EchoStar Announces Financial Results for Three and Six Months Ended June 30, 2019

Published

ENGLEWOOD, Colo., Aug. 8, 2019 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three and six months ended June 30, 2019.

Three Months Ended June 30, 2019 Financial Highlights:

  • Consolidated revenues of $537 million.
  • Consolidated net loss of $5 million, consolidated net loss attributable to EchoStar common stock of $6 million, and diluted loss per share of $0.06.
  • Consolidated Adjusted EBITDA of $199 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).

Six Months Ended June 30, 2019 Financial Highlights:

  • Consolidated revenues of $1,068 million.
  • Consolidated net income of $10 million, consolidated net income attributable to EchoStar common stock of $9 million, and diluted earnings per share of $0.09.
  • Consolidated Adjusted EBITDA of $404 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).

Additional Highlights:

  • Approximately 1,415,000 total Hughes broadband subscribers as of June 30, 2019 including approximately 169,000 subscribers in Central and South America.
  • Cash, cash equivalents and current marketable investment securities of $2.5 billion as of June 30, 2019.

 

Set forth below is a table highlighting certain of EchoStar's segment results for the three and six months ended June 30, 2019 and 2018 (amounts in thousands):

For the three monthsended June 30, For the six monthsended June 30,
2019 2018 2019 2018
Revenue
Hughes $ 451,847 $ 426,306 $ 897,184 $ 827,124
EchoStar Satellite Services 80,961 95,425 162,220 192,178
Corporate & Other 4,316 4,226 8,802 8,447
Total $ 537,124 $ 525,957 $ 1,068,206 $ 1,027,749
Adjusted EBITDA
Hughes $ 156,298 $ 151,628 $ 318,161 $ 288,737
EchoStar Satellite Services 68,174 82,483 136,891 166,633
Corporate & Other:
Corporate overhead, operating and other (22,336) (21,266) (42,968) (39,137)
Equity in earnings (losses) of unconsolidated affiliates, net (2,898) (2,058) (7,725) (3,067)
  Sub-total (25,234) (23,324) (50,693) (42,204)
Total $ 199,238 $ 210,787 $ 404,359 $ 413,166
Net income (loss) $ (5,060) $ 77,684 $ 9,948 $ 56,513
Expenditures for property and equipment $ 107,478 $ 119,592 $ 219,440 $ 170,574

 

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

For the three monthsended June 30, For the six monthsended June 30, For the three monthsended June 30, For the six monthsended June 30,
2019 2018 2019 2018 2019 2018 2019 2018
Revenue Net income (loss) $ (5,060) $ 77,684 $ 9,948 $ 56,513
Hughes $ 451,847 $ 426,306 $ 897,184 $ 827,124 Interest income and expense, net 36,950 42,281 72,403 89,397
EchoStar Satellite Services 80,961 95,425 162,220 192,178 Income tax provision, net 922 17,802 9,102 12,399
Corporate & Other 4,316 4,226 8,802 8,447 Depreciation and amortization 155,410 148,449 309,631 294,003
Total $ 537,124 $ 525,957 $ 1,068,206 $ 1,027,749 Net income attributable to noncontrolling interests (632) (462) (1,438) (842)
EBITDA 187,590 285,754 399,646 451,470
Adjusted EBITDA (Gains) losses on investments, net (12,856) (65,396) (19,791) (28,733)
Hughes $ 156,298 $ 151,628 $ 318,161 $ 288,737 Litigation expense 24,504 24,504
EchoStar Satellite Services 68,174 82,483 136,891 166,633 Vendor settlement (9,571) (9,571)
Corporate & Other:     Adjusted EBITDA $ 199,238 $ 210,787 $ 404,359 $ 413,166
Corporate overhead, operating and other (22,336) (21,266) (42,968) (39,137)
Equity in earnings (losses) of unconsolidated affiliates, net (2,898) (2,058) (7,725) (3,067)
  Sub-total (25,234) (23,324) (50,693) (42,204)
Total $ 199,238 $ 210,787 $ 404,359 $ 413,166
Net income (loss) $ (5,060) $ 77,684 $ 9,948 $ 56,513
Expenditures for property and equipment $ 107,478 $ 119,592 $ 219,440 $ 170,574

 

Note on Use of Non-GAAP Financial Measures

Adjusted EBITDA is defined as "Net income (loss)" excluding "Interest income and expense, net," "Income tax provision (benefit), net," "Depreciation and amortization," "Net income (loss) attributable to noncontrolling interests," "Gains and losses on investments, net," and other non-recurring or non-operational items.  Adjusted EBITDA is not a measure determined in accordance with US GAAP. Adjusted EBITDA is 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 this non-GAAP measure as a measure of our operating efficiency and overall financial performance for benchmarking against our peers and competitors. Management believes that this non-GAAP measure provides meaningful supplemental information regarding the underlying operating performance of our business and is appropriate to enhance an overall understanding of our financial performance. Management also believes that Adjusted 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, 2019 and 2018 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 period ended June 30, 2019 filed today with the Securities and Exchange Commission.

