0001558370-24-015651 | 10-Q | XBRL Viewer | Hughes Satellite Systems Corp

September 30, 2024

December 31, 2023

Trade accounts receivable from Deluxe

LEASES

9 Months Ended

Sep. 30, 2024

NOTE 8. LEASES

We enter into non-cancelable operating and finance leases for, among other things, satellites, satellite-related ground infrastructure, data centers, office space, warehouses and distribution centers. Substantially all of our leases have remaining lease terms from one to 13 years, some of which include renewal options, and some of which include options to terminate the leases within one year. For certain arrangements, the lease term includes the non-cancelable period plus the renewal period that we are reasonably certain to exercise.

Our Eutelsat 65 West A, Telesat T19V and EchoStar 105/SES-11 satellites are accounted for as finance leases. Substantially all of our remaining leases are accounted for as operating leases, including our EchoStar XXIV satellite lease. Refer to Note 13. Related Party Transactions- EchoStar for further details on the EchoStar XXIV operating lease.

The following table presents the amounts for right-of-use (“ROU”) assets and lease liabilities:


	As of
	September 30, 2024		December 31, 2023
Right-of-use assets:
Operating	$	966,581	$	1,031,303
Finance		194,645		218,807
Total right-of-use assets	$	1,161,226	$	1,250,110

Lease liabilities:
Current:
Operating ⁽¹⁾	$	42,159	$	155,932
Finance		—		—
Total current		42,159		155,932
Non-current:
Operating		839,783		897,084
Finance		—		—
Total non-current		839,783		897,084
Total lease liabilities	$	881,942	$	1,053,016

(1)

The decrease in current operating lease liabilities is due to prepayments related to the EchoStar XXIV satellite, resulting in the lease liability and associated asset being remeasured. Refer to Note 13. Related Party Transactions- EchoStar for further details on the EchoStar XXIV operating lease prepayments.

As of September 30, 2024, we have prepaid our obligations regarding all of our finance right-of-use assets. Finance lease assets are reported net of accumulated amortization of $161.8 million and $149.6 million as of September 30, 2024 and December 31, 2023, respectively.

The following table presents the components of lease cost and weighted-average lease terms and discount rates for operating and finance leases:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Lease cost:
Operating lease cost	$	6,538	$	6,940	$	18,733	$	20,039
Operating lease cost - EchoStar XXIV		47,675		—		143,025		—
Total operating lease cost		54,213		6,940		161,758		20,039
Finance lease cost:
Amortization of right-of-use assets		12,714		4,312		18,027		19,927
Interest on lease liabilities		—		—		—		—
Total finance lease cost		12,714		4,312		18,027		19,927
Short-term lease cost		—		—		—		—
Variable lease cost		—		—		—		—
Total lease cost	$	66,927	$	11,252	$	179,785	$	39,966


	As of
	September 30, 2024		December 31, 2023
Lease term and discount rate:
Weighted-average remaining lease term:
Finance leases	— years		— years
Operating leases	6.9 years		7.5 years

Weighted-average discount rate:
Finance leases	—	%	—	%
Operating leases	12.0	%	12.1	%

Supplemental cash flow information related to leases was as follows:


	For the nine months ended
	September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	267,244	$	19,883
Operating cash flows from finance leases		—		—
Financing cash flows from finance leases		—		—

We obtained nominal ROU assets in exchange for lease liabilities upon commencement of operating leases during the nine months ended September 30, 2024. We did not obtain any ROU assets in exchange for lease liabilities upon commencement of operating leases during the nine months ended September 30, 2023.

Maturities of lease liabilities as of September 30, 2024 were as follows:


	Operating Leases
Year ending December 31,
2024 (remaining three months)	$	6,513
2025		173,165
2026		215,519
2027		214,095
2028		212,227
Thereafter		483,503
Total future minimum lease payments		1,305,022
Less: Interest		(423,080)
Total lease liabilities	$	881,942

Lessor Accounting

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,
	2024		2023		2024		2023
Sales-type lease revenue:
Revenue at lease commencement	$	2,508	$	2,272	$	4,052	$	8,913
Interest income		476		501		1,555		1,502
Total sales-type lease revenue		2,984		2,773		5,607		10,415
Operating lease revenue		4,998		11,618		15,858		36,136
Total lease revenue	$	7,982	$	14,391	$	21,465	$	46,551

Substantially all of our net investment in sales-type leases consisted of lease receivables totaling $27.6 million and $30.4 million as of September 30, 2024 and December 31, 2023, respectively.

The following table presents future operating lease payments to be received as of September 30, 2024:


	Amounts
December 31,
2024 (remaining three months)	$	7,286
2025		8,768
2026		5,978
2027		3,822
2028		847
Thereafter		448
Total lease payments to be received	$	27,149

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of cost of sales and research and development costs


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Cost of sales - equipment and other	$	8,436	$	9,241	$	35,011	$	26,765
Research and development expenses	$	4,358	$	6,464	$	14,356	$	21,560

LEASES - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
LEASES
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Lessee, Finance Lease, Existence of Option to Extend [true false]	true
Lessee, Finance Lease, Existence of Option to Terminate [true false]	true
Finance lease, accumulated amortization	$ 161.8	$ 149.6
Sales-type lease receivable	$ 27.6	$ 30.4
Maximum
LEASES
Operating lease, remaining lease term	13 years
Finance lease, remaining lease term	13 years
Minimum
LEASES
Operating lease, remaining lease term	1 year
Finance lease, remaining lease term	1 year

LONG-TERM DEBT AND OTHER NOTES PAYABLE - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt
Carrying Amount	$ 1,500,000	$ 1,500,000
Fair Value	1,338,383	1,257,203
Less: Unamortized debt issuance costs	(1,734)	(2,391)
Other notes payable	43,496	46,594
Total long-term debt and other notes payable (including current portion)	$ 1,541,762	$ 1,544,203
Senior Secured Notes \| 5 1/4% Senior Secured Notes due 2026
Debt
Interest rate	5.25%	5.25%
Carrying Amount	$ 750,000	$ 750,000
Fair Value	$ 692,993	$ 665,678
Senior Unsecured Notes \| 6 5/8% Senior Unsecured Notes due 2026
Debt
Interest rate	6.625%	6.625%
Carrying Amount	$ 750,000	$ 750,000
Fair Value	$ 645,390	$ 591,525

RELATED PARTY TRANSACTIONS - OTHER - Hughes Systique (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Amounts payable to Hughes Systique	$ 99,046	$ 99,046	$ 101,163
Hughes Systique
Schedule of Investments [Line Items]
Amounts payable to Hughes Systique	1,385	1,385	$ 1,704
Purchases from Hughes Systique	$ 4,236	$ 13,211

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings (Losses)	Non-controlling Interests	Total
Beginning balance at Dec. 31, 2022	$ 1,479,857	$ (170,184)	$ 741,754	$ 96,436	$ 2,147,863
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	1,096				1,096
Other comprehensive income (loss)		7,240		1,968	9,208
Net income (loss)			27,849	(1,221)	26,628
Ending balance at Mar. 31, 2023	1,480,953	(162,944)	769,603	97,183	2,184,795
Beginning balance at Dec. 31, 2022	1,479,857	(170,184)	741,754	96,436	2,147,863
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss)					10,333
Net income (loss)					52,204
Ending balance at Sep. 30, 2023	1,483,032	(161,810)	799,963	92,390	2,213,575
Beginning balance at Mar. 31, 2023	1,480,953	(162,944)	769,603	97,183	2,184,795
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	1,043				1,043
Other comprehensive income (loss)		11,456		1,894	13,350
Net income (loss)			5,332	(2,072)	3,260
Ending balance at Jun. 30, 2023	1,481,996	(151,488)	774,935	97,005	2,202,448
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	1,036				1,036
Other comprehensive income (loss)		(10,322)		(1,903)	(12,225)
Net income (loss)			25,028	(2,712)	22,316
Ending balance at Sep. 30, 2023	1,483,032	(161,810)	799,963	92,390	2,213,575
Beginning balance at Dec. 31, 2023	1,484,064	(152,491)	279,885	67,631	1,679,089
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	993				993
Dividends to EchoStar Corporation			(1,029,000)		(1,029,000)
Other comprehensive income (loss)		(7,178)		(1,118)	(8,296)
Net income (loss)			(45,619)	(4,647)	(50,266)
Ending balance at Mar. 31, 2024	1,485,057	(159,669)	(794,734)	61,866	592,520
Beginning balance at Dec. 31, 2023	1,484,064	(152,491)	279,885	67,631	1,679,089
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss)					(20,095)
Net income (loss)					(168,401)
Ending balance at Sep. 30, 2024	1,487,163	(168,696)	(908,973)	55,198	464,692
Beginning balance at Mar. 31, 2024	1,485,057	(159,669)	(794,734)	61,866	592,520
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	1,544				1,544
Other comprehensive income (loss)		(14,256)		(3,222)	(17,478)
Net income (loss)			(55,982)	(1,893)	(57,875)
Ending balance at Jun. 30, 2024	1,486,601	(173,925)	(850,716)	56,751	518,711
Increase (Decrease) in Stockholders' Equity
Stock-based compensation	562				562
Other comprehensive income (loss)		5,229		450	5,679
Net income (loss)			(58,257)	(2,003)	(60,260)
Ending balance at Sep. 30, 2024	$ 1,487,163	$ (168,696)	$ (908,973)	$ 55,198	$ 464,692

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

RELATED PARTY TRANSACTIONS - OTHER

9 Months Ended

Sep. 30, 2024

RELATED PARTY TRANSACTIONS - OTHER

RELATED PARTY TRANSACTIONS - OTHER

NOTE 14. RELATED PARTY TRANSACTIONS - OTHER

Deluxe/EchoStar LLC

We own 50% of Deluxe, a joint venture that we entered into in 2010 to build an advanced digital cinema satellite distribution network targeting delivery to digitally equipped theaters in the U.S. and Canada. Refer to Note 4. Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments for more information.

The following table summarizes our transactions with Deluxe:


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Revenue from Deluxe	$	1,331	$	1,445	$	4,080	$	4,233

In March 2024, the Company received a $3.0 million dividend from Deluxe. In September 2024 the Company received an additional $1.5 million dividend from Deluxe.

Broadband Connectivity Solutions (Restricted) Limited

We own 20% of BCS, a joint venture that we entered into in 2018 to provide commercial Ka-band satellite broadband services across Africa, the Middle East and southwest Asia operating over Yahsat’s Al Yah 2 and Al Yah 3 Ka-band satellites. During the three months ended June 30, 2023, we recorded an impairment charge of $33 million related to our investment as a result of increased competition and the economic environment for this business. For the quarter ended September 30, 2024, BCS returned $20 million of this investment to us. Refer to Note 4. Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments for more information.

The following table summarizes our transactions with BCS:


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Revenue from BCS	$	979	$	924	$	2,328	$	2,573

Hughes Systique Corporation

We own 42% of Hughes Systique via preferred shares and contract with Hughes Systique for software development services. Prior to December 31, 2023, we consolidated Hughes Systique’s financial statements into our Condensed Consolidated Financial Statements. As of December 31, 2023, we have deconsolidated the Hughes Systique results from our Condensed Consolidated Financial Statements and recorded the investment as a cost method investment in “Other investments, net” on our Condensed Consolidated Balance Sheets. See our Annual Report on Form 10-K for the year ended December 31, 2023, Note 5 for further information.

The table below summarizes our transactions with Hughes Systique:


	For the three months ended		For the nine months ended
		September 30,	September 30,
	2024		2024
Purchases from Hughes Systique	$	4,236	$	13,211

LEASES - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Right-of-use assets:
Operating	$ 966,581	$ 1,031,303
Finance	194,645	218,807
Total right-of-use assets	1,161,226	1,250,110
Current:
Operating	42,159	155,932
Total current	42,159	155,932
Non-current:
Operating	839,783	897,084
Total non-current	839,783	897,084
Total lease liabilities	$ 881,942	$ 1,053,016
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2024

REVENUE RECOGNITION

Schedule of components of contract balances


	As of
	September 30, 2024		December 31, 2023
Contract assets	$	98,241	$	66,095

Contract liabilities:
Current	$	74,551	$	116,187
Non-current		1,175		7,401
Total contract liabilities	$	75,726	$	123,588

Schedule of allowance for credit loss


	For the nine months ended September 30,
	2024
Balance at beginning of period	$	20,399
Current period provision for expected losses		21,107
Write-offs charged against allowances		(25,880)
Foreign currency translation		(263)
Balance at end of period	$	15,363

Schedule of activity in contract acquisition costs


	For the nine months ended
	September 30,
	2024		2023
Balance at beginning of period	$	49,343	$	64,447
Additions		37,919		34,708
Amortization expense		(28,518)		(46,722)
Foreign currency translation		(865)		681
Balance at end of period	$	57,879	$	53,114

Schedule of disaggregation of revenue


	For the three months ended					For the nine months ended
	September 30,					September 30,
	2024		2023		2024			2023
North America	$	305,610	$	330,594	$	925,163	$	1,055,173
South and Central America		35,524		39,843		106,840		119,528
Other		41,262		40,768		120,016		125,366
Total revenue	$	382,396	$	411,205	$	1,152,019	$	1,300,067


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Service revenue:
Services	$	290,937	$	345,883	$	903,486	$	1,066,553
Lease revenue		4,998		11,618		15,858		36,136
Total service revenue		295,935		357,501		919,344		1,102,689
Equipment and other revenue:
Equipment		46,907		24,696		130,496		72,348
Design, development and construction services		36,570		26,235		96,572		114,615
Lease revenue		2,984		2,773		5,607		10,415
Total equipment and other revenue		86,461		53,704		232,675		197,378
Total revenue	$	382,396	$	411,205	$	1,152,019	$	1,300,067

REVENUE RECOGNITION - Activity in Contract Acquisition Costs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Contract Acquisition Costs
Balance at beginning of period	$ 49,343	$ 64,447
Additions	37,919	34,708
Amortization expense	(28,518)	(46,722)
Foreign currency translation	(865)	681
Balance at end of period	$ 57,879	$ 53,114

SEGMENT REPORTING - Schedule of Revenue, EBITDA, and Capital Expenditures by Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SEGMENT REPORTING
Total revenue	$ 382,396	$ 411,205	$ 1,152,019	$ 1,300,067
Capital expenditures	44,448	51,344	168,097	142,319
EBITDA	39,013	131,434	136,135	400,037
Hughes
SEGMENT REPORTING
Total revenue	381,100	404,209	1,148,129	1,279,739
Corporate and Other
SEGMENT REPORTING
Total revenue	1,296	6,996	3,890	20,328
Operating segments \| Hughes
SEGMENT REPORTING
Capital expenditures	44,448	51,214	167,902	142,189
EBITDA	56,386	142,204	187,463	440,435
Corporate and Other
SEGMENT REPORTING
Capital expenditures	0	130	195	130
EBITDA	$ (17,373)	$ (10,770)	$ (51,328)	$ (40,398)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

SEGMENT REPORTING

9 Months Ended

Sep. 30, 2024

SEGMENT REPORTING

SEGMENT REPORTING

NOTE 11. SEGMENT REPORTING

Operating segments are components of an enterprise for which separate financial information is available and regularly evaluated by the chief operating decision maker(s) of an enterprise. Earnings before interest, taxes, depreciation and amortization, and net income (loss) attributable to non-controlling interests (“EBITDA”) is the primary measure used by our chief operating decision maker to evaluate segment operating performance. We operate in two operating segments: Hughes segment and ESS segment. During the nine months ended September 30, 2024, the ESS operating segment did not meet the quantitative thresholds as prescribed under ASC 280, Segment Reporting, for separate reportable segments, and is not expected to meet the quantitative thresholds or be of continuing significance in the future. As such, the ESS operating segment is no longer considered a reportable segment and we included the ESS operating segment results in Corporate and Other for all periods presented.

