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    EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2024

    8/9/24 7:30:00 AM ET
    $SATS
    Telecommunications Equipment
    Consumer Discretionary
    Get the next $SATS alert in real time by email

    ENGLEWOOD, Colo., Aug. 9, 2024 /PRNewswire/ -- EchoStar Corporation (NASDAQ:SATS) announced its financial results for the three and six months ended June 30, 2024.

    EchoStar (PRNewsfoto/EchoStar Corporation)

    Six Months Ended June 30, 2024:

    • EchoStar reported total revenue of $7.97 billion for the six months ending June 30, 2024, compared to $8.74 billion in the year ago period.
    • Net loss attributable to EchoStar in the first two quarters of 2024 was $312.97 million, compared to net income of $466.20 million in the year ago period. Diluted loss per share was $1.15, compared to earnings per share of $1.51 in the year ago period.
    • Consolidated OIBDA totaled $912.31 million for the six months ending June 30, 2024, compared to $1.32 billion in the year ago period. (See OIBDA definition and non-GAAP reconciliation below.)

    "The EchoStar team continued to perform as planned in the second quarter of 2024. We directed efforts on aligning key business synergies and objectives, focusing on profitable customer acquisition and retention efforts, and making improvements in our go-to-market approach for Retail Wireless," said Hamid Akhavan, president and CEO, EchoStar Corporation. "In addition, we are in constructive discussions to address necessary financing, working to strengthen our consumer offerings and value propositions, enhancing our state-of-the-art Open RAN network, and driving profitability across the enterprise."

    Three Months Ended June 30, 2024:

    • Net Pay-TV subscribers decreased approximately 104,000 in the second quarter, compared to 294,000 in the year ago quarter. The company closed the quarter with 8.07 million Pay-TV subscribers including 6.07 million DISH TV subscribers and 2.00 million SLING TV subscribers. This change in net Pay-TV subscriber losses resulted from SLING TV subscriber additions in the second quarter compared to losses in the year ago quarter and a decrease in net DISH TV subscriber losses due to a lower DISH TV churn rate, offset by lower gross new DISH TV subscriber activations.
    • Retail Wireless net subscribers decreased by approximately 16,000 in the second quarter, compared to 188,000 in the year ago quarter. The company closed the quarter with 7.28 million Retail Wireless subscribers. The decrease in net retail wireless subscriber losses resulted from a lower retail wireless churn rate, offset by lower gross new retail wireless subscriber activations. The second quarter was negatively impacted by net losses of government subsidized subscribers, including Affordable Connectivity Program ("ACP") subscribers, compared to net additions in the year ago quarter, primarily due to the ACP program funding concluding on June 1, 2024. Excluding the impact of net losses of government subsidized subscribers EchoStar added approximately 32,000 Retail Wireless subscribers in the second quarter.
    • Broadband net subscribers decreased by approximately 23,000 in the second quarter, compared to 55,000 in the year ago quarter. The company closed the quarter with 955,000 Broadband subscribers. The net broadband subscriber loss improvement was primarily due to the new EchoStar XXIV satellite service launch and increased subscriber demand for our new satellite service plans.

    Set forth below is a table highlighting certain of EchoStar's segment results for the three and six months ended June 30, 2024 and 2023 (all U.S. GAAP amounts reference results from operations):









    For the Three Months Ended

    June 30,



    For the Six Months Ended

    June 30,



















    2024



    2023



    2024



    2023









    (in thousands)

    Revenue





















    Pay-TV







    $     2,676,284



    $     2,975,140



    $     5,402,862



    $     5,947,271

    Retail Wireless





    891,531



    928,241



    1,797,381



    1,903,107

    5G Network Deployment



    35,514



    19,079



    65,018



    37,986

    Broadband and Satellite Services

    394,011



    453,110



    776,597



    892,706

    All Other & Eliminations



    (44,589)



    (19,108)



    (74,264)



    (36,942)

    Total





    $     3,952,751



    $     4,356,462



    $     7,967,594



    $     8,744,128























    Net Income (loss) attributable to EchoStar

    $       (205,591)



    $       212,662



    $       (312,967)



    $       466,196























    OIBDA





















    Pay-TV







    $        753,001



    $       818,265



    $     1,508,511



    $     1,596,073

    Retail Wireless





    (65,995)



    (59,296)



    (83,513)



    (24,658)

    5G Network Deployment



    (313,018)



    (278,475)



    (646,582)



    (514,451)

    Broadband and Satellite Services

    82,392



    149,559



    161,679



    280,382

    All Other & Eliminations



    (14,224)



    (7,191)



    (27,783)



    (13,392)

