Exhibit 99.1


EchoStar Announces Financial Results for Three and Nine Months Ended September 30, 2019

Englewood, CO, November 7, 2019—EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three and nine months ended September 30, 2019.

Three Months Ended September 30, 2019 Financial Highlights:

•
Consolidated revenues of $472.3 million.
•
Consolidated net loss of $21.1 million, consolidated net loss attributable to EchoStar common stock of $18.3 million, and diluted loss per share of $0.19.
•
Consolidated Adjusted EBITDA of $148.3 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).

Nine Months Ended September 30, 2019 Financial Highlights:

•
Consolidated revenues of $1.4 billion.
•
Consolidated net loss of $11.2 million, consolidated net loss attributable to EchoStar common stock of $9.8 million, and diluted loss per share of $0.10.
•
Consolidated Adjusted EBITDA of $422.7 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).

“I am pleased with our performance in the third quarter of 2019” commented Michael Dugan, CEO and President of EchoStar. “On September 10th, we completed the spin-off to DISH of the BSS business and ancillary assets and liabilities in exchange for DISH shares that were distributed to EchoStar shareholders. As a result, the BSS business has been presented as discontinued operations in our current financial results. We can now focus on the growing broadband market, additional satellite opportunities, and strategic investments. We grew our consumer subscriber base by approximately 22,000 driven by our international markets and launched a consumer service in Mexico on October 1st. Our North American capacity is relatively full with the EchoStar 24/J3 satellite scheduled for launch in 2021. We continue to work to complete our previously announced JV’s with Yahsat in Brazil and Bharti Airtel in India and also announced the acquisition of Helios Wire Corporation on October 25th. The Helios acquisition lays the foundation for the creation of world-wide S-band capabilities.”

Three Months Ended September 30, 2019 - Additional Information:

•
Consolidated revenue increased 4% or $16.0 million year over year.
•
An accrual of $20.7 million was booked during the quarter related to a license fee dispute with the Government of India. This impacted SG&A expenses by $7.1 million and Interest expense, net of amounts capitalized, by $13.6 million. Net income (loss) attributable to noncontrolling interests had a corresponding offset of $3.2 million. This fee dispute dates back over a decade and has affected the entire Indian Telecom industry.
•
Adjusted EBITDA decreased 4% or $6.0 million year over year.
◦
Hughes segment Adjusted EBITDA increased by $1.9 million which includes the impact of the industry wide fee dispute with the Government of India.
◦
ESS segment Adjusted EBITDA decreased by $2.9 million primarily due to lower revenue.
◦
Corporate and Other segment Adjusted EBITDA decreased by $5.0 million driven primarily by transaction related legal costs and increased losses on equity in earnings of unconsolidated affiliates.
•
Net loss from continuing operations was $23.2 million, the loss increasing by $20.0 million from last year. The decline was primarily due to higher unrealized losses on foreign currency of $11.0 million,

1

higher depreciation and amortization expense of $7.0 million, increased equity losses of unconsolidated affiliates of $3.6 million, partially offset by higher gains of investments of $5.4 million.
•
Hughes broadband subscribers are approximately 1,437,000 as of September 30, 2019 including approximately 192,000 subscribers in Central and South America.
•
Cash, cash equivalents and current marketable investment securities of $2.5 billion as of September 30, 2019.


Set forth below is a table highlighting certain of EchoStar’s segment results for the three and nine months ended September 30, 2019 and 2018 (amounts in thousands):

 
 
For the three months
ended September 30,
 
For the nine months
ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
Hughes
 
$
463,735

 
$
444,762

 
$
1,360,919

 
$
1,271,886

EchoStar Satellite Services
 
4,098

 
6,802

 
11,873

 
22,562

Corporate and Other
 
4,429

 
4,710

 
14,283

 
14,207

Total revenue
 
$
472,262

 
$
456,274

 
$
1,387,075

 
$
1,308,655

 
 
 
 
 
 
 
 
 
Adjusted EBITDA
 
 
 
 
 
 
 
 
Hughes
 
$
169,358

 
$
167,492

 
$
486,212

 
$
465,724

EchoStar Satellite Services
 
1,791

 
4,687

 
5,006

 
15,478

Corporate & Other:
 
 
 
 
 
 
 
 
Corporate overhead, operating and other
 
(21,028
)
 
(18,231
)
 
(58,968
)
 
(54,489
)
Equity in earnings (losses) of unconsolidated affiliates, net
 
(1,782
)
 
416

 
(9,507
)
 
(2,651
)
Total Corporate & Other
 
(22,810
)
 
