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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020.
OR
☐ 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 | | | Not Applicable |
(Registrant’s telephone number, including area code) | | | | (Former name, former address and former fiscal year, if changed since last report) |
| | | | |
Securities registered pursuant to Section 12(b) of the Act: | | | | |
Class A common stock | $0.001 par value | | | The NASDAQ Stock Market LLC |
(Title of each class) | | | | (Name of each exchange on which registered) |
SATS | | | | |
(Ticker symbol) | | | | |
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 ☒ No ☐
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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
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 | | ☒ | Accelerated filer | ☐ | Emerging growth company | ☐ |
Non-accelerated filer | | ☐ | Smaller reporting company | ☐ | | |
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 30, 2020, the registrant’s outstanding common stock consisted of 50,306,575 shares of Class A common stock and 47,687,039 shares of Class B common stock, each $0.001 par value.
TABLE OF CONTENTS
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, 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 and operation of our satellites, such as the risk of not being able to timely complete the construction, or a material malfunction on one or more, of our satellites, 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 and the ability of third parties with whom we engage in order to operate our business, including customers, suppliers, vendors, financing sources, governmental entities and others, to successfully or fully operate as a result of outbreaks of viruses or widespread illness, including existing, continuing and future impacts and consequences of the COVID-19 pandemic caused by the novel coronavirus;
•our ability to implement and/or realize benefits of our domestic and/or international investments, commercial alliances, partnerships, joint ventures, acquisitions, dispositions and other strategic initiatives and transactions;
•legal proceedings relating to the BSS Transaction or AGR matter (each as defined herein), which could result in substantial costs and material adverse effects on our business, results of operations, financial condition and prospects;
•our ability to realize the anticipated benefits of our current satellites and any future satellite we may construct or acquire;
•risks 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, political disturbances and the consequences of being subject to foreign regulation and foreign legal proceedings, including increased operations costs and potential fines and penalties for violations, which may be substantial;
•the failure of third-party providers of components, manufacturing, installation services and customer support services to appropriately deliver the contracted goods or services; and
•our ability to bring advanced technologies to market to keep pace with our customers and competitors.
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.
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.
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share amounts)
(Unaudited)
| | | | | | | | | | | | | | |
| | As of | | |
| | June 30, 2020 | | December 31, 2019 |
Assets | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 1,948,464 | | | $ | 1,519,431 | |
Marketable investment securities | | 509,980 | | | 940,623 | |
Trade accounts receivable and contract assets, net | | 183,379 | | | 196,629 | |
Other current assets, net | | 185,699 | | | 179,531 | |
Total current assets | | 2,827,522 | | | 2,836,214 | |
Non-current assets: | | | | |
Property and equipment, net | | 2,399,711 | | | 2,528,738 | |
