Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO . Commission File Number: 001-39144 DISH Network Corporation (Exact name of registrant as specified in its charter) Nevada 88-0336997 (St ...

DISH Network Corporation (NASDAQ:DISH) Q1 2023 Earnings Conference Call May 8, 2023 12:00 PM ET Company Participants Tim Messner - EVP & General Counsel Erik Carlson - CEO Charles Ergen - Chairman Paul Orban - CFO Dave Mayo - EVP, Network Development John Swieringa - President & Chief Operating Officer, DISH Wireless Conference Call Participants David Barden - Bank of America Securities Ric Prentiss - Raymond James Michael Rollins - Citi Walter Piecyk - LightShed Doug Mitchelson - Credit Suisse Jonathan Cha ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) DISH Network Corporation (Exact name of registrant as specified in its charter) Nevada 88-0336997 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 9601 South Meridian Boulevard ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023. OR ☐ TRANSITION REPORT PURSUANT TO S ...

DISH Network Corporation (NASDAQ:DISH) Q4 2022 Earnings Conference Call February 23, 2023 12:00 PM ET Company Participants Tim Messner - Executive Vice President & General Counsel Erik Carlson - Chief Executive Officer Charlie Ergen - Chairman Paul Orban - Chief Financial Officer John Swieringa - President and Chief Operating Officer, DISH Wireless Dave Mayo - Executive Vice President, Network Development Conference Call Participants Ric Prentiss - Raymond James Phil Cusick - JPMorgan Doug Mitchelson - Cre ...

Subscriber Base - As of December 31, 2022, DISH Network had 9.750 million Pay-TV subscribers, including 7.416 million DISH TV subscribers and 2.334 million SLING TV subscribers[30] - The Wireless segment had 7.983 million subscribers as of December 31, 2022[32] Wireless Spectrum and 5G Network - DISH Network has invested over $30 billion in Wireless spectrum licenses, excluding $7 billion of capitalized interest[33] - The company plans to commercialize its Wireless spectrum licenses through the completion of a cloud-native, Open Radio Access Network (O-RAN) based 5G network[33] - The company aims to provide 5G broadband service to 20% of the U.S. population by June 2022 and 70% by June 2023, with a current focus on reaching at least 70% coverage with a minimum of 15,000 5G sites[63] - As of December 31, 2022, DISH Network had started construction on over 15,000 5G sites, which could potentially cover over 60% of the U.S. population[63] - Construction is ongoing at a rate of approximately 1,000 5G sites per month[63] - The company may need to make significant additional investments or form partnerships to complete its 5G Network Deployment and comply with regulatory requirements[64] - The company has committed to pay AT&T at least $5 billion over the ten-year term of the NSA for wireless network services[150] - The MNSA with T-Mobile includes a minimum purchase commitment of $3.3 billion over its duration[150] - Failure to meet minimum commitments to AT&T or T-Mobile could lead to significant financial and operational challenges[151] Competition and Market Challenges - The company faces intense competition from established pay-TV providers and broadband service providers, as well as online content providers[44] - The Pay-TV business faces intense competition from both traditional providers and new internet-based content distributors, leading to increased subscriber acquisition and retention costs[136] - The company has observed a negative impact on gross new DISH TV subscriber activations due to stricter acquisition policies and heightened competitive pressures[141] - The wireless services industry is highly competitive, with established players like Verizon, AT&T, and T-Mobile having significant market share and resources[144] - The company faces challenges in obtaining retransmission consent agreements at acceptable rates, which could affect its competitive strategy[177] Financial Performance and Costs - The cost of programming remains the largest percentage of overall Pay-TV costs, and competitors may leverage their relationships with programmers to reduce costs or offer exclusive content[148] - Programming costs are expected to continue rising, impacting the company's financial condition and results of operations[168] - Increased subscriber acquisition and retention costs may adversely affect profits during economic downturns[157] - The average revenue per user (ARPU) for Pay-TV is adversely affected by the increase in lower-priced SLING TV subscribers, which could reduce margins and long-term subscriber value[140] Regulatory Environment - DISH Network's operations are subject to significant government regulation, primarily by the FCC, which could impact its business and financial condition[70] - The company faces potential opposition to its FCC satellite authorizations, which could affect its licenses and operations[82] - The FCC requires DirecTV to set aside 4% of channel capacity for noncommercial programming, which may adversely affect financial results if the set-aside is not reduced to 3.5%[86] - The FCC is considering redefining MVPD to include Internet-based streaming services, which could subject