ENGLEWOOD, Colo., Feb. 23,
2021 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) today
announced its financial results for the three and twelve months
ended December 31, 2020.
Three Months Ended December 31, 2020 Financial
Highlights:
- Consolidated revenues of $489.3
million.
- Net loss from continuing operations of $2.6 million, consolidated net income
attributable to EchoStar common stock of $0.1 million, and diluted earnings per share of
$0.01.
- Consolidated Adjusted EBITDA of $166.7
million (see discussion and the reconciliation of GAAP to
this non-GAAP measure below).
Twelve Months Ended December 31, 2020 Financial
Highlights:
- Consolidated revenues of $1,887.9
million.
- Net loss from continuing operations of $51.9 million, consolidated net loss attributable
to EchoStar common stock of $40.2
million, and diluted loss per share of $(0.41).
- Consolidated Adjusted EBITDA of $642.9
million (see discussion and the reconciliation of GAAP to
this non-GAAP measure below).
"2020 will go down in the history books as one of the most
challenging on record, but it demonstrated the value of our service
to businesses and families and brought out the very best of the
EchoStar team," commented Michael
Dugan, CEO and President of EchoStar. "Thanks to their
efforts and accomplishments in every market sector, we delivered
solid financial results and grew revenue, net income, and Adjusted
EBITDA over 2019. We remain excited about our position in the
industry and our ability to grow as the demand for connectivity
continues to increase."
Three Months Ended December 31, 2020 - Additional
Information:
- Consolidated revenue was down $9.7
million year over year primarily driven by lower equipment
sales as well as an estimated negative foreign exchange impact of
$10.3 million.
- Adjusted EBITDA increased 7.0% or $10.8
million year over year.
-
- Hughes segment Adjusted EBITDA increased $11.7 million year over year. The increase was
driven primarily by the higher margin associated with the growth in
our consumer broadband service and lower sales and marketing
spend.
- ESS segment Adjusted EBITDA was flat year over year.
- Corporate and Other segment Adjusted EBITDA decreased by
$0.9 million year over year. The
decrease was primarily due to higher spend on corporate development
projects.
- Net loss from continuing operations was $2.6 million, an improvement of $53.7 million from last year. The change was
primarily due to higher operating income of $6.5 million, lower net interest expense of
$47.5 million driven primarily by
$58.5 million of interest expense
accrued in the fourth quarter of 2019 related to our license fee
dispute with the government of India, improvement in foreign currency
transactions, net, of $5.7 million,
and higher gains on investments, net, of $5.6 million. This was partially offset by higher
income tax provision, net, of $9.9
million.
- Total Hughes broadband subscribers are approximately 1,564,000
as of December 31, 2020. Subscribers
in the US decreased by 27,000 to approximately 1,189,000. In
Latin America, subscribers
increased by 11,000 to approximately 375,000.
- Based on an updated schedule from Maxar, the Jupiter 3
satellite is expected to launch in the second half of 2022. In
December 2020, we contracted for the
launch of the satellite.
- For the three months ended December 31,
2020, approximately 69% of Hughes segment revenue was
attributable to our consumer customers with approximately 31%
attributable to our enterprise customers.
- Cash, cash equivalents and current marketable investment
securities were $2.5 billion as of
December 31, 2020.
- In December 2020, we purchased
1,708,907 shares of our Class A common stock in the open market.
From January 1, 2021 through
February 11, 2021, we purchased
2,851,841 shares of our Class A common stock in the open
market.
