SATS - Earnings call transcript Q1 2021

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Operator

Good day and thank you for standing by. Welcome to the EchoStar Corporation Conference Call for the First Quarter 2021 Results. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. now today, hand Terry would to conference I speaker your Brown. Instructions] like the to over [Operator Please go ahead.

Terry Brown

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

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

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

now Safe this turn Dean to Harbor me for disclosures. the Let over

Dean Manson

historical fact, materially forward-looking could and factors pursuant actual implied forward-looking results All harbor by uncertainties the These and made Terry. provided constitute expressed results safe forward-looking we statements to you, XXXX. other by Private Act be this from of statements and Reform of Securities call, risks, Litigation or the involve the statements. during statements cause our unknown Thank any future statements make other different that historical known to from than results

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

for Mike undue reliance over We forward-looking carefully turn statements. should reports risks place You assume updating any Dugan and to I'll forward-looking statements. consider call now in our any any the the should no responsibility described on not

Michael Dugan

and and Dave, morning lot, welcome. a everyone, to Thanks good

and results EBITDA the challenges an profitable efficient manage a last As we same and great adjusted year We experiencing as proud net high infection where these COVID-XX. in extremely delivered and the focused pleased protecting to to have keep our during safety the there. employees showing over priority tremendous I'm the we with team, are for countries operating our manner, report on large organization India various the the we connected of grew associated and revenue, of in first Brazil, income and rates, continue I'm we customers top and we remain health business on quarter. that difficult management period resolve placing through and to times. operations, are functional

Pradman? it now Dave Anders over Let expand Pradman, me and business to their to segments. turn on

Pradman Kaul

you, Thank Mike.

XX% Revenue EBITDA was up quarter Hughes. strong quarter adjusted first very was X%, same was last for The up over year. the

fourth the from margin higher ended Our of increasing of from first by was in and the adjusted down X,XXX,XXX XXXX. approximately XX,XXX from with XXXX EBITDA subscribers, XXXX. XXX XX.X%, December XX, in QX quarter quarter XX.X% basis of QX XXXX We points

for Our increase Hughes as but approximately high XX,XXX the that's declined demand not to to net continues due story, base subscriber in whole retail by ARPU the U.S. broadband States the services. United

to In island service at secured base serve optimize we subscriber our QX, Internet the capacity Rico current customer continue customers even in with access. expect to to sales enable additional that and on continue Telesat reliable net approximately trends Latin existing and these XX,XXX. payload us to customers enhance term. our to peak capacity, near affordable, in managing more are the in activity operate our satellite While we we America Puerto we will XXXX, experience Also subs, for TXXV March to we the Hughes by on the grew

growth specifically consumer with and in despite managing remain in COVID-XX markets monitor our throughout continue anticipate aspects American challenging pandemic, a our Our the associated sales Latin ARPU all churn to ongoing focused to XXXX. of relative 'XX increased We and Brazil. consumer QX environment operations. on We

you As and several delayed orders dealt business enterprise or a bankruptcies. many with customers our was difficult canceled for we as year know, XXXX

We same quarter are year. report pleased orders last were grew the to from that enterprise robust XX% and our QX

American with orders, North its regions. industry division across market. market. Systems, years in North released accounts The stronger market Vertical of with and firm, dispersed Speaking had QX XXXX American-managed cycle franchise that activity The SD-WAN customers from included existing analysis, their enterprise active into covering research the the deployment QX continued new installations our several in significant QX and extensions

a our and front our third is for our the maintained share consecutive service market tiering practice Hughes its Verizon. customers. validation and year, and two to of to continued of of SD-WAN commitment For AT&T grow in number welcome This behind excellence position, delivery solutions

process. market, to and terms in-flight Eagle vehicle partners. the long-time the Entertainment, connected of of seen service we've in from restructuring through are actively and deployment preparations has successfully our we equipment increases for emerged customer, For a further excited Global Also, that IFC flights

network engaged to support the opportunities. operational the efforts optimize and now in are their current We new

We progress have in SES-XX next-generation work of with system engineering platform. also associated the the support our in substantial made

also great Our year. start got off the to international a business for enterprise