them to similar regulations as traditional MVPDs[101] - Regulatory challenges from the FCC and other authorities could impact the company's ability to complete its 5G network deployment and commercialize its wireless spectrum licenses[146] Operational Challenges - The company relies on third-party suppliers for infrastructure and services, and any disruptions could adversely affect its wireless operations[147] - The company is currently defending multiple patent infringement actions, which could lead to substantial damages and increased costs[116] - The company relies on third-party providers for key components of its information technology and communications systems, which could disrupt operations if these systems fail[179] - The company is facing challenges in its 5G Network Deployment due to potential interruptions from system failures and cyber-attacks, impacting subscriber retention and acquisition[180] - The company has limited satellite capacity, and failures or reduced capacity could adversely affect its DISH TV services and overall financial condition[195] Management and Personnel - The company had approximately 14,200 employees as of December 31, 2022, with most located in the United States[121] - The company’s future success is significantly tied to the performance of key executives, including the Chairman and CEO[119] - The company’s Chairman, Charles W. Ergen, has been in his position since the company's formation in 1980[125] - The company’s Chief Financial Officer, Paul W. Orban, has been in his role since July 2019 and has extensive experience in finance and accounting[131] - The company’s Wireless business is dependent on hiring and retaining skilled personnel knowledgeable in the wireless industry[120] - The company relies on highly skilled personnel, and failure to attract and retain such talent could adversely affect its competitive position[206] Strategic Investments and Acquisitions - The company evaluates strategic investments or acquisitions to enhance its services and competitive position[69] - The company may pursue acquisitions and strategic transactions to expand its business, but intense competition may hinder the identification and completion of attractive opportunities[221] - Integration of newly acquired operations may strain financial and managerial controls, leading to operational inefficiencies[223] Economic and Environmental Factors - Economic weakness and inflationary pressures could lead to fewer subscriber activations and increased churn rates[157] - The company expects no material capital or other expenditures for environmental compliance in 2023 or 2024[117] - Extreme weather events could damage the company's infrastructure and disrupt operations, leading to increased costs and negative financial impacts[185] Satellite Operations - The useful life of the company's satellites ranges from 12 to 15 years, and any significant reduction in this lifespan could negatively impact operating results[196] - The company does not carry commercial in-orbit insurance on its satellites, which could lead to significant impairment charges in the event of failures[201] - The UN Convention requires satellite registration, which carries liability for the registering country in case of third-party damage, impacting operational authorizations[107] Financial Risks - The company may need to raise significant additional capital in the future to fund its 5G Network Deployment and related activities, which may not be available on favorable terms[210] - The fair values of wireless spectrum licenses may vary significantly, and declines could lead to impairment charges[211] - The company has made substantial noncontrolling investments in Northstar and SNR Entities, totaling over $10 billion, which may not yield profitable returns[213] - The company may need to invest significant additional resources to modify protective measures against information technology vulnerabilities, potentially diverting management's attention[183]

Financial Data and Key Metrics Changes - The company reported a stabilization in the retail wireless business, achieving a small gain in subscribers compared to previous losses of over 100,000 per quarter, aided by the acquisition of 139,000 customers from T-Mobile [6][7] - The company is in the market for a $2 billion offering to fund network expansion, which is limited to qualified investors [9] Business Line Data and Key Metrics Changes - The wireless segment is transitioning to a postpaid model with the launch of Boost Infinite, which is expected to provide higher profitability compared to the prepaid segment [16][19] - The company has constructed over 10,000 towers, reaching over 35% of the population, with plans to expand to 70% coverage [7][8] Market Data and Key Metrics Changes - The company noted a competitive landscape in the prepaid market, with efforts to reduce churn and improve customer retention through better handset offerings [23][24] - The company is focusing on the postpaid market, which is perceived as less competitive and more profitable than the prepaid market [19] Company Strategy and Development Direction - The company aims to build a self-funding retail wireless business, leveraging its unique