ENGLEWOOD, Colo., Nov. 12,
2024 /PRNewswire/ -- EchoStar Corporation (NASDAQ:
SATS) announced its financial results for the three and nine months
ended September 30, 2024.
Nine Months Ended September 30,
2024:
- EchoStar reported total revenue of $11.86 billion for the nine months ended
September 30, 2024, compared to
$12.85 billion in the year ago
period.
- Net loss attributable to EchoStar in the first three quarters
of 2024 was $454.78 million, compared
to net income of $327.83 million in
the year-ago period. Diluted loss per share was $1.67, compared to earnings per share of
$1.06 in the year-ago period.
- Consolidated OIBDA totaled $1.23
billion for the nine months ended September 30, 2024, compared to $1.69 billion in the year-ago period. (See OIBDA
definition and non-GAAP reconciliation below.)
"The EchoStar team continued to execute against our plan in the
third quarter. Our efforts focused on profitable customer
acquisition and retention, strengthening our consumer offerings and
enhancing our nationwide Open RAN 5G network," said Hamid Akhavan, president and CEO, EchoStar
Corporation. "In addition, we recently announced a series of
transformative transactions that will disrupt the wireless and
pay-TV industries. We secured financing to meet our November debt
maturity and announced an agreement with a group of our convertible
note holders. This last transaction provides approximately
$5.2 billion in additional financing
and extends payment terms for the existing convertible notes
tendered. In addition, we agreed to sell our pay-TV business to
DIRECTV, subject to successful completion of an ongoing exchange
and other closing conditions."
Three Months Ended September 30,
2024:
- Net Pay-TV subscribers decreased approximately 43,000 in the
third quarter, compared to a decrease of 64,000 in the year-ago
quarter. Sling TV subscribers increased 145,000 in the third
quarter, compared to a 117,000 increase in the year-ago quarter.
The company closed the third quarter with 8.03 million Pay-TV
subscribers including 5.89 million DISH TV subscribers and 2.14
million SLING TV subscribers. This decrease in net Pay-TV
subscriber losses resulted from higher net SLING TV subscriber
additions in the third quarter compared to the year-ago quarter and
a lower DISH TV churn rate, offset by lower gross new DISH TV
subscriber activations.
- Retail Wireless subscribers, excluding Affordable Connectivity
Program ("ACP") subscribers, increased approximately 62,000 in the
third quarter. The company closed the third quarter with 6.98
million Retail Wireless subscribers. Retail Wireless net
subscribers decreased by approximately 297,000 in the third
quarter, compared to a decrease of 225,000 in the year-ago quarter.
The increase in net retail wireless subscriber losses resulted from
net losses of government subsidized subscribers, including ACP
subscribers, compared to net additions in the year ago quarter,
primarily due to the ACP program funding concluding on June 1, 2024. The third quarter was positively
impacted by a lower retail wireless churn rate.
- The company closed the third quarter with 912,000 Broadband
Satellite subscribers, a decrease of approximately 43,000 in the
quarter, compared to 59,000 in the year-ago quarter. The decrease
in net Broadband Satellite subscriber losses was primarily due to
the new EchoStar XXIV (Jupiter 3) satellite service launch and
increased subscriber demand for our new satellite service plans.
The third quarter was negatively impacted by the ACP program
funding concluding on June 1,
2024.