Operating lease right-of-use assets | | 125,996 | | | 114,042 | |
Goodwill | | 509,054 | | | 506,953 | |
Regulatory authorizations, net | | 474,463 | | | 478,598 | |
Other intangible assets, net | | 22,667 | | | 29,507 | |
Other investments, net | | 275,873 | | | 325,405 | |
Other non-current assets, net | | 340,904 | | | 334,841 | |
Total non-current assets | | 4,148,668 | | | 4,318,084 | |
Total assets | | $ | 6,976,190 | | | $ | 7,154,298 | |
| | | | |
Liabilities and Stockholders’ Equity | | | | |
Current liabilities: | | | | |
Trade accounts payable | | $ | 112,748 | | | $ | 124,080 | |
Current portion of long-term debt, net | | 896,386 | | | — | |
Contract liabilities | | 89,831 | | | 101,060 | |
Accrued expenses and other current liabilities | | 262,944 | | | 270,879 | |
Total current liabilities | | 1,361,909 | | | 496,019 | |
Non-current liabilities: | | | | |
Long-term debt, net | | 1,494,902 | | | 2,389,168 | |
Deferred tax liabilities, net | | 349,973 | | | 351,692 | |
Operating lease liabilities | | 110,899 | | | 96,941 | |
Other non-current liabilities | | 74,239 | | | 74,925 | |
Total non-current liabilities | | 2,030,013 | | | 2,912,726 | |
Total liabilities | | 3,391,922 | | | 3,408,745 | |
| | | | |
Commitments and contingencies | | | | |
| | | | | | | | | | | | | | |
Stockholders’ equity: | | | | |
Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding at both June 30, 2020 and December 31, 2019 | | — | | | — | |
Common stock, $0.001 par value, 4,000,000,000 shares authorized: | | | | |
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 56,988,365 shares issued and 50,306,445 shares outstanding at June 30, 2020 and 56,592,251 shares issued and 50,107,330 shares outstanding at December 31, 2019 | | 57 | | | 57 | |
Class B convertible common stock, $0.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at both June 30, 2020 and December 31, 2019 | | 48 | | | 48 | |
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both June 30, 2020 and December 31, 2019 | | — | | | — | |
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both June 30, 2020 and December 31, 2019 | | — | | | — | |
Additional paid-in capital | | 3,311,861 | | | 3,290,483 | |
Accumulated other comprehensive income (loss) | | (206,810) | | | (122,138) | |
Accumulated earnings (losses) | | 558,034 | | | 632,809 | |
Treasury stock, at cost | | (137,347) | | | (131,454) | |
Total EchoStar Corporation stockholders’ equity | | 3,525,843 | | | 3,669,805 | |
Non-controlling interests | | 58,425 | | | 75,748 | |
Total stockholders’ equity | | 3,584,268 | | | 3,745,553 | |
Total liabilities and stockholders’ equity | | $ | 6,976,190 | | | $ | 7,154,298 | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
1
ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the three months ended June 30, | | | | For the six months ended June 30, | | |
| | 2020 | | 2019 | | 2020 | | 2019 |
Revenue: | | | | | | | | |
Services and other revenue | | $ | 417,043 | | | $ | 402,786 | | | $ | 825,400 | | | $ | 805,454 | |
Equipment revenue | | 42,423 | | | 57,645 | | | 99,732 | | | 109,359 | |
Total revenue | | 459,466 | | | 460,431 | | | 925,132 | | | 914,813 | |
Costs and expenses: | | | | | | | | |
Cost of sales - services and other (exclusive of depreciation and amortization) | | 141,019 | | | 142,680 | | | 286,271 | | | 286,027 | |
Cost of sales - equipment (exclusive of depreciation and amortization) | | 32,542 | | | 46,549 | | | 78,450 | | | 91,556 | |
Selling, general and administrative expenses | | 113,798 | | | 149,209 | | | 239,079 | | | 261,323 | |
Research and development expenses | | 7,448 | | | 6,388 | | | 13,702 | | | 13,276 | |
Depreciation and amortization | | 129,887 | | | 120,266 | | | 262,255 | | | 239,244 | |