EchoStar will host its earnings conference call on Thursday, August 8, 2019 at 11:00 a.m. Eastern Time. The call-in numbers are (877) 815-1625 (toll-free) and (716) 247-5178 (international), Conference ID 6673307.

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, 2018 and Quarterly Report on Form 10-Q for the period ended June 30, 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.

 

 

For the three monthsended June 30, For the six monthsended June 30, For the three monthsended June 30, For the six monthsended June 30, ECHOSTAR CORPORATION Condensed Consolidated Balance Sheets (Amounts in thousands, except per share amounts)
2019 2018 2019 2018 2019 2018 2019 2018
As of
Revenue Net income (loss) $ (5,060) $ 77,684 $ 9,948 $ 56,513 June 30, 2019 December 31, 2018
Hughes $ 451,847 $ 426,306 $ 897,184 $ 827,124 Interest income and expense, net 36,950 42,281 72,403 89,397 Assets (Unaudited) (Audited)
EchoStar Satellite Services 80,961 95,425 162,220 192,178 Income tax provision, net 922 17,802 9,102 12,399 Current assets:
Corporate & Other 4,316 4,226 8,802 8,447 Depreciation and amortization 155,410 148,449 309,631 294,003 Cash and cash equivalents $ 1,298,005 $ 928,306
Total $ 537,124 $ 525,957 $ 1,068,206 $ 1,027,749 Net income attributable to noncontrolling interests (632) (462) (1,438) (842) Marketable investment securities, at fair value 1,203,308 2,282,152
EBITDA 187,590 285,754 399,646 451,470 Trade accounts receivable and contract assets, net (Note 3) 201,561 201,096
Adjusted EBITDA (Gains) losses on investments, net (12,856) (65,396) (19,791) (28,733) Trade accounts receivable - DISH Network 13,943 14,200
Hughes $ 156,298 $ 151,628 $ 318,161 $ 288,737 Litigation expense 24,504 24,504 Inventory 73,345 75,379
EchoStar Satellite Services 68,174 82,483 136,891 166,633 Vendor settlement (9,571) (9,571) Prepaids and deposits 65,589 61,177
Corporate & Other:     Adjusted EBITDA $ 199,238 $ 210,787 $ 404,359 $ 413,166 Other current assets 19,857 18,539
Corporate overhead, operating and other (22,336) (21,266) (42,968) (39,137) Total current assets 2,875,608 3,580,849
Equity in earnings (losses) of unconsolidated affiliates, net (2,898) (2,058) (7,725) (3,067) Noncurrent assets:
  Sub-total (25,234) (23,324) (50,693) (42,204) Property and equipment, net 3,329,794 3,414,908
Total $ 199,238 $ 210,787 $ 404,359 $ 413,166 Operating lease right-of-use assets 113,643
Goodwill 504,173 504,173
Net income (loss) $ (5,060) $ 77,684 $ 9,948 $ 56,513 Regulatory authorizations, net 493,661 495,654
Expenditures for property and equipment $ 107,478 $ 119,592 $ 219,440 $ 170,574 Other intangible assets, net 36,869 44,231
Investments in unconsolidated entities 225,582 262,473
Other receivables - DISH Network 96,733 95,114
Other noncurrent assets, net 274,028 263,892
Total noncurrent assets 5,074,483 5,080,445
Total assets $ 7,950,091 $ 8,661,294
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable $ 105,929 $ 121,437
Trade accounts payable - DISH Network 1,113 1,698
Current portion of long-term debt and finance lease obligations 42,682 959,577
Contract liabilities 106,308 72,284
Accrued interest 42,835 47,416
Accrued compensation 44,829 54,242
Accrued taxes 16,221 16,013
Accrued expenses and other 111,745 72,470
Total current liabilities 471,662 1,345,137
Noncurrent liabilities:
Long-term debt and finance lease obligations, net 2,553,352 2,573,204
Deferred tax liabilities, net 472,872 465,933
Operating lease liabilities 94,979
Other noncurrent liabilities 114,275 121,546
Total noncurrent liabilities 3,235,478 3,160,683
Total liabilities 3,707,140 4,505,820
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized,  none issued and outstanding at each of June 30, 2019 and December 31, 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, 56,189,672 shares issued and 49,704,751 shares outstanding at June 30, 2019 and 54,142,566 shares issued and 47,657,645 shares outstanding at December 31, 2018 56 54
Class B convertible common stock, $0.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at each of June 30, 2019 and December 31, 2018 48 48
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of June 30, 2019 and December 31, 2018
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of June 30, 2019 and December 31, 2018
Additional paid-in capital 3,777,499 3,702,522
Accumulated other comprehensive loss (119,500) (125,100)
Accumulated earnings 704,236 694,129
Treasury stock, at cost (131,454) (131,454)
Total EchoStar Corporation stockholders' equity 4,230,885 4,140,199
Noncontrolling interests 12,066 15,275
Total stockholders' equity 4,242,951 4,155,474
Total liabilities and stockholders' equity $ 7,950,091 $ 8,661,294

