31, 2021, two months ended February 28, 2022, ten months ended
December 31, 2022 and year ended December 31, 2023, respectively, and remitted 50% of the revenue, less applicable fees and commissions to JSAT.

The Company recognized $3.1 million, $0.6 million, $2.8 million, and $4.3 million in net fees related to engineering,
billing, licensing, and commissions during the year ended December 31, 2021, two months ended February 28, 2022, ten months ended December 31, 2022 and year ended December 31, 2023, respectively, which was recognized in
“Other income (expense), net” in our consolidated statements of operations. The Company also sells managed ground network services to the Horizons 3 joint venture and provides program management services for a fee. We recorded an offset to
direct costs of revenue related to the provision of these services of $6.9 million, $1.1 million, $5.8 million and $6.9 million, during the year ended December 31, 2021, two months ended February 28, 2022, ten months
ended December 31, 2022 and year ended December 31, 2023, respectively.

On the consolidated balance sheets, $1.4 million
and $0.9 million due from Horizons 3 was included in “Receivables, net of allowances” as of December 31, 2022 and 2023, respectively, and $1.6 million due to Horizons 3 was included in “Accounts payable and accrued
liabilities” as of both December 31, 2022 and 2023.

F-141

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Our investment in Horizons 3, included within “Other assets” in our consolidated
balance sheets, is accounted for using