Total assets by segment have not been reported herein because the information is not provided to our chief operating decision maker on a regular basis.

The following table presents total revenue, capital expenditures and EBITDA for each of our business segments:


			Corporate		Consolidated
	Hughes		and Other		Total
For the three months ended September 30, 2024
External revenue	$	381,100	$	1,296	$	382,396

Capital expenditures	$	44,448	$	—	$	44,448
EBITDA	$	56,386	$	(17,373)	$	39,013

For the three months ended September 30, 2023
External revenue	$	404,209	$	6,996	$	411,205

Capital expenditures	$	51,214	$	130	$	51,344
EBITDA	$	142,204	$	(10,770)	$	131,434


For the nine months ended September 30, 2024
External revenue	$	1,148,129	$	3,890	$	1,152,019

Capital expenditures	$	167,902	$	195	$	168,097
EBITDA	$	187,463	$	(51,328)	$	136,135

For the nine months ended September 30, 2023
External revenue	$	1,279,739	$	20,328	$	1,300,067

Capital expenditures	$	142,189	$	130	$	142,319
EBITDA	$	440,435	$	(40,398)	$	400,037

The following table reconciles “Net income (loss)” in the Condensed Consolidated Statements of Operations to EBITDA:


		For the three months ended				For the nine months ended
		September 30,				September 30,
	2024		2023		2024		2023
Net income (loss)	$	(60,260)	$	22,316	$	(168,401)	$	52,204
Interest income, net		(2,322)		(22,807)		(22,892)		(60,911)
Interest expense, net of amounts capitalized		24,695		22,037		74,139		66,770
Income tax provision (benefit), net		(15,822)		10,546		(32,848)		43,765
Depreciation and amortization		90,719		96,630		277,594		292,204
Net loss (income) attributable to non-controlling interests		2,003		2,712		8,543		6,005
EBITDA	$	39,013	$	131,434	$	136,135	$	400,037

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

SUPPLEMENTAL DATA - STATEMENTS OF CASH FLOWS - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions		9 Months Ended
	Mar. 04, 2024 USD ($) employee $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Apr. 01, 2024 shares
SUPPLEMENTAL DATA - STATEMENTS OF CASH FLOWS
Options accepted for exchange (in shares)				4
New stock options issued (in shares)	3
Number of eligible employees \| employee	400
Exercise price (usd per share) \| $ / shares	$ 14.04
Stock-based compensation \| $	$ 3,000	$ 3,099	$ 3,175

SEGMENT REPORTING- Schedule of Reconciliation of EBITDA to Reported Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
SEGMENT REPORTING
Net income (loss)	$ (60,260)	$ (57,875)	$ (50,266)	$ 22,316	$ 3,260	$ 26,628	$ (168,401)	$ 52,204
Interest income, net	(2,322)			(22,807)			(22,892)	(60,911)
Interest expense, net of amounts capitalized	24,695			22,037			74,139	66,770
Income tax provision (benefit), net	(15,822)			10,546			(32,848)	43,765
Depreciation and amortization	90,719			96,630			277,594	292,204
Net loss (income) attributable to non-controlling interests	2,003			2,712			8,543	6,005
EBITDA	$ 39,013			$ 131,434			$ 136,135	$ 400,037

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

REGULATORY AUTHORIZATIONS

9 Months Ended

Sep. 30, 2024

REGULATORY AUTHORIZATIONS

REGULATORY AUTHORIZATIONS

NOTE 7. REGULATORY AUTHORIZATIONS

The following table presents our “Regulatory authorizations, net”:


	Finite lived
			Accumulated				Indefinite
	Cost		Amortization		Total		lived		Total
Balance, December 31, 2022	$	11,331	$	(2,712)	$	8,619	$	400,000	$	408,619
Amortization expense		—		(1,305)		(1,305)		—		(1,305)
Currency translation adjustments		1,072		(238)		834		—		834
Balance, September 30, 2023	$	12,403	$	(4,255)	$	8,148	$	400,000	$	408,148

Balance, December 31, 2023	$	12,754	$	(4,935)	$	7,819	$	400,000	$	407,819
Amortization expense		—		(1,555)		(1,555)		—		(1,555)
Currency translation adjustments		(1,644)		703		(941)		—		(941)
Balance, September 30, 2024	$	11,110	$	(5,787)	$	5,323	$	400,000	$	405,323

Weighted-average useful life (in years)				12

REGULATORY AUTHORIZATIONS - Schedule of Finite Lived and Indefinite Lived Intangible Assets by Major Class (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cost
Balance at the beginning of the period	$ 12,754	$ 11,331
Currency translation adjustments	(1,644)	1,072
Balance at the end of the period	11,110	12,403
Accumulated Amortization
Balance at beginning of period	(4,935)	(2,712)
Amortization expense	(1,555)	(1,305)
Currency translation adjustments	703	(238)
Balance at end of the period	(5,787)	(4,255)
Total
Beginning balance	7,819	8,619
Currency translation adjustments	(941)	834
Balance at the end of the period	5,323	8,148
Indefinite lived
Balance at the beginning of the period	400,000	400,000
Currency translation adjustments	0	0
Balance at the end of the period	400,000	400,000
Total
Balance at beginning of period	407,819	408,619
Currency translation adjustments	(941)	834
Balance at the end of the period	$ 405,323	$ 408,148
Weighted-average useful life (in years)	12 years

LEASES (Tables)

9 Months Ended

Sep. 30, 2024

LEASES

Schedule of right-of-use assets and lease liabilities


	As of
	September 30, 2024		December 31, 2023
Right-of-use assets:
Operating	$	966,581	$	1,031,303
Finance		194,645		218,807
Total right-of-use assets	$	1,161,226	$	1,250,110

Lease liabilities:
Current:
Operating ⁽¹⁾	$	42,159	$	155,932
Finance		—		—
Total current		42,159		155,932
Non-current:
Operating		839,783		897,084
Finance		—		—
Total non-current		839,783		897,084
Total lease liabilities	$	881,942	$	1,053,016

(1)

Schedule of components of lease cost and weighted-average lease terms, discount rates and supplemental cash flow information


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Lease cost:
Operating lease cost	$	6,538	$	6,940	$	18,733	$	20,039
Operating lease cost - EchoStar XXIV		47,675		—		143,025		—
Total operating lease cost		54,213		6,940		161,758		20,039
Finance lease cost:
Amortization of right-of-use assets		12,714		4,312		18,027		19,927
Interest on lease liabilities		—		—		—		—
Total finance lease cost		12,714		4,312		18,027		19,927
Short-term lease cost		—		—		—		—
Variable lease cost		—		—		—		—
Total lease cost	$	66,927	$	11,252	$	179,785	$	39,966


	As of
	September 30, 2024		December 31, 2023
Lease term and discount rate:
Weighted-average remaining lease term:
Finance leases	— years		— years
Operating leases	6.9 years		7.5 years

Weighted-average discount rate:
Finance leases	—	%	—	%
Operating leases	12.0	%	12.1	%

Supplemental cash flow information related to leases was as follows:


	For the nine months ended
	September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	267,244	$	19,883
Operating cash flows from finance leases		—		—
Financing cash flows from finance leases		—		—

Schedule of maturities of lease liabilities


	Operating Leases
Year ending December 31,
2024 (remaining three months)	$	6,513
2025		173,165
2026		215,519
2027		214,095
2028		212,227
Thereafter		483,503
Total future minimum lease payments		1,305,022
Less: Interest		(423,080)
Total lease liabilities	$	881,942

Schedule of components of income from sales-type lease and operating lease


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Sales-type lease revenue:
Revenue at lease commencement	$	2,508	$	2,272	$	4,052	$	8,913
Interest income		476		501		1,555		1,502
Total sales-type lease revenue		2,984		2,773		5,607		10,415
Operating lease revenue		4,998		11,618		15,858		36,136
Total lease revenue	$	7,982	$	14,391	$	21,465	$	46,551

Schedule of future operating lease payments to be received


	Amounts
December 31,
2024 (remaining three months)	$	7,286
2025		8,768
2026		5,978
2027		3,822
2028		847
Thereafter		448
Total lease payments to be received	$	27,149

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2024

INVENTORY

Schedule of inventory


	As of
	September 30, 2024		December 31, 2023
Raw materials	$	40,525	$	32,492
Work-in-process		32,528		32,832
Finished goods		99,182		101,912
Total inventory	$	172,235	$	167,236

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

For further information, refer to the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. Certain prior period amounts have been reclassified to conform to the current period presentation.

All amounts presented in these Condensed Consolidated Financial Statements are expressed in thousands of U.S. dollars unless otherwise noted.

Principles of Consolidation

We consolidate all majority owned subsidiaries, investments in entities in which we have controlling influence and VIEs where we have been determined to be the primary beneficiary. Minority interests are recorded as noncontrolling interests or redeemable noncontrolling interests. Non-consolidated investments are accounted for using the equity method when we have the ability to significantly influence the operating decisions of the investee. When we do not have the ability to significantly influence the operating decisions of an investee, these equity securities are classified as either marketable investment securities or other investments, which will be initially recorded at cost, and based on observable market prices, will be adjusted to their fair value. We record fair value adjustments in “Other, net” within “Other Income (Expense)” on our Condensed Consolidated Statements of Operations. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense for each reporting period. Estimates are based on historical experience, observable market inputs, and other reasonable assumptions in accounting for, among other things, allowances for credit losses, deferred taxes and related valuation allowances, uncertain tax positions, loss contingencies, fair value of financial instruments, fair value of options granted under EchoStar’s stock based compensation plans, fair value of assets and liabilities acquired in business combinations, inputs used to recognize revenue over time, including amortization periods for deferred contract acquisition costs and relative standalone selling prices of performance obligations, finance leases, asset impairments, estimates of future cash flows used to evaluate and recognize impairments, useful lives of property, equipment and intangible assets, and incremental borrowing rate (“IBR”) on lease right of use assets, nonrefundable upfront fees, independent third-party retailer incentives and subscriber lives and likelihood of certain contingent events. Economic conditions may increase the inherent uncertainty in the estimates and assumptions indicated above. Actual results may differ from previously estimated amounts, and such differences may be material to our Condensed Consolidated Financial Statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected prospectively in the period they occur.

Concentration of Credit Risk

One customer represented approximately 19% of the receivable component of “Trade accounts receivable and contract assets, net” as of December 31, 2023. As part of our quarterly assessment for credit losses, for the quarters ended March 31, 2024 and June 30, 2024, we determined that the collection of the balance owed from a significant customer was uncertain, resulting in a reduction in the “Trade accounts receivable and contract assets, net” balance on our Condensed Consolidated Balance Sheets. During the three months ended September 30, 2024 we wrote off the balance owed from this customer to bad debt expense which is a component of “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations.

Contract Acquisition Costs

Our contract acquisition costs represent incremental direct costs of obtaining a contract and consist primarily of sales incentives paid to employees and third-party representatives. When we determine that our contract acquisition costs are recoverable, we defer and amortize the costs over the contract term, or over the estimated life of the customer relationship if anticipated renewals are expected and the incentives payable upon renewal are not commensurate with the initial incentive. We amortize contract acquisition costs in proportion to the revenue to which the costs relate on a straight-line basis. We expense sales incentives as incurred if the expected amortization period is one year or less. Unamortized contract acquisition costs are included in “Other non-current assets, net” in the Condensed Consolidated Balance Sheets and related amortization expense is included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations.

Advertising Costs

We recognize advertising expense when incurred as a component of “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations. Advertising expenses totaled $11.1 million and $13.1 million for the three months ended September 30, 2024 and 2023, respectively. Advertising expenses totaled $34.6 million and $42.9 million for the nine months ended September 30, 2024 and 2023, respectively.

Research and Development

Research and development costs, not incurred in connection with customer requirements, are expensed as incurred and are included as a component of “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations. Additionally, customer-related research and development costs are incurred in connection with the specific requirements of a customer’s order; in such instances, the amounts for these customer funded development efforts are also included in “Cost of sales - equipment and other” in the Condensed Consolidated Statements of Operations.

The following table presents the research and development costs incurred:


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Cost of sales - equipment and other	$	8,436	$	9,241	$	35,011	$	26,765
Research and development expenses	$	4,358	$	6,464	$	14,356	$	21,560

Fair Value Measurements

We determine fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Market or observable inputs are the preferred source of values, followed by unobservable inputs or assumptions based on hypothetical transactions in the absence of market inputs. We apply the following hierarchy in determining fair value:

●

Level 1, defined as observable inputs being quoted prices in active markets for identical assets;

●

Level 2, defined as observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets and liabilities in active markets; and quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

●

Level 3, defined as unobservable inputs for which little or no market data exists, consistent with reasonably available assumptions made by other participants therefore requiring assumptions based on the best information available.

As of September 30, 2024 and December 31, 2023, the carrying amount for cash and cash equivalents, trade accounts receivable (net of allowance for credit losses) and contract assets, and current liabilities (excluding the “Current portion of long-term debt and other notes payable”) was equal to or approximated fair value due to their short-term nature or proximity to current market rates.

Fair values of our marketable investment securities are measured on a recurring basis based on a variety of observable market inputs. For our investments in publicly traded equity securities and U.S. government securities, fair value ordinarily is determined based on Level 1 measurements that reflect quoted prices for identical securities in active markets. Fair values of our investments in other marketable debt securities are generally based on Level 2 measurements as the markets for such debt securities are less active. We consider trades of identical debt securities on or near the measurement date as a strong indication of fair value and matrix pricing techniques that consider par value, coupon rate, credit quality, maturity and other relevant features may also be used to determine fair value of our investments in marketable debt securities. Additionally, we use fair value measurements from time to time in connection with other investments, asset impairment testing and the assignment of purchase consideration to assets and liabilities of acquired companies. Those fair value measurements typically include significant unobservable inputs and are categorized within Level 3 of the fair value hierarchy. Transfers between levels in the fair value hierarchy are considered to occur at the beginning of the quarterly accounting period. See Note 4. Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments for the fair value of our marketable investment securities.

Fair values for our publicly traded debt securities are based on quoted market prices, when available. The fair values of private debt are based on, among other things, available trade information, and/or an analysis in which we evaluate market conditions, related securities, various public and private offerings, and other publicly available information. In performing this analysis, we make various assumptions regarding, among other things, credit spreads, and the impact of these factors on the value of the debt securities. See Note 9. Long-Term Debt and Other Notes Payable for the fair value of our long-term debt.

Government Funding

The Company is currently participating in two government programs: New York-Connect America Fund, New York Broadband, and prior to the program’s termination in June 2024, the company participated in the Affordable Connectivity Plan (“ACP”), with funding for the ACP ending in May 2024. 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 “Service revenue,” and associated expenses such as salaries and supplies are recorded in “Cost of services,” or “Selling, general and administrative expenses,” on our Condensed Consolidated Statement of Operations, depending on the nature of expenditure. We accrue for reimbursement requests submitted to government entities in “Trade accounts receivable and contract assets, net” on our Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2024, the Company recognized minimal and $6.6 million respectively, in “Service revenue” on our Condensed Consolidated Statement of Operations, respectively. As of September 30, 2024, we have trade accounts receivable of $1.2 million related to our government programs on our Condensed Consolidated Balance Sheets.

