☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020. |
Colorado | 45-0897865 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
100 Inverness Terrace East, | Englewood, | Colorado | 80112-5308 | |||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||
(303) | 706-4000 | Not Applicable | ||||||||||||
(Registrant’s telephone number, including area code) | (Former name, former address and former fiscal year, if changed since last report) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | Emerging growth company | ☐ | ||||||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
Item 6. | Selected Financial Data | * | ||||||
Item 10. | Directors, Executive Officers and Corporate Governance | * | ||||||
Item 11. | Executive Compensation | * | ||||||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | * | ||||||
Item 13. | Certain Relationships and Related Transactions, and Director Independence | * | ||||||
F- |
•significant risks related to our ability to operate and control our satellites, operational and environmental risks related to our owned and leased satellites, and risks related to our satellites under construction; •our ability, and the ability of third parties with whom we engage in order to operate our business, to operate as a result of the COVID-19 pandemic; •our ability to implement and/or realize benefits of our investments and other strategic initiatives; •legal proceedings relating to the BSS Transaction or other matters that could result in substantial costs and material adverse effects to our business; •risks related to our foreign operations and other uncertainties associated with doing business internationally; •risks related to our dependency upon third-party providers; and •risks related to our human capital resources. |
•the risks associated with developing and constructing new satellites; •the diversion of our management’s attention away from our existing business onto a strategic initiative; •possible adverse effects on our and our targets’ and partners’ business, financial condition or operating results during the integration process; •exposure to significant financial losses if the strategic initiatives are not successful; •the inability to obtain regulatory approvals in the anticipated time frame, or at all; •the risks associated with complying with regulations applicable to the acquired or developed business or technologies which may cause us to incur substantial expenses; 3 •the disruption of relationships with employees, vendors or customers; and •the risks associated with foreign and international operations and/or investments or dispositions. |
• |
Manufacturing. While we develop and manufacture prototypes for certain |
•Installation, 4 the agreements for the provision of these services are terminated or not renewed, we could face difficulties replacing these service providers. |
•Regulatory restrictions. Satellite market access, landing rights and terrestrial wireless rights are dependent on the national regulations established by foreign governments and international non-governmental bodies. Non-compliance with these requirements may result in the loss of |
•incur additional debt; 5 • |
• |
•Cross directorships and stock ownership. Charles W. Ergen serves as the Chairman of our, EchoStar’s and DISH’s boards of directors, is employed by both EchoStar and DISH and has fiduciary duties to EchoStar’s and DISH’s shareholders. Mr. Ergen may have actual or apparent conflicts of interest with respect to matters involving or affecting each company. For example, there is potential for a conflict of interest when we or DISH Network look at acquisitions and other corporate opportunities that may be suitable for both companies. In addition, our Chairman and certain •Intercompany agreements with DISH Network. We and EchoStar and its other subsidiaries have entered into various agreements with DISH Network. Pursuant to certain agreements, we and EchoStar and its other subsidiaries obtain certain products, services and rights from DISH Network; DISH Network obtains certain |
Location | Segment(s) | Function | ||||||||||||
Owned: | ||||||||||||||
Englewood, Colorado | ESS/Corporate and Other | Corporate headquarters and engineering offices | ||||||||||||
Germantown, Maryland | Hughes | Hughes corporate headquarters, engineering offices, network operations and shared hubs | ||||||||||||
Griesheim, Germany | Hughes/Corporate and Other | Shared hub, operations, administrative offices and warehouse | ||||||||||||
Leased: | ||||||||||||||
Gilbert, Arizona | Hughes | Gateways | ||||||||||||
San Diego, California | Hughes | Engineering and sales offices | ||||||||||||
Englewood, Colorado | Hughes | Gateways and equipment | ||||||||||||
Gaithersburg, Maryland | Hughes | Manufacturing and testing facilities and logistics offices | ||||||||||||
Gaithersburg, Maryland | Hughes | Engineering and administrative offices | ||||||||||||
Southfield, Michigan | Hughes | Shared hub and regional network management center | ||||||||||||
Las Vegas, Nevada | Hughes | Shared hub, antennae yards, gateway, backup network operation and control center for Hughes corporate headquarters | ||||||||||||
Cheyenne, Wyoming | Hughes/ESS | Satellite access center, gateways and equipment | ||||||||||||
Barueri, Brazil | Shared hub | |||||||||||||
Sao Paulo, Brazil | Hughes | Hughes Brazil corporate headquarters, sales offices and warehouse | ||||||||||||
Bangalore, India | Hughes | Engineering office and office space | ||||||||||||
Gurgaon, India | Hughes | Administrative offices, shared hub, operations, warehouse, and development center | ||||||||||||
New Delhi, India | Hughes | Hughes India corporate headquarters | ||||||||||||
Milton Keynes, United Kingdom | Hughes | Hughes Europe corporate headquarters and operations |
•Revenue of $1.9 billion •Operating income (loss) of $196.6 million •Net income (loss) from continuing operations of $(2.4) million •Net income (loss) attributable to HSSC of $9.3 million • |
• | •Total liabilities of $3.5 billion •Total shareholder’s equity of $2.1 billion •Cash, cash equivalents and marketable investment securities of $1.9 billion |
As of December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
Broadband subscribers | 1,477,000 | 1,361,000 | 1,208,000 |
As of December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
United States | 1,189,000 | 1,239,000 | 1,231,000 | |||||||||||||||||
Latin America | 375,000 | 238,000 | 130,000 | |||||||||||||||||
Total broadband subscribers | 1,564,000 | 1,477,000 | 1,361,000 |
For the Three Months Ended | ||||||||||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||
United States | (27,000) | (6,000) | (28,000) | 11,000 | ||||||||||||||||||||||
Latin America | 11,000 | 43,000 | 54,000 | 29,000 | ||||||||||||||||||||||
Total net subscriber additions | (16,000) | 37,000 | 26,000 | 40,000 |
For the Three Months Ended | ||||||||||||
December 31 | September 30 | June 30 | March 31 | |||||||||
Net additions, excluding Acquired Subscribers | 20,000 | 22,000 | 26,000 | 28,000 |
In Latin America, we continued to see growth in our subscriber base and ARPU. However, we experienced a decrease in our net subscriber additions in the fourth quarter compared to the third quarter of 2020. This was partly due to fewer subscriber activations, as potential customers reacted to the easing of COVID-19 pandemic restrictions. In addition, net subscriber additions were adversely impacted by a temporary increase in churn due to various factors, including changes we made to our collections processes. |
For the years ended December 31, | Variance | For the years ended December 31, | Variance | |||||||||||||||||||||||||||||||||||||||||
Statements of Operations Data (1) | 2019 | 2018 | Amount | % | Statements of Operations Data (1) | 2020 | 2019 | Amount | % | |||||||||||||||||||||||||||||||||||
Revenue: | Revenue: | |||||||||||||||||||||||||||||||||||||||||||
Services and other revenue | $ | 1,623,458 | $ | 1,561,426 | $ | 62,032 | 4.0 | Services and other revenue | $ | 1,691,757 | $ | 1,623,458 | $ | 68,299 | 4.2 | |||||||||||||||||||||||||||||
Equipment revenue | 266,703 | 205,410 | 61,293 | 29.8 | Equipment revenue | 205,601 | 266,703 | (61,102) | (22.9) | |||||||||||||||||||||||||||||||||||
Total revenue | 1,890,161 | 1,766,836 | 123,325 | 7.0 | Total revenue | 1,897,358 | 1,890,161 | 7,197 | 0.4 | |||||||||||||||||||||||||||||||||||
Costs and expenses: | Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||
Cost of sales - services and other | 555,701 | 559,838 | (4,137 | ) | (0.7 | ) | Cost of sales - services and other | 572,637 | 555,701 | 16,936 | 3.0 | |||||||||||||||||||||||||||||||||
% of total services and other revenue | 34.2 | % | 35.9 | % | % of total services and other revenue | 33.8 | % | 34.2 | % | |||||||||||||||||||||||||||||||||||
Cost of sales - equipment | 225,103 | 176,600 | 48,503 | 27.5 | Cost of sales - equipment | 166,429 | 225,103 | (58,674) | (26.1) | |||||||||||||||||||||||||||||||||||
% of total equipment revenue | 84.4 | % | 86.0 | % | % of total equipment revenue | 80.9 | % | 84.4 | % | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 467,869 | 397,994 | 69,875 | 17.6 | Selling, general and administrative expenses | 433,408 | 467,869 | (34,461) | (7.4) | |||||||||||||||||||||||||||||||||||
% of total revenue | 24.8 | % | 22.5 | % | % of total revenue | 22.8 | % | 24.8 | % | |||||||||||||||||||||||||||||||||||
Research and development expenses | 25,739 | 27,570 | (1,831 | ) | (6.6 | ) | Research and development expenses | 29,448 | 25,739 | 3,709 | 14.4 | |||||||||||||||||||||||||||||||||
% of total revenue | 1.4 | % | 1.6 | % | % of total revenue | 1.6 | % | 1.4 | % | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 464,797 | 426,852 | 37,945 | 8.9 | Depreciation and amortization | 498,876 | 464,797 | 34,079 | 7.3 | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 1,739,209 | 1,588,854 | 150,355 | 9.5 | Total costs and expenses | 1,700,798 | 1,739,209 | (38,411) | (2.2) | |||||||||||||||||||||||||||||||||||
Operating income (loss) | 150,952 | 177,982 | (27,030 | ) | (15.2 | ) | Operating income (loss) | 196,560 | 150,952 | 45,608 | 30.2 | |||||||||||||||||||||||||||||||||
Other income (expense): | Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||
Interest income | 57,730 | 59,104 | (1,374 | ) | (2.3 | ) | ||||||||||||||||||||||||||||||||||||||
Interest income, net | Interest income, net | 18,802 | 57,730 | (38,928) | (67.4) | |||||||||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (272,218 | ) | (231,169 | ) | (41,049 | ) | 17.8 | Interest expense, net of amounts capitalized | (172,466) | (272,218) | 99,752 | (36.6) | ||||||||||||||||||||||||||||||||
Gains (losses) on investments, net | (8,464 | ) | 187 | (8,651 | ) | * | Gains (losses) on investments, net | (232) | (8,464) | 8,232 | (97.3) | |||||||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates, net | (3,333 | ) | 4,874 | (8,207 | ) | * | Equity in earnings (losses) of unconsolidated affiliates, net | (6,116) | (3,333) | (2,783) | 83.5 | |||||||||||||||||||||||||||||||||
Foreign currency transaction gains (losses), net | (9,855 | ) | (12,484 | ) | 2,629 | (21.1 | ) | Foreign currency transaction gains (losses), net | 3,427 | (9,855) | 13,282 | * | ||||||||||||||||||||||||||||||||
Other, net | (633 | ) | 8,041 | (8,674 | ) | * | Other, net | (286) | (633) | 347 | (54.8) | |||||||||||||||||||||||||||||||||
Total other income (expense), net | (236,773 | ) | (171,447 | ) | (65,326 | ) | 38.1 | Total other income (expense), net | (156,871) | (236,773) | 79,902 | (33.7) | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (85,821 | ) | 6,535 | (92,356 | ) | * | Income (loss) from continuing operations before income taxes | 39,689 | (85,821) | 125,510 | * | |||||||||||||||||||||||||||||||||
Income tax benefit (provision), net | (11,595 | ) | (18,615 | ) | 7,020 | (37.7 | ) | Income tax benefit (provision), net | (42,118) | (11,595) | (30,523) | * | ||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | (97,416 | ) | (12,080 | ) | (85,336 | ) | * | Net income (loss) from continuing operations | (2,429) | (97,416) | 94,987 | (97.5) | ||||||||||||||||||||||||||||||||
Net income (loss) from discontinued operations | 56,539 | 109,423 | (52,884 | ) | (48.3 | ) | Net income (loss) from discontinued operations | — | 56,539 | (56,539) | (100.0) | |||||||||||||||||||||||||||||||||
Net income (loss) | (40,877 | ) | 97,343 | (138,220 | ) | * | Net income (loss) | (2,429) | (40,877) | 38,448 | (94.1) | |||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to non-controlling interests | (11,335 | ) | 1,842 | (13,177 | ) | * | Less: Net income (loss) attributable to non-controlling interests | 11,754 | 11,335 | 419 | 3.7 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to HSS | $ | (29,542 | ) | $ | 95,501 | $ | (125,043 | ) | * | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to HSSC | Net income (loss) attributable to HSSC | $ | 9,325 | $ | (29,542) | $ | 38,867 | * | ||||||||||||||||||||||||||||||||||||
Other data: | Other data: | |||||||||||||||||||||||||||||||||||||||||||
EBITDA (2) | $ | 604,799 | $ | 603,610 | $ | 1,189 | 0.2 | EBITDA (2) | $ | 703,983 | $ | 604,799 | $ | 99,184 | 16.4 | |||||||||||||||||||||||||||||
Subscribers, end of period | 1,477,000 | 1,361,000 | 116,000 | 8.5 | Subscribers, end of period | 1,564,000 | 1,477,000 | 87,000 | 5.9 |
Amounts | ||||||||
Net income (loss) attributable to HSSC for the year ended December 31, 2019 | $ | (29,542) | ||||||
Decrease (increase) in interest expense, net of amounts capitalized | 99,752 | |||||||
Increase (decrease) in operating income (loss), including depreciation and amortization | 45,608 | |||||||
Increase (decrease) in foreign currency transaction gains (losses), net | 13,282 | |||||||
Increase (decrease) in gains (losses) on investments, net | 8,232 | |||||||
Decrease (increase) in net income (loss) attributable to non-controlling interests | 419 | |||||||
Increase (decrease) in other, net | 347 | |||||||
Decrease (increase) in equity in earnings (losses) of unconsolidated affiliates, net | (2,783) | |||||||
Decrease (increase) in income tax benefit (provision), net | (30,523) | |||||||
Increase (decrease) in interest income, net | (38,928) | |||||||
Increase (decrease) in net income (loss) from discontinued operations | (56,539) | |||||||
Net income (loss) attributable to HSSC for the year ended December 31, 2020 | $ | 9,325 |
Amounts | ||||
Net income (loss) attributable to HSS for the year ended December 31, 2018 | $ | 95,501 | ||
Decrease (increase) in net income attributable to non-controlling interests | 13,177 | |||
Decrease (increase) in income tax provision, net | 7,020 | |||
Decrease (increase) in foreign currency transaction losses, net | 2,629 | |||
Increase (decrease) in interest income | (1,374 | ) | ||
Increase (decrease) in equity in earnings of unconsolidated affiliates, net | (8,207 | ) | ||
Increase (decrease) in gains on investments, net | (8,651 | ) | ||
Increase (decrease) in other, net | (8,674 | ) | ||
Increase (decrease) in operating income, including depreciation and amortization | (27,030 | ) | ||
Decrease (increase) in interest expense, net of amounts capitalized | (41,049 | ) | ||
Increase (decrease) in net income from discontinued operations | (52,884 | ) | ||
Net income (loss) attributable to HSS for the year ended December 31, 2019 | $ | (29,542 | ) |
For the years ended December 31, | Variance | |||||||||||||||||||||||||
2020 | 2019 | Amount | % | |||||||||||||||||||||||
Net income (loss) | $ | (2,429) | $ | (40,877) | $ | 38,448 | (94.1) | |||||||||||||||||||
Interest income, net | (18,802) | (57,730) | 38,928 | (67.4) | ||||||||||||||||||||||
Interest expense, net of amounts capitalized | 172,466 | 272,218 | (99,752) | (36.6) | ||||||||||||||||||||||
Income tax provision (benefit), net | 42,118 | 11,595 | 30,523 | * | ||||||||||||||||||||||
Depreciation and amortization | 498,876 | 464,797 | 34,079 | 7.3 | ||||||||||||||||||||||
Net loss (income) from discontinued operations | — | (56,539) | 56,539 | (100.0) | ||||||||||||||||||||||
Net loss (income) attributable to non-controlling interests | 11,754 | 11,335 | 419 | 3.7 | ||||||||||||||||||||||
EBITDA | $ | 703,983 | $ | 604,799 | $ | 99,184 | 16.4 |
For the years ended December 31, | Variance | ||||||||||||||
2019 | 2018 | Amount | % | ||||||||||||
Net income (loss) | $ | (40,877 | ) | $ | 97,343 | $ | (138,220 | ) | * | ||||||
Interest income | (57,730 | ) | (59,104 | ) | 1,374 | (2.3 | ) | ||||||||
Interest expense, net of amounts capitalized | 272,218 | 231,169 | 41,049 | 17.8 | |||||||||||
Income tax provision (benefit), net | 11,595 | 18,615 | (7,020 | ) | (37.7 | ) | |||||||||
Depreciation and amortization | 464,797 | 426,852 | 37,945 | 8.9 | |||||||||||
Net (income) loss from discontinued operations | (56,539 | ) | (109,423 | ) | 52,884 | (48.3 | ) | ||||||||
Net (income) loss attributable to non-controlling interests | 11,335 | (1,842 | ) | 13,177 | * | ||||||||||
EBITDA | $ | 604,799 | $ | 603,610 | $ | 1,189 | 0.2 |
Amounts | ||||
EBITDA for the year ended December 31, 2018 | $ | 603,610 | ||
Increase (decrease) in depreciation and amortization | 37,945 | |||
Decrease (increase) in net income attributable to non-controlling interests | 13,177 | |||
Decrease (increase) in foreign currency transaction losses, net | 2,629 | |||
Increase (decrease) in equity in earnings of unconsolidated affiliates, net | (8,207 | ) | ||
Increase (decrease) in gains on investments, net | (8,651 | ) | ||
Increase (decrease) in other, net | (8,674 | ) | ||
Increase (decrease) in operating income, including depreciation and amortization | (27,030 | ) | ||
EBITDA for the year ended December 31, 2019 | $ | 604,799 |
Amounts | ||||||||
EBITDA for the year ended December 31, 2019 | $ | 604,799 | ||||||
Increase (decrease) in operating income (loss), excluding depreciation and amortization | 79,687 | |||||||
Increase (decrease) in foreign currency transaction gains (losses), net | 13,282 | |||||||
Increase (decrease) in gains (losses) on investments, net | 8,232 | |||||||
Decrease (increase) in net loss (income) attributable to non-controlling interests | 419 | |||||||
Increase (decrease) in other, net | 347 | |||||||
Decrease (increase) in equity in earnings (losses) of unconsolidated affiliates, net | (2,783) | |||||||
EBITDA for the year ended December 31, 2020 | $ | 703,983 |
Hughes | ESS | Corporate and Other | Consolidated Total | |||||||||||||||||||||||||||||||||||||||
Hughes | ESS | Corporate and Other | Consolidated Total | |||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2020 | For the year ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | $ | 1,860,834 | $ | 17,398 | $ | 19,126 | $ | 1,897,358 | |||||||||||||||||||||||||||||||||
Capital expenditures | Capital expenditures | 355,197 | 41 | — | 355,238 | |||||||||||||||||||||||||||||||||||||
EBITDA | EBITDA | 727,608 | 7,873 | (31,498) | 703,983 | |||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2019 | For the year ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 1,852,742 | $ | 16,257 | $ | 21,162 | $ | 1,890,161 | Total revenue | $ | 1,852,742 | $ | 16,257 | $ | 21,162 | $ | 1,890,161 | |||||||||||||||||||||||||
Capital expenditures | 308,781 | — | — | 308,781 | Capital expenditures | 308,781 | — | — | 308,781 | |||||||||||||||||||||||||||||||||
EBITDA | 625,660 | 6,994 | (27,855 | ) | 604,799 | EBITDA | 625,660 | 6,994 | (27,855) | 604,799 | ||||||||||||||||||||||||||||||||
For the year ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 1,716,528 | $ | 27,231 | $ | 23,077 | $ | 1,766,836 | ||||||||||||||||||||||||||||||||||
Capital expenditures | 390,108 | (76,757 | ) | 15 | 313,366 | |||||||||||||||||||||||||||||||||||||
EBITDA | 601,319 | 17,764 | (15,473 | ) | 603,610 |
For the years ended December 31, | Variance | ||||||||||||||
2019 | 2018 | Amount | % | ||||||||||||
Total revenue | $ | 1,852,742 | $ | 1,716,528 | $ | 136,214 | 7.9 | ||||||||
Capital expenditures | 308,781 | 390,108 | (81,327 | ) | (20.8 | ) | |||||||||
EBITDA | 625,660 | 601,319 | 24,341 | 4.0 |
For the years ended December 31, | Variance | ||||||||||||||||||||||||||||
2020 | 2019 | Amount | % | ||||||||||||||||||||||||||
Total revenue | $ | 1,860,834 | $ | 1,852,742 | $ | 8,092 | 0.4 | ||||||||||||||||||||||
Capital expenditures | 355,197 | 308,781 | 46,416 | 15.0 | |||||||||||||||||||||||||
EBITDA | 727,608 | 625,660 | 101,948 | 16.3 |
Amounts | ||||
EBITDA for the year ended December 31, 2018 | $ | 601,319 | ||
Increase (decrease) in depreciation and amortization | 40,050 | |||
Decrease (increase) in net income attributable to non-controlling interests | 13,177 | |||
Decrease (increase) in foreign currency transaction losses, net | 2,613 | |||
Increase (decrease) in other, net | (197 | ) | ||
Increase (decrease) in equity in earnings of unconsolidated affiliates, net | (5,477 | ) | ||
Increase (decrease) in gains on investments, net | (8,890 | ) | ||
Increase (decrease) in operating income, including depreciation and amortization | (16,935 | ) | ||
EBITDA for the year ended December 31, 2019 | $ | 625,660 |
Amounts | ||||||||
EBITDA for the year ended December 31, 2019 | $ | 625,660 | ||||||
Increase (decrease) in operating income (loss), excluding depreciation and amortization | 80,562 | |||||||
Increase (decrease) in foreign currency transaction gains (losses), net | 13,298 | |||||||
Increase (decrease) in gains (losses) on investments, net | 8,770 | |||||||
Decrease (increase) in net loss (income) attributable to non-controlling interests | 419 | |||||||
Increase (decrease) in other, net | 255 | |||||||
Decrease (increase) in equity in earnings (losses) of unconsolidated affiliates, net | (1,356) | |||||||
EBITDA for the year ended December 31, 2020 | $ | 727,608 |
For the years ended December 31, | Variance | ||||||||||||||||||||||||||||
2020 | 2019 | Amount | % | ||||||||||||||||||||||||||
Total revenue | $ | 17,398 | $ | 16,257 | $ | 1,141 | 7.0 | ||||||||||||||||||||||
