DISH Network (DISH) 24 Feb 222021 Q4 Earnings call transcript

Company Profile

Participants

Tim Messner	Executive Vice President and General Counsel
Charlie Ergen	Chairman
Erik Carlson	Chief Executive Officer
Paul Orban	Chief Financial Officer
Stephen Bye	Chief Commercial Officer
Dave Mayo	Executive Vice President of Network Development
John Swieringa	President and Chief Operating Officer of Wireless
Marc Rouanne	Chief Network Officer
Doug Mitchelson	Credit Suisse
Rick Prentiss	Raymond James
Philip Cusick	J.P. Morgan
Rich Greenfield	LightShed
John Hodulik	UBS
Jonathan Chaplin	New Street Research
Brett Feldman	Goldman Sachs
Bryan Kraft	Deutsche Bank
Craig Moffett	MoffettNathanson
Scott Moritz	Bloomberg

Call transcript

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Operator

Good day, and welcome to the DISH Network Corporation Q4 and Year-end 2021 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Tim Messner. Please go ahead, sir.

Tim Messner

John. Thanks, everyone. morning, Good us. joining for Thanks

CFO. Mayo, EVP President Dave We and are our our EVP by Ergen, Wireless; Marc Orban, EVP Tom COO Commercial Cullen, Bye, Chief Chief call Group we've Development; Rouanne, wireless Corporate of on Erik Carlson, the of our Paul got Chairman; of TV; Neylon, Network Stephen of Network today on Development; our the President side, Charlie DISH joined And our Officer; CEO; our and Swieringa, Officer. John and Brian

differ our forward-looking I harbors make from or Before to statements. subject other actual updating we start, We materially need forecast. which our to could statements, this remind to no may from you we historical that responsibility of uncertainties for and our factors safe results call, risks, assume are during cause forward-looking results

information, For Erik? turn to with to filings. SEC like Carlson, more opening I'd Erik to please that, refer CEO, for over And it our our remarks.

Erik Carlson

Well, comments is thank start up few remarks. a Charlie welcome, a additional being open for we'll it with off going Thanks brief today. few everyone. I'm to then to here your Charlie to turn When over for you, it questions. done, and Tim, and

have available few on are ir.dish.com. the to call During today, we we'll that at a refer slides that our site investor

team Ukraine our with start thoughts Before and the to of in, saying that our I the want I dive are with people members.

have a shop We development small there.

to and good health. details. And the home we safety really obviously, Getting so and this hits wish close into them

in to a Wireless SLING to for cash execute flow year. subscriber our reported and financial better headwinds Look, free job whole, this order removed – DISH, numbers we and we in year. the On with we've some Retail revenue discipline executed for and and do the need targets strong

DISH lost network to for In the local being a roughly by our in factors, with driven significant to quarter, are this football programming And With the few more regard minutes. the addition, subscribers. our have excited dispute and was accelerated of season. about fourth we several build most majority wireless share this the XXX,XXX Tegna

Now earlier will agreement And are customers. we played the increase focus to managed month. and and bottom make able disciplined in positive on We America kept that them where TV this our expenditures. smart had new did but and with signed on profitable credit impact terms line in on to pleased strongest a We a this with a have I'm addition, come to year. we're in It higher we DISH And report marketing subscriber look, November. an customers. impact we numbers price long-term profitable rural acquiring very retaining a quality to with

execute quarter offerings, best innovate little SLING profitable overhaul is capabilities positioned reliability, business patience, will other experience going put, grow. its from But customer focused as the the as and talked didn't to our Turning reengineer watch in other and Overall, tremendous live customers enhance to subscribers. the year, that require to now with a be and SLING features new to TV and year we lost operationally we the In has feedback to to interface. we're It's the third due needed TV. parties. SLING work differentiated Simply that a last approximately we've in level last still the expect overall user the about platform in we to as validated we the the to QX. is the fourth the XX,XXX effort the with value party regard on We price services quarter, but completed majority well of that position. offerings. able and OTT service, value by ourselves. been of platform before,

a wireless that So business focused our profitable it's to for on gears a off is time and poised on we and SLING. acquiring we bit, take in delivering Switching DISH Pay-TV, intended. experience retaining plans XXXX. customers remain our execute as imperative great and On both on and

cell wireless course set is many supply chain to We had foundation Our in of approach shutdown. grow an We shortages the chart that our us, our we'll business off business. quarter, to in vendors burden XXX,XXX to we'll that and with retail and make subs We wireless issues, approximately we operational driven disciplined impacted profitability while significant new mitigate retail that these to phone into the which upon progress a business. continue operational to and disruptions, headwinds as upon CDMA pay XXXX. continues worked such the built specifically we've of lost our as build

we'll to of be Our through is excited customers and XX% in deadline, running. Vegas to in has begin across a made XXXX, over expand markets including We're using covered. coming the execute Genesis. rest team to We months major wireless past we're the And We'll up plan and before deployment significant around to network. to country. friends have ready customers about numerous our XX currently families and progress hit year. network milestone Project the we June about weeks the access our the level, weeks. markets the quarter We've already deployed the with over plans the of have and up Las opening coming months. at the smaller the necessary and the coming it for recent high this population And cities metro look, had capital additional over XXX

align addition, and We'll you be make our execution, of a about Spectrum we to space. services, CBRS got going I'm we up It's a and where deep lot from I'm pleased holdings. a that Auction, and XXX well more our evolve to together current bands in shaping acquired for opportunities. with wireless In We've our in that all tell going share be our in and bring excited remarkable a the just year C-band it and our operations XXXX. the inroads just year we're to about results products with minute. to business DISH. It's as

days Our truly are here ahead us. of best

turn I'd opening to to Charlie over remarks. Now for like it some

Charlie Ergen

Yes. Thanks, Erik.

