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