SATS - Earnings call transcript Q4 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the EchoStar Earnings Conference Call for the Fourth Quarter and Year-End 2020. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Terry Brown. Thank you. Please go ahead, sir.

Terry Brown

you. Thank and XXXX. earnings everybody fourth for to of quarter welcome morning call our the Good today Mike Hughes; joined Satellite Secretary. CFO; Strategy I'm by and Services; Pradman COO Dave Officer General Kaul, and and Rayner, Dean President Counsel of of President Anders Manson, Chief Dugan, Johnson, EchoStar our and CEO;

we usual call participate their ask you that to in and participants firms listen-only or a As in media your report. not invite the mode identify on

that audio allow recording not you do ask respect. we also We which

now me to for Let this turn Dean the over disclosure. safe harbor

Dean Manson

be statements the Thank you, forward-looking and results make Terry. forward-looking and other actual by other call future materially than any involve from to could that of All unknown expressed statements. constitute different we fact, from that or during uncertainties implied and our factors this historical historical risks, results known statements cause statements results

the report statements we For our XX-K understood wherever filed a and should forward-looking call applicable refer please as with appear. they list make All those be of being annual to Form on during risks, the SEC. any cautionary we to factors today make statements

We undue described on should place consider not reports any updating any forward-looking responsibility no You and over carefully forward-looking should our in to you. for risks the statements. any assume Mike reliance statements.

Mike Dugan

a EBITDA. in both pleased team growth XXXX our Dean challenges, evidenced our and thanks as of for call. to again XXXX solid QX to XXXX share adjusted today XXXX by and you, us earnings brought Thank EchoStar delivered financial all results. occasion all the with decided of that but join you I'm By very rose to the once and accounts over revenue performance

our agencies been the and global services connectivity EchoStar communities that never continue efforts year more the team's have to and second supply government depend. operational of millions pandemic, As delivering customers. accomplishments the we consumers, also I'm of vital the enterprise, enter proud we on which to of in

me expand final to segments the management period. Let to with over some and now comments the team business question-and-answer their closing on then it turn before Pradman?

Pradman Kaul

echo record. that of I'd Thank on XXXX financial our to was highest our our you, revenue results. like comments extremely Mike. I'm Hughes and performance proud Mike's and say

Our adjusted X% and the compared for fourth period X% full in the last grew EBITDA quarter to the year. same year

This increasing XXXX was Internet to Our approximately base adjusted is Report to of quarter, by connecting ended the net the base a dedication subscriber and in US We World & fourth during as year EBITDA by XXXX,XXX XXXX Hughes this margin grew subscribers. XX% unconnected Internet XX.X% our XXX validation XX,XXX. XXXX. Provider welcome from our recently Reviews US Satellite declined In XXXX. XX,XXX by recognized News our approximately the Best the high-performance of service. were in We subscriber with

US our currently know is you consumer offering capacity As constrained.

our a result, marketing subs. and our optimize As we continue to to efforts sales to manage existing service

focus on our customers' applying our our services We continue enhance has as ongoing for to offering customer the across steadily such enhance US ancillary by artificial intelligence strong innovate broadband services our demand the advanced experience ARPU network. increased. experience, also technologies Driven to and that

and We Latin we base expect over In QX, grew to near-term. improved continue quarter. our approximately in the previous these America by trends subscriber the XX,XXX in ARPU

eased ARPUs we to increase and in Connectivity in and was of to an are saw Hughes-expressed third changes regular basis. to offices important to and than hotspots partially continued the COVID-XX monthly We sub sales offering marketing WiFi a XXXX partnership many relative with quarter net churn activities. slowed services which on these offer we market us an as additions. for schools improving collections more now targeted people which in Community America. process made impacting deployed Facebook Latin WiFi have this due focused our in restrictions be on we with Our returned in pandemic believe We

to in expect see We ongoing growth these XXXX. in markets consumer

For increase orders closed first XXXX. several the saw deployment to upgrades to an our and extensions in enterprise the half a increase of business, in drive relative accounts team North continued with activity. significant our large field and We American

with With in the than & Once significant both enterprise completed QX that and industry Gartner, publishing Sullivan activity the increase the in research through analyst services received highlighted we the the market. in and reports XXXX group managed capabilities recognition deployments more XXXX. more enterprise during QX, in quarter team's in Frost

market artificial are being intelligence our and in across to portfolio. capabilities expanding projects allowed automate us innovation well international our in We international American problems. resolution managed opportunities to network services enterprise continue of as enterprise have In consumer leading capabilities and as in invest see Investments North developing. leveraged internal our customers, and we across resuming new These operations. the our a identification business,