of frame today. call we get to some the – have one potentially two couple big positive and Three quarter's that time maybe a to really Just last things may of development. to questions developments very since

is strategically, auction results, ultimately frequencies and to First, and but that kind win the business were private out it And where are also not then is but think network think able in Spectrum actually to adjacent of high-power degree, important other. we the CBRS only together, we one of figured going. where that's enterprise because that to are analyst consumer some win each we network our going, C-band

We bank double had rounds that – kind in So a had assignment to both of those was we of have auctions. shot.

that So we were to other, we're adjacent that weren't didn't we was to that could – we it know but that sure each and do we we that. that, we be do be able could – critical could

a was positive. big that So

positive the is It's XG actually with stand-alone in operational we that second principles. O-RAN Vegas, native operates cloud network in our network AWS in cloud, The O-RAN Bonner have Voice. that with now a

thought up pretty operational well. and the advanced up it network technologies We our the But doing it works is in with vendors. we in most when works, some development ended than and that a probably of world. that lot more So the is

the As We're of work an we amount resolved up with ready all we potential agreement develop and been and of football, spike challenges – But needed their always to And core has have that inordinate reached the the network. to time. to that T-Mobile to together not the disputes some do. positive do for taken have that final work to time we have through the that today our still cities technical optimize have really to to do. that we resolves the we all an have the is things

the the We have DOJ. in FCC of agreement an and front that's

So experienced able To one that can that, the one we our Having And and but lot with said the will uncertainty will shut-off the be together, dates. CDMA and that that, to us, handset basis. for already work will AT&T to communications, a that won't about on to working long-term, that's be have some with thing incentives. the both get a with we that our be supplies, we remain that we've the companies. broader positive much XX vendor pain short-term agreed of relationship pain about talk March detail changing for still on go on that because day-to-day into done, that we've any and we're great primary that. we on able support approve But is both they

to So open up with maybe questions. we'll that, it

Operator

Credit of first ahead. you from go sir. Instructions] take Mitchelson Thank our question [Operator Suisse. Please We'll Doug

Your open. line is

Doug Mitchelson

you're bit and I market to you've pleasantly in in Charlie, surprised a questions. plus you optimistic you Thanks billion really for this year some what's you're you think I so harder December. through OpEx But Vegas $X.X just dollar And back sort that year it started two that launch costs. year billion summer, path. pretty But cycle number in know the thought? and few number talked when technical a this guess could previous the of the than I below to you've over of better you just much. have billion seven a And about trying already than down were Las curious learned far have what by be $X.X thought? $XX months? being challenges. now means accomplished you for separately, bit you $X development last six, you needed sort But was years going last gone of little to What last sort little and CapEx the I'm a of billion.

in come a So when of you Vegas there's some get get Or your this sites you built that spending this down layer XX% these getting to XX%, that I'm would would build helpful. you. to to relative did Vegas, on thin XX% built just target. to as to start? line? ultimately and Is curious out just to what's markets, be other has just Anything of sort cell you all Thank the out

Charlie Ergen

thanks. Doug, Yes,

behind We in we're all, The thought voice, just technical to too. It's maybe would more on it. and bit where we place anticipate do months be. we as much has issues the we're hope We the the we development on their the were already had the to it, Bonner They've other be. going people are that side. we maybe on China voice, of have didn't little a around of to six other actually my world, ride fault. think part didn't we'd back, have people First a and working there to

Look, network. company, just we're looks Second you than John a COO an and and President the a our the O-RAN IT principles lot like building network network Swieringa, is, now we're wireless company, thing more traditional cloud an network the of is within IT and doing, really what management saw principles. with wireless of more

– John that our the there day-to-day So our one up his to years been the time XX the for drive over company is organization way guy, last in our CIO and has has and at and worked right been COO process.

terms the a system integrator. probably we've made so structured. found And somebody thought the together, on. that we glue going in to holds ultimately, that we're – had we thought think we and the in with we're them to vendors, involved It of carry the wasn't there We maybe that how become that middleman has I role we But we're take we're more and be going improvements got between much than be. all to that to

moving fast So pace. a learned a lessons certainly but at of we're there, lot very

we billion reasons $XX that is squandered some of time, a number that's but my a Now CapEx, lot The number. why probably real fault.

is able leases. build simple we're Because competitors. our to and very network to to our RFP, example, all, of the greenfield, able we're it's for compared in, a First go tower

obviously, to So the tower be great us. going got real competition for we've because leases were on numbers

batteries. one radio. tower, at second, where the have it's low-band so some a one set high our most is not of and just antennas. of the The And the really server we radio, cloud. base cost It's band then of It's one in

