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Share Name | Share Symbol | Market | Type |
---|---|---|---|
EchoStar Corporation | NASDAQ:SATS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.41 | 2.41% | 17.40 | 16.76 | 17.65 | 17.74 | 17.26 | 17.43 | 1,744,763 | 01:00:00 |
Nevada
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26-1232727
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(State or other jurisdiction of incorporation or organization)
|
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(I.R.S. Employer Identification No.)
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100 Inverness Terrace East, Englewood, Colorado
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80112-5308
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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Emerging growth company
o
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Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended September 30, 2018 and 2017 (unaudited)
|
4
|
|
|
5
|
|
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|
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•
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significant risks related to the construction, launch and operation of our satellites, such as the risk of not being able to timely complete the construction of or material malfunction on one or more of our satellites, risks resulting from potentially missing our regulatory milestones, changes in the space weather environment that could interfere with the operation of our satellites and our general lack of commercial insurance coverage on our satellites;
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•
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our reliance on DISH Network Corporation and its subsidiaries (“DISH Network”) for a significant portion of our revenue;
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•
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our ability to realize the anticipated benefits of our current satellites and any future satellite we may construct or acquire;
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•
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our ability to implement and realize benefits of our domestic and/or international investments, commercial alliances, partnerships, joint ventures, acquisitions and other strategic initiatives;
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•
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the failure of third-party providers of components, manufacturing, installation services and customer support services to appropriately deliver the contracted goods or services;
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•
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our ability to bring advanced technologies to market to keep pace with our customers and competitors; and
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•
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risk related to our foreign operations and other uncertainties associated with doing business internationally, including changes in foreign exchange rates between foreign currencies and the United States (“U.S.”) dollar, economic instability and political disturbances.
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As of
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||||||
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September 30, 2018
|
|
December 31, 2017
|
||||
Assets
|
|
(Unaudited)
|
|
(Audited)
|
||||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
1,597,295
|
|
|
$
|
2,431,456
|
|
Marketable investment securities, at fair value
|
|
1,842,875
|
|
|
814,161
|
|
||
Trade accounts receivable and contract assets, net (Note 3)
|
|
217,524
|
|
|
196,840
|
|
||
Trade accounts receivable - DISH Network
|
|
11,065
|
|
|
43,295
|
|
||
Inventory
|
|
70,061
|
|
|
83,595
|
|
||
Prepaids and deposits
|
|
56,149
|
|
|
54,533
|
|
||
Other current assets
|
|
17,222
|
|
|
91,671
|
|
||
Total current assets
|
|
3,812,191
|
|
|
3,715,551
|
|
||
Noncurrent assets:
|
|
|
|
|
|
|
||
Property and equipment, net
|
|
3,442,537
|
|
|
3,465,471
|
|
||
Regulatory authorizations, net
|
|
525,595
|
|
|
536,936
|
|
||
Goodwill
|
|
504,173
|
|
|
504,173
|
|
||
Other intangible assets, net
|
|
47,912
|
|
|
58,955
|
|
||
Investments in unconsolidated entities
|
|
160,669
|
|
|
161,427
|
|
||
Other receivables - DISH Network
|
|
94,503
|
|
|
92,687
|
|
||
Other noncurrent assets, net
|
|
262,866
|
|
|
214,814
|
|
||
Total noncurrent assets
|
|
5,038,255
|
|
|
5,034,463
|
|
||
Total assets
|
|
$
|
8,850,446
|
|
|
$
|
8,750,014
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
|
||
Trade accounts payable
|
|
$
|
119,235
|
|
|
$
|
108,406
|
|
Trade accounts payable - DISH Network
|
|
1,411
|
|
|
4,753
|
|
||
Current portion of long-term debt and capital lease obligations
|
|
1,030,088
|
|
|
40,631
|
|
||
Contract liabilities
|
|
74,135
|
|
|
65,959
|
|
||
Accrued interest
|
|
57,589
|
|
|
47,616
|
|
||
Accrued compensation
|
|
41,341
|
|
|
47,756
|
|
||
Accrued taxes
|
|
16,681
|
|
|
16,122
|
|
||
Accrued expenses and other
|
|
72,464
|
|
|
82,647
|
|
||
Total current liabilities
|
|
1,412,944
|
|
|
413,890
|
|
||
Noncurrent liabilities:
|
|
|
|
|
|
|
||
Long-term debt and capital lease obligations, net
|
|
2,582,819
|
|
|
3,594,213
|
|
||
Deferred tax liabilities, net
|
|
471,259
|
|
|
436,023
|
|
||
Other noncurrent liabilities
|
|
124,694
|
|
|
128,503
|
|
||
Total noncurrent liabilities
|
|
3,178,772
|
|
|
4,158,739
|
|
||
Total liabilities
|
|
4,591,716
|
|
|
4,572,629
|
|
||
Commitments and contingencies (Note 15)
|
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
|
||
Preferred stock, $.001 par value, 20,000,000 shares authorized, none issued and outstanding at each of September 30, 2018 and December 31, 2017
|
|
—
|
|
|
—
|
|
||
Common stock, $.001 par value, 4,000,000,000 shares authorized:
|
|
|
|
|
|
|
||
Class A common stock, $.001 par value, 1,600,000,000 shares authorized, 54,080,228 shares issued and 48,547,910 shares outstanding at September 30, 2018 and 53,663,859 shares issued and 48,131,541 shares outstanding at December 31, 2017
|
|
54
|
|
|
54
|
|
||
Class B convertible common stock, $.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at each of September 30, 2018 and December 31, 2017
|
|
48
|
|
|
48
|
|
||
Class C convertible common stock, $.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of September 30, 2018 and December 31, 2017
|
|
—
|
|
|
—
|
|
||
Class D common stock, $.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of September 30, 2018 and December 31, 2017
|
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
|
3,694,682
|
|
|
3,669,461
|
|
||
Accumulated other comprehensive loss
|
|
(160,947
|
)
|
|
(130,154
|
)
|
||
Accumulated earnings
|
|
808,330
|
|
|
721,316
|
|
||
Treasury stock, at cost
|
|
(98,162
|
)
|
|
(98,162
|
)
|
||
Total EchoStar Corporation stockholders’ equity
|
|
4,244,005
|
|
|
4,162,563
|
|
||
Other noncontrolling interests
|
|
14,725
|
|
|
14,822
|
|
||
Total stockholders’ equity
|
|
4,258,730
|
|
|
4,177,385
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
8,850,446
|
|
|
$
|
8,750,014
|
|
|
|
For the three months
ended September 30, |
|
For the nine months
ended September 30, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Services and other revenue - DISH Network
|
|
$
|
87,859
|
|
|
$
|
111,135
|
|
|
$
|
291,835
|
|
|
$
|
339,824
|
|
Services and other revenue - other
|
|
388,248
|
|
|
310,973
|
|
|
1,118,733
|
|
|
865,817
|
|
||||
Equipment revenue
|
|
56,846
|
|
|
59,125
|
|
|
150,134
|
|
|
173,819
|
|
||||
Total revenue
|
|
532,953
|
|
|
481,233
|
|
|
1,560,702
|
|
|
1,379,460
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of sales - services and other (exclusive of depreciation and amortization)
|
|
152,011
|
|
|
143,048
|
|
|
451,913
|
|
|
416,463
|
|
||||
Cost of sales - equipment (exclusive of depreciation and amortization)
|
|
46,318
|
|
|
47,644
|
|
|
127,254
|
|
|
141,839
|
|
||||
Selling, general and administrative expenses
|
|
107,490
|
|
|
91,003
|
|
|
313,839
|
|
|
263,820
|
|
||||
Research and development expenses
|
|
6,544
|
|
|
8,302
|
|
|
20,328
|
|
|
23,444
|
|
||||
Depreciation and amortization
|
|
150,555
|
|
|
134,822
|
|
|
444,558
|
|
|
379,939
|
|
||||
Total costs and expenses
|
|
462,918
|
|
|
424,819
|
|
|
1,357,892
|
|
|
1,225,505
|
|
||||
Operating income
|
|
70,035
|
|
|
56,414
|
|
|
202,810
|
|
|
153,955
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income
|
|
21,349
|
|
|
12,012
|
|
|
56,237
|
|
|
30,342
|
|
||||
Interest expense, net of amounts capitalized
|
|
(62,086
|
)
|
|
(55,646
|
)
|
|
(186,371
|
)
|
|
(156,498
|
)
|
||||
Gains and losses on investments, net
|
|
4,693
|
|
|
20,090
|
|
|
33,426
|
|
|
30,664
|
|
||||
Equity in earnings (losses) of unconsolidated affiliates, net
|
|
416
|
|
|
4,381
|
|
|
(2,651
|
)
|
|
15,620
|
|
||||
Other, net
|
|
(5,069
|
)
|
|
4,686
|
|
|
(5,201
|
)
|
|
8,211
|
|
||||
Total other income (expense), net
|
|
(40,697
|
)
|
|
(14,477
|
)
|
|
(104,560
|
)
|
|
(71,661
|
)
|
||||
Income from continuing operations before income taxes
|
|
29,338
|
|
|
41,937
|
|
|
98,250
|
|
|
82,294
|
|
||||
Income tax provision, net
|
|
(12,836
|
)
|
|
(6,082
|
)
|
|
(25,235
|
)
|
|
(9,073
|
)
|
||||
Net income from continuing operations
|
|
16,502
|
|
|
35,855
|
|
|
73,015
|
|
|
73,221
|
|
||||
Net income (loss) from discontinued operations
|
|
—
|
|
|
(654
|
)
|
|
—
|
|
|
6,454
|
|
||||
Net income
|
|
16,502
|
|
|
35,201
|
|
|
73,015
|
|
|
79,675
|
|
||||
Less: Net income attributable to noncontrolling interests
|
|
450
|
|
|
532
|
|
|
1,292
|
|
|
351
|
|
||||
Net income attributable to EchoStar Corporation
|
|
16,052
|
|
|
34,669
|
|
|
71,723
|
|
|
79,324
|
|
||||
Less: Net loss attributable to Hughes Retail Preferred Tracking Stock (Note 1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,209
|
)
|
||||
Net income attributable to EchoStar Corporation common stock
|
|
$
|
16,052
|
|
|
$
|
34,669
|
|
|
$
|
71,723
|
|
|
$
|
80,533
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share - Class A and B common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings from continuing operations per share
|
|
$
|
0.17
|
|
|
$
|
0.37
|
|
|
$
|
0.75
|
|
|
$
|
0.78
|
|
Total basic earnings per share
|
|
$
|
0.17
|
|
|
$
|
0.36
|
|
|
$
|
0.75
|
|
|
$
|
0.84
|
|
Diluted earnings from continuing operations per share
|
|
$
|
0.17
|
|
|
$
|
0.36
|
|
|
$
|
0.74
|
|
|
$
|
0.77
|
|
Total diluted earnings per share
|
|
$
|
0.17
|
|
|
$
|
0.36
|
|
|
$
|
0.74
|
|
|
$
|
0.83
|
|
|
|
For the three months
ended September 30, |
|
For the nine months
ended September 30, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
|
$
|
16,502
|
|
|
$
|
35,201
|
|
|
$
|
73,015
|
|
|
$
|
79,675
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation adjustments
|
|
(7,405
|
)
|
|
9,373
|
|
|
(42,540
|
)
|
|
33,162
|
|
||||
Unrealized gains (losses) on available-for-sale securities and other
|
|
(120
|
)
|
|
(12,037
|
)
|
|
(105
|
)
|
|
2,369
|
|
||||
Amounts reclassified to net income:
|
|
|
|
|
|
|
|
|
||||||||
Realized gains on available-for-sale securities
|
|
(1
|
)
|
|
—
|
|
|
(4
|
)
|
|
(2,758
|
)
|
||||
Other-than-temporary impairment loss on available-for-sale securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,298
|
|
||||
Total other comprehensive income (loss), net of tax
|
|
(7,526
|
)
|
|
(2,664
|
)
|
|
(42,649
|
)
|
|
36,071
|
|
||||
Comprehensive income
|
|
8,976
|
|
|
32,537
|
|
|
30,366
|
|
|
115,746
|
|
||||
Less: Comprehensive income (loss) attributable to noncontrolling interests
|
|
(140
|
)
|
|
532
|
|
|
(97
|
)
|
|
351
|
|
||||
Comprehensive income attributable to EchoStar Corporation
|
|
$
|
9,116
|
|
|
$
|
32,005
|
|
|
$
|
30,463
|
|
|
$
|
115,395
|
|
|
|
Class
A and B
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Accumulated
Earnings
|
|
Treasury
Stock
|
|
Other
Noncontrolling
Interests
|
|
Total
|
||||||||||||||
Balance, June 30, 2017
|
|
$
|
101
|
|
|
$
|
3,654,139
|
|
|
$
|
(86,068
|
)
|
|
$
|
373,410
|
|
|
$
|
(98,162
|
)
|
|
$
|
13,304
|
|
|
$
|
3,856,724
|
|
Issuances of Class A common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Exercise of stock options
|
|
1
|
|
|
1,155
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,156
|
|
|||||||
Employee Stock Purchase Plan
|
|
—
|
|
|
2,398
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,398
|
|
|||||||
Stock-based compensation
|
|
—
|
|
|
3,261
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,261
|
|
|||||||
R&D tax credits utilized by DISH Network
|
|
—
|
|
|
(257
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(257
|
)
|
|||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
(2,664
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,664
|
)
|
|||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,669
|
|
|
—
|
|
|
532
|
|
|
35,201
|
|
|||||||
Balance, September 30, 2017
|
|
$
|
102
|
|
|
$
|
3,660,696
|
|
|
$
|
(88,732
|
)
|
|
$
|
408,079
|
|
|
$
|
(98,162
|
)
|
|
$
|
13,836
|
|
|
$
|
3,895,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, June 30, 2018
|
|
$
|
102
|
|
|
$
|
3,689,180
|
|
|
$
|
(154,011
|
)
|
|
$
|
792,278
|
|
|
$
|
(98,162
|
)
|
|
$
|
14,865
|
|
|
$
|
4,244,252
|
|
Issuances of Class A common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Exercise of stock options
|
|
—
|
|
|
360
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
360
|
|
|||||||
Employee Stock Purchase Plan
|
|
—
|
|
|
2,542
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,542
|
|
|||||||
Stock-based compensation
|
|
—
|
|
|
2,661
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,661
|
|
|||||||
R&D tax credits utilized by DISH Network
|
|
—
|
|
|
(61
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
(6,936
|
)
|
|
—
|
|
|
—
|
|
|
(590
|
)
|
|
(7,526
|
)
|
|||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,052
|
|
|
—
|
|
|
450
|
|
|
16,502
|
|
|||||||
Balance, September 30, 2018
|
|
$
|
102
|
|
|
$
|
3,694,682
|
|
|
$
|
(160,947
|
)
|
|
$
|
808,330
|
|
|
$
|
(98,162
|
)
|
|
$
|
14,725
|
|
|
$
|
4,258,730
|
|
|
|
Class
A and B
Common
Stock
|
|
Hughes Retail
Preferred
Tracking
Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Accumulated
Earnings
|
|
Treasury
Stock
|
|
Noncontrolling
Interest in
HSS Tracking
Stock
|
|
Other
Noncontrolling
Interests
|
|
Total
|
||||||||||||||||||
Balance, December 31, 2016
|
|
$
|
100
|
|
|
$
|
6
|
|
|
$
|
3,828,677
|
|
|
$
|
(124,803
|
)
|
|
$
|
314,247
|
|
|
$
|
(98,162
|
)
|
|
$
|
73,910
|
|
|
$
|
12,830
|
|
|
$
|
4,006,805
|
|
Cumulative effect of adoption of ASU No. 2016-09 as of January 1, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,508
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,508
|
|
|||||||||
Balance, January 1, 2017
|
|
100
|
|
|
6
|
|
|
3,828,677
|
|
|
(124,803
|
)
|
|
328,755
|
|
|
(98,162
|
)
|
|
73,910
|
|
|
12,830
|
|
|
4,021,313
|
|
|||||||||
Issuances of Class A common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Exercise of stock options
|
|
2
|
|
|
—
|
|
|
34,104
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,106
|
|
|||||||||
Employee benefits
|
|
—
|
|
|
—
|
|
|
11,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,200
|
|
|||||||||
Employee Stock Purchase Plan
|
|
—
|
|
|
—
|
|
|
6,938
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,938
|
|
|||||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
7,169
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,169
|
|
|||||||||
Reacquisition and retirement of Tracking Stock pursuant to Share Exchange Agreement (Note 1)
|
|
—
|
|
|
(6
|
)
|
|
(226,815
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(73,255
|
)
|
|
—
|
|
|
(300,076
|
)
|
|||||||||
R&D tax credits utilized by DISH Network
|
|
—
|
|
|
—
|
|
|
(577
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(577
|
)
|
|||||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36,071
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36,071
|
|
|||||||||
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79,324
|
|
|
—
|
|
|
(655
|
)
|
|
1,006
|
|
|
79,675
|
|
|||||||||
Balance, September 30, 2017
|
|
$
|
102
|
|
|
$
|
—
|
|
|
$
|
3,660,696
|
|
|
$
|
(88,732
|
)
|
|
$
|
408,079
|
|
|
$
|
(98,162
|
)
|
|
$
|
—
|
|
|
$
|
13,836
|
|
|
$
|
3,895,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance, December 31, 2017
|
|
$
|
102
|
|
|
$
|
—
|
|
|
$
|
3,669,461
|
|
|
$
|
(130,154
|
)
|
|
$
|
721,316
|
|
|
$
|
(98,162
|
)
|
|
$
|
—
|
|
|
$
|
14,822
|
|
|
$
|
4,177,385
|
|
Cumulative effect of adoption of ASU No. 2014-09 and ASU No. 2016-01 as of January 1, 2018 (Note 2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,467
|
|
|
14,658
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,125
|
|
|||||||||
Balance, January 1, 2018
|
|
102
|
|
|
—
|
|
|
3,669,461
|
|
|
(119,687
|
)
|
|
735,974
|
|
|
(98,162
|
)
|
|
—
|
|
|
14,822
|
|
|
4,202,510
|
|
|||||||||
Issuances of Class A common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
4,405
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,405
|
|
|||||||||
Employee benefits
|
|
—
|
|
|
—
|
|
|
7,605
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,605
|
|
|||||||||
Employee Stock Purchase Plan
|
|
—
|
|
|
—
|
|
|
7,428
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,428
|
|
|||||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
7,771
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,771
|
|
|||||||||
R&D tax credits utilized by DISH Network
|
|
—
|
|
|
—
|
|
|
(1,859
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,859
|
)
|
|||||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41,260
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,389
|
)
|
|
(42,649
|
)
|
|||||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71,723
|
|
|
—
|
|
|
—
|
|
|
1,292
|
|
|
73,015
|
|
|||||||||
Other
|
|
—
|
|
|
—
|
|
|
(129
|
)
|
|
—
|
|
|
633
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
504
|
|
|||||||||
Balance, September 30, 2018
|
|
$
|
102
|
|
|
$
|
—
|
|
|
$
|
3,694,682
|
|
|
$
|
(160,947
|
)
|
|
$
|
808,330
|
|
|
$
|
(98,162
|
)
|
|
$
|
—
|
|
|
$
|
14,725
|
|
|
$
|
4,258,730
|
|
|
|
For the nine months ended September 30,
|
||||||
|
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||
Net income
|
|
$
|
73,015
|
|
|
$
|
79,675
|
|
Adjustments to reconcile net income to net cash flows from operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
444,558
|
|
|
391,598
|
|
||
Equity in (earnings) losses of unconsolidated affiliates, net
|
|
2,651
|
|
|
(14,461
|
)
|
||
Amortization of debt issuance costs
|
|
5,910
|
|
|
5,479
|
|
||
Gains and losses on investments, net
|
|
(33,524
|
)
|
|
(30,664
|
)
|
||
Stock-based compensation
|
|
7,771
|
|
|
7,169
|
|
||
Deferred tax provision
|
|
22,357
|
|
|
7,924
|
|
||
Dividends received from unconsolidated entity
|
|
5,000
|
|
|
15,000
|
|
||
Proceeds from sale of trading securities
|
|
—
|
|
|
8,922
|
|
||
Changes in current assets and current liabilities, net:
|
|
|
|
|
||||
Trade accounts receivable, net
|
|
(35,811
|
)
|
|
5,088
|
|
||
Trade accounts receivable - DISH Network
|
|
32,323
|
|
|
225,963
|
|
||
Inventory
|
|
10,667
|
|
|
(26,231
|
)
|
||
Other current assets
|
|
(5,569
|
)
|
|
(11,392
|
)
|
||
Trade accounts payable
|
|
2,536
|
|
|
(64,553
|
)
|
||
Trade accounts payable - DISH Network
|
|
(3,342
|
)
|
|
2,534
|
|
||
Accrued expenses and other
|
|
19,450
|
|
|
13,268
|
|
||
Changes in noncurrent assets and noncurrent liabilities, net
|
|
(16,123
|
)
|
|
(23,474
|
)
|
||
Other, net
|
|
12,043
|
|
|
91
|
|
||
Net cash flows from operating activities
|
|
543,912
|
|
|
591,936
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Purchases of marketable investment securities
|
|
(2,323,090
|
)
|
|
(319,912
|
)
|
||
Sales and maturities of marketable investment securities
|
|
1,331,225
|
|
|
375,890
|
|
||
Expenditures for property and equipment
|
|
(415,253
|
)
|
|
(422,661
|
)
|
||
Refunds and other receipts related to property and equipment
|
|
77,524
|
|
|
—
|
|
||
Sale of investment in unconsolidated entity
|
|
1,558
|
|
|
17,781
|
|
||
Expenditures for externally marketed software
|
|
(24,568
|
)
|
|
(25,447
|
)
|
||
Other
|
|
(991
|
)
|
|
—
|
|
||
Net cash flows from investing activities
|
|
(1,353,595
|
)
|
|
(374,349
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Repayment of debt and capital lease obligations
|
|
(27,764
|
)
|
|
(26,394
|
)
|
||
Net proceeds from Class A common stock options exercised
|
|
4,424
|
|
|
33,156
|
|
||
Net proceeds from Class A common stock issued under the Employee Stock Purchase Plan
|
|
7,428
|
|
|
6,938
|
|
||
Cash exchanged for Tracking Stock (Note 1)
|
|
—
|
|
|
(651
|
)
|
||
Repayment of in-orbit incentive obligations
|
|
(4,601
|
)
|
|
(4,583
|
)
|
||
Other, net
|
|
(530
|
)
|
|
201
|
|
||
Net cash flows from financing activities
|
|
(21,043
|
)
|
|
8,667
|
|
||
Effect of exchange rates on cash and cash equivalents
|
|
(3,449
|
)
|
|
1,014
|
|
||
Net increase (decrease) in cash and cash equivalents, including restricted amounts
|
|
(834,175
|
)
|
|
227,268
|
|
||
Cash and cash equivalents, including restricted amounts, beginning of period
|
|
2,432,249
|
|
|
2,571,866
|
|
||
Cash and cash equivalents, including restricted amounts, end of period
|
|
$
|
1,598,074
|
|
|
$
|
2,799,134
|
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
||
Cash paid for interest, net of amounts capitalized
|
|
$
|
170,303
|
|
|
$
|
137,955
|
|
Cash paid for income taxes
|
|
$
|
3,369
|
|
|
$
|
10,071
|
|
•
|
Hughes
— which provides broadband satellite technologies and broadband internet services to domestic and international home and small office customers and broadband network technologies, managed services, equipment, hardware, satellite services and communication solutions to domestic and international consumers and aeronautical, enterprise and government customers. The Hughes segment also designs, provides and installs gateway and terminal equipment to customers for other satellite systems. In addition, our Hughes segment designs, develops, constructs and provides telecommunication networks comprising satellite ground segment systems and terminals to mobile system operators and our enterprise customers.
