EchoStar Announces Financial Results for the Three and Nine Months Ended September 30, 2024
EchoStar (NASDAQ: SATS) reported financial results for Q3 2024, showing total revenue of $11.86 billion for the first nine months, down from $12.85 billion in the same period last year. The company posted a net loss of $454.78 million, compared to net income of $327.83 million in the year-ago period. Pay-TV subscribers decreased by 43,000 in Q3, while Sling TV gained 145,000 subscribers. The company announced plans to sell its pay-TV business to DIRECTV and secured $5.2 billion in additional financing. Retail Wireless subscribers increased by 62,000, excluding ACP subscribers, while Broadband Satellite subscribers decreased by 43,000.
EchoStar (NASDAQ: SATS) ha riportato i risultati finanziari per il terzo trimestre del 2024, mostrando un fatturato totale di 11,86 miliardi di dollari per i primi nove mesi, in calo rispetto ai 12,85 miliardi dello stesso periodo dell'anno scorso. L'azienda ha registrato una perdita netta di 454,78 milioni di dollari, rispetto a un reddito netto di 327,83 milioni di dollari nello stesso periodo dell'anno precedente. Gli abbonati alla pay-TV sono diminuiti di 43.000 nel Q3, mentre Sling TV ha guadagnato 145.000 abbonati. L’azienda ha annunciato piani per vendere la sua attività di pay-TV a DIRECTV e ha ottenuto 5,2 miliardi di dollari in finanziamenti aggiuntivi. Gli abbonati alla telefonia mobile retail sono aumentati di 62.000, escluse le sottoscrizioni ACP, mentre gli abbonati a Satellite Broadband sono diminuiti di 43.000.
EchoStar (NASDAQ: SATS) informó los resultados financieros del tercer trimestre de 2024, mostrando unos ingresos totales de 11,86 mil millones de dólares para los primeros nueve meses, en comparación con 12,85 mil millones en el mismo periodo del año pasado. La compañía reportó una pérdida neta de 454,78 millones de dólares, frente a un ingreso neto de 327,83 millones de dólares en el periodo del año anterior. Los suscriptores de pay-TV disminuyeron en 43.000 en el Q3, mientras que Sling TV ganó 145.000 suscriptores. La compañía anunció planes para vender su negocio de pay-TV a DIRECTV y aseguró 5.2 mil millones de dólares en financiamiento adicional. Los suscriptores de servicios inalámbricos al por menor aumentaron en 62.000, excluyendo los suscriptores de ACP, mientras que los suscriptores de Banda Ancha por Satélite disminuyeron en 43.000.
EchoStar (NASDAQ: SATS)는 2024년 3분기 재무 결과를 발표하며, 전년 동기 128.5억 달러에서 감소한 118.6억 달러의 총 수익을 보고했습니다. 회사는 지난해 같은 기간에 비해 3.2783억 달러의 순이익에서 4.5478억 달러의 순손실을 기록했습니다. 유료 TV 가입자는 3분기에 4.3만 명 감소한 반면, Sling TV는 14.5만 명의 가입자를 추가로 확보했습니다. 이 회사는 유료 TV 사업을 DIRECTV에 판매할 계획을 발표하고 52억 달러의 추가 자금을 확보했습니다. ACP 가입자를 제외한 소매 무선 가입자는 6.2만 명 증가했으며, 브로드밴드 위성 가입자는 4.3만 명 감소했습니다.
EchoStar (NASDAQ: SATS) a publié ses résultats financiers pour le troisième trimestre de 2024, affichant un chiffre d'affaires total de 11,86 milliards de dollars pour les neuf premiers mois, en baisse par rapport à 12,85 milliards de dollars au cours de la même période l'année dernière. L'entreprise a enregistré une perte nette de 454,78 millions de dollars, contre un bénéfice net de 327,83 millions de dollars l'année précédente. Les abonnés à la pay-TV ont diminué de 43 000 au T3, tandis que Sling TV a gagné 145 000 abonnés. L'entreprise a annoncé des projets de vente de son activité de pay-TV à DIRECTV et a sécurisé un financement supplémentaire de 5,2 milliards de dollars. Les abonnés de téléphonie mobile de détail ont augmenté de 62 000, hors abonnés ACP, tandis que les abonnés à la bande large par satellite ont diminué de 43 000.
