[release] Launch of Global Changing Observation Mission – Climate “SHIKISAI” (GCOM-C) and Super Low Altitude Test Satellite “TSUBAME” (SLATS) aboard H-IIA Vehicle No. 37

Launch of Global Changing Observation Mission – Climate “SHIKISAI” (GCOM-C)
and Super Low Altitude Test Satellite “TSUBAME” (SLATS)
aboard H-IIA Vehicle No. 37

October 27, 2017 (JST)

Mitsubishi Heavy Industries, Ltd.
National Research and Development Agency
Japan Aerospace Exploration Agency (JAXA)

Mitsubishi Heavy Industries, Ltd. (MHI) and the Japan Aerospace Exploration Agency (JAXA) are pleased to announce the launch schedule for Global Changing Observation Mission – Climate “SHIKISAI” (GCOM-C) and Super Low Altitude Test Satellite “TSUBAME” (SLATS) by H-IIA launch vehicle No. 37.

Scheduled date of Launch:
December 23 (Sat.), 2017
Launch time:
10:26:22 a.m. through 10:48:22 a.m. (JST)
Reserved Launch period:
December 24 (Sun.), 2017 through January 31 (Wed.), 2018
Launch site:
Yoshinobu Launch Complex at the tanegashima Space Center

H-IIA Launch vehicle No. 37 incorporates JAXA’s newly developed outcome to insert SHIKISAI and TSUBAME into different orbit altitude respectively. It will expand opportunities of multiple satellite launch and take full advantage of the capability of H-IIA.

Third Quarter 2017 Conference Call

OTTAWA, CANADA, October 26, 2017.  Telesat has scheduled a conference call on Thursday, November 2, 2017, at 10:30 a.m. ET to discuss its financial results for the three and nine-month periods ended September 30, 2017.  The call will be hosted by Daniel S. Goldberg, President and Chief Executive Officer, and Michel Cayouette, Chief Financial Officer, of Telesat. 

Prior to the commencement of the call, Telesat will post a news release containing its financial results on its website (www.telesat.com) under the tab “News & Events” and the heading “News”. 

Dial-in Instructions:

The toll-free dial-in number for the teleconference is +1 (800) 377-0758.  Callers outside of North America should dial +1 (416) 340-2218. The conference reference number is 4264742.  Please allow at least 15 minutes prior to the scheduled start time to connect to the teleconference.

Dial-in Audio Replay:

A replay of the teleconference will be available one hour after the end of the call on November 2, 2017, until 11:59 p.m. ET on November 16, 2017.  To access the replay, please call +1 (800) 408-3053.  Callers outside of North America should dial +1 (905) 694-9451.  The access code is 8947869 followed by the number sign (#).

About Telesat (www.telesat.com)

Telesat is a leading global satellite operator, providing reliable and secure satellite-delivered communications solutions worldwide to broadcast, telecom, corporate and government customers. Headquartered in Ottawa, Canada, with offices and facilities around the world, the company’s state-of-the-art fleet consists of 15 satellites, the Canadian payload on ViaSat-1, and two new satellites under construction. An additional two satellites are under construction for launch into low earth orbit (LEO) as part of Telesat’s plans to deploy an advanced, global LEO satellite constellation offering low latency, high throughput broadband services. Telesat also manages the operations of additional satellites for third parties. Privately held, Telesat’s principal shareholders are Canada’s Public Sector Pension Investment Board and Loral Space & Communications Inc. (NASDAQ: LORL).

For further information:

Michael Bolitho, Telesat, +1 (613) 748-8700 ext. 2336;  ir@telesat.com

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New podcast: An Overview of Space and Satellite Trends from Skot Butler

Like the rest of technology, the satellite and space industry is rapidly evolving. In an effort to keep customers up to date on the latest innovations, Intelsat General partner Kratos is producing Constellations, a podcast featuring top influencers in satellite and new space. The first edition of Constellations features the president of Intelsat General Corp., our very own Skot Butler.

In the Constellations podcast, Skot talks about the concepts involved in “new space” and where Intelsat fits within the larger picture. He presents a high-level overview of innovations both in space and on the ground as they relate to Big Data, the Internet of Things (IoT), and mobility. This includes how high-throughput satellites and small, flat panel antennas are combining to enable rapid decision making in aviation, maritime, and other critical operations.

Listeners will also learn how Intelsat is providing global satellite coverage through its partnership with OneWeb to enable connectivity both in the air and on the ground. Learn how the form factor of antennas is evolving and how antennas are making it easier for customers to join the network. You’ll get a sense of the scope of the data being transmitted by the IoT today and where we’re headed in the future.

See below for the audio player. To subscribe to the Kratos Constellations podcast and hear interviews with other space leaders, click here for their podcast page.

EUTELSAT COMMUNICATIONS FIRST QUARTER 2017-18 REVENUES

  • Q1 revenues of €349 million, down 9.3% reported and by 6.7% like-for-like
  • Well-oriented Backlog, Fill Rate and HD penetration metrics
  • US Government renewals at c.95% in value
  • Al Yah 3 delay impacting Fixed Broadband: FY 2017-18 revenues therefore adjusted -1 to – 2% (versus ‘broadly stable’)
  • All other objectives confirmed for FY 2017-18 and coming years

Paris, 26 October 2017– Eutelsat Communications (ISIN: FR0010221234 – Euronext Paris: ETL) today reported revenues for the First Quarter ended 30 September 2017.

Note: Since its First Half 206-17 results on 9 February 2017, Eutelsat publishes revenues on the basis of five applications: Video, Fixed Data and Government Services (Core Businesses), Fixed Broadband and Mobile Connectivity (Connectivity).

Rodolphe Belmer, Chief Executive Officer, commented: “First Quarter revenues were in line with our expectations. Our key operational metrics were well oriented with a further rise in HD penetration, a stabilisation of the Backlog and an improved Fill Rate on a quarter-on-quarter basis. The Fall renewal campaign with the US Government yielded a favourable outturn, at some 95% in value while the outcomes of Video renewals during the quarter were positive, notably with Polsat on HOTBIRD. Elsewhere we took further measures to optimise Video distribution with the absorption of Noorsat in the MENA region.

