DISH Network (DISH) 13 Feb 192018 Q4 Earnings call transcript

Company Profile

Participants

Jason Kiser	Vice President, Investor Relations and Treasurer
Timothy Messner	Executive Vice President and General Counsel
Erik Carlson	President and Chief Executive Officer
Paul Orban	Senior Vice President and Chief Accounting Officer
Thomas Cullen	Executive Vice President, Corporate Development
Charles Ergen	Co-founder and Chairman of the Board
Warren Schlichting	Executive Vice President and Group President, Sling TV
Kannan Venkateshwar	Barclays
Philip Cusick	JP Morgan
Michael McCormack	Guggenheim Partners
Jonathan Chapman	New Street Research
Jason Bazinet	Citi
Walter Piecyk	BTIG
Richard Greenfield	BTIG
Marci Ryvicker	Wolfe Research
Gregory Williams	Cowen and Company
Sheila Dang	Reuters
Scott Moritz	Bloomberg

Call transcript

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Operator

Good day and welcome to the DISH Network Corporation Q4 and Year End 2018 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jason Kiser. Please go ahead, sir.

Jason Kiser

you. thank Great, for everybody And joining thanks us. of by Cullen, Tom today the and of the Tim our Accounting General our CEO; Chairman; of Corporate President President Schlichting, Warren Ergen, Messner, EVP DISH; Paul Development; Officer; Neylon, Orban, Chief Joined Brian Charlie Sling; Counsel. Erik our our Carlson,

safe over get for that so into we to Before disclosure, prepared we do need turn it harbor remarks, Erik's to Tim. do some I'll

Timothy Messner

that we you, subject statements from are differ Good and/or other our results call everyone. cause during Thank to forward-looking to are actual from could our and not Statements historical that make forecasts. constitute Jason. uncertainties fact factors of that historical materially results this morning, statements risks,

and statements our filings. we appear. understood forward-looking other factors For make we please that as any they more call information discussed All being SEC uncertainties refer should cautionary statements during wherever risks, to this make to be applicable in the

discussed and responsibility for You should on no which assume carefully factors undue we place should forward-looking consider SEC uncertainties statements reliance updating. the other and not filings in risks, our

it questions Carlson. turn if any to auction the about As we With an may will to intend to of discuss I'd participate resources part today's FCC a the for assets. like as spectrum not any on our for what are we rules, spectrum application not bidder be those able to the potentially we XXX, FCC's bid of on Because answering the CEO, that, we Auction call. over process and filed upcoming to Erik

Erik Carlson

before I up Paul Q&A. have good and Tim we morning thank Well, Both everyone. to and a it remarks open few you,

and at deadline definitely team away ahead. we're build knitting, But is front the staging March mounting. gear the progress for towers Charlie lot installing working swing. are across XXX work nation. questions is both on deployment wireless Tom here and our on of Crews XXXX from And are wireless. A is full the and On days X, in out

on the the service, value DISH. experience is Over as Delivering way for as this consistent This a as is technology past strategy category one. in best year, customer a a been in excellent to of This been goal. has theme consistent us intentional challenged stand fairly a for rational and I've the apart.

our metrics internal Our confirm path.

For the Latino. the full churn That's DISH we year reported X.XX% picture TV. including at

higher you you customer of for were lows at as and parcel If general of gear. us technology stack and and profitable a Hopper remanufactured higher an costs customers commission of for right service, independent household higher long-term like look for you and A churn. the of the that delivering year-over-year. deliver to that for finding we've in will market, with geography to experiences led new and percentage noticed bit activating right to The continue pursuing are factors right we're historic instead in consider, the strategy of we know, some increase DISH. just may Part relationship have couple customer a and having to the retail price customer a X as been the our the higher the right hardware many deliver receivers value a our channel company emphasis an has of

that more to as Now, were SAC, low during TV which Rico reactivate effectively XXXX. SAC DISH our compared In impacted we another is the Maria had SAC by dimension XXXX, XXXX, Hurricane picture. lowered Puerto those subscribers,

programming are who this viewers cost. off-air customers fair on who first heavy at for for installed Univision. me that touch our are been to Let moment, just alternatives to likely at point, who antennas our customers. including Univision a leave It's unable conclude we've found deal Univision programming achieve a and no to have on customers reasonable And able

been our part, Especially to less the offer expect and introduce you OTA the that for With into charge regard to moment. subsidize meaningful would over we're long-term. chose HBO For demanding picture, to there some to DISH HBO advantages if our as we and customers contract not subscribe forced a an to able is DISH have and the both even Cinemax situation to those to customers. AT&T services. haven't customers HBO Latino

in more remains in So Consistent our Time view than with hasn't quarter. Univision their merger the the and with of call. with net the guidance fair fundamental of our together shared HBO to It's half account Warner. loss a sub say little changed. you where bit AT&T the stance last I that negatives for

Sling. out close direction continues me to in live in and Let that growth category the sub continue We're a we right on that few lead pleased OTT. observations the

