Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRSLTR
Source: 0000950123-25-000379
Chunk: 15

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRSLTR
Chunk 15
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 sold or returned to a lessor, and then a new airline operator procures related services for that previously equipped aircraft. The Company has revised Note 4 on page F-127of Amendment No. 1 as follows: We earn revenue primarily by providing services to our customers using our satellite transponder capacity. Our customers generally obtain satellite capacity from us by placing an order pursuant to one of several master customer service agreements. On-networkservices are composed primarily of services delivered on our owned network infrastructure, as well as commitments for third-party capacity, generally long-term in nature, that we

Laura Veator Stephen Krikorian January 17, 2025 Page 11 integrate and market as part of our owned infrastructure. In the case of third-party services in support of government applications, the commitments for third-party capacity are shorter and matched to the government contracting period, and thus remain classified as off-networkservices. Off-networkservices can include transponder services and other satellite-based transmission services such as mobile satellite services (“MSS”), which are sourced from other operators, often in frequencies not available on our network. Within the category Off-Networkand Other Revenues, we also include revenues from consulting and other services. Our Intelsat CA revenue is primarily earned from providing connectivity and entertainment services and through sales of equipment. Equipment may be sold directly to airline customers or to airline OEMs for installation as the aircraft is manufactured or to other third-party customers such as aircraft lessors. In the case of OEM’s and third-party equipment customers, we do not sell connectivity or entertainment services as they are separately negotiated directly with our airline customers. Installation service, which we report within equipment revenue, is an option presented to our airline customers that we manage through a third-party service provider. Note 8 - Goodwill and Intangibles (b) Other Intangible Assets, page F-144

| 19. | Clarify how your Orbital Slot Rights were impacted by your C-band                                                                   
 spectrum clearing and relocation activities and how you considered whether these activities resulted in impairment to these assets. |

Response: The Company acknowledges the Staff’s comment and advises the Staff that, consistent with the response to Comment #16, from an accounting perspective, Intelsat’s spectrum rights are not separated from its orbital slots and are included in its overall orbital slot balance and the C-bandspectrum clearing and relocation activities did not result in an impairment to those assets. Signatures, page II-5

| 20. | The registration statement must be signed by your principal accounting