DISH Network (DISH) 9 Aug 212021 Q2 Earnings call transcript

Company Profile

Participants

Tim Messner	EVP and General Counsel
Charlie Ergen	Chairman
Erik Carlson	CEO
Tom Cullen	EVP, Corporate Development
Paul Orban	CFO
Jeff Blum	EVP, Regulatory Affairs
Stephen Bye	Chief Commercial Officer
Dave Mayo	EVP, Network Development
David Barden	Bank of America
John Hodulik	UBS
Phil Burnett	New Street Research
Phil Cusick	JP Morgan
Doug Mitchelson	Credit Suisse
Brett Feldman	Goldman Sachs
Craig Moffett	MoffettNathanson
Ric Prentiss	Raymond James
Walt Piecyk	LightShed
Richard Greenfield	LightShed
Kannan Venkateshwar	Barclays
Michael Rollins	Citi
Scott Moritz	Bloomberg
Mike Farrell	Multichannel News
John Celentano	Inside Towers

Call transcript

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Operator

Good day, and welcome to the DISH Network Corporation Quarter Two 2021 Earnings Conference Call. Today’s conference is being recorded. And at this time, I’d like to turn the conference over to Tim Messner. Please go ahead, sir.

Tim Messner

All right. everyone. morning, Good us. joining Thanks for

the We’re our joined Chairman; EVP Charlie our our Network Regulatory And today Corporate Blum, of got our EVP EVP Commercial the Carlson, our Officer; call of on CFO. Erik our our Stephen Paul by side, CEO; we’ve Development; Jeff Bye, Ergen, Affairs; Orban, on Wireless Chief Tom of Mayo, Development. Cullen, Dave

no standard historical statements our for will safe be statements. uncertainties actual making that any remarks start and We’re make with we updating historical risks, this not differ the cause to forward-looking assume could Statements from not materially that that to going our responsibility are during results from to harbors. today, results opening forward-looking we other fact subject that are but call and/or factors statements We forecast. constitute of

And discussed open other SEC start For filings. risks, uncertainties and questions, analysts. more and with it. that, refer the let’s the information, in our to up to with factors operator, please That’s it we’ll

Operator

first Instructions] ahead. the of we’ll take America. David from Thank you. at [Operator Please Barden Now, go question Bank

David Barden

vehicle between for we’re I I coverage achieve question why together? XX% think, couple give is, specifically, to I network came on like? is AT&T wondering a the and, to could Las this could now network what deal a And have the map build give could. services your infrastructure get background DISH say, us more road for guys. how suggested came if you launch. have questions, a guess, contemplating some little the some kind it in first on would broad obviously, was XXXX, second it the there’s should color bit a FCC of little of that what half think And would Thank about that a lot agreement. partners geographic of maybe Vegas Congratulations the Obviously, to together, XXXX? going waiting specifically it, I guess, coverage side been I its talk June that. by we you the expect? great probably I I network of I build. a you, if obviously the requirements, on if of And love, you’ve be us a would is look

Charlie Ergen

we’re our the I’m always Mayo AT&T talk throw off Dave, about second have it’s Sure. to I’m looking But that things how And on -- Bye secret to over helpful just and to Stephen opening obviously, shutoff the make to the Dave relationship. ways not for deployment on T-Mobile for shut no improve to from question. that premature was customers. question looks. your comment an CDMA And going and going it

So, one their with it was work of for competitors us. to opportunity an

And do agreements, those AT&T help us led But, that really have T-Mobile not in help otherwise us, mistake, and the to happy SEC two milestones. do time so, that to doesn’t with. help up we in meeting happened. they might of one It not not and us either the good T-Mobile, shutoff terms doesn’t -- still work make with discussions or AT&T important is probably help have could companies line, the don’t us in of us -- we’re CDMA super to that no

view it the I on a with and big agreement more maybe as -- a is it companies give but little both let extremely for positive I to color positive for it. with AT&T And companies. for -- moderately throw from -- and certainly it over potentially moderately both that, does I’ll you do certainly maybe So speak Steve themselves, think AT&T but but picture, I’ll

Stephen Bye

Yes.

seen, feel a into our we is partnership both us, companies it also a you’ve color more some approach very It AT&T. that really So, but we have companies. add with we just of to long-term creates win-win of is, sort It important certainly went customers. which both for Charlie’s as strategic with as for to for this -- comments, value

things so, -- And the our customers is better much very and that’s important more network the have a so a markets. customers the of the one skew address it in and our allows in footprint broaden network and existing that the to the to of those to and AT&T the supporting us our quality part the distribution relationship of network this beyond as we today that they relates rural, -- quality DISH given skew network that serve particularly, of network market, our to go It reliable coverage. of different Boost and in with tend quality

I well network. how as those the customers, our on them on AT&T think network, T-Mobile a that, relationship is for both being the the in is customer to but it we’ve manage the network beyond we been part as strategic, of And with as partnership. migration addition as long-term well support working with the other also the

is go and that operationalizing we’re forward. a one towards good And so, it working relationship as we

in thing it with AT&T is add other the is running agreement. relationship The a to broad

time. in-market it So, give to out-of-market in roaming does us for addition long roaming a

a agreement. you’ve it’s As seen, XX-year

our helps our but So, obligations to remove that’s it of build doesn’t very build. on important the as any support

it hand that, with so, to I’ll Dave. And

Dave Mayo

Thanks, build implemented respect Stephen. with you decentralized to aware, very our a program, might be And David, approach. we’ve Great.

be sites. are that markets. regions have markets that building couple this our the the to have for meet tower proceed signed to we’ve saw We next activity the company last hence, you in XX of to the and regard, leases received close and some of the that all that on early third a And In of June mandate colocations, notices XX% substantially are required all substantially calls X we’ll weeks.

