Earnings call transcript Q1 2023

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Operator

Good day and thank you for standing by. Welcome to the EchoStar Corporation First Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Dean Manson, Chief Legal Officer. ahead. go Please

Dean Manson

our morning, our for Good today welcome our Finance; Paul to Hamid Senior Jeffrey Thank President Accounting Vice first everyone Officer. quarter call of Gaske, President; and the our Veronica joined Operating of earnings Officer; Akhavan, Boggs, Takacs, you. and CEO and Chief Chief XXXX. by I'm

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

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

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

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

statements. reports not place should and any consider our on carefully in should reliance any described You forward-looking risks the undue

and this in reconciliation any presented for The no thereto assume We to measure earnings EBITDA updating responsibility statements. a release. our call. We refer adjusted comparable GAAP forward-looking during are

over call the to now I'll Hamid. turn

Hamid Akhavan

everyone. and good Thank day, you, Dean

streams that, of brief We'll are the quarter. called strategy, X. and first activity First, progress for includes our parallel the agenda our Horizons call Our discuss will question-and-answer from follows: work session. all is X as the financial move we on which then business that we'll to a provide overview today After

our financials. start with Let's

lower was of first million, business capacity The as compared in-service the was for our the the of broadband by to constraints prior in driven quarter first by Our JUPITER same other quarter $XX period partially XXXX wait the X to XXX we and in satellite. our related factors revenue year. decrease due consumer of million, revenue

had in primarily to deployments lower our decrease an also We anticipated revenue, and and due international for timing enterprise domestic shipment QX.

mentioned years, which create some previously, recognized our several and in stream, quarter. first As variation occurred irregularity enterprise orders most is which over are revenue what in the can

of momentum orders the our continue last this quarter, new we increasing area first of billion. $X.X with in XX%, the to booked compared in to enterprise $XXX backlog year, However, generate our to total bringing million business, period same

diversify to We continuing which our are operating generation business, sustained backlog, within see the cash our to market, our shift grow opportunities continue our leverage. in strategy requirements provide to and low through to greater capital success through efforts will enterprise and

Our primarily in decrease was adjusted $XXX by year, from driven XX% million, the revenue. EBITDA the of quarter lower last first a

performance. manufacturer the X due in-line the disciplined of as Capital cash of satellite consumer as spend $XX satellite X from quarter part the mix million was our the with The received decrease agreement to in last the them manufacturing related expenditures, to to in revenue delays. on primarily sustain equipment, of be continue QX We generation year. well $XX our JUPITER of in to to million refunds structure cash compared with our lower on the of as $XXX net program receipt cost million, change premise JUPITER the and were Maxar,

repayment and investment early as QX million proceeds $X.X marketable quarter million debt to during ended of capital last billion minus the the quarter, securities. balance defined with explore free higher than flow April. about cash We million flexibility affords expenditures Operating as strength of cash $XX remain it This confident $XX EBITDA I sheet the balance excludes year. received opportunities. the adjusted our us an in of $XXX of additional was

turn Horizon me who will on the now Paul, additional the X over some call and quarter and X provide specifics to Let activities. our

Paul Gaske

Hamid. you, Thank

As a first we efficiencies is plans to optimization updated and of X/EchoStar that our of maximize again near-term for capacity. HughesNet our to priority customer and quarter satellite higher yield services focus the reminder, to North end, value improve Horizon satellite. experience operations, XXXX, on our prepare the to costs as launch To continue operational our America plans. upgrade subscribers while In service of managing we and X JUPITER current we XX

