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EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2024
SATSEchoStar(SATS) Prnewswire·2025-02-27 11:30

Core Viewpoint - EchoStar Corporation reported improvements across all business lines, achieving positive free cash flow by the end of 2024, with significant developments in its wireless business, including positive subscriber growth and recognition of its Boost Mobile Network in New York City [3][7]. Financial Performance - For the year ended December 31, 2024, EchoStar's total revenue was 15.83billion,downfrom15.83 billion, down from 17.02 billion in 2023, primarily due to subscriber declines in the Pay-TV segment [7]. - The net loss attributable to EchoStar in 2024 was 119.55million,asignificantimprovementfromanetlossof119.55 million, a significant improvement from a net loss of 1.70 billion in 2023, aided by a noncash gain of approximately 689millionfromadebtexchangeoffer[7].−ConsolidatedOIBDAfor2024was689 million from a debt exchange offer [7]. - Consolidated OIBDA for 2024 was 1.63 billion, compared to 1.32billionin2023,indicatingimprovedoperationalprofitability[7].SubscriberMetrics−Thecompanyexperiencedadecreaseofapproximately253,000netPay−TVsubscribersinQ42024,asmallerdeclinecomparedto314,000inthesamequarterofthepreviousyear,endingwith7.78milliontotalPay−TVsubscribers[7].−Wirelesssubscribers,excludingAffordableConnectivityProgram(ACP)subscribers,increasedbyapproximately105,000inQ42024,withatotalof6.995millionwirelesssubscribersattheendofthequarter[7].−BroadbandSatellitesubscribersdecreasedbyapproximately29,000inQ42024,asmallerdeclinethanthe59,000decreaseinthesamequarterof2023,attributedtolowerdisconnectsfollowingthelaunchofthenewEchoStarXXIVsatelliteservice[7].SegmentResults−ForthethreemonthsendedDecember31,2024,Pay−TVrevenuewas1.32 billion in 2023, indicating improved operational profitability [7]. Subscriber Metrics - The company experienced a decrease of approximately 253,000 net Pay-TV subscribers in Q4 2024, a smaller decline compared to 314,000 in the same quarter of the previous year, ending with 7.78 million total Pay-TV subscribers [7]. - Wireless subscribers, excluding Affordable Connectivity Program (ACP) subscribers, increased by approximately 105,000 in Q4 2024, with a total of 6.995 million wireless subscribers at the end of the quarter [7]. - Broadband Satellite subscribers decreased by approximately 29,000 in Q4 2024, a smaller decline than the 59,000 decrease in the same quarter of 2023, attributed to lower disconnects following the launch of the new EchoStar XXIV satellite service [7]. Segment Results - For the three months ended December 31, 2024, Pay-TV revenue was 2.67 billion, down from 2.82billionin2023,whileWirelessrevenuewas2.82 billion in 2023, while Wireless revenue was 902.85 million, slightly down from 907.61million[5].−ThetotalrevenuefortheyearendedDecember31,2024,was907.61 million [5]. - The total revenue for the year ended December 31, 2024, was 15.83 billion, with Pay-TV contributing 10.69billionandWirelesscontributing10.69 billion and Wireless contributing 3.61 billion [5][7]. - The operating income (loss) for the Pay-TV segment was 2.65billionfortheyear,whiletheWirelesssegmentreportedanoperatinglossof2.65 billion for the year, while the Wireless segment reported an operating loss of 2.83 billion [8]. Cash Flow and Investments - The company reported net cash flows from operating activities of 1.25billionfor2024,downfrom1.25 billion for 2024, down from 2.43 billion in 2023 [19]. - Total capital expenditures for the year were approximately 2.50billion,adecreasefrom2.50 billion, a decrease from 4.22 billion in 2023 [6][19]. - EchoStar's cash and cash equivalents increased to 4.31billionasofDecember31,2024,comparedto4.31 billion as of December 31, 2024, compared to 1.82 billion in 2023 [16].