we’ll -- And to market those we’ve construction activities in be commenced by so we’ll markets, as days testing within construction close will talked as that in be within we’ve beta construction substantially to cases, be fourth quarter geographies that the in quarter. your in the and with -- on. and markets XX next may -- end XX geographies As the there customers Vegas on about, multiple we’ll some the the third commenced of we’ve XX complete XX a question, then,

Operator

now UBS. Hodulik Please from go take John We’ll next at ahead. the question

John Hodulik

will part you the XXX the will on you infrastructure AT&T able blocks be then, quickly the side. doing on on Las up the fits And on How you with AT&T guys the talk whether talked to helping right guess, new about will what I then, they’re migrate particular to a Vegas their the from go cooperation XXX. network? be about little guys And AT&T And well to spectrum? announcement, network the light network? of as could gross traffic bit -- adds But, of with know the in you lastly, launch. T-Mobile I

like, is in be Thanks. force anything talk sort pricing or Just wholesale of what a business distribution lit guys on? you about up? of that will that in look us plans retail the network expect gets you side, side will the Will sales turned just have establishing the could that once about network once you and to what of should tell sort or market, we sort

Charlie Ergen

I’ll will to maybe try Charlie. somebody take in. want those jump to else Yes. This some is of and

doing. an AT&T, extent that customers T-Mobile. that going remain doing, we’re doesn’t partner terms of important transition MVNO of what they want of part we’re AT&T forward. part perspective an be of They off mean will to to from mean, be transitioning our obviously, important what In I the But from we’re again, our an primary that

able the things of that to be So, one that obviously we’ll is to AT&T. relate Las provision to Vegas on we have do

going about the somebody of want some or AT&T that. get that’s And a guys obviously, time. us -- better to customers -- maybe hope will talk So, else of move network. we one a can our take to bit to But to maybe

XG And the the a want LTE enough speeds XG on and pops they And the most as normally then, -- are. I States of are people that when the to, where and big in coverage to the consistency thing most on customers new for want for really our they United see we be for really don’t the today they XG, think T-Mobile talk customers And and and they will kind phone. part, stay across network difference picture priority. Some customers, is up them. better fast

States So, little a they’re for United XG today. Nobody confused. the in can charge more

obviously, coverage for a the think customers new so set that advantage today. for And tremendous have us, we a of network don’t has we AT&T

up FCC build is there fast they for their milestones. be all rural as going Although America T-Mobile to a over

XG. -- to can the be T-Mobile key. really considered consumer. blocks T-Mobile’s it’s and wins which in out But be the within we’re perspective, to XG The depending or going as that’s guys. job get will X.X to And And The other I But XG that That both XG well for bit is where for development, real certainly advantage can a different probably that does And AT&T, we building to, big do XXX our plus on today still as important that while megahertz one a C-band point perception we’ll in the the and something either think than from a is two. doesn’t to best both part marketing development, going of that’s and we’re to who that’s in T-Mobile a race we think it the be arguably our positioned of XG architecture be has see that race, differently. also our might going own of of with different little what XG those of they’re up the customers, leader the who out, doing be the XXX on megahertz. you those probably going is building differentiate feature think that a kind particular we’re an show XG build of the is, key important. customers it

the best there’s it, primary but get terms well-positioned. things for but it’s beyond forward. they We in for network companies, that them. could So, we’re to the coverage going is -- touched positive. customer, is AT&T With the extremely quality get and Stephen other value -- But both moderately AT&T probably the positive going and of think be just on it

have. mentioned one spectrum we You

get images spectrum. some and companies have cost -- be spectrum there and interesting scale are share an mirror might save XXX gigahertz megahertz. if of in have things We save the interest so -- could and you do both XX some We inclined. There

bit some sooner we’ll a lay out. that build could probably as use be it out, fallow spectrum than AT&T. to rather have We later by for until we put build we it And

committed from services of buy AT&T, our other we’re benefit think doubt lot like technology are of to we’re the and since I the buying that working from in there’s both together on there. interest get have teams the they’re have that partner business, things somebody where backhaul so. there’s a to So, common going on. And And and now, they video we those deals, a have we a

So, I get along, realize billion see will both Vegas. both are things potentially companies. can we’ll And It can much we Las be well. And you that will that that may other each question may We’ll sure can -- I’m frenemies. deal beneficial I companies remain not. not we forget about far there that as to this $X than when The to. we’re then we committed the could share as are compete obviously -- better with do -- as the that, a parties we but think

Stephen Bye

distribution. about It’s

Charlie Ergen

Distribution?

John Hodulik

Yes.

guys going rest of Just what to or in service that it start for you do the beta network actually year, the it? you when customers be the like on? looks to adding turn Is

Charlie Ergen

beta XX minimum it’ll think a of in for days. I No, be

things vendors radio cloud, put changed we been sure You want in adding we a got to not core obviously the start integration that hasn’t to done we in integration what last going O-RANs working And anybody to put that’s baseband in don’t those doing to the hadn’t start six change we’re net our with addition cloud, to we’re Even the core core the heretofore. the today network which cloud that though months. now, cloud, the to in of the T-Mobile. want We have our by together. way. of the make have to in things the the planned in on work maybe network But, AT&T are and decided and realize kind and we and doing have our we

be then, get to will going but beta the that’s things of of to So, of got first them the we and in at line my integration. a XX-day total. by right lot lab don’t we’ve them work take work least out a And or that. that from -- month think we deployed two, so go network to days That when a the in and you end on Things from of reality we’ll lab September, kind Vegas lab up exactly experiences, in be goes got can we integrate you’ve there. the today,

retail. will it think have have after a competitive. Obviously, will light Vegas, we will We in up be and Las Vegas. have we’ll consumers that quickly presence for retail cities, very as other We’ll offers

Operator

We’ll question next of now Research. the Jonathan take New from Chaplin Street

Phil Burnett

build? does It’s Thank of to and the I for a change Burnett change but the won’t the it you actually network way understand Quick more you. will that for in-market quicker it Jonathan. element think Phil efficient AT&T the lead one, you deal the requirements, goal roaming FCC about guys?