For the remainder of the year, revenues in our Core Businesses are on track, and Mobility will further benefit from the entry into service of EUTELSAT 172B in November. However, the late availability of the payload leased on the Al Yah 3 satellite, representing the majority of the capacity dedicated to Konnect Africa, will push out revenues in Fixed Broadband. In recognition of this delay, revenue expectations for FY 2017-18 are mechanically adjusted from ‘broadly stable’ to between -1 and -2%. This adjustment will not affect our ability to attain our other objectives, in particular EBITDA margin and discretionary free cashflow, which are all re-affirmed for the current and future years.”

KEY EVENTS

The key events of the First Quarter were as follows:

  • Q1 revenues down 1.0% at constant currency and perimeter and excluding ‘Other’ revenues;
  • Well-oriented operational metrics, with a further rise in HD penetration as well as a stabilisation of the Backlog and an improved Fill Rate on a quarter-on-quarter basis;
  • Favourable outcome of the US Government Fall renewals with arate of almost 95% in value;
  • Positive outcome of Video contract renewals, notably with Cyfrowy Polsat on HOTBIRD;
  • Absorption of Noorsat to optimise Video distribution in the MENA region;
  • Delayed availability of Al Yah 3 capacity impacting Konnect Africa ramp-up. All other verticals on track.

Read the full press release on our First Quarter 2017-2018 revenues

[1]Proforma revenues reflecting disposals of Wins/DHI and DSAT Cinema. For more details, please refer to the appendices.

[2]At constant currency and perimeter.

[3]Other revenues include mainly compensation paid on the settlement of business-related litigation, the impact of EUR/USD currency hedging, the provision of various services or consulting/engineering fees as well as termination fees.


About Eutelsat Communications

Founded in 1977, Eutelsat Communications is one of the world’s leading satellite operators. With a global fleet of satellites and associated ground infrastructure, Eutelsat enables clients across Video, Data, Government, Fixed and Mobile Broadband markets to communicate effectively to their customers, irrespective of their location. Over 6,600 television channels operated by leading media groups are broadcast by Eutelsat to one billion viewers equipped for DTH reception or connected to terrestrial networks. Headquartered in Paris, with offices and teleports around the globe, Eutelsat assembles 1,000 men and women from 32 countries who are dedicated to delivering the highest quality of service.

Eutelsat Communications is listed on the Euronext Paris Stock Exchange (ticker: ETL).

For more about Eutelsat go to www.eutelsat.com

Press
Vanessa O’Connor Tel: + 33 1 53 98 37 91 voconnor@eutelsat.com
Marie-Sophie Ecuer Tel: + 33 1 53 98 37 91 mecuer@eutelsat.com

Investors and analysts
Joanna Darlington Tel. : +33 1 53 98 35 30 jdarlington@eutelsat.com
Cédric Pugni Tel. : +33 1 53 98 35 30 cpugni@eutelsat.com


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Intelsat Announces Third Quarter 2017 Results

  • Third quarter revenue of $538.8 million
  • Third quarter net loss attributable to Intelsat S.A. of $30.4 million
  • Third quarter Adjusted EBITDA of $420.5 million or 78 percent of revenue
  • $7.9 billion contracted backlog
  • Intelsat 35e entered into service, Intelsat 37e launched in third quarter 2017

LUXEMBOURG–(BUSINESS WIRE)–Oct. 26, 2017– Intelsat S.A. (NYSE: I), operator of the world’s first Globalized Network and leader in integrated satellite communications, today announced financial results for the three months ended September 30, 2017.

Intelsat reported total revenue of $538.8 million and a net loss attributable to Intelsat S.A. of $30.4 million for the three months ended September 30, 2017.

Intelsat reported EBITDA1, or earnings before net interest, loss/(gain) on early extinguishment of debt, taxes and depreciation and amortization, of $414.6 million and Adjusted EBITDA1 of $420.5 million, or 78 percent of revenue, for the three months ended September 30, 2017.

Intelsat’s Chief Executive Officer, Stephen Spengler, said, “Our network services business is continuing to move toward a high-throughput satellite model of greater volume and lower price applications, such as mobility, while our media and government businesses are generally performing according to plan. Our third quarter 2017 revenue of $539 million, and Adjusted EBITDA of $420 million reflect the on-going transition of our business.”

Mr. Spengler continued, “During the third quarter, we launched two satellites successfully, completing our schedule for this year. Intelsat 35e entered into service in August, and Intelsat 37e, our fifth Intelsat EpicNG satellite, launched on September 29th and is expected to enter service in the first quarter of 2018. We now have a global, resilient, highly efficient and high performance technology base that will support our efforts in mobile broadband, wireless infrastructure, government, and corporate data networks for the next decade.”

Mr. Spengler concluded, “As we look to the fourth quarter and 2018, our emphasis is on commercializing Intelsat EpicNG and promoting Intelsat EpicNG -enabled managed services, such as IntelsatOne Flex, to improve the dynamics in our fixed and mobile broadband businesses. We continue to support the development of antenna and ground technologies that will simplify access and optimize the efficiency of our satellite technology, enabling Intelsat to unlock new growth opportunities in areas such as mobility and deliver ongoing performance improvements to our customers.”

Third Quarter 2017 Business Highlights

Intelsat provides critical communications infrastructure to customers in the network services, media and government sectors. Our customers use our services for broadband connectivity to deliver fixed and mobile telecommunications, enterprise, video distribution and fixed and mobile government applications. For additional details regarding the performance of our customer sets, see our Quarterly Commentary.

Network Services

Network services revenue was $211.5 million (or 39 percent of Intelsat’s total revenue) for the three months ended September 30, 2017; a decrease of 5 percent compared to the three months ended September 30, 2016.

Media

Media revenue was $236.7 million (or 44 percent of Intelsat’s total revenue) for the three months ended September 30, 2017; an increase of 9 percent compared to the three months ended September 30, 2016. The increase was largely a result of advance payments forfeited and fees paid by a customer upon partial termination of services.

Government

Government revenue was $84.6 million (or 16 percent of Intelsat’s total revenue) for the three months ended September 30, 2017; a decline of 13 percent compared to the three months ended September 30, 2016.