New Accounting Pronouncements

Joint Ventures. On August 23, 2023, the FASB issued ASU 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60) (“ASU 2023-05”), which requires an entity that qualifies as either a joint venture or a corporate joint venture as defined in the FASB Accounting Standards Codification (ASC) master glossary to apply a new basis of accounting upon the formation of the joint venture. This standard will be effective for all joint venture formations with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively if it has sufficient information. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued or made available for issuance. We plan to adopt the standard if applicable and we expect the adoption of the standard will have an immaterial impact on our disclosures.

Segment Reporting. On November 27, 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reporting Segment Disclosures (“ASU 2023-07”), which will enhance financial reporting by providing additional information about a public company’s significant segment expenses and more timely and detailed segment information reporting throughout the fiscal period. This standard will be effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We plan to adopt the standard when it becomes effective for us beginning in our fiscal year 2024 annual financial statements, and we expect the adoption of the standard will impact certain of our segment reporting disclosures.

Income Taxes. On December 14, 2023, the FASB issued ASU 2023-9, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (“ASU 2023-09”), which will enhance income tax disclosures. ASU 2023-09 requires among other items disaggregated information in a reporting entity’s rate reconciliation table, clarification on uncertain tax positions and the related financial statement impact as well as information on income taxes paid on a disaggregated basis. This standard will be effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are evaluating the impact the adoption of ASU 2023-09 will have on our Condensed Consolidated Financial Statements and related disclosures.

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS - Activity on Available-for-sale debt securities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS
Proceeds from sales	$ 71,586	$ 294,292	$ 203,307

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - License Fee Dispute - USD ($) $ in Millions	Sep. 01, 2020	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES
Payment schedule term	10 years
Gross amounts		$ 92
Accrual at carrying value		$ 55

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

RELATED PARTY TRANSACTIONS - ECHOSTAR (Tables)

9 Months Ended

Sep. 30, 2024

EchoStar

RELATED PARTY TRANSACTIONS

Schedule of related party transactions


		For the three months ended September 30,			For the nine months ended September 30,
	2024		2023		2024		2023
Service revenue - EchoStar	$	1,233	$	1,129	$	3,652	$	3,389


	As of
		September 30,		December 31,
	2024		2023
Related party receivables - EchoStar - non-current	$	75,021	$	61,283


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Operating expenses - EchoStar	$	21,479	$	17,167	$	62,080	$	58,314


	As of
		September 30,		December 31,
	2024		2023
Related party payables - EchoStar - current, net	$	22,446	$	195,558
Related party payables - EchoStar - non-current		27,039		26,453
Total related party payables - EchoStar	$	49,485	$	222,011
Operating lease liabilities - EchoStar - current		25,678		138,694
Operating lease liabilities - EchoStar - non-current		701,835		755,379
Total operating lease liabilities - EchoStar	$	727,513	$	894,073

DISH Network

RELATED PARTY TRANSACTIONS

Schedule of related party transactions


	For the three months ended					For the nine months ended
	September 30,					September 30,
	2024		2023		2024		2023
Service revenue - DISH Network	$	2,170	$	3,015	$	6,911	$	9,620


		For the three months ended				For the nine months ended
		September 30,				September 30,
	2024		2023		2024		2023
Operating expenses - DISH Network	$	1,801	$	1,154	$	4,985	$	3,408

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Available-for-sale debt securities:
Total marketable investment securities	$ 417,743
Corporate bonds
Available-for-sale debt securities:
Total marketable investment securities	91,548
Commercial paper
Available-for-sale debt securities:
Total marketable investment securities	282,898
Other debt securities
Available-for-sale debt securities:
Total marketable investment securities	$ 43,297

PROPERTY AND EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2024

PROPERTY AND EQUIPMENT

Schedule of property and equipment, net


		As of
	Depreciable	September 30,		December 31,
	Life (In Years)	2024		2023
Equipment leased to customers	2 to 4	$	880,709	$	883,565
Satellites ⁽¹⁾	5 to 15		1,215,037		1,506,541
Satellites acquired under finance lease agreements	15		356,432		368,384
Land	—		13,559		13,547
Buildings and improvements	1 to 40		129,364		115,354
Furniture, fixtures, equipment and other	1 to 12		991,615		977,154
Construction in progress	—		7,568		28,217
Total property and equipment			3,594,284		3,892,762
Accumulated depreciation			(2,446,865)		(2,642,688)
Property and equipment, net		$	1,147,419	$	1,250,074

(1)	The Spaceway 3 satellite was deorbited in January 2024.


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Equipment leased to customers	$	15,375	$	41,236	$	87,075	$	127,879
Satellites		26,357		26,973		79,902		78,818
Buildings, furniture, fixtures, equipment and other		33,690		12,770		63,767		39,405
Software and computer equipment		6,471		7,238		19,674		21,383
Intangible assets and other amortization expense		8,826		8,413		27,176		24,719
Total depreciation and amortization expense	$	90,719	$	96,630	$	277,594	$	292,204

Schedule of satellites


		Degree Orbital	Lease
		Location	Termination
Satellites	Launch Date	(Longitude)	Date
Owned:
EchoStar XVII	July 2012	107 W	N/A
EchoStar XIX	December 2016	97.1 W	N/A
Al Yah 3 ("AY3")⁽¹⁾	January 2018	20 W	N/A
EchoStar IX	August 2003	121 W	N/A

Finance leases:
Eutelsat 65 West A	March 2016	65 W	July 2031
Telesat T19V	July 2018	63 W	August 2033
EchoStar 105/SES‑11	October 2017	105 W	November 2029

Operating leases:
EchoStar XXIV	July 2023	95.2 W	December 2030

(1)	We own the Ka-band and Ku-band payloads on this satellite.

INVENTORY

9 Months Ended

Sep. 30, 2024

INVENTORY

INVENTORY

NOTE 5. INVENTORY

Inventory consisted of the following:


	As of
	September 30, 2024		December 31, 2023
Raw materials	$	40,525	$	32,492
Work-in-process		32,528		32,832
Finished goods		99,182		101,912
Total inventory	$	172,235	$	167,236

LONG-TERM DEBT AND OTHER NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2024

LONG-TERM DEBT AND OTHER NOTES PAYABLE

Schedule of carrying amount and fair value of debt


	As of
	September 30, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior Secured Notes:
5 1/4% Senior Secured Notes due 2026	$	750,000	$	692,993	$	750,000	$	665,678
Senior Unsecured Notes:
6 5/8% Senior Unsecured Notes due 2026		750,000		645,390		750,000		591,525
Subtotal		1,500,000	$	1,338,383		1,500,000	$	1,257,203
Less: Unamortized debt issuance costs		(1,734)		—		(2,391)		—
Other notes payable		43,496		—		46,594		—
Total long-term debt and other notes payable (including current portion)	$	1,541,762			$	1,544,203

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS - Other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS
Marketable and non-marketable investment securities - realized and unrealized gains (loss)		$ 22	$ 200	$ 252
Equity in earnings (losses) of unconsolidated affiliates	$ (1,325)	(1,978)	(3,848)	(3,075)
Foreign currency transaction gains (losses)	473	(1,521)	(2,323)	4,792
Other	(127)	(13)	(114)	(1,232)
Total	$ (979)	$ (3,490)	$ (6,085)	$ 737

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

LEASES - Future Operating Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
LEASES
2024 (remaining three months)	$ 7,286
2025	8,768
2026	5,978
2027	3,822
2028	847
Thereafter	448
Total lease payments to be received	$ 27,149

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Stockholder's equity (deficit):
Trade accounts receivable and contract assets	$ 15,363	$ 20,399
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	1,078	1,078
Common stock, shares outstanding (in shares)	1,078	1,078

PROPERTY AND EQUIPMENT - Narrative (Details) $ in Millions	9 Months Ended
PROPERTY AND EQUIPMENT - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) item lease	Dec. 31, 2023 USD ($)
PROPERTY AND EQUIPMENT
Number of satellite leases, finance leases \| lease	3
Number of satellite leases, operating leases \| lease	1
Satellite-related obligations
PROPERTY AND EQUIPMENT
Satellite-related obligations \| $	$ 177.7	$ 193.3
Satellites
PROPERTY AND EQUIPMENT
Number of satellites utilized in geostationary orbit approximately 22,300 miles above the equator	8
Satellites in geosynchronous orbit length above equator	22,300
Satellites
PROPERTY AND EQUIPMENT
Number of satellites utilized in geostationary orbit approximately 22,300 miles above the equator	4
Satellites - acquired under finance leases
PROPERTY AND EQUIPMENT
Number of satellites utilized under capital lease	4
Level 2
PROPERTY AND EQUIPMENT
Obligations, fair value disclosure \| $	$ 42.3	$ 46.3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 382,396	$ 411,205	$ 1,152,019	$ 1,300,067
Costs and expenses (exclusive of depreciation and amortization):
Selling, general and administrative expenses	98,285	104,078	294,993	325,726
Depreciation and amortization	90,719	96,630	277,594	292,204
Total costs and expenses	435,126	375,623	1,295,936	1,165,576
Operating income (loss)	(52,730)	35,582	(143,917)	134,491
Other income (expense):
Interest income, net	2,322	22,807	22,892	60,911
Interest expense, net of amounts capitalized	(24,695)	(22,037)	(74,139)	(66,770)
Other-than-temporary impairment losses on equity method investments			0	(33,400)
Other, net (Note 4)	(979)	(3,490)	(6,085)	737
Total other income (expense), net	(23,352)	(2,720)	(57,332)	(38,522)
Income (loss) before income taxes	(76,082)	32,862	(201,249)	95,969
Income tax benefit (provision), net	15,822	(10,546)	32,848	(43,765)
Net income (loss)	(60,260)	22,316	(168,401)	52,204
Less: Net income (loss) attributable to non-controlling interests	(2,003)	(2,712)	(8,543)	(6,005)
Net income (loss) attributable to HSSC	(58,257)	25,028	(159,858)	58,209
Service revenue
Revenue:
Total revenue	295,935	357,501	919,344	1,102,689
Costs and expenses (exclusive of depreciation and amortization):
Cost of sales	171,880	131,790	514,444	396,685
Equipment sales and other revenue
Revenue:
Total revenue	86,461	53,704	232,675	197,378
Costs and expenses (exclusive of depreciation and amortization):
Cost of sales	$ 74,242	$ 43,125	$ 208,905	$ 150,961

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS - Schedule of fair value measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair value of marketable securities
Cash equivalents (including restricted)	$ 34,830	$ 1,176,356
Available-for-sale debt securities:
Total available-for-sale debt securities		417,743
Total marketable investment securities		417,743
Corporate bonds
Available-for-sale debt securities:
Total available-for-sale debt securities		91,548
Commercial paper
Available-for-sale debt securities:
Total available-for-sale debt securities		282,898
Other debt securities
Available-for-sale debt securities:
Total available-for-sale debt securities		43,297
Level 1
Fair value of marketable securities
Cash equivalents (including restricted)	32,998	177,009
Available-for-sale debt securities:
Total marketable investment securities		38,799
Level 1 \| Other debt securities
Available-for-sale debt securities:
Total available-for-sale debt securities		38,799
Level 2
Fair value of marketable securities
Cash equivalents (including restricted)	$ 1,832	999,347
Available-for-sale debt securities:
Total marketable investment securities		378,944
Level 2 \| Corporate bonds
Available-for-sale debt securities:
Total available-for-sale debt securities		91,548
Level 2 \| Commercial paper
Available-for-sale debt securities:
Total available-for-sale debt securities		282,898
Level 2 \| Other debt securities
Available-for-sale debt securities:
Total available-for-sale debt securities		$ 4,498

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2024

COMMITMENTS AND CONTINGENCIES

Schedule of components of the accrual


	As of
	September 30, 2024		December 31, 2023
Additional license fees	$	3,386	$	3,405
Penalties		3,475		3,495
Interest and interest on penalties		85,420		82,627
Less: Payments		(37,729)		(27,807)
Total accrual		54,552		61,720
Less: Current portion		10,074		10,130
Total long-term accrual	$	44,478	$	51,590

SEGMENT REPORTING - Narrative (Details)	9 Months Ended
SEGMENT REPORTING - Narrative (Details)	Sep. 30, 2024 segment
SEGMENT REPORTING
Number of operating segments	2

ORGANIZATION AND BUSINESS ACTIVITIES (Details)	9 Months Ended
ORGANIZATION AND BUSINESS ACTIVITIES (Details)	Sep. 30, 2024 segment
ORGANIZATION AND BUSINESS ACTIVITIES
Number of operating segments	2
Number of reportable segments	1

REVENUE RECOGNITION - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUE RECOGNITION
Total revenue	$ 382,396	$ 411,205	$ 1,152,019	$ 1,300,067
Service revenue
REVENUE RECOGNITION
Total revenue	295,935	357,501	919,344	1,102,689
Services
REVENUE RECOGNITION
Total revenue	290,937	345,883	903,486	1,066,553
Lease revenue
REVENUE RECOGNITION
Total revenue	4,998	11,618	15,858	36,136
Equipment sales and other revenue
REVENUE RECOGNITION
Total revenue	86,461	53,704	232,675	197,378
Equipment
REVENUE RECOGNITION
Total revenue	46,907	24,696	130,496	72,348
Design, development and construction services
REVENUE RECOGNITION
Total revenue	36,570	26,235	96,572	114,615
Lease revenue
REVENUE RECOGNITION
Total revenue	2,984	2,773	5,607	10,415
North America
REVENUE RECOGNITION
Total revenue	305,610	330,594	925,163	1,055,173
South and Central America
REVENUE RECOGNITION
Total revenue	35,524	39,843	106,840	119,528
Other
REVENUE RECOGNITION
Total revenue	$ 41,262	$ 40,768	$ 120,016	$ 125,366

RELATED PARTY TRANSACTIONS - ECHOSTAR - Payables (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Related party payables - EchoStar - current, net	$ 99,046	$ 101,163
Operating lease liabilities - EchoStar - current	42,159	155,932
Operating lease liabilities - EchoStar - non-current	839,783	897,084
Total lease liabilities	881,942
EchoStar
RELATED PARTY TRANSACTIONS
Related party payables - EchoStar - current, net	22,446	195,558
Related party payables - EchoStar - non-current	27,039	26,453
Total related party payables - EchoStar	49,485	222,011
Operating lease liabilities - EchoStar - current	25,678	138,694
Operating lease liabilities - EchoStar - non-current	701,835	755,379
Total lease liabilities	727,513	894,073
Related Party \| DISH Network
RELATED PARTY TRANSACTIONS
Related party payables - EchoStar - current, net	$ 7,027	$ 1,847

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
PROPERTY AND EQUIPMENT
Total property and equipment	$ 3,594,284	$ 3,892,762
Accumulated depreciation	(2,446,865)	(2,642,688)
Property and equipment, net	1,147,419	1,250,074
Equipment leased to customers
PROPERTY AND EQUIPMENT
Total property and equipment	880,709	883,565
Satellites
PROPERTY AND EQUIPMENT
Total property and equipment	$ 1,215,037	1,506,541
Satellites acquired under finance lease agreements
PROPERTY AND EQUIPMENT
Depreciable Life (In Years)	15 years
Total property and equipment	$ 356,432	368,384
Land
PROPERTY AND EQUIPMENT
Total property and equipment	13,559	13,547
Buildings and improvements
PROPERTY AND EQUIPMENT
Total property and equipment	129,364	115,354
Furniture, fixtures, equipment and other
PROPERTY AND EQUIPMENT
Total property and equipment	991,615	977,154
Construction in progress
PROPERTY AND EQUIPMENT
Total property and equipment	$ 7,568	$ 28,217
Minimum \| Equipment leased to customers
PROPERTY AND EQUIPMENT
Depreciable Life (In Years)	2 years
Minimum \| Satellites
PROPERTY AND EQUIPMENT
Depreciable Life (In Years)	5 years
Minimum \| Buildings and improvements
PROPERTY AND EQUIPMENT
Depreciable Life (In Years)	1 year
Minimum \| Furniture, fixtures, equipment and other
PROPERTY AND EQUIPMENT
Depreciable Life (In Years)	1 year
Maximum \| Equipment leased to customers
PROPERTY AND EQUIPMENT
Depreciable Life (In Years)	4 years
Maximum \| Satellites
PROPERTY AND EQUIPMENT
Depreciable Life (In Years)	15 years
Maximum \| Buildings and improvements
PROPERTY AND EQUIPMENT
Depreciable Life (In Years)	40 years
Maximum \| Furniture, fixtures, equipment and other
PROPERTY AND EQUIPMENT
Depreciable Life (In Years)	12 years

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	333-179121
Entity Registrant Name	Hughes Satellite Systems Corporation
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	45-0897865
Entity Address, Address Line One	9601 South Meridian Boulevard
Entity Address, City or Town	Englewood,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112-5308
City Area Code	303
Local Phone Number	723-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,078
Entity Central Index Key	0001533758
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31

RELATED PARTY TRANSACTIONS - ECHOSTAR

9 Months Ended

Sep. 30, 2024

RELATED PARTY TRANSACTIONS - ECHOSTAR

NOTE 13. RELATED PARTY TRANSACTIONS - ECHOSTAR

The following is a summary of the transactions and the terms of the underlying principal agreements that have had or may have an impact on our consolidated financial condition and results of operations.