Stephen Bye

Yes.

of up. The our customers, roaming doesn’t plan Dave customer I’ll impact Dave. and experience really and build but the is terms the it So, his then ability on. it working in I’ll in-market I’ll start important to wrap Dave are manage team the And let that and let

Dave Mayo

Yes.

milestones. anything not as We’re respect doing a our meeting FCC AT&T deal, of to with the consequence the of differently

Operator

from take go Phil JP next question We’ll Morgan. the at Please now Cusick ahead.

Phil Cusick

now AT&T that the alluded on Thank the as a Does anything? as quickly on shutdown passes? but to merger updated separated? CDMA still? what’s thoughts time you with lost just well, comments, change DIRECTV what’s And any the this is DBS then, And separation you. Charlie, exposure that

Charlie Ergen

said companies I together, year, think party mean, that’s In Really, I’ve it go of I two PPG. inevitable. DIRECTV involved terms of terms and another in those last that there’s the DISH, obviously,

themselves to So, But continued and and of the from from regulatory because, less a don’t whether it positive dollars hundreds deployment or that’s negative, I marketplace. broadband objections obviously, obviously, programmers the competition of billions view, reality of know. there’s the point to less in of

timing to think anything wait that’s than whether it’s have I see else. -- on desire and issue just But, everybody’s think So, to I a that. we’ll part just there’s do more

year be terms of I years. they think Look, oath, shutoff. a kind a I the that -- regulators false -- that Yes. T-Mobile had was would that California talked three this minimum -- in under early In to was question CDMA that that’s of said of

I -- view think where from obviously anticompetitive way that challenging we that it kind a people year. a actually false that as an turn think to do challenging of a very to that outwardly in there’s I MVNO artificial because partners it’s this deadline the get -- move a We off that’s situation -- are that to customers, pay -- our we our and convenient was it. a January

off in that marketplace and got extraordinary extraordinary they free out for think now, XG have I a and two a upgrade They may You to notice of kind right? -- phone offer service the they’ve XX% for smoked offer. for years,

himself good And by be we a to it already you. -- them about of some they’re school, a how The so. he call that winner. that the they’re what -- ball winners. I the now sore good And -- $XX to So, in takes getting synergy front that is sore $XX to of sometime. that’s -- spike obviously I and who of of brag them brag government they think they all billion line -- they’re bit be the kind bottom customers synergy. that $XX at maturity in their a aimed And a and to that’s great that met upgrade million and really -- network. want for, hard have billion to not And of want winner, sometimes was good customers government got and and paid to guy allowed you’ve winner It’s

doesn’t that’s lose and a don’t -- that that good -- to -- objective the customer Boost But, so, on customer And consumer could that their the customer the at other Boost. the but upgrades, hand, lose and for that not -- fact I’d customers it’s it’s than a good service. make service. to sure it’s much our upgrade, may DISH is rather lose at be service, the And their main have the least extent

continue we I that that Xst. January through So, expect think, promotion they’ll

how They that TV been I and was the be going think continue their promotion. we’ll CEO going see they business. as they’ve by TV on nobody everybody wait And and they’re said that have competition. probably went on that expect I no would they then things by upgraded to be that to -- other there’s upgrade go. going and They’re than January if everybody to Xst. in But, And to impacted went do January Xst. that, probably controversy

Phil Cusick

CDMA who be do How that to Charlie? have exposed many would customers still shutdown, you

Charlie Ergen

projections disclosure Well, migrate don’t was now ago? Xst But, our lose -- is progress Boost I people customers show phones we are I that and a majority that of a to that are of made And aren’t this January will this was the that taking customers reasonable and still -- people think And suffer group have last are premerger say service. all we’ve and amount economically making number is our we challenged. shutdown. that their customers efforts jobs, these that most good a -- smaller. the these so And majority The again, high-paying is bank America, the customers. I CDMA material on customers would accounts our not are and think economically of in challenged quarter from the challenged have our will on so that

lose even that more people important these think I their it’s don’t So service.

Operator

We’ll Mitchelson Please ahead. from Credit now take go at Suisse. question next Doug the

Doug Mitchelson

one A of Charlie. short and ones for couple then

DISH support AT&T addition be to would customers? own ask the of AT&T the be In to the to able DISH language in DISH to to AT&T to and XX-Q I clear, deploy terms reason serving requesting wasn’t noted is NSA the portions in quite their The since customers. it that use serve able would spectrum, DISH spectrum the of customers use spectrum

one. So, quick first that’s the

Charlie Ergen

let I’m answer that. Stephen going to

Stephen Bye

Yes.

the we for all looked sure that just and to their at Doug, that not on And So, can reason -- continue is capacity that deploy the part customer be but network. we network making customer their spectrum our experiences basically, for leading. customers was up on just their market our AT&T customers as load of experience

Doug Mitchelson

what Las anticipate on And AT&T clear. needing would be would That’s the T-Mobile? versus building, would Las anticipate area coverage in Vegas you given Vegas then, the roam -- you the DISH network wireless Okay. to are network customer usage or you on

Stephen Bye

Yes.

be So, will the by AT&T. the the network network, that complemented to access majority usage coverage of on the our with but we and have

Doug Mitchelson

wireless after accessing the Vegas? either the as wireless to thoughts on a X quickly, of that you point, enough with you could post at past And capital gauge build. you pace Charlie, driver O-RAN anywhere. go that’s multiple about or of strategy concept I could I But, cheaper this where acquisition this I’m sort wireless talked of now, out initial the self-funding about DISH. longer you’ve Cloud spectrum of for lot you Okay. and are aggressive other will customer all you Core aggressive more and a guess, need? I’ll then, Phase you this proof future take term to could talked capital At imagine Maybe afford you’ve things a hoping contemplating of in I and capital. to that capital in think build won’t with you pace needs. capital, go Any of Las scenarios on internal just But, you’ve achieving most a just or and access a know go be got