Set forth below is a table highlighting certain of EchoStar's
segment results for the three and twelve months ended
December 31, 2020 and 2019 (amounts in thousands) from
continuing operations (all US GAAP amounts reference results from
continuing operations):
|
|
For the three
months
ended December 31,
|
|
For the twelve
months
ended December 31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
Hughes
|
|
$
|
482,418
|
|
|
$
|
491,823
|
|
|
$
|
1,860,834
|
|
|
$
|
1,852,742
|
|
EchoStar Satellite
Services
|
|
4,165
|
|
|
4,384
|
|
|
17,398
|
|
|
16,257
|
|
Corporate and
Other
|
|
2,690
|
|
|
2,799
|
|
|
9,675
|
|
|
17,082
|
|
Total
revenue
|
|
$
|
489,273
|
|
|
$
|
499,006
|
|
|
$
|
1,887,907
|
|
|
$
|
1,886,081
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
Hughes
|
|
$
|
188,389
|
|
|
$
|
176,738
|
|
|
$
|
723,343
|
|
|
$
|
666,890
|
|
EchoStar Satellite
Services
|
|
2,026
|
|
|
1,988
|
|
|
7,873
|
|
|
6,994
|
|
Corporate &
Other:
|
|
|
|
|
|
|
|
|
Corporate overhead,
operating and other
|
|
(23,920)
|
|
|
(23,090)
|
|
|
(87,867)
|
|
|
(81,859)
|
|
Equity in earnings
(losses) of unconsolidated affiliates, net
|
|
226
|
|
|
250
|
|
|
(434)
|
|
|
(9,257)
|
|
Total Corporate &
Other
|
|
(23,694)
|
|
|
(22,840)
|
|
|
(88,301)
|
|
|
(91,116)
|
|
Total Adjusted
EBITDA
|
|
$
|
166,721
|
|
|
$
|
155,886
|
|
|
$
|
642,915
|
|
|
$
|
582,768
|
|
|
|
|
|
|
|
|
|
|
Expenditures for
property and equipment
|
|
$
|
113,757
|
|
|
$
|
103,723
|
|
|
$
|
408,798
|
|
|
$
|
418,074
|
|
Reconciliation of GAAP to Non-GAAP Measurement (amounts in
thousands):
|
|
For the three
months
ended December 31,
|
|
For the twelve
months
ended December 31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(2,597)
|
|
|
$
|
(63,094)
|
|
|
$
|
(51,904)
|
|
|
$
|
(74,252)
|
|
Interest income,
net
|
|
(6,275)
|
|
|
(17,535)
|
|
|
(39,982)
|
|
|
(82,352)
|
|
Interest expense, net
of amounts capitalized
|
|
35,469
|
|
|
94,203
|
|
|
147,927
|
|
|
251,016
|
|
Income tax provision
(benefit), net
|
|
17,760
|
|
|
7,882
|
|
|
24,069
|
|
|
20,488
|
|
Depreciation and
amortization
|
|
132,934
|
|
|
129,146
|
|
|
525,011
|
|
|
490,765
|
|
Net (income) loss from
discontinued operations
|
|
—
|
|
|
6,821
|
|
|
—
|
|
|
(39,401)
|
|
Net (income) loss
attributable to non-controlling interests
|
|
2,714
|
|
|
9,976
|
|
|
11,754
|
|
|
11,335
|
|
EBITDA
|
|
180,005
|
|
|
167,399
|
|
|
616,875
|
|
|
577,599
|
|
(Gains) losses on
investments, net
|
|
(6,458)
|
|
|
(825)
|
|
|
31,306
|
|
|
(28,912)
|
|
Impairment of
long-lived assets
|
|
1,685
|
|
|
—
|
|
|
1,685
|
|
|
—
|
|
Litigation
expense
|
|
—
|
|
|
(627)
|
|
|
—
|
|
|
25,701
|
|
License fee dispute -
India, net of non-controlling interests
|
|
107
|
|
|
(7,150)
|
|
|
(936)
|
|
|
(3,210)
|
|
Foreign currency
transaction (gains) losses, net
|
|
(8,618)
|
|
|
(2,911)
|
|
|
(6,015)
|
|
|
11,590
|
|
Adjusted
EBITDA
|
|
$
|
166,721
|
|
|
$
|
155,886
|
|
|
$
|
642,915
|
|
|
$
|
582,768
|
|
Note on Use of Non-GAAP Financial Measures
EBITDA is defined as "Net income (loss)" excluding "Interest
income, net," Interest expense, net of amounts capitalized,"
"Income tax benefit (provision), net," "Depreciation and
amortization," "Net income (loss) from discontinued operations,"
and "Net income (loss) attributable to non-controlling
interests."
Adjusted EBITDA is defined as EBITDA excluding "Gains and losses
on investments, net," "Foreign currency transaction gains (losses),
net," and other non-recurring or non-operational items.
