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____________________________________________________________________________________________________________________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________
FORM 10-Q
_____________________________________
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-35878
_____________________________________
https://cdn.kscope.io/5fee6224e649461ccf11b8b8fc4344a9-i-20210930_g1.jpg
INTELSAT S.A.
(Exact name of registrant as specified in its charter)
_____________________________________
Grand Duchy of Luxembourg98-1009418
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
4, rue Albert BorschetteL-1246Luxembourg+35227 841600
(Address of principal executive offices, including zip code)(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  
As of October 29, 2021, 142,184,518 common shares of the registrant were outstanding, with a nominal value of $0.01 per share.
____________________________________________________________________________________________________________________________________________________________________________________
1



TABLE OF CONTENTS
 
Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 6.

2



INTRODUCTION
In this Quarterly Report on Form 10-Q, or Quarterly Report, unless otherwise indicated or the context otherwise requires, (1) the terms “we,” “us,” “our,” “the Company” and “Intelsat” refer to Intelsat S.A., and its subsidiaries on a consolidated basis, (2) the term “Intelsat Holdings” refers to our indirect wholly-owned subsidiary, Intelsat Holdings S.A., (3) the term “Intelsat Investments” refers to Intelsat Investments S.A., Intelsat Holdings’ direct wholly-owned subsidiary, (4) the term “Intelsat Luxembourg” refers to Intelsat (Luxembourg) S.A., Intelsat Investments’ direct wholly-owned subsidiary, (5) the term "Intelsat Envision" refers to Intelsat Envision Holdings LLC, Intelsat Luxembourg's direct wholly-owned subsidiary, (6) the terms “Intelsat Connect” and “ICF” refer to Intelsat Connect Finance S.A., Intelsat Envision’s direct wholly-owned subsidiary, and (7) the term “Intelsat Jackson” refers to Intelsat Jackson Holdings S.A., Intelsat Connect’s direct wholly-owned subsidiary. In this Quarterly Report, unless the context otherwise requires, all references to transponder capacity or demand refer to transponder capacity or demand in the C-band and Ku-band frequencies only.
FINANCIAL AND OTHER INFORMATION
Unless otherwise indicated, all references to “dollars” and “$” in this Quarterly Report are to, and all monetary amounts in this Quarterly Report are presented in, U.S. dollars. Unless otherwise indicated, the financial information contained in this Quarterly Report has been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).
Certain monetary amounts, percentages and other figures included in this Quarterly Report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.
In this Quarterly Report, we refer to and rely on publicly available information regarding our industry and our competitors. Although we believe the information is reliable, we cannot guarantee the accuracy and completeness of the information and have not independently verified it.
FORWARD-LOOKING STATEMENTS
Some of the statements in this Quarterly Report and oral statements made from time to time by our representatives constitute forward-looking statements that do not directly or exclusively relate to historical facts. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements as long as they are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements.
When used in this Quarterly Report, 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. Examples of these forward-looking statements include, but are not limited to, statements regarding the following: our belief that the growing worldwide demand for reliable broadband connectivity everywhere at all times, together with our leadership position in our attractive sector, global scale, efficient operating and financial profile, diversified customer sets and sizeable contracted backlog, provide us with a platform for long-term success; our ability to confirm and consummate a plan of reorganization in the Chapter 11 Cases (as defined below); the effects of the Chapter 11 Cases on our liquidity or results of operations or business prospects; other risks related to the Chapter 11 Cases as described further below; our belief that our next generation software-defined satellites (“SDS”) will provide differentiated inventory to help offset recent trends of pricing pressure, new capacity from other satellite operators, and improved access to fiber links in our network services business; our outlook that the increased volume of services provided by our high-throughput satellites (“HTS”) and SDS over time is expected to stabilize the level of business activity in the network services sector; our expectation that over time incremental demand for capacity to support the new 4K format, also known as ultra-high definition, could offset some of the reductions in demand related to use of compression technologies in our media business; our expectation that our new services and technologies will open new sectors that are much larger and faster growing than those we support today; our belief that supporting our video neighborhoods, employing a disciplined yield management approach across our business units, developing and maintaining strong customer relationships and distribution channels for our primary customer sets, and successfully executing on our business plan to deliver strong operational results will drive stability in our core business; our expectation that scaling our differentiated managed service offerings in targeted growth verticals and leveraging the global footprint, higher performance and better economics of our HTS and SDS platforms, in addition to the flexibility of our innovative terrestrial network, will drive revenue growth; our belief that completing targeted investments and partnerships in differentiated space and ground infrastructure will provide a seamless interface with the broader telecommunications ecosystem; our outlook that seeking partnerships and investments for vertical expansion in the growing mobility sector, for example, through our Gogo Transaction (as defined below), and in adjacent space-based businesses, will position us for long-term growth; our belief that investing in and deploying innovative new technologies and platforms will change the types of applications we can serve and increase our share of the global demand for broadband connectivity; our projection that our government business will benefit over time from our agile satellite fleet serving the increasing demands for mobility services from the
3