We XX mainly services program are capacity satellites West the remote win for divide. be will to orders help approximately under particularly to of million provide TXXV to managed excited will community and hotspots. services, These broadband XX currently predominantly satellite about broadband valued using and years The digital lease. villages, at $XX bridge through rural WiFi the Telesat provide Eutelsat in used our Colombia, services major USO

the has India, and one as NX ordered rural our they to to future gateway effective be agencies remote continues solutions banking will use the be the the Indonesian satellite largest which from a the standard the satellite. are company has supporting gateway initial reference services to involved that realize industry, has projects bridge community Jupiter X-year divide to most wide connectivity. satellite This XG in connect The connecting expect XX,XXX over will operators of system to Ka-band over used for XG brings Jupiter crossed Satelit areas branch only used India, the And multi-transport countries. Energy for Also matter previously governments oil the a deploy to also Elsewhere as in with ordered us which country, across connectivity support satellite, all team providing the the and XG will major world to number outlets backhaul for to regard site using backhaul provide VSAT a will satellites, cellular broadband, in services Nayara serviced but divide the government, the importance oil ATM Omantel should range to enable our used and site way project of the will region, Jupiter services NX to reference In we We initially, system a as we and Middle and has offices. retail to and a retail operate our world. unconnected rural around the system. well satellite, the system orders order the of of Ku-band. Jupiter using multinational digital count facto of total connectivity where provided build an areas. capabilities areas. the digital awarded system WiFi the provide to consortium sites this and received and supports in range pave satellite to of user Indonesian provide East continue multiple in over broadband NX quality the Omantel broadband through is no additional of including managed around X,XXX Nusantara, oil and traffic. growth Asia, for live, major to citizens In or government government PSN, not de the from of region's who the measure one Ultimately, orders for satellite Pasifik we Various XXX cellular receive to be the in XX,XXX.

existing from deliver We we bases. also Yahsat, support terminals and where remote Eutelsat would received subscriber including partners, the to orders

work continue We our to agreement with JV closing Airtel. Bharti on

to As regulatory previously subject is noted, approvals. this

busy as our involvement programs exciting the teams small the a and deployment at many a level. continued civilian Hughes, of with still and component While defense signed state government well of federal as previously were prospects with

solutions partners beginning support announced awards to enterprise we Also partnership selection to and region provide have OneWeb services Lab satellite by QX. managed the into a Arctic the sites globe. in LEO Force active yesterday, project infrastructure our anticipate and in QX engagement with to late with We the Research the communication around Air opportunities in the of U.S. connect

ongoing demonstration. and with on project, adaptation, testing contractor on service Progress three launch our the will half in Maxar, of prime Jupiter XXXX. management integration, the second As the in an of lead Hughes expected satellite the the continues

lower to to service OneWeb Earth to to risk opportunities satellite as continued well service remain and We latest capacity the provide support modules. on the of demand recover the plans services The Orbit active continue in the technology closely the Maxar and cost our launch call without to speed to in the providing engineering to will additional to work constellation, the satellite. as per bit leverage with the schedule efforts gateway for Low electronics customers. power ability offer the higher We our

OneWeb of We to for support and in the each are have requirements service ahead gateways the region. resumed deployment launch

satellites LEO enable bit recent we GEO to it using hybrid We as and enterprise latency coverage providing high-capacity for density the strategy investing of government of cost our are provide per mobility, continue about announcement Eutelsat and LEOs OneWeb, the and validates wide excited solutions low long-term in believe for both applications. will and lowest provide GEO will applications satellites.

to explore solutions. architecture continue various We other hybrid

unabated different broadband solutions the with role like way. remains with our positioned The support uniquely to continues will cost-efficient So is technologies, play service enough leading very large a market need pleased and in these I'm hybrid solutions. this outlook. for satellite LEO/GEO providers providing and to most multiple Demand connectivity networks performance Hughes in and satisfy

it Anders. hand Let now over to me

Anders Johnson

FSS of revenue Ku-band In the million, down slight morning. from in backlog last a sector we slowly remain We as Good on the revenue market Pradman. year. and Thanks, saw slightly the opportunities uptick QX, recover. focused in QX was quarter, ESS to pursuing in continues $X

