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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 SEPTEMBER 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 October 31, 2018, the registrant’s outstanding common stock consisted of 48,548,092 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
 

 
 

 
 

 
 
 


 

 

 

 
Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended September 30, 2018 and 2017 (unaudited)
4

 
5

 

 




 
 
 

 
 

 
 
 








 




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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: 

significant risks related to the construction, launch and operation of our satellites, such as the risk of not being able to timely complete the construction of or material malfunction on one or more of our satellites, risks resulting from 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 reliance on DISH Network Corporation and its subsidiaries (“DISH Network”) for a significant portion of our revenue;
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.

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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.

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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
 
 
September 30, 2018
 
December 31, 2017
Assets
 
(Unaudited) 
 
(Audited)
Current assets:
 
 

 
 

Cash and cash equivalents
 
$
1,597,295

 
$
2,431,456

Marketable investment securities, at fair value
 
1,842,875

 
814,161

Trade accounts receivable and contract assets, net (Note 3)
 
217,524

 
196,840

Trade accounts receivable - DISH Network
 
11,065

 
43,295

Inventory
 
70,061

 
83,595

Prepaids and deposits
 
56,149

 
54,533

Other current assets
 
17,222

 
91,671

Total current assets
 
3,812,191

 
3,715,551

Noncurrent assets:
 
 

 
 

Property and equipment, net
 
3,442,537

 
3,465,471

Regulatory authorizations, net
 
525,595

 
536,936

Goodwill
 
504,173

 
504,173

Other intangible assets, net
 
47,912

 
58,955

Investments in unconsolidated entities
 
160,669

 
161,427

Other receivables - DISH Network
 
94,503

 
92,687

Other noncurrent assets, net
 
262,866

 
214,814

Total noncurrent assets
 
5,038,255

 
5,034,463

Total assets
 
$
8,850,446

 
$
8,750,014

Liabilities and Stockholders’ Equity
 
 

 
 

Current liabilities:
 
 

 
 

Trade accounts payable
 
$
119,235

 
$
108,406

Trade accounts payable - DISH Network
 
1,411

 
4,753

Current portion of long-term debt and capital lease obligations
 
1,030,088

 
40,631

Contract liabilities
 
74,135

 
65,959

Accrued interest
 
57,589

 
47,616

Accrued compensation
 
41,341

 
47,756

Accrued taxes
 
16,681

 
16,122

Accrued expenses and other
 
72,464

 
82,647

Total current liabilities
 
1,412,944

 
413,890

Noncurrent liabilities:
 
 

 
 

Long-term debt and capital lease obligations, net
 
2,582,819

 
3,594,213

Deferred tax liabilities, net
 
471,259

 
436,023

Other noncurrent liabilities
 
124,694

 
128,503

Total noncurrent liabilities
 
3,178,772

 
4,158,739

Total liabilities
 
4,591,716

 
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 September 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, 54,080,228 shares issued and 48,547,910 shares outstanding at September 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 September 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 September 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 September 30, 2018 and December 31, 2017
 

 

Additional paid-in capital
 
3,694,682

 
3,669,461

Accumulated other comprehensive loss
 
(160,947
)
 
(130,154
)
Accumulated earnings
 
808,330

 
721,316

Treasury stock, at cost
 
(98,162
)
 
(98,162
)
Total EchoStar Corporation stockholders’ equity
 
4,244,005

 
4,162,563

Other noncontrolling interests
 
14,725

 
14,822

Total stockholders’ equity
 
4,258,730

 
4,177,385

Total liabilities and stockholders’ equity
 
$
8,850,446

 
$
8,750,014

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

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

 
 

 
 

 
 

Services and other revenue - DISH Network
 
$
87,859

 
$
111,135

 
$
291,835

 
$
339,824

Services and other revenue - other
 
388,248

 
310,973

 
1,118,733

 
865,817

Equipment revenue
 
56,846

 
59,125

 
150,134

 
173,819

Total revenue
 
532,953

 
481,233

 
1,560,702

 
1,379,460

 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 

 
 

 
 

 
 

Cost of sales - services and other (exclusive of depreciation and amortization)
 
152,011

 
143,048

 
451,913

 
416,463

Cost of sales - equipment (exclusive of depreciation and amortization)
 
46,318

 
47,644

 
127,254

 
141,839

Selling, general and administrative expenses
 
107,490

 
91,003

 
313,839

 
263,820

Research and development expenses
 
6,544

 
8,302

 
20,328

 
23,444

Depreciation and amortization
 
150,555

 
134,822

 
444,558

 
379,939

Total costs and expenses
 
462,918

 
424,819

 
1,357,892

 
1,225,505

Operating income
 
70,035

 
56,414

 
202,810

 
153,955

 
 
 
 
 
 
 
 
 
Other income (expense):
 
 

 
 

 
 

 
 

Interest income
 
21,349

 
12,012

 
56,237

 
30,342

Interest expense, net of amounts capitalized
 
(62,086
)
 
(55,646
)
 
(186,371
)
 
(156,498
)
Gains and losses on investments, net
 
4,693

 
20,090

 
33,426

 
30,664

Equity in earnings (losses) of unconsolidated affiliates, net
 
416

 
4,381

 
(2,651
)
 
15,620

Other, net
 
(5,069
)
 
4,686

 
(5,201
)
 
8,211

Total other income (expense), net
 
(40,697
)
 
(14,477
)
 
(104,560
)
 
(71,661
)
Income from continuing operations before income taxes
 
29,338

 
41,937

 
98,250

 
82,294

Income tax provision, net
 
(12,836
)
 
