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ENGLEWOOD, Colo., May 8, 2024 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three months ended March 31, 2024.
Three Months Ended March 31, 2024:
"The EchoStar team performed as planned in the first quarter of 2024. We concentrated efforts on integrating the EchoStar and DISH Network businesses in order to maximize synergies and cost savings, facilitate growth opportunities, and drive operational alignment. Overall, ARPU increased in every business unit and customer satisfaction has improved," said Hamid Akhavan, president and CEO, EchoStar Corporation. "In addition, the business continues to focus on addressing necessary financing, improving our position in Retail Wireless, densifying and expanding the wireless network, maximizing our profitability with the newly launched EchoStar XXIV/Jupiter™ 3, and acquiring higher-quality Pay-TV customers."
Three Months Ended March 31, 2024 - Additional Information:
Set forth below is a table highlighting certain of EchoStar's segment results for the three months ended March 31, 2024 and 2023 (all U.S. GAAP amounts reference results from operations):
For the Three Months Ended March 31, | ||||||
2024 | 2023 | |||||
(in thousands) | ||||||
Revenue | ||||||
Pay-TV | $ 2,726,578 | $ 2,972,131 | ||||
Retail Wireless | 905,850 | 974,866 | ||||
5G Network Deployment | 29,504 | 18,907 | ||||
Broadband and Satellite Services | 382,586 | 439,596 | ||||
All Other & Eliminations | (29,675) | (17,834) | ||||
Total | $ 4,014,843 | $ 4,387,666 | ||||
Net Income (loss) attributable to EchoStar | $ (107,376) | $ 253,534 | ||||
OIBDA | ||||||
Pay-TV | $ 755,510 | $ 777,808 | ||||
Retail Wireless | (17,518) | 34,638 | ||||
5G Network Deployment | (333,564) | (235,976) | ||||
Broadband and Satellite Services | 79,287 | 130,823 | ||||
All Other & Eliminations | (13,559) | (6,201) | ||||
Total | $ 470,156 | $ 701,092 | ||||
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations) | ||||||
Pay-TV | $ 57,912 | $ 35,563 | ||||
Retail Wireless | $ - | - | ||||
5G Network Deployment | $ 549,173 | 871,042 | ||||
Broadband and Satellite Services | $ 70,611 | 44,071 | ||||
All Other & Eliminations | $ - | - | ||||
Total | $ 677,696 | $ 950,676 | ||||
Reconciliation of GAAP to Non-GAAP Measurement:
For the three months Ended March 31, 2024 | Pay-TV | Retail Wireless | 5G NetworkDeployment | Broadband and SatelliteServices | Consolidated | |||||||||||||
Eliminations | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Segment operating income (loss) | $ | 670,108 | (74,417) | (570,751) | (39,554) | (630) | (15,244) | |||||||||||
Depreciation and amortization | 85,402 | 56,899 | 237,187 | 118,841 | (12,929) | 485,400 | ||||||||||||
OIBDA | $ | 755,510 | $ | (17,518) | $ | (333,564) | $ | 79,287 | $ | (13,559) | $ | 470,156 | ||||||
For the three months Ended March 31, 2023 | Pay-TV | Retail Wireless | 5G Network Deployment | Broadband and Satellite Services | Consolidated | |||||||||||||
Eliminations | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Segment operating income (loss) | $ | 675,233 | (18,207) | (333,603) | 27,705 | 2,210 | 353,338 | |||||||||||
Depreciation and amortization | 102,575 | 52,845 | 97,627 | 103,118 | (8,411) | 347,754 | ||||||||||||
OIBDA | $ | 777,808 | $ | 34,638 | $ | (235,976) | $ | 130,823 | $ | (6,201) | $ | 701,092 | ||||||
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 March 31, 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 March 31, 2024, filed today with the Securities and Exchange Commission.