The our to shift strategy an while our improving for have plans natural of customer creating our to continued plans higher a experience. service ARPUs, changes delivering consumers, in build higher-priced enhanced our capacity, on

percentage cost We also market plans, The our our of Fusion subscribers new some improving processes. react improved continues to generates plans, remain automation focused and through considerable HughesNet Fusion on our structure our of highest which ARPUs. additional select positively a to

competitive attracting to The existing will that expect been and us believe of enhanced our Fusion combination by received in churn, have and Fusion we plans industry. ARPU. customers help helping new HughesNet continue We HughesNet new and the subscribers reduce pressures plans well combat and while our ongoing improving

the two that our that a their enterprise be orders had the also network were completed rollout for of North SD-WAN and partner their to at We Fortinet announced forward awarded recognized we by services year. we retail upgrades deployment petroleum were Moving year. segment pleased the outlets. in the secure strong last quarter Shoppe and as the America our notably of continue managed We business, SD-WAN expand of Vitamin XXX-plus completed to network retail footprint to

planned in deliveries and we production gateways and complete the our expect scheduled. as continued systems In of program, as OneWeb gateways to all XXXX

XXXX, satellite OneWeb end than more – for core have the quarter subscriber the of As user modules and we inclusion produced of of XX,XXX first subscriber shipped in terminals.

awarded includes from contract terminal, for a our Hughes terminal. electronically to very steered are And interest LEO have seeing large which in customer significant of antenna. are this a we We also another been version our pleased

secured government LEO begin Government to the of services terminal year, enterprise deliveries OneWeb we one orders on Boeing also Systems and our of will from of Navy service In division, additional for enabling later including the digital the numerous PTES, markets work Defense and our managed Security connectivity. We products signage XG featuring for for our this products and follow-on sales renewals, Social Administration.

RAN well stand-alone Island DoD near on are helped installations We Air to for We Air Whidbey March ribbon-cutting participate Open in at the future. potential in State pleased in on which XG deployment forward look to network growing ceremony Whidbey Station capability in the Station Washington Naval XG XX, our as demonstrate of other the as XG applications. at DoD our Island services Naval secure

Now international our operations. to

to enterprise applications address America. capacity We continue to in allocate various Latin satellite

of As Mexico. of we effort, parts one In of pilots other continue project locations enterprise several example America, backhaul announced running to with a to with hundreds great provide are opportunities develop in Stargroup we this to services Latin operators. cellular and

In In significant vehicles in our subscribers, we for in capacity. won remain and automation our Latin for customer. American India which yield expansion existing high-value HughesNet is America, As adding on our Times of focused services we the Latin of we service churn XXX received recognition a optimizing Brazil, fleet we a lowering market. in services in as support Managed in of recognized plays universal the an operator's cellular prestigious the Provider, initial services. Best the India were Hughes obligation role And for Economic Service backhaul Indian order by the

the deployment of continue of on significant a the remote system satellite. we around terms for number orders JUPITER sales, world. terminals In equipment VHTS Eutelsat the win to This includes KONNECT

on services help JUPITER the Additionally, that divide bridge enable as the to MEASAT which unconnected Uzbekistan. MEASAT satellite, help selected chose the And we digital the announced, broadband in will system Malaysia. we the announced JUPITER XD across system to connect UZ-SAT

I'm well North growing Horizon Now, offerings June. These to and to diligently to complete assembly. continues let in is JUPITER into include expects bring to as satellite that Maxar for of ship X satellite business. our and on and final the report the work X of our efforts launch pleased service and South the America, enterprise our to site in expansion me JUPITER diversifying focus stages the activities. global as X in

X SpaceX can certain window priority is to first by are higher schedule focus launch on the the JUPITER will to broadband SpaceX allow preemption service at with by region. the to to Once growth deliver subject launches. which X launched, new North JUPITER We in government yet, demand us that quickly and allocate for and continued America throughout addressing coordinating the South broadband of high-speed

to of X, with high-speed, the on launch plan Fusion focused services a plans team believe any our for low-latency the suite and with JUPITER the satellite speed customers' eager LEO have In competitive data for along we and speeds ultimate is offerings of experience creating plans, more HughesNet rival We the to to these market higher a service. robust of is developing variety Internet higher satellite meet needs. highly preparation Internet service

Horizon X We to reported this be through signs global business can Increased Geo as small seen participation is diversification element growth. of scale has business, and continue vast and government enterprise XG our manufactured expanding activities of to in strong also today. products X improving we a potential acquisitions, segment here our in Horizon our on key orders to large sector. operational market enterprise the hybrid strategy a is plan LEO focus services the which pursue explore. including solutions managed portfolio, our leverage direction our Nascent

call Now turn over to the let me back Hamid.