 

 

For the three monthsended June 30, For the six monthsended June 30, For the three monthsended June 30, For the six monthsended June 30, ECHOSTAR CORPORATION Condensed Consolidated Balance Sheets (Amounts in thousands, except per share amounts) ECHOSTAR CORPORATION Condensed Consolidated Statements of Operations (Amounts in thousands, except per share amounts)
2019 2018 2019 2018 2019 2018 2019 2018
As of For the three monthsended June 30, For the six monthsended June 30,
Revenue Net income (loss) $ (5,060) $ 77,684 $ 9,948 $ 56,513 June 30, 2019 December 31, 2018 2019 2018 2019 2018
Hughes $ 451,847 $ 426,306 $ 897,184 $ 827,124 Interest income and expense, net 36,950 42,281 72,403 89,397 Assets (Unaudited) (Audited) Revenue:
EchoStar Satellite Services 80,961 95,425 162,220 192,178 Income tax provision, net 922 17,802 9,102 12,399 Current assets: Services and other revenue - DISH Network $ 85,057 $ 100,171 $ 170,945 $ 203,976
Corporate & Other 4,316 4,226 8,802 8,447 Depreciation and amortization 155,410 148,449 309,631 294,003 Cash and cash equivalents $ 1,298,005 $ 928,306 Services and other revenue - other 394,422 375,445 787,902 730,485
Total $ 537,124 $ 525,957 $ 1,068,206 $ 1,027,749 Net income attributable to noncontrolling interests (632) (462) (1,438) (842) Marketable investment securities, at fair value 1,203,308 2,282,152 Equipment revenue 57,645 50,341 109,359 93,288
EBITDA 187,590 285,754 399,646 451,470 Trade accounts receivable and contract assets, net (Note 3) 201,561 201,096 Total revenue 537,124 525,957 1,068,206 1,027,749
Adjusted EBITDA (Gains) losses on investments, net (12,856) (65,396) (19,791) (28,733) Trade accounts receivable - DISH Network 13,943 14,200
Hughes $ 156,298 $ 151,628 $ 318,161 $ 288,737 Litigation expense 24,504 24,504 Inventory 73,345 75,379 Costs and expenses:
EchoStar Satellite Services 68,174 82,483 136,891 166,633 Vendor settlement (9,571) (9,571) Prepaids and deposits 65,589 61,177 Cost of sales - services and other (exclusive of depreciation and amortization) 153,198 151,157 306,769 299,902
Corporate & Other:     Adjusted EBITDA $ 199,238 $ 210,787 $ 404,359 $ 413,166 Other current assets 19,857 18,539 Cost of sales - equipment (exclusive of depreciation and amortization) 46,549 41,865 91,556 80,936
Corporate overhead, operating and other (22,336) (21,266) (42,968) (39,137) Total current assets 2,875,608 3,580,849 Selling, general and administrative expenses 152,629 103,074 264,763 206,349
Equity in earnings (losses) of unconsolidated affiliates, net (2,898) (2,058) (7,725) (3,067) Noncurrent assets: Research and development expenses 6,388 6,647 13,276 13,784
  Sub-total (25,234) (23,324) (50,693) (42,204) Property and equipment, net 3,329,794 3,414,908 Depreciation and amortization 155,410 148,449 309,631 294,003
Total $ 199,238 $ 210,787 $ 404,359 $ 413,166 Operating lease right-of-use assets 113,643 Total costs and expenses 514,174 451,192 985,995 894,974
Goodwill 504,173 504,173 Operating income 22,950 74,765 82,211 132,775
Net income (loss) $ (5,060) $ 77,684 $ 9,948 $ 56,513 Regulatory authorizations, net 493,661 495,654
