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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 September 30, 2023.

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/d7ce71fdfa46b418e4d6cd66dfcd286a-echostarcolorprint.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 value
The NASDAQ Stock Market LLC
(Title of each class)(Name of each exchange on which registered)
SATS
(Trading 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 November 2, 2023, the registrant’s outstanding common stock consisted of 36,219,803 shares of Class A common stock and 47,687,039 shares of Class B common stock, each $0.001 par value.





ECHOSTAR CORPORATION
TABLE OF CONTENTS
 


Table of Contents

PART I: FINANCIAL INFORMATION
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, 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:  
risks relating to our ability to complete and realize the expected benefits of the pending merger with DISH Network Corporation;
risks relating to our substantially increased leverage following completion of the pending merger with DISH Network Corporation;
significant risks related to our ability to launch, 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 changes in the global business environment, including regulatory and competitive considerations;
our ability to implement and/or realize benefits of our investments and other strategic initiatives;
risks related to our foreign operations and other uncertainties associated with doing business internationally;
risks related to our dependency upon third-party providers, including supply chain disruptions and inflation;
risks related to cybersecurity incidents; 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.

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ITEM 1. FINANCIAL STATEMENTS
ECHOSTAR CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)

 As of
 September 30, 2023December 31, 2022
(unaudited)
Assets  
Current assets:  
Cash and cash equivalents$1,094,531 $704,541 
Marketable investment securities894,744 973,915 
Trade accounts receivable and contract assets, net235,421 236,479 
Other current assets, net248,241 210,446 
Total current assets2,472,937 2,125,381 
Non-current assets:
Property and equipment, net2,144,707 2,237,617 
Operating lease right-of-use assets143,726 151,518 
Goodwill532,710 532,491 
Regulatory authorizations, net459,463 462,531 
Other intangible assets, net13,975 15,698 
Other investments, net136,455 356,705 
Other non-current assets, net326,485 317,062 
Total non-current assets3,757,521 4,073,622 
Total assets$6,230,458 $6,199,003 
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable$82,291 $101,239 
Contract liabilities122,288 121,739 
Accrued expenses and other current liabilities192,100 199,853 
Total current liabilities396,679 422,831 
Non-current liabilities:
Long-term debt, net1,497,396 1,496,777 
Deferred tax liabilities, net433,370 424,621 
Operating lease liabilities127,829 135,932 
Other non-current liabilities109,396 119,787 
Total non-current liabilities2,167,991 2,177,117 
Total liabilities2,564,670 2,599,948 
Commitments and Contingencies (Note 13)








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

Stockholders' equity:  
Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding at both September 30, 2023 and December 31, 2022
  
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, 59,532,668 shares issued and 36,219,357 shares outstanding at September 30, 2023 and 58,604,927 shares issued and 35,291,616 shares outstanding at December 31, 2022
59 59 
Class B convertible common stock, $0.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at both September 30, 2023 and December 31, 2022
48 48 
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both September 30, 2023 and December 31, 2022
  
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both September 30, 2023 and December 31, 2022
  
Additional paid-in capital3,383,671 3,367,058 
Accumulated other comprehensive income (loss)(161,515)(172,239)
Accumulated earnings (losses)876,959 833,517 
Treasury shares, at cost, 23,313,311 shares at both September 30, 2023 and December 31, 2022
(525,824)(525,824)
Total EchoStar Corporation stockholders' equity3,573,398 3,502,619 
Non-controlling interests92,390 96,436 
Total stockholders' equity3,665,788 3,599,055 
Total liabilities and stockholders' equity$6,230,458 $6,199,003 

The accompanying notes are an integral part of these Consolidated Financial Statements
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ECHOSTAR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)

