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Intelsat - Investor Relations

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Investor FAQs

Company Information
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What is the company's primary business?
Intelsat S.A. operates the world’s largest satellite services business, providing a critical layer in the global communications infrastructure. We provide diversified communications services to the world’s leading media companies, fixed and wireless telecommunications operators, data networking service providers for enterprise and mobile applications, multinational corporations and Internet service providers (“ISPs”). We are also the leading provider of commercial satellite capacity to the U.S. government and other select military organizations and their contractors.
Who are your customers? What do you do for them?
Intelsat serves three primary customer sets: network services providers, media companies and governments. Our customers need to deliver voice, video and data transmissions to their customers, and we help them do that with services provided through our fleet of communications satellites and our IntelsatOneSM terrestrial network.
What is the company's operating strategy?
Intelsat's strategy is to seek revenue growth and increased cash flows by expanding our leading infrastructure business in high growth regions and applications while maintaining our focus on operational discipline. Given our efficient operating structure, we believe our strategies will position us to continue to deliver high operating margins and to generate strong cash flow and growth as our current fleet investment program is completed. The key components of our strategy include the following:
  • Focus our core business on attractive and growing broadband, mobility and media applications, and innovative government solutions;
  • Optimize our space-based assets, including orbital locations and spacecraft;
  • Incorporate new technology into our core network to capture growth from new applications and evolving customer requirements;
  • Drive innovation through creative acquisitions and new business models; and
  • Apply our increasing cash flows to de-lever the business, improving our maturity profile and generating increased equity value
What drives Intelsat’s success?
We are an acknowledged leader in our industry, providing a critical layer in the global communications infrastructure. We have exceptional assets in our flexible, complex network, including a fleet of satellites, an unsurpassed collection of orbital rights, and IntelsatOneSM, our ground infrastructure that incorporates teleports, points of presence (PoPs) and a fiber network. We serve three primary customer sets: network services providers, media companies and governments. Our customers use our satellite-based communications network to provide voice, video and data services to their end users. Demand for these services is increasing, largely due to the following trends:
  • Globalization of economic activities is increasing the geographic expansion of corporations and the communications networks that support them while creating new audiences for content;
  • Connectivity and broadband access are essential elements of infrastructure supporting the rapid economic growth of developing nations;
  • The emergence of new content consumers resulting from economic growth in developing regions results in increased demand for free-to-air and pay-TV content, including cable and direct-to-home (“DTH”);
  • Proliferation of formats results in increased bandwidth requirements as content owners seek to maximize distribution to multiple viewing audiences across multiple technologies;
  • Mobility applications, such as wireless phone services, maritime communications and aeronautical services, are fueling demand for mobile bandwidth; and
  • Increased government applications, such as the increased use of fixed and mobile technology in regions of conflict, are fueling demand for satellite capacity.
Financial Information
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Where does Intelsat stock trade?
Intelsat’s common stock is listed on the New York Stock Exchange, using the ticker symbol “I”. Intelsat's 5.75% Series A mandatory convertible junior non-voting preferred shares are listed on the New York Stock Exchange under the ticker symbol "I PR A".
What are the highlights of Intelsat’s financial model?
Intelsat has high visibility on future revenue. As of December 31, 2013, our contracted backlog was approximately $10.1 billion, nearly four times our 2013 annual revenue, and had a weighted average life of 5.0 years, demonstrating the long-term visibility of future revenue streams. At the beginning of each of the last three years, the current-year portion of our contracted backlog represented on average approximately 84% of that year’s actual revenue. During the last three years, we have converted, on average, nearly 100% of the current year backlog into revenue. In addition, we have an Efficient Operating and Financial Profile Resulting in Favorable Cash Flow Generation. This is because our sector requires sizable investment to procure, manufacture and launch satellites. However, once satellites are operational, costs do not vary significantly. This results in significant operating leverage, which we define as an operating environment where fixed costs increase at a rate significantly lower than the rate of revenue increase. Our operating leverage leads to high margins and strong cash flow from operations, a large portion of which cash flow we currently use to service our debt commitments. Features of our efficient operating profile include:
  • Scale economies that result from our ability to spread network operations costs over the largest fixed satellite fleet in the industry;
  • Advantageous relationships with key vendors due to the volume and breadth of our purchasing requirements;
  • A cost-efficient, largely wholesale, business-to-business marketing approach;
  • A fully integrated corporate and operational structure, with a primary satellite operations center for fleet management and regional sales offices located close to our customers;
  • An efficient operating expense profile, with operating expense as a percentage of revenue among the lowest in the industry;
  • An efficient capital expenditure profile, with the lowest capital expenditure as a percentage of revenue over the last 10 years among major providers of comparable satellite services, based upon publicly available data;
  • A stable, efficient and sustainable tax profile for our global business that is largely independent of our leverage level and of short term benefits such as the carry-forward of net operating losses; and
  • A long-dated and staggered debt maturity profile and a simplified covenant structure, supported by highly-predictable cash flows.
We believe our efficient operating profile is a strategic advantage that should allow us to capture business growth, while incurring relatively low additional costs, and to increase our cash flows from our operations. Our debt commitments have resulted in high levels of interest expense and this, in combination with our refinancing activities, has historically been a major contributor to the net losses we have reported over the past several years. We believe our capital structure, operating profile and expected growth as we execute our business plan will increase our operating cash flows and reduce our financing costs
What long-term debt is issued by Intelsat and outstanding?
Intelsat’s long-term debt obligations as of 30 September 2014 are as follows:

Intelsat (Luxembourg) S.A. Debt:

6 3/4% Senior Notes due 2018 - $ 500

7 3/4% Senior Notes due 2021 - $2,000

8 1/8% Senior Notes due 2023 - $1,000

Intelsat Jackson Holdings S.A. Debt:

7 1/4% Senior Notes due 2020* - $2,200

7 1/4% Senior Notes due 2019* -$1,500

7 1/2% Senior Notes due 2021* - $1,150

6 5/8% Senior Notes due 2022 - $1,275

5 1/2% Senior Notes due 2023* - $2,000

Sr Secured Term Loan due 2019 (L+275)* - $3,095

* Guaranteed by Intelsat Jackson’s guarantor subsidiaries.

The company announced debt refinancings, redemptions and repayments activity in March and April 2013; information on those activities is available through our press releases on this website.

Is Intelsat's debt rated by any credit agencies?
Yes, Intelsat has received a credit rating from both Moody's Investor Service and Standard & Poor's Rating Services. Copies of their reports can be obtained directly from these agencies.
Does Intelsat report its results consistent with U.S. GAAP?
Intelsat's financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP).
Where do I find a summary of Intelsat's significant accounting policies?
A summary of our significant accounting policies can be found in our registration statements filed with or submitted to the U.S. Securities and Exchange Commission. Copies of these registration statements can be obtained via the SEC Filings section of this website.
Who is Intelsat's independent auditor?
Intelsat's independent auditor for the fiscal year ending 31 December 2013 is KPMG LLP.
How can I receive copies of the company's annual report and other financial information?
You can download financial information directly from the SEC Filings of this website.
If you would like to receive ongoing announcements from the company via email, please sign up.
When is Intelsat's fiscal year?
Intelsat's fiscal year is the calendar year. The first quarter ends 31st March, the second quarter ends 30th June, the third quarter ends 30th September and the fourth quarter ends 31st December.
When is the company's next scheduled earnings announcement?
Intelsat posts the date of its quarterly earnings announcements on this website as soon as this information is available to the public. To see if this information has been announced for the upcoming quarter, please visit the Events & Presentations section of this website.
Corporate Information
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When was the company founded?
We are the successor entity to the International Telecommunications Satellite Organization, formerly known as INTELSAT, which was created on an interim basis by its initial member states in 1964. INTELSAT was formally established as an inter-governmental organization in 1973 upon entry into force of an inter-governmental agreement. On 18 July 2001, INTELSAT privatized by transferring substantially all of its assets and liabilities to a new company established for this purpose, Intelsat, Ltd., and its subsidiaries. On 4 February 2008, Intelsat, Ltd. announced the successful closing of the acquisition of all the primary equity ownership of its parent, Intelsat Holdings, Ltd. by Serafina Holdings, Limited, an entity formed by funds advised by BC Partners, Silver Lake and certain other equity investors. On 15 December 2009, Intelsat, Ltd. changed its domicile to Luxembourg.
Who owns Intelsat now?
Intelsat’s common stock is publicly traded on the New York Stock Exchange with the ticker symbol “I.” Intelsat’s principal shareholders are BC Partners, a leading private equity firm, and Silver Lake Partners, a leader in private investment in technology and technology-enabled industries.
In what country is Intelsat domiciled?
Intelsat S.A. is organized in Luxembourg. Intelsat Global Sales & Marketing Ltd. is our global sales and marketing headquarters and is organized under the laws of England and Wales. Intelsat Global Service LLC, and Intelsat Corporation, Delaware companies, provide technical, marketing and business support services to Intelsat and its subsidiaries.

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