So – way $X.X of it's by this at of you more feel for XX year, the end a the that gives well, obviously, than way, CapEx the of XX% billion be population.

for and in do how do. things do feel gives we're Because it provision can't and the a you cloud, we automate to that. in able other that things can we're people So

cost labor a lot can just is and do we our there's why reasons So that. of less,

in, use not probably for but CBRS – spent the C-band the is quite in in to second some by where – CBRS gaps we The and our as we for known, acquiring CapEx we thing where while investment able well the C-band fill auction are have in and coverage. will

we're some shadowing to a build have know of some Denver, tower it in to macro would that So try going to – part to Denver be expensive build we when a very try get to actually funny of rooftop of sort we're there. the save coverage expensive a to new to and or do way. us money able Obviously, set frequencies that, with in we

investment the our build-out of back actually and us dividends on and part in So for CBRS saving us cost for pays end. C-band

question. So I the answered that hope

Doug Mitchelson

Yes, thank you.

only be Just is question this last Charlie, the $XX it of strange this other of was billion $X looking sort clear, it's $X.X and CapEx actually way. asking the low, like way, the year. to given but billion year It's billion

when – the hits? I'm getting just of I'm wondering So billion bulk $XX that

Charlie Ergen

maybe States exact right, or CDMA. is in geographic we don't out – through of XXXX, terms remember it the forget what region. of goes exactly where I I county have XX% the Yes. every United every It the in

end to a billion for we and know be we're of the Dave a probably you to of got month, billion. years. – $XX day, don't that on towers know we So a next factor – for skepticism is that's then the the small we've close the then about. lot But the at cells go and And got that a can there, give a think $XX And going confidence more, to disclosure speak in pretty I think I will it. of bit and some going come but the then cadence to three on to think should some I on so some there's around that inflation and unknowns but we're going of per we're many cadence this spend just we don't

Dave Mayo

hit probably Yes. the will that not but to XX% will relative XX% CapEx, This is is hit probably spending Dave which advanced Mayo. to gap. next only be on this It's the year, the year's the the also progress markets –

Doug Mitchelson

all. All right. you Thank

Operator

now next from Please question of will Prentiss We James. Raymond move Rick to go ahead. our

Your line open. is

Rick Prentiss

on A fixed question Thanks. wireless access.

wireless seen position your in an access work the to as that mobility Some that operators but you as other opportunity. you world of a fixed to follow interesting far view to not do spectrum an business the being just product? have How go all, is put guys interesting after case wireless as

Charlie Ergen

we've would bandwidth, all it, an the economics makes capacity of that them $XX, inordinate sense otherwise potentially to get an but do you capacity that. first of all $XX, the capacity that percentage use They both that see the get to it is might you but bigger do actually and it's And real to have get T-Mobile – of use business providers, architected all, wireless bandwidth, of more a extra your use amount that. to – they Verizon answer that to The their it they One $XX for – follow. use in for do right? the things your is key to is that some in this use

it sense to us. So makes

A. do of the and Point that's is mobility actually to actually wireless so fixed B way of do not a portion is kind other have do it wireless. fixed point to And just

another So you way And you fixed lot build lot an might is the that's don't be use as also some go. can but your from can of see then at when private frequency. to I use a least third portions have a point place you in probably you that's to better the networks. propagate United cheaper. have And mobility, your think view use economic in States, them we way farther, that a you better a a just case factor frequency, And that

to that cloud if a the a business in some our ability or people sure and run cloud to data. have want their public their giving access private to in way – people they actually utilizing use to So of they the frequencies make

a can way, that safer they product, build – can build build they data. product, they can and a So can their they actually monetize cheaper

So as networks to XX the consumers. And a hours private place. opposed day we may think data use another to going that's a be

usage the another you on that And your of networks is on maybe get the models start math, way the and your the when their XX%, get and network. revenue incremental all XX%, you capacity math that using economic moving capacity today that available up potential. that XX% maybe to XX%, huge or running to to are XX%, So wireless start is of for XX% providers,

Rick Prentiss

couple of then. A follow-ups on that

that fixed don't the rural areas? be So more maybe need where wireless mobility, would you the

Charlie Ergen

be remains to it Well, seen.

more of the to money is and areas rural the see some things people with place start. think government some that like And doing logical the I that. you

ways. looked – the at to exactly both way we're is it's But which And it's think positioned. right we've yet, to pretty clear technically go. it me I not well

the the and something fixed to guys know doing. or you that have the the installation need is have have the which around not a your you to could ladder pin house, extent system, improve today be place certainly a network able something to country. access precautions in We on service to wireless or We you of which today. dispatch rooftop have we safety are or go But outside

new you're wireless. that's there you're you're competing where see where some going competing in see future. but think I economies agreements cable sharing traditional can think against the of where have successful, there's – share place to out play. I that get you can run I wireless an So you how to limitations many it's where And then market, might not think a you're spectrum for be in And fixed become there and fixed our industry into could on there, place going of if a to handsets, customers you scale opportunity you a

Rick Prentiss

Makes sense.

expect and network with even the to year maybe some launching? the announcements usage this do then trials On we private have side, network

Stephen Bye

we're in pick an and seen Pendleton. Lockheed have may not momentum other into pick Yes, underway, seeing Stephen momentum that active XXXX. announcements them announcement Yes, space, DoD, a future it's expect we we have you that we're the going already more on the But on see and in we're coming partnering one are up projects with Rick, as to that material XXXX. Camp exciting space, it's and with this this coming But in we that Martin is Bye. up. But and with in project We space. be currently

Charlie Ergen

providers that three interesting are the those the in are private our players big Amazon today, So in is of of or some or be whether there. spot Dell, Cisco – very an networks because bigger it potentially space

one And with so to time. be we have of the folks the at hopefully, working sure we'll or make more right those right that product

Rick Prentiss

sense. Makes Thanks.

Operator

from will question now line next Cusick open. We go of to move Please J.P. ahead, Morgan. your Philip our is

Philip Cusick

is like? you. to Hi, and working. that happen into Charlie, give great that you can might some else before what us you insight a thank It's look commercial has do Vegas launch can what

Charlie Ergen

Well, to all, network. of we've the first got optimize

So got it's – then you it. to network, once you optimize build the

So we're that the that's in doing – today. process of

so And thing. one that's

then make that, with quite such so sure works The we before Bonner that path. to which work use in for our the we'd second, and to to to do. And much have party as be we we control but we've third as like on manufacturers are handset. frequencies that we handset as do the that we we overcome, commercial well some able got don't yet not can service, regulatory to launch which EXXX, have But issues have certainly we're

then have plan, a approach how the have And So we all market. to three right, the marketing terms those of in are we things.

to going all come these by do but at them themselves none same in are to all, the difficult, them and So have and you you of time. to together do have things

Philip Cusick

raise cost you as component You've point, and should big to funding promotion, a wireless? acquisition look the the this for Maybe we post are on the of for where but outlined debt network, subscriber that XQ well? cost

Charlie Ergen

there's side a – next certainly right? raise at I there's you that SAC, retail – say I funded obviously, obviously, year that, through think we not capital is right? think from probably have that it's nothing the point have certainly perspective, Well, to the would will we – But think of And have sometime we ways – we a number And year, to you this next in can view, ways need of and in ways time. come it. can like us well, it that dial this then would to certainly market. we when say business. work wireless It's and we're did But to obviously, many to television is that. attack And to do we everything do From up think that we're we're a market of it. point going to we saying, there's better the funded funding down. that satellite better to

Philip Cusick

Charlie. Thanks

Operator

LightShed. We of will now ahead. question from go Piecyk move on to Please next our Walter

open. is line Your

Rich Greenfield

whether Rome Hey pricing Charlie, because new ask somewhere on got you've AT&T? and you question But that deal the with technical got substantially Walt's follow-up wanted Greenfield T-Mobile terms in And the Rich replicates Walt signed a then right the now. was I've to re-trans.

Charlie Ergen

and that I way. would say settling I out that wouldn't guess I certainly it there certainly regulators the in to economics it make at And – of experience, answer it's than rather a between say economics. into would companies in companies really spirit the there's resolve look and my adults working it's quite perspective room government disputes improved involved to – better how together it from between us been I that certainly really and – in that cooperation the good to not is the do – pleased things there's It's for sure I'm have improved well, teams. work there's improved the a it, business the integration things together that it's the happen. are and those networks

just as And be somewhere. go network the all. going off, – We turn a short-term them have turn it's to a as have win-win it's although they increased off, can't those it's we'll reach both network we people the companies. for So churn. And to

go some be so people us to and bear them to to prepared else. had for And someplace for don't who out we reach

that? So to may I want about mean, talk you John,

John Swieringa

this a really of since has been and Boost, through, half we've got we defense. on the working This can first through where front to right? get been Yes. this Thanks, situation shift offense. in John. us been we We've of year Charlie, it's to We've bought then

So to move strong Charlie forward as to and get sort growth. close T-Mobile move it this busy And will cooperation of the pointed to we're and out, a subscribers. quarter, be and but us remaining with chapter able

Charlie Ergen

strategic has thing city. is as owner city DISH by our own build its The economics out we network,

We have use have in the T-Mobile's network network supplement we our that term. the a have the short we and of customers network, to to AT&T as lot where ability don't off both with primary to already on T-Mobile that move

So can't that be. obviously, you is – that's good with a economics you per that I And the figure pretty model but place think to we that share se, out. you can of

Rich Greenfield

then numbers. And of dramatically sorry, this How I of shift for you of for linear subscriber up you. ratings a how rising very having it's was about problematic your less obviously of win seems the and loss ratings tide costs you've fight a as how obviously, sort about content retrans a Dish? the TV and outspoken broadcast stations and the off mean, Was against think a win-win? was challenging very follow-up, do TV? for quandary viewership this less been like broadcast falling important the DISH, It retrans you for Charlie, declined of and have not