Shared Corporate Services. We and EchoStar, including EchoStar’s other subsidiaries, have agreed that we shall each have the right, but not the obligation, to receive from the other certain shared corporate services, including among other things: treasury, tax, accounting and reporting, risk management, cybersecurity, legal, internal audit, human resources, and information technology. These shared corporate services are generally provided at cost. We and EchoStar, including EchoStar’s other subsidiaries, may each terminate a particular shared corporate service for any reason upon at least 30 days’ notice. We recorded these expenses within Operating expenses - EchoStar.

Service revenue — EchoStar

The following table presents our “Service revenue” from EchoStar:


		For the three months ended September 30,			For the nine months ended September 30,
	2024		2023		2024		2023
Service revenue - EchoStar	$	1,233	$	1,129	$	3,652	$	3,389

Receivables. EchoStar and its other subsidiaries reimburse us from time to time for amounts paid by us for costs and expenses attributable to EchoStar and its other subsidiaries.

The following table presents the corresponding related party receivables:


	As of
		September 30,		December 31,
	2024		2023
Related party receivables - EchoStar - non-current	$	75,021	$	61,283

Operating Expenses — EchoStar

The following table presents our operating expenses from EchoStar:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Operating expenses - EchoStar	$	21,479	$	17,167	$	62,080	$	58,314

This table does not include lease costs associated with the EchoStar XXIV lease. Refer to Note 8. Leases for further details on the EchoStar XXIV operating lease costs.

Payables. We reimburse EchoStar and its other subsidiaries from time to time for amounts paid by EchoStar and its other subsidiaries for costs and expenses attributable to us. The following table presents certain related party payables:


	As of
		September 30,		December 31,
	2024		2023
Related party payables - EchoStar - current, net	$	22,446	$	195,558
Related party payables - EchoStar - non-current		27,039		26,453
Total related party payables - EchoStar	$	49,485	$	222,011
Operating lease liabilities - EchoStar - current		25,678		138,694
Operating lease liabilities - EchoStar - non-current		701,835		755,379
Total operating lease liabilities - EchoStar	$	727,513	$	894,073

The Company settled its December 31, 2023 Related party payables - EchoStar - current, net with EchoStar in the first quarter of 2024.

Real Estate. We occupy certain office space in buildings owned or leased by EchoStar and its other subsidiaries and pay a portion of the taxes, insurance, utilities and maintenance of the premises in accordance with the percentage of the space we occupy.

Cash Advances. EchoStar and certain of its other subsidiaries have also provided cash advances to certain of our foreign subsidiaries to fund certain expenditures pursuant to loan agreements. Advances under these agreements bear interest at annual rates of three percent. Amounts payable under these agreements are included within Related party payables - EchoStar - non-current in the table above.

EchoStar Mobile Limited Service Agreements. We provide services and lease equipment to support the business of EchoStar Mobile Limited, a subsidiary of EchoStar that is licensed by the EU to provide mobile satellite services and complementary ground component services covering the entire EU using S-band spectrum. Generally, the amounts EchoStar’s other subsidiaries pay for these services are based on cost plus a fixed margin. We recorded revenue in “Service revenue” of $1.3 million and $1.1 million for the three months ended September 30, 2024, and 2023, respectively, and $3.7 million and $3.4 million for the nine months ended September 30, 2024, and 2023, respectively, related to these services. Additionally, we have converted the receivables for certain of these services into loans, bearing an annual interest rate of 5%. These loans are included within Related party receivables - EchoStar - non-current in the table above.

Construction Management Services for EchoStar XXIV satellite. In August 2017, a subsidiary of EchoStar entered into a contract with Maxar Space, LLC (formerly Space Systems/Loral, LLC), for the design and construction of the EchoStar XXIV satellite, a new, next-generation, high throughput geostationary satellite. We provided construction management services to EchoStar’s subsidiary for the construction of the EchoStar XXIV satellite. We charged EchoStar’s subsidiary and reduced our operating expenses by the costs of such services of $0.4 million and $1.4 million for the three and nine months ended September 30, 2023. The EchoStar XXIV satellite was placed into service in December 2023. No costs were incurred related to these services during the three and nine months ended September 30, 2024.

EchoStar XXIV Satellite Lease. Effective December 2023, we lease capacity of the EchoStar XXIV satellite under an operating lease from an affiliate of ours, EchoStar XXIV L.L.C., for a term of seven years for a monthly lease charge of $15.9 million. We prepaid $100.0 million in lease obligations under the agreement in March 2024 which is reflected in certain of the liabilities listed above. In June 2024, we prepaid an additional $85.0 million in lease obligations. The prepayments resulted in the lease liability and associated asset being remeasured.

Dividends. On February 15, 2024, our Board of Directors declared and approved payment of a cash dividend on our outstanding common stock to our shareholder and parent, EchoStar, in the amount of $529 million. Payment of this dividend was made in the first quarter of 2024.

On March 12, 2024, our Board of Directors declared and approved payment of a cash dividend on the Company’s outstanding common stock to our shareholder and parent, EchoStar, in the amount of $500 million. Payment of the dividend was made in the first quarter of 2024.

TerreStar Agreement. In March 2012, DISH Network completed its acquisition of substantially all the assets of TerreStar Networks Inc. (“TerreStar”). Prior to DISH Network’s acquisition of substantially all the assets of TerreStar and EchoStar’s completion of the Hughes Acquisition, TerreStar and Hughes Network Systems L.L.C. (“HNS”) entered into various agreements pursuant to which we provide, among other things, warranty, operations and maintenance and hosting services for TerreStar’s ground-based communications equipment (the “TerreStar Agreements”).

In December 2017, we and DISH Network amended these agreements, effective as of January 1, 2018, to reduce certain pricing terms through December 31, 2023 and to modify certain termination provisions. DISH Network generally has the right to continue to receive warranty services from us for our products on a month-to-month basis unless terminated by DISH Network upon at least 21 days’ written notice to us. DISH Network generally has the right to continue to receive operations and maintenance services from us on a quarter-to-quarter basis unless these services are terminated by DISH Network upon at least 90 days’ written notice to us. In addition, DISH Network generally may terminate any and all services for convenience subject to providing us with prior notice and/or payment of termination charges. In March 2020, we entered into an agreement with DISH Network pursuant to which we perform certain work and provide certain credits to amounts owed to us under the TerreStar Agreements in exchange for DISH Network’s granting us rights to use certain satellite capacity under the Amended and Restated Professional Services Agreement (as defined below). As a result, we and DISH Network amended the TerreStar Agreements to suspend our provision of warranty services to DISH Network from April 2020 through December 2020. Following the expiration of this suspension, we have recommenced providing warranty services to DISH Network. In May 2022, we and DISH Network amended the agreement for the provision of hosting services to extend the term until May 2027. We and DISH Network amended the agreements for warranty, operations, and maintenance services for TerreStar ground-based communications equipment, effective as of January 1, 2024, to extend the existing pricing and other terms through December 31, 2024.

TerreStar Solutions. EchoStar owns a 33% interest, on a fully diluted basis, in TerreStar Solutions, Inc. (“TSI”), an entity that provides wireless mobile communication coverage in Canada using a satellite user terminal. In May 2018, we and TSI entered into an equipment and services agreement pursuant to which we design, manufacture and install upgraded ground communications network equipment for TSI’s network and provide, among other things, warranty and support services. We recognized revenue from TSI of $0.5 million and $0.5 million for the three months ended September 30, 2024 and 2023, respectively, and $1.4 million and $1.4 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, we had no trade accounts receivable from TSI.

DBSD North America Agreement. In March 2012, DISH Network completed its acquisition of all of the equity of DBSD North America, Inc. (“DBSD North America”). Following the Merger, Dish Network’s ownership of DBSD North America was sold to our parent company, EchoStar, such that EchoStar now owns all of the equity of DBSD North America. Prior to DISH Network’s acquisition of DBSD North America and EchoStar’s completion of the Hughes Acquisition, DBSD North America and HNS entered into various agreements pursuant to which we provide, among other things, warranty, operations and maintenance and hosting services of DBSD North America’s gateway and ground-based communications equipment. In December 2017, we and DBSD North America amended these agreements, effective as of January 1, 2018, to reduce certain pricing terms through December 31, 2023 and to modify certain termination provisions. DBSD North America has the right to continue to receive operations and maintenance services from us on a quarter-to-quarter basis, unless terminated by DBSD North America upon at least 120 days’ written notice to us. In February 2019, we further amended these agreements to provide DBSD North America with the right to continue to receive warranty services from us on a month-to-month basis until December 2023, unless terminated by DBSD North America upon at least 21 days’ written notice to us. The provision of hosting services will continue until February 2027 unless terminated by DBSD North America upon at least 180 days’ written notice to us. In addition, DBSD North America generally may terminate any and all such services for convenience, subject to providing us with prior notice and/or payment of termination charges. We and DBSD North America amended the agreements for warranty, operations, and maintenance services for DBSD’s gateway and ground-based communications equipment, effective as of January 1, 2024, to extend the existing pricing and other terms through December 31, 2024.

Transactions with DISH Network Corporation. EchoStar and DISH Network operated as separate publicly-traded companies after 2008 (the “Spin-off”) and before the closing of the Merger. A substantial majority of the voting power of the shares of each of EchoStar and DISH Network is owned beneficially by Charles W. Ergen, our Chairman, and by certain entities established for the benefit of his family. At 11:59pm EST on December 31, 2023, EchoStar and DISH Network consummated a merger with DISH Network surviving as a wholly owned subsidiary of EchoStar. See Note 1 - Organization and Business Activities for further details on the merger with DISH Network.

Service Revenue — DISH Network

The following table presents our Services revenue - DISH Network:


	For the three months ended					For the nine months ended
	September 30,					September 30,
	2024		2023		2024		2023
Service revenue - DISH Network	$	2,170	$	3,015	$	6,911	$	9,620

The following table presents the related trade accounts receivable:

Telesat Obligation Agreement. In September 2009, we entered into an agreement with Telesat Canada to lease satellite capacity from Telesat Canada on all 32 direct broadcast satellite (“DBS”) transponders on the Nimiq 5 satellite at the 72.7 degree west longitude orbital location (the “Telesat Transponder Agreement”). In September 2009, we entered into an agreement with DISH Network, pursuant to which DISH Network leased satellite capacity from us on all 32 of the DBS transponders covered by the Telesat Transponder Agreement (the “DISH Nimiq 5 Agreement”). Under the terms of the DISH Nimiq 5 Agreement, DISH Network made certain monthly payments to us that commenced in September 2009, when the Nimiq 5 satellite was placed into service. We transferred the Telesat Transponder Agreement to DISH Network in September 2019, however, we retained certain obligations related to DISH Network’s performance under that agreement and we entered into an agreement with DISH Network whereby DISH Network compensates us for retaining such obligations.

Hughes Broadband Distribution Agreement. Effective October 2012, we and DISH Network entered into a distribution agreement (the “Distribution Agreement”) pursuant to which DISH Network has the right, but not the obligation, to market, sell and distribute our Gen 4 HughesNet service. DISH Network pays us a monthly per subscriber wholesale service fee for our Gen 4 HughesNet service based upon a subscriber’s service level and based upon certain volume subscription thresholds. The Distribution Agreement also provides that DISH Network has the right, but not the obligation, to purchase certain broadband equipment from us to support the sale of the Gen 4 HughesNet service. In February 2014, we and DISH Network entered into an amendment to the Distribution Agreement which, among other things, extended the initial term of the Distribution Agreement until March 2024. The Distribution Agreement had an initial term of five years with automatic renewal for successive one-year terms unless terminated by either party with a written notice at least 180 days before the expiration of the then-current term. Upon expiration or termination of the Distribution Agreement, we and DISH Network will continue to provide our Gen 4 HughesNet service to the then-current DISH Network subscribers pursuant to the terms and conditions of the Distribution Agreement.

Hughes Equipment and Services Agreement. In February 2019, we and DISH Network entered into an agreement pursuant to which we will sell to DISH Network our HughesNet Service and HughesNet equipment that has been modified to meet DISH Network’s internet-of-things specifications for the transfer of data to DISH Network’s network operations centers. This agreement has an initial term of five years expiring February 2024 with automatic renewal for successive one-year terms unless terminated by DISH Network with at least 180 days’ written notice to us or by us with at least 365 days’ written notice to DISH Network.

