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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
|
|
26-1232727
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
100 Inverness Terrace East, Englewood, Colorado
|
|
80112-5308
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
(303) 706-4000
|
|
Not Applicable
|
(Registrant’s telephone number, including area code)
|
|
(Former name, former address and former fiscal year, if changed since last report)
|
|
|
|
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
Class A common stock, $0.001 par value
|
|
The NASDAQ Stock Market LLC
|
(Title of each class)
|
|
(Name of each exchange on which registered)
|
SATS
|
|
|
(Ticker symbol)
|
|
|
Large accelerated filer
ý
|
Accelerated filer
o
|
Emerging growth company
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
|
|
|
|
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
|
|
|
|
|
•
|
significant risks related to the construction 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;
|
•
|
our reliance on DISH Network Corporation and its subsidiaries for a significant portion of our revenue;
|
•
|
our ability to realize the anticipated benefits of our current satellites and any future satellite we may construct or acquire;
|
•
|
our ability to implement and/or realize benefits of our domestic and/or international investments, commercial alliances, partnerships, joint ventures, acquisitions, dispositions and other strategic initiatives and transactions;
|
•
|
risks 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 dollar, economic instability and political disturbances;
|
•
|
the failure of third-party providers of components, manufacturing, installation services and customer support services to appropriately deliver the contracted goods or services; and
|
•
|
our ability to bring advanced technologies to market to keep pace with our customers and competitors.
|
|
|
As of
|
||||||
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
(Unaudited)
|
|
(Audited)
|
||||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
1,349,724
|
|
|
$
|
928,306
|
|
Marketable investment securities, at fair value
|
|
1,925,108
|
|
|
2,282,152
|
|
||
Trade accounts receivable and contract assets, net (Note 3)
|
|
216,558
|
|
|
201,096
|
|
||
Trade accounts receivable - DISH Network
|
|
19,510
|
|
|
14,200
|
|
||
Inventory
|
|
76,114
|
|
|
75,379
|
|
||
Prepaids and deposits
|
|
66,119
|
|
|
61,177
|
|
||
Other current assets
|
|
24,508
|
|
|
18,539
|
|
||
Total current assets
|
|
3,677,641
|
|
|
3,580,849
|
|
||
Noncurrent assets:
|
|
|
|
|
|
|
||
Property and equipment, net
|
|
3,363,404
|
|
|
3,414,908
|
|
||
Operating lease right-of-use assets
|
|
115,647
|
|
|
—
|
|
||
Regulatory authorizations, net
|
|
494,253
|
|
|
495,654
|
|
||
Goodwill
|
|
504,173
|
|
|
504,173
|
|
||
Other intangible assets, net
|
|
40,550
|
|
|
44,231
|
|
||
Investments in unconsolidated entities
|
|
227,828
|
|
|
262,473
|
|
||
Other receivables - DISH Network
|
|
95,889
|
|
|
95,114
|
|
||
Other noncurrent assets, net
|
|
259,506
|
|
|
263,892
|
|
||
Total noncurrent assets
|
|
5,101,250
|
|
|
5,080,445
|
|
||
Total assets
|
|
$
|
8,778,891
|
|
|
$
|
8,661,294
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
|
||
Trade accounts payable
|
|
$
|
115,752
|
|
|
$
|
121,437
|
|
Trade accounts payable - DISH Network
|
|
2,826
|
|
|
1,698
|
|
||
Current portion of long-term debt and finance lease obligations
|
|
953,636
|
|
|
959,577
|
|
||
Contract liabilities
|
|
90,180
|
|
|
72,284
|
|
||
Accrued interest
|
|
55,552
|
|
|
47,416
|
|
||
Accrued compensation
|
|
35,161
|
|
|
54,242
|
|
||
Accrued taxes
|
|
17,455
|
|
|
16,013
|
|
||
Accrued expenses and other
|
|
75,443
|
|
|
72,470
|
|
||
Total current liabilities
|
|
1,346,005
|
|
|
1,345,137
|
|
||
Noncurrent liabilities:
|
|
|
|
|
|
|
||
Long-term debt and finance lease obligations, net
|
|
2,563,429
|
|
|
2,573,204
|
|
||
Deferred tax liabilities, net
|
|
475,464
|
|
|
465,933
|
|
||
Operating lease liabilities
|
|
95,215
|
|
|
—
|
|
||
Other noncurrent liabilities
|
|
119,242
|
|
|
121,546
|
|
||
Total noncurrent liabilities
|
|
3,253,350
|
|
|
3,160,683
|
|
||
Total liabilities
|
|
4,599,355
|
|
|
4,505,820
|
|
||
Commitments and contingencies (Note 15)
|
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
|
||
Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding at each of March 31, 2019 and December 31, 2018
|
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value, 4,000,000,000 shares authorized:
|
|
|
|
|
|
|
||
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 54,514,833 shares issued and 48,029,912 shares outstanding at March 31, 2019 and 54,142,566 shares issued and 47,657,645 shares outstanding at December 31, 2018
|
|
54
|
|
|
54
|
|
||
Class B convertible common stock, $0.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at each of March 31, 2019 and December 31, 2018
|
|
48
|
|
|
48
|
|
||
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of March 31, 2019 and December 31, 2018
|
|
—
|
|
|
—
|
|
||
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of March 31, 2019 and December 31, 2018
|
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
|