 For the three months ended September 30,For the nine months ended September 30,
2023202220232022
Revenue:
Services and other revenue$359,349 $401,382 $1,108,386 $1,234,890 
Equipment revenue53,725 96,005 197,394 263,347 
Total revenue413,074 497,387 1,305,780 1,498,237 
Costs and expenses:
Cost of sales - services and other (exclusive of depreciation and amortization)133,335 145,189 401,431 430,553 
Cost of sales - equipment (exclusive of depreciation and amortization)43,180 74,329 151,004 213,497 
Selling, general and administrative expenses104,988 111,421 322,469 342,682 
Research and development expenses6,463 9,181 21,560 25,562 
Depreciation and amortization103,028 110,233 311,474 347,224 
Impairment of long-lived assets  3,142 711 
Total costs and expenses390,994 450,353 1,211,080 1,360,229 
Operating income (loss)22,080 47,034 94,700 138,008 
Other income (expense):
Interest income, net26,209 14,183 78,331 29,677 
Interest expense, net of amounts capitalized(12,650)(13,845)(39,176)(43,125)
Gains (losses) on investments, net(10,743)(10,077)(23,337)48,071 
Equity in earnings (losses) of unconsolidated affiliates, net(1,978)(1,426)(3,075)(4,441)
Other-than-temporary impairment losses on equity method investments  (33,400) 
Foreign currency transaction gains (losses), net(2,089)(2,805)4,482 (53)
Other, net(11,750)(319)(2,308)2,198 
Total other income (expense), net(13,001)(14,289)(18,483)32,327 
Income (loss) before income taxes9,079 32,745 76,217 170,335 
Income tax benefit (provision), net(8,547)(13,195)(38,780)(51,367)
Net income (loss)532 19,550 37,437 118,968 
Less: Net loss (income) attributable to non-controlling interests2,712 2,853 6,005 8,736 
Net income (loss) attributable to EchoStar Corporation common stock$3,244 $22,403 $43,442 $127,704 
Earnings (losses) per share - Class A and B common stock:
Basic$0.04 $0.27 $0.52 $1.51 
Diluted$0.04 $0.27 $0.52 $1.51 

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

For the three months ended September 30,For the nine months ended September 30,
 2023202220232022
Net income (loss)$532 $19,550 $37,437 $118,968 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(9,020)18,853 11,292 29,684 
Unrealized gains (losses) on available-for-sale securities(547)358 1,141 (275)
Other 2,660  2,660 
Amounts reclassified to net income (loss):
Realized losses (gains) on available-for-sale debt securities23  250 3 
Total other comprehensive income (loss), net of tax(9,544)21,871 12,683 32,072 
Comprehensive income (loss)(9,012)41,421 50,120 151,040 
Less: Comprehensive loss (income) attributable to non-controlling interests4,615 5,108 4,046 8,427 
Comprehensive income (loss) attributable to EchoStar Corporation$(4,397)$46,529 $54,166 $159,467 






























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 SEPTEMBER 30, 2023 AND 2022
(Unaudited, in thousands)

Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Accumulated Earnings (Losses)Treasury Shares, at costNon-controlling InterestsTotal
Balance, June 30, 2022$107 $3,355,238 $(204,465)$761,767 $(514,418)$101,327 $3,499,556 
Issuance of Class A common stock:
Employee Stock Purchase Plan2,1262,126 
Stock-based compensation3,3553,355 
Other comprehensive income (loss)24,126(2,255)21,871 
Net income (loss)22,403(2,853)19,550 
Treasury share repurchase— — — — (11,406)— (11,406)
Other$— $500 $— $— $— $— $500 
Balance, September 30, 2022$107 $3,361,219 $(180,339)$784,170 $(525,824)$96,219 $3,535,552 
Balance, June 30, 2023$107 $3,379,997 $(153,874)$873,715 $(525,824)$97,005 $3,671,126 
Issuance of Class A common stock:
Employee Stock Purchase Plan810810 
Stock-based compensation2,8642,864 
Other comprehensive income (loss)(7,641)(1,903)(9,544)
Net income (loss)3,244(2,712)532 
Balance, September 30, 2023$107 $3,383,671 $(161,515)$876,959 $(525,824)$92,390 $3,665,788 







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 NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022
(Unaudited, in thousands)

Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Accumulated Earnings (Losses)Treasury Shares, at costNon-controlling InterestsTotal
Balance, December 31, 2021$106 $3,345,878 $(212,102)$656,466 $(436,521)$60,253 $3,414,080 
Issuance of Class A common stock:
Employee benefits17,0417,042 
Employee Stock Purchase Plan7,1737,173 
Stock-based compensation8,4018,401 
Issuance of equity and contribution of assets pursuant to the India JV formation(14,090)44,39330,303 
Other comprehensive income (loss)31,76330932,072 
Net income (loss)127,704(8,736)118,968 
Treasury share repurchase— — — — (89,303)— (89,303)
Consideration received from DISH Network for R&D tax credits utilized— 6,316 — — — — 6,316 
Other— 500 — — — — 500 
Balance, September 30, 2022$107 $3,361,219 $(180,339)$784,170 $(525,824)$96,219 $3,535,552 
Balance, December 31, 2022$107 $3,367,058 $(172,239)$833,517 $(525,824)$96,436 $3,599,055 
Issuance of Class A common stock:
Employee benefits5,4215,421 
Employee Stock Purchase Plan2,9532,953 
Stock-based compensation8,2398,239 
Other comprehensive income (loss)10,7241,95912,683 
Net income (loss)43,442(6,005)37,437 
Balance, September 30, 2023$107 $3,383,671 $(161,515)$876,959 $(525,824)$92,390 $3,665,788 
The accompanying notes are an integral part of these Consolidated Financial Statements
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ECHOSTAR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 For the nine months ended September 30,
 20232022
Cash flows from operating activities:
Net income (loss)$37,437 $118,968 
Adjustments to reconcile net income (loss) to cash flows provided by (used for) operating activities:
Depreciation and amortization311,474 347,224 
Impairment of long-lived assets3,142 711 
Losses (gains) on investments, net23,337 (48,071)
Equity in losses of unconsolidated affiliates, net3,075 4,441 
Foreign currency transaction losses (gains), net(4,482)53 
Deferred tax provision, net8,088 28,901 
Stock-based compensation8,239 8,401 
Amortization of debt issuance costs619 583 
Gain on repayment of other debt securities(7,605) 
Other-than-temporary impairment losses on equity method investments33,400  
(Accretion of discounts) and amortization of premiums on debt investments
(21,340)159 
Other, net(6,634)35,450 
Changes in assets and liabilities, net:
Trade accounts receivable and contract assets, net2,940 (63,563)
Other current assets, net(46,216)(26,402)
Trade accounts payable(22,817)657 
Contract liabilities549 (13,759)
Accrued expenses and other current liabilities(489)(27,004)
Non-current assets and non-current liabilities, net(21,694)(23,432)
Net cash provided by (used for) operating activities301,023 343,317 
Cash flows from investing activities:
Purchases of marketable investment securities(1,015,650)(540,447)
Sales and maturities of marketable investment securities1,150,683 917,077 
Expenditures for property and equipment(206,862)(249,374)
Refunds and other receipts related to capital expenditures34,611  
Expenditures for externally marketed software(22,373)(16,926)
Proceeds from repayment of other debt investment148,448  
India JV formation (7,892)
Dividend received from unconsolidated affiliate 2,000 
Sale of unconsolidated affiliate 7,500 
Sales of other investments 3,070 
Net cash provided by (used for) investing activities88,857 115,008 
Cash flows from financing activities:
Payment of finance lease obligations (114)
Payment of in-orbit incentive obligations(3,144)(2,422)
Proceeds from Class A common stock issued under the Employee Stock Purchase Plan2,953 7,173 
Payment of equity registration fees(1,327) 
Treasury share repurchase (89,303)
Net cash provided by (used for) financing activities(1,518)(84,666)
Effect of exchange rates on cash and cash equivalents1,622 (3,123)
Net increase (decrease) in cash and cash equivalents389,984 370,536 
Cash and cash equivalents, including restricted amounts, beginning of period705,882 536,874 
Cash and cash equivalents, including restricted amounts, end of period$1,095,866 $907,410 
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. 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 internet services to consumer customers, which include home and small to medium-sized businesses, and satellite and multi-transport technologies and managed network services to enterprise customers, telecommunications providers, aeronautical service providers and government entities, including the U.S. Department of Defense. We operate in the following two business segments:
 
