EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2022

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[{"type":"text","content":"ENGLEWOOD, Colo., Feb. 22, 2023 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and twelve months ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nThree Months Ended December 31, 2022 Financial Highlights:\nConsolidated revenue of $499.9 million.Net income of $47.6 million, consolidated net income attributable to EchoStar common stock of $49.3 million, and basic and diluted earnings per share of common stock of $0.59Consolidated Adjusted EBITDA of $163.6 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).Twelve Months Ended December 31, 2022 Financial Highlights:\nConsolidated revenue of $2.0 billion.Net income of $166.5 million, consolidated net income attributable to EchoStar common stock of $177.1 million, and basic and diluted earnings per share of common stock of $2.10.Consolidated Adjusted EBITDA of $656.0 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).\"The EchoStar team finished 2022 with a solid performance, continuing to optimize operations and asset yields,\" said Hamid Akhavan, CEO and President of EchoStar. \"In the near term, we remain focused on operating the business in an efficient manner and preparing for the launch of our upcoming EchoStar XXIV/JUPITER 3 satellite as a catalyst for new growth. We have also made tangible strides toward expanding our future capabilities as we begin construction on a global S-band mobile satellite service network.\"\nThree Months Ended December 31, 2022 - Additional Information:\nConsolidated revenue increased year over year. Higher equipment sales of $33.1 million to our domestic and international enterprise customers was offset by lower service revenues of $31.9 million, primarily due to lower broadband consumer customers.Adjusted EBITDA increased 2.5% or $4.0 million year over year.Hughes segment Adjusted EBITDA increased $4.2 million year over year. The increase was driven primarily by lower sales and marketing expense for our broadband consumer business.ESS segment Adjusted EBITDA increased $2.1 million year over year primarily due to higher revenue.Corporate and Other segment Adjusted EBITDA decreased $2.3 million year over year. The decrease was primarily due to higher corporate expenses, partially offset by higher earnings of unconsolidated affil...

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