    Total





    $        442,156



    $       622,862



    $        912,312



    $     1,323,954























    Purchases of property and equipment, net of refunds (including capitalized

    interest related to regulatory authorizations)









    Pay-TV







    $          54,006



    $         67,630



    $        111,918



    $       103,193

    Retail Wireless





    —



    —



    —



    —

    5G Network Deployment



    560,468



    1,183,891



    1,109,641



    2,054,933

    Broadband and Satellite Services

    56,559



    49,016



    127,170



    93,087

    All Other & Eliminations



    —



    —



    —



    —

    Total







    $        671,033



    $     1,300,537



    $     1,348,729



    $     2,251,213

     

    Reconciliation of GAAP to Non-GAAP Measurement:

    For the Three

    Months Ended June 30, 2024



    Pay-TV



    Retail Wireless



    5G Network

    Deployment



    Broadband and

    Satellite

    Services







    Consolidated 

    Eliminations





    (In thousands)

    Segment operating income (loss)



    $

    667,752



    $

    (121,362)



    $

    (578,940)



    $

    (34,586)



    $

    1,767



    $

    (65,369)

    Depreciation and amortization





    85,249





    55,367





    265,922





    116,978





    (15,991)





    507,525

    OIBDA



    $

    753,001



    $

    (65,995)



    $

    (313,018)



    $

    82,392



    $

    (14,224)



    $

    442,156







































    For the Three

    Months Ended June 30, 2023



     Pay-TV 



     Retail Wireless 



     5G Network

    Deployment 



     Broadband and

    Satellite

    Services 







     Consolidated  

     Eliminations 







    Segment operating income (loss)



    $

    720,792



    $

    (112,499)



    $

    (401,959)



    $

    43,847



    $

    2,048



    $

    252,229

    Depreciation and amortization





    97,473





    53,203





    123,484





    105,712





    (9,239)





    370,633

    OIBDA



    $

    818,265



    $

    (59,296)



    $

    (278,475)



    $

    149,559



    $

    (7,191)



    $

    622,862







































    For the Six

    Months Ended June 30, 2024



    Pay-TV



    Retail Wireless



    5G Network

    Deployment



    Broadband and

    Satellite

    Services







    Consolidated 

    Eliminations







    Segment operating income (loss)



    $

    1,337,860



    $

    (195,779)



    $

    (1,149,691)



    $

    (74,140)



    $

    1,137



    $

    (80,613)

    Depreciation and amortization





    170,651





    112,266





    503,109





    235,819





    (28,920)





    992,925

    OIBDA



    $

    1,508,511



    $

    (83,513)



    $

    (646,582)



    $

    161,679



    $

    (27,783)



    $

    912,312







































    For the Six

    Months Ended June 30, 2023



     Pay-TV 



     Retail Wireless 



     5G Network

    Deployment 



     Broadband and

    Satellite

    Services 







     Consolidated  

     Eliminations 







    Segment operating income (loss)



    $

    1,396,025



    $

    (130,706)



    $

    (735,562)



    $

    71,552



    $

    4,258



    $

    605,567

    Depreciation and amortization





    200,048





    106,048





    221,111





    208,830





    (17,650)





    718,387

    OIBDA



    $

    1,596,073



    $

    (24,658)



    $

    (514,451)



    $

    280,382



    $

    (13,392)



    $

    1,323,954

     

    Note on Use of Non-GAAP Financial Measures

    OIBDA is defined as "Operating income (loss)" plus "Depreciation and amortization."

    OIBDA, which is presented by segment above, is a non-GAAP measure reconciled to "Operating income (loss)" and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.

    The condensed consolidated financial statements of EchoStar for the period ended June 30, 2024, are attached to this press release. Detailed financial data and other information are available in EchoStar's Form 10-Q for the period ended June 30, 2024, filed today with the Securities and Exchange Commission.

    EchoStar will host a conference call to discuss its earnings on Friday, August 9, 2024, at noon Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar's investor relations website at ir.echostar.com. To attend the call, please dial: (877) 484-6065 (U.S.) or (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13748126) or ask for the "EchoStar Corporation Q2 2024 Earnings Conference Call." Please dial in at least 10 minutes before the call to ensure timely participation.

    About EchoStar Corporation

    EchoStar Corporation (NASDAQ:SATS) is a premier provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar®, Boost Mobile®, Sling TV, DISH TV, Hughes®, HughesNet®, HughesON™, and JUPITER™ brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the company operates as EchoStar Global Australia. For more information, visit www.echostar.com and follow EchoStar on X (Twitter) and LinkedIn.

    Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

    This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words "believe," "anticipate," "goal," "seek," "estimate," "expect," "intend," "project," "continue," "future," "will," "would," "can," "may," "plans," and similar expressions and the use of future dates are intended to identify forward–looking statements. Although management believes that the expectations reflected in these forward–looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See "Risk Factors" in EchoStar's Annual Report on Form 10-K for the period ended December 31, 2023, and subsequent quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.

     







    ECHOSTAR CORPORATION







    CONDENSED CONSOLIDATED BALANCE SHEETS







    (Dollars in thousands, except share amounts)







    (Unaudited)



















    As of  





     June 30, 



    December 31,





    2024



    2023

    Assets













    Current Assets:









    Cash and cash equivalents



    $

    419,246



    $

    1,821,376

    Marketable investment securities





    101,331





    623,044

    Trade accounts receivable, net of allowance for credit losses of $107,498 and

    $74,390, respectively





    1,052,855





    1,122,139

    Inventory





    557,257





    665,169

    Prepaids and other assets





    642,158





    644,005

    Other current assets





    15,019





    16,081

    Total current assets





    2,787,866





    4,891,814















    Noncurrent Assets:













    Restricted cash, cash equivalents and marketable investment securities 





    143,429





    118,065

    Property and equipment, net 





    9,427,192





    9,561,834

    Regulatory authorizations, net





    39,053,041





    38,572,980

    Other investments, net





    243,191





    314,370

    Operating lease assets





    3,137,306





    3,065,448

    Intangible assets, net 





    86,992





    172,892

    Other noncurrent assets, net





    376,176





    411,491

    Total noncurrent assets





    52,467,327





    52,217,080

    Total assets



    $

    55,255,193



    $

    57,108,894















    Liabilities and Stockholders' Equity (Deficit)













    Current Liabilities:













    Trade accounts payable



    $

    655,455



    $

    774,011

    Deferred revenue and other





    670,439





    754,658

    Accrued programming





    1,546,377





    1,427,762

    Accrued interest





    289,302





    297,678

    Other accrued expenses and liabilities





    1,732,389





    1,717,826

    Current portion of long-term debt and finance lease obligations





    2,082,919





    3,046,654

    Total current liabilities





    6,976,881





    8,018,589















    Long-Term Obligations, Net of Current Portion:













    Long-term debt and finance lease obligations, net of current portion





    19,678,708





    19,717,266

    Deferred tax liabilities, net





    4,975,164





    5,014,309

    Operating lease liabilities 





    3,115,265





    3,121,307

    Long-term deferred revenue and other long-term liabilities





    877,224





    849,131

    Total long-term obligations, net of current portion





    28,646,361





    28,702,013

    Total liabilities





    35,623,242





    36,720,602















    Commitments and Contingencies



























    Redeemable noncontrolling interests





    —





    438,382















    Stockholders' Equity (Deficit): 













    Class A common stock, $0.001 par value, 1,600,000,000 shares authorized,

    140,318,473 and 140,153,020 shares issued and outstanding, respectively





    140





    140

    Class B common stock, $0.001 par value, 800,000,000 shares authorized,

    131,348,468 shares issued and outstanding





    131





    131

    Additional paid-in capital





    8,326,880





    8,301,979

    Accumulated other comprehensive income (loss)





    (179,126)





    (160,056)

    Accumulated earnings (deficit)





    11,425,016





    11,737,983

    Total EchoStar stockholders' equity (deficit)





    19,573,041





    19,880,177

    Noncontrolling interests





    58,910





    69,733

    Total stockholders' equity (deficit)





    19,631,951





    19,949,910

    Total liabilities and stockholders' equity (deficit)



    $

    55,255,193



    $

    57,108,894

     





    ECHOSTAR CORPORATION





    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 





    (Dollars in thousands, except per share amounts)





    (Unaudited)































    For the Three Months Ended June 30, 



    For the Six Months Ended June 30, 





    2024



    2023



    2024



    2023

    Revenue:

























    Service revenue



    $

    3,742,086



    $

    4,088,513



    $

    7,561,755



    $

    8,269,234

    Equipment sales and other revenue





    210,665





    267,949





    405,839





    474,894

    Total revenue





    3,952,751





    4,356,462





    7,967,594





    8,744,128



























    Costs and Expenses (exclusive of depreciation and amortization):

























    Cost of services





    2,507,478





    2,391,540





    5,064,660





    4,854,140

    Cost of sales - equipment and other 





    408,093





    583,498





    771,176





    1,103,558

    Selling, general and administrative expenses





    595,024





    758,562





    1,219,446





    1,459,334

    Depreciation and amortization 





    507,525





    370,633





    992,925





    718,387

    Impairment of long-lived assets and goodwill





    —





    —





    —





    3,142

    Total costs and expenses





    4,018,120





    4,104,233





    8,048,207





    8,138,561



























    Operating income (loss)