|
•
|
EchoStar Satellite Services (“ESS”)
— which uses certain of our owned and leased in-orbit satellites and related licenses to provide satellite operations and satellite services on a full-time and/or occasional-use basis primarily to DISH
Network,
Dish Mexico, S. de R.L. de C.V., a joint venture we entered into in 2008 (“Dish Mexico”), U.S.
government service providers, internet service providers, broadcast news organizations, content providers and private enterprise customers.
|
•
|
Level 1 - Defined as observable inputs being quoted prices in active markets for identical assets;
|
•
|
Level 2 - Defined as observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and
|
•
|
Level 3 - Defined as unobservable inputs for which little or no market data exists, consistent with characteristics of the asset or liability that would be considered by market participants in a transaction to purchase or sell the asset or liability.
|
|
|
Balance at December 31, 2017
|
|
Adjustments Due to the
|
|
Balance at January 1, 2018
|
||||||||||
|
|
|
New Revenue Standard
|
|
New Investment Standard
|
|
||||||||||
|
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Trade accounts receivable and contract assets, net
|
|
$
|
196,840
|
|
|
$
|
(7,103
|
)
|
|
$
|
—
|
|
|
$
|
189,737
|
|
Other current assets
|
|
$
|
91,671
|
|
|
$
|
533
|
|
|
$
|
—
|
|
|
$
|
92,204
|
|
Investments in unconsolidated entities
|
|
$
|
161,427
|
|
|
$
|
6,917
|
|
|
$
|
—
|
|
|
$
|
168,344
|
|
Other noncurrent assets, net
|
|
$
|
214,814
|
|
|
$
|
22,545
|
|
|
$
|
—
|
|
|
$
|
237,359
|
|
Total assets
|
|
$
|
8,750,014
|
|
|
$
|
22,892
|
|
|
$
|
—
|
|
|
$
|
8,772,906
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Contract liabilities
|
|
$
|
65,959
|
|
|
$
|
(1,542
|
)
|
|
$
|
—
|
|
|
$
|
64,417
|
|
Accrued expenses and other
|
|
$
|
82,647
|
|
|
$
|
255
|
|
|
$
|
—
|
|
|
$
|
82,902
|
|
Deferred tax liabilities, net
|
|
$
|
436,023
|
|
|
$
|
3,122
|
|
|
$
|
—
|
|
|
$
|
439,145
|
|
Other noncurrent liabilities
|
|
$
|
128,503
|
|
|
$
|
(4,068
|
)
|
|
$
|
—
|
|
|
$
|
124,435
|
|
Total liabilities
|
|
$
|
4,572,629
|
|
|
$
|
(2,233
|
)
|
|
$
|
—
|
|
|
$
|
4,570,396
|
|
Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
||||||||
Accumulated other comprehensive income (loss)
|
|
$
|
(130,154
|
)
|
|
$
|
—
|
|
|
$
|
10,467
|
|
|
$
|
(119,687
|
)
|
Accumulated earnings (losses)
|
|
$
|
721,316
|
|
|
$
|
25,125
|
|
|
$
|
(10,467
|
)
|
|
$
|
735,974
|
|
Total EchoStar Corporation stockholders’ equity
|
|
$
|
4,177,385
|
|
|
$
|
25,125
|
|
|
$
|
—
|
|
|
$
|
4,202,510
|
|
Total liabilities and stockholders’ equity
|
|
$
|
8,750,014
|
|
|
$
|
22,892
|
|
|
$
|
—
|
|
|
$
|
8,772,906
|
|
|
|
As of September 30, 2018
|
||||||||||||||
|
|
As Reported
|
|
Adjustments Due to the
|
|
Balances If We Had Not Adopted the New Standards
|
||||||||||
Balance Sheet
|
|
|
New Revenue Standard
|
|
New Investment Standard
|
|
||||||||||
|
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Trade accounts receivable and contract assets, net
|
|
$
|
217,524
|
|
|
$
|
8,511
|
|
|
$
|
—
|
|
|
$
|
226,035
|
|
Other current assets
|
|
$
|
17,222
|
|
|
$
|
(533
|
)
|
|
$
|
—
|
|
|
$
|
16,689
|
|
Investments in unconsolidated entities
|
|
$
|
160,669
|
|
|
$
|
(6,071
|
)
|
|
$
|
—
|
|
|
$
|
154,598
|
|
Other noncurrent assets, net
|
|
$
|
262,866
|
|
|
$
|
(33,310
|
)
|
|
$
|
—
|
|
|
$
|
229,556
|
|
Total assets
|
|
$
|
8,850,446
|
|
|
$
|
(31,403
|
)
|
|
$
|
—
|
|
|
$
|
8,819,043
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|||||||
Contract liabilities
|
|
$
|
74,135
|
|
|
$
|
971
|
|
|
$
|
—
|
|
|
$
|
75,106
|
|
Accrued expenses and other
|
|
$
|
72,464
|
|
|
$
|
(255
|
)
|
|
$
|
—
|
|
|
$
|
72,209
|
|
Deferred tax liabilities, net
|
|
$
|
471,259
|
|
|
$
|
(4,713
|
)
|
|
$
|
—
|
|
|
$
|
466,546
|
|
Other noncurrent liabilities
|
|
$
|
124,694
|
|
|
$
|
2,234
|
|
|
$
|
—
|
|
|
$
|
126,928
|
|
Total liabilities
|
|
$
|
4,591,716
|
|
|
$
|
(1,763
|
)
|
|
$
|
—
|
|
|
$
|
4,589,953
|
|
Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
||||||||
Accumulated other comprehensive loss
|
|
$
|
(160,947
|
)
|
|
$
|
—
|
|
|
$
|
40,407
|
|
|
$
|
(120,540
|
)
|
Accumulated earnings
|
|
$
|
808,330
|
|
|
$
|
(29,640
|
)
|
|
$
|
(40,407
|
)
|
|
$
|
738,283
|
|
Total EchoStar Corporation stockholders’ equity
|
|
$
|
4,258,730
|
|
|
$
|
(29,640
|
)
|
|
$
|
—
|
|
|
$
|
4,229,090
|
|
Total liabilities and stockholders’ equity
|
|
$
|
8,850,446
|
|
|
$
|
(31,403
|
)
|
|
$
|
—
|
|
|
$
|
8,819,043
|
|
|
|
For the three months ended September 30, 2018
|
||||||||||||||
|
|
As Reported
|
|
Adjustments Due to the
|
|
Balances If We Had Not Adopted the New Standards
|
||||||||||
Statement of Operations
|
|
|
New Revenue Standard
|
|
New Investment Standard
|
|
||||||||||
|
|
(In thousands)
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Services and other revenue - other
|
|
$
|
388,248
|
|
|
$
|
(99
|
)
|
|
$
|
—
|
|
|
$
|
388,149
|
|
Total revenue
|
|
$
|
532,953
|
|
|
$
|
(99
|
)
|
|
$
|
—
|
|
|
$
|
532,854
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of sales - services and other (exclusive of depreciation and amortization)
|
|
$
|
152,011
|
|
|
$
|
951
|
|
|
$
|
—
|
|
|
$
|
152,962
|
|
Selling, general and administrative expenses
|
|
$
|
107,490
|
|
|
$
|
970
|
|
|
$
|
—
|
|
|
$
|
108,460
|
|
Total costs and expenses
|
|
$
|
462,918
|
|
|
$
|
1,921
|
|
|
$
|
—
|
|
|
$
|
464,839
|
|
Operating income (loss)
|
|
$
|
70,035
|
|
|
$
|
(2,020
|
)
|
|
$
|
—
|
|
|
$
|
68,015
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net of amounts capitalized
|
|
$
|
(62,086
|
)
|
|
$
|
156
|
|
|
$
|
—
|
|
|
$
|
(61,930
|
)
|
Gains and losses on investments, net
|
|
$
|
4,693
|
|
|
$
|
—
|
|
|
$
|
(217
|
)
|
|
$
|
4,476
|
|
Equity in earnings (losses) of unconsolidated affiliates, net
|
|
$
|
416
|
|
|
$
|
169
|
|
|
$
|
—
|
|
|
$
|
585
|
|
Total other income (expense), net
|
|
$
|
(40,697
|
)
|
|
$
|
325
|
|
|
$
|
(217
|
)
|
|
$
|
(40,589
|
)
|
Income (loss) from continuing operations before income taxes
|
|
$
|
29,338
|
|
|
$
|
(1,695
|
)
|
|
$
|
(217
|
)
|
|
$
|
27,426
|
|
Income tax benefit (provision)
|
|
$
|
(12,836
|
)
|
|
$
|
394
|
|
|
$
|
—
|
|
|
$
|
(12,442
|
)
|
Net income (loss)
|
|
$
|
16,502
|
|
|
$
|
(1,301
|
)
|
|
$
|
(217
|
)
|
|
$
|
14,984
|
|
Net income (loss) attributable to EchoStar Corporation common stock
|
|
$
|
16,052
|
|
|
$
|
(1,301
|
)
|
|
$
|
(217
|
)
|
|
$
|
14,534
|
|
Earnings (losses) per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.17
|
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
0.15
|
|
Diluted
|
|
$
|
0.17
|
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
0.15
|
|
|
|
For the three months ended September 30, 2018
|
||||||||||||||
|
|
As Reported
|
|
Adjustments Due to the
|
|
Balances If We Had Not Adopted the New Standards
|
||||||||||
Statement of Comprehensive Income (Loss)
|
|
|
New Revenue Standard
|
|
New Investment Standard
|
|
||||||||||
|
|
(In thousands)
|
||||||||||||||
Net income (loss)
|
|
$
|
16,502
|
|
|
$
|
(1,301
|
)
|
|
$
|
(217
|
)
|
|
$
|
14,984
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|||||||
Unrealized gains (losses) on available-for-sale securities and other
|
|
$
|
(120
|
)
|
|
$
|
—
|
|
|
$
|
217
|
|
|
$
|
97
|
|
Total other comprehensive income (loss), net of tax
|
|
$
|
(7,526
|
)
|
|
$
|
—
|
|
|
$
|
217
|
|
|
$
|
(7,309
|
)
|
Comprehensive income (loss)
|
|
$
|
8,976
|
|
|
$
|
(1,301
|
)
|
|
$
|
—
|
|
|
$
|
7,675
|
|
Comprehensive income (loss) attributable to EchoStar Corporation
|
|
$
|
9,116
|
|
|
$
|
(1,301
|
)
|
|
$
|
—
|
|
|
$
|
7,815
|
|
|
|
For the nine months ended September 30, 2018
|
||||||||||||||
