Intelsat Announces First Quarter 2018 Results
Tysons Corner, Va., May 1, 2018-- Satellite operator Intelsat S.A. (NYSE: I) today announced financial results for the three months ended March 31, 2018. Intelsat reported total revenue of US$ 543.8 million and net loss attributable to Intelsat S.A. of US$ 66.8 million for the three months ended March 31, 2018.
In the first quarter of 2018, we adopted the provisions of the Financial Accounting Standards Board Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). As a result of the adoption of ASC 606, total revenue for the three months ended March 31, 2018 reflects $25.1 million primarily related to the significant financing component identified in our customer contracts.
Total revenue excluding the effects of ASC 606 was $518.8 million for the three months ended March 31, 2018.
Intelsat reported EBITDA1, or earnings before net interest, gain on early extinguishment of debt, taxes and depreciation and amortization, of $405.4 million and Adjusted EBITDA1 of $418.6 million, or 77 percent of revenue for the three months ended March 31, 2018. Total Adjusted EBITDA excluding the effects of ASC 606 was $392.3 million, or 76 percent of revenue, for the three months ended March 31, 2018.
Intelsat’s Chief Executive Officer, Stephen Spengler, said, “We are leveraging our scale and global presence to drive returns on our network, making solid progress on our operating priorities for 2018. First quarter highlights included new broadband contracts on our Intelsat EpicNG satellites in Africa and Asia, as well as a North American hosted payload program for the U.S. Government. In addition, we introduced a new shared services platform for our media customers that will drive incremental value at our video neighborhood in Central and Eastern Europe.”
Spengler continued, “Our two planned launches for the second half of 2018, Intelsat 38 and Horizons 3e, are further examples of creatively utilizing our global orbital rights for satellite partnerships, delivering capital expenditure efficiencies while providing for revenue continuity and high-performance inventory for growth.”
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