position in the postpaid market [11][19] - The company is transitioning to its own operational support and business support systems, moving away from reliance on T-Mobile's systems, which is expected to enhance operational efficiency [17][74] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of the wireless business, highlighting the potential for significant growth in the postpaid segment [19][50] - The company anticipates that the political environment may become more favorable for mergers and acquisitions, particularly regarding the potential combination with DIRECTV [25][26] Other Important Information - The company is actively engaged in private 5G network solutions, targeting various sectors including defense, hospitality, and utilities, with expectations of growing deal flow [36][39] - The company is focused on maintaining a debt-free balance sheet for its retail wireless segment, which is seen as a competitive advantage [48][50] Q&A Session Summary Question: Discussion on the spectrum-secured bond and its implications - Management refrained from providing detailed comments due to legal reasons but acknowledged the importance of stabilizing the retail wireless business [6][10] Question: Timing and process regarding the Boost sale - Management indicated that preliminary discussions with a SPAC regarding a small portion of the retail wireless business have occurred, but emphasized that retail wireless is integral to the company's strategy [14][15] Question: Details on Boost Infinite launch - The Boost Infinite service is set to launch in the first quarter, focusing on a digital transition before expanding to national retail [16][22] Question: Impact of DIRECTV combination and political environment - Management believes that the political environment may allow for M&A activity post-election, with significant synergies still expected from a potential DIRECTV combination [25][26] Question: Network build-out funding and coverage targets - The company confirmed that the $2 billion funding is aimed at achieving 70% population coverage, with a focus on urban areas [58][59] Question: Transitioning Boost customers to the new network - Management clarified that while some Boost customers could transition to the new network, the focus would be on upgrading devices to ensure compatibility with the new technology [28][29] Question: Financial health and cash flow at DBS - Management stated that there is sufficient cash flow at DBS to meet upcoming maturities without needing additional capital raises [75][76]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO . Commission File Number: 001-39144 DISH Network Corporation (Exact name of registrant as specified in its charter) Nevada 88-033699 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO . Commission File Number: 001-39144 DISH Network Corporation (Exact name of registrant as specified in its charter) Nevada 88-0336997 (St ...

Financial Performance - Total revenue for March 2022 was $4,330,620, a decrease of 3.7% from $4,497,853 in March 2021[22] - Service revenue decreased to $4,075,122 in March 2022 from $4,209,471 in March 2021, reflecting a decline of 3.2%[22] - Operating income for March 2022 was $550,360, down 36.3% from $864,576 in March 2021[22] - Net income attributable to DISH Network for March 2022 was $432,651, a decrease of 31.3% compared to $630,224 in March 2021[22] - Basic net income per share attributable to DISH Network was $0.82 in March 2022, down from $1.20 in March 2021[22] - Diluted net income per share attributable to DISH Network was $0.68 in March 2022, compared to $0.99 in March 2021, a decline of 31.3%[22] - For the three months ended March 31, 2022, net income was $448.846 million, compared to $641.563 million for the same period in 2021[28] - Cash flows from operating activities for the three months ended March 31, 2022, were $705.344 million, down from $1,125.498 million in the prior year[28] - Net income attributable to DISH Network for the three months ended March 31, 2022, was $432.651 million, compared to $630.224 million for the same period in 2021, representing a decrease of approximately 31.4%[59] - Basic net income per share attributable to DISH Network was $0.82 for Q1 2022, down from $1.20 in Q1 2021, reflecting a decline of 31.7%[59] - Diluted net income per share attributable to DISH Network was $0.68 for Q1 2022, compared to $0.99 in Q1 2021, indicating a decrease of 31.3%[59] Assets and Liabilities - Total current liabilities increased to $8,047,594 in March 2022 from $6,515,886 in December 2021, representing a rise of 23.5%[19] - Total assets as of March 31, 2022, were $49,201,652, up from $48,001,725 as of December 31, 2021, indicating a growth of 2.5%[19] - Total liabilities rose to $32,810,015 in March 2022 from $32,078,612 in December 2021, an increase of 2.3%[19] - The company had a balance of $11.218 billion in accumulated earnings as of March 31, 2022[30] - Total cash, cash equivalents, and restricted cash at the end of the period was $2.799 billion, down from $4.535 billion at the end of the previous year[28] - Total current marketable investment securities as of March 31, 2022, amounted to $538.775 million, a significant decrease from $2.975 billion as of December 31, 2021[64] - As of March 31, 2022, the total marketable investment securities, restricted cash, and cash equivalents were valued at $784.871 million, down from $8.461 billion as of December 31, 2021[64] - The company reported a total long-term debt and finance lease obligations of $21,425,682 thousand as of March 31, 2022, slightly up from $21,417,016 thousand as of December 31, 2021[101] - The fair value of the company's long-term debt was estimated at $20,466,929 thousand as of March 31, 2022[102] Cash Flow and Investments - Cash and cash equivalents increased to $2,696,478 in March 2022 from $2,428,188 in December 2021, reflecting a rise of 11.1%[19] - The company reported net cash flows from investing activities of $(5,642.626) million for the three months ended March 31, 2022[28] - The company recognized $15.285 million in non-cash, stock-based compensation for the three months ended March 31, 2022[28] - The company reported capitalized interest of $267.305 million for Q1 2022, compared to $208.452 million in Q1 2021[63] - The company has invested approximately $30 billion in wireless spectrum licenses and related investments, excluding $7 billion of capitalized interest[33] - The company has invested approximately $20 billion to acquire wireless spectrum licenses and plans to commercialize them through a cloud-native, Open Radio Access Network (O-RAN) based 5G network[35] - The company expects capital expenditures for its 5G Network Deployment to be approximately $10 billion, including a long-term agreement with Samsung for $1.2 billion[132] Subscriber and Market Information - As of March 31, 2022, DISH Network had 10.245 million Pay-TV subscribers, including 7.993 million DISH TV subscribers and 2.252 million SLING TV subscribers[31] - The Retail Wireless segment had 8.203 million subscribers as of March 31, 2022[32] - DISH Network plans to deploy a 5G broadband network capable of serving 20% of the U.S. population by June 2022 and 70% by June 2023[140] - The company has over 60 market areas under construction, representing approximately 260 cities with populations of at least 50,000[140] 5G Network Deployment - The company aims to deploy a facilities-based 5G broadband network covering 20% of the U.S. population by June 2022 and 70% by June 2023, with over 60 market areas and approximately 260 cities under construction[35] - Significant additional investments will be required to complete the 5G Network Deployment, including research and development, wireless testing, and infrastructure upgrades[35] - Future capital requirements for 2022 are expected to be significant due to 5G network deployment and potential purchases of additional wireless spectrum licenses[103] - The company expects to incur significant additional expenses related to research and development, wireless testing, and ongoing upgrades to the wireless network infrastructure[141] - The company may need to raise additional capital to fund its 5G Network Deployment and related activities, which may not be available on favorable terms[142] Legal and Regulatory Matters - DISH Network L.L.C. filed petitions for reexamination of the 784, 799, 318, and 970 patents, with the United States Patent and Trademark Office confirming the patentability of the challenged claims[193] - A class action complaint was filed against DISH Network regarding fiduciary breaches in the management of its 401(k) Plan, alleging excessive expenses and underperforming funds[213] - The FCC has determined that DISH Network has a controlling interest in Northstar Wireless and SNR Wireless, affecting their eligibility for bidding credits[150] - The AWS-3 Licenses require reliable signal coverage to 40% of the population by October 2021 and 75% by October 2027, with potential penalties for noncompliance[161] - The FCC licenses for Northstar Wireless and SNR Wireless may expire in October 2027 unless renewed, with no guarantees of renewal[162] Other Financial Obligations - The company has $3,095,429 thousand in total lease payments due for operating leases over the next five years, with the largest payment of $218,969 thousand due in 2026[99] - The company has removed certain obligations for Northstar Wireless and SNR Wireless regarding prepayment of outstanding loan amounts[172][181] - The Northstar Purchase Agreement involved the acquisition of 80% of Northstar Manager's Class B Common Interests in Northstar Spectrum for approximately $312 million, resulting in a 97% ownership stake[40] - The value of the Northstar Put Right has accrued to approximately $88 million as of March 31, 2022, indicating potential future financial obligations[39] - The SNR Put Right has accrued to approximately $323 million as of March 31, 2022, pending FCC approval for the sale[178]