U.S. government for aeronautical and ground mobile requirements; our intention to maximize the value of our spectrum rights; our expectations as to our ability to comply with the final U.S. Federal Communications Commission (“FCC”) order regarding clearing C-band spectrum in North America, including the availability of adequate resources and funds required to comply and the receipt of accelerated clearing payments set forth in the FCC order; our belief that developing differentiated managed services and investing in related software- and standards-based technology will allow us to unlock opportunities that are essential to providing global broadband connectivity; the trends that we believe will impact our revenue and operating expenses in the future; our assessments regarding how long satellites that have experienced anomalies in the past should be able to provide service on their transponders; our belief as to the likelihood of the cause of the failure of Intelsat 29e in 2019 occurring on our other satellites; our assessment of the risks of future anomalies occurring on our satellites; our plans for satellite launches in the near-term; our expected capital expenditures in 2021 and during the next several years; our belief that the diversity of our revenue allows us to benefit from changing market conditions and lowers our risk from revenue fluctuations in our service applications and geographic regions; our belief that the scale of our fleet can reduce the financial impact of any satellite anomalies or launch failures and protect against service interruptions; and the impact on our financial position or results of operations of pending legal proceedings.
Forward-looking statements reflect our intentions, plans, expectations, anticipations, projections, estimations, predictions, outlook, assumptions and beliefs about future events. These forward-looking statements speak only as of their dates and are not guarantees of future performance or results and are subject to risks, uncertainties and other factors, many of which are outside of our control. These factors could cause actual results or developments to differ materially from the expectations expressed or implied in the forward-looking statements and include known and unknown risks. Known risks include, among others, the risks discussed in Part I—Item 1A—Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”), the political, economic, regulatory 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.
Other factors that may cause results or developments to differ materially from historical results or developments or the forward-looking statements made in this Quarterly Report include, but are not limited to: 
risks associated with operating our in-orbit satellites;
satellite launch failures, satellite launch and construction delays and in-orbit failures or reduced satellite 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, including any supply chain disruptions;
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;
the impact of the novel coronavirus (“COVID-19”) pandemic on our business, the economic environment and our expected financial results;
our expectations as to the benefits and impact on our future financial performance associated with the Company’s purchase of the equity of Gogo Inc.’s (NASDAQ: GOGO) (“Gogo”) commercial aviation business (the “Gogo Transaction”);
our ability to successfully integrate Gogo’s commercial aviation business;
litigation; and
other risks discussed in our 2020 Annual Report or this Quarterly Report.
Further, many of the risks and uncertainties that we face are currently amplified by, and will continue to be amplified by, the risks and uncertainties regarding the Company and certain of its subsidiaries’ voluntary commencement of cases (the “Chapter 11 Cases”) under title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Eastern District of Virginia (the “Bankruptcy Court”), including but not limited to:
our ability to improve our liquidity and long-term capital structure and to address our debt service obligations through the restructuring;
4



our ability to obtain timely approval by the Bankruptcy Court with respect to the motions that we have filed or will file in the Chapter 11 Cases, including those related to our debtor-in-possession (“DIP”) financing;
objections to the Company’s restructuring process or other pleadings filed that could protract the Chapter 11 Cases or interfere with the Company’s ability to consummate the restructuring;
our ability to retain the exclusive right to propose a Chapter 11 plan of reorganization and our ability to achieve confirmation of such plan;
our ability to develop, obtain support for, confirm and consummate a Chapter 11 plan of reorganization, including the proposed plan of reorganization the Company filed in the Bankruptcy Court on August 24, 2021, as may be modified or amended;
the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 Cases;
our substantial level of indebtedness and related debt service obligations and restrictions, including those expected to be imposed by covenants in any exit financing, that may limit our operational and financial flexibility;
the conditions to which our DIP financing is subject and the risk that these conditions may not be satisfied for various reasons, including for reasons outside of our control;
our ability to develop and execute our business plan during the pendency of the Chapter 11 Cases;
increased administrative and legal costs related to the Chapter 11 process;
potential delays in the Chapter 11 process due to the effects of the COVID-19 pandemic; and
our ability to continue as a going concern and our ability to maintain relationships with regulators, suppliers, customers and employees, including the pending retirement and transition period of our current Chief Executive Officer, and other third parties as a result of such going concern, during the restructuring and the pendency of the Chapter 11 Cases.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee our future results, level of activity, performance or achievements. Because actual results could differ materially from our intentions, plans, expectations, anticipations, projections, estimations, predictions, outlook, assumptions and beliefs about the future, you are urged not to rely on forward-looking statements in this Quarterly Report and to view all forward-looking statements made in this Quarterly Report with caution. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