XX, disclosed EchoStar S-band have August extension regulatory events. pair subsidiary we Global to for been that regulatory pleased granted XXXX. have fulfilling to intended I'm the Regarding an due developments, force majeure reset to our the their milestone first key that of of satellites milestone been NGSO report from previously precluded we mission

is nanosat third expected the launch for evaluating for testing. EG-X additional to continue options as are spacecraft we and we market midyear, use satellite Our to

of development and range a for business excited constellation. related proposed about activities we're Our continuing, broad potential applications being are new the

which technology, protocol, joined the LR-FHSS IoT and real-time services LoRa first to the front, adopted XX areas bidirectional we around European the Alliance new of was Semtech's LoRa are with in These EchoStar devices, satellite IoT massive with our Mobile with and use the service, use LoRa services. satellite Semtech collaborating we IoT deploy leverage devices announced On allowing Echo to part that in develop connect globe. recently to the LoRaWAN February as to by will satellites the augmented remote Alliance LoRa delivering

the We year. expect to service half initial operations this this begin second of LR-FHSS of in

with Court licenses. team decision European Mobile Mobile's S-band, EchoStar Union, our MSS EchoStar in for the Justice by addition, is case In the of pleased the use CGC the recent supporting and

our over further multiple turn goal to I'll continuing work the full it global our services longer-term are of we Finally, satellite S-band strategic XG integration to fronts networks. into Dave. of on now

David Rayner

systems revenue My to Consolidated to in Hughes comments GAAP was include revenue subscribers EBITDA, for compared $XXX lower on and reconciled first Higher from equipment last growth sales Thank up morning measurements period our increased quarter in comments million will Good the our adjusted offset $XX entirely segment. customers. you, everybody. year, American ARPU from is the were satellite in press our which by Anders. release. million, today to Latin mobile same consumer

our of to of $XX [indiscernible] earnings ESS year. from negative affiliates lower In business, and and debt the offset income reflects was partially reserved signed was from The million. expenses QX, certain of of as was principally contract, was enterprise QX open to year. QX change $XX addition, in compared Consolidated EBITDA $X million, flat XX% was was of $XX consumer expense. and the our in year. Free revenues, other in to adjusted in EBITDA $XXX adjusted increase first unconsolidated lower increase in $XX the $XXX unsecured operating related a primarily and adjusted million, launch last notes trades JX expense $X $XXX the adjusted in adjusted income expenditures higher bad year. primarily in on somewhat in and million to million million, $X million stock growth of last adjusted on due $XXX and as from by higher higher by as was well marketing we last Brazil. ESS the quarter million we XXXX. amounts of year. million X.X primarily as flat QX We primary revenue deflection last in XXXX, legal of bought EBITDA a of Net This million cost other $XX market QX due customers broadband growth the - loss December gains of was minus higher revenue In open an in at Corporate year. last and was in gross we quarter the year. increase million exchange compared of relatively million $XX back EBITDA cash margin Capital purchased capex, expense were corporate driven experienced first driver compared sales to $XXX of lower EBITDA our with $XXX quarter. EBITDA loss Hughes' flow, The of approximately shares of tax Hughes' the equity last which a compared to the of of in million, senior loss $XX an impacts both an spend associated increase increased million during million income quarter. last foreign $X investments to first higher market in $XXX million. was XXXX. million defined quarter the million, million

balance XXst. as due in cash billion of current Our seven intent the out June marketable of securities, to senior the repay was remains X/X% notes of and $X.X March which

me note recently start session. to Moody's over reformed to change would let our of call the to I operator now With Finally, that, the ratings. HSSC's turn made a review no and the that Q&A credit

Operator

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

Ric Prentiss

detail. Thanks for operational the

I at a able you kind it. you last into kind design, announcement Anders, big kind in what of I S-band, value. the work band, more what one couple got real question, might longer-term we've happening a of the of is First utilization help was with of the network. us And understand weeks, S-band, to of XG spectrum want Help timing DISH aha time network think how Amazon the But about DISH's that Just anchor what and to people unappreciated assets integrating with through look people with what's bit XG. seen understand you realizing with moment on as the S-band be frame tenants? that talked little operationalize this that is for an of

