EchoStar Announces Fourth Quarter and Full Year 2016 Results


February 24, 2017


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Englewood, CO, February 24, 2017—EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the fourth quarter and full year ended December 31, 2016.

Fourth Quarter 2016 Financial Highlights:
  • Consolidated revenues of $740 million.
  • Consolidated net income of $39 million.
  • Consolidated net income attributable to EchoStar common stock of $38 million and diluted earnings per share of $0.40.
  • Consolidated EBITDA of $229 million (see reconciliation of this non-GAAP measure below).
  • Approximately 1,036,000 Hughes consumer broadband subscribers as of December 31, 2016.
Full Year Ended December 31, 2016 Financial Highlights:
  • Consolidated revenue of $3.06 billion.
  • Consolidated net income of $181 million.
  • Consolidated net income attributable to EchoStar common stock of $182 million and diluted earnings per share of $1.92.
  • Consolidated EBITDA of $884 million (see reconciliation of this non-GAAP measure below).
  • Strong liquidity with cash, cash equivalents and current marketable investment securities of $3.09 billion as of December 31, 2016.
Set forth below is a table highlighting certain of EchoStar’s segment results for the three and twelve months ended December 31, 2016 and 2015:
 
 
For the Three Months
Ended December 31,
 
For the Years
Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
 
 
(Dollars in thousands)
Revenue
 
 
 
 
 
 
 
 
Hughes
 
$
370,910
 
 
$
347,146
 
 
$
1,392,361
 
 
$
1,347,340
 
EchoStar Technologies Corp.
 
266,082
 
 
325,101
 
 
1,249,197
 
 
1,298,198
 
EchoStar Satellite Services
 
101,741
 
 
116,304
 
 
407,660
 
 
490,591
 
All Other & Eliminations
 
1,660
 
 
2,036
 
 
7,512
 
 
7,585
 
Total
 
$
740,393
 
 
$
790,587
 
 
$
3,056,730
 
 
$
3,143,714
 
 
 
 
 
 
 
 
 
 
EBITDA
 
 
 
 
 
 
 
 
Hughes
 
$
109,937
 
 
$
100,415
 
 
$
427,802
 
 
$
396,684
 
EchoStar Technologies Corp.
 
32,123
 
 
25,981
 
 
89,549
 
 
106,745
 
EchoStar Satellite Services
 
83,784
 
 
98,430
 
 
339,496
 
 
412,607
 
All Other & Eliminations
 
3,243
 
 
(2,084
)
 
26,684
 
 
(50,683
)
Total
 
$
229,087
 
 
$
222,742
 
 
$
883,531
 
 
$
865,353
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to EchoStar common stock
 
$
38,222
 
 
$
66,296
 
 
$
181,673
 
 
$
163,700
 
Diluted earnings per share (in dollars)
 
$
0.40
 
 
$
0.71
 
 
$
1.92
 
 
$
1.75
 
Net income
 
$
38,930
 
 
$
62,402
 
 
$
180,692
 
 
$
149,371
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
$
188,672
 
 
$
223,368
 
 
$
698,254
 
 
$
703,520
 
 
The following table reconciles total consolidated net income to EBITDA.

 
 
For the Three Months
Ended December 31,
 
For the Years
Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
 
 
(In thousands)
Net income
 
$
38,930
 
 
$
62,402
 
 
$
180,692
 
 
$
149,371
 
 
 
 
 
 
 
 
 
 
 
Interest income and expense, net
 
35,615
 
 
23,397
 
 
102,381
 
 
111,637
 
Income tax provision, net