UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 24, 2016
ECHOSTAR CORPORATION
(Exact name of registrant as specified in its charter)
|
NEVADA |
|
001-33807 |
|
26-1232727 |
|
(State or other jurisdiction of |
|
(Commission File Number) |
|
(IRS Employer |
|
incorporation) |
|
|
|
Identification No.) |
|
100 INVERNESS TERRACE E. |
|
|
|
ENGLEWOOD, COLORADO |
|
80112 |
|
(Address of principal executive offices) |
|
(Zip Code) |
(303) 706-4000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On February 24, 2016, EchoStar Corporation, a Nevada corporation, issued a press release (the “Press Release”) announcing its results of operations and financial condition for the quarter and year ended December 31, 2015. A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated into this Item 2.02 by this reference.
The information contained in this Item 2.02, including the related information set forth in the Press Release attached hereto and incorporated by reference herein, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise. The information in this Item 2.02 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
|
Exhibit No. |
|
Description |
|
Exhibit 99.1 |
|
Press release dated February 24, 2016 issued by EchoStar Corporation regarding financial results for the quarter and full year ended December 31, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
ECHOSTAR CORPORATION | |
|
|
| |
|
|
| |
|
Date: February 24, 2016 |
By: |
/s/ Dean A. Manson |
|
|
|
Dean A. Manson |
|
|
|
Executive Vice President, |
Exhibit Index
|
Exhibit No. |
|
Description |
|
Exhibit 99.1 |
|
Press release dated February 24, 2016 issued by EchoStar Corporation regarding financial results for the quarter and full year ended December 31, 2015. |
Exhibit 99.1
EchoStar Announces Fourth Quarter and Full Year 2015 Results
Englewood, CO, February 24, 2016—EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the fourth quarter and full year ended December 31, 2015.
Fourth Quarter 2015 Financial Highlights:
· Consolidated revenues of $791 million.
· Consolidated EBITDA of $223 million.
· Consolidated net income attributable to EchoStar common stock of $66.3 million and diluted earnings per share of $0.71.
· Hughes net subscriber additions of approximately 9,000. Approximately 1,035,000 subscribers as of December 31, 2015.
· Record enterprise contract awards of $479 million at Hughes.
Full Year Ended December 31, 2015 Financial Highlights:
· Consolidated revenue of $3.1 billion.
· Consolidated EBITDA of $865 million.
· Consolidated net income attributable to EchoStar common stock of $163.7 million and diluted earnings per share of $1.75.
· Strong liquidity with cash, cash equivalents and current marketable investment securities of $1.54 billion as of December 31, 2015.
Set forth below is a table highlighting certain of EchoStar’s segment results for the three and twelve months ended December 31, 2015 and 2014:
|
|
|
For the Three Months |
|
For the Twelve Months |
| ||||||||
|
|
|
Ended December 31, |
|
Ended December 31, |
| ||||||||
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| ||||
|
|
|
(Dollars in thousands) |
| ||||||||||
|
Revenue |
|
|
|
|
|
|
|
|
| ||||
|
Hughes |
|
$ |
347,146 |
|
$ |
343,621 |
|
$ |
1,347,340 |
|
$ |
1,327,718 |
|
|
EchoStar Technologies Corp. |
|
325,101 |
|
371,389 |
|
1,298,198 |
|
1,627,366 |
| ||||
|
EchoStar Satellite Services |
|
116,304 |
|
127,491 |
|
490,591 |
|
484,455 |
| ||||
|
All Other & Eliminations |
|
2,036 |
|
1,387 |
|
7,585 |
|
6,039 |
| ||||
|
Total |
|
$ |
790,587 |
|
$ |
843,888 |
|
$ |
3,143,714 |
|
$ |
3,445,578 |
|
|
EBITDA |
|
|
|
|
|
|
|
|
| ||||
|
Hughes |
|
$ |
100,415 |
|
$ |
89,661 |
|
$ |
396,684 |
|
$ |
356,871 |
|
|
EchoStar Technologies Corp. |
|
25,981 |
|
35,052 |
|
106,745 |
|
154,786 |
| ||||
|
EchoStar Satellite Services |
|
98,429 |
|
110,869 |
|
412,607 |
|
419,442 |
| ||||
|
All Other & Eliminations |
|
(2,084 |
) |
(5,775 |
) |
(50,683 |
) |
(28,518 |
) | ||||
|
Total |
|
$ |
222,741 |
|
$ |
229,807 |
|
$ |
865,353 |
|
$ |
902,581 |
|
|
Net income (loss) attributable to EchoStar common stock |
|
$ |
66,296 |
|
$ |
54,766 |
|
$ |
163,700 |
|
$ |
165,268 |
|
|
Diluted earnings per share (in dollars) |
|
$ |
0.71 |
|
$ |
0.59 |
|
$ |
1.75 |
|
$ |
1.78 |
|
|
Capital expenditures |
|
$ |
223,369 |
|
$ |
245,599 |
|
$ |
703,520 |
|
$ |
680,026 |
|
The following table reconciles total consolidated EBITDA to “Income/(loss) before income taxes”.
