Intelsat Releases Third Quarter 2018 Results To A Net Loss
The communications satellite services provider reported that in the first quarter of the year, it took advantage of the provisions of the Financial Accounting Standards Board Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). Because of the adoption of ASC 606, the total revenue for the three months ended September 30, 2018, shows $25.1 million mainly related to the significant financing component found in its customer contracts.
If you exclude the effects of ASC 606, the total revenue was $511.9 million for the three month period that ended on September 30, 2018.
Intelsat reported EBITDA1, or earnings calculated before net interest, gain on early extinguishment of taxes, debt and depreciation and amortisation, of $411.5 million and also Adjusted EBITDA1 of $416.3 million, or 78 per cent of the total revenue, for the three month period that ended on September 30, 2018. The total Adjusted EBITDA excluding the effects of ASC 606 was $390.0 million, or 76 per cent of total revenue, for the three months that ended on September 30, 2018. Free cash flow that was used in operations1 was $15.7 million.
Intelsat operates the world’s very first Globalized Network and delivers premium quality, cost-effective broadband and video services across the globe.
Intelsat’s global network puts together the world’s most substantial satellite backbone with terrestrial infrastructure, top-class architecture and managed services to allow customers to drive revenue and reach through the perfect combination of network services.