Set forth below is a table highlighting certain of EchoStar's
segment results for the three and nine months ended September 30, 2024 and 2023 (all U.S. GAAP
amounts reference results from operations):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
September 30,
|
|
For the Nine Months
Ended
September 30,
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
(in
thousands)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Pay-TV
|
|
|
|
$ 2,618,031
|
|
$
2,807,101
|
|
$ 8,020,893
|
|
$
8,754,372
|
|
Retail
Wireless
|
|
|
895,949
|
|
890,980
|
|
2,693,330
|
|
2,794,087
|
|
5G Network
Deployment
|
|
43,227
|
|
29,916
|
|
108,245
|
|
67,902
|
|
Broadband and Satellite
Services
|
386,709
|
|
413,073
|
|
1,163,306
|
|
1,305,779
|
|
All Other &
Eliminations
|
|
(52,932)
|
|
(32,196)
|
|
(127,196)
|
|
(69,138)
|
|
Total
|
|
|
$ 3,890,984
|
|
$
4,108,874
|
|
$
11,858,578
|
|
$
12,853,002
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss)
attributable to EchoStar
|
$ (141,812)
|
|
$ (138,371)
|
|
$ (454,779)
|
|
$
327,825
|
|
|
|
|
|
|
|
|
|
|
|
|
OIBDA
|
|
|
|
|
|
|
|
|
|
|
|
Pay-TV
|
|
|
|
$
676,003
|
|
$
675,565
|
|
$ 2,184,514
|
|
$
2,271,638
|
|
Retail
Wireless
|
|
|
(90,755)
|
|
(105,617)
|
|
(174,268)
|
|
(130,275)
|
|
5G Network
Deployment
|
|
(330,737)
|
|
(299,146)
|
|
(977,319)
|
|
(813,597)
|
|
Broadband and Satellite
Services
|
77,526
|
|
112,957
|
|
239,205
|
|
393,339
|
|
All Other &
Eliminations
|
|
(15,370)
|
|
(17,897)
|
|
(43,153)
|
|
(31,289)
|
|
Total
|
|
|
$
316,667
|
|
$
365,862
|
|
$ 1,228,979
|
|
$
1,689,816
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of
property and equipment, net of refunds, (including capitalized
interest related to regulatory authorizations)
|
|
|
|
|
|
Pay-TV
|
|
|
|
$
53,357
|
|
$
64,331
|
|
$
165,275
|
|
$
167,524
|
|
5G Network
Deployment
|
|
396,596
|
|
852,169
|
|
1,506,237
|
|
2,907,102
|
|
Broadband and Satellite
Services
|
44,913
|
|
79,164
|
|
172,083
|
|
172,251
|
|
Total
|
|
|
$
494,866
|
|
$
995,664
|
|
$ 1,843,595
|
|
$
3,246,877
|
Reconciliation of GAAP to Non-GAAP Measurement:
|
For the Three
Months
Ended September 30, 2024
|
|
Pay-TV
|
|
Retail
Wireless
|
|
5G Network
Deployment
|
|
Broadband and
Satellite Services
|
|
|
|
Consolidated
|
|
Eliminations
|
|
|
(In thousands)
|
|
Segment operating
income (loss)
|
|
$
|
588,501
|
|
$
|
(113,792)
|
|
$
|
(600,270)
|
|
$
|
(36,116)
|
|
$
|
910
|
|
$
|
(160,767)
|
|
Depreciation and
amortization
|
|
|
87,502
|
|
|
23,037
|
|
|
269,533
|
|
|
113,642
|
|
|
(16,280)
|
|
|
477,434
|
|
OIBDA
|
|
$
|
676,003
|
|
$
|
(90,755)
|
|
$
|
(330,737)
|
|
$
|
77,526
|
|
$
|
(15,370)
|
|
$
|
316,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months
Ended September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
income (loss)
|
|
$
|
589,465
|
|
$
|
(168,166)
|
|
$
|
(463,105)
|
|
$
|
9,991
|
|
$
|
466
|
|
$
|
(31,349)
|
|
Depreciation and
amortization
|
|
|
86,100
|
|
|
62,549
|
|
|
163,959
|
|
|
102,966
|
|
|
(18,363)
|
|
|
397,211
|
|
OIBDA
|
|
$
|
675,565
|
|
$
|
(105,617)
|
|
$
|
(299,146)
|
|
$
|
112,957
|
|
$
|
(17,897)
|
|
$
|
365,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
September 30, 2024
|
|
Pay-TV
|
|
Retail
Wireless
|
|
5G Network
Deployment
|
|
Broadband and
Satellite Services
|
|
|
|
Consolidated
|
|
Eliminations
|
|
|
(In thousands)
|
|
Segment operating
income (loss)
|
|
$
|
1,926,361
|
|
$
|
(309,571)
|
|
$
|
(1,749,961)
|
|
$
|
(110,256)
|
|
$
|
2,047
|
|
$
|
(241,380)
|
|
Depreciation and
amortization
|
|
|
258,153
|
|
|
135,303
|
|
|
772,642
|
|
|
349,461
|
|
|
(45,200)
|
|
|
1,470,359
|
|
OIBDA
|
|
$
|
2,184,514
|
|
$
|
(174,268)
|
|
$
|
(977,319)
|
|
$
|
239,205
|
|
$
|
(43,153)
|
|
$
|
1,228,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
September 30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
income (loss)
|
|
$
|
1,985,490
|
|
$
|
(298,872)
|
|
$
|
(1,198,667)
|
|
$
|
81,543
|
|
$
|
4,724
|
|
$
|
574,218
|
|
Depreciation and
amortization
|
|
|
286,148
|
|
|
168,597
|
|
|
385,070
|
|
|
311,796
|
|
|
(36,013)
|
|
|
1,115,598
|
|
OIBDA
|
|
$
|
2,271,638
|
|
$
|
(130,275)
|
|
$
|
(813,597)
|
|
$
|
393,339
|
|
$
|
(31,289)
|
|
$
|
1,689,816
|
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 September 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 September 30, 2024,
filed today with the Securities and Exchange Commission.
