ENGLEWOOD, Colo., Feb. 27,
2025 /PRNewswire/ -- EchoStar Corporation (NASDAQ:
SATS) announced its financial results for the three and twelve
months ended December 31, 2024.
Twelve Months Ended December 31,
2024:
- EchoStar reported 2024 total revenue of $15.83 billion, compared to $17.02 billion in 2023. The net decrease in
revenue primarily resulted from subscriber declines, most
significantly in its Pay-TV segment.
- Net loss attributable to EchoStar in 2024 was $119.55 million, compared to net loss of
$1.70 billion in 2023. The net loss
in 2024 was positively impacted by a noncash gain totaling
approximately $689 million related to
our debt exchange offer and the resulting debt extinguishment. The
net loss in 2023 was primarily attributable to a noncash impairment
to goodwill totaling approximately $758
million, and an adjustment to the carrying value of the 800
MHz purchase option totaling approximately $1.8 billion. Excluding the tax affected impact
of the noncash adjustments for 2024 and 2023, the 2024 net loss
attributable to EchoStar would have been approximately $664 million and the 2023 net income attributable
to EchoStar would have been approximately $361 million. Diluted loss per share was
$0.44 in 2024, compared to
$6.28 in 2023.
- Consolidated OIBDA totaled $1.63
billion, compared to $1.32
billion in 2023. (See OBIDA definition and non-GAAP
reconciliation below.)
"Overall, we made improvements in all of our lines of business
and achieved our plan of ending the year delivering positive free
cashflow," said Hamid Akhavan, CEO
and president, EchoStar Corporation. "In addition, we had notable
developments in our wireless business. Excluding the impact of ACP,
our efforts resulted in consecutive quarter-over-quarter net
positive subscriber growth since the first quarter of 2024, and
last month the Boost Mobile Network was recognized as the number
one mobile network in New York
City. These are favorable trends we will work to capitalize
on in 2025."
Three Months Ended December 31,
2024:
- Net Pay-TV subscribers decreased approximately 253,000 in the
fourth quarter, compared to a decrease of approximately 314,000 in
the year-ago quarter. The company closed the quarter with 7.78
million Pay-TV subscribers including 5.69 million DISH TV
subscribers and 2.09 million Sling TV subscribers. This change
resulted from the decrease in net DISH TV and net Sling TV
subscriber losses due to lower subscriber disconnects in 2024 as a
result of the company's emphasis on acquiring higher-quality
subscribers.
- Wireless subscribers, excluding Affordable Connectivity Program
(ACP) subscribers, increased approximately 105,000 in the fourth
quarter. The company closed the fourth quarter with 6.995 Wireless
subscribers. On an unadjusted basis Wireless net subscribers
increased by approximately 90,000 in the fourth quarter, compared
to a net decrease of 123,000 in the year-ago quarter. The net
Wireless subscriber additions resulted from a lower Wireless churn
rate and higher gross new Wireless subscriber activations compared
to the year-ago quarter.
- The company closed the fourth quarter with 883,000 Broadband
Satellite subscribers, a decrease of approximately 29,000 in the
fourth quarter, compared to a decrease of 59,000 in the year-ago
quarter. This decrease in net Broadband Satellite subscriber losses
was primarily due to lower subscriber disconnects as a result of
the new EchoStar XXIV (Jupiter 3) satellite service launch.
Set forth below is a table highlighting certain of EchoStar's
segment results for the three and twelve months ended December 31, 2024 and 2023 (all U.S.
