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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, 2022.

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

https://cdn.kscope.io/5f238a1bd59f3ccb8a4e7343500580b9-sats-20220630_g1.gif
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 valueThe 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 filerAccelerated filer Emerging growth company
Non-accelerated filerSmaller 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 28, 2022, the registrant’s outstanding common stock consisted of 35,485,315 shares of Class A common stock and 47,687,039 shares of Class B common stock, each $0.001 par value.




Table of Contents
TABLE OF CONTENTS
 
   
  
   
  
 





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, future developments, 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,” “project,” “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 based on past experience and trends, current economic and industry conditions, expected future developments and other relevant factors. Forward-looking statements are not guarantees of future performance, events or results and involve potential known and unknown risks, uncertainties, including the impact of the coronavirus pandemic (COVID-19), and other factors, many of which may be beyond our control and may pose a risk to our operating and financial condition both the near- and long-term. 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 our ability to operate and control our satellites, operational and environmental risks related to our owned and leased satellites, and risks related to our satellites under construction;
our ability and the ability of third parties with whom we engage to operate our business as a result of the COVID-19 pandemic, including regulatory and competitive considerations;
our ability to implement and/or realize benefits of our investments and other strategic initiatives;
legal proceedings relating to the BSS Transaction or other matters that could result in substantial costs and material adverse effects to our business;
risks related to our foreign operations and other uncertainties associated with doing business internationally;
risks related to our dependency upon third-party providers; and
risks related to our human capital resources.
 
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.
i

Table of Contents
PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
ECHOSTAR CORPORATION
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share amounts)
(Unaudited)
 As of
 June 30, 2022December 31, 2021
Assets  
Current assets:  
Cash and cash equivalents$991,595 $535,894 
Marketable investment securities529,854 1,010,496 
Trade accounts receivable and contract assets, net224,016 182,063 
Other current assets, net211,877 198,444 
Total current assets1,957,342 1,926,897 
Non-current assets:  
Property and equipment, net2,312,526 2,338,285 
Operating lease right-of-use assets151,967 149,198 
Goodwill533,505 511,086 
Regulatory authorizations, net464,523 469,766 
Other intangible assets, net17,018 13,984 
Other investments, net352,078 297,747 
Other non-current assets, net329,564 338,241 
Total non-current assets4,161,181 4,118,307 
Total assets$6,118,523 $6,045,204 
Liabilities and Stockholders' Equity  
Current liabilities:  
Trade accounts payable$103,680 $109,338 
Contract liabilities134,856 141,343 
Accrued expenses and other current liabilities195,827 209,442 
Total current liabilities434,363 460,123 
Non-current liabilities:  
Long-term debt, net1,496,379 1,495,994 
Deferred tax liabilities, net428,600 403,684 
Operating lease liabilities137,446 134,897 
Other non-current liabilities122,179 136,426 
Total non-current liabilities2,184,604 2,171,001 
Total liabilities2,618,967 2,631,124 
Commitments and contingencies








The accompanying notes are an integral part of these Consolidated Financial Statements.
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ECHOSTAR CORPORATION
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share amounts)
(Unaudited)

Stockholders' equity:  
Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding at both June 30, 2022 and December 31, 2021
  
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, 58,604,747 shares issued and 35,885,079 shares outstanding at June 30, 2022 and 58,059,622 shares issued and 38,726,923 shares outstanding at December 31, 2021
59 58 
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, 2022 and December 31, 2021
48 48 
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both June 30, 2022 and December 31, 2021
  
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both June 30, 2022 and December 31, 2021
  