|
|
As Reported
|
|
Adjustments Due to the
|
|
Balances If We Had Not Adopted the New Standards
|
||||||||||
Statement of Operations
|
|
|
New Revenue Standard
|
|
New Investment Standard
|
|
||||||||||
|
|
(In thousands)
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Services and other revenue - other
|
|
$
|
1,118,733
|
|
|
$
|
1,927
|
|
|
$
|
—
|
|
|
$
|
1,120,660
|
|
Total revenue
|
|
$
|
1,560,702
|
|
|
$
|
1,927
|
|
|
$
|
—
|
|
|
$
|
1,562,629
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of sales - services and other (exclusive of depreciation and amortization)
|
|
$
|
451,913
|
|
|
$
|
3,428
|
|
|
$
|
—
|
|
|
$
|
455,341
|
|
Selling, general and administrative expenses
|
|
$
|
313,839
|
|
|
$
|
5,825
|
|
|
$
|
—
|
|
|
$
|
319,664
|
|
Total costs and expenses
|
|
$
|
1,357,892
|
|
|
$
|
9,253
|
|
|
$
|
—
|
|
|
$
|
1,367,145
|
|
Operating income (loss)
|
|
$
|
202,810
|
|
|
$
|
(7,326
|
)
|
|
$
|
—
|
|
|
$
|
195,484
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net of amounts capitalized
|
|
$
|
(186,371
|
)
|
|
$
|
374
|
|
|
$
|
—
|
|
|
$
|
(185,997
|
)
|
Gains and losses on investments, net
|
|
$
|
33,426
|
|
|
$
|
—
|
|
|
$
|
(50,874
|
)
|
|
$
|
(17,448
|
)
|
Equity in earnings (losses) of unconsolidated affiliates, net
|
|
$
|
(2,651
|
)
|
|
$
|
846
|
|
|
$
|
—
|
|
|
$
|
(1,805
|
)
|
Total other income (expense), net
|
|
$
|
(104,560
|
)
|
|
$
|
1,220
|
|
|
$
|
(50,874
|
)
|
|
$
|
(154,214
|
)
|
Income (loss) from continuing operations before income taxes
|
|
$
|
98,250
|
|
|
$
|
(6,106
|
)
|
|
$
|
(50,874
|
)
|
|
$
|
41,270
|
|
Income tax benefit (provision)
|
|
$
|
(25,235
|
)
|
|
$
|
1,591
|
|
|
$
|
—
|
|
|
$
|
(23,644
|
)
|
Net income (loss)
|
|
$
|
73,015
|
|
|
$
|
(4,515
|
)
|
|
$
|
(50,874
|
)
|
|
$
|
17,626
|
|
Net income (loss) attributable to EchoStar Corporation common stock
|
|
$
|
71,723
|
|
|
$
|
(4,515
|
)
|
|
$
|
(50,874
|
)
|
|
$
|
16,334
|
|
Earnings (losses) per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.75
|
|
|
$
|
(0.05
|
)
|
|
$
|
(0.53
|
)
|
|
$
|
0.17
|
|
Diluted
|
|
$
|
0.74
|
|
|
$
|
(0.05
|
)
|
|
$
|
(0.52
|
)
|
|
$
|
0.17
|
|
|
|
For the nine months ended September 30, 2018
|
||||||||||||||
|
|
As Reported
|
|
Adjustments Due to the
|
|
Balances If We Had Not Adopted the New Standards
|
||||||||||
Statement of Comprehensive Income (Loss)
|
|
|
New Revenue Standard
|
|
New Investment Standard
|
|
||||||||||
|
|
(In thousands)
|
||||||||||||||
Net income (loss)
|
|
$
|
73,015
|
|
|
$
|
(4,515
|
)
|
|
$
|
(50,874
|
)
|
|
$
|
17,626
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
||||||
Unrealized gains (losses) on available-for-sale securities and other
|
|
$
|
(105
|
)
|
|
$
|
—
|
|
|
$
|
13,858
|
|
|
$
|
13,753
|
|
Other-than-temporary impairment loss on available-for-sale securities in net income
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37,016
|
|
|
$
|
37,016
|
|
Total other comprehensive income (loss), net of tax
|
|
$
|
(42,649
|
)
|
|
$
|
—
|
|
|
$
|
50,874
|
|
|
$
|
8,225
|
|
Comprehensive income (loss)
|
|
$
|
30,366
|
|
|
$
|
(4,515
|
)
|
|
$
|
—
|
|
|
$
|
25,851
|
|
Comprehensive income (loss) attributable to EchoStar Corporation
|
|
$
|
30,463
|
|
|
$
|
(4,515
|
)
|
|
$
|
—
|
|
|
$
|
25,948
|
|
|
|
As of
|
||||||
|
|
September 30, 2018
|
|
January 1, 2018
|
||||
|
|
(In thousands)
|
||||||
Trade accounts receivable:
|
|
|
|
|
||||
Sales and services
|
|
$
|
163,707
|
|
|
$
|
156,794
|
|
Leasing
|
|
9,102
|
|
|
10,355
|
|
||
Total
|
|
172,809
|
|
|
167,149
|
|
||
Contract assets
|
|
57,172
|
|
|
34,615
|
|
||
Allowance for doubtful accounts
|
|
(12,457
|
)
|
|
(12,027
|
)
|
||
Total trade accounts receivable and contract assets, net
|
|
$
|
217,524
|
|
|
$
|
189,737
|
|
|
|
|
|
|
||||
Trade accounts receivable - DISH Network:
|
|
|
|
|
||||
Sales and services
|
|
$
|
9,372
|
|
|
$
|
16,118
|
|
Leasing
|
|
1,693
|
|
|
27,177
|
|
||
Total trade accounts receivable - DISH Network, net
|
|
$
|
11,065
|
|
|
$
|
43,295
|
|
|
|
|
|
|
||||
Contract liabilities:
|
|
|
|
|
||||
Current
|
|
$
|
74,135
|
|
|
$
|
64,417
|
|
Noncurrent
|
|
11,903
|
|
|
13,036
|
|
||
Total contract liabilities
|
|
$
|
86,038
|
|
|
$
|
77,453
|
|
|
|
For the three months
ended September 30, 2017 |
|
For the nine months
ended September 30, 2017 |
||||
|
|
(In thousands)
|
||||||
Revenue:
|
|
|
|
|
||||
Equipment, services and other revenue - DISH Network
|
|
$
|
—
|
|
|
$
|
143,063
|
|
Equipment, services and other revenue - other
|
|
(45
|
)
|
|
10,344
|
|
||
Total revenue
|
|
(45
|
)
|
|
153,407
|
|
||
Costs and expenses:
|
|
|
|
|
||||
Cost of equipment, services and other
|
|
19
|
|
|
121,973
|
|
||
Selling, general and administrative expenses
|
|
(590
|
)
|
|
5,502
|
|
||
Research and development expenses
|
|
—
|
|
|
4,635
|
|
||
Depreciation and amortization
|
|
—
|
|
|
11,659
|
|
||
Total costs and expenses
|
|
(571
|
)
|
|
143,769
|
|
||
Operating income (expense)
|
|
526
|
|
|
9,638
|
|
||
Other income (expense):
|
|
|
|
|
||||
Interest expense
|
|
—
|
|
|
(15
|
)
|
||
Equity in losses of unconsolidated affiliates, net
|
|
—
|
|
|
(1,159
|
)
|
||
Other, net
|
|
2
|
|
|
(61
|
)
|
||
Total income (expense), net
|
|
2
|
|
|
(1,235
|
)
|
||
Income from discontinued operations before income taxes
|
|
528
|
|
|
8,403
|
|
||
Income tax provision, net
|
|
(1,182
|
)
|
|
(1,949
|
)
|
||
Net income (loss) from discontinued operations
|
|
$
|
(654
|
)
|
|
$
|
6,454
|
|
|
|
For the three months
ended September 30, |
|
For the nine months
ended September 30, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(In thousands, except per share amounts)
|
||||||||||||||
Amounts attributable to EchoStar Corporation common stock:
|
|
|
|
|
|
|
|
|
||||||||
Net income from continuing operations
|
|
$
|
16,052
|
|
|
$
|
35,323
|
|
|
$
|
71,723
|
|
|
$
|
74,079
|
|
Net income from discontinued operations
|
|
—
|
|
|
(654
|
)
|
|
—
|
|
|
6,454
|
|
||||
Net income attributable to EchoStar Corporation common stock
|
|
$
|
16,052
|
|
|
$
|
34,669
|
|
|
$
|
71,723
|
|
|
$
|
80,533
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
96,166
|
|
|
95,656
|
|
|
96,049
|
|
|
95,316
|
|
||||
Dilutive impact of stock awards outstanding
|
|
714
|
|
|
1,234
|
|
|
922
|
|
|
1,310
|
|
||||
Diluted
|
|
96,880
|
|
|
96,890
|
|
|
96,971
|
|
|
96,626
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
|
$
|
0.17
|
|
|
$
|
0.37
|
|
|
$
|
0.75
|
|
|
$
|
0.78
|
|
Discontinued operations
|
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
|
0.06
|
|
||||
Total basic earnings per share
|
|
$
|
0.17
|
|
|
$
|
0.36
|
|
|
$
|
0.75
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted:
|
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
|
$
|
0.17
|
|
|
$
|
0.36
|
|
|
$
|
0.74
|
|
|
$
|
0.77
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.06
|
|
||||
Total diluted earnings per share
|
|
$
|
0.17
|
|
|
$
|
0.36
|
|
|
$
|
0.74
|
|
|
$
|
0.83
|
|
|
|
Cumulative Foreign Currency Translation Losses
|
|
Unrealized Gain (Loss) On Available-For-Sale Securities
|
|
Accumulated Other Comprehensive Loss
|
||||||
|
|
(In thousands)
|
||||||||||
Balance, December 31, 2016
|
|
$
|
(135,434
|
)
|
|
$
|
10,631
|
|
|
$
|
(124,803
|
)
|
Other comprehensive income before reclassifications
|
|
33,162
|
|
|
2,369
|
|
|
35,531
|
|
|||
Amounts reclassified to net income
|
|
—
|
|
|
540
|
|
|
540
|
|
|||
Other comprehensive income
|
|
33,162
|
|
|
2,909
|
|
|
36,071
|
|
|||
Balance, September 30, 2017
|
|
$
|
(102,272
|
)
|
|
$
|
13,540
|
|
|
$
|
(88,732
|
)
|
|
|
|
|
|
|
|
||||||
Balance, December 31, 2017
|
|
$
|
(119,430
|
)
|
|
$
|
(10,724
|
)
|
|
$
|
(130,154
|
)
|