EchoStar will host a conference call to discuss its earnings on Wednesday, May 8, 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 (13746414) or ask for the "EchoStar Corporation Q1 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 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 | ||||||
March 31, | December 31, | |||||
2024 | 2023 | |||||
Assets | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 613,702 | $ | 1,821,376 | ||
Marketable investment securities | 152,649 | 623,044 | ||||
Trade accounts receivable, net of allowance for credit losses of $84,906 and$74,390, respectively | 1,023,089 | 1,122,139 | ||||
Inventory | 632,952 | 665,169 | ||||
Prepaids and other assets | 677,982 | 644,005 | ||||
Other current assets | 16,165 | 16,081 | ||||
Total current assets | 3,116,539 | 4,891,814 | ||||
Noncurrent Assets: | ||||||
Restricted cash, cash equivalents and marketable investment securities | 120,979 | 118,065 | ||||
Property and equipment, net | 9,589,433 | 9,561,834 | ||||
Regulatory authorizations, net | 38,809,600 | 38,572,980 | ||||
Other investments, net | 309,189 | 314,370 | ||||
Operating lease assets | 3,092,070 | 3,065,448 | ||||
Intangible assets, net | 127,670 | 172,892 | ||||
Other noncurrent assets, net | 390,937 | 411,491 | ||||
Total noncurrent assets | 52,439,878 | 52,217,080 | ||||
Total assets | $ | 55,556,417 | $ | 57,108,894 | ||
Liabilities and Stockholders' Equity (Deficit) | ||||||
Current Liabilities: | ||||||
Trade accounts payable | $ | 573,299 | $ | 774,011 | ||
Deferred revenue and other | 712,783 | 754,658 | ||||
Accrued programming | 1,485,798 | 1,427,762 | ||||
Accrued interest | 408,134 | 297,678 | ||||
Other accrued expenses and liabilities | 1,734,288 | 1,717,826 | ||||
Current portion of long-term debt and finance lease obligations | 2,090,661 | 3,046,654 | ||||
Total current liabilities | 7,004,963 | 8,018,589 | ||||
Long-Term Obligations, Net of Current Portion: | ||||||
Long-term debt and finance lease obligations, net of current portion | 19,696,803 | 19,717,266 | ||||
Deferred tax liabilities, net | 4,998,855 | 5,014,309 | ||||
Operating lease liabilities | 3,157,720 | 3,121,307 | ||||
Long-term deferred revenue and other long-term liabilities | 856,926 | 849,131 | ||||
Total long-term obligations, net of current portion | 28,710,304 | 28,702,013 | ||||
Total liabilities | 35,715,267 | 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,140,170,052 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 | 8,310,877 | 8,301,979 | ||||
Accumulated other comprehensive income (loss) | (164,604) | (160,056) | ||||
Accumulated earnings (deficit) | 11,630,607 | 11,737,983 | ||||
Total EchoStar stockholders' equity (deficit) | 19,777,151 | 19,880,177 | ||||
Noncontrolling interests | 63,999 | 69,733 | ||||
Total stockholders' equity (deficit) | 19,841,150 | 19,949,910 | ||||
Total liabilities and stockholders' equity (deficit) | $ | 55,556,417 | $ | 57,108,894 | ||
ECHOSTAR CORPORATION | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
(Dollars in thousands, except per share amounts) | ||||||
(Unaudited) | ||||||
For the Three Months Ended March 31, | ||||||
2024 | 2023 | |||||
Revenue: | ||||||
Service revenue | $ | 3,819,673 | $ | 4,180,721 | ||
Equipment sales and other revenue | 195,170 | 206,945 | ||||
Total revenue | 4,014,843 | 4,387,666 | ||||
Costs and Expenses (exclusive of depreciation and amortization): | ||||||
Cost of services | 2,557,182 | 2,462,600 | ||||
Cost of sales - equipment and other | 363,083 | 520,060 | ||||
Selling, general and administrative expenses | 624,422 | 700,772 | ||||
Depreciation and amortization | 485,400 | 347,754 | ||||
Impairment of long-lived assets and goodwill | — | 3,142 | ||||
Total costs and expenses | 4,030,087 | 4,034,328 | ||||
Operating income (loss) | (15,244) | 353,338 | ||||