EchoStar (NASDAQ: SATS) hat die Finanzergebnisse für das 3. Quartal 2024 veröffentlicht und einen Gesamtumsatz von 11,86 Milliarden Dollar für die ersten neun Monate gezeigt, was einem Rückgang von 12,85 Milliarden Dollar im gleichen Zeitraum des Vorjahres entspricht. Das Unternehmen verzeichnete einen Nettoverlust von 454,78 Millionen Dollar, im Vergleich zu einem Nettogewinn von 327,83 Millionen Dollar im Vorjahreszeitraum. Die Pay-TV-Abonnenten gingen im 3. Quartal um 43.000 zurück, während Sling TV 145.000 Abonnenten hinzunehmen konnte. Das Unternehmen kündigte an, sein Pay-TV-Geschäft an DIRECTV zu verkaufen, und sicherte sich zusätzliche Finanzmittel in Höhe von 5,2 Milliarden Dollar. Die Einzelhandels-Wireless-Abonnenten stiegen um 62.000, exklusive der ACP-Abonnenten, während die Abonnenten für Breitband-Satelliten um 43.000 zurückgingen.
- Sling TV subscribers increased by 145,000 in Q3, up from 117,000 in the year-ago quarter
- Secured $5.2 billion in additional financing
- Retail Wireless subscribers (excluding ACP) increased by 62,000 in Q3
- Lower DISH TV churn rate in Q3
- Lower retail wireless churn rate in Q3
- Revenue declined to $11.86 billion from $12.85 billion year-over-year
- Net loss of $454.78 million compared to net income of $327.83 million year-ago
- Diluted loss per share of $1.67 versus earnings of $1.06 year-ago
- OIBDA decreased to $1.23 billion from $1.69 billion year-ago
- Pay-TV subscribers decreased by 43,000 in Q3
- Broadband Satellite subscribers decreased by 43,000 in Q3
Insights
The Q3 2024 results reveal significant challenges for EchoStar. Total revenue declined
Key metrics show mixed performance: Pay-TV subscriber losses improved but remain negative at -43,000. While Sling TV gained 145,000 subscribers, the retail wireless segment lost 297,000 subscribers, partly due to ACP program conclusion. The secured
The 5G Network Deployment segment continues to be a significant drain, with operating losses of
The subscriber metrics reveal shifting market dynamics in the streaming and telecommunications sectors. The improved Sling TV performance (+145,000 subscribers) suggests growing consumer preference for flexible streaming options over traditional Pay-TV. However, the loss of ACP program subscribers highlights vulnerability to regulatory changes and dependence on government subsidies.
The broadband satellite segment shows promise with reduced subscriber losses following the Jupiter 3 satellite launch, demonstrating potential in the high-speed internet market. The pending DIRECTV deal could reshape competitive dynamics in the pay-TV industry, potentially leading to improved operational efficiency through consolidation.
Nine Months Ended September 30, 2024:
- EchoStar reported total revenue of
$11.86 billion $12.85 billion - Net loss attributable to EchoStar in the first three quarters of 2024 was
$454.78 million $327.83 million $1.67 $1.06 - Consolidated OIBDA totaled
$1.23 billion $1.69 billion
"The EchoStar team continued to execute against our plan in the third quarter. Our efforts focused on profitable customer acquisition and retention, strengthening our consumer offerings and enhancing our nationwide Open RAN 5G network," said Hamid Akhavan, president and CEO, EchoStar Corporation. "In addition, we recently announced a series of transformative transactions that will disrupt the wireless and pay-TV industries. We secured financing to meet our November debt maturity and announced an agreement with a group of our convertible note holders. This last transaction provides approximately
Three Months Ended September 30, 2024:
- Net Pay-TV subscribers decreased approximately 43,000 in the third quarter, compared to a decrease of 64,000 in the year-ago quarter. Sling TV subscribers increased 145,000 in the third quarter, compared to a 117,000 increase in the year-ago quarter. The company closed the third quarter with 8.03 million Pay-TV subscribers including 5.89 million DISH TV subscribers and 2.14 million SLING TV subscribers. This decrease in net Pay-TV subscriber losses resulted from higher net SLING TV subscriber additions in the third quarter compared to the year-ago quarter and a lower DISH TV churn rate, offset by lower gross new DISH TV subscriber activations.
