Exhibit 99.1

EchoStar Announces Financial Results for Three and Nine Months Ended September 30, 2020

Englewood, CO, November 5, 2020—EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three and nine months ended September 30, 2020.

Three Months Ended September 30, 2020 Financial Highlights:

•Consolidated revenues of $473.5 million.
•Net income from continuing operations of $23.3 million, consolidated net income attributable to EchoStar common stock of $25.4 million, and diluted earnings per share of $0.26.
•Consolidated Adjusted EBITDA of $166.7 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).

Nine Months Ended September 30, 2020 Financial Highlights:

•Consolidated revenues of $1,398.6 million.
•Net loss from continuing operations of $49.3 million, consolidated net loss attributable to EchoStar common stock of $40.3 million, and diluted loss per share of $(0.41).
•Consolidated Adjusted EBITDA of $476.2 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).

“We had another outstanding quarter,” commented Michael Dugan, CEO and President of EchoStar. “We increased our consumer subscriber base by approximately 38,000, driven by our international markets, and grew our Net income and Adjusted EBITDA from the same period last year. The continued growth in demand for our service demonstrates the importance of our networks and services for businesses and families everywhere. We will continue to focus on the needs of our customers as connectivity becomes a more vital part of business, entertainment, and communications.”

Three Months Ended September 30, 2020 - Additional Information:

•Consolidated revenue was up $1.2 million year over year including an estimated negative foreign exchange impact of $10.9 million.
•Adjusted EBITDA increased 9% or $14.3 million year over year.
◦Hughes segment Adjusted EBITDA increased $13.2 million year over year. The increase was driven primarily by the higher margin associated with the growth in our consumer broadband service.
◦ESS segment Adjusted EBITDA increased by $0.5 million year over year.
◦Corporate and Other segment Adjusted EBITDA increased by $0.7 million. The increase was primarily driven by lower equity losses in unconsolidated affiliates of $1.3 million compared to the same period last year.
•Net income from continuing operations was $23.3 million, an increase of $46.4 million from last year. The change was primarily due to higher operating income of $10.9 million, improvement in foreign currency transactions, net, of $21.8 million, higher gains on investments, net, of $6.7 million, and lower income tax provision of $2.1 million.
•Hughes broadband subscribers are approximately 1,580,000 as of September 30, 2020 including approximately 364,000 subscribers in Latin America.

•For the three months ended September 30, 2020, approximately 71% of Hughes segment revenue was attributable to our consumer customers with approximately 29% attributable to our enterprise customers.

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•Cash, cash equivalents and marketable investment securities were $2.5 billion as of September 30, 2020.


Set forth below is a table highlighting certain of EchoStar’s segment results three and nine months ended September 30, 2020 and 2019 (amounts in thousands) from continuing operations (all US GAAP amounts reference results from continuing operations):
For the three months ended September 30,For the nine months ended September 30,
 2020201920202019
Revenue
Hughes
$466,762 $463,735 $1,378,416 $1,360,919 
EchoStar Satellite Services
4,402 4,098 13,233 11,873 
Corporate and Other
2,338 4,429 6,985 14,283 
Total revenue
$473,502 $472,262 $1,398,634 $1,387,075 
Adjusted EBITDA
Hughes
$186,458 $173,298 $534,955 $490,152 
EchoStar Satellite Services
2,274 1,791 5,847 5,006 
Corporate & Other:
Corporate overhead, operating and other
(21,572)(20,981)(63,948)(58,769)
Equity in earnings (losses) of unconsolidated affiliates, net(504)(1,782)(660)(9,507)
Total Corporate & Other
(22,076)(22,763)(64,608)(68,276)
Total Adjusted EBITDA
$166,656 $152,326 $476,194 $426,882 
Expenditures for property and equipment$98,137 $95,155 $295,041 $314,351 