Additional paid-in capital3,355,238 3,345,878 
Accumulated other comprehensive income (loss)(204,465)(212,102)
Accumulated earnings (losses)761,767 656,466 
Treasury shares, at cost(514,418)(436,521)
Total EchoStar Corporation stockholders' equity3,398,229 3,353,827 
Non-controlling interests101,327 60,253 
Total stockholders' equity3,499,556 3,414,080 
Total liabilities and stockholders' equity$6,118,523 $6,045,204 
The accompanying notes are an integral part of these Consolidated Financial Statements.
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ECHOSTAR CORPORATION
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,
 2022202120222021
Revenue:
Services and other revenue$414,697 $431,279 $833,508 $861,616 
Equipment revenue84,619 68,555 167,342 120,800 
Total revenue499,316 499,834 1,000,850 982,416 
Costs and expenses:
Cost of sales - services and other (exclusive of depreciation and amortization)144,235 139,547 285,364 272,336 
Cost of sales - equipment (exclusive of depreciation and amortization)70,054 54,503 139,168 99,654 
Selling, general and administrative expenses113,091 114,038 231,261 228,157 
Research and development expenses8,764 7,441 16,381 14,986 
Depreciation and amortization116,555 118,982 236,991 248,268 
Impairment of long-lived assets711 15 711 245 
Total costs and expenses453,410 434,526 909,876 863,646 
Operating income (loss)45,906 65,308 90,974 118,770 
Other income (expense):
Interest income, net9,072 5,240 15,494 11,189 
Interest expense, net of amounts capitalized(14,307)(28,868)(29,280)(63,535)
Gains (losses) on investments, net(22,538)30,633 58,148 109,233 
Equity in earnings (losses) of unconsolidated affiliates, net(1,301)(4,044)(3,015)(2,670)
Foreign currency transaction gains (losses), net(3,642)665 2,752 (3,404)
Other, net2,673 (12,767)2,517 (13,697)
Total other income (expense), net(30,043)(9,141)46,616 37,116 
Income (loss) before income taxes15,863 56,167 137,590 155,886 
Income tax benefit (provision), net(5,390)(21,152)(38,172)(43,299)
Net income (loss)10,473 35,015 99,418 112,587 
Less: Net loss (income) attributable to non-controlling interests3,395 2,280 5,883 3,227 
Net income (loss) attributable to EchoStar Corporation common stock$13,868 $37,295 $105,301 $115,814 
Earnings (losses) per share - Class A and B common stock:
Basic$0.16 $0.41 $1.24 $1.26 
Diluted$0.16 $0.41 $1.24 $1.25 

The accompanying notes are an integral part of these Consolidated Financial Statements.
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ECHOSTAR CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands)
(Unaudited)

For the three months ended June 30,For the six months ended June 30,
 2022202120222021
Net income (loss)$10,473 $35,015 $99,418 $112,587 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(38,114)39,475 10,831 13,278 
Unrealized gains (losses) on available-for-sale securities(66)106 (633)20 
Other 2,009  (4,911)
Amounts reclassified to net income (loss):
Realized losses (gains) on available-for-sale debt securities3  3 (7)
Total other comprehensive income (loss), net of tax(38,177)41,590 10,201 8,380 
Comprehensive income (loss)(27,704)76,605 109,619 120,967 
Less: Comprehensive loss (income) attributable to non-controlling interests10,387 (6,060)3,319 497 
Comprehensive income (loss) attributable to EchoStar Corporation$(17,317)$70,545 $112,938 $121,464 






























