Company Quick10K Filing
Intelsat
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-06-04
10-K 2019-12-31 Filed 2020-02-20
20-F 2018-12-31 Filed 2019-02-20
20-F 2017-12-31 Filed 2018-02-26
20-F 2016-12-31 Filed 2017-02-28
20-F 2015-12-31 Filed 2016-03-08
20-F 2013-12-31 Filed 2014-02-20
8-K 2020-08-31 Enter Agreement, Regulation FD, Other Events, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-17
8-K 2020-06-16
8-K 2020-06-04
8-K 2020-05-26
8-K 2020-05-22
8-K 2020-05-15
8-K 2020-05-13
8-K 2020-04-30
8-K 2020-04-15
8-K 2020-04-09
8-K 2020-04-03
8-K 2020-02-20
8-K 2020-02-06

I 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 General
Note 2 Chapter 11 Proceedings, Ability To Continue As A Going Concern and Other Related Matters
Note 3 Share Capital
Note 4 Revenue
Note 5 Net Loss per Share
Note 6 Fair Value Measurements
Note 7 Retirement Plans and Other Retiree Benefits
Note 8 Satellites and Other Property and Equipment
Note 9 Investments
Note 10 Goodwill and Other Intangible Assets
Note 11 Debt
Note 12 Derivative Instruments and Hedging Activities
Note 13 Income Taxes
Note 14 Commitments and Contingencies
Note 15 Related Party Transactions
Note 16 Condensed Combined Debtors' Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 exhibit311sox302ceoq22.htm
EX-31.2 exhibit312sox302cfoq22.htm
EX-32.1 exhibit321sox906ceoq22.htm
EX-32.2 exhibit322sox906cfoq22.htm

Intelsat Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

i-20200630
false2020Q20001525773--12-31us-gaap:AccountingStandardsUpdate201802Memberus-gaap:AccountingStandardsUpdate201613MemberP1Y6MP2Y0.00500015257732020-01-012020-06-30xbrli:shares00015257732020-08-04iso4217:USD00015257732019-12-3100015257732020-06-30iso4217:USDxbrli:shares00015257732019-04-012019-06-3000015257732020-04-012020-06-3000015257732019-01-012019-06-300001525773us-gaap:CommonStockMember2018-12-310001525773us-gaap:AdditionalPaidInCapitalMember2018-12-310001525773us-gaap:RetainedEarningsMember2018-12-310001525773us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001525773us-gaap:ParentMember2018-12-310001525773us-gaap:NoncontrollingInterestMember2018-12-310001525773us-gaap:RetainedEarningsMember2019-01-012019-03-310001525773us-gaap:ParentMember2019-01-012019-03-310001525773us-gaap:NoncontrollingInterestMember2019-01-012019-03-310001525773us-gaap:CommonStockMember2019-01-012019-03-310001525773us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310001525773us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-3100015257732018-01-012018-12-310001525773us-gaap:RetainedEarningsMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2018-12-310001525773srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001525773us-gaap:CommonStockMember2019-03-310001525773us-gaap:AdditionalPaidInCapitalMember2019-03-310001525773us-gaap:RetainedEarningsMember2019-03-310001525773us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001525773us-gaap:ParentMember2019-03-310001525773us-gaap:NoncontrollingInterestMember2019-03-310001525773us-gaap:RetainedEarningsMember2019-04-012019-06-300001525773us-gaap:ParentMember2019-04-012019-06-300001525773us-gaap:NoncontrollingInterestMember2019-04-012019-06-300001525773us-gaap:CommonStockMember2019-04-012019-06-300001525773us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001525773us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001525773us-gaap:CommonStockMember2019-06-300001525773us-gaap:AdditionalPaidInCapitalMember2019-06-300001525773us-gaap:RetainedEarningsMember2019-06-300001525773us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001525773us-gaap:ParentMember2019-06-300001525773us-gaap:NoncontrollingInterestMember2019-06-300001525773us-gaap:CommonStockMember2019-12-310001525773us-gaap:AdditionalPaidInCapitalMember2019-12-310001525773us-gaap:RetainedEarningsMember2019-12-310001525773us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001525773us-gaap:ParentMember2019-12-310001525773us-gaap:NoncontrollingInterestMember2019-12-310001525773us-gaap:RetainedEarningsMember2020-01-012020-03-310001525773us-gaap:ParentMember2020-01-012020-03-310001525773us-gaap:NoncontrollingInterestMember2020-01-012020-03-310001525773us-gaap:CommonStockMember2020-01-012020-03-310001525773us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001525773us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-3100015257732019-01-012019-12-310001525773us-gaap:RetainedEarningsMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2019-12-310001525773srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:ParentMember2019-12-310001525773us-gaap:CommonStockMember2020-03-310001525773us-gaap:AdditionalPaidInCapitalMember2020-03-310001525773us-gaap:RetainedEarningsMember2020-03-310001525773us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001525773us-gaap:ParentMember2020-03-310001525773us-gaap:NoncontrollingInterestMember2020-03-310001525773us-gaap:RetainedEarningsMember2020-04-012020-06-300001525773us-gaap:ParentMember2020-04-012020-06-300001525773us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001525773us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001525773us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001525773us-gaap:CommonStockMember2020-06-300001525773us-gaap:AdditionalPaidInCapitalMember2020-06-300001525773us-gaap:RetainedEarningsMember2020-06-300001525773us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