EchoStar (SATS) 8 Aug 232023 Q2 Earnings call transcript

Company Profile

Participants

Timothy Messner	IR
Hamid Akhavan	President and CEO
Charlie Ergen	Executive Chairman, DISH Network and EchoStar
John Swieringa	President and Chief Operating Officer, DISH
Tom Cullen	EVP of Corporate Development, DISH
Richard Prentiss	Raymond James Financial
David Barden	Bank of America
Walter Piecyk	LightShed
Kannan Venkateshwar	Barclays
Brett Feldman	Goldman Sachs
John Hodulik	UBS
Michael Rollins	Citi
Craig Moffett	MoffettNathanson
Chris Quilty	Quilty Space
Drew FitzGerald	WSJ

Call transcript

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Operator

Good day, and thank you for standing by. Welcome to the EchoStar Transaction Announcement Webcast Presentation. [Operator Instructions] Please be advised that today's conference is being recorded.

And I would now like to hand the conference over to your speaker today, Mr. Tim Messner. ahead. go please Sir,

Timothy Messner

scheduled Chris. and light everyone, DISH's announcement, of EchoStar taking on either was of Thanks, instead on slot, joining to questions will going in thanks results. generally us. quarterly the focus originally that call In today's the earnings or this Good right. time and we're transaction morning, discussing for lieu during we All EchoStar's joint be transaction not

Hamid joined Chairman EVP Officer To Legal SVP the of Paul President and the Network Officer EVP EchoStar; Gaske, on Akhavan, the that Corporate Cullen, Officer Jeff by Chief Charlie Executive the DISH; Chief of Boggs, EchoStar. CEO of Tom of today the and we're of EchoStar; Operating of Operating end, Dean Manson, CFO of and President and at Paul Swieringa, and EchoStar; Chief Development the call DISH Orban, DISH; EchoStar; Ergen, John Finance of at DISH; both

start, Before Safe I the company's you Harbors. of we to remind need

During DISH and risks, from statements, forward-looking to results materially subject factors to our call, and from DISH and results no make forecast. assume responsibility may or for other actual are could uncertainties which that historical forward-looking differ EchoStar statements. cause EchoStar our this updating

filings. more may factors refer affect SEC that company's information respective on to For future results, the please

prepared remarks Relations slide call. let can Investor as the supplementary you replay as know, and Just the you on call and following to the today's deck website DISH EchoStar well

remarks, by That's from through the analysts conclusion at reminder, questions take your next is to As of we it. advance questions on followed calls, to the the the first so click media. And expect from presentation the a the prepared self-driven slides. own

to presentation. take With over that, ahead, Charlie think it Go our Charlie. I'll Ergen to turn I

Charlie Ergen

and you, Thanks for us. morning. joining Thank Tim, good

capabilities. deliver We're a a broad combine portfolio in distribution EchoStar will with to entered trailblazers two scaled day content combined The a portfolios an exciting distribution of to company create a for wireless, video both EchoStar have all-stock together morning complementary be and bringing with into premier DISH definitive announced This operator and set merger. agreement of an communication DISH. satellite and well-positioned assets. and It's we to

At about its core, this a and I'll transaction to is the for long-term potential business. of next bit This portfolio. provide of both combined growth building step the is realize sustainable logical a companies reasons the provide an financials. to hand overview then we're strategic the on I'll of over the merger, operational more transaction it detail synergies fit, will the who Akhavan, and and and about excited Today Hamid

turn to me Page compelling and by and on Let's let X financially X, start Slide X, is this is a Page why it's combination. outlining strategically but attractive which

and across satellite video this premium First, including scaled with reach. operator creates capabilities wireless, a distribution, global transaction

we have our It our serving - bases. altogether customers million scale in we of and customer all an in portfolio and those will by buckets modern combining those a obviously approximately efficient databases XX and to technology And subscribers. more more bit different enhance together, little combine with at diversified customers. with and have we be companies growing ability a They're those

communications network. combine satellite will with XG platform. integrating is ability cloud-native and do all words, we amplify spectrum Additionally, the to technological In able have XG the capabilities, within we're the DISH's to by what private communications EchoStar's terrestrial other

robust will company growth capital ramp and value million the little EBITDA financial benefits, we attractive but the also ramp annually, it's right? clear, of the to generate to a slides, $XXX to an combination. So achievable clear Beyond a it's will strategic a and expect At more position bit annual for slides create but are of a flexibility provide that's that little and creation. unclear on structure financial based synergies bit

X, fixed me Directors. transaction Page ratio. all-stock companies both of is to at some let Independent as Directors structured The by this a slide. this you Boards an move The merger by the unanimously both exchange take and and of through approved trend let's and Committees of combination of elements Now negotiated Special recommended was of

close, At of of stock X, of as X.XX price stock, premium the XXXX, transaction. EchoStar shareholders