I think product together. coming a with points that's several

We platform. advertising DAI cross for continue found addressable driven continues in for customers. programmatic, experience an us, brands Sling platform and advertising, that's on we're stability, creates that's to the in and customers to and better that incredibly that That's by sensitive great it we environment mean I for invest ad the delivering are performance great improve and to

grow his and shaping We team a the the love. our to seen the and We is and that that past team really and on rational running. on the dare every and with on of fact DVR platforms mobile bullish delivering February's expertise Warren right last the that's remain like increase right year experience the tenfold on into margin none. OTT say second fold In and technical is and customers that we've fixed disciplined, Drafting Sling add reflective on we program are that's shared content, ad revenues remain you live three on ons Sling top the sub right I call. bring of with I Sling in the positive

few up and it Paul. I'm that, open the brief with we'll over who a to Q&A. remarks So going on has quarter to then for turn Paul

Paul Orban

Thank you, Eric. morning Good everyone.

strides Our made positive core Pay-TV business XXXX. throughout

quality retaining subscribers acquiring with long-term Our DISH and to high focus team profitability. continued TV on

calls, standard full outline the The grew the from were operating XXX Sling benefit over will base. begin with team content the build year-over-year new impact this impact Our be primarily previous relatively as want asset and new respectively. EBITDA positive to up. billion. million been investment such and continues EBITDA the both of benefited have for million. $XXX as down had This onetime and recognition added XXX standard. impacts to the to TV at EBITDA to gains XXXX, Consistent revenue I from other the million EBITDA subscriber time break both and $XXX year. operating higher for income would deferred COGS by securities. income operating XXXX decrease items strong marketable would and million $X.X have million litigation of down cash flow Adjusted of year-over-year. income income expense impairment, to XXXX related been on In [ph] $XX $XXX the flat Free REV million and

fewer and Now X%, the for growth lower subscribers. offset partially Pay-TV TV expenses fewer DISH subscriber to also result the Sling of subscribers of as P&L due ARPU by base. revenues year-over-year DISH down decreased a TV X% details, the related Subscriber

were programming impacted channel Our the removals. positively expenses by Univision HBO and

fewer Our subscribers variable expenses due improved and increased operational to efficiencies.

decreased operations. XX%. $XXmillion expenses expired transmission Certain cost and decreased leases and our broadcast in satellite or digital satellite Our

capitalizing to fewer impact acquisition the revenue XXX under costs standard. of certain new largely DISH TV commissioned XX%, decreased subscriber and accounting activations costs or Our due million the

XXXX being while Reform effective our a our to in out capitalized we network. tax are As Also, is building substantially the reminder, expense interest lower Federal all rate Act. is due of our Tax

being we Additionally which due build down related Pay-TV wireless the ARPU you to the related building because much to important percentage of the subscribers Pay-TV capitalized, is it's know a spend to is that out Sling our network, that not are network, in do base. higher of see TV to currently subscriber in our P&L

increases put Sling in impact and in of as was pay This sales. had TV. the premium revenue related to cloud to offset mix Boxing and of by channels and price extras, decrease DISH we DVR Sling was revenue into higher per increases revenue packages increases on Pay-Per-View add by removal the such The HBO In customers driven and taking ad related programming addition, mainly subscriber TV partially Events. a decrease channel price

addition, fourth questions. I'll turn impact Operator? With for on in orange the quarter fully and began our was $X the quarter. of third realized over it that, the the in In increase package starting

Operator

question-and-answer conducted will Philip The your our line open. is Instructions] first from question with [Operator will you. come today And electronically. Mr. Cusick, Thank session Morgan. be Cusick JP

Jason Kiser

Perhaps we the to go caller. should next

Operator

next Venkateshwar we'll to with Okay, Kannan move Barclays.

Kannan Venkateshwar

XX-K Thank and in bit you, terms that's just a a the refinancing risk. on language been the refinancing couple first for there. there's Charlie, of me, a in of added change risk is there a guess I little

go out? close biggest build any impact And that the today to thinking see the content wanted maturity that line of there Thanks. any about just about sub in from the - coming given to especially of that and go should in loss to change of actually year core performance balance and a you on all quarters? last loss in of of year, debt as the first the trends secondly, tends thinking to billion when the quarters into are happens maybe couple Is secured moderate coming of phase XX X you're way the lines, phase up? to expect beginning carriage should of the due balance happen more into maybe you perspective, are the those the trend we out sheet the sheet build something raising versus difference terms we or of this in loss as how So understand the is

Jason Kiser

our this always the mean, we we of all first the just Jason. capital I'll what's keep There's on of continually a nothing got I market available time. risk. evaluating the take monitor and options eye really constantly that markets fourth Kannan, new The refinancing like quarter We're there. to is the have. on all we bit us. stuff type little tied up in our one

at programming on RevPar that our operating got available as think urgent question. things that the move pretty on but we with not at determine any We've bigger now fresh at I for and [ph] I that many the we're maturities right best some avenue looked think Everybody's familiar haven't to we've I Eric there's need and both looked that that continue to are anything things into so we'll or the comfortable at a this what's made think anything. do are maturity want we of for get we've point. determination look alternatives at and company, you the us company, to to to take capital. holding profile take, the are

Erik Carlson

you the carriage that on a normally obviously, takedown there's the case In of couple Kannan very points. particular you this think Yeah, inflection a trend see I to contents. close