services extended VSATs deliver system our managed this Bharti continue to a as by a provide agreement contract in orders joint their State land Bank government across mobility closing its vehicles. initial brings East. governments, system deliver with Americas, the we've agreement Middle In in modems. provide XG service our has we India. to part the in region's country. order of being Pacific -- India, is Africa companies services the with from financial an won largest us provider regulatory seven preeminent Reliance for Airtel received more to add ATMs Jupiter awarded national In new than and to maritime ATMs total a venture to support program been supporting order the previously we project and villages large world's to This X,XXX work BharatNet The an more the on the a we And of to serviced the XXX XX,XXX subject service in than support of India. of of region, one XXX to Africa, provider and with Also India. of we as received a Asia, approvals. backhaul across In Jio the more connect Jupiter order there, implement noted locations One Asia of service to than states expansion in to to

our contractors an major culminating terms from For year classified business, with quarter and prime sales, outstanding follow-on of the orders in in customers. defense XXXX was fourth

Our Pennsylvania. look also in it across government connectivity networks procure enterprise continued The forward business GTA broadband group agencies XXXX. was chosen for its to Authority as provider for an momentum Georgia four to to approved segments Technology makes state the eligible Hughes. We rollout locations in approximately these essential program from team continues in XXX under that agencies by Direct easy

progress we XXXX, the for continues of X to at Maxar. Jupiter launch Our December In satellite contracted satellite. this

second received half to XXXX. and for issues in updated an with have This in in to launch facing production certain Maxar We part to and is the expect due is restrictions components. part now of schedule COVID-XX that company we delay every the

both without We and risk the diligently Maxar with identify to issues are working recover satellite. mitigate the to these schedule ways to

vehicle In related our in-service arbitrating, limit should to of time satellite the addition, which schedule. amount our launch will assist

speed with to customers. that significant as X ability Although, this well as markets we capacity our Jupiter our excited offer remain about delay, the service as will higher additional to bring we are to plans disappointed

We've with December as XX well terminals as its mobility fixed, manufacture three-year constellation launch constellation. for In first this electronics agreement the emerged of that satellite Hughes, the Hughes mechanically in and be new across every the OneWeb architectures at technology LEO to Jupiter started from learned steered company by market have industry have develop satellites. aeronautical Hughes approximately satellite bankruptcy. a for the produce and ground our adaptable deployment LEO we exploring and uniquely for with since XX of antennas. the essential contract Designed the a and company will OneWeb, module a expanded electronically satellites, along We've lot next-generation is with role for XX XX valued potential In system or core as Chapter used way. the we either broadband million, addition, evolving changing in module terminal. a $XXX core an gateway maritime will the resumed operates broadband user years. the

For for Hughes price. the example, speed bandwidth net priorities and the we customer, are know that top

low is We a amount superior for and why large service. size And the insensitive the we volumes significant is serve, the need rural it. we household the we our for ideal of and servicing, also capacity are the traffic markets right consumer and which delivering satellites HughesNet note of market due economics of Internet mistake That's other geostationary where our that areas latency have substantial requires opportunity great yet density in on make technologies capacity. to consumer that of to cost of addressable a majority video, business no

market-leading support position multiple is new rest it's rural satellite market Jupiter providers markets not with of service of different world. technologies. launch our with broadband will alone plans, expect markets. we to our to planned launches, The demand primary megabit The be the capacity the and there With XXX let the large maintain is underserved X and meet enough future the to in service the growing. connectivity foreseeable demand enough there constellations Even in and in

in possess In markets, organization multi-transport their customers' enterprise and will available businesses. to engineering the our these a continue business, to consumer to our best diversified Across our our our addition expertise thriving on all partners needs. rely innovations of we bring to propel technology meet industry

the in half market in thrive celebrate look year continued a quarter changes year, have All progress satellite have. I it XXXX. as and We to as like and and a all, leadership and innovate always was another very productive strong of to we century we forward

it now hand to Let me over Anders.

