News Release
Intelsat Announces Second Quarter 2018 Results
-
Second quarter revenue of
$537.7 million ;$512.5 million excluding effects of revenue recognition rules (ASC 606) -
Second quarter net loss attributable to
Intelsat S.A. of$46.8 million -
Second quarter Adjusted EBITDA of
$415.6 million or 77 percent of revenue;$390.5 million or 76 percent of revenue excluding effects of ASC 606 -
$8.7 billion contracted backlog, or$7.5 billion excluding the effects of ASC 606
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
Total revenue excluding the effects of ASC 606 was
Intelsat’s Chief Executive Officer,
“Our overall financial and operational performance year-to-date is
tracking to our expectations against a global landscape of increasing
mobility connectivity requirements. With our highly successful capital
raise of approximately
“We are encouraged by the thoughtful reception that the
Second Quarter 2018 Business Highlights
Network Services
Network services revenue was
Media
Media revenue was
Government
Government revenue was
Average Fill Rate
Intelsat’s average fill rate on our approximately 1,850 36 MHz
station-kept wide-beam transponders was 79 percent at
Satellite Launches
Contracted Backlog
At
Capital Markets Activities
On
On
Internal Tax Reorganization
On
Financial Results for the Three Months Ended
On-Network revenues generally include revenue from any services delivered via our satellite and ground network. 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 revenue for the three months ended
Total On-Network Revenues increased by
-
Transponder services revenue of
$392.3 million reflects an aggregate increase of$6.2 million , of which$23.8 million is attributable to ASC 606, comprised of$15.4 million and$8.2 million from the media and government businesses, respectively. Exclusive of revenues attributable to ASC 606, transponder services declined by an aggregate amount of$17.6 million , due primarily to a net decrease in revenue from network services applications of$8.5 million , reflecting non-renewals and renewal pricing at lower rates for wide-beam services in theLatin America ,Europe andAsia-Pacific regions, partially offset by growth in maritime and aeronautical mobility services on Intelsat EpicNG. In addition, transponder services for media applications declined by$7.8 million , due to non-renewals and lower termination fees from certain customers inNorth America and lower collections from cash basis customers as compared to the second quarter of 2017. -
Managed services revenue of
$98.5 million , which includes$1.7 million attributable to ASC 606 adjustments related to the media business, reflects an aggregate decrease of$0.1 million . Excluding the effects of ASC 606, managed services revenue declined by$1.8 million , related in part to a$3.2 million decline in revenue from network services customers for point-to-point trunking services being replaced by fiber alternatives, offset partially by a$4.2 million increase in revenue from network services customers for mobility applications, a$2.9 million increase in revenue from managed media solutions, and a$1.2 million decrease in revenue from managed services sold to government customers.
Total Off-Network and Other Revenues reported an aggregate
decline of
-
Transponder, MSS and other Off-Network services reported an
aggregate increase of
$2.6 million , due primarily to an increase in third-party managed services sold to government customers. -
Satellite-related services revenue was
$9.1 million , or an aggregate decrease of$4.3 million , primarily due to decreased revenue from professional services supporting third-party satellites and government customers in the second quarter of 2018 as compared to the same period in 2017.
For the three months ended
-
Direct costs of revenue (excluding depreciation and amortization)
decreased by
$3.5 million , or 4 percent, to$76.5 million for the three months endedJune 30, 2018 , as compared to the three months endedJune 30, 2017 . The decrease was primarily due to lower costs of third-party capacity for off-network services and lower costs related to ground network enhancements for our media business. -
Selling, general and administrative expenses increased by
$2.3 million , or 5 percent, to$49.9 million for the three months endedJune 30, 2018 , as compared to the three months endedJune 30, 2017 . The increase was primarily due to an increase of$8.4 million in bad debt expense as compared to a credit in the second quarter of 2017, partially offset by a decrease of$4.5 million in professional fees as compared to the same period in 2017 and$1.9 million in decreased staff-related expenses, primarily associated with lower share-based compensation.