(17,815
)
 
(68,476
)
 
(57,141
)
Total Adjusted EBITDA
 
$
148,339

 
$
154,364

 
$
422,742

 
$
424,061

 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
 
$
(23,161
)
 
$
(3,195
)
 
$
(57,581
)
 
$
(3,828
)
Expenditures for property and equipment
 
$
95,155

 
$
167,144

 
$
314,351

 
$
337,625



2

Reconciliation of GAAP to Non-GAAP Measurement (amounts in thousands):
 
 
For the three months
ended September 30,
 
For the nine months
ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(21,106
)
 
$
16,502

 
$
(11,158
)
 
$
73,015

Interest income and expense, net
 
32,690

 
33,529

 
91,996

 
107,801

Income tax provision, net
 
5,016

 
7,963

 
12,607

 
8,275

Depreciation and amortization
 
122,374

 
115,325

 
361,619

 
338,737

Net (income) loss from discontinued operations
 
(2,055
)
 
(19,697
)
 
(46,423
)
 
(76,843
)
Net (income) loss attributable to noncontrolling interests
 
2,797

 
(450
)
 
1,359

 
(1,292
)
EBITDA
 
139,716

 
153,172

 
410,000

 
449,693

(Gains) losses on investments, net
 
(8,295
)
 
(2,873
)
 
(28,087
)
 
(31,606
)
Litigation expense (1)
 
1,824

 
—

 
26,328

 
—

Vendor settlement
 
—

 
—

 
—

 
(9,571
)
Unrealized (gains) losses on foreign currency
 
15,094

 
4,065

 
14,501

 
15,545

Adjusted EBITDA
 
$
148,339

 
$
154,364

 
$
422,742

 
$
424,061

 
 
 
 
 
 
 
 
 
(1) Does not include license fee dispute with the Government of India.

Note on Use of Non-GAAP Financial Measures

EBITDA is defined as “Net income (loss)” excluding “Interest income and expense, net,” “Income tax provision (benefit), net,” “Depreciation and amortization,” “Net income (loss) from discontinued operations,” and “Net income (loss) attributable to noncontrolling interests.”

Adjusted EBITDA is defined as EBITDA excluding “Gains and losses on investments, net,” unrealized gains (losses) on foreign currency, 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, 2019 and 2018 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, 2019 filed today with the Securities and Exchange Commission.

EchoStar will host its earnings conference call on Thursday, November 7, 2019 at 11:00 a.m. Eastern Time. The call-in numbers are (877) 815-1625 (toll-free) and (716) 247-5178 (international), Conference ID 3877704.


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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, 2018 and Quarterly Report on Form 10-Q for the period ended September 30, 2019, 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.

###

Contact Information

EchoStar Investor Relations
EchoStar Media Relations
Terry Brown
Phone: +1 303-728-5179
Sharyn Nerenberg
Phone: +1 301-428-7124

4

ECHOSTAR CORPORATION
Condensed Consolidated Balance Sheets
(Amounts in thousands, except per share amounts)
 
 
As of
 
 
September 30, 2019
 
December 31, 2018
Assets
 
 
 
 
Current assets:
 
 

 
 

Cash and cash equivalents
 
$
1,547,162

 
$
928,306

Marketable investment securities, at fair value
 
1,000,165

 
2,282,152

Trade accounts receivable and contract assets, net (Note 3)
 
200,779

 
201,096

Trade accounts receivable - DISH Network
 
16,125

 
14,200

Inventory
 
83,397

 
75,379

Prepaids and deposits
 
63,210

 
57,691

Other current assets
 
17,382

 
18,539

Current assets of discontinued operations
 
5,866

 
3,486

Total current assets
 
2,934,086

 
3,580,849

Noncurrent assets:
 
 

 
 

Property and equipment, net
 
2,444,157

 
2,534,666

Operating lease right-of-use assets
 
112,263

 
—

Goodwill
 
504,173

 
504,173

Regulatory authorizations, net
 
426,189

 
430,039

Other intangible assets, net
 
33,188

 
44,231

Investments in unconsolidated entities
 
225,908

 
262,473

Other receivables - DISH Network
 
93,321

 
95,114

Other noncurrent assets, net
 
264,465

 
247,316

Noncurrent assets of discontinued operations
 
—

 
962,433

Total noncurrent assets
 
4,103,664

 
5,080,445

Total assets
 
$
7,037,750

 
$
8,661,294

Liabilities and Stockholders’ Equity
 
 

 
 

Current liabilities:
 
 

 
 