The accompanying notes are an integral part of these Consolidated Financial Statements.
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ECHOSTAR CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED JUNE 30, 2022 AND 2021
(Amounts in thousands)
(Unaudited)
Common
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Earnings
(Losses)
Treasury
Shares, at cost
Non-controlling
Interests
Total
Balance, March 31, 2021$106 $3,333,047 $(215,476)$662,110 $(285,681)$63,759 $3,557,865 
Issuances of Class A common stock:
Employee Stock Purchase Plan2,3292,329 
Stock-based compensation1,8141,814 
Contribution by non-controlling interest holder4,4804,480 
Other comprehensive income (loss)33,2508,34041,590 
Net income (loss)37,295(2,280)35,015 
Treasury share repurchase(58,188)(58,188)
Balance, June 30, 2021$106 $3,337,190 $(182,226)$699,405 $(343,869)$74,299 $3,584,905 
Balance, March 31, 2022$106 $3,343,056 $(173,280)$747,899 $(471,582)$111,714 $3,557,913 
Issuances of Class A common stock:
Employee benefits11 
Employee Stock Purchase Plan2,6792,679 
Stock-based compensation3,1873,187 
Other comprehensive income (loss)(31,185)(6,992)(38,177)
Net income (loss)13,868(3,395)10,473 
Treasury share repurchase(42,836)(42,836)
Consideration received from DISH Network for R&D tax credits utilized6,3166,316 
Balance, June 30, 2022$107 $3,355,238 $(204,465)$761,767 $(514,418)$101,327 $3,499,556 
The accompanying notes are an integral part of these Consolidated Financial Statements.
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ECHOSTAR CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021
(Amounts in thousands)
(Unaudited)
Common
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Earnings
(Losses)
Treasury
Shares, at cost
Non-controlling
Interests
Total
Balance, December 31, 2020$105 $3,321,426 $(187,876)$583,591 $(174,912)$64,916 $3,607,250 
Issuances of Class A common stock:       
Employee benefits1 7,124 — — — — 7,125 
Employee Stock Purchase Plan— 4,815 — — — — 4,815 
Stock-based compensation— 3,825 — — — — 3,825 
Contribution by non-controlling interest holder— — — — — 9,880 9,880 
Other comprehensive income (loss)— — 5,650 — — 2,730 8,380 
Net income (loss)— — — 115,814 — (3,227)112,587 
Treasury share repurchase— — — — (168,957)— (168,957)
Balance, June 30, 2021$106 $3,337,190 $(182,226)$699,405 $(343,869)$74,299 $3,584,905 
Balance, December 31, 2021$106 $3,345,878 $(212,102)$656,466 $(436,521)$60,253 $3,414,080 
Issuances of Class A common stock:
Employee benefits1 7,041 — — — — 7,042 
Employee Stock Purchase Plan— 5,046 — — — — 5,046 
Stock-based compensation— 5,047 — — — — 5,047 
Issuance of equity and contribution of assets pursuant to the India JV formation— (14,090)— — — 44,393 30,303 
Other comprehensive income (loss)— — 7,637 — — 2,564 10,201 
Net income (loss)— — — 105,301 — (5,883)99,418 
Treasury share repurchase— — — — (77,897)— (77,897)
Consideration received from DISH Network for R&D tax credits utilized— 6,316 — — — — 6,316 
Balance, June 30, 2022$107 $3,355,238 $(204,465)$761,767 $(514,418)$101,327 $3,499,556 

The accompanying notes are an integral part of these Consolidated Financial Statements.
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ECHOSTAR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
 For the six months ended June 30,
 20222021
Cash flows from operating activities:
Net income (loss)$99,418 $112,587 
Adjustments to reconcile net income (loss) to cash flows provided by (used for) operating activities:
Depreciation and amortization236,991 248,268 
Impairment of long-lived assets711 245 
Losses (gains) on investments, net(58,148)(109,233)
Equity in losses (earnings) of unconsolidated affiliates, net3,015 2,670 
Foreign currency transaction losses (gains), net(2,752)3,404 
Deferred tax provision (benefit), net24,412 34,024 
Stock-based compensation5,047 3,825 
Amortization of debt issuance costs386 2,008 
Other, net27,397 6,198 
Changes in assets and liabilities, net:
Trade accounts receivable and contract assets, net(39,271)(3,363)
Other current assets, net(6,113)(1,120)
Trade accounts payable1,793 (9,631)
Contract liabilities(6,487)23,251 
Accrued expenses and other current liabilities(10,119)621 
Non-current assets and non-current liabilities, net(24,648)(5,114)
Net cash provided by (used for) operating activities251,632 308,640 
Cash flows from investing activities:
Purchases of marketable investment securities(183,529)(939,255)
Sales and maturities of marketable investment securities669,600 1,824,332 
Expenditures for property and equipment(187,917)(262,466)
Expenditures for externally marketed software(11,967)(16,835)
India JV formation(7,892) 
Dividend received from unconsolidated affiliate2,000  
Purchase of other investments (50,000)
Sales of other investments 10,516 
Net cash provided by (used for) investing activities280,295 566,292 
Cash flows from financing activities:
Repurchase and maturity of the 2021 Senior Unsecured Notes (901,818)
Payment of finance lease obligations(114)(476)
Payment of in-orbit incentive obligations(1,908)(1,431)
Proceeds from Class A common stock issued under the Employee Stock Purchase Plan5,046 4,815 
Treasury share repurchase(77,095)(163,822)
Contribution by non-controlling interest holder 9,880 
Other, net (966)
Net cash provided by (used for) financing activities(74,071)(1,053,818)
Effect of exchange rates on cash and cash equivalents(728)(443)
Net increase (decrease) in cash and cash equivalents457,128 (179,329)
Cash and cash equivalents, including restricted amounts, beginning of period536,874 896,812 
Cash and cash equivalents, including restricted amounts, end of period$994,002 $717,483 