5



PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements
INTELSAT S.A. (DEBTOR-IN-POSSESSION)
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
December 31, 2020September 30, 2021
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,060,917 $636,510 
Restricted cash21,130 27,675 
Receivables, net of allowances of $40,785 in 2020 and $32,949 in 2021
254,273 217,235 
Receivables relating to C-band405,171 1,035,578 
Contract assets, net of allowances39,774 42,447 
Inventory147,094 125,288 
Prepaid expenses and other current assets136,611 140,330 
Total current assets2,064,970 2,225,063 
Satellites and other property and equipment, net4,757,877 4,981,394 
Goodwill2,698,247 2,689,482 
Non-amortizable intangible assets2,295,000 2,295,000 
Amortizable intangible assets, net290,569 262,355 
Contract assets, net of current portion and allowances86,017 71,914 
Other assets605,001 727,862 
Total assets$12,797,681 $13,253,070 
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities$252,998 $279,122 
Taxes payable7,493 6,486 
Employee-related liabilities43,404 43,382 
Accrued interest payable17,747 19,094 
Current maturities of long-term debt5,903,724 6,162,315 
Contract liabilities157,320 858,941 
Deferred satellite performance incentives47,377 54,512 
Other current liabilities73,479 105,416 
Total current liabilities6,503,542 7,529,268 
Contract liabilities, net of current portion1,447,891 1,309,270 
Deferred satellite performance incentives, net of current portion138,116 121,439 
Deferred income taxes61,345 77,485 
Accrued retirement benefits, net of current portion129,837 113,452 
Other long-term liabilities262,900 315,939 
Liabilities subject to compromise10,168,518 10,169,243 
Shareholders’ deficit:
Common shares, nominal value $0.01 per share
1,421 1,422 
Paid-in capital2,573,840 2,577,607 
Accumulated deficit(8,416,410)(8,889,282)
Accumulated other comprehensive loss(80,322)(77,261)
Total Intelsat S.A. shareholders’ deficit(5,921,471)(6,387,514)
Noncontrolling interest7,003 4,488 
Total liabilities and shareholders’ deficit$12,797,681 $13,253,070 
See accompanying notes to unaudited condensed consolidated financial statements.
6



INTELSAT S.A. (DEBTOR-IN-POSSESSION)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
September 30, 2020
Three Months Ended
September 30, 2021
Nine Months Ended
September 30, 2020
Nine Months Ended
September 30, 2021
Revenue$489,449 $526,095 $1,430,303 $1,536,720 
Operating expenses:
Direct costs of revenue (excluding depreciation and amortization)119,969 177,176 331,191 505,798 
Selling, general and administrative69,215 96,796 214,586 299,499 
Depreciation and amortization162,573 162,017 488,235 495,517 
Impairment of non-amortizable intangible and other assets  46,243  
Other operating expense—C-band298 17,867 580 140,861 
Total operating expenses352,055 453,856 1,080,835 1,441,675 
Income from operations137,394 72,239 349,468 95,045 
Interest expense, net(138,075)(126,600)(678,937)(388,836)
Other income, net3,067 10,196 8,564 40,133 
Reorganization items(36,367)(98,316)(335,059)(203,719)
Loss before income taxes(33,981)(142,481)(655,964)(457,377)
Income tax benefit (expense)18,650 (2,605)17,691 (13,716)
Net loss(15,331)(145,086)(638,273)(471,093)
Net income attributable to noncontrolling interest(600)(604)(1,784)(1,779)
Net loss attributable to Intelsat S.A.$(15,931)$(145,690)$(640,057)$(472,872)
Net loss per common share attributable to Intelsat S.A.:
Basic$(0.11)$(1.02)$(4.51)$(3.33)
Diluted$(0.11)$(1.02)$(4.51)$(3.33)
See accompanying notes to unaudited condensed consolidated financial statements.
7



INTELSAT S.A. (DEBTOR-IN-POSSESSION)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
Three Months Ended
September 30, 2020
Three Months Ended
September 30, 2021
Nine Months Ended
September 30, 2020
Nine Months Ended
September 30, 2021
Net loss$(15,331)$(145,086)$(638,273)$(471,093)
Other comprehensive income (loss), net of tax:
Defined benefit retirement plans:
Reclassification adjustment for amortization of unrecognized prior service credits, net of tax included in other income, net(626)(626)(1,878)(1,878)
Reclassification adjustment for amortization of unrecognized actuarial loss, net of tax included in other income, net1,274 1,672 3,822 4,939 
Other comprehensive income648 1,046 1,944 3,061 
Comprehensive loss(14,683)(144,040)(636,329)(468,032)
Comprehensive income attributable to noncontrolling interest(600)(604)(1,784)(1,779)
Comprehensive loss attributable to Intelsat S.A.$(15,283)$(144,644)$(638,113)$(469,811)
See accompanying notes to unaudited condensed consolidated financial statements.
8