EchoStar will host a conference call to discuss its earnings on
Tuesday, November 12, 2024, at
11 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.) and (201) 689-8846. When
prompted on dial-in, please utilize the conference ID (13750022) or
ask for the "EchoStar Corporation Q3 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
|
|
|
September
30,
|
|
December
31,
|
|
|
2024
|
|
2023
|
|
Assets
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
622,608
|
|
$
|
1,821,376
|
|
Current restricted cash
and cash equivalents
|
|
|
2,047,489
|
|
|
—
|
|
Marketable investment
securities
|
|
|
51,792
|
|
|
623,044
|
|
Trade accounts
receivable, net of allowance for credit losses of $82,427 and
$74,390, respectively
|
|
|
1,099,545
|
|
|
1,122,139
|
|
Inventory
|
|
|
441,683
|
|
|
665,169
|
|
Prepaids and other
assets
|
|
|
649,802
|
|
|
644,005
|
|
Other current
assets
|
|
|
87,458
|
|
|
16,081
|
|
Total current
assets
|
|
|
5,000,377
|
|
|
4,891,814
|
|
|
|
|
|
|
|
|
Noncurrent
Assets:
|
|
|
|
|
|
|
|
Restricted cash, cash
equivalents and marketable investment securities
|
|
|
156,323
|
|
|
118,065
|
|
Property and equipment,
net
|
|
|
9,287,726
|
|
|
9,561,834
|
|
Regulatory
authorizations, net
|
|
|
39,156,029
|
|
|
38,572,980
|
|
Other investments,
net
|
|
|
216,139
|
|
|
314,370
|
|
Operating lease
assets
|
|
|
3,158,548
|
|
|
3,065,448
|
|
Intangible assets,
net
|
|
|
79,078
|
|
|
172,892
|
|
Other noncurrent
assets, net
|
|
|
493,157
|
|
|
411,491
|
|
Total noncurrent
assets
|
|
|
52,547,000
|
|
|
52,217,080
|
|
Total assets
|
|
$
|
57,547,377
|
|
$
|
57,108,894
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity (Deficit)
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Trade accounts
payable
|
|
$
|
707,476
|
|
$
|
774,011
|
|
Deferred revenue and
other
|
|
|
645,719
|
|
|
754,658
|
|
Accrued
programming
|
|
|
1,499,375
|
|
|
1,427,762
|
|
Accrued
interest
|
|
|
406,619
|
|
|
297,678
|
|
Other accrued expenses
and liabilities
|
|
|
1,699,434
|
|
|
1,717,826
|
|
Current portion of
debt, finance lease and other obligations
|
|
|
2,520,297
|
|
|
3,046,654
|
|
Total current
liabilities
|
|
|
7,478,920
|
|
|
8,018,589
|
|
|
|
|
|
|
|
|
Long-Term
Obligations, Net of Current Portion:
|
|
|
|
|
|
|
|
Long-term debt, finance
lease and other obligations, net of current portion
|
21,557,251
|
|
|
19,717,266
|
|
|
Deferred tax
liabilities, net
|
|
|
4,926,162
|
|
|
5,014,309
|
|
Operating lease
liabilities
|
|
|
3,125,819
|
|
|
3,121,307
|
|
Long-term deferred
revenue and other long-term liabilities
|
|
|
958,931
|
|
|
849,131
|
|
Total long-term
obligations, net of current portion
|
|
|
30,568,163
|
|
|
28,702,013
|
|
Total
liabilities
|
|
|
38,047,083
|
|
|
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,
140,480,742 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
|
|
|
8,337,211
|
|
|
8,301,979
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(177,764)
|
|
|
(160,056)
|
|
Accumulated earnings
(deficit)
|
|
|
11,283,204
|
|
|
11,737,983
|
|
Total EchoStar
stockholders' equity (deficit)
|
|
|
19,442,922
|
|
|
19,880,177
|
|
Noncontrolling
interests
|
|
|
57,372
|
|
|
69,733
|
|
Total stockholders'
equity (deficit)
|
|
|
19,500,294
|
|
|
19,949,910
|
|
Total liabilities and
stockholders' equity (deficit)