Average Fill Rate

Intelsat’s average fill rate on our approximately 2,025 station-kept wide-beam 36 MHz equivalent transponders was 78 percent at September 30, 2017, consistent with 78 percent as of June 30, 2017. Separately, our fleet includes approximately 825 36 MHz equivalent units of high-throughput Intelsat EpicNG capacity.

Satellite Launches

Intelsat 35e, the fourth of our Intelsat EpicNG next generation high-throughput satellites, completed in-orbit testing and entered service at 325.5°E on August 15, 2017.

Intelsat 37e was successfully launched on September 29, 2017, on an Arianespace, Ariane 5 rocket. This satellite, which will replace Intelsat 901 in the Atlantic Ocean region, is expected to enter into service in the first quarter of 2018 following the completion of in-orbit testing.

Contracted Backlog

At September 30, 2017, Intelsat’s backlog, representing expected future revenue under existing contracts with customers, was $7.9 billion, as compared to $8.2 billion at June 30, 2017.

Capital Structure Activities

On July 5, 2017, Intelsat Jackson completed an offering of $1.5 billion aggregate principal amount of 9.75% Senior Notes due 2025, and used the net proceeds from the sale of the notes, along with other available cash, to satisfy and discharge all $1.5 billion aggregate principal amount of Intelsat Jackson’s senior notes due in 2019, and to pay related fees and expenses.

Financial Results for the Three Months Ended September 30, 2017

On-Network revenues generally include revenue from any services delivered via our satellite or ground network. On-Network services also include revenues from our channel services product, which are not detailed here as they are immaterial in size and we no longer actively market these services. Off-Network and Other Revenues generally include revenue from transponder services, Mobile Satellite Services (“MSS”) and other satellite-based transmission services using capacity procured from other operators, often in frequencies not available on our network. Off-Network and Other Revenues also include revenue from consulting and other services and sales of customer premises equipment.

Total On-Network Revenues reported an increase of $3.3 million to $496.6 million, or an increase of 1 percent, as compared to the three months ended September 30, 2016:

  • Transponder services reported an aggregate decrease of $5.1 million, primarily due to a $10.4 million decline in revenue from network services customers, which was partially offset by a $4.9 million increase in revenue from media customers. The network services decline was largely due to non-renewals and contraction of services for enterprise and wireless infrastructure in the Latin America, Europe, and Asia-Pacific regions, partially offset by revenue recovery from a customer in Latin America. The increase in media revenue resulted primarily from growth in direct-to-home (“DTH”) television services in Africa, partially offset by non-renewals and termination of services related in part to the end of life of certain satellites. Our sector is undergoing a period of increased supply across all regions; the resulting competitive environment is causing pricing pressure in certain regions and applications, primarily with respect to our network services business, and we expect this to continue to impact our business negatively in the near to mid-term.
  • Managed services reported an aggregate increase of $8.8 million, largely due to an increase of $13.5 million in revenue related to advance payments forfeited and fees paid by a customer upon partial termination of services and an increase of $4.3 million in revenue from network services customers for broadband solutions for maritime mobility and aero applications. These increases were partially offset by a decrease of $4.9 million in revenue from our network services customers for point-to-point trunking applications, which are switching to fiber alternatives, and a decrease of $3.8 million in managed services for our government applications, primarily related to the previously announced termination of a contract.

Total Off-Network and Other Revenues reported an aggregate decline of $7.2 million, or a decrease of 15 percent, to $42.2 million, as compared to the three months ended September 30, 2016:

  • Transponder, MSS and other Off-Network services reported an aggregate decrease of $5.8 million, primarily due to decreases in services for government applications, largely related to sales of customer premises equipment that occurred in 2016. This was partially offset by increased revenue from third-party services for a media customer.
  • Satellite-related services reported an aggregate decrease of $1.5 million, primarily resulting from decreased revenue from support for third-party satellites and the previously announced termination of a government contract.

For the three months ended September 30, 2017, changes in operating expenses, interest expense, net, and other significant income statement items are described below.

Direct costs of revenue (excluding depreciation and amortization) decreased by $10.3 million, or 12 percent, to $78.1 million, as compared to the three months ended September 30, 2016. Of this decrease, $8.2 million was largely due to lower cost of sales for customer premises equipment related to our government customer set; and declines in costs of our satellite-related services business, off-network fixed satellite services and managed services capacity purchased in support of our government business. There was also a decrease of $1.4 million in staff-related expenses.

Selling, general and administrative expenses declined by $11.1 million, or 19 percent, to $47.9 million, as compared to the three months ended September 30, 2016. The decrease was largely due to an $8.0 million decline in bad debt expense primarily in the Latin America region and a $2.3 million decline in staff-related expenses.

Depreciation and amortization expense increased by $3.8 million, or 2 percent, to $178.7 million, as compared to the three months ended September 30, 2016, due to the net increase in depreciation related to new satellites entering service over the course of the last 12 months.

Interest expense, net consists of the interest expense we incur offset by interest income earned and the amount of interest we capitalize related to assets under construction. Interest expense, net increased by $18.8 million, or 8 percent, to $261.8 million for the three months ended September 30, 2017, as compared to $243.0 million in the three months ended September 30, 2016. This increase was principally due to a net increase of $12.3 million driven by the Company’s new debt issuances at higher interest rates, partially offset by certain debt repurchases and exchanges in 2016 and 2017; together with a net increase of $6.3 million from lower capitalized interest for the three months ended September 30, 2017, primarily resulting from a decreased number of satellites and related assets under construction.

The non-cash portion of total interest expense, net was $12.3 million for the three months ended September 30, 2017, due to the amortization of deferred financing fees and the accretion and amortization of discounts and premiums.

Other income, net was $1.8 million for the three months ended September 30, 2017, as compared to $0.3 million for the three months ended September 30, 2016. The variance of $1.5 million was primarily due to a $1.5 million increase in income mainly related to our business conducted in Brazilian reais.

Income tax benefit increased by $1.8 million to $1.2 million for the three months ended September 30, 2017, as compared to income tax expense of $0.7 million for the three months ended September 30, 2016. The increase was principally due to lower income for the three months ended September 30, 2017. Cash paid for income taxes, net of refunds, totaled $11.4 million for the three months ended September 30, 2017, as compared to $3.9 million for the three months ended September 30, 2016.