EBITDA and Adjusted EBITDA are not measures determined in
accordance with US GAAP. EBITDA and Adjusted EBITDA are reconciled
to "Net income (loss)" in the table above and should not be
considered in isolation or as a substitute for operating income,
net income or any other measure determined in accordance with US
GAAP. Our management uses EBITDA and Adjusted EBITDA as measures of
our operating efficiency and overall financial performance for
benchmarking against our peers and competitors. Management believes
that these non-GAAP measures provide meaningful supplemental
information regarding the underlying operating performance of our
business and are appropriate to enhance an overall understanding of
our financial performance. Management also believes that EBITDA and
Adjusted EBITDA are useful to investors because they are frequently
used by securities analysts, investors, and other interested
parties to evaluate the performance of companies in our
industry.
The consolidated financial statements of EchoStar for the
periods ended December 31, 2020 and 2019 are attached to this
press release. Detailed financial data and other information are
available in EchoStar's Annual Report on Form 10-K for the period
ended December 31, 2020 filed today with the Securities and
Exchange Commission.
EchoStar will host a conference call and webcast to discuss its
earnings on Tuesday, February 23, 2021 at 11:00 a.m. Eastern Time. The call-in numbers are
(877) 815-1625 (toll-free) and (716) 247-5178 (international),
Conference ID 9174397. The webcast will be available on
EchoStar's investor relations website at www.echostar.com.
About EchoStar Corporation
EchoStar Corporation (NASDAQ: SATS) is a premier global
provider of satellite communications solutions. Headquartered
in Englewood, Colo., and
conducting business around the globe, EchoStar is a pioneer in
secure communications technologies through its Hughes Network
Systems and EchoStar Satellite Services business segments.
Safe Harbor Statement under the US Private Securities
Litigation Reform Act of 1995
This press release may contain statements that are forward
looking, as that term is defined by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's beliefs, as well as assumptions made by, and
information currently available to, management. When used in
this release, the words "believe," "anticipate," "estimate,"
"expect," "intend," "project," "plans," and similar expressions and
the use of future dates are intended to identify forward–looking
statements. Although management believes that the expectations
reflected in these forward–looking statements are reasonable, it
can give no assurance that these expectations will prove to have
been correct. You are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date made.
We assume no responsibility for the accuracy of forward-looking
statements or information or for updating forward-looking
information or statements. These statements are subject to certain
risks, uncertainties, and assumptions. See "Risk Factors" in
EchoStar's Annual Report on Form 10-K for the period ended
December 31, 2020 as filed with the
Securities and Exchange Commission and in the other documents
EchoStar files with the Securities and Exchange Commission from
time to time.
ECHOSTAR
CORPORATION
|
Condensed
Consolidated Balance Sheets
|
(Amounts in
thousands, except per share amounts)