Operating Expenses — DISH Network

The following table presents our operating expenses related to DISH Network:


		For the three months ended				For the nine months ended
		September 30,				September 30,
	2024		2023		2024		2023
Operating expenses - DISH Network	$	1,801	$	1,154	$	4,985	$	3,408

The following table presents the related trade accounts payable:

Amended and Restated Professional Services Agreement. In connection with the Spin-off, EchoStar entered into various agreements with DISH Network including a transition services agreement, satellite procurement agreement and services agreement, all of which expired in January 2010 and were replaced by a professional services agreement (the “Professional Services Agreement”). In January 2010, EchoStar and DISH Network agreed that EchoStar and its subsidiaries shall continue to have the right, but not the obligation, to receive the following services from DISH Network, among others, certain of which were previously provided under a transition services agreement: information technology, travel and event coordination, internal audit, legal, accounting and tax, benefits administration, program acquisition services and other support services. Additionally, EchoStar and DISH Network agreed that DISH Network would continue to have the right, but not the obligation, to engage EchoStar and its subsidiaries to manage the process of procuring new satellite capacity for DISH Network (previously provided under a satellite procurement agreement), receive logistics, procurement and quality assurance services from EchoStar and its subsidiaries (previously provided under a services agreement) and provide other support services. In connection with the consummation of the Share Exchange, EchoStar and DISH Network amended and restated the Professional Services Agreement (as amended to date, the “Amended and Restated Professional Services Agreement”) to provide that EchoStar and its subsidiaries and DISH Network shall have the right to receive additional services that either EchoStar and its subsidiaries or DISH Network may require as a result of the Share Exchange, including access to antennas owned by DISH Network for our use in performing TT&C services and maintenance and support services for our antennas (collectively, the “TT&C Antennas”). In September 2019, EchoStar and DISH Network further amended the Professional Services Agreement to provide that EchoStar and its subsidiaries and DISH Network shall have the right to receive additional services that either EchoStar and its subsidiaries or DISH Network may require. Additionally, the amended and Restated Professional Services Agreement, as further amended, removed our access to and the maintenance and support services for the TT&C Antennas. A portion of these costs and expenses have been allocated to us in the manner described above. The term of the Amended and Restated Professional Services Agreement is through January 1, 2025 and renews automatically for successive one-year periods thereafter, unless the agreement is terminated earlier by either party upon at least 60 days’ notice. We or DISH Network may generally terminate the Amended and Restated Professional Services Agreement in part with respect to any particular service it receives for any reason upon at least 30 days’ notice, unless the statement of work for particular services states otherwise. Certain services provided under the Amended and Restated Professional Services Agreement may survive the termination of the agreement.

Collocation and Antenna Space Agreements. We and DISH Network entered into an agreement pursuant to which DISH Network provided us with collocation space in El Paso, Texas. This agreement was for an initial period ending in July 2015, and provided us with renewal options for four consecutive three-year terms. We exercised our first renewal option for a period commencing in August 2015 and ending in July 2018, in April 2018 we exercised our second renewal option for a period ending in July 2021, and in May 2021 we exercised our third renewal option for a period ending in July 2024 Effective March 2017, we also entered into certain agreements pursuant to which DISH Network provides collocation and antenna space to EchoStar through February 2022 at the following locations: Cheyenne, Wyoming; Gilbert, Arizona; New Braunfels, Texas; Monee, Illinois; Spokane, Washington; and Englewood, Colorado. In October 2019, we provided a termination notice for our New Braunfels, Texas agreement effective May 2020. In November 2020, we provided a termination notice for one of our Englewood, Colorado agreements effective May 2021. In November 2021, we exercised our right to renew the collocation agreements at Gilbert, Arizona, Cheyenne, Wyoming, Spokane, Washington, Englewood, Colorado and Monee, Illinois for a period ending in February 2025. In August 2017, we and DISH Network also entered into certain other agreements pursuant to which DISH Network provides additional collocation and antenna space to us in Monee, Illinois and Spokane, Washington through August 2022. In May 2022, we exercised our right to renew such other agreements at Monee, Illinois and Spokane, Washington through August 2025. In January 2022, we and DISH Network entered into an agreement pursuant to which DISH Network provides additional collocation and antenna space to us in Englewood, Colorado through December 2026. In March 2024, we provided a termination notice for our Spokane, Washington agreement, effective April 2024. Generally, we may renew our collocation and antenna space agreements for three-year periods by providing DISH Network with prior written notice no more than 120 days but no less than 90 days prior to the end of the then-current term. We may terminate certain of these agreements within 180 days’ prior written notice. The fees for the services provided under these agreements depend on the number of racks located at the location.

We entered into an agreement pursuant to which DISH Network provides us with antenna space and power in Cheyenne, Wyoming for a period of five years commencing in August 2020, with four three-year renewal terms, with prior written notice of renewal required no more than 120 days but no less than 90 days prior to the end of the then-current term. In March 2021, we entered into additional agreements pursuant to which DISH Network provides us with antenna space and power in Cheyenne, Wyoming, and the right to use an antenna and certain space in Gilbert, Arizona. Both agreements are for a period of five years with four three-year renewal terms, with prior written notice of renewal required no more than 120 days but no less than 90 days prior to the end of the then-current term.

Hughes Broadband Master Services Agreement. In conjunction with the launch of our EchoStar XIX satellite, in March 2017, we and DISH Network entered into a master service agreement (the “Hughes Broadband MSA”) pursuant to which DISH Network, among other things: (i) has the right, but not the obligation, to market, promote and solicit orders and upgrades for our Gen 5 HughesNet service and related equipment and other telecommunication services and (ii) installs Gen 5 HughesNet service equipment with respect to activations generated by DISH Network. Under the Hughes Broadband MSA, we and DISH Network make certain payments to each other relating to sales, upgrades, purchases and installation services. The current term of the Hughes Broadband MSA is through March 2024 with automatic renewal for successive one-year terms. Either party has the ability to terminate the Hughes Broadband MSA, in whole or in part, for any reason upon at least 90 days’ notice to the other party. Upon expiration or termination of the Hughes Broadband MSA, we will continue to provide our Gen 5 HughesNet service to subscribers and make certain payments to DISH Network pursuant to the terms and conditions of the Hughes Broadband MSA. We incurred sales incentives and other costs under the Hughes Broadband MSA totaling $0.1 million and $0.5 million for the three months ended September 30, 2024 and 2023, respectively, and $0.4 million and $1.4 million for the nine months ended September 30, 2024 and 2023, respectively.

2019 TT&C Agreement. In September 2019, we and a subsidiary of EchoStar entered into an agreement pursuant to which DISH Network provides TT&C services to us and EchoStar and its other subsidiaries for a period ending in September 2021, with the option for a subsidiary of EchoStar to renew for a one-year period upon written notice at least 90 days prior to the initial expiration (the “2019 TT&C Agreement”). The fees for services provided under the 2019 TT&C Agreement are calculated at either: (i) a fixed fee or (ii) cost plus a fixed margin, which will vary depending on the nature of the services provided. Any party is able to terminate the 2019 TT&C Agreement for any reason upon 12 months’ notice. We have exercised our option to renew the 2019 TT&C Agreement on several occasions, and its current term expires in September 2025.

Referral Marketing Agreement. In June 2021, we and DISH Network entered into an agreement pursuant to which we will pre-qualify prospects contacting Hughes call centers and transfer those prospects to DISH Network for introduction to DISH Network’s video services, for prospects that convert Hughes will receive a commission. This agreement has an indefinite term and may be terminated by either party upon 90 days’ prior written notice.

Whidbey Island 5G Network Test Bed Subcontract. In June 2022, we and DISH Wireless entered into a subcontract (“DISH Subcontract”) pursuant to which DISH Wireless will provide access and use of a DISH Wireless lab, technical support and integration and testing support for the 5G network test bed to be delivered by Hughes to its customer. DISH Wireless additionally has agreed to lease certain licensed wireless spectrum to Hughes in connection with the project. Between June 2022 and October 2023 the scope of the DISH Subcontract has expanded to include additional spectrum leases and construction and related services work at Whidbey Island and the Lualualei Annex.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

RELATED PARTY TRANSACTIONS - ECHOSTAR - Services and Other Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
RELATED PARTY TRANSACTIONS
Total revenue	$ 382,396	$ 411,205	$ 1,152,019	$ 1,300,067
Service revenue
RELATED PARTY TRANSACTIONS
Total revenue	295,935	357,501	919,344	1,102,689
EchoStar \| Service revenue
RELATED PARTY TRANSACTIONS
Total revenue	1,233	1,129	3,652	3,389
Related Party \| DISH Network
RELATED PARTY TRANSACTIONS
Total revenue	$ 2,170	$ 3,015	$ 6,911	$ 9,620

- Definition

+ References

+ Details

LONG-TERM DEBT AND OTHER NOTES PAYABLE

9 Months Ended

Sep. 30, 2024

LONG-TERM DEBT AND OTHER NOTES PAYABLE

LONG-TERM DEBT AND OTHER NOTES PAYABLE

NOTE 9. LONG-TERM DEBT AND OTHER NOTES PAYABLE

The following table summarizes the carrying amount and fair value of our debt facilities as of September 30, 2024 and December 31, 2023:


	As of
	September 30, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Senior Secured Notes:
5 1/4% Senior Secured Notes due 2026	$	750,000	$	692,993	$	750,000	$	665,678
Senior Unsecured Notes:
6 5/8% Senior Unsecured Notes due 2026		750,000		645,390		750,000		591,525
Subtotal		1,500,000	$	1,338,383		1,500,000	$	1,257,203
Less: Unamortized debt issuance costs		(1,734)		—		(2,391)		—
Other notes payable		43,496		—		46,594		—
Total long-term debt and other notes payable (including current portion)	$	1,541,762			$	1,544,203

We estimated the fair value of our publicly traded long-term debt using market prices in less active markets (Level 2).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

All amounts presented in these Condensed Consolidated Financial Statements are expressed in thousands of U.S. dollars unless otherwise noted.

Principles of Consolidation

Use of Estimates

Concentration of Credit Risk

Contract Acquisition Costs

Advertising Costs

Research and Development

The following table presents the research and development costs incurred:


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Cost of sales - equipment and other	$	8,436	$	9,241	$	35,011	$	26,765
Research and development expenses	$	4,358	$	6,464	$	14,356	$	21,560

Fair Value Measurements

●

Level 1, defined as observable inputs being quoted prices in active markets for identical assets;

●

Government Funding

New Accounting Pronouncements

Income Taxes. On December 14, 2023, the FASB issued ASU 2023-9, Income Taxes (Topic 740):

RELATED PARTY TRANSACTIONS - OTHER - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deluxe/EchoStar LLC
RELATED PARTY TRANSACTIONS
Trade accounts receivable	$ 1,245	$ 1,247
Broadband Connectivity Solutions
RELATED PARTY TRANSACTIONS
Trade accounts receivable	$ 2,229	$ 3,333

LEASES - Schedule of Lease Cost, Weighted Average Term, Discount Rates and Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lease cost:
Operating leases cost	$ 6,538	$ 6,940	$ 18,733	$ 20,039
Operating lease cost	54,213	6,940	161,758	20,039
Finance lease cost:
Amortization of right-of-use assets	12,714	4,312	18,027	19,927
Total finance lease cost	12,714	4,312	18,027	19,927
Total lease cost	$ 66,927	$ 11,252	$ 179,785	39,966
Weighted-average remaining lease term:
Operating leases	6 years 10 months 24 days		6 years 10 months 24 days		7 years 6 months
Weighted-average discount rate:
Operating leases	12.00%		12.00%		12.10%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$ 267,244	19,883
Operating cash flows from finance leases			0	0
Financing cash flows from finance leases			0	$ 0
EchoStar XXIV
Lease cost:
Operating lease cost	$ 47,675		$ 143,025

REVENUE RECOGNITION - Schedule of Components of Contract Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Trade accounts receivable and contract assets, net:
Contract assets	$ 98,241	$ 66,095
Contract liabilities:
Current	74,551	116,187
Non-current	1,175	7,401
Total contract liabilities	75,726	$ 123,588
Revenue recognized	$ 96,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (168,401)	$ 52,204
Adjustments to reconcile net income (loss) to cash flows provided by (used for) operating activities:
Depreciation and amortization	277,594	292,204
Losses (gains) on investments, net	(200)	(252)
Equity in losses (earnings) of unconsolidated affiliates, net	3,848	3,075
Foreign currency transaction losses (gains), net	2,323	(4,792)
Deferred tax provision (benefit), net	(64,538)	11,036
Stock-based compensation	3,099	3,175
Amortization of debt issuance costs	657	619
(Accretion of discounts) and amortization of premiums on debt investments	(939)	(20,010)
Other-than-temporary impairment losses on equity method investments	0	33,400
Other, net	0	2,430
Changes in assets and liabilities, net:
Trade accounts receivable and contract assets, net	(3,807)	1,457
Changes in allowance for credit losses	(5,036)	1,364
Other current assets, net	(45,704)	(30,638)
Trade accounts payable	9,540	(21,338)
Contract liabilities	(41,636)	549
Accrued expenses and other current liabilities	(312,192)	4,516
Non-current assets and non-current liabilities, net	19,236	(18,964)
Net cash provided by (used for) operating activities	(326,156)	310,035
Cash flows from investing activities:
Purchases of marketable investment securities	0	(964,388)
Sales and maturities of marketable investment securities	414,323	1,092,773
Expenditures for property and equipment	(168,097)	(142,319)
Expenditures for externally marketed software	(19,297)	(22,373)
Return of equity investment	20,000	0
Dividend received from unconsolidated affiliate	4,500	0
Net cash provided by (used for) investing activities	251,429	(36,307)
Cash flows from financing activities:
Payment of in - orbit incentive obligations	(1,480)	(3,144)
Dividends to EchoStar Corporation	(1,029,000)	0
Other, net	895	0
Net cash provided by (used for) financing activities	(1,029,585)	(3,144)
Effect of exchange rates on cash and cash equivalents	(3,476)	1,524
Net increase (decrease) in cash and cash equivalents	(1,107,788)	272,108
Cash and cash equivalents, including restricted amounts, beginning of period (Note 4)	1,277,741	654,473
Cash and cash equivalents, including restricted amounts, end of period (Note 4)	$ 169,953	$ 926,581

RELATED PARTY TRANSACTIONS - OTHER - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
RELATED PARTY TRANSACTIONS
Return of equity investment				$ 20,000	$ 0
Other-than-temporary impairment losses on equity method investments				$ 0	$ 33,400
Deluxe/EchoStar LLC
RELATED PARTY TRANSACTIONS
Equity interest, percentage in joint venture	50.00%			50.00%
Broadband Connectivity Solutions
RELATED PARTY TRANSACTIONS
Equity interest, percentage in joint venture	20.00%			20.00%
Return of equity investment				$ 20,000
Other-than-temporary impairment losses on equity method investments			$ 33,000
Hughes Systique
RELATED PARTY TRANSACTIONS
Ownership interest in related party (as a percent)				42.00%
Deluxe/EchoStar LLC
RELATED PARTY TRANSACTIONS
Proceeds from dividends received	$ 1,500	$ 3,000

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
INVENTORY
Raw materials	$ 40,525	$ 32,492
Work-in-process	32,528	32,832
Finished goods	99,182	101,912
Total inventory	$ 172,235	$ 167,236

LEASES - Schedule of Lease Liability Maturity (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Operating Leases
2024 (remaining three months)	$ 6,513
2025	173,165
2026	215,519
2027	214,095
2028	212,227
Thereafter	483,503
Total future minimum lease payments	1,305,022
Less: Interest	(423,080)
Total lease liabilities	$ 881,942

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS
Restricted cash	$ 1,600		$ 1,100
Return of equity investment	20,000	$ 0
Level 3
MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS
Fair value investments transferred	$ 0		$ 0
Deluxe/EchoStar LLC
MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS
Equity interest, percentage in joint venture	50.00%
Broadband Connectivity Solutions
MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS
Equity interest, percentage in joint venture	20.00%
Return of equity investment	$ 20,000
Hughes Systique
MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS
Ownership interest in related party (as a percent)	42.00%

RELATED PARTY TRANSACTIONS - OTHER (Tables)

9 Months Ended

Sep. 30, 2024

Deluxe/EchoStar LLC

RELATED PARTY TRANSACTIONS

Schedule of transactions


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Revenue from Deluxe	$	1,331	$	1,445	$	4,080	$	4,233