GAAP amounts reference results from operations):
|
|
|
|
For the Three Months
Ended
December 31,
|
|
For the Years
Ended
December 31,
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
(in
thousands)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Pay-TV
|
|
|
|
$ 2,667,311
|
|
$
2,816,787
|
|
$
10,688,204
|
|
$
11,571,159
|
|
Wireless
|
|
|
902,853
|
|
907,609
|
|
3,607,983
|
|
3,732,160
|
|
Broadband and Satellite
Services
|
412,482
|
|
449,779
|
|
1,575,788
|
|
1,755,559
|
|
All Other &
Eliminations
|
|
(15,708)
|
|
(11,579)
|
|
(46,459)
|
|
(43,280)
|
|
Total
|
|
|
$ 3,966,938
|
|
$
4,162,596
|
|
$
15,825,516
|
|
$
17,015,598
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss)
attributable to EchoStar
|
$
335,233
|
|
$
(2,029,882)
|
|
$ (119,546)
|
|
$
(1,702,057)
|
|
|
|
|
|
|
|
|
|
|
|
|
OIBDA
|
|
|
|
|
|
|
|
|
|
|
|
Pay-TV
|
|
|
|
$
800,771
|
|
$
809,464
|
|
$ 2,985,285
|
|
$
3,081,102
|
|
Wireless
|
|
|
(501,728)
|
|
(746,741)
|
|
(1,697,023)
|
|
(1,723,924)
|
|
Broadband and Satellite
Services
|
102,690
|
|
(432,686)
|
|
341,895
|
|
(39,347)
|
|
All Other &
Eliminations
|
|
(4,589)
|
|
161
|
|
(4,034)
|
|
2,183
|
|
Total
|
|
|
$
397,144
|
|
$ (369,802)
|
|
$ 1,626,123
|
|
$
1,320,014
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of
property and equipment, net of refunds, (including capitalized
interest related to regulatory authorizations)
|
|
|
|
|
|
Pay-TV
|
|
|
|
$
53,198
|
|
$
75,212
|
|
$
218,473
|
|
$
242,736
|
|
Wireless
|
|
|
559,333
|
|
841,522
|
|
2,065,570
|
|
3,748,624
|
|
Broadband and Satellite
Services
|
40,498
|
|
61,172
|
|
212,581
|
|
233,423
|
|
Total
|
|
|
|
$
653,029
|
|
$
977,906
|
|
$ 2,496,624
|
|
$
4,224,783
|
Reconciliation of GAAP to Non-GAAP Measurement:
|
For the Three
Months Ended December 31, 2024
|
|
Pay-TV
|
|
Wireless
|
|
Broadband and
Satellite
Services
|
|
|
|
Consolidated
|
|
Eliminations
|
|
|
(In thousands)
|
|
Segment operating
income (loss)
|
|
$
|
721,593
|
|
$
|
(772,373)
|
|
$
|
(7,645)
|
|
$
|
(4,265)
|
|
$
|
(62,690)
|
|
Depreciation and
amortization
|
|
|
79,178
|
|
|
270,645
|
|
|
110,335
|
|
|
(324)
|
|
|
459,834
|
|
OIBDA
|
|
$
|
800,771
|
|
$
|
(501,728)
|
|
$
|
102,690
|
|
$
|
(4,589)
|
|
$
|
397,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
income (loss)
|
|
$
|
714,319
|
|
$
|
(1,027,013)
|
|
$
|
(540,152)
|
|
$
|
719
|
|
$
|
(852,127)
|
|
Depreciation and
amortization
|
|
|
95,145
|
|
|
280,272
|
|
|
107,466
|
|
|
(558)
|
|
|
482,325
|
|
OIBDA
|
|
$
|
809,464
|
|
$
|
(746,741)
|
|
$
|
(432,686)
|
|
$
|
161
|
|
$
|
(369,802)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended December 31, 2024
|
|
Pay-TV
|
|
Wireless
|
|
Broadband and
Satellite
Services
|
|
|
|
Consolidated
|
|
Eliminations
|
|
|
(In thousands)
|
|
Segment operating
income (loss)
|
|
$
|
2,647,954
|
|
$
|
(2,831,906)
|
|
$
|
(117,901)
|
|
$
|
(2,217)
|
|
$
|
(304,070)
|
|
Depreciation and
amortization
|
|
|
337,331
|
|
|
1,134,883
|
|
|
459,796
|
|
|
(1,817)
|
|
|
1,930,193
|
|
OIBDA
|
|
$
|
2,985,285
|
|
$
|
(1,697,023)
|
|
$
|
341,895
|
|
$
|
(4,034)
|
|
$
|
1,626,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended December 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
income (loss)
|
|
$
|
2,699,810
|
|
$
|
(2,524,553)
|
|
$
|
(458,609)
|
|
$
|
5,443
|
|
$
|
(277,909)
|
|
Depreciation and
amortization
|
|
|
381,292
|
|
|
800,629
|
|
|
419,262
|
|
|
(3,260)
|
|
|
1,597,923
|
|
OIBDA
|
|
$
|
3,081,102
|
|
$
|
(1,723,924)
|
|
$
|
(39,347)
|
|
$
|
2,183
|
|
$
|
1,320,014
|
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 consolidated financial statements of EchoStar for the
periods ended December 31, 2024, are
attached to this press release. Detailed financial data and other
information are available in EchoStar's Annual Report on Form 10-K
for the period ended December 31,
2024, filed today with the Securities and Exchange
Commission.