Charlie Ergen

over think we’ve markets, the XX-year -- I mean, I capital accessed history. a Well, historically, so

obligations -- have pay we don’t back. obviously, need I So we and to

that capital business always, our obviously, do. -- to competitors raise we’re opportunistic markets, had never and if accordingly we’ve our been we capital the -- continue there’s we and to some So, of And in kind the reasonable ways innovative. of as pretty capital we’ve plan

we’re capital now. at in think we’ve comfortable he available And -- capital so, And positive innovative. the to that in the have or space. sleeps night And run to his there think I had knowing But, to opportunity so. with out markets with Dave we manner, things. we for Erik that be themselves, those flow that more meet obviously the have to obviously, guidelines I business take the look if deployment partners advantage has a cash of But there’s

Doug Mitchelson

be way, sort build of Maybe Is I good network try pretty to sight five will line to this Charlie. will on it a years could in this take take and of time going of like? there four get and there up this XX it years? -- stand of get you the sort XX place, business running way to in it’s a to years, sense Is that it

Charlie Ergen

think Well, we’re -- years mass. from than would less critical I two away call I I mean, critical what

for We’re And two the next going to the cover XX% of that’s mass. the years of population. critical country

so, enough that’s XX That’s with a than network network, than customers, going to they had. million million or have And to differentiated and XX mass. have had, I -- We’re roaming Sprint par on they where think critical better a we’re and Sprint was. better we’re had And going so.

isn’t at This good helping first of I this and I -- very importantly think, you our we’ll for have the enterprise marketplace, to a you’ll both our -- XX% milestone for goes. models to be feel, level be pretty case, is this enough project. develop of clearly, obviously, able start will in more a five-year high milestone in compete So, but business. think But XX%, maybe for a where the consumers,

Doug Mitchelson

Las Thank you. model. That pricing. Vegas with will help I’m right. you. that for certainly the looking All Thank

Operator

go from next Please now take We’ll question ahead. the Brett Feldman.

Brett Feldman

a It’s about. were Thanks. what to follow-up you actually exactly talking

the those network about and have not flagged enterprise a payments. the of a Typically infrastructure that space the that while, in to upfront a large it’s response to opportunity particularly private you’re as customers capabilities slicing of fund is uncommon deploying when a the help key to the part about flip plausible if in that network you would in case, as to $XX infrastructure win, market, you. side Are that deployment are wins? going it of enterprise response customer outlined, services particularly the think contemplating the is in for forward? that could networks. building, for when you’ve enterprise not how enterprise enterprise network For be the business advanced be, the deploying you’re fund you then, And your billion how maybe you’re you talked that of of by about customers? budget you financed thinking to Meaning, Thank contract some that’s space, you the you’re pricing going question

Charlie Ergen

of the it certain to others they going to out, they Stephen imagine and say haven’t enterprise that the want in geographic and to customers models the that and I of happen I’m -- throw they to can the level and want a over slice think want out. And there’s built we you weren’t lot region a network of business. quality, built who in enterprise it

but the think plausible, can I’ll deals You -- and or the pay they the building the broader let -- architecture straight drink with by can customers gig you I incumbents. what scenario, I’ll is certainly why your differentiates from pay or let imagine we’re and certainly they it -- that is, is business just answer where the people enterprise why maybe buy can get Stephen answer really, for enticing so

Stephen Bye

Yes.

enterprise to utilize enables Charlie’s we’re operations. for architecture private seeing control networks today and we’re own and that that allows and network business the the level level security significant that really interest deploying, much deeper networks to their So, of private a traction comments, adding XG in a of and

RFIs. significant interest to RFPs, been We’ve seeing multiple responding there. we’re So,

a proof bring We’re concepts as right and partnering of SIs market. working we of different now number to with the services we’re on

not And that of about working networks on business different on private are our building by customer, thing depending good models geography the there depending so, the And we’re the the they’re these is network. geography. on macro constrained

to it’s has other we’re is There to that customers which interest an able geographies And a this. thing, then, environment. all different across also in serve isn’t in So, that specific verticals. highlight, important within vertical the

being that native, open interest seeing to And to ability the very the have the market every every take deploying, is we’re unique industrial well-positioned do the but architecture cloud compared vertical We’re the other we’re distinctively today. and also it slicing, to in segment. operators what architecture, across

the there so, we today advantage an And can’t taking that we’re get they not but that future, advantage in of. to clearly say have

that think do in -- serving even a great business I in the that also DISH add it’s important today, to business we hospitality.

that the able business to we’re on partner to video doing augment we’re systems integrators within side. so, the what with have And we

a where kind And we to serve the so, capabilities whole screen can have verticals that’s and company well really we across that today. on may integrate the some terrific not model of assets radar as their have people that the other

Operator

Moffett. question from ahead. now We’ll take the next Craig Please go

Craig Moffett

some companies I in applications by Let’s stay enterprise different. for opportunities, with market But, sales the see consumer enterprise the devices today talk than the of national if what think could, same not aren’t topic, from particular mostly if market by you’re market. verticals about describing on is the national uniquely we you guess, that Charlie. depends, much being really you that The that dissimilar localized serve is quite in services regional interested and Can are you that think in envision than particular, regional as wirelessly than they you are can you ones are lot a today. basis really are whether think buying on they sales how I businesses? a And I or because which large more rather

Charlie Ergen

Yes.