Anders Johnson

revenue last morning. Good In QX Pradman. Thanks, from down of $X was slightly QX, million, year. ESS

soft pursue demand continues excess environment. capacity, and has in The impacted the current opportunities to our to be capacity. overall obviously FSS We continue Ku-band market IFC declines lease for to

of when subsidiary S-band We we fulfilling the markets technical them that from last have We on occurs. the Unfortunately, that are experienced satellites quarter focused are for missions. preclude their to our first were global phase. rebound in anomalies EchoStar both milestone regulatory pair react staying these satellites NGSO ready commissioning intended mentioned the and

is that Although, I Global received would and activities And We using relief our seek milestone mission still the is force testing. are this EchoStar a pleased satellite regulatory operational of interest continue, from to AGX business we've due setback, like range the players. vertical despite it to been development for and intend with majeure we the note events. to

and successfully launched low-cost a its roaming single and are in mobile using offering Our third seamlessly With in a Mobile respect has new evaluating QX additional nanosat terminal, this QX in EchoStar portal. Europe, for developments synergy or service spacecraft. LTE launch to options to subscription integrates terrestrial of services that satellite and a management expected either single hybrid is year we small

services, and XG continue we We and new to interest products to the from of application variety platforms of partners distribution technologies in Mobile's our EchoStar see for including integration. of autonomous emerging a many opportunities of strong are all and MSS excited to new verticals, see

new have launched technologies on XXI we satellite our several initiatives to deploy hybrid and platform. and services Additionally, E terrestrial

working the first deploy On will the technology satellite others to real-time bidirectional services, terrestrial next-generation lower front, on IoT and integrates WAN chip. leverage and and are which with satellite single we that delivered develop fully services ProEsys a satellite

operations service the initial the begin to year. expect this the We half in WAN second lower of of

aerial focus also maritime ground such mobility. logistics enterprise to services as as develop are leveraging transportation such and and applications unmanned in will others new verticals, industrial working Europe. as emerging with licenses our These as well We urban component hybrid air and Sequans utilities, services systems complementary on

goal of it network. over to Finally into S-band full the focused as I'll satellite emerging remain Dave. strategic our of we services XG now longer-term on global always, turn integration

Dave Rayner

of primarily press to QX $XX Thank compared you, lower last the American consumer Hughes to customers year. quarter was fourth to to My were morning revenue down comments will equipment $X the period bankruptcy in is which due by revenue enterprise growth reconciled to XXXX. in release. in increased million, last million, QX on Consolidated OneWeb in and $XXX offset quarter the subscribers include same measurements and the down adjusted Latin be $XXX Anders. sales our primarily year. on revenue results from EBITDA, million comments this was compared fourth million impact Higher ARPU GAAP

million. India, $XX fourth million adjusted $X QX, by activity QX Capital million quarter last from $X $XX expense higher compared quarter with we start Government the our Net revenues loss of a last $XX infrastructure due the in slightly we million business. income growth year. to approximately higher were provision year the other compared of XXXX both dispute ESS offset $XXX with and in increase fourth In meaningful related and revenue sales to in from consumer million We JX in addition, compared $XXX and million was our an as gains revenue the in In primarily consumer Hughes year. quarter targeting million year. of as last X% of X.X corporate growth. as currency by to profitability year. partially increase We was and in percentage to spend was $XX to recovery are higher CapEx QX $XX Brazil. plan interest Free QX ESS down operating Consolidated principally and of we operations and impacts prepare $X flat related the million services. of improvement associated experienced primarily negative in our foreign to million, in same to EBITDA last cash $XXX down as $XX equipment to defined exchange period million. adjusted to expenditures investments transactions primarily primarily to and compared flow our in also adjusted million last U.S. accrued of markets. revenue growth margin the $XX million of enterprise was by $X other margin of increased adjusted million, slightly higher of million. service year. the EBITDA EBITDA Hughes EBITDA $X in change million of corporate broadband higher interest points during by launch. due manage XXXX The last foresee LatAm continued adjusted of fee continuing of expense on This This largely net improvement foreign ground $XXX consumer in was driven was minus EBITDA income an were tax the expect and our quarter. to $X was million maximize million, in from result as lower was

the in we internationally. with this new impact will of from the OneWeb especially incremental should business believe XXXX first provide With lingering of be The pandemic than stronger the half segment second agreement growth. the

to continue three the all February million associated approximately X.X $XX of we a including XXXX with back million. launch those Jupiter XXXX, the $XX readiness. repurchased cost an of for manage stock will open in bought of prudently a Through we million XX, expenses We shares at our December X.X shares In cost million. market had additional

in and unsecured intent and Mike. cash current $X.X back cash. to I'll of them is balance at With marketable Our repay $XXX out security was time XX/XX are at of over notes billion our and our seven turn due that it senior this million June to X/X%

Mike Dugan

Thank you, Dave.

well we've to position a successful As communications financial extremely satellite our you remain see, about had year I for can and industry. all standpoint. we connectivity the within and continues supply and Demand a remain positioned technology global excited from outpace

the start the to now session. to me over operator it question-and-answer Let turn

Operator

the [Operator Prentiss Rick Raymond Instructions] from Your of first line question James. comes from

Rick Prentiss

Thanks, good guys. morning

Mike Dugan

Good morning, Rick.