EchoStar will host a conference call to discuss its earnings on
Thursday, February 27, 2025, at 11:00
a.m. 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 (13751949) or ask for the
"EchoStar Corporation Q4 and Full Year 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.
©2025 EchoStar. Hughes, HughesNet, DISH, and Boost Mobile are
registered trademarks of one or more affiliate companies of
EchoStar Corp.
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, 2024 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
|
|
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
|
|
(Dollars in thousands,
except share amounts)
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
December
31,
|
|
December
31,
|
|
|
2024
|
|
2023
|
|
Assets
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
4,305,393
|
|
$
|
1,821,376
|
|
Current restricted cash
and cash equivalents
|
|
|
150,898
|
|
|
—
|
|
Marketable investment
securities
|
|
|
1,242,036
|
|
|
623,044
|
|
Trade accounts
receivable, net of allowance for credit losses of $82,628 and
$74,390, respectively
|
|
|
1,198,731
|
|
|
1,122,139
|
|
Inventory
|
|
|
455,197
|
|
|
665,169
|
|
Prepaids and other
assets
|
|
|
655,233
|
|
|
644,005
|
|
Other current
assets
|
|
|
88,255
|
|
|
16,081
|
|
Total current
assets
|
|
|
8,095,743
|
|
|
4,891,814
|
|
|
|
|
|
|
|
|
Noncurrent
Assets:
|
|
|
|
|
|
|
|
Restricted cash, cash
equivalents and marketable investment securities
|
|
|
169,627
|
|
|
118,065
|
|
Property and equipment,
net
|
|
|
9,187,132
|
|
|
9,561,834
|
|
Regulatory
authorizations, net
|
|
|
39,442,166
|
|
|
38,572,980
|
|
Other investments,
net
|
|
|
202,327
|
|
|
314,370
|
|
Operating lease
assets
|
|
|
3,260,768
|
|
|
3,065,448
|
|
Intangible assets,
net
|
|
|
74,939
|
|
|
172,892
|
|
Other noncurrent
assets, net
|
|
|
505,985
|
|
|
411,491
|
|
Total noncurrent
assets
|
|
|
52,842,944
|
|
|
52,217,080
|
|
Total assets
|
|
$
|
60,938,687
|
|
$
|
57,108,894
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity (Deficit)
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Trade accounts
payable
|
|
$
|
740,984
|
|
$
|
774,011
|
|
Deferred revenue and
other
|
|
|
650,940
|
|
|
754,658
|
|
Accrued
programming
|
|
|
1,339,072
|
|
|
1,427,762
|
|
Accrued
interest
|
|
|
352,499
|
|
|
297,678
|
|
Other accrued expenses
and liabilities
|
|
|
1,804,516
|
|
|
1,717,826
|
|
Current portion of
debt, finance lease and other obligations
|
|
|
943,029
|
|
|
3,046,654
|
|
Total current
liabilities
|
|
|
5,831,040
|
|
|
8,018,589
|
|
|
|
|
|
|
|
|
Long-Term
Obligations, Net of Current Portion:
|
|
|
|
|
|
|
|
Long-term debt, finance
lease and other obligations, net of current portion
|
25,660,288
|
|
|
19,717,266
|
|
|
Deferred tax
liabilities, net
|
|
|
4,988,653
|
|
|
5,014,309
|
|
Operating lease
liabilities
|
|
|
3,211,407
|
|
|
3,121,307
|
|
Long-term deferred