that’s areas we competitive there’s and there’s -- where are there’s Stephen here. in much of much -- localized. today, enterprise national it companies, but even clearly jump wouldn’t -- So within be very national But may but there

that that’s that but going you’re hospitality is industry service hospitality industry, going -- imagine localized, can customer you basis. still your -- hospitality the and do industry, hospitality where you the in the a you’re market-by-market to want your So, differentiate because from to yourself in

today that footprint and You because that can they right, private the imagine aren’t anybody’s they’re not to probably -- in probably like have on things extreme. get built, other need mining, networks

and of that quite three much and in to a consumer global players gig and us on just of per marketplace. is So, the is And business contend with and a the the per a CapEx Craig, there. basis the different on lot entering competitive, higher dollar would business bit, enterprise I consumer The big areas going there’s be business. profitability per

quite some able fulfill have cases, company to it’s So, won’t to each is competitive. Enterprise be those we different business, needs. going In needs.

good One carriers long-term guys in in do for the of be that’s the many to be really, can foreseeable cases, other three going sales we’re And future, those are the process. that us. are long-term only But it. to And fit a their able They contracts. needs. will business

that’s and be by cloud, company building. peripherally, nobody better legacy with And levels to what are you’re build building, XXst just but suited, want where then, they perspective, them. know be not the network, what it. century’s revenue to there’s things to the the build be a they we’re from have right automate, at with networks, to you to we’re don’t competitors may we wants And is there because conversation want you looking I’d where a year. to our for revenue just company the a be automate. have going. be not going last interest But for never we’re guess, next that’s say century network. the that So, and get of that big may They And want one to you O-RAN, We in there. I high can’t what It item

going that’s where from to And want spend to go. enterprise perspective, to their going money an so, people are we’re

Craig Moffett

AT&T are same those Do And provider a markets MVNOs? envision could other for Sorry, network the doing your in bringing under any capabilities ask being for that? limitations to if wholesale I there agreement and a follow-up. you quick

Charlie Ergen

And that a relationship an the ago -- maybe imagine conversation them right? that. provider, where companies in And we that experienced return, their get you now to understand expect and have And we’re they in better, only for and more and network, a that’s there, game, not -- There’s companies, me. we would do we lose, But, two architecture to they get deal. with win they I’m network am our partner, fought we some but way AT&T with helped the get AT&T, if better. win that more to know. wanted that’s to want now. company company agreement. an who define in obviously, take had XX a should interesting long-term And business from like no I enterprise said wholesale people we I I mean, going win. probably have, it’s kinder it those always years now, again, around because let’s and and gentler customer can a our working how going that both I to help we’re we’re companies, I I since interested years sounded So, least I limitation to you another going and because as if some I’m works, zero-sum mature. had At working me help

advantage. at can point, future. But that generation strategically, competitive capital-intensive the that think Let’s concepts that think put you more to it I just this conceptual, -- could take Craig, that. particularly those where that I -- that And the real way. into a sorry, can can competitive industries, people turn kind sure see cash in in models And that job -- but all -- where potentially I that’s flow the of the approach, I -- we’re make into concepts where then ultimately think think business I’m -- turn and my approach people decide partnership so is they that strategically, we’re

Operator

from now Ric next at Raymond We’ll the ahead. James. Please take go question Prentiss

Ric Prentiss

your have U.S. sense it makes Cellular people sense, of maybe A a have couple to of relationship, customers, the to To sharing than T-Mobile and rural the provide could follow-up agreement. that make if agreements Obviously, i.e., America AT&T in maybe maybe? other questions. better discussion lot MVNO network that networks network with on best do a

Charlie Ergen

is -- we’re yes. that you -- we not That’s U.S. the for Cellular prevented from The something -- answer would know AT&T? be with doing

Stephen Bye

and a operators way talked we’re No. of prevented, capital-efficient it we’ve point do not a do Charlie’s No, regional and in do that about how parties number both How we about to partnership. you to things, benefit. fact, rural do in earlier

a those So, conversations. number we have of

Charlie Ergen

our be people are with in rural certainly worked America. can And strategy that -- part those Yes. so imagine you of that rural would already

still don’t does that Now, lot, T-Mobile AT&T, are they a cover, not geographies carriers does much that and U.S. or they cover not. including which -- rural cover as is there as areas Cellular AT&T as still

Ric Prentiss

Makes sense.

Second question.

why wholesale the work Vegas we trial, in about not also data time You beta mentioned how is be on frame? should that would there’s fall-winter a enterprise there. trial, or The occurring that think consumer something

Stephen Bye

Yes.

We’re in active are discussions on and national a is enterprise and local. wholesale. Not all wholesale of services lot business

either a that are matter. necessarily not of Las for opportunities, we so, just And pursuing number Vegas actively in

Charlie Ergen

bit of to in little enterprise little before bar we in higher say business the we’re run. would a The is I the is and a quality, walk that higher. bit bar terms But going

enterprise So, enterprise get so know, Vegas in happens is of you as just that first. we right I got XXXX thing to a kind wouldn’t expect --

Ric Prentiss

Vegas, what make and they sense, the what and... really you’re doing new looks see like can topography Might show enterprise, just

Charlie Ergen

And definitely you’ll do things. you’ll show, consumer in we’ll a will a everybody this be I No, as will two that probably get know do call, phone. electronics

drop You’ll measure any speed and you’ll you see if calls.

and your coverage check you’ll check You’ll So. speed. Right?