Charlie Ergen

company lost never fair win situation. without go capital cheaper customers amount that guy a you're you assume the – football lose-lose It's otherwise felt for can always a about us. sold I a We one mean, have. we would a of to a situation than from situation. probably mean, I proved Tegna It's Well, little you it's the get during they a that Tegna, lost program other. their through a I obviously season bit anytime I've always lose-lose or dispute, talking They network. obviously,

they widely customers as felt places, who NFL did but the the we the some occasionally who So were important. of watch lose networks – available is more and

consolidation fight you So up the fight. I've said The nobody industry just of because yet could that. Today, little going – business before, broadcasters video fair I place gets to all value to anywhere stated. one is monopolies, is a reasons in then are be the you is down, the place in the for it it retrans mean, is close this bit the not

So place find one it. that's you'll

place that to death to is a and overcharge on own people second were self-destruct. with going die where will for refused And at just seen things the see some other product. its programmers The it point, if try we've they who

Rich Greenfield

it But your retrans fundamentally changed to has forward? approach going

Charlie Ergen

I this time Well, mean, of unique we're programming for a again, at look the say as to is value XXXth maybe the but do customers. our I'll we company, the

And we're then watch they're goes, more way pay And won't it's mean value a – a us, the So and at over, overpay, fact good not x willing just of think And it not at data, that didn't beneficial lose, And they that many for programming the scores didn't value we because it do season know was we deal. customers we was got have an we're know Xx, deal the of high not We roll we real-time right? happen, we're agree and fair who the algorithm the a willing money. a to day, have negotiations. to TEGNA our It then going If – costs to come number. beneficial get if they going else in it's is and a as where our to we'll where to everybody raise at don't somebody that's industry. carry we will don't I subs, they not of you how is we get always and to They us to play we to that right? When – it right? think prices. is. the use the they have leverage, will one, x lost much We x, end hung with dead have in to it. We we do to was – like always TEGNA that's Xx. was beneficial they overpay unfortunately. the they're to in up, revenue. range customers of plus there we going – than because to customers If We people both with with the can it. parties have price We – us. football our deal. lost They long how consumers, we more watch up raise want the so as their to appreciate would our fair over have pretty they

Rich Greenfield

Thank you Charlie. very much,

Operator

of our UBS. now next Hodulik Please ahead. from John question take We will go

Your line is open.

John Hodulik

indications the you any are holistically working, cooperate how is explain for of technical, network? the guys you capacity? AT&T? you sort AT&T early on Great. to performing sort secondly, your speed with Las doesn't, Thanks. there quality Vegas of terms network getting have the when then on network deployment prepaid And guys now? efforts too when overcome under you just the Thank Is it with traffic AT&T sort to guess, adds said roadblocks? you. And performing is Maybe network agreement gross side on the mentioned without that in of or room or signal what any wholesale I beyond going it more new And to there are mean, Are Charlie, AT&T. work, of announced side the those mentioned it's loading and you you like doesn't it all well why of I it's can in

Charlie Ergen

Las – go there every the can yesterday. Vegas second I've the – of was I to take I see progress, but was month, John let I so kind part. I'll I been

the speeds – good the we've optimized where and so are well. the it works And network,

whole We haven't optimized city. the

we obviously, where takes we guys, optimized address And network. we the some to the got left, you to but this hadn't before – – just team obviously, But we to them. optimized went where fun issues so you we decided fact And there. go for places to the your they've they places had

again, and So the you tell of when get work. how this and United a ago how people you are lot can years we important had. the this set they I of that it to have a and know and running people technology whole who It's today, creative. set we network good this a achievements a leadership like whole – creative to really I know there's to how And important make principles, go because offer ever that's I techniques that truly news has gave greatest the it's like nobody are and – away where to have the back and brings in, of me, to get whole been a the Ericsson. is tell optimize cloud and of going – to there's people – going into mean can't – is be suddenly Nokia we for just running we how primarily it's in O-RAN one come and – in locked get industry can't and do. come personally, that States And company networks things it in some network developers we out

a to that a to lot – caution and beyond lot it everywhere So said days, that's have we major I'd work work up the – of cities light make Having of XXX me in only have work. it's do it impressive you that, that next to to XX it was to see we work. –

to the there news bad going is yet. news So good not we're we're there. get is The

John Swieringa

second also of we John, AT&T. some so Boost sure on of We're flow is And enabling we Republic been so provide are a of the make the quarter, to water on everything pipes Wireless this through well customers to the to other loading on load working is regarding a and great We've experience. AT&T, substantial and that this network. AT&T brands with to closely working it AT&T can that the our our question half portion Mobile customer

not It capabilities technology pick there. with new we're but and building to us on a stack, be for progress retail we turn our we're efforts our our up network and is new will as activities see technology pleased you'll only and there growth. So business, for our great the

Charlie Ergen

potential is for the had of network the incumbents any didn't say between of would industry. that what I answer, in a the – about And you if vendors but lots question of I I any with sharing. there's apologize

saw some You Telstra see start some between, to in I Telecom. sharing and TPG – Australia, you think, network announcements

in have Canada think I you today. network sharing

see people can doing, only given the given some builds where where UK. maybe that got new it spectrum, – – adjacent the you you You've people are where have see that in that could think look operators it sense, haven't at We built certainly, the some everywhere. right? I yet more out all because will else probably probably make that. network And at we anybody could look than our

want back things go So to different want last that we're around. we technology. We We of going to to go sure last bunch a back don't decade's to of have we but have to a network. and sheet we to a paper, carry are little make don't decade's – don't bit cleaner go where also want legacy

John Hodulik

Thanks guys.