Rick Prentiss

glad market think million also looks is be stock I buybacks. want the to to put buy sheet just other M&A on the billion M&A want? your out I'm compared And we to the $XXX It own might you'd opportunities you your stock be confirm to cap. that's plan know work and might But I that see to authorized that left to at. balance $X best on it's maybe in like I market First what opportunity right. interested is where your think there close

Dave Rayner

it we for where our in base different technology looking make at mean I know you remain lot a grows several base transactions Rick of That's I of that grows opportunities growth. interested years. our sense customer over and we've think incremental a focused. period provides as where Well we And been remain

Rick Prentiss

the about $XXX on ballpark? maybe buyback And it's million Okay. that left

Dave Rayner

had you correct approximately sorry the right. I'm Yes. as filing. That's numbers the of

Rick Prentiss

abilities what from -- Jupiter we impact? And pre-Jupiter to experience more obviously recover about you to little the as the and through launch just obviously think sub should might there any can as growth ARPU the delay Okay. can but costs help quarter increases the Maxar. been you then offset decline think three has trying launch? to think bit three delay? until this And a with Are delayed them similar that you of also kind of And the with

Mike Dugan

try we're far consumer each the the options Well continued still we all the times down can people as the buying. allow Jupiter we The that go sure the customers count support that that And don't simple. We is sub constraints. at delays. along about the field, we're growing certain with the the X X say And customers to with of solid I US is It's to the very capacity we've in as need. the sub that plans what got therefore and in going Jupiter anything beams, I'm working and make are of contract demand count do number capacity we more spacecraft support We to manage need our to in with of ensure with the Maxar. issue think try disappointed the to that.

for So positive work-from-home our next going the like I people impact office I will a people it, more sure. goes know have more I to what hopefully can't months. on add are to ability subs, totally for would and six predict think and -- but down, I to the look that demand as can't don't return say things

manage major through or either we in changes So customer turn. down, up don't requirements yeah, expect as I

Rick Prentiss

much us give do And as service know that you the for we that getting X Can to the in-service I from Jupiter you how dates? reduce the would look And we interested mentioned Pradman, the in be? might beyond choice an are vehicle very time bring think idea launch of X growth think of Jupiter in in-service. what might capacity that will the And as how I people knowing fast launch on? launch

Mike Dugan

Well don't in that. talked capacity I see the as through and any past expected capacity deliver to going I the the is gone it's over Nothing's changed pretty as think spec. be spacecraft we've to as far keep The design. to reason close

there's launch that of time gaining honest area you time. into to delay vehicle, through in-orbit the working day. service, got and As a in-service every we're to with the of testing And the in the satellite one be I that the possibility is getting it some back production with

do do not of to a However, rush as to in not we the want is in-orbit might we going. our take get opposite that the impact that a or -- way on meet want spacecraft spec we ability to through testing negative have

precise the very of, to launch in in service. time But we're shave the from but a every activity till a careful we again, that's possible it's So be time day going to got we're off progress. we work

Rick Prentiss

Last Okay. for me. one

A India. in India. happening approval? been that frame work us Another continues in as close of you the understand you what might progress of business it help to lot deal is has think in JV time wait Can that reasonable

Pradman Kaul

aiming year. the middle of Yeah. for We're in the somewhere

Rick Prentiss

mid XXXX? So

Pradman Kaul

we It's have get -- Yeah. to held of. being through a bunch

Mike Dugan

No, no. XXXX. Mid yes. -- Mid

Rick Prentiss

I Sorry. Mid XXXX. misspoke.

Pradman Kaul

Mid of XXXX.

Yes. Everything is regulatory approvals. through actually Sorry. set. working some We're all

couple ready approvals, as As of we the to get deal. we should the soon close be last regulatory

Rick Prentiss

hit pretty then ground And the fast? running

Pradman Kaul

Yes. Yes.

Rick Prentiss

guys. Stay Thanks well. Great.