001525773us-gaap:ParentMember2020-06-300001525773us-gaap:NoncontrollingInterestMember2020-06-3000015257732018-12-3100015257732019-06-300001525773us-gaap:AccountingStandardsUpdate201613Member2020-01-0100015257732020-01-012020-03-310001525773i:SuperprioritySecuredDebtorInPossessionCreditFacilitiesDueJuly2021Memberus-gaap:RevolvingCreditFacilityMemberi:IntelsatJacksonMemberus-gaap:LineOfCreditMember2020-06-1700015257732020-05-200001525773srt:MinimumMember2020-01-012020-06-300001525773srt:MaximumMember2020-01-012020-06-300001525773srt:MinimumMemberi:SmallSubsetOfCustomersMember2020-01-012020-06-300001525773srt:MaximumMemberi:SmallSubsetOfCustomersMember2020-01-012020-06-30xbrli:pure00015257732020-06-302020-06-3000015257732020-07-012020-06-3000015257732022-01-012020-06-3000015257732024-01-012020-06-300001525773srt:NorthAmericaMember2019-04-012019-06-300001525773us-gaap:RevenueFromContractWithCustomerMembersrt:NorthAmericaMemberus-gaap:GeographicConcentrationRiskMember2019-04-012019-06-300001525773srt:NorthAmericaMember2020-04-012020-06-300001525773us-gaap:RevenueFromContractWithCustomerMembersrt:NorthAmericaMemberus-gaap:GeographicConcentrationRiskMember2020-04-012020-06-300001525773srt:NorthAmericaMember2019-01-012019-06-300001525773us-gaap:RevenueFromContractWithCustomerMembersrt:NorthAmericaMemberus-gaap:GeographicConcentrationRiskMember2019-01-012019-06-300001525773srt:NorthAmericaMember2020-01-012020-06-300001525773us-gaap:RevenueFromContractWithCustomerMembersrt:NorthAmericaMemberus-gaap:GeographicConcentrationRiskMember2020-01-012020-06-300001525773srt:EuropeMember2019-04-012019-06-300001525773srt:EuropeMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2019-04-012019-06-300001525773srt:EuropeMember2020-04-012020-06-300001525773srt:EuropeMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-04-012020-06-300001525773srt:EuropeMember2019-01-012019-06-300001525773srt:EuropeMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2019-01-012019-06-300001525773srt:EuropeMember2020-01-012020-06-300001525773srt:EuropeMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-01-012020-06-300001525773i:LatinAmericaAndCaribbeanMember2019-04-012019-06-300001525773us-gaap:RevenueFromContractWithCustomerMemberi:LatinAmericaAndCaribbeanMemberus-gaap:GeographicConcentrationRiskMember2019-04-012019-06-300001525773i:LatinAmericaAndCaribbeanMember2020-04-012020-06-300001525773us-gaap:RevenueFromContractWithCustomerMemberi:LatinAmericaAndCaribbeanMemberus-gaap:GeographicConcentrationRiskMember2020-04-012020-06-300001525773i:LatinAmericaAndCaribbeanMember2019-01-012019-06-300001525773us-gaap:RevenueFromContractWithCustomerMemberi:LatinAmericaAndCaribbeanMemberus-gaap:GeographicConcentrationRiskMember2019-01-012019-06-300001525773i:LatinAmericaAndCaribbeanMember2020-01-012020-06-300001525773us-gaap:RevenueFromContractWithCustomerMemberi:LatinAmericaAndCaribbeanMemberus-gaap:GeographicConcentrationRiskMember2020-01-012020-06-300001525773i:AfricaAndMiddleEastMember2019-04-012019-06-300001525773us-gaap:RevenueFromContractWithCustomerMemberi:AfricaAndMiddleEastMemberus-gaap:GeographicConcentrationRiskMember2019-04-012019-06-300001525773i:AfricaAndMiddleEastMember2020-04-012020-06-300001525773us-gaap:RevenueFromContractWithCustomerMemberi:AfricaAndMiddleEastMemberus-gaap:GeographicConcentrationRiskMember2020-04-012020-06-300001525773i:AfricaAndMiddleEastMember2019-01-012019-06-300001525773us-gaap:RevenueFromContractWithCustomerMemberi:AfricaAndMiddleEastMemberus-gaap:GeographicConcentrationRiskMember2019-01-012019-06-300001525773i:AfricaAndMiddleEastMember2020-01-012020-06-300001525773us-gaap:RevenueFromContractWithCustomerMemberi:AfricaAndMiddleEastMemberus-gaap:GeographicConcentrationRiskMember2020-01-012020-06-300001525773srt:AsiaPacificMember2019-04-012019-06-300001525773srt:AsiaPacificMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2019-04-012019-06-300001525773srt:AsiaPacificMember2020-04-012020-06-300001525773srt:AsiaPacificMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-04-012020-06-300001525773srt:AsiaPacificMember2019-01-012019-06-300001525773srt:AsiaPacificMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2019-01-012019-06-300001525773srt:AsiaPacificMember2020-01-012020-06-300001525773srt:AsiaPacificMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:GeographicConcentrationRiskMember2020-01-012020-06-300001525773i:TransponderServicesMemberi:OnNetworkRevenuesMember2019-04-012019-06-300001525773i:TransponderServicesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2019-04-012019-06-300001525773i:TransponderServicesMemberi:OnNetworkRevenuesMember2020-04-012020-06-300001525773i:TransponderServicesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2020-04-012020-06-300001525773i:TransponderServicesMemberi:OnNetworkRevenuesMember2019-01-012019-06-300001525773i:TransponderServicesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2019-01-012019-06-300001525773i:TransponderServicesMemberi:OnNetworkRevenuesMember2020-01-012020-06-300001525773i:TransponderServicesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2020-01-012020-06-300001525773i:ManagedServicesMemberi:OnNetworkRevenuesMember2019-04-012019-06-300001525773us-gaap:ProductConcentrationRiskMemberi:ManagedServicesMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2019-04-012019-06-300001525773i:ManagedServicesMemberi:OnNetworkRevenuesMember2020-04-012020-06-300001525773us-gaap:ProductConcentrationRiskMemberi:ManagedServicesMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2020-04-012020-06-300001525773i:ManagedServicesMemberi:OnNetworkRevenuesMember2019-01-012019-06-300001525773us-gaap:ProductConcentrationRiskMemberi:ManagedServicesMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2019-01-012019-06-300001525773i:ManagedServicesMemberi:OnNetworkRevenuesMember2020-01-012020-06-300001525773us-gaap:ProductConcentrationRiskMemberi:ManagedServicesMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2020-01-012020-06-300001525773i:ChannelMemberi:OnNetworkRevenuesMember2019-04-012019-06-300001525773i:ChannelMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2019-04-012019-06-300001525773i:ChannelMemberi:OnNetworkRevenuesMember2020-04-012020-06-300001525773i:ChannelMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2020-04-012020-06-300001525773i:ChannelMemberi:OnNetworkRevenuesMember2019-01-012019-06-300001525773i:ChannelMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2019-01-012019-06-300001525773i:ChannelMemberi:OnNetworkRevenuesMember2020-01-012020-06-300001525773i:ChannelMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2020-01-012020-06-300001525773i:OnNetworkRevenuesMember2019-04-012019-06-300001525773us-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2019-04-012019-06-300001525773i:OnNetworkRevenuesMember2020-04-012020-06-300001525773us-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2020-04-012020-06-300001525773i:OnNetworkRevenuesMember2019-01-012019-06-300001525773us-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2019-01-012019-06-300001525773i:OnNetworkRevenuesMember2020-01-012020-06-300001525773us-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberi:OnNetworkRevenuesMember2020-01-012020-06-300001525773i:OffNetworkAndOtherRevenuesMemberi:TransponderServicesMember2019-04-012019-06-300001525773i:OffNetworkAndOtherRevenuesMemberi:TransponderServicesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2019-04-012019-06-300001525773i:OffNetworkAndOtherRevenuesMemberi:TransponderServicesMember2020-04-012020-06-300001525773i:OffNetworkAndOtherRevenuesMemberi:TransponderServicesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2020-04-012020-06-300001525773i:OffNetworkAndOtherRevenuesMemberi:TransponderServicesMember2019-01-012019-06-300001525773i:OffNetworkAndOtherRevenuesMemberi:TransponderServicesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2019-01-012019-06-300001525773i:OffNetworkAndOtherRevenuesMemberi:TransponderServicesMember2020-01-012020-06-300001525773i:OffNetworkAndOtherRevenuesMemberi:TransponderServicesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2020-01-012020-06-300001525773i:SatelliteRelatedServicesMemberi:OffNetworkAndOtherRevenuesMember2019-04-012019-06-300001525773i:SatelliteRelatedServicesMemberi:OffNetworkAndOtherRevenuesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2019-04-012019-06-300001525773i:SatelliteRelatedServicesMemberi:OffNetworkAndOtherRevenuesMember2020-04-012020-06-300001525773i:SatelliteRelatedServicesMemberi:OffNetworkAndOtherRevenuesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2020-04-012020-06-300001525773i:SatelliteRelatedServicesMemberi:OffNetworkAndOtherRevenuesMember2019-01-012019-06-300001525773i:SatelliteRelatedServicesMemberi:OffNetworkAndOtherRevenuesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2019-01-012019-06-300001525773i:SatelliteRelatedServicesMemberi:OffNetworkAndOtherRevenuesMember2020-01-012020-06-300001525773i:SatelliteRelatedServicesMemberi:OffNetworkAndOtherRevenuesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2020-01-012020-06-300001525773i:OffNetworkAndOtherRevenuesMember2019-04-012019-06-300001525773i:OffNetworkAndOtherRevenuesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2019-04-012019-06-300001525773i:OffNetworkAndOtherRevenuesMember2020-04-012020-06-300001525773i:OffNetworkAndOtherRevenuesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2020-04-012020-06-300001525773i:OffNetworkAndOtherRevenuesMember2019-01-012019-06-300001525773i:OffNetworkAndOtherRevenuesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2019-01-012019-06-300001525773i:OffNetworkAndOtherRevenuesMember2020-01-012020-06-300001525773i:OffNetworkAndOtherRevenuesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMember2020-01-012020-06-300001525773i:NetworkServicesMember2019-04-012019-06-300001525773i:MediaServicesMember2019-04-012019-06-300001525773i:GovernmentServicesMember2019-04-012019-06-300001525773i:SatelliteRelatedServicesMember2019-04-012019-06-300001525773i:NetworkServicesMember2020-04-012020-06-300001525773i:MediaServicesMember2020-04-012020-06-300001525773i:GovernmentServicesMember2020-04-012020-06-300001525773i:SatelliteRelatedServicesMember2020-04-012020-06-300001525773i:NetworkServicesMember2019-01-012019-06-300001525773i:MediaServicesMember2019-01-012019-06-300001525773i:GovernmentServicesMember2019-01-012019-06-300001525773i:SatelliteRelatedServicesMember2019-01-012019-06-300001525773i:NetworkServicesMember2020-01-012020-06-300001525773i:MediaServicesMember2020-01-012020-06-300001525773i:GovernmentServicesMember2020-01-012020-06-300001525773i:SatelliteRelatedServicesMember2020-01-012020-06-300001525773i:LargestCustomerMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2020-04-012020-06-300001525773i:LargestCustomerMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2019-04-012019-06-300001525773i:LargestCustomerMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2019-01-012019-06-300001525773i:LargestCustomerMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-06-300001525773us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberi:TenLargestCustomersMember2019-04-012019-06-300001525773us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberi:TenLargestCustomersMember2020-04-012020-06-300001525773us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberi:TenLargestCustomersMember2020-01-012020-06-300001525773us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberi:TenLargestCustomersMember2019-01-012019-06-300001525773i:IntelsatS.AMemberi:ConvertibleSeniorNotesDueJune2025Memberus-gaap:ConvertibleDebtMember2020-06-300001525773i:IntelsatS.AMemberi:ConvertibleSeniorNotesDueJune2025Memberus-gaap:ConvertibleDebtMember2018-06-300001525773us-gaap:FairValueMeasurementsRecurringMember2019-12-310001525773us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001525773us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001525773us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001525773us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001525773us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001525773us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001525773us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001525773us-gaap:WarrantMemberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001525773us-gaap:FairValueInputsLevel1Memberus-gaap:WarrantMemberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001525773us-gaap:FairValueInputsLevel2Memberus-gaap:WarrantMemberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001525773us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMemberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001525773us-gaap:FairValueMeasurementsRecurringMember2020-06-300001525773us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001525773us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001525773us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001525773us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001525773us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001525773us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001525773us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001525773us-gaap:WarrantMemberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001525773us-gaap:FairValueInputsLevel1Memberus-gaap:WarrantMemberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001525773us-gaap:FairValueInputsLevel2Memberus-gaap:WarrantMemberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001525773us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMemberus-gaap:CommonStockMemberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001525773us-gaap:FairValueInputsLevel1Member2019-12-310001525773us-gaap:FairValueInputsLevel1Member2020-06-300001525773i:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2019-03-310001525773i:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2020-03-310001525773i:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2018-12-310001525773i:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2019-12-310001525773i:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2019-04-012019-06-300001525773i:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2020-04-012020-06-300001525773i:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2019-01-012019-06-300001525773i:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2020-01-012020-06-300001525773i:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2019-06-300001525773i:CommonAndPreferredStockMemberus-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2020-06-300001525773us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300001525773us-gaap:PensionPlansDefinedBenefitMember2020-06-300001525773us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-06-300001525773us-gaap:PensionPlansDefinedBenefitMember2019-04-012019-06-300001525773us-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300001525773us-gaap:PensionPlansDefinedBenefitMember2019-01-012019-06-300001525773us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-04-012019-06-300001525773us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-04-012020-06-300001525773us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-06-300001525773us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-06-300001525773i:SatellitesAndLaunchVehiclesMember2019-12-310001525773i:SatellitesAndLaunchVehiclesMember2020-06-300001525773i:InformationSystemsAndGroundSegmentMember2019-12-310001525773i:InformationSystemsAndGroundSegmentMember2020-06-300001525773i:BuildingAndOtherMember2019-12-310001525773i:BuildingAndOtherMember2020-06-300001525773us-gaap:PropertyPlantAndEquipmentMember2020-06-300001525773us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-06-300001525773us-gaap:OtherNoncurrentAssetsMember2020-06-30i:entityi:investment0001525773i:HorizonsSatelliteHoldingsMember2020-01-012020-06-300001525773i:HorizonsSatelliteHoldingsMember2019-12-310001525773i:HorizonsSatelliteHoldingsMember2020-06-300001525773i:Horizons3SatelliteLlcMember2020-06-300001525773i:Horizons3SatelliteLlcMember2020