Net Income (Loss), Net Income (Loss) per Diluted Common Share attributable to Intelsat S.A., EBITDA and Adjusted EBITDA

Net loss attributable to Intelsat S.A. was $30.4 million for the three months ended September 30, 2017, compared to net income attributable to Intelsat S.A. of $195.6 million for the same period in 2016, which included a net gain on extinguishment of debt of $219.6 million.

Net loss per diluted common share attributable to Intelsat S.A. was $0.26 for the three months ended September 30, 2017, compared to net income per diluted common share of $1.65 for the same period in 2016.

EBITDA was $414.6 million for the three months ended September 30, 2017, compared to $395.6 million for the same period in 2016.

Adjusted EBITDA increased 4 percent to $420.5 million for the three months ended September 30, 2017, or 78 percent of revenue, compared to $404.9 million, or 75 percent of revenue, for the same period in 2016.

Intelsat management has reviewed the data pertaining to the use of the Intelsat network, and is providing revenue information with respect to that use by customer set and service type in the following tables. Intelsat management believes this provides a useful perspective on the changes in revenue and customer trends over time.

       
By Customer Set

Three Months Ended
September 30,

Three Months Ended
September 30,

 
2016 2017
 
Network Services $ 222,302 41 % $ 211,497 39 %
Media 216,637 40 % 236,670 44 %
Government 96,825 18 % 84,556 16 %
Other   6,963 1 %   6,036 1 %
$ 542,727 100 % $ 538,759 100 %
 
 
By Service Type

Three Months Ended
September 30,

Three Months Ended
September 30,

 
2016 2017
On-Network Revenues
Transponder services $ 388,372 72 % $ 383,316 71 %
Managed services 103,034 19 % 111,835 21 %
Channel services   1,873 0 %   1,407 0 %
Total on-network revenues 493,279 91 % 496,558 92 %
Off-Network and Other Revenues
Transponder, MSS and other off-network services 39,365 7 % 33,594 6 %
Satellite-related services   10,083 2 %   8,607 2 %
Total off-network and other revenues   49,448 9 %   42,201 8 %
Total $ 542,727 100 % $ 538,759 100 %
 

Free Cash Flow From (Used in) Operations

Net cash provided by operating activities was $212.9 million for the three months ended September 30, 2017, and free cash flow from operations1 was $97.0 million for the same period. Free cash flow from (used in) operations is defined as net cash provided by operating activities, less payments for satellites and other property and equipment (including capitalized interest). Payments for satellites and other property and equipment during the three months ended September 30, 2017 was $98.9 million, and payments for satellites from financing activities was $17.1 million for the three months ended September 30, 2017.

Financial Outlook 2017

Today, Intelsat provided an update on its 2017 revenue and Adjusted EBITDA guidance issued on June 16, 2017, stating that the Company expects the following:

Revenue: As a result of current business trends, the Company now expects to come in at the bottom of the previously disclosed revenue guidance range of $2.150 billion to $2.180 billion for 2017.

Adjusted EBITDA: Intelsat maintained its forecast for Adjusted EBITDA performance for the full-year 2017 to be in a range of $1.640 billion to $1.670 billion.

Capital Expenditures: Intelsat maintained its 2017 capital expenditure guidance ranges for the three calendar years 2017 through 2019 (the “Guidance Period”) issued on June 16, 2017:

  • 2017: $500 million to $550 million;
  • 2018: $400 million to $475 million; and
  • 2019: $400 million to $500 million.

Our capital expenditure guidance includes capitalized interest. The net number of transponder equivalents is expected to increase by a compound annual growth rate (“CAGR”) of 10 percent as a result of the net new capacity entering service between January 1, 2017 and December 31, 2019. This reflects the incremental capacity related to the launches of the Intelsat EpicNG high-throughput satellites, five of which are expected to enter service during the Guidance Period, net of satellites de-orbited or moved to inclined service. Capital expenditure incurrence is subject to timing of achievement of contract, satellite manufacturing, launch and other milestones.

Cash Taxes: We expect annual cash taxes to be approximately $30 million to $35 million.

 
1In this release, financial measures are presented both in accordance with U.S. GAAP and also on a non-U.S. GAAP basis. EBITDA, Adjusted EBITDA (or “AEBITDA”), free cash flow from (used in) operations and related margins included in this release are non-U.S. GAAP financial measures. Please see the consolidated financial information below for information reconciling non-U.S. GAAP financial measures to comparable U.S. GAAP financial measures.
 

Q3 2017 Quarterly Commentary

Intelsat provides a detailed quarterly commentary on the Company’s business trends and performance. Please visit www.intelsat.com/investors for management’s commentary on the Company’s progress against its operational priorities and financial outlook.

Conference Call Information

Intelsat management will hold a public conference call at 8:30 a.m. ET on Thursday, October 26, 2017 to discuss the Company’s third quarter financial results for the period ended September 30, 2017. 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 +1 844-834-1428 from North America, and +1 920-663-6274 from all other locations. The participant pass code is 72710316.

Participants will have access to a replay of the conference call through November 2, 2017. The replay number for North America is +1 855-859-2056, and for all other locations is +1 404-537-3406. The participant pass code for the replay is 72710316.

About Intelsat

Intelsat S.A. (NYSE: I) operates the world’s first Globalized Network, delivering high-quality, cost-effective video and broadband services anywhere in the world. Intelsat’s Globalized Network combines the world’s largest satellite backbone with terrestrial infrastructure, managed services and an open, interoperable architecture to enable customers to drive revenue and reach through a new generation of network services. Thousands of organizations serving billions of people worldwide rely on Intelsat to provide ubiquitous broadband connectivity, multi-format video broadcasting, secure satellite communications and seamless mobility services. The end result is an entirely new world, one that allows us to envision the impossible, connect without boundaries and transform the ways in which we live. For more information, visit www.intelsat.com.