Depreciation and amortization expense decreased by
Interest expense, net consists of the interest expense we incur,
together with gains and losses on interest rate cap contracts (which
reflect the change in their fair value), offset by interest income
earned and the amount of interest we capitalize related to assets under
construction. Interest expense, net increased by
The non-cash portion of total interest expense, net was
Gain on early extinguishment of debt was
Other expense, net was
Provision for income taxes decreased by
Net Income (Loss), Net Income (Loss) per Diluted Common Share
attributable to
Net loss attributable to
Net loss per diluted common share attributable to
EBITDA was
Adjusted EBITDA was
Free Cash Flow From (Used In) Operations
Net cash provided by operating activities was
Financial Outlook 2018
-
Intelsat reaffirmed its 2018 revenue and Adjusted EBITDA guidance issued onFebruary 26, 2018 . -
Intelsat reaffirmed the capital expenditure guidance updated onJune 11, 2018 . -
Intelsat introduced cash tax guidance for 2018 and a modeling assumption range for future periods.
Revenue:
Adjusted EBITDA:
Capital Expenditures: On June 11, 2018, the Company updated its capital expenditure expectation for 2018-2020 (the “Guidance Period”).
We expect the following capital expenditure ranges:
-
2018:
$300 million to $350 million ; -
2019:
$325 million to $400 million ; and -
2020:
$300 million to $400 million .
In adjusting downward our capital expenditure guidance as compared to
our previous guidance,
We are committed to our 2018 operating priority to incorporate new innovations in our fleet development program. The new initiatives are planned to allow us to achieve a lower cost-per-bit for our global fleet while also attaining lower overall capital intensity to support operations. Innovations will contribute to commercial flexibility and strong competitive positioning and include:
- driving development of commercially-scaled software-definable satellites;
- leveraging new manufacturing practices;
- use of mission extension vehicles; and
- increased use of reusable rocket launchers.
By the conclusion of the Guidance Period at the end of 2020, the net number of transponder equivalents is expected to increase by a compound annual growth rate (“CAGR”) of approximately 5 percent, reflecting the net activity of satellites entering and leaving service during the Guidance Period. Capital expenditure incurrence is subject to the timing of achievement of contract, satellite manufacturing, launch and other milestones.
Our capital expenditure guidance includes capitalized interest, which is
expected to average approximately
Cash Taxes: We expect cash taxes in 2018 to be approximately
1 In 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. |
Q2 2018 Quarterly Commentary
Conference Call Information
Participants will have access to a replay of the conference call through
About
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
The forward-looking statements reflect
Because actual results could differ materially from
INTELSAT S.A. | ||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||
($ in thousands, except per share amounts) | ||||||||
Three Months
Ended |
Three Months |
|||||||
Revenue | $ | 533,229 | $ | 537,714 | ||||
Operating expenses: | ||||||||
Direct costs of revenue (excluding depreciation and amortization) | 79,933 | 76,479 | ||||||
Selling, general and administrative | 47,541 | 49,865 | ||||||
Depreciation and amortization | 177,510 | 173,615 | ||||||
Total operating expenses | 304,984 | 299,959 | ||||||
Income from operations | 228,245 | 237,755 | ||||||
Interest expense, net | 248,100 | 303,150 | ||||||
Gain (loss) on early extinguishment of debt | (48 | ) | 22,085 | |||||
Other income (expense), net | 1,542 | (2,836 | ) | |||||
Loss before income taxes | (18,361 | ) | (46,146 | ) | ||||
Provision for (benefit from) income taxes | 4,439 | (306 | ) | |||||