- Retail Wireless subscribers, excluding Affordable Connectivity Program ("ACP") subscribers, increased approximately 62,000 in the third quarter. The company closed the third quarter with 6.98 million Retail Wireless subscribers. Retail Wireless net subscribers decreased by approximately 297,000 in the third quarter, compared to a decrease of 225,000 in the year-ago quarter. The increase in net retail wireless subscriber losses resulted from net losses of government subsidized subscribers, including ACP subscribers, compared to net additions in the year ago quarter, primarily due to the ACP program funding concluding on June 1, 2024. The third quarter was positively impacted by a lower retail wireless churn rate.
- The company closed the third quarter with 912,000 Broadband Satellite subscribers, a decrease of approximately 43,000 in the quarter, compared to 59,000 in the year-ago quarter. The decrease in net Broadband Satellite subscriber losses was primarily due to the new EchoStar XXIV (Jupiter 3) satellite service launch and increased subscriber demand for our new satellite service plans. The third quarter was negatively impacted by the ACP program funding concluding on June 1, 2024.
Set forth below is a table highlighting certain of EchoStar's segment results for the three and nine months ended September 30, 2024 and 2023 (all
For the Three Months Ended | For the Nine Months Ended | |||||||||
2024 | 2023 | 2024 | 2023 | |||||||
(in thousands) | ||||||||||
Revenue | ||||||||||
Pay-TV | $ 2,618,031 | $ 2,807,101 | $ 8,020,893 | $ 8,754,372 | ||||||
Retail Wireless | 895,949 | 890,980 | 2,693,330 | 2,794,087 | ||||||
5G Network Deployment | 43,227 | 29,916 | 108,245 | 67,902 | ||||||
Broadband and Satellite Services | 386,709 | 413,073 | 1,163,306 | 1,305,779 | ||||||
All Other & Eliminations | (52,932) | (32,196) | (127,196) | (69,138) | ||||||
Total | $ 3,890,984 | $ 4,108,874 | $ 11,858,578 | $ 12,853,002 | ||||||
Net Income (loss) attributable to EchoStar | $ (141,812) | $ (138,371) | $ (454,779) | $ 327,825 | ||||||
OIBDA | ||||||||||
Pay-TV | $ 676,003 | $ 675,565 | $ 2,184,514 | $ 2,271,638 | ||||||
Retail Wireless | (90,755) | (105,617) | (174,268) | (130,275) | ||||||
5G Network Deployment | (330,737) | (299,146) | (977,319) | (813,597) | ||||||
Broadband and Satellite Services | 77,526 | 112,957 | 239,205 | 393,339 | ||||||
All Other & Eliminations | (15,370) | (17,897) | (43,153) | (31,289) | ||||||
Total | $ 316,667 | $ 365,862 | $ 1,228,979 | $ 1,689,816 | ||||||
Purchases of property and equipment, net of refunds, (including capitalized | ||||||||||
Pay-TV | $ 53,357 | $ 64,331 | $ 165,275 | $ 167,524 | ||||||
5G Network Deployment | 396,596 | 852,169 | 1,506,237 | 2,907,102 | ||||||
Broadband and Satellite Services | 44,913 | 79,164 | 172,083 | 172,251 | ||||||
Total | $ 494,866 | $ 995,664 | $ 1,843,595 | $ 3,246,877 | ||||||
Reconciliation of GAAP to Non-GAAP Measurement:
For the Three Months | Pay-TV | Retail Wireless | 5G Network | Broadband and | Consolidated | |||||||||||||
Eliminations | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Segment operating income (loss) | $ | 588,501 | $ | (113,792) | $ | (600,270) | $ | (36,116) | $ | 910 | $ | (160,767) | ||||||
Depreciation and amortization | 87,502 | 23,037 | 269,533 | 113,642 | (16,280) | 477,434 | ||||||||||||
OIBDA | $ | 676,003 | $ | (90,755) | $ | (330,737) | $ | 77,526 | $ | (15,370) | $ | 316,667 | ||||||
For the Three Months | ||||||||||||||||||