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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,
2020201920202019
Net income (loss)$23,273 $(21,106)(49,307)(11,158)
Interest income, net(7,364)(17,175)(33,707)(64,817)
Interest expense, net of amounts capitalized37,967 49,865 112,458 156,813 
Income tax provision (benefit), net2,950 5,016 6,309 12,607 
Depreciation and amortization129,822 122,374 392,077 361,619 
Net loss (income) from discontinued operations— (2,008)— (46,223)
Net loss (income) attributable to non-controlling interests2,167 2,797 9,040 1,359 
EBITDA188,815 139,763 436,870 410,200 
(Gains) losses on investments, net
(14,998)(8,295)37,764 (28,087)
Litigation Expense— 1,824 — 26,328 
License fee dispute - India, net of non-controlling interests
(480)3,940 (1,043)3,940 
Foreign currency transaction (gains) losses, net
(6,681)15,094 2,603 14,501 
Adjusted EBITDA
$166,656 $152,326 $476,194 $426,882 

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,” “Net income (loss) from discontinued operations,” 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, 2020 and 2019 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, 2020 filed today with the Securities and Exchange Commission.

EchoStar will host a conference call and webcast to discuss its earnings on Thursday, November 5, 2020 at 11:00 a.m. Eastern Time. The call-in numbers are (877) 815-1625 (US) and (716) 247-5178 (International), Conference ID 8263356. The webcast will be available on EchoStar’s investor relations website at www.echostar.com.
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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,” “estimate,” “expect,” “intend,” “project,” “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, 2019 and Quarterly Report on Form 10-Q for the period ended September 30, 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
Condensed Consolidated Balance Sheets
(Amounts in thousands, except per share amounts)
 As of
September 30, 2020December 31, 2019
Assets
Current assets:  
Cash and cash equivalents$555,550 $1,519,431 
Marketable investment securities1,950,804 940,623 
Trade accounts receivable and contract assets, net190,950 196,629 
Other current assets, net192,724 179,531 
Total current assets2,890,028 2,836,214 
Non-current assets:  
Property and equipment, net2,372,594 2,528,738 
Operating lease right-of-use assets129,073 114,042 
Goodwill508,660 506,953 
Regulatory authorizations, net475,824 478,598 
Other intangible assets, net20,550 29,507 
Other investments, net284,238 325,405 
Other non-current assets, net344,569 334,841 
Total non-current assets4,135,508 4,318,084 
Total assets$7,025,536 $7,154,298 
Liabilities and Stockholders’ Equity  
Current liabilities:  
Trade accounts payable$111,099 $124,080 
Current portion of long-term debt, net897,303 — 
Contract liabilities89,622 101,060 
Accrued expenses and other current liabilities276,703 270,879 
Total current liabilities1,374,727 496,019 
Non-current liabilities:  
Long-term debt, net1,495,078 2,389,168 
Deferred tax liabilities, net352,948 351,692 
Operating lease liabilities115,376 96,941 
Other non-current liabilities74,271 74,925 
Total non-current liabilities2,037,673 2,912,726 
Total liabilities3,412,400 3,408,745 
Commitments and contingencies
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Stockholders’ equity:  
Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding at both September 30, 2020 and December 31, 2019— — 
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, 57,140,432 shares issued and 50,458,512 shares outstanding at September 30, 2020 and 56,592,251 shares issued and 50,107,330 shares outstanding at December 31, 201957 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, 2020 and December 31, 201948 48 
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both September 30, 2020 and December 31, 2019— — 
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both September 30, 2020 and December 31, 2019— — 
Additional paid-in capital3,317,868 3,290,483 
Accumulated other comprehensive income (loss)(209,538)(122,138)
Accumulated earnings (losses)583,474 632,809 
Treasury stock, at cost(137,347)(131,454)
Total EchoStar Corporation stockholders’ equity3,554,562 3,669,805 
Non-controlling interests58,574 75,748 
Total stockholders’ equity3,613,136 3,745,553 
Total liabilities and stockholders’ equity$7,025,536 $7,154,298 

