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EchoStar Announces Financial Results for Three and Twelve Months Ended December 31, 2019

EchoStar Corporation Logo. (PRNewsfoto/EchoStar Corporation)

News provided by

EchoStar Corporation

Feb 20, 2020, 06:00 ET

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ENGLEWOOD, Colo., Feb. 20, 2020 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three and twelve months ended December 31, 2019.

Three Months Ended December 31, 2019 Financial Highlights:

  • Consolidated revenues of $499.0 million.
  • Net loss from continuing operations of $56.3 million, consolidated net loss attributable to EchoStar common stock of $53.1 million, and diluted loss per share of $(0.55).
  • Consolidated Adjusted EBITDA of $155.9 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).

Twelve Months Ended December 31, 2019 Financial Highlights:

  • Consolidated revenues of $1.9 billion.
  • Net loss from continuing operations of $113.7 million, consolidated net loss attributable to EchoStar common stock of $62.9 million, and diluted loss per share of $(0.65).
  • Consolidated Adjusted EBITDA of $582.8 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).

"I am pleased with our performance in the fourth quarter and full year of 2019," commented Michael Dugan, CEO and President of EchoStar.  "We grew our revenue and Adjusted EBITDA from 2018.  We completed a transformative spin-off of our BSS business to DISH Network Corporation as well as additional strategic transactions that allow us to focus on the growing broadband and connectivity markets.  We concluded our joint venture with Yahsat in Brazil in November, and as part of that transaction, acquired approximately 20,000 additional consumer subscribers.  Operationally, we grew our consumer subscriber base by another 20,000 in the fourth quarter driven by our international markets which brings our broadband subscriber total to approximately 1.477 million as of year-end 2019. Until our EchoStar 24/J3 satellite is launched, we are focused on increasing the yield on our existing assets and are continuing to explore opportunities in pursuit of our strategy of being a global connectivity provider."

Three Months Ended December 31, 2019 - Additional Information:

  • Consolidated revenue increased 10% or $45.0 million year over year.
  • Adjusted EBITDA increased 19% or $25.1 million year over year.
    • Hughes segment Adjusted EBITDA increased by $25.9 million primarily driven by higher revenue and associated margin from our consumer business and enterprise equipment sales.  Adjusted EBITDA excludes all activity related to the India license fee dispute discussed below.
    • ESS segment Adjusted EBITDA was flat.
    • Corporate and Other segment Adjusted EBITDA decreased by $0.5 million.  The segment was impacted by the loss of the revenue and EBITDA associated with the transfer of certain real estate assets to DISH Network Corporation as part of the BSS transaction that were not treated as discontinued operations as well as continued investment in corporate development activities.  This was partially offset by smaller equity losses of unconsolidated affiliates.  During the fourth quarter, we changed our accounting policy to record our share of net earnings or losses of unconsolidated affiliates on a three month-lag.  Based on this change, our results exclude Q4-19 activity from these equity investments.
  • License fee dispute with the Government of India:
    • In October 2019, the Supreme Court of India issued an order affirming certain license fee assessments, interest, penalties, and interest on the penalties imposed by the Indian Department of Telecommunications ("DOT") related to a license fee dispute with the Government of India that dates back over a decade and has affected the entire Indian Telecom industry.  On February 14, 2020, the Supreme Court of India denied the petitions filed by us and other telecommunication service providers asking the court to modify the order to permit the DOT to calculate the final amount due and extend the payment deadline.  To date, the DOT has issued us written assessments of $28.4 million for the license fees, penalties and interest.  It is possible the DOT's assessment may be modified depending on the methodology it uses to calculate interest over the period in question.
    • As a result of the Supreme Court's decisions and based on the DOT's current methodology for assessing penalties and interest, we booked an additional accrual of $60.8 million during the quarter which also impacted Net income (loss) attributable to non-controlling interest.  This is summarized as follows (amounts in millions):

SG&A expense

$

2.3


Interest expense, net of amounts capitalized

$

58.5


Total

$

60.8




Net income (loss) attributable to non-controlling interest

$

9.4


We now have $80.2 million accrued for this matter as of December 31, 2019.  Any eventual payments made with respect to the ultimate outcome may be different from our accrual and such differences could be significant.