Trade accounts payable
 
$
122,319

 
$
121,437

Trade accounts payable - DISH Network
 
714

 
1,698

Current portion of long-term debt and finance lease obligations
 
407

 
919,582

Contract liabilities
 
109,557

 
72,284

Accrued interest
 
37,039

 
45,350

Accrued compensation
 
42,810

 
54,242

Accrued taxes
 
17,465

 
16,013

Accrued expenses and other
 
126,865

 
64,395

Current liabilities of discontinued operations
 
4,565

 
50,136

Total current liabilities
 
461,741

 
1,345,137

Noncurrent liabilities:
 
 

 
 

Long-term debt and finance lease obligations, net
 
2,388,931

 
2,386,202

Deferred tax liabilities, net
 
331,498

 
287,420

Operating lease liabilities
 
94,332

 
—

Other noncurrent liabilities
 
77,333

 
80,304

Noncurrent liabilities of discontinued operations
 
—

 
406,757

Total noncurrent liabilities
 
2,892,094

 
3,160,683

Total liabilities
 
3,353,835

 
4,505,820

Commitments and contingencies (Note 16)
 
 
 
 
Stockholders’ equity:
 
 

 
 

Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding at both September 30, 2019 and December 31, 2018
 
—

 
—

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, 56,383,893 shares issued and 49,898,972 shares outstanding at September 30, 2019 and 54,142,566 shares issued and 47,657,645 shares outstanding at December 31, 2018
 
56

 
54

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, 2019 and December 31, 2018
 
48

 
48

Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both of September 30, 2019 and December 31, 2018
 
—

 
—

Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both September 30, 2019 and December 31, 2018
 
—

 
—

Additional paid-in capital
 
3,251,808

 
3,702,522

Accumulated other comprehensive loss
 
(131,664
)
 
(125,100
)
Accumulated earnings
 
685,927

 
694,129

Treasury stock, at cost
 
(131,454
)
 
(131,454
)
Total EchoStar Corporation stockholders’ equity
 
3,674,721

 
4,140,199

Noncontrolling interests
 
9,194

 
15,275

Total stockholders’ equity
 
3,683,915

 
4,155,474

Total liabilities and stockholders’ equity
 
$
7,037,750

 
$
8,661,294



5

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,
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
 

 
 

Services and other revenue - DISH Network
 
$
13,232

 
$
17,054

 
$
42,532

 
$
57,410

Services and other revenue - other
 
393,305

 
382,374

 
1,169,459

 
1,101,111

Equipment revenue
 
65,725

 
56,846

 
175,084

 
150,134

Total revenue
 
472,262

 
456,274

 
1,387,075

 
1,308,655

 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 

 
 

Cost of sales - services and other (exclusive of depreciation and amortization)
 
143,842

 
142,290

 
429,869

 
421,622

Cost of sales - equipment (exclusive of depreciation and amortization)
 
51,188

 
46,318

 
142,744

 
127,254

Selling, general and administrative expenses
 
122,676

 
107,540

 
384,152

 
314,040

Research and development expenses
 
6,136

 
6,544

 
19,411

 
20,328

Depreciation and amortization
 
122,374

 
115,325

 
361,619

 
338,737

Total costs and expenses
 
446,216

 
418,017

 
1,337,795

 
1,221,981

Operating income
 
26,046

 
38,257

 
49,280

 
86,674

 
 
 
 
 
 
 
 
 
Other income (expense):
 
 
 
 
 
 

 
 

Interest income
 
17,175

 
21,349

 
64,817

 
56,237

Interest expense, net of amounts capitalized
 
(49,865
)
 
(54,878
)
 
(156,813
)
 
(164,038
)
Gains (losses) on investments, net
 
8,295

 
2,873

 
28,087

 
31,606

Equity in earnings (losses) of unconsolidated affiliates, net
 
(3,209
)
 
416

 
(14,317
)
 
(2,651
)
Other, net
 
(16,587
)
 
(3,249
)
 
(16,028
)
 
(3,381
)
Total other income (expense), net
 
(44,191
)
 
(33,489
)
 
(94,254
)
 
(82,227
)
Income (loss) from continuing operations before income taxes
 
(18,145
)
 
4,768

 
(44,974
)
 
4,447

Income tax benefit (provision), net
 
(5,016
)
 
(7,963
)
 
(12,607
)
 
(8,275
)
Net loss from continuing operations
 
(23,161
)
 
(3,195
)
 
(57,581
)
 
(3,828
)
Net income from discontinued operations
 
2,055

 
19,697

 
46,423

 
76,843

Net income (loss)
 
(21,106
)
 
16,502

 
(11,158
)
 
