ENGLEWOOD, Colo., Aug. 9, 2024 /PRNewswire/ -- EchoStar Corporation
(NASDAQ: SATS) announced its financial results for the three and
six months ended June 30, 2024.
Six Months Ended June 30,
2024:
- EchoStar reported total revenue of $7.97
billion for the six months ending June 30, 2024, compared to $8.74 billion in the year ago period.
- Net loss attributable to EchoStar in the first two quarters of
2024 was $312.97 million, compared to
net income of $466.20 million in the
year ago period. Diluted loss per share was $1.15, compared to earnings per share of
$1.51 in the year ago period.
- Consolidated OIBDA totaled $912.31
million for the six months ending June 30, 2024, compared to $1.32 billion in the year ago period. (See
OIBDA definition and non-GAAP reconciliation below.)
"The EchoStar team continued to perform as planned in the second
quarter of 2024. We directed efforts on aligning key business
synergies and objectives, focusing on profitable customer
acquisition and retention efforts, and making improvements in our
go-to-market approach for Retail Wireless," said Hamid Akhavan, president and CEO, EchoStar
Corporation. "In addition, we are in constructive discussions to
address necessary financing, working to strengthen our consumer
offerings and value propositions, enhancing our state-of-the-art
Open RAN network, and driving profitability across the
enterprise."
Three Months Ended June 30,
2024:
- Net Pay-TV subscribers decreased approximately 104,000 in the
second quarter, compared to 294,000 in the year ago quarter. The
company closed the quarter with 8.07 million Pay-TV subscribers
including 6.07 million DISH TV subscribers and 2.00 million SLING
TV subscribers. This change in net Pay-TV subscriber losses
resulted from SLING TV subscriber additions in the second quarter
compared to losses in the year ago quarter and a decrease in net
DISH TV subscriber losses due to a lower DISH TV churn rate, offset
by lower gross new DISH TV subscriber activations.
- Retail Wireless net subscribers decreased by approximately
16,000 in the second quarter, compared to 188,000 in the year ago
quarter. The company closed the quarter with 7.28 million Retail
Wireless subscribers. The decrease in net retail wireless
subscriber losses resulted from a lower retail wireless churn rate,
offset by lower gross new retail wireless
subscriber activations. The second quarter was negatively
impacted by net losses of government subsidized subscribers,
including Affordable Connectivity Program ("ACP") subscribers,
compared to net additions in the year ago quarter, primarily due to
the ACP program funding concluding on June 1, 2024. Excluding the impact of net losses
of government subsidized subscribers EchoStar added approximately
32,000 Retail Wireless subscribers in the second quarter.
- Broadband net subscribers decreased by approximately 23,000 in
the second quarter, compared to 55,000 in the year ago quarter. The
company closed the quarter with 955,000 Broadband subscribers. The
net broadband subscriber loss improvement was primarily due to the
new EchoStar XXIV satellite service launch and increased
subscriber demand for our new satellite service plans.