|
|
$
|
57,547,377
|
|
$
|
57,108,894
|
|
|
ECHOSTAR
CORPORATION
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
(Dollars in thousands,
except per share amounts)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months
Ended September 30,
|
|
For the Nine
Months
Ended September 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
|
3,671,674
|
|
$
|
3,942,308
|
|
$
|
11,233,429
|
|
$
|
12,211,542
|
|
Equipment sales and
other revenue
|
|
|
219,310
|
|
|
166,566
|
|
|
625,149
|
|
|
641,460
|
|
Total
revenue
|
|
|
3,890,984
|
|
|
4,108,874
|
|
|
11,858,578
|
|
|
12,853,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses
(exclusive of depreciation and amortization):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
|
2,538,149
|
|
|
2,368,621
|
|
|
7,602,809
|
|
|
7,222,761
|
|
Cost of sales -
equipment and other
|
|
|
393,024
|
|
|
612,378
|
|
|
1,164,200
|
|
|
1,715,936
|
|
Selling, general and
administrative expenses
|
|
|
643,144
|
|
|
762,013
|
|
|
1,862,590
|
|
|
2,221,347
|
|
Depreciation and
amortization
|
|
|
477,434
|
|
|
397,211
|
|
|
1,470,359
|
|
|
1,115,598
|
|
Impairment of
long-lived assets and goodwill
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,142
|
|
Total costs and
expenses
|
|
|
4,051,751
|
|
|
4,140,223
|
|
|
12,099,958
|
|
|
12,278,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
(160,767)
|
|
|
(31,349)
|
|
|
(241,380)
|
|
|
574,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
|
11,200
|
|
|
43,915
|
|
|
55,591
|
|
|
166,409
|
|
Interest expense, net
of amounts capitalized
|
|
|
(81,503)
|
|
|
(21,795)
|
|
|
(262,077)
|
|
|
(63,476)
|
|
Other, net
|
|
|
52,107
|
|
|
(168,947)
|
|
|
(65,501)
|
|
|
(169,640)
|
|
Total other income
(expense)
|
|
|
(18,196)
|
|
|
(146,827)
|
|
|
(271,987)
|
|
|
(66,707)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
|
(178,963)
|
|
|
(178,176)
|
|
|
(513,367)
|
|
|
507,511
|
|
Income tax (provision)
benefit, net
|
|
|
35,162
|
|
|
59,439
|
|
|
53,733
|
|
|
(120,711)
|
|
Net income
(loss)
|
|
|
(143,801)
|
|
|
(118,737)
|
|
|
(459,634)
|
|
|
386,800
|
|
Less: Net income (loss)
attributable to noncontrolling interests, net of tax
|
|
|
(1,989)
|
|
|
19,634
|
|
|
(4,855)
|
|
|
58,975
|
|
Net income (loss)
attributable to EchoStar
|
|
$
|
(141,812)
|
|
$
|
(138,371)
|
|
$
|
(454,779)
|
|
$
|
327,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding - Class A and B common
stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
271,736
|
|
|
271,245
|
|
|
271,616
|
|
|
270,637
|
|
Diluted
|
|
|
271,736
|
|
|
271,245
|
|
|
271,616
|
|
|
308,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Class A and B common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss)
per share attributable to EchoStar
|
|
$
|
(0.52)
|
|
$
|
(0.51)
|
|
$
|
(1.67)
|
|
$
|
1.21
|
|
Diluted net income
(loss) per share attributable to EchoStar
|
|
$
|
(0.52)
|
|
$
|
(0.51)
|
|
$
|
(1.67)
|
|
$
|
1.06
|
|
|
|
ECHOSTAR
CORPORATION
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
(In
thousands)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended September 30,
|
|
|
2024
|
|
2023
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(459,634)
|
|
$
|
386,800
|
|
Adjustments to
