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EchoStar Corporation (SATS+4.56%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $3.891 billion from $4.109 billion in the same quarter the previous year. This decrease is attributed to a decline in the Pay-TV and Broadband and Satellite Services segments.
Operating loss for the quarter was $161 million, compared to an operating loss of $31 million in the previous year. The increase in operating loss is primarily due to higher losses in the 5G Network Deployment segment.
The Pay-TV segment reported a revenue of $2.618 billion, down from $2.807 billion in the previous year, with a net loss of 43,000 Pay-TV subscribers. The decline is attributed to lower gross new DISH TV subscriber activations.
The Retail Wireless segment reported a revenue of $896 million, slightly up from $891 million in the previous year. The segment lost 297,000 net Wireless subscribers, primarily due to the conclusion of the ACP program funding.
The 5G Network Deployment segment reported a revenue of $43 million, up from $30 million in the previous year, reflecting the ongoing commercialization of the 5G Network.
The Broadband and Satellite Services segment reported a revenue of $387 million, down from $413 million in the previous year, primarily due to lower subscriber base.
EchoStar's cash and cash equivalents, current restricted cash and cash equivalents, and marketable investment securities totaled $2.722 billion as of September 30, 2024.
The company continues to focus on its 5G Network Deployment, with significant investments in wireless spectrum licenses and ongoing efforts to meet FCC deployment commitments.
EchoStar entered into an Equity Purchase Agreement with DIRECTV Holdings, LLC for the sale of its Pay-TV business, contingent upon certain conditions including the success of the DISH DBS Exchange Offers.
The filing details various financial agreements, including a $2.5 billion financing from TPG Angelo Gordon (TPG+2.10%) and other co-lenders, and a commitment agreement for the issuance of new senior secured notes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the EchoStar Corporation quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.