3,713,777
|
|
|
3,702,522
|
|
||
Accumulated other comprehensive loss
|
|
(124,251
|
)
|
|
(125,100
|
)
|
||
Accumulated earnings
|
|
709,928
|
|
|
694,129
|
|
||
Treasury stock, at cost
|
|
(131,454
|
)
|
|
(131,454
|
)
|
||
Total EchoStar Corporation stockholders’ equity
|
|
4,168,102
|
|
|
4,140,199
|
|
||
Other noncontrolling interests
|
|
11,434
|
|
|
15,275
|
|
||
Total stockholders’ equity
|
|
4,179,536
|
|
|
4,155,474
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
8,778,891
|
|
|
$
|
8,661,294
|
|
|
|
For the three months
ended March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Revenue:
|
|
|
|
|
|
|
||
Services and other revenue - DISH Network
|
|
$
|
85,888
|
|
|
$
|
103,805
|
|
Services and other revenue - other
|
|
393,480
|
|
|
355,040
|
|
||
Equipment revenue
|
|
51,714
|
|
|
42,947
|
|
||
Total revenue
|
|
531,082
|
|
|
501,792
|
|
||
|
|
|
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
||
Cost of sales - services and other (exclusive of depreciation and amortization)
|
|
153,571
|
|
|
148,745
|
|
||
Cost of sales - equipment (exclusive of depreciation and amortization)
|
|
45,007
|
|
|
39,071
|
|
||
Selling, general and administrative expenses
|
|
112,134
|
|
|
103,275
|
|
||
Research and development expenses
|
|
6,888
|
|
|
7,137
|
|
||
Depreciation and amortization
|
|
154,221
|
|
|
145,554
|
|
||
Total costs and expenses
|
|
471,821
|
|
|
443,782
|
|
||
Operating income
|
|
59,261
|
|
|
58,010
|
|
||
|
|
|
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
||
Interest income
|
|
24,429
|
|
|
15,635
|
|
||
Interest expense, net of amounts capitalized
|
|
(59,882
|
)
|
|
(62,751
|
)
|
||
Gains (losses) on investments, net
|
|
6,418
|
|
|
(36,663
|
)
|
||
Equity in losses of unconsolidated affiliates, net
|
|
(6,353
|
)
|
|
(1,009
|
)
|
||
Other, net
|
|
(685
|
)
|
|
204
|
|
||
Total other expense, net
|
|
(36,073
|
)
|
|
(84,584
|
)
|
||
Income (loss) before income taxes
|
|
23,188
|
|
|
(26,574
|
)
|
||
Income tax benefit (provision), net
|
|
(8,180
|
)
|
|
5,403
|
|
||
Net income (loss)
|
|
15,008
|
|
|
(21,171
|
)
|
||
Less: Net income attributable to noncontrolling interests
|
|
806
|
|
|
380
|
|
||
Net income (loss) attributable to EchoStar Corporation common stock
|
|
$
|
14,202
|
|
|
$
|
(21,551
|
)
|
|
|
|
|
|
||||
Earnings per share - Class A and B common stock:
|
|
|
|
|
|
|
||
Basic earnings (loss) per share
|
|
$
|
0.15
|
|
|
$
|
(0.22
|
)
|
Diluted earnings (loss) per share
|
|
$
|
0.15
|
|
|
$
|
(0.22
|
)
|
|
|
For the three months
ended March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Comprehensive income (loss):
|
|
|
|
|
|
|
||
Net income (loss)
|
|
$
|
15,008
|
|
|
$
|
(21,171
|
)
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
||
Foreign currency translation adjustments
|
|
911
|
|
|
8,592
|
|
||
Unrealized gains (losses) on available-for-sale securities and other
|
|
487
|
|
|
(532
|
)
|
||
Amounts reclassified to net income:
|
|
|
|
|
||||
Realized gains on available-for-sale securities
|
|
(549
|
)
|
|
—
|
|
||
Total other comprehensive income, net of tax
|
|
849
|
|
|
8,060
|
|
||
Comprehensive income (loss)
|
|
15,857
|
|
|
(13,111
|
)
|
||
Less: Comprehensive income attributable to noncontrolling interests
|
|
806
|
|
|
166
|
|
||
Comprehensive income (loss) attributable to EchoStar Corporation
|
|
$
|
15,051
|
|
|
$
|
(13,277
|
)
|
|
|
Class
A and B
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Accumulated
Earnings
|
|
Treasury
Stock
|
|
Other
Noncontrolling
Interests
|
|
Total
|
||||||||||||||
Balance, December 31, 2017
|
|
$
|
102
|
|
|
$
|
3,669,461
|
|
|
$
|
(130,154
|
)
|
|
$
|
721,316
|
|
|
$
|
(98,162
|
)
|
|
$
|
14,822
|
|
|
$
|
4,177,385
|
|
Cumulative effect of accounting changes as of January 1, 2018
|
|
—
|
|
|
—
|
|
|
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
|
|
—
|
|
|
3,456
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,456
|
|
|||||||
Employee benefits
|
|
—
|
|
|
7,605
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,605
|
|
|||||||
Employee Stock Purchase Plan
|
|
—
|
|
|
2,636
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,636
|
|
|||||||
Stock-based compensation
|
|
—
|
|
|
2,765
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,765
|
|
|||||||
R&D tax credits utilized by DISH Network
|
|
—
|
|
|
(218
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(218
|
)
|
|||||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
8,374
|
|
|
—
|
|
|
—
|
|
|
(214
|
)
|
|
8,160
|
|
|||||||
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,551
|
)
|
|
—
|
|
|
380
|
|
|
(21,171
|
)
|
|||||||
Other, net
|
|
—
|
|
|
(128
|
)
|
|
(100
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(228
|
)
|
|||||||
Balance, March 31, 2018
|
|
$
|
102
|
|
|
$
|
3,685,577
|
|
|
$
|
(111,413
|
)
|
|
$
|
714,423
|
|
|
$
|
(98,162
|
)
|
|
$
|
14,988
|
|
|
$
|
4,205,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, December 31, 2018
|
|
$
|
102
|
|
|
$
|
3,702,522
|
|
|
$
|
(125,100
|
)
|
|
$
|
694,129
|
|
|
$
|
(131,454
|
)
|
|
$
|
15,275
|
|
|
$
|
4,155,474
|
|
Issuances of Class A common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Exercise of stock options
|
|
—
|
|
|
2,046
