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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
FORM 10-Q
 
(Mark One)
 
ý    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2018.
 
OR

o    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                TO                
 
Commission File Number:  001-33807
 
EchoStar Corporation
(Exact name of registrant as specified in its charter)
 
Nevada
 
26-1232727
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
100 Inverness Terrace East, Englewood, Colorado
 
80112-5308
(Address of principal executive offices)
 
(Zip Code)
 
(303) 706-4000
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý  No  o
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ý  No  o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  (Check one): 
Large accelerated filer ý
Accelerated filer  o
Non-accelerated filer o
Smaller reporting company o
 
Emerging growth company o
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  o No  ý
 
As of July 31, 2018, the registrant’s outstanding common stock consisted of 48,476,391 shares of Class A common stock and 47,687,039 shares of Class B common stock, each $0.001 par value.


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TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



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DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
 
This Quarterly Report on Form 10-Q (“Form 10-Q”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about our estimates, expectations, plans, objectives, strategies, and financial condition, expected impact of regulatory developments and legal proceedings, opportunities in our industries and businesses and other trends and projections for the next fiscal quarter and beyond. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements may also be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “estimate,” “expect,” “predict,” “continue,” “future,” “will,” “would,” “could,” “can,” “may” and similar terms. These forward-looking statements are based on information available to us as of the date of this Form 10-Q and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve potential known and unknown risks, uncertainties and other factors, many of which may be beyond our control and may pose a risk to our operating and financial condition. Accordingly, actual performance, events or results could differ materially from those expressed or implied in the forward-looking statements due to a number of factors including, but not limited to: 

our reliance on DISH Network Corporation and its subsidiaries (“DISH Network”) for a significant portion of our revenue;
significant risks related to the construction, launch and operation of our satellites, such as the risk of material malfunction on one or more of our satellites, risks resulting from delays or failures of launches of our satellites and potentially missing our regulatory milestones, changes in the space weather environment that could interfere with the operation of our satellites and our general lack of commercial insurance coverage on our satellites;
our ability to realize the anticipated benefits of our current satellites and any future satellite we may construct or acquire;
our ability to implement and realize benefits of our domestic and/or international investments, commercial alliances, partnerships, joint ventures, acquisitions and other strategic initiatives;
the failure of third-party providers of components, manufacturing, installation services and customer support services to appropriately deliver the contracted goods or services;
our ability to bring advanced technologies to market to keep pace with our customers and competitors; and
risk related to our foreign operations and other uncertainties associated with doing business internationally, including changes in foreign exchange rates between foreign currencies and the United States (“U.S.”) dollar, economic instability and political disturbances.
 
Other factors that could cause or contribute to such differences include, but are not limited to, those discussed under the caption Risk Factors in Part II, Item 1A of this Form 10-Q and in Part I, Item 1A of our most recent Annual Report on Form 10-K (“Form 10-K”) filed with the Securities and Exchange Commission (“SEC”), those discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2 of this Form 10-Q and in Part II, Item 7 of our Form 10-K and those discussed in other documents we file with the SEC.
 
All cautionary statements made herein should be read as being applicable to all forward-looking statements wherever they appear. Investors should consider the risks and uncertainties described herein and should not place undue reliance on any forward-looking statements. We do not undertake, and specifically disclaim, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, events, levels of activity, performance or achievements. We do not assume responsibility for the accuracy and completeness of any forward-looking statements. We assume no responsibility for updating forward-looking information contained or incorporated by reference herein or in any documents we file with the SEC, except as required by law.

i

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Should one or more of the risks or uncertainties described herein or in any documents we file with the SEC occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.

ii

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PART I — FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
 
 
As of
 
 
June 30, 2018
 
December 31, 2017
Assets
 
(Unaudited) 
 
(Audited)
Current assets:
 
 

 
 