Segment operating income (loss) | $ | 589,465 | $ | (168,166) | $ | (463,105) | $ | 9,991 | $ | 466 | $ | (31,349) | ||||||
Depreciation and amortization | 86,100 | 62,549 | 163,959 | 102,966 | (18,363) | 397,211 | ||||||||||||
OIBDA | $ | 675,565 | $ | (105,617) | $ | (299,146) | $ | 112,957 | $ | (17,897) | $ | 365,862 | ||||||
For the Nine Months Ended | Pay-TV | Retail Wireless | 5G Network | Broadband and | Consolidated | |||||||||||||
Eliminations | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Segment operating income (loss) | $ | 1,926,361 | $ | (309,571) | $ | (1,749,961) | $ | (110,256) | $ | 2,047 | $ | (241,380) | ||||||
Depreciation and amortization | 258,153 | 135,303 | 772,642 | 349,461 | (45,200) | 1,470,359 | ||||||||||||
OIBDA | $ | 2,184,514 | $ | (174,268) | $ | (977,319) | $ | 239,205 | $ | (43,153) | $ | 1,228,979 | ||||||
For the Nine Months Ended | ||||||||||||||||||
Segment operating income (loss) | $ | 1,985,490 | $ | (298,872) | $ | (1,198,667) | $ | 81,543 | $ | 4,724 | $ | 574,218 | ||||||
Depreciation and amortization | 286,148 | 168,597 | 385,070 | 311,796 | (36,013) | 1,115,598 | ||||||||||||
OIBDA | $ | 2,271,638 | $ | (130,275) | $ | (813,597) | $ | 393,339 | $ | (31,289) | $ | 1,689,816 | ||||||
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 September 30, 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 September 30, 2024, filed today with the Securities and Exchange Commission.
EchoStar will host a conference call to discuss its earnings on Tuesday, November 12, 2024, at 11 a.m. 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 (
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
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, and subsequent quarterly reports on Form 10-Q 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 | |||||||
September 30, | December 31, | ||||||
2024 | 2023 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 622,608 | $ | 1,821,376 | |||
Current restricted cash and cash equivalents | 2,047,489 | — | |||||
Marketable investment securities | 51,792 | 623,044 | |||||
Trade accounts receivable, net of allowance for credit losses of | 1,099,545 | 1,122,139 | |||||
Inventory | 441,683 | 665,169 | |||||
Prepaids and other assets | 649,802 | 644,005 | |||||
Other current assets | 87,458 | 16,081 | |||||
Total current assets | 5,000,377 | 4,891,814 | |||||
Noncurrent Assets: | |||||||
Restricted cash, cash equivalents and marketable investment securities | 156,323 | 118,065 | |||||
Property and equipment, net | 9,287,726 | 9,561,834 | |||||
Regulatory authorizations, net | 39,156,029 | 38,572,980 | |||||
Other investments, net | 216,139 | 314,370 | |||||
Operating lease assets | 3,158,548 | 3,065,448 | |||||
Intangible assets, net | 79,078 | 172,892 | |||||
Other noncurrent assets, net | 493,157 | 411,491 | |||||
Total noncurrent assets | 52,547,000 | 52,217,080 | |||||
Total assets | $ | 57,547,377 | $ | 57,108,894 | |||
Liabilities and Stockholders' Equity (Deficit) | |||||||
Current Liabilities: | |||||||
Trade accounts payable | $ | 707,476 | $ | 774,011 | |||
Deferred revenue and other | 645,719 | 754,658 | |||||
Accrued programming | 1,499,375 | 1,427,762 | |||||
Accrued interest | 406,619 | 297,678 | |||||
Other accrued expenses and liabilities | 1,699,434 | 1,717,826 | |||||
Current portion of debt, finance lease and other obligations | 2,520,297 | 3,046,654 | |||||
Total current liabilities | 7,478,920 | 8,018,589 | |||||