revenue and other long-term liabilities
|
|
|
1,002,074
|
|
|
849,131
|
|
Total long-term
obligations, net of current portion
|
|
|
34,862,422
|
|
|
28,702,013
|
|
Total
liabilities
|
|
|
40,693,462
|
|
|
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, 155,048,676 and
140,153,020 shares issued and outstanding, respectively
|
|
|
155
|
|
|
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
|
|
|
8,768,360
|
|
|
8,301,979
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(195,711)
|
|
|
(160,056)
|
|
Accumulated earnings
(deficit)
|
|
|
11,618,437
|
|
|
11,737,983
|
|
Total EchoStar
stockholders' equity (deficit)
|
|
|
20,191,372
|
|
|
19,880,177
|
|
Noncontrolling
interests
|
|
|
53,853
|
|
|
69,733
|
|
Total stockholders'
equity (deficit)
|
|
|
20,245,225
|
|
|
19,949,910
|
|
Total liabilities and
stockholders' equity (deficit)
|
|
$
|
60,938,687
|
|
$
|
57,108,894
|
|
|
ECHOSTAR
CORPORATION
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
(Dollars in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years
Ended December 31,
|
|
|
|
2024
|
|
2023
|
|
2022
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
|
$
|
14,956,126
|
|
$
|
16,145,763
|
|
$
|
17,596,265
|
|
Equipment sales and
other revenue
|
|
|
|
869,390
|
|
|
869,835
|
|
|
1,037,981
|
|
Total
revenue
|
|
|
|
15,825,516
|
|
|
17,015,598
|
|
|
18,634,246
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
(exclusive of depreciation and amortization):
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
|
|
10,135,622
|
|
|
9,510,427
|
|
|
10,111,341
|
|
Cost of sales -
equipment and other
|
|
|
|
1,636,955
|
|
|
2,434,904
|
|
|
2,099,136
|
|
Selling, general and
administrative expenses
|
|
|
|
2,426,816
|
|
|
2,989,154
|
|
|
3,015,325
|
|
Depreciation and
amortization
|
|
|
|
1,930,193
|
|
|
1,597,923
|
|
|
1,174,895
|
|
Impairment of
long-lived assets and goodwill
|
|
|
|
—
|
|
|
761,099
|
|
|
711
|
|
Total costs and
expenses
|
|
|
|
16,129,586
|
|
|
17,293,507
|
|
|
16,401,408
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
|
(304,070)
|
|
|
(277,909)
|
|
|
2,232,838
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
|
|
116,625
|
|
|
207,374
|
|
|
93,240
|
|
Interest expense, net
of amounts capitalized
|
|
|
|
(481,622)
|
|
|
(90,357)
|
|
|
(79,217)
|
|
Other, net
|
|
|
|
593,497
|
|
|
(1,770,792)
|
|
|
1,088,441
|
|
Total other income
(expense)
|
|
|
|
228,500
|
|
|
(1,653,775)
|
|
|
1,102,464
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
|
|
(75,570)
|
|
|
(1,931,684)
|
|
|
3,335,302
|
|
Income tax (provision)
benefit, net
|
|
|
|
(48,945)
|
|
|
296,860
|
|
|
(798,410)
|
|
Net income
(loss)
|
|
|
|
(124,515)
|
|
|
(1,634,824)
|
|
|
2,536,892
|
|
Less: Net income (loss)
attributable to noncontrolling interests, net of tax
|
|
|
|
(4,969)
|
|
|
67,233
|
|
|
59,172
|
|
Net income (loss)
attributable to EchoStar
|