Hamid Akhavan

that X, you, Horizon other of in to year. to and have reiterate are quarter Horizon from had and X X we of and X we while Horizon a parallel I good working end, was X activities our That busy that Thank are on streams, we in this our Paul. quarter. first work summary a want the

on and as expand focus markets as both new now innovation, well into longer-term me our Let X organic strategy through potential Horizon to acquisitions.

evolving to prospects. continue also our we acquisition are we S-band evolve While opportunities,

satellites. are quarter, during constellation begun construction announced calling LiDAR what we the As of of the LEO EchoStar we we XX first have

store Internet quickly for in are pursuing satellites the many We time, moving data are of the forward of and starting and begin other launch services these of to exploration global machine-to-machine same we At S-band our Things, offering the avenues to assets. XXXX. first

For continue our in satellite. our to on IoT smartphone customers in And using Europe over recently NTN we demonstrated to LoRa-enabled direct XX have EchoStar EchoStar bring new our we service. instance, for Europe IoT capabilities Mobile

North we and our in deployments, satellites services these expand to are testing additional global using LiDAR are X refine constellation markets. With bringing network learning similar market. for DISH services we to into markets American we actively plans to continue are working from the our We what

not the development initiatives S-band global service business undertaken our only These network. we bringing activities in are of have

connectivity device across developing XGPP Release non-terrestrial XG is global the and the of actively for the to real, anytime, in with We anywhere NTN XG continue XX opportunities truly engage that companies leverage to ecosystem a ubiquitous transparent. network

Let the me now the to to it session. operator start over Q&A turn

Operator

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

Ric Prentiss

Good morning. okay? hear you Can me

Paul Gaske

Yes.

Hamid Akhavan

Yes.

Ric Prentiss

benefits want EBITDA of and quarter-over-quarter. service we I were And the to we to of onetime with obviously, to a any of costs JX little areas associated light a there is we of think service cost level? might Again, than should year-over-year came in better the one that, Okay. go when in with, up little ahead seems that new looking in of cost service launch about that start for. a cost coming Were and noticed cause

Paul Gaske

operation you I the savings, of off, sales dollars. spend efficient efficient is, there's a be I think how systems, – marketing you well our spend. as what we Well, been cost there as see on and the with And guess, true that's focus more trying first to in can

primary X across get believe So, those to we we – a That's the elements, JUPITER the satellite. for pickup that's two continuing that's trend the until quarter.

Ric Prentiss

we Okay. new to incremental X, you how infrastructure levels kind to JUPITER of in And that, support when costs? and get cost layer should think about that

Paul Gaske

of have you the growth the as be kind up already we spend marketing lot the subscribers see the sort previous and has costs now since of it's additional we will ramp One, ground see you'd network a see so already place we'll things. two quarter, in been sales in and Well, might Where a in same expect for the satellite you launches. over that from of ingested cost.

Ric Prentiss

sounds where will monitor take is it long Glad manifest you finally we June, be think on about any service launch going How how so have we ready in in there should indication the you JX as actually getting and ship from SpaceX possibly it might in to from to the like. up?

Paul Gaske

to so actual place of quarter. terms would and in be in in we the of in and on. the we on quarter satellite in service, launch exactly depends expect get the full the Well, fourth we that But expect fourth when it service

Hamid Akhavan

at the to schedule SpaceX. launch At the moment, Ric, August in the are at we moment,

are at line, June SpaceX. Currently, our because that other the manifest there's previously, right world the satellite in we Paul launch SpaceX So, not will time the in site. systems mentioned now for shipments, August as an remain many than

DO military schedule so of Some and and still the precedence. projects, of projects with the on for we far, projects, August. government all know DX take they What are call we those as

Ric Prentiss

Okay. X. X, hopefully, for Obviously, you me. Horizon we almost the for quarter, service in Good. and That helps. think Horizon one X as Last how then in about Horizon done look fourth should

some us there. gave You color

map, seems in direct which could time. about can opportunity you're testing Europe, doing particularly kind of help smartphone, Some But – take road direct-to-device and would vast, to quite you publicly in you might see when it think in be space, the how that but U.S. demos of the the us the unfolding some