Cash and cash equivalents
 
$
1,793,053

 
$
2,431,456

Marketable investment securities, at fair value
 
1,640,776

 
814,161

Trade accounts receivable and contract assets, net (Note 3)
 
186,962

 
196,840

Trade accounts receivable - DISH Network, net
 
26,126

 
43,295

Inventory
 
81,388

 
83,595

Prepaids and deposits
 
58,911

 
54,533

Other current assets
 
15,889

 
91,671

Total current assets
 
3,803,105

 
3,715,551

Noncurrent assets:
 
 

 
 

Property and equipment, net
 
3,396,616

 
3,465,471

Regulatory authorizations, net
 
528,346

 
536,936

Goodwill
 
504,173

 
504,173

Other intangible assets, net of accumulated amortization of $309,690 and $302,345, respectively
 
51,593

 
58,955

Investments in unconsolidated entities
 
156,022

 
161,427

Other receivables - DISH Network
 
93,893

 
92,687

Other noncurrent assets, net
 
258,237

 
214,814

Total noncurrent assets
 
4,988,880

 
5,034,463

Total assets
 
$
8,791,985

 
$
8,750,014

Liabilities and Stockholders’ Equity
 
 

 
 

Current liabilities:
 
 

 
 

Trade accounts payable
 
$
100,235

 
$
108,406

Trade accounts payable - DISH Network
 
1,393

 
4,753

Current portion of long-term debt and capital lease obligations
 
1,028,119

 
40,631

Contract liabilities
 
72,776

 
65,959

Accrued interest
 
45,857

 
47,616

Accrued compensation
 
42,612

 
47,756

Accrued taxes
 
15,719

 
16,122

Accrued expenses and other
 
68,195

 
82,647

Total current liabilities
 
1,374,906

 
413,890

Noncurrent liabilities:
 
 

 
 

Long-term debt and capital lease obligations, net
 
2,592,174

 
3,594,213

Deferred tax liabilities, net
 
456,401

 
436,023

Other noncurrent liabilities
 
124,252

 
128,503

Total noncurrent liabilities
 
3,172,827

 
4,158,739

Total liabilities
 
4,547,733

 
4,572,629

Commitments and contingencies (Note 15)
 


 


Stockholders’ equity:
 
 

 
 

Preferred stock, $.001 par value, 20,000,000 shares authorized, none issued and outstanding at each of June 30, 2018 and December 31, 2017
 

 

Common stock, $.001 par value, 4,000,000,000 shares authorized:
 
 

 
 

Class A common stock, $.001 par value, 1,600,000,000 shares authorized, 54,006,419 shares issued and 48,474,101 shares outstanding at June 30, 2018 and 53,663,859 shares issued and 48,131,541 shares outstanding at December 31, 2017
 
54

 
54

Class B convertible common stock, $.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at each of June 30, 2018 and December 31, 2017
 
48

 
48

Class C convertible common stock, $.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of June 30, 2018 and December 31, 2017
 

 

Class D common stock, $.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of June 30, 2018 and December 31, 2017
 

 

Additional paid-in capital
 
3,689,180

 
3,669,461

Accumulated other comprehensive loss
 
(154,011
)
 
(130,154
)
Accumulated earnings
 
792,278

 
721,316

Treasury stock, at cost
 
(98,162
)
 
(98,162
)
Total EchoStar Corporation stockholders’ equity
 
4,229,387

 
4,162,563

Other noncontrolling interests
 
14,865

 
14,822

Total stockholders’ equity
 
4,244,252

 
4,177,385

Total liabilities and stockholders’ equity
 
$
8,791,985

 
$
8,750,014

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

Table of Contents


ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
 
For the three months
ended June 30,
 
For the six months
ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Revenue:
 
 

 
 

 
 

 
 

Services and other revenue - DISH Network
 
$
100,171

 
$
113,734

 
$
203,976

 
$
228,689

Services and other revenue - other
 
375,445

 
285,053

 
730,485

 
554,844

Equipment revenue
 
50,341

 
66,289

 
93,288

 
114,694

Total revenue
 
525,957

 
465,076

 
1,027,749

 
898,227

 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 

 
 