Expenditures for property and equipment $ 107,478 $ 119,592 $ 219,440 $ 170,574 Other intangible assets, net 36,869 44,231 Other income (expense):
Investments in unconsolidated entities 225,582 262,473 Interest income 23,213 19,253 47,642 34,888
Other receivables - DISH Network 96,733 95,114 Interest expense, net of amounts capitalized (60,163) (61,534) (120,045) (124,285)
Other noncurrent assets, net 274,028 263,892 Gains (losses) on investments, net 12,856 65,396 19,791 28,733
Total noncurrent assets 5,074,483 5,080,445 Equity in losses of unconsolidated affiliates, net (4,754) (2,058) (11,107) (3,067)
Total assets $ 7,950,091 $ 8,661,294 Other, net 1,760 (336) 558 (132)
Liabilities and Stockholders' Equity Total other income (expense), net (27,088) 20,721 (63,161) (63,863)
Current liabilities: Income (loss) before income taxes (4,138) 95,486 19,050 68,912
Trade accounts payable $ 105,929 $ 121,437 Income tax provision, net (922) (17,802) (9,102) (12,399)
Trade accounts payable - DISH Network 1,113 1,698 Net income (loss) (5,060) 77,684 9,948 56,513
Current portion of long-term debt and finance lease obligations 42,682 959,577 Less: Net income attributable to noncontrolling interests 632 462 1,438 842
Contract liabilities 106,308 72,284 Net income (loss) attributable to EchoStar Corporation common stock $ (5,692) $ 77,222 $ 8,510 $ 55,671
Accrued interest 42,835 47,416
Accrued compensation 44,829 54,242 Earnings per share - Class A and B common stock:
Accrued taxes 16,221 16,013 Basic earnings (loss) per share $ (0.06) $ 0.80 $ 0.09 $ 0.58
Accrued expenses and other 111,745 72,470 Diluted earnings (loss) per share $ (0.06) $ 0.80 $ 0.09 $ 0.57
Total current liabilities 471,662 1,345,137
Noncurrent liabilities:
Long-term debt and finance lease obligations, net 2,553,352 2,573,204
Deferred tax liabilities, net 472,872 465,933
Operating lease liabilities 94,979
Other noncurrent liabilities 114,275 121,546
Total noncurrent liabilities 3,235,478 3,160,683
Total liabilities 3,707,140 4,505,820
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized,  none issued and outstanding at each of June 30, 2019 and December 31, 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, 56,189,672 shares issued and 49,704,751 shares outstanding at June 30, 2019 and 54,142,566 shares issued and 47,657,645 shares outstanding at December 31, 2018 56 54
Class B convertible common stock, $0.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at each of June 30, 2019 and December 31, 2018 48 48
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of June 30, 2019 and December 31, 2018
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of June 30, 2019 and December 31, 2018
Additional paid-in capital 3,777,499 3,702,522
Accumulated other comprehensive loss (119,500) (125,100)
Accumulated earnings 704,236 694,129
Treasury stock, at cost (131,454) (131,454)
Total EchoStar Corporation stockholders' equity 4,230,885 4,140,199
Noncontrolling interests 12,066 15,275
Total stockholders' equity 4,242,951 4,155,474
Total liabilities and stockholders' equity $ 7,950,091 $ 8,661,294

 

 

