DISH Network (US:DISH)2025-05-13 21:08Financial Performance - Total revenue for Q1 2025 was $3,510,360, a decrease of 3.5% compared to $3,639,889 in Q1 2024[21] - Service revenue decreased to $3,333,959, down 4.9% from $3,505,432 in the same period last year[21] - Net loss attributable to DISH Network was $189,529, compared to a loss of $13,879 in Q1 2024, representing a significant increase in losses[21] - Operating income for Q1 2025 was a loss of $65,104, compared to an operating income of $25,979 in Q1 2024[21] - The company reported a comprehensive loss of $189,545 for Q1 2025, compared to a loss of $13,862 in Q1 2024[21] - For the three months ended March 31, 2025, DISH Network reported a net loss of $189,495 thousand, compared to a net loss of $10,231 thousand for the same period in 2024[27] - The operating loss for DISH Network for the same period was $65.1 million, with an OIBDA of $318.6 million[212] - For the three months ended March 31, 2024, DISH Network reported total revenue of $3.64 billion, with Pay-TV revenue at $2.73 billion and Wireless revenue at $913.43 million[214] Assets and Liabilities - Total current assets increased to $2,802,760, up 13.0% from $2,479,266 as of December 31, 2024[19] - Total liabilities rose to $39,061,424, an increase of 1.4% from $38,510,835 at the end of 2024[19] - Cash and cash equivalents increased to $791,735, up 66.2% from $476,075 as of December 31, 2024[19] - The accumulated earnings deficit increased to $382,559 from $193,030 as of December 31, 2024[25] - The carrying amount of total debt, finance lease, and other obligations, net of current portion, was $21,286,215 thousand as of March 31, 2025, compared to $20,754,776 thousand as of December 31, 2024, indicating an increase of approximately 2.6%[92] - The total cash, cash equivalents, and restricted cash at the end of the period was $1,040,339 thousand, up from $368,036 thousand at the end of the same period in 2024[27] Subscriber and Service Metrics - As of March 31, 2025, DISH Network had 7.397 million Pay-TV subscribers, including 5.503 million DISH TV subscribers and 1.894 million SLING TV subscribers[31] - The Wireless segment provides services to over 222 million Americans for 5G voice and over 269 million Americans for 5G broadband, with 7.145 million Wireless subscribers as of March 31, 2025[32][33] - Pay-TV subscriber and related revenue decreased to $2,524,352 from $2,701,179, representing a decline of 6.5% year-over-year[215] - Wireless services and related revenue increased slightly to $809,607 from $804,270, showing a growth of 0.4%[215] Cash Flows - Net cash flows from operating activities for the three months ended March 31, 2025, were $167,155 thousand, a decrease from $360,686 thousand in 2024[27] - The company reported net cash flows from investing activities of $(380,974) thousand for the three months ended March 31, 2025, compared to $520,683 thousand in 2024[27] - Net cash flows from financing activities were $523,369 thousand for the three months ended March 31, 2025, compared to $(976,081) thousand in 2024[27] Capital Expenditures and Investments - The company has invested over $30 billion in Wireless spectrum licenses, with $24 billion currently related to these licenses[34] - The company expects capital expenditures for its 5G Network to be approximately $10 billion, including amounts incurred since 2021[122] - The company incurred $352.61 million in property and equipment purchases for the three months ended March 31, 2025, compared to $508.88 million for the same period in 2024[214] Legal Proceedings - The company is involved in various legal proceedings, but management does not believe these will have a material adverse effect on financial condition[136][137] - DISH Network intends to vigorously defend against the lawsuits, acknowledging potential substantial damages and injunctions that could require modifications to current consumer offerings[143][145] - The company is currently defending against a securities fraud class action that alleges misleading public statements regarding its cybersecurity and 5G network buildout[157][158] - The company has faced multiple patent infringement allegations related to streaming and data compression technologies[167] - The outcome of several lawsuits remains uncertain, with potential implications for the company's operational features and financial liabilities[165] Advertising and Operating Expenses - Advertising expenses totaled $173 million for the three months ended March 31, 2025, compared to $123 million for the same period in 2024, representing a 40.7% increase[54] - The company reported subscriber acquisition costs of $276.97 million for the three months ended March 31, 2025[212] - DISH Network's programming costs for the three months ended March 31, 2025, were $1.22 billion, while connectivity services costs were $675.1 million[212] Research and Development - Research and development costs remained consistent at $7 million for both the three months ended March 31, 2025, and 2024[55] Marketable Securities - As of March 31, 2025, total marketable investment securities amounted to $53,623 thousand, compared to $24,168 thousand as of December 31, 2024, showing a significant increase of 122.3%[63] - The fair value of current marketable investment securities was $61 thousand as of March 31, 2025, compared to $286 thousand as of December 31, 2024, indicating a decrease of 78.7%[63]