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,046
|
|
|||||||
Employee benefits
|
|
—
|
|
|
6,654
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,654
|
|
|||||||
Employee Stock Purchase Plan
|
|
—
|
|
|
2,749
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,749
|
|
|||||||
Stock-based compensation
|
|
—
|
|
|
2,628
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,628
|
|
|||||||
R&D tax credits utilized by DISH Network
|
|
—
|
|
|
(156
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(156
|
)
|
|||||||
Noncontrolling interest purchase
|
|
—
|
|
|
(2,666
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,647
|
)
|
|
(7,313
|
)
|
|||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
849
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
849
|
|
|||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,202
|
|
|
—
|
|
|
806
|
|
|
15,008
|
|
|||||||
Other, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,597
|
|
|
—
|
|
|
—
|
|
|
1,597
|
|
|||||||
Balance, March 31, 2019
|
|
$
|
102
|
|
|
$
|
3,713,777
|
|
|
$
|
(124,251
|
)
|
|
$
|
709,928
|
|
|
$
|
(131,454
|
)
|
|
$
|
11,434
|
|
|
$
|
4,179,536
|
|
|
|
For the three months ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||
Net income (loss)
|
|
$
|
15,008
|
|
|
$
|
(21,171
|
)
|
Adjustments to reconcile net income to net cash flows from operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
154,221
|
|
|
145,554
|
|
||
Equity in losses of unconsolidated affiliates, net
|
|
6,353
|
|
|
1,009
|
|
||
Amortization of debt issuance costs
|
|
2,010
|
|
|
1,936
|
|
||
(Gains) losses on investments, net
|
|
(6,418
|
)
|
|
36,673
|
|
||
Stock-based compensation
|
|
2,628
|
|
|
2,765
|
|
||
Deferred tax (benefit) provision
|
|
6,455
|
|
|
(7,036
|
)
|
||
Changes in current assets and current liabilities, net:
|
|
|
|
|
||||
Trade accounts receivable, net
|
|
(19,231
|
)
|
|
23,153
|
|
||
Trade accounts receivable - DISH Network
|
|
(5,310
|
)
|
|
(13,473
|
)
|
||
Inventory
|
|
(1,036
|
)
|
|
(2,297
|
)
|
||
Other current assets
|
|
(4,024
|
)
|
|
(10,926
|
)
|
||
Trade accounts payable
|
|
8,831
|
|
|
(6,471
|
)
|
||
Trade accounts payable - DISH Network
|
|
1,128
|
|
|
(1,011
|
)
|
||
Accrued expenses and other
|
|
6,854
|
|
|
(2,288
|
)
|
||
Changes in noncurrent assets and noncurrent liabilities, net
|
|
5,563
|
|
|
(13,982
|
)
|
||
Other, net
|
|
2,914
|
|
|
2,840
|
|
||
Net cash flows from operating activities
|
|
175,946
|
|
|
135,275
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Purchases of marketable investment securities
|
|
(325,557
|
)
|
|
(562,611
|
)
|
||
Sales and maturities of marketable investment securities
|
|
712,666
|
|
|
298,596
|
|
||
Expenditures for property and equipment
|
|
(111,962
|
)
|
|
(128,506
|
)
|
||
Refunds and other receipts related to property and equipment
|
|
—
|
|
|
77,524
|
|
||
Expenditures for externally marketed software
|
|
(7,600
|
)
|
|
(7,148
|
)
|
||
Net cash flows from investing activities
|
|
267,547
|
|
|
(322,145
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Repayment of debt and finance lease obligations
|
|
(9,882
|
)
|
|
(9,368
|
)
|
||
Repurchase of debt
|
|
(8,046
|
)
|
|
—
|
|
||
Net proceeds from Class A common stock options exercised
|
|
2,047
|
|
|
3,481
|
|
||
Net proceeds from Class A common stock issued under the Employee Stock Purchase Plan
|
|
2,749
|
|
|
2,636
|
|
||
Noncontrolling interest purchase
|
|
(7,313
|
)
|
|
—
|
|
||
Repayment of in-orbit incentive obligations
|
|
(1,573
|
)
|
|
(1,265
|
)
|
||
Other, net
|
|
(131
|
)
|
|
(243
|
)
|
||
Net cash flows from financing activities
|
|
(22,149
|
)
|
|
(4,759
|
)
|
||
Effect of exchange rates on cash and cash equivalents
|
|
(133
|
)
|
|
(242
|
)
|
||
Net increase (decrease) in cash and cash equivalents, including restricted amounts
|
|
421,211
|
|
|
(191,871
|
)
|
||
Cash and cash equivalents, including restricted amounts, beginning of period
|
|
929,495
|
|
|
2,432,249
|
|
||
Cash and cash equivalents, including restricted amounts, end of period
|
|
$
|
1,350,706
|
|
|
$
|
2,240,378
|
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
||
Cash paid for interest, net of amounts capitalized
|
|
$
|
54,572
|
|
|
$
|
51,073
|
|
Cash paid for income taxes
|
|
$
|
772
|
|
|
$
|
839
|
|
•
|
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 Corporation and its subsidiaries (“DISH Network”),
our joint venture Dish Mexico, S. de R.L. de C.V., (“Dish Mexico”), United States (“U.S.”)
government service providers, internet service providers, broadcast news organizations, content providers and private enterprise customers.
|
|
|
As Reported December 31,2018
|
|
Adoption of ASC 842 Increase (Decrease)
|
|
Balance January 1, 2019
|
||||||
|
|
(in thousands)
|
||||||||||
Prepaids and deposits
|
|
$
|
61,177
|
|
|
$
|
(28
|
)
|
|
$
|
61,149
|
|
Operating lease right-of-use assets
|
|
$
|
—
|
|
|
$
|
120,358
|
|
|
$
|
120,358
|
|
Other noncurrent assets, net
|
|
$
|
263,892
|
|
|
$
|
(7,272
|
)
|
|
$
|
256,620
|
|
Total assets
|
|
$
|
8,661,294
|
|
|
$
|
113,058
|
|
|
$
|
8,774,352
|
|
Accrued expenses and other
|
|
$
|
72,470
|
|
|
$
|
17,453
|
|
|
$
|
89,923
|
|
Operating lease liabilities
|
|
$
|
—
|
|
|
$
|
100,085