Capital expenditures | 41 | — | 41 | * | |||||||||||||||||||||||||
EBITDA | 7,873 | 6,994 | 879 | 12.6 |
For the years ended December 31, | Variance | ||||||||||||||
2019 | 2018 | Amount | % | ||||||||||||
Total revenue | $ | 16,257 | $ | 27,231 | $ | (10,974 | ) | (40.3 | ) | ||||||
Capital expenditures | — | (76,757 | ) | 76,757 | (100.0 | ) | |||||||||
EBITDA | 6,994 | 17,764 | (10,770 | ) | (60.6 | ) |
For the years ended December 31, | Variance | ||||||||||||||
2019 | 2018 | Amount | % | ||||||||||||
Total revenue | $ | 21,162 | $ | 23,077 | $ | (1,915 | ) | (8.3 | ) | ||||||
Capital expenditures | — | 15 | (15 | ) | (100.0 | ) | |||||||||
EBITDA | (27,855 | ) | (15,473 | ) | (12,382 | ) | 80.0 |
For the years ended December 31, | Variance | ||||||||||||||||||||||||||||
2020 | 2019 | Amount | % | ||||||||||||||||||||||||||
Total revenue | $ | 19,126 | $ | 21,162 | $ | (2,036) | (9.6) | ||||||||||||||||||||||
EBITDA | (31,498) | (27,855) | (3,643) | 13.1 |
Amounts | ||||||||
EBITDA for the year ended December 31, 2019 | $ | (27,855) | ||||||
Increase (decrease) in other, net | 94 | |||||||
Increase (decrease) in foreign currency transaction gains (losses), net | (16) | |||||||
Increase (decrease) in gains (losses) on investments, net | (537) | |||||||
Decrease (increase) in equity in earnings (losses) of unconsolidated affiliates, net | (1,426) | |||||||
Increase (decrease) in operating income (loss), excluding depreciation and amortization | (1,758) | |||||||
EBITDA for the year ended December 31, 2020 | $ | (31,498) |
Amounts | ||||
EBITDA for the year ended December 31, 2018 | $ | (15,473 | ) | |
Increase (decrease) in operating income, including depreciation and amortization | 912 | |||
Increase (decrease) in gains on investments, net | 239 | |||
Decrease (increase) in foreign currency transaction losses, net | 16 | |||
Increase (decrease) in depreciation and amortization | (2,340 | ) | ||
Increase (decrease) in equity in earnings of unconsolidated affiliates, net | (2,730 | ) | ||
Increase (decrease) in other, net | (8,480 | ) | ||
EBITDA for the year ended December 31, 2019 | $ | (27,856 | ) |
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and dispositions of our assets; (ii) provide reasonable assurance that our transactions are recorded as necessary to permit preparation of our financial statements in accordance with generally accepted accounting principles in the United States, and that our receipts and expenditures are being made only in accordance with authorizations of our management and our directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial statements. |
For the Years Ended December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Audit fees (1) | $ | 1,980,020 | $ | 2,147,764 | ||||||||||
Audit-related fees (2) | 2,276 | 62,919 | ||||||||||||
Total audit and audited related fees | 1,982,296 | 2,210,683 | ||||||||||||
Tax fees (3) | 12,941 | — | ||||||||||||
Total fees | $ | 1,995,237 | $ | 2,210,683 |
For the Years Ended December 31, | ||||||||
2019 | 2018 | |||||||
Audit fees (1) | $ | 2,147,764 | $ | 1,828,355 | ||||
Audit-related fees (2) | 62,919 | 112,158 | ||||||
Total audit and audited related fees | 2,210,683 | 1,940,513 | ||||||
Tax fees (3) | — | 78,794 | ||||||
Total fees | $ | 2,210,683 | $ | 2,019,307 |
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(1) Consolidated Financial Statements | |||||
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(2) Exhibits |
Exhibit No. | Description | |||||||
Exhibit No. | Description | |||||||
Exhibit No. | Description | |||||||
Exhibit No. | Description | |||||||
Exhibit No. | Description | |||||||
XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||
101.SCH | ||||||||
XBRL Taxonomy Extension Schema. | ||||||||
101.CAL | ||||||||
XBRL Taxonomy Extension Calculation Linkbase. | ||||||||
101.DEF | ||||||||
XBRL Taxonomy Extension Definition Linkbase. | ||||||||
101.LAB | ||||||||
XBRL Taxonomy Extension Label Linkbase. | ||||||||
101.PRE | ||||||||
XBRL Taxonomy Extension Presentation Linkbase. |
(H) Filed herewith. |
HUGHES SATELLITE SYSTEMS CORPORATION | ||||||||
By: | /s/ David J. Rayner | |||||||
David J. Rayner | ||||||||
Executive Vice President, | ||||||||
Chief Financial Officer, | ||||||||
Chief Operating Officer, and | ||||||||
Treasurer | ||||||||
Date: February |
Signature | Title | Date | ||||||||||||
/s/ Michael T. Dugan | Chief Executive Officer, President and Director | February | ||||||||||||
Michael T. Dugan | (Principal Executive Officer) | |||||||||||||
/s/ David J. Rayner | Executive Vice President, Chief Financial Officer, | February | ||||||||||||
David J. Rayner | Chief Operating Officer and Treasurer | |||||||||||||
(Principal Financial and Accounting Officer) | ||||||||||||||
/s/ Charles W. Ergen | Chairman | February | ||||||||||||
Charles W. Ergen | ||||||||||||||
/s/ Dean A. Manson | Executive Vice President, General Counsel | February | ||||||||||||
Dean A. Manson | Secretary and Director |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 740,490 | $ | 1,139,435 | ||||||||||
Marketable investment securities | 1,203,296 | 652,835 | ||||||||||||
Trade accounts receivable and contract assets, net | 183,988 | 196,520 | ||||||||||||
Other current assets, net | 291,815 | 301,652 | ||||||||||||
Total current assets | 2,419,589 | 2,290,442 | ||||||||||||
Non-current assets: | ||||||||||||||
Property and equipment, net | 1,691,523 | 1,857,581 | ||||||||||||
Operating lease right-of-use assets | 128,266 | 113,399 | ||||||||||||
Goodwill | 511,597 | 506,953 | ||||||||||||
Regulatory authorizations, net | 410,451 | 412,363 | ||||||||||||
Other intangible assets, net | 18,340 | 29,321 | ||||||||||||
Other investments, net | 103,924 | 110,040 | ||||||||||||
Other non-current assets, net | 307,677 | 251,936 | ||||||||||||
Total non-current assets | 3,171,778 | 3,281,593 | ||||||||||||
Total assets | $ | 5,591,367 | $ | 5,572,035 | ||||||||||
Liabilities and Shareholder's Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Trade accounts payable | $ | 118,568 | $ | 121,552 | ||||||||||
Current portion of long-term debt, net | 898,237 | 0 | ||||||||||||
Contract liabilities | 104,569 | 101,060 | ||||||||||||
Accrued expenses and other current liabilities | 325,587 | 258,417 | ||||||||||||
Total current liabilities | 1,446,961 | 481,029 | ||||||||||||
Non-current liabilities: | ||||||||||||||
Long-term debt, net | 1,495,256 | 2,389,168 | ||||||||||||
Deferred tax liabilities, net | 369,940 | 380,316 | ||||||||||||
Operating lease liabilities | 114,877 | 96,879 | ||||||||||||
Other non-current liabilities | 87,957 | 90,480 | ||||||||||||
Total non-current liabilities | 2,068,030 | 2,956,843 | ||||||||||||
Total liabilities | 3,514,991 | 3,437,872 | ||||||||||||
Commitments and contingencies | 0 | 0 |
As of December 31, | ||||||||
2019 | 2018 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,139,435 | $ | 847,823 | ||||
Marketable investment securities | 652,835 | 1,609,196 | ||||||
Trade accounts receivable and contract assets, net | 196,520 | 201,096 | ||||||
Advances to affiliates | 131,892 | 103,550 | ||||||
Other current assets | 169,760 | 152,666 | ||||||
Current assets of discontinued operations | — | 3,483 | ||||||
Total current assets | 2,290,442 | 2,917,814 | ||||||
Non-current assets: | ||||||||
Property and equipment, net | 1,857,581 | 1,921,911 | ||||||
Operating lease right-of-use assets | 113,399 | — | ||||||
Goodwill | 506,953 | 504,173 | ||||||
Regulatory authorizations, net | 412,363 | 400,043 | ||||||
Other intangible assets, net | 29,321 | 43,952 | ||||||
Other investments, net | 110,040 | 126,369 | ||||||
Advances to affiliates, net | 19,759 | — | ||||||
Other non-current assets, net | 232,177 | 236,449 | ||||||
Non-current assets of discontinued operations | — | 742,461 | ||||||
Total non-current assets | 3,281,593 | 3,975,358 | ||||||
Total assets | $ | 5,572,035 | $ | 6,893,172 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Current liabilities: | ||||||||
Trade accounts payable | $ | 121,552 | $ | 104,751 | ||||
Current portion of long-term debt and finance lease obligations | 486 | 919,582 | ||||||
Advances from affiliates, net | 11,132 | 868 | ||||||
Contract liabilities | 101,060 | 72,249 | ||||||
Accrued expenses and other current liabilities | 246,799 | 157,654 | ||||||
Current liabilities of discontinued operations | — | 49,055 | ||||||
Total current liabilities | 481,029 | 1,304,159 | ||||||
Non-current liabilities: | ||||||||
Long-term debt and finance lease obligations, net of current portion | 2,389,733 | 2,386,202 | ||||||
Deferred tax liabilities, net | 380,316 | 355,949 | ||||||
Operating lease liabilities | 96,879 | — | ||||||
Advances from affiliates, net | 23,980 | 33,438 | ||||||
Other non-current liabilities | 65,935 | 71,647 | ||||||
Non-current liabilities of discontinued operations | — | 349,282 | ||||||
Total non-current liabilities | 2,956,843 | 3,196,518 | ||||||
Total liabilities | 3,437,872 | 4,500,677 | ||||||
Commitments and contingencies | ||||||||
Shareholders’ equity: | ||||||||
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding at both December 31, 2019 and 2018 | — | — | ||||||
Common stock, $0.01 par value; 1,000,000 shares authorized, 1,078 shares issued and outstanding at both December 31, 2019 and 2018 | — | — | ||||||
Additional paid-in capital | 1,478,636 | 1,767,037 | ||||||
Accumulated other comprehensive income (loss) | (84,636 | ) | (83,774 | ) | ||||
Accumulated earnings (losses) | 664,415 | 693,957 | ||||||
Total HSS shareholders’ equity | 2,058,415 | 2,377,220 | ||||||
Non-controlling interests | 75,748 | 15,275 | ||||||
Total shareholders’ equity | 2,134,163 | 2,392,495 | ||||||
Total liabilities and shareholders’ equity | $ | 5,572,035 | $ | 6,893,172 |
Shareholder's equity: | ||||||||||||||
Preferred stock, $0.001 par value,1,000,000 shares authorized, NaN issued and outstanding at both December 31, 2020 and 2019 | 0 | 0 | ||||||||||||
Common stock, $0.01 par value, 1,000,000 shares authorized, 1,078 shares issued and outstanding at both December 31, 2020 and 2019 | 0 | 0 | ||||||||||||
Additional paid-in capital | 1,486,730 | 1,478,636 | ||||||||||||
Accumulated other comprehensive income (loss) | (146,840) | (84,636) | ||||||||||||
Accumulated earnings (losses) | 671,570 | 664,415 | ||||||||||||
Total Hughes Satellite Systems Corporation shareholder's equity | 2,011,460 | 2,058,415 | ||||||||||||
Non-controlling interests | 64,916 | 75,748 | ||||||||||||
Total shareholder's equity | 2,076,376 | 2,134,163 | ||||||||||||
Total liabilities and shareholder's equity | $ | 5,591,367 | $ | 5,572,035 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Revenue: | ||||||||||||||||||||
Services and other revenue | $ | 1,691,757 | $ | 1,623,458 | $ | 1,561,426 | ||||||||||||||
Equipment revenue | 205,601 | 266,703 | 205,410 | |||||||||||||||||
Total revenue | 1,897,358 | 1,890,161 | 1,766,836 | |||||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales - services and other (exclusive of depreciation and amortization) | 572,637 | 555,701 | 559,838 | |||||||||||||||||
Cost of sales - equipment (exclusive of depreciation and amortization) | 166,429 | 225,103 | 176,600 | |||||||||||||||||
Selling, general and administrative expenses | 433,408 | 467,869 | 397,994 | |||||||||||||||||
Research and development expenses | 29,448 | 25,739 | 27,570 | |||||||||||||||||
Depreciation and amortization | 498,876 | 464,797 | 426,852 | |||||||||||||||||
Total costs and expenses | 1,700,798 | 1,739,209 | 1,588,854 | |||||||||||||||||
Operating income (loss) | 196,560 | 150,952 | 177,982 | |||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income | 18,802 | 57,730 | 59,104 | |||||||||||||||||
Interest expense, net of amounts capitalized | (172,466) | (272,218) | (231,169) | |||||||||||||||||
Gains (losses) on investments, net | (232) | (8,464) | 187 | |||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates, net | (6,116) | (3,333) | 4,874 | |||||||||||||||||
Foreign currency transaction gains (losses), net | 3,427 | (9,855) | (12,484) | |||||||||||||||||
Other, net | (286) | (633) | 8,041 | |||||||||||||||||
Total other income (expense), net | (156,871) | (236,773) | (171,447) | |||||||||||||||||
Income (loss) from continuing operations before income taxes | 39,689 | (85,821) | 6,535 | |||||||||||||||||
Income tax benefit (provision), net | (42,118) | (11,595) | (18,615) | |||||||||||||||||
Net income (loss) from continuing operations | (2,429) | (97,416) | (12,080) | |||||||||||||||||
Net income (loss) from discontinued operations | 0 | 56,539 | 109,423 | |||||||||||||||||
Net income (loss) | (2,429) | (40,877) | 97,343 | |||||||||||||||||
Less: Net loss (income) attributable to non-controlling interests | 11,754 | 11,335 | (1,842) | |||||||||||||||||
Net income (loss) attributable to HSSC | $ | 9,325 | $ | (29,542) | $ | 95,501 |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Revenue: | ||||||||||||
Services and other revenue | $ | 1,623,458 | $ | 1,561,426 | $ | 1,275,553 | ||||||
Equipment revenue | 266,703 | 205,410 | 239,489 | |||||||||
Total revenue | 1,890,161 | 1,766,836 | 1,515,042 | |||||||||
Costs and expenses: | ||||||||||||
Cost of sales - services and other (exclusive of depreciation and amortization) | 555,701 | 559,838 | 497,111 | |||||||||
Cost of sales - equipment (exclusive of depreciation and amortization) | 225,103 | 176,600 | 195,439 | |||||||||
Selling, general and administrative expenses | 467,869 | 397,994 | 337,548 | |||||||||
Research and development expenses | 25,739 | 27,570 | 31,745 | |||||||||
Depreciation and amortization | 464,797 | 426,852 | 370,418 | |||||||||
Impairment of long-lived assets | — | — | 6,000 | |||||||||
Total costs and expenses | 1,739,209 | 1,588,854 | 1,438,261 | |||||||||
Operating income (loss) | 150,952 | 177,982 | 76,781 | |||||||||
Other income (expense): | ||||||||||||
Interest income | 57,730 | 59,104 | 31,952 | |||||||||
Interest expense, net of amounts capitalized | (272,218 | ) | (231,169 | ) | (213,166 | ) | ||||||
Gains (losses) on investments, net | (8,464 | ) | 187 | (1,574 | ) | |||||||
Equity in earnings (losses) of unconsolidated affiliates, net | (3,333 | ) | 4,874 | 7,027 | ||||||||
Foreign currency transaction gains (losses), net | (9,855 | ) | (12,484 | ) | (1,158 | ) | ||||||
Other, net | (633 | ) | 8,041 | (1,030 | ) | |||||||
Total other income (expense), net | (236,773 | ) | (171,447 | ) | (177,949 | ) | ||||||
Income (loss) from continuing operations before income taxes | (85,821 | ) | 6,535 | (101,168 | ) | |||||||
Income tax benefit (provision), net | (11,595 | ) | (18,615 | ) | 93,766 | |||||||
Net income (loss) from continuing operations | (97,416 | ) | (12,080 | ) | (7,402 | ) | ||||||
Net income (loss) from discontinued operations | 56,539 | 109,423 | 304,955 | |||||||||
Net income (loss) | (40,877 | ) | 97,343 | 297,553 | ||||||||
Less: Net income (loss) attributable to non-controlling interests | (11,335 | ) | 1,842 | 1,583 | ||||||||
Net income (loss) attributable to HSS | $ | (29,542 | ) | $ | 95,501 | $ | 295,970 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Net income (loss) | $ | (2,429) | $ | (40,877) | $ | 97,343 | ||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation adjustments | (77,646) | 1,182 | (31,938) | |||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | (192) | 1,817 | (665) | |||||||||||||||||
Other | (4) | (114) | 41 | |||||||||||||||||
Amounts reclassified to net income (loss): | ||||||||||||||||||||
Realized losses (gains) on available-for-sale securities | (1) | (419) | (212) | |||||||||||||||||
Total other comprehensive income (loss), net of tax | (77,843) | 2,466 | (32,774) | |||||||||||||||||
Comprehensive income (loss) | (80,272) | (38,411) | 64,569 | |||||||||||||||||
Less: Comprehensive loss (income) attributable to non-controlling interests | 27,392 | 8,007 | (453) | |||||||||||||||||
Comprehensive income (loss) attributable to HSSC | $ | (52,880) | $ | (30,404) | $ | 64,116 |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Net income (loss) | $ | (40,877 | ) | $ | 97,343 | $ | 297,553 | |||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Foreign currency translation adjustments | 1,182 | (31,938 | ) | 7,196 | ||||||||
Unrealized gains (losses) on available-for-sale securities | 1,817 | (665 | ) | (2,280 | ) | |||||||
Other | (114 | ) | 41 | 92 | ||||||||
Amounts reclassified to net income (loss): | ||||||||||||
Realized gains on available-for-sale securities | (419 | ) | (212 | ) | — | |||||||
Other-than-temporary impairment loss on available-for-sale securities | — | — | 3,298 | |||||||||
Total other comprehensive income (loss), net of tax | 2,466 | (32,774 | ) | 8,306 | ||||||||
Comprehensive income (loss) | (38,411 | ) | 64,569 | 305,859 | ||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests | (8,007 | ) | 453 | 1,992 | ||||||||
Comprehensive income (loss) attributable to HSS | $ | (30,404 | ) | $ | 64,116 | $ | 303,867 |
Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Earnings (Losses) | Non-controlling Interests | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Earnings (Losses) | Non-controlling Interests | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2016 | $ | 1,516,199 | $ | (60,719 | ) | $ | 286,713 | $ | 12,830 | $ | 1,755,023 | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 5,117 | — | — | — | 5,117 | |||||||||||||||||||||||||||||||||||||||||||||||
Transfer of launch service contracts to EchoStar | (145,114 | ) | — | — | — | (145,114 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Contribution of EchoStar XIX satellite, net of deferred tax | 349,337 | — | — | — | 349,337 | |||||||||||||||||||||||||||||||||||||||||||||||
Contribution of net assets pursuant to Share Exchange Agreement | 219,662 | — | — | — | 219,662 | |||||||||||||||||||||||||||||||||||||||||||||||
Exchange of uplinking business net assets for HSS Tracking Stock | (190,221 | ) | — | — | — | (190,221 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | 7,805 | — | 409 | 8,214 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | 295,970 | 1,583 | 297,553 | |||||||||||||||||||||||||||||||||||||||||||||||
Other, net | (419 | ) | 92 | — | — | (327 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 1,754,561 | (52,822 | ) | 582,683 | 14,822 | 2,299,244 | Balance, December 31, 2017 | $ | 1,754,561 | $ | (52,822) | $ | 582,683 | $ | 14,822 | $ | 2,299,244 | |||||||||||||||||||||||||||||||||||
Cumulative effect of accounting changes | — | 433 | 15,773 | — | 16,206 | Cumulative effect of accounting changes | — | 433 | 15,773 | — | 16,206 | |||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2018 | 1,754,561 | (52,389 | ) | 598,456 | 14,822 | 2,315,450 | Balance, January 1, 2018 | 1,754,561 | (52,389) | 598,456 | 14,822 | 2,315,450 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 5,435 | — | — | — | 5,435 | Stock-based compensation | 5,435 | — | — | — | 5,435 | |||||||||||||||||||||||||||||||||||||||||
Capital contribution from EchoStar Corporation | 7,125 | — | — | — | 7,125 | Capital contribution from EchoStar Corporation | 7,125 | — | — | — | 7,125 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | (31,385 | ) | — | (1,389 | ) | (32,774 | ) | Other comprehensive income (loss) | — | (31,385) | — | (1,389) | (32,774) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | 95,501 | 1,842 | 97,343 | Net income (loss) | — | — | 95,501 | 1,842 | 97,343 | |||||||||||||||||||||||||||||||||||||||||
Other, net | (84 | ) | — | — | — | (84 | ) | Other, net | (84) | — | — | — | (84) | |||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 1,767,037 | (83,774 | ) | 693,957 | 15,275 | 2,392,495 | Balance, December 31, 2018 | 1,767,037 | (83,774) | 693,957 | 15,275 | 2,392,495 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 5,436 | — | — | — | 5,436 | Stock-based compensation | 5,436 | — | — | — | 5,436 | |||||||||||||||||||||||||||||||||||||||||
Capital contribution from EchoStar Corporation | 9,606 | — | — | — | 9,606 | Capital contribution from EchoStar Corporation | 9,606 | — | — | — | 9,606 | |||||||||||||||||||||||||||||||||||||||||
Purchase of non-controlling interest | (833 | ) | — | — | (6,480 | ) | (7,313 | ) | Purchase of non-controlling interest | (833) | — | — | (6,480) | (7,313) | ||||||||||||||||||||||||||||||||||||||
Net assets distributed pursuant to the BSS Transaction | (332,699 | ) | — | — | — | (332,699 | ) | Net assets distributed pursuant to the BSS Transaction | (332,699) | — | — | — | (332,699) | |||||||||||||||||||||||||||||||||||||||
Issuance of equity and contribution of assets pursuant to the Yahsat JV formation | 29,576 | — | — | 73,199 | 102,775 | Issuance of equity and contribution of assets pursuant to the Yahsat JV formation | 29,576 | — | — | 73,199 | 102,775 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | (862 | ) | — | 3,328 | 2,466 | Other comprehensive income (loss) | — | (862) | — | 3,328 | 2,466 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | (29,542 | ) | (11,335 | ) | (40,877 | ) | Net income (loss) | — | — | (29,542) | (11,335) | (40,877) | ||||||||||||||||||||||||||||||||||||||
Other, net | 513 | — | — | 1,761 | 2,274 | Other, net | 513 | — | — | 1,761 | 2,274 | |||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 1,478,636 | $ | (84,636 | ) | $ | 664,415 | $ | 75,748 | $ | 2,134,163 | Balance, December 31, 2019 | 1,478,636 | (84,636) | 664,415 | 75,748 | 2,134,163 | |||||||||||||||||||||||||||||||||||
Cumulative effect of accounting changes | Cumulative effect of accounting changes | — | — | (2,169) | (240) | (2,409) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | Balance, January 1, 2020 | 1,478,636 | (84,636) | 662,246 | 75,508 | 2,131,754 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 3,883 | — | — | — | 3,883 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of equity and contribution of assets pursuant to the Yahsat JV formation | Issuance of equity and contribution of assets pursuant to the Yahsat JV formation | 4,338 | — | — | (1,580) | 2,758 | ||||||||||||||||||||||||||||||||||||||||||||||