Hamid Akhavan

– focus we're on focus the on not that listen, one well, I'll X. S-band on the Horizon before opportunity working I only that So, is one, thing

how seen are and continue. have business our and pace that You growing actively at incredible expect backlog an aggressively, we to pursuing and is enterprise we

promising X for enterprise the is very Horizon in So, us sector.

that coming And on leave be to the back side. for couldn't the I'll we S-band and so And now busier. direct-to-device,

and And as We for Europe couple years of larger have using give a devices. services a something just GEO have a the year which global our global in S-band, after of phase we us of using is the LiDAR a other not to demand and constellation, and smartphone in later LiDAR. we we come which of already and our mentioned last to result will but IoT a are And direct coverage the But design satellites. see lot early that. coverage design trials engineering the of into this expect of service – phase system,

market to specifics before the don't for disclosed disclose We somewhat that that development exact to have want We and certain timing our that, in gains constellation, we're call new to But based with not much secured in a decade, and because have on. strategic come still the expect what exact simply of information. half additional XG, wideband of we that's we this that until larger second business. we'll service that additional on have working you should we constellation

all but hopefully Ric, not goes distant able too we'll the that, to details not on, time of – future, it, disclose today. As not we're do

Ric Prentiss

Stay Makes well, guys. sense.

Operator

with Our next Citi. Rollins question from comes Michael

Michael Rollins

you kind include two refers possibilities additional merger of RAN that and DISH. working specifically, good morning. companies be XG Curious to one And the include the of both Thanks you working work the explore could well may curious of where as ways to which of opportunities, I'm Open that Thanks. just still in range could to the together. opportunities co-investment EchoStar possibility the between for is with with Currently, and filings and mentioned what examples I the scenarios think as DISH companies?

Hamid Akhavan

length stocks. We collaborative. beneficial Having we make very traded is DISH mutual the And as company obviously publicly that, aspect in cases obviously with ourselves, are guard relationship shareholders' relationship a – we the of best we're that to number in find relationship said have opportunities our we both and a with of situation. sure Look, highly an protecting interest. arm's

where have of So, areas we I a think we can collaborate. number

a couple of highlighted those. we So,

complementary of for S-band theirs very the the spectrum. are Our spectrum around filings world in terms

coverage United and America over Canada have They we Europe. S-band North coverage S-band satellite So, and and States satellite over essentially. have

Europe, with to we we the improve that degree collaborate service can DISH. in so, And a can

has we some – all are preliminary the And services. offerings, agreements place as network we their the with growing EchoStar. S-band put in-house core to agreements the them work in our are want our DISH potentially on with and several and cap] of of of to terms in as [ph] the limited been we But we'll for use [small capabilities XG do not at of probably aspirations are disclosed details assets build where have not their agreements

pure available, is also underutilized. the They core only XG world in and have is the unused,

point not that's due a party in necessary any related those an at transactions we'll, disclose something with yet, but that agreements time, those We're them. outsourced I think work to we'll activities where fashion in we can related are

together has it number be that Island sub as a to providers had be some have worked subcontractors our a that we and whether service number brought of a Whidbey kind with, it solution programs, have of used been of the XG DISH others is the be of though to we piece The DISH, the we complete just have as we Navy. – it whether have a whether providers, Cisco,

forward, remain any the going There – no will for other is us X, the moment. reason same said and for to not the we're acquire time We're looking for we – being and acquisitions we're construct. relationship as And companies. DISH with to at alternative working that's our And with in – on any not to consider DISH. Horizon not joint in looking

whether co-investing EchoStar in If with not in an us asking we're we That's co-investing companies are purely companies, you're DISH. activity.