January that followed in the Deportes and Univision November, had midsummer, - the then November June, we sorry with end of think removal a early side HBO. On I about that along obviously,

attrition. customer doubt on no front we there's are declining So Univision the seeing

that customers guidance give wouldn't through we're I the all us. However, of leaving

On us and up quarter has that front, along reach HBO with Univision Thrones obviously, had yeah. the in the in the an if obviously think agreement, could Game April impact HBO impact HBO I coming fourth not an we're able to and of

Charles Ergen

And this is Charlie.

both decision least customers conversation business would Pay-TV The it's is anti-competitive and survey strictly carriage us you most we're and were particularly they at most the larger I a any dynamics think lose a and there's disappointing one that's Univision and take. within highest their HBO DISH to is, so they partners, has partner what acquired think and very kind not most long-term of highly polls them but love - AT&T as are potentially different HBO, I realistically and in happens as by a that competitors of because show there. obviously view DISH approach - engage for when to always made the was AT&T downside company long-term any taken HBO rated. a

DISH becomes But for of So content. every so person has Game they that their means is a stay HBO for - us some find without and a and Hopper to knows very because service, they with they - young leave to like another strong or go house And then and customers their customers increased there go way their friend's that customers of internet watch usage an XX they they some get love get weeks to and how experience it can they'll like on live brand and Thrones do free. HBO still the some HBO. during And code go find it. and strong DISH

get up some end that unfortunately, see. they issue you resort mean. a customers But to so piracy not prefer away, And other the when we with taken to

we does are that. and you obviously, we and sell It with we partners So HBO that affect Cinemax work our movies of usage those with customers then other see for have increased $XX, very ARPU which when our and lose subs. popular $XX

there, intension. so of one ARPU that's the lose You

a they of the renewal perfect Univision, really in on unrealistic who say private they're storm it's change deal. trying a what kind management of DISH that do So to think at management had would would - existing I - the expectations a

actually been to love Univision the of get inability customers a that So best and antenna good able lot or pretty Univision customers to and put a who good have and a to the our get deal off-air a who they management to that the DISH pretty we haven't - left is relationship love to an probably reason we they absent the programming. a deal get have

the level remaining view Univision on made it, they've us like have but left. go at that Univision, the get the Univision to customers still leave So adjustments or customers to not

part, continue subs, hard though but really the to Dumpty think is Univision lose trying, go think that not excuse - of - HBO lack and is for that's I right. not DISH to to Humpty to the is relationship to both Univision managements makes an it tying, direction again, difficult So the managements What but put is back - on trying management our so even part situations. together I not that they're

the Univision so $XX that subs the the from they provide an advantage only have With in now get program $XX, that can we provider can $XX, we'll markets $XX, in that's a the today. some everybody we're can situation - else and $XX to antenna, have local DISH save $XX, marketplace advantage major get and Latino because save take that industry. provider, the And in over in we of

So Latino it's go advantage. y going our cost we advantage base on that to be building can and and cost out based start

So on move that and becomes a we tail forward. it then

Kannan Venkateshwar

you Thank

Operator

with move next Philip Cusick to JP And we'll Morgan.

Philip Cusick

guys. Thanks

to you the the you you start up that. what's XG could can as the need timing money go your air. through build talk on that I in needs the Assuming XG timing that? officially equipment? for we second, about about And then that and cash Sorry building network Charlie, on you IoT when get network? the latest the year of had

Charles Ergen

between XXXX. really $Xbillion may IoT nothing's and of timing. million of and changed Okay want cost network, it's in this, jump the the is initial to on The Tom our but five on - Narrowband phase between or network build cost somewhere $XXX X through

We meet meet progress the lot and the the make in to it continue of We XXXX network. way, but know there's where what's expectation we deadline. –our in is in going to to intend the other we're building part be been going deadlines, that CapEx will intend to has a accelerate that question? in of the past we from obstacles

Erik Carlson

equipment. XG

Charles Ergen

that's standalone because the ground China. In XG network. the - is plan we're - to our XG equipment other for other is build a country words, only that a today doing

India with with compete to scratch maybe want goes XG and more it. you in and need that standalone - really opinion, a we from if need network China second, you architecture importantly, the in XG, So my then

want standalone United builds network China. specification this to the equipment that it imperative that. you several if the the for is year. at months takes then get not that standalone States It's specification compete end And until out with earliest somebody in XGPP So from of that to

have equipment that year in a in to now start that start we'll we I So equipment. sometime XG that little a bit deploying from imagine can over would standalone

network And so the today business together. we're and plan basically architecting that putting

other help network or we only that the network how and people will And with ingenuity believe will for record like business build have in that that see better we you we believed have then So that plan of a we this the and can and to can than do rest arrive be may will a year a China. that.