Contribution by non-controlling interest holder | Contribution by non-controlling interest holder | — | — | — | 18,241 | 18,241 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | (62,204) | — | (15,630) | (77,834) | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | 9,325 | (11,754) | (2,429) | ||||||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | (127) | — | (1) | 131 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | Balance, December 31, 2020 | $ | 1,486,730 | $ | (146,840) | $ | 671,570 | $ | 64,916 | $ | 2,076,376 |
For the years ended For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | (2,429) | $ | (40,877) | $ | 97,343 | ||||||||||||||
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 498,876 | 550,723 | 551,416 | |||||||||||||||||
Losses (gains) on investments, net | 232 | 8,464 | (184) | |||||||||||||||||
Equity in losses (earnings) of unconsolidated affiliates, net | 6,116 | 3,333 | (4,791) | |||||||||||||||||
Foreign currency transaction losses (gains), net | (3,427) | 9,855 | 12,484 | |||||||||||||||||
Deferred tax provision (benefit), net | (4,261) | 14,703 | 43,698 | |||||||||||||||||
Stock-based compensation | 5,167 | 5,436 | 5,435 | |||||||||||||||||
Amortization of debt issuance costs | 4,324 | 5,912 | 7,923 | |||||||||||||||||
Dividends received from unconsolidated affiliates | 0 | 2,716 | 10,000 | |||||||||||||||||
Changes in assets and current liabilities, net: | ||||||||||||||||||||
Trade accounts receivable and contract assets, net | (2,755) | 8,398 | (17,840) | |||||||||||||||||
Other current assets | 6,040 | (81,414) | 20,705 | |||||||||||||||||
Trade accounts payable | (7,071) | 13,510 | 6,258 | |||||||||||||||||
Contract liabilities | 3,509 | 26,411 | 7,832 | |||||||||||||||||
Accrued expenses and other current liabilities | 73,746 | 93,117 | 9,007 | |||||||||||||||||
Non-current assets and non-current liabilities, net | (51,734) | 13,557 | (2,680) | |||||||||||||||||
Other, net | 2,007 | (240) | (3,903) | |||||||||||||||||
Net cash flows from operating activities | 528,340 | 633,604 | 742,703 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of marketable investment securities | (2,035,712) | (709,350) | (2,063,042) | |||||||||||||||||
Sales and maturities of marketable investment securities | 1,482,704 | 1,665,269 | 909,996 | |||||||||||||||||
Expenditures for property and equipment | (355,238) | (309,291) | (391,065) | |||||||||||||||||
Expenditures for externally marketed software | (38,655) | (29,310) | (31,639) | |||||||||||||||||
Investments in unconsolidated affiliates | 0 | 7,851 | (100,991) | |||||||||||||||||
Refunds and other receipts related to property and equipment | 0 | 0 | 77,524 | |||||||||||||||||
Purchases of regulatory authorizations | 0 | (7,850) | 0 | |||||||||||||||||
Payment for EchoStar XXI launch services | 0 | 0 | (7,125) | |||||||||||||||||
Dividend received from unconsolidated affiliate | 0 | 2,284 | 0 | |||||||||||||||||
Net cash flows from investing activities | (946,901) | 619,603 | (1,606,342) |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | (40,877 | ) | $ | 97,343 | $ | 297,553 | |||||
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||||||||||||
Depreciation and amortization | 550,723 | 551,416 | 496,798 | |||||||||
Impairment of long-lived assets | — | — | 6,000 | |||||||||
Losses (gains) on investments, net | 8,464 | (184 | ) | 1,574 | ||||||||
Equity in losses (earnings) of unconsolidated affiliates, net | 3,333 | (4,791 | ) | (7,027 | ) | |||||||
Foreign currency transaction losses (gains), net | 9,855 | 12,484 | 1,158 | |||||||||
Deferred tax provision (benefit), net | 14,703 | 43,698 | (268,071 | ) | ||||||||
Stock-based compensation | 5,436 | 5,435 | 5,117 | |||||||||
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 | 8,398 | (17,840 | ) | (12,459 | ) | |||||||
Advances to and from affiliates, net | (36,662 | ) | 7,276 | 12,176 | ||||||||
Other current assets | (44,752 | ) | 13,429 | (51,994 | ) | |||||||
Trade accounts payable | 13,510 | 6,258 | (4,826 | ) | ||||||||
Contract liabilities | 26,411 | 7,832 | 5,970 | |||||||||
Accrued expenses and other current liabilities | 93,117 | 9,007 | 7,731 | |||||||||
Changes in non-current assets and non-current liabilities, net | 13,557 | (2,680 | ) | (30,831 | ) | |||||||
Other, net | (240 | ) | (3,903 | ) | 2,860 | |||||||
Net cash flows from operating activities | 633,604 | 742,703 | 497,029 | |||||||||
Cash flows from investing activities: | ||||||||||||
Purchases of marketable investment securities | (709,350 | ) | (2,063,042 | ) | (535,476 | ) | ||||||
Sales and maturities of marketable investment securities | 1,665,269 | 909,996 | 259,263 | |||||||||
Investments in unconsolidated affiliates | 7,851 | (100,991 | ) | — | ||||||||
Dividend received from unconsolidated affiliate | 2,284 | — | — | |||||||||
Expenditures for property and equipment | (309,291 | ) | (391,065 | ) | (401,538 | ) | ||||||
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 | (7,850 | ) | — | — | ||||||||
Payment for EchoStar XXI launch services | ��� | (7,125 | ) | — | ||||||||
Net cash flows from investing activities | 619,603 | (1,606,342 | ) | (704,771 | ) |
Cash flows from financing activities: | ||||||||||||||||||||
Repurchase and maturity of the 2019 Senior Secured Notes | 0 | (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) | (4,430) | (4,796) | |||||||||||||||||
Contribution by non-controlling interest holder | 18,241 | 0 | 0 | |||||||||||||||||
Capital contribution from EchoStar | 0 | 0 | 7,125 | |||||||||||||||||
Purchase of non-controlling interest | 0 | (7,313) | 0 | |||||||||||||||||
Other, net | 998 | 1,172 | 0 | |||||||||||||||||
Net cash flows from financing activities | 16,874 | (960,841) | (108,863) | |||||||||||||||||
Effect of exchange rates on cash and cash equivalents | 2,662 | (663) | (2,233) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (399,025) | 291,703 | (974,735) | |||||||||||||||||
Cash and cash equivalents, including restricted amounts, beginning of period | 1,140,322 | 848,619 | 1,823,354 | |||||||||||||||||
Cash and cash equivalents, including restricted amounts, end of period | $ | 741,297 | $ | 1,140,322 | $ | 848,619 |
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 | ) | (37,063 | ) | ||||||
Payment of in-orbit incentive obligations | (4,430 | ) | (4,796 | ) | (5,850 | ) | ||||||
Capital contribution from EchoStar | — | 7,125 | — | |||||||||
Purchase of non-controlling interest | (7,313 | ) | — | — | ||||||||
Other, net | 1,172 | — | 1,036 | |||||||||
Net cash flows from financing activities | (960,841 | ) | (108,863 | ) | (41,877 | ) | ||||||
Effect of exchange rates on cash and cash equivalents | (663 | ) | (2,233 | ) | 1,286 | |||||||
Net increase (decrease) in cash and cash equivalents | 291,703 | (974,735 | ) | (248,333 | ) | |||||||
Cash and cash equivalents, including restricted amounts, beginning of period | 848,619 | 1,823,354 | 2,071,687 | |||||||||
Cash and cash equivalents, including restricted amounts, end of period | $ | 1,140,322 | $ | 848,619 | $ | 1,823,354 | ||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid for interest (including capitalized interest) | $ | 216,025 | $ | 250,576 | $ | 236,232 | ||||||
Cash paid for income taxes | $ | 3,094 | $ | 4,837 | $ | 3,574 |
•Hughes — which provides broadband satellite technologies and broadband internet services to domestic and international consumer customers and broadband network technologies, managed services, equipment, hardware, satellite services and communication solutions to service providers and enterprise customers. The Hughes segment also designs, provides and installs gateway and terminal equipment to customers for other satellite systems. In addition, our Hughes segment designs, develops, constructs and provides telecommunication networks comprising satellite ground segment systems and terminals to mobile system operators and our enterprise customers. •ESS — which uses certain of our owned and leased in-orbit satellites and related licenses to provide satellite services on a full-time and/or occasional-use basis to United States (“U.S.”) government service providers, internet service providers, broadcast news organizations, content providers and private enterprise customers. |
•Level 1 - Defined as observable inputs being quoted prices in active markets for identical assets; •Level 2 - Defined as observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and •Level 3 - Defined as unobservable inputs for which little or no market data exists, consistent with characteristics of the asset or liability that would be considered by market participants in a transaction to purchase or sell the asset or liability. |
•FCC authorizations are non-depleting assets; |
Balance December 31, 2019 | Adoption of ASC 326 Increase (Decrease) | Balance January 1, 2020 | ||||||||||||||||||
Trade accounts receivable and contract assets, net | $ | 196,520 | $ | (13,672) | $ | 182,848 | ||||||||||||||
Other current assets, net | $ | 301,652 | $ | 6,723 | $ | 308,375 | ||||||||||||||
Other non-current assets, net | $ | 251,936 | $ | 4,050 | $ | 255,986 | ||||||||||||||
Total assets | $ | 5,572,035 | $ | (2,899) | $ | 5,569,136 | ||||||||||||||
Deferred tax liabilities, net | $ | 380,316 | $ | (490) | $ | 379,826 | ||||||||||||||
Accumulated earnings (losses) | $ | 664,415 | $ | (2,169) | $ | 662,246 | ||||||||||||||
Non-controlling interests | $ | 75,748 | $ | (240) | $ | 75,508 | ||||||||||||||
Total shareholder's equity | $ | 2,134,163 | $ | (2,409) | $ | 2,131,754 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 5,572,035 | $ | (2,899) | $ | 5,569,136 |
Balance December 31, 2018 | Adoption of ASC 842 Increase (Decrease) | Balance January 1, 2019 | ||||||||||
Other current assets | $ | 152,666 | $ | (28 | ) | $ | 152,638 | |||||
Operating lease right-of-use assets | — | 117,006 | 117,006 | |||||||||
Other non-current assets, net | 236,449 | (7,272 | ) | 229,177 | ||||||||
Total assets | 6,893,172 | 109,706 | 7,002,878 | |||||||||
Accrued expenses and other current liabilities | 157,654 | 14,444 | 172,098 | |||||||||
Operating lease liabilities | — | 99,133 | 99,133 | |||||||||
Other non-current liabilities | 71,647 | (3,871 | ) | 67,776 | ||||||||
Total liabilities | 4,500,677 | 109,706 | 4,610,383 | |||||||||
Total liabilities and shareholders’ equity | 6,893,172 | 109,706 | 7,002,878 |
Balance December 31, 2018 | Adoption of ASC 842 Increase (Decrease) | Balance January 1, 2019 | ||||||||||||||||||
Other current assets, net | $ | 152,666 | $ | (28) | $ | 152,638 | ||||||||||||||
Operating lease right-of-use assets | $ | 0 | $ | 117,006 | $ | 117,006 | ||||||||||||||
Other non-current assets, net | $ | 236,449 | $ | (7,272) | $ | 229,177 | ||||||||||||||
Total assets | $ | 6,893,172 | $ | 109,706 | $ | 7,002,878 | ||||||||||||||
Accrued expenses and other current liabilities | $ | 157,654 | $ | 14,444 | $ | 172,098 | ||||||||||||||
Operating lease liabilities | $ | 0 | $ | 99,133 | $ | 99,133 | ||||||||||||||
Other non-current liabilities | $ | 71,647 | $ | (3,871) | $ | 67,776 | ||||||||||||||
Total liabilities | $ | 4,500,677 | $ | 109,706 | $ | 4,610,383 | ||||||||||||||
Total liabilities and shareholder's equity | $ | 6,893,172 | $ | 109,706 | $ | 7,002,878 |
For the year ended December 31, 2018 | ||||||||||||||||
As Reported | Adjustments Due to the | Balances If We Had Not Adopted the New Standards | ||||||||||||||
New Revenue Standard | New Investment Standard | |||||||||||||||
Statement of Operations: | ||||||||||||||||
Revenue: | ||||||||||||||||
Services and other revenue | $ | 1,561,426 | $ | 2,323 | $ | — | $ | 1,563,749 | ||||||||
Total revenue | 1,766,836 | 2,323 | — | 1,769,159 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of sales - services and other (exclusive of depreciation and amortization) | 559,838 | 2,738 | — | 562,576 | ||||||||||||
Selling, general and administrative expenses | 397,994 | 8,520 | — | 406,514 | ||||||||||||
Total costs and expenses | 1,588,854 | 11,258 | — | 1,600,112 | ||||||||||||
Operating income (loss) | 177,982 | (8,935 | ) | — | 169,047 | |||||||||||
Other income (expense): | ||||||||||||||||
Interest expense, net of amounts capitalized | (231,169 | ) | 539 | — | (230,630 | ) | ||||||||||
Gains (losses) on investments, net | 187 | — | (800 | ) | (613 | ) | ||||||||||
Total other income (expense), net | (171,447 | ) | 539 | (800 | ) | (171,708 | ) | |||||||||
Income (loss) from continuing operations before income taxes | 6,535 | (8,396 | ) | (800 | ) | (2,661 | ) | |||||||||
Income tax benefit (provision), net | (18,615 | ) | 2,139 | — | (16,476 | ) | ||||||||||
Net income (loss) from continuing operations | (12,080 | ) | (6,257 | ) | (800 | ) | (19,137 | ) | ||||||||
Net income (loss) | 97,343 | (6,257 | ) | (800 | ) | 90,286 | ||||||||||
Net income (loss) attributable to HSS | 95,501 | (6,257 | ) | (800 | ) | 88,444 | ||||||||||
Statement of Comprehensive Income (Loss): | ||||||||||||||||
Net income (loss) | 97,343 | (6,257 | ) | (800 | ) | 90,286 | ||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | (665 | ) | — | (28 | ) | (693 | ) | |||||||||
Other-than-temporary impairment loss on available-for-sale securities | — | — | 828 | 828 | ||||||||||||
Total other comprehensive income (loss), net of tax | (32,774 | ) | — | 800 | (31,974 | ) | ||||||||||
Comprehensive income (loss) | 64,569 | (6,257 | ) | — | 58,312 | |||||||||||
Comprehensive income (loss) attributable to HSS | 64,116 | (6,257 | ) | — | 57,859 |
As of December 31, | |||||||||||||||||
2020 | 2019 | ||||||||||||||||
Trade accounts receivable and contract assets, net: | |||||||||||||||||
Sales and services | $ | 149,513 | $ | 152,632 | |||||||||||||
Leasing | 4,553 | 4,016 | |||||||||||||||
Total trade accounts receivable | 154,066 | 156,648 | |||||||||||||||
Contract assets | 45,308 | 63,649 | |||||||||||||||
Allowance for doubtful accounts | (15,386) | (23,777) | |||||||||||||||
Total trade accounts receivable and contract assets, net | $ | 183,988 | $ | 196,520 | |||||||||||||
Contract liabilities: | |||||||||||||||||
Current | $ | 104,569 | $ | 101,060 | |||||||||||||
Non-current | 10,519 | 10,572 | |||||||||||||||
Total contract liabilities | $ | 115,088 | $ | 111,632 |
As of | ||||||||
December 31, 2019 | December 31, 2018 | |||||||
Trade accounts receivable and contract assets, net: | ||||||||
Sales and services | $ | 152,632 | $ | 154,415 | ||||
Leasing | 4,016 | 7,990 | ||||||
Total trade accounts receivable | 156,648 | 162,405 | ||||||
Contract assets | 63,649 | 55,295 | ||||||
Allowance for doubtful accounts | (23,777 | ) | (16,604 | ) | ||||
Total trade accounts receivable and contract assets, net | $ | 196,520 | $ | 201,096 | ||||
Contract liabilities: | ||||||||
Current | $ | 101,060 | $ | 72,249 | ||||
Non-current | 10,572 | 10,133 | ||||||
Total contract liabilities | $ | 111,632 | $ | 82,382 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Revenue | $ | 72,877 | $ | 65,417 | $ | 52,000 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Balance at beginning of period | $ | 23,777 | $ | 16,604 | $ | 12,027 | ||||||||||||||
Credit losses (1) | 18,582 | 30,027 | 24,984 | |||||||||||||||||
Deductions | (26,031) | (21,832) | (16,888) | |||||||||||||||||
Foreign currency translation | (942) | (1,022) | (3,519) | |||||||||||||||||
Balance at end of period | $ | 15,386 | $ | 23,777 | $ | 16,604 |
Balance at Beginning of Year | Bad Debt Expense | Deductions | Balance at End of Year | |||||||||||||
For the years ended: | ||||||||||||||||
December 31, 2019 | $ | 16,604 | $ | 30,027 | $ | (22,854 | ) | $ | 23,777 | |||||||
December 31, 2018 | 12,027 | 24,984 | (20,407 | ) | 16,604 | |||||||||||
December 31, 2017 | 12,752 | 9,551 | (10,276 | ) | 12,027 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Balance at beginning of period | $ | 113,592 | $ | 114,306 | $ | 90,899 | ||||||||||||||
Additions | 91,143 | 97,457 | 113,265 | |||||||||||||||||
Amortization expense | (101,278) | (97,650) | (88,949) | |||||||||||||||||
Foreign currency translation | (3,620) | (521) | (909) | |||||||||||||||||
Balance at end of period | $ | 99,837 | $ | 113,592 | $ | 114,306 |
Hughes | ESS | Corporate and Other | Consolidated Total | |||||||||||||||||||||||
For the year ended December 31, 2020 | ||||||||||||||||||||||||||
North America | $ | 1,556,961 | $ | 17,398 | $ | (1,161) | $ | 1,573,198 | ||||||||||||||||||
South and Central America | 151,194 | 0 | 0 | 151,194 | ||||||||||||||||||||||
Other | 152,679 | 0 | 20,287 | 172,966 | ||||||||||||||||||||||
Total revenue | $ | 1,860,834 | $ | 17,398 | $ | 19,126 | $ | 1,897,358 | ||||||||||||||||||
For the year ended December 31, 2019 | ||||||||||||||||||||||||||
North America | $ | 1,527,823 | $ | 16,257 | $ | 2,143 | $ | 1,546,223 | ||||||||||||||||||
South and Central America | 125,458 | 0 | 0 | 125,458 | ||||||||||||||||||||||
Other | 199,461 | 0 | 19,019 | 218,480 | ||||||||||||||||||||||
Total revenue | $ | 1,852,742 | $ | 16,257 | $ | 21,162 | $ | 1,890,161 | ||||||||||||||||||
For the year ended December 31, 2018 | ||||||||||||||||||||||||||
North America | $ | 1,444,628 | $ | 27,231 | $ | 4,555 | $ | 1,476,414 | ||||||||||||||||||
South and Central America | 101,632 | 0 | 0 | 101,632 | ||||||||||||||||||||||
Other | 170,268 | 0 | 18,522 | 188,790 | ||||||||||||||||||||||
Total revenue | $ | 1,716,528 | $ | 27,231 | $ | 23,077 | $ | 1,766,836 |
Hughes | ESS | Corporate and Other | Consolidated Total | |||||||||||||||||||||||
For the year ended December 31, 2020 | ||||||||||||||||||||||||||
Services and other revenue: | ||||||||||||||||||||||||||
Services | $ | 1,614,730 | $ | 10,785 | $ | 0 | $ | 1,625,515 | ||||||||||||||||||
Lease revenue | 40,503 | 6,613 | 19,126 | 66,242 | ||||||||||||||||||||||
Total services and other revenue | 1,655,233 | 17,398 | 19,126 | 1,691,757 | ||||||||||||||||||||||
Equipment revenue: | ||||||||||||||||||||||||||
Equipment | 110,108 | 0 | 0 | 110,108 | ||||||||||||||||||||||
Design, development and construction services | 88,511 | 0 | 0 | 88,511 | ||||||||||||||||||||||
Lease revenue | 6,982 | 0 | 0 | 6,982 | ||||||||||||||||||||||
Total equipment revenue | 205,601 | 0 | 0 | 205,601 | ||||||||||||||||||||||
Total revenue | $ | 1,860,834 | $ | 17,398 | $ | 19,126 | $ | 1,897,358 | ||||||||||||||||||
For the year ended December 31, 2019 | ||||||||||||||||||||||||||
Services and other revenue: | ||||||||||||||||||||||||||
Services | $ | 1,535,966 | $ | 10,464 | $ | 878 | $ | 1,547,308 | ||||||||||||||||||
Lease revenue | 50,073 | 5,793 | 20,284 | 76,150 | ||||||||||||||||||||||
Total services and other revenue | 1,586,039 | 16,257 | 21,162 | 1,623,458 | ||||||||||||||||||||||
Equipment revenue: | ||||||||||||||||||||||||||
Equipment | 115,052 | 0 | 0 | 115,052 | ||||||||||||||||||||||
Design, development and construction services | 145,646 | 0 | 0 | 145,646 | ||||||||||||||||||||||
Lease revenue | 6,005 | 0 | 0 | 6,005 | ||||||||||||||||||||||
Total equipment revenue | 266,703 | 0 | 0 | 266,703 | ||||||||||||||||||||||
Total revenue | $ | 1,852,742 | $ | 16,257 | $ | 21,162 | $ | 1,890,161 | ||||||||||||||||||
For the year ended December 31, 2018 | ||||||||||||||||||||||||||
Services and other revenue: | ||||||||||||||||||||||||||
Services | $ | 1,313,059 | $ | 21,044 | $ | 1,351 | $ | 1,335,454 | ||||||||||||||||||
Lease revenue | 198,059 | 6,187 | 21,726 | 225,972 | ||||||||||||||||||||||
Total services and other revenue | 1,511,118 | 27,231 | 23,077 | 1,561,426 | ||||||||||||||||||||||
Equipment revenue: | ||||||||||||||||||||||||||
Equipment | 119,657 | 0 | 0 | 119,657 | ||||||||||||||||||||||
Design, development and construction services | 85,753 | 0 | 0 | 85,753 | ||||||||||||||||||||||
Total equipment revenue | 205,410 | 0 | 0 | 205,410 | ||||||||||||||||||||||
Total revenue | $ | 1,716,528 | $ | 27,231 | $ | 23,077 | $ | 1,766,836 |
Hughes | ESS | Corporate and Other | Consolidated Total | |||||||||||||
For the year ended December 31, 2019 | ||||||||||||||||
North America | $ | 1,527,823 | $ | 16,257 | $ | 2,143 | $ | 1,546,223 | ||||||||
South and Central America | 125,458 | — | — | 125,458 | ||||||||||||
All other | 199,461 | — | 19,019 | 218,480 | ||||||||||||
Total revenue | $ | 1,852,742 | $ | 16,257 | $ | 21,162 | $ | 1,890,161 | ||||||||
For the year ended December 31, 2018 | ||||||||||||||||
North America | $ | 1,444,628 | $ | 27,231 | $ | 4,555 | $ | 1,476,414 | ||||||||
South and Central America | 101,632 | — | — | 101,632 | ||||||||||||
All other | 170,268 | — | 18,522 | 188,790 | ||||||||||||
Total revenue | $ | 1,716,528 | $ | 27,231 | $ | 23,077 | $ | 1,766,836 | ||||||||
For the year ended December 31, 2017 | ||||||||||||||||
North America | $ | 1,204,750 | $ | 30,417 | $ | 4,030 | $ | 1,239,197 | ||||||||
South and Central America | 90,000 | — | — | 90,000 | ||||||||||||
All other | 183,168 | — | 2,677 | 185,845 | ||||||||||||
Total revenue | $ | 1,477,918 | $ | 30,417 | $ | 6,707 | $ | 1,515,042 |
Hughes | ESS | Corporate and Other | Consolidated Total | |||||||||||||
For the year ended December 31, 2019 | ||||||||||||||||
Services and other revenue: | ||||||||||||||||
Services | $ | 1,535,966 | $ | 10,464 | $ | 878 | $ | 1,547,308 | ||||||||
Lease revenue | 50,073 | 5,793 | 20,284 | 76,150 | ||||||||||||
Total services and other revenue | 1,586,039 | 16,257 | 21,162 | 1,623,458 | ||||||||||||
Equipment revenue: | ||||||||||||||||
Equipment | 115,052 | — | — | 115,052 | ||||||||||||
Design, development and construction services | 145,646 | — | — | 145,646 | ||||||||||||
Lease revenue | 6,005 | — | — | 6,005 | ||||||||||||
Total equipment revenue | 266,703 | — | — | 266,703 | ||||||||||||
Total revenue | $ | 1,852,742 | $ | 16,257 | $ | 21,162 | $ | 1,890,161 | ||||||||
For the year ended December 31, 2018 | ||||||||||||||||
Services and other revenue: | ||||||||||||||||
Services | $ | 1,313,059 | $ | 21,044 | $ | 1,351 | $ | 1,335,454 | ||||||||
Lease revenue | 198,059 | 6,187 | 21,726 | 225,972 | ||||||||||||