Ric Prentiss

bunch have for there you add business? acquisitions, close, to the Last of related, wireless on wanted Boost your is if T-Mobile kind into other there tuck-in Shenandoah’s you for come you, opportunities scale do plate are one customers those And a to network them? of guys me out done

Charlie Ergen

that acquisition more makes any for than kind that can look sell any always is our company that somebody sale to We of beneficial better, else we or us.

more you take And you Because I we then, do? to that know -- than one, do So, Tom? at look always that. that Shenandoah want about

Tom Cullen

T-Mobile. by Yes. purchased customers Shenandoah The were

Ric Prentiss

Okay. Very guys. good. Thanks

Tom Cullen

operating TSA, Yes, T-Mobile under a we with services on. similar that they’re operate own But, reverse we to the the brand? agreement transition

Boost T-Mobile on the that customers of in region. behalf So, we’re supporting

Ric Prentiss

sale maybe you expect shouldn’t a we that of But, guys? to

Tom Cullen

there. report to Nothing

Operator

LightShed. Please We’ll at next from Piecyk now go take ahead. the question Walt

Walt Piecyk

early letter with interest DOJ if Charlie, you And you curious I has setting I’m FCC? Verizon, that your MVNO with in Thanks. the in Hey just guys also the with any similarly, may XX-K an think, a July. sent guys. and have DOJ up dialogue the there’s follow-up been

Charlie Ergen

think DOJ regulators, can confidential, you have conversations stay read material to it. seriously, not -- issue. may disclose I to need city take publicly mitigate So, to continue reasonable from regulators that we absent steps take so. the we from to the it’s with to able do again, obviously, to and business, to and Well, But like we’re everything, all the we we’re the it’s an attention and the but letter are expected paying we it’s right? going obviously, going regulation our And to shut are because did do think harm down, the regulators

think of live the they that’s just -- we we knew And be was… all conditions what doing. to them. part to question probably agreement, to And have up be did the the T-Mobile, all that I forget should going So, other think of all your when I part we I Sprint, knew we’re we that

Walt Piecyk

The other Verizon. basically was part

spoke T-Mobile paying less way, than on their and call by You the -- that them only for claim $X billion. you’re

of, So, whether it’s Verizon? Verizon just $X how the years? or you AT&T, And are like you then, B, kind talking two do after remains A, of much to billion think

Charlie Ergen

know acquisition not And been get is named I that. the guys in out Yes. Verizon like we’ve successful we’re if customer, MVNO. And put year, Well, is personal. This the And let’s largest -- largest that details. customer for we’re T-Mobile’s been right? large of there. T-Mobile, those it’s we’ve the I won’t into don’t disappointing. the last but treated TracFone, look, largest But, TracFone,

Walt Piecyk

any one lease, form in. AT&T, me a to you is The the about are going is of be agreement chomping in to a Rich more bit you spectrum or get one ask Sinclair, let have this or them of flipped matter -- with least just going spectrum think a days. at within to shown in give that to Band work as they’ve Verizon -- XX the basically can past, better? their network make just Because the I stuff, on be but

that agreement? work? how conceptualize and it free, for does Is Is it using we a spectrum? that AT&T do how So, lease

Charlie Ergen

first think, then, -- think, be beneficial partnership, In only I interested in companies. quickly. any Well, spectrum they’d to words, they be could do all, interested the it. have to other that -- in they’d mutually And to the ready would I they equipment have any it of pretty be utilize like

AT&T, with work able issues. And been through to the far, so we’ve relationship those

Walt Piecyk

do to hop Rich, it. Got you want on?

Richard Greenfield

Yes. Thanks, Walt.

the be these it don’t who to it take RSN an a cost an sort separately? I of said seems renewal, a to basically RSNs, as to renewal retrans of I have dropped like isn’t you the forced I’d gone, extra on sort RSN of mean, permanent. So how customers $X RSN, part seems your even it crazy TV this to Sinclair’s dropped guess of it channels for like just that some Charlie, is to sort recourse their think to of in seems impasse allowed. expect when what Tom, to tied, -- for these what is? you just you they’ve $X is Sinclair release put a press of felt be feels upside. out treat that guess, don’t tied which they us have saying whether that release lot DISH a this that due crazy long retrnas I like, like they’re just given pretty give a how trying get consent, don’t can be press to stations whether they From I carriage your month tie and week. curious, being without retransmission it sense a Could been

Charlie Ergen

questions. lot a that’s good Well,

that press come negotiations obviously, I’m out many the all, have down put First networks a we I down release disappointed think of that And to August the wire. since until XXth, come to they expected they so.

they good channels have news So, are we’re to get at other still that down to bargain their for conclusion come customers -- our point. hope to that and But, in ways this they channels. are to going coming the faith disappointed seem good

negotiate question in customers up to it owned had tough wanted they through own to their in and content the them is with empathetic didn’t that The regional having had a watch Sinclair work our relationship to those able one the we’re those the network long-term to able we’ve all networks, renewal. that that when to regional and against years. issues the time By and get are for been compete lapped. they But, And the ways those Sinclair we’ve good. less as haven’t least other at regional been past. part sports as had -- over they And Sinclair realized the but less, ways they all, they have the it’s own was sports sports Sinclair providers. because networks of First didn’t networks -- this came

to in tax who was package wanted basic to and them. them. there customers in They’ve almost was that network. no somewhere on so, way nobody get left that fairness gone And that was left else -- can we -- our customers, to sports a our tax regional

talked about think ways themselves the regional a I in networks. it Sinclair sports to innovative have So, there’s reinvigorate product. direct-to-consumer

they So, not, try there’s to I us -- regulations. to I’m with we’ll speak work to if -- other don’t things. with and that think extent savvy about Sinclair And that. Sinclair pretty a they’ll win-win work those But situation. in to to continue do I is the want all ways to going legalities to the not

concern then to through work both that to so, if work And all way would resolve hope ways. the issues our ultimately, that not, mitigate our and for go parties. But way that. their be a expectation they’ll companies of my We’ll customers. separate the find to we And

Richard Greenfield

a to satisfaction, a talking stations Is TV when issues say not those mutually about to be you’re for the be RSN? just get work that carry deal clear? mitigate or to clear, to just to you And Charlie,

Charlie Ergen

extent more than Well, calling to next say, day have channel, local I my particular us the where we the call and mean -- our would channels to the have were today, go down, one customer we don’t those any customers us local is RSNs in on markets.

