ENGLEWOOD, Colo., Aug. 9, 2016 /PRNewswire/ -- EchoStar
Corporation (NASDAQ: SATS) today announced its financial results
for the three and six months ending June 30,
2016.
Three Months Ending June 30,
2016 Financial Highlights:
- Consolidated revenues of $758
million.
- Consolidated net income of $56
million.
- Consolidated net income attributable to EchoStar common stock
of $56 million and diluted earnings
per share of $0.60.
- Consolidated EBITDA of $221
million (see reconciliation of this non-GAAP measure
below).
- Approximately 1,030,000 Hughes consumer broadband subscribers
as of June 30, 2016.
Six Months Ended June 30, 2016
Financial Highlights:
- Consolidated revenue of $1.57
billion.
- Consolidated net income of $104
million.
- Consolidated net income attributable to EchoStar common stock
of $107 million and diluted earnings
per share of $1.14.
- Consolidated EBITDA of $443
million (see reconciliation of this non-GAAP measure
below).
- Strong liquidity with cash, cash equivalents and current
marketable investment securities of $1.51
billion as of June 30,
2016.
Set forth below is a table highlighting certain of EchoStar's
segment results for the three and six months ended June 30, 2016 and 2015:
|
|
For the Three Months
Ended June 30,
|
|
For the Six Months
Ended June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(Dollars in
thousands)
|
Revenue
|
|
|
|
|
|
|
|
|
Hughes
|
|
$
|
339,337
|
|
|
$
|
335,185
|
|
|
$
|
665,575
|
|
|
$
|
660,465
|
|
EchoStar Technologies
Corp.
|
|
314,937
|
|
|
331,952
|
|
|
700,063
|
|
|
678,172
|
|
EchoStar Satellite
Services
|
|
101,450
|
|
|
124,589
|
|
|
204,439
|
|
|
249,987
|
|
All Other &
Eliminations
|
|
1,905
|
|
|
1,869
|
|
|
3,911
|
|
|
3,624
|
|
Total
|
|
$
|
757,629
|
|
|
$
|
793,595
|
|
|
$
|
1,573,988
|
|
|
$
|
1,592,248
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
|
Hughes
|
|
$
|
106,379
|
|
|
$
|
103,414
|
|
|
$
|
205,847
|
|
|
$
|
194,687
|
|
EchoStar Technologies
Corp.
|
|
19,912
|
|
|
29,257
|
|
|
48,080
|
|
|
54,818
|
|
EchoStar Satellite
Services
|
|
83,826
|
|
|
103,558
|
|
|
172,012
|
|
|
209,977
|
|
All Other &
Eliminations
|
|
10,487
|
|
|
(23,911)
|
|
|
17,461
|
|
|
(33,483)
|
|
Total
|
|
$
|
220,604
|
|
|
$
|
212,318
|
|
|
$
|
443,400
|
|
|
$
|
425,999
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to EchoStar common stock
|
|
$
|
56,133
|
|
|
$
|
33,900
|
|
|
$
|
106,807
|
|
|
$
|
67,302
|
|
Diluted earnings
per share (in dollars)
|
|
$
|
0.60
|
|
|
$
|
0.36
|
|
|
$
|
1.14
|
|
|
$
|
0.72
|
|
Net
income
|
|
$
|
55,909
|
|
|
$
|
31,013
|
|
|
$
|
104,352
|
|
|
$
|
58,611
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
$
|
141,633
|
|
|
$
|
179,108
|
|
|
$
|
352,769
|
|
|
$
|
356,910
|
|
The following table reconciles total consolidated EBITDA to net
income.