|
|
|
For the Three Months |
|
For the Years |
| ||||||||
|
|
|
Ended December 31, |
|
Ended December 31, |
| ||||||||
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
| ||||
|
|
|
(In thousands) |
| ||||||||||
|
EBITDA |
|
$ |
222,741 |
|
$ |
229,807 |
|
$ |
865,353 |
|
$ |
902,581 |
|
|
Interest income and expense, net |
|
(23,396 |
) |
(36,843 |
) |
(111,637 |
) |
(162,247 |
) | ||||
|
Depreciation and amortization |
|
(129,610 |
) |
(140,509 |
) |
(528,158 |
) |
(556,676 |
) | ||||
|
Net income (loss) attributable to noncontrolling interests |
|
(972 |
) |
(2,379 |
) |
(3,986 |
) |
(5,325 |
) | ||||
|
Income (loss) before income taxes |
|
$ |
68,763 |
|
$ |
50,076 |
|
$ |
221,572 |
|
$ |
178,333 |
|
Note on Use of Non-GAAP Financial Measures
EBITDA is defined as “Net income (loss) attributable to EchoStar” excluding “Interest expense, net of amounts capitalized,” “interest income”, “Income tax benefit (provision), net” and “Depreciation and amortization.” EBITDA is not a measure determined in accordance with US GAAP. This non-GAAP measure is reconciled to income (loss) before income taxes in the table above. EBITDA should not be considered in isolation or as a substitute for operating income, net income or any other measure determined in accordance with GAAP. Conceptually, EBITDA measures the amount of income generated each period that could be used to service debt, pay taxes and fund capital expenditures. EBITDA is used by our management as a measure of
operating efficiency and overall financial performance for benchmarking against our peers and competitors. Management believes EBITDA provides meaningful supplemental information regarding liquidity and the underlying operating performance of our business. Management also believes that EBITDA is useful to investors because it is frequently used by securities analysts, investors, and other interested parties to evaluate the performance of companies in our industry.
The consolidated financial statements of EchoStar for the periods ended December 31, 2015 and 2014 are attached to this press release. Detailed financial data and other information are available in EchoStar’s Annual Report on Form 10-K for the year ended December 31, 2015 filed today with the Securities and Exchange Commission.
EchoStar will host its earnings conference call on Wednesday, February 24, 2016 at 11:00 a.m. Eastern Time. The call-in numbers are (877) 815-1625 (toll-free) and (716) 247-5178 (international), Conference ID # 93525715.
About EchoStar Corporation
EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite and video delivery solutions. Headquartered in Englewood, Colo., and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its EchoStar Satellite Services, EchoStar Technologies Corporation, and Hughes Network Systems business segments.
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,” “estimate,” “expect,” “intend,” “project,” “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. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Annual Report on Form 10-K for the year ended December 31, 2015, filed today with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.
