DISH Network Reports Fourth Quarter, Year-end 2022 Financial Results
DISH Network Corporation (NASDAQ: DISH) reported $4.04 billion in revenue for Q4 2022, a decrease from $4.45 billion in Q4 2021. Net income rose to $936 million from $552 million year-over-year, resulting in diluted earnings per share of $1.47, up from $0.87.
For the full year 2022, DISH's total revenue was $16.68 billion, down from $17.88 billion in 2021. The company finished 2022 with 9.75 million pay-TV subscribers and 7.98 million retail wireless subscribers, noting subscriber losses in both segments.
- Net income increased to $936 million in Q4 2022, up from $552 million in Q4 2021.
- Diluted EPS rose to $1.47 in Q4 2022, compared to $0.87 in Q4 2021.
- Q4 2022 revenue declined to $4.04 billion from $4.45 billion in Q4 2021.
- Total revenue for 2022 decreased to $16.68 billion from $17.88 billion in 2021.
- Net pay-TV subscribers decreased by approximately 268,000 in Q4 2022.
Net income attributable to
Pay-TV
Net pay-TV subscribers decreased approximately 268,000 in the fourth quarter, compared to a decrease of approximately 273,000 in the year-ago quarter.
The company closed the quarter with 9.75 million pay-TV subscribers, including 7.42 million DISH TV subscribers and 2.33 million SLING TV subscribers.
Wireless
Retail wireless net subscribers decreased by approximately 24,000 in the fourth quarter, compared to a net decrease of 245,000 in the year-ago quarter.
The company closed the quarter with 7.98 million retail wireless subscribers.
Full-Year 2022 Review
For the year, DISH reported 2022 total revenue of
Net income attributable to
For additional detail on quarterly metrics, please refer to the attached table.
Detailed financial data and other information are available in
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Quarterly Metrics | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 |
Other Data: | ||||||||
Pay-TV subscribers, as of period end (in millions) | 9.750 | 10.018 | 9.988 | 10.245 | 10.707 | 10.980 | 10.993 | 11.060 |
DISH TV subscribers, as of period end (in millions) | 7.416 | 7.607 | 7.791 | 7.993 | 8.221 | 8.424 | 8.554 | 8.686 |
Sling TV subscribers, as of period end (in millions) | 2.334 | 2.411 | 2.197 | 2.252 | 2.486 | 2.556 | 2.439 | 2.374 |
Pay-TV subscriber additions (losses), net (in millions) | (0.268) | 0.030 | (0.257) | (0.462) | (0.273) | (0.013) | (0.067) | (0.230) |
DISH TV subscriber additions (losses), net (in millions) | (0.191) | (0.184) | (0.202) | (0.228) | (0.203) | (0.130) | (0.132) | (0.130) |
Sling TV subscriber additions (losses), net (in millions) | (0.077) | 0.214 | (0.055) | (0.234) | (0.070) | 0.117 | 0.065 | (0.100) |
Pay-TV ARPU | $ 102.08 | $ 102.07 | $ 101.30 | $ 99.44 | $ 97.53 | $ 96.31 | $ 96.32 | $ 93.63 |
DISH TV subscriber additions, gross (in millions) | 0.149 | 0.170 | 0.156 | 0.159 | 0.200 | 0.224 | 0.201 | 0.210 |
DISH TV churn rate | 1.51 % | 1.53 % | 1.51 % | 1.59 % | 1.61 % | 1.39 % | 1.29 % | 1.30 % |
DISH TV SAC | $ 1,081 | $ 1,029 | $ 980 | $ 1,088 | $ 789 | $ 824 | $ 890 | $ 790 |
Wireless subscribers, as of period end (in millions)* | 7.983 | 8.007 | 7.867 | 8.203 | 8.546 | 8.774 | 8.895 | 8.894 |
Wireless subscriber additions, gross (in millions) | 0.938 | 0.891 | 0.793 | 0.796 | 0.826 | 0.888 | 0.944 | 1.032 |
Wireless subscriber additions (losses), net (in millions) | (0.024) | 0.001 | (0.210) | (0.343) | (0.245) | (0.121) | (0.201) | (0.161) |
Wireless ARPU | $ 37.61 | $ 37.64 | $ 37.90 | $ 37.72 | $ 38.76 | $ 39.25 | $ 39.10 | $ 38.89 |
Wireless churn rate | 4.57 % | 4.28 % | 4.39 % | 4.64 % | 4.95 % | 4.67 % | 4.33 % | 4.44 % |
* During the third quarter of 2022, T-Mobile transferred approximately 139,000 wireless subscribers to DISH representing all Boost-branded customers of former Sprint affiliates Shentel and Swiftel, as well as Boost-branded customers who were previously part of the California Public Utilities Commission CARE program. The 139,000 subscribers are included in DISH's ending Wireless subscriber count and excluded from DISH's gross new Wireless subscriber activations. In addition, during the second quarter of 2022, DISH removed approximately 126,000 subscribers from its ending Wireless subscriber count representing wireless subscribers who did not migrate off T-Mobile's CDMA Network prior to the shutdown. The effect of the removal of the 126,000 subscribers was excluded from the calculation of DISH's net Wireless subscriber additions/losses and Wireless churn rate. During the second quarter of 2021, DISH acquired over 200,000 subscribers as a result of the Republic Wireless Acquisition, which are included in DISH's ending Wireless subscriber count and excluded from DISH's gross new Wireless subscriber activations for that period. | ||||||||
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