|
|
For the Three Months
Ended June 30,
|
|
For the Six
Months
Ended June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(In
thousands)
|
Net income
|
|
$
|
55,909
|
|
|
$
|
31,013
|
|
|
$
|
104,352
|
|
|
$
|
58,611
|
|
|
|
|
|
|
|
|
|
|
Less: Interest income
and expense, net
|
|
(16,424)
|
|
|
(29,235)
|
|
|
(35,668)
|
|
|
(61,932)
|
|
Less: Income tax
provision
|
|
(27,889)
|
|
|
(18,863)
|
|
|
(55,552)
|
|
|
(37,264)
|
|
Less: Depreciation
and amortization
|
|
(120,505)
|
|
|
(132,470)
|
|
|
(247,239)
|
|
|
(265,655)
|
|
Less: Net income
(loss) attributable to noncontrolling interest in HSS Tracking
Stock and other noncontrolling interests
|
|
123
|
|
|
(737)
|
|
|
(589)
|
|
|
(2,537)
|
|
EBITDA
|
|
$
|
220,604
|
|
|
$
|
212,318
|
|
|
$
|
443,400
|
|
|
$
|
425,999
|
|
Note on Use of Non-GAAP Financial Measures
EBITDA is defined as "Net income" excluding "Interest expense,
net of amounts capitalized," "Interest income", "Income tax
provision" and "Depreciation and amortization." EBITDA is not
a measure determined in accordance with US GAAP. This non-GAAP
measure is reconciled to net income in the table above. EBITDA
should not be considered in isolation or as a substitute for
operating income, net income or any other measure determined in
accordance with GAAP. EBITDA is used by our management as a measure
of operating efficiency and overall financial performance for
benchmarking against our peers and competitors. Management believes
EBITDA provides meaningful supplemental information regarding the
underlying operating performance of our business. Management also
believes that EBITDA is useful to investors because it is
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 June 30, 2016 and 2015
are attached to this press release. Detailed financial data and
other information are available in EchoStar's Quarterly Report on
Form 10-Q for the three months ended June
30, 2016 filed today with the Securities and Exchange
Commission.
EchoStar will host its earnings conference call on Tuesday, August 9, 2016 at 11:00 a.m. Eastern Time. The call-in numbers are
(877) 815-1625 (toll-free) and (716) 247-5178 (international),
Conference ID # 56393075.
About EchoStar Corporation
EchoStar Corporation (NASDAQ: SATS) is a premier global provider
of satellite and video delivery solutions. Headquartered in
Englewood, Colo., and conducting
business around the globe, EchoStar is a pioneer in secure
communications technologies through its EchoStar Satellite
Services, EchoStar Technologies and Hughes Network Systems business
segments. For more information, visit echostar.com. Follow
@EchoStar on Twitter.
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 Quarterly Report on Form 10-Q for the three months ended
June 30, 2016, filed today 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
Consolidated Balance Sheets
(Dollars in thousands, except per-share amounts)
|
|
|
|
|
|
As of
|
|
|
June
30,
|
|
December
31,
|
|
|
2016
|
|
2015
|
Assets
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
761,840
|
|
|
$
|
924,240