Subscriber Metrics - As of December 31, 2021, DISH Network had 10.707 million Pay-TV subscribers, including 8.221 million DISH TV subscribers and 2.486 million SLING TV subscribers[29]. - The Retail Wireless segment had 8.546 million subscribers as of December 31, 2021, following acquisitions of Boost Mobile, Ting Mobile, and Republic Wireless[30]. Wireless Spectrum and Network Development - DISH Network has invested approximately $30 billion in wireless spectrum licenses and related investments, excluding $6 billion of capitalized interest[32]. - The company plans to deploy a 5G network capable of serving 20% of the U.S. population by June 2022 and 70% by June 2023, with over 50 markets currently under construction[69]. - DISH Network aims to commercialize its wireless spectrum licenses through the development of a cloud-native, Open Radio Access Network (O-RAN) based 5G network[32]. - The company has made substantial investments in wireless spectrum licenses and plans to commercialize these through the completion of its 5G Network Deployment[178]. Business Strategy and Customer Service - DISH Network's Pay-TV strategy focuses on providing the best technology, outstanding customer service, and great value to attract and retain subscribers[40]. - The company has made significant investments in customer service improvements and technology, including award-winning DVRs and a cloud-based DVR service[41]. - The retail wireless business strategy focuses on acquiring high-quality subscribers through competitive offers and innovative value-added services while retaining them with outstanding customer service[61]. - The company is investing in operational improvements to enhance subscriber satisfaction and reduce churn rates[202]. Competition and Market Challenges - Competition in the Pay-TV industry has intensified, with increased pressure from both traditional providers and online content distributors[56]. - The retail wireless market is characterized by intense competition from larger national carriers such as Verizon, AT&T, and T-Mobile, which poses challenges for subscriber acquisition and retention[66]. - The company faces intense competition in the Pay-TV sector, requiring increased spending on subscriber acquisition and retention[167]. - The competition from Internet-based video offerings is increasing, posing a threat to traditional Pay-TV services[169]. - The company faces increased competitive pressures from content providers and other companies distributing video directly to consumers over the Internet, which may limit future growth opportunities for DISH TV[174]. Regulatory Environment - The company is subject to significant government regulation, particularly from the FCC, which could impact its operations and business prospects[78]. - The company must comply with numerous FCC reporting and filing requirements, which could lead to the revocation or modification of its licenses[93]. - The FCC has proposed allowing "tweener" DBS operations, which could potentially cause harmful interference to the company's services[94]. - The FCC's program access conditions imposed on certain cable companies have expired, which could hinder the company's ability to obtain programming from Liberty Media Corporation and Charter[114]. - The FCC is considering redefining MVPD regulations to include Internet-based streaming services, which could impact the company's regulatory obligations[121]. Financial Performance and Costs - The cost of programming is the largest percentage of overall Pay-TV costs, and competitors with ownership of programming content may have a cost advantage[187]. - Increased programming costs are expected, particularly for local broadcast and sports programming, which may pressure margins[209]. - The rising costs of retransmission consent agreements may exceed the company's ability to increase subscriber prices, impacting financial performance[219]. - The average revenue per user (ARPU) for Pay-TV is negatively impacted by the increase in SLING TV subscribers, which purchase lower-priced programming services compared to DISH TV subscribers[172]. Operational Challenges - The company has incurred significant upfront costs to subsidize wireless devices offered under promotional pricing to consumers[65]. - Supply chain disruptions due to COVID-19 have led to delays in obtaining essential materials and equipment, affecting the 5G Network Deployment[163]. - The company is currently defending multiple patent infringement actions, which could lead to significant costs and impact its competitive position[137]. - The company is vulnerable to cyber-attacks and system failures, which could disrupt operations and harm subscriber retention[220]. Employee and Management - The company had approximately 14,500 employees as of December 31, 2021, and is focused on retaining skilled personnel for its wireless business[142]. - The executive team includes experienced leaders, such as W. Erik Carlson, who has been with the company for over two decades[148]. - The company has adopted a written code of ethics applicable to all directors and officers, ensuring compliance with regulatory standards[146]. Impact of COVID-19 - The COVID-19 pandemic has adversely impacted subscriber activations, with reduced in-person selling opportunities and a decline in willingness to engage with in-home services[161]. - The company has experienced a reduction in gross subscriber activations as a result of the pandemic and economic uncertainty[162]. - Economic weakness may lead to fewer subscriber activations and increased churn rates, particularly among lower-tier programming package subscribers[200].