Exhibit 99.1
EchoStar Announces Financial Results for the Three and Nine Months Ended September 30, 2021

Englewood, CO, November 9, 2021—EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three and nine months ended September 30, 2021.

Three Months Ended September 30, 2021 Financial Highlights:

•Consolidated revenue of $504.7 million.
•Net income of $30.2 million, consolidated net income attributable to EchoStar common stock of $33.4 million, and basic and diluted earnings per share of $0.38.
•Consolidated Adjusted EBITDA of $187.0 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).

Nine Months Ended September 30, 2021 Financial Highlights:

•Consolidated revenue of $1,487.1 million.
•Net income of $142.8 million, consolidated net income attributable to EchoStar common stock of $149.2 million, and basic and diluted earnings per share of $1.64.
•Consolidated Adjusted EBITDA of $559.4 million (see discussion and the reconciliation of GAAP to this non-GAPP measure below).

“I am pleased with our financial performance in the third quarter of 2021,” commented Michael Dugan, CEO and President of EchoStar. “We grew revenue, net income, and Adjusted EBITDA from the same period last year by managing all areas of the business prudently. Laying a strategic foundation for the multi-orbit future, we announced agreements with OneWeb to provide satellite connectivity solutions in the US and India and fulfilled the remaining ITU requirements to bring our Sirion-1 filing into use which is a key milestone in the development of our global S-band capabilities.”

Three Months Ended September 30, 2021 - Additional Information:

•Consolidated revenue increased 6.6% or $31.2 million year over year primarily driven by higher equipment sales of $25.0 million to our domestic and international enterprise customers.
•Adjusted EBITDA increased 12.2% or $20.3 million year over year.
◦Hughes segment Adjusted EBITDA increased $16.5 million year over year. The increase was driven primarily by higher revenue and lower cost of services provided to our consumer customers.
◦ESS segment Adjusted EBITDA was flat year over year.
◦Corporate and Other segment Adjusted EBITDA increased $3.7 million year over year.
•Net income increased $6.9 million year over year. The increase was primarily due to higher operating income of $25.6 million and lower net interest expense of $20.0 million, partially offset by higher income tax expense, net, of $16.8 million, unfavorable changes in foreign currency exchange rates of $13.3 million, and lower gains on investments, net, of $11.3 million.
•Total Hughes broadband subscribers were approximately 1,510,000, declining 32,000 from June 30, 2021. Subscribers in the US decreased by 24,000 as compared to June 30, 2021 to approximately 1,120,000. In the same period, subscribers in Latin America decreased by 8,000 to approximately 390,000. Similar to the US, our Latin American subscriber base has become capacity constrained in certain areas. While the balancing of total subscribers relative to capacity utilization resulted in lower subscribers, average revenue per user increased in both regions from the second quarter of 2021.

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•For the three months ended September 30, 2021, approximately 66% of Hughes segment revenue was attributable to our consumer customers with approximately 34% attributable to our enterprise customers.

•Cash, cash equivalents and current marketable investment securities were $1.6 billion as of September 30, 2021.

•During the three months ended September 30, 2021, we repurchased 2,592,885 shares of our Class A common stock in open market trades.


Set forth below is a table highlighting certain of EchoStar’s segment results for the three and nine months ended September 30, 2021 and 2020 (amounts in thousands) (all US GAAP amounts reference results from operations):
For the three months ended September 30,For the nine months ended September 30,
 2021202020212020
Revenue
Hughes
$496,937 $466,762 $1,465,073 $1,378,416 
EchoStar Satellite Services
4,436 4,402 12,808 13,233 
Corporate and Other
3,287 2,338 9,195 6,985 
Total revenue
$504,660 $473,502 $1,487,076 $1,398,634 
Adjusted EBITDA
Hughes
$202,997 $186,458 $612,251 $534,955 
EchoStar Satellite Services
2,319 2,274 6,481 5,847 
Corporate & Other:
Corporate overhead, operating and other
(19,974)(21,572)(61,940)(63,948)
Equity in earnings (losses) of unconsolidated affiliates, net
1,630 (504)2,615 (660)
Total Corporate & Other
(18,344)(22,076)(59,325)(64,608)
Total Adjusted EBITDA
$186,972 $166,656 $559,407 $476,194 
Net income (loss)$30,217 $23,273 $142,804 $(49,307)
Expenditures for property and equipment
$89,537 $98,137 $352,003 $295,041 

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Reconciliation of GAAP to Non-GAAP Measurement (amounts in thousands):
For the three months ended September 30,For the nine months ended September 30,
2021202020212020
Net income (loss)$30,217 $23,273 $142,804 $(49,307)
Interest income, net(5,725)(7,364)(16,914)(33,707)
Interest expense, net of amounts capitalized16,313 37,967 79,848 112,458 
Income tax provision (benefit), net19,748 2,950 63,047 6,309 
Depreciation and amortization120,596 129,822 368,864 392,077 
Net loss (income) attributable to non-controlling interests3,192 2,167 6,419 9,040 
EBITDA
184,341 188,815 644,068 436,870 
(Gains) losses on investments, net
(3,748)(14,998)(112,981)37,764 
Impairment of long-lived assets— — 245 — 
Litigation Expense— — 16,800 — 
License fee dispute - India, net of non-controlling interests
(262)(480)(708)(1,043)
Loss on Debt Repurchase— — 1,938 — 
Foreign currency transaction (gains) losses, net
6,641 (6,681)10,045 2,603 
Adjusted EBITDA
$186,972 $166,656 $559,407 $476,194 

Note on Use of Non-GAAP Financial Measures

EBITDA is defined as “Net income (loss)” excluding “Interest income, net,” Interest expense, net of amounts capitalized,” “Income tax benefit (provision), net,” “Depreciation and amortization,” and “Net income (loss) attributable to non-controlling interests.”