Cumulative effect of adoption of ASU No. 2016-01 as of January 1, 2018 (Note 2)
|
|
—
|
|
|
10,467
|
|
|
10,467
|
|
|||
Balance, January 1, 2018
|
|
(119,430
|
)
|
|
(257
|
)
|
|
(119,687
|
)
|
|||
Other comprehensive loss before reclassifications
|
|
(41,151
|
)
|
|
(105
|
)
|
|
(41,256
|
)
|
|||
Amounts reclassified to net income
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|||
Other comprehensive loss
|
|
(41,151
|
)
|
|
(109
|
)
|
|
(41,260
|
)
|
|||
Balance, September 30, 2018
|
|
$
|
(160,581
|
)
|
|
$
|
(366
|
)
|
|
$
|
(160,947
|
)
|
|
|
As of
|
||||||
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
|
(In thousands)
|
||||||
Marketable investment securities:
|
|
|
|
|
||||
Debt securities:
|
|
|
|
|
||||
Corporate bonds
|
|
$
|
1,496,456
|
|
|
$
|
542,573
|
|
Other debt securities
|
|
217,410
|
|
|
142,036
|
|
||
Total debt securities
|
|
1,713,866
|
|
|
684,609
|
|
||
Equity securities
|
|
138,729
|
|
|
139,571
|
|
||
Total marketable investment securities
|
|
1,852,595
|
|
|
824,180
|
|
||
Less: Restricted marketable investment securities
|
|
9,720
|
|
|
10,019
|
|
||
Total marketable investment securities
|
|
$
|
1,842,875
|
|
|
$
|
814,161
|
|
|
|
Amortized
|
|
Unrealized
|
|
Estimated
|
||||||||||
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
||||||||
|
|
(In thousands)
|
||||||||||||||
As of September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
$
|
1,462,498
|
|
|
$
|
714
|
|
|
$
|
(761
|
)
|
|
$
|
1,462,451
|
|
Other debt securities
|
|
217,420
|
|
|
—
|
|
|
(10
|
)
|
|
217,410
|
|
||||
Total available-for-sale debt securities
|
|
$
|
1,679,918
|
|
|
$
|
714
|
|
|
$
|
(771
|
)
|
|
$
|
1,679,861
|
|
As of December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
$
|
542,861
|
|
|
$
|
—
|
|
|
$
|
(288
|
)
|
|
$
|
542,573
|
|
Other debt securities
|
|
142,082
|
|
|
—
|
|
|
(46
|
)
|
|
142,036
|
|
||||
Total available-for-sale debt securities
|
|
$
|
684,943
|
|
|
$
|
—
|
|
|
$
|
(334
|
)
|
|
$
|
684,609
|
|
|
|
As of
|
||||||||||||||||||||||
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Corporate bonds
|
|
$
|
—
|
|
|
$
|
1,496,456
|
|
|
$
|
1,496,456
|
|
|
$
|
—
|
|
|
$
|
542,573
|
|
|
$
|
542,573
|
|
Other
|
|
10,436
|
|
|
206,974
|
|
|
217,410
|
|
|
13,311
|
|
|
128,725
|
|
|
142,036
|
|
||||||
Total debt securities
|
|
10,436
|
|
|
1,703,430
|
|
|
1,713,866
|
|
|
13,311
|
|
|
671,298
|
|
|
684,609
|
|
||||||
Equity securities
|
|
132,291
|
|
|
6,438
|
|
|
138,729
|
|
|
133,736
|
|
|
5,835
|
|
|
139,571
|
|
||||||
Total marketable investment securities
|
|
$
|
142,727
|
|
|
$
|
1,709,868
|
|
|
$
|
1,852,595
|
|
|
$
|
147,047
|
|
|
$
|
677,133
|
|
|
$
|
824,180
|
|
|
|
As of
|
||||||
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
|
(In thousands)
|
||||||
Raw materials
|
|
$
|
6,266
|
|
|
$
|
5,484
|
|
Work-in-process
|
|
7,409
|
|
|
7,442
|
|
||
Finished goods
|
|
56,386
|
|
|
70,669
|
|
||
Total inventory
|
|
$
|
70,061
|
|
|
$
|
83,595
|
|
|
|
Depreciable Life In Years
|
|
As of
|
||||||
|
|
|
September 30, 2018
|
|
December 31, 2017
|
|||||
|
|
|
|
(In thousands)
|
||||||
Land
|
|
—
|
|
$
|
33,603
|
|
|
$
|
33,713
|
|
Buildings and improvements
|
|
1 to 40
|
|
184,847
|
|
|
185,148
|
|
||
Furniture, fixtures, equipment and other
|
|
1 to 12
|
|
772,335
|
|
|
736,533
|
|
||
Customer rental equipment
|
|
2 to 4
|
|
1,103,408
|
|
|
929,775
|
|
||
Satellites - owned
|
|
2 to 15
|
|
2,816,628
|
|
|
3,064,391
|
|
||
Satellites - acquired under capital leases
|
|
10 to 15
|
|
1,045,242
|
|
|
916,820
|
|
||
Construction in progress
|
|
—
|
|
300,642
|
|
|
260,220
|
|
||
Total property and equipment
|
|
|
|
6,256,705
|
|
|
6,126,600
|
|
||
Accumulated depreciation
|
|
|
|
(2,814,168
|
)
|
|
(2,661,129
|
)
|
||
Property and equipment, net
|
|
|
|
$
|
3,442,537
|
|
|
$
|
3,465,471
|
|
|
|
As of
|
||||||
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
|
(In thousands)
|
||||||
Progress amounts for satellite construction, including prepayments under capital leases and launch services costs
|
|
$
|
232,599
|
|
|
$
|
211,765
|
|
Satellite related equipment
|
|
34,948
|
|
|
28,358
|
|
||
Other
|
|
33,095
|
|
|
20,097
|
|
||
Construction in progress
|
|
$
|
300,642
|
|
|
$
|
260,220
|
|
|
|
For the three months
ended September 30, |
|
For the nine months
ended September 30, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Buildings and improvements
|
|
$
|
2,972
|
|
|
$
|
4,641
|
|
|
$
|
9,057
|
|
|
$
|
12,292
|
|
Furniture, fixtures, equipment and other
|
|
20,745
|
|
|
19,511
|
|
|
61,958
|
|
|
54,173
|
|
||||
Customer rental equipment
|
|
43,584
|
|
|
39,104
|
|
|
129,907
|
|
|
103,781
|
|
||||
Satellites
|
|
72,545
|
|
|
61,078
|
|
|
211,748
|
|
|
173,293
|
|
||||
Total depreciation expense
|
|
$
|
139,846
|
|
|
$
|
124,334
|
|
|
$
|
412,670
|
|
|
$
|
343,539
|
|
|
|
As of December 31, 2017
|
|
Additions
|
|
Currency
Translation
Adjustment
|
|
As of
September 30, 2018 |
||||||||
|
|
(In thousands)
|
||||||||||||||
Finite useful lives:
|
|
|
|
|
|
|
|
|
||||||||
Cost
|
|
$
|
92,621
|
|
|
$
|
—
|
|
|
$
|
(9,419
|
)
|
|
$
|
83,202
|
|
Accumulated amortization
|
|
(21,342
|
)
|
|
(3,933
|
)
|
|
2,011
|
|
|
(23,264
|
)
|
||||
Net
|
|
71,279
|
|
|
(3,933
|
)
|
|
(7,408
|
)
|
|
59,938
|
|
||||
Indefinite lives
|
|
465,657
|
|
|
—
|
|
|
—
|
|
|
465,657
|
|
||||
Total regulatory authorizations, net
|
|
$
|
536,936
|
|
|
$
|
(3,933
|
)
|
|
$
|
(7,408
|
)
|
|
$
|
525,595
|
|
|
|
As of
|
||||||
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
|
(In thousands)
|
||||||
Investments in unconsolidated entities:
|
|
|
|
|
||||
Equity method
|
|
$
|
95,231
|
|
|
$
|
91,702
|
|
Other equity investments without a readily determinable fair value
|
|
65,438
|
|
|
69,725
|
|
||
Total investments in unconsolidated entities
|
|
$
|
160,669
|
|
|
$
|
161,427
|
|
|
|
Effective Interest Rate
|
|
As of
|
||||||||||||||
|
|
|
September 30, 2018
|
|
December 31, 2017
|
|||||||||||||
|
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
|||||||||
|
|
|
|
(In thousands)
|
||||||||||||||
Senior Secured Notes:
|
|
|
|
|
|
|
|
|
|
|
||||||||
6 1/2% Senior Secured Notes due 2019
|
|
6.959%
|
|
$
|
990,000
|
|
|
$
|
1,011,958
|
|
|
$
|
990,000
|
|
|
$
|
1,042,609
|
|
5 1/4% Senior Secured Notes due 2026
|
|
5.320%
|
|
750,000
|
|
|
736,590
|
|
|
750,000
|
|
|
769,305
|
|
||||
Senior Unsecured Notes:
|
|
|
|
|
|
|
|
|
|
|
||||||||
7 5/8% Senior Unsecured Notes due 2021
|
|
8.062%
|
|
900,000
|
|
|
974,088
|
|
|
900,000
|
|
|
992,745
|
|
||||
6 5/8% Senior Unsecured Notes due 2026
|
|
6.688%
|
|
750,000
|
|
|
730,778
|
|
|
750,000
|
|
|
791,865
|
|
||||
Less: Unamortized debt issuance costs
|
|
|
|
(18,947
|
)
|
|
—
|
|
|
(24,857
|
)
|
|
—
|
|
||||
Subtotal
|
|
|
|
3,371,053
|
|
|
$
|
3,453,414
|
|
|
3,365,143
|
|
|
$
|
3,596,524
|
|
||
Capital lease obligations
|
|
|
|
241,854
|
|
|
|
|
|
269,701
|
|
|
|
|
||||
Total debt and capital lease obligations
|
|
|
|
3,612,907
|
|
|
|
|
|
3,634,844
|
|
|
|
|
||||
Less: Current portion
|
|
|
|
(1,030,088
|
)
|
|
|
|
|
(40,631
|
)
|
|
|
|
||||
Long-term debt and capital lease obligations, net
|
|
|
|
$
|
2,582,819
|
|
|
|
|
|
$
|
3,594,213
|
|
|
|
|
|
|
During the three months
ended September 30, |
|
During the nine months
ended September 30, |
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
|
|
||||||||||
Stock options and other incentive awards granted
|
|
27,590
|
|
|
62,600
|
|
|
211,326
|
|
|
1,263,350
|
|
|
|
For the three months
ended September 30, |
|
For the nine months
ended September 30, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Research and development expenses
|
|
$
|
162
|
|
|
$
|
297
|
|
|
$
|
503
|
|
|
$
|
774
|
|
Selling, general and administrative expenses