Mike Dugan

you. Thank

Operator

next Your of Analytics. comes Instructions] from the [Operator Chris Quilty from question line Quilty

is Your open. line

Chris Quilty

is was you up on ARPU Thank customers ARPU up lower-value to indicated more function simply it I US the which the subscribers of plans, stepping a some existing international. the in Pradman their issue and the up is follow wanted increasing off? dropping a or market, In of you. mix US both consumer

Pradman Kaul

customers is the stepping it definitely up. Well existing

services cetera spreading these the to over up demand of crisis over on the stepping COVID people up has this but for subs higher impact number accommodate As all the the and obviously are et you an so ARPU, which effect increasing plans been has on good going obviously satellites. has can

of So part one that's it.

ancillary is services ARPU. part which to adds The the other some selling it additional of we're

capacity. pay don't willing sell services, for For to to and extra people and money extra down repair tokens services repair quick their example, want unit have are we

to our good is which whole because very very ARPU of the things for a that there's costs subscribers little. $X bunch add little are these that or So against $X money

Chris Quilty

go with people Understand. up after COVID won't to of they people to capacity you back to out, back And And they day. as of that very obviously this the lot say right more using capacity can respect heavily patterns are people from you've seen caused stepped amount you demand be you period think so back work different work past in the the still plan in the were way perhaps you've than it their see returning shift if the a as what and to time metered to p.m. about because where using drop the patterns more you a do forced normal X:XX service have that you -- more plan? people

Pradman Kaul

very of terms evolving Mike Yes. will what that's It's mentioned as earlier difficult one all when of the the time those happen, things demand. it's exactly predict and in to

we and So, what to will that maintain different normal probably balance we constantly we are a else allocation to come we to day have it how evolve. has And of as there, the the something won't plans about just back plans of adjusting subs to to it this the and think subs to we and number develops. going continuously. but is every customer different between satisfaction on like -- we develop process see try a adjusting it's try everything -- been capacity, this And COVID the that that's the bits to way optimize the and

Chris Quilty

past couple to the been revenues have the and installations and appears standalone struggling. we market business, enterprise and if at a look aside the of as then and of that enterprise the balance years, it can the Understand. for set enterprise Shifting OneWeb

enterprise prospects business, again do excluding OneWeb any business? come of COVID, putting for year we As of a up out the you growth, see the

Pradman Kaul

Fortune the brand-old expand got to about the today, major at what's is and yes. business and answer brand the and using the breadth the rest the for primarily satellite-driven we news happening services The many the you still. India Yes. using is in suddenly We're mentioned our customers and about wanting other United surprised States in high share And The either the us, countries market. And East, we and of companies, technology we have a excited offer Brazil States corporations in gives VSAT and X,XXX And our -- in it's XXXX if primarily of very, customers, a terrestrial Internationally, we dominance primarily seeing for look areas. with pleasantly you've both been that technology world. technologies. access Far our requirements. the our expect domestically, to us enterprise United you've brand-new be very got of those internationally market And reasonably, good year. like

Chris Quilty

And XX to you of you bankruptcy? to balance had can prior over And see $XXX OneWeb, million the through much sense how Great. do give burned how XXXX? any that rollout you of chapter progressing the us back for that

Pradman Kaul

for the went the had terminate and contract bankruptcy. that we brand-new after a to all we bankrupt, million they When got is time. at old work paid This we $XXX done had

And started bankruptcy a off so we from brand-new for that the is million from three this and $XXX zero after next years. time

Chris Quilty

it three loaded? is or years, will distributed the upfront next be equally over And it

Pradman Kaul

all timing the stuff the on worth world fairly almost it think probably most then over will year. months' And of goes third we I then take it ship basis. XX gateways because linearly and the first equal Well, sites there'll years an in to left two be of six

Chris Quilty

small on sats. the failed these Have you And been of trace issues? for back or able bus-related payload those Anders question it. one simply to failures were the design issues to cause Got

Anders Johnson

share weren't where sort our because the orbits, system we which and to both off change They standard and and the system, And ride spacecraft you issue of in -- payload propulsion our the to had in our malfunctioned. relating orbit specifies onboard that of the propulsion at inclination. the SSO related -- launch all. an filing vehicle instances, altitude leave we have The

Chris Quilty

continue satellites you failure? to get done for order replace indicated and to force will And you to majeure prior you those in the their were testing. with that And a any look satellites able testing

Anders Johnson

only Well completely. one failed

across one with are other and still The now. in right it we're running communications tests

up bus, payload. to but ride in from now right -- is of it does So design the the the same it's different due which the a June, on have propulsion a go completely radio satellite, system, share but both third mission

satellites working fine. the and on So the were first payloads two operational were

Chris Quilty

Understand. Thanks All very right. much.

