EchoStar Announces Financial Results for the Three Months Ended March 31, 2022

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[{"type":"text","content":"ENGLEWOOD, Colo., May 5, 2022 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three months ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nThree Months Ended March 31, 2022 Financial Highlights:\nConsolidated revenue of $501.5 million. Net income of $88.9 million, consolidated net income attributable to EchoStar common stock of $91.4 million, and basic and diluted earnings per share of common stock of $1.07 and $1.06, respectively. Consolidated Adjusted EBITDA of $165.9 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).\"The EchoStar team turned in a solid performance in the first quarter of this year, continuing a consistent track record of fiscal responsibility,\" said Hamid Akhavan, CEO and President of EchoStar. \"As we take stock of our strengths and begin to chart a new course for growth, I could not ask for a more talented, technologically astute organization to capture the great opportunities presented by the rapid changes in our industry.\"\nThree Months Ended March 31, 2022 - Additional Information:\nConsolidated revenue increased 3.9% or $19.0 million year over year primarily driven by higher equipment sales of $30.5 million to our domestic and international enterprise customers, partially offset by lower service revenues of $11.5 million primarily due to lower broadband consumer customers. Adjusted EBITDA decreased 10.7% or $19.9 million year over year. Hughes segment Adjusted EBITDA decreased $17.7 million year over year. The decrease was driven primarily by lower gross margin due to a change in revenue mix as well as a non-recurring decrease in regulatory fees of $4.5 million and bad debt recoveries that occurred in the first quarter of 2021. ESS segment Adjusted EBITDA increased $0.8 million year over year. Corporate and Other segment Adjusted EBITDA decreased $3.0 million year over year. The decrease was primarily due to lower earnings of unconsolidated affiliates, net. Net income increased $11.4 million year over year. The increase was primarily due to lower net interest expense of $20.2 million and favorable gains on foreign exchange of $10.5 million. These items were partially offset by higher income tax expense of $10.6 million, lower operating income of 8.4 million, and an unfavorable change in equity earnings in unconsoli...

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