  • Net loss from continuing operations was $56.3 million, a decrease of loss by $72.5 million from last year. The decreased loss was primarily due to an impairment of long-lived asset of $65.2 million in Q4-18, higher net gains on investments of $45.0 million, and higher operating income (excluding impairments) of $9.2 million. This was partially offset by higher net interest expense of $45.5 million which includes $58.5 of interest related to the license fee dispute with the Government of India discussed above. Excluding the impact of the license fee dispute (tax effected), Net earnings from continuing operations would have been $4.3 million.
  • Hughes broadband subscribers are approximately 1,477,000 as of December 31, 2019 including approximately 237,000 subscribers in Central and South America.
  • Cash, cash equivalents and current marketable investment securities were $2.5 billion as of December 31, 2019.

Set forth below is a table highlighting certain of EchoStar's segment results for the three and twelve months ended December 31, 2019 and 2018 (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,



2019


2018


2019


2018










Revenue









Hughes


$

491,823



$

444,642



$

1,852,742



$

1,716,528


EchoStar Satellite Services


4,384



4,669



16,257



27,231


Corporate and Other


2,799



4,672



17,082



18,879


Total revenue


$

499,006



$

453,983



$

1,886,081



$

1,762,638











Adjusted EBITDA









Hughes


$

176,738



$

150,809



$

666,890



$

616,532


EchoStar Satellite Services


1,988



2,286



6,994



17,764


Corporate & Other:









Corporate overhead, operating and
other


(23,090)



(18,988)



(81,859)



(73,237)


Equity in earnings (losses) of
unconsolidated affiliates, net


250



(3,303)



(9,257)



(5,954)


Total Corporate & Other


(22,840)



(22,291)



(91,116)



(79,191)


Total Adjusted EBITDA


$

155,886



$

130,804



$

582,768



$

555,105











Net income (loss) from continuing
operations


$

(56,273)



$

(128,774)



$

(113,653)



$

(132,362)


Expenditures for property and
equipment


$

103,723



$

139,817



$

418,074



$

477,442


Reconciliation of GAAP to Non-GAAP Measurement (amounts in thousands):



For the three months
ended December 31,


For the twelve months
ended December 31,



2019


2018


2019


2018










Net income (loss)


$

(63,094)



$

(111,648)



$

(74,252)



$

(38,633)


Interest income


(17,535)



(24,038)



(82,352)



(80,275)


Interest expense, net of amounts
capitalized


94,203



55,250



251,016



219,288


Income tax provision (benefit), net


7,882



(1,698)



20,488



6,576


Depreciation and amortization


129,146



118,379



490,765



457,116


Net (income) loss from discontinued
operations


6,821



(17,126)



(39,401)



(93,729)


Net (income) loss attributable to non-
controlling interests


9,976



(550)



11,335



(1,842)


EBITDA


167,399



18,569



577,599



468,501


(Gains) losses on investments, net


(825)



44,227



(28,912)



12,622


Impairment of long-lived assets


—



65,220



—



65,220


Litigation expense


(627)



2,750



25,701



2,750


Vendor settlement


—



—



—



(9,571)


License fee dispute - India, net of
non-controlling interests


(7,150)



—



(3,210)



—


Foreign currency transaction (gains)
losses, net


(2,911)



38



11,590



15,583


Adjusted EBITDA


$

155,886



$

130,804



$

582,768



$

555,105


Note on Use of Non-GAAP Financial Measures
EBITDA is defined as "Net income (loss)" excluding "Interest income and expense, net," "Income tax benefit (provision), net," "Depreciation and amortization," "Net income (loss) from discontinued operations," and "Net income (loss) attributable to noncontrolling 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, 2019 and 2018 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, 2019 filed today with the Securities and Exchange Commission.

EchoStar will host its earnings conference call on Thursday, February 20, 2020 at 11:00 a.m. Eastern Time. The call-in numbers are (877) 815-1625 (toll-free) and (716) 247-5178 (international), Conference ID 2585784.