For the three monthsended June 30, For the six monthsended June 30, For the three monthsended June 30, For the six monthsended June 30, ECHOSTAR CORPORATION Condensed Consolidated Balance Sheets (Amounts in thousands, except per share amounts) ECHOSTAR CORPORATION Condensed Consolidated Statements of Operations (Amounts in thousands, except per share amounts) ECHOSTAR CORPORATION Condensed Consolidated Statements of Cash Flows (Amounts in thousands, except per share amounts)
2019 2018 2019 2018 2019 2018 2019 2018
As of For the three monthsended June 30, For the six monthsended June 30, For the six months ended June 30,
Revenue Net income (loss) $ (5,060) $ 77,684 $ 9,948 $ 56,513 June 30, 2019 December 31, 2018 2019 2018 2019 2018 2019 2018
Hughes $ 451,847 $ 426,306 $ 897,184 $ 827,124 Interest income and expense, net 36,950 42,281 72,403 89,397 Assets (Unaudited) (Audited) Revenue: Cash flows from operating activities:
EchoStar Satellite Services 80,961 95,425 162,220 192,178 Income tax provision, net 922 17,802 9,102 12,399 Current assets: Services and other revenue - DISH Network $ 85,057 $ 100,171 $ 170,945 $ 203,976 Net income (loss) $ 9,948 $ 56,513
Corporate & Other 4,316 4,226 8,802 8,447 Depreciation and amortization 155,410 148,449 309,631 294,003 Cash and cash equivalents $ 1,298,005 $ 928,306 Services and other revenue - other 394,422 375,445 787,902 730,485 Adjustments to reconcile net income to net cash flows from operating activities:
Total $ 537,124 $ 525,957 $ 1,068,206 $ 1,027,749 Net income attributable to noncontrolling interests (632) (462) (1,438) (842) Marketable investment securities, at fair value 1,203,308 2,282,152 Equipment revenue 57,645 50,341 109,359 93,288 Depreciation and amortization 309,631 294,003
EBITDA 187,590 285,754 399,646 451,470 Trade accounts receivable and contract assets, net (Note 3) 201,561 201,096 Total revenue 537,124 525,957 1,068,206 1,027,749 Equity in losses of unconsolidated affiliates, net 11,107 3,067
Adjusted EBITDA (Gains) losses on investments, net (12,856) (65,396) (19,791) (28,733) Trade accounts receivable - DISH Network 13,943 14,200 Amortization of debt issuance costs 3,872 3,905
Hughes $ 156,298 $ 151,628 $ 318,161 $ 288,737 Litigation expense 24,504 24,504 Inventory 73,345 75,379 Costs and expenses: (Gains) losses on investments, net (19,791) (28,674)
EchoStar Satellite Services 68,174 82,483 136,891 166,633 Vendor settlement (9,571) (9,571) Prepaids and deposits 65,589 61,177 Cost of sales - services and other (exclusive of depreciation and amortization) 153,198 151,157 306,769 299,902 Stock-based compensation 4,833 5,110
Corporate & Other:     Adjusted EBITDA $ 199,238 $ 210,787 $ 404,359 $ 413,166 Other current assets 19,857 18,539 Cost of sales - equipment (exclusive of depreciation and amortization) 46,549 41,865 91,556 80,936 Deferred tax provision 7,014 10,231
Corporate overhead, operating and other (22,336) (21,266) (42,968) (39,137) Total current assets 2,875,608 3,580,849 Selling, general and administrative expenses 152,629 103,074 264,763 206,349 Dividend received from unconsolidated entity 5,000
Equity in earnings (losses) of unconsolidated affiliates, net (2,898) (2,058) (7,725) (3,067) Noncurrent assets: Research and development expenses 6,388 6,647 13,276 13,784 Changes in current assets and current liabilities, net:
  Sub-total (25,234) (23,324) (50,693) (42,204) Property and equipment, net 3,329,794 3,414,908 Depreciation and amortization 155,410 148,449 309,631 294,003 Trade accounts receivable, net 167 (3,061)
Total $ 199,238 $ 210,787 $ 404,359 $ 413,166 Operating lease right-of-use assets 113,643 Total costs and expenses 514,174 451,192 985,995 894,974 Trade accounts receivable - DISH Network 257 17,262
Goodwill 504,173 504,173 Operating income 22,950 74,765 82,211 132,775 Inventory 2,114 238
Net income (loss) $ (5,060) $ 77,684 $ 9,948 $ 56,513 Regulatory authorizations, net 493,661 495,654 Other current assets (2,500) (5,430)
Expenditures for property and equipment $ 107,478 $ 119,592 $ 219,440 $ 170,574 Other intangible assets, net 36,869 44,231 Other income (expense): Trade accounts payable (225) 2,364
Investments in unconsolidated entities 225,582 262,473 Interest income 23,213 19,253 47,642 34,888 Trade accounts payable - DISH Network (585) (3,360)
Other receivables - DISH Network 96,733 95,114 Interest expense, net of amounts capitalized (60,163) (61,534) (120,045) (124,285) Accrued expenses and other 51,409 7,749