Anders Johnson

the platform have art of to we're first now, operational test experience is, understanding into Ric, right focused the possible. a access our giving that to be Well, and foremost, on in But use. what bringing some filing finding having the we're one us orbit we as satellite in

what as potential of but in look comments, devices, we're the a my But with of As for which into larger to future. to allow move going that, the with be the forward I to in we're continue give like. will mentioned standards and hoping as in expecting done the the I standards, XG moving in first is number constellation due ball the believe, in both next to to also be partnerships exactly That will far rev and us in is market the turn XXXX. the as relating we're of of guidance allow which use with integrate work going forward to quarter how forward, the to manufacturers on applications, to system partners NTN going XX, qualified ecosystem, that will we many

Ric Prentiss

how And little new stays Okay. should That as much three bit used capacity with existing people helps a half to able a of the give for versus that far launch. looking we for as that as XXXX more we should for the customers? that realizing how a just capacity as want be there. Maxar customers capacity about think How what of time is far earmarked line Jupiter of is be assume much might still second then

Anders Johnson

to Pradman, that? address want you

Pradman Kaul

Yes, sure.

look Mexico. First XXX and have gigabit America at we America that North XXX of Latin all, roughly about to the way gigabits in about capacity, over we XXX and

to subs versus And So traffic, our level know, difference. find is of the just of that be new they two provide And satisfactory. exactly have a play tremendously. subscribers to capacity the of our you this in regions. at will Internet difficult to that stage service the as increasing very mix is different as to objective we'll growth that Obviously, these it's quantify

We them new time, at the level of subs. customer more high a demand pent-up for think same bits. we there's giving will maintain means big to satisfaction, continue which a But

we full So the quickly. satellite its any see utilizing problem don't in to capacity quite

Ric Prentiss

And then, sense. How Is it the JV year-end slipping very is JV timing think we Makes maybe Bharti it right down of go assume XXXX? Bharti But are difficult to about I though? in things the out the obviously, our should XXXX? there thoughts into the India. - is now. people

Pradman Kaul

Yes. Department ago, All and a of to I approval the of second talking from things I met the Telecommunications. formalities would the just have we was expect need few XXXX. been - other days an and half now. folks

approval the months. next that And exactly, so three the can't predict it we're hoping five next, to in to get you for

Ric Prentiss

That great. would be

Pradman Kaul

the we should hoping fourth get But quarter I'm year, end through. this of hopefully at it of

Ric Prentiss

was like XX-K called international $X.X that for the one million. about then cost there one looked regulatory quick fee got Dave. for in It Okay. out And of an services,

maybe exactly be Or should should So million services what we cost that item? of the was $X that run rate assume higher?

David Rayner

to We Q, onetime was, it recurring. I the item. not expect in a regulatory do Well, that as be Yes. said,

that should add in. run looking certainly somebody rate for So back a

Operator

comes your of And next the Chris Quilty Analytics. from question from Quilty line

Chris Quilty

reported Hey about segment, EBITDA the that guys level impacted trying but asked and sense I'm a and looks Hughes the basis you that is inquire I margins I to marketing here? like sales how question, go-forward just think unless margin though, partially factors in it. And Ric to going get supportable down. It wrong record on a of was was favorably

David Rayner

couple paid $X paid. step-up fee. in reason I because Yes, of see see post a the million outcome And costs million Chris. the bankruptcies have line. from that called other as time really that year last a as the year addressing debt last we in to But was onetime exited - pandemic uncertain $X.X be - we've during had year down to certainly, Ric's trying spending to a I expenses last and to get my we from lot our mean said over a those of the we million so course that, would as that Q, got as operating bad on - of our really much going And worth of operating the of we reversals onetime a But than were big and get revenue have or didn't of what possible on - had costs been I item and dollars' some pandemic something changing really the we pointed as question during item we out regulatory you correctly pandemic. as expect why the continued. actions don't we short were in a there comments, out

Chris Quilty

SG&A overall, mean, I down. likewise, And it. Got

of them in first they of bad Were lot last up a year of so was did the quarter. debt, those see I reversals surprised out show to some here little cost in SG&A? taken the a down already You've

David Rayner

up reversal SG&A. showed The in debt Yes. the of bad

Chris Quilty

Got it.