|
|
2,499
|
|
|
2,965
|
|
|
7,268
|
|
|
7,932
|
|
||||
Total stock-based compensation
|
|
$
|
2,661
|
|
|
$
|
3,262
|
|
|
$
|
7,771
|
|
|
$
|
8,706
|
|
|
|
Hughes
|
|
ESS
|
|
Corporate and Other
|
|
Consolidated
Total |
||||||||
|
|
(In thousands)
|
||||||||||||||
For the three months ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
External revenue
|
|
$
|
444,762
|
|
|
$
|
83,482
|
|
|
$
|
4,709
|
|
|
$
|
532,953
|
|
Intersegment revenue
|
|
$
|
—
|
|
|
$
|
525
|
|
|
$
|
(525
|
)
|
|
$
|
—
|
|
Total revenue
|
|
$
|
444,762
|
|
|
$
|
84,007
|
|
|
$
|
4,184
|
|
|
$
|
532,953
|
|
EBITDA
|
|
$
|
164,135
|
|
|
$
|
72,156
|
|
|
$
|
(16,111
|
)
|
|
$
|
220,180
|
|
Capital expenditures
|
|
$
|
110,550
|
|
|
$
|
29
|
|
|
$
|
56,576
|
|
|
$
|
167,155
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the three months ended September 30, 2017
|
|
|
|
|
|
|
|
|
||||||||
External revenue
|
|
$
|
379,702
|
|
|
$
|
96,743
|
|
|
$
|
4,788
|
|
|
$
|
481,233
|
|
Intersegment revenue
|
|
$
|
359
|
|
|
$
|
350
|
|
|
$
|
(709
|
)
|
|
$
|
—
|
|
Total revenue
|
|
$
|
380,061
|
|
|
$
|
97,093
|
|
|
$
|
4,079
|
|
|
$
|
481,233
|
|
EBITDA
|
|
$
|
131,817
|
|
|
$
|
78,345
|
|
|
$
|
9,699
|
|
|
$
|
219,861
|
|
Capital expenditures
|
|
$
|
108,428
|
|
|
$
|
8,203
|
|
|
$
|
75,500
|
|
|
$
|
192,131
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the nine months ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
External revenue
|
|
$
|
1,271,527
|
|
|
$
|
274,609
|
|
|
$
|
14,566
|
|
|
$
|
1,560,702
|
|
Intersegment revenue
|
|
$
|
359
|
|
|
$
|
1,576
|
|
|
$
|
(1,935
|
)
|
|
$
|
—
|
|
Total revenue
|
|
$
|
1,271,886
|
|
|
$
|
276,185
|
|
|
$
|
12,631
|
|
|
$
|
1,560,702
|
|
EBITDA
|
|
$
|
452,982
|
|
|
$
|
238,789
|
|
|
$
|
(20,121
|
)
|
|
$
|
671,650
|
|
Capital expenditures
|
|
$
|
285,352
|
|
|
$
|
(76,653
|
)
|
|
$
|
129,030
|
|
|
$
|
337,729
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the nine months ended September 30, 2017
|
|
|
|
|
|
|
|
|
||||||||
External revenue
|
|
$
|
1,070,715
|
|
|
$
|
294,839
|
|
|
$
|
13,906
|
|
|
$
|
1,379,460
|
|
Intersegment revenue
|
|
$
|
1,428
|
|
|
$
|
946
|
|
|
$
|
(2,374
|
)
|
|
$
|
—
|
|
Total revenue
|
|
$
|
1,072,143
|
|
|
$
|
295,785
|
|
|
$
|
11,532
|
|
|
$
|
1,379,460
|
|
EBITDA
|
|
$
|
342,693
|
|
|
$
|
241,873
|
|
|
$
|
3,472
|
|
|
$
|
588,038
|
|
Capital expenditures
|
|
$
|
270,624
|
|
|
$
|
21,351
|
|
|
$
|
118,170
|
|
|
$
|
410,145
|
|
|
|
For the three months
ended September 30, |
|
For the nine months
ended September 30, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(In thousands)
|
||||||||||||||
EBITDA
|
|
$
|
220,180
|
|
|
$
|
219,861
|
|
|
$
|
671,650
|
|
|
$
|
588,038
|
|
Interest income and expense, net
|
|
(40,737
|
)
|
|
(43,634
|
)
|
|
(130,134
|
)
|
|
(126,156
|
)
|
||||
Depreciation and amortization
|
|
(150,555
|
)
|
|
(134,822
|
)
|
|
(444,558
|
)
|
|
(379,939
|
)
|
||||
Net income attributable to noncontrolling interests
|
|
450
|
|
|
532
|
|
|
1,292
|
|
|
351
|
|
||||
Income from continuing operations before income taxes
|
|
$
|
29,338
|
|
|
$
|
41,937
|
|
|
$
|
98,250
|
|
|
$
|
82,294
|
|
|
|
Hughes
|
|
ESS
|
|
Corporate and Other
|
|
Consolidated
Total |
||||||||
|
|
(In thousands)
|
||||||||||||||
For the three months ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
North America:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S.
|
|
$
|
355,263
|
|
|
$
|
77,995
|
|
|
$
|
4,359
|
|
|
$
|
437,617
|
|
Canada and Mexico
|
|
18,197
|
|
|
5,837
|
|
|
—
|
|
|
24,034
|
|
||||
All other
|
|
71,302
|
|
|
175
|
|
|
(175
|
)
|
|
71,302
|
|
||||
Total revenue
|
|
$
|
444,762
|
|
|
$
|
84,007
|
|
|
$
|
4,184
|
|
|
$
|
532,953
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the nine months ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
North America:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S.
|
|
$
|
1,023,276
|
|
|
$
|
258,148
|
|
|
$
|
13,157
|
|
|
$
|
1,294,581
|
|
Canada and Mexico
|
|
48,911
|
|
|
17,511
|
|
|
—
|
|
|
66,422
|
|
||||
All other
|
|
199,699
|
|
|
526
|
|
|
(526
|
)
|
|
199,699
|
|
||||
Total revenue
|
|
$
|
1,271,886
|
|
|
$
|
276,185
|
|
|
$
|
12,631
|
|
|
$
|
1,560,702
|
|
|
|
Hughes
|
|
ESS
|
|
Corporate and Other
|
|
Consolidated
Total |
||||||||
|
|
(In thousands)
|
||||||||||||||
For the three months ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
Equipment
|
|
$
|
56,846
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
56,846
|
|
Services
|
|
320,961
|
|
|
6,669
|
|
|
1,382
|
|
|
329,012
|
|
||||
Design, development and construction services
|
|
16,624
|
|
|
—
|
|
|
—
|
|
|
16,624
|
|
||||
Revenue from sales and services
|
|
394,431
|
|
|
6,669
|
|
|
1,382
|
|
|
402,482
|
|
||||
Leasing income
|
|
50,331
|
|
|
77,338
|
|
|
2,802
|
|
|
130,471
|
|
||||
Total revenue
|
|
$
|
444,762
|
|
|
$
|
84,007
|
|
|
$
|
4,184
|
|
|
$
|
532,953
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the nine months ended September 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
Equipment
|
|
$
|
150,134
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
150,134
|
|
Services
|
|
928,971
|
|
|
20,962
|
|
|
4,292
|
|
|
954,225
|
|
||||
Design, development and construction services
|
|
46,676
|
|
|
—
|
|
|
—
|
|
|
46,676
|
|
||||
Revenue from sales and services
|
|
1,125,781
|
|
|
20,962
|
|
|
4,292
|
|
|
1,151,035
|
|
||||
Leasing income
|
|
146,105
|
|
|
255,223
|
|
|
8,339
|
|
|
409,667
|
|
||||
Total revenue
|
|
$
|
1,271,886
|
|
|
$
|
276,185
|
|
|
$
|
12,631
|
|
|
$
|
1,560,702
|
|
|
|
For the nine months ended September 30
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
(in thousands)
|
||||||
Employee benefits paid in Class A common stock
|
|
$
|
7,605
|
|
|
$
|
11,200
|
|
Property and equipment financed under capital lease obligations
|
|
$
|
187
|
|
|
$
|
8,423
|
|
Increase (decrease) in capital expenditures included in accounts payable, net
|
|
$
|
17,058
|
|
|
$
|
(3,494
|
)
|
Capitalized in-orbit incentive obligations
|
|
$
|
—
|
|
|
$
|
43,890
|
|
Noncash net assets exchanged for Tracking Stock (Note 1)
|
|
$
|
—
|
|
|
$
|
299,425
|
|
|
For the three months
ended September 30, |
|
For the nine months
ended September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
Cost of sales
|
$
|
5,555
|
|
|
$
|
7,038
|
|
|
$
|
18,443
|
|
|
$
|
20,724
|
|
Research and development
|
$
|
6,544
|
|
|
$
|
8,302
|
|
|
$
|
20,328
|
|
|
$
|
23,444
|
|
•
|
Revenue of
$533.0 million
|
•
|
Operating income of
$70.0 million
|
•
|
Net income from continuing operations of
$16.5 million
|
•
|
Net income attributable to EchoStar common stock of
$16.1 million
and basic earnings per share of common stock of
$0.17
|
•
|
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) of
$220.2 million
(see reconciliation of this non-GAAP measure on page
59
)
|
•
|
Total assets of
$8.85 billion
|
•
|
Total liabilities of
$4.59 billion
|
•
|
Total stockholders’ equity of
$4.26 billion
|
•
|
Cash, cash equivalents and current marketable investment securities of
$3.44 billion
|
|
|
For the three months
ended September 30, |
|
Variance
|
|||||||||||
Statements of Operations Data (1)
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(Dollars in thousands)
|
|||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Services and other revenue - DISH Network
|
|
$
|
87,859
|
|
|
$
|
111,135
|
|
|
$
|
(23,276
|
)
|
|
(20.9
|
)
|
Services and other revenue - other
|
|
388,248
|
|
|
310,973
|
|
|
77,275
|
|
|
24.8
|
|
|||
Equipment revenue
|
|
56,846
|
|
|
59,125
|
|
|
(2,279
|
)
|
|
(3.9
|
)
|
|||
Total revenue
|
|
532,953
|
|
|
481,233
|
|
|
51,720
|
|
|
10.7
|
|
|||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cost of sales - services and other