INTELSAT S.A. (DEBTOR-IN-POSSESSION)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT
(in thousands, except where otherwise noted)
Common Shares
Number of Shares
(in millions)
AmountPaid-in
Capital
Accumulated
Deficit
Accumulated Other Comprehensive LossTotal Intelsat S.A. Shareholders’ DeficitNoncontrolling
Interest
Balance at December 31, 2019141.1 $1,411 $2,565,696 $(7,503,830)$(63,135)$(4,999,858)$11,010 
Net income (loss)— — — (218,771)— (218,771)556 
Dividends paid to noncontrolling interests— — — — — — (1,879)
Share-based compensation1.0 10 971 — — 981 — 
Postretirement/pension liability adjustment, net of tax— — — — 648 648 — 
Adoption of ASU 2016-13
— — — (916)— (916)— 
Balance at March 31, 2020142.1 $1,421 $2,566,667 $(7,723,517)$(62,487)$(5,217,916)$9,687 
Net income (loss)— — — (405,355)— (405,355)628 
Share-based compensation— — 2,737 — — 2,737 — 
Postretirement/pension liability adjustment, net of tax— — — — 648 648 — 
Balance at June 30, 2020142.1 $1,421 $2,569,404 $(8,128,872)$(61,839)$(5,619,886)$10,315 
Net income (loss)— — — (15,931)— (15,931)600 
Dividends paid to noncontrolling interests— — — — — — (3,080)
Share-based compensation— — 2,920 — — 2,920 — 
Postretirement/pension liability adjustment, net of tax— — — — 648 648 — 
Balance at September 30, 2020142.1 $1,421 $2,572,324 $(8,144,803)$(61,191)$(5,632,249)$7,835 
See accompanying notes to unaudited condensed consolidated financial statements.








9



INTELSAT S.A. (DEBTOR-IN-POSSESSION)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT
(in thousands, except where otherwise noted)
Common Shares
Number of Shares
(in millions)
AmountPaid-in
Capital
Accumulated
Deficit
Accumulated Other Comprehensive LossTotal Intelsat S.A. Shareholders’ DeficitNoncontrolling
Interest
Balance at December 31, 2020142.1 $1,421 $2,573,840 $(8,416,410)$(80,322)$(5,921,471)$7,003 
Net income (loss)— — — (174,876)— (174,876)570 
Dividends paid to noncontrolling interests— — — — — — (1,417)
Share-based compensation0.1 1 723 — — 724 — 
Postretirement/pension liability adjustment, net of tax— — — — 969 969 — 
Balance at March 31, 2021142.2 $1,422 $2,574,563 $(8,591,286)$(79,353)$(6,094,654)$6,156 
Net income (loss)— — — (152,306)— (152,306)604 
Dividends paid to noncontrolling interests— — — — — — (1,436)
Share-based compensation— — 1,581 — — 1,581 — 
Postretirement/pension liability adjustment, net of tax— — — — 1,046 1,046 — 
Balance at June 30, 2021142.2 $1,422 $2,576,144 $(8,743,592)$(78,307)$(6,244,333)$5,324 
Net income (loss)— — — (145,690)— (145,690)604 
Dividends paid to noncontrolling interests— — — — — — (1,440)
Share-based compensation— — 1,463 — — 1,463 — 
Postretirement/pension liability adjustment, net of tax— — — — 1,046 1,046 — 
Balance at September 30, 2021142.2 $1,422 $2,577,607 $(8,889,282)$(77,261)$(6,387,514)$4,488 
See accompanying notes to unaudited condensed consolidated financial statements.
10



INTELSAT S.A. (DEBTOR-IN-POSSESSION)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended
September 30, 2020
Nine Months Ended
September 30, 2021
Cash flows from operating activities:
Net loss$(638,273)$(471,093)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization488,235 495,517 
Provision for expected credit losses36,360 21,729 
Foreign currency transaction losses7,330 2,639 
Loss on disposal of assets 43 
Impairment of non-amortizable intangible and other assets46,243  
Share-based compensation9,399 19,377 
Deferred income taxes4,720 5,404 
Amortization of discount, premium, issuance costs and related costs19,689 7,559 
Non-cash reorganization items196,974  
Debtor-in-possession financing fees52,182 46,944 
Amortization of actuarial loss and prior service credits for retirement benefits1,976 3,189 
Unrealized losses on derivative financial instruments372  
Unrealized (gains) losses on investments and loans held-for-investment721 (25,226)
Amortization of supplemental type certificate costs 8,549 
Other non-cash items (133)
Changes in operating assets and liabilities:
Receivables2,769 22,554 
Prepaid expenses, contract and other assets(67,253)17,557 
Accounts payable and accrued liabilities60,624 3,603 
Accrued interest payable48,713 1,347 
Contract liabilities(62,737)(67,054)
Accrued retirement benefits(12,253)(16,385)
Other long-term liabilities(1,062)(25,944)
Net cash provided by operating activities194,729 50,176 
Cash flows from investing activities:
Capital expenditures (including capitalized interest)(419,952)(667,885)
Acquisition of loans held-for-investment(2,300) 
Proceeds from sale of investment 15,000 
Loan amendment fees received 1,800 
Proceeds from principal payments on loans held-for-investment973 208 
Capital contribution to unconsolidated affiliate (including capitalized interest)(2,692) 
Acquisition of intangible assets (3,315)
Other proceeds from satellites5,625  
Net cash used in investing activities(418,346)(654,192)
Cash flows from financing activities:
Proceeds from debtor-in-possession financing500,000 1,250,000 
Repayments of debtor-in-possession financing (1,000,000)
Debtor-in-possession financing fees(52,182)(46,944)
Principal payments on deferred satellite performance incentives(25,428)(14,859)
Dividends paid to noncontrolling interest(4,959)(4,293)
Net cash provided by financing activities417,431 183,904 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(4,328)(3,250)
Net change in cash, cash equivalents and restricted cash189,486 (423,362)
Cash, cash equivalents, and restricted cash, beginning of period830,864 1,087,547 
Cash, cash equivalents, and restricted cash, end of period$1,020,350 $664,185 
11