I'm know seeing levels. service Telstar you're assuming around but in issues guys it, the seeing problems service been you with Since some Okay. not any I there's with are reports XXV. Rico, some you're expanding Puerto consistent

Anders Johnson

expected Yes. future. There's in to operations there the the no impact of space, the on more perhaps is be

Chris Quilty

Great.

orders. like side, and the assume know you've growth shipments, were revenues in QX, it you the Is year? about I issues yet looks there revenues the very strong through On of equipment first - the quarter. and equipment it with had fair you quarter, got we to strength equipment talked the down good see the in lumpy should in last OneWeb balance

David Rayner

pre remember, equipment at And historically, of looking space enterprise certainly growth back make people year-over-year, year. in catch depending a buy QX you to seasonally obviously, there? starting We beginning And as have expect specifically. of and activity drop the we've on you end COVID, we're on further the on at, year got to you're that. looking a and more going we if Pradman, things comment the space have lot what to seen of the you're the any want you do QX up and last somewhat to

Pradman Kaul

Yes.

cause last I equipment see we equipment a sales, OneWeb on time. sales year which increase the of think will the year the in this didn't at rest big to same have

that's increase. major step one function So

Chris Quilty

Okay. down I pre-acquisition by about into And we'll days sales you you're in mobile I hardware for different purposes, that today? bucket terms in guess, supporting. NGSO MSS back mentioned satellite what the think of it the the do pre-Hughes clarification classify Does by it EchoStar include XX-Q, in What something stuff? call which million meant systems, the, to $X

Michael Dugan

only other like is distributors Thuraya, of that S-band L-band, make customers It's to no. terminals. Inmarsat in the which MSS defined we and the equipment mobility right, No, sales region, as BGAN the

than is serve So that and different with the the of fixed markets Ka-band. kind totally any we equipment in Ku- this FSS

services specific - to got I these it's so typically a mentioned. small it's customers So and of just business. sales equipment represents that It

David Rayner

sort meaningful sales been big the But in any year. Chris, not last QX line a QX, be for this rate. that's fairly last historical numbers us. it and things In case, in this And that some year, is of situation. see sales Yes. we run drop then specifically, despite the tends and to had reduction in volatile will off We'll

a said, be bouncy. it little tends I to bit As

Chris Quilty

expenses are you're question associated or of would NGSO that other Got you. the couple this module R&D systems a I modem, one, OneWeb. know large expect And you going with doing With the any year? for on out, there those OneWeb deployments core

Pradman Kaul

No.

R&D the being that for itself. for doing any OneWeb; do think project work we I don't the are though OneWeb. OneWeb by work development we funded specifically - OneWeb is

And so investment require - terms new in of represent it doesn't - us R&D. R&D. will from no

Chris Quilty

Understand.

right, again, just ran were For And significantly of I fair existing this assumption? Or numbers the American customers? a pretty contribution is ARPUs base international? Pradman, was the to ARPU calling from and Is if year-over-year the a sequentially. North up there significant that higher

Pradman Kaul

You want to that, Dave? take Or...

David Rayner

ARPU it. Yes, I'll to happy be I indication year-over-year is significantly an up really North in mean take of the America, especially. it's And use. higher

to So charges that and we've additional packages customers. usage been higher making customers migrating bigger for

is entirely much So North pretty in it - it's America.

South up of impact ARPU. a America the an as on bit, is little overall not nearly but much

Chris Quilty

the actually the or perhaps in either this S-band that Great. And deployment. sounds model? there's like Or quite the regarding the associated I topology? a understand, question business terms actually that services that might of you demands didn't equipment of type generate Can with one it some direct-to-satellite LoRa how deployment? describe revenue associated maybe effort, with and is

Anders Johnson

Chris, could restate you sorry. I'm please? that again,

Chris Quilty

Yes.

So a and you a was it of new what doing you're bit Semtech LoRa. with announcement, mentioned

Anders Johnson

Yes.