Philip Cusick

that been discussions change with fund or in partners there any the potential Has help negative? to positive

Charles Ergen

very build way, for because time. people - discussions. it so had analyst else those a be very don't or than certainly perhaps long the knowledgeable, it had business negative I'd you're can haven't product any in - more we knowledgeable people everybody architecture they We this or if I the are know an for studied We say like - they've are interest

that think two together, network. I and when business powerful in I I positive those get the they're put what pretty people wireless the it business most that things architecture think any realize and goes be XG real in you or with States United can a virtually the think compared to today any that they

good a it to discussions we're the we've interest things place so But or where somebody right. from we just And may if it, - example, we've and unexpected try but to We rather lay from could It with be we're they ourselves, - do just to places, a somebody them, had towers, try going to other partner - we're pay has an to in a build may discussions do our vendor bunch had really things job infrastructure fiber already they strategy be be they that them. for probably for going is happen than us, there. not probably not need of fiber. going reinvent got to at say

could similar business, a confidence launch some business it somebody the to by all doesn't or doesn't compute, the So - probably pay didn't vendors him. means, we they need in we If business edge not will us we because in do we in our to when have to have we then edge us, do if compute refused satellites enter. somebody for is it. Very launched DBS that's think

had and long a partners and have because people to did didn't long-term for we or chance for some us successful. him vendors a time. been to pay for us become we refused satellites we've people those successful think build be could Some believe they people But

the happen to think here. same going things I

people opportunistic. will life and skeptical many in our our and and record track plan be will as some are look people be Some business our at and people there'll commitment

Philip Cusick

Are through borrow before? willing you raise money the that against to you spectrum were any more money than XG

Charles Ergen

Well, and raise we in billion going cost to know we're magnitude it's going the $XX to of capital. us

in think with. I structures don't various - dependent that I capital come think that sources, think will I capital come will and upon we're but from capital different

Philip Cusick

Thanks, Charlie.

Operator

Michael to next And Guggenheim Partners. we'll McCormack with

Michael McCormack

going And desires landscape hearing not Hey you get comment your respect to what the Charlie, to When you're maybe meet just will and build? that their Narrowband with a takers Washington Sling, YouTube on losses we share quick thanks. or maybe are guys, that's a from then IoT or DirecTV needs? of competitive there, just TV? impact to comment Live Thanks. whether the with on and respect from now comfort Hulu

Charles Ergen

take you that don't first why Warren part?

Warren Schlichting

I responsibility. and promoting to probably just so we that and guidance customer our; product of heavily fiscal I follow sure, think Okay well listen follow the internally it's B, known A, sort that and mean fairly was DirecTV we our we

So for margin exactly it's in they look as marching We we we at direction not come from. sure that story keep do. good share where if frankly, as continue us. customers. it, positive and to just as us. taking And And Eric I'm mentioned, the accumulate it's much a we works for But

Charles Ergen

commissioners, we answered we up on - questions, don't follow met got staff those. up and follow the - that. haven't we on obviously, we Those We've we questions Yeah, questions. with Washington, - got heard

the - pretty don't Narrowband it's use. IoT our clear think of time. clear at the heard for interference DE FCC, United any and IoT out uplink more control networks And robust the auctions where of this ruled that no either that obviously, have other is course net period FCC that's as we're and that studies be followed from the clear meaning and of point we're skepticism be different. have in but the about for We difficult doing the going is past since and in in there the haven't, happy IoT I tied only And nationwide should have by tied that we're return Narrowband government is around hasn't point in, perhaps think to something is up commitment to lead limited the rules gone to of in don't we in spectrum are spectrum, not our yet some to I the with knowledge have something anything build or that information plan because Narrowband do stuff world. because an my up all all people also network megahertz the that at think flexible States pretty are I of existing don't the the to rest we by this as the that of incumbents terms not five so FCC, so point. our

Jason Kiser

In XXX. addition the to

Charles Ergen

there. XXX, the be the which to ask there's always the and until cleared addition to more June broadcaster's isn't that going In will risk for time

build if ability we also to robust and we partners DE we robust a we network. that obviously, more spectrum work more in way use at a So had own could the

the the in the within also want So I'm operators, that's big and little XG lead why given and think XG - disappointed of to more to to that. that that and the so we bit kind a and we're this play in Congress a do I additionally can't we the going sure I we and part race - all think we're that country incumbent FCC

Michael McCormack

Great thanks guys.

Operator

New Street with Chapman Jonathan move we'll Research. next And

Jonathan Chapman

Thanks Ergen. a one Mr. for quick

what financial players bought US into of partner has could come on you've international at at phase players network think for primarily well? to this least as you're And Jio that could the your Phil's experience from be in following extent me what of question, replicated lot and Thanks. X India. in Xg a India looked you you've here. a with or looking for the And a the the I'm comments we discussions So XG that wondering planning and about just of partner, with some Jio strategic then example to are do as that disruption made saw in echoes, in the

Thomas Cullen

market. obviously us approach forcing time to in how they've pretty to better XG were and graciously they understand XX well which and Yes, Tom. There's yet really has differences course, XX looked at the we some is release documentation are three this codification carriers of earlier It's with the how help respond. as everyone mobile the prices of understands terms connectivity. disruptive Jio elimination they Jonathan, spent and many of and of documented Hey, us have competition think which in low between or and to XG the broadband, in finalize pillar industry elements I is that the standard, of ultra XGPP latency and mentioned call, on the XG, enhanced massive release

So and us architecture. field on a a an because green equipment you of with to then once year early And significant which in of capital generation the having opening expense frame. sheet by a impact happening won't network also and operating we time be and interfaces that gets what's begins any this networks, finalized advantage the What XXXX we're develop. late course about gives or previous paper around will next within think excited have access legacy the a clean is ecosystem of in radio virtualization burdened