Other Income (Expense): | ||||||
Interest income, net | 30,462 | 68,186 | ||||
Interest expense, net of amounts capitalized | (99,408) | (20,033) | ||||
Other, net | (26,110) | (34,761) | ||||
Total other income (expense) | (95,056) | 13,392 | ||||
Income (loss) before income taxes | (110,300) | 366,730 | ||||
Income tax (provision) benefit, net | 1,925 | (93,885) | ||||
Net income (loss) | (108,375) | 272,845 | ||||
Less: Net income (loss) attributable to noncontrolling interests, net of tax | (999) | 19,311 | ||||
Net income (loss) attributable to EchoStar | $ | (107,376) | $ | 253,534 | ||
Weighted-average common shares outstanding - Class A and B commonstock: | ||||||
Basic | 271,519 | 269,833 | ||||
Diluted | 271,519 | 307,410 | ||||
Earnings per share - Class A and B common stock: | ||||||
Basic net income (loss) per share attributable to EchoStar | $ | (0.40) | $ | 0.94 | ||
Diluted net income (loss) per share attributable to EchoStar | $ | (0.40) | $ | 0.82 | ||
ECHOSTAR CORPORATION | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
For the Three Months Ended March 31, | ||||||
2024 | 2023 | |||||
Cash Flows From Operating Activities: | ||||||
Net income (loss) | $ | (108,375) | $ | 272,845 | ||
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||||||
Depreciation and amortization | 485,400 | 347,754 | ||||
Impairment of long-lived assets and goodwill | — | 3,142 | ||||
Realized and unrealized losses (gains) on investments, impairments and other | 23,893 | 7,368 | ||||
Realized and unrealized losses (gains) on derivatives | — | 28,961 | ||||
Non-cash, stock-based compensation | 9,058 | 14,628 | ||||
Deferred tax expense (benefit) | (11,688) | 77,265 | ||||
Changes in allowance for credit losses | 10,516 | 1,004 | ||||
Change in long-term deferred revenue and other long-term liabilities | (3,871) | (8,027) | ||||
Other, net | 64,914 | 34,380 | ||||
Changes in current assets and current liabilities, net | (18,588) | 10,627 | ||||
Net cash flows from operating activities | 451,259 | 789,947 | ||||
Cash Flows From Investing Activities: | ||||||
Purchases of marketable investment securities | (19,135) | (606,676) | ||||
Sales and maturities of marketable investment securities | 458,792 | 1,372,198 | ||||
Purchases of property and equipment | (519,612) | (766,281) | ||||
Refunds and other receipts of purchases of property and equipment | — | 15,000 | ||||
Capitalized interest related to regulatory authorizations | (158,084) | (199,395) | ||||
Purchases of regulatory authorizations, including deposits | (1,104) | (1,771) | ||||
Other, net | 998 | (17,933) | ||||
Net cash flows from investing activities | (238,145) | (204,858) | ||||
Cash Flows From Financing Activities: | ||||||
Repayment of long-term debt and finance lease obligations | (27,125) | (27,255) | ||||
Redemption and repurchases of convertible and senior notes | (951,168) | (1,443,179) | ||||
Proceeds from issuance of senior notes | — | 1,500,000 | ||||
Net proceeds from Class A common stock options exercised and stock issued under the EmployeeStock Purchase Plan | (160) | 3,967 | ||||
Purchase of SNR Management's ownership interest in SNR HoldCo | (441,998) | — | ||||
Proceeds from accrued interest in conjunction with the issuance of senior notes | — | 34,760 | ||||
Debt issuance costs and debt (discount) premium | — | 21,635 | ||||
Other, net | — | (5,073) | ||||
Net cash flows from financing activities | (1,420,451) | 84,855 | ||||
Effect of exchange rates on cash and cash equivalents | (849) | 1,677 | ||||
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents | (1,208,186) | 671,621 | ||||
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 | $ | 703,415 | $ | 3,233,424 | ||
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SOURCE EchoStar Corporation