Chris Quilty

like, the satellite? you would it you just Is be understand in revenues services half of meaningful it the heard model thought of year. Is that XX business I Echo And the I'm sales? in I trying there off there's to hardware And second Is the sounds say way? that any contributing. what

Anders Johnson

of we will as that with technology first field working validate capability turn to then sort the in Well, devices then into which the providers service functionality be will be what customers and we're to the in both doing as deploying used applications. on those devices, the well is of planning

from not it's terrestrial indicative the we're XXXX. that significant which from will it's I of expect certainly standpoint, a of in year, about ascribe development meaningful of that. the beyond lot but to some But we're in that standpoint the reach going a in of think and step expectations hopes going extend forward value have this revenue capabilities, half revenue to LoRa's XXXX. necessarily second material So a footprint a to see verticals wouldn't revenue We we existing

Chris Quilty

Great.

hub-and-spoke-type is to have a devices? terminal broadcast And client so this a you'd of then sort would where that satellite then LoRa deployment,

Anders Johnson

network. device a be when primarily will communicate terrestrial is available, we'll no This the a satellite. to No. with And that terrestrial directly communicate network will

Operator

a Thank Raymond follow-up of you. James. Prentiss And Ric we have from

Ric Prentiss

Yes were just no questions. other Thanks. if Was coming back there

Any frequently AT&T, think be couple Walt that I ones chain from quick issues? stuff. then. my of in on also. supply CEO, A different system, bit was little people hear signaling might side obviously, skittish We on the out there a

So far see as what do you supply chain? as

Michael Dugan

address do want it? Pradman, you to

Pradman Kaul

Yes. Sure.

factories. have be our that we components the manufacturing rest will have the enough the placing advance planned so that are with Our been and our the And in we comfortable of placed at our of parts excellent business and year that for an seen we the this in needs job in on met that anticipating for guys shipments shipments. impact orders doing we have orders far have and no inventory stage, the

Ric Prentiss

will we reducing job of what of maybe get costs. Good the think just as ahead ahead. usually good. at about costs, mean rough Also, launches, JX cost But a good come plan cost Jupiter magnitude not should increasing to the operating because the far Done there'll costs, That's the in might a we and How timing three it because the the obviously, cost? launched. be should the maybe some about bird as be some increase revenues? point, as thinking capex

David Rayner

to those because that's lot to want too fair we attention spending ahead. something time No, question, don't certainly get a a of costs far paying And we're it's Ric.

any some time we're the the launch. in expect as XXXX, point for in and the would expenses not while we'll capital get for of those in advance ramp of to the during So at ground continuing start deploy some seeing increase expenses operating build-out in I launch. ready infrastructure, operating start XXXX we incurring we will material

Ric Prentiss

as Will stay sense. look operating makes you fairly That margins launches? even high JX as still

David Rayner

be Yes. to as it's it's we'll costs of we that margins add the growth else. Yes, not quickly. materially very will resume I going change off absorbed certainly, anything or JX. mean And recover but cost, going to those

Ric Prentiss

Right.

Okay. sense. one from One me. final Makes

question secondary get quite of of per Hughes far bit, in? a it's be? beta roughly, experienced a going beta square Starlink on you out? expect homes people lot on typical to question. impacting get times per not you density the the base is, Have as the Hughes? and your has know You And that there. that been noticeable that out perfect trial as a How how obviously, there'd kind do mile any population we with the while many I play question customer the impact or test a adds the What's at type lives people square And asking kilometer subscriber

Pradman Kaul

The we mile, like use different families Yes. per square it is but parts varies the. in number of XX

Now terms obviously, date, is impact LinkStar from a doing they running and we've - operational started because they've beta been program, had program. in no haven't all actually implementing to of

date. So to there impact will be no

Operator

ahead, next And of comes Thank from line the you. from your Go Giles please. question Jefferies. Thorne

Giles Thorne

application And up you. first second question the a question business. we funding Hughes funded different with the as month, different now coming Hughes? read My or round in my funding OneWeb big and not a Thank they're address and technology core EchoStar is and last is model then essentially why post-restructuring to from the for Australian picking same Eutelsat on on pretty about well your participating

I'd on be thoughts Pradman's hear So interested strong path. a to what

Pradman Kaul

the the we come part million Eutelsat original the us bringing were We and that is SoftBank investment get we initial U.K. OneWeb $XXX question, But part second were of in of the didn't the government, But recently. were invested the obviously out in with of and and million Bharti Enterprises group first invested of Giles. part. of part I group $XX question bankruptcy. obviously,

early and investor, architecture what that the that going has along partnership proposing LEO forward And we're is believer eventually, the hybrid in revalidated So constellation a with LEO/GEO building. done their that the we OneWeb with an and strategy architecture same with OneWeb. are we are strong Eutelsat

The second question...