Charles Ergen

that Charlie. that situation efficiencies a and we Yeah sheet spend band ability more - be somewhere did that think, add network that to you and think think you your is was megahertz just would it architecture Tom this Jio and flexibility is when the bandwidth both they reaching network little the ran then architecture clean very on of of and the sheet work had today. say get I what the the I and in get to right I then of last understands XG, million paper I CapEx OpEx far most count this XXX, that with XX that realize the architecture, part important how paper in and important in I and and XX of network you has time thing that your proper virtualization of that is have, the I'd after XXX clean alluded. obviously, and marketplace to by XG But believe way, architect months. customers learned was architecture they're the they on

know but you're T-Mobile they to think us gigahertz that why I XG is business. understands public external our to is. XX the something the Sacramento, talking I want the Sprint illegal and the be being what is I - a know being XGE XGE in and different that become which going that's don't than think when this obviously in AT&T to about this something don't But don't say time latch people with to that but couple people thinks and I And is have and that would what time spend spent doing to on as that all that. think into evident. farther industry. starting get I'd that is, more in it's really what is it. That's American actually we I the really, avid become us thinks that we're

Jonathan Chapman

you're - And sorry, Charlie doing with go the one's ahead. on

Charles Ergen

ahead. No, Go sorry. I'm

Jonathan Chapman

build or that still to virtualization that just $XX doing to the going is was I say with costs less $XX billion you're than network work with a billion stand? in vendors on could result that

Charles Ergen

than more seen We've we've seen less than And for estimates for that. estimates that.

those need company, one think be I the which realistic, and in imperative but be They that think board need So and I on strategic need staff, be to think a we of challenges. it's but stretch to they they out taking to manager to. set a the big projects, executive - I achievable, our that is realistic of

lower. And so billion going said to range, we think feel hope initial look in come I that know I closer be $XXX that to think you billion come be we I little we XXX to and and know, million end really a in for going to I I XX I what we're you could to million don't I don't could going our hope hope, where on a we phase. we're do. a hope gives we're billion it XX higher, know but up. be billion think I $X

Operator

to ready you move your question? next are And to

Charles Ergen

Yes.

Operator

Jason Bazinet with Citi.

Jason Bazinet

pretty build guess you talk ago we're Yeah, spend a the and that sort requirements? that if what much that's you the ruling from out going the FCC that what DE the just a I weren't posit I so could sort about issue. adverse does discount of get saying, the wonder mechanically an confident if next true, what your FCC steps of on were just I'm are second we couple meet years to rule doesn't happens And wrong. network let's And Not happen?

Charles Ergen

Well, in like I extent thought every life that then not DEs which properly the FCC with you if give way DE litigation, happen, I'm and go all structure, against up the not proud what the right restructure my the what on you to XX could did the so resulted - to and said, both and that concerns other agreed side litigation, in but FCC when to those if DE but continue else, things giving regulatory DEs guess you think the they did in you also to court in about out process DE right said taking DE head court as you're the they to to the and meet aired and had those anything things. that's the the restructuring include ruled going DISH of by obviously you that previous restructuring them and XX the

front At moved at current least right, get the FCC least spectrum So would right. road. we on down serious that would we getting the on put expect it application now in rule that process can so the about - the rule of if them, FCC the to the use,

know extent to like issues certainly still but like we'd sooner favor later. our the the and rule it in in our DEs there's obviously to rather favor, Now, that than we have them

Jason Bazinet

the ultimately if assume in as way you in we this sort once out its against through you court build it's can they to if rule would at of that do that's sort you're as let's of so continue network go going plan around? win your court just to And wines

Charles Ergen

to continue we again network and come we're yeah, we're the IoT believe and - going network to Yeah, XG to going cook. going build to don't that's

that's or I think been there's a been no this get we Narrowband said in analyst –again, in way there's analyst terms building big adversary way no towers, even to one who's one T-Mobile were market. said IoT

in the actually, filing IoT put in it. think of don't I an now but so that was Narrowband words Now, meet I does they gist the what obligation, admits said, that

I flexible to that. do but very and to don't I to think other the other lead provider a - and but don't in does looking FCC that part think will guys that I scrutiny coming a But think network XG be - and of that maybe FCC just of believe can't I having what the this any they and we that need the But can they fault. what of is execute. I'm and is I supportive think said be the has. that we're bit And looking think the think different don't standalone that's understanding rule Pollyanna, they'll don't don't A, up do more, I - than think level we're they doing it So wireless I what the it legally, that world's understand they think under doing the I they use; is that and our a us, the on think more I understand as doing, don't as understand that of do right, some change rest I we're start supportive think I about that. mean, for and I have probably look, as this to to they're overblown what of most

Jason Bazinet

you. helpful, thank Very

Charles Ergen

did just –this and focused a to get the are on assets for are of in we're they of of to - a world FCC for controversial, used wasn't they cell that Because and small and easy decision, example popular if XG going but and FCC are regulations on lack politically that the better to and so regulations they done that that's they it's important lead supportive staff I good that but trying this They a wasn't is - to improved in regulation a a kind XG. think wireless or did did maybe not being things. advance lead the pass and of do person lot simple or - and great they for technology and FCC they've very

Jason Bazinet

Thank you

Operator

Vijay, with line Jayant Vijay Evercore open. ISI. we'll next is your to And move

Charles Ergen

can You move on.