Hughes segment — which provides broadband satellite technologies and broadband internet products and services to consumer customers. We provide broadband network technologies, managed services, equipment, hardware, satellite services and communications solutions to government and enterprise customers. We also design, provide and install gateway and terminal equipment to customers for other satellite systems. In addition, we design, develop, construct and provide telecommunication networks comprising satellite ground segment systems and terminals to mobile system operators and our enterprise customers.
EchoStar Satellite Services segment (“ESS segment”) — which provides 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. We operate our ESS business using primarily the EchoStar IX satellite and the EchoStar 105/SES-11 satellite and related infrastructure. Revenue in our ESS segment depends largely on our ability to make continuous use of our available satellite capacity on behalf of existing customers and our ability to enter into commercial relationships with new customers. During the first quarter of 2023, we transitioned the EchoStar IX satellite into inclined operations to extend its usable life for our customers. With this inclined mode of operation, we are expecting to extend the life of the spacecraft into 2024 without diminishing its capacity.

Our operations include various corporate functions (primarily Executive, Treasury, Strategic Development, Human Resources, Information Technology, Finance, Accounting, Real Estate and Legal) and other activities. Operating expenses include costs incurred in certain satellite development programs and other business development activities, and other income or expenses includes 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. 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 14. Segment Reporting for further details.

On August 8, 2023, the Company entered into an Agreement and Plan of Merger (“the Original Merger Agreement”) with DISH Network Corporation, a Nevada corporation (“DISH”), and Eagle Sub Corp (“Eagle Sub”), a Nevada corporation and a wholly owned subsidiary of DISH. The Original Merger Agreement provided, among other things, that subject to the satisfaction or waiver of the conditions set forth in the agreement, Eagle Sub would merge with and into EchoStar, with EchoStar surviving as a wholly owned subsidiary of DISH.

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ECHOSTAR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
On October 2, 2023, the Company entered into an Amended and Restated Agreement and Plan of Merger (the “Amended Merger Agreement”) with DISH and EAV Corp., a Nevada corporation and a wholly owned subsidiary of EchoStar (“Merger Sub”). The Amended Merger Agreement revises the structure of the merger of DISH and EchoStar contemplated by the Original Merger Agreement. The Amended Merger Agreement provides, among other things, that subject to the satisfaction or waiver of the conditions set forth in the Amended Merger Agreement, Merger Sub will merge with and into DISH (the “Merger”), with DISH surviving the Merger as a wholly owned subsidiary of EchoStar. The expected proportional ownership of existing EchoStar stockholders and DISH stockholders in the combined company upon the consummation of the Merger remains the same as the expected proportional ownership contemplated by the Original Merger Agreement. Pursuant to the Amended Merger Agreement, at the effective time of the Merger, (the “Effective Time”), each share of DISH Class A Common Stock, par value $0.01 per share (“DISH Class A Common Stock”) and DISH Class C Common Stock, par value $0.01 per share (“DISH Class C Common Stock”), outstanding immediately prior to the Effective Time, will be converted into the right to receive a number of validly issued, fully paid and non-assessable shares of EchoStar Class A Common Stock, par value $0.001 per share (“EchoStar Class A Common Stock”), equal to 0.350877 (the “Exchange Ratio”). On the terms and subject to the conditions set forth in the Amended Merger Agreement, at the Effective Time, each share of DISH Class B Common Stock, par value $0.01 per share (“DISH Class B Common Stock”), outstanding immediately prior to the Effective Time will be converted into the right to receive a number of validly issued, fully paid and non-assessable shares of EchoStar Class B Common Stock, par value $0.001 per share (the “EchoStar Class B Common Stock” and, together with the EchoStar Class A Common Stock, the “EchoStar Common Stock”), equal to the Exchange Ratio. Any shares of DISH Class A Common Stock, DISH Class B Common Stock and DISH Class C Common Stock (collectively, “DISH Common Stock”) that are held in DISH’s treasury or held directly by EchoStar or Merger Sub immediately prior to the Effective Time will be cancelled and cease to exist and no consideration shall be paid or payable in respect thereof. Refer to Note 16. Subsequent Events for further details.

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 (“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 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.

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 and relative standalone selling prices of performance obligations; (ii) allowances for doubtful accounts, and estimated credit losses on investments; (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) estimates of future cash flows used to evaluate and recognize impairments.

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

Business Combinations

On January 1, 2023, we adopted Accounting Standards Update (“ASU”) No. 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 applied to business combinations occurring on or after the adoption date.
 