 
 

 
 

Cost of sales - services and other (exclusive of depreciation and amortization)
 
151,157

 
138,227

 
299,902

 
273,415

Cost of sales - equipment (exclusive of depreciation and amortization)
 
41,865

 
53,662

 
80,936

 
94,195

Selling, general and administrative expenses
 
103,074

 
89,826

 
206,349

 
172,817

Research and development expenses
 
6,647

 
7,437

 
13,784

 
15,142

Depreciation and amortization
 
148,449

 
130,034

 
294,003

 
245,117

Total costs and expenses
 
451,192

 
419,186

 
894,974

 
800,686

Operating income
 
74,765

 
45,890

 
132,775

 
97,541

 
 
 
 
 
 
 
 
 
Other income (expense):
 
 

 
 

 
 

 
 

Interest income
 
19,253

 
10,039

 
34,888

 
18,330

Interest expense, net of amounts capitalized
 
(61,534
)
 
(55,456
)
 
(124,285
)
 
(100,852
)
Gains (losses) on investments, net
 
65,396

 
1,837

 
28,733

 
10,574

Equity in earnings (losses) of unconsolidated affiliates, net
 
(2,058
)
 
4,831

 
(3,067
)
 
11,239

Other, net
 
(336
)
 
2,453

 
(132
)
 
3,525

Total other income (expense), net
 
20,721

 
(36,296
)
 
(63,863
)
 
(57,184
)
Income from continuing operations before income taxes
 
95,486

 
9,594

 
68,912

 
40,357

Income tax provision, net
 
(17,802
)
 
(3,003
)
 
(12,399
)
 
(2,991
)
Net income from continuing operations
 
77,684

 
6,591

 
56,513

 
37,366

Net income from discontinued operations
 

 
531

 

 
7,108

Net income
 
77,684

 
7,122

 
56,513

 
44,474

Less: Net loss attributable to noncontrolling interest in HSS Tracking Stock (Note 1)
 

 

 

 
(655
)
Less: Net income attributable to other noncontrolling interests
 
462

 
182

 
842

 
474

Net income attributable to EchoStar Corporation
 
77,222

 
6,940

 
55,671

 
44,655

Less: Net loss attributable to Hughes Retail Preferred Tracking Stock (Note 1)
 

 

 

 
(1,209
)
Net income attributable to EchoStar Corporation common stock
 
$
77,222

 
$
6,940

 
$
55,671

 
$
45,864

 
 
 
 
 
 
 
 
 
Earnings per share - Class A and B common stock:
 
 

 
 

 
 

 
 

Basic earnings from continuing operations per share
 
$
0.80

 
$
0.07

 
$
0.58

 
$
0.41

Total basic earnings per share
 
$
0.80

 
$
0.07

 
$
0.58

 
$
0.48

Diluted earnings from continuing operations per share
 
$
0.80

 
$
0.07

 
$
0.57

 
$
0.40

Total diluted earnings per share
 
$
0.80

 
$
0.07

 
$
0.57

 
$
0.48


The accompanying notes are an integral part of these condensed consolidated financial statements.

2

Table of Contents


ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
 
 
For the three months
ended June 30,
 
For the six months
ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Comprehensive income (loss):
 
 

 
 

 
 

 
 

Net income
 
$
77,684

 
$
7,122

 
$
56,513

 
$
44,474

Other comprehensive income (loss), net of tax:
 
 

 
 

 
 

 
 

Foreign currency translation adjustments
 
(43,727
)
 
(249
)
 
(35,135
)
 
23,789

Unrealized gains (losses) on available-for-sale securities and other
 
547

 
(5,626
)
 
15

 
14,406

Amounts reclassified to net income:
 
 
 
 
 
 
 