Intelsat Safe Harbor Statement:

Some of the information and statements contained in this Earnings Release and certain oral statements made from time to time by representatives of Intelsat constitute “forward-looking statements” that do not directly or exclusively relate to historical facts. When used in this earnings release, the words “may,” “will,” “might,” “should,” “expect,” “plan,” “anticipate,” “project,” “believe,” “estimate,” “predict,” “intend,” “potential,” “outlook,” and “continue,” and the negative of these terms, and other similar expressions are intended to identify forward-looking statements and information. Forward-looking statements include: our statements regarding certain plans, expectations, goals, projections, anticipations, estimations, predictions, intentions, outlook and beliefs about our expectation that the launches of our satellites in the future will position us for growth; our plans for satellite launches in the near to mid-term; our guidance regarding our expectations for our revenue performance and Adjusted EBITDA performance; our capital expenditure guidance over the next several years; our belief that the scale of our fleet can reduce the financial impact of satellite or launch failures and protect against service interruptions; our belief that the diversity of our revenue and customer base allow us to recognize trends across regions and capture new growth opportunities; our expectation that developing differentiated services and investing in new technology will allow us to unlock essential opportunities; our expectations as to the increased number of transponder equivalents on our fleet over the next several years; and our expectations as to the level of our cash tax payments in the future.

The forward-looking statements reflect Intelsat’s intentions, plans, expectations, anticipations, projections, estimations, predictions, outlook, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside of Intelsat’s control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Some of the factors that could cause actual results to differ from historical results or those anticipated or predicted by these forward-looking statements include: risks associated with operating our in-orbit satellites; satellite anomalies, launch failures, satellite launch and construction delays and in-orbit failures or reduced performance; potential changes in the number of companies offering commercial satellite launch services and the number of commercial satellite launch opportunities available in any given time period that could impact our ability to timely schedule future launches and the prices we pay for such launches; our ability to obtain new satellite insurance policies with financially viable insurance carriers on commercially reasonable terms or at all, as well as the ability of our insurance carriers to fulfill their obligations; possible future losses on satellites that are not adequately covered by insurance; U.S. and other government regulation; changes in our contracted backlog or expected contracted backlog for future services; pricing pressure and overcapacity in the markets in which we compete; our ability to access capital markets for debt or equity; the competitive environment in which we operate; customer defaults on their obligations to us; our international operations and other uncertainties associated with doing business internationally; potential adverse reactions or changes to business or employee relationships resulting from the termination of the proposed combination of the businesses of Intelsat and OneWeb pursuant to a Combination Agreement (the “Merger”), and the proposed cash investment by SoftBank pursuant to a Share Purchase Agreement (the “SoftBank Investment”); competitive responses to the terminated Merger and SoftBank Investment; diversion of management’s attention from ongoing business operations and opportunities as a result of the terminated Merger and SoftBank Investment; and litigation. Known risks include, among others, the risks described in Intelsat’s annual report on Form 20-F for the year ended December 31, 2016, as amended by Amendment No. 1 on Form 20-F/A filed on October 11, 2017 (the “Form 20-F”), and its other filings with the U.S. Securities and Exchange Commission, the political, economic and legal conditions in the markets we are targeting for communications services or in which we operate and other risks and uncertainties inherent in the telecommunications business in general and the satellite communications business in particular. Because actual results could differ materially from Intelsat’s intentions, plans, expectations, anticipations, projections, estimations, predictions, outlook, assumptions and beliefs about the future, you are urged to view all forward-looking statements with caution. Intelsat does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

   
INTELSAT S.A.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except per share amounts)
 

Three Months
Ended
September 30,
2016

Three Months
Ended
September 30,
2017

Revenue $ 542,727 $ 538,759
Operating expenses:
Direct costs of revenue (excluding depreciation and amortization) 88,460 78,111
Selling, general and administrative 58,948 47,873
Depreciation and amortization   174,909     178,742  
Total operating expenses   322,317     304,726  
 
Income from operations 220,410 234,033
Interest expense, net 243,039 261,834
Gain (loss) on early extinguishment of debt 219,560 (4,565 )
Other income, net   324     1,797  
Income (loss) before income taxes 197,255 (30,569 )
Provision for (benefit from) income taxes   650     (1,153 )
Net income (loss) 196,605 (29,416 )
Net income attributable to noncontrolling interest   (983 )   (996 )
Net income (loss) attributable to Intelsat S.A. $ 195,622   $ (30,412 )
 
 
Net income (loss) per common share attributable to Intelsat S.A.:
Basic $ 1.66 $ (0.26 )
Diluted $ 1.65 $ (0.26 )
   
INTELSAT S.A.
UNAUDITED RECONCILIATION OF NET INCOME/(LOSS) TO EBITDA
($ in thousands)
 

Three Months
Ended
September 30,
2016

Three Months
Ended
September 30,
2017

Net income (loss) $ 196,605 $ (29,416 )
Add (Subtract):
Interest expense, net 243,039 261,834
Loss (gain) on early extinguishment of debt (219,560 ) 4,565
Provision for (benefit from) income taxes 650 (1,153 )
Depreciation and amortization   174,909     178,742  
EBITDA $ 395,643   $ 414,572  
 
 
EBITDA Margin 73 % 77 %
 

Note:

Intelsat calculates a measure called EBITDA to assess the operating performance of Intelsat S.A. EBITDA consists of earnings before net interest expense, net loss (gain) on early extinguishment of debt, taxes and depreciation and amortization. Given our high level of leverage, refinancing activities are a frequent part of our efforts to manage our costs of borrowing. Accordingly, we consider gain on early extinguishment of debt an element of interest expense. EBITDA is a measure commonly used in the Fixed Satellite Services (“FSS”) sector, and we present EBITDA to enhance the understanding of our operating performance. We use EBITDA as one criterion for evaluating our performance relative to that of our peers. We believe that EBITDA is an operating performance measure, and not a liquidity measure, that provides investors and financial analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies.

EBITDA is not a measure of financial performance under U.S. GAAP, and our EBITDA may not be comparable to similarly titled measures of other companies. EBITDA should not be considered as an alternative to operating income (loss) or net income (loss), determined in accordance with U.S. GAAP, as an indicator of our operating performance, or as an alternative to cash flows from operating activities, determined in accordance with U.S. GAAP, as an indicator of cash flows, or as a measure of liquidity.