    (65,369)





    252,229





    (80,613)





    605,567



























    Other Income (Expense):

























    Interest income, net





    13,929





    54,308





    44,391





    122,494

    Interest expense, net of amounts capitalized





    (81,166)





    (21,648)





    (180,574)





    (41,681)

    Other, net





    (91,498)





    34,068





    (117,608)





    (693)

    Total other income (expense)





    (158,735)





    66,728





    (253,791)





    80,120



























    Income (loss) before income taxes





    (224,104)





    318,957





    (334,404)





    685,687

    Income tax (provision) benefit, net





    16,646





    (86,265)





    18,571





    (180,150)

    Net income (loss)





    (207,458)





    232,692





    (315,833)





    505,537

    Less: Net income (loss) attributable to noncontrolling interests, net of tax





    (1,867)





    20,030





    (2,866)





    39,341

    Net income (loss) attributable to EchoStar



    $

    (205,591)



    $

    212,662



    $

    (312,967)



    $

    466,196



























    Weighted-average common shares outstanding - Class A and B common stock: 

























    Basic





    271,592





    270,818





    271,555





    270,328

    Diluted





    271,592





    308,375





    271,555





    307,948



























    Earnings per share - Class A and B common stock:

























    Basic net income (loss) per share attributable to EchoStar



    $

    (0.76)



    $

    0.79



    $

    (1.15)



    $

    1.72

    Diluted net income (loss) per share attributable to EchoStar



    $

    (0.76)



    $

    0.69



    $

    (1.15)



    $

    1.51

     







    ECHOSTAR CORPORATION







    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS







    (In thousands) 







    (Unaudited)



















    For the Six Months Ended June 30, 





    2024



    2023

    Cash Flows From Operating Activities:













    Net income (loss)



    $

    (315,833)



    $

    505,537

    Adjustments to reconcile net income (loss) to net cash flows from operating activities:













    Depreciation and amortization





    992,925





    718,387

    Impairment of long-lived assets and goodwill





    —





    3,142

    Realized and unrealized losses (gains) on investments, impairments and other





    49,312





    (31,109)

    Realized and unrealized losses (gains) on derivatives





    —





    36,974

    Non-cash, stock-based compensation





    19,693





    27,306

    Deferred tax expense (benefit)





    (35,300)





    143,754

    Changes in allowance for credit losses





    33,108





    1,531

    Change in long-term deferred revenue and other long-term liabilities





    8,139





    (3,356)

    Other, net





    192,710





    67,120

    Changes in current assets and current liabilities, net





    (13,770)





    69,820

    Net cash flows from operating activities





    930,984





    1,539,106















    Cash Flows From Investing Activities:













    Purchases of marketable investment securities





    (21,847)





    (2,051,128)

    Sales and maturities of marketable investment securities





    501,512





    1,917,860

    Purchases of property and equipment





    (866,922)





    (1,700,818)

    Refunds and other receipts of purchases of property and equipment





    —





    31,371

    Capitalized interest related to regulatory authorizations





    (481,807)





    (581,766)

    Proceeds from other debt investments





    —





    148,448

    Purchases of regulatory authorizations, including deposits 





    (1,104)





    (1,771)

    Sale of assets to CONX





    26,719





    —

    Other, net





    (4,716)





    (13,286)

    Net cash flows from investing activities





    (848,165)





    (2,251,090)















    Cash Flows From Financing Activities:













    Repayment of long-term debt and finance lease obligations





    (52,758)





    (53,514)

    Redemption and repurchases of convertible and senior notes





    (951,170)





    (1,582,181)

    Proceeds from issuance of senior notes





    —





    1,500,000

    Early debt extinguishment gains (losses) of convertible and senior notes





    —





    68,086

    Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock

    Purchase Plan





    1,832





    8,297

    Purchase of SNR Management's ownership interest in SNR HoldCo





    (441,998)





    —

    Debt issuance costs and debt (discount) premium





    —





    21,635

    Other, net





    2





    (4,710)

    Net cash flows from financing activities 





    (1,444,092)





    (42,387)















    Effect of exchange rates on cash and cash equivalents





    (3,701)





    3,483















    Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents





    (1,364,974)





    (750,888)

    Cash, cash equivalents, restricted cash and cash equivalents, beginning of period





    1,911,601





    2,561,803

    Cash, cash equivalents, restricted cash and cash equivalents, end of period



    $

    546,627



    $

    1,810,915

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/echostar-announces-financial-results-for-the-three-and-six-months-ended-june-30-2024-302218595.html

    SOURCE EchoStar Corporation

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