Operator

you. Thank

Next BTIG. Piecyk we'll hear Walter from with

Walter Piecyk

already seemed questions, in there on some - I Charlie, it guess, normal radios you is were imperceptible on - rate. Thanks. you've like run towers just I started two a first CapEx, think XXXX, CapEx putting was

a looks it's bulk both be final better then build? partner those like and would solution would help those government hit? free they spectrum, they attractive XG I its Thanks. more preferable? opportunity you about the mid need Now, fund a more for other they Mass generate of the you deal the think If can question build, Sprint have second has of two and for greater companies, the get find of from would coming to cash when band Sprint with were the to If desperate blocks XXXX bit which an side to that And might is, option it the scale, flow CapEx partners and here. which think T-Mobile so the little one if you a for to probably be an you stages would for Sprint T-Mobile

Thomas Cullen

have to you I'll Wall, on Hey of order to radios that know proceed towers, can in terms one. Yeah, steps milestones you the take first to there's hang construction. it's as you Tom. many before in go through

of moving fourth So country. some first in early but the in much of quarter, that the had significant weather late also parts pipeline some and quarter is pretty through issues

in So activity question, third pretty and terms second answer expect your ramp to CapEx. quarter of to the therefore activity would significantly and tower associated I

Charles Ergen

with then obviously this prior mean tried And discussions their T-Mobile. them it's to continuing no mean buy we're merger and to I I public, - is we Sprint, right - with

wait to have we'll the what regulators So decide. see and

obviously but side Economic really pretty that a own done their and think they're and the Sprint merger poor by people. half would the become biggest so showed really - they've more limits limit, - prices other XXX spectrum up market times is the they two screen FCC going hoarder but and T-Mobile saying, a side over the on job than almost of through go done I I Studies would they've on we're things the to the of Economic good a the - think Their Study. some spectrum job have the sympathetic antitrust and by that political the

think challenges and we compete. that of got So they've DISH regardless a that that where ends let's see perspective, there, up chance to but want up ends from where I then

Richard Greenfield

could up - just I follow if Charlie, And

Charles Ergen

I fail, And compete. a I want chance to but

Richard Greenfield

Greenfield. Rich It's

Charles Ergen

go Wall. ahead, Sorry,

Richard Greenfield

half roughly had you than - were Greenfield, Rich in a on the your losses said - in that it's little of comments due bit or subscriber issues. the more No, XXX,XXX to your before that release your programming

XXX,XXX, first calls can and because NOW roughly loss that felt subscriber the pain Univision most June, Does Amazon drop think you HBO of it on of ways just me with you XXX,XXX have in I'm that So of HBO us? for prior still that maybe HBO HBO of surprising pretty just or clear but that on seems around get that Prime it an like broadband July. of the much just early been was were surprises going impact contributed so after of in the lots HBO, sort which available would but and call, to of not months majority just to the HBO there's buy say and couple could mean those when me up clear that on this I you late loss that

Charles Ergen

with Deportes which all June, their soccer went his up, I don't - - end comments, is Univision the wasn't Univision the Network Univision down in but se Eric October. per down was in as in there I yeah of and think but there said went Sports quit

that obviously I So HBO, fans any –their summer put today front, real shows at guess and down. soccer there. the Thrones in HBO will dramatic and the during the drop main there numbers their the claim but soccer haven't they've when there from is new And way, to say last that to was that started show my and shows you - what - on interesting maybe be Univision come been that it, was because the HBO people find least promises been then leveling hasn't period had is in this think get then probably been Game off period pretty I another I would that drop new it our another - fame of through don't have - on a way HBO during hasn't had that as

you and you on are Game think - certainly add to painful that a when pickup realistically comes for customers I HBO. of It's have customers, losses add painful, for would downs. we downs, us. have want had take do Thrones preferred when So it's take always painful would see the our to something for defections from expect may our not we you both the But bosses there? in Warren, that losses

Warren Schlichting

it, Rich mean, covered and I think works Charlie roughly I mean, your half math you of there. I

Richard Greenfield

much. very Thanks

Warren Schlichting

of numbers business. long-term rather customers the last - analysts steps that and years, crazy for I call of is have and have that thing it we is the the actually business couple for aren't that steps run think the street, some, the which of the doing profitable, team the profitability businesses I painful trying think had giveaways not sizing eliminating just customers, the for on our but to of run it and taken right a underlying Eric as

business that's core the think big I paying dividends.

I they people of at past bottom there, and for and some result there's that it have quarters race happens. then part think bottom of the a we're some to industry very be have think promotions aggressive right climbing there once now making AT&T possibly most they and to we're the the people back probably size I so see others tell you'll at up. because some already in just start will think and realize and way process their - the the where that couldn't at to similar there get And stabilization that, I have were kind that they'll and their point you credit money some of few going through is point on

Richard Greenfield

Thank you.