Pradman Kaul

Chris. Thanks,

Operator

Instructions] the of comes Ric next Raymond line question Prentiss from from James. [Operator Your

Your open. line is

Ric Prentiss

for a Thanks line on Chris' follow-up OneWeb. taking want guys. of Hey, I couple questions. there follow to

you if think been some a the discussion or had other or there OneWeb equipment. besides I partner you could maybe of just it entail? for with kind might some distribution be also services other that Can what elaborate there's potential working

Pradman Kaul

Yes, absolutely.

are other from we and customers. and bundling the we our on offerings We be the it capacity services a into service service that And OneWeb new over to offer existing all in expect have provider world. some the customers we to different requirements leasing depending the market

Ric Prentiss

that timing given And OneWeb when for to the go start up? can constellations their

Pradman Kaul

normally today GEO offer start. tested who -- and services. constellations offer, their us LEO offer up LEO/GEO we'll are combined to constellations as have services not we but only services to Well We've as customers soon and the their got love

LEO/GEO as a because have for we address the in applications. past we've So -- way combination they we a the is our said to think markets strengths customers in different great that are

especially, lease be where capacity, ready India, the service markets as in as to So Middle companies soon ready East. Europe, Africa, like have Brazil, they're we'll we

Ric Prentiss

India of of government. bundling the And bankruptcy you time be UK out instance? as do you constellation ones in OneWeb that for as say Bharti well that one is think do What frame obviously, ready helped bring will the to help

Pradman Kaul

two approximately think years from I now.

Ric Prentiss

the of sure we're out finally topic, to auction. RDOF obviously, the other And I want make period quiet from

happened didn't what a You us but that guys lot. ViaSat did the future didn't get on impacts kind your and just how of any, thoughts Can get dynamics? you in much auction share with the RDOF SpaceX there. get

Pradman Kaul

think, not $XX that but million like things SpaceX I big the it Well, got big, sounds what for And a years. scheme really about XX right? in a number, of it's year of number to number I like that year region. the them somewhere different XX,XXX it at a you subs If will calculations the look subs subsidize, of comes in think, that help

So we million subs already. X.X have up

a something had overwhelming it's it, either looking an subs So but for I got one to XX,XXX million -- like like not in be wish year number scheme. we They've that. or the

year that So big to a going deal. XX,XXX isn't be a

Ric Prentiss

Okay.

Pradman Kaul

I maybe we got kind they think FCC which a give that's to favorable impacted probably think where could -- of didn't from didn't have. the ruling ruling our we that they do favorable going And FCC, we but as did. well was a as the

Ric Prentiss

then one Dave. for Okay. And

the of a reserve? You might us limited customers bad had debt positioned mentions, enterprise you've risk the kind mentioned that sizing help I filing number already what how XX-K and you and bankruptcy. Can think kind understand be of of are

Dave Rayner

Yes. mean we're the in that earlier reserved really in fully and on was midst I COVID. year you have of I the mean, that obviously OneWeb.

was Global customer. It You've got Eagle. a obviously

the those I their while slowed and on impacted final get So orders number process of one retail recognition positions the companies of that customers with that And bankruptcy out a We're lost the know all there's conclusion. customers. customers and some from that those a But certainly up don't through among those have But for that the going some pretty working that over-reserved being proceeds of in filed we us. we've we're customers entirely end bankruptcy. downsized growth It revenue we reserved. some fully filed. comfortable hopefully various

Ric Prentiss

that resolved. ruling XX forward next going reserve? And the how And also play got is was the How years? over to India that AGR

Dave Rayner

it India we can't rulings still a get we to hopeful Good say that I we're DoT down but and over-reserved. are We to lot that that the and question. come There's favor that Supreme it if reserved we're the But from out be fully for optimistic, under believe Court. hopeful. over most in XX you current right under-reserved. to And some our indicate we've pay now got paid rulings years. rulings of out got

Ric Prentiss

for Thanks follow-up the Okay. guys.

Operator

call now to Brown further There questions. back are for no remarks. closing Terry turn I'll the

Terry Brown

today to and look time. for you next we joining talking Thank Okay. everybody you to forward

Operator

That everyone Thank for concludes you call. today's conference joining.

may now disconnect. You

EchoStar (SATS) 23 Feb 212020 Q4 Earnings call transcript