|
|
Marketable investment
securities, at fair value
|
|
745,844
|
|
|
612,338
|
|
Trade accounts
receivable, net of allowance for doubtful accounts of $13,030 and
$12,485, respectively
|
|
156,064
|
|
|
179,240
|
|
Trade accounts
receivable - DISH Network, net of allowance for doubtful accounts
of zero
|
|
340,955
|
|
|
277,159
|
|
Inventory
|
|
72,392
|
|
|
67,010
|
|
Prepaids and
deposits
|
|
58,334
|
|
|
56,949
|
|
Other current
assets
|
|
10,429
|
|
|
16,723
|
|
Total current
assets
|
|
2,145,858
|
|
|
2,133,659
|
|
Noncurrent
Assets:
|
|
|
|
|
Restricted cash and
marketable investment securities
|
|
22,691
|
|
|
21,002
|
|
Property and
equipment, net of accumulated depreciation of $3,202,386 and
$2,998,074, respectively
|
|
3,569,168
|
|
|
3,412,990
|
|
Regulatory
authorizations, net
|
|
548,272
|
|
|
543,812
|
|
Goodwill
|
|
510,630
|
|
|
510,630
|
|
Other intangible
assets, net
|
|
108,521
|
|
|
132,653
|
|
Investments in
unconsolidated entities
|
|
202,023
|
|
|
209,264
|
|
Other receivable -
DISH Network
|
|
91,376
|
|
|
90,966
|
|
Other noncurrent
assets, net
|
|
162,854
|
|
|
154,510
|
|
Total noncurrent
assets
|
|
5,215,535
|
|
|
5,075,827
|
|
Total
assets
|
|
$
|
7,361,393
|
|
|
$
|
7,209,486
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Trade accounts
payable
|
|
$
|
206,132
|
|
|
$
|
213,671
|
|
Trade accounts
payable - DISH Network
|
|
18,829
|
|
|
24,682
|
|
Current portion of
long-term debt and capital lease obligations
|
|
38,494
|
|
|
35,698
|
|
Deferred revenue and
prepayments
|
|
67,516
|
|
|
61,881
|
|
Accrued
compensation
|
|
39,945
|
|
|
29,767
|
|
Accrued
royalties
|
|
23,634
|
|
|
22,531
|
|
Accrued expenses and
other
|
|
104,880
|
|
|
138,601
|
|
Total current
liabilities
|
|
499,430
|
|
|
526,831
|
|
Noncurrent
Liabilities:
|
|
|
|
|
Long-term debt and
capital lease obligations, net of unamortized debt issuance
costs
|
|
2,144,479
|
|
|
2,156,667
|
|
Deferred tax
liabilities, net
|
|
705,376
|
|
|
650,392
|
|
Other noncurrent
liabilities
|
|
92,757
|
|
|
93,954
|
|
Total noncurrent
liabilities
|
|
2,942,612
|
|
|
2,901,013
|
|
Total
liabilities
|
|
3,442,042
|
|
|
3,427,844
|
|
Commitments and
Contingencies (Note 14)
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
Preferred Stock,
$.001 par value, 20,000,000 shares authorized:
|
|
|
|
|
Hughes Retail
Preferred Tracking Stock, $.001 par value, 13,000,000 shares
authorized, 6,290,499 issued and outstanding at each of June 30,
2016 and December 31, 2015
|
|
6
|
|
|
6
|
|
Common stock, $.001
par value, 4,000,000,000 shares authorized:
|
|
|
|
|
Class A common
stock, $.001 par value, 1,600,000,000 shares authorized, 51,716,369
shares issued and 46,184,051 shares outstanding at June 30, 2016
and 51,087,839 shares issued and 45,555,521 shares outstanding at
December 31, 2015
|
|
52
|
|
|
51
|
|
Class B common
stock, $.001 par value, 800,000,000 shares authorized, 47,687,039
shares issued and outstanding at each of June 30, 2016 and
December 31, 2015
|
|
48
|
|
|
48
|
|
Class C common
stock, $.001 par value, 800,000,000 shares authorized, none issued