Nine Months Ended
September 30, 2020
Nine Months Ended
September 30, 2021
Supplemental cash flow information:
Cash paid for reorganization items included in cash flows from operating activities$53,983 $152,675 
Interest paid, net of amounts capitalized532,234 307,901 
Income taxes paid, net of refunds4,717 2,664 
Supplemental disclosure of non-cash investing activities:
Accrued capital expenditures$51,221 $67,944 
Conversion of loans held-for-investment to equity securities 4,802  
Capitalization of deferred satellite performance incentives 5,318 
Conversion of payment-in-kind interest on loans held-for-investment 1,762 
Purchase price adjustment 7,843 
See accompanying notes to unaudited condensed consolidated financial statements.
12



INTELSAT S.A. (DEBTOR-IN-POSSESSION)
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2021
Note 1—General
Basis of Presentation
The accompanying condensed consolidated financial statements of Intelsat S.A. and its subsidiaries (“Intelsat S.A.,” “we,” “us,” “our” or the “Company”) have not been audited, but are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. References to U.S. GAAP issued by the Financial Accounting Standards Board (“FASB”) in these footnotes are to the FASB Accounting Standards Codification (“ASC”). The unaudited condensed consolidated financial statements include all adjustments (consisting only of normal and recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of these financial statements. The results of operations for the periods presented are not necessarily indicative of operating results for the full year or for any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”), on file with the U.S. Securities and Exchange Commission (“SEC”).
Use of Estimates
The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of these condensed consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods, and the disclosures of contingent liabilities. Accordingly, ultimate results could differ from those estimates.
C-band Spectrum Clearing
On March 3, 2020, the U.S. Federal Communications Commission (“FCC”) issued its final order in the C-band proceeding (the “FCC Final Order”), which, among other things, provides for monetary incentives for fixed satellite services (“FSS”) providers to clear a portion of the C-band spectrum on an accelerated basis (the “Acceleration Payments”). On August 14, 2020, Intelsat License LLC (“Intelsat License”) filed its C-band spectrum transition plan with the FCC, with ongoing updates as requested by the FCC. The most recent amended transition plan was filed on September 30, 2021.
Under the FCC Final Order, Intelsat License is eligible to receive Acceleration Payments of approximately $1.2 billion and $3.7 billion based on the milestone clearing certification dates of December 5, 2021 and December 5, 2023, with the respective payments expected to be received in the first half of each successive year, respectively, subject to the satisfaction of certain deadlines and other conditions. In addition, under the FCC Final Order, we are also entitled to receive reimbursement payments for certain C-band spectrum clearing expenses incurred, subject to the satisfaction of certain conditions set forth in the FCC Final Order. As of December 31, 2020 and September 30, 2021, we incurred $405.2 million and $1.0 billion, respectively, related to expected reimbursable costs associated with the FCC Final Order, which are included within the receivables relating to C-band line item on our condensed consolidated balance sheets. Fulfillment costs incurred as a result of the FCC Final Order, which include costs to pay personnel or third parties to assist with customer reconfiguration and relocation, installation of filters, and program management costs, are expensed as incurred and are included within other operating expense—C-band on our condensed consolidated statements of operations. On October 4, 2021, as subsequently amended on October 15, 2021, Intelsat License filed its Phase I Certification of Accelerated Relocation, indicating completion of required clearing activities to satisfy the December 5, 2021 deadline and requesting FCC validation to receive the $1.2 billion Acceleration Payment.
Impact of COVID-19 on the Company
As a result of the novel coronavirus (“COVID-19”) pandemic in 2020 and continuing into 2021, in an effort to safeguard public health, governments around the world, including United States (“U.S.”) federal, state and local governments, implemented a number of orders and restrictions on travel and businesses, among other things. Some of these measures remain in effect and have negatively impacted the U.S. and other economies around the world in the short-term, while the long-term economic impact of COVID-19 remains unknown.
The COVID-19 pandemic has had an adverse impact on our business, results of operations and financial condition, a trend we expect to continue. Among the impacts of the COVID-19 pandemic were a reduction of revenue and a decreased likelihood of
13