-01-012020-06-300001525773i:Horizons3SatelliteLlcMember2019-12-310001525773i:Horizons3SatelliteLlcMemberi:NetAssetsMember2019-12-310001525773i:Horizons3SatelliteLlcMemberi:NetAssetsMember2020-06-300001525773i:Horizons3SatelliteLlcMember2019-01-012019-12-310001525773i:Horizons3SatelliteLlcMemberus-gaap:EquityMethodInvesteeMember2019-04-012019-06-300001525773i:Horizons3SatelliteLlcMemberus-gaap:EquityMethodInvesteeMember2020-04-012020-06-300001525773i:Horizons3SatelliteLlcMemberus-gaap:EquityMethodInvesteeMember2019-01-012019-06-300001525773i:Horizons3SatelliteLlcMemberus-gaap:EquityMethodInvesteeMember2020-01-012020-06-300001525773i:Horizons3SatelliteLlcMemberus-gaap:EquityMethodInvesteeMember2020-06-300001525773i:Horizons3SatelliteLlcMemberus-gaap:EquityMethodInvesteeMember2019-12-31i:companyi:reportingUnit0001525773i:OrbitalLocationsMember2019-12-310001525773i:OrbitalLocationsMember2020-06-300001525773us-gaap:TradeNamesMember2019-12-310001525773us-gaap:TradeNamesMember2020-06-300001525773us-gaap:OrderOrProductionBacklogMember2019-12-310001525773us-gaap:OrderOrProductionBacklogMember2020-06-300001525773us-gaap:CustomerRelationshipsMember2019-12-310001525773us-gaap:CustomerRelationshipsMember2020-06-300001525773i:IntelsatS.AMemberi:ConvertibleSeniorNotesDueJune2025Memberus-gaap:ConvertibleDebtMember2019-12-310001525773i:IntelsatS.AMemberus-gaap:ConvertibleDebtMember2019-12-310001525773i:IntelsatS.AMemberus-gaap:ConvertibleDebtMember2020-06-300001525773i:SeniorNotesSevenPointSevenFiveZeroPercentDueJuneTwoThousandTwentyOneMemberus-gaap:SeniorNotesMemberi:IntelsatLuxembourgMember2020-06-300001525773i:SeniorNotesSevenPointSevenFiveZeroPercentDueJuneTwoThousandTwentyOneMemberus-gaap:SeniorNotesMemberi:IntelsatLuxembourgMember2019-12-310001525773us-gaap:SeniorNotesMemberi:EightPointOneTwoFiveSeniorNoteDueJuneTwoThousandTwentyThreeMemberi:IntelsatLuxembourgMember2020-06-300001525773us-gaap:SeniorNotesMemberi:EightPointOneTwoFiveSeniorNoteDueJuneTwoThousandTwentyThreeMemberi:IntelsatLuxembourgMember2019-12-310001525773i:TwelvePointFivePercentSeniorNotesDueNovemberTwoThousandTwentyFourMemberus-gaap:SeniorNotesMemberi:IntelsatLuxembourgMember2020-06-300001525773i:TwelvePointFivePercentSeniorNotesDueNovemberTwoThousandTwentyFourMemberus-gaap:SeniorNotesMemberi:IntelsatLuxembourgMember2019-12-310001525773us-gaap:SeniorNotesMemberi:IntelsatLuxembourgMember2019-12-310001525773us-gaap:SeniorNotesMemberi:IntelsatLuxembourgMember2020-06-300001525773i:IntelsatConnectFinanceMemberi:SeniorNotesDueFebruary2023Memberus-gaap:SeniorNotesMember2020-06-300001525773i:IntelsatConnectFinanceMemberi:SeniorNotesDueFebruary2023Memberus-gaap:SeniorNotesMember2019-12-310001525773i:IntelsatConnectFinanceMemberus-gaap:SeniorNotesMember2019-12-310001525773i:IntelsatConnectFinanceMemberus-gaap:SeniorNotesMember2020-06-300001525773i:NinePointFivePercentageSeniorSecuredNotesDueSeptemberTwoThousandTwentyTwoMemberus-gaap:SeniorNotesMemberi:IntelsatJacksonMember2020-06-300001525773i:NinePointFivePercentageSeniorSecuredNotesDueSeptemberTwoThousandTwentyTwoMemberus-gaap:SeniorNotesMemberi:IntelsatJacksonMember2019-12-310001525773i:EightPointZeroZeroPercentageSeniorSecuredNotesDueFebruaryTwoThousandTwentyFourMemberus-gaap:SeniorNotesMemberi:IntelsatJacksonMember2020-06-300001525773i:EightPointZeroZeroPercentageSeniorSecuredNotesDueFebruaryTwoThousandTwentyFourMemberus-gaap:SeniorNotesMemberi:IntelsatJacksonMember2019-12-310001525773i:FivePointFivePercentageNotesDueAugustTwoThousandTwentyThreeMemberus-gaap:SeniorNotesMemberi:IntelsatJacksonMember2020-06-300001525773i:FivePointFivePercentageNotesDueAugustTwoThousandTwentyThreeMemberus-gaap:SeniorNotesMemberi:IntelsatJacksonMember2019-12-310001525773us-gaap:SeniorNotesMemberi:IntelsatJacksonMemberi:NinePointSevenFivePercentSeniorNotesDueJulyTwoThousandTwentyFiveMember2020-06-300001525773us-gaap:SeniorNotesMemberi:IntelsatJacksonMemberi:NinePointSevenFivePercentSeniorNotesDueJulyTwoThousandTwentyFiveMember2019-12-310001525773us-gaap:SeniorNotesMemberi:IntelsatJacksonMemberi:SeniorNotesDueOctober2024Member2020-06-300001525773us-gaap:SeniorNotesMemberi:IntelsatJacksonMemberi:SeniorNotesDueOctober2024Member2019-12-310001525773us-gaap:SecuredDebtMemberi:SeniorSecuredCreditFacilitiesDueNovemberTwoThousandTwentyThreeMemberi:IntelsatJacksonMemberus-gaap:LineOfCreditMember2019-12-310001525773us-gaap:SecuredDebtMemberi:SeniorSecuredCreditFacilitiesDueNovemberTwoThousandTwentyThreeMemberi:IntelsatJacksonMemberus-gaap:LineOfCreditMember2020-06-300001525773us-gaap:SecuredDebtMemberi:IntelsatJacksonMemberi:SeniorSecuredCreditFacilitiesDueJanuary2024Memberus-gaap:LineOfCreditMember2019-12-310001525773us-gaap:SecuredDebtMemberi:IntelsatJacksonMemberi:SeniorSecuredCreditFacilitiesDueJanuary2024Memberus-gaap:LineOfCreditMember2020-06-300001525773us-gaap:SecuredDebtMemberi:IntelsatJacksonMemberi:SeniorSecuredCreditFacilitiesDueJanuary20246.625PercentageMemberus-gaap:LineOfCreditMember2020-06-300001525773us-gaap:SecuredDebtMemberi:IntelsatJacksonMemberi:SeniorSecuredCreditFacilitiesDueJanuary20246.625PercentageMemberus-gaap:LineOfCreditMember2019-12-310001525773i:SuperprioritySecuredDebtorInPossessionCreditFacilitiesDueJuly2021Memberus-gaap:RevolvingCreditFacilityMemberi:IntelsatJacksonMemberus-gaap:LineOfCreditMember2020-06-300001525773i:IntelsatJacksonMember2019-12-310001525773i:IntelsatJacksonMember