|
|
|
$
|
100,085
|
|
Other noncurrent liabilities
|
|
$
|
121,546
|
|
|
$
|
(3,871
|
)
|
|
$
|
117,675
|
|
Total liabilities
|
|
$
|
4,505,820
|
|
|
$
|
113,667
|
|
|
$
|
4,619,487
|
|
Accumulated earnings
|
|
$
|
694,129
|
|
|
$
|
(609
|
)
|
|
$
|
693,520
|
|
Total stockholders’ equity
|
|
$
|
4,155,474
|
|
|
$
|
(609
|
)
|
|
$
|
4,154,865
|
|
Total liabilities and stockholders’ equity
|
|
$
|
8,661,294
|
|
|
$
|
113,058
|
|
|
$
|
8,774,352
|
|
|
|
As of
|
||||||
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
|
(In thousands)
|
||||||
Trade accounts receivable:
|
|
|
|
|
||||
Sales and services
|
|
$
|
164,310
|
|
|
$
|
154,415
|
|
Leasing
|
|
7,776
|
|
|
7,990
|
|
||
Total
|
|
172,086
|
|
|
162,405
|
|
||
Contract assets
|
|
58,500
|
|
|
55,295
|
|
||
Allowance for doubtful accounts
|
|
(14,028
|
)
|
|
(16,604
|
)
|
||
Total trade accounts receivable and contract assets, net
|
|
$
|
216,558
|
|
|
$
|
201,096
|
|
|
|
|
|
|
||||
Trade accounts receivable - DISH Network:
|
|
|
|
|
||||
Sales and services
|
|
$
|
17,252
|
|
|
$
|
12,274
|
|
Leasing
|
|
2,258
|
|
|
1,926
|
|
||
Total trade accounts receivable - DISH Network, net
|
|
$
|
19,510
|
|
|
$
|
14,200
|
|
|
|
|
|
|
||||
Contract liabilities:
|
|
|
|
|
||||
Current
|
|
$
|
90,180
|
|
|
$
|
72,284
|
|
Noncurrent
|
|
10,778
|
|
|
10,133
|
|
||
Total contract liabilities
|
|
$
|
100,958
|
|
|
$
|
82,417
|
|
|
|
Hughes
|
|
ESS
|
|
Corporate and Other
|
|
Consolidated
Total |
||||||||
|
|
(In thousands)
|
||||||||||||||
For the three months ended March 31, 2019
|
|
|
|
|
|
|
|
|
||||||||
North America
|
|
$
|
367,829
|
|
|
$
|
81,084
|
|
|
$
|
4,661
|
|
|
$
|
453,574
|
|
South and Central America
|
|
26,863
|
|
|
—
|
|
|
—
|
|
|
26,863
|
|
||||
All other
|
|
50,645
|
|
|
175
|
|
|
(175
|
)
|
|
50,645
|
|
||||
Total revenue
|
|
$
|
445,337
|
|
|
$
|
81,259
|
|
|
$
|
4,486
|
|
|
$
|
531,082
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the three months ended March 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
North America
|
|
$
|
336,020
|
|
|
$
|
96,578
|
|
|
$
|
4,396
|
|
|
$
|
436,994
|
|
South and Central America
|
|
24,488
|
|
|
—
|
|
|
—
|
|
|
24,488
|
|
||||
All other
|
|
40,310
|
|
|
175
|
|
|
(175
|
)
|
|
40,310
|
|
||||
Total revenue
|
|
$
|
400,818
|
|
|
$
|
96,753
|
|
|
$
|
4,221
|
|
|
$
|
501,792
|
|
|
|
Hughes
|
|
ESS
|
|
Corporate and Other
|
|
Consolidated
Total |
||||||||
|
|
(In thousands)
|
||||||||||||||
For the three months ended March 31, 2019
|
|
|
|
|
|
|
|
|
||||||||
Equipment
|
|
$
|
25,960
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,960
|
|
Services
|
|
380,783
|
|
|
3,740
|
|
|
1,736
|
|
|
386,259
|
|
||||
Design, development and construction services
|
|
25,066
|
|
|
—
|
|
|
—
|
|
|
25,066
|
|
||||
Revenue from sales and services
|
|
431,809
|
|
|
3,740
|
|
|
1,736
|
|
|
437,285
|
|
||||
Lease revenue
|
|
13,528
|
|
|
77,519
|
|
|
2,750
|
|
|
93,797
|
|
||||
Total revenue
|
|
$
|
445,337
|
|
|
$
|
81,259
|
|
|
$
|
4,486
|
|
|
$
|
531,082
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the three months ended March 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Equipment
|
|
$
|
26,771
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
26,771
|
|
Services
|
|
313,961
|
|
|
7,403
|
|
|
1,475
|
|
|
322,839
|
|
||||
Design, development and construction services
|
|
16,176
|
|
|
—
|
|
|
—
|
|
|
16,176
|
|
||||
Revenue from sales and services
|
|
356,908
|
|
|
7,403
|
|
|
1,475
|
|
|
365,786
|
|
||||
Lease revenue
|
|
43,910
|
|
|
89,350
|
|
|
2,746
|
|
|
136,006
|
|
||||
Total revenue
|
|
$
|
400,818
|
|
|
$
|
96,753
|
|
|
$
|
4,221
|
|
|
$
|
501,792
|
|
Right-of-use assets:
|
|
|
||
Operating
|
|
$
|
115,647
|
|
Finance
|
|
563,350
|
|
|
Total right-of-use assets
|
|
$
|
678,997
|
|
|
|
|
||
Lease liabilities:
|
|
|
||
Current:
|
|
|
||
Operating
|
|
$
|
17,453
|
|
Finance
|
|
41,651
|
|
|
Noncurrent:
|
|
|
||
Operating
|
|
95,215
|
|
|
Finance
|
|
177,293
|
|
|
Total lease liabilities
|
|
$
|
331,612
|
|
|
|
For the three months ended March 31, 2019
|
|
|
|
|
(In thousands)
|
||
Lease cost
|
|
|
||
Operating lease cost
|
|
$
|
5,867
|
|
Finance lease cost:
|
|
|
||
Amortization of right-of-use assets
|
|
20,666
|
|
|
Interest on lease liabilities
|
|
6,018
|
|
|
Short-term lease cost
|
|
120
|
|
|
Variable lease cost
|
|
1,970
|
|
|
Total lease cost
|
|
$
|
34,641
|
|
|
|
As of
|
|
|
|
March 31, 2019
|
|
|
|
(In thousands)
|
|
Lease term and discount rate
|
|
|
|
Weighted average remaining lease term (in years):
|
|
|
|
Finance leases
|
|
4.82
|
|
Operating leases
|
|
10.27
|
|
|
|
|
|
Weighted average discount rate:
|
|
|
|
Finance leases
|
|
10.75
|
%
|
Operating leases
|
|
6.19
|
%
|
|
|
For the three months ended March 31, 2019
|
|
|
|
|
(In thousands)
|
||
Cash paid for amounts included in the
measurement of lease liabilities
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
5,371
|
|
Operating cash flows from finance leases
|
|
$
|
6,018
|
|
Financing cash flows from finance leases
|
|
$
|
9,758
|
|
Maturity of lease liabilities
|
|
Operating leases
|
|
Finance leases
|
|
Total
|
||||||
|
|
(In thousands)
|
||||||||||
Year ending December 31,
|
|
|
|
|
|
|
||||||
2019 (remainder)
|
|
