Intelsat has reported financial results for 3 months and full year ended December 31, 2018. It reported total revenue of USD 542.8 million and net loss attributable to Intelsat was USD 111.3 million for 3 months ended December 31, 2018. For the year ended December 31, 2018, it reported total revenue of USD 2161.2 million and net loss attributed to Intelsat was USD 599.6 million. Q418 net loss was USD 111 million and 2018 full year net loss attributed was USD 600 million.
The company’s Q418 adjusted EBITDA was USD 418 million or 77 percent of revenue; USD 392 million or 76 percent of revenue excluding effects of ASC 606 and full year 2018 adjusted EBITDA was USD 1668 million or 77 percent of revenue; USD 1565 million or 76 percent of revenue excluding effects of ASC 606. At December 31, 2018, Intelsat’s contracted backlog, representing expected future revenue under existing contracts with customers, was USD 8.1 billion, including approximately USD 1.1 billion attributable to ASC 606. Excluding the effects of ASC 606, contracted backlog was USD 7.1 billion, as compared to USD 7.3 billion at September 30, 2018. On a program-to-date basis, the Intelsat EpicNG satellites have booked USD 1.4 billion in backlog. Intelsat conducted no satellite launches in the Q418. The Intelsat 38 and Horizons 3e satellites launched in September 2018 entered service in January 2019.
Media revenue was USD 231.1 million or 43 percent of Intelsat’s total revenue for 3 months ended December 31, 2018. Excluding the effects of ASC 606, media revenue was USD 214.4 million or 42 percent of Intelsat’s total revenue for 3 months ended December 31, 2018, a decrease of 5 percent compared to 3 months ended December 31, 2017. For the year ended December 31, 2018 media revenue was USD 937.4 million or 43 percent of Intelsat’s total revenue and excluding the effects of ASC 606, media revenue for the full year 2018 was USD 870.8 million or 42 percent of Intelsat’s total revenue, a decrease of 4 percent compared to the year ended December 31, 2017.
For the 2019 financial outlook, the company expects full-year 2019 revenue in a range of USD 2.060 billion to USD 2.120 billion. It has forecasted adjusted EBITDA performance for 2019 to be in a range of USD 1.530 billion to USD 1.580 billion. The company expects over the next several years to be in a cycle of lower required investment, due to the timing of replacement satellites and smaller satellites being built. Capitalized interest is expected to average approximately USD 30 million annually during the guidance period. Intelsat currently has five satellites covered by 2019 to 2021 capital expenditure plan, two of which are in the design and manufacturing phase. For the remaining three satellites, no manufacturing contracts have yet been signed. The company plans for an increased proportion of its CapEx to be invested in ground infrastructure and tools needed to enhance their delivery of managed services. By the conclusion of the guidance period at the end of 2021, the net number of transponder equivalents is expected to increase by a CAGR of approximately 2 percent, reflecting the net activity of satellites entering and leaving service during the guidance period.