2020-06-300001525773srt:ConsolidationEliminationsMemberus-gaap:SeniorNotesMemberi:IntelsatJacksonMemberi:EightPointOneTwoFivePercentageSeniorNotesDueJuneTwoThousandAndTwentyThreeMember2020-06-300001525773srt:ConsolidationEliminationsMemberus-gaap:SeniorNotesMemberi:IntelsatJacksonMemberi:EightPointOneTwoFivePercentageSeniorNotesDueJuneTwoThousandAndTwentyThreeMember2019-12-310001525773srt:ConsolidationEliminationsMemberi:TwelvePointFivePercentSeniorNotesDueNovemberTwoThousandTwentyFourMemberus-gaap:SeniorNotesMemberi:IntelsatConnectIntelJacksonAndIntelsatEnvisionMember2020-06-300001525773srt:ConsolidationEliminationsMemberi:TwelvePointFivePercentSeniorNotesDueNovemberTwoThousandTwentyFourMemberus-gaap:SeniorNotesMemberi:IntelsatConnectIntelJacksonAndIntelsatEnvisionMember2019-12-310001525773i:IntelsatConnectFinanceMembersrt:ConsolidationEliminationsMemberus-gaap:SeniorNotesMember2019-12-310001525773i:IntelsatConnectFinanceMembersrt:ConsolidationEliminationsMemberus-gaap:SeniorNotesMember2020-06-300001525773i:SuperprioritySecuredDebtorInPossessionCreditFacilitiesDueJuly2021Memberus-gaap:BaseRateMemberus-gaap:RevolvingCreditFacilityMemberi:IntelsatJacksonMemberus-gaap:LineOfCreditMember2020-06-172020-06-170001525773i:SuperprioritySecuredDebtorInPossessionCreditFacilitiesDueJuly2021Memberus-gaap:RevolvingCreditFacilityMemberi:IntelsatJacksonMemberi:LondonInterbankOfferedRateLIBOROneMonthInterestPeriodMemberus-gaap:LineOfCreditMember2020-06-172020-06-170001525773i:SuperprioritySecuredDebtorInPossessionCreditFacilitiesDueJuly2021Memberus-gaap:RevolvingCreditFacilityMemberi:IntelsatJacksonMemberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:LineOfCreditMember2020-06-172020-06-170001525773i:SuperprioritySecuredDebtorInPossessionCreditFacilitiesDueJuly2021Memberus-gaap:RevolvingCreditFacilityMemberi:IntelsatJacksonMemberus-gaap:LineOfCreditMember2020-06-172020-06-170001525773us-gaap:FederalFundsEffectiveSwapRateMemberi:SuperprioritySecuredDebtorInPossessionCreditFacilitiesDueJuly2021Memberus-gaap:RevolvingCreditFacilityMemberi:IntelsatJacksonMemberus-gaap:LineOfCreditMember2020-06-172020-06-170001525773us-gaap:InterestRateCapMember2019-12-310001525773us-gaap:InterestRateCapMember2020-06-300001525773us-gaap:InterestRateCapMember2019-01-012019-06-300001525773us-gaap:InterestRateCapMember2020-01-012020-06-300001525773i:PreferredStockWarrantMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2019-12-310001525773i:PreferredStockWarrantMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2020-06-300001525773i:CommonStockWarrantMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2019-12-310001525773i:CommonStockWarrantMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2020-06-300001525773us-gaap:InterestRateCapMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2019-12-310001525773us-gaap:InterestRateCapMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2020-06-300001525773us-gaap:NondesignatedMember2019-12-310001525773us-gaap:NondesignatedMember2020-06-300001525773us-gaap:InterestExpenseMemberus-gaap:InterestRateCapMember2019-04-012019-06-300001525773us-gaap:InterestExpenseMemberus-gaap:InterestRateCapMember2020-04-012020-06-300001525773us-gaap:InterestExpenseMemberus-gaap:InterestRateCapMember2019-01-012019-06-300001525773us-gaap:InterestExpenseMemberus-gaap:InterestRateCapMember2020-01-012020-06-300001525773us-gaap:OtherNonoperatingIncomeExpenseMemberi:PreferredStockWarrantMember2019-04-012019-06-300001525773us-gaap:OtherNonoperatingIncomeExpenseMemberi:PreferredStockWarrantMember2020-04-012020-06-300001525773us-gaap:OtherNonoperatingIncomeExpenseMemberi:PreferredStockWarrantMember2019-01-012019-06-300001525773us-gaap:OtherNonoperatingIncomeExpenseMemberi:PreferredStockWarrantMember2020-01-012020-06-3000015257732019-01-012019-03-310001525773i:IntelsatLuxembourgMember2018-12-310001525773i:IntelsatLuxembourgMember2019-01-010001525773us-gaap:SubsequentEventMember2020-07-140001525773i:HorizonsSatelliteHoldingsMember2020-01-012020-06-300001525773i:Horizons3SatelliteLlcMember2020-01-012020-06-300001525773us-gaap:IntersegmentEliminationMemberi:ParentCompanyAndSubsidiariesInDebtorInPossessionFinancingMember2020-04-012020-06-300001525773us-gaap:IntersegmentEliminationMemberi:ParentCompanyAndSubsidiariesInDebtorInPossessionFinancingMember2020-01-012020-06-300001525773i:ParentCompanyAndSubsidiariesInDebtorInPossessionFinancingMember2020-06-300001525773i:ParentCompanyAndSubsidiariesInDebtorInPossessionFinancingMember2020-04-012020-06-300001525773i:ParentCompanyAndSubsidiariesInDebtorInPossessionFinancingMember2020-01-012020-06-300001525773i:ParentCompanyAndSubsidiariesInDebtorInPossessionFinancingMember2019-12-31

____________________________________________________________________________________________________________________________________________________________________________________
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 June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-35878
_____________________________________
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 Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Shares, nominal value $0.01 per share
INTEQ1
OTC Pink Marketplace1

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 August 4, 2020, 142,145,054 common shares of the registrant were outstanding, with a nominal value of $0.01 per share.