$
|
17,322
|
|
|
$
|
47,400
|
|
|
$
|
64,722
|
|
2020
|
|
18,962
|
|
|
63,266
|
|
|
82,228
|
|
|||
2021
|
|
15,817
|
|
|
59,692
|
|
|
75,509
|
|
|||
2022
|
|
13,923
|
|
|
41,040
|
|
|
54,963
|
|
|||
2023
|
|
13,341
|
|
|
40,942
|
|
|
54,283
|
|
|||
After 2023
|
|
75,274
|
|
|
30,707
|
|
|
105,981
|
|
|||
Total lease payments
|
|
154,639
|
|
|
283,047
|
|
|
437,686
|
|
|||
Less interest
|
|
(41,972
|
)
|
|
(64,102
|
)
|
|
(106,074
|
)
|
|||
Present value of lease liabilities
|
|
$
|
112,667
|
|
|
$
|
218,945
|
|
|
$
|
331,612
|
|
Year ending December 31,
|
(In thousands)
|
||
2019
|
$
|
21,146
|
|
2020
|
18,081
|
|
|
2021
|
13,873
|
|
|
2022
|
10,118
|
|
|
2023
|
8,814
|
|
|
Thereafter
|
21,886
|
|
|
Total
|
$
|
93,918
|
|
Sales-type lease revenue:
|
|
|
||
Revenue at lease commencement
|
|
$
|
688
|
|
Interest income
|
|
252
|
|
|
Operating lease revenue
|
|
92,857
|
|
|
Total lease revenue
|
|
$
|
93,797
|
|
|
|
Operating leases
|
||
Year ending December 31,
|
|
(In thousands)
|
||
2019 (remainder)
|
|
$
|
242,239
|
|
2020
|
|
260,033
|
|
|
2021
|
|
231,790
|
|
|
2022
|
|
150,233
|
|
|
2023
|
|
40,327
|
|
|
After 2023
|
|
194,679
|
|
|
Total lease payments
|
|
$
|
1,119,301
|
|
|
|
|
|
Accumulated
|
|
Depreciation
|
||||||
|
|
Cost
|
|
depreciation
|
|
expense
|
||||||
|
|
(in thousands)
|
||||||||||
Customer premises equipment
|
|
$
|
1,210,850
|
|
|
$
|
905,731
|
|
|
$
|
45,812
|
|
Satellites
|
|
1,552,245
|
|
|
847,160
|
|
|
32,601
|
|
|||
Real estate
|
|
100,037
|
|
|
30,278
|
|
|
558
|
|
|||
Total
|
|
$
|
2,863,132
|
|
|
$
|
1,783,169
|
|
|
$
|
78,971
|
|
|
|
For the three months
ended March 31, |
||||||
|
|
2019
|
|
2018
|
||||
|
|
(in thousands, except per share amounts)
|
||||||
|
|
|
|
|
||||
Net income (loss) attributable to EchoStar Corporation common stock
|
|
$
|
14,202
|
|
|
$
|
(21,551
|
)
|
|
|
|
|
|
||||
Weighted-average common shares outstanding:
|
|
|
|
|
||||
Class A and B common stock:
|
|
|
|
|
||||
Basic
|
|
95,386
|
|
|
95,888
|
|
||
Dilutive impact of stock awards outstanding
|
|
291
|
|
|
—
|
|
||
Diluted
|
|
95,677
|
|
|
95,888
|
|
||
|
|
|
|
|
||||
Earnings per share:
|
|
|
|
|
||||
Class A and B common stock:
|
|
|
|
|
||||
Basic
|
|
$
|
0.15
|
|
|
$
|
(0.22
|
)
|
Diluted
|
|
$
|
0.15
|
|
|
$
|
(0.22
|
)
|
|
|
Cumulative Foreign Currency Translation Losses
|
|
Unrealized Gain (Loss) On Available-For-Sale Securities
|
|
Other
|
|
Accumulated Other Comprehensive Loss
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Balance, December 31, 2017
|
|
$
|
(119,430
|
)
|
|
$
|
(10,801
|
)
|
|
$
|
77
|
|
|
$
|
(130,154
|
)
|
Cumulative effect of adoption of the
Accounting Standards Update No. 2016-01
|
|
—
|
|
|
10,467
|
|
|
—
|
|
|
10,467
|
|
||||
Balance, January 1, 2018
|
|
(119,430
|
)
|
|
(334
|
)
|
|
77
|
|
|
(119,687
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
|
8,806
|
|
|
(532
|
)
|
|
—
|
|
|
8,274
|
|
||||
Other comprehensive income (loss)
|
|
8,806
|
|
|
(532
|
)
|
|
—
|
|
|
8,274
|
|
||||
Balance, March 31, 2018
|
|
$
|
(110,624
|
)
|
|
$
|
(866
|
)
|
|
$
|
77
|
|
|
$
|
(111,413
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Balance, December 31, 2018
|
|
$
|
(121,693
|
)
|
|
$
|
(1,574
|
)
|
|
$
|
(1,833
|
)
|
|
$
|
(125,100
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
911
|
|
|
3,287
|
|
|
(2,800
|
)
|
|
1,398
|
|
||||
Amounts reclassified to net income
|
|
—
|
|
|
(549
|
)
|
|
—
|
|
|
(549
|
)
|
||||
Other comprehensive income (loss)
|
|
911
|
|
|
2,738
|
|
|
(2,800
|
)
|
|
849
|
|
||||
Balance, March 31, 2019
|
|
$
|
(120,782
|
)
|
|
$
|
1,164
|
|
|
$
|
(4,633
|
)
|
|
$
|
(124,251
|
)
|
|
|
As of
|
||||||
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
|
(In thousands)
|
||||||
Marketable investment securities:
|
|
|
|
|
||||
Debt securities:
|
|
|
|
|
||||
Corporate bonds
|
|
$
|
1,470,693
|
|
|
$
|
1,735,653
|
|
Other debt securities
|
|
400,125
|
|
|
464,997
|
|
||
Total debt securities
|
|
1,870,818
|
|
|
2,200,650
|
|
||
Equity securities
|
|
64,887
|
|
|
90,976
|
|
||
Total marketable investment securities
|
|
1,935,705
|
|
|
2,291,626
|
|
||
Less: Restricted marketable investment securities
|
|
10,597
|
|
|
9,474
|
|
||
Total marketable investment securities
|
|
$
|
1,925,108
|
|
|
$
|
2,282,152
|
|
|
|
Amortized
|
|
Unrealized
|
|
Estimated
|
||||||||||
|
|
Cost
|
|
Gains
|
|
Losses
|
|
Fair Value
|
||||||||
|
|
(In thousands)
|
||||||||||||||
As of March 31, 2019
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
$
|
1,416,632
|
|
|
$
|
1,287
|
|
|
$
|
(120
|
)
|
|
$
|
1,417,799
|
|
Other debt securities
|
|
400,129
|
|
|
13
|
|
|
(17
|
)
|
|
400,125
|
|
||||
Total available-for-sale debt securities
|
|
$
|
1,816,761
|
|
|
$
|
1,300
|
|
|
$
|
(137
|
)
|
|
$
|
1,817,924
|
|
As of December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
$
|
1,689,093
|
|
|
$
|
318
|
|
|
$
|
(1,896
|
)
|
|
$
|
1,687,515
|
|
Other debt securities
|
|
464,993
|
|
|
7
|
|
|
(3
|
)
|
|
464,997
|
|
||||
Total available-for-sale debt securities
|
|
$
|
2,154,086
|
|
|
$
|
325
|
|
|
$
|
(1,899
|
)
|
|
$
|
2,152,512
|
|
|
|
As of
|
||||||||||||||||||||||
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Total
|
||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Corporate bonds