Adjusted EBITDA is defined as EBITDA excluding Gains and losses on investments, net, Foreign currency transaction gains (losses), net, and other non-recurring or non-operational items. EBITDA and Adjusted EBITDA are not measures determined in accordance with US GAAP. EBITDA and Adjusted EBITDA are reconciled to Net income (loss) in the table above and should not be considered in isolation or as a substitute for operating income, net income or any other measure determined in accordance with US GAAP. Our management uses EBITDA and Adjusted EBITDA as measures of our operating efficiency and overall financial performance for benchmarking against our peers and competitors. Management believes that these non-GAAP measures provide meaningful supplemental information regarding the underlying operating performance of our business and are appropriate to enhance an overall understanding of our financial performance. Management also believes that EBITDA and Adjusted EBITDA are useful to investors because they are frequently used by securities analysts, investors, and other interested parties to evaluate the performance of companies in our industry.

The consolidated financial statements of EchoStar for the periods ended September 30, 2021 and 2020 are attached to this press release. Detailed financial data and other information are available in EchoStar’s Quarterly Report on Form 10-Q for the period ended September 30, 2021 filed today with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Tuesday, November 9, 2021 at 11:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar’s investor relations website at ir.echostar.com. To ask a question, the dial in numbers are (833) 562-0124 (toll-free) and (661) 567-1102 (international), Conference ID 1061358.
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About EchoStar Corporation

EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite communications solutions. Headquartered in Englewood, Colo., and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its Hughes Network Systems and EchoStar Satellite Services business segments.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “goal,” “seek,” “estimate,” “expect,” “intend,” “project,” “continue,” “future,” “will,” “would,” “can,” “may,” “plans,” and similar expressions and the use of future dates are intended to identify forward‑looking statements. Although management believes that the expectations reflected in these forward‑looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2020 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.

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Contact Information
EchoStar Investor Relations
EchoStar Media Relations
Terry Brown
Phone: +1 303-728-5179
Email: terry.brown@echostar.com
Sharyn Nerenberg
Phone: +1 301-428-7124
Email: sharyn.nerenberg@echostar.com
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ECHOSTAR CORPORATION
Consolidated Balance Sheets
(Amounts in thousands, except share and per share amounts)
 As of
 September 30, 2021December 31, 2020
Assets  
Current assets:  
Cash and cash equivalents$429,656 $896,005 
Marketable investment securities1,127,048 1,638,271 
Trade accounts receivable and contract assets, net201,751 183,989 
Other current assets, net195,993 189,821 
Total current assets1,954,448 2,908,086 
Non-current assets:  
Property and equipment, net2,374,080 2,390,313 
Operating lease right-of-use assets140,739 128,303 
Goodwill511,266 511,597 
Regulatory authorizations, net471,010 478,762 
Other intangible assets, net14,378 18,433 
Other investments, net351,884 284,937 
Other non-current assets, net364,553 352,921 
Total non-current assets4,227,910 4,165,266 
Total assets$6,182,358 $7,073,352 
Liabilities and Stockholders' Equity  
Current liabilities:  
Trade accounts payable$111,047 $122,366 
Current portion of long-term debt, net— 898,237 
Contract liabilities134,635 104,569 
Accrued expenses and other current liabilities241,615 299,999 
Total current liabilities487,297 1,425,171 
Non-current liabilities:  
Long-term debt, net1,495,805 1,495,256 
Deferred tax liabilities, net407,650 359,896 
Operating lease liabilities127,424 114,886 
Other non-current liabilities135,737 70,893 
Total non-current liabilities2,166,616 2,040,931 
Total liabilities2,653,913 3,466,102 
Commitments and contingencies







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ECHOSTAR CORPORATION
Consolidated Balance Sheets
(Amounts in thousands, except share and per share amounts)


Stockholders' equity:  
Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding at both September 30, 2021 and December 31, 2020
— — 
Common stock, $0.001 par value, 4,000,000,000 shares authorized:
  