Broadband Connectivity Solutions

RELATED PARTY TRANSACTIONS

Schedule of transactions


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Revenue from BCS	$	979	$	924	$	2,328	$	2,573

Hughes Systique

RELATED PARTY TRANSACTIONS

Schedule of other investment transactions


	For the three months ended		For the nine months ended
		September 30,	September 30,
	2024		2024
Purchases from Hughes Systique	$	4,236	$	13,211

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2024

SEGMENT REPORTING

Schedule of total revenue, capital expenditures and EBITDA by operating segments


			Corporate		Consolidated
	Hughes		and Other		Total
For the three months ended September 30, 2024
External revenue	$	381,100	$	1,296	$	382,396

Capital expenditures	$	44,448	$	—	$	44,448
EBITDA	$	56,386	$	(17,373)	$	39,013

For the three months ended September 30, 2023
External revenue	$	404,209	$	6,996	$	411,205

Capital expenditures	$	51,214	$	130	$	51,344
EBITDA	$	142,204	$	(10,770)	$	131,434


For the nine months ended September 30, 2024
External revenue	$	1,148,129	$	3,890	$	1,152,019

Capital expenditures	$	167,902	$	195	$	168,097
EBITDA	$	187,463	$	(51,328)	$	136,135

For the nine months ended September 30, 2023
External revenue	$	1,279,739	$	20,328	$	1,300,067

Capital expenditures	$	142,189	$	130	$	142,319
EBITDA	$	440,435	$	(40,398)	$	400,037

Schedule of reconciliation of EBITDA to reported income (loss) before income taxes


		For the three months ended				For the nine months ended
		September 30,				September 30,
	2024		2023		2024		2023
Net income (loss)	$	(60,260)	$	22,316	$	(168,401)	$	52,204
Interest income, net		(2,322)		(22,807)		(22,892)		(60,911)
Interest expense, net of amounts capitalized		24,695		22,037		74,139		66,770
Income tax provision (benefit), net		(15,822)		10,546		(32,848)		43,765
Depreciation and amortization		90,719		96,630		277,594		292,204
Net loss (income) attributable to non-controlling interests		2,003		2,712		8,543		6,005
EBITDA	$	39,013	$	131,434	$	136,135	$	400,037

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 168,336	$ 1,276,623
Marketable investment securities		417,743
Trade accounts receivable and contract assets, net of allowance for credit losses of $15,363 and $20,399, respectively	239,953	233,915
Prepaids and other assets	48,722	24,769
Inventory	172,235	167,236
Other current assets, net	34,412	18,562
Total current assets	663,658	2,138,848
Non-current assets:
Property and equipment, net	1,147,419	1,250,074
Operating lease right-of-use assets	966,581	1,031,303
Regulatory authorizations, net	405,323	407,819
Other intangible assets, net	11,684	13,401
Other investments, net	25,789	54,137
Other non-current assets, net	265,764	303,962
Total non-current assets	2,822,560	3,060,696
Total assets	3,486,218	5,199,544
Current liabilities:
Trade accounts payable	99,046	101,163
Contract liabilities	74,551	116,187
Accrued interest	16,200	39,075
Accrued compensation	32,466	38,333
Accrued expenses	61,342	45,863
Operating lease liabilities, current	42,159	155,932
Other current liabilities	49,295	240,128
Current portion of long-term debt and other notes payable	7,070	5,225
Total current liabilities	382,129	741,906
Non-current liabilities:
Long-term debt and other notes payable, net of current portion	1,534,692	1,538,978
Deferred tax liabilities, net	184,722	252,820
Operating lease liabilities, non - current	839,783	897,084
Other non-current liabilities	80,200	89,667
Total non-current liabilities	2,639,397	2,778,549
Total liabilities	3,021,526	3,520,455
Commitments and Contingencies (Note 10)
Stockholder's equity (deficit):
Preferred stock, $0.001 par value,1,000,000 shares authorized, none issued and outstanding at both September 30, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value, 1,000,000 shares authorized, 1,078 shares issued and outstanding at both September 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	1,487,163	1,484,064
Accumulated other comprehensive income (loss)	(168,696)	(152,491)
Accumulated earnings (losses)	(908,973)	279,885
Total HSSC stockholder's equity (deficit)	409,494	1,611,458
Non-controlling interests	55,198	67,631
Total stockholder's equity (deficit)	464,692	1,679,089
Total liabilities and stockholder's equity (deficit)	$ 3,486,218	$ 5,199,544

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS - Available-for-Sale debt securities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Securities
Amortized Cost	$ 417,679
Unrealized Gains	79
Unrealized Losses	(15)
Estimated Fair Value	417,743
Corporate bonds
Debt Securities
Amortized Cost	91,474
Unrealized Gains	79
Unrealized Losses	(5)
Estimated Fair Value	91,548
Commercial paper
Debt Securities
Amortized Cost	282,898
Estimated Fair Value	282,898
Other debt securities
Debt Securities
Amortized Cost	43,307
Unrealized Losses	(10)
Estimated Fair Value	$ 43,297

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) Program	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Program	Sep. 30, 2023 USD ($)	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Advertising expense	$ 11,100	$ 13,100	$ 34,600	$ 42,900
Number of government programs \| Program	2		2
Total revenue	$ 382,396	411,205	$ 1,152,019	1,300,067
One Customer \| Accounts Receivable \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of total revenue					19.00%
New York-Connect America Fund, New York Broadband, and Affordable Connectivity Plan
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Trade accounts receivable	1,200		1,200
Service revenue
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total revenue	295,935	$ 357,501	919,344	$ 1,102,689
Service revenue \| New York-Connect America Fund, New York Broadband, and Affordable Connectivity Plan
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total revenue	$ 6,600		$ 6,600

REVENUE RECOGNITION - Schedule of Allowance for Doubtful Accounts Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Allowance for credit losses
Balance at beginning of period	$ 20,399
Current period provision for expected losses	21,107
Write-offs charged against allowances	(25,880)
Foreign currency translation	(263)
Balance at end of period	$ 15,363

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS - Schedule of other investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other investments, net:
Equity method investments	$ 14,511	$ 42,859
Cost method investments	11,278	11,278
Total other investments, net	$ 25,789	$ 54,137

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2024

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

NOTE 6. PROPERTY AND EQUIPMENT

Property and Equipment

Property and equipment consisted of the following:


		As of
	Depreciable	September 30,		December 31,
	Life (In Years)	2024		2023
Equipment leased to customers	2 to 4	$	880,709	$	883,565
Satellites ⁽¹⁾	5 to 15		1,215,037		1,506,541
Satellites acquired under finance lease agreements	15		356,432		368,384
Land	—		13,559		13,547
Buildings and improvements	1 to 40		129,364		115,354
Furniture, fixtures, equipment and other	1 to 12		991,615		977,154
Construction in progress	—		7,568		28,217
Total property and equipment			3,594,284		3,892,762
Accumulated depreciation			(2,446,865)		(2,642,688)
Property and equipment, net		$	1,147,419	$	1,250,074

(1)	The Spaceway 3 satellite was deorbited in January 2024.

Depreciation and amortization expense consisted of the following:


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Equipment leased to customers	$	15,375	$	41,236	$	87,075	$	127,879
Satellites		26,357		26,973		79,902		78,818
Buildings, furniture, fixtures, equipment and other		33,690		12,770		63,767		39,405
Software and computer equipment		6,471		7,238		19,674		21,383
Intangible assets and other amortization expense		8,826		8,413		27,176		24,719
Total depreciation and amortization expense	$	90,719	$	96,630	$	277,594	$	292,204

Cost of sales and operating expense categories included in our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) do not include depreciation and amortization expense related to satellites, equipment leased to customers, and amortization of development costs of externally marketed software.

Satellites

As of September 30, 2024, our satellite fleet consisted of eight satellites in geosynchronous (“GEO”) orbit, approximately 22,300 miles above the equator, four of which we own and depreciate over their estimated useful life. We also lease four satellites, three of which are accounted for as finance leases and are depreciated over their economic life and one of which is accounted for as an operating lease.

As of September 30, 2024, our satellite fleet in service consisted of the following:


		Degree Orbital	Lease
		Location	Termination
Satellites	Launch Date	(Longitude)	Date
Owned:
EchoStar XVII	July 2012	107 W	N/A
EchoStar XIX	December 2016	97.1 W	N/A
Al Yah 3 ("AY3")⁽¹⁾	January 2018	20 W	N/A
EchoStar IX	August 2003	121 W	N/A

Finance leases:
Eutelsat 65 West A	March 2016	65 W	July 2031
Telesat T19V	July 2018	63 W	August 2033
EchoStar 105/SES‑11	October 2017	105 W	November 2029

Operating leases:
EchoStar XXIV	July 2023	95.2 W	December 2030

(1)	We own the Ka-band and Ku-band payloads on this satellite.

Satellite-Related Commitments

As of September 30, 2024 and December 31, 2023 our satellite-related commitments, excluding in-orbit incentives, were $177.7 million and $193.3 million, respectively. These include payments pursuant to regulatory authorizations, non-lease costs associated with our finance lease satellites, and commitments for satellite service arrangements.

In certain circumstances, the dates on which we are obligated to pay our contractual obligations could change.

Satellite Anomalies and Impairments

Except as described above, we are not aware of any new anomalies with respect to our owned or leased satellites or payloads that have had any significant adverse effect on their remaining useful lives, the commercial operation of the satellites or payloads or our operating results or financial position as of and for the three months ended September 30, 2024.

Satellite Insurance

We generally do not carry in-orbit insurance on our satellites or payloads because we have assessed that the cost of insurance is not economical relative to the risk of failures. Therefore, we generally bear the risk of any in-orbit failures.

Pursuant to the terms of our joint venture agreement with Yahsat, we are required to maintain insurance for the Al Yah 3 Brazilian payload during the commercial in-orbit service of such payload, subject to certain limitations on coverage. The insurance policies were procured by Yahsat, under which the Company and Yahsat are the beneficiaries of any claims in proportion to their shareholdings. An insurance claim was submitted in the second quarter of 2023 for compensation with respect to the reduction in estimated useful life of the Al Yah 3 satellite.

Fair Value of In-Orbit Incentives

As of September 30, 2024 and December 31, 2023, the fair values of our in-orbit incentive obligations approximated their carrying amounts of $42.3 million and $46.3 million, respectively.

PROPERTY AND EQUIPMENT - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Depreciation expense:
Intangible assets and other amortization expense	$ 8,826	$ 8,413	$ 27,176	$ 24,719
Total depreciation and amortization expense	90,719	96,630	277,594	292,204
Equipment leased to customers
Depreciation expense:
Depreciation	15,375	41,236	87,075	127,879
Satellites
Depreciation expense:
Depreciation	26,357	26,973	79,902	78,818
Buildings, furniture, fixtures, equipment and other
Depreciation expense:
Depreciation	33,690	12,770	63,767	39,405
Software and computer equipment
Depreciation expense:
Depreciation	$ 6,471	$ 7,238	$ 19,674	$ 21,383

LEASES - Lease Revenue By Lease Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Sales-type lease revenue:
Revenue at lease commencement	$ 2,508	$ 2,272	$ 4,052	$ 8,913
Interest income	476	501	1,555	1,502
Total sales-type lease revenue	2,984	2,773	5,607	10,415
Operating lease revenue	4,998	11,618	15,858	36,136
Total lease revenue	$ 7,982	$ 14,391	$ 21,465	$ 46,551
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenue	Total revenue	Total revenue	Total revenue
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenue	Total revenue	Total revenue	Total revenue

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2024

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

Schedule of marketable investment securities


	As of
	September 30, 2024		December 31, 2023
Marketable investment securities:
Available-for-sale debt securities:
Corporate bonds	$	—	$	91,548
Commercial paper		—		282,898
Other debt securities		—		43,297
Total marketable investment securities	$	—	$	417,743

Schedule of components of available-for-sale debt securities


	Amortized		Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
As of September 30, 2024
Corporate bonds	$	—	$	—	$	—	$	—
Commercial paper		—		—		—		—
Other debt securities		—		—		—		—
Total available-for-sale debt securities	$	—	$	—	$	—	$	—
As of December 31, 2023
Corporate bonds	$	91,474	$	79	$	(5)	$	91,548
Commercial paper		282,898		—		—		282,898
Other debt securities		43,307		—		(10)		43,297
Total available-for-sale debt securities	$	417,679	$	79	$	(15)	$	417,743

Schedule of activity on available-for-sale debt securities


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Proceeds from sales	$	—	$	71,586	$	294,292	$	203,307

Schedule of other investments, net


	As of
	September 30, 2024		December 31, 2023
Other investments, net:
Equity method investments (1)	$	14,511	$	42,859
Cost method investments		11,278		11,278
Total other investments, net	$	25,789	$	54,137

(1)	The decrease in equity method investments primarily results from our Broadband Connectivity Solutions (Restricted) Limited investment, discussed below.

Schedule of fair value on a recurring basis


	Level 1		Level 2		Total
As of September 30, 2024
Cash equivalents (including restricted)	$	32,998	$	1,832	$	34,830
Available-for-sale debt securities:
Corporate bonds	$	—	$	—	$	—
Commercial paper		—		—		—
Other debt securities		—		—		—
Total marketable investment securities	$	—	$	—	$	—

As of December 31, 2023
Cash equivalents (including restricted)	$	177,009	$	999,347	$	1,176,356
Available-for-sale debt securities:
Corporate bonds	$	—	$	91,548	$	91,548
Commercial paper		—		282,898		282,898
Other debt securities		38,799		4,498		43,297
Total marketable investment securities	$	38,799	$	378,944	$	417,743

Schedule of gains and losses on sales and changes in carrying amounts of investments and other


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Other, net:
Marketable and non-marketable investment securities - realized and unrealized gains (loss)	$	—	$	22	$	200	$	252
Equity in earnings (losses) of unconsolidated affiliates		(1,325)		(1,978)		(3,848)		(3,075)
Foreign currency transaction gains (losses)		473		(1,521)		(2,323)		4,792
Other		(127)		(13)		(114)		(1,232)
Total	$	(979)	$	(3,490)	$	(6,085)	$	737

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Research and Development (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cost of sales - equipment and other
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Research and development expenses	$ 8,436	$ 9,241	$ 35,011	$ 26,765
Research and development expenses
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Research and development expenses	$ 4,358	$ 6,464	$ 14,356	$ 21,560

SUPPLEMENTAL DATA - STATEMENTS OF CASH FLOWS - Schedule of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental disclosure of cash flow information:
Cash paid for interest, (including capitalized interest)	$ 96,858	$ 100,371
Cash received for interest	30,647	53,687
Cash paid for income taxes, net of (refunds)	198,694	3,233
Capitalized interest	0	8,114
Accrued capital expenditures	4,356	$ 8,209
EchoStar
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of (refunds)	$ 195,600

ORGANIZATION AND BUSINESS ACTIVITIES

9 Months Ended

Sep. 30, 2024

ORGANIZATION AND BUSINESS ACTIVITIES

ORGANIZATION AND BUSINESS ACTIVITIES

NOTE 1. ORGANIZATION AND BUSINESS ACTIVITIES

Principal Business

Hughes Satellite Systems Corporation (which, together with its subsidiaries, is referred to as “HSSC,” the “Company,” “we,” “us” and “our”) is a holding company and a subsidiary of EchoStar Corporation (“EchoStar” and “parent”). We were formed as a Colorado corporation in March 2011 to facilitate the acquisition by EchoStar (the “Hughes Acquisition”) of Hughes Communications, Inc. and its subsidiaries and related financing transactions. In connection with our formation, EchoStar contributed the assets and liabilities of its satellite services business to us, including the principal operating subsidiary of its satellite services business, EchoStar Satellite Services L.L.C. A substantial majority of the voting power of the shares of EchoStar is owned beneficially by Charles W. Ergen, our Chairman, and by certain entities established for the benefit of his family. During 2022, Hamid Akhavan joined the Company as its Chief Executive Officer and President.