and outstanding at each of June 30, 2016 and December 31,
2015
|
|
—
|
|
|
—
|
|
Class D common
stock, $.001 par value, 800,000,000 shares authorized, none issued
and outstanding at each of June 30, 2016 and December 31,
2015
|
|
—
|
|
|
—
|
|
Additional paid-in
capital
|
|
3,804,580
|
|
|
3,776,451
|
|
Accumulated other
comprehensive loss
|
|
(111,820)
|
|
|
(117,233)
|
|
Accumulated
earnings
|
|
239,258
|
|
|
134,317
|
|
Treasury stock, at
cost
|
|
(98,162)
|
|
|
(98,162)
|
|
Total EchoStar
stockholders' equity
|
|
3,833,962
|
|
|
3,695,478
|
|
Noncontrolling
interest in HSS Tracking Stock
|
|
73,843
|
|
|
74,854
|
|
Other noncontrolling
interests
|
|
11,546
|
|
|
11,310
|
|
Total stockholders'
equity
|
|
3,919,351
|
|
|
3,781,642
|
|
Total liabilities and
stockholders' equity
|
|
$
|
7,361,393
|
|
|
$
|
7,209,486
|
|
ECHOSTAR
CORPORATION
Consolidated Statements of Operations
(Dollars in thousands, except per-share amounts)
|
|
|
|
|
|
|
|
For the Three Months
Ended June 30,
|
|
For the Six Months
Ended June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenue:
|
|
|
|
|
|
|
|
|
Equipment revenue -
DISH Network
|
|
$
|
185,148
|
|
|
$
|
196,134
|
|
|
$
|
434,761
|
|
|
$
|
420,093
|
|
Equipment revenue -
other
|
|
76,403
|
|
|
87,772
|
|
|
156,880
|
|
|
166,908
|
|
Services and other
revenue - DISH Network
|
|
220,199
|
|
|
235,953
|
|
|
433,926
|
|
|
458,757
|
|
Services and other
revenue - other
|
|
275,879
|
|
|
273,736
|
|
|
548,421
|
|
|
546,490
|
|
Total
revenue
|
|
757,629
|
|
|
793,595
|
|
|
1,573,988
|
|
|
1,592,248
|
|
Costs and
Expenses:
|
|
|
|
|
|
|
|
|
Cost of sales -
equipment (exclusive of depreciation and amortization)
|
|
222,875
|
|
|
238,623
|
|
|
509,738
|
|
|
498,846
|
|
Cost of sales -
services and other (exclusive of depreciation and
amortization)
|
|
207,488
|
|
|
217,765
|
|
|
404,650
|
|
|
426,005
|
|
Selling, general and
administrative expenses
|
|
96,143
|
|
|
90,704
|
|
|
194,836
|
|
|
188,632
|
|
Research and
development expenses
|
|
20,732
|
|
|
19,685
|
|
|
41,174
|
|
|
37,557
|
|
Depreciation and
amortization
|
|
120,505
|
|
|
132,470
|
|
|
247,239
|
|
|
265,655
|
|
Total costs and
expenses
|
|
667,743
|
|
|
699,247
|
|
|
1,397,637
|
|
|
1,416,695
|
|
Operating
income
|
|
89,886
|
|
|
94,348
|
|
|
176,351
|
|
|
175,553
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
3,503
|
|
|
2,723
|
|
|
7,469
|
|
|
5,334
|
|
Interest expense, net
of amounts capitalized
|
|
(19,927)
|
|
|
(31,958)
|
|
|
(43,137)
|
|
|
(67,266)
|
|
Loss from partial
redemption of debt
|
|
—
|
|
|
(5,044)
|
|
|
—
|
|
|
(5,044)
|
|
Gains (losses) on
marketable investment securities, net
|
|
5,487
|
|
|
(1,613)
|
|
|
7,949
|
|
|
(1,604)
|
|
Other-than-temporary
impairment loss on available-for-sale securities
|
|
—
|
|
|
(4,649)
|
|
|
—
|
|
|
(4,649)
|
|
Equity in earnings
(losses) of unconsolidated affiliates, net
|
|
6,980
|
|
|
(203)
|
|
|
6,017
|
|
|
(256)
|
|
Other, net
|
|
(2,131)
|
|
|
(3,728)
|
|
|
5,255
|
|
|
(6,193)
|
|
Total other expense,
net
|
|
(6,088)
|
|
|