###
Contact Information
|
EchoStar Investor Relations |
EchoStar Media Relations |
|
Deepak V. Dutt |
Jill Searl |
ECHOSTAR CORPORATION
Consolidated Balance Sheets
(Dollars in thousands, except per-share amounts)
|
|
|
As of December 31, |
| ||||
|
|
|
2015 |
|
2014 |
| ||
|
Assets |
|
|
|
|
| ||
|
Current Assets: |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
924,240 |
|
$ |
549,053 |
|
|
Marketable investment securities, at fair value |
|
612,338 |
|
1,139,103 |
| ||
|
Trade accounts receivable, net of allowance for doubtful accounts of $12,485 and $14,188, respectively |
|
179,240 |
|
163,232 |
| ||
|
Trade accounts receivable - DISH Network, net of allowance for doubtful accounts of zero |
|
277,159 |
|
251,669 |
| ||
|
Inventory |
|
67,010 |
|
62,963 |
| ||
|
Prepaid expenses |
|
56,949 |
|
67,164 |
| ||
|
Deferred tax assets |
|
— |
|
87,208 |
| ||
|
Other current assets |
|
16,723 |
|
7,699 |
| ||
|
Total current assets |
|
2,133,659 |
|
2,328,091 |
| ||
|
Noncurrent Assets: |
|
|
|
|
| ||
|
Restricted cash and marketable investment securities |
|
21,002 |
|
18,945 |
| ||
|
Property and equipment, net of accumulated depreciation of $2,998,074 and $2,899,353, respectively |
|
3,412,990 |
|
3,194,793 |
| ||
|
Regulatory authorizations, net |
|
543,812 |
|
568,378 |
| ||
|
Goodwill |
|
510,630 |
|
510,630 |
| ||
|
Other intangible assets, net |
|
132,653 |
|
195,662 |
| ||
|
Investments in unconsolidated entities |
|
209,264 |
|
159,962 |
| ||
|
Other receivable - DISH Network |
|
90,966 |
|
90,241 |
| ||
|
Other noncurrent assets, net |
|
185,786 |
|
187,296 |
| ||
|
Total noncurrent assets |
|
5,107,103 |
|
4,925,907 |
| ||
|
Total assets |
|
$ |
7,240,762 |
|
$ |
7,253,998 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
| ||
|
Current Liabilities: |
|
|
|
|
| ||
|
Trade accounts payable |
|
$ |
213,671 |
|
$ |
188,282 |
|
|
Trade accounts payable - DISH Network |
|
24,682 |
|
32,474 |
| ||
|
Current portion of long-term debt and capital lease obligations |
|
35,698 |
|
41,912 |
| ||
|
Deferred revenue and prepayments |
|
61,881 |
|
71,708 |
| ||
|
Accrued compensation |
|
29,767 |
|
32,117 |
| ||
|
Accrued royalties |
|
22,531 |
|
27,590 |
| ||
|
Accrued expenses and other |
|
138,601 |
|
123,650 |
| ||
|
Total current liabilities |
|
526,831 |
|
517,733 |
| ||
|
Noncurrent Liabilities: |
|
|
|
|
| ||
|
Long-term debt and capital lease obligations, net of current portion |
|
2,187,943 |
|
2,325,775 |
| ||
|
Deferred tax liabilities |
|
650,392 |
|
679,524 |
| ||
|
Other noncurrent liabilities |
|
93,954 |
|
107,328 |
| ||
|
Total noncurrent liabilities |
|
2,932,289 |
|
3,112,627 |
| ||
|
Total liabilities |
|
3,459,120 |
|
3,630,360 |
| ||
|
Commitments and Contingencies (Note 16) |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
Stockholders’ Equity: |
|
|
|
|
| ||
|
Preferred Stock, $.001 par value, 20,000,000 shares authorized: |
|
|
|
|
| ||
|
Hughes Retail Preferred Tracking Stock, $.001 par value, 13,000,000 shares authorized, 6,290,499 issued and outstanding at each of December 31, 2015 and 2014 |
|
6 |
|
6 |
| ||
|
Common stock, $.001 par value, 4,000,000,000 shares authorized: |
|
|
|
|
| ||
|
Class A common stock, $.001 par value, 1,600,000,000 shares authorized, 51,087,839 shares issued and 45,555,521 shares outstanding at December 31, 2015 and 49,576,247 shares issued and 44,043,929 shares outstanding at December 31, 2014 |
|
51 |
|
50 |
| ||
|
Class B common stock, $.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at each of December 31, 2015 and 2014 |
|
48 |
|
48 |
| ||
|