|
|
|
|
As of December
31,
|
|
|
2020
|
|
2019
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
896,005
|
|
|
$
|
1,519,431
|
|
Marketable investment
securities
|
|
1,638,271
|
|
|
940,623
|
|
Trade accounts
receivable and contract assets, net
|
|
183,989
|
|
|
196,629
|
|
Other current assets,
net
|
|
189,821
|
|
|
179,531
|
|
Total current
assets
|
|
2,908,086
|
|
|
2,836,214
|
|
Non-current
assets:
|
|
|
|
|
Property and
equipment, net
|
|
2,390,313
|
|
|
2,528,738
|
|
Operating lease
right-of-use assets
|
|
128,303
|
|
|
114,042
|
|
Goodwill
|
|
511,597
|
|
|
506,953
|
|
Regulatory
authorizations, net
|
|
478,762
|
|
|
478,598
|
|
Other intangible
assets, net
|
|
18,433
|
|
|
29,507
|
|
Other investments,
net
|
|
284,937
|
|
|
325,405
|
|
Other non-current
assets, net
|
|
352,921
|
|
|
334,841
|
|
Total non-current
assets
|
|
4,165,266
|
|
|
4,318,084
|
|
Total
assets
|
|
$
|
7,073,352
|
|
|
$
|
7,154,298
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Trade accounts
payable
|
|
$
|
122,366
|
|
|
$
|
124,080
|
|
Current portion of
long-term debt, net
|
|
898,237
|
|
|
—
|
|
Contract
liabilities
|
|
104,569
|
|
|
101,060
|
|
Accrued expenses and
other current liabilities
|
|
299,999
|
|
|
270,879
|
|
Total current
liabilities
|
|
1,425,171
|
|
|
496,019
|
|
Non-current
liabilities:
|
|
|
|
|
Long-term debt,
net
|
|
1,495,256
|
|
|
2,389,168
|
|
Deferred tax
liabilities, net
|
|
359,896
|
|
|
351,692
|
|
Operating lease
liabilities
|
|
114,886
|
|
|
96,941
|
|
Other non-current
liabilities
|
|
70,893
|
|
|
74,925
|
|
Total non-current
liabilities
|
|
2,040,931
|
|
|
2,912,726
|
|
Total
liabilities
|
|
3,466,102
|
|
|
3,408,745
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred stock,
$0.001 par value, 20,000,000 shares authorized, none issued and
outstanding at both December 31, 2020 and 2019
|
|
—
|
|
|
—
|
|
Common stock,
$0.001 par value, 4,000,000,000 shares authorized:
|
|
|
|
|
Class A common
stock, 0.001 par value, 1,600,000,000 shares authorized,
57,254,201 shares issued and 48,863,374 shares outstanding at
December 31, 2020 and 56,592,251 shares issued and 50,107,330
shares outstanding at December 31, 2019
|
|
57
|
|
|
57
|
|
Class B
convertible common stock, $0.001 par value, 800,000,000 shares
authorized, 47,687,039 shares issued and outstanding at both
December 31, 2020 and 2019
|
|
48
|
|
|
48
|
|
Class C
convertible common stock, $0.001 par value, 800,000,000 shares
authorized, none issued and outstanding at both December 31,
2020 and 2019
|
|
—
|
|
|
—
|
|
Class D common
stock, $0.001 par value, 800,000,000 shares authorized, none issued
and outstanding at both December 31, 2020 and 2019
|
|
—
|
|
|
—
|
|
Additional paid-in
capital
|
|
3,321,426
|
|
|
3,290,483
|
|
Accumulated other
comprehensive income (loss)
|
|
(187,876)
|
|
|
(122,138)
|
|
Accumulated earnings
(losses)
|
|
583,591
|
|
|
632,809
|
|
Treasury stock, at
cost
|
|
(174,912)
|
|
|
(131,454)
|
|
Total EchoStar
Corporation stockholders' equity
|
|
3,542,334
|
|
|
3,669,805
|
|
Non-controlling
interests
|
|
64,916
|
|
|
75,748
|
|
Total stockholders'
equity
|
|
3,607,250
|
|
|
3,745,553
|
|
Total liabilities
and stockholders' equity
|
|
$
|
7,073,352
|
|
|
$
|
7,154,298
|
|
|
|
|
|
|
|
|
|
|
ECHOSTAR
CORPORATION
|
Condensed
Consolidated Statements of Operations
|
(Amounts in
thousands, except per share amounts)
|
|
|
|