 
Realized gains on available-for-sale securities in net income
 
(3
)
 
(2
)
 
(3
)
 
(2,758
)
Other-than-temporary impairment loss on available-for-sale securities in net income
 

 

 

 
3,298

Total other comprehensive income (loss), net of tax
 
(43,183
)
 
(5,877
)
 
(35,123
)
 
38,735

Comprehensive income
 
34,501

 
1,245

 
21,390

 
83,209

Less: Comprehensive loss attributable to noncontrolling interest in HSS Tracking Stock
 

 

 

 
(655
)
Less: Comprehensive income (loss) attributable to other noncontrolling interests
 
(123
)
 
182

 
43

 
474

Comprehensive income attributable to EchoStar Corporation
 
$
34,624

 
$
1,063

 
$
21,347

 
$
83,390


























The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents


ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
 
 
Class
A and B
Common
Stock
 
Hughes Retail
Preferred
Tracking
Stock
 
Additional
Paid-In
Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Accumulated
Earnings
 
Treasury
Stock
 
Noncontrolling
Interest in
HSS Tracking
Stock
 
Other
Noncontrolling
Interests
 
Total
Balance, December 31, 2016
 
$
100

 
$
6

 
$
3,828,677

 
$
(124,803
)
 
$
314,247

 
$
(98,162
)
 
$
73,910

 
$
12,830

 
$
4,006,805

Cumulative effect of adoption of ASU No. 2016-09 as of January 1, 2017
 

 

 

 

 
14,508

 

 

 

 
14,508

Balance, January 1, 2017
 
100

 
6

 
3,828,677

 
(124,803
)
 
328,755

 
(98,162
)
 
73,910

 
12,830

 
4,021,313

Issuances of Class A common stock:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Exercise of stock options
 
1

 

 
32,949

 

 

 

 

 

 
32,950

Employee benefits
 

 

 
11,200

 

 

 

 

 

 
11,200

Employee Stock Purchase Plan
 

 

 
4,540

 

 

 

 

 

 
4,540

Stock-based compensation
 

 

 
3,908

 

 

 

 

 

 
3,908

Reacquisition and retirement of Tracking Stock pursuant to Share Exchange Agreement (Note 1)
 

 
(6
)
 
(226,815
)
 

 

 

 
(73,255
)
 

 
(300,076
)
R&D tax credits utilized by DISH Network
 

 

 
(320
)
 

 

 

 

 

 
(320
)
Foreign currency translation adjustment
 

 

 

 
23,789

 

 

 

 

 
23,789

Unrealized gains (losses) on available-for-sale securities, net
 

 

 

 
14,921

 

 

 

 

 
14,921

Net income (loss)
 

 

 

 

 
44,655

 

 
(655
)
 
474

 
44,474

Other
 

 

 

 
25

 

 

 

 

 
25

Balance, June 30, 2017
 
$
101

 
$

 
$
3,654,139

 
$
(86,068
)
 
$
373,410

 
$
(98,162
)
 
$

 
$
13,304

 
$
3,856,724

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, December 31, 2017
 
$
102

 
$

 
$
3,669,461

 
$
(130,154
)
 
$
721,316

 
$
(98,162
)
 
$

 
$
14,822

 
$
4,177,385

Cumulative effect of adoption of ASU No. 2014-09 and ASU No. 2016-01 as of January 1, 2018 (Note 2)
 

 

 

 
10,467

 
14,658

 

 

 

 
25,125

Balance, January 1, 2018
 
102

 

 
3,669,461

 
(119,687
)
 
735,974

 
(98,162
)
 

 
14,822

 
4,202,510

Issuances of Class A common stock:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Exercise of stock options
 

 

 
4,045

 

 

 

 

 

 
4,045

Employee benefits
 

 

 
7,605

 

 

 

 

 

 
7,605

Employee Stock Purchase Plan
 

 

 
4,886

 

 

 

 

 

 
4,886

Stock-based compensation
 

 