Total services and other revenue | 1,511,118 | 27,231 | 23,077 | 1,561,426 | ||||||||||||
Equipment revenue: | ||||||||||||||||
Equipment | 119,657 | — | — | 119,657 | ||||||||||||
Design, development and construction services | 85,753 | — | — | 85,753 | ||||||||||||
Total equipment revenue | 205,410 | — | — | 205,410 | ||||||||||||
Total revenue | $ | 1,716,528 | $ | 27,231 | $ | 23,077 | $ | 1,766,836 |
For the year ended December 31, 2019 | ||||
Sales-type lease revenue: | ||||
Revenue at lease commencement | $ | 6,005 | ||
Interest income | 784 | |||
Total sales-type lease revenue | 6,789 | |||
Operating lease revenue | 75,366 | |||
Total lease revenue | $ | 82,155 |
For the years ended December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Sales-type lease revenue: | ||||||||||||||
Revenue at lease commencement | $ | 6,982 | $ | 6,005 | ||||||||||
Interest income | 393 | 784 | ||||||||||||
Total sales-type lease revenue | 7,375 | 6,789 | ||||||||||||
Operating lease revenue | 65,849 | 75,366 | ||||||||||||
Total lease revenue | $ | 73,224 | $ | 82,155 |
Amounts | ||||||||
December 31, | ||||||||
2021 | $ | 37,752 | ||||||
2022 | 34,137 | |||||||
2023 | 31,907 | |||||||
2024 | 29,666 | |||||||
2025 | 28,035 | |||||||
2026 and beyond | 99,692 | |||||||
Total lease payments | $ | 261,189 |
Amounts | ||||
Year ending December 31, | ||||
2020 | $ | 36,560 | ||
2021 | 33,545 | |||
2022 | 31,666 | |||
2023 | 30,551 | |||
2024 | 28,444 | |||
After 2024 | 123,844 | |||
Total lease payments | $ | 284,610 |
As of December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Cost | Accumulated Depreciation | Net | Cost | Accumulated Depreciation | Net | |||||||||||||||||||||||||||||||||
Customer premises equipment | $ | 1,706,328 | $ | (1,317,210) | $ | 389,118 | $ | 1,458,298 | $ | (1,074,968) | $ | 383,330 | ||||||||||||||||||||||||||
Satellites | 104,620 | (38,335) | 66,285 | 104,620 | (31,360) | 73,260 | ||||||||||||||||||||||||||||||||
Total | $ | 1,810,948 | $ | (1,355,545) | $ | 455,403 | $ | 1,562,918 | $ | (1,106,328) | $ | 456,590 |
As of December 31, 2019 | For the year ended December 31, 2019 | |||||||||||||||
Cost | Accumulated Depreciation | Net | Depreciation Expense | |||||||||||||
Customer premises equipment | $ | 1,458,298 | $ | (1,074,968 | ) | $ | 383,330 | $ | 197,870 | |||||||
Satellites | 104,620 | (31,360 | ) | 73,260 | 7,495 | |||||||||||
Total | $ | 1,562,918 | $ | (1,106,328 | ) | $ | 456,590 | $ | 205,365 |
For the years ended December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Customer premises equipment | $ | 246,542 | $ | 197,870 | ||||||||||
Satellites | 6,975 | 7,495 | ||||||||||||
Total | $ | 253,517 | $ | 205,365 |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Right-of-use assets: | ||||||||||||||
Operating | $ | 128,266 | $ | 113,399 | ||||||||||
Finance | 278,237 | 325,826 | ||||||||||||
Total right-of-use assets | $ | 406,503 | $ | 439,225 | ||||||||||
Lease liabilities: | ||||||||||||||
Current: | ||||||||||||||
Operating | $ | 14,670 | $ | 14,112 | ||||||||||
Finance | 423 | 486 | ||||||||||||
Total current | 15,093 | 14,598 | ||||||||||||
Non-current: | ||||||||||||||
Operating | 114,877 | 96,879 | ||||||||||||
Finance | 129 | 565 | ||||||||||||
Total non-current | 115,006 | 97,444 | ||||||||||||
Total lease liabilities | $ | 130,099 | $ | 112,042 |
Amounts | ||||
Right-of-use assets: | ||||
Operating | $ | 113,399 | ||
Finance | 325,826 | |||
Total right-of-use assets | $ | 439,225 | ||
Lease liabilities: | ||||
Current: | ||||
Operating | $ | 14,112 | ||
Finance | 486 | |||
Total current | 14,598 | |||
Non-current: | ||||
Operating | 96,879 | |||
Finance | 565 | |||
Total non-current | 97,444 | |||
Total lease liabilities | $ | 112,042 |
For the years ended December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Lease cost: | ||||||||||||||
Operating lease cost | $ | 23,321 | $ | 21,226 | ||||||||||
Finance lease cost: | ||||||||||||||
Amortization of right-of-use assets | 27,611 | 26,489 | ||||||||||||
Interest on lease liabilities | 106 | 173 | ||||||||||||
Total finance lease cost | 27,717 | 26,662 | ||||||||||||
Short-term lease cost | 132 | 434 | ||||||||||||
Variable lease cost | 3,799 | 9,585 | ||||||||||||
Total lease cost | $ | 54,969 | $ | 57,907 |
For the year ended December 31, 2019 | ||||
Lease cost: | ||||
Operating lease cost | $ | 21,226 | ||
Finance lease cost: | ||||
Amortization of right-of-use assets | 26,489 | |||
Interest on lease liabilities | 173 | |||
Total finance lease cost | 26,662 | |||
Short-term lease cost | 434 | |||
Variable lease cost | 9,585 | |||
Total lease cost | $ | 57,907 |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Lease term and discount rate: | ||||||||||||||
Weighted average remaining lease term: | ||||||||||||||
Finance leases | 1.2 years | 2.1 years | ||||||||||||
Operating leases | 10.7 years | 10.4 years | ||||||||||||
Weighted average discount rate: | ||||||||||||||
Finance leases | 12.2 | % | 11.9 | % | ||||||||||
Operating leases | 6.0 | % | 6.1 | % |
December 31, 2019 | |||
For the years ended December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | 21,313 | $ | 19,654 | ||||||||||
Operating cash flows from finance leases | 106 | 173 | ||||||||||||
Financing cash flows from finance leases | 499 | 654 |
For the year ended December 31, 2019 | ||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ | 19,654 | ||
Operating cash flows from finance leases | 173 | |||
Financing cash flows from finance leases | 654 |
Operating Leases | Finance Leases | Total | ||||||||||||||||||||||||||||||
Operating Leases | Finance Leases | Total | ||||||||||||||||||||||||||||||
Year ending December 31, | Year ending December 31, | |||||||||||||||||||||||||||||||
2020 | $ | 19,907 | $ | 629 | $ | 20,536 | ||||||||||||||||||||||||||
2021 | 17,594 | 487 | 18,081 | 2021 | $ | 21,021 | $ | 472 | $ | 21,493 | ||||||||||||||||||||||
2022 | 15,379 | 96 | 15,475 | 2022 | 20,404 | 136 | 20,540 | |||||||||||||||||||||||||
2023 | 14,369 | — | 14,369 | 2023 | 19,624 | 0 | 19,624 | |||||||||||||||||||||||||
2024 | 13,286 | — | 13,286 | 2024 | 16,364 | 0 | 16,364 | |||||||||||||||||||||||||
After 2024 | 71,147 | — | 71,147 | |||||||||||||||||||||||||||||
2025 | 2025 | 12,355 | 0 | 12,355 | ||||||||||||||||||||||||||||
2026 and beyond | 2026 and beyond | 86,194 | 0 | 86,194 | ||||||||||||||||||||||||||||
Total future minimum lease payments | 151,682 | 1,212 | 152,894 | Total future minimum lease payments | 175,962 | 608 | 176,570 | |||||||||||||||||||||||||
Less: Interest | (40,691 | ) | (161 | ) | (40,852 | ) | Less: Interest | (46,415) | (56) | (46,471) | ||||||||||||||||||||||
Total lease liabilities | $ | 110,991 | $ | 1,051 | $ | 112,042 | Total lease liabilities | $ | 129,547 | $ | 552 | $ | 130,099 |
For the years ended December 31, | ||||||||||||||
2019 | 2018 | |||||||||||||
Revenue: | ||||||||||||||
Services and other revenue - DISH Network | $ | 195,942 | $ | 305,229 | ||||||||||
Services and other revenue - other | 17,714 | 25,598 | ||||||||||||
Total revenue | 213,656 | 330,827 | ||||||||||||
Costs and expenses: | ||||||||||||||
Cost of sales - services and other (exclusive of depreciation and amortization) | 28,033 | 40,375 | ||||||||||||
Selling, general and administrative expenses | 6,903 | 159 | ||||||||||||
Depreciation and amortization | 85,926 | 124,564 | ||||||||||||
Total costs and expenses | 120,862 | 165,098 | ||||||||||||
Operating income (loss) | 92,794 | 165,729 | ||||||||||||
Other income (expense): | ||||||||||||||
Interest expense | (17,365) | (28,552) | ||||||||||||
Total other income (expense), net | (17,365) | (28,552) | ||||||||||||
Income (loss) from discontinued operations before income taxes | 75,429 | 137,177 | ||||||||||||
Income tax benefit (provision), net | (18,890) | (27,754) | ||||||||||||
Net income (loss) from discontinued operations | $ | 56,539 | $ | 109,423 |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Revenue: | ||||||||||||
Services and other revenue - DISH Network | $ | 195,942 | $ | 305,229 | $ | 337,079 | ||||||
Services and other revenue - other | 17,714 | 25,598 | 24,748 | |||||||||
Total revenue | 213,656 | 330,827 | 361,827 | |||||||||
Costs and expenses: | ||||||||||||
Cost of services and other | 28,033 | 40,375 | 62,573 | |||||||||
Selling, general and administrative expenses | 6,903 | 159 | 43 | |||||||||
Depreciation and amortization | 85,926 | 124,564 | 126,380 | |||||||||
Total costs and expenses | 120,862 | 165,098 | 188,996 | |||||||||
Operating income (loss) | 92,794 | 165,729 | 172,831 | |||||||||
Other income (expense): | ||||||||||||
Interest expense | (17,365 | ) | (28,552 | ) | (32,312 | ) | ||||||
Total other income (expense), net | (17,365 | ) | (28,552 | ) | (32,312 | ) | ||||||
Income (loss) from discontinued operations before income taxes | 75,429 | 137,177 | 140,519 | |||||||||
Income tax benefit (provision), net | (18,890 | ) | (27,754 | ) | 164,436 | |||||||
Net income (loss) from discontinued operations | $ | 56,539 | $ | 109,423 | $ | 304,955 |
As of December 31, 2018 | ||||
Assets | ||||
Prepaids and deposits | $ | 3,483 | ||
Current assets of discontinued operations | 3,483 | |||
Property and equipment, net | 660,270 | |||
Regulatory authorizations, net | 65,615 | |||
Other non-current assets, net | 16,576 | |||
Non-current assets of discontinued operations | 742,461 | |||
Total assets of discontinued operations | $ | 745,944 | ||
Liabilities: | ||||
Current portion of finance lease obligations | $ | 39,995 | ||
Accrued interest | 1,572 | |||
Accrued expenses and other current liabilities | 7,488 | |||
Current liabilities of discontinued operations | 49,055 | |||
Finance lease obligations | 187,002 | |||
Deferred tax liabilities, net | 132,787 | |||
Other non-current liabilities | 29,493 | |||
Non-current liabilities of discontinued operations | 349,282 | |||
Total liabilities of discontinued operations | $ | 398,337 |
For the years ended December 31, | ||||||||||||||
2019 | 2018 | |||||||||||||
Operating activities: | ||||||||||||||
Net income (loss) from discontinued operations | $ | 56,539 | $ | 109,423 | ||||||||||
Depreciation and amortization | $ | 85,926 | $ | 124,564 | ||||||||||
Investing activities: | ||||||||||||||
Expenditures for property and equipment | $ | 510 | $ | 175 | ||||||||||
Financing activities: | ||||||||||||||
Payment of finance lease obligations | $ | 27,203 | $ | 35,886 | ||||||||||
Payment of in-orbit incentive obligations | $ | 3,887 | $ | 4,329 |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Operating activities: | ||||||||||||
Net income (loss) from discontinued operations | $ | 56,539 | $ | 109,423 | $ | 304,955 | ||||||
Depreciation and amortization | 85,926 | 124,564 | 126,380 | |||||||||
Investing activities: | ||||||||||||
Expenditures for property and equipment | 510 | 175 | 699 | |||||||||
Financing activities: | ||||||||||||
Payment of finance lease obligations | 27,203 | 35,886 | 32,177 | |||||||||
Payment of in-orbit incentive obligations | 3,887 | 4,329 | 4,727 |
Amounts | |||||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 8,110 | |||||||||
Other current assets, net | 5,876 | ||||||||||
Property and equipment | 86,983 | ||||||||||
Regulatory authorization | 4,498 | ||||||||||
Goodwill | 9,186 | ||||||||||
Other non-current assets, net | 1,502 | ||||||||||
Total assets | $ | 116,155 | |||||||||
Liabilities: | |||||||||||
Trade accounts payable | $ | 3,879 | |||||||||
Accrued expenses and other current liabilities | 6,676 | ||||||||||
Total liabilities | $ | 10,555 | |||||||||
Total purchase price (1) | $ | 105,600 |
Amounts | ||||
Assets: | ||||
Cash and cash equivalents | $ | 7,858 | ||
Other current assets | 7,106 | |||
Property and equipment | 88,358 | |||
Regulatory authorization | 4,498 | |||
Goodwill | 2,128 | |||
Other long-term assets | 1,502 | |||
Total assets | $ | 111,450 | ||
Liabilities: | ||||
Accounts payable and accrued liabilities | $ | 6,516 | ||
Other current liabilities | 2,159 | |||
Total liabilities | $ | 8,675 | ||
Total purchase price (1) | $ | 102,775 |
Amounts | ||||
Satellite payload | $ | 50,738 | ||
Regulatory authorization | 4,498 | |||
Total | $ | 55,236 |
Amounts | ||||||||
Satellite payload | $ | 49,363 | ||||||
Regulatory authorization | 4,498 | |||||||
Total | $ | 53,861 |
Cumulative Foreign Currency Translation Adjustments | Unrealized Gain (Loss) On Available-For-Sale Securities | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Balance, December 31, 2018 | $ | (82,800) | $ | (1,092) | $ | 118 | $ | (83,774) | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (2,146) | 1,817 | (114) | (443) | ||||||||||||||||||||||
Amounts reclassified to net income (loss) | 0 | (419) | 0 | (419) | ||||||||||||||||||||||
Other comprehensive income (loss) | (2,146) | 1,398 | (114) | (862) | ||||||||||||||||||||||
Balance, December 31, 2019 | (84,946) | 306 | 4 | (84,636) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (62,007) | (192) | (4) | (62,203) | ||||||||||||||||||||||
Amounts reclassified to net income (loss) | 0 | (1) | 0 | (1) | ||||||||||||||||||||||
Other comprehensive income (loss) | (62,007) | (193) | (4) | (62,204) | ||||||||||||||||||||||
Balance, December 31, 2020 | $ | (146,953) | $ | 113 | $ | 0 | $ | (146,840) |
Cumulative Foreign Currency Translation Adjustments | Unrealized Gain (Loss) On Available-For-Sale Securities | Other | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Balance, December 31, 2017 | $ | (52,251 | ) | $ | (648 | ) | $ | 77 | $ | (52,822 | ) | |||||
Cumulative effect of accounting changes | — | 433 | — | 433 | ||||||||||||
Balance, January 1, 2018 | (52,251 | ) | (215 | ) | 77 | (52,389 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (30,549 | ) | (665 | ) | 41 | (31,173 | ) | |||||||||
Amounts reclassified to net income (loss) | — | (212 | ) | — | (212 | ) | ||||||||||
Other comprehensive income (loss) | (30,549 | ) | (877 | ) | 41 | (31,385 | ) | |||||||||
Balance, December 31, 2018 | (82,800 | ) | (1,092 | ) | 118 | (83,774 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | (2,146 | ) | 1,817 | (114 | ) | (443 | ) | |||||||||
Amounts reclassified to net income (loss) | — | (419 | ) | — | (419 | ) | ||||||||||
Other comprehensive income (loss) | (2,146 | ) | 1,398 | (114 | ) | (862 | ) | |||||||||
Balance, December 31, 2019 | $ | (84,946 | ) | $ | 306 | $ | 4 | $ | (84,636 | ) |
As of December 31, | ||||||||
2019 | 2018 | |||||||
Marketable investment securities: | ||||||||
Debt securities: | ||||||||
Corporate bonds | $ | 411,706 | $ | 1,234,017 | ||||
Other debt securities | 240,888 | 374,106 | ||||||
Total debt securities | 652,594 | 1,608,123 | ||||||
Equity securities | 241 | 1,073 | ||||||
Total marketable investment securities | $ | 652,835 | $ | 1,609,196 |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Marketable investment securities: | ||||||||||||||
Debt securities: | ||||||||||||||
Available-for-sale: | ||||||||||||||
Corporate bonds | $ | 276,361 | $ | 411,706 | ||||||||||
Commercial paper | 823,173 | 236,874 | ||||||||||||
Other debt securities | 103,756 | 4,014 | ||||||||||||
Total available-for-sale debt securities | 1,203,290 | 652,594 | ||||||||||||
Equity securities | 6 | 241 | ||||||||||||
Total marketable investment securities | $ | 1,203,296 | $ | 652,835 |
Amortized | Unrealized | Estimated | ||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||
Corporate bonds | $ | 276,327 | $ | 59 | $ | (25) | $ | 276,361 | ||||||||||||||||||
Commercial paper | 823,173 | 0 | 0 | 823,173 | ||||||||||||||||||||||
Other debt securities | 103,758 | 3 | (5) | 103,756 | ||||||||||||||||||||||
Total available-for-sale debt securities | $ | 1,203,258 | $ | 62 | $ | (30) | $ | 1,203,290 | ||||||||||||||||||
As of December 31, 2019 | ||||||||||||||||||||||||||
Corporate bonds | $ | 411,312 | $ | 395 | $ | (1) | $ | 411,706 | ||||||||||||||||||
Commercial paper | 236,873 | 1 | 0 | 236,874 | ||||||||||||||||||||||
Other debt securities | 4,014 | 0 | 0 | 4,014 | ||||||||||||||||||||||
Total available-for-sale debt securities | $ | 652,199 | $ | 396 | $ | (1) | $ | 652,594 |
Amortized | Unrealized | Estimated | ||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
As of December 31, 2019 | ||||||||||||||||
Corporate bonds | $ | 411,312 | $ | 395 | $ | (1 | ) | $ | 411,706 | |||||||
Other debt securities | 240,887 | 1 | — | 240,888 | ||||||||||||
Total available-for-sale debt securities | $ | 652,199 | $ | 396 | $ | (1 | ) | $ | 652,594 | |||||||
As of December 31, 2018 | ||||||||||||||||
Corporate bonds | $ | 1,235,110 | $ | 230 | $ | (1,323 | ) | $ | 1,234,017 | |||||||
Other debt securities | 374,106 | — | — | 374,106 | ||||||||||||
Total available-for-sale debt securities | $ | 1,609,216 | $ | 230 | $ | (1,323 | ) | $ | 1,608,123 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Proceeds from sales | $ | 112,497 | $ | 311,823 | $ | 50,000 | ||||||||||||||
Gains (losses) on sales, net | $ | 1 | $ | 385 | $ | 0 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Proceeds from sales | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||
Gains (losses) on sales, net | $ | (235) | $ | (833) | $ | (29) |
As of December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||||||||||||||||||||||||||||
Cash equivalents (including restricted) | $ | 128 | $ | 654,853 | $ | 654,981 | $ | 6,682 | $ | 1,056,518 | $ | 1,063,200 | ||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 0 | $ | 276,361 | $ | 276,361 | $ | 0 | $ | 411,706 | $ | 411,706 | ||||||||||||||||||||||||||
Commercial paper | 0 | 823,173 | 823,173 | 0 | 236,874 | 236,874 | ||||||||||||||||||||||||||||||||
Other debt securities | 95,497 | 8,259 | 103,756 | 0 | 4,014 | 4,014 | ||||||||||||||||||||||||||||||||
Total available-for-sale debt securities | 95,497 | 1,107,793 | 1,203,290 | 0 | 652,594 | 652,594 | ||||||||||||||||||||||||||||||||
Equity securities | 6 | 0 | 6 | 241 | 0 | 241 | ||||||||||||||||||||||||||||||||
Total marketable investment securities | $ | 95,503 | $ | 1,107,793 | $ | 1,203,296 | $ | 241 | $ | 652,594 | $ | 652,835 |
As of December 31, | ||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Corporate bonds | $ | — | $ | 411,706 | $ | 411,706 | $ | — | $ | 1,234,017 | $ | 1,234,017 | ||||||||||||
Other debt securities | — | 240,888 | 240,888 | — | 374,106 | 374,106 | ||||||||||||||||||
Total debt securities | — | 652,594 | 652,594 | — | 1,608,123 | 1,608,123 | ||||||||||||||||||
Equity securities | 241 | — | 241 | 1,073 | — | 1,073 | ||||||||||||||||||
Total marketable investment securities | $ | 241 | $ | 652,594 | $ | 652,835 | $ | 1,073 | $ | 1,608,123 | $ | 1,609,196 |
As of December 31, | ||||||||
2019 | 2018 | |||||||
Raw materials | $ | 4,240 | $ | 4,856 | ||||
Work-in-process | 6,979 | 13,901 | ||||||
Finished goods | 68,255 | 56,622 | ||||||
Total inventory | $ | 79,474 | $ | 75,379 |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Property and equipment, net: | ||||||||||||||
Satellites, net | $ | 954,559 | $ | 1,127,521 | ||||||||||
Other property and equipment, net | 736,964 | 730,060 | ||||||||||||
Total property and equipment, net | $ | 1,691,523 | $ | 1,857,581 |
As of December 31, | ||||||||
2019 | 2018 | |||||||
Property and equipment, net: | ||||||||
Satellites, net | $ | 1,127,521 | $ | 1,209,930 | ||||
Other property and equipment, net | 730,060 | 711,981 | ||||||
Total property and equipment, net | $ | 1,857,581 | $ | 1,921,911 |
Satellite | Segment | Launch Date | Nominal Degree Orbital Location (Longitude) | Depreciable Life (In Years) | ||||||||||||||||||||||
Owned: | ||||||||||||||||||||||||||
SPACEWAY 3 (1) | Hughes | August 2007 | 95 W | 10 | ||||||||||||||||||||||
EchoStar XVII | Hughes | July 2012 | 107 W | 15 | ||||||||||||||||||||||
EchoStar XIX | Hughes | December 2016 | 97.1 W | 15 | ||||||||||||||||||||||
Al Yah 3 (2) | Hughes | January 2018 | 20 W | 7 | ||||||||||||||||||||||
EchoStar IX (3) | ESS | August 2003 | 121 W | 12 | ||||||||||||||||||||||
Finance leases: | ||||||||||||||||||||||||||
Eutelsat 65 West A | Hughes | March 2016 | 65 W | 15 | ||||||||||||||||||||||
Telesat T19V | Hughes | July 2018 | 63 W | 15 | ||||||||||||||||||||||
EchoStar 105/SES-11 | ESS | October 2017 | 105 W | 15 |
Depreciable Life (In Years) | As of December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Satellites, net: | ||||||||||||||||||||
Satellites - owned | 7 to 15 | $ | 1,503,596 | $ | 1,516,006 | |||||||||||||||
Satellites - acquired under finance leases | 15 | 352,245 | 381,162 | |||||||||||||||||
Total satellites | 1,855,841 | 1,897,168 | ||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||
Satellites - owned | (827,274) | (713,259) | ||||||||||||||||||
Satellites - acquired under finance leases | (74,008) | (56,388) | ||||||||||||||||||
Total accumulated depreciation | (901,282) | (769,647) | ||||||||||||||||||
Total satellites, net | $ | 954,559 | $ | 1,127,521 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Depreciation expense: | ||||||||||||||||||||
Satellites - owned | $ | 108,273 | $ | 110,685 | $ | 104,967 | ||||||||||||||
Satellites - acquired under finance leases | 27,611 | 25,755 | 20,269 | |||||||||||||||||
Total depreciation expense | $ | 135,884 | $ | 136,440 | $ | 125,236 | ||||||||||||||
Depreciable Life (In Years) | As of December 31, | |||||||||
2019 | 2018 | |||||||||
Satellites, net: | ||||||||||
Satellites - owned | 7 to 15 | $ | 1,516,006 | $ | 1,459,955 | |||||
Satellites - acquired under finance leases | 10 to 15 | 381,162 | 385,592 | |||||||
Total satellites | 1,897,168 | 1,845,547 | ||||||||
Accumulated depreciation | (769,647 | ) | (635,617 | ) | ||||||
Total satellites, net | $ | 1,127,521 | $ | 1,209,930 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Capitalized interest | $ | 2,488 | $ | 1,019 | $ | 6,179 |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Depreciation and amortization expense: | ||||||||||||
Satellites - owned | $ | 110,685 | $ | 104,967 | $ | 89,728 | ||||||
Satellites acquired under finance leases | 25,755 | 20,269 | 9,962 | |||||||||
Total depreciation and amortization expense | $ | 136,440 | $ | 125,236 | $ | 99,690 | ||||||