(6,082
)
 
(25,235
)
 
(9,073
)
Net income from continuing operations
 
16,502

 
35,855

 
73,015

 
73,221

Net income (loss) from discontinued operations
 

 
(654
)
 

 
6,454

Net income
 
16,502

 
35,201

 
73,015

 
79,675

Less: Net income attributable to noncontrolling interests
 
450

 
532

 
1,292

 
351

Net income attributable to EchoStar Corporation
 
16,052

 
34,669

 
71,723

 
79,324

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

 

 

 
(1,209
)
Net income attributable to EchoStar Corporation common stock
 
$
16,052

 
$
34,669

 
$
71,723

 
$
80,533

 
 
 
 
 
 
 
 
 
Earnings per share - Class A and B common stock:
 
 

 
 

 
 

 
 

Basic earnings from continuing operations per share
 
$
0.17

 
$
0.37

 
$
0.75

 
$
0.78

Total basic earnings per share
 
$
0.17

 
$
0.36

 
$
0.75

 
$
0.84

Diluted earnings from continuing operations per share
 
$
0.17

 
$
0.36

 
$
0.74

 
$
0.77

Total diluted earnings per share
 
$
0.17

 
$
0.36

 
$
0.74

 
$
0.83




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

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

 
 

 
 

 
 

Net income
 
$
16,502

 
$
35,201

 
$
73,015

 
$
79,675

Other comprehensive income (loss), net of tax:
 
 

 
 

 
 

 
 

Foreign currency translation adjustments
 
(7,405
)
 
9,373

 
(42,540
)
 
33,162

Unrealized gains (losses) on available-for-sale securities and other
 
(120
)
 
(12,037
)
 
(105
)
 
2,369

Amounts reclassified to net income:
 
 
 
 
 
 
 
 
Realized gains on available-for-sale securities
 
(1
)
 

 
(4
)
 
(2,758
)
Other-than-temporary impairment loss on available-for-sale securities
 

 

 

 
3,298

Total other comprehensive income (loss), net of tax
 
(7,526
)
 
(2,664
)
 
(42,649
)
 
36,071

Comprehensive income
 
8,976

 
32,537

 
30,366

 
115,746

Less: Comprehensive income (loss) attributable to noncontrolling interests
 
(140
)
 
532

 
(97
)
 
351

Comprehensive income attributable to EchoStar Corporation
 
$
9,116

 
$
32,005

 
$
30,463

 
$
115,395






























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

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ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017
(In thousands)
(Unaudited)
 
 
Class
A and B
Common
Stock
 
Additional
Paid-In
Capital
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Accumulated
Earnings
 
Treasury
Stock
 
Other
Noncontrolling
Interests
 
Total
Balance, June 30, 2017
 
$
101

 
$
3,654,139

 
$
(86,068
)
 
$
373,410

 
$
(98,162
)
 
$
13,304

 
$
3,856,724

Issuances of Class A common stock:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Exercise of stock options
 
1

 
1,155

 

 

 

 

 
1,156

Employee Stock Purchase Plan
 

 
2,398

 

 

 

 

 
2,398

Stock-based compensation
 

 
3,261

 

 

 

 

 
3,261

R&D tax credits utilized by DISH Network
 

 
(257
)
 

 

 

 

 
(257
)
Other comprehensive loss
 

 

 
(2,664
)
 

 

 

 
(2,664
)
Net income
 

 

 

 
34,669

 

 
532

 
35,201

Balance, September 30, 2017
 
$
102

 
$
3,660,696

 
$
(88,732
)
 
$
408,079

 
$
(98,162
)
 
$
13,836

 
$
3,895,819

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, June 30, 2018
 
$
102

 
$
3,689,180

 
$
(154,011
)
 
$
792,278

 
$
(98,162
)
 
$
14,865

 
$
4,244,252

Issuances of Class A common stock:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Exercise of stock options
 

 
360

 

 

 

 

 
360

Employee Stock Purchase Plan
 

 
2,542

 

 

 

 

 
2,542

Stock-based compensation
 

 
2,661

 

 

 

 

 
2,661

R&D tax credits utilized by DISH Network
 

 
(61
)
 

 

 

 

 
(61
)
Other comprehensive loss
 

 

 
(6,936
)
 

 

 
(590
)
 
(7,526
)
Net income
 

 

 

 
16,052

 

 
450

 
16,502

Balance, September 30, 2018
 
$
102

 
$
3,694,682

 
$
(160,947
)
 
$
808,330

 
$
(98,162
)
 
$
14,725

 
$
4,258,730










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

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Table of Contents


ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017
(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
 
2

 

 
34,104

 

 

 

 

 

 
34,106

Employee benefits
 

 

 
11,200

 

 

 

 

 

 
11,200

Employee Stock Purchase Plan
 

 

 
6,938

 

 

 

 

 

 
6,938

Stock-based compensation
 

 

 
7,169

 

 

 

 

 

 
7,169

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
 

 

 
(577
)
 

 

 

 

 

 
(577
)
Other comprehensive income
 

 

 

 
36,071

 

 

 

 

 
36,071

Net income (loss)
 

 

 

 

 
79,324

 

 
(655
)
 
1,006

 
79,675

Balance, September 30, 2017
 
$
102

 
$

 
$
3,660,696

 
$
(88,732
)
 
$
408,079

 
$
(98,162
)
 
$

 
$
13,836

 
$
3,895,819

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 

 

 
4,405

 

 

 

 

 

 
4,405

Employee benefits
 

 

 
7,605

 

 

 

 

 

 
7,605

Employee Stock Purchase Plan