The accompanying notes are an integral part of these Consolidated Financial Statements.
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ECHOSTAR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1.    ORGANIZATION AND BUSINESS ACTIVITIES

Principal Business
 
EchoStar Corporation (which, together with its subsidiaries, is referred to as “EchoStar,” the “Company,” “we,” “us” and “our”) is a holding company that was organized in October 2007 as a corporation under the laws of the State of Nevada and has operated as a separately traded public company from DISH Network Corporation (“DISH”) since 2008. Our Class A common stock is publicly traded on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “SATS.”

We are an industry leader in both networking technologies and services, innovating to deliver the global solutions that power a connected future for people, enterprises and things everywhere. We provide broadband satellite technologies, broadband internet services for consumer customers, which include home and small to medium-sized businesses, and satellite services. We also deliver innovative network technologies, managed services and communications solutions for enterprise customers, which include aeronautical and government enterprises. We operate in the following two business segments:
 
Hughes segment — which provides broadband satellite technologies and broadband internet services to domestic and international consumer customers and broadband network technologies, managed services, equipment, hardware, satellite services and communication solutions to service providers and enterprise customers. The Hughes segment also designs, provides and installs gateway and terminal equipment to customers for other satellite systems. In addition, our Hughes segment designs, develops, constructs and provides telecommunication networks comprising satellite ground segment systems and terminals to mobile system operators and our enterprise customers.
Echostar Satellite Services segment (“ESS segment”) — which uses certain of our owned and leased in-orbit satellites and related licenses to provide satellite services on a full-time and/or occasional-use basis to U.S. government service providers, internet service providers, broadcast news organizations, content providers and private enterprise customers.

Our operations also include various corporate functions (primarily Executive, Treasury, Strategic Development, Human Resources, Information Technology, Finance, Accounting, Real Estate and Legal) and other activities, such as costs incurred in certain satellite development programs and other business development activities, and gains or losses from certain of our investments, that have not been assigned to our business segments. These activities, costs and income, as well as eliminations of intersegment transactions, are accounted for in Corporate and Other segment in our segment reporting. We also divide our operations by primary geographic market as follows: (i) North America (the U.S. and its territories, Mexico, and Canada); (ii) South and Central America and (iii) Other (Asia, Africa, Australia, Europe, India, and the Middle East). Refer to Note 15. Segment Reporting for further detail.

NOTE 2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Basis of Presentation

These unaudited Consolidated Financial Statements and the accompanying notes (collectively, the “Consolidated Financial Statements”) are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, they do not include all of the information and notes required for complete financial statements prepared in conformity with U.S. GAAP. In our opinion, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. However, our results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.

All amounts presented in these Consolidated Financial Statements are expressed in thousands of U.S. dollars, except share and per share amounts and unless otherwise noted.

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ECHOSTAR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
Refer to Note 2. Summary of Significant Accounting Policies to the Consolidated Financial Statements in our Form 10-K for a summary and discussion of our significant accounting policies, except as updated below.

Use of Estimates
 
We are required to make certain estimates and assumptions that affect the amounts reported in these Consolidated Financial Statements. The most significant estimates and assumptions are used in determining: (i) inputs used to recognize revenue over time, including amortization periods for deferred contract acquisition costs; (ii) allowances for doubtful accounts; (iii) deferred taxes and related valuation allowances, including uncertain tax positions; (iv) loss contingencies; (v) fair value of financial instruments; (vi) fair value of assets and liabilities acquired in business combinations; and (vii) asset impairment testing.

We base our estimates and assumptions on historical experience, observable market inputs and on various other factors that we believe to be relevant under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results may differ from previously estimated amounts and such differences may be material to our financial statements. Additionally, changing economic conditions may increase the inherent uncertainty in the estimates and assumptions indicated above. We review our estimates and assumptions periodically and the effects of revisions thereto are reflected in the period they occur or prospectively if the revised estimate affects future periods.

Principles of Consolidation

We consolidate all entities in which we have a controlling financial interest. We are deemed to have a controlling financial interest in variable interest entities in which we are the primary beneficiary and in other entities in which we own more than 50% of the outstanding voting shares and other shareholders do not have substantive rights to participate in management. For entities we control but do not wholly own, we record a non-controlling interest within stockholders’ equity for the portion of the entity’s equity attributed to the non-controlling ownership interests. All significant intercompany balances and transactions have been eliminated in consolidation.