For the years ended December 31,
|
|
|
2020
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
Services and other
revenue
|
|
$
|
1,682,304
|
|
|
$
|
1,619,271
|
|
|
$
|
1,557,228
|
|
Equipment
revenue
|
|
205,603
|
|
|
266,810
|
|
|
205,410
|
|
Total
revenue
|
|
1,887,907
|
|
|
1,886,081
|
|
|
1,762,638
|
|
Costs and
expenses:
|
|
|
|
|
|
|
Cost of sales -
services and other (exclusive of depreciation and
amortization)
|
|
577,943
|
|
|
561,353
|
|
|
563,907
|
|
Cost of sales -
equipment (exclusive of depreciation and amortization)
|
|
166,435
|
|
|
226,002
|
|
|
176,600
|
|
Selling, general and
administrative expenses
|
|
474,912
|
|
|
509,145
|
|
|
436,088
|
|
Research and
development expenses
|
|
29,448
|
|
|
25,739
|
|
|
27,570
|
|
Depreciation and
amortization
|
|
525,011
|
|
|
490,765
|
|
|
457,116
|
|
Impairment of
long-lived assets
|
|
1,685
|
|
|
—
|
|
|
65,220
|
|
Total costs and
expenses
|
|
1,775,434
|
|
|
1,813,004
|
|
|
1,726,501
|
|
Operating income
(loss)
|
|
112,473
|
|
|
73,077
|
|
|
36,137
|
|
Other income
(expense):
|
|
|
|
|
|
|
Interest income,
net
|
|
39,982
|
|
|
82,352
|
|
|
80,275
|
|
Interest expense, net
of amounts capitalized
|
|
(147,927)
|
|
|
(251,016)
|
|
|
(219,288)
|
|
Gains (losses) on
investments, net
|
|
(31,306)
|
|
|
28,912
|
|
|
(12,622)
|
|
Equity in earnings
(losses) of unconsolidated affiliates, net
|
|
(7,267)
|
|
|
(14,734)
|
|
|
(5,954)
|
|
Foreign currency
transaction gains (losses), net
|
|
6,015
|
|
|
(11,590)
|
|
|
(15,583)
|
|
Other, net
|
|
195
|
|
|
(166)
|
|
|
11,249
|
|
Total other income
(expense), net
|
|
(140,308)
|
|
|
(166,242)
|
|
|
(161,923)
|
|
Income (loss) from
continuing operations before income taxes
|
|
(27,835)
|
|
|
(93,165)
|
|
|
(125,786)
|
|
Income tax benefit
(provision), net
|
|
(24,069)
|
|
|
(20,488)
|
|
|
(6,576)
|
|
Net income (loss)
from continuing operations
|
|
(51,904)
|
|
|
(113,653)
|
|
|
(132,362)
|
|
Net income (loss) from
discontinued operations
|
|
—
|
|
|
39,401
|
|
|
93,729
|
|
Net income
(loss)
|
|
(51,904)
|
|
|
(74,252)
|
|
|
(38,633)
|
|
Less: Net loss
(income) attributable to non-controlling interests
|
|
11,754
|
|
|
11,335
|
|
|
(1,842)
|
|
Net income (loss)
attributable to EchoStar Corporation common stock
|
|
$
|
(40,150)
|
|
|
$
|
(62,917)
|
|
|
$
|
(40,475)
|
|
|
|
|
|
|
|
|
Earnings (losses)
per share - Class A and B common stock:
|
|
|
|
|
|
|
Basic and diluted
earnings (losses) from continuing operations per share
|
|
$
|
(0.41)
|
|
|
$
|
(1.06)
|
|
|
$
|
(1.39)
|
|
Total basic and
diluted earnings (losses) per share
|
|
$
|
(0.41)
|
|
|
$
|
(0.65)
|
|
|
$
|
(0.42)
|
|
ECHOSTAR
CORPORATION
|
Condensed
Consolidated Statements of Cash Flows
|
(Amounts in
thousands, except per share amounts)
|
|
|
|
For the years ended December 31,
|
|
|
2020
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(51,904)
|
|
|
$
|
(74,252)
|
|
|
$
|
(38,633)
|
|
Adjustments to
reconcile net income (loss) to net cash flows from operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
525,011
|
|
|
588,200
|
|
|
598,178
|
|
Impairment of
long-lived assets
|
|
1,685
|
|
|
—
|
|
|
65,220
|
|
Losses (gains) on
investments, net
|
|
31,306
|
|
|
(28,912)
|
|
|
12,109
|
|
Equity in losses
(earnings) of unconsolidated affiliates, net
|
|
7,267
|
|
|
14,734
|
|
|
6,037
|
|
Foreign currency
transaction losses (gains), net
|
|
(6,015)
|
|
|
11,590
|
|
|
15,583
|
|