Operator

with next move Marci And Wolfe Research. we'll to Ryvicker

Marci Ryvicker

the I do couple so a at core why just the share to for business I questions harder doesn't with have AT&T changing guess costs? to going and run, clearly get point this JV it it's ecosystem a at make to continue feels is first, the it and to sense like

Warren Schlichting

real last good at gun not pretty simple you AT&T, conversations. at and to where head they're guns HBO if at by a it's our Well, probably we're sticking can't - looked long I have I head? take HBO owned is you're your not mean, an I'd

Marci Ryvicker

it And expense want without be in to than to ask Univision programming question a that safe XXXX XXXX? then the and business, core is HBO I on so assume lower and should

Warren Schlichting

bounces certainly they measurement, of It get price would - Those have will be viewer overpriced. the two on they might definitely will out there's that be are been. subjectively to they lower. increases, based lower considered products than be Well, otherwise

Erik Carlson

increases such HBO a high on in [indiscernible] just and subscriber basis see spite other in them. and even And ones Univision programming increases have of in being you'll down, per costs because

Marci Ryvicker

you And both backing some give or comments you then third any thing locast.org DISH on conversation there's that? [ph], or are either can that been Charlie

Charles Ergen

No.

Marci Ryvicker

you. Thank

Warren Schlichting

play we'll from and community media. to move analyst more then one the Operator,

Operator

you. Thank

[Operator take final Our comes from from now We company final with will question the Instructions] analyst Williams question community. our analyst Cowen Gregory and

Gregory Williams

My G&A question squeezing X last to I aspects Great thanks fourth year. up fourth is me was it, get quarter seasonal on it's quarter for a up the in. fourth but million quarter. over

little in as as general like just megahertz the Thanks. XXX to see it bit changing then just proposed looks spectrum occurring to or portfolio? the just wondering your and interested spectrum, and Just want that have and as for higher one to and earnings than specific XXX been last that CBRS to relates talk gears call can know be since these band want out? C-band And quarter it there on your we in in anything was developments or spectrum much a C-band the to about market last take developments

Paul Orban

there's this on Yeah, I'll There's Paul. really is increase. take to takes small G&A out call question. there, and the nothing puts that

Warren Schlichting

companies, modern of they process non-U.S. spectrum in era And it that's is the some more but tougher, like and I C-Band because European like normally bit that's along proceeds available looks C-Band proceed. and and to kind of does that kind - the is the little I any companies I the that government situation. - royalties auction an is in this Canadian for similar we're kind out process to you CBRS the moving competition cap base the C-Band a there a are going a that's sharing tougher of for little maybe [indiscernible] spectrum relates have think worthwhile spectrum, to that trying but I least difficult so to - what CBRS endeavors incentive and and normal think more auction, where get think think at bit that control here you as for satellite that

tax So, manner on general, done might we'd CBRS you things think be that paying effect be people other have and fair incumbents be entrants, supportive to I treaties But be, not might and windfalls politically foreign long the or on perspective, that interference know, interesting to companies hand, have U.S. taxes it, to marketplace then the in might CBRS from U.S. in as that's that's at. to new equitable Treasury. a look and both of and the C-Band as and additions on to

Gregory Williams

it. you. Got Thank

Operator

Our from members Reuters. take comes [Operator Dang questions first question media. of the will from media with We the Instructions] Sheila now

Sheila Dang

you could Thanks renewal Do contacts are if up? else for year. anyone have coming you this wondering to was any up question. programming on for I whether comment more that you my conversations taking with expect have

Charles Ergen

no is, I offered of things, arbitration one Time It's Charlie, was things to with that up, say have be merger we or we baseball-stuff everyone the was agreed they type that they the that in - baseball-style positive AT&T have one always programming different. couple so every a will year there - that coming of contracts binding that Warner will say I'd a arbitration.

through somebody contracts would those good, process that a be where are that that's not go chose not subject down So were to going signals up. or process get process, if at into those

Sheila Dang

Thank you. Okay.

Operator

Moritz with Bloomberg. to move next Scott we'll And

Scott Moritz

Great. subscriber ahead, more subscriber Game levels. Charlie, of impacting And HBO probably, you're prediction about look you losses. the that, predicting already your with accurate pretty as you're Thrones contributes Thanks.

there a Sheila's are you contracts point Just not the significant in to the and blood scent future if with that have more sense and maybe to can might curious leverage might that and you contracts? up coming follow negotiations be of water question, that there is that

Charles Ergen

We're I - pipsqueak don't really little had never big leverage, in a a companies. had never changed. of has we've that No, world think we've

the differently, - views to and have what view bunch of about and how per we there I we our, our leverage. So real with real - mean, bunch approach look But and do had right? never any cost what a data data. data we've data. is write customer of viewing other it at real they big we programmers they checks We what along a

for also right. So get and And people we alternatives watch that what pay. they're a have what to look basis product, relative what willing to at you the

get Direct. today different obviously, can They a available variety So is HBO, ways. AT&T it of from

programmers for depending we increase. and this a meet a We have have their the this local make, they going rationale, Most So, we a - X%, historically more CEO than year. on have what much TV got feel world have to want their increase and this have X% it declining are last that But - budgets, least even of what to sustainable. is. AT&T we not to at then ratings, to be we said budget percent we XX%, it want XX% got We increase. a we make they're in X%, might said, of an X%, increases an

few figured I not sustainable. years ago think out a that we that that's

we've So, us they've had, the partners helped business. grow that look, our we'd love

us, products somebody signals with with we're work sure I if us. move dankest and do that. company doesn't out think them good good a done we'll to was of our Univision acquisition job little management want change good there level, a our their on I going But was our also to there's and think to of because and a wants the of again, other AT&T make profitable subscribers do programming We'll get we've work the how on where the the department. HBO's to Time businesses to executive somebody ways And grow figure because unique helping Warner. at situation run and unique this to both bit and and

the front that item previous was there the nobody So of that there had. the team budgetary than them had history other in

slow they to you - start. a So off know, we got

Little bit way. miscommunication. that put Let's of

Scott Moritz

Thanks.