1 On May 20, 2020, the New York Stock Exchange (“NYSE”) filed a Form 25 with the U.S. Securities and Exchange Commission to delist the common shares, $0.01 par value, of Intelsat S.A. (the “Registrant”) 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 Act will become effective 90 days after the filing date of the Form 25, at which point the common shares will be deemed registered under Section 12(g) of the Act. The Registrant’s common shares began trading on the OTC Pink Marketplace on May 19, 2020 under the symbol “INTEQ.”
____________________________________________________________________________________________________________________________________________________________________________________
1


TABLE OF CONTENTS
 
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 the new and differentiated capacity of our next generation Intelsat Epic satellites will provide 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 Intelsat Epic fleet 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 new 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 selectively investing, employing a disciplined yield management approach, and emphasizing the development of strong distribution channels for our four primary customer sets will drive stability in our core business; our expectation that developing and scaling our differentiated managed service offerings in targeted verticals, leveraging the global footprint, higher performance and better economics of our Intelsat Epic fleet, 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 ability to incorporate new technologies into our network that could 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 from the increasing demands for mobility services from the U.S. government for aeronautical and ground mobile
3


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 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 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 2020 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, 2019 (the “2019 Annual Report”), as supplemented by the risks discussed in Part II—Item 1A—Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, 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;
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;
litigation; and
other risks discussed in our 2019 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 under Chapter 11 (the “Chapter 11 Cases”) 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;
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;
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;
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;
4


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 debtor-in-possession (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, employees 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, 2019June 30, 2020
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$810,626  $1,091,758  
Restricted cash20,238  19,227  
Receivables, net of allowances of $40,028 in 2019 and $27,578 in 2020
255,722  224,053  
Contract assets47,721  33,546  
Prepaid expenses and other current assets39,230  83,588  
Total current assets1,173,537  1,452,172  
Satellites and other property and equipment, net4,702,063  4,643,723  
Goodwill2,620,627  2,620,627  
Non-amortizable intangible assets2,452,900  2,440,700  
Amortizable intangible assets, net276,752  261,200  
Contract assets, net of current portion74,109  59,799  
Other assets504,394  560,966  
Total assets$11,804,382  $12,039,187  
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities$88,107  $147,880  
Taxes payable6,402  14,393  
Employee related liabilities44,648  31,602  
Accrued interest payable308,657  13,861  
Current portion of long-term debt  5,398,236  
Contract liabilities137,706  130,748  
Deferred satellite performance incentives42,835  36,002  
Other current liabilities62,446  58,269  
Total current liabilities690,801  5,830,991  
Long-term debt14,465,483    
Contract liabilities, net of current portion1,113,450  1,080,175  
Deferred satellite performance incentives, net of current portion175,837  158,937  
Deferred income taxes55,171  75,523  
Accrued retirement benefits, net of current portion125,511  117,244  
Other long-term liabilities166,977  213,042  
Liabilities subject to compromise  10,172,846  
Shareholders’ deficit:
Common shares, nominal value $0.01 per share
1,411  1,421  
Paid-in capital2,565,696  2,569,404  
Accumulated deficit(7,503,830) (8,128,872) 
Accumulated other comprehensive loss(63,135) (61,839) 
Total Intelsat S.A. shareholders’ deficit(4,999,858) (5,619,886) 
Noncontrolling interest11,010  10,315  
Total liabilities and shareholders’ deficit$11,804,382  $12,039,187  
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
June 30, 2019
Three Months Ended
June 30, 2020
Six Months Ended
June 30, 2019
Six Months Ended
June 30, 2020
Revenue$509,407  $482,034  $1,037,856  $940,854  
Operating expenses:
Direct costs of revenue (excluding depreciation and amortization)95,447  106,961  200,852  212,046  
Selling, general and administrative55,855  63,863  107,513  144,829  
Depreciation and amortization163,808  162,614  334,902  325,662  
Satellite impairment loss381,565    381,565    
Impairment of non-amortizable intangible and other assets  34,043    46,243  