|
|
$
|
(119,546)
|
|
$
|
(1,702,057)
|
|
$
|
2,477,720
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding - Class A and B common
stock:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
274,079
|
|
|
270,842
|
|
|
270,102
|
|
Diluted
|
|
|
|
274,079
|
|
|
270,842
|
|
|
307,733
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Class A and B common stock:
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss)
per share attributable to EchoStar
|
|
|
$
|
(0.44)
|
|
$
|
(6.28)
|
|
$
|
9.17
|
|
Diluted net income
(loss) per share attributable to EchoStar
|
|
|
$
|
(0.44)
|
|
$
|
(6.28)
|
|
$
|
8.05
|
|
|
|
ECHOSTAR
CORPORATION
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years
Ended December 31,
|
|
|
2024
|
|
2023
|
|
2022
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(124,515)
|
|
$
|
(1,634,824)
|
|
$
|
2,536,892
|
|
Adjustments to
reconcile net income (loss) to net cash flows from operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,930,193
|
|
|
1,597,923
|
|
|
1,174,895
|
|
Impairment of
long-lived assets and goodwill
|
|
|
—
|
|
|
761,099
|
|
|
711
|
|
Realized and unrealized
losses (gains) on investments, impairments and other
|
|
|
73,217
|
|
|
(46,888)
|
|
|
(72,371)
|
|
Realized and unrealized
losses (gains) on derivatives
|
|
|
—
|
|
|
1,693,387
|
|
|
(1,015,387)
|
|
Liberty Puerto Rico
Asset Sale losses (gains)
|
|
|
(50,418)
|
|
|
—
|
|
|
—
|
|
EchoStar Exchange
Offers debt extinguishment losses (gains)
|
|
|
(688,661)
|
|
|
—
|
|
|
—
|
|
Non-cash, stock-based
compensation
|
|
|
36,383
|
|
|
51,514
|
|
|
82,994
|
|
Deferred tax expense
(benefit)
|
|
|
28,281
|
|
|
(337,222)
|
|
|
729,587
|
|
Equity in (earnings)
losses of affiliates
|
|
|
73,451
|
|
|
8,099
|
|
|
3,087
|
|
Changes in allowance
for credit losses
|
|
|
8,238
|
|
|
14,600
|
|
|
6,590
|
|
Change in long-term
deferred revenue and other long-term liabilities
|
|
|
12,555
|
|
|
15,825
|
|
|
83,453
|
|
Other, net
|
|
|
183,775
|
|
|
158,284
|
|
|
250,697
|
|
Changes in current
assets and current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Trade accounts
receivable
|
|
|
(171,365)
|
|
|
20,622
|
|
|
(74,812)
|
|
Prepaid and accrued
income taxes
|
|
|
43,430
|
|
|
15,836
|
|
|
(36,115)
|
|
Inventory
|
|
|
189,648
|
|
|
(37,981)
|
|
|
16,200
|
|
Other current
assets
|
|
|
(54,039)
|
|
|
(40,290)
|
|
|
21,737
|
|
Trade accounts
payable
|
|
|
108,982
|
|
|
4,108
|
|
|
90,721
|
|
Deferred revenue and
other
|
|
|
(103,718)
|
|
|
(78,555)
|
|
|
(71,709)
|
|
Accrued programming and
other accrued expenses
|
|
|
(242,740)
|
|
|
267,110
|
|
|
(105,980)
|
|
Net cash flows from
operating activities
|
|
|
1,252,697
|
|
|
2,432,647
|
|
|
3,621,190
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
Purchases of marketable
investment securities
|
|
|
(1,253,543)
|
|
|
(2,407,546)
|
|
|
(1,965,859)
|
|
Sales and maturities of