|
|
$
|
—
|
|
|
$
|
1,470,693
|
|
|
$
|
1,470,693
|
|
|
$
|
—
|
|
|
$
|
1,735,653
|
|
|
$
|
1,735,653
|
|
Other
|
|
10,597
|
|
|
389,528
|
|
|
400,125
|
|
|
9,474
|
|
|
455,523
|
|
|
464,997
|
|
||||||
Total debt securities
|
|
10,597
|
|
|
1,860,221
|
|
|
1,870,818
|
|
|
9,474
|
|
|
2,191,176
|
|
|
2,200,650
|
|
||||||
Equity securities
|
|
58,400
|
|
|
6,487
|
|
|
64,887
|
|
|
85,298
|
|
|
5,678
|
|
|
90,976
|
|
||||||
Total marketable investment securities
|
|
$
|
68,997
|
|
|
$
|
1,866,708
|
|
|
$
|
1,935,705
|
|
|
$
|
94,772
|
|
|
$
|
2,196,854
|
|
|
$
|
2,291,626
|
|
|
|
As of
|
||||||
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
|
(In thousands)
|
||||||
Raw materials
|
|
$
|
6,473
|
|
|
$
|
4,856
|
|
Work-in-process
|
|
12,093
|
|
|
13,901
|
|
||
Finished goods
|
|
57,548
|
|
|
56,622
|
|
||
Total inventory
|
|
$
|
76,114
|
|
|
$
|
75,379
|
|
|
|
Depreciable Life In Years
|
|
As of
|
||||||
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|||||
|
|
|
|
(In thousands)
|
||||||
Land
|
|
—
|
|
$
|
33,579
|
|
|
$
|
33,606
|
|
Buildings and improvements
|
|
1 to 40
|
|
174,262
|
|
|
174,227
|
|
||
Furniture, fixtures, equipment and other
|
|
1 to 12
|
|
826,622
|
|
|
812,566
|
|
||
Customer premises equipment
|
|
2 to 4
|
|
1,210,850
|
|
|
1,159,977
|
|
||
Satellites - owned
|
|
2 to 15
|
|
2,816,629
|
|
|
2,816,628
|
|
||
Satellites - acquired under finance leases
|
|
10 to 15
|
|
1,050,360
|
|
|
1,051,110
|
|
||
Construction in progress
|
|
—
|
|
332,343
|
|
|
307,026
|
|
||
Total property and equipment
|
|
|
|
6,444,645
|
|
|
6,355,140
|
|
||
Accumulated depreciation
|
|
|
|
(3,081,241
|
)
|
|
(2,940,232
|
)
|
||
Property and equipment, net
|
|
|
|
$
|
3,363,404
|
|
|
$
|
3,414,908
|
|
|
|
As of
|
||||||
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
|
(In thousands)
|
||||||
Progress amounts for satellite construction
|
|
$
|
300,447
|
|
|
$
|
277,583
|
|
Satellite related equipment
|
|
15,639
|
|
|
13,001
|
|
||
Other
|
|
16,257
|
|
|
16,442
|
|
||
Construction in progress
|
|
$
|
332,343
|
|
|
$
|
307,026
|
|
|
|
For the three months
ended March 31, |
||||||
|
|
2019
|
|
2018
|
||||
|
|
(In thousands)
|
||||||
Buildings and improvements
|
|
$
|
3,487
|
|
|
$
|
1,709
|
|
Furniture, fixtures, equipment and other
|
|
20,650
|
|
|
21,696
|
|
||
Customer premises equipment
|
|
46,192
|
|
|
43,448
|
|
||
Satellites
|
|
73,492
|
|
|
68,161
|
|
||
Total depreciation expense
|
|
$
|
143,821
|
|
|
$
|
135,014
|
|
|
|
As of
|
||||||
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
|
(In thousands)
|
||||||
Investments in unconsolidated entities:
|
|
|
|
|
||||
Equity method
|
|
$
|
176,043
|
|
|
$
|
182,035
|
|
Other equity investments without a readily determinable fair value
|
|
51,785
|
|
|
80,438
|
|
||
Total investments in unconsolidated entities
|
|
$
|
227,828
|
|
|
$
|
262,473
|
|
|
|
Effective Interest Rate
|
|
As of
|
||||||||||||||
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|||||||||||||
|
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
|||||||||
|
|
|
|
(In thousands)
|
||||||||||||||
Senior Secured Notes:
|
|
|
|
|
|
|
|
|
|
|
||||||||
6 1/2% Senior Secured Notes due 2019
|
|
6.959%
|
|
$
|
912,857
|
|
|
$
|
919,119
|
|
|
$
|
920,836
|
|
|
$
|
932,696
|
|
5 1/4% Senior Secured Notes due 2026
|
|
5.320%
|
|
750,000
|
|
|
749,903
|
|
|
750,000
|
|
|
695,865
|
|
||||
Senior Unsecured Notes:
|
|
|
|
|
|
|
|
|
|
|
||||||||
7 5/8% Senior Unsecured Notes due 2021
|
|
8.062%
|
|
900,000
|
|
|
969,417
|
|
|
900,000
|
|
|
934,902
|
|
||||
6 5/8% Senior Unsecured Notes due 2026
|
|
6.688%
|
|
750,000
|
|
|
741,368
|
|
|
750,000
|
|
|
696,353
|
|
||||
Less: Unamortized debt issuance costs
|
|
|
|
(14,737
|
)
|
|
—
|
|
|
(16,757
|
)
|
|
—
|
|
||||
Subtotal
|
|
|
|
3,298,120
|
|
|
$
|
3,379,807
|
|
|
3,304,079
|
|
|
$
|
3,259,816
|
|
||
Finance lease obligations
|
|
|
|
218,945
|
|
|
|
|
|
228,702
|
|
|
|
|
||||
Total debt and finance lease obligations
|
|
|
|
3,517,065
|
|
|
|
|
|
3,532,781
|
|
|
|
|
||||
Less: Current portion
|
|
|
|
(953,636
|
)
|
|
|
|
|
(959,577
|
)
|
|
|
|
||||
Long-term debt and finance lease obligations, net
|
|
|
|
$
|
2,563,429
|
|
|
|
|
|
$
|
2,573,204
|
|
|
|
|
|
|
For the three months
ended March 31, |
||||||
|
|
2019
|
|
2018
|
||||
|
|
(In thousands)
|
||||||
Research and development expenses
|
|
$
|
161
|
|
|
$
|
191
|
|
Selling, general and administrative expenses
|
|
2,467
|
|
|
2,574
|
|
||
Total stock-based compensation
|
|
$
|
2,628
|
|
|
$
|
2,765
|
|
|
|
Hughes
|
|
ESS
|
|
Corporate and Other
|
|
Consolidated
Total |
||||||||
|
|
(In thousands)
|
||||||||||||||
For the three months ended March 31, 2019
|
|
|
|
|
|
|
|
|
||||||||
External revenue
|
|
$
|
445,337
|
|
|
$
|
80,553
|
|
|
$
|
5,192
|
|
|
$
|
531,082
|
|
Intersegment revenue
|
|
—
|
|
|
706
|
|
|
(706
|
)
|
|
—
|
|
||||
Total revenue
|
|
$
|
445,337
|
|
|
$
|
81,259
|
|
|
$
|
4,486
|
|
|
$
|
531,082
|
|
EBITDA
|
|
$
|
161,132
|
|
|
$
|
68,717
|
|
|
$
|
(17,793
|
)
|
|
$
|
212,056
|
|
Capital expenditures
|
|
$
|
73,821
|
|
|
$
|
108
|
|
|
$
|
38,033
|
|
|
$
|
111,962
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the three months ended March 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