Michael Rollins

just looking terms represent What what even and case that investors of for that become X. in of out that for should tangible which more the visible the EchoStar? follow-up quantifying Horizon And are and would some one things return the investment opportunities could timetable maybe in be the accelerate on

Hamid Akhavan

not point sold. we'll in and report revenue close think trend you So you our for progress go that, eye the to. just as quarterly the contracts. future. our at you a we activities. on could funnel are EchoStar, you two committed as we report on basis. should will that look And a are I see booked, of keep And things and are that backlog One enterprise as these These can we is forward, These that

disadvantage very a has in don't see actually enterprise, that is know really trend I in our the long you different, mean consumer. you this horizon. But a that. Consumer

that One chunks. the enterprise the business very grow of advantages can of large it is in

For within – quarter is consumer instance, a it's long take to year possible right? a billion can very, within – to very But revenue, it does a large, $X.X billion so quick enterprise if in grow mean, how there a, steps. there. over or $X.X get very I sign enterprise

much to We're to is projections carefully business one of all, the future of putting with of consumer. that backlog few and because look that some is enterprise the encourage forward. that that be of biggest shows we've of revenue examine going of be proof any we – trend is which will a to but the our you at be the more precise not first we try much and be And benefits. how it the down how – road our years So, a going is as to today, drivers, given backlog, the we biggest the go take

to useful try We more finding timing of year, as ourselves, will are a half you to that and of will certainly you that in potentially year. beginning give disclose we more this second little next of

one. So, that's

second most as this in S-band comes systems the as industry, to Look, the it well – of years. to timing aware, several takes is you're development. one one The the develop satellite

And so, what X. Horizon this call we we – that's

potentially XXXX, start should biggest You shown are up. of seeing the first as impacts XXXX, impacts,

a provide for manufactured, also beginning because devices, devices please satellites, just to a the introduced, X.X out compliant that then chipsets very not will first now. of the direct-to-satellite, the the mean, are for to get take the many is then And are it chipsets when get to be day Release on chipsets ready, those this but not phones. just XGPP the starting compliant years too cycle phones XX And and another market. that's so direct-to-device that year are XG That think to phones the I takes be for phone, to for to

that are that, grow, takes the I to for another phones day, small mean released, number very base right, of year. that it

as exactly impactful X-year hundreds are and when from So, I And of large or satellites up, half will same the sizes this be so in window said, second this you window, talking to that will X-year decade. be here, add window These the that's in that prepared. about produced you're of take the to vastly X- window. satellites be X-year

potentially the XG line, with I starting related revenues generating the that is LiDAR constellation, from which would next we say, which between, from to have is big just while XXXX see we will from the year, should only get them forward. months wideband. months time that material, be now, XX to expect larger you In very way, By the between, system as meaningful of XXXX, now, we revenues system. XX in to from

road gives our this next year, give you fall. And hope you think of for we we more will again, end I a plans. revenues potentially reporting a we of where as and solidify of that map the hope beginning year of bit to information, some these segment

Michael Rollins

you. Thank That's helpful.

Operator

next from question Chris Instructions] Space. Our Quilty Quilty [Operator comes with

Chris Quilty

right. Can me? hear All you

Hamid Akhavan

yes. but Barely,

Chris Quilty

Okay.

that. about Sorry

enterprise in So, ask. about how there in a strongest whether mean, sense have? constellation you're I wanted give something retail? the it it's and on can seeing Any it I side? Is kidding. many obviously, had gas? specific I government is it's oil a where color direction? area that backlog, the general more but going us that Hamid, were growth the in Actually, Is – that is to you backlog. least new you to And satellites up Just at follow saying to specifically,

Hamid Akhavan

if I I be know can don't that. disclosing

course areas, future, the number think in that. not we'll hopefully next we I specifics a in of you had the a quarters, yet. I seeing that couple think maybe areas, of segments have during growth historical business more the too of And we're including distant give not on

enterprise is on are And a segments. number of focusing in focusing we're primarily obviously, – on margin, highest business highest directions. growing profitability Our we

margin. margins, low We lower and fact anything that discontinued have deprioritized vastly had in

our enterprise that our create don't ours unique the expertise, undifferentiated businesses, of solutions some compared as products, some in of involved manufacturing don't IP own includes high business we look to and of those. lot So, enterprise at a of

and orders enterprise coming. the capital very business. vastly lower large Again, very So, capital about we requirements are lower excited size requirement,

competitive done yet are not we for yet we're to, involves areas new we're dissect new groundbreaking not business business of some before. it you not that gaining, we position have in kind now, in for assume position, the but should reasons, that think I where