Long-Term Obligations, Net of Current Portion: | |||||||
Long-term debt, finance lease and other obligations, net of current portion | 21,557,251 | 19,717,266 | |||||
Deferred tax liabilities, net | 4,926,162 | 5,014,309 | |||||
Operating lease liabilities | 3,125,819 | 3,121,307 | |||||
Long-term deferred revenue and other long-term liabilities | 958,931 | 849,131 | |||||
Total long-term obligations, net of current portion | 30,568,163 | 28,702,013 | |||||
Total liabilities | 38,047,083 | 36,720,602 | |||||
Commitments and Contingencies | |||||||
Redeemable noncontrolling interests | — | 438,382 | |||||
Stockholders' Equity (Deficit): | |||||||
Class A common stock, | 140 | 140 | |||||
Class B common stock, | 131 | 131 | |||||
Additional paid-in capital | 8,337,211 | 8,301,979 | |||||
Accumulated other comprehensive income (loss) | (177,764) | (160,056) | |||||
Accumulated earnings (deficit) | 11,283,204 | 11,737,983 | |||||
Total EchoStar stockholders' equity (deficit) | 19,442,922 | 19,880,177 | |||||
Noncontrolling interests | 57,372 | 69,733 | |||||
Total stockholders' equity (deficit) | 19,500,294 | 19,949,910 | |||||
Total liabilities and stockholders' equity (deficit) | $ | 57,547,377 | $ | 57,108,894 | |||
ECHOSTAR CORPORATION | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
(Unaudited) | ||||||||||||
For the Three Months | For the Nine Months | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Revenue: | ||||||||||||
Service revenue | $ | 3,671,674 | $ | 3,942,308 | $ | 11,233,429 | $ | 12,211,542 | ||||
Equipment sales and other revenue | 219,310 | 166,566 | 625,149 | 641,460 | ||||||||
Total revenue | 3,890,984 | 4,108,874 | 11,858,578 | 12,853,002 | ||||||||
Costs and Expenses (exclusive of depreciation and amortization): | ||||||||||||
Cost of services | 2,538,149 | 2,368,621 | 7,602,809 | 7,222,761 | ||||||||
Cost of sales - equipment and other | 393,024 | 612,378 | 1,164,200 | 1,715,936 | ||||||||
Selling, general and administrative expenses | 643,144 | 762,013 | 1,862,590 | 2,221,347 | ||||||||
Depreciation and amortization | 477,434 | 397,211 | 1,470,359 | 1,115,598 | ||||||||
Impairment of long-lived assets and goodwill | — | — | — | 3,142 | ||||||||
Total costs and expenses | 4,051,751 | 4,140,223 | 12,099,958 | 12,278,784 | ||||||||
Operating income (loss) | (160,767) | (31,349) | (241,380) | 574,218 | ||||||||
Other Income (Expense): | ||||||||||||
Interest income, net | 11,200 | 43,915 | 55,591 | 166,409 | ||||||||
Interest expense, net of amounts capitalized | (81,503) | (21,795) | (262,077) | (63,476) | ||||||||
Other, net | 52,107 | (168,947) | (65,501) | (169,640) | ||||||||
Total other income (expense) | (18,196) | (146,827) | (271,987) | (66,707) | ||||||||
Income (loss) before income taxes | (178,963) | (178,176) | (513,367) | 507,511 | ||||||||
Income tax (provision) benefit, net | 35,162 | 59,439 | 53,733 | (120,711) | ||||||||
Net income (loss) | (143,801) | (118,737) | (459,634) | 386,800 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests, net of tax | (1,989) | 19,634 | (4,855) | 58,975 | ||||||||
Net income (loss) attributable to EchoStar | $ | (141,812) | $ | (138,371) | $ | (454,779) | $ | 327,825 | ||||
Weighted-average common shares outstanding - Class A and B common stock: | ||||||||||||
Basic | 271,736 | 271,245 | 271,616 | 270,637 | ||||||||
Diluted | 271,736 | 271,245 | 271,616 | 308,259 | ||||||||
Earnings per share - Class A and B common stock: | ||||||||||||