(44,472)
|
|
|
(16,447)
|
|
|
(79,678)
|
|
Income before income
taxes
|
|
83,798
|
|
|
49,876
|
|
|
159,904
|
|
|
95,875
|
|
Income tax
provision
|
|
(27,889)
|
|
|
(18,863)
|
|
|
(55,552)
|
|
|
(37,264)
|
|
Net income
|
|
55,909
|
|
|
31,013
|
|
|
104,352
|
|
|
58,611
|
|
Less: Net loss
attributable to noncontrolling interest in HSS Tracking
Stock
|
|
(188)
|
|
|
(1,165)
|
|
|
(1,011)
|
|
|
(3,334)
|
|
Less: Net income
attributable to other noncontrolling interests
|
|
311
|
|
|
428
|
|
|
422
|
|
|
797
|
|
Net income
attributable to EchoStar
|
|
55,786
|
|
|
31,750
|
|
|
104,941
|
|
|
61,148
|
|
Less: Net loss
attributable to Hughes Retail Preferred Tracking Stock (Note
4)
|
|
(347)
|
|
|
(2,150)
|
|
|
(1,866)
|
|
|
(6,154)
|
|
Net income
attributable to EchoStar common stock
|
|
$
|
56,133
|
|
|
$
|
33,900
|
|
|
$
|
106,807
|
|
|
$
|
67,302
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding - Class A and B common
stock:
|
|
|
|
|
|
|
|
|
Basic
|
|
93,751
|
|
|
92,283
|
|
|
93,541
|
|
|
92,127
|
|
Diluted
|
|
94,330
|
|
|
93,514
|
|
|
94,090
|
|
|
93,437
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
- Class A and B common stock:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.60
|
|
|
$
|
0.37
|
|
|
$
|
1.14
|
|
|
$
|
0.73
|
|
Diluted
|
|
$
|
0.60
|
|
|
$
|
0.36
|
|
|
$
|
1.14
|
|
|
$
|
0.72
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
Income:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
55,909
|
|
|
$
|
31,013
|
|
|
$
|
104,352
|
|
|
$
|
58,611
|
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
(338)
|
|
|
2,994
|
|
|
11,286
|
|
|
(23,406)
|
|
Recognition of
foreign currency translation loss in net income
|
|
—
|
|
|
1,889
|
|
|
—
|
|
|
1,889
|
|
Unrealized gains
(losses) on available-for-sale securities and other
|
|
(1,988)
|
|
|
(2,053)
|
|
|
(485)
|
|
|
(835)
|
|
Recognition of
other-than-temporary loss on available-for-sale securities in net
income
|
|
—
|
|
|
4,649
|
|
|
—
|
|
|
4,649
|
|
Recognition of
realized gains on available-for-sale securities in net
income
|
|
(3,327)
|
|
|
(11)
|
|
|
(5,574)
|
|
|
(20)
|
|
Total other
comprehensive income (loss), net of tax
|
|
(5,653)
|
|
|
7,468
|
|
|
5,227
|
|
|
(17,723)
|
|
Comprehensive
income
|
|
50,256
|
|
|
38,481
|
|
|
109,579
|
|
|
40,888
|
|
Less: Comprehensive
loss attributable to noncontrolling interest in HSS Tracking
Stock
|
|
(188)
|
|
|
(1,165)
|
|
|
(1,011)
|
|
|
(3,334)
|
|
Less: Comprehensive
income attributable to other noncontrolling interests
|
|
125
|
|
|
428
|
|
|
236
|
|
|
797
|
|
Comprehensive income
attributable to EchoStar
|
|
$
|
50,319
|
|
|
$
|
39,218
|
|
|
$
|
110,354
|
|
|
$
|
43,425
|
|
ECHOSTAR
CORPORATION
Consolidated Statements of Cash Flows
(In thousands)
|
|
|
|
|
|
For the Six Months
Ended June 30,
|
|
|
2016
|
|
2015
|
Cash Flows from
Operating Activities:
|
|
|
|
|
Net income
|
|
$
|
104,352
|
|
|
$
|
58,611
|
|
Adjustments to
reconcile net income to net cash flows from operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
247,239
|
|
|
265,655
|
|
Equity in losses