We currently operate in two operating segments with one reportable segment and Corporate and Other:

●

Hughes segment — which provides broadband services to consumer customers, which include home and small to medium-sized businesses. We also provide satellite and multi-transport technologies and managed network services to telecommunications providers, aeronautical service providers, civilian and defense government entities, and other 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 other enterprise customers. We also offer a robust suite of integrated, multi-transport solutions to enable airline and airline service providers to deliver reliable in-flight network connectivity serving both commercial and business aviation. Revenue in our satellite services business 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. We currently lease the capacity of EchoStar XXIV from an affiliate of ours, EchoStar XXIV L.L.C., effective December 2023. The EchoStar XXIV satellite began service in December 2023, bringing additional broadband capacity across North and South America and is expected to be an integral part of our satellite service business.

●

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. During the nine months ended September 30, 2024, the ESS operating segment did not meet the quantitative thresholds as prescribed under ASC 280, Segment Reporting, for separate reportable segments, and is not expected to meet the quantitative thresholds or be of continuing significance in the future. As such, the ESS operating segment is no longer considered a reportable segment and we included the ESS operating segment results in Corporate and Other for all periods as presented in Note 11. Segment Reporting.

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 as presented in Note 11. 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 11. Segment Reporting for further detail.

On December 31, 2023, EchoStar completed the acquisition of DISH Network pursuant to the Amended and Restated Agreement and Plan of Merger, dated as of October 2, 2023 (the “Amended Merger Agreement”), by and among EchoStar, EAV Corp., a Nevada corporation and its wholly owned subsidiary (“Merger Sub”), and DISH Network, pursuant to which EchoStar acquired DISH Network by means of the merger of Merger Sub with and into DISH Network (the “Merger”), with DISH Network surviving the Merger as EchoStar’s wholly owned subsidiary. For further information, refer to the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10‑K for the year ended December 31, 2023.

With the Merger complete, EchoStar is currently focused on the process of integrating EchoStar’s and DISH Network’s business in a manner that facilitates synergies, cost savings and growth opportunities, and achieves other anticipated benefits.

RELATED PARTY TRANSACTIONS - ECHOSTAR - Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
EchoStar
RELATED PARTY TRANSACTIONS
Related party receivables - EchoStar - non-current	$ 75,021	$ 61,283
Related Party \| DISH Network
RELATED PARTY TRANSACTIONS
Trade accounts receivable	$ 11,341	$ 5,038

COMMITMENTS AND CONTINGENCIES - Accrual For License Fees (Details) - License Fee Dispute - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Total accrual	$ 55,000
Hughes Network Systems
COMMITMENTS AND CONTINGENCIES
Total accrual	54,552	$ 61,720
Less: Payments	(37,729)	(27,807)
Less: Current portion	10,074	10,130
Total long-term accrual	44,478	51,590
Additional license fees \| Hughes Network Systems
COMMITMENTS AND CONTINGENCIES
Total accrual	3,386	3,405
Penalties \| Hughes Network Systems
COMMITMENTS AND CONTINGENCIES
Total accrual	3,475	3,495
Interest and interest on penalties \| Hughes Network Systems
COMMITMENTS AND CONTINGENCIES
Total accrual	$ 85,420	$ 82,627

RELATED PARTY TRANSACTIONS - ECHOSTAR - Narrative (Details) $ in Thousands			1 Months Ended												3 Months Ended		9 Months Ended
	Mar. 12, 2024 USD ($)	Feb. 15, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2021	Mar. 31, 2021 item	Sep. 30, 2019 item	Feb. 28, 2019	Dec. 31, 2017	Mar. 31, 2017	Jul. 31, 2015 item	Oct. 31, 2012	Jan. 31, 2010	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
RELATED PARTY TRANSACTIONS
Total revenue															$ 382,396	$ 411,205	$ 1,152,019	$ 1,300,067
Operating expenses															$ 435,126	375,623	$ 1,295,936	1,165,576
TeleSat Transponder Agreement \| Telesat Canada
RELATED PARTY TRANSACTIONS
Number of transponders \| item								32
Hughes Broadband Distribution Agreement
RELATED PARTY TRANSACTIONS
Required minimum notice for termination of agreement (days)													180 days
Agreement term (in years)													5 years
Automatic renewal period (in years)													1 year
EchoStar XXIV Satellite Lease
RELATED PARTY TRANSACTIONS
Satellite lease term					7 years
Satellite monthly lease expense					$ 15,900
Repayments of lease obligation			$ 85,000	$ 100,000
Maximum \| Related-Party Advances
RELATED PARTY TRANSACTIONS
Interest rate															3.00%		3.00%
EchoStar
RELATED PARTY TRANSACTIONS
Dividends	$ 500,000	$ 529,000
Related Party \| TerreStar Agreement
RELATED PARTY TRANSACTIONS
Minimum termination notice period (days)										21 days
Required minimum notice for termination of agreement (days)										90 days
Related Party \| DISH Nimiq 5 Agreement
RELATED PARTY TRANSACTIONS
Number of transponders \| item								32
Related Party \| DBSD North America Agreement
RELATED PARTY TRANSACTIONS
Minimum termination notice period (days)									180 days
Related Party \| DBSD North America Agreement \| Quarter to Quarter
RELATED PARTY TRANSACTIONS
Required minimum notice for termination of agreement (days)										120 days
Related Party \| DBSD North America Agreement \| Month to Month Basis
RELATED PARTY TRANSACTIONS
Minimum termination notice period (days)									21 days
Related Party \| Hughes Equipment And Service Agreement
RELATED PARTY TRANSACTIONS
Minimum termination notice period (days)									365 days
Required minimum notice for termination of agreement (days)									180 days
Agreement term (in years)									5 years
Automatic renewal period (in years)									1 year
Related Party \| Amended and restated professional services agreement
RELATED PARTY TRANSACTIONS
Required minimum notice for termination of agreement (days)														60 days
Automatic renewal period (in years)														1 year
Related Party \| Echo Star Amended And Restated Professional Services Agreement
RELATED PARTY TRANSACTIONS
Required minimum notice for termination of individual service (days)														30 days
Related Party \| Collocation and Antenna Space agreements
RELATED PARTY TRANSACTIONS
Number of renewal terms \| item												4
Term of renewal option (in years)												3 years					3 years
Required renewal notice (days)																	120 days
Related Party \| Collocation and Antenna Space agreements \| Cheyenne, Wyoming
RELATED PARTY TRANSACTIONS
Agreement term (in years)								5 years
Number of renewal terms \| item								4
Term of renewal option (in years)								3 years
Related Party \| Collocation and Antenna Space agreements \| Cheyenne, Wyoming And Gilbert, Arizona
RELATED PARTY TRANSACTIONS
Agreement term (in years)							5 years
Number of renewal terms \| item							4
Related Party \| Hughes Broadband Master Services Agreement
RELATED PARTY TRANSACTIONS
Required minimum notice for termination of agreement (days)											90 days
Automatic renewal period (in years)											1 year
Cost of sales															$ 100	500	$ 400	1,400
Related Party \| TT&C Agreement
RELATED PARTY TRANSACTIONS
Term of renewal option (in years)								1 year
Required renewal notice (days)								90 days
Termination notice required (months)								12 months
Related Party \| Referral Marketing Agreement
RELATED PARTY TRANSACTIONS
Termination notice						90 days
Related Party \| Maximum \| Collocation and Antenna Space agreements
RELATED PARTY TRANSACTIONS
Required renewal notice (days)																	180 days
Related Party \| Maximum \| Collocation and Antenna Space agreements \| Cheyenne, Wyoming
RELATED PARTY TRANSACTIONS
Required renewal notice (days)								120 days
Related Party \| Maximum \| Collocation and Antenna Space agreements \| Cheyenne, Wyoming And Gilbert, Arizona
RELATED PARTY TRANSACTIONS
Term of renewal option (in years)							3 years
Required renewal notice (days)							120 days
Related Party \| Minimum \| Collocation and Antenna Space agreements
RELATED PARTY TRANSACTIONS
Required renewal notice (days)																	90 days
Related Party \| Minimum \| Collocation and Antenna Space agreements \| Cheyenne, Wyoming
RELATED PARTY TRANSACTIONS
Required renewal notice (days)								90 days
Related Party \| Minimum \| Collocation and Antenna Space agreements \| Cheyenne, Wyoming And Gilbert, Arizona
RELATED PARTY TRANSACTIONS
Required renewal notice (days)							90 days
Related Party \| EchoStar Mobile Limited
RELATED PARTY TRANSACTIONS
Total revenue															1,300	1,100	$ 3,700	3,400
Interest rate on converted receivables loan																	5.00%
Related Party \| EOC \| Construction Management Services
RELATED PARTY TRANSACTIONS
Operating expenses															0	400	$ 0	1,400
Related Party \| TerreStar Solutions, Inc.
RELATED PARTY TRANSACTIONS
Total revenue															500	$ 500	1,400	$ 1,400
Trade accounts receivable															$ 0		$ 0
Investment nonvoting interest ownership percentage(at least)															33.00%		33.00%

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,400	$ 1,700
Remaining performance obligation decrease	$ 314
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation period	1 year
Remaining performance obligation, percentage	31.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation period
Remaining performance obligation, percentage	69.00%

SUPPLEMENTAL DATA - STATEMENTS OF CASH FLOWS (Tables)

9 Months Ended

Sep. 30, 2024

SUPPLEMENTAL DATA - STATEMENTS OF CASH FLOWS

Schedule of supplemental cash flow and other non-cash data


		For the nine months ended September 30,
	2024		2023
Supplemental disclosure of cash flow information:
Cash paid for interest, (including capitalized interest)	$	96,858	$	100,371
Cash received for interest		30,647		53,687
Cash paid for income taxes, net of (refunds)⁽¹⁾		198,694		3,233
Capitalized interest		—		8,114
Accrued capital expenditures		4,356		8,209

(1)	Our cash paid for income taxes, net of refunds, includes approximately $195.6 million of income taxes paid to our parent Company, EchoStar. Substantially all of this balance relates to amounts accrued for in “Other current liabilities” as of December 31, 2023.

RELATED PARTY TRANSACTIONS - ECHOSTAR - Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
RELATED PARTY TRANSACTIONS
Operating expenses	$ 435,126	$ 375,623	$ 1,295,936	$ 1,165,576
EchoStar
RELATED PARTY TRANSACTIONS
Operating expenses	21,479	17,167	62,080	58,314
Related Party \| DISH Network
RELATED PARTY TRANSACTIONS
Operating expenses	$ 1,801	$ 1,154	$ 4,985	$ 3,408

RELATED PARTY TRANSACTIONS - OTHER - Schedule of Revenue Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Deluxe/EchoStar LLC
RELATED PARTY TRANSACTIONS
Revenues	$ 1,331	$ 1,445	$ 4,080	$ 4,233
Broadband Connectivity Solutions
RELATED PARTY TRANSACTIONS
Revenues	$ 979	$ 924	$ 2,328	$ 2,573

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2024

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 12. REVENUE RECOGNITION

Contract Balances

Contract assets arise when we recognize revenue for providing a service in advance of billing our customers. Our contract assets typically relate to our long-term contracts where we recognize revenue using the cost-based input method and the revenue recognized exceeds the amount billed to the customer.

Our contract assets also include receivables related to sales-type leases recognized over the lease term as the customer is billed. Contract assets are amortized as the customer is billed for services. Contract assets are recorded in “Trade accounts receivable and contract assets, net” on our Condensed Consolidated Balance Sheets.

Contract liabilities arise when we bill our customers and receive consideration in advance of providing the service. Contract liabilities are recognized as revenue when the service has been provided to the customer. Contract liabilities are recorded in “Contract liabilities” or “Other non-current liabilities” on our Condensed Consolidated Balance Sheets.

The following table presents the components of our contract balances:


	As of
	September 30, 2024		December 31, 2023
Contract assets	$	98,241	$	66,095

Contract liabilities:
Current	$	74,551	$	116,187
Non-current		1,175		7,401
Total contract liabilities	$	75,726	$	123,588

Our beginning of period contract liability recorded as customer contract revenue during 2024 was $96 million.

The following table presents the activity in our allowance for credit losses:


	For the nine months ended September 30,
	2024
Balance at beginning of period	$	20,399
Current period provision for expected losses		21,107
Write-offs charged against allowances		(25,880)
Foreign currency translation		(263)
Balance at end of period	$	15,363

Contract Acquisition Costs

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


	For the nine months ended
	September 30,
	2024		2023
Balance at beginning of period	$	49,343	$	64,447
Additions		37,919		34,708
Amortization expense		(28,518)		(46,722)
Foreign currency translation		(865)		681
Balance at end of period	$	57,879	$	53,114

Performance Obligations

As of September 30, 2024, the remaining performance obligations for our customer contracts was approximately $1.4 billion, compared to $1.7 billion as of December 31, 2023, a decrease of $314 million. This decrease resulted from the evaluation of the credit worthiness of the portfolio, and modifying certain long term agreements. Performance obligations expected to be satisfied within one year and greater than one year are 31% and 69%, respectively. This amount and percentages exclude leasing arrangements and agreements with consumer customers.

Disaggregation of Revenue

Geographic Information

Revenue is attributed to geographic markets based upon the billing location of the customer. Substantially all of our revenue is related to our Hughes segment. The following tables present our revenue from customer contracts disaggregated by primary geographic market:


	For the three months ended					For the nine months ended
	September 30,					September 30,
	2024		2023		2024			2023
North America	$	305,610	$	330,594	$	925,163	$	1,055,173
South and Central America		35,524		39,843		106,840		119,528
Other		41,262		40,768		120,016		125,366
Total revenue	$	382,396	$	411,205	$	1,152,019	$	1,300,067

Nature of Products and Services

The following tables present our revenue disaggregated by the nature of products and services. Substantially all of our revenue is related to our Hughes segment:


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Service revenue:
Services	$	290,937	$	345,883	$	903,486	$	1,066,553
Lease revenue		4,998		11,618		15,858		36,136
Total service revenue		295,935		357,501		919,344		1,102,689
Equipment and other revenue:
Equipment		46,907		24,696		130,496		72,348
Design, development and construction services		36,570		26,235		96,572		114,615
Lease revenue		2,984		2,773		5,607		10,415
Total equipment and other revenue		86,461		53,704		232,675		197,378
Total revenue	$	382,396	$	411,205	$	1,152,019	$	1,300,067

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

REGULATORY AUTHORIZATIONS (Tables)

9 Months Ended

Sep. 30, 2024

REGULATORY AUTHORIZATIONS

Schedule of regulatory authorizations


	Finite lived
			Accumulated				Indefinite
	Cost		Amortization		Total		lived		Total
Balance, December 31, 2022	$	11,331	$	(2,712)	$	8,619	$	400,000	$	408,619
Amortization expense		—		(1,305)		(1,305)		—		(1,305)
Currency translation adjustments		1,072		(238)		834		—		834
Balance, September 30, 2023	$	12,403	$	(4,255)	$	8,148	$	400,000	$	408,148

Balance, December 31, 2023	$	12,754	$	(4,935)	$	7,819	$	400,000	$	407,819
Amortization expense		—		(1,555)		(1,555)		—		(1,555)
Currency translation adjustments		(1,644)		703		(941)		—		(941)
Balance, September 30, 2024	$	11,110	$	(5,787)	$	5,323	$	400,000	$	405,323

Weighted-average useful life (in years)				12

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ (60,260)	$ 22,316	$ (168,401)	$ 52,204
Other comprehensive income (loss)
Foreign currency translation adjustments	5,679	(12,163)	(20,032)	10,387
Unrealized gains (losses) on available-for-sale securities		(83)	(267)	(304)
Amounts reclassified to net income (loss):
Realized losses (gains) on available-for-sale debt securities	0	21	204	250
Total other comprehensive income (loss), net of tax	5,679	(12,225)	(20,095)	10,333
Comprehensive income (loss)	(54,581)	10,091	(188,496)	62,537
Less: Comprehensive loss (income) attributable to non-controlling interests, net of tax	1,553	4,615	12,433	4,046
Comprehensive income (loss) attributable to HSSC	$ (53,028)	$ 14,706	$ (176,063)	$ 66,583

SUPPLEMENTAL DATA - STATEMENTS OF CASH FLOWS

9 Months Ended

Sep. 30, 2024

SUPPLEMENTAL DATA - STATEMENTS OF CASH FLOWS

SUPPLEMENTAL DATA - STATEMENTS OF CASH FLOWS

NOTE 3. SUPPLEMENTAL DATA - STATEMENTS OF CASH FLOWS

The following table presents certain supplemental cash flow and other non-cash data. See Note 8. Leases for supplemental cash flow and non-cash data related to leases.