Capitalized interest | $ | 1,019 | $ | 6,179 | $ | 22,828 |
Depreciable Life (In Years) | As of December 31, | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Other property and equipment, net: | ||||||||||||||||||||
Land | — | $ | 13,440 | $ | 13,328 | |||||||||||||||
Buildings and improvements | 1 to 40 | 73,834 | 73,692 | |||||||||||||||||
Furniture, fixtures, equipment and other | 1 to 12 | 720,495 | 783,727 | |||||||||||||||||
Customer premises equipment | 2 to 4 | 1,706,328 | 1,377,914 | |||||||||||||||||
Construction in progress | 97,996 | 50,864 | ||||||||||||||||||
Total other property and equipment | 2,612,093 | 2,299,525 | ||||||||||||||||||
Accumulated depreciation | (1,875,129) | (1,569,465) | ||||||||||||||||||
Other property and equipment, net | $ | 736,964 | $ | 730,060 |
Depreciable Life (In Years) | As of December 31, | |||||||||
2019 | 2018 | |||||||||
Other property and equipment, net: | ||||||||||
Land | — | $ | 13,328 | $ | 13,366 | |||||
Buildings and improvements | 1 to 40 | 73,692 | 114,153 | |||||||
Furniture, fixtures, equipment and other | 1 to 12 | 783,727 | 725,924 | |||||||
Customer premises equipment | 2 to 4 | 1,377,914 | 1,159,977 | |||||||
Construction in progress | 50,864 | 28,087 | ||||||||
Total other property and equipment | 2,299,525 | 2,041,507 | ||||||||
Accumulated depreciation | (1,569,465 | ) | (1,329,526 | ) | ||||||
Other property and equipment, net | $ | 730,060 | $ | 711,981 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Other property and equipment depreciation expense: | ||||||||||||||||||||
Buildings and improvements | $ | 4,285 | $ | 4,409 | $ | 9,715 | ||||||||||||||
Furniture, fixtures, equipment and other | 76,649 | 89,868 | 79,500 | |||||||||||||||||
Customer premises equipment | 246,542 | 194,906 | 174,749 | |||||||||||||||||
Total depreciation expense | $ | 327,476 | $ | 289,183 | $ | 263,964 |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Other property and equipment depreciation expense: | ||||||||||||
Buildings and improvements | $ | 4,409 | $ | 9,715 | $ | 15,249 | ||||||
Furniture, fixtures, equipment and other | 89,868 | 79,500 | 67,162 | |||||||||
Customer premises equipment | 194,906 | 174,749 | 146,562 | |||||||||
Total depreciation expense | $ | 289,183 | $ | 263,964 | $ | 228,973 |
Finite lived | ||||||||||||||||||||
Cost | Accumulated Amortization | Total | Indefinite lived | Total | ||||||||||||||||
As of December 31, 2016 | $ | — | $ | — | $ | — | $ | 406,043 | $ | 406,043 | ||||||||||
Impairment | — | — | — | (6,000 | ) | (6,000 | ) | |||||||||||||
As of December 31, 2017 | — | — | — | 400,043 | 400,043 | |||||||||||||||
As of December 31, 2018 | — | — | — | 400,043 | 400,043 | |||||||||||||||
Additions | 12,833 | — | 12,833 | (43 | ) | 12,790 | ||||||||||||||
Amortization expense | — | (161 | ) | (161 | ) | — | (161 | ) | ||||||||||||
Currency translation adjustment | (309 | ) | — | (309 | ) | — | (309 | ) | ||||||||||||
As of December 31, 2019 | $ | 12,524 | $ | (161 | ) | $ | 12,363 | $ | 400,000 | $ | 412,363 | |||||||||
Weighted average useful life | 14 years |
Finite lived | ||||||||||||||||||||||||||||||||
Cost | Accumulated Amortization | Total | Indefinite lived | Total | ||||||||||||||||||||||||||||
As of December 31, 2017 | $ | 0 | $ | 0 | $ | 0 | $ | 400,043 | $ | 400,043 | ||||||||||||||||||||||
As of December 31, 2018 | 0 | 0 | 0 | 400,043 | 400,043 | |||||||||||||||||||||||||||
Additions | 12,833 | — | 12,833 | (43) | 12,790 | |||||||||||||||||||||||||||
Amortization expense | — | (161) | (161) | — | (161) | |||||||||||||||||||||||||||
Currency translation adjustments | (309) | 0 | (309) | 0 | (309) | |||||||||||||||||||||||||||
As of December 31, 2019 | 12,524 | (161) | 12,363 | 400,000 | 412,363 | |||||||||||||||||||||||||||
Amortization expense | — | (902) | (902) | — | (902) | |||||||||||||||||||||||||||
Currency translation adjustments | (1,019) | 9 | (1,010) | 0 | (1,010) | |||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 11,505 | $ | (1,054) | $ | 10,451 | $ | 400,000 | $ | 410,451 | ||||||||||||||||||||||
Weighted average useful life (in years) | 14 |
Amount | |||
For the years ending December 31, | |||
2020 | $ | 942 | |
2021 | 942 | ||
2022 | 942 | ||
2023 | 942 | ||
2024 | 942 | ||
Thereafter | 7,653 | ||
Total | $ | 12,363 |
Amount | |||||
For the years ending December 31, | |||||
2021 | $ | 800 | |||
2022 | 848 | ||||
2023 | 848 | ||||
2024 | 848 | ||||
2025 | 848 | ||||
2026 and beyond | 6,259 | ||||
Total | $ | 10,451 |
Customer Relationships | Patents | Trademarks and Licenses | Total | |||||||||||||||||||||||
Cost: | ||||||||||||||||||||||||||
As of December 31, 2017 | $ | 270,300 | $ | 51,417 | $ | 29,700 | $ | 351,417 | ||||||||||||||||||
Write-off | — | (17) | — | (17) | ||||||||||||||||||||||
As of December 31, 2018 | 270,300 | 51,400 | 29,700 | 351,400 | ||||||||||||||||||||||
As of December 31, 2019 | 270,300 | 51,400 | 29,700 | 351,400 | ||||||||||||||||||||||
As of December 31, 2020 | $ | 270,300 | $ | 51,400 | $ | 29,700 | $ | 351,400 | ||||||||||||||||||
Accumulated amortization: | ||||||||||||||||||||||||||
As of December 31, 2017 | $ | (231,642) | $ | (51,417) | $ | (9,776) | $ | (292,835) | ||||||||||||||||||
Amortization expense | (13,145) | 0 | (1,485) | (14,630) | ||||||||||||||||||||||
Write-off | — | 17 | — | 17 | ||||||||||||||||||||||
As of December 31, 2018 | (244,787) | (51,400) | (11,261) | (307,448) | ||||||||||||||||||||||
Amortization expense | (13,146) | 0 | (1,485) | (14,631) | ||||||||||||||||||||||
As of December 31, 2019 | (257,933) | (51,400) | (12,746) | (322,079) | ||||||||||||||||||||||
Amortization expense | (9,496) | 0 | (1,485) | (10,981) | ||||||||||||||||||||||
As of December 31, 2020 | $ | (267,429) | $ | (51,400) | $ | (14,231) | $ | (333,060) | ||||||||||||||||||
Carrying amount: | ||||||||||||||||||||||||||
As of December 31, 2017 | $ | 38,658 | $ | 0 | $ | 19,924 | $ | 58,582 | ||||||||||||||||||
As of December 31, 2018 | $ | 25,513 | $ | 0 | $ | 18,439 | $ | 43,952 | ||||||||||||||||||
As of December 31, 2019 | $ | 12,367 | $ | 0 | $ | 16,954 | $ | 29,321 | ||||||||||||||||||
As of December 31, 2020 | $ | 2,871 | $ | 0 | $ | 15,469 | $ | 18,340 | ||||||||||||||||||
Weighted average useful life (in years) | 8 | 6 | 20 |
Customer Relationships | Patents | Trademarks and Licenses | Total | |||||||||||||
Cost: | ||||||||||||||||
As of December 31, 2016 | $ | 270,300 | $ | 51,417 | $ | 29,700 | $ | 351,417 | ||||||||
As of December 31, 2017 | 270,300 | 51,417 | 29,700 | 351,417 | ||||||||||||
Write-off | — | (17 | ) | — | (17 | ) | ||||||||||
As of December 31, 2018 | 270,300 | 51,400 | 29,700 | 351,400 | ||||||||||||
As of December 31, 2019 | $ | 270,300 | $ | 51,400 | $ | 29,700 | $ | 351,400 | ||||||||
Accumulated amortization: | ||||||||||||||||
As of December 31, 2016 | $ | (214,544 | ) | $ | (47,848 | ) | $ | (8,291 | ) | $ | (270,683 | ) | ||||
Amortization expense | (17,098 | ) | (3,569 | ) | (1,485 | ) | $ | (22,152 | ) | |||||||
As of December 31, 2017 | (231,642 | ) | (51,417 | ) | (9,776 | ) | (292,835 | ) | ||||||||
Amortization expense | (13,145 | ) | — | (1,485 | ) | (14,630 | ) | |||||||||
Write-off | — | 17 | — | 17 | ||||||||||||
As of December 31, 2018 | (244,787 | ) | (51,400 | ) | (11,261 | ) | (307,448 | ) | ||||||||
Amortization expense | (13,146 | ) | — | (1,485 | ) | (14,631 | ) | |||||||||
As of December 31, 2019 | $ | (257,933 | ) | $ | (51,400 | ) | $ | (12,746 | ) | $ | (322,079 | ) | ||||
Carrying amount: | ||||||||||||||||
As of December 31, 2016 | $ | 55,756 | $ | 3,569 | $ | 21,409 | $ | 80,734 | ||||||||
As of December 31, 2017 | $ | 38,658 | $ | — | $ | 19,924 | $ | 58,582 | ||||||||
As of December 31, 2018 | $ | 25,513 | $ | — | $ | 18,439 | $ | 43,952 | ||||||||
As of December 31, 2019 | $ | 12,367 | $ | — | $ | 16,954 | $ | 29,321 | ||||||||
Weighted average useful life | 8 years | 6 years | 20 years |
Amount | |||
For the years ending December 31, | |||
2020 | $ | 10,981 | |
2021 | 4,356 | ||
2022 | 1,485 | ||
2023 | 1,485 | ||
2024 | 1,485 | ||
Thereafter | 9,529 | ||
Total | $ | 29,321 |
Amount | |||||
For the years ending December 31, | |||||
2021 | $ | 4,356 | |||
2022 | 1,485 | ||||
2023 | 1,485 | ||||
2024 | 1,485 | ||||
2025 | 1,485 | ||||
2026 and beyond | 8,044 | ||||
Total | $ | 18,340 |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Other investments, net: | ||||||||||||||
Equity method investments | $ | 96,573 | $ | 102,689 | ||||||||||
Other equity investments | 7,351 | 7,351 | ||||||||||||
Total other investments, net | $ | 103,924 | $ | 110,040 |
As of December 31, | ||||||||
2019 | 2018 | |||||||
Other investments, net: | ||||||||
Equity method investments | $ | 102,689 | $ | 110,931 | ||||
Other equity investments | 7,351 | 15,438 | ||||||
Total other investments, net | $ | 110,040 | $ | 126,369 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Deluxe | $ | 4,393 | $ | 4,377 | $ | 4,433 | ||||||||||||||
BCS | $ | 9,080 | $ | 8,979 | $ | 695 |
As of December 31, | ||||||||||||||
2020 | As of | 2019 | ||||||||||||
Deluxe | $ | 716 | $ | 631 | ||||||||||
BCS | $ | 9,347 | $ | 5,171 |
Effective Interest Rate | As of December 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||
Senior Secured Notes: | ||||||||||||||||||||||||||||||||
5 1/4% Senior Secured Notes due 2026 | 5.301% | $ | 750,000 | $ | 834,045 | $ | 750,000 | $ | 825,308 | |||||||||||||||||||||||
Senior Unsecured Notes: | ||||||||||||||||||||||||||||||||
7 5/8% Senior Unsecured Notes due 2021 | 8.028% | 900,000 | 924,003 | 900,000 | 963,783 | |||||||||||||||||||||||||||
6 5/8% Senior Unsecured Notes due 2026 | 6.667% | 750,000 | 852,810 | 750,000 | 833,903 | |||||||||||||||||||||||||||
Less: Unamortized debt issuance costs | (6,507) | — | (10,832) | — | ||||||||||||||||||||||||||||
Total long-term debt | 2,393,493 | 2,610,858 | 2,389,168 | 2,622,994 | ||||||||||||||||||||||||||||
Less: Current portion, net | (898,237) | (924,003) | 0 | 0 | ||||||||||||||||||||||||||||
Long-term debt, net | $ | 1,495,256 | $ | 1,686,855 | $ | 2,389,168 | $ | 2,622,994 |
Effective Interest Rate | As of December 31, | |||||||||||||||||
2019 | 2018 | |||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||
Senior Secured Notes: | ||||||||||||||||||
6 1/2% Senior Secured Notes due 2019 | 6.959% | $ | — | $ | — | $ | 920,836 | $ | 932,696 | |||||||||
5 1/4% Senior Secured Notes due 2026 | 5.320% | 750,000 | 825,308 | 750,000 | 695,865 | |||||||||||||
Senior Unsecured Notes: | ||||||||||||||||||
7 5/8% Senior Unsecured Notes due 2021 | 8.062% | 900,000 | 963,783 | 900,000 | 934,902 | |||||||||||||
6 5/8% Senior Unsecured Notes due 2026 | 6.688% | 750,000 | 833,903 | 750,000 | 696,353 | |||||||||||||
Less: Unamortized debt issuance costs | (10,832 | ) | — | (16,757 | ) | — | ||||||||||||
Subtotal | 2,389,168 | $ | 2,622,994 | 3,304,079 | $ | 3,259,816 | ||||||||||||
Finance lease obligations | 1,051 | 1,705 | ||||||||||||||||
Total debt and finance lease obligations | 2,390,219 | 3,305,784 | ||||||||||||||||
Less: Current portion | (486 | ) | (919,582 | ) | ||||||||||||||
Long-term debt and finance lease obligations, net of current portion | $ | 2,389,733 | $ | 2,386,202 |
•secured by security interests in substantially all of our and certain of our subsidiaries’ existing and future tangible and intangible assets of on a first priority basis, subject to certain exceptions; • |
•senior in right of payment to all our existing and future obligations that are expressly subordinated to the respective Unsecured Notes; F-43 HUGHES SATELLITE SYSTEMS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED •structurally junior to any existing and future obligations of any of our subsidiaries that do not guarantee the respective Unsecured Notes; and •unconditionally guaranteed, jointly and severally, on a general senior secured basis by certain of our subsidiaries, which guarantees rank equally with all of the guarantors’ existing and future unsubordinated indebtedness, and effectively junior to any secured indebtedness of the guarantors up to the value of the assets securing such indebtedness. |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Domestic | $ | 116,268 | $ | 68,574 | $ | 40,385 | ||||||||||||||
Foreign | (76,579) | (154,395) | (33,850) | |||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 39,689 | $ | (85,821) | $ | 6,535 |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Domestic | $ | 68,574 | $ | 40,385 | $ | (73,572 | ) | |||||
Foreign | (154,395 | ) | (33,850 | ) | (27,596 | ) | ||||||
Income (loss) from continuing operations before income taxes | $ | (85,821 | ) | $ | 6,535 | $ | (101,168 | ) |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Current benefit (provision), net: | ||||||||||||||||||||
Federal | $ | (40,109) | $ | (4,525) | $ | (914) | ||||||||||||||
State | (4,152) | 2,584 | 5,081 | |||||||||||||||||
Foreign | (1,740) | (1,415) | (1,894) | |||||||||||||||||
Total current benefit (provision), net | (46,001) | (3,356) | 2,273 | |||||||||||||||||
Deferred benefit (provision), net: | ||||||||||||||||||||
Federal | 15,151 | (1,292) | (3,460) | |||||||||||||||||
State | (2,926) | (10,370) | (17,656) | |||||||||||||||||
Foreign | (8,342) | 3,423 | 228 | |||||||||||||||||
Total deferred benefit (provision), net | 3,883 | (8,239) | (20,888) | |||||||||||||||||
Total income tax benefit (provision), net | $ | (42,118) | $ | (11,595) | $ | (18,615) |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Current benefit (provision), net: | ||||||||||||
Federal | $ | (4,525 | ) | $ | (914 | ) | $ | (638 | ) | |||
State | 2,584 | 5,081 | (2,753 | ) | ||||||||
Foreign | (1,415 | ) | (1,894 | ) | (2,020 | ) | ||||||
Total current benefit (provision), net | (3,356 | ) | 2,273 | (5,411 | ) | |||||||
Deferred benefit (provision), net: | ||||||||||||
Federal | (1,292 | ) | (3,460 | ) | 108,144 | |||||||
State | (10,370 | ) | (17,656 | ) | (3,699 | ) | ||||||
Foreign | 3,423 | 228 | (5,268 | ) | ||||||||
Total deferred benefit (provision), net | (8,239 | ) | (20,888 | ) | 99,177 | |||||||
Total income tax benefit (provision), net | $ | (11,595 | ) | $ | (18,615 | ) | $ | 93,766 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Statutory rate | $ | (8,336) | $ | 18,023 | $ | (1,372) | ||||||||||||||
State income taxes, net of federal provision (benefit) | (6,205) | (4,148) | (13,642) | |||||||||||||||||
Permanent differences | (1,447) | (5,888) | (976) | |||||||||||||||||
Tax credits | 1,137 | 5,137 | 4,935 | |||||||||||||||||
Valuation allowance | (36,491) | (35,974) | (11,583) | |||||||||||||||||
Rates different than statutory | 9,725 | 11,182 | 4,051 | |||||||||||||||||
Other | (501) | 73 | (28) | |||||||||||||||||
Total income tax benefit (provision), net | $ | (42,118) | $ | (11,595) | $ | (18,615) |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Statutory rate | $ | 18,023 | $ | (1,372 | ) | $ | 35,409 | |||||
State income taxes, net of federal provision (benefit) | (4,148 | ) | (13,642 | ) | (3,788 | ) | ||||||
Permanent differences | (5,888 | ) | (976 | ) | 911 | |||||||
Tax credits | 5,137 | 4,935 | 3,239 | |||||||||
Valuation allowance | (35,974 | ) | (11,583 | ) | (17,325 | ) | ||||||
Enactment of Tax Cuts and Job Act of 2017 | — | — | 75,617 | |||||||||
Rates different than statutory | 11,182 | 4,051 | (358 | ) | ||||||||
Other | 73 | (28 | ) | 61 | ||||||||
Total income tax benefit (provision), net | $ | (11,595 | ) | $ | (18,615 | ) | $ | 93,766 |
As of December 31, | ||||||||
2019 | 2018 | |||||||
Deferred tax assets: | ||||||||
Net operating losses, credit and other carryforwards | $ | 92,304 | $ | 103,230 | ||||
Unrealized losses on investments, net | 931 | 6,997 | ||||||
Accrued expenses | 20,079 | 21,622 | ||||||
Stock-based compensation | 5,096 | 1,613 | ||||||
Other assets | 25,952 | 7,707 | ||||||
Total deferred tax assets | 144,362 | 141,169 | ||||||
Valuation allowance | (102,201 | ) | (49,183 | ) | ||||
Deferred tax assets after valuation allowance | 42,161 | 91,986 | ||||||
Deferred tax liabilities: | ||||||||
Depreciation and amortization | (414,046 | ) | (443,063 | ) | ||||
Other liabilities | (1,216 | ) | (1,290 | ) | ||||
Total deferred tax liabilities | (415,262 | ) | (444,353 | ) | ||||
Total net deferred tax liabilities | $ | (373,101 | ) | $ | (352,367 | ) | ||
Net deferred tax asset foreign jurisdiction | $ | 7,215 | $ | 3,581 | ||||
Net deferred tax liability domestic | (380,316 | ) | (355,948 | ) | ||||
Total net deferred tax liabilities | $ | (373,101 | ) | $ | (352,367 | ) |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Deferred tax assets: | ||||||||||||||
Net operating losses, credit and other carryforwards | $ | 87,550 | $ | 92,304 | ||||||||||
Unrealized losses on investments, net | 4,036 | 931 | ||||||||||||
Accrued expenses | 22,218 | 20,079 | ||||||||||||
Stock-based compensation | 6,157 | 5,096 | ||||||||||||
Other assets | 33,900 | 25,952 | ||||||||||||
Total deferred tax assets | 153,861 | 144,362 | ||||||||||||
Valuation allowance | (143,501) | (102,201) | ||||||||||||
Deferred tax assets after valuation allowance | $ | 10,360 | $ | 42,161 | ||||||||||
Deferred tax liabilities: | ||||||||||||||
Depreciation and amortization | $ | (377,404) | $ | (414,046) | ||||||||||
Other liabilities | (1,217) | (1,216) | ||||||||||||
Total deferred tax liabilities | (378,621) | (415,262) | ||||||||||||
Total net deferred tax liabilities | $ | (368,261) | $ | (373,101) | ||||||||||
Net deferred tax asset foreign jurisdiction | $ | 1,679 | $ | 7,215 | ||||||||||
Net deferred tax liability domestic | (369,940) | (380,316) | ||||||||||||
Total net deferred tax liabilities | $ | (368,261) | $ | (373,101) |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Unrecognized tax benefit balance as of beginning of period: | $ | 7,866 | $ | 7,950 | $ | 7,057 | ||||||
Additions based on tax positions related to the current year | — | 572 | 656 | |||||||||
Additions based on tax positions related to prior years | — | — | 237 | |||||||||
Reductions based on tax positions related to prior years | — | (656 | ) | — | ||||||||
Balance as of end of period | $ | 7,866 | $ | 7,866 | $ | 7,950 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Unrecognized tax benefit balance as of beginning of period: | $ | 7,866 | $ | 7,866 | $ | 7,950 | ||||||||||||||
Additions based on tax positions related to the current year | 0 | 0 | 572 | |||||||||||||||||
Additions based on tax positions related to prior years | 0 | 0 | 0 | |||||||||||||||||
Reductions based on tax positions related to prior years | (572) | 0 | (656) | |||||||||||||||||
Balance as of end of period | $ | 7,294 | $ | 7,866 | $ | 7,866 | ||||||||||||||
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Matching contributions | $ | 5,239 | $ | 5,095 | $ | 5,007 | ||||||||||||||
Fair value of EchoStar discretionary contributions of its Class A common stock, net of forfeitures, under 401(k) plan | $ | 6,921 | $ | 6,654 | $ | 7,605 |
Payments Due in the Year Ending December 31, | ||||||||||||||||||||||||||||||||||||||||||||
Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||||||||||||||||||
Long-term debt | $ | 2,400,000 | $ | 900,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,500,000 | ||||||||||||||||||||||||||||||
Interest on long-term debt | 568,711 | 123,396 | 89,063 | 89,063 | 89,063 | 89,063 | 89,063 | |||||||||||||||||||||||||||||||||||||
Satellite-related commitments | 224,420 | 83,930 | 30,057 | 15,805 | 14,987 | 15,730 | 63,911 | |||||||||||||||||||||||||||||||||||||
Operating lease obligations | 175,963 | 21,021 | 20,404 | 19,624 | 16,364 | 12,355 | 86,195 | |||||||||||||||||||||||||||||||||||||
Finance lease obligations | 608 | 472 | 136 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Total | $ | 3,369,702 | $ | 1,128,819 | $ | 139,660 | $ | 124,492 | $ | 120,414 | $ | 117,148 | $ | 1,739,169 |
Payments Due in the Year Ending December 31, | ||||||||||||||||||||||||||||
Total | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | ||||||||||||||||||||||
Long-term debt | $ | 2,400,000 | $ | — | $ | 900,000 | $ | — | $ | — | $ | — | $ | 1,500,000 | ||||||||||||||
Finance lease obligations | 1,212 | 629 | 487 | 96 | — | — | — | |||||||||||||||||||||
Interest on long-term debt | 726,377 | 157,688 | 123,375 | 89,063 | 89,063 | 89,063 | 178,125 | |||||||||||||||||||||
Satellite-related obligations | 256,869 | 124,334 | 24,078 | 11,365 | 11,241 | 11,969 | 73,882 | |||||||||||||||||||||
Operating lease obligations | 151,682 | 19,907 | 17,594 | 15,379 | 14,369 | 13,286 | 71,147 | |||||||||||||||||||||
Total | $ | 3,536,140 | $ | 302,558 | $ | 1,065,534 | $ | 115,903 | $ | 114,673 | $ | 114,318 | $ | 1,823,154 |
Hughes | ESS | Corporate and Other | Consolidated Total | |||||||||||||||||||||||
For the year ended December 31, 2020 | ||||||||||||||||||||||||||
External revenue | $ | 1,860,834 | $ | 16,237 | $ | 20,287 | $ | 1,897,358 | ||||||||||||||||||
Intersegment revenue | 0 | 1,161 | (1,161) | — | ||||||||||||||||||||||
Total revenue | $ | 1,860,834 | $ | 17,398 | $ | 19,126 | $ | 1,897,358 | ||||||||||||||||||
EBITDA | $ | 727,608 | $ | 7,873 | $ | (31,498) | $ | 703,983 | ||||||||||||||||||
Capital expenditures | $ | 355,197 | $ | 41 | $ | 0 | $ | 355,238 | ||||||||||||||||||
For the year ended December 31, 2019 | ||||||||||||||||||||||||||
External revenue | $ | 1,852,742 | $ | 15,131 | $ | 22,288 | $ | 1,890,161 | ||||||||||||||||||
Intersegment revenue | 0 | 1,126 | (1,126) | — | ||||||||||||||||||||||
Total revenue | $ | 1,852,742 | $ | 16,257 | $ | 21,162 | $ | 1,890,161 | ||||||||||||||||||
EBITDA | $ | 625,660 | $ | 6,994 | $ | (27,855) | $ | 604,799 | ||||||||||||||||||
Capital expenditures | $ | 308,781 | $ | 0 | $ | 0 | $ | 308,781 | ||||||||||||||||||
For the year ended December 31, 2018 | ||||||||||||||||||||||||||
External revenue | $ | 1,716,169 | $ | 27,009 | $ | 23,658 | $ | 1,766,836 | ||||||||||||||||||
Intersegment revenue | 359 | 222 | (581) | — | ||||||||||||||||||||||
Total revenue | $ | 1,716,528 | $ | 27,231 | $ | 23,077 | $ | 1,766,836 | ||||||||||||||||||
