Intelsat reports $2bn revenue, but $900m loss 

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Intelsat released its Q4 and full year financials, reporting Q4 revenue of $517 million (€479m) and full year of $2.06 billion.

However, those revenues translated into a Q4 net loss of $115 million and an overall loss for the year of $914 million. Free cashflow was extremely low at just $38.8 million.

Intelsat’s CEO, Steve Spengler, said: “We delivered on our 2019 plan, exceeding our guidance for full-year revenue and Adjusted EBITDA. Our fourth quarter results reflect the contributions of our new satellites as well as growing revenue streams generated by our Flex managed services, benefitting our network services business. Our media business signed a significant new direct-to-home television customer contract in Asia, while the government services business achieved important renewals that will support its stability in 2020.”

Addressed the C-band dilemma, Spengler added: “The draft order issued by the Federal Communications Commission on February 7, 2020 was a major event in the C-band proceeding. Our near-term focus is on improving the draft order proposed by the FCC, obtaining changes that would allow us to quickly clear spectrum to support 5G deployments in the US while protecting the video services on which nearly 120 million American homes rely.”

Intelsat’s revenue numbers were all negative:

  • Q4 Network Services (38 per cent of revenues) down 1 per cent
  • FY Network Services, down 3 per cent
  • Q4 Media (41 per cent of revenues) down 9 per cent
  • FY Media, (43 per cent of revenues) down 6 per cent
  • Q4 Government (19 per cent of revenues) down 2 per cent
  • FY Government (18 per cent of revenues) down 3 per cent

Intelsat’s average fill rate was 78 per cent while its contracted backlog was $7 billion (down from $7.2 billion as at September 30th).


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