Class C common stock, $.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of December 31, 2015 and 2014 |
|
— |
|
— |
| ||
|
Class D common stock, $.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of December 31, 2015 and 2014 |
|
— |
|
— |
| ||
|
Additional paid-in capital |
|
3,776,451 |
|
3,706,122 |
| ||
|
Accumulated other comprehensive loss |
|
(117,233 |
) |
(55,856 |
) | ||
|
Accumulated earnings (deficit) |
|
134,317 |
|
(19,040 |
) | ||
|
Treasury stock, at cost |
|
(98,162 |
) |
(98,162 |
) | ||
|
Total EchoStar stockholders’ equity |
|
3,695,478 |
|
3,533,168 |
| ||
|
Noncontrolling interest in HSS Tracking Stock |
|
74,854 |
|
80,457 |
| ||
|
Other noncontrolling interests |
|
11,310 |
|
10,013 |
| ||
|
Total stockholders’ equity |
|
3,781,642 |
|
3,623,638 |
| ||
|
Total liabilities and stockholders’ equity |
|
$ |
7,240,762 |
|
$ |
7,253,998 |
|
ECHOSTAR CORPORATION
Consolidated Statements of Operations
(Dollars in thousands, except per-share amounts)
|
|
|
For the Years Ended December 31, |
| |||||||
|
|
|
2015 |
|
2014 |
|
2013 |
| |||
|
Revenue: |
|
|
|
|
|
|
| |||
|
Equipment revenue - DISH Network |
|
$ |
763,184 |
|
$ |
1,145,979 |
|
$ |
1,311,446 |
|
|
Equipment revenue - other |
|
358,301 |
|
374,049 |
|
347,910 |
| |||
|
Services and other revenue - DISH Network |
|
918,301 |
|
828,612 |
|
620,189 |
| |||
|
Services and other revenue - other |
|
1,103,928 |
|
1,096,938 |
|
1,002,907 |
| |||
|
Total revenue |
|
3,143,714 |
|
3,445,578 |
|
3,282,452 |
| |||
|
Costs and Expenses: |
|
|
|
|
|
|
| |||
|
Cost of sales - equipment (exclusive of depreciation and amortization) |
|
948,655 |
|
1,288,998 |
|
1,430,777 |
| |||
|
Cost of sales - services and other (exclusive of depreciation and amortization) |
|
856,065 |
|
838,918 |
|
776,121 |
| |||
|
Selling, general and administrative expenses |
|
374,116 |
|
372,010 |
|
358,499 |
| |||
|
Research and development expenses |
|
78,287 |
|
60,886 |
|
67,942 |
| |||
|
Depreciation and amortization |
|
528,158 |
|
556,676 |
|
507,111 |
| |||
|
Impairment of long-lived assets |
|
2,400 |
|
— |
|
38,415 |
| |||
|
Total costs and expenses |
|
2,787,681 |
|
3,117,488 |
|
3,178,865 |
| |||
|
Operating income |
|
356,033 |
|
328,090 |
|
103,587 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Other Income (Expense): |
|
|
|
|
|
|
| |||
|
Interest income |
|
10,429 |
|
9,102 |
|
14,656 |
| |||
|
Interest expense, net of amounts capitalized |
|
(122,066 |
) |
(171,349 |
) |
(192,554 |
) | |||
|
Loss from partial redemption of debt |
|
(5,044 |
) |
— |
|
— |
| |||
|
Gains (losses) on marketable investment securities, net |
|
(6,443 |
) |
41 |
|
38,341 |
| |||
|
Other-than-temporary impairment loss on marketable investment securities |
|
(11,226 |
) |
— |
|
— |
| |||
|
Equity in earnings (losses) of unconsolidated affiliates, net |
|
1,895 |
|
8,198 |
|
(5,024 |
) | |||
|
Other, net |
|
(2,006 |
) |
4,251 |
|
6,958 |
| |||
|
Total other expense, net |
|
(134,461 |
) |
(149,757 |
) |
(137,623 |
) | |||
|
Income (loss) before income taxes |
|
221,572 |
|
178,333 |
|
(34,036 |
) | |||
|
Income tax (provision) benefit, net |
|
(72,201 |
) |
(30,784 |
) |
37,437 |
| |||
|
Net income |
|
149,371 |
|
147,549 |
|
3,401 |
| |||
|
Less: Net loss attributable to noncontrolling interest in HSS Tracking Stock |
|
(5,603 |
) |
(6,714 |
) |
— |
| |||
|
Less: Net income attributable to other noncontrolling interests |
|
1,617 |
|
1,389 |
|
876 |
| |||
|
Net income attributable to EchoStar |
|
153,357 |
|
152,874 |
|
2,525 |
| |||
|
Less: Net loss attributable to Hughes Retail Preferred Tracking Stock (Note 4) |
|
(10,343 |
) |
(12,394 |
) |
— |
| |||
|