collection from certain mobility customers and our Intelsat CA (as defined below) business. We continue to closely monitor the ongoing impact on our employees, customers, business and results of operations.
Bankruptcy Accounting
Our consolidated financial statements included herein have been prepared as if we are a going concern and reflect the application of ASC 852, Reorganizations (“ASC 852”). ASC 852 requires the financial statements, for periods subsequent to the commencement of our Chapter 11 proceedings, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, we classify liabilities and obligations whose treatment and satisfaction are dependent on the outcome of the reorganization under the Chapter 11 proceedings as liabilities subject to compromise on our condensed consolidated balance sheets. In addition, we classify all income, expenses, gains or losses that are incurred or realized as a result of the Chapter 11 proceedings as reorganization items in our condensed consolidated statements of operations. See Note 2—Chapter 11 Proceedings, Ability to Continue as a Going Concern and Other Related Matters.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, which are generally time deposits with banks and money market funds. The carrying amount of these investments approximates fair value. Restricted cash represents legally restricted amounts being held as a compensating balance for certain outstanding letters of credit.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within our condensed consolidated balance sheets to the total sum of these amounts reported in our condensed consolidated statements of cash flows (in thousands):
As of
December 31, 2020
As of
September 30, 2021
Cash and cash equivalents$1,060,917 $636,510 
Restricted cash21,130 27,675 
Restricted cash included in other assets5,500  
Cash, cash equivalents and restricted cash$1,087,547 $664,185 
Receivables and Allowance for Credit Losses
We provide satellite services and extend credit to numerous customers in the satellite communication, telecommunications and video markets, as well as the airline industry. We monitor our exposure to credit losses and maintain allowances for credit losses and anticipated losses. The Company’s methodology to measure the provision for credit losses considers all relevant information, including but not limited to, information about historical collectability, current conditions and reasonable and supportable forecasts of future economic conditions. We believe we have adequate customer collateral and reserves to cover our exposure.
The following table provides a roll-forward of the allowance for credit losses reported within our condensed consolidated balance sheets (in thousands):
DescriptionThree Months Ended September 30, 2020Three Months Ended September 30, 2021
Accounts ReceivableContract AssetsAccounts ReceivableContract Assets
Balance at July 1$27,578 $1,638 $29,202 $4,346 
Charged to costs and expenses6,743 75 6,484 (617)
Deductions(1)
(4,483) (2,737) 
Balance at September 30$29,838 $1,713 $32,949 $3,729 
DescriptionNine Months Ended September 30, 2020Nine Months Ended September 30, 2021
Accounts ReceivableContract AssetsAccounts ReceivableContract Assets
Balance at January 1$40,028 $ $40,785 $3,889 
Cumulative-effect adjustment of ASU 2016-13 adoption 916   
Charged to costs and expenses35,563 797 21,889 (160)
Deductions(1)
(45,753) (29,725) 
Balance at September 30$29,838 $1,713 $32,949 $3,729 
(1)Uncollectible accounts written off, net of recoveries.
14



Recently Adopted Accounting Pronouncements
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting For Income Taxes (“ASU 2019-12”). The standard removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. It also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 was adopted in the first quarter of 2021. The adoption of ASU 2019-12 did not have a material effect on our condensed consolidated financial statements and associated disclosures.
Recently Issued Accounting Pronouncements
In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The standard simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts regarding an entity’s own equity. ASU 2020-06 is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. ASU 2020-06 will be effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2021. We are in the process of evaluating the impact that ASU 2020-06 will have on our condensed consolidated financial statements and associated disclosures.
In October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). The standard improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to (1) recognition of an acquired contract liability and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 will be effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2022. We are in the process of evaluating the impact that ASU 2021-08 will have on our condensed consolidated financial statements and associated disclosures.
Note 2—Chapter 11 Proceedings, Ability to Continue as a Going Concern and Other Related Matters
Voluntary Reorganization under Chapter 11
On May 13, 2020, Intelsat S.A. and certain of its subsidiaries (each, a “Debtor” and collectively, the “Debtors”) commenced voluntary cases (the “Chapter 11 Cases”) under title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Eastern District of Virginia (the “Bankruptcy Court”). Primary factors causing us to file for Chapter 11 protection included the Company’s intention to participate in the accelerated clearing process of C-band spectrum set forth in the FCC Final Order, requiring the Company to incur significant costs related to clearing activities well in advance of receiving reimbursement for such costs and the need for additional financing to fund the C-band clearing process, service our current debt obligations, and meet our operating requirements, as well as the economic slowdown impacting the Company and several of its end markets due to the COVID-19 pandemic.
The Chapter 11 process can be unpredictable and involves significant risks and uncertainties. Pursuant to various orders from the Bankruptcy Court, the Debtors have received approval from the Bankruptcy Court to generally maintain their ordinary operations and uphold certain commitments to their stakeholders, including employees, customers, and vendors, during the restructuring process, subject to the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. Our ability to fund operating expenses may be subject to obtaining further approvals from the Bankruptcy Court in connection with the Chapter 11 Cases.
On June 9, 2020, Intelsat Jackson received approval from the Bankruptcy Court to enter into a multiple draw superpriority senior secured debtor-in-possession term loan facility (as amended, the “Original DIP Facility”) in an aggregate principal amount of $1.0 billion on the terms and conditions as set forth in the DIP credit agreement (as amended, the “Original DIP Credit Agreement”), and on June 17, 2020, Intelsat Jackson and certain of its subsidiaries as guarantors (together with Intelsat Jackson, the “DIP Debtors”) entered into the final Original DIP Credit Agreement. On September 14, 2021, the DIP Debtors received approval from the Bankruptcy Court (the “DIP Order”) to enter into a multiple draw superpriority senior secured debtor-in-possession term loan facility (the “New DIP Facility”) in an aggregate principal amount of $1.5 billion on the terms and conditions as set forth in the credit agreement for the New DIP Facility (the “New DIP Credit Agreement”), and on September 14, 2021, Intelsat Jackson and certain of the DIP Debtors entered into the final New DIP Credit Agreement. The New DIP Facility provided $1.25 billion in new money at closing for Intelsat Jackson to, among other things, refinance the Original DIP Facility and, provides the ability for Intelsat Jackson, at its sole discretion, to make an incremental $250.0 million draw. For additional information regarding our credit facilities, see Note 11—Debt.
On July 11, 2020, the Debtors filed with the Bankruptcy Court schedules and statements setting forth, among other things, the assets and liabilities of each of the Debtors, subject to the assumptions filed in connection therewith. These schedules and statements may be subject to further amendment or modification after filing.
15