EBITDA | $ | 601,319 | $ | 17,764 | $ | (15,473) | $ | 603,610 | ||||||||||||||||||
Capital expenditures | $ | 390,108 | $ | (76,757) | $ | 15 | $ | 313,366 |
Hughes | ESS | Corporate and Other | Consolidated Total | |||||||||||||
For the year ended December 31, 2019 | ||||||||||||||||
External revenue | $ | 1,852,742 | $ | 15,131 | $ | 22,288 | $ | 1,890,161 | ||||||||
Intersegment revenue | — | 1,126 | (1,126 | ) | — | |||||||||||
Total revenue | $ | 1,852,742 | $ | 16,257 | $ | 21,162 | $ | 1,890,161 | ||||||||
EBITDA | $ | 625,660 | $ | 6,994 | $ | (27,855 | ) | $ | 604,799 | |||||||
Capital expenditures | $ | 308,781 | $ | — | $ | — | $ | 308,781 | ||||||||
For the year ended December 31, 2018 | ||||||||||||||||
External revenue | $ | 1,716,169 | $ | 27,009 | $ | 23,658 | $ | 1,766,836 | ||||||||
Intersegment revenue | 359 | 222 | (581 | ) | — | |||||||||||
Total revenue | $ | 1,716,528 | $ | 27,231 | $ | 23,077 | $ | 1,766,836 | ||||||||
EBITDA | $ | 601,319 | $ | 17,764 | $ | (15,473 | ) | $ | 603,610 | |||||||
Capital expenditures | $ | 390,108 | $ | (76,757 | ) | $ | 15 | $ | 313,366 | |||||||
For the year ended December 31, 2017 | ||||||||||||||||
External revenue | $ | 1,476,131 | $ | 30,405 | $ | 8,506 | $ | 1,515,042 | ||||||||
Intersegment revenue | 1,787 | 12 | (1,799 | ) | — | |||||||||||
Total revenue | $ | 1,477,918 | $ | 30,417 | $ | 6,707 | $ | 1,515,042 | ||||||||
EBITDA | $ | 475,222 | $ | 16,074 | $ | (42,415 | ) | $ | 448,881 | |||||||
Capital expenditures | $ | 376,502 | $ | 20,026 | $ | — | $ | 396,528 |
For the Years Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 39,689 | $ | (85,821) | $ | 6,535 | ||||||||||||||
Interest income, net | (18,802) | (57,730) | (59,104) | |||||||||||||||||
Interest expense, net of amounts capitalized | 172,466 | 272,218 | 231,169 | |||||||||||||||||
Depreciation and amortization | 498,876 | 464,797 | 426,852 | |||||||||||||||||
Net loss (income) attributable to non-controlling interests | 11,754 | 11,335 | (1,842) | |||||||||||||||||
EBITDA | $ | 703,983 | $ | 604,799 | $ | 603,610 | ||||||||||||||
For the Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
EBITDA | $ | 604,799 | $ | 603,610 | $ | 448,881 | ||||||
Interest income | 57,730 | 59,104 | 31,952 | |||||||||
Interest expense, net of amounts capitalized | (272,218 | ) | (231,169 | ) | (213,166 | ) | ||||||
Depreciation and amortization | (464,797 | ) | (426,852 | ) | (370,418 | ) | ||||||
Net income (loss) attributable to non-controlling interests | (11,335 | ) | 1,842 | 1,583 | ||||||||
Income (loss) from continuing operations before income taxes | $ | (85,821 | ) | $ | 6,535 | $ | (101,168 | ) |
As of December 31, | ||||||||
2019 | 2018 | |||||||
Long-lived assets: | ||||||||
North America | $ | 2,419,750 | $ | 2,585,421 | ||||
South and Central America | 310,172 | 192,860 | ||||||
All other | 76,296 | 91,798 | ||||||
Total long-lived assets | $ | 2,806,218 | $ | 2,870,079 |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Long-lived assets: | ||||||||||||||
North America | $ | 2,257,820 | $ | 2,419,750 | ||||||||||
South and Central America | 311,041 | 310,172 | ||||||||||||
Other | 63,050 | 76,296 | ||||||||||||
Total long-lived assets | $ | 2,631,911 | $ | 2,806,218 |
For the Three Months Ended | ||||||||||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | |||||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
Total revenue | $ | 492,306 | $ | 475,860 | $ | 461,645 | $ | 467,547 | ||||||||||||||||||
Operating income (loss) | 54,644 | 57,248 | 54,993 | 29,675 | ||||||||||||||||||||||
Net income (loss) | 3,628 | 11,482 | 374 | (17,913) | ||||||||||||||||||||||
Net income (loss) from continuing operations attributable to HSSC | 6,342 | 13,649 | 3,805 | (14,471) | ||||||||||||||||||||||
Net income (loss) attributable to HSSC | 6,342 | 13,649 | 3,805 | (14,471) | ||||||||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||
Total revenue | $ | 500,600 | $ | 473,121 | $ | 461,241 | $ | 455,199 | ||||||||||||||||||
Operating income (loss) | 45,088 | 45,433 | 13,962 | 46,469 | ||||||||||||||||||||||
Net income (loss) | (62,828) | (2,690) | 1,609 | 23,032 | ||||||||||||||||||||||
Net income (loss) from continuing operations attributable to HSSC | (51,658) | (14,275) | (19,650) | (498) | ||||||||||||||||||||||
Net income (loss) attributable to HSSC | (52,852) | 107 | 977 | 22,226 |
For the Three Months Ended | ||||||||||||||||
December 31 | September 30 | June 30 | March 31 | |||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||
Total revenue | $ | 500,600 | 473,121 | $ | 461,241 | $ | 455,199 | |||||||||
Operating income (loss) | 45,088 | 45,433 | 13,962 | 46,469 | ||||||||||||
Net income (loss) | (62,828 | ) | (2,690 | ) | 1,609 | 23,032 | ||||||||||
Net income (loss) from continuing operations attributable to HSS | (51,658 | ) | (14,275 | ) | (19,650 | ) | (498 | ) | ||||||||
Net income (loss) attributable to HSS | (52,852 | ) | 107 | 977 | 22,226 | |||||||||||
Year Ended December 31, 2018 | ||||||||||||||||
Total revenue | $ | 455,113 | $ | 457,650 | $ | 439,667 | $ | 414,406 | ||||||||
Operating income (loss) | 34,089 | 57,956 | 52,331 | 33,606 | ||||||||||||
Net income (loss) | 7,349 | 28,920 | 40,693 | 20,381 | ||||||||||||
Net income (loss) from continuing operations attributable to HSS | (12,513 | ) | 1,688 | 7,697 | (10,794 | ) | ||||||||||
Net income (loss) attributable to HSS | 6,799 | 28,470 | 40,231 | 20,001 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Services and other revenue - DISH Network | $ | 25,930 | $ | 40,014 | $ | 60,926 |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Services and other revenue - DISH Network | $ | 40,014 | $ | 60,926 | $ | 96,750 |
As of December 31, | ||||||||
2019 | 2018 | |||||||
Trade accounts receivable - DISH Network | $ | 8,876 | $ | 13,550 |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Trade accounts receivable - DISH Network | $ | 4,706 | $ | 8,876 | ||||||||||
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Operating expenses - DISH Network | $ | 4,734 | $ | 3,684 | $ | 3,602 |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Operating expenses - DISH Network | $ | 3,684 | $ | 3,602 | $ | 3,485 |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Trade accounts payable - DISH Network | $ | 477 | $ | 502 |
As of December 31, | ||||||||
2019 | 2018 | |||||||
Trade accounts payable - DISH Network | $ | 502 | $ | 752 |
HSS | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | Hughes Satellite Systems Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,057,903 | $ | 32,338 | $ | 49,194 | $ | — | $ | 1,139,435 | Cash and cash equivalents | $ | 649,851 | $ | 46,055 | $ | 44,584 | $ | 0 | $ | 740,490 | |||||||||||||||||||||||||||||||
Marketable investment securities | 652,594 | 241 | — | — | 652,835 | Marketable investment securities | 1,203,296 | 0 | 0 | 0 | 1,203,296 | |||||||||||||||||||||||||||||||||||||||||
Trade accounts receivable and contract assets, net | — | 129,722 | 66,798 | — | 196,520 | Trade accounts receivable and contract assets, net | 0 | 129,572 | 54,416 | 0 | 183,988 | |||||||||||||||||||||||||||||||||||||||||
Advances to affiliates | 93,493 | 523,116 | 17,501 | (502,218 | ) | 131,892 | ||||||||||||||||||||||||||||||||||||||||||||||
Other current assets | 43 | 79,221 | 90,458 | 38 | 169,760 | |||||||||||||||||||||||||||||||||||||||||||||||
Other current assets, net | Other current assets, net | 148,158 | 830,912 | 171,676 | (858,931) | 291,815 | ||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 1,804,033 | 764,638 | 223,951 | (502,180 | ) | 2,290,442 | Total current assets | 2,001,305 | 1,006,539 | 270,676 | (858,931) | 2,419,589 | ||||||||||||||||||||||||||||||||||||||||
Non-current assets: | Non-current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 1,459,151 | 398,430 | — | 1,857,581 | Property and equipment, net | 0 | 1,312,673 | 378,850 | 0 | 1,691,523 | |||||||||||||||||||||||||||||||||||||||||
Operating lease right-of-use assets | — | 89,106 | 24,293 | — | 113,399 | Operating lease right-of-use assets | 0 | 99,578 | 28,688 | 0 | 128,266 | |||||||||||||||||||||||||||||||||||||||||
Goodwill | — | 504,173 | 2,780 | — | 506,953 | Goodwill | 0 | 504,173 | 7,424 | 0 | 511,597 | |||||||||||||||||||||||||||||||||||||||||
Regulatory authorizations, net | — | 400,000 | 12,363 | — | 412,363 | Regulatory authorizations, net | 0 | 400,000 | 10,451 | 0 | 410,451 | |||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | — | 29,321 | — | — | 29,321 | Other intangible assets, net | 0 | 18,340 | 0 | 0 | 18,340 | |||||||||||||||||||||||||||||||||||||||||
Other investments, net | — | 110,040 | — | — | 110,040 | Other investments, net | 0 | 103,924 | 0 | 0 | 103,924 | |||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 2,876,572 | 282,163 | — | (3,158,735 | ) | — | Investment in subsidiaries | 2,942,178 | 251,394 | 0 | (3,193,572) | 0 | ||||||||||||||||||||||||||||||||||||||||
Advances to affiliates, net | 700 | 565,412 | 17,161 | (563,514 | ) | 19,759 | ||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets, net | 9,972 | 206,781 | 25,396 | (9,972 | ) | 232,177 | Other non-current assets, net | 700 | 307,661 | 94,031 | (94,715) | 307,677 | ||||||||||||||||||||||||||||||||||||||||
Total non-current assets | Total non-current assets | 2,942,878 | 2,997,743 | 519,444 | (3,288,287) | 3,171,778 | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,691,277 | $ | 4,410,785 | $ | 704,374 | $ | (4,234,401 | ) | $ | 5,572,035 | Total assets | $ | 4,944,183 | $ | 4,004,282 | $ | 790,120 | $ | (4,147,218) | $ | 5,591,367 | ||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholder's Equity | Liabilities and Shareholder's Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Trade accounts payable | $ | — | $ | 102,744 | $ | 18,808 | $ | — | $ | 121,552 | Trade accounts payable | $ | 0 | $ | 98,914 | $ | 19,654 | $ | 0 | $ | 118,568 | |||||||||||||||||||||||||||||||
Current portion of long-term debt and finance lease obligations | — | — | 486 | — | 486 | |||||||||||||||||||||||||||||||||||||||||||||||
Advances from affiliates, net | 202,994 | 240,887 | 69,469 | (502,218 | ) | 11,132 | ||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt, net | Current portion of long-term debt, net | 898,237 | 0 | 0 | 0 | 898,237 | ||||||||||||||||||||||||||||||||||||||||||||||
Contract liabilities | — | 96,485 | 4,575 | — | 101,060 | Contract liabilities | 0 | 99,838 | 4,731 | 0 | 104,569 | |||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 40,700 | 73,696 | 132,365 | 38 | 246,799 | Accrued expenses and other current liabilities | 529,661 | 352,121 | 302,736 | (858,931) | 325,587 | |||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 243,694 | 513,812 | 225,703 | (502,180 | ) | 481,029 | Total current liabilities | 1,427,898 | 550,873 | 327,121 | (858,931) | 1,446,961 | ||||||||||||||||||||||||||||||||||||||||
Long-term debt and finance lease obligations, net of current portion | 2,389,168 | — | 565 | — | 2,389,733 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities: | Non-current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net | Long-term debt, net | 1,495,256 | 0 | 0 | 0 | 1,495,256 | ||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities, net | — | 390,288 | — | (9,972 | ) | 380,316 | Deferred tax liabilities, net | 9,569 | 357,835 | 2,536 | 0 | 369,940 | ||||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | — | 77,366 | 19,513 | — | 96,879 | Operating lease liabilities | 0 | 91,241 | 23,636 | 0 | 114,877 | |||||||||||||||||||||||||||||||||||||||||
Advances from affiliates, net | — | 488,488 | 99,006 | (563,514 | ) | 23,980 | ||||||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | — | 65,030 | 905 | — | 65,935 | Other non-current liabilities | 0 | 62,717 | 119,955 | (94,715) | 87,957 | |||||||||||||||||||||||||||||||||||||||||
Total HSS shareholders’ equity | 2,058,415 | 2,875,801 | 282,934 | (3,158,735 | ) | 2,058,415 | ||||||||||||||||||||||||||||||||||||||||||||||
Total non-current liabilities | Total non-current liabilities | 1,504,825 | 511,793 | 146,127 | (94,715) | 2,068,030 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 2,932,723 | 1,062,666 | 473,248 | (953,646) | 3,514,991 | ||||||||||||||||||||||||||||||||||||||||||||||
Shareholder's equity: | Shareholder's equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Hughes Satellite Systems Corporation shareholder's equity | Total Hughes Satellite Systems Corporation shareholder's equity | 2,011,460 | 2,941,616 | 251,956 | (3,193,572) | 2,011,460 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests | — | — | 75,748 | — | 75,748 | Non-controlling interests | 0 | 0 | 64,916 | 0 | 64,916 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,691,277 | $ | 4,410,785 | $ | 704,374 | $ | (4,234,401 | ) | $ | 5,572,035 | |||||||||||||||||||||||||||||||||||||||||
Total shareholder's equity | Total shareholder's equity | 2,011,460 | 2,941,616 | 316,872 | (3,193,572) | 2,076,376 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholder's equity | Total liabilities and shareholder's equity | $ | 4,944,183 | $ | 4,004,282 | $ | 790,120 | $ | (4,147,218) | $ | 5,591,367 |
Hughes Satellite Systems Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,057,903 | $ | 32,338 | $ | 49,194 | $ | 0 | $ | 1,139,435 | ||||||||||||||||||||||
Marketable investment securities | 652,594 | 241 | 0 | 0 | 652,835 | |||||||||||||||||||||||||||
Trade accounts receivable and contract assets, net | 0 | 129,722 | 66,798 | 0 | 196,520 | |||||||||||||||||||||||||||
Other current assets, net | 93,536 | 602,337 | 107,959 | (502,180) | 301,652 | |||||||||||||||||||||||||||
Total current assets | 1,804,033 | 764,638 | 223,951 | (502,180) | 2,290,442 | |||||||||||||||||||||||||||
Non-current assets: | ||||||||||||||||||||||||||||||||
Property and equipment, net | 0 | 1,459,151 | 398,430 | 0 | 1,857,581 | |||||||||||||||||||||||||||
Operating lease right-of-use assets | 0 | 89,106 | 24,293 | 0 | 113,399 | |||||||||||||||||||||||||||
Goodwill | 0 | 504,173 | 2,780 | 0 | 506,953 | |||||||||||||||||||||||||||
Regulatory authorizations, net | 0 | 400,000 | 12,363 | 0 | 412,363 | |||||||||||||||||||||||||||
Other intangible assets, net | 0 | 29,321 | 0 | 0 | 29,321 | |||||||||||||||||||||||||||
Other investments, net | 0 | 110,040 | 0 | 0 | 110,040 | |||||||||||||||||||||||||||
Investment in subsidiaries | 2,876,572 | 282,163 | 0 | (3,158,735) | 0 | |||||||||||||||||||||||||||
Other non-current assets, net | 10,672 | 772,193 | 42,557 | (573,486) | 251,936 | |||||||||||||||||||||||||||
Total non-current assets | 2,887,244 | 3,646,147 | 480,423 | (3,732,221) | 3,281,593 | |||||||||||||||||||||||||||
Total assets | $ | 4,691,277 | $ | 4,410,785 | $ | 704,374 | $ | (4,234,401) | $ | 5,572,035 | ||||||||||||||||||||||
Liabilities and Shareholder's Equity | ||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||
Trade accounts payable | $ | 0 | $ | 102,744 | $ | 18,808 | $ | 0 | $ | 121,552 | ||||||||||||||||||||||
Contract liabilities | 0 | 96,485 | 4,575 | 0 | 101,060 | |||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 243,694 | 314,583 | 202,320 | (502,180) | 258,417 | |||||||||||||||||||||||||||
Total current liabilities | 243,694 | 513,812 | 225,703 | (502,180) | 481,029 | |||||||||||||||||||||||||||
Non-current liabilities: | ||||||||||||||||||||||||||||||||
Long-term debt, net | 2,389,168 | 0 | 0 | 0 | 2,389,168 | |||||||||||||||||||||||||||
Deferred tax liabilities, net | 0 | 390,288 | 0 | (9,972) | 380,316 | |||||||||||||||||||||||||||
Operating lease liabilities | 0 | 77,366 | 19,513 | 0 | 96,879 | |||||||||||||||||||||||||||
Other non-current liabilities | 0 | 553,518 | 100,476 | (563,514) | 90,480 | |||||||||||||||||||||||||||
Total non-current liabilities | 2,389,168 | 1,021,172 | 119,989 | (573,486) | 2,956,843 | |||||||||||||||||||||||||||
Total liabilities | 2,632,862 | 1,534,984 | 345,692 | (1,075,666) | 3,437,872 | |||||||||||||||||||||||||||
Shareholder's equity: | ||||||||||||||||||||||||||||||||
Total Hughes Satellite Systems Corporation shareholder's equity | 2,058,415 | 2,875,801 | 282,934 | (3,158,735) | 2,058,415 | |||||||||||||||||||||||||||
Non-controlling interests | 0 | 0 | 75,748 | 0 | 75,748 | |||||||||||||||||||||||||||
Total shareholder's equity | 2,058,415 | 2,875,801 | 358,682 | (3,158,735) | 2,134,163 | |||||||||||||||||||||||||||
Total liabilities and shareholder's equity | $ | 4,691,277 | $ | 4,410,785 | $ | 704,374 | $ | (4,234,401) | $ | 5,572,035 |
HSS | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 771,718 | $ | 46,353 | $ | 29,752 | $ | — | $ | 847,823 | ||||||||||
Marketable investment securities | 1,608,123 | 1,073 | — | — | 1,609,196 | |||||||||||||||
Trade accounts receivable and contract assets, net | — | 128,831 | 72,265 | — | 201,096 | |||||||||||||||
Advances to affiliates | 109,433 | 536,600 | 27,174 | (569,657 | ) | 103,550 | ||||||||||||||
Other current assets | 72 | 94,695 | 58,460 | (561 | ) | 152,666 | ||||||||||||||
Current assets of discontinued operations | — | 3,483 | — | — | 3,483 | |||||||||||||||
Total current assets | 2,489,346 | 811,035 | 187,651 | (570,218 | ) | 2,917,814 | ||||||||||||||
Property and equipment, net | — | 1,620,534 | 301,377 | — | 1,921,911 | |||||||||||||||
Goodwill | — | 504,173 | — | — | 504,173 | |||||||||||||||
Regulatory authorizations, net | — | 400,043 | — | — | 400,043 | |||||||||||||||
Other intangible assets, net | — | 43,952 | — | — | 43,952 | |||||||||||||||
Other investments, net | — | 126,369 | — | — | 126,369 | |||||||||||||||
Investment in subsidiaries | 3,362,589 | 192,370 | — | (3,554,959 | ) | — | ||||||||||||||
Advances to affiliates, net | 700 | 86,280 | — | (86,980 | ) | — | ||||||||||||||
Deferred tax asset | 54,001 | — | 3,581 | (54,001 | ) | 3,581 | ||||||||||||||
Other non-current assets, net | — | 220,099 | 12,769 | — | 232,868 | |||||||||||||||
Non-current assets of discontinued operations | — | 742,461 | — | — | 742,461 | |||||||||||||||
Total assets | $ | 5,906,636 | $ | 4,747,316 | $ | 505,378 | $ | (4,266,158 | ) | $ | 6,893,172 | |||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||
Trade accounts payable | $ | — | $ | 88,342 | $ | 16,409 | $ | — | $ | 104,751 | ||||||||||
Current portion of long-term debt and finance lease obligations | 918,916 | — | 666 | — | 919,582 | |||||||||||||||
Advances from affiliates, net | 181,926 | 282,268 | 106,331 | (569,657 | ) | 868 | ||||||||||||||
Contract liabilities | — | 67,636 | 4,613 | — | 72,249 | |||||||||||||||
Accrued expenses and other current liabilities | 43,410 | 71,111 | 43,694 | (561 | ) | 157,654 | ||||||||||||||
Current liabilities of discontinued operations | — | 49,055 | — | — | 49,055 | |||||||||||||||
Total current liabilities | 1,144,252 | 558,412 | 171,713 | (570,218 | ) | 1,304,159 | ||||||||||||||
Long-term debt and finance lease obligations, net of current portion | 2,385,164 | — | 1,038 | — | 2,386,202 | |||||||||||||||
Deferred tax liabilities, net | — | 409,116 | 834 | (54,001 | ) | 355,949 | ||||||||||||||
Advances from affiliates, net | — | — | 120,418 | (86,980 | ) | 33,438 | ||||||||||||||
Other non-current liabilities | — | 69,168 | 2,479 | — | 71,647 | |||||||||||||||
Non-current liabilities of discontinued operations | — | 349,282 | — | — | 349,282 | |||||||||||||||
Total HSS shareholders’ equity | 2,377,220 | 3,361,338 | 193,621 | (3,554,959 | ) | 2,377,220 | ||||||||||||||
Non-controlling interests | — | — | 15,275 | — | 15,275 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 5,906,636 | $ | 4,747,316 | $ | 505,378 | $ | (4,266,158 | ) | $ | 6,893,172 |
Hughes Satellite Systems Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Services and other revenue | $ | 0 | $ | 1,452,180 | $ | 274,926 | $ | (35,349) | $ | 1,691,757 | ||||||||||||||||||||||
Equipment revenue | 0 | 256,090 | 26,520 | (77,009) | 205,601 | |||||||||||||||||||||||||||
Total revenue | 0 | 1,708,270 | 301,446 | (112,358) | 1,897,358 | |||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Cost of sales - services and other (exclusive of depreciation and amortization) | 0 | 443,806 | 162,561 | (33,730) | 572,637 | |||||||||||||||||||||||||||
Cost of sales - equipment (exclusive of depreciation and amortization) | 0 | 223,086 | 20,352 | (77,009) | 166,429 | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 0 | 359,151 | 75,876 | (1,619) | 433,408 | |||||||||||||||||||||||||||
Research and development expenses | 0 | 28,846 | 602 | 0 | 29,448 | |||||||||||||||||||||||||||
Depreciation and amortization | 0 | 391,319 | 107,557 | 0 | 498,876 | |||||||||||||||||||||||||||
Total costs and expenses | 0 | 1,446,208 | 366,948 | (112,358) | 1,700,798 | |||||||||||||||||||||||||||
Operating income (loss) | 0 | 262,062 | (65,502) | 0 | 196,560 | |||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||
Interest income | 14,843 | 4,049 | 3,711 | (3,801) | 18,802 | |||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (162,012) | (2,691) | (11,564) | 3,801 | (172,466) | |||||||||||||||||||||||||||
Gains (losses) on investments, net | (82) | (150) | 0 | 0 | (232) | |||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates, net | 0 | (6,116) | 0 | 0 | (6,116) | |||||||||||||||||||||||||||
Equity in earnings (losses) of subsidiaries, net | 121,688 | (68,916) | 0 | (52,772) | 0 | |||||||||||||||||||||||||||
Foreign currency transaction gains (losses), net | 0 | (269) | 3,696 | 0 | 3,427 | |||||||||||||||||||||||||||
Other, net | 0 | (645) | 359 | 0 | (286) | |||||||||||||||||||||||||||
Total other income (expense), net | (25,563) | (74,738) | (3,798) | (52,772) | (156,871) | |||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (25,563) | 187,324 | (69,300) | (52,772) | 39,689 | |||||||||||||||||||||||||||
Income tax benefit (provision), net | 34,888 | (65,435) | (11,571) | 0 | (42,118) | |||||||||||||||||||||||||||
Net income (loss) from continuing operations | 9,325 | 121,889 | (80,871) | (52,772) | (2,429) | |||||||||||||||||||||||||||