reconcile net income (loss) to net cash flows from operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,470,359
|
|
|
1,115,598
|
|
Impairment of
long-lived assets and goodwill
|
|
|
—
|
|
|
3,142
|
|
Realized and unrealized
losses (gains) on investments, impairments and other
|
|
|
41,929
|
|
|
(24,866)
|
|
Realized and unrealized
losses (gains) on derivatives
|
|
|
—
|
|
|
192,107
|
|
Liberty Puerto Rico
Asset Sale losses (gains)
|
|
|
(50,418)
|
|
|
—
|
|
Non-cash, stock-based
compensation
|
|
|
28,298
|
|
|
37,729
|
|
Deferred tax expense
(benefit)
|
|
|
(85,300)
|
|
|
103,614
|
|
Equity in (earnings)
losses of affiliates
|
|
|
74,459
|
|
|
6,671
|
|
Changes in allowance
for credit losses
|
|
|
8,037
|
|
|
8,638
|
|
Change in long-term
deferred revenue and other long-term liabilities
|
|
|
15,996
|
|
|
9,122
|
|
Other, net
|
|
|
137,700
|
|
|
80,665
|
|
Changes in current
assets and current liabilities, net
|
|
|
25,718
|
|
|
102,330
|
|
Net cash flows from
operating activities
|
|
|
1,207,144
|
|
|
2,021,550
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
|
|
Purchases of marketable
investment securities
|
|
|
(29,166)
|
|
|
(2,384,614)
|
|
Sales and maturities of
marketable investment securities
|
|
|
563,421
|
|
|
3,092,693
|
|
Purchases of property
and equipment
|
|
|
(1,200,606)
|
|
|
(2,533,745)
|
|
Refunds and other
receipts of purchases of property and equipment
|
|
|
—
|
|
|
34,611
|
|
Capitalized interest
related to regulatory authorizations
|
|
|
(642,989)
|
|
|
(747,743)
|
|
Proceeds from other
debt investments
|
|
|
—
|
|
|
148,448
|
|
Purchases of regulatory
authorizations, including deposits
|
|
|
(1,104)
|
|
|
(1,802)
|
|
Sale of assets to
CONX
|
|
|
26,719
|
|
|
—
|
|
Liberty Puerto Rico
Asset Sale
|
|
|
95,435
|
|
|
—
|
|
Other, net
|
|
|
10,892
|
|
|
(17,258)
|
|
Net cash flows from
investing activities
|
|
|
(1,177,398)
|
|
|
(2,409,410)
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
|
Repayment of long-term
debt, finance lease and other obligations
|
|
|
(101,197)
|
|
|
(98,933)
|
|
Redemption and
repurchases of convertible and senior notes
|
|
|
(951,170)
|
|
|
(1,634,084)
|
|
Proceeds from issuance
of senior notes
|
|
|
—
|
|
|
1,500,000
|
|
Debt issuance costs and
debt (discount) premium
|
|
|
—
|
|
|
21,635
|
|
Proceeds from New DISH
DBS Financing
|
|
|
2,500,000
|
|
|
—
|
|
Debt issuance costs and
debt (discount) premium from New DISH DBS Financing
|
|
|
(136,208)
|
|
|
—
|
|
Early debt
extinguishment gains (losses) of convertible and senior
notes
|
|
|
—
|
|
|
72,566
|
|
Net proceeds from Class
A common stock options exercised and stock issued under the
Employee Stock Purchase Plan
|
|
|
4,347
|
|
|
11,570
|
|
Purchase of SNR
Management's ownership interest in SNR HoldCo
|
|
|
(441,998)
|
|
|
—
|
|
Other, net
|
|
|
(4,185)
|
|
|
(5,997)
|
|
Net cash flows from
financing activities
|
|
|
869,589
|
|
|
(133,243)
|
|
|
|
|
|
|
|
|
Effect of exchange
rates on cash and cash equivalents
|
|
|
(3,458)
|
|
|
1,622
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash, cash equivalents, restricted cash and cash
equivalents
|
|
|
895,877
|
|
|
(519,481)
|
|
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
|
|
$
|
2,807,478
|
|
$
|
2,042,322
|
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SOURCE EchoStar Corporation