Deferred tax provision
(benefit), net
|
|
18,147
|
|
|
32,542
|
|
|
26,327
|
|
Stock-based
compensation
|
|
8,887
|
|
|
9,353
|
|
|
9,990
|
|
Amortization of debt
issuance costs
|
|
4,324
|
|
|
5,912
|
|
|
7,923
|
|
Dividends received
from unconsolidated affiliates
|
|
—
|
|
|
2,716
|
|
|
10,000
|
|
Other, net
|
|
(12,501)
|
|
|
6,297
|
|
|
(3,489)
|
|
Changes in assets and
current liabilities, net:
|
|
|
|
|
|
|
Trade accounts
receivable and contract assets, net
|
|
2,237
|
|
|
8,289
|
|
|
(17,842)
|
|
Other current assets,
net
|
|
(12,984)
|
|
|
(39,190)
|
|
|
18,577
|
|
Trade accounts
payable
|
|
(12,339)
|
|
|
13,149
|
|
|
9,562
|
|
Contract
liabilities
|
|
3,509
|
|
|
26,376
|
|
|
7,867
|
|
Accrued expenses and
other current liabilities
|
|
42,822
|
|
|
66,352
|
|
|
12,183
|
|
Non-current assets and
non-current liabilities, net
|
|
(15,064)
|
|
|
13,166
|
|
|
(5,070)
|
|
Net cash flows from
operating activities
|
|
534,388
|
|
|
656,322
|
|
|
734,522
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
Purchases of
marketable investment securities
|
|
(2,799,838)
|
|
|
(993,369)
|
|
|
(2,973,254)
|
|
Sales and maturities
of marketable investment securities
|
|
2,110,336
|
|
|
2,391,220
|
|
|
1,498,463
|
|
Expenditures for
property and equipment
|
|
(408,798)
|
|
|
(418,584)
|
|
|
(555,141)
|
|
Expenditures for
externally marketed software
|
|
(38,655)
|
|
|
(29,310)
|
|
|
(31,639)
|
|
Purchase of other
investments
|
|
(5,500)
|
|
|
(93,687)
|
|
|
—
|
|
Investments in
unconsolidated affiliates
|
|
—
|
|
|
(2,149)
|
|
|
(115,991)
|
|
Purchases of
regulatory authorizations
|
|
—
|
|
|
(34,447)
|
|
|
—
|
|
Refunds and other
receipts related to property and equipment
|
|
—
|
|
|
—
|
|
|
77,524
|
|
Dividend received from
unconsolidated affiliate
|
|
—
|
|
|
2,284
|
|
|
—
|
|
Sale of investment in
unconsolidated affiliates
|
|
—
|
|
|
—
|
|
|
1,558
|
|
Net cash flows from
investing activities
|
|
(1,142,455)
|
|
|
821,958
|
|
|
(2,098,480)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
Repurchase and
maturity of the 2019 Senior Secured Notes
|
|
—
|
|
|
(920,923)
|
|
|
(70,173)
|
|
Repayment of other
long-term debt and finance lease obligations
|
|
(811)
|
|
|
(29,347)
|
|
|
(41,019)
|
|
Payment of in-orbit
incentive obligations
|
|
(1,554)
|
|
|
(5,447)
|
|
|
(5,350)
|
|
Net proceeds from
Class A common stock options exercised
|
|
855
|
|
|
67,337
|
|
|
4,424
|
|
Net proceeds from
Class A common stock issued under the Employee Stock Purchase
Plan
|
|
10,109
|
|
|
9,779
|
|
|
9,368
|
|
Treasury share
purchase
|
|
(43,458)
|
|
|
—
|
|
|
(33,292)
|
|
Contribution by
non-controlling interest holder
|
|
18,241
|
|
|
—
|
|
|
—
|
|
Purchase of
non-controlling interest
|
|
—
|
|
|
(7,313)
|
|
|
—
|
|
Other, net
|
|
998
|
|
|
603
|
|
|
(521)
|
|
Net cash flows from
financing activities
|
|
(15,620)
|
|
|
(885,311)
|
|
|
(136,563)
|
|
Effect of exchange
rates on cash and cash equivalents
|
|
(1,390)
|
|
|
(575)
|
|
|
(2,233)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(625,077)
|
|
|
592,394
|
|
|
(1,502,754)
|
|
Cash and cash
equivalents, including restricted amounts, beginning of
period
|
|
1,521,889
|
|
|
929,495
|
|
|
2,432,249
|
|
Cash and cash
equivalents, including restricted amounts, end of period
|
|
$
|
896,812
|
|
|
$
|
1,521,889
|
|
|
$
|
929,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE EchoStar Corporation