Net loss | (22,800 | ) | (45,840 | ) | ||||
Net income attributable to noncontrolling interest | (995 | ) | (988 | ) | ||||
Net loss attributable to Intelsat S.A. | $ | (23,795 | ) | $ | (46,828 | ) | ||
Net loss per common share attributable to Intelsat S.A.: | ||||||||
Basic | $ | (0.20 | ) | $ | (0.38 | ) | ||
Diluted | $ | (0.20 | ) | $ | (0.38 | ) | ||
INTELSAT S.A. | ||||||||
UNAUDITED RECONCILIATION OF NET INCOME/(LOSS) TO EBITDA | ||||||||
($ in thousands) | ||||||||
Three Months |
Three Months |
|||||||
Net loss | $ | (22,800 | ) | $ | (45,840 | ) | ||
Add (Subtract): | ||||||||
Interest expense, net | 248,100 | 303,150 | ||||||
Loss (gain) on early extinguishment of debt | 48 | (22,085 | ) | |||||
Provision for (benefit from) income taxes | 4,439 | (306 | ) | |||||
Depreciation and amortization | 177,510 | 173,615 | ||||||
EBITDA | 407,297 | 408,534 | ||||||
Effect of ASC 606 adoption | - | (25,097 | ) | |||||
EBITDA excluding ASC 606 adoption effect | 407,297 | 383,437 | ||||||
EBITDA Margin | 76 | % | 76 | % | ||||
EBITDA Margin excluding ASC 606 adoption effect | 76 | % | 75 | % |
Note: |
Intelsat calculates a measure called EBITDA to assess the operating performance of Intelsat S.A. EBITDA consists of earnings before net interest, 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 |
Three Months |
|||||||
Net loss | $ | (22,800 | ) | $ | (45,840 | ) | ||
Add (Subtract): | ||||||||
Interest expense, net | 248,100 | 303,150 | ||||||
Loss (gain) on early extinguishment of debt | 48 | (22,085 | ) | |||||
Provision for (benefit from) income taxes | 4,439 | (306 | ) | |||||
Depreciation and amortization | 177,510 | 173,615 | ||||||
EBITDA | 407,297 | 408,534 | ||||||
Add: | ||||||||
Compensation and benefits | 4,453 | 1,574 | ||||||
Non-recurring and other non-cash items | 6,166 | 5,507 | ||||||
Adjusted EBITDA | 417,916 | 415,615 | ||||||
Effect of ASC 606 adoption | - | (25,097 | ) | |||||
Adjusted EBITDA excluding ASC 606 adoption effect | 417,916 | 390,518 | ||||||
Adjusted EBITDA Margin | 78 | % | 77 | % | ||||
Adjusted EBITDA Margin excluding ASC 606 adoption effect | 78 | % | 76 | % | ||||
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 |
As of |
|||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 525,215 | $ | 444,030 | ||||
Restricted cash | 16,176 | 18,922 | ||||||
Receivables, net of allowances of $29,669 in 2017 and $31,807 in 2018 | 221,223 | 248,797 | ||||||
Contract assets | - | 42,729 | ||||||
Prepaid expenses and other current assets | 56,862 | 28,086 | ||||||
Total current assets | 819,476 | 782,564 | ||||||
Satellites and other property and equipment, net | 5,923,619 | 5,719,442 | ||||||
Goodwill | 2,620,627 | 2,620,627 | ||||||
Non-amortizable intangible assets | 2,452,900 | 2,452,900 | ||||||
Amortizable intangible assets, net | 349,584 | 330,343 | ||||||
Contract assets, net of current portion | 0 | 89,548 | ||||||
Other assets | 443,830 | 411,042 | ||||||
Total assets | $ | 12,610,036 | $ | 12,406,466 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 116,396 | $ | 102,558 | ||||
Taxes payable | 12,007 | 25,093 | ||||||
Employee related liabilities | 29,328 | 25,510 | ||||||
Accrued interest payable | 263,207 | 263,379 | ||||||
Current portion of long-term debt | 96,572 | - | ||||||
Contract liabilities | - | 152,084 | ||||||
Deferred satellite performance incentives | 25,780 | 30,020 | ||||||
Deferred revenue | 149,749 | - | ||||||
Other current liabilities | 47,287 | 50,662 | ||||||
Total current liabilities | 740,326 | 649,306 | ||||||
Long-term debt, net of current portion | 14,112,086 | 13,786,628 | ||||||
Contract liabilities, net of current portion | - | 1,138,618 | ||||||
Deferred satellite performance incentives, net of current portion | 215,352 | 225,618 | ||||||
Deferred revenue, net of current portion | 794,707 | - | ||||||
Deferred income taxes | 48,434 | 276 | ||||||