   
INTELSAT S.A.
UNAUDITED RECONCILIATION OF NET INCOME/(LOSS) TO ADJUSTED EBITDA
($ in thousands)
 

Three Months
Ended
September 30,
2016

Three Months
Ended
September 30,
2017

Net income (loss) $ 196,605   $ (29,416 )
Add (Subtract):
Interest expense, net 243,039 261,834
Loss (gain) on early extinguishment of debt (219,560 ) 4,565
Provision for (benefit from) income taxes 650 (1,153 )
Depreciation and amortization   174,909     178,742  
EBITDA   395,643     414,572  
Add:
Compensation and benefits 4,855 4,494
Non-recurring and other non-cash items   4,375     1,385  
Adjusted EBITDA $ 404,873   $ 420,451  
 
 
Adjusted EBITDA Margin 75 % 78 %
 

Note:

Intelsat calculates a measure called Adjusted EBITDA to assess the operating performance of Intelsat S.A. Adjusted EBITDA consists of EBITDA as adjusted to exclude or include certain unusual items, certain other operating expense items and certain other adjustments as described in the table above. Our management believes that the presentation of Adjusted EBITDA provides useful information to investors, lenders and financial analysts regarding our financial condition and results of operations, because it permits clearer comparability of our operating performance between periods. By excluding the potential volatility related to the timing and extent of non-operating activities, our management believes that Adjusted EBITDA provides a useful means of evaluating the success of our operating activities. We also use Adjusted EBITDA, together with other appropriate metrics, to set goals for and measure the operating performance of our business, and it is one of the principal measures we use to evaluate our management’s performance in determining compensation under our incentive compensation plans. Adjusted EBITDA measures have been used historically by investors, lenders and financial analysts to estimate the value of a company, to make informed investment decisions and to evaluate performance. Our management believes that the inclusion of Adjusted EBITDA facilitates comparison of our results with those of companies having different capital structures.

Adjusted EBITDA is not a measure of financial performance under U.S. GAAP, and our Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA should not be considered as an alternative to operating income (loss) or net income (loss), determined in accordance with U.S. GAAP, as an indicator of our operating performance, or as an alternative to cash flows from operating activities, determined in accordance with U.S. GAAP, as an indicator of cash flows, or as a measure of liquidity.

   
INTELSAT S.A.
CONSOLIDATED BALANCE SHEETS
($ in thousands, except per share amounts)
 

As of

December 31,

2016

As of

September 30,

2017

(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 666,024 $ 580,694
Restricted cash 17,541
Receivables, net of allowance of $54,744 in 2016 and $44,372 in 2017 203,036 194,953
Prepaid expenses and other current assets   55,908     59,125  
Total current assets 924,968 852,313
Satellites and other property and equipment, net 6,185,842 6,028,395
Goodwill 2,620,627 2,620,627
Non-amortizable intangible assets 2,452,900 2,452,900
Amortizable intangible assets, net 391,838 360,147
Other assets   365,834     403,480  
Total assets $ 12,942,009   $ 12,717,862  
 
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities $ 215,987 $ 97,599
Taxes payable 16,733 8,343
Employee related liabilities 50,178 31,208
Accrued interest payable 204,840 295,030
Current portion of long-term debt 96,527
Deferred satellite performance incentives 23,455 23,855
Deferred revenue 157,684 169,040
Other current liabilities   64,786     45,642  
Total current liabilities 733,663 767,244
Long-term debt, net of current portion 14,198,084 14,120,002
Deferred satellite performance incentives, net of current portion 210,706 220,477
Deferred revenue, net of current portion 906,744 824,393
Deferred income taxes 168,445 168,693
Accrued retirement benefits 186,284 175,739
Other long-term liabilities 148,081 126,391
 
Shareholders’ deficit:
Common shares; nominal value $0.01 per share 1,180 1,190
Paid-in capital 2,156,911 2,171,011
Accumulated deficit (5,715,931 ) (5,804,708 )
Accumulated other comprehensive loss   (76,305 )   (73,040 )
Total Intelsat S.A. shareholders’ deficit (3,634,145 ) (3,705,547 )
Noncontrolling interest   24,147     20,470  
Total liabilities and shareholders’ deficit $ 12,942,009   $ 12,717,862  
   
INTELSAT S.A.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in thousands)
 

Three Months
Ended
September 30,
2016

Three Months
Ended
September 30,
2017

Cash flows from operating activities:
Net income (loss) $ 196,605 $ (29,416 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 174,909 178,742
Provision for doubtful accounts 9,553 1,571
Foreign currency transaction gain (501 ) (2,062 )
Loss on disposal of assets 2
Share-based compensation 4,855 4,494
Deferred income taxes (4,972 ) (8,055 )
Amortization of discount, premium, issuance costs and related costs 6,722 12,292
(Gain) loss on early extinguishment of debt (212,724 ) 4,565
Amortization of actuarial loss and prior service credits for retirement benefits 840 822
Other non-cash items 844 (332 )
Changes in operating assets and liabilities:
Receivables 14,116 1,008
Prepaid expenses and other assets (9,840 ) 3,768
Accounts payable and accrued liabilities (4,178 ) (7,186 )
Accrued interest payable 118,093 87,610
Deferred revenue (32,109 ) (23,710 )
Accrued retirement benefits (2,496 ) (2,944 )
Other long-term liabilities   (5,412 )   (8,236 )
Net cash provided by operating activities   254,305     212,933  
Cash flows from investing activities:
Payments for satellites and other property and equipment (including capitalized interest) (202,837 ) (98,857 )
Capital contributions to unconsolidated affiliates (5,891 ) (7,160 )
Proceeds from insurance settlements       26,804  
Net cash used in investing activities   (208,728 )   (79,213 )
Cash flows from financing activities:
Proceeds from issuance of long-term debt 1,500,000
Repayments of long-term debt (1,500,000 )
Debt issuance costs (756 ) (21,188 )
Payments on tender, debt exchange, and consent (34,009 )
Other payments for satellites (18,333 ) (17,063 )
Principal payments on deferred satellite performance incentives (4,190 ) (23,319 )
Dividends paid to noncontrolling interest (2,210 ) (1,876 )
Restricted cash for collateral 525
Other financing activities   1,942     175  
Net cash used in financing activities   (57,556 )   (62,746 )
Effect of exchange rate changes on cash and cash equivalents   281     877  
Net change in cash and cash equivalents (11,698 ) 71,851
Cash and cash equivalents, beginning of period   969,565     508,843  
Cash and cash equivalents, end of period $ 957,867   $ 580,694  
 