Government Assistance

On January 1, 2022, we adopted ASU No. 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 Company is currently participating in three government programs: New York-Connect America Fund, New York Broadband, and Affordable Connectivity Plan. The purpose of these programs is to provide internet and connectivity services to qualifying households in the United States. The Company is entitled to reimbursement from the government for services provided. We record gross monies received from government entities in Services and other revenue, and associated expenses such as salaries and supplies are recorded in Cost of sales - services and other, Research and development or Selling, general and administrative expenses, depending on the nature of expenditure. We accrue for reimbursement requests submitted to government entities in Trade accounts receivable and contract assets, net. During the three and nine months ended September 30, 2023, the Company recognized $4.6 million and $12.7 million in Services and other revenue, respectively. As of September 30, 2023, we have trade accounts receivable of $2.8 million related to our government programs.

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

Recently Issued Accounting Pronouncements Not Yet Adopted

Business Combinations - Joint Venture Formations

In August 2023, the FASB issued ASU No. 2023-05 - Business Combinations—Joint Venture Formations to reduce diversity in practice and provide decision-useful information to a joint venture’s investors. The ASU requires that a joint venture apply a new basis of accounting upon formation. Specifically, the newly formed joint venture will be required to recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). The amendments in this ASU do not amend the definition of a joint venture, the accounting by an equity method investor for its investment in a joint venture, or the accounting by a joint venture for contributions received after its formation. The guidance in this ASU is effective prospectively for all joint ventures with a formation date on or after January 1, 2025. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively. This ASU is applied prospectively to all newly formed joint ventures on or after the adoption date.

Leases - Common Control Arrangements

In March 2023, the FASB issued ASU No. 2023-01 - Leases (Topic 842): Common Control Arrangements. Among other things, this ASU requires all lessees to amortize leasehold improvements associated with common control leases over their useful life to the common control group and account for them as a transfer of assets between entities under common control at the end of the lease. Additional disclosures are required when the useful life of leasehold improvements to the common control group exceeds the related lease term. The guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. We plan to adopt this new guidance prospectively to all new leasehold improvements recognized on or after the adoption date and we do not expect it to have a material impact on our Consolidated Financial Statements.

Reference Rate Reform

In March 2020, the FASB issued ASU No. 2020-04 - Reference Rate Reform (Topic 848), and all subsequent amendments to the initial guidance, 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, 2024. 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 new guidance and we are in the process of implementing this ASU, and all subsequent amendments, and do not expect them to have a material impact on our Consolidated Financial Statements.
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NOTE 3. REVENUE RECOGNITION

Contract Balances

The following table presents the components of our contract balances:
 As of
September 30, 2023December 31, 2022
Trade accounts receivable and contract assets, net:
Sales and services$165,456 $170,466 
Leasing and other9,856 7,936 
Total trade accounts receivable175,312 178,402 
Contract assets76,831 73,435 
Allowance for doubtful accounts(16,722)(15,358)
Total trade accounts receivable and contract assets, net$235,421 $236,479 
Contract liabilities:
Current$122,288 $121,739 
Non-current6,999 8,326 
Total contract liabilities$129,287 $130,065 

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 September 30,For the nine months ended September 30,
2023202220232022
Revenue$7,608 $6,175 $80,157 $115,974 
Contract Acquisition Costs

The following table presents the activity in our contract acquisition costs, net:
For the nine months ended September 30,
20232022
Balance at beginning of period$64,447 $82,986 
Additions34,708 45,172 
Amortization expense(46,722)(57,822)
Foreign currency translation681 156 
Balance at end of period$53,114 $70,492 

We recognized amortization expenses related to contract acquisition costs of $14.6 million and $18.2 million for the three months ended September 30, 2023 and 2022, respectively.

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Performance Obligations

As of September 30, 2023, the remaining performance obligations for our customer contracts was approximately $1.2 billion. Performance obligations expected to be satisfied within one year and greater than one year are 29% and 71%, 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.