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, 2019 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,



2019


2018






Assets





Current assets:





Cash and cash equivalents


$

1,519,431



$

928,306


Marketable investment securities


940,623



2,282,152


Trade accounts receivable and contract assets, net


196,629



201,096


Other current assets


179,531



165,809


Current assets of discontinued operations


—



3,486


Total current assets


2,836,214



3,580,849


Non-current assets:





Property and equipment, net


2,528,738



2,534,666


Operating lease right-of-use assets


114,042



—


Goodwill


506,953



504,173


Regulatory authorizations, net


478,598



430,039


Other intangible assets, net


29,507



44,231


Other investments, net


325,405



266,513


Other non-current assets, net


334,841



338,390


Non-current assets of discontinued operations


—



962,433


Total non-current assets


4,318,084



5,080,445


Total assets


$

7,154,298



$

8,661,294







Liabilities and Stockholders' Equity





Current liabilities:





Trade accounts payable


$

124,080



$

121,437


Current portion of long-term debt and finance lease obligations


486



919,582


Contract liabilities


101,060



72,284


Accrued expenses and other current liabilities


270,393



181,698


Current liabilities of discontinued operations


—



50,136


Total current liabilities


496,019



1,345,137


Non-current liabilities:





Long-term debt and finance lease obligations, net of current portion


2,389,733



2,386,202


Deferred tax liabilities, net


351,692



287,989


Operating lease liabilities


96,941



—


Other non-current liabilities


74,360



80,304


Non-current liabilities of discontinued operations


—



406,188


Total non-current liabilities


2,912,726



3,160,683


Total liabilities


3,408,745



4,505,820







Commitments and contingencies










Stockholders' equity:





Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued 
     and outstanding at both December 31, 2019 and 2018


—



—


Common stock, $0.001 par value, 4,000,000,000 shares authorized:





Class A common stock, $0.001 par value, 1,600,000,000 shares authorized,
56,592,251 shares issued and 50,107,330 shares outstanding at
December 31, 2019 and 54,142,566 shares issued and 47,657,645 shares
outstanding at December 31, 2018


57



54


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,
2019 and 2018


48



48


Class C convertible common stock, $0.001 par value, 800,000,000 shares
authorized, none issued and outstanding at both December 31, 2019 and
2018


—



—


Class D common stock, $0.001 par value, 800,000,000 shares authorized,
none issued and outstanding at both December 31, 2019 and 2018


—



—


Additional paid-in capital


3,290,483



3,702,522


Accumulated other comprehensive income (loss)


(122,138)



(125,100)


Accumulated earnings (losses)


632,809



694,129


Treasury stock, at cost


(131,454)



(131,454)


Total EchoStar Corporation stockholders' equity


3,669,805



4,140,199


Non-controlling interests


75,748



15,275


Total stockholders' equity


3,745,553



4,155,474


Total liabilities and stockholders' equity


$

7,154,298



$

8,661,294


ECHOSTAR CORPORATION
Condensed Consolidated Statements of Operations
(Amounts in thousands, except per share amounts)






For the years ended December 31,



2019


2018


2017








Revenue:







Services and other revenue


$

1,619,271



$

1,557,228



$

1,285,666


Equipment revenue


266,810



205,410



239,489


Total revenue


1,886,081



1,762,638



1,525,155


Costs and expenses:







Cost of sales - services and other (exclusive of depreciation and
amortization)


561,353



563,907



500,773


Cost of sales - equipment (exclusive of depreciation and
amortization)


226,002



176,600



195,151


Selling, general and administrative expenses


509,145



436,088



370,500


Research and development expenses


25,739



27,570



31,745


Depreciation and amortization


490,765



457,116



385,662


Impairment of long-lived assets


—



65,220



10,762


Total costs and expenses


1,813,004



1,726,501



1,494,593


Operating income (loss)


73,077



36,137



30,562


Other income (expense):







Interest income


82,352



80,275



44,619


Interest expense, net of amounts capitalized


(251,016)



(219,288)



(184,389)


Gains (losses) on investments, net


28,912



(12,622)



53,453


Equity in earnings (losses) of unconsolidated affiliates, net


(14,734)



(5,954)



16,973


Foreign currency transaction gains (losses), net


(11,590)



(15,583)



1,218


Other, net


(166)



11,249



5,364


Total other income (expense), net


(166,242)



(161,923)



(62,762)


Income (loss) from continuing operations before income taxes


(93,165)



(125,786)



(32,200)


Income tax benefit (provision), net


(20,488)



(6,576)



155,107


Net income (loss) from continuing operations


(113,653)



(132,362)



122,907


Net income (loss) from discontinued operations


39,401



93,729



270,582


Net income (loss)


(74,252)



(38,633)



393,489


Less: Net income (loss) attributable to non-controlling interests


(11,335)



