talksatellite
 AMERICAS

Daily news


AMERICAS
EMEA
ASIA-PACIFIC

 
   
     
     
     

     
     
 
     

 

 

EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2024

Aug. 9, 2024 

EchoStar Corporation announced its financial results for the three and six months ended June 30, 2024.

Six Months Ended June 30, 2024:

  • EchoStar reported total revenue of $7.97 billion for the six months ending June 30, 2024, compared to $8.74 billion in the year ago period.
  • Net loss attributable to EchoStar in the first two quarters of 2024 was $312.97 million, compared to net income of $466.20 million in the year ago period. Diluted loss per share was $1.15, compared to earnings per share of $1.51 in the year ago period.
  • Consolidated OIBDA totaled $912.31 million for the six months ending June 30, 2024, compared to $1.32 billion in the year ago period. (See OIBDA definition and non-GAAP reconciliation below.)

"The EchoStar team continued to perform as planned in the second quarter of 2024. We directed efforts on aligning key business synergies and objectives, focusing on profitable customer acquisition and retention efforts, and making improvements in our go-to-market approach for Retail Wireless," said Hamid Akhavan, president and CEO, EchoStar Corporation. "In addition, we are in constructive discussions to address necessary financing, working to strengthen our consumer offerings and value propositions, enhancing our state-of-the-art Open RAN network, and driving profitability across the enterprise."

Three Months Ended June 30, 2024:

  • Net Pay-TV subscribers decreased approximately 104,000 in the second quarter, compared to 294,000 in the year ago quarter. The company closed the quarter with 8.07 million Pay-TV subscribers including 6.07 million DISH TV subscribers and 2.00 million SLING TV subscribers. This change in net Pay-TV subscriber losses resulted from SLING TV subscriber additions in the second quarter compared to losses in the year ago quarter and a decrease in net DISH TV subscriber losses due to a lower DISH TV churn rate, offset by lower gross new DISH TV subscriber activations.
  • Retail Wireless net subscribers decreased by approximately 16,000 in the second quarter, compared to 188,000 in the year ago quarter. The company closed the quarter with 7.28 million Retail Wireless subscribers. The decrease in net retail wireless subscriber losses resulted from a lower retail wireless churn rate, offset by lower gross new retail wireless subscriber activations. The second quarter was negatively impacted by net losses of government subsidized subscribers, including Affordable Connectivity Program ("ACP") subscribers, compared to net additions in the year ago quarter, primarily due to the ACP program funding concluding on June 1, 2024. Excluding the impact of net losses of government subsidized subscribers EchoStar added approximately 32,000 Retail Wireless subscribers in the second quarter.
  • Broadband net subscribers decreased by approximately 23,000 in the second quarter, compared to 55,000 in the year ago quarter. The company closed the quarter with 955,000 Broadband subscribers. The net broadband subscriber loss improvement was primarily due to the new EchoStar XXIV satellite service launch and increased subscriber demand for our new satellite service plans.

Set forth below is a table highlighting certain of EchoStar's segment results for the three and six months ended June 30, 2024 and 2023 (all U.S. GAAP amounts reference results from operations):

For the Three Months Ended
June 30,

For the Six Months Ended
June 30,

2024

2023

2024

2023

(in thousands)

Revenue

Pay-TV

$     2,676,284

$     2,975,140

$     5,402,862

$     5,947,271

Retail Wireless

891,531

928,241

1,797,381

1,903,107

5G Network Deployment

35,514

19,079

65,018

37,986

Broadband and Satellite Services

394,011

453,110

776,597

892,706

All Other & Eliminations

(44,589)

(19,108)

(74,264)

(36,942)

Total

$     3,952,751

$     4,356,462

$     7,967,594

$     8,744,128

Net Income (loss) attributable to EchoStar

$       (205,591)

$       212,662

$       (312,967)

$       466,196

OIBDA

Pay-TV

$        753,001

$       818,265

$     1,508,511

$     1,596,073

Retail Wireless

(65,995)

(59,296)

(83,513)

(24,658)

5G Network Deployment

(313,018)

(278,475)

(646,582)

(514,451)

Broadband and Satellite Services

82,392

149,559

161,679

280,382

All Other & Eliminations

(14,224)

(7,191)

(27,783)

(13,392)

Total

$        442,156

$       622,862

$        912,312

$     1,323,954

Purchases of property and equipment, net of refunds (including capitalized
interest related to regulatory authorizations)

Pay-TV

$          54,006

$         67,630

$        111,918

$       103,193

Retail Wireless

—

—

—

—

5G Network Deployment

560,468

1,183,891

1,109,641

2,054,933

Broadband and Satellite Services

56,559

49,016

127,170

93,087

All Other & Eliminations

—

—

—

—

Total

$        671,033

$     1,300,537

$     1,348,729

$     2,251,213

Reconciliation of GAAP to Non-GAAP Measurement:

For the Three
Months Ended June 30, 2024

Pay-TV

Retail Wireless

5G Network
Deployment

Broadband and
Satellite
Services

Consolidated 

Eliminations

(In thousands)

Segment operating income (loss)

$

667,752

$

(121,362)

$

(578,940)

$

(34,586)

$

1,767

$

(65,369)

Depreciation and amortization

85,249

55,367

265,922

116,978

(15,991)

507,525

OIBDA

$

753,001

$

(65,995)

$

(313,018)

$

82,392

$

(14,224)

$

442,156

For the Three
Months Ended June 30, 2023

 Pay-TV 

 Retail Wireless 

 5G Network
Deployment 

 Broadband and
Satellite
Services 

 Consolidated  

 Eliminations 

Segment operating income (loss)

$

720,792

$

(112,499)

$

(401,959)

$

43,847

$

2,048

$

252,229

Depreciation and amortization

97,473

53,203

123,484

105,712

(9,239)

370,633

OIBDA

$

818,265

$

(59,296)

$

(278,475)

$

149,559

$

(7,191)

$

622,862

For the Six
Months Ended June 30, 2024

Pay-TV

Retail Wireless

5G Network
Deployment

Broadband and
Satellite
Services

Consolidated 

Eliminations

Segment operating income (loss)

$

1,337,860

$

(195,779)

$

(1,149,691)

$

(74,140)

$

1,137

$

(80,613)

Depreciation and amortization

170,651

112,266

503,109

235,819

(28,920)

992,925

OIBDA

$

1,508,511

$

(83,513)

$

(646,582)

$

161,679

$

(27,783)

$

912,312

For the Six
Months Ended June 30, 2023

 Pay-TV 

 Retail Wireless 

 5G Network
Deployment 

 Broadband and
Satellite
Services 

 Consolidated  

 Eliminations 

Segment operating income (loss)

$

1,396,025

$

(130,706)

$

(735,562)

$

71,552

$

4,258

$

605,567

Depreciation and amortization

200,048

106,048

221,111

208,830

(17,650)

718,387

OIBDA

$

1,596,073

$

(24,658)

$

(514,451)

$

280,382

$

(13,392)

$

1,323,954

Note on Use of Non-GAAP Financial Measures

 



Fill out your e-mail address
to receive our newsletter!
E-mail address:
 








































 

 

Viasat and Skylo Technologies Launch First Global Direct-to-Device Network