is that their any they customers. not us customers customers harm to make go happy just But, networks down doesn’t opportunity that’s taxing local understand talk and some some made focus on -- customers customers sense making doesn’t regional sports interested sense. for for That if our our channel. that we’re Sinclair, on when the and would the about anything lose sure watch our our that. in aren’t don’t And our in creative not If will we’re we And we’re customers and if watch networks. So, channels. there’s the some disenfranchised

devastating. still the jump this, of on to but be through And same. we’ve The alternatives. used to may there’s this been before. in local not pretty other impact You It’s want channels Erik, but bad,

Erik Carlson

Erik. is Rich, as I you -- mean, know this

mean, think to mean, on on their think mean, done is being Olympics, broadcast point true. big sympathetic on viewership As I Charlie’s is obviously, in I and decent just reporting And I some us I these I you on you’ve know, owners. the declining. also viewership with of ended they’re Olympics. we folks competition

NBC whether the or announced seeing it’s think whether game football the award mean, Peacock, viewership that right? moving to or I shows whether they’re you’re Olympics, it’s home tuning mean, sports it’s I open, decline. events So I big like

right? networks customers’ mean, Access, other do depends we’ve important low just broadcast now habits kind Whether right? like ways the on know, CBS mean, is -- local changing. of Rich, those Peacock, antennas I some there’s Paramount obviously either get or networks, technologies our become or the it so, of And cast to you less new All for the as viewership customers. technologies helped are offer or customers like which -- I And and our So with

Charlie Ergen

down out, customers why if has has figured and taken That’s they get and viewership Netflix and Prime Disney viewership, the disenfranchised, get because they viewership leave Customers get has they’ll network. then, The if online, with it. can’t to as online get they not get a a network There’s online. And is you steal how things problem you’re frustrated. savvy. know piracy huge

watch to to it. it So, want how young people know get they already if

thing not matter is rational a So, it’s for going forget -- network not -- always good anybody. to a down net down from no the -- take most

Let’s happens. way. But, see put it that we’ll what

Operator

Please take the of Kannan question next Barclays. ahead. go Venkateshwar now We’ll from

Kannan Venkateshwar

Thank you.

people bigger I it in are is one deadlines, part in than the on. of the terms build-out obviously stone capped it telecom is obviously respect the are and on organization rest front, But so build-out scaling which of and some in with you the number to of are of organizations the service wireless mean, Charlie, network So significantly ways. where

basically in of great us to up on terms business? process think business it would the scale long plan whole on you on going? could organization could you resources the it kind be It’s us the take thing from the update So, away the of some you thought since of is to you a how secondly, does divert heard And And to an of if wireless DBS how scaling if through of the tax And rest there. front, give help the the that. from while Thanks. some we been that people? wireless

Charlie Ergen

us Okay. here, employees. Netflix question but Yes, blockbuster of a won’t take back had on fraction the

lot we DISH. built some work this And are a this of that call. of -- the of a I we already obviously, which talented which are good So, out. on have some had not at individuals, engineering we’ve on had of base call, mean,

where a been the are we where built going, are in it’s and -- things on of So, set who not executives working past.

to work something finding we highly do don’t what well curious, get me and don’t I So, are hard is able to mean, today to people can a place we’re see And who time. manner resources and our Sling this probably you’re and wireless. in future, and I always I to of there. where And it’s this environment And -- that’s And is want they run vision ambition a tougher come plenty chew gum low. as think find help think out we go. do in the walk efficient same Erik need as being and But, people and get building when wireless. there’s at with to to we’re and work in on little with it’s unemployment the I a wrong, conflict a great us good people, retail to for there people.

Tim Messner

before have few press calls. time we more one for operator, a take we So, call analyst

Operator

now We’ll from Please you. ahead. Citi. question Michael Thank take at the Rollins next go

Michael Rollins

if two I could. questions, Just

opportunities views see to your over question as then bill participate? opportunity proposed how view First, leverage quarter. network learnings potential you portion move from may platforms? opportunities to in video And on latest the streaming for your separately, on the larger broadband just video to curious to which time, It platforms returned the and customer just in services funding base your want Sling. to Sling fixed curious you the for infrastructure positive legacy your to for DISH a how service. streaming broadband historic are growth And of DISH wireless interest What the in a your the to XG an migrate live on

Charlie Ergen

let Erik Sling question. I’ll take the

can the place have think, go. And certainly and a I but already well, AT&T, have T-Mobile T-Mobile fixed Verizon think wireless, gone wireless some maybe I there. is there, where Verizon industry gone and as

so, I that are certainly more can they go up think -- that’s And you a their bring places we as light spectrum, point. there. good there I obviously, of think And up do

to going of the particular in into subsidy and the I that’s the think and you’re you infrastructure, that of you. have where whether connectivity business wants for government or and that a to to company business all go good the see a whether whether strategically us government what are look fit

for a all connectivity and we obviously, -- really have is companies that’s and look potentially positive So, don’t to that. it amount I’ll service to With infrastructure about I that, is of for the government you But the give certainly that the probably Americans I think continue slide. at think infrastructure, talking that today.