Chris Quilty

maybe parts turn level terms higher in a of world? you what us And terms bit seeing, maybe your different seeing for the the good but a customers? direction. of little thought what backlog And in and orders, on the of demand in regionally Great. you're give you're in economic of Can sense obviously, different your perhaps environment, demand good

Paul Gaske

Well, if guess Sure. look projects world. for of of – let's you unconnected. connecting sort generically, with start a I cellular mentioned of lot seeing South America, we've backhaul sort the We're

a market. pretty theme, aspect. continues strong that's of a So, Western aspect, well so for world, the the much rest active theme very unconnected that's the pretty both That Europe, as backhaul across as most cellular except the of

broadband like case schools activity other in lot terminals have and you broadband. so of growth the a And We Eutelsat obviously deploying India seeing where the actively – is homes direct that a – got Western and in project. are we is in in places on. have Indonesia, We And about Europe, point. to talked certainly MEASAT then

most to one broadband be in to the America, series to the corporations have series services, these North America, connectivity, afford where the industrial than the there's path cloud users can't and services. lot users and broadband all is communities. down more a anymore, from projects have especially of with object we of of a a to up In So, North whole end projects, schools of way whole

in of a we So, that lot space. see activity

Chris Quilty

of of how service offering. seeing you those any what, line about quickly and give be Can ARPU? Fusion talked of you terms or percent and sort is the metric Also, in that impact might sense you that the growing what monthly Great. installed plans maybe even product base on us some are the useful other of

Paul Gaske

well, quarters parts. background. a you I Yes, two give in think guess, little One, can we more I future

across U.S. We haven't the yet. rollout completed our

I of can have give look it. look as is see think plans, So, we then the you forward, you can that, I at $XX service our better you And pricing we once we sense a think I if plan. base think a

So, service. certainly, most in GEO plans we above today that's of sell skip the the

would plans, well that a of which go-to we are So, buying as priced. some blending of plan, lower our combination customers of kind standard expect as

Chris Quilty

Great. Can us, of on of There was obviously, there CapEx expect million year? you additional are a just $XX one course that remind you from Maxar. payments of receivable the this throughout mention any the

Hamid Akhavan

quarter that we'll continue disclosed and expect their filing. in they've to receive payments Yes, we second the that in

So, continue through end we're the satellite anticipating which our the expecting at June, is for and moment, delayed, pace payments the same that. but payments June will be at beyond of reason, not not further we're if additional there'll any delivery

payments million of million there'll So, be million quarter. another $XX quarter. additional – for $XX for the next the $XX Yes,

Chris Quilty

are us your for traction. antenna, And front that electronically of line? product airline broadly Also, your a steered good and how what ESA shopping sounds you been Okay. you've surprisingly other you're like that aviation expectations There that gotten that give of of haven't antenna it many announcements sense in customers? aviation installs. Can

Paul Gaske

one certification Well, of a process. rigorous it's the aviation the of quite world attributes certainly, is,

quite good consider might be done to that sophisticated. it. delayed antennas that what It I a process. that of, actual until will So, go think, very airline benefits lot on technologically is But we've we think provides we aircraft an complete

see So, we hope on, pickup as that time goes a of we'll that.

