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Intelsat Reports Third Quarter 2014 Results

by david.nunes

Intelsat Reports Third Quarter 2014 Results

  • Third quarter revenue of $608.6 million;
  • Third quarter net income attributable to Intelsat S.A. of $67.6 million;
  • Net income per diluted common share of $0.58; Adjusted net income per diluted common share of $0.79;
  • EBITDA of $477.8 million and Adjusted EBITDA of $485.3 million, or 80 percent of revenue;
  • $10.1 billion contracted backlog provides visibility for future revenue and cash flow;
  • Intelsat reaffirmed its 2014 financial outlook

Luxembourg, 30 October 2014
Intelsat S.A. (NYSE: I), the world’s leading provider of satellite services, today reported total revenue of $608.6 million and net income attributable to Intelsat S.A. of $67.6 million, or $0.58 per common share on a diluted basis, for the three months ended September 30, 2014. The company reported adjusted net income per diluted common share1 of $0.79 for the three months ended September 30, 2014.

Intelsat S.A. reported EBITDA1, or earnings before net interest, taxes and depreciation and amortization, of $477.8 million, or 79 percent of revenue, and Adjusted EBITDA1 of $485.3 million, or 80 percent of revenue, for the three months ended September 30, 2014.

Intelsat Chairman and CEO, Dave McGlade, said, “While our third quarter revenue of $609 million reflects the current environments for our African network services and our government businesses, we continue to demonstrate our ability to deliver attractive Adjusted EBITDA margins. At $485 million, or nearly 80% of revenue, our robust margins contribute to strong cash flow generation.

“The successful launch of Intelsat 30 represents a return to the launch pad after nearly a year and a half, the first of a series of launches over the next 18 months that will result in a significant enhancement to our marketable capacity. In advance of these launches, we are working on critical elements of our service offerings to ensure that we have access to unique technologies and capabilities that will enable new services on our network. These services will position us to address much larger end-markets than today, particularly in the areas of broadband infrastructure, mobility and new media applications.

McGlade continued, “Our future satellite programs remain on track, with Intelsat 30 expected to enter service later in the fourth quarter. With the benefits of strong Adjusted EBITDA margins, a confirmed 2014 debt pay down of approximately $475 million and reduced interest costs producing strong cash flows, we continue to demonstrate progress on the first phase of our two-phase investment thesis.”

To read the full version of the earnings release, including detailed financial results, please download the Earnings Release.

To read the new Quarterly Commentary, including business trends, please download the Quarterly Commentary.

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1In this release, financial measures are presented both in accordance with GAAP and also on a non-GAAP basis. EBITDA, Adjusted EBITDA, free cash flow from (used in) operations, Adjusted net income per diluted common share and related margins included in this release are non-GAAP financial measures. Please see the consolidated financial information below for information reconciling non-GAAP financial measures to comparable GAAP financial measures.

Q3 2014 Quarterly Commentary
As previously announced, Intelsat is providing a detailed quarterly commentary on the company’s business trends and financial performance prior to the live earnings call. Please visit investors.intelsat.com for management’s commentary on the company’s progress against its long-term strategic priorities and outlook for 2014.

Conference Call Information
Intelsat management will hold a public conference call at 11:00 a.m. EDT on Thursday, October 30, 2014 to discuss the company’s financial results for the third quarter ended September 30, 2014. Access to the live conference call will also be available via the Internet at www.intelsat.com/investors. To participate on the live call, participants should dial +1 800.299.9630 from North America, and +1 617.786.2904 from all other locations. The participant pass code is 30727416.

Participants will have access to a replay of the conference call through November 6, 2014. The replay number for North America is +1 888.286.8010, and for all other locations it is +1 617.801.6888. The participant pass code for the replay is 13818629.

About Intelsat
Intelsat S.A. (NYSE: I) is the world’s leading provider of satellite services, delivering high performance connectivity solutions for media, fixed and mobile broadband infrastructure, enterprise and government and military applications. Intelsat’s satellite, teleport and fiber infrastructure is unmatched in the industry, setting the standard for transmissions of video and broadband services. From the globalization of content and the proliferation of HD, to the expansion of cellular networks and mobile broadband access, Intelsat creates value for its customers through creative space-based solutions. Envision…Connect…Transform…with Intelsat. For more information, visit www.intelsat.com.

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