Intelsat’s capex-saving measures to increase opex and cut EBITDA starting this year

by Peter B. de Selding

PARIS — The flip side of Intelsat’s lower spending on new satellites will show up in 2019 as higher operating expenses to meet the cost of new capacity that it did not finance up front, and the launch of the first of two satellite in-orbit servicing vehicles.

Intelsat said that these factors, plus its spending on managed services beyond the sale of raw satellite bandwidth and declines in its media and network services business, will combine to reduce Intelsat’s EBITDA margin to around 74% in 2019, compared to 76% in 2018 . . .

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