DISH Network reports second quarter 2020 financial results

Rhea-AI Summary

DISH Network Corporation (NASDAQ: DISH) reported $3.19 billion in revenue for Q2 2020, slightly down from $3.21 billion in Q2 2019. The net income was $452 million, up from $317 million year-over-year, resulting in diluted EPS of $0.78 compared to $0.60 in 2019. However, DISH TV net subscribers fell by approximately 40,000, with an overall net decrease in SLING TV subscribers by 56,000 during the same period. The pandemic impacted commercial accounts significantly, leading to temporary rate relief for about 250,000 accounts.

Positive

• Net income increased to $452 million in Q2 2020, from $317 million year-over-year.
• Diluted EPS improved to $0.78 compared to $0.60 in Q2 2019.

Negative

• Revenue decreased to $3.19 billion in Q2 2020, down from $3.21 billion in Q2 2019.
• DISH TV lost approximately 40,000 subscribers, and SLING TV decreased by 56,000 subscribers.
• Significant disruption in commercial segments resulted in temporary rate relief for 250,000 accounts.

ENGLEWOOD, Colo., Aug. 7, 2020 /PRNewswire/ -- DISH Network Corporation (NASDAQ: DISH) reported revenue totaling $3.19 billion for the quarter ending June 30, 2020, compared to $3.21 billion for the corresponding period in 2019.

Net income attributable to DISH Network totaled $452 million for the second quarter 2020, compared to $317 million from the year-ago quarter. Diluted earnings per share were $0.78 for the second quarter, compared to $0.60 per share during the same period of 2019. 

DISH TV net subscribers decreased by approximately 40,000 in the second quarter, compared to a net decrease of 79,000 in the year-ago quarter. SLING TV net subscribers decreased by approximately 56,000 in the second quarter compared to a net increase of 48,000 in the year-ago quarter.

The COVID-19 pandemic has caused significant disruption in certain commercial segments served by DISH, including the hospitality and airline industries. As a result, DISH paused service or provided temporary rate relief for approximately 250,000 commercial accounts and removed those accounts from its ending Pay-TV subscriber count as of March 31, 2020. During the second quarter, 45,000 of these subscribers resumed normal service. Since DISH did not incur significant expenses related to the return of these commercial subscribers, they were added to the June 30, 2020 DISH TV subscriber count (without being recorded as new subscribers during the second quarter). Therefore, DISH TV's subscriber count at June 30, 2020 increased by 5,000 subscribers when compared to March 31, 2020.

The company closed the quarter with 11.27 Pay-TV subscriber, including 9.02 million DISH TV subscribers and 2.25 million SLING TV subscribers.

Year-to-Date Review
DISH Network's first-half 2020 revenue totaled $6.40 billion, compared to $6.39 billion in revenue from the same period last year. In the first six months of 2020, net income attributable to DISH Network totaled $525 million, compared with $657 million during the same period last year.

Diluted earnings per share were $0.90 for the first six months of 2020, compared with $1.25 during the same period in 2019.

Detailed financial data and other information are available in DISH Network's Form 10-Q for the quarter ended June 30, 2020, filed today with the Securities and Exchange Commission.

DISH Network will host its second quarter 2020 financial results conference call today at noon ET.

Participant conference numbers: (888) 850-2545 (U.S.) and (323) 701-0221, Conference ID:  2470200.

A webcast replay will be available today on DISH's Investor Relations website, ir.dish.com, and will remain available for 48 hours.

About DISH

DISH Network Corporation is a connectivity company. Since 1980, it has served as a disruptive force, driving innovation and value on behalf of consumers. Through its subsidiaries, the company provides television entertainment and award-winning technology to millions of customers with its satellite DISH TV and streaming SLING TV services. In 2020, the company became a nationwide U.S. wireless carrier through the acquisition of Boost Mobile. DISH continues to innovate in wireless, building the nation's first virtualized, standalone 5G broadband network. DISH Network Corporation (NASDAQ: DISH) is a Fortune 250 company.

For company information, visit about.dish.com

For more information on DISH TV, visit www.dish.com

For more information on SLING TV, visit news.sling.com

For more information on Boost, visit boostmobile.com

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SOURCE DISH Network Corporation

FAQ

What were DISH Network's Q2 2020 earnings?

DISH Network reported a net income of $452 million with diluted EPS of $0.78 for Q2 2020.

How did DISH Network's revenue perform in Q2 2020?

DISH Network's revenue was $3.19 billion for Q2 2020, a slight decline from $3.21 billion in Q2 2019.

What impact did COVID-19 have on DISH Network's subscribers?

DISH TV lost approximately 40,000 subscribers in Q2 2020, while SLING TV saw a decrease of 56,000 subscribers.