Charles Ergen

business. a By look permanent in you think means, deals very been I takedown losses. can to of percentage should probably and I if think all had, if service But probably do a - at it. we've as and by certainty the better unrealistic money permanent we make and down this just no say ever terms in a way, I small - something's taking handful your I'll you think XX,XXX history, lead more by There's you you XXXX know, customer done of some

Operator

Our next [indiscernible]. move today's today with

Unidentified Analyst

much. to consumer business. so They're and content those. life they've of direct collaboratively. you're now there? as in Thanks look years, in an evolution I offerings, as its complicated other over I couple and direct at How hasn't step would just business, be the other these view more it well last thoughts you mean, as made consumer programmers. irritant? kind any partners of back And you I'd of interested isn't mean, it HBO's the to side describe terms so compliment; on trying both as companies, to case, and do their the neutral investment it's to There's core in taken of disputes with in But much a HBO pains

Charles Ergen

I that I all HBO of right, are clearly in to distributors going issue free, is them a And there. the first AT&T two Well, at do take bundle. collaborative, competition with out for they they things, think sells

in sell they life, and for So of It the past actually free has course right? it's direct. been

have have to on So world's that's not helped years. said decisions that, having are their based that's where people management, for business very things But make the going. the that where you collaborative build as going, over

kinds why the It's moved into to years, transition things. people most those connectivity, saw businesses consumer direct to Sling. we we So, happen connectivity, before, started because we yes, of and years that's things those why is saw maybe

viewing have The to your on fact ability There They to the are there the customer XXXX skip ability is with broadband strength. that experience direct never the to with anything Eric other hours programming not with that the rural and to possible network America miss primetime do enough a the experience pretty That's away, where a TV show, - free there And device going changed, do to people it discover superior record ability popular - commercials is my Sling system second product pretty you team, piece people. on that can in of that that. and remote broadband of with of you hopper is I'm a There far your the to and love programming can that love what's different to with to and have omniscient are we people the you that connection don't anywhere fact subscription today. you Dish have out are watch we that viewing through And I broadband. lot get now businesses I and a have not going real I fast and a Hopper still get whatever. where I and speed high voice because any ways. about for don't are is right,

is thing second competition there's So where our places go. can't

game doesn't an or right? happen. want it get you're - tailgater can't if just video a with a you have RV you game, - go for truck ever stream a to If there a or to tried You at connection

team say as to this the literally the we're call you business. grow not And to that we about talk Univision, bit We're of that? So you'd pessimistic so Because core add our Eric, it as business, focus can business of this different. our not absent our company of day. see on that a sides we anything I'd and have think little HBO to unique in tone - every maybe those want analysts I and areas on

Warren Schlichting

one at media we're the the Operator call more from the so community. of we'll take top hour,

Operator

you. Thank

Denver we'll with [ph]. Business Next Andrew Dotson to move Journal

Unidentified Analyst

Thanks, Charlie.

excited that You ATSC spring. different you to that it you And I'm up DISH guys putting leverage broadcasters last help curious, have it earlier, did how the mentioned Is you're testing just Univision about standard? on that get excited it Does during about it? I you could good? are think antennas to as working were more X.X something have the was blackout. launch this some standard people what

Charles Ergen

is set don't to broadcasting to they have say in long-term, earlier. it we don't the to. know, going way to their broadcasting on I the are infrastructure if what's you the - the growing I standard and independent is they terms broadcasters, of about they when We know don't ATSC were new want Well, talked do business build would X.X whole of we shift - a particularly what and I need you where community have

think between broadcast can wouldn't for like X.X be having stream be from to and revenue them So probably is our opportunity and gap for they there in, the new might perspective - more but we autonomous can going different in along the be use that we from participate we good and ATSC a that broadcast that where since filler rural vehicles partnerships us that. technology for broadcasters things sense them we're towers highways also to in communities

of you uplink those to when that things In That technology. like have addition, we interesting they together. have put me broadcast a looks a from spectrum don't match side potentially

of the look, point, where we're this we're continue that want inning right, - would we until that. to of But technologies, focused to we're they identifying we I we have normally we're can see in where just And even to testing leads ATSC see first but on in that where for I anybody it but we we X.X exactly to early come and good ATSC think continue going go fruition. potential, pretty it. more track knows we'll don't and And and don't of to has the a technologies not staying a test, test do go. period know always So continue broadcasters record and with to them test at time work say long monitor with they to X.X. that

Unidentified Analyst

Thank you.

Jason Kiser

you it participating. that's for today. us all Thank Operator, for

Operator

thank call. And your that today's you We conclude participation. will for

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