|
|
152,011
|
|
|
143,048
|
|
|
8,963
|
|
|
6.3
|
|
|||
% of total services and other revenue
|
|
31.9
|
%
|
|
33.9
|
%
|
|
|
|
|
|
||||
Cost of sales - equipment
|
|
46,318
|
|
|
47,644
|
|
|
(1,326
|
)
|
|
(2.8
|
)
|
|||
% of total equipment revenue
|
|
81.5
|
%
|
|
80.6
|
%
|
|
|
|
|
|
||||
Selling, general and administrative expenses
|
|
107,490
|
|
|
91,003
|
|
|
16,487
|
|
|
18.1
|
|
|||
% of total revenue
|
|
20.2
|
%
|
|
18.9
|
%
|
|
|
|
|
|
||||
Research and development expenses
|
|
6,544
|
|
|
8,302
|
|
|
(1,758
|
)
|
|
(21.2
|
)
|
|||
% of total revenue
|
|
1.2
|
%
|
|
1.7
|
%
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
150,555
|
|
|
134,822
|
|
|
15,733
|
|
|
11.7
|
|
|||
Total costs and expenses
|
|
462,918
|
|
|
424,819
|
|
|
38,099
|
|
|
9.0
|
|
|||
Operating income
|
|
70,035
|
|
|
56,414
|
|
|
13,621
|
|
|
24.1
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
21,349
|
|
|
12,012
|
|
|
9,337
|
|
|
77.7
|
|
|||
Interest expense, net of amounts capitalized
|
|
(62,086
|
)
|
|
(55,646
|
)
|
|
6,440
|
|
|
11.6
|
|
|||
Gains and losses on investments, net
|
|
4,693
|
|
|
20,090
|
|
|
(15,397
|
)
|
|
(76.6
|
)
|
|||
Equity in earnings (losses) of unconsolidated affiliates, net
|
|
416
|
|
|
4,381
|
|
|
(3,965
|
)
|
|
(90.5
|
)
|
|||
Other, net
|
|
(5,069
|
)
|
|
4,686
|
|
|
(9,755
|
)
|
|
*
|
|
|||
Total other income (expense), net
|
|
(40,697
|
)
|
|
(14,477
|
)
|
|
(26,220
|
)
|
|
*
|
|
|||
Income from continuing operations before income taxes
|
|
29,338
|
|
|
41,937
|
|
|
(12,599
|
)
|
|
(30.0
|
)
|
|||
Income tax provision, net
|
|
(12,836
|
)
|
|
(6,082
|
)
|
|
6,754
|
|
|
*
|
|
|||
Net income from continuing operations
|
|
16,502
|
|
|
35,855
|
|
|
(19,353
|
)
|
|
(54.0
|
)
|
|||
Net income (loss) from discontinued operations
|
|
—
|
|
|
(654
|
)
|
|
654
|
|
|
(100.0
|
)
|
|||
Net income
|
|
16,502
|
|
|
35,201
|
|
|
(18,699
|
)
|
|
(53.1
|
)
|
|||
Less: Net income attributable to noncontrolling interests
|
|
450
|
|
|
532
|
|
|
(82
|
)
|
|
(15.4
|
)
|
|||
Net income attributable to EchoStar Corporation common stock
|
|
$
|
16,052
|
|
|
$
|
34,669
|
|
|
$
|
(18,617
|
)
|
|
(53.7
|
)
|
|
|
|
|
|
|
|
|
|
|||||||
Other data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EBITDA (2)
|
|
$
|
220,180
|
|
|
$
|
219,861
|
|
|
$
|
319
|
|
|
0.1
|
|
Subscribers, end of period
|
|
1,332,000
|
|
|
1,140,000
|
|
|
192,000
|
|
|
16.8
|
|
(2)
|
A reconciliation of EBITDA to Net income, the most directly comparable generally accepted accounting principles (“U.S. GAAP”) measure in the accompanying financial statements, is included on page
59
. For further information on our use of EBITDA, see Explanation of Key Metrics and Other Items on page
73
.
|
|
|
Amounts
|
||
|
|
(In thousands)
|
||
Net income attributable to EchoStar Corporation for the three months ended September 30, 2017
|
|
$
|
34,669
|
|
Decrease in gains on investments, net
|
|
(15,397
|
)
|
|
Decrease in other income
|
|
(9,755
|
)
|
|
Increase in income tax provision, net
|
|
(6,754
|
)
|
|
Increase in interest expense, net of amounts capitalized
|
|
(6,440
|
)
|
|
Decrease in equity in earnings of unconsolidated affiliates, net
|
|
(3,965
|
)
|
|
Increase in operating income, including depreciation and amortization
|
|
13,621
|
|
|
Increase in interest income
|
|
9,337
|
|
|
Decrease in net loss from discontinued operations
|
|
654
|
|
|
Decrease in net income attributable to noncontrolling interests
|
|
82
|
|
|
Net income attributable to EchoStar Corporation for the three months ended September 30, 2018
|
|
$
|
16,052
|
|
|
|
For the three months
ended September 30, |
|
Variance
|
|||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(Dollars in thousands)
|
|||||||||||||
Net income
|
|
$
|
16,502
|
|
|
$
|
35,201
|
|
|
$
|
(18,699
|
)
|
|
(53.1
|
)
|
|
|
|
|
|
|
|
|
|
|||||||
Interest income and expense, net
|
|
40,737
|
|
|
43,634
|
|
|
(2,897
|
)
|
|
(6.6
|
)
|
|||
Income tax provision, net
|
|
12,836
|
|
|
6,082
|
|
|
6,754
|
|
|
*
|
|
|||
Depreciation and amortization
|
|
150,555
|
|
|
134,822
|
|
|
15,733
|
|
|
11.7
|
|
|||
Net income from discontinued operations
|
|
—
|
|
|
654
|
|
|
(654
|
)
|
|
(100.0
|
)
|
|||
Net income attributable to noncontrolling interests
|
|
(450
|
)
|
|
(532
|
)
|
|
82
|
|
|
(15.4
|
)
|
|||
EBITDA
|
|
$
|
220,180
|
|
|
$
|
219,861
|
|
|
$
|
319
|
|
|
0.1
|
|
|
|
Hughes
|
|
ESS
|
|
Corporate and Other
|
|
Consolidated
Total |
||||||||
|
|
(In thousands)
|
||||||||||||||
For the three months ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue
|
|
$
|
444,762
|
|
|
$
|
84,007
|
|
|
$
|
4,184
|
|
|
$
|
532,953
|
|
Capital expenditures
|
|
$
|
110,550
|
|
|
$
|
29
|
|
|
$
|
56,576
|
|
|
$
|
167,155
|
|
EBITDA
|
|
$
|
164,135
|
|
|
$
|
72,156
|
|
|
$
|
(16,111
|
)
|
|
$
|
220,180
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the three months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue
|
|
$
|
380,061
|
|
|
$
|
97,093
|
|
|
$
|
4,079
|
|
|
$
|
481,233
|
|
Capital expenditures
|
|
$
|
108,428
|
|
|
$
|
8,203
|
|
|
$
|
75,500
|
|
|
$
|
192,131
|
|
EBITDA
|
|
$
|
131,817
|
|
|
$
|
78,345
|
|
|
$
|
9,699
|
|
|
$
|
219,861
|
|
|
|
For the three months
ended September 30, |
|
Variance
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
||||||
|
|
(Dollars in thousands)
|
||||||||||||
Total revenue
|
|
$
|
444,762
|
|
|
$
|
380,061
|
|
|
$
|
64,701
|
|
|
17.0
|
Capital expenditures
|
|
$
|
110,550
|
|
|
$
|
108,428
|
|
|
$
|
2,122
|
|
|
2.0
|
EBITDA
|
|
$
|
164,135
|
|
|
$
|
131,817
|
|
|
$
|
32,318
|
|
|
24.5
|
|
|
For the three months
ended September 30, |
|
Variance
|
|||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(Dollars in thousands)
|
|||||||||||||
Total revenue
|
|
$
|
84,007
|
|
|
$
|
97,093
|
|
|
$
|
(13,086
|
)
|
|
(13.5
|
)
|
Capital expenditures
|
|
$
|
29
|
|
|
$
|
8,203
|
|
|
$
|
(8,174
|
)
|
|
(99.6
|
)
|
EBITDA
|
|
$
|
72,156
|
|
|
$
|
78,345
|
|
|
$
|
(6,189
|
)
|
|
(7.9
|
)
|
|
|
For the three months
ended September 30, |
|
Variance
|
|||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(Dollars in thousands)
|
|||||||||||||
Total revenue
|
|
$
|
4,184
|
|
|
$
|
4,079
|
|
|
$
|
105
|
|
|
2.6
|
|
Capital expenditures
|
|
$
|
56,576
|
|
|
$
|
75,500
|
|
|
$
|
(18,924
|
)
|
|
(25.1
|
)
|
EBITDA
|
|
$
|
(16,111
|
)
|
|
$
|
9,699
|
|
|
$
|
(25,810
|
)
|
|
*
|
|
|
|
For the nine months
ended September 30, |
|
Variance
|
|||||||||||
Statements of Operations Data (1)
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(Dollars in thousands)
|
|||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Services and other revenue - DISH Network
|
|
$
|
291,835
|
|
|
$
|
339,824
|
|
|
$
|
(47,989
|
)
|
|
(14.1
|
)
|
Services and other revenue - other
|
|
1,118,733
|
|
|
865,817
|
|
|
252,916
|
|
|
29.2
|
|
|||
Equipment revenue
|
|
150,134
|
|
|
173,819
|
|
|
(23,685
|
)
|
|
(13.6
|
)
|
|||
Total revenue
|
|
1,560,702
|
|
|
1,379,460
|
|
|
181,242
|
|
|
13.1
|
|
|||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cost of sales - services and other
|
|
451,913
|
|
|
416,463
|
|
|
35,450
|
|
|
8.5
|
|
|||
% of total services and other revenue
|
|
32.0
|
%
|
|
34.5
|
%
|
|
|
|
|
|
|
|||
Cost of sales - equipment
|
|
127,254
|
|
|
141,839
|
|
|
(14,585
|
)
|
|
(10.3
|
)
|
|||
% of total equipment revenue
|
|
84.8
|
%
|
|
81.6
|
%
|
|
|
|
|
|
||||
Selling, general and administrative expenses
|
|
313,839
|
|
|
263,820
|
|
|
50,019
|
|
|
19.0
|
|
|||
% of total revenue
|
|
20.1
|
%
|
|
19.1
|
%
|
|
|
|
|
|
|
|||
Research and development expenses
|
|
20,328
|
|
|
23,444
|
|
|
(3,116
|
)
|
|
(13.3
|
)
|
|||
% of total revenue
|
|
1.3
|
%
|
|
1.7
|
%