Supplemental cash flow information:
Interest paid, net of amounts capitalized $ 120,778 $ 163,086
Income taxes paid, net of refunds 3,858 11,409
Supplemental disclosure of non-cash investing activities:
Accrued capital expenditures and payments for satellites $ (50,987 ) $ (6,962 )
Capitalization of deferred satellite performance incentives 38,309 17,120
Supplemental disclosure of non-cash financing activities:

Restricted cash used

$ (480,200 ) $
Restricted cash – letters of credit collateral (525 )
   
INTELSAT S.A.
UNAUDITED RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
TO FREE CASH FLOW FROM (USED IN) OPERATIONS
($ in thousands)
 

Three Months
Ended
September 30,

Three Months
Ended
September 30,

  2016     2017  
 
Net cash provided by operating activities $ 254,305 $ 212,933
Payments for satellites and other property

and equipment (including capitalized

interest)

(202,837 ) (98,857 )
Payments for satellites from financing activities   (18,333 )   (17,063 )
Free cash flow from operations $ 33,135   $ 97,013  
 

Note:

Free cash flow from (used in) operations consists of net cash provided by operating activities, less payments for satellites and other property and equipment (including capitalized interest). Free cash flow from (used in) operations is not a measurement of cash flow under U.S. GAAP. Intelsat believes free cash flow from (used in) operations is a useful measure of financial performance that shows a company’s ability to fund its operations. Free cash flow from (used in) operations is used by Intelsat in comparing its performance to that of its peers and is commonly used by financial analysts and investors in assessing performance. Free cash flow from (used in) operations does not give effect to cash used for debt service requirements and thus does not reflect funds available for investment or other discretionary uses. Free cash flow from (used in) operations is not a measure of financial performance under U.S. GAAP, and free cash flow from (used in) operations may not be comparable to similarly titled measures of other companies. You should not consider free cash flow from (used in) operations as an alternative to operating income (loss) or net income (loss), determined in accordance with U.S. GAAP, as an indicator of Intelsat’s operating performance, or as an alternative to cash flows from operating activities, determined in accordance with U.S. GAAP, as an indicator of cash flows, or as a measure of liquidity.

View source version on businesswire.com: http://www.businesswire.com/news/home/20171026005287/en/

Source: Intelsat

Intelsat
Dianne VanBeber
Vice President, Investor Relations and Corporate Communications
+1 703-559-7406
dianne.vanbeber@intelsat.com

Proton snow

Description

ESA’s Gaia mission, in orbit since December 2013, is surveying more than a thousand million stars in our Galaxy, monitoring each target star about 70 times over a five-year period and precisely charting their positions, distances, movements and brightness. 

Although Gaia is not equipped with a dedicated radiation monitor, it can provide information about the space weather – and the solar particles and radiation – that it encounters at its unique orbital position, 1.5 million km from Earth towards the Sun.

In September, Gaia unexpectedly detected a large quantity of protons – subatomic particles – emitted by a solar flare. 

In this image, captured by Gaia’s Wave Front Sensor – a sort of ‘camera within a camera’ in its main star-sensing instrument – the streaks of ‘snow’ are trails of individual protons. During normal space weather conditions, the image would only include one or two proton trails. The long trail running horizontally across the image indicates a particularly energetic proton. 

This proton storm was also reported by NASA’s GOES weather satellite, which is equipped with a particle-sensing instrument. 

The solar flare that gave rise to these protons took place on 10 September 2017, and the peak flow of protons streaming past Gaia occurred at about midnight on 11 September. 

“Gaia is designed to withstand these space weather storms and it was able to continue as normal throughout the period of increased radiation,” says spacecraft operations engineer Ed Serpell. 

“During the days of the increased radiation, the amount of ground contact with the ESA deep-space network was increased to provide more realtime information about the spacecraft performance. This additional visibility confirmed how well Gaia was performing and no intervention was necessary.” 

The storm had some minor, temporary effect on Gaia’s attitude and orbit control system. The excess protons also caused the main science instrument to generate much more data than usual, which had to be offloaded from the onboard memory.  

More information

Gaia 

Space Situational Awareness

Space Weather Service Network

Low-cost clocks for landing on the Moon

Low-cost clocks for landing on the Moon

Laser to the Moon

26 October 2017

A European clock accurate to a trillionth of a second is set to be used on satellites and missions to the Moon.

The ultra-precise time-keeper was conceived by a small company in Latvia, and ESA has recognised its potential for space.

“We are the Ferrari of timers with the components of a tractor,” says Nikolai Adamovitch of Eventech. 

“We provide extreme timing accuracy using reliable and basic electronics. How accurate? They are able to measure the time that light takes to travel one centimetre.”

Small and cheap, they become a competitive tool for laser-ranging when paired with a computer.

More than 50 ground stations around the globe already use them to pinpoint the positions of satellites by measuring the round-trip time for a laser pulse to reach its target and return.

The company is already the world leader in timers for satellite laser stations but is looking to send its technology into space. 

Radiation-proof and Moon-bound

Luna-27

Each component has at least three layers of radiation protection. A coating renders the device resistant to damage or malfunctions from cosmic rays.

ESA has chosen the timer to fly to the Moon’s south pole on Russia’s Luna-27 lander in 2022. Neptec UK is teaming up with Eventech to prepare the flight model for launch.

Neptec are working on a ‘lidar’ – the laser equivalent of radar – as an essential part of ESA’s autonomous landing and navigation system for Luna-27.

The clock will measure the time light pulses take to return to Luna-27 after bouncing off the surface during landing.

“This allows us to build a 3D map to select the best landing site, avoiding uneven terrain and large rocks,” explains Kerry Sanz, the project manager at Neptec.

Lunar map

“We are very excited – this is the first of a series of missions that could lead to a human base on the Moon and we are involved in ensuring the spacecraft can land safely.”