Accrued retirement benefits | 191,079 | 182,070 | ||||||
Other long-term liabilities | 296,616 | 65,203 | ||||||
Shareholders’ deficit: | ||||||||
Common shares; nominal value $0.01 per share | 1,196 | 1,367 | ||||||
Paid-in capital | 2,173,367 | 2,546,862 | ||||||
Accumulated deficit | (5,894,659 | ) | (6,120,450 | ) | ||||
Accumulated other comprehensive loss | (87,774 | ) | (86,253 | ) | ||||
Total Intelsat S.A. shareholders’ deficit | (3,807,870 | ) | (3,658,474 | ) | ||||
Noncontrolling interest | 19,306 | 17,221 | ||||||
Total liabilities and shareholders’ deficit | $ | 12,610,036 | $ | 12,406,466 | ||||
INTELSAT S.A. | ||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
($ in thousands) | ||||||||
Three Months Ended |
Three Months Ended |
|||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (22,800 | ) | $ | (45,840 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 177,510 | 173,616 | ||||||
Provision for doubtful accounts | (7,133 | ) | 1,239 | |||||
Foreign currency transaction loss | 1,238 | 6,544 | ||||||
Loss on disposal of assets | - | 17 | ||||||
Share-based compensation | 4,452 | 1,574 | ||||||
Deferred income taxes | (1,230 | ) | (31,724 | ) | ||||
Amortization of discount, premium, issuance costs and related costs | 12,087 | 13,026 | ||||||
(Gain) loss on early extinguishment of debt | 48 |
(22,084 |
) | |||||
Amortization of actuarial loss and prior service credits for retirement benefits | 822 | 1,224 | ||||||
Unrealized gains on derivatives and investments | - | (8,063 | ) | |||||
Other non-cash items | 13 | (14 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Receivables | 6,950 | (25,910 | ) | |||||
Prepaid expenses, contract and other assets | 882 | 9,356 | ||||||
Accounts payable and accrued liabilities | 3,671 |
7,903 |
||||||
Accrued interest payable | (82,498 | ) | (22,454 | ) | ||||
Deferred revenue and contract liabilities | (38,154 | ) | 4,550 | |||||
Accrued retirement benefits | (4,495 | ) | (5,565 | ) | ||||
Other long-term liabilities | (568 | ) | (152 | ) | ||||
Net cash provided by operating activities | 50,795 | 57,243 | ||||||
Cash flows from investing activities: | ||||||||
Payments for satellites and other property and equipment (including capitalized interest) | (126,792 | ) | (52,392 | ) | ||||
Purchase of cost method investments | - | (8,500 | ) | |||||
Capital contributions to unconsolidated affiliates | (13,173 | ) | (11,110 | ) | ||||
Proceeds from insurance settlements | 1,547 | - | ||||||
Net cash used in investing activities | (138,418 | ) | (72,002 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayments of long-term debt | - | (637,307 | ) | |||||
Proceeds from issuance of long-term debt | - | 402,500 | ||||||
Debt issuance costs | - | (12,683 | ) | |||||
Principal payments on deferred satellite performance incentives | (6,087 | ) | (6,559 | ) | ||||
Proceeds from stock issuance, net of stock issuance costs | - | 224,250 | ||||||
Dividends paid to noncontrolling interest | (2,220 | ) | (1,424 | ) | ||||
Other financing activities | - | 1,636 | ||||||
Net cash used in financing activities | (8,307 | ) | (29,587 | ) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 153 | (3,956 | ) | |||||
Net change in cash, cash equivalents and restricted cash | (95,777 | ) | (48,302 | ) | ||||
Cash, cash equivalents, and restricted cash beginning of period | 622,675 | 511,254 | ||||||
Cash, cash equivalents, and restricted cash end of period | 526,898 | 462,952 | ||||||
Supplemental cash flow information: | ||||||||
Interest paid, net of amounts capitalized | $ | 318,866 | $ | 292,133 | ||||
Income taxes paid, net of refunds | 2,496 | 37,843 | ||||||
Supplemental disclosure of non-cash investing activities: | ||||||||
Accrued capital expenditures | $ | (22,519 | ) | $ | (4,197 | ) | ||
Capitalization of deferred satellite performance incentives | - | - | ||||||
INTELSAT S.A. | ||||||||
UNAUDITED RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES | ||||||||