Operator

now of We Please Jonathan sir. question to on Chaplin New will Research. our go from Street ahead move next

line open. Your is

Jonathan Chaplin

if questions, Thanks. it got question quick to narrow important may. ones. Actually, but going to I I'm two I've nine Two down

on to On you limits a spectrum, megahertz need of power a the of sense channel? and it to specifically? XX into band really X.XX beginning, single between following that got, the is have XX the block is of in got up consolidated use is by you've megahertz band you the deployment you single bands share the make for the that What you've another channel? costs where an AT&T And then the you example you Do a FCC? XGPP deployed two might as mentioned – guys bands you CBRS last to that that nice be can normalized deploy equipment here use for band gigahertz contiguous. and a to megahertz that's able next on with Do to band? just to together happen the X.XX Or Charlie, and band band. yet, need needs situation Neither XX as as XX at a the megahertz a it question, spectrum. be that right be

Charlie Ergen

planning you're time. your should for always do come you ahead Jonathan, And us. of strategic Yes,

of question X, of CBRS the look with Page have the And maybe priorities. this access it's – lot always kind it, want shows company priority X it at have there's start of to to in – to kind is deploy spectrum, because has you case, going licenses the some of we country. so licensed is to we're you in you the being of charge that's it's you're phones networks, is doubt, The levels today, hard look world were in CBRS. real today of The power. for going and CBRS it's take licensed high think C-band kind not kind and I the would, at world I unlicensed in that the in can equipment chart – States, a deploying advantage policy at we're be the that quite, a United in If without – added to people and across you're as of going course, it's only then of that the want band licensed And band but of it's at everybody that free full power power. spectrum spectrum it's which super as And is also across primary who C-band. look increasing first available you Page private SaaS, if it's a because simple of – primarily But very spectrum.

other to I'd say. middle countries, but bad So we which is band causes against – and news the news, which good it's have don't power, this news, – they lower in have and bad more news, what that's has guess, nobody good compete I

too, will world, compete to done and and we're in a least that can say you CBRS and – chance CBRS mid-power we analysis your So to we at against can coexist. at regulators realistic the have We've high-power I to rethink that. say that it We're should we're there's cake think can eat if that it that going look bands. unique both

not this explain – the but there's to there a other, we're maybe to let make but I'm interference advantages it, Stephen tutorial. CBRS enough give want between there, you I'll to brief adjacent each Stephen, to maybe, and take technical because maybe you some are so C-band And because but

Stephen Bye

And we spectrum. on CBRS. power find a operate, We're CBRS given the at Charlie. right. current to notwithstanding part Charlie with increase still level C-band and looking Thanks, But on the the adjacency the can definitely that, Yes. is we standards do how

be technologies are that the bands there be common manage so model. two us that different to able leverage in a allow to interference spectrum And to that deployment to able between

that of the spectrum. we a to because coordinate the that us ability maximize way that So utilization adjacency, allows we do to that have in can of the

Charlie Ergen

it be things But position have and that may view, CBRS, perspective. and/or That historically our point they given Jonathan, an was over they their but of given for to to to been you certainly, – they're a relationship know there. percentage as question certainly, they they're correctly need us of there do to pointed, strategic the interest. certainly better us than a from And adjacent a your together between XX million economic paid – may open have And think bigger us then was of everything country that we position. we C-band in puts AT&T the network $XXX – a is right? both Obviously, roaming – you they adjacent, of may has majority no done, with partner vast is to They're last – about, today is C-band our in could terms may there are from part do megahertz. we the get in

Jonathan Chaplin

Awesome. Thanks, Thanks, Stephen. Charlie.

Operator

now of We'll to Feldman ahead. Please move our Sachs. question Goldman go on next from Brett

line Your open. is

Brett Feldman

Yeah, taking thanks the question. for

So on network you you that a guys wireless said have build that advantage. out time, for a long have cost as a technology, you'll inevitably cloud built

that's I made think, conceptually, always sense.