Basic net income (loss) per share attributable to EchoStar | $ | (0.52) | $ | (0.51) | $ | (1.67) | $ | 1.21 | ||||
Diluted net income (loss) per share attributable to EchoStar | $ | (0.52) | $ | (0.51) | $ | (1.67) | $ | 1.06 | ||||
ECHOSTAR CORPORATION | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
For the Nine Months Ended September 30, | ||||||
2024 | 2023 | |||||
Cash Flows From Operating Activities: | ||||||
Net income (loss) | $ | (459,634) | $ | 386,800 | ||
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||||||
Depreciation and amortization | 1,470,359 | 1,115,598 | ||||
Impairment of long-lived assets and goodwill | — | 3,142 | ||||
Realized and unrealized losses (gains) on investments, impairments and other | 41,929 | (24,866) | ||||
Realized and unrealized losses (gains) on derivatives | — | 192,107 | ||||
Liberty Puerto Rico Asset Sale losses (gains) | (50,418) | — | ||||
Non-cash, stock-based compensation | 28,298 | 37,729 | ||||
Deferred tax expense (benefit) | (85,300) | 103,614 | ||||
Equity in (earnings) losses of affiliates | 74,459 | 6,671 | ||||
Changes in allowance for credit losses | 8,037 | 8,638 | ||||
Change in long-term deferred revenue and other long-term liabilities | 15,996 | 9,122 | ||||
Other, net | 137,700 | 80,665 | ||||
Changes in current assets and current liabilities, net | 25,718 | 102,330 | ||||
Net cash flows from operating activities | 1,207,144 | 2,021,550 | ||||
Cash Flows From Investing Activities: | ||||||
Purchases of marketable investment securities | (29,166) | (2,384,614) | ||||
Sales and maturities of marketable investment securities | 563,421 | 3,092,693 | ||||
Purchases of property and equipment | (1,200,606) | (2,533,745) | ||||
Refunds and other receipts of purchases of property and equipment | — | 34,611 | ||||
Capitalized interest related to regulatory authorizations | (642,989) | (747,743) | ||||
Proceeds from other debt investments | — | 148,448 | ||||
Purchases of regulatory authorizations, including deposits | (1,104) | (1,802) | ||||
Sale of assets to CONX | 26,719 | — | ||||
Liberty Puerto Rico Asset Sale | 95,435 | — | ||||
Other, net | 10,892 | (17,258) | ||||
Net cash flows from investing activities | (1,177,398) | (2,409,410) | ||||
Cash Flows From Financing Activities: | ||||||
Repayment of long-term debt, finance lease and other obligations | (101,197) | (98,933) | ||||
Redemption and repurchases of convertible and senior notes | (951,170) | (1,634,084) | ||||
Proceeds from issuance of senior notes | — | 1,500,000 | ||||
Debt issuance costs and debt (discount) premium | — | 21,635 | ||||
Proceeds from New DISH DBS Financing | 2,500,000 | — | ||||
Debt issuance costs and debt (discount) premium from New DISH DBS Financing | (136,208) | — | ||||
Early debt extinguishment gains (losses) of convertible and senior notes | — | 72,566 | ||||
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan | 4,347 | 11,570 | ||||
Purchase of SNR Management's ownership interest in SNR HoldCo | (441,998) | — | ||||
Other, net | (4,185) | (5,997) | ||||
Net cash flows from financing activities | 869,589 | (133,243) | ||||
Effect of exchange rates on cash and cash equivalents | (3,458) | 1,622 | ||||
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents | 895,877 | (519,481) | ||||
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 | $ | 2,807,478 | $ | 2,042,322 | ||
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SOURCE EchoStar Corporation
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