Net income (loss) from discontinued operations | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Net income (loss) | 9,325 | 121,889 | (80,871) | (52,772) | (2,429) | |||||||||||||||||||||||||||
Less: Net loss (income) attributable to non-controlling interests | 0 | 0 | 11,754 | 0 | 11,754 | |||||||||||||||||||||||||||
Net income (loss) attributable to HSSC | $ | 9,325 | $ | 121,889 | $ | (69,117) | $ | (52,772) | $ | 9,325 | ||||||||||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 9,325 | $ | 121,889 | $ | (80,871) | $ | (52,772) | $ | (2,429) | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | (77,646) | 0 | (77,646) | |||||||||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | (192) | 0 | 0 | 0 | (192) | |||||||||||||||||||||||||||
Other | 0 | 0 | (4) | 0 | (4) | |||||||||||||||||||||||||||
Amounts reclassified to net income (loss): | ||||||||||||||||||||||||||||||||
Realized losses (gains) on available-for-sale securities | (1) | 0 | 0 | 0 | (1) | |||||||||||||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries, net | (62,012) | (62,012) | 0 | 124,024 | 0 | |||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (62,205) | (62,012) | (77,650) | 124,024 | (77,843) | |||||||||||||||||||||||||||
Comprehensive income (loss) | (52,880) | 59,877 | (158,521) | 71,252 | (80,272) | |||||||||||||||||||||||||||
Less: Comprehensive loss (income) attributable to non-controlling interests | 0 | 0 | 27,392 | 0 | 27,392 | |||||||||||||||||||||||||||
Comprehensive income (loss) attributable to EchoStar Corporation | $ | (52,880) | $ | 59,877 | $ | (131,129) | $ | 71,252 | $ | (52,880) |
Hughes Satellite Systems Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Services and other revenue | $ | 0 | $ | 1,417,659 | $ | 242,257 | $ | (36,458) | $ | 1,623,458 | ||||||||||||||||||||||
Equipment revenue | 0 | 283,792 | 32,864 | (49,953) | 266,703 | |||||||||||||||||||||||||||
Total revenue | 0 | 1,701,451 | 275,121 | (86,411) | 1,890,161 | |||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Cost of sales - services and other (exclusive of depreciation and amortization) | 0 | 438,214 | 151,493 | (34,006) | 555,701 | |||||||||||||||||||||||||||
Cost of sales - equipment (exclusive of depreciation and amortization) | 0 | 250,700 | 24,357 | (49,954) | 225,103 | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 6,720 | 375,309 | 88,291 | (2,451) | 467,869 | |||||||||||||||||||||||||||
Research and development expenses | 0 | 25,082 | 657 | 0 | 25,739 | |||||||||||||||||||||||||||
Depreciation and amortization | 0 | 391,464 | 73,333 | 0 | 464,797 | |||||||||||||||||||||||||||
Total costs and expenses | 6,720 | 1,480,769 | 338,131 | (86,411) | 1,739,209 | |||||||||||||||||||||||||||
Operating income (loss) | (6,720) | 220,682 | (63,010) | 0 | 150,952 | |||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||
Interest income | 54,341 | 4,441 | 2,798 | (3,850) | 57,730 | |||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (190,685) | (7,832) | (77,551) | 3,850 | (272,218) | |||||||||||||||||||||||||||
Gains (losses) on investments, net | 455 | (8,919) | 0 | 0 | (8,464) | |||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates, net | 0 | (3,333) | 0 | 0 | (3,333) | |||||||||||||||||||||||||||
Equity in earnings (losses) of subsidiaries, net | 75,047 | (135,258) | 0 | 60,211 | 0 | |||||||||||||||||||||||||||
Foreign currency transaction gains (losses), net | 0 | (344) | (9,511) | 0 | (9,855) | |||||||||||||||||||||||||||
Other, net | (100) | (351) | (182) | 0 | (633) | |||||||||||||||||||||||||||
Total other income (expense), net | (60,942) | (151,596) | (84,446) | 60,211 | (236,773) | |||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (67,662) | 69,086 | (147,456) | 60,211 | (85,821) | |||||||||||||||||||||||||||
Income tax benefit (provision), net | 38,120 | (50,242) | 527 | 0 | (11,595) | |||||||||||||||||||||||||||
Net income (loss) from continuing operations | (29,542) | 18,844 | (146,929) | 60,211 | (97,416) | |||||||||||||||||||||||||||
Net income (loss) from discontinued operations | 0 | 56,539 | 0 | 0 | 56,539 | |||||||||||||||||||||||||||
Net income (loss) | (29,542) | 75,383 | (146,929) | 60,211 | (40,877) | |||||||||||||||||||||||||||
Less: Net loss (income) attributable to non-controlling interests | 0 | 0 | 11,335 | 0 | 11,335 | |||||||||||||||||||||||||||
Net income (loss) attributable to HSSC | $ | (29,542) | $ | 75,383 | $ | (135,594) | $ | 60,211 | $ | (29,542) | ||||||||||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (29,542) | $ | 75,383 | $ | (146,929) | $ | 60,211 | $ | (40,877) | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | 1,182 | — | 1,182 | |||||||||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | 1,817 | 0 | 0 | 0 | 1,817 | |||||||||||||||||||||||||||
Other | 0 | 0 | (114) | 0 | (114) | |||||||||||||||||||||||||||
Amounts reclassified to net income (loss): | ||||||||||||||||||||||||||||||||
Realized losses (gains) on available-for-sale securities | (419) | 0 | 0 | 0 | (419) | |||||||||||||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries, net | (2,260) | (2,260) | 0 | 4,520 | 0 | |||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (862) | (2,260) | 1,068 | 4,520 | 2,466 | |||||||||||||||||||||||||||
Comprehensive income (loss) | (30,404) | 73,123 | (145,861) | 64,731 | (38,411) | |||||||||||||||||||||||||||
Less: Comprehensive loss (income) attributable to non-controlling interests | 0 | 0 | 8,007 | 0 | 8,007 | |||||||||||||||||||||||||||
Comprehensive income (loss) attributable to EchoStar Corporation | $ | (30,404) | $ | 73,123 | $ | (137,854) | $ | 64,731 | $ | (30,404) |
HSS | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Services and other revenue | $ | — | $ | 1,417,659 | $ | 242,257 | $ | (36,458 | ) | $ | 1,623,458 | |||||||||
Equipment revenue | — | 283,792 | 32,864 | (49,953 | ) | 266,703 | ||||||||||||||
Total revenue | — | 1,701,451 | 275,121 | (86,411 | ) | 1,890,161 | ||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales - services and other (exclusive of depreciation and amortization) | — | 438,214 | 151,493 | (34,006 | ) | 555,701 | ||||||||||||||
Cost of sales - equipment (exclusive of depreciation and amortization) | — | 250,700 | 24,357 | (49,954 | ) | 225,103 | ||||||||||||||
Selling, general and administrative expenses | 6,720 | 375,309 | 88,291 | (2,451 | ) | 467,869 | ||||||||||||||
Research and development expenses | — | 25,082 | 657 | — | 25,739 | |||||||||||||||
Depreciation and amortization | — | 391,464 | 73,333 | — | 464,797 | |||||||||||||||
Total costs and expenses | 6,720 | 1,480,769 | 338,131 | (86,411 | ) | 1,739,209 | ||||||||||||||
Operating income (loss) | (6,720 | ) | 220,682 | (63,010 | ) | — | 150,952 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income | 54,341 | 4,441 | 2,798 | (3,850 | ) | 57,730 | ||||||||||||||
Interest expense, net of amounts capitalized | (190,685 | ) | (7,832 | ) | (77,551 | ) | 3,850 | (272,218 | ) | |||||||||||
Gains (losses) on investments, net | 455 | (8,919 | ) | — | — | (8,464 | ) | |||||||||||||
Equity in earnings (losses) of unconsolidated affiliates, net | — | (3,333 | ) | — | — | (3,333 | ) | |||||||||||||
Equity in earnings (losses) of subsidiaries, net | 75,047 | (135,258 | ) | — | 60,211 | — | ||||||||||||||
Foreign currency transaction gains (losses), net | — | (344 | ) | (9,511 | ) | — | (9,855 | ) | ||||||||||||
Other, net | (100 | ) | (351 | ) | (182 | ) | — | (633 | ) | |||||||||||
Total other income (expense), net | (60,942 | ) | (151,596 | ) | (84,446 | ) | 60,211 | (236,773 | ) | |||||||||||
Income (loss) from continuing operations before income taxes | (67,662 | ) | 69,086 | (147,456 | ) | 60,211 | (85,821 | ) | ||||||||||||
Income tax benefit (provision), net | 38,120 | (50,242 | ) | 527 | — | (11,595 | ) | |||||||||||||
Net income (loss) from continuing operations | (29,542 | ) | 18,844 | (146,929 | ) | 60,211 | (97,416 | ) | ||||||||||||
Net income (loss) from discontinued operations | — | 56,539 | — | — | 56,539 | |||||||||||||||
Net income (loss) | (29,542 | ) | 75,383 | (146,929 | ) | 60,211 | (40,877 | ) | ||||||||||||
Less: Net income (loss) attributable to non-controlling interests | — | — | (11,335 | ) | — | (11,335 | ) | |||||||||||||
Net income (loss) attributable to HSS | $ | (29,542 | ) | $ | 75,383 | $ | (135,594 | ) | $ | 60,211 | $ | (29,542 | ) | |||||||
Comprehensive income (loss): | ||||||||||||||||||||
Net income (loss) | $ | (29,542 | ) | $ | 75,383 | $ | (146,929 | ) | $ | 60,211 | $ | (40,877 | ) | |||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | 1,182 | — | 1,182 | |||||||||||||||
Unrealized gains (losses) on available-for-sale securities | 1,817 | — | — | — | 1,817 | |||||||||||||||
Other | — | — | (114 | ) | — | (114 | ) | |||||||||||||
Amounts reclassified to net income (loss): | ||||||||||||||||||||
Realized gains on available-for-sale securities | (419 | ) | — | — | — | (419 | ) | |||||||||||||
Equity in other comprehensive income (loss) of subsidiaries, net | (2,260 | ) | (2,260 | ) | — | 4,520 | — | |||||||||||||
Total other comprehensive income (loss), net of tax | (862 | ) | (2,260 | ) | 1,068 | 4,520 | 2,466 | |||||||||||||
Comprehensive income (loss) | (30,404 | ) | 73,123 | (145,861 | ) | 64,731 | (38,411 | ) | ||||||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests | — | — | (8,007 | ) | — | (8,007 | ) | |||||||||||||
Comprehensive income (loss) attributable to EchoStar Corporation | $ | (30,404 | ) | $ | 73,123 | $ | (137,854 | ) | $ | 64,731 | $ | (30,404 | ) |
Hughes Satellite Systems Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Services and other revenue | $ | 0 | $ | 1,366,459 | $ | 232,873 | $ | (37,906) | $ | 1,561,426 | ||||||||||||||||||||||
Equipment revenue | 0 | 221,996 | 29,137 | (45,723) | 205,410 | |||||||||||||||||||||||||||
Total revenue | 0 | 1,588,455 | 262,010 | (83,629) | 1,766,836 | |||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Cost of sales - services and other (exclusive of depreciation and amortization) | 0 | 447,622 | 147,952 | (35,736) | 559,838 | |||||||||||||||||||||||||||
Cost of sales - equipment (exclusive of depreciation and amortization) | 0 | 200,620 | 21,703 | (45,723) | 176,600 | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 0 | 345,221 | 54,943 | (2,170) | 397,994 | |||||||||||||||||||||||||||
Research and development expenses | 0 | 27,570 | 0 | 0 | 27,570 | |||||||||||||||||||||||||||
Depreciation and amortization | 0 | 374,297 | 52,555 | 0 | 426,852 | |||||||||||||||||||||||||||
Total costs and expenses | 0 | 1,395,330 | 277,153 | (83,629) | 1,588,854 | |||||||||||||||||||||||||||
Operating income (loss) | 0 | 193,125 | (15,143) | 0 | 177,982 | |||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||
Interest income | 56,487 | 3,806 | 2,472 | (3,661) | 59,104 | |||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (229,481) | (866) | (4,483) | 3,661 | (231,169) | |||||||||||||||||||||||||||
Gains (losses) on investments, net | 0 | 187 | 0 | 0 | 187 | |||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates, net | 0 | 4,874 | 0 | 0 | 4,874 | |||||||||||||||||||||||||||
Equity in earnings (losses) of subsidiaries, net | 224,405 | (33,525) | 0 | (190,880) | 0 | |||||||||||||||||||||||||||
Foreign currency transaction gains (losses), net | 0 | (104) | (12,380) | 0 | (12,484) | |||||||||||||||||||||||||||
Other, net | (970) | 9,259 | (248) | 0 | 8,041 | |||||||||||||||||||||||||||
Total other income (expense), net | 50,441 | (16,369) | (14,639) | (190,880) | (171,447) | |||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 50,441 | 176,756 | (29,782) | (190,880) | 6,535 | |||||||||||||||||||||||||||
Income tax benefit (provision), net | 45,060 | (62,230) | (1,445) | 0 | (18,615) | |||||||||||||||||||||||||||
Net income (loss) from continuing operations | 95,501 | 114,526 | (31,227) | (190,880) | (12,080) | |||||||||||||||||||||||||||
Net income (loss) from discontinued operations | 0 | 109,423 | 0 | 0 | 109,423 | |||||||||||||||||||||||||||
Net income (loss) | 95,501 | 223,949 | (31,227) | (190,880) | 97,343 | |||||||||||||||||||||||||||
Less: Net loss (income) attributable to non-controlling interests | 0 | 0 | (1,842) | 0 | (1,842) | |||||||||||||||||||||||||||
Net income (loss) attributable to HSSC | $ | 95,501 | $ | 223,949 | $ | (33,069) | $ | (190,880) | $ | 95,501 | ||||||||||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 95,501 | $ | 223,949 | $ | (31,227) | $ | (190,880) | $ | 97,343 | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 0 | 0 | (31,938) | 0 | (31,938) | |||||||||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | (665) | 0 | 0 | 0 | (665) | |||||||||||||||||||||||||||
Other | 0 | 0 | 41 | 0 | 41 | |||||||||||||||||||||||||||
Amounts reclassified to net income (loss): | ||||||||||||||||||||||||||||||||
Realized losses (gains) on available-for-sale securities | (212) | 0 | 0 | 0 | (212) | |||||||||||||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries, net | (30,508) | (30,508) | 0 | 61,016 | 0 | |||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | (31,385) | (30,508) | (31,897) | 61,016 | (32,774) | |||||||||||||||||||||||||||
Comprehensive income (loss) | 64,116 | 193,441 | (63,124) | (129,864) | 64,569 | |||||||||||||||||||||||||||
Less: Comprehensive loss (income) attributable to non-controlling interests | 0 | 0 | (453) | 0 | (453) | |||||||||||||||||||||||||||
Comprehensive income (loss) attributable to EchoStar Corporation | $ | 64,116 | $ | 193,441 | $ | (63,577) | $ | (129,864) | $ | 64,116 |
HSS | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Services and other revenue | $ | — | $ | 1,366,459 | $ | 232,873 | $ | (37,906 | ) | $ | 1,561,426 | |||||||||
Equipment revenue | — | 221,996 | 29,137 | (45,723 | ) | 205,410 | ||||||||||||||
Total revenue | — | 1,588,455 | 262,010 | (83,629 | ) | 1,766,836 | ||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales - services and other (exclusive of depreciation and amortization) | — | 447,622 | 147,952 | (35,736 | ) | 559,838 | ||||||||||||||
Cost of sales - equipment (exclusive of depreciation and amortization) | — | 200,620 | 21,703 | (45,723 | ) | 176,600 | ||||||||||||||
Selling, general and administrative expenses | — | 345,221 | 54,943 | (2,170 | ) | 397,994 | ||||||||||||||
Research and development expenses | — | 27,570 | — | — | 27,570 | |||||||||||||||
Depreciation and amortization | — | 374,297 | 52,555 | — | 426,852 | |||||||||||||||
Total costs and expenses | — | 1,395,330 | 277,153 | (83,629 | ) | 1,588,854 | ||||||||||||||
Operating income (loss) | — | 193,125 | (15,143 | ) | — | 177,982 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income | 56,487 | 3,806 | 2,472 | (3,661 | ) | 59,104 | ||||||||||||||
Interest expense, net of amounts capitalized | (229,481 | ) | (866 | ) | (4,483 | ) | 3,661 | (231,169 | ) | |||||||||||
Gains (losses) on investments, net | — | 187 | — | — | 187 | |||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates, net | — | 4,874 | — | — | 4,874 | |||||||||||||||
Equity in earnings (losses) of subsidiaries, net | 224,405 | (33,525 | ) | — | (190,880 | ) | — | |||||||||||||
Foreign currency transaction gains (losses), net | — | (104 | ) | (12,380 | ) | — | (12,484 | ) | ||||||||||||
Other, net | (970 | ) | 9,259 | (248 | ) | — | 8,041 | |||||||||||||
Total other income (expense), net | 50,441 | (16,369 | ) | (14,639 | ) | (190,880 | ) | (171,447 | ) | |||||||||||
Income (loss) from continuing operations before income taxes | 50,441 | 176,756 | (29,782 | ) | (190,880 | ) | 6,535 | |||||||||||||
Income tax benefit (provision), net | 45,060 | (62,230 | ) | (1,445 | ) | — | (18,615 | ) | ||||||||||||
Net income (loss) from continuing operations | 95,501 | 114,526 | (31,227 | ) | (190,880 | ) | (12,080 | ) | ||||||||||||
Net income (loss) from discontinued operations | — | 109,423 | — | — | 109,423 | |||||||||||||||
Net income (loss) | 95,501 | 223,949 | (31,227 | ) | (190,880 | ) | 97,343 | |||||||||||||
Less: Net income (loss) attributable to non-controlling interests | — | — | 1,842 | — | 1,842 | |||||||||||||||
Net income (loss) attributable to HSS | $ | 95,501 | $ | 223,949 | $ | (33,069 | ) | $ | (190,880 | ) | $ | 95,501 | ||||||||
Comprehensive income (loss): | ||||||||||||||||||||
Net income (loss) | $ | 95,501 | $ | 223,949 | $ | (31,227 | ) | $ | (190,880 | ) | $ | 97,343 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | (31,938 | ) | — | (31,938 | ) | |||||||||||||
Unrealized gains (losses) on available-for-sale securities | (665 | ) | — | — | — | (665 | ) | |||||||||||||
Other | — | — | 41 | — | 41 | |||||||||||||||
Amounts reclassified to net income (loss): | ||||||||||||||||||||
Realized gains on available-for-sale securities | (212 | ) | — | — | — | (212 | ) | |||||||||||||
Equity in other comprehensive income (loss) of subsidiaries, net | (30,508 | ) | (30,508 | ) | — | 61,016 | — | |||||||||||||
Total other comprehensive income (loss), net of tax | (31,385 | ) | (30,508 | ) | (31,897 | ) | 61,016 | (32,774 | ) | |||||||||||
Comprehensive income (loss) | 64,116 | 193,441 | (63,124 | ) | (129,864 | ) | 64,569 | |||||||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests | — | — | 453 | — | 453 | |||||||||||||||
Comprehensive income (loss) attributable to EchoStar Corporation | $ | 64,116 | $ | 193,441 | $ | (63,577 | ) | $ | (129,864 | ) | $ | 64,116 |
Hughes Satellite Systems Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 9,325 | $ | 121,889 | $ | (80,871) | $ | (52,772) | $ | (2,429) | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash flows from operating activities | (108,780) | 480,249 | 106,528 | 52,772 | 530,769 | |||||||||||||||||||||||||||
Net cash flows from operating activities | (99,455) | 602,138 | 25,657 | 0 | 528,340 | |||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Purchases of marketable investment securities | (2,035,712) | 0 | 0 | 0 | (2,035,712) | |||||||||||||||||||||||||||
Sales and maturities of marketable investment securities | 1,482,704 | 0 | 0 | 0 | 1,482,704 | |||||||||||||||||||||||||||
Expenditures for property and equipment | 0 | (202,083) | (153,155) | 0 | (355,238) | |||||||||||||||||||||||||||
Expenditures for externally marketed software | 0 | (38,655) | 0 | 0 | (38,655) | |||||||||||||||||||||||||||
Investment in subsidiaries | 244,411 | (101,718) | 0 | (142,693) | 0 | |||||||||||||||||||||||||||
Net cash flows from investing activities | (308,597) | (342,456) | (153,155) | (142,693) | (946,901) | |||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Repayment of other long-term debt and finance lease obligations | 0 | 0 | (811) | 0 | (811) | |||||||||||||||||||||||||||
Payment of in-orbit incentive obligations | 0 | (1,554) | 0 | 0 | (1,554) | |||||||||||||||||||||||||||
Contribution by non-controlling interest holder | 0 | 0 | 18,241 | 0 | 18,241 | |||||||||||||||||||||||||||
Other, net | 0 | 0 | 998 | 0 | 998 | |||||||||||||||||||||||||||
Contribution (distributions) and advances (to) from parent, net | 0 | (244,411) | 101,718 | 142,693 | 0 | |||||||||||||||||||||||||||
Net cash flows from financing activities | 0 | (245,965) | 120,146 | 142,693 | 16,874 | |||||||||||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | 0 | 0 | 2,662 | 0 | 2,662 | |||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (408,052) | 13,717 | (4,690) | 0 | (399,025) | |||||||||||||||||||||||||||
Cash and cash equivalents, including restricted amounts, beginning of period | 1,057,903 | 32,338 | 50,081 | 0 | 1,140,322 | |||||||||||||||||||||||||||
Cash and cash equivalents, including restricted amounts, end of period | $ | 649,851 | $ | 46,055 | $ | 45,391 | $ | 0 | $ | 741,297 |
HSS | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Services and other revenue | $ | — | $ | 1,127,177 | $ | 180,596 | $ | (32,220 | ) | $ | 1,275,553 | |||||||||
Equipment revenue | — | 255,610 | 27,205 | (43,326 | ) | 239,489 | ||||||||||||||
Total revenue | — | 1,382,787 | 207,801 | (75,546 | ) | 1,515,042 | ||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales - services and other (exclusive of depreciation and amortization) | — | 395,566 | 131,177 | (29,632 | ) | 497,111 | ||||||||||||||
Cost of sales - equipment (exclusive of depreciation and amortization) | — | 218,299 | 20,318 | (43,178 | ) | 195,439 | ||||||||||||||
Selling, general and administrative expenses | — | 293,767 | 46,517 | (2,736 | ) | 337,548 | ||||||||||||||
Research and development expenses | — | 31,745 | — | — | 31,745 | |||||||||||||||
Depreciation and amortization | — | 332,103 | 38,315 | — | 370,418 | |||||||||||||||
Impairment of long-lived assets | — | 6,000 | — | — | 6,000 | |||||||||||||||
Total costs and expenses | — | 1,277,480 | 236,327 | (75,546 | ) | 1,438,261 | ||||||||||||||
Operating income (loss) | — | 105,307 | (28,526 | ) | — | 76,781 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income | 28,146 | 96,992 | 1,986 | (95,172 | ) | 31,952 | ||||||||||||||
Interest expense, net of amounts capitalized | (229,415 | ) | (80,543 | ) | 1,620 | 95,172 | (213,166 | ) | ||||||||||||
Gains (losses) on investments, net | — | (1,574 | ) | — | — | (1,574 | ) | |||||||||||||
Equity in earnings (losses) of unconsolidated affiliates, net | — | 7,027 | — | — | 7,027 | |||||||||||||||
Equity in earnings (losses) of subsidiaries, net | 471,602 | (35,142 | ) | — | (436,460 | ) | — | |||||||||||||
Foreign currency transaction gains (losses), net | — | (85 | ) | (1,073 | ) | — | (1,158 | ) | ||||||||||||
Other, net | — | (871 | ) | (159 | ) | — | (1,030 | ) | ||||||||||||
Total other income (expense), net | 270,333 | (14,196 | ) | 2,374 | (436,460 | ) | (177,949 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes | 270,333 | 91,111 | (26,152 | ) | (436,460 | ) | (101,168 | ) | ||||||||||||
Income tax benefit (provision), net | 25,637 | 75,956 | (7,827 | ) | — | 93,766 | ||||||||||||||
Net income (loss) from continuing operations | 295,970 | 167,067 | (33,979 | ) | (436,460 | ) | (7,402 | ) | ||||||||||||
Net income (loss) from discontinued operations | — | 304,955 | — | — | 304,955 | |||||||||||||||