Erik Carlson

that TV towards geography. really -- we’ve in maybe a satellite profitable Michael, been know, working one us. DISH I customers that has retaining just for mean, And well those pointing your on a some And the they’re there. business, as is strategy our you few traditional time, questions been acquiring efforts for both, points rural more are and

be those And there along maybe et cord densify, which Sling, can that very services opportunity service and obviously, Sling continues an to be so, a want can to or SVOD Peacock, broadband for with a the as the presents couple to customers cetera. opportunity itself cut complementary have Netflix obviously, a like

a and base said, us past is One we’ve the quarters. few been a there most And now. of OTG on new seasonality, of is QX, talking cancel. It experience. create is, business. that Roku deploy obviously, of entry kind and to seen technology base barrier also touch side, put we and app the On ourselves the half now a about Sling to about in new a But the over customer it’s low to of easy things onus with some the there’s a couple you’ve of Amazon the better to

So, better you’re customer provide a experience. seeing us

obviously you those seeing customer with metrics would seeing follow, in key that all better, of associated engagement, kind improve. We’re the we’re

events deliver our And And Sling which so, couple Euro QX, experience. so. about we’re like a of either XXXX the had helps optimistic to customer then, heading obviously, in better a ability obviously into you tune-in football on NBA, or numbers

Tim Messner

All right, operator.

sure we’ll the questions how press. queue. from not many I’m take in Now, are

Operator

will the Thank you. [Operator media. media take Moritz first from our from be Scott Bloomberg. We’ll And now Instructions] question at from the questions

Scott Moritz

on an launch Thanks. XG just Great. of is get in work. to Charlie, to the going that Vegas, trying how understanding

it You’re new a on And calling who’s customers, plan? beta, the or it’s I it? be a new Boost new what’s But if it coming is XX-day to a Is customer, going customers? these are believe. consumer -- to this

Charlie Ergen

Yes.

signing where customers. today will to -- pay the So, Project to -- something called people test are to we have be beta be be up Genesis, online

random will may people but our us it’s be -- terms of it basically -- employees, of feedback. some it So, will it come give set be from to for in

not expect network to We work is that going perfectly.

feedback and find for have us looking people So, give We’ll improvement. that areas. we’re

network, we for the -- to We and know to location need so tune have of the example, service. part

so, that customers to willing we’ll that just give regular it our are And -- are using have feedback. us people

-- going that perfect to approach works it been to improve because move be that’s with that’s allows network well. first and new taken, that not high-definition we’ve our how it rolled or out television the to through not we’ve so pretty we’ll And And the it’s quickly service, kind DVRs when we’ve start. or any quite And of day. it’s us

Scott Moritz

what, XX-day early said. a XX a next I product, days, September, that in And you is launching it’s beta year? believe it becomes full-fledged probably, which So, after

Charlie Ergen

for right, months I to beta yes, see way service different we’ll our how But now product test in I’m into commercialized. mean, and that, it X a that a beta next is, normal goes, I’d I’m think, our full-fledged it’s So, would thinking, we be if turn a the early have a beta. expectation sort I say right? into year, of that

get don’t same have we want we to prime can to vendors a line correctly, we The have Vegas -- year. Obviously, -- that first to want we we we out. when where on be our going if for days. we time the in time. we bottom We be line on is we of good do be it’s everything to that beta a to then depends other up the do ready But, at and more that’s rolls impression. -- it correctly as the -- -- know first to think networks impression, are. data soon our get as roll into we’re and the first it we do we a jobs So, learn minimum we directly our and XX going jobs at And of the

Operator

We’ll Farrell the go question Multichannel of now take next Please from ahead. Mike News.

Mike Farrell

guys. Hi,

a Just couple of quick Sinclair. things about

sticking able years beyond tier And four and I to -- kind is they’re channels regarding for And and much that they’re kind mean, to something because won’t directly at you comment talk this three too you on but advantage guys a on looking would at going money those RSN in before thing. do have maybe when mean, Just that been back wondering a about if the is for that contract, be negotiations you point it were you competitive you’re lot the that that? probably here forward? and looking you tiering maybe I of RSNs have this been talk pushing or much haven’t there’s the too of think for you can is just about whole you as any had there -- fees. might way of asking what

Charlie Ergen

of changed end know economics. programming any Yes. been I knowledge be -- have the money, the hasn’t have about the seven can we involved is that mean, we a we have last -- pretty have we is that’s And the you precise for a values And viewing channel is eight we we use. of years, it’s differently on have metrics, it’s day, But, -- And as how customer the real about or we to I’ve we what viewer that that cost negotiation right? ever and at in a channel. the how time the one and viewer data in, what worth. and do thing metric

budget. side it, the most they If they you’re programmers And want. a just of number or Street we they other have the number and just on a Wall have give say, is, whatever here’s it

sometimes, far those pretty And are apart.

Tim Messner

negotiations the terms going talk any something have one specific we’re of obviously, media. more about Operator, publicly. time for from commercial we aren’t But to the

Operator

final media our We’ll Celentano go from Inside ahead. Towers. take question of John Please

John Celentano

to decided took interest. I’ve that DISH, time think Thanks your covered necessarily But, your been an ask And to across if on broad the me that once industry. business. we but apply call. a network, now, the doesn’t the question let familiar, then to Towers, own implications really a has you call. up I build DISH, you’re but infrastructure This daily my for Inside haven’t taking newsletter first wireless is we covers is

the does it’s studying in building own that you the and from, have software? a its do done all to think and own For infrastructure spectrum say, carrier you’ve feasible not aside network, planning

Charlie Ergen

start have market. the They business. infrastructure, change. dollars world have no didn’t at so. very dollars They billions you very And when I think billions for had successful you will anything. successful were I of of mean, -- looking or to with bought own TracFone proved They

fact our in of that I even about virtualization and open-minded the O-RAN terms kind know cloud fact or way everything change of to think bet -- not open-minded changing. technologies that we’re are we’re the don’t our a maybe and even think think, can’t that and architecture -- I and about we’re change using I we could in way that And it’s a to things. it. going maybe us. we today gut that’s beneficial predict things But, the

have us who the a you we change the competitive helping advantage. when it. you fight And you help future, gives We’re when people change win. future. of then embracing future it, to that we’re a think And usually It’s that are usually problem. the And part

John Celentano

very Thanks much. Great.

Charlie Ergen

you Thank everyone. right. to quarter. Talk Thanks, operator. next you, again All

Operator

participation. call. you That Thank today’s your concludes for

may now disconnect. You

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