As the want this on are you've operating you way noted, a to. sometimes it works actually now that you network technology

that as of now can it start sustainable service that is and haven't that what you wondering might that going consumer. deliver you're a going delivering we're you maybe you as for to when have consumers you're you cost and what you've through to those a the allow enough be, that value also to able into? to to not savings functionalities of I I'm to just really go then anticipate features thought to advantage of as offering great launch the some you operating to a all yet, think flow as that competitive but that, insight give to be if been So you've to Thank going evidence market, is in some to be cost you putting But us the you. we scaled the advantage sort architecture some quality follow-up And chosen field? do think you

Marc Rouanne

have test speed with Rouanne. Marc see the seeing is costly and operators, a do the is new software in to automation. benefits embark we cloud much to truly something is of is this more for Yes, and existing comparable that we're Yes, new cloud to innovation. pretty that and certainly And to benefits. to which a We're starting now that, capability

us erasion of smaller think much scale, but give of will and require we people and we when also speed both we benefits that cost. So of

evolving. how of in also the see are quality the But lot ideas seeing things, Vegas to with can from the see are is in of we We – the OpenRAN and service benefits and observability, markets. new see a is OpenRAN other OpenRAn you working can which you today means starting

footprint. You can see your how of the benefits

new was the you can in You or and past. if hidden Ericsson a see small in cells need way that Nokia inside not

the can network starting what network in the and pretty a see. nobody we me, capture on done. to we're has for benefit the much like over time a us gives that return And engineers data that So huge and incredible that way optimize it's to

yes, benefits. the be It's we're see So to a journey. to going starting

the have the now, we to quarters. exploit baseline that coming in going and think I we're

Charlie Ergen

other get to that down can't don't don't where sophisticated of you do O-RAN you wants because and we're network got thing are. the networks, I some with not in a need core, on given a pay I get to the and think networks is And And operator so sophistication imagine right? somebody just for, the you private private it, a cost private incumbents need non-mission – going principles, kind you that the or

helping others, And things our probably predict have answer can't that then huge but features, could I will be some the any which know the yes, key may that for are that more you don't And of DVR, into And DVR. then history to consumers of a right? don't them, I guide we interactive event. with cloud in as for out rolled watch able to some we go offense, them credit were a DVR, difference But a XXXX it's we'll some, the network those on think to as things. consumers there, we only advantage. first at you this DBS, guide. could can So go give We you may we our was the we able digital. of And a in in we digital, to commercials. all But that certain do a the – that maybe efficiently history we there gave I those I of of number of is even that's the TV are And perhaps thing do place roll think quite are because out, that was difficult growing if watch but able number the analog you, do can invent another gave skip player there things the architecture and the once will commercials, architecture I course, I DVR. get That we're the be our main was for had we we're or more a development be there better and looking picture, a in and big to be had the we world. – then we're

I that's leads going innovation and here, think to too. another, happen to one So

Brett Feldman

you. Thank

Operator

go ahead. We'll move from Please Bryan Bank. on of to question Deutsche Kraft our next

is line open. now Your

Bryan Kraft

question. Hello, the for taking Thanks hi.

ones. Just two quick

And of $XXX us build you the you can then on be to you've our million just more just you sense might chain update how think a shutdown? forward? love despite for chain it that that which accelerated much First, Thanks. It supply great how those able how And as related as at to any the supply constraints the incurred to I'd sounds and/or the plan, you've we much might committing timing give effort the the ability your models? that to issues CDMA construct issues. just going to this you've understand and a do like is concern point, to been is labor network? secondly, relates of

Paul Orban

the Paul. trying part take of to second want we And you the the half I'll take future? Hey, of that then XX/XX the the year is million, in to question. that happened the $XXX meet this the of John, Yes, first deadline. were as majority about

John Swieringa

we're There's customers them, with sort come locations a first Yes. through to similar with that sort right? SIM need put to them year serving, and to we to of hands, of new step We're as into the incentivize respect our in us. swap restack half situation handsets work to this in of cards a and their work we to

through be we'll see to but that of that headwind, as the of so year. this a second half year the half we the get then And first work into through we'll continuing as

we As us. Charlie as two behind grow our said as competitive as competitive more coming we'll be And handsets earlier, to business, compete the networks well have our bring are we'll own to shutdown able online. with in more to CDMA and

Charlie Ergen

that. of is as certainly for and lot know as wages. want talent of up the here. certainly, certainly people some big of an inflation key talent you fight There's never come the lot need work we technologies. far then – some labor There's of where sweep in companies – to And in supply but But issue. that a a stop to There's

incredibly far of something we're you solve build the when team, Supply you're and an doing a they because that to calls were we to people people and we some very it's bite people development not – on of problems you do that particularly – our to some people. coming who a we're a whether us. Zoom credit something first a perspective the have We're building to the calls, know chain, and interesting got together. to in is times build coming our times We the in to along work, network doing incredibly whiteboard get attractive speed at network But milestone. to Zoom difficult to tough We're all certainly going bit. through little on work. weren't eye managed kind and worrisome. to you the from the keep enough next it's were all very up do just engineering lot it We to the come DISH, battled At of don't when to vendors, but are

– So have don't allow lot we don't here. we a excuses

we're any it. make to externally, our to internally us, I not going beer going other excuses. I I don't about least have guess, know way. we mean, So to right just say how in We're something make just sometimes going we crying at it, for but don't

Timothy Messner

time have one for the we analyst from community. Operator, more

Operator

Please now Instructions] the analyst to will question. final call from We'll following the question MoffettNathanson. question portion And from analyst ahead. of media the Moffett answer final our [Operator this take comes go of final community. analyst this begin We Craig our

is open. line Your

Craig Moffett

I'm this you strike spectrum. NATE prospects at renewed of about And if then just DIRECTV, your Thank were the of your terms a you. put end provide for a and Two I on here. happening reports there talked you bones that. the that that you squeeze in actually for with you regulatorily could wondering in on prospects the thinking being that latest the past merger if at able questions, separately, if wonder I of got reasonable could to a One is deal? could quarter, Charlie any the conference, bid meat about