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 57,939,820 shares issued and 39,810,942 shares outstanding at September 30, 2021 and 57,254,201 shares issued and 48,863,374 shares outstanding at December 31, 2020
58 57 
Class B convertible common stock, $0.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at both September 30, 2021 and December 31, 2020
48 48 
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both September 30, 2021 and December 31, 2020
— — 
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both September 30, 2021 and December 31, 2020
— — 
Additional paid-in capital3,341,751 3,321,426 
Accumulated other comprehensive income (loss)(205,470)(187,876)
Accumulated earnings (losses)732,814 583,591 
Treasury shares, at cost(406,295)(174,912)
Total EchoStar Corporation stockholders' equity3,462,906 3,542,334 
Non-controlling interests65,539 64,916 
Total stockholders' equity3,528,445 3,607,250 
Total liabilities and stockholders' equity$6,182,358 $7,073,352 
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ECHOSTAR CORPORATION
Consolidated Statements of Operations
(Amounts in thousands, except per share amounts)

 For the three months ended September 30,For the nine months ended September 30,
 2021202020212020
Revenue:  
Services and other revenue$432,739 $426,532 $1,294,355 $1,251,932 
Equipment revenue71,921 46,970 192,721 146,702 
Total revenue504,660 473,502 1,487,076 1,398,634 
Costs and expenses:
Cost of sales - services and other (exclusive of depreciation and amortization)138,179 146,577 410,515 432,848 
Cost of sales - equipment (exclusive of depreciation and amortization)62,328 37,079 161,982 115,529 
Selling, general and administrative expenses112,986 115,358 341,143 354,437 
Research and development expenses7,974 7,676 22,960 21,378 
Depreciation and amortization120,596 129,822 368,864 392,077 
Impairment of long-lived assets— — 245 — 
Total costs and expenses442,063 436,512 1,305,709 1,316,269 
Operating income (loss)62,597 36,990 181,367 82,365 
Other income (expense):
Interest income, net5,725 7,364 16,914 33,707 
Interest expense, net of amounts capitalized(16,313)(37,967)(79,848)(112,458)
Gains (losses) on investments, net3,748 14,998 112,981 (37,764)
Equity in earnings (losses) of unconsolidated affiliates, net74 (2,134)(2,596)(5,866)
Foreign currency transaction gains (losses), net(6,641)6,681 (10,045)(2,603)
Other, net775 291 (12,922)(379)
Total other income (expense), net(12,632)(10,767)24,484 (125,363)
Income (loss) before income taxes49,965 26,223 205,851 (42,998)
Income tax benefit (provision), net(19,748)(2,950)(63,047)(6,309)
Net income (loss)30,217 23,273 142,804 (49,307)
Less: Net loss (income) attributable to non-controlling interests3,192 2,167 6,419 9,040 
Net income (loss) attributable to EchoStar Corporation common stock$33,409 $25,440 $149,223 $(40,267)
Earnings (losses) per share - Class A and B common stock:
Basic and diluted earnings (losses) per share$0.38 $0.26 $1.64 $(0.41)
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ECHOSTAR CORPORATION
Consolidated Statements of Cash Flows
(Amounts in thousands)
 For the nine months ended September 30,
 20212020
Cash flows from operating activities:  
Net income (loss)$142,804 $(49,307)
Adjustments to reconcile net income (loss) to cash flows provided by (used for) operating activities:  
Depreciation and amortization368,864 392,077 
Impairment of long-lived assets245 — 
Losses (gains) on investments, net(112,981)37,764 
Equity in losses (earnings) of unconsolidated affiliates, net2,596 5,866 
Foreign currency transaction losses (gains), net10,045 2,603 
Deferred tax provision (benefit), net45,950 4,474 
Stock-based compensation5,913 6,887 
Amortization of debt issuance costs2,192 3,212 
Other, net16,691 (9,145)
Changes in assets and liabilities, net: 
Trade accounts receivable and contract assets, net(20,894)(9,157)
Other current assets, net(7,841)(21,090)
Trade accounts payable(15,386)(17,824)
Contract liabilities30,066 (11,438)
Accrued expenses and other current liabilities(103,457)29,155 
Non-current assets and non-current liabilities, net63,055 1,325 
Net cash provided by (used for) operating activities427,862 365,402 
Cash flows from investing activities:  
Purchases of marketable investment securities(1,452,982)(2,234,671)
Sales and maturities of marketable investment securities2,099,815 1,231,790 
Expenditures for property and equipment(352,003)(295,041)
Expenditures for externally marketed software(25,634)(27,824)
Purchase of other investments(50,000)(5,500)
Sales of other investments10,951 — 
Net cash provided by (used for) investing activities230,147 (1,331,246)
Cash flows from financing activities:  
Repurchase and maturity of the 2021 Senior Unsecured Notes(901,818)— 
Payment of finance lease obligations(578)(606)
Payment of in-orbit incentive obligations(1,800)(1,268)
Proceeds from Class A common stock options exercised— 983 
Proceeds from Class A common stock issued under the Employee Stock Purchase Plan7,288 8,066 
Treasury share repurchase(229,383)(5,893)
Contribution by non-controlling interest holder9,880 14,268 
Other, net(966)998 
Net cash provided by (used for) financing activities(1,117,377)16,548 
Effect of exchange rates on cash and cash equivalents(3,114)(8,348)
Net increase (decrease) in cash and cash equivalents(462,482)(957,644)
Cash and cash equivalents, including restricted amounts, beginning of period896,812 1,521,889 
Cash and cash equivalents, including restricted amounts, end of period$434,330 $564,245 
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