External revenue
|
|
$
|
400,459
|
|
|
$
|
96,223
|
|
|
$
|
5,110
|
|
|
$
|
501,792
|
|
Intersegment revenue
|
|
359
|
|
|
530
|
|
|
(889
|
)
|
|
—
|
|
||||
Total revenue
|
|
$
|
400,818
|
|
|
$
|
96,753
|
|
|
$
|
4,221
|
|
|
$
|
501,792
|
|
EBITDA
|
|
$
|
136,713
|
|
|
$
|
84,150
|
|
|
$
|
(55,147
|
)
|
|
$
|
165,716
|
|
Capital expenditures
|
|
$
|
87,291
|
|
|
$
|
(77,038
|
)
|
|
$
|
40,729
|
|
|
$
|
50,982
|
|
|
|
For the three months
ended March 31, |
||||||
|
|
2019
|
|
2018
|
||||
|
|
(In thousands)
|
||||||
EBITDA
|
|
$
|
212,056
|
|
|
$
|
165,716
|
|
Interest income and expense, net
|
|
(35,453
|
)
|
|
(47,116
|
)
|
||
Depreciation and amortization
|
|
(154,221
|
)
|
|
(145,554
|
)
|
||
Net income attributable to noncontrolling interests
|
|
806
|
|
|
380
|
|
||
Income (loss) before income taxes
|
|
$
|
23,188
|
|
|
$
|
(26,574
|
)
|
|
|
For the three months ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
(in thousands)
|
||||||
Employee benefits paid in Class A common stock
|
|
$
|
6,654
|
|
|
$
|
7,605
|
|
Increase (decrease) in capital expenditures included in accounts payable, net
|
|
$
|
(15,320
|
)
|
|
$
|
585
|
|
|
|
For the three months
ended March 31, |
||||||
|
|
2019
|
|
2018
|
||||
|
(in thousands)
|
|||||||
Cost of sales
|
|
$
|
5,395
|
|
|
$
|
6,598
|
|
Research and development
|
|
$
|
6,888
|
|
|
$
|
7,137
|
|
•
|
Revenue of
$531 million
|
•
|
Operating income of
$59 million
|
•
|
Net income of
$15 million
|
•
|
Net income attributable to EchoStar common stock of
$14 million
and basic earnings per share of common stock of
$0.15
|
•
|
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) of
$212 million
(see reconciliation of this non-GAAP measure on page
47
)
|
•
|
Total assets of
$8.8 billion
|
•
|
Total liabilities of
$4.6 billion
|
•
|
Total stockholders’ equity of
$4.2 billion
|
•
|
Cash, cash equivalents and current marketable investment securities of
$3.3 billion
|
|
|
As of
|
||||
|
|
March 31, 2019
|
|
|
December 31, 2018
|
|
Broadband subscribers
|
|
1,388,000
|
|
|
1,361,000
|
|
|
|
For the three months ended
|
||||
|
|
March 31, 2019
|
|
December 31, 2018
|
||
Net additions
|
|
28,000
|
|
|
29,000
|
|
|
|
For the three months
ended March 31, |
|
Variance
|
|
|
|||||||||
Statements of Operations Data (1)
|
|
2019
|
|
2018
|
|
Amount
|
|
%
|
|||||||
|
|
(Dollars in thousands)
|
|
|
|||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Services and other revenue - DISH Network
|
|
$
|
85,888
|
|
|
$
|
103,805
|
|
|
$
|
(17,917
|
)
|
|
(17.3
|
)
|
Services and other revenue - other
|
|
393,480
|
|
|
355,040
|
|
|
38,440
|
|
|
10.8
|
|
|||
Equipment revenue
|
|
51,714
|
|
|
42,947
|
|
|
8,767
|
|
|
20.4
|
|
|||
Total revenue
|
|
531,082
|
|
|
501,792
|
|
|
29,290
|
|
|
5.8
|
|
|||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cost of sales - services and other
|
|
153,571
|
|
|
148,745
|
|
|
4,826
|
|
|
3.2
|
|
|||
% of total services and other revenue
|
|
32.0
|
%
|
|
32.4
|
%
|
|
|
|
|
|
|
|||
Cost of sales - equipment
|
|
45,007
|
|
|
39,071
|
|
|
5,936
|
|
|
15.2
|
|
|||
% of total equipment revenue
|
|
87.0
|
%
|
|
91.0
|
%
|
|
|
|
|
|
||||
Selling, general and administrative expenses
|
|
112,134
|
|
|
103,275
|
|
|
8,859
|
|
|
8.6
|
|
|||
% of total revenue
|
|
21.1
|
%
|
|
20.6
|
%
|
|
|
|
|
|
|
|||
Research and development expenses
|
|
6,888
|
|
|
7,137
|
|
|
(249
|
)
|
|
(3.5
|
)
|
|||
% of total revenue
|
|
1.3
|
%
|
|
1.4
|
%
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
154,221
|
|
|
145,554
|
|
|
8,667
|
|
|
6.0
|
|
|||
Total costs and expenses
|
|
471,821
|
|
|
443,782
|
|
|
28,039
|
|
|
6.3
|
|
|||
Operating income
|
|
59,261
|
|
|
58,010
|
|
|
1,251
|
|
|
2.2
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income
|
|
24,429
|
|
|
15,635
|
|
|
8,794
|
|
|
56.2
|
|
|||
Interest expense, net of amounts capitalized
|
|
(59,882
|
)
|
|
(62,751
|
)
|
|
2,869
|
|
|
4.6
|
|
|||
Gains (losses) on investments, net
|
|
6,418
|
|
|
(36,663
|
)
|
|
43,081
|
|
|
*
|
|
|||
Equity in losses of unconsolidated affiliates, net
|
|
(6,353
|
)
|
|
(1,009
|
)
|
|
(5,344
|
)
|
|
*
|
|
|||
Other, net
|
|
(685
|
)
|
|
204
|
|
|
(889
|
)
|
|
*
|
|
|||
Total other expense, net
|
|
(36,073
|
)
|
|
(84,584
|
)
|
|
48,511
|
|
|
(57.4
|
)
|
|||
Income (loss) before income taxes
|
|
23,188
|
|
|
(26,574
|
)
|
|
49,762
|
|
|
*
|
|
|||
Income tax benefit (provision), net
|
|
(8,180
|
)
|
|
5,403
|
|
|
13,583
|
|
|
*
|
|
|||
Net income (loss)
|
|
15,008
|
|
|
(21,171
|
)
|
|
36,179
|
|
|
*
|
|
|||
Less: Net income attributable to noncontrolling interests
|
|
806
|
|
|
380
|
|
|
426
|
|
|
*
|
|
|||
Net income (loss) attributable to EchoStar Corporation common stock
|
|
$
|
14,202
|
|
|
$
|
(21,551
|
)
|
|
$
|
35,753
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|||||||
Other data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EBITDA (2)
|
|
$
|
212,056
|
|
|
$
|
165,716
|
|
|
$
|
46,340
|
|
|
28.0
|
|
Subscribers, end of period
|
|
1,388,000
|
|
|
1,267,000
|
|
|
121,000
|
|
|
9.6
|
|
(1)
|
An explanation of our key metrics is included on pages 52 and 53 under the heading Explanation of Key Metrics and Other Items.