TO FREE CASH FLOW FROM (USED IN) OPERATIONS | ||||||||
($ in thousands) | ||||||||
Three Months |
Three Months |
|||||||
2017 | 2018 | |||||||
Net cash provided by operating activities | $ | 50,795 | $ | 57,243 | ||||
Payments for satellites and other property and equipment (including capitalized interest) |
(126,792 | ) | (52,392 | ) | ||||
Free cash flow from (used in) operations | $ | (75,997 | ) | $ | 4,851 | |||
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) from investing activities and other payment for satellites from financing activities. 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. |
INTELSAT S.A. |
SUPPLEMENTAL TABLE |
REVENUE BY CUSTOMER SET AND SERVICE TYPE |
($ in thousands) |
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 June 30, 2018 | ||||||||||||||||||||||||||||||||||||
Three Months |
Revenues
the |
ASC 606 |
Revenues |
Increase |
Percentage |
Increase |
Percentage |
|||||||||||||||||||||||||||||
Network Services | $ | 214,895 | 40 | % | $ | 198,367 | 39 | % | $ | 134 | $ | 198,501 | 37 | % | $ | (16,394 | ) | (8 | )% | $ | (16,528 | ) | (8 | )% | ||||||||||||
Media | 222,161 | 42 | 217,450 | 42 | 16,734 | 234,184 | 44 | 12,023 | 5 | (4,711 | ) | (2 | ) | |||||||||||||||||||||||
Government | 86,030 | 16 | 90,290 | 18 | 8,240 | 98,530 | 18 | 12,500 | 15 | 4,260 | 5 | |||||||||||||||||||||||||
Other | 10,143 | 2 | 6,433 | 1 | 66 | 6,499 | 1 | (3,644 | ) | (36 | ) | (3,710 | ) | (37 | ) | |||||||||||||||||||||
$ | 533,229 | 100 | % | $ | 512,540 | 100 | % | $ | 25,174 | $ | 537,714 | 100 | % | $ | 4,485 | 1 | % | $ | (20,689 | ) | (4 | )% | ||||||||||||||
By Service Type | ||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2018 | ||||||||||||||||||||||||||||||||||||
Three Months |
Revenues |
ASC 606 |
Revenues |
Increase |
Percentage |
Increase |
Percentage |
|||||||||||||||||||||||||||||
On-Network Revenues | ||||||||||||||||||||||||||||||||||||
Transponder services | $ | 386,170 | 72 | % | $ | 368,563 | 72 | % | $ | 23,774 | $ | 392,337 | 73 | % | $ | 6,167 | 2 | % | $ | (17,607 | ) | (5 | )% | |||||||||||||
Managed services | 98,629 | 19 | 96,855 | 19 | 1,688 | 98,543 | 18 | (86 | ) | (0 | ) | (1,774 | ) | (2 | ) | |||||||||||||||||||||
Channel | 1,051 | 0 | 1,132 | 0 | - | 1,132 | 0 | 81 | 8 | 81 | 8 | |||||||||||||||||||||||||
Total on-network revenues | 485,850 | 91 | 466,550 | 91 | 25,462 | 492,012 | 92 | 6,162 | 1 | (19,300 | ) | (4 | ) | |||||||||||||||||||||||
Off-Network and Other Revenues | ||||||||||||||||||||||||||||||||||||
Transponder, MSS and other off-network services | 34,056 | 6 | 37,001 | 7 | (354 | ) | 36,647 | 7 | 2,591 | 8 | 2,945 | 9 | ||||||||||||||||||||||||
Satellite-related services | 13,323 | 3 | 8,989 | 2 | 66 | 9,055 | 2 | (4,268 | ) | (32 | ) | (4,334 | ) | (33 | ) | |||||||||||||||||||||
Total off-network and other revenues | 47,379 | 9 | 45,990 | 9 | (288 | ) | 45,702 | 8 | (1,677 | ) | (4 | ) | (1,389 | ) | (3 | ) | ||||||||||||||||||||
Total | $ | 533,229 | 100 | % | $ | 512,540 | 100 | % | $ | 25,174 | $ | 537,714 | 100 | % | $ | 4,485 | 1 | % | $ | (20,689 | ) | (4 | )% | |||||||||||||
Expected Range of 2H2018 Quarterly Revenue Increase (Decrease) as a Result of Adoption of ASC 606 | ||||||||||||||
Three Months Ended |
Three Months Ended |
|||||||||||||
Range | Range | |||||||||||||
Low End | High End | Low End | High End | |||||||||||
Network Services | $ | (300 | ) | $ | 1,700 | $ | (300 | ) | $ | 1,300 | ||||
Media | 16,600 | 16,800 | 16,600 | 16,800 | ||||||||||
Government | 8,239 | 8,239 | 8,239 | 8,239 | ||||||||||
Satellite Services | 0 | 100 | 0 | 100 | ||||||||||
Total ASC 606 Revenue Increase (net) | $ | 24,539 | $ | 26,839 | $ | 24,539 | $ | 26,439 | ||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20180731005171/en/
Source:
Intelsat
Dianne VanBeber
Vice President, Investor Relations
+1
703-559-7406
dianne.vanbeber@intelsat.com