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ECHOSTAR CORPORATION
Condensed 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,
 2020201920202019
Revenue:
Services and other revenue$426,532 $406,537 $1,251,932 $1,211,991 
Equipment revenue46,970 65,725 146,702 175,084 
Total revenue473,502 472,262 1,398,634 1,387,075 
Costs and expenses:
Cost of sales - services and other (exclusive of depreciation and amortization)146,577 143,842 432,848 429,869 
Cost of sales - equipment (exclusive of depreciation and amortization)37,079 51,188 115,529 142,744 
Selling, general and administrative expenses115,358 122,629 354,437 383,952 
Research and development expenses7,676 6,136 21,378 19,411 
Depreciation and amortization129,822 122,374 392,077 361,619 
Total costs and expenses436,512 446,169 1,316,269 1,337,595 
Operating income (loss)36,990 26,093 82,365 49,480 
Other income (expense):
Interest income, net7,364 17,175 33,707 64,817 
Interest expense, net of amounts capitalized(37,967)(49,865)(112,458)(156,813)
Gains (losses) on investments, net14,998 8,295 (37,764)28,087 
Equity in earnings (losses) of unconsolidated affiliates, net(2,134)(3,209)(5,866)(14,317)
Foreign currency transaction gains (losses), net6,681 (15,094)(2,603)(14,501)
Other, net291 (1,493)(379)(1,527)
Total other income (expense), net(10,767)(44,191)(125,363)(94,254)
Income (loss) from continuing operations before income taxes26,223 (18,098)(42,998)(44,774)
Income tax benefit (provision), net(2,950)(5,016)(6,309)(12,607)
Net income (loss) from continuing operations23,273 (23,114)(49,307)(57,381)
Net income (loss) from discontinued operations— 2,008 — 46,223 
Net income (loss)23,273 (21,106)(49,307)(11,158)
Less: Net loss (income) attributable to non-controlling interests2,167 2,797 9,040 1,359 
Net income (loss) attributable to EchoStar Corporation common stock$25,440 $(18,309)$(40,267)(9,799)
Earnings (losses) per share - Class A and B common stock:
Basic and diluted earnings (losses) from continuing operations per share$0.26 $(0.21)$(0.41)$(0.58)
Total basic and diluted earnings (losses) per share$0.26 $(0.19)$(0.41)$(0.10)

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ECHOSTAR CORPORATION
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands, except per share amounts)
For the nine months ended
September 30,
 20202019
Cash flows from operating activities:  
Net income (loss)$(49,307)$(11,158)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization392,077 459,054 
Losses (gains) on investments, net37,764 (28,087)
Equity in losses (earnings) of unconsolidated affiliates, net5,866 14,317 
Foreign currency transaction losses (gains), net2,603 14,501 
Deferred tax provision (benefit), net4,474 22,949 
Stock-based compensation6,887 7,120 
Amortization of debt issuance costs3,212 4,882 
Dividends received from unconsolidated affiliates— 2,716 
Other, net(9,145)9,617 
Changes in assets and liabilities, net:
Trade accounts receivable and contract assets, net(9,157)(5,439)
Other current assets, net(21,090)(42,140)
Trade accounts payable(17,824)18,180 
Contract liabilities(11,438)37,273 
Accrued expenses and other current liabilities29,155 27,972 
Non-current assets and non-current liabilities, net1,325 1,303 
Net cash flows from operating activities365,402 533,060 
Cash flows from investing activities:  
Purchases of marketable investment securities(2,234,671)(655,265)
Sales and maturities of marketable investment securities1,231,790 1,988,078 
Expenditures for property and equipment(295,041)(314,861)
Expenditures for externally marketed software(27,824)(21,364)
Purchase of other investments(5,500)— 
Investments in unconsolidated affiliates— (7,503)
Dividend received from unconsolidated affiliate— 2,284 
Net cash flows from investing activities(1,331,246)991,369 
Cash flows from financing activities:  
Repurchase and maturity of the 2019 Senior Secured Notes— (920,923)
Payment of finance lease obligations(606)(29,135)
Payment of in-orbit incentive obligations(1,268)(5,269)
Net proceeds from Class A common stock options exercised983 64,143 
Net proceeds from Class A common stock issued under the Employee Stock Purchase Plan8,066 7,724 
Treasury share purchase(5,893)— 
Contribution by non-controlling interest holder14,268 — 
Purchase of non-controlling interest— (7,313)
Other, net998 758 
Net cash flows from financing activities16,548 (890,015)
Effect of exchange rates on cash and cash equivalents(8,348)(411)
Net increase (decrease) in cash and cash equivalents(957,644)634,003 
Cash and cash equivalents, including restricted amounts, beginning of period1,521,889 929,495 
Cash and cash equivalents, including restricted amounts, end of period$564,245 $1,563,498 

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