This ‘made in Europe’ technology will also benefit us on Earth: “There could be more applications for extreme radiation environments on Earth such as nuclear power stations or particle accelerators such as the Large Hadron Collider,” says Nikolai. 

Other uses include synchronising time between devices through optic fibre, deep-space laser communications, and laser altimetry to collect 3D information on Earth’s surface. 

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Rosetta finds comet plume powered from below

Comet plume

Rosetta finds comet plume powered from below

26 October 2017

Last year, a fountain of dust was spotted streaming from Rosetta’s comet, prompting the question: how was it powered? Scientists now suggest the outburst was driven from inside the comet, perhaps released from ancient gas vents or pockets of hidden ice.

The plume was seen by ESA’s Rosetta spacecraft on 3 July 2016, just a few months before the end of the mission and as Comet 67P/Churyumov–Gerasimenko was heading away from the Sun at a distance of almost 500 million km.

“We saw a bright plume of dust blowing away from the surface like a fountain,” explains Jessica Agarwal of the Max Planck Institute for Solar System Research in Göttingen, Germany, and lead author of the new paper.

“It lasted for roughly an hour, producing around 18 kg of dust every second.”

Alongside a steep increase in the number of dust particles flowing from the comet, Rosetta also detected tiny grains of water-ice.

The images showed the location of the outburst: a 10 m-high wall around a circular dip in the surface.

Previous plumescollapsing cliffs and similar features have been seen on the comet, but spotting this one was especially fortunate: as well as imaging the location in detail, Rosetta also sampled the ejected material itself.

Comet plume in context

“This plume was really special. We have great data from five different instruments on how the surface changed and on the ejected material because Rosetta was, by chance, flying through the plume and looking at the right part of the surface when it happened,” adds Jessica.

“Rosetta hasn’t provided such detailed and comprehensive coverage of an event like this before.”

Initially, scientists thought that the plume might have been surface ice evaporating in the sunlight. However, Rosetta’s measurements showed there had to be something more energetic going on to fling that amount of dust into space.
 
“Energy must have been released from beneath the surface to power it,” says Jessica. “There are evidently processes in comets that we do not yet fully understand.”

Water ice in Imhotep region

How such energy was released remains unclear. Perhaps it was pressurised gas bubbles rising through underground cavities and bursting free via ancient vents, or stores of ice reacting violently when exposed to sunlight.

“One of Rosetta’s major goals was to understand how a comet works. For example, how does its gaseous envelope form and change over time?” says Matt Taylor, ESA’s Rosetta project scientist.

“Outbursts are interesting because of this, but we weren’t able to predict when or where they would occur – we had to be lucky to capture them.

“Having full, multi-instrument coverage of an outburst like this and its effect on the surface is really valuable for revealing how these events are driven.

“Rosetta scientists are now combining measurements from the comet with computer simulations and laboratory work to find out what drives such plumes on comets.”

Notes for Editors

Evidence of sub-surface energy storage in comet 67P from the outburst of 3 July 2016,” by J. Agarwal et al. is accepted for publication in Monthly Notices of the Royal Astronomical Society.

For further information, please contact:

Jessica Agarwal
Max Planck Institute for Solar System Research
Göttingen, Germany
Tel: +49 551 384 979 438
Email: agarwal@mps.mpg.de

Matt Taylor
ESA Rosetta project scientist
Tel: +31 71 565 8009 
Email: matt.taylor@esa.int

Markus Bauer
ESA Science and Robotic Exploration Communication Officer
Tel: +31 71 565 6799
Mob: +31 61 594 3 954
Email: markus.bauer@esa.int

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11063

KVH Videotel Introduces “Cyber Security at Sea,” Training Programme for Seafarers

Videotel Cyber Security at Sea

10.25.17

Produced with BIMCO, the new programme is designed to help seafarers recognise and respond to cyber threats

KVH Videotel™ has launched a cyber security training programme, produced in association with global shipping association BIMCO, to address the threat of ransomware and other computer system breaches that could severely affect the safety of ships’ crew, systems, and operations.

The maritime industry is in the midst of a focus on cyber security, and the International Maritime Organization (IMO) recently announced that it will soon be mandatory for companies to ensure that cyber security procedures are properly addressed in their ship’s Safety Management System (SMS). To create the training programme, KVH Videotel partnered with BIMCO, which has been active in recent years in researching maritime cyber security; BIMCO published guidelines in 2016 that have become an industry reference on the subject, and released an updated version in July of this year.

The main topics covered in the new “Cyber Security at Sea” training programme are:

  • The nature of cyber security threats
  • How to assess the risks to the ship’s IT and OT (operational technology)
  • How the risks to individuals and ships can be reduced
  • How to respond to a cyber security breach or attack

“A cyber-attack can severely impact and impair vessel performance,” says Mark Woodhead, KVH senior vice president, EMEA. “Many cyber incidents onboard are triggered accidentally by seafarers opening phishing email attachments or hyperlinks, or using infected removable media, so this training programme explores how to minimise these risks by making personnel more aware of the types of malware.”

“Cyber Security at Sea” is available from KVH Videotel in many formats, including Videotel on Demand (VOD) and computer-based training (CBT). Videotel’s maritime training programmes are in use on more than 12,000 vessels worldwide and cover a wide range of topics related to the Standards of Training, Certification, and Watchkeeping established by the maritime industry. The extensive selection includes 950 new and updated titles.

Note to Editors:  For more information, please view the Cyber Security at Sea video trailer, or visit the Videotel website. For training updates, follow Videotel on LinkedIn, YouTube, Twitter, and Facebook.

About KVH Industries, Inc.
KVH Industries, Inc., is a leading provider of in-motion satellite TV and communications systems, having designed, manufactured, and sold more than 200,000 mobile satellite antennas for applications on vessels, vehicles, and aircraft. KVH is also a leading news, music, and entertainment content provider to many industries including maritime, retail, and leisure. Videotel, a KVH company, is a market-leading provider of training films, computer-based training and eLearning. KVH is based in Middletown, RI, with research, development, and manufacturing operations in Middletown, RI, and Tinley Park, IL. The company’s global presence includes offices in Belgium, Brazil, Cyprus, Denmark, Hong Kong, India, Japan, the Netherlands, Norway, the Philippines, Singapore, and the United Kingdom.