(earnings) of unconsolidated affiliates, net
|
|
(6,017)
|
|
|
256
|
|
Loss from partial
redemption of debt
|
|
—
|
|
|
5,044
|
|
Loss (gain) and
impairment on marketable investment securities, net
|
|
(7,949)
|
|
|
6,253
|
|
Stock-based
compensation
|
|
8,328
|
|
|
10,288
|
|
Deferred tax
provision
|
|
53,091
|
|
|
36,255
|
|
Dividends received
from unconsolidated entity
|
|
10,000
|
|
|
—
|
|
Proceeds from sale of
trading securities
|
|
7,140
|
|
|
—
|
|
Changes in current
assets and current liabilities, net
|
|
(73,916)
|
|
|
(14,429)
|
|
Changes in noncurrent
assets and noncurrent liabilities, net
|
|
2,859
|
|
|
3,294
|
|
Other, net
|
|
10,507
|
|
|
11,517
|
|
Net cash flows from
operating activities
|
|
355,634
|
|
|
382,744
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Purchases of
marketable investment securities
|
|
(641,358)
|
|
|
(285,130)
|
|
Sales and maturities
of marketable investment securities
|
|
500,775
|
|
|
419,038
|
|
Purchases of property
and equipment
|
|
(376,856)
|
|
|
(356,910)
|
|
Refunds and other
receipts related to capital expenditures
|
|
24,087
|
|
|
—
|
|
Changes in restricted
cash and marketable investment securities
|
|
(1,689)
|
|
|
(1,507)
|
|
Investments in
unconsolidated entities
|
|
(1,636)
|
|
|
(64,655)
|
|
Acquisition of
regulatory authorization
|
|
—
|
|
|
(3,428)
|
|
Expenditures for
externally marketed software
|
|
(12,299)
|
|
|
(11,660)
|
|
Other, net
|
|
1,462
|
|
|
8
|
|
Net cash flows from
investing activities
|
|
(507,514)
|
|
|
(304,244)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Repayment of 6 1/2%
Senior Notes Due 2019 and related premium
|
|
—
|
|
|
(113,300)
|
|
Repayment of other
debt and capital lease obligations
|
|
(20,433)
|
|
|
(26,235)
|
|
Net proceeds from
Class A common stock options exercised and stock issued under
the Employee Stock Purchase Plan
|
|
10,505
|
|
|
14,104
|
|
Other, net
|
|
(1,320)
|
|
|
3,186
|
|
Net cash flows from
financing activities
|
|
(11,248)
|
|
|
(122,245)
|
|
Effect of exchange
rates on cash and cash equivalents
|
|
728
|
|
|
(3,298)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(162,400)
|
|
|
(47,043)
|
|
Cash and cash
equivalents, beginning of period
|
|
924,240
|
|
|
549,053
|
|
Cash and cash
equivalents, end of period
|
|
$
|
761,840
|
|
|
$
|
502,010
|
|
|
|
|
|
|
Supplemental
Disclosure of Cash Flow Information:
|
|
|
|
|
Cash paid for
interest (including capitalized interest)
|
|
$
|
87,213
|
|
|
$
|
91,817
|
|
Capitalized
interest
|
|
$
|
47,093
|
|
|
$
|
27,569
|
|
Cash paid for income
taxes
|
|
$
|
6,199
|
|
|
$
|
3,010
|
|
Employee benefits
paid in Class A common stock
|
|
$
|
11,126
|
|
|
$
|
10,711
|
|
Property and
equipment financed under capital lease obligations
|
|
$
|
6,857
|
|
|
$
|
3,367
|
|
Increase (decrease)
in capital expenditures included in accounts payable,
net
|
|
$
|
8,238
|
|
|
$
|
(8,931)
|
|
Reduction of capital
lease obligation for AMC-15 and AMC-16 satellites
|
|
$
|
—
|
|
|
$
|
4,500
|
|
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SOURCE EchoStar Corporation