I course, of supplying nice a to to think main fit that the for of we've thing going is we're the antenna which Business aircraft. Aviation, is, an Gogo announced be kind

to how think big at an we'll approved and got out we then And and out opportunity see market. I get it point continue that to which is. So, get it developed to

Chris Quilty

final shipping And Remind operations? you're terminals. integration any OneWeb that's guys you products just into I you are that in for Indian me, not core you module? else, someone since mentioned you're OneWeb question, assembling Great. are shipping, core question, second think the And your had shipped now seeing XX,XXX modules activity terminal, the

Paul Gaske

was might part, was, services the any OneWeb of a they on created build whatever or a of create. module, which we okay, aspect first that industrial so Well, structure core of the set in use terminal the partner can

I up, stand these think out they ship and their to the to just Obviously, far there. partners as are make India, to applications. services we them but plans OneWeb an as we so mainly – then use in we lit So, that. can, by enabling their various defer And ready in respect, we're speak describe to think, partners and more component of once that their I

Chris Quilty

right. much All you Thank Great. gentlemen. very

Operator

Our the of from comes with line James. Ric Prentiss next Raymond question

Ric Prentiss

the got more on of questions. to want for few back a up of follow-ups, out Just time I one follow we Michael's

any EchoStar shareholders, to DISH it alluded happen? that and it, should scenario answer there thought? a even to your think there, or for out but circumstances for under says it that potential Is recombine? EchoStar any sense what I Is would make

Hamid Akhavan

That is I and that here with as situation We have we respect are any existing we not have can we discuss earlier, in to not in opportunities topic limited have, call. mentioned the a with the do we contemplated DISH.

we So have them. working with relationship a great

not able any the arm's with have had respect come been to opportunities. has of you to to, aspect issues any company not know We the agreement an on length

opportunity. put – had said, But of any a mutually where classes limitations seem that cases many any assets complementary a to we have in assets to of in somewhat I assets of not number use there's ourselves to opportunities As being in able find to ways. those beneficial two we on have us

So, we're the not hampered by moment. at anything

Ric Prentiss

the of about enterprise? but global purchase as Okay. enterprise. are some seeing can from What orders hearing economic itself, And economy you and Chris' trends? concern customer backlog about as the any you're or timing potential recessions, some obviously, out to Obviously, or concerns base speak there, follow on for concerns far up questions.

Paul Gaske

some are little to see depending think decisions nothing in. with they're proceeding are perhaps Obviously, enterprise concerns, are talk I slower part especially do certainly what the specific. There but in some we but world positions proceeding. customers on customers, them to cases different of the make Well, we in bit a they

So seeing feel out the not is we're the forecasted people in there effect yet that market.

Hamid Akhavan

in say moment, or material want seeing exposing to way at any to And the ourselves any in – sort we're bad not not – we're debt. I meaningful also that of

some it of before to on our the ground. solid enterprise materials. enterprise other equipment manufacturing So, not our get paid balance We we in sheet activities. buy business, our actually using business, float We're our even businesses and stands credit

to are not we in bad are in, the So, any material business. way, in enterprise debt we exposed

Ric Prentiss

one Any expect joining search, the as far when candidates, could for the update last CFO team? And on me. someone as we Okay. timing,

Hamid Akhavan

my team I business But that just I aside, was job I love has and kidding – so of never myself been our I as well very I'm the with team. of team it. the have have nature – we I I have I saying, fill a much I not a joking complete all, was happy been everybody have of and my Ric, that with been just look, I on candidates. busy, – have not now first might number interviewing

have leadership kind short CFO I anyway, position open that in still is open. that the of of only not, we're So, here. And is

figure wanted results, this expect But right that business join do lack shifting sitting of trying I this and S-band and getting it any at have – towards but financials doing proper that's from CFO. to to been seen our changing much business and we that very the as from focus – say changing, our have continuously candidly, on changing, up, is developing about of hopefully the things way right the limited has own I our of been you a has lining in have candidate, ability But the the not to by and person enterprise, too us. I my the nature we're will taking part we of a but been picky schedule again, are just longer. as out who that part to profile others, take not been look it is that I

Ric Prentiss

the Great. follow-up questions. Thanks for

Operator

I'd question-and-answer to like the That closing for Manson to turn session. Dean today's back remarks. call concludes

Dean Manson

Liz. you, thank Well, Okay.

think I ready to we're close. everyone, to bring for the you, a calling in. meeting Thank

Hamid Akhavan

Thank you.

Paul Gaske

Thank you.

Operator

concludes conference for participating. Thank This you today's call.

now may You disconnect.

EchoStar (SATS) 9 May 232023 Q1 Earnings call transcript