 
5,110

 

 

 

 

 

 
5,110

R&D tax credits utilized by DISH Network
 

 

 
(1,798
)
 

 

 

 

 

 
(1,798
)
Foreign currency translation adjustment
 

 

 

 
(34,336
)
 

 

 

 
(799
)
 
(35,135
)
Unrealized gains (losses) on available-for-sale securities, net
 

 

 

 
253

 

 

 

 

 
253

Net income
 

 

 

 

 
55,671

 

 

 
842

 
56,513

Other
 

 

 
(129
)
 
(241
)
 
633

 

 

 

 
263

Balance, June 30, 2018
 
$
102

 
$

 
$
3,689,180

 
$
(154,011
)
 
$
792,278

 
$
(98,162
)
 
$

 
$
14,865

 
$
4,244,252



The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Table of Contents


ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
 
For the six months ended June 30,
 
 
2018
 
2017
Cash flows from operating activities:
 
 

 
 

Net income
 
$
56,513

 
$
44,474

Adjustments to reconcile net income to net cash flows from operating activities:
 
 

 
 

Depreciation and amortization
 
294,003

 
256,776

Equity in (earnings) losses of unconsolidated affiliates, net
 
3,067

 
(10,080
)
Amortization of debt issuance costs
 
3,905

 
3,617

(Gains) losses and impairments on investments, net
 
(28,674
)
 
(10,574
)
Stock-based compensation
 
5,110

 
3,908

Deferred tax provision
 
10,231

 
673

Dividend received from unconsolidated entity
 
5,000

 
7,500

Proceeds from sale of trading securities
 

 
8,922

Changes in current assets and current liabilities, net:
 
 
 
 
Trade accounts receivable, net
 
(3,061
)
 
4,496

Trade accounts receivable - DISH Network
 
17,262

 
184,077

Inventory
 
238

 
(24,330
)
Other current assets
 
(5,430
)
 
(6,193
)
Trade accounts payable
 
2,364

 
(65,179
)
Trade accounts payable - DISH Network
 
(3,360
)
 
(3,061
)
Accrued expenses and other
 
7,749

 
(2,505
)
Changes in noncurrent assets and noncurrent liabilities, net
 
(17,200
)
 
(11,763
)
Other, net
 
5,822

 
2,121

Net cash flows from operating activities
 
353,539

 
382,879

Cash flows from investing activities:
 
 

 
 

Purchases of marketable investment securities
 
(1,632,930
)
 
(46,533
)
Sales and maturities of marketable investment securities
 
841,638

 
291,082

Expenditures for property and equipment
 
(248,098
)
 
(230,530
)
Refunds and other receipts related to property and equipment
 
77,524

 

Sale of investment in unconsolidated entity
 

 
17,781

Expenditures for externally marketed software
 
(15,000
)
 
(17,119
)
Net cash flows from investing activities
 
(976,866
)
 
14,681

Cash flows from financing activities:
 
 

 
 

Repayment of debt and capital lease obligations
 
(18,417
)
 
(17,718
)
Net proceeds from Class A common stock options exercised
 
4,064

 
31,992

Net proceeds from Class A common stock issued under the Employee Stock Purchase Plan
 
4,886

 
4,540

Cash exchanged for Tracking Stock (Note 1)
 

 
(651
)
Repayment of in-orbit incentive obligations
 
(3,272
)
 
(3,194
)
Other, net
 
(401
)
 
482

Net cash flows from financing activities
 
(13,140
)
 
15,451

Effect of exchange rates on cash and cash equivalents
 
(1,941
)
 
967

Net increase (decrease) in cash and cash equivalents, including restricted amounts
 
(638,408
)
 
413,978

Cash and cash equivalents, including restricted amounts, beginning of period
 
2,432,249

 
2,571,866

Cash and cash equivalents, including restricted amounts, end of period
 
$
1,793,841

 
$
2,985,844