Charlie Ergen

But didn't but seen certainly time the was to bids the aside. around your from first time whether put company obviously, piece billion like of answer was question, we $X of own to History certainly and time from a of company, to best the we've to or show and interest always build interest for and we manage to from for build we that best to use company it, me use and wrong, a will spectrum, new the particular To that. a just the it have right – let we're time, was so felt last people had that us spectrum.

melt don't obviously, not, allow but I we together. than inevitable view. get a long-term had no The to call shift. wait a both The – DISH go We weren't Otherwise, thought this it, have does LTE in and to it's there'll paradigm service companies next going that XG, we anymore. so It's had not away, we in for able just the offset, for we longer because realize taken certainly long-term view. regulatory reasons and will We exist DIRECTV customers. think be to everybody

a – little don't say. of now from I not think might strategic successful about didn't I of – So on you we and And in off the place and realize it, inevitable. in on where timing we timing strategy this guess, pretty a last have bank pretty perspective, what was this we is know our strategies. now. In our that to company. a that place But the be we don't need part auctions, we two kind I'd is get we share for much can't analysts, lead. bit had to very much, because I a well it's what, know the really – lot in want that competition big I but we our all the to our call, We a pretty last analysts – shot things haven't to the where want company strategies. I don't don't question, that through this double But talks is talk always the section, I been and in

one May are an we XX. to are years, do Analyst in So I Day. Vegas do to right? going done Analyst We an we've think XX Las in going don't Day on

where enough network more So your of share go. calendars, to improve to we're fact in out excited trying the in to to think able going company and about be a now. pieces lot come the letting that to your put we're and be responsive to a you place bit experience we're information where see being that but you're I And going – the know can going get lot terms more the of in on you I give with you little because a models. you we'll hope also terms that And going we about we're

getting we So people that. there seeing mark and to that forward look on feedback calendar, your in

maybe So media we'll with calls. that, take

Operator

media comes from Please will of from Instructions] the We And members from go media. ahead. our Moritz of Bloomberg. first the take the now [Operator Scott questions question

Your line is open.

Scott Moritz

the networks. be topic, and hate especially to how Great, you the the hot seems week – on industry, help business could you it you XG? among you mentioned what describe looking wonder me, in do to a explain put the business entire this to thanks. case Hi, Charlie, It spot if to XG. revenue would you networks the private an but in for pretty model, private I for opportunity I model,

Charlie Ergen

– the not is, working people question. think, I And with we're it's today. the a so lot model of model, revenue a pretty for I'm broad good biggest The

you'd a consumer. to So you you're to want company, to network, is it's when very ESPN go reason because – do had if a why that you similar direct private the want wants to

you the middle middle. you want and data your make You want middle product the a a you don't can the in middle need man and in so better don't man

a now vehicles it, For a or if name a companies manufacturing you a that or have can network, or of get the you campus private a or you city have fleet on you more a you on Deere, John – tractors, product make – get if the can all data better product. efficient you data be you're and your you a having can

and have a problem – have when you you before know problem. also you a so And mechanically

and because love product a it's safer. better it customers less it's and better So and your you have expensive

the to kind that they companies – CIOs, out. figured of the So immediately going

for can for the particularly So need or that right, towers a – right? right? so build that think they need think the smaller think yesterday, Cisco, my think you'd private of revenue and Cisco, right? So that together They WiFi, And Think spectrum. you things Microsoft, in head, need do They people to, Nokia networks, those transport how together. about right? things people need others, they who people are NATE incumbents, model a and the or I add do kind that one that Amazon, tower right? builders I think on cores, people you come open and about then and spectrum, cloud, with of people unlicensed Google CBRS, is like saw who cores They All core, and the think need the licensed think some four like DISH. need but and they puts can

long-term thousands hundreds have may tens of of side, you you a or the – revenue somebody We your do goalpost customer. but for then customers. So just of model right? and just end, they customer And the one all they our I or do. of money really they're get or there's the That's and one lease us, the a leases But just CapEx or a that. to spend build spend was kind partners may customers, light of kind and of network, what would want capacity. They where capital. They're the or private a capacity, thousands some on handset it other thousands like out big somebody any really contract, contract don't call on of combination

here the XXX the from So Fortune if the have XXX we private But shocked I'd didn't of revenue Fortune now, be if years the sat model. majority companies, networks. five that's companies

Scott Moritz

Thanks. helpful. very That’s

Operator

audio. turn to no have back questions conference remarks. we I'd like further any appears the over for it additional the And

Charlie Ergen

think but XX Vegas. hopefully even Las – May certainly do the May I for May XX, call folks our call I lot we earnings see on think – I of Thank XX on Thanks a time. we you, – might will think operator. your in we

Operator

Ladies and gentlemen, this concludes today's conference participation. Thank for call. your you

now may disconnect. You

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