Net income attributable to EchoStar common stock |
|
$ |
163,700 |
|
$ |
165,268 |
|
$ |
2,525 |
|
|
|
|
|
|
|
|
|
| |||
|
Weighted-average common shares outstanding - Class A and B common stock: |
|
|
|
|
|
|
| |||
|
Basic |
|
92,397 |
|
91,190 |
|
89,405 |
| |||
|
Diluted |
|
93,466 |
|
92,616 |
|
90,952 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Earnings per share - Class A and B common stock: |
|
|
|
|
|
|
| |||
|
Basic |
|
$ |
1.77 |
|
$ |
1.81 |
|
$ |
0.03 |
|
|
Diluted |
|
$ |
1.75 |
|
$ |
1.78 |
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
| |||
|
Comprehensive Income (Loss) |
|
|
|
|
|
|
| |||
|
Net income |
|
$ |
149,371 |
|
$ |
147,549 |
|
$ |
3,401 |
|
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
| |||
|
Foreign currency translation adjustments |
|
(62,731 |
) |
(31,935 |
) |
(16,394 |
) | |||
|
Recognition of foreign currency translation loss in net income |
|
1,889 |
|
— |
|
— |
| |||
|
Unrealized gains (losses) on marketable investment securities and other |
|
(12,046 |
) |
(9,462 |
) |
18,413 |
| |||
|
Recognition of other-than-temporary loss on marketable investment securities in net income |
|
11,226 |
|
— |
|
— |
| |||
|
Recognition of realized gains on marketable investment securities in net income |
|
(35 |
) |
(41 |
) |
(36,312 |
) | |||
|
Total other comprehensive loss, net of tax |
|
(61,697 |
) |
(41,438 |
) |
(34,293 |
) | |||
|
Comprehensive income (loss) |
|
87,674 |
|
106,111 |
|
(30,892 |
) | |||
|
Less: Comprehensive loss attributable to noncontrolling interest in HSS Tracking Stock |
|
(5,603 |
) |
(6,714 |
) |
— |
| |||
|
Less: Comprehensive income (loss) attributable to other noncontrolling interests |
|
1,297 |
|
1,152 |
|
(10 |
) | |||
|
Comprehensive income (loss) attributable to EchoStar |
|
$ |
91,980 |
|
$ |
111,673 |
|
$ |
(30,882 |
) |
ECHOSTAR CORPORATION
Consolidated Statements of Cash Flows
(In thousands)
|
|
|
For the Years Ended December 31, |
| |||||||
|
|
|
2015 |
|
2014 |
|
2013 |
| |||
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
| |||
|
Net income |
|
$ |
149,371 |
|
$ |
147,549 |
|
$ |
3,401 |
|
|
Adjustments to reconcile net income to net cash flows from operating activities: |
|
|
|
|
|
|
| |||
|
Depreciation and amortization |
|
528,158 |
|
556,676 |
|
507,111 |
| |||
|
Equity in losses (earnings) of unconsolidated affiliates, net |
|
(1,895 |
) |
(8,198 |
) |
5,024 |
| |||
|
Loss from partial redemption of debt |
|
5,044 |
|
— |
|
— |
| |||
|
Losses (gains) and other-than-temporary impairment on marketable investment securities, net |
|
17,669 |
|
(41 |
) |
(38,341 |
) | |||
|
Impairment of long-lived assets |
|
2,400 |
|
— |
|
38,415 |
| |||
|
Stock-based compensation |
|
21,839 |
|
14,683 |
|
18,353 |
| |||
|
Deferred tax provision (benefit) |
|
56,132 |
|
31,742 |
|
(35,780 |
) | |||
|
Changes in current assets and current liabilities, net: |
|
|
|
|
|
|
| |||
|
Trade accounts receivable |
|
(36,749 |
) |
(18,023 |
) |
42,580 |
| |||
|
Allowance for doubtful accounts |
|
(1,703 |
) |
950 |
|
(2,995 |
) | |||
|
Trade accounts receivable - DISH Network |
|
(25,490 |
) |
104,051 |
|
(77,790 |
) | |||
|
Inventory |
|
(4,906 |
) |
2,608 |
|
16,529 |
| |||
|
Other current assets |
|
6,499 |
|
9,930 |
|
5,182 |
| |||
|
Trade accounts payable |
|
37,228 |
|
(22,230 |
) |
(76,497 |
) | |||
|
Trade accounts payable - DISH Network |
|
(7,792 |
) |
(26,508 |
) |
28,783 |
| |||
|
Accrued expenses and other |
|
1,477 |
|
26,469 |
|
38,085 |
| |||
|
Changes in noncurrent assets and noncurrent liabilities, net |
|
1,616 |
|
(8,305 |
) |
(41,650 |
) | |||
|
Other, net |
|
27,553 |
|
28,778 |