|
(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
47
. For further information on our use of EBITDA, see Explanation of Key Metrics and Other Items on page
53
.
|
|
|
Amounts
|
||
|
|
(In thousands)
|
||
Net income attributable to EchoStar Corporation for the three months ended March 31, 2018
|
|
$
|
(21,551
|
)
|
Decrease in interest expense, net of amounts capitalized
|
|
2,869
|
|
|
Decrease in equity in earnings of unconsolidated affiliates, net
|
|
(5,344
|
)
|
|
Increase in income tax provision, net
|
|
(13,583
|
)
|
|
Decrease in other income
|
|
(889
|
)
|
|
Increase in net income attributable to noncontrolling interests
|
|
(426
|
)
|
|
Increase in operating income, including depreciation and amortization
|
|
1,251
|
|
|
Increase in interest income
|
|
8,794
|
|
|
Increase in gains on investments, net
|
|
43,081
|
|
|
Net income attributable to EchoStar Corporation for the three months ended March 31, 2019
|
|
$
|
14,202
|
|
|
|
For the three months
ended March 31, |
|
Variance
|
|||||||||||
|
|
2019
|
|
2018
|
|
Amount
|
|
%
|
|||||||
|
|
(Dollars in thousands)
|
|||||||||||||
Net income (loss)
|
|
$
|
15,008
|
|
|
$
|
(21,171
|
)
|
|
$
|
36,179
|
|
|
*
|
|
Interest income and expense, net
|
|
35,453
|
|
|
47,116
|
|
|
(11,663
|
)
|
|
(24.8
|
)
|
|||
Income tax (benefit) provision, net
|
|
8,180
|
|
|
(5,403
|
)
|
|
13,583
|
|
|
*
|
|
|||
Depreciation and amortization
|
|
154,221
|
|
|
145,554
|
|
|
8,667
|
|
|
6.0
|
|
|||
Net income attributable to noncontrolling interests
|
|
(806
|
)
|
|
(380
|
)
|
|
(426
|
)
|
|
*
|
|
|||
EBITDA
|
|
$
|
212,056
|
|
|
$
|
165,716
|
|
|
$
|
46,340
|
|
|
28.0
|
|
|
|
Hughes
|
|
ESS
|
|
Corporate and Other
|
|
Consolidated
Total |
||||||||
|
|
(In thousands)
|
||||||||||||||
For the three months ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue
|
|
$
|
445,337
|
|
|
$
|
81,259
|
|
|
$
|
4,486
|
|
|
$
|
531,082
|
|
Capital expenditures
|
|
$
|
73,821
|
|
|
$
|
108
|
|
|
$
|
38,033
|
|
|
$
|
111,962
|
|
EBITDA
|
|
$
|
161,132
|
|
|
$
|
68,717
|
|
|
$
|
(17,793
|
)
|
|
$
|
212,056
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the three months ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue
|
|
$
|
400,818
|
|
|
$
|
96,753
|
|
|
$
|
4,221
|
|
|
$
|
501,792
|
|
Capital expenditures
|
|
$
|
87,291
|
|
|
$
|
(77,038
|
)
|
|
$
|
40,729
|
|
|
$
|
50,982
|
|
EBITDA
|
|
$
|
136,713
|
|
|
$
|
84,150
|
|
|
$
|
(55,147
|
)
|
|
$
|
165,716
|
|
|
|
For the three months
ended March 31, |
|
Variance
|
|||||||||||
|
|
2019
|
|
2018
|
|
Amount
|
|
%
|
|||||||
|
|
(Dollars in thousands)
|
|||||||||||||
Total revenue
|
|
$
|
445,337
|
|
|
$
|
400,818
|
|
|
$
|
44,519
|
|
|
11.1
|
|
Capital expenditures
|
|
$
|
73,821
|
|
|
$
|
87,291
|
|
|
$
|
(13,470
|
)
|
|
(15.4
|
)
|
EBITDA
|
|
$
|
161,132
|
|
|
$
|
136,713
|
|
|
$
|
24,419
|
|
|
17.9
|
|
|
|
For the three months
ended March 31, |
|
Variance
|
|||||||||||
|
|
2019
|
|
2018
|
|
Amount
|
|
%
|
|||||||
|
|
(Dollars in thousands)
|
|||||||||||||
Total revenue
|
|
$
|
81,259
|
|
|
$
|
96,753
|
|
|
$
|
(15,494
|
)
|
|
(16.0
|
)
|
Capital expenditures
|
|
$
|
108
|
|
|
$
|
(77,038
|
)
|
|
$
|
77,146
|
|
|
*
|
|
EBITDA
|
|
$
|
68,717
|
|
|
$
|
84,150
|
|
|
$
|
(15,433
|
)
|
|
(18.3
|
)
|
|
|
For the three months
ended March 31, |
|
Variance
|
|||||||||||
|
|
2019
|
|
2018
|
|
Amount
|
|
%
|
|||||||
|
|
(Dollars in thousands)
|
|||||||||||||
Total revenue
|
|
$
|
4,486
|
|
|
$
|
4,221
|
|
|
$
|
265
|
|
|
6.3
|
|
Capital expenditures
|
|
$
|
38,033
|
|
|
$
|
40,729
|
|
|
$
|
(2,696
|
)
|
|
(6.6
|
)
|
EBITDA
|
|
$
|
(17,793
|
)
|
|
$
|
(55,147
|
)
|
|
$
|
37,354
|
|
|
(67.7
|
)
|
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: May 8, 2019
|
By:
|
/s/
Michael T. Dugan
|
|
|
Michael T. Dugan
|
|
|
Chief Executive Officer, President and Director
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
Date: May 8, 2019
|
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 |
1 Month EchoStar Chart |
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