Total operating expenses696,675  367,481  1,024,832  728,780  
Income (loss) from operations(187,268) 114,553  13,024  212,074  
Interest expense, net320,680  222,533  637,282  540,862  
Other income (expense), net(28,671) 2,762  (27,259) 5,496  
Reorganization items  (298,691)   (298,691) 
Loss before income taxes(536,619) (403,909) (651,517) (621,983) 
Provision for (benefit from) income taxes(7,507) 818  (2,364) 959  
Net loss(529,112) (404,727) (649,153) (622,942) 
Net income attributable to noncontrolling interest(610) (628) (1,191) (1,184) 
Net loss attributable to Intelsat S.A.$(529,722) $(405,355) $(650,344) $(624,126) 
Net loss per common share attributable to Intelsat S.A.:
Basic$(3.76) $(2.85) $(4.65) $(4.40) 
Diluted$(3.76) $(2.85) $(4.65) $(4.40) 
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
June 30, 2019
Three Months Ended
June 30, 2020
Six Months Ended
June 30, 2019
Six Months Ended
June 30, 2020
Net loss$(529,112) $(404,727) $(649,153) $(622,942) 
Other comprehensive income (loss), net of tax:
Defined benefit retirement plans:
Reclassification adjustment for amortization of unrecognized prior service credits, net of tax included in other income (expense), net(626) (626) (1,252) (1,252) 
Reclassification adjustment for amortization of unrecognized actuarial loss, net of tax included in other income (expense), net735  1,274  1,471  2,548  
Adoption of ASU 2018-02 (see Note 13—Income Taxes)    (16,191)   
Other comprehensive income (loss)109  648  (15,972) 1,296  
Comprehensive loss(529,003) (404,079) (665,125) (621,646) 
Comprehensive income attributable to noncontrolling interest(610) (628) (1,191) (1,184) 
Comprehensive loss attributable to Intelsat S.A.$(529,613) $(404,707) $(666,316) $(622,830) 
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, 2018138.0  $1,380  $2,551,471  $(6,606,426) $(43,430) $(4,097,005) $14,396  
Net income (loss)—  —  —  (120,622) —  (120,622) 580  
Dividends paid to noncontrolling interests—  —  —  —  —  —  (1,925) 
Share-based compensation2.6  26  2,913  —  —  2,939  —  
Postretirement/pension liability adjustment, net of tax—  —  —  —  110  110  —  
Adoption of ASU 2018-02 (see Note 13—Income Taxes)
—  —  —  16,191  (16,191) —  —  
Balance at March 31, 2019140.6  $1,406  $2,554,384  $(6,710,857) $(59,511) $(4,214,578) $13,051  
Net income (loss)—  —  —  (529,722) —  (529,722) 610  
Dividends paid to noncontrolling interests—  —  —  —  —  —  (1,469) 
Share-based compensation0.1  1  3,586  —  —  3,587  —  
Postretirement/pension liability adjustment, net of tax—  —  —  —  109  109  —  
Balance at June 30, 2019140.7  $1,407  $2,557,970  $(7,240,579) $(59,402) $(4,740,604) $12,192  
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, 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 (see Note 1—General)
—  —  —  (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  
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)
Six Months Ended
June 30, 2019
Six Months Ended
June 30, 2020
Cash flows from operating activities:
Net loss$(649,153) $(622,942) 
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization334,902  325,662  
Provision for doubtful accounts6,528  29,542  
Foreign currency transaction loss786  6,927  
Loss on disposal of assets171    
Satellite impairment loss381,565    
Impairment of non-amortizable intangible and other assets  46,243  
Share-based compensation6,291  6,480  
Deferred income taxes(5,113) 5,631  
Amortization of discount, premium, issuance costs and related costs20,353  17,277  
Non-cash reorganization items  196,974  
Debtor-in-possession financing fees  52,182  
Amortization of actuarial loss and prior service credits for retirement benefits224  1,317  
Unrealized losses on derivative financial instruments19,479  349  
Unrealized losses on investments and loans held-for-investment32,869  738  
Sales-type lease7,064    
Other non-cash items(109)   
Changes in operating assets and liabilities:
Receivables10,170  1,266  
Prepaid expenses, contract and other assets(8,907) (28,086) 
Accounts payable and accrued liabilities(1,458) 27,539  
Accrued interest payable(815) 48,775  
Contract liabilities(16,593) (40,365) 
Accrued retirement benefits(7,130) (8,267) 
Other long-term liabilities2,441  (12,748) 
Net cash provided by operating activities133,565  54,494  
Cash flows from investing activities:
Payments for satellites and other property and equipment (including capitalized interest)(158,504) (199,892) 
Origination of loans held-for-investment(13,424) (1,150) 
Proceeds from loans held-for-investment  724  
Capital contribution to unconsolidated affiliate (including capitalized interest)(338) (2,692) 
Other proceeds from satellites3,750  5,625  
Net cash used in investing activities(168,516) (197,385) 
Cash flows from financing activities:
Proceeds from issuance of long-term debt400,000    
Debt issuance costs(4,612)   
Proceeds from debtor-in-possession financing  500,000  
Debtor-in-possession financing fees  (52,182) 
Principal payments on deferred satellite performance incentives(15,195) (19,195) 
Dividends paid to noncontrolling interest(3,394) (1,879) 
Proceeds from exercise of employee stock options235    
Other financing activities296    
Net cash provided by financing activities377,330  426,744  
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1,363) (3,732)