|
20,097 |
| |||
|
Net cash flows from operating activities |
|
776,451 |
|
840,131 |
|
450,507 |
| |||
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
| |||
|
Purchases of marketable investment securities |
|
(536,430 |
) |
(1,523,514 |
) |
(1,080,437 |
) | |||
|
Sales and maturities of marketable investment securities |
|
1,057,034 |
|
1,353,157 |
|
912,030 |
| |||
|
Purchases of property and equipment |
|
(809,270 |
) |
(680,026 |
) |
(391,873 |
) | |||
|
Refunds and other receipts related to capital expenditures |
|
105,750 |
|
— |
|
— |
| |||
|
Changes in restricted cash and marketable investment securities |
|
(2,057 |
) |
(2,808 |
) |
12,908 |
| |||
|
Investments in unconsolidated entities |
|
(64,655 |
) |
— |
|
— |
| |||
|
Acquisition of regulatory authorization |
|
(3,428 |
) |
— |
|
(41,748 |
) | |||
|
Proceeds from asset transfers to DISH Network |
|
— |
|
— |
|
40,398 |
| |||
|
Capital contribution to Sling TV Holding |
|
— |
|
(18,569 |
) |
(7,000 |
) | |||
|
Expenditures for externally marketed software |
|
(22,327 |
) |
(22,955 |
) |
(17,215 |
) | |||
|
Other, net |
|
72 |
|
7,125 |
|
2,648 |
| |||
|
Net cash flows from investing activities |
|
(275,311 |
) |
(887,590 |
) |
(570,289 |
) | |||
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
| |||
|
Repayment of 6 1/2% Senior Secured Notes due 2019 and related premium |
|
(113,300 |
) |
— |
|
— |
| |||
|
Repayment of other long-term debt and capital lease obligations |
|
(44,804 |
) |
(63,122 |
) |
(68,225 |
) | |||
|
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan |
|
38,729 |
|
28,857 |
|
71,247 |
| |||
|
Net proceeds from issuance of Tracking Stock (Note 4) |
|
— |
|
7,526 |
|
— |
| |||
|
Excess tax benefit from stock option exercises |
|
3,929 |
|
(7,252 |
) |
12,663 |
| |||
|
Other, net |
|
(4,811 |
) |
(1,105 |
) |
2,641 |
| |||
|
Net cash flows from financing activities |
|
(120,257 |
) |
(35,096 |
) |
18,326 |
| |||
|
Effect of exchange rates on cash and cash equivalents |
|
(5,696 |
) |
(2,511 |
) |
3,961 |
| |||
|
Net increase (decrease) in cash and cash equivalents |
|
375,187 |
|
(85,066 |
) |
(97,495 |
) | |||
|
Cash and cash equivalents, beginning of period |
|
549,053 |
|
634,119 |
|
731,614 |
| |||
|
Cash and cash equivalents, end of period |
|
$ |
924,240 |
|
$ |
549,053 |
|
$ |
634,119 |
|
|
|
|
|
|
|
|
|
| |||
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
|
|
|
| |||
|
Cash paid for interest (including capitalized interest) |
|
$ |
179,114 |
|
$ |
188,087 |
|
$ |
188,331 |
|
|
Capitalized interest |
|
$ |
63,808 |
|
$ |
23,774 |
|
$ |
3,968 |
|
|
Cash paid for income taxes |
|
$ |
6,394 |
|
$ |
14,221 |
|
$ |
16,728 |
|
|
Employee benefits paid in Class A common stock |
|
$ |
10,711 |
|
$ |
10,316 |
|
$ |
4,761 |
|
|
Satellites and other assets financed under capital lease obligations |
|
$ |
8,604 |
|
$ |
3,312 |
|
$ |
5,316 |
|
|
Increase (decrease) in capital expenditures included in accounts payable, net |
|
$ |
(7,123 |
) |
$ |
11,436 |
|
$ |
(8,921 |
) |
|
Noncash assets contributed to SmarDTV (Note 6) |
|
$ |
6,651 |
|
$ |
— |
|
$ |
— |
|
|
Net noncash assets transferred from DISH Network in exchange for Tracking Stock (Note 4) |
|
$ |
— |
|
$ |
386,691 |
|
$ |
— |
|
|
Noncash assets received from Sling TV Holding (Note 6) |
|
$ |
— |
|
$ |
34,075 |
|
$ |
— |
|
|
Capitalized in-orbit incentive obligations |
|
$ |
— |
|
$ |
— |
|
$ |
18,000 |
|
|
Reduction of capital lease obligation for AMC-15 and AMC-16 |
|
$ |
4,500 |
|
$ |
— |
|
$ |
6,694 |
|
|
Liabilities assumed in regulatory authorization acquisition |
|
$ |
— |
|
$ |
— |
|
$ |
10,304 |
|