marketable investment securities
|
|
|
573,031
|
|
|
3,710,544
|
|
|
4,159,830
|
|
Purchases of property
and equipment
|
|
|
(1,544,877)
|
|
|
(3,100,921)
|
|
|
(3,050,472)
|
|
Refunds and other
receipts of purchases of property and equipment
|
|
|
—
|
|
|
38,611
|
|
|
—
|
|
Capitalized interest
related to regulatory authorizations
|
|
|
(951,747)
|
|
|
(1,162,473)
|
|
|
(984,309)
|
|
Proceeds from other
debt investments
|
|
|
—
|
|
|
148,448
|
|
|
—
|
|
Purchases of regulatory
authorizations, including deposits
|
|
|
(1,104)
|
|
|
(2,009)
|
|
|
(7,206,865)
|
|
Sale of assets to
CONX
|
|
|
26,719
|
|
|
—
|
|
|
—
|
|
Liberty Puerto Rico
Asset Sale
|
|
|
95,435
|
|
|
—
|
|
|
—
|
|
Other, net
|
|
|
7,736
|
|
|
(33,386)
|
|
|
(11,900)
|
|
Net cash flows from
investing activities
|
|
|
(3,048,350)
|
|
|
(2,808,732)
|
|
|
(9,059,575)
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
Repayment of long-term
debt, finance lease and other obligations
|
|
|
(108,961)
|
|
|
(121,981)
|
|
|
(86,229)
|
|
Redemption and
repurchases of convertible and senior notes
|
|
|
(2,933,714)
|
|
|
(1,643,469)
|
|
|
(2,056,821)
|
|
Proceeds from issuance
of senior notes
|
|
|
5,386,000
|
|
|
1,500,000
|
|
|
2,000,000
|
|
Debt issuance costs and
debt (discount) premium
|
|
|
(182,279)
|
|
|
21,635
|
|
|
(51,121)
|
|
Proceeds from issuance
of PIPE Shares
|
|
|
400,000
|
|
|
—
|
|
|
—
|
|
Proceeds from New DISH
DBS Financing
|
|
|
2,500,000
|
|
|
—
|
|
|
—
|
|
Debt issuance costs and
debt (discount) premium from New DISH DBS Financing
|
|
|
(134,510)
|
|
|
—
|
|
|
—
|
|
Early debt
extinguishment gains (losses) of convertible and senior
notes
|
|
|
—
|
|
|
73,024
|
|
|
—
|
|
Net proceeds from Class
A common stock options exercised and stock issued under the
Employee Stock Purchase Plan
|
|
|
4,192
|
|
|
10,598
|
|
|
27,438
|
|
Purchase of SNR
Management's ownership interest in SNR HoldCo
|
|
|
(441,998)
|
|
|
—
|
|
|
—
|
|
Purchase of Northstar
Manager, LLC's ownership interest in Northstar Spectrum
|
|
|
—
|
|
|
(109,432)
|
|
|
—
|
|
Treasury share
repurchase
|
|
|
—
|
|
|
—
|
|
|
(89,303)
|
|
Other, net
|
|
|
(5,153)
|
|
|
(7,496)
|
|
|
(18,413)
|
|
Net cash flows from
financing activities
|
|
|
4,483,577
|
|
|
(277,121)
|
|
|
(274,449)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
|
|
(5,721)
|
|
|
3,004
|
|
|
(2,306)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash, cash equivalents, restricted cash and cash
equivalents
|
|
|
2,682,203
|
|
|
(650,202)
|
|
|
(5,715,140)
|
|
Cash, cash equivalents,
restricted cash and cash equivalents, beginning of
period
|
|
|
1,911,601
|
|
|
2,561,803
|
|
|
8,276,943
|
|
Cash, cash equivalents,
restricted cash and cash equivalents, end of period
|
|
$
|
4,593,804
|
|
$
|
1,911,601
|
|
$
|
2,561,803
|
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SOURCE EchoStar Corporation