Total costs and expenses | | 424,694 | | | 465,092 | | | 879,757 | | | 891,426 | |
Operating income (loss) | | 34,772 | | | (4,661) | | | 45,375 | | | 23,387 | |
Other income (expense): | | | | | | | | |
Interest income, net | | 10,760 | | | 23,213 | | | 26,343 | | | 47,642 | |
Interest expense, net of amounts capitalized | | (38,258) | | | (53,749) | | | (74,491) | | | (106,948) | |
Gains (losses) on investments, net | | (6,090) | | | 12,855 | | | (52,762) | | | 19,791 | |
Equity in earnings (losses) of unconsolidated affiliates, net | | (6,345) | | | (4,754) | | | (3,732) | | | (11,107) | |
Foreign currency transaction gains (losses), net | | 1,560 | | | 1,753 | | | (9,284) | | | 593 | |
Other, net | | (391) | | | 7 | | | (670) | | | (35) | |
Total other income (expense), net | | (38,764) | | | (20,675) | | | (114,596) | | | (50,064) | |
Income (loss) from continuing operations before income taxes | | (3,992) | | | (25,336) | | | (69,221) | | | (26,677) | |
Income tax benefit (provision), net | | (10,851) | | | (4,692) | | | (3,359) | | | (7,590) | |
Net income (loss) from continuing operations | | (14,843) | | | (30,028) | | | (72,580) | | | (34,267) | |
Net income (loss) from discontinued operations | | — | | | 24,968 | | | — | | | 44,215 | |
Net income (loss) | | (14,843) | | | (5,060) | | | (72,580) | | | 9,948 | |
Less: Net loss (income) attributable to non-controlling interests | | 3,431 | | | (632) | | | 6,873 | | | (1,438) | |
Net income (loss) attributable to EchoStar Corporation common stock | | $ | (11,412) | | | $ | (5,692) | | | $ | (65,707) | | | $ | 8,510 | |
| | | | | | | | |
Earnings (losses) per share - Class A and B common stock: | | | | | | | | |
Basic and diluted earnings (losses) from continuing operations per share | | $ | (0.12) | | | $ | (0.32) | | | $ | (0.67) | | | $ | (0.37) | |
Total basic and diluted earnings (losses) per share | | $ | (0.12) | | | $ | (0.06) | | | $ | (0.67) | | | $ | 0.09 | |
| | | | | | | | |
| | | | | | | | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
2
ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the three months ended June 30, | | | | For the six months ended June 30, | | |
| | 2020 | | 2019 | | 2020 | | 2019 |
Net income (loss) | | $ | (14,843) | | | $ | (5,060) | | | $ | (72,580) | | | $ | 9,948 | |
Other comprehensive income (loss), net of tax: | | | | | | | | |
Foreign currency translation | | (20,153) | | | 2,896 | | | (100,515) | | | 3,807 | |
Unrealized gains (losses) on available-for-sale debt securities | | 3,091 | | | 4 | | | (275) | | | 3,291 | |
Other | | 97 | | | 1,868 | | | (2,578) | | | (932) | |
Amounts reclassified to net income (loss): | | | | | | | | |
Realized losses (gains) on available-for-sale debt securities | | — | | | (17) | | | — | | | (566) | |
Total other comprehensive income (loss), net of tax | | (16,965) | | | 4,751 | | | (103,368) | | | 5,600 | |
Comprehensive income (loss) | | (31,808) | | | (309) | | | (175,948) | | | 15,548 | |
Less: Comprehensive loss (income) attributable to non-controlling interests | | 5,804 | | | (632) | | | 25,569 | | | (1,438) | |
Comprehensive income (loss) attributable to EchoStar Corporation | | $ | (26,004) | | | $ | (941) | | | $ | (150,379) | | | $ | 14,110 | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
3
ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED JUNE 30, 2020 AND 2019
(Amounts in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | Accumulated Earnings (Losses) | | Treasury Stock, at cost | | Non-controlling Interests | | Total |
Balance, March 31, 2019 | | $ | 102 | | | $ | 3,713,777 | | | $ | (124,251) | | | $ | 709,928 | | | $ | (131,454) | | | $ | 11,434 | | | $ | 4,179,536 | |
Issuances of Class A common stock: | | | | | | | | | | | | | | |
Exercise of stock options | | 2 | | | 59,455 | | | — | | | — | | | — | | | — | | | 59,457 | |