On February 11, 2021, the Debtors entered into a plan support agreement with certain of the Debtors’ prepetition secured and unsecured creditors. After entry into such plan support agreement, the Debtors continued to engage with their stakeholders and on August 24, 2021, entered into an amended plan support agreement (together with all exhibits and schedules thereto, the “PSA”) with certain of the Debtors’ prepetition secured and unsecured creditors (the “Consenting Creditors” and together with the Debtors, the “PSA Parties”). The PSA contains certain covenants on the part of the PSA Parties, including but not limited to the Consenting Creditors voting in favor of the Amended Joint Chapter 11 Plan of Reorganization of Intelsat S.A. and Its Debtor Affiliates (as amended, the “Plan”), and provides that the Debtors shall achieve certain milestones (unless extended or waived in writing). In connection with the PSA, on August 24, 2021, the Debtors filed the Plan and the Amended Disclosure Statement for the Amended Joint Chapter 11 Plan of Reorganization of Intelsat S.A. and Its Debtor Affiliates (as amended, the “Disclosure Statement”), which describes a variety of topics related to the Chapter 11 Cases, including (i) events leading to the Chapter 11 Cases; (ii) significant events that took place during the Chapter 11 Cases; (iii) certain terms of the Plan; and (iv) certain anticipated risk factors associated with, and anticipated consequences of the Plan. On September 7, 2021, the Bankruptcy Court entered an order approving the Disclosure Statement. A hearing on confirmation of the Plan has been set by the Bankruptcy Court to begin on December 2, 2021.
The filing of the Chapter 11 Cases constituted an event of default that accelerated substantially all of our obligations under the documents governing the prepetition existing indebtedness of Intelsat S.A., Intelsat Luxembourg, Intelsat Connect and Intelsat Jackson. For additional discussion regarding the impact of the Chapter 11 Cases on our debt obligations, see Note 11—Debt.
While the Chapter 11 Cases are pending, the Debtors do not anticipate making interest payments due under their respective unsecured debt instruments; however, the Debtors expect to make monthly interest payments on their senior secured debt instruments pursuant to the adequate protection requirements under the DIP Order. The contractual interest expense pursuant to our unsecured debt instruments that was not recognized in our condensed consolidated statements of operations was $196.4 million and $192.3 million for the three months ended September 30, 2020 and 2021, respectively, and $298.9 million and $576.8 million for the nine months ended September 30, 2020 and 2021, respectively.
Delisting and Deregistration of Intelsat S.A. Common Shares
On May 20, 2020, the New York Stock Exchange (“NYSE”) filed a Form 25 with the SEC to delist the Company’s common shares, $0.01 par value from the NYSE. The delisting became effective 10 days after the Form 25 was filed. The deregistration of the common shares under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) became effective 90 days after the filing date of the Form 25. As of September 30, 2021, the common shares remain registered under Section 12(g) and Section 15(d) of the Exchange Act. However, the Company filed a Form 15 to terminate the registration of its common shares under Section 12(g) of the Exchange Act on September 3, 2021. We expect the termination of the registration of the common shares under Section 12(g) to become effective 90 days after the filing date of the Form 15. The Company’s common shares began trading on the OTC Pink Marketplace on May 19, 2020 under the symbol “INTEQ.”
Liabilities Subject to Compromise
Prepetition unsecured liabilities of the Debtors subject to compromise under the Chapter 11 proceedings have been distinguished from secured liabilities that are not expected to be compromised and post-petition liabilities in our condensed consolidated balance sheets. Liabilities subject to compromise have been recorded at the amounts expected to be allowed by the Bankruptcy Court. The ultimate settlement amounts of these liabilities remain at the discretion of the Bankruptcy Court and may vary from the expected allowed amounts.
Liabilities subject to compromise consisted of the following (in thousands):
As of
December 31, 2020
As of
September 30, 2021
Accounts payable$9,545 $10,671 
Debt subject to comprise 9,782,161 9,782,161 
Accrued interest on debt subject to compromise341,676 341,676 
Other long-term liabilities subject to compromise35,136 34,735 
Total liabilities subject to compromise$10,168,518 $10,169,243 
Reorganization Items
The expenses, gains and losses directly and incrementally resulting from the Chapter 11 Cases are separately reported as reorganization items in our condensed consolidated statement of operations.
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Reorganization items consisted of the following (in thousands):
Three Months Ended
September 30, 2020
Three Months Ended
September 30, 2021
Nine Months Ended
September 30, 2020
Nine Months Ended
September 30, 2021
