Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 204

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 204
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| • |     | an increase of $20.8 million due to income for the year ended December 31, 2022 related to an insurance   
 claim for the Galaxy 30 satellite anomaly, with no similar activity for the year ended December 31, 2023. |

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 Phase II Validation. See Note 8—Goodwill and Other Intangible Assets of the Intelsat audited financial statements for the period ended December 31, 2023 included elsewhere in this prospectus. There was no comparable amount for the year ended December 31, 2022. Reorganization Items Reorganization items reflect expenses, gains and losses directly and incrementally resulting from Intelsat’s Chapter 11 restructuring activities. Intelsat recognized a net gain for reorganization items of $4.6 billion for the year ended December 31, 2022, primarily associated with the restructuring of Intelsat’s balance sheet, with no comparable amount for the year ended December 31, 2023. Income Tax Expense (Benefit) Income tax benefit of $4.5 million for the year ended December 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. 139

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 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