EchoStar Announces Fourth Quarter and Full Year 2016 Results
February 24, 2017
Download PDF
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
|
|