Net income (loss) | 295,970 | 472,022 | (33,979 | ) | (436,460 | ) | 297,553 | |||||||||||||
Less: Net income (loss) attributable to non-controlling interests | — | — | 1,583 | — | 1,583 | |||||||||||||||
Net income (loss) attributable to HSS | $ | 295,970 | $ | 472,022 | $ | (35,562 | ) | $ | (436,460 | ) | $ | 295,970 | ||||||||
Comprehensive income (loss): | ||||||||||||||||||||
Net income (loss) | $ | 295,970 | $ | 472,022 | $ | (33,979 | ) | $ | (436,460 | ) | $ | 297,553 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | 7,196 | — | 7,196 | |||||||||||||||
Unrealized gains (losses) on available-for-sale securities | (273 | ) | (2,007 | ) | — | — | (2,280 | ) | ||||||||||||
Other | — | — | 92 | — | 92 | |||||||||||||||
Amounts reclassified to net income (loss): | ||||||||||||||||||||
Other-than-temporary impairment loss on available-for-sale securities | — | 3,298 | — | — | 3,298 | |||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries, net | 8,170 | 6,879 | — | (15,049 | ) | — | ||||||||||||||
Total other comprehensive income (loss), net of tax | 7,897 | 8,170 | 7,288 | (15,049 | ) | 8,306 | ||||||||||||||
Comprehensive income (loss) | 303,867 | 480,192 | (26,691 | ) | (451,509 | ) | 305,859 | |||||||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests | — | — | 1,992 | — | 1,992 | |||||||||||||||
Comprehensive income (loss) attributable to EchoStar Corporation | $ | 303,867 | $ | 480,192 | $ | (28,683 | ) | $ | (451,509 | ) | $ | 303,867 |
Hughes Satellite Systems Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (29,542) | $ | 75,383 | $ | (146,929) | $ | 60,211 | $ | (40,877) | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash flows from operating activities | (26,693) | 569,444 | 191,941 | (60,211) | 674,481 | |||||||||||||||||||||||||||
Net cash flows from operating activities | (56,235) | 644,827 | 45,012 | 0 | 633,604 | |||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Purchases of marketable investment securities | (709,350) | 0 | 0 | 0 | (709,350) | |||||||||||||||||||||||||||
Sales and maturities of marketable investment securities | 1,665,269 | 0 | 0 | 0 | 1,665,269 | |||||||||||||||||||||||||||
Investments in unconsolidated affiliates | 0 | (7) | 7,858 | 0 | 7,851 | |||||||||||||||||||||||||||
Dividend received from unconsolidated affiliate | 0 | 2,284 | 0 | 0 | 2,284 | |||||||||||||||||||||||||||
Expenditures for property and equipment | 0 | (215,000) | (94,291) | 0 | (309,291) | |||||||||||||||||||||||||||
Expenditures for externally marketed software | 0 | (29,310) | 0 | 0 | (29,310) | |||||||||||||||||||||||||||
Purchases of regulatory authorizations | 0 | 0 | (7,850) | 0 | (7,850) | |||||||||||||||||||||||||||
Investment in subsidiaries | 307,424 | (75,086) | 0 | (232,338) | 0 | |||||||||||||||||||||||||||
Net cash flows from investing activities | 1,263,343 | (317,119) | (94,283) | (232,338) | 619,603 | |||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Repurchase and maturity of the 2019 Senior Secured Notes | (920,923) | 0 | 0 | 0 | (920,923) | |||||||||||||||||||||||||||
Repayment of other long-term debt and finance lease obligations | 0 | (27,203) | (2,144) | 0 | (29,347) | |||||||||||||||||||||||||||
Payment of in-orbit incentive obligations | 0 | (4,430) | 0 | 0 | (4,430) | |||||||||||||||||||||||||||
Purchase of non-controlling interest | 0 | (2,666) | (4,647) | 0 | (7,313) | |||||||||||||||||||||||||||
Other, net | 0 | 0 | 1,172 | 0 | 1,172 | |||||||||||||||||||||||||||
Contribution (distributions) and advances (to) from parent, net | 0 | (307,424) | 75,086 | 232,338 | 0 | |||||||||||||||||||||||||||
Net cash flows from financing activities | (920,923) | (341,723) | 69,467 | 232,338 | (960,841) | |||||||||||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | 0 | 0 | (663) | 0 | (663) | |||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 286,185 | (14,015) | 19,533 | 0 | 291,703 | |||||||||||||||||||||||||||
Cash and cash equivalents, including restricted amounts, beginning of period | 771,718 | 46,353 | 30,548 | 0 | 848,619 | |||||||||||||||||||||||||||
Cash and cash equivalents, including restricted amounts, end of period | $ | 1,057,903 | $ | 32,338 | $ | 50,081 | $ | 0 | $ | 1,140,322 |
HSS | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | (29,542 | ) | $ | 75,383 | $ | (146,929 | ) | $ | 60,211 | $ | (40,877 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash flows from operating activities | (26,693 | ) | 569,444 | 191,941 | (60,211 | ) | 674,481 | |||||||||||||
Net cash flows from operating activities | (56,235 | ) | 644,827 | 45,012 | — | 633,604 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of marketable investment securities | (709,350 | ) | — | — | — | (709,350 | ) | |||||||||||||
Sales and maturities of marketable investment securities | 1,665,269 | — | — | — | 1,665,269 | |||||||||||||||
Investments in unconsolidated affiliates | — | (7 | ) | 7,858 | — | 7,851 | ||||||||||||||
Dividend received from unconsolidated affiliate | — | 2,284 | — | — | 2,284 | |||||||||||||||
Expenditures for property and equipment | — | (215,000 | ) | (94,291 | ) | — | (309,291 | ) | ||||||||||||
Expenditures for externally marketed software | — | (29,310 | ) | — | — | (29,310 | ) | |||||||||||||
Purchases of regulatory authorizations | — | — | (7,850 | ) | — | (7,850 | ) | |||||||||||||
Investment in subsidiaries | 307,424 | (75,086 | ) | — | (232,338 | ) | — | |||||||||||||
Net cash flows from investing activities | 1,263,343 | (317,119 | ) | (94,283 | ) | (232,338 | ) | 619,603 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repurchase and maturity of the 2019 Senior Secured Notes | (920,923 | ) | — | — | — | (920,923 | ) | |||||||||||||
Repayment of other long-term debt and finance lease obligations | — | (27,203 | ) | (2,144 | ) | — | (29,347 | ) | ||||||||||||
Payment of in-orbit incentive obligations | — | (4,430 | ) | — | — | (4,430 | ) | |||||||||||||
Purchase of non-controlling interest | — | (2,666 | ) | (4,647 | ) | — | (7,313 | ) | ||||||||||||
Other, net | — | — | 1,172 | — | 1,172 | |||||||||||||||
Contribution (distributions) and advances (to) from parent, net | — | (307,424 | ) | 75,086 | 232,338 | — | ||||||||||||||
Net cash flows from financing activities | (920,923 | ) | (341,723 | ) | 69,467 | 232,338 | (960,841 | ) | ||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (663 | ) | — | (663 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 286,185 | (14,015 | ) | 19,533 | — | 291,703 | ||||||||||||||
Cash and cash equivalents, including restricted amounts, beginning of period | 771,718 | 46,353 | 30,548 | — | 848,619 | |||||||||||||||
Cash and cash equivalents, including restricted amounts, end of period | $ | 1,057,903 | $ | 32,338 | $ | 50,081 | $ | — | $ | 1,140,322 |
Hughes Satellite Systems Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 95,501 | $ | 223,949 | $ | (31,227) | $ | (190,880) | $ | 97,343 | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash flows from operating activities | (160,236) | 536,404 | 78,312 | 190,880 | 645,360 | |||||||||||||||||||||||||||
Net cash flows from operating activities | (64,735) | 760,353 | 47,085 | 0 | 742,703 | |||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Purchases of marketable investment securities | (2,063,042) | 0 | 0 | 0 | (2,063,042) | |||||||||||||||||||||||||||
Sales and maturities of marketable investment securities | 909,996 | 0 | 0 | 0 | 909,996 | |||||||||||||||||||||||||||
Investments in unconsolidated affiliates | 0 | (100,991) | 0 | 0 | (100,991) | |||||||||||||||||||||||||||
Expenditures for property and equipment | 0 | (304,376) | (86,689) | 0 | (391,065) | |||||||||||||||||||||||||||
Refunds and other receipts related to property and equipment | 0 | 77,524 | 0 | 0 | 77,524 | |||||||||||||||||||||||||||
Expenditures for externally marketed software | 0 | (31,639) | 0 | 0 | (31,639) | |||||||||||||||||||||||||||
Payment for EchoStar XXI launch services | 0 | 0 | (7,125) | 0 | (7,125) | |||||||||||||||||||||||||||
Investment in subsidiaries | 305,669 | (50,540) | 0 | (255,129) | 0 | |||||||||||||||||||||||||||
Net cash flows from investing activities | (847,377) | (410,022) | (93,814) | (255,129) | (1,606,342) | |||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Repurchase and maturity of the 2019 Senior Secured Notes | (70,173) | 0 | 0 | 0 | (70,173) | |||||||||||||||||||||||||||
Repayment of other long-term debt and finance lease obligations | 0 | (35,886) | (5,133) | 0 | (41,019) | |||||||||||||||||||||||||||
Payment of in-orbit incentive obligations | 0 | (4,796) | 0 | 0 | (4,796) | |||||||||||||||||||||||||||
Capital contribution from EchoStar | 7,125 | 0 | 0 | 0 | 7,125 | |||||||||||||||||||||||||||
Contribution (distributions) and advances (to) from parent, net | 0 | (305,669) | 50,540 | 255,129 | 0 | |||||||||||||||||||||||||||
Net cash flows from financing activities | (63,048) | (346,351) | 45,407 | 255,129 | (108,863) | |||||||||||||||||||||||||||
Effect of exchange rates on cash and cash equivalents | 0 | 0 | (2,233) | 0 | (2,233) | |||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (975,160) | 3,980 | (3,555) | 0 | (974,735) | |||||||||||||||||||||||||||
Cash and cash equivalents, including restricted amounts, beginning of period | 1,746,878 | 42,373 | 34,103 | 0 | 1,823,354 | |||||||||||||||||||||||||||
Cash and cash equivalents, including restricted amounts, end of period | $ | 771,718 | $ | 46,353 | $ | 30,548 | $ | 0 | $ | 848,619 |
HSS | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 95,501 | $ | 223,949 | $ | (31,227 | ) | $ | (190,880 | ) | $ | 97,343 | ||||||||
Adjustments to reconcile net income (loss) to net cash flows from operating activities | (160,236 | ) | 536,404 | 78,312 | 190,880 | 645,360 | ||||||||||||||
Net cash flows from operating activities | (64,735 | ) | 760,353 | 47,085 | — | 742,703 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of marketable investment securities | (2,063,042 | ) | — | — | — | (2,063,042 | ) | |||||||||||||
Sales and maturities of marketable investment securities | 909,996 | — | — | — | 909,996 | |||||||||||||||
Investments in unconsolidated affiliates | — | (100,991 | ) | — | — | (100,991 | ) | |||||||||||||
Expenditures for property and equipment | — | (304,376 | ) | (86,689 | ) | — | (391,065 | ) | ||||||||||||
Refunds and other receipts related to property and equipment | — | 77,524 | — | — | 77,524 | |||||||||||||||
Expenditures for externally marketed software | — | (31,639 | ) | — | — | (31,639 | ) | |||||||||||||
Payment for EchoStar XXI launch services | — | — | (7,125 | ) | — | (7,125 | ) | |||||||||||||
Investment in subsidiaries | 305,669 | (50,540 | ) | — | (255,129 | ) | — | |||||||||||||
Net cash flows from investing activities | (847,377 | ) | (410,022 | ) | (93,814 | ) | (255,129 | ) | (1,606,342 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repurchase and maturity of the 2019 Senior Secured Notes | (70,173 | ) | — | — | — | (70,173 | ) | |||||||||||||
Repayment of other long-term debt and finance lease obligations | — | (35,886 | ) | (5,133 | ) | — | (41,019 | ) | ||||||||||||
Payment of in-orbit incentive obligations | — | (4,796 | ) | — | — | (4,796 | ) | |||||||||||||
Capital contribution from EchoStar | 7,125 | — | — | — | 7,125 | |||||||||||||||
Contribution (distributions) and advances (to) from parent, net | — | (305,669 | ) | 50,540 | 255,129 | — | ||||||||||||||
Net cash flows from financing activities | (63,048 | ) | (346,351 | ) | 45,407 | 255,129 | (108,863 | ) | ||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (2,233 | ) | — | (2,233 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (975,160 | ) | 3,980 | (3,555 | ) | — | (974,735 | ) | ||||||||||||
Cash and cash equivalents, including restricted amounts, beginning of period | 1,746,878 | 42,373 | 34,103 | — | 1,823,354 | |||||||||||||||
Cash and cash equivalents, including restricted amounts, end of period | $ | 771,718 | $ | 46,353 | $ | 30,548 | $ | — | $ | 848,619 |
HSS | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 295,970 | $ | 472,022 | $ | (33,979 | ) | $ | (436,460 | ) | $ | 297,553 | ||||||||
Adjustments to reconcile net income (loss) to net cash flows from operating activities | (206,014 | ) | (74,310 | ) | 43,340 | 436,460 | 199,476 | |||||||||||||
Net cash flows from operating activities | 89,956 | 397,712 | 9,361 | — | 497,029 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of marketable investment securities | (535,476 | ) | — | — | — | (535,476 | ) | |||||||||||||
Sales and maturities of marketable investment securities | 259,263 | — | — | — | 259,263 | |||||||||||||||
Expenditures for property and equipment | — | (340,197 | ) | (61,341 | ) | — | (401,538 | ) | ||||||||||||
Refunds and other receipts related to property and equipment | — | 4,311 | — | — | 4,311 | |||||||||||||||
Expenditures for externally marketed software | — | (31,331 | ) | — | — | (31,331 | ) | |||||||||||||
Investment in subsidiaries | (59,000 | ) | (63,000 | ) | — | 122,000 | — | |||||||||||||
Net cash flows from investing activities | (335,213 | ) | (430,217 | ) | (61,341 | ) | 122,000 | (704,771 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayment of other long-term debt and finance lease obligations | — | (32,177 | ) | (4,886 | ) | — | (37,063 | ) | ||||||||||||
Payment of in-orbit incentive obligations | — | (5,850 | ) | — | — | (5,850 | ) | |||||||||||||
Other, net | 186 | — | 850 | — | 1,036 | |||||||||||||||
Contribution (distributions) and advances (to) from parent, net | — | 59,000 | 63,000 | (122,000 | ) | — | ||||||||||||||
Net cash flows from financing activities | 186 | 20,973 | 58,964 | (122,000 | ) | (41,877 | ) | |||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | 1,286 | — | 1,286 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | (245,071 | ) | (11,532 | ) | 8,270 | — | (248,333 | ) | ||||||||||||
Cash and cash equivalents, including restricted amounts, beginning of period | 1,991,949 | 53,905 | 25,833 | — | 2,071,687 | |||||||||||||||
Cash and cash equivalents, including restricted amounts, end of period | $ | 1,746,878 | $ | 42,373 | $ | 34,103 | $ | — | $ | 1,823,354 |
For the years ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cost of sales - equipment | $ | 19,788 | $ | 24,495 | $ | 23,422 | |||||||||||
Research and development expenses | $ | 29,448 | $ | 25,739 | $ | 27,570 |
For the years ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Cost of sales - equipment | $ | 24,495 | $ | 23,422 | $ | 27,899 | |||||
Research and development expenses | 25,739 | 27,570 | 31,745 |
As of December 31, | ||||||||
2019 | 2018 | |||||||
Other current assets: | ||||||||
Trade accounts receivable - DISH Network | $ | 8,876 | $ | 13,550 | ||||
Inventory | 79,474 | 75,379 | ||||||
Prepaids and deposits | 59,193 | 45,198 | ||||||
Other | 22,217 | 18,539 | ||||||
Total other current assets | $ | 169,760 | $ | 152,666 | ||||
Other non-current assets, net: | ||||||||
Restricted cash | $ | 887 | $ | 796 | ||||
Deferred tax assets, net | 7,215 | 3,581 | ||||||
Capitalized software, net | 101,786 | 96,760 | ||||||
Contract acquisition costs, net | 96,723 | 104,013 | ||||||
Contract fulfillment costs, net | 3,010 | 3,240 | ||||||
Other | 22,556 | 28,059 | ||||||
Total other non-current assets, net | $ | 232,177 | $ | 236,449 | ||||
Accrued expenses and other current liabilities: | ||||||||
Trade accounts payable - DISH Network | $ | 502 | $ | 752 | ||||
Accrued interest | 32,184 | 45,131 | ||||||
Accrued compensation | 42,846 | 42,796 | ||||||
Accrued taxes | 18,493 | 7,609 | ||||||
Operating lease obligation | 14,112 | — | ||||||
Other | 138,662 | 61,366 | ||||||
Total accrued expenses and other current liabilities | $ | 246,799 | $ | 157,654 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Cash and cash equivalents, including restricted amounts, beginning of period: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,139,435 | $ | 847,823 | $ | 1,822,561 | ||||||||||||||
Restricted cash | 887 | 796 | 793 | |||||||||||||||||
Total cash and cash equivalents, included restricted amounts, beginning of period | $ | 1,140,322 | $ | 848,619 | $ | 1,823,354 | ||||||||||||||
Cash and cash equivalents, including restricted amounts, end of period: | ||||||||||||||||||||
Cash and cash equivalents | $ | 740,490 | $ | 1,139,435 | $ | 847,823 | ||||||||||||||
Restricted cash | 807 | 887 | 796 | |||||||||||||||||
Total cash and cash equivalents, included restricted amounts, end of period | $ | 741,297 | $ | 1,140,322 | $ | 848,619 |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Cash and cash equivalents, including restricted amounts, beginning of period: | ||||||||||||
Cash and cash equivalents | $ | 847,823 | $ | 1,822,561 | $ | 2,070,964 | ||||||
Restricted cash | 796 | 793 | 723 | |||||||||
Total cash and cash equivalents, included restricted amounts, beginning of period | $ | 848,619 | $ | 1,823,354 | $ | 2,071,687 | ||||||
Cash and cash equivalents, including restricted amounts, end of period: | ||||||||||||
Cash and cash equivalents | $ | 1,139,435 | $ | 847,823 | $ | 1,822,561 | ||||||
Restricted cash | 887 | 796 | 793 | |||||||||
Total cash and cash equivalents, included restricted amounts, end of period | $ | 1,140,322 | $ | 848,619 | $ | 1,823,354 |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Other current assets, net: | ||||||||||||||
Trade accounts receivable - DISH Network | 4,706 | 8,876 | ||||||||||||
Inventory | 97,831 | 79,474 | ||||||||||||
Prepaids and deposits | 42,243 | 59,193 | ||||||||||||
Related party receivables - EchoStar | $ | 116,220 | $ | 131,892 | ||||||||||
Other, net | 30,815 | 22,217 | ||||||||||||
Total other current assets | $ | 291,815 | $ | 301,652 | ||||||||||
Other non-current assets, net: | ||||||||||||||
Restricted cash | $ | 807 | $ | 887 | ||||||||||
Deferred tax assets, net | 1,679 | 7,215 | ||||||||||||
Capitalized software, net | 116,661 | 101,786 | ||||||||||||
Contract acquisition costs, net | 99,837 | 96,723 | ||||||||||||
Contract fulfillment costs, net | 2,580 | 3,010 | ||||||||||||
Related party receivables - EchoStar | 57,136 | 19,759 | ||||||||||||
Other, net | 28,977 | 22,556 | ||||||||||||
Total other non-current assets, net | $ | 307,677 | $ | 251,936 | ||||||||||
For the year ended December 31, 2020 | ||||||||||||||
Other current assets, net | Other non-current assets, net | |||||||||||||
Balance at beginning of period | $ | 0 | $ | 0 | ||||||||||
Credit losses (1) | 1,595 | 13,378 | ||||||||||||
Foreign currency translation | 152 | (509) | ||||||||||||
Balance at end of period | $ | 1,747 | $ | 12,869 |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Accrued expenses and other current liabilities: | ||||||||||||||
Related party payables - EchoStar | $ | 51,421 | $ | 11,132 | ||||||||||
Trade accounts payable - DISH Network | 477 | 502 | ||||||||||||
Accrued interest | 42,388 | 32,184 | ||||||||||||
Accrued compensation | 52,231 | 42,846 | ||||||||||||
Accrued taxes | 11,780 | 18,493 | ||||||||||||
Operating lease obligation | 14,670 | 14,112 | ||||||||||||
Other | 152,620 | 139,148 | ||||||||||||
Total accrued expenses and other current liabilities | $ | 325,587 | $ | 258,417 | ||||||||||
Other non-current liabilities: | ||||||||||||||
Related party payables - EchoStar | $ | 25,114 | $ | 23,980 | ||||||||||
Other | 62,843 | 66,500 | ||||||||||||
Total other non-current liabilities | $ | 87,957 | $ | 90,480 |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Raw materials | $ | 4,564 | $ | 4,240 | ||||||||||
Work-in-process | 8,280 | 6,979 | ||||||||||||
Finished goods | 84,987 | 68,255 | ||||||||||||
Total inventory | $ | 97,831 | $ | 79,474 |
As of December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Net carrying amount of externally marketed software | $ | 116,661 | $ | 101,786 | ||||||||||
Externally marketed software under development and not yet placed into service | $ | 72,047 | $ | 38,766 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Capitalized costs related to development of externally marketed software | $ | 38,655 | $ | 29,310 | $ | 31,639 | ||||||||||||||
Amortization expense relating to externally marketed software | $ | 23,780 | $ | 24,284 | $ | 22,966 | ||||||||||||||
Weighted average useful life (in years) | 2 |
For the years ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Property and equipment financed under finance lease obligations | $ | 349 | $ | 364 | $ | 8,484 | ||||||
Increase (decrease) in capital expenditures included in accounts payable, net | 1,625 | 1,566 | (2,522 | ) | ||||||||
Capitalized in-orbit incentive obligations | — | — | 31,000 | |||||||||
Non-cash net assets exchanged for HSS Tracking Stock (Note 5) | — | — | 190,221 | |||||||||
Non-cash net assets exchanged for BSS Transaction (Note 5) | 332,699 | — | — | |||||||||
Non-cash net assets received in exchange for a 20% ownership interest in our existing Brazilian subsidiary | 94,918 | — | — | |||||||||
Contribution from EchoStar in our existing Brazilian subsidiary | 9,606 | — | — | |||||||||
Transfer of launch service contracts from (to) EchoStar | — | — | (145,114 | ) | ||||||||
Contribution of non-cash net assets pursuant to Share Exchange Agreement (Note 1) | — | — | 219,662 | |||||||||
Contribution of EchoStar XIX satellite | — | — | 514,448 |
For the years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||
Cash paid for interest, net of amounts capitalized | $ | 162,692 | $ | 216,025 | $ | 250,576 | ||||||||||||||
Cash paid for income taxes | $ | 9,094 | $ | 3,094 | $ | 4,837 | ||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||
Increase (decrease) in capital expenditures included in accounts payable, net | $ | (6,198) | $ | 1,625 | $ | 1,566 | ||||||||||||||
Non-cash net assets exchanged for BSS Transaction (Note 5) | $ | 0 | $ | 332,699 | $ | 0 | ||||||||||||||
Non-cash net assets received in exchange for a 20% ownership interest in our existing Brazilian subsidiary | $ | 0 | $ | 94,918 | $ | 0 | ||||||||||||||
Contribution from EchoStar in our existing Brazilian subsidiary | $ | 0 | $ | 9,606 | $ | 0 |