Intelsat Reports Second Quarter 2014 Results

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  • Second quarter revenue of $615.7 million;
  • Second quarter net income attributable to Intelsat S.A. of $66.8 million;
  • Net income per diluted common share of $0.53; Adjusted net income per diluted common share of $0.76; EBITDA of $485.5 million and Adjusted EBITDA of $490.4 million or 80% of revenue;
  • $10.3 billion contracted backlog provides visibility for future revenue and cash flow; and
  • Company updates 2014 guidance, including improved Adjusted EBITDA margin and increased debt pay down of approximately $475 million; reaffirms 2014 revenue guidance

Luxembourg | August 4, 2014– Intelsat S.A. (NYSE: I), the world’s leading provider of satellite services, today reported total revenue of $615.7 million and net income attributable to Intelsat S.A. of $66.8 million, or $0.53 per common share on a diluted basis, for the three months ended June 30, 2014. The company reported adjusted net income per diluted common share1 of $0.76 for the three months ended June 30, 2014.

Intelsat S.A. reported EBITDA1, or earnings before net interest, taxes and depreciation and amortization, of $485.5 million, or 79 percent of revenue, and Adjusted EBITDA1 of $490.4 million, or 80 percent of revenue, for the three months ended June 30, 2014.

Intelsat CEO, Dave McGlade, said, “In the second quarter, we performed in line with our expectations, delivering strong Adjusted EBITDA margins and making solid progress against our long-term business strategy and equity thesis.”

“We remain focused on working with our blue chip customers to provide them with satellite-based infrastructure that supports their business growth. During the quarter we announced a new satellite program with direct-to-home (“DTH”) operator, MultiChoice, as the anchor customer. The 15-year agreement expands our relationship with the leading pay television operator in Africa, and positions us for long-term growth. We ended the second quarter of 2014 with a contracted backlog of $10.3 billion, providing visibility into revenue and cash flow.

McGlade continued, “Our satellite programs remain on track, with Intelsat 30 expected to launch in the fourth quarter. With the benefits of strong Adjusted EBITDA margins, lower than average lifecycle capital expenditures and reduced interest costs producing strong cash flows, we continue to demonstrate progress on the first phase of our two-phase investment thesis. Today, we have raised our Adjusted EBITDA margin guidance and increased the target to de-lever our balance sheet in 2014 to approximately $475 million.”

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