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
444,558
|
|
|
379,939
|
|
|
64,619
|
|
|
17.0
|
|
|||
Total costs and expenses
|
|
1,357,892
|
|
|
1,225,505
|
|
|
132,387
|
|
|
10.8
|
|
|||
Operating income
|
|
202,810
|
|
|
153,955
|
|
|
48,855
|
|
|
31.7
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
56,237
|
|
|
30,342
|
|
|
25,895
|
|
|
85.3
|
|
|||
Interest expense, net of amounts capitalized
|
|
(186,371
|
)
|
|
(156,498
|
)
|
|
29,873
|
|
|
19.1
|
|
|||
Gains and losses on investments, net
|
|
33,426
|
|
|
30,664
|
|
|
2,762
|
|
|
9.0
|
|
|||
Equity in earnings (losses) of unconsolidated affiliates, net
|
|
(2,651
|
)
|
|
15,620
|
|
|
(18,271
|
)
|
|
*
|
|
|||
Other, net
|
|
(5,201
|
)
|
|
8,211
|
|
|
(13,412
|
)
|
|
*
|
|
|||
Total other expense, net
|
|
(104,560
|
)
|
|
(71,661
|
)
|
|
(32,899
|
)
|
|
45.9
|
|
|||
Income from continuing operations before income taxes
|
|
98,250
|
|
|
82,294
|
|
|
15,956
|
|
|
19.4
|
|
|||
Income tax provision, net
|
|
(25,235
|
)
|
|
(9,073
|
)
|
|
16,162
|
|
|
*
|
|
|||
Net income from continuing operations
|
|
73,015
|
|
|
73,221
|
|
|
(206
|
)
|
|
(0.3
|
)
|
|||
Net income (loss) from discontinued operations
|
|
—
|
|
|
6,454
|
|
|
(6,454
|
)
|
|
(100.0
|
)
|
|||
Net income
|
|
73,015
|
|
|
79,675
|
|
|
(6,660
|
)
|
|
(8.4
|
)
|
|||
Less: Net income attributable to noncontrolling interests
|
|
1,292
|
|
|
351
|
|
|
941
|
|
|
*
|
|
|||
Net income attributable to EchoStar Corporation common stock
|
|
$
|
71,723
|
|
|
$
|
79,324
|
|
|
$
|
(7,601
|
)
|
|
(9.6
|
)
|
|
|
|
|
|
|
|
|
|
|||||||
Other data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EBITDA (2)
|
|
$
|
671,650
|
|
|
$
|
588,038
|
|
|
$
|
83,612
|
|
|
14.2
|
|
Subscribers, end of period
|
|
1,332,000
|
|
|
1,140,000
|
|
|
192,000
|
|
|
16.8
|
|
(2)
|
A reconciliation of EBITDA to Net income, the most directly comparable U.S. GAAP measure in the accompanying financial statements, is included on page
65
. For further information on our use of EBITDA, see Explanation of Key Metrics and Other Items on page
73
.
|
|
|
Amounts
|
||
|
|
(In thousands)
|
||
Net income attributable to EchoStar Corporation for the nine months ended September 30, 2017
|
|
$
|
79,324
|
|
Increase in interest expense, net of amounts capitalized
|
|
(29,873
|
)
|
|
Decrease in equity in earnings of unconsolidated affiliates, net
|
|
(18,271
|
)
|
|
Increase in income tax provision, net
|
|
(16,162
|
)
|
|
Decrease in other income
|
|
(13,412
|
)
|
|
Decrease in net income from discontinued operations
|
|
(6,454
|
)
|
|
Increase in net income attributable to noncontrolling interests
|
|
(941
|
)
|
|
Increase in operating income, including depreciation and amortization
|
|
48,855
|
|
|
Increase in interest income
|
|
25,895
|
|
|
Increase in gains on investments, net
|
|
2,762
|
|
|
Net income attributable to EchoStar Corporation for the nine months ended September 30, 2018
|
|
$
|
71,723
|
|
|
|
For the nine months
ended September 30, |
|
Variance
|
|||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(Dollars in thousands)
|
|||||||||||||
Net income
|
|
$
|
73,015
|
|
|
$
|
79,675
|
|
|
$
|
(6,660
|
)
|
|
(8.4
|
)
|
|
|
|
|
|
|
|
|
|
|||||||
Interest income and expense, net
|
|
130,134
|
|
|
126,156
|
|
|
3,978
|
|
|
3.2
|
|
|||
Income tax (benefit) provision, net
|
|
25,235
|
|
|
9,073
|
|
|
16,162
|
|
|
*
|
|
|||
Depreciation and amortization
|
|
444,558
|
|
|
379,939
|
|
|
64,619
|
|
|
17.0
|
|
|||
Net income from discontinued operations
|
|
—
|
|
|
(6,454
|
)
|
|
6,454
|
|
|
(100.0
|
)
|
|||
Net income attributable to noncontrolling interests
|
|
(1,292
|
)
|
|
(351
|
)
|
|
(941
|
)
|
|
*
|
|
|||
EBITDA
|
|
$
|
671,650
|
|
|
$
|
588,038
|
|
|
$
|
83,612
|
|
|
14.2
|
|
|
|
Hughes
|
|
ESS
|
|
Corporate and Other
|
|
Consolidated
Total |
||||||||
|
|
(In thousands)
|
||||||||||||||
For the nine months ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue
|
|
$
|
1,271,886
|
|
|
$
|
276,185
|
|
|
$
|
12,631
|
|
|
$
|
1,560,702
|
|
Capital expenditures
|
|
$
|
285,352
|
|
|
$
|
(76,653
|
)
|
|
$
|
129,030
|
|
|
$
|
337,729
|
|
EBITDA
|
|
$
|
452,982
|
|
|
$
|
238,789
|
|
|
$
|
(20,121
|
)
|
|
$
|
671,650
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the nine months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue
|
|
$
|
1,072,143
|
|
|
$
|
295,785
|
|
|
$
|
11,532
|
|
|
$
|
1,379,460
|
|
Capital expenditures
|
|
$
|
270,624
|
|
|
$
|
21,351
|
|
|
$
|
118,170
|
|
|
$
|
410,145
|
|
EBITDA
|
|
$
|
342,693
|
|
|
$
|
241,873
|
|
|
$
|
3,472
|
|
|
$
|
588,038
|
|
|
|
For the nine months
ended September 30, |
|
Variance
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
||||||
|
|
(Dollars in thousands)
|
||||||||||||
Total revenue
|
|
$
|
1,271,886
|
|
|
$
|
1,072,143
|
|
|
$
|
199,743
|
|
|
18.6
|
Capital expenditures
|
|
$
|
285,352
|
|
|
$
|
270,624
|
|
|
$
|
14,728
|
|
|
5.4
|
EBITDA
|
|
$
|
452,982
|
|
|
$
|
342,693
|
|
|
$
|
110,289
|
|
|
32.2
|
|
|
For the nine months
ended September 30, |
|
Variance
|
|||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
|||||||
|
|
(Dollars in thousands)
|
|||||||||||||
Total revenue
|
|
$
|
276,185
|
|
|
$
|
295,785
|
|
|
$
|
(19,600
|
)
|
|
(6.6
|
)
|
Capital expenditures
|
|
$
|
(76,653
|
)
|
|
$
|
21,351
|
|
|
$
|
(98,004
|
)
|
|
*
|
|
EBITDA
|
|
$
|
238,789
|
|
|
$
|
241,873
|
|
|
$
|
(3,084
|
)
|
|
(1.3
|
)
|
|
|
For the nine months
ended September 30, |
|
Variance
|
||||||||||
|
|
2018
|
|
2017
|
|
Amount
|
|
%
|
||||||
|
|
(Dollars in thousands)
|
||||||||||||
Total revenue
|
|
$
|
12,631
|
|
|
$
|
11,532
|
|
|
$
|
1,099
|
|
|
9.5
|
Capital expenditures
|
|
$
|
129,030
|
|
|
$
|
118,170
|
|
|
$
|
10,860
|
|
|
9.2
|
EBITDA
|
|
$
|
(20,121
|
)
|
|
$
|
3,472
|
|
|
$
|
(23,593
|
)
|
|
*
|
•
|
remediation costs, such as liability for stolen assets or information, repairs of system damage and/or incentives to customers or business partners in an effort to maintain relationships after an attack;
|
•
|
increased cybersecurity protection costs, which may include the costs of making organizational changes, deploying additional personnel and protection technologies, training employees and engaging third party experts and consultants;
|
•
|
increased liability due to financial or other harm inflicted on our partners;
|
•
|
lost revenues resulting from attacks on our satellites or technology, the unauthorized use of proprietary information or the failure to retain or attract customers following an attack;
|
•
|
litigation and legal risks, including regulatory actions by state, federal and international regulators; and
|
•
|
loss of or damage to reputation.
|
Exhibit No.
|
|
Description
|
|
||
|
||
|
||
|
||
|
||
101.INS
|
|
XBRL Instance Document.
|
101.SCH
|
|
XBRL Taxonomy Extension Schema.
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase.
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase.
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase.
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase.
|
(H)
|
Filed herewith.
|
(I)
|
Furnished herewith
|
*
|
Incorporated by reference.
|
**
|
Constitutes a management contract or compensatory plan or arrangement.
|
|
|
ECHOSTAR CORPORATION
|
|
|
|
|
|
|
Date: November 8, 2018
|
By:
|
/s/
Michael T. Dugan
|
|
|
Michael T. Dugan
|
|
|
Chief Executive Officer, President and Director
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
Date: November 8, 2018
|
By:
|
/s/
David J. Rayner
|
|
|
David J. Rayner
|
|
|
Executive Vice President, Chief Financial Officer, Chief Operating Officer and Treasurer
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year EchoStar Chart |
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