1,842



928


Net income (loss) attributable to EchoStar Corporation


(62,917)



(40,475)



392,561


Less: Net income (loss) attributable to Hughes Retail Preferred
Tracking Stock


—



—



(1,209)


Net income (loss) attributable to EchoStar Corporation common stock


$

(62,917)



$

(40,475)



$

393,770









Earnings (losses) per share - Class A and B common stock:







Basic earnings (loss) from continuing operations per share


$

(1.06)



$

(1.39)



$

1.29


Total basic earnings (loss) per share


$

(0.65)



$

(0.42)



$

4.13


Diluted earnings (loss) from continuing operations per share


$

(1.06)



$

(1.39)



$

1.27


Total diluted earnings (loss) per share


$

(0.65)



$

(0.42)



$

4.07


ECHOSTAR CORPORATION
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands, except per share amounts)






For the years ended December 31,



2019


2018


2017








Cash flows from operating activities:







Net income (loss)


$

(74,252)



$

(38,633)



$

393,489


Adjustments to reconcile net income (loss) to net cash
flows from operating activities:







Depreciation and amortization


588,200



598,178



533,849


Impairment of long-lived assets


—



65,220



10,762


Losses (gains) on investments, net


(28,912)



12,109



(53,453)


Equity in losses (earnings) of unconsolidated affiliates,
net


14,734



6,037



(15,814)


Foreign currency transaction losses (gains), net


11,590



15,583



(1,218)


Deferred tax provision (benefit), net


32,542



26,327



(288,577)


Stock-based compensation


9,353



9,990



10,103


Amortization of debt issuance costs


5,912



7,923



7,378


Dividends received from unconsolidated affiliates


2,716



10,000



19,000


Proceeds from sale of trading securities


—



—



8,922


Changes in current assets and current liabilities, net:







Trade accounts receivable and contract assets, net


8,289



(17,842)



421


Other current assets


(39,190)



18,577



200,584


Trade accounts payable


13,149



9,562



(78,419)


Contract liabilities


26,376



7,867



5,322


Accrued expenses and other current liabilities


66,352



12,183



7,402


Changes in non-current assets and non-current liabilities,
net


13,166



(5,070)



(36,975)


Other, net


6,297



(3,489)



4,116


Net cash flows from operating activities


656,322



734,522



726,892


Cash flows from investing activities:







Purchases of marketable investment securities


(993,369)



(2,973,254)



(855,717)


Sales and maturities of marketable investment securities


2,391,220



1,498,463



580,235


Investments in unconsolidated affiliates


(2,149)



(115,991)



—


Sale of investment in unconsolidated affiliates


—



1,558



17,781


Dividend received from unconsolidated affiliate


2,284



—



—


Purchase of other investments


(93,687)



—



—


Expenditures for property and equipment


(418,584)



(555,141)



(583,211)


Refunds and other receipts related to property and
equipment


—



77,524



4,311


Expenditures for externally marketed software


(29,310)



(31,639)



(31,331)


Purchases of regulatory authorizations


(34,447)



—



—


Net cash flows from investing activities


821,958



(2,098,480)



(867,932)


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


(29,347)



(41,019)



(37,670)


Payment of in-orbit incentive obligations


(5,447)



(5,350)



(5,487)


Net proceeds from Class A common stock options exercised


67,337



4,424



35,536


Net proceeds from Class A common stock issued under the
Employee Stock Purchase Plan


9,779



9,368



8,758


Treasury share purchase


—



(33,292)



—


Purchase of non-controlling interest


(7,313)



—



—


Other, net


603



(521)



(1,065)


Net cash flows from financing activities


(885,311)



(136,563)



72


Effect of exchange rates on cash and cash equivalents


(575)



(2,233)



1,351


Net increase (decrease) in cash and cash equivalents


592,394



(1,502,754)



(139,617)


Cash and cash equivalents, including restricted amounts,
beginning of period


929,495



2,432,249



2,571,866


Cash and cash equivalents, including restricted amounts, end
of period


$

1,521,889



$

929,495



$

2,432,249









Supplemental disclosure of cash flow information:







Cash paid for interest (including capitalized interest)


$

195,331



$

240,596



$

207,617


Cash paid for income taxes


$

3,575



$

5,209



$

11,033


SOURCE EchoStar Corporation

Related Links

http://www.EchoStar.com

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