Recently Adopted Accounting Pronouncements

On January 1, 2021, we adopted Accounting Standard Update (“ASU”) No. 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 is part of the Financial Accounting Standards Board (“FASB”) overall simplification initiative and seeks to simplify the accounting for income taxes by updating certain guidance and removing certain exceptions. Our adoption of this ASU did not have a material impact on our Consolidated Financial Statements.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which requires business entities (except for not-for-profit entities and employee benefit plans) to disclose information about certain government assistance they receive. The Topic 832 disclosure requirements include: (i) the nature of the transactions and the related accounting policy used; (ii) the line items on the balance sheet and income statement that are affected and the amounts applicable to each financial statement line item; and (iii) significant terms and conditions of the transactions. Our adoption of this ASU did not have a material impact on our Consolidated Financial Statements.










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ECHOSTAR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
Recently Issued Accounting Pronouncements Not Yet Adopted

In March 2020, the FASB issued ASU No. 2020-04 - Reference Rate Reform (Topic 848), codified as ASC 848 (“ASC 848”). The purpose of ASC 848 is to provide optional guidance to ease the potential effects on financial reporting of the market-wide migration away from Interbank Offered Rates to alternative reference rates. ASC 848 applies only to contracts, hedging relationships, and other transactions that reference a reference rate expected to be discontinued because of reference rate reform. The guidance may be applied upon issuance of ASC 848 through December 31, 2022. We expect to utilize the optional expedients provided by the guidance for contracts amended solely to use an alternative reference rate. We have evaluated the impact of adopting this new guidance and do not expect it to have a material impact on our Consolidated Financial Statements.

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which provides an exception to fair value measurement for contract assets and contract liabilities related to revenue contracts acquired in a business combination. The ASU requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The ASU is effective for the Company for annual and interim periods in fiscal years beginning after December 15, 2022. Early adoption is permitted. The ASU is applied to business combinations occurring on or after the effective date.

In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. We are evaluating the impact of adopting this new guidance and we do not expect it to have a material impact on our Consolidated Financial Statements.

NOTE 3.     REVENUE RECOGNITION

Contract Balances

The following table presents the components of our contract balances:
 As of
June 30, 2022December 31, 2021
Trade accounts receivable and contract assets, net:
Sales and services$178,114 $154,676 
Leasing5,593 5,668 
Total trade accounts receivable183,707 160,344 
Contract assets57,413 36,307 
Allowance for doubtful accounts(17,104)(14,588)
Total trade accounts receivable and contract assets, net$224,016 $182,063 
Contract liabilities:
Current$134,856 $141,343 
Non-current9,922 10,669 
Total contract liabilities$144,778 $152,012 

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ECHOSTAR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
The following table presents the revenue recognized in the Consolidated Statements of Operations that was previously included within contract liabilities:

For the three months ended June 30,For the six months ended June 30,
2022202120222021
Revenue$20,852 $1,941 $109,799 $65,022 
Contract Acquisition Costs

The following table presents the activity in our contract acquisition costs, net:

For the six months ended June 30,
20222021
Balance at beginning of period$82,986 $99,837 
Additions30,645 37,408 
Amortization expense(39,653)(45,200)
Foreign currency translation724 678 
Balance at end of period$74,702 $92,723 

We recognized amortization expenses related to contract acquisition costs of $19.5 million and $22.4 million for the three months ended June 30, 2022 and 2021, respectively.

Performance Obligations

As of June 30, 2022, the remaining performance obligations for our customer contracts with original expected durations of more than one year was $1.1 billion. Performance obligations expected to be satisfied within one year and greater than one year are 40.0% and 60.0%, respectively. This amount and percentages exclude agreements with consumer customers in our Hughes segment, our leasing arrangements and agreements with certain customers under which collectability of all amounts due through the term of contracts is uncertain.

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ECHOSTAR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
Disaggregation of Revenue

Geographic Information

The following tables present our revenue from customer contracts disaggregated by primary geographic market and by segment:
HughesESSCorporate and OtherConsolidated
Total
For the three months ended June 30, 2022
North America$398,698 $4,850 $