		For the nine months ended September 30,
	2024		2023
Supplemental disclosure of cash flow information:
Cash paid for interest, (including capitalized interest)	$	96,858	$	100,371
Cash received for interest		30,647		53,687
Cash paid for income taxes, net of (refunds)⁽¹⁾		198,694		3,233
Capitalized interest		—		8,114
Accrued capital expenditures		4,356		8,209

(1)	Our cash paid for income taxes, net of refunds, includes approximately $195.6 million of income taxes paid to our parent Company, EchoStar. Substantially all of this balance relates to amounts accrued for in “Other current liabilities” as of December 31, 2023.

EchoStar Exchange Offer

On March 4, 2024, EchoStar commenced a tender offer to eligible employees (which excludes EchoStar’s co-founders and the non-executive/non-employee members of EchoStar’s Board of Directors) to exchange eligible stock options (which excludes the Ergen 2020 Performance Award) for new options as detailed in the Schedule TO Tender Offer Statement filed March 4, 2024 with the Securities and Exchange Commission (the “Exchange Offer”), to, among other things, further align employee incentives with the current market. The Exchange Offer expired on April 1, 2024 and EchoStar accepted for exchange 4 million stock options of employees of the Company. As a result of the Exchange Offer, the exercise price of approximately 3 million new stock options, affecting approximately 400 eligible employees of the Company, was adjusted to $14.04. The total incremental non-cash stock-based compensation expense resulting from the Exchange Offer was $3 million, which will be recognized over the remaining vesting period of the applicable options.

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 10. COMMITMENTS AND CONTINGENCIES

Contingencies

Patents and Intellectual Property

Many entities, including some of our competitors, have, or may in the future, obtain patents and other intellectual property rights that cover or affect products or services that we offer or that we may offer in the future. We may not be aware of all intellectual property rights that our products or services may potentially infringe. Damages in patent infringement cases can be substantial, and in certain circumstances can be tripled. Further, we cannot estimate the extent to which we may be required in the future to obtain licenses with respect to patents held by others and the availability and cost of any such licenses. Various parties have asserted patent and other intellectual property rights with respect to components of our products and services. We cannot be certain that these persons do not own the rights they claim, that our products do not infringe on these rights, and/or that these rights are not valid. Further, we cannot be certain that we would be able to obtain licenses from these persons on commercially reasonable terms or, if we were unable to obtain such licenses, that we would be able to redesign our products to avoid infringement.

Litigation

We are involved in a number of legal proceedings (including those described below) concerning matters arising in connection with the conduct of our business activities. Many of these proceedings are at preliminary stages, and many of these proceedings seek an indeterminate amount of damages. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or an additional loss may have been incurred and to determine if accruals are appropriate. If accruals are not appropriate, we further evaluate each legal proceeding to assess whether an estimate of the possible loss or range of possible loss can be made.

For certain cases described on the following pages, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, (i) the proceedings are in various stages; (ii) damages have not been sought; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories to be presented or a large number of parties. For these cases, however, management does not believe, based on currently available information, that the outcomes of these proceedings will have a material adverse effect on our financial condition, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

License Fee Dispute with Government of India, Department of Telecommunications

In 1994, the Government of India promulgated a “National Telecommunications Policy” under which the government liberalized the telecommunications sector and required telecommunications service providers to pay fixed license fees. Pursuant to this policy, our subsidiary Hughes Communications India Private Limited (“HCIPL”), formerly known as Hughes Escorts Communications Limited, obtained a license to operate a data network over satellite using VSAT systems. In 2002, HCIPL’s license was amended pursuant to a 1999 government policy that eliminated fixed license fees and replaced them with license fees based on service providers’ adjusted gross revenue (“AGR”). In March 2005, the Indian Department of Telecommunications (“DOT”) notified HCIPL that, based on its review of HCIPL’s audited accounts and AGR statements, HCIPL must pay additional license fees and penalties and interest on such fees and penalties. HCIPL responded that the DOT had improperly calculated its AGR by including revenue from both licensed and unlicensed activities.

The DOT rejected this explanation and in 2006, HCIPL filed a petition with an administrative tribunal (the “Tribunal”), challenging the DOT’s calculation of its AGR. The DOT also issued license fee assessments to other telecommunications service providers and those other providers filed similar petitions with the Tribunal. These petitions were amended, consolidated, remanded and re-appealed several times. On April 23, 2015, the Tribunal issued a judgment affirming the DOT’s calculation of AGR for the telecommunications service providers but reversing the DOT’s imposition of interest, penalties and interest on such penalties as excessive.

Over subsequent years, the DOT and HCIPL and other telecommunications service providers, respectively, filed several appeals of the Tribunal’s ruling. On October 24, 2019, the Supreme Court of India (“Supreme Court”) issued an order (the “October 2019 Order”) affirming the license fee assessments imposed by the DOT, including its imposition of interest, penalties and interest on the penalties, but without indicating the amount HCIPL was required to pay the DOT, and ordering payment by January 23, 2020. On November 23, 2019, HCIPL and other telecommunication service providers filed a petition asking the Supreme Court to reconsider the October 2019 Order.

The petition was denied on January 20, 2020. On January 22, 2020, HCIPL and other telecommunication service providers filed an application requesting that the Supreme Court modify the October 2019 Order to permit the DOT to calculate the final amount due and extend HCIPL’s and the other telecommunication service providers’ payment deadline. On February 14, 2020, the Supreme Court directed HCIPL and the other telecommunication service providers to explain why the Supreme Court should not initiate contempt proceedings for failure to pay the amounts due.

During a hearing on March 18, 2020, the Supreme Court ordered that all amounts that were due before the October 2019 Order must be paid, including interest, penalties and interest on the penalties. The Supreme Court also ordered that the parties appear for a further hearing addressing, among other things, a proposal by the DOT to allow for extended or deferred payments of amounts due. On June 11, 2020, the Supreme Court ordered HCIPL and the other telecommunication service providers to submit affidavits addressing the proposal made by the DOT to extend the time frame for payment of the amounts owed and for HCIPL and the other telecommunication providers to provide security for such payments.

On September 1, 2020, the Supreme Court issued a judgment permitting a 10-year payment schedule. Under this payment schedule, HCIPL is required to make an annual payment every March 31, through 2031. Following the Supreme Court of India’s October 2019 judgment, HCIPL made payments during the first quarter of 2020, and additional payments on each March 31 thereafter. As of September 30, 2024, the gross amount of fees, penalties and interest owed was approximately $92 million with $55 million remaining outstanding as a result of historical payments.

Pursuant to the Contribution and Membership Interest Purchase Agreement (the “Purchase Agreement”) dated December 3, 2004 between The DirecTV Group, Inc. (“DirecTV”) and certain other entities relating to DirecTV’s spinoff of certain of its subsidiaries, including HCIPL, DirecTV undertook to indemnify HCIPL for certain pre-closing tax liabilities. On March 27, 2020, HCIPL filed an indemnification complaint against DirecTV in the United States District Court for the Southern District of New York, seeking to recover certain license fees, penalties and interest owed to the Indian government as a result of the aforementioned proceedings. On November 16, 2021, the New York court granted summary judgment in favor of DirecTV, but on June 22, 2023, the United States Court of Appeals for the Second Circuit reversed, holding that, under the Purchase Agreement, HCIPL is entitled to indemnification from DirecTV. The Second Circuit remanded the case back to the trial court to determine the amount of indemnification owed. The parties have reached a conditional agreement to settle the matter, and, on October 3, 2024, at the parties’ request, the Court stayed the case pending the determination of those conditions.

The following table presents the components of the accrual:


	As of
	September 30, 2024		December 31, 2023
Additional license fees	$	3,386	$	3,405
Penalties		3,475		3,495
Interest and interest on penalties		85,420		82,627
Less: Payments		(37,729)		(27,807)
Total accrual		54,552		61,720
Less: Current portion		10,074		10,130
Total long-term accrual	$	44,478	$	51,590

Any eventual payments made with respect to the ultimate outcome of this matter may be different from our accrual and such differences could be significant.

Hughes Telecommunicaoes do Brasil v. State of São Paulo Treasury Department of São Paulo Treasury Department

On December 12, 2019, Hughes Telecommunicaoes do Brasil (“HTB”) filed a tax annulment claim in the Judicial Court of São Paulo, claiming that a tax assessment from the State Treasury of São Paulo, for the period from January 2013 to December 2014, was based on an erroneous interpretation of an exemption to the ICMS (a state tax on, among other things, communications).

In June 2022, a judicial expert determined that HTB’s interpretation of the exemption was correct. Nonetheless, in July 2023, the Court entered judgment against HTB, and in October 2023, rejected HTB’s request for clarification. In November 2023, HTB filed an appeal to the Court of Justice.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit.

Other

In addition to the above actions, we are subject to various other legal proceedings and claims that arise in the ordinary course of business. In our opinion, the amount of ultimate liability with respect to any of these actions is unlikely to materially affect our financial condition, results of operations or liquidity, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

9 Months Ended

Sep. 30, 2024

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

NOTE 4. MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

The following table presents our “Marketable investment securities”:


	As of
	September 30, 2024		December 31, 2023
Marketable investment securities:
Available-for-sale debt securities:
Corporate bonds	$	—	$	91,548
Commercial paper		—		282,898
Other debt securities		—		43,297
Total marketable investment securities	$	—	$	417,743

During the nine months ended September 30, 2024, we liquidated our marketable investment securities portfolio to make cash distributions to our parent.

Debt Securities

Available-for-Sale

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


	Amortized		Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
As of September 30, 2024
Corporate bonds	$	—	$	—	$	—	$	—
Commercial paper		—		—		—		—
Other debt securities		—		—		—		—
Total available-for-sale debt securities	$	—	$	—	$	—	$	—
As of December 31, 2023
Corporate bonds	$	91,474	$	79	$	(5)	$	91,548
Commercial paper		282,898		—		—		282,898
Other debt securities		43,307		—		(10)		43,297
Total available-for-sale debt securities	$	417,679	$	79	$	(15)	$	417,743

The following table presents the activity on our available-for-sale debt securities:


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Proceeds from sales	$	—	$	71,586	$	294,292	$	203,307

Restricted Cash and Cash Equivalents

We have restricted cash and cash equivalents of $1.6 million and $1.1 million as of September 30, 2024 and December 31, 2023, respectively. Our restricted cash and cash equivalents are included in “Other non-current assets, net” on our Condensed Consolidated Balance Sheets.

Other Investments, net

The following table presents our “Other investments, net”:


	As of
	September 30, 2024		December 31, 2023
Other investments, net:
Equity method investments (1)	$	14,511	$	42,859
Cost method investments		11,278		11,278
Total other investments, net	$	25,789	$	54,137

(1)	The decrease in equity method investments primarily results from our Broadband Connectivity Solutions (Restricted) Limited investment, discussed below.

Equity Method Investments

Deluxe/EchoStar LLC. We own 50% of Deluxe/EchoStar LLC (“Deluxe”), a joint venture that we entered into in 2010 to build an advanced digital cinema satellite distribution network targeting delivery to digitally equipped theaters in the U.S. and Canada.

Broadband Connectivity Solutions (Restricted) Limited. We own 20% of Broadband Connectivity Solutions (Restricted) Limited (together with its subsidiaries, “BCS”), a joint venture that we entered into in 2018 to provide commercial Ka-band satellite broadband services across Africa, the Middle East and southwest Asia operating over Yahsat’s Al Yah 2 and Al Yah 3 Ka-band satellites. For the quarter ended September 30, 2024, BCS returned $20 million of this investment to us.

Cost Method Investments

Hughes Systique Corporation (“Hughes Systique”). We own 42% of Hughes Systique via preferred shares and contract with Hughes Systique for software development services. Prior to December 31, 2023, we consolidated Hughes Systique’s financial statements into our Condensed Consolidated Financial Statements. As of December 31, 2023, we have deconsolidated the Hughes Systique results from our Condensed Consolidated Financial Statements and recorded the investment as a cost method investment in “Other investments, net” on our Condensed Consolidated Balance Sheets. See our Annual Report on Form 10-K for the year ended December 31, 2023, Note 5. Business Combinations and Deconsolidations for further information.

Fair Value Measurements

Our investments measured at fair value on a recurring basis were as follows:


	Level 1		Level 2		Total
As of September 30, 2024
Cash equivalents (including restricted)	$	32,998	$	1,832	$	34,830
Available-for-sale debt securities:
Corporate bonds	$	—	$	—	$	—
Commercial paper		—		—		—
Other debt securities		—		—		—
Total marketable investment securities	$	—	$	—	$	—

As of December 31, 2023
Cash equivalents (including restricted)	$	177,009	$	999,347	$	1,176,356
Available-for-sale debt securities:
Corporate bonds	$	—	$	91,548	$	91,548
Commercial paper		—		282,898		282,898
Other debt securities		38,799		4,498		43,297
Total marketable investment securities	$	38,799	$	378,944	$	417,743

As of September 30, 2024 and December 31, 2023, we did not have any investments that were categorized within, or transferred into or out of, Level 3 of the fair value hierarchy.

Gains and Losses on Sales and Changes in Carrying Amounts of Investments and Other

“Other, net” within “Other Income (Expense)” included on our Condensed Consolidated Statements of Operations is as follows:


	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
Other, net:
Marketable and non-marketable investment securities - realized and unrealized gains (loss)	$	—	$	22	$	200	$	252
Equity in earnings (losses) of unconsolidated affiliates		(1,325)		(1,978)		(3,848)		(3,075)
Foreign currency transaction gains (losses)		473		(1,521)		(2,323)		4,792
Other		(127)		(13)		(114)		(1,232)
Total	$	(979)	$	(3,490)	$	(6,085)	$	737