Adjustment of debt discount, premium and issuance costs$ $ $196,974 $ 
Debtor-in-possession financing fees 46,944 52,182 46,944 
Professional fees36,262 50,825 85,233 156,199 
Other reorganization costs105 547 670 576 
Total reorganization items$36,367 $98,316 $335,059 $203,719 
Going Concern
Our condensed consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities in the normal course of business. In connection with the preparation of our condensed consolidated financial statements, we conducted an evaluation as to whether there were conditions and events, considered in the aggregate, that raised substantial doubt as to the Company’s ability to continue as a going concern. As reflected in our condensed consolidated financial statements, the Company had cash and cash equivalents of $636.5 million and an accumulated deficit of $8.9 billion as of September 30, 2021. The Company generated income from operations of $95.0 million and a net loss of $471.1 million for the nine months ended September 30, 2021.
In light of the Company’s Chapter 11 proceedings, our ability to continue as a going concern is contingent upon, among other things, our ability to, subject to the Bankruptcy Court’s approval, implement a business plan of reorganization, emerge from the Chapter 11 proceedings and generate sufficient liquidity following the reorganization to meet our contractual obligations and operating needs. As a result of risks and uncertainties related to, among other things, (i) the Company’s ability to obtain requisite support for the business plan of reorganization from various stakeholders, and (ii) the disruptive effects of the Chapter 11 proceedings on our business making it potentially more difficult to maintain business, financing and operational relationships, substantial doubt exists regarding our ability to continue as a going concern.
The filing of the Chapter 11 Cases constituted an event of default that accelerated substantially all of our obligations under the documents governing the prepetition existing indebtedness of Intelsat S.A., Intelsat Luxembourg, Intelsat Connect and Intelsat Jackson. As such, we have reclassified all such debt obligations, other than debt subject to compromise, to current maturities of long-term debt on our condensed consolidated balance sheets as of December 31, 2020 and September 30, 2021. For additional discussion regarding the impact of the Chapter 11 Cases on our debt obligations, see Note 11—Debt.
Our condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.
Note 3—Acquisition of Gogo’s Commercial Aviation Business
On August 31, 2020, following approval from the Bankruptcy Court, Intelsat Jackson and Gogo Inc. (NASDAQ: GOGO), a Delaware corporation (“Gogo”), entered into a purchase and sale agreement (the “Purchase and Sale Agreement”) with respect to Gogo’s commercial aviation business, consisting of all of the equity interests of Gogo LLC and Gogo International Holdings LLC (collectively known as “Intelsat CA”), for $400.0 million in cash, subject to customary adjustments. On December 1, 2020, Intelsat Jackson completed the acquisition pursuant to the terms and conditions of the Purchase and Sale Agreement (the “Gogo Transaction”). Upon completion of the acquisition, the entities comprising the Intelsat CA business became indirect wholly-owned subsidiaries of Intelsat S.A.
Intelsat CA is one of the largest global providers of in-flight broadband connectivity. The acquisition of Intelsat CA brings together two complementary enterprises – one of the world’s largest satellite operators with a leading provider of commercial in-flight broadband and entertainment services, to deliver innovation and long-term value to commercial airlines.
The Company accounted for the business combination in accordance with ASC 805, Business Combinations. The Company recorded the acquisition using the acquisition method of accounting and recognized assets and liabilities at their fair value as of the date of acquisition. The Company based the preliminary allocation of the purchase price on estimates and assumptions known at the date of acquisition that are subject to change within the purchase price allocation period, which is generally one year from the acquisition date.
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The following table summarizes the preliminary allocation of the purchase consideration to tangible and intangible assets acquired and liabilities assumed on the acquisition date, based on estimated fair values both as disclosed in the Company’s 2020 Annual Report and as adjusted for measurement period adjustments identified during the nine months ended September 30, 2021 (in thousands):
Purchase Price Allocation
As of
December, 1, 2020 (preliminary)
Measurement Period AdjustmentsAs of
September 30, 2021
(as adjusted)
Assets acquired
Cash and cash equivalents$9,867 $ $9,867 
Receivables, net of allowances52,849 138 52,987 
Inventory144,014 (5,619)138,395 
Prepaid expenses and other current assets36,140  36,140 
Property and equipment41,328 5,063 46,391 
Amortizable intangible assets
Software45,464  45,464 
Trade name1,000  1,000 
Goodwill