| | | | | | | | | | | | | | |
Employee Stock Purchase Plan | | — | | | 2,325 | | | — | | | — | | | — | | | — | | | 2,325 | |
Stock-based compensation | | — | | | 2,205 | | | — | | | — | | | — | | | — | | | 2,205 | |
| | | | | | | | | | | | | | |
Other comprehensive income (loss) | | — | | | — | | | 4,751 | | | — | | | — | | | — | | | 4,751 | |
Net income (loss) | | — | | | — | | | — | | | (5,692) | | | — | | | 632 | | | (5,060) | |
Other, net | | — | | | (263) | | | — | | | — | | | — | | | — | | | (263) | |
Balance, June 30, 2019 | | $ | 104 | | | $ | 3,777,499 | | | $ | (119,500) | | | $ | 704,236 | | | $ | (131,454) | | | $ | 12,066 | | | $ | 4,242,951 | |
| | | | | | | | | | | | | | |
Balance, March 31, 2020 | | $ | 105 | | | $ | 3,307,360 | | | $ | (192,218) | | | $ | 569,446 | | | $ | (137,347) | | | $ | 58,229 | | | $ | 3,605,575 | |
Issuances of Class A common stock: | | | | | | | | | | | | | | |
Exercise of stock options | | — | | | 328 | | | — | | | — | | | — | | | — | | | 328 | |
| | | | | | | | | | | | | | |
Employee Stock Purchase Plan | | — | | | 2,376 | | | — | | | — | | | — | | | — | | | 2,376 | |
Stock-based compensation | | — | | | 2,125 | | | — | | | — | | | — | | | — | | | 2,125 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Contribution by non-controlling interest holder | | — | | | — | | | — | | | — | | | — | | | 6,000 | | | 6,000 | |
Other comprehensive income (loss) | | — | | | — | | | (14,592) | | | — | | | — | | | (2,373) | | | (16,965) | |
Net income (loss) | | — | | | — | | | — | | | (11,412) | | | — | | | (3,431) | | | (14,843) | |
| | | | | | | | | | | | | | |
Other, net | | — | | | (328) | | | — | | | — | | | — | | | — | | | (328) | |
Balance, June 30, 2020 | | $ | 105 | | | $ | 3,311,861 | | | $ | (206,810) | | | $ | 558,034 | | | $ | (137,347) | | | $ | 58,425 | | | $ | 3,584,268 | |
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4
ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019
(Amounts in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | Accumulated Earnings (Losses) | | Treasury Stock, at cost | | Non-controlling Interests | | Total |
Balance, December 31, 2018 | | $ | 102 | | | $ | 3,702,522 | | | $ | (125,100) | | | $ | 694,129 | | | $ | (131,454) | | | $ | 15,275 | | | $ | 4,155,474 | |
Issuances of Class A common stock: | | | | | | | | | | | | | | |
Exercise of stock options | | 2 | | | 61,501 | | | — | | | — | | | — | | | — | | | 61,503 | |
Employee benefits | | — | | | 6,654 | | | — | | | — | | | — | | | — | | | 6,654 | |
Employee Stock Purchase Plan | | — | | | 5,074 | | | — | | | — | | | — | | | — | | | 5,074 | |
Stock-based compensation | | — | | | 4,833 | | | — | | | — | | | — | | | — | | | 4,833 | |
Purchase of non-controlling interest | | — | | | (2,666) | | | — | | | — | | | — | | | (4,647) | | | (7,313) | |
Other comprehensive income (loss) | | — | | | — | | | 5,600 | | | — | | | — | | | — | | | 5,600 | |
Net income (loss) | | — | | | — | | | — | | | 8,510 | | | — | | | 1,438 | | | 9,948 | |
Other, net | | — | | | (419) | | | — | | | 1,597 | | | — | | | — | | | 1,178 | |
Balance, June 30, 2019 | | $ | 104 | | | $ | 3,777,499 | | | $ | (119,500) | | | $ | 704,236 | | | $ | (131,454) | | | $ | 12,066 | | | $ | 4,242,951 | |
| | | | | | | | | | | | | | |
Balance, December 31, 2019 | | $ | 105 | | | $ | 3,290,483 | | | $ | (122,138) | | | $ | 632,809 | | | $ | (131,454) | | | $ | 75,748 | | | $ | 3,745,553 | |
Cumulative effect of accounting changes | | — | | | — | | | — | | | (9,068) | | | — | | | (240) | | | (9,308) | |
Balance, January 1, 2020 | | 105 | | | 3,290,483 | | | (122,138) | | | 623,741 | | | (131,454) | | | 75,508 | | | 3,736,245 | |
Issuances of Class A common stock: | | | | | | | | | | | | | | |
Exercise of stock options | | — | | |