Disaggregation of Revenue

Geographic Information

Revenue is attributed to geographic markets based upon the billing location of the customer. 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 September 30, 2023
North America$324,722 $6,446 $2,401 $333,569 
South and Central America39,843   39,843 
Other39,644  18 39,662 
Total revenue$404,209 $6,446 $2,419 $413,074 
For the three months ended September 30, 2022
North America$389,181 $4,981 $2,841 $397,003 
South and Central America40,290   40,290 
Other60,094   60,094 
Total revenue$489,565 $4,981 $2,841 $497,387 
For the nine months ended September 30, 2023
North America$1,038,234 $18,563 $7,460 $1,064,257 
South and Central America119,528   119,528 
Other121,977  18 121,995 
Total revenue$1,279,739 $18,563 $7,478 $1,305,780 
For the nine months ended September 30, 2022
North America$1,187,301 $14,305 $8,413 $1,210,019 
South and Central America125,256   125,256 
Other162,955  7 162,962 
Total revenue$1,475,512 $14,305 $8,420 $1,498,237 

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Nature of Products and Services

The following tables present our revenue disaggregated by the nature of products and services and by segment:
HughesESSCorporate and OtherConsolidated
Total
For the three months ended September 30, 2023
Services and other revenue:
Services$341,575 $4,308 $1,344 $347,227 
Lease revenue8,925 2,138 1,059 12,122 
Total services and other revenue350,500 6,446 2,403 359,349 
Equipment revenue:
Equipment24,701  16 24,717 
Design, development and construction services26,235   26,235 
Lease revenue2,773   2,773 
Total equipment revenue53,709  16 53,725 
Total revenue$404,209 $6,446 $2,419 $413,074 
For the three months ended September 30, 2022
Services and other revenue:
Services$383,739 $3,247 $1,606 $388,592 
Lease revenue9,822 1,734 1,234 12,790 
Total services and other revenue393,561 4,981 2,840 401,382 
Equipment revenue:
Equipment33,585  1 33,586 
Design, development and construction services60,605   60,605 
Lease revenue1,814   1,814 
Total equipment revenue96,004  1 96,005 
Total revenue$489,565 $4,981 $2,841 $497,387 
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HughesESSCorporate and OtherConsolidated
Total
For the nine months ended September 30, 2023
Services and other revenue:
Services$1,054,348 $12,205 $4,196 $1,070,749 
Lease revenue28,013 6,358 3,266 37,637 
Total services and other revenue1,082,361 18,563 7,462 1,108,386 
Equipment revenue:
Equipment72,348  16 72,364 
Design, development and construction services114,615   114,615 
Lease revenue10,415   10,415 
Total equipment revenue197,378  16 197,394 
Total revenue$1,279,739 $18,563 $7,478 $1,305,780 
For the nine months ended September 30, 2022
Services and other revenue:
Services$1,181,461 $9,343 $4,474 $1,195,278 
Lease revenue30,711 4,962 3,939 39,612 
Total services and other revenue1,212,172 14,305 8,413 1,234,890 
Equipment revenue:
Equipment86,878  7 86,885 
Design, development and construction services172,821   172,821 
Lease revenue3,641   3,641 
Total equipment revenue263,340  7 263,347 
Total revenue$1,475,512 $14,305 $8,420 $1,498,237 

Lease Revenue

The following table presents our lease revenue by type of lease:
For the three months ended September 30,For the nine months ended September 30,
2023202220232022
Sales-type lease revenue:
Revenue at lease commencement$2,272 $1,514 $8,913 $2,735 
Interest income501 300 1,502 906 
Total sales-type lease revenue2,773 1,814 10,415 3,641 
Operating lease revenue12,122 12,790 37,637 39,612 
Total lease revenue$14,895 $14,604 $48,052 $43,253 

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NOTE 4. MARKETABLE INVESTMENT SECURITIES

The following table presents our Marketable investment securities:
 As of
 September 30, 2023December 31, 2022
Marketable investment securities:
Available-for-sale debt securities:
Corporate bonds$175,444 $160,559 
Commercial paper518,641 687,927 
Other debt securities66,072 17,695 
Total available-for-sale debt securities760,157 866,181 
Equity securities142,590 118,790 
Total marketable investment securities, including restricted amounts902,747 984,971 
Less: Restricted marketable investment securities(8,003)(11,056)
Total marketable investment securities$894,744 $973,915 
Debt Securities
 
Available-for-Sale 

The following table presents the components of our available-for-sale debt securities:
 AmortizedUnrealizedEstimated
 Cost