Giles Thorne

I'm not more? not be a Why bit why more? bolder? curious, be invest Why not

Pradman Kaul

stage, is at amount we look investment continuously that this opportunities. we Obviously, made believe And that right the sense. at

Giles Thorne

part be of Are you funding to final round definitely There's still say OneWeb? funding to won't final a that done. for happy you be

David Rayner

strategic investments after we done, future. our strategy in or discuss what and don't speculate but not may there. may we're we we sometimes our the don't aware, you're as We do on discuss Giles, them

Giles Thorne

of was enough. question Fair second out California. satellite on And the start-up the Astranis, probably

what thought curious their Just on you technology.

Pradman Kaul

be area address. segment segment large of interesting there so an the we amount in our that think that and But a data I are apply potentially business. they'll the market much requires broadband in really and doesn't large pipes effects market it It's that many will it technology part,

Operator

question North please. you. Sand. of Thank comes Eitel from the your from next Go Chris line ahead And

Chris Eitel

network hoping you Hey company be guys to you device it is all Could that on of a their of leveraging is time. the better your a if cost for network public comment, terms propagation. going Omnispace, all? was of their strategy the Thanks terms you kind you, has lower rights well, they're could in comments similar kind unit about S-band I could in characterization and to not, a Anders, made know Thanks. S-band number the for on how what global of talking maybe differentiated? comment the And of in you of

Anders Johnson

very the We're we're think pursuing both I target. of Omnispace. aware moving Well,

In Omnispace fact, of a matters areas lot benefit. with we standards mutual regulatory coordinate to our and on and

evolved I I business satellites are and their I opportunity believe, of has construction, plan think focused orbit. sort with on from have Thales. IoT some And under massive earth lower a a they believe, now considerably, they, certainly

for under that a is cases We using lot our incubating different potential will to and haven't plan, walk spectrum, necessarily are ourselves into essence. a but in development devices use how particular hardware in still we constellation of a translate and

the Omnispace, we're and they're market one markets you going primary of as massive a the after That's about the certainly that to the So me would only read thrust. suggest things one that looking certainly IoT it I but same read at, not

Chris Eitel

maybe talked but launch, a the guys mid-XXXX context, a And and that's for a I launch? LEO as about follow-up, thanks you presume

Anders Johnson

- It a our is is. itself filing. It's Australian LEO filing

that, of So administrations. once it crystallize on other will multiple our we have bring filings rights. we made that filing use, top multiple into through But

Chris Eitel

a you talk contribution there's about if of XXXX potential flow and S-band. could a what that And billions in having of about, talk type of cash just to now based if the ecosystem the I of considering kind a about that. And of out, devices, understand I that revenue all of not which the you maybe of see and on is, talked a you bit hopeful right and think bit lot would the years little leverage revenues? about just you detail you capacity five think of out on But I've especially in of follow-up, network, I'm kind from standpoint kind you're maybe because what seeing of little terms heard plan pressing what capacity

Anders Johnson

Yes.

on of block a available have we're this design the especially settled and is we spectrum would an spectrum, highly matter system, a to speculative. which doing revenues forecast to think the us is use residing. based block we haven't on see fact of a value really that to where sort extension we But going the of long-range the on I of be globally how the ecosystem XG of as yet,

from has is be that and unique standpoint being Now services compared other very in that's MSS is used and authorization to both therefore, deployed to S-band terrestrially. when qualification for spectrum an it unique terrestrially the

we what position focused interest, is to in ourselves and to figuring we're character exploit out best long-term think on. dual-use that's how our So that

Chris Eitel

share And recently helpful. super Thanks market. long-term much appreciate very as shareholder, That's your in large the a guys. repurchase

Operator

this for Thank concludes Chris. call. participating. you, Thank And today's you conference

disconnect. You may now

EchoStar (SATS) 9 May 212021 Q1 Earnings call transcript