Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 243

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 243
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 31, 2022 decreased by $27.9 million to income tax expense of $23.4 million for the year ended December 31, 2023, primarily due to Chapter 11 restructuring activities that occurred in 2022 with no similar activities in 2023. Cash paid for income taxes, net of refunds, totaled $1.9 million, $12.1 million and $64.3 million for the two months ended February 28, 2022, ten months ended December 31, 2022, and year ended December 31, 2023. EBITDA EBITDA consists of earnings before net interest, loss (gain) on early extinguishment of debt, taxes and depreciation and amortization. Given Intelsat’s high level of leverage, refinancing activities are a frequent part of Intelsat’s efforts to manage Intelsat’s costs of borrowing. Accordingly, Intelsat considers loss (gain) on early extinguishment of debt an element of interest expense. EBITDA is a measure commonly used in the FSS sector, and Intelsat presents EBITDA to enhance the understanding of Intelsat’s 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 net income (loss) determined in accordance with U.S. GAAP, as an indicator of Intelsat’s operating performance, or as an alternative to cash flows from operating activities determined in accordance with U.S. GAAP, as an indicator of cash flows, or as a measure of liquidity. A reconciliation of net income (loss) to EBITDA for the two months ended February 28, 2022, ten months ended December 31, 2022 and year ended December 31, 2023 is as follows (in thousands):

|                               |     | Predecessor |   Two Months 
        Ended 
 February 28, 
         2022 |   |     | Success