73,015

Less: Net income (loss) attributable to noncontrolling interests
 
(2,797
)
 
450

 
(1,359
)
 
1,292

Net income (loss) attributable to EchoStar Corporation common stock
 
$
(18,309
)
 
$
16,052

 
$
(9,799
)
 
$
71,723

 
 
 
 
 
 
 
 
 
Earnings per share - Class A and B common stock:
 
 
 
 
 
 

 
 

Basic loss from continuing operations per share
 
$
(0.21
)
 
$
(0.04
)
 
$
(0.58
)
 
$
(0.05
)
Total basic earnings (loss) per share
 
$
(0.19
)
 
$
0.17

 
$
(0.10
)
 
$
0.75

Diluted loss from continuing operations per share
 
$
(0.21
)
 
$
(0.04
)
 
$
(0.58
)
 
$
(0.05
)
Total diluted earnings (loss) per share
 
$
(0.19
)
 
$
0.17

 
$
(0.10
)
 
$
0.75



6

ECHOSTAR CORPORATION
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands, except per share amounts)
 
 
For the nine months ended September 30,
 
 
2019
 
2018
 
 
 
 
 
Cash flows from operating activities:
 
 

 
 

Net income (loss)
 
$
(11,158
)
 
$
73,015

Adjustments to reconcile net income (loss) to net cash flows from operating activities:
 
 

 
 

Depreciation and amortization
 
459,054

 
444,558

Equity in losses of unconsolidated affiliates, net
 
14,317

 
2,651

Amortization of debt issuance costs
 
4,882

 
5,910

(Gains) losses on investments, net
 
(28,087
)
 
(33,524
)
Stock-based compensation
 
7,120

 
7,771

Deferred tax provision
 
22,949

 
22,357

Dividend received from unconsolidated entity
 
2,716

 
5,000

Changes in current assets and current liabilities, net:
 
 
 
 
Trade accounts receivable, net
 
(5,439
)
 
(35,811
)
Trade accounts receivable - DISH Network
 
(28,779
)
 
32,323

Inventory
 
(8,661
)
 
10,667

Other current assets
 
(3,716
)
 
(5,569
)
Trade accounts payable
 
18,180

 
2,536

Trade accounts payable - DISH Network
 
(984
)
 
(3,342
)
Accrued expenses and other
 
65,245

 
19,450

Changes in noncurrent assets and noncurrent liabilities, net
 
1,303

 
(16,123
)
Other, net
 
24,118

 
12,043

Net cash flows from operating activities
 
533,060

 
543,912

Cash flows from investing activities:
 
 

 
 

Purchases of marketable investment securities
 
(655,265
)
 
(2,323,090
)
Sales and maturities of marketable investment securities
 
1,988,078

 
1,331,225

Expenditures for property and equipment
 
(314,861
)
 
(415,253
)
Refunds and other receipts related to property and equipment
 
—

 
77,524

Expenditures for externally marketed software
 
(21,364
)
 
(24,568
)
Investment in unconsolidated entities
 
(7,503
)
 
(991
)
Dividend received from unconsolidated entity
 
2,284

 
—

Sale of investment in unconsolidated entity
 
—

 
1,558

Net cash flows from investing activities
 
991,369

 
(1,353,595
)
Cash flows from financing activities:
 
 

 
 

Repayment of debt and finance lease obligations
 
(29,135
)
 
(27,764
)
Repurchase and maturity of debt
 
(920,923
)
 
—

Purchase of noncontrolling interest
 
(7,313
)
 
—

Repayment of in-orbit incentive obligations
 
(5,269
)
 
(4,601
)
Net proceeds from Class A common stock options exercised
 
64,143

 
4,424

Net proceeds from Class A common stock issued under the Employee Stock Purchase Plan
 
7,724

 
7,428

Other, net
 
758

 
(530
)
Net cash flows from financing activities
 
(890,015
)
 
(21,043
)
Effect of exchange rates on cash and cash equivalents
 
(411
)
 
(3,449
)
Net increase (decrease) in cash and cash equivalents, including restricted amounts
 
634,003

 
(834,175
)
Cash and cash equivalents, including restricted amounts, beginning of period
 
929,495

 
2,432,249

Cash and cash equivalents, including restricted amounts, end of period
 
$
1,563,498

 
$
1,598,074

 
 
 
 
 
Supplemental disclosure of cash flow information:
 
 

 
 

Cash paid for interest, net of amounts capitalized
 
$
161,766

 
$
170,303

Cash paid for income taxes
 
$
2,119

 
$
3,369


7