Other noncurrent assets, net 274,028 263,892 Gains (losses) on investments, net 12,856 65,396 19,791 28,733 Changes in noncurrent assets and noncurrent liabilities, net 1,374 (17,200)
Total noncurrent assets 5,074,483 5,080,445 Equity in losses of unconsolidated affiliates, net (4,754) (2,058) (11,107) (3,067) Other, net 2,149 5,822
Total assets $ 7,950,091 $ 8,661,294 Other, net 1,760 (336) 558 (132) Net cash flows from operating activities 380,774 353,539
Liabilities and Stockholders' Equity Total other income (expense), net (27,088) 20,721 (63,161) (63,863) Cash flows from investing activities:
Current liabilities: Income (loss) before income taxes (4,138) 95,486 19,050 68,912 Purchases of marketable investment securities (504,264) (1,632,930)
Trade accounts payable $ 105,929 $ 121,437 Income tax provision, net (922) (17,802) (9,102) (12,399) Sales and maturities of marketable investment securities 1,621,481 841,638
Trade accounts payable - DISH Network 1,113 1,698 Net income (loss) (5,060) 77,684 9,948 56,513 Expenditures for property and equipment (219,440) (248,098)
Current portion of long-term debt and finance lease obligations 42,682 959,577 Less: Net income attributable to noncontrolling interests 632 462 1,438 842 Refunds and other receipts related to property and equipment 77,524
Contract liabilities 106,308 72,284 Net income (loss) attributable to EchoStar Corporation common stock $ (5,692) $ 77,222 $ 8,510 $ 55,671 Expenditures for externally marketed software (15,329) (15,000)
Accrued interest 42,835 47,416 Net cash flows from investing activities 882,448 (976,866)
Accrued compensation 44,829 54,242 Earnings per share - Class A and B common stock: Cash flows from financing activities:
Accrued taxes 16,221 16,013 Basic earnings (loss) per share $ (0.06) $ 0.80 $ 0.09 $ 0.58 Repayment of debt and finance lease obligations (21,180) (18,417)
Accrued expenses and other 111,745 72,470 Diluted earnings (loss) per share $ (0.06) $ 0.80 $ 0.09 $ 0.57 Repurchase and maturity of debt (920,923)
Total current liabilities 471,662 1,345,137 Purchase of noncontrolling interest (7,313)
Noncurrent liabilities: Repayment of in-orbit incentive obligations (3,778) (3,272)
Long-term debt and finance lease obligations, net 2,553,352 2,573,204 Net proceeds from Class A common stock options exercised 61,503 4,064
Deferred tax liabilities, net 472,872 465,933 Net proceeds from Class A common stock issued under the Employee Stock Purchase Plan 5,074 4,886
Operating lease liabilities 94,979 Other, net 905 (401)
Other noncurrent liabilities 114,275 121,546 Net cash flows from financing activities (885,712) (13,140)
Total noncurrent liabilities 3,235,478 3,160,683 Effect of exchange rates on cash and cash equivalents 121 (1,941)
Total liabilities 3,707,140 4,505,820 Net increase (decrease) in cash and cash equivalents, including restricted amounts 377,631 (638,408)
Commitments and contingencies (Note 15) Cash and cash equivalents, including restricted amounts, beginning of period 929,495 2,432,249
Stockholders' equity: Cash and cash equivalents, including restricted amounts, end of period $ 1,307,126 $ 1,793,841
Preferred stock, $0.001 par value, 20,000,000 shares authorized,  none issued and outstanding at each of June 30, 2019 and December 31, 2018
Common stock, $0.001 par value, 4,000,000,000 shares authorized: Supplemental disclosure of cash flow information:
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 56,189,672 shares issued and 49,704,751 shares outstanding at June 30, 2019 and 54,142,566 shares issued and 47,657,645 shares outstanding at December 31, 2018 56 54 Cash paid for interest, net of amounts capitalized $ 120,625 $ 122,017
Class B convertible common stock, $0.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at each of June 30, 2019 and December 31, 2018 48 48 Cash paid for income taxes $ 1,217 $ 2,574
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of June 30, 2019 and December 31, 2018
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of June 30, 2019 and December 31, 2018
Additional paid-in capital 3,777,499 3,702,522
Accumulated other comprehensive loss (119,500) (125,100)
Accumulated earnings 704,236 694,129
Treasury stock, at cost (131,454) (131,454)
Total EchoStar Corporation stockholders' equity 4,230,885 4,140,199
Noncontrolling interests 12,066 15,275
Total stockholders' equity 4,242,951 4,155,474
Total liabilities and stockholders' equity $ 7,950,091 $ 8,661,294

 

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SOURCE EchoStar Corporation

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