Set forth below is a table highlighting certain of EchoStar's
segment results for the three and six months ended June 30, 2024 and 2023 (all U.S. GAAP amounts
reference results from operations):
|
|
|
|
For the Three Months
Ended
June 30,
|
|
For the Six Months
Ended
June 30,
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
(in
thousands)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Pay-TV
|
|
|
|
$ 2,676,284
|
|
$ 2,975,140
|
|
$ 5,402,862
|
|
$ 5,947,271
|
|
Retail
Wireless
|
|
|
891,531
|
|
928,241
|
|
1,797,381
|
|
1,903,107
|
|
5G Network
Deployment
|
|
35,514
|
|
19,079
|
|
65,018
|
|
37,986
|
|
Broadband and Satellite
Services
|
394,011
|
|
453,110
|
|
776,597
|
|
892,706
|
|
All Other &
Eliminations
|
|
(44,589)
|
|
(19,108)
|
|
(74,264)
|
|
(36,942)
|
|
Total
|
|
|
$ 3,952,751
|
|
$ 4,356,462
|
|
$ 7,967,594
|
|
$ 8,744,128
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss)
attributable to EchoStar
|
$
(205,591)
|
|
$
212,662
|
|
$
(312,967)
|
|
$
466,196
|
|
|
|
|
|
|
|
|
|
|
|
|
OIBDA
|
|
|
|
|
|
|
|
|
|
|
|
Pay-TV
|
|
|
|
$
753,001
|
|
$
818,265
|
|
$ 1,508,511
|
|
$ 1,596,073
|
|
Retail
Wireless
|
|
|
(65,995)
|
|
(59,296)
|
|
(83,513)
|
|
(24,658)
|
|
5G Network
Deployment
|
|
(313,018)
|
|
(278,475)
|
|
(646,582)
|
|
(514,451)
|
|
Broadband and Satellite
Services
|
82,392
|
|
149,559
|
|
161,679
|
|
280,382
|
|
All Other &
Eliminations
|
|
(14,224)
|
|
(7,191)
|
|
(27,783)
|
|
(13,392)
|
|
Total
|
|
|
$
442,156
|
|
$
622,862
|
|
$
912,312
|
|
$ 1,323,954
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of
property and equipment, net of refunds (including capitalized
interest related to regulatory authorizations)
|
|
|
|
|
|
Pay-TV
|
|
|
|
$
54,006
|
|
$
67,630
|
|
$
111,918
|
|
$
103,193
|
|
Retail
Wireless
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5G Network
Deployment
|
|
560,468
|
|
1,183,891
|
|
1,109,641
|
|
2,054,933
|
|
Broadband and Satellite
Services
|
56,559
|
|
49,016
|
|
127,170
|
|
93,087
|
|
All Other &
Eliminations
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total
|
|
|
|
$
671,033
|
|
$ 1,300,537
|
|
$ 1,348,729
|
|
$ 2,251,213
|
Reconciliation of GAAP to Non-GAAP Measurement:
|
For the Three
Months Ended June 30, 2024
|
|
Pay-TV
|
|
Retail
Wireless
|
|
5G Network
Deployment
|
|
Broadband and
Satellite
Services
|
|
|
|
Consolidated
|
|
Eliminations
|
|
|
(In thousands)
|
|
Segment operating
income (loss)
|
|
$
|
667,752
|
|
$
|
(121,362)
|
|
$
|
(578,940)
|
|
$
|
(34,586)
|
|
$
|
1,767
|
|
$
|
(65,369)
|
|
Depreciation and
amortization
|
|
|
85,249
|
|
|
55,367
|
|
|
265,922
|
|
|
116,978
|
|
|
(15,991)
|
|
|
507,525
|
|
OIBDA
|
|
$
|
753,001
|
|
$
|
(65,995)
|
|
$
|
(313,018)
|
|
$
|
82,392
|
|
$
|
(14,224)
|
|
$
|
442,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended June 30, 2023
|
|
Pay-TV
|
|
Retail
Wireless
|
|
5G Network
Deployment
|
|
Broadband
and
Satellite
Services
|
|
|
|
Consolidated
|
|
Eliminations
|
|
|
|
|
Segment operating
income (loss)
|
|
$
|
720,792
|
|
$
|
(112,499)
|
|
$
|
(401,959)
|
|
$
|
43,847
|
|
$
|
2,048
|
|
$
|
252,229
|
|
Depreciation and
amortization
|
|
|
97,473
|
|
|
53,203
|
|
|
123,484
|
|
|
105,712
|
|
|
(9,239)
|
|
|
370,633
|
|
OIBDA
|
|
$
|
818,265
|
|
$
|
(59,296)
|
|
$
|
(278,475)
|
|
$
|
149,559
|
|
$
|
(7,191)
|
|
$
|
622,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months Ended June 30, 2024
|
|
Pay-TV
|
|
Retail
Wireless
|
|
5G Network
Deployment
|
|
Broadband and
Satellite
Services
|
|
|
|
Consolidated
|
|
Eliminations
|
|
|
|
|
Segment operating
income (loss)
|
|
$
|
1,337,860
|
|
$
|
(195,779)
|
|
$
|
(1,149,691)
|
|
$
|
(74,140)
|
|
$
|
1,137
|
|
$
|
(80,613)
|
|
Depreciation and
amortization
|
|
|
170,651
|
|
|
112,266
|
|
|
503,109
|
|
|
235,819
|
|
|
(28,920)
|
|
|
992,925
|
|
OIBDA
|
|
$
|
1,508,511
|
|
$
|
(83,513)
|
|
$
|
(646,582)
|
|
$
|
161,679
|
|
$
|
(27,783)
|
|
$
|
912,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months Ended June 30, 2023
|
|
Pay-TV
|
|
Retail
Wireless
|
|
5G Network
Deployment
|
|
Broadband
and
Satellite
Services
|
|
|
|
Consolidated
|
|
Eliminations
|
|
|
|
|
Segment operating
income (loss)
|
|
$
|
1,396,025
|
|
$
|
(130,706)
|
|
$
|
(735,562)
|
|
$
|
71,552
|
|
$
|
4,258
|
|
$
|
605,567
|
|
Depreciation and
amortization
|
|
|
200,048
|
|
|
106,048
|
|
|
221,111
|
|
|
208,830
|
|
|
(17,650)
|
|
|
718,387
|
|
OIBDA
|
|
$
|
1,596,073
|
|
$
|
(24,658)
|
|
$
|
(514,451)
|
|
$
|
280,382
|
|
$
|
(13,392)
|
|
$
|
1,323,954
|
Note on Use of Non-GAAP Financial Measures
OIBDA is defined as "Operating income (loss)" plus "Depreciation
and amortization."
OIBDA, which is presented by segment above, is a non-GAAP
measure reconciled to "Operating income (loss)" and does not
purport to be an alternative to operating income (loss) as a
measure of operating performance. We believe this measure is useful
to management, investors and other users of our financial
information in evaluating operating profitability of our business
segments on a more variable cost basis as it excludes the
depreciation and amortization expenses related primarily to capital
expenditures and acquisitions for those business segments, as well
as in evaluating operating performance in relation to our
competitors.
The condensed consolidated financial statements of EchoStar for
the period ended June 30, 2024, are
attached to this press release. Detailed financial data and other
information are available in EchoStar's Form 10-Q for the period
ended June 30, 2024, filed today with
the Securities and Exchange Commission.
EchoStar will host a conference call to discuss its earnings on
Friday, August 9, 2024, at
noon Eastern Time. The conference
call will be broadcast live in listen-only mode on EchoStar's
investor relations website at ir.echostar.com. To attend the
call, please dial: (877) 484-6065 (U.S.) or (201) 689-8846.
When prompted on dial-in, please utilize the conference ID
(13748126) or ask for the "EchoStar Corporation Q2 2024 Earnings
Conference Call." Please dial in at least 10 minutes before the
call to ensure timely participation.
About EchoStar Corporation
EchoStar Corporation (Nasdaq: SATS) is a premier provider of
technology, networking services, television entertainment and
connectivity, offering consumer, enterprise, operator and
government solutions worldwide under its EchoStar®, Boost Mobile®,
Sling TV, DISH TV, Hughes®, HughesNet®, HughesON™, and JUPITER™
brands. In Europe, EchoStar
operates under its EchoStar Mobile Limited subsidiary and in
Australia, the company operates as
EchoStar Global Australia. For more information, visit
www.echostar.com and follow EchoStar on X (Twitter) and
LinkedIn.
Safe Harbor Statement under the US Private Securities
Litigation Reform Act of 1995
This press release may contain statements that are forward
looking, as that term is defined by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's beliefs, as well as assumptions made by, and
information currently available to, management. When used in this
release, the words "believe," "anticipate," "goal," "seek,"
"estimate," "expect," "intend," "project," "continue," "future,"
"will," "would," "can," "may," "plans," and similar expressions and
the use of future dates are intended to identify forward–looking
statements. Although management believes that the expectations
reflected in these forward–looking statements are reasonable, it
can give no assurance that these expectations will prove to have
been correct. You are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date made.
We assume no responsibility for the accuracy of forward-looking
statements or information or for updating forward-looking
information or statements. These statements are subject to certain
risks, uncertainties, and assumptions. See "Risk Factors" in
EchoStar's Annual Report on Form 10-K for the period ended
December 31, 2023, and subsequent
quarterly reports on Form 10-Q as filed with the Securities and
Exchange Commission and in the other documents EchoStar files with
the Securities and Exchange Commission from time to time.
|
|
|
ECHOSTAR
CORPORATION
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
(Dollars in thousands,
except share amounts)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
June
30,
|
|
December
31,
|
|
|
2024
|
|
2023
|
|
Assets
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
419,246
|
|
$
|
1,821,376
|
|
Marketable investment
securities
|
|
|
101,331
|
|
|
623,044
|
|
Trade accounts
receivable, net of allowance for credit losses of $107,498 and
$74,390, respectively
|
|
|
1,052,855
|
|
|
1,122,139
|
|
Inventory
|
|
|
557,257
|
|
|
665,169
|
|
Prepaids and other
assets
|
|
|
642,158
|
|
|
644,005
|
|
Other current
assets
|
|
|
15,019
|
|
|
16,081
|
|
Total current
assets
|
|
|
2,787,866
|
|
|
4,891,814
|
|
|
|
|
|
|
|
|
Noncurrent
Assets:
|
|
|
|
|
|
|
|
Restricted cash, cash
equivalents and marketable investment securities
|
|
|
143,429
|
|
|
118,065
|
|
Property and equipment,
net
|
|
|
9,427,192
|
|
|
9,561,834
|
|
Regulatory
authorizations, net
|
|
|
39,053,041
|
|
|
38,572,980
|
|
Other investments,
net
|
|
|
243,191
|
|
|
314,370
|
|
Operating lease
assets
|
|
|
3,137,306
|
|
|
3,065,448
|
|
Intangible assets,
net
|
|
|
86,992
|
|
|
172,892
|
|
Other noncurrent
assets, net
|
|
|
376,176
|
|
|
411,491
|
|
Total noncurrent
assets
|
|
|
52,467,327
|
|
|
52,217,080
|
|
Total assets
|
|
$
|
55,255,193
|
|
$
|
57,108,894
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity (Deficit)
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Trade accounts
payable
|
|
$
|
655,455
|
|
$
|
774,011
|
|
Deferred revenue and
other
|
|
|
670,439
|
|
|
754,658
|
|
Accrued
programming
|
|
|
1,546,377
|
|
|
1,427,762
|
|
Accrued
interest
|
|
|
289,302
|
|
|
297,678
|
|
Other accrued expenses
and liabilities
|
|
|
1,732,389
|
|
|
1,717,826
|
|
Current portion of
long-term debt and finance lease obligations
|
|
|
2,082,919
|
|
|
3,046,654
|
|
Total current
liabilities
|
|
|
6,976,881
|
|
|
8,018,589
|
|
|
|
|
|
|
|
|
Long-Term
Obligations, Net of Current Portion:
|
|
|
|
|
|
|
|
Long-term debt and
finance lease obligations, net of current portion
|
|
|
19,678,708
|
|
|
19,717,266
|
|
Deferred tax
liabilities, net
|
|
|
4,975,164
|
|
|
5,014,309
|
|
Operating lease
liabilities
|
|
|
3,115,265
|
|
|
3,121,307
|
|
Long-term deferred
revenue and other long-term liabilities
|
|
|
877,224
|
|
|
849,131
|
|
Total long-term
obligations, net of current portion
|
|
|
28,646,361
|
|
|
28,702,013
|
|
Total
liabilities
|
|
|
35,623,242
|
|
|
36,720,602
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
|
—
|
|
|
438,382
|
|
|
|
|
|
|
|
|
Stockholders' Equity
(Deficit):
|
|
|
|
|
|
|
|
Class A common stock,
$0.001 par value, 1,600,000,000 shares authorized,
140,318,473 and 140,153,020 shares issued and outstanding,
respectively
|
|
|
140
|
|
|
140
|
|
Class B common stock,
$0.001 par value, 800,000,000 shares authorized,
131,348,468 shares issued and outstanding
|
|
|
131
|
|
|
131
|
|
Additional paid-in
capital
|
|
|
8,326,880
|
|
|
8,301,979
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(179,126)
|
|
|
(160,056)
|
|
Accumulated earnings
(deficit)
|
|
|
11,425,016
|
|
|
11,737,983
|
|
Total EchoStar
stockholders' equity (deficit)
|
|
|
19,573,041
|
|
|
19,880,177
|
|
Noncontrolling
interests
|
|
|
58,910
|
|
|
69,733
|
|
Total stockholders'
equity (deficit)
|
|
|
19,631,951
|
|
|
19,949,910
|
|
Total liabilities and
stockholders' equity (deficit)
|
|
$
|
55,255,193
|
|
$
|
57,108,894
|
|
|
ECHOSTAR
CORPORATION
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
(Dollars in thousands,
except per share amounts)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended June 30,
|
|
For the Six
Months Ended June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
|
3,742,086
|
|
$
|
4,088,513
|
|
$
|
7,561,755
|
|
$
|
8,269,234
|
|
Equipment sales and
other revenue
|
|
|
210,665
|
|
|
267,949
|
|
|
405,839
|
|
|
474,894
|
|
Total
revenue
|
|
|
3,952,751
|
|
|
4,356,462
|
|
|
7,967,594
|
|
|
8,744,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
(exclusive of depreciation and amortization):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
|
2,507,478
|
|
|
2,391,540
|
|
|
5,064,660
|
|
|
4,854,140
|
|
Cost of sales -
equipment and other
|
|
|
408,093
|
|
|
583,498
|
|
|
771,176
|
|
|
1,103,558
|
|
Selling, general and
administrative expenses
|
|
|
595,024
|
|
|
758,562
|
|
|
1,219,446
|
|
|
1,459,334
|
|
Depreciation and
amortization
|
|
|
507,525
|
|
|
370,633
|
|
|
992,925
|
|
|
718,387
|
|
Impairment of
long-lived assets and goodwill
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,142
|
|
Total costs and
expenses
|
|
|
4,018,120
|
|
|
4,104,233
|
|
|
8,048,207
|
|
|
8,138,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
(65,369)
|
|
|
252,229
|
|
|
(80,613)
|
|
|
605,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
|
13,929
|
|
|
54,308
|
|
|
44,391
|
|
|
122,494
|
|
Interest expense, net
of amounts capitalized
|
|
|
(81,166)
|
|
|
(21,648)
|
|
|
(180,574)
|
|
|
(41,681)
|
|
Other, net
|
|
|
(91,498)
|
|
|
34,068
|
|
|
(117,608)
|
|
|
(693)
|
|
Total other income
(expense)
|
|
|
(158,735)
|
|
|
66,728
|
|
|
(253,791)
|
|
|
80,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
|
(224,104)
|
|
|
318,957
|
|
|
(334,404)
|
|
|
685,687
|
|
Income tax (provision)
benefit, net
|
|
|
16,646
|
|
|
(86,265)
|
|
|
18,571
|
|
|
(180,150)
|
|
Net income
(loss)
|
|
|
(207,458)
|
|
|
232,692
|
|
|
(315,833)
|
|
|
505,537
|
|
Less: Net income (loss)
attributable to noncontrolling interests, net of tax
|
|
|
(1,867)
|
|
|
20,030
|
|
|
(2,866)
|
|
|
39,341
|
|
Net income (loss)
attributable to EchoStar
|
|
$
|
(205,591)
|
|
$
|
212,662
|
|
$
|
(312,967)
|
|
$
|
466,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding - Class A and B common
stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
271,592
|
|
|
270,818
|
|
|
271,555
|
|
|
270,328
|
|
Diluted
|
|
|
271,592
|
|
|
308,375
|
|
|
271,555
|
|
|
307,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Class A and B common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss)
per share attributable to EchoStar
|
|
$
|
(0.76)
|
|
$
|
0.79
|
|
$
|
(1.15)
|
|
$
|
1.72
|
|
Diluted net income
(loss) per share attributable to EchoStar
|
|
$
|
(0.76)
|
|
$
|
0.69
|
|
$
|
(1.15)
|
|
$
|
1.51
|
|
|
|
ECHOSTAR
CORPORATION
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
(In
thousands)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
For the Six
Months Ended June 30,
|
|
|
2024
|
|
2023
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(315,833)
|
|
$
|
505,537
|
|
Adjustments to
reconcile net income (loss) to net cash flows from operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
992,925
|
|
|
718,387
|
|
Impairment of
long-lived assets and goodwill
|
|
|
—
|
|
|
3,142
|
|
Realized and unrealized
losses (gains) on investments, impairments and other
|
|
|
49,312
|
|
|
(31,109)
|
|
Realized and unrealized
losses (gains) on derivatives
|
|
|
—
|
|
|
36,974
|
|
Non-cash, stock-based
compensation
|
|
|
19,693
|
|
|
27,306
|
|
Deferred tax expense
(benefit)
|
|
|
(35,300)
|
|
|
143,754
|
|
Changes in allowance
for credit losses
|
|
|
33,108
|
|
|
1,531
|
|
Change in long-term
deferred revenue and other long-term liabilities
|
|
|
8,139
|
|
|
(3,356)
|
|
Other, net
|
|
|
192,710
|
|
|
67,120
|
|
Changes in current
assets and current liabilities, net
|
|
|
(13,770)
|
|
|
69,820
|
|
Net cash flows from
operating activities
|
|
|
930,984
|
|
|
1,539,106
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
|
|
Purchases of marketable
investment securities
|
|
|
(21,847)
|
|
|
(2,051,128)
|
|
Sales and maturities of
marketable investment securities
|
|
|
501,512
|
|
|
1,917,860
|
|
Purchases of property
and equipment
|
|
|
(866,922)
|
|
|
(1,700,818)
|
|
Refunds and other
receipts of purchases of property and equipment
|
|
|
—
|
|
|
31,371
|
|
Capitalized interest
related to regulatory authorizations
|
|
|
(481,807)
|
|
|
(581,766)
|
|
Proceeds from other
debt investments
|
|
|
—
|
|
|
148,448
|
|
Purchases of regulatory
authorizations, including deposits
|
|
|
(1,104)
|
|
|
(1,771)
|
|
Sale of assets to
CONX
|
|
|
26,719
|
|
|
—
|
|
Other, net
|
|
|
(4,716)
|
|
|
(13,286)
|
|
Net cash flows from
investing activities
|
|
|
(848,165)
|
|
|
(2,251,090)
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
|
Repayment of long-term
debt and finance lease obligations
|
|
|
(52,758)
|
|
|
(53,514)
|
|
Redemption and
repurchases of convertible and senior notes
|
|
|
(951,170)
|
|
|
(1,582,181)
|
|
Proceeds from issuance
of senior notes
|
|
|
—
|
|
|
1,500,000
|
|
Early debt
extinguishment gains (losses) of convertible and senior
notes
|
|
|
—
|
|
|
68,086
|
|
Net proceeds from Class
A common stock options exercised and stock issued under the
Employee Stock
Purchase Plan
|
|
|
1,832
|
|
|
8,297
|
|
Purchase of SNR
Management's ownership interest in SNR HoldCo
|
|
|
(441,998)
|
|
|
—
|
|
Debt issuance costs and
debt (discount) premium
|
|
|
—
|
|
|
21,635
|
|
Other, net
|
|
|
2
|
|
|
(4,710)
|
|
Net cash flows from
financing activities
|
|
|
(1,444,092)
|
|
|
(42,387)
|
|
|
|
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
|
|
(3,701)
|
|
|
3,483
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash, cash equivalents, restricted cash and cash
equivalents
|
|
|
(1,364,974)
|
|
|
(750,888)
|
|
Cash, cash equivalents,
restricted cash and cash equivalents, beginning of
period
|
|
|
1,911,601
|
|
|
2,561,803
|
|
Cash, cash equivalents,
restricted cash and cash equivalents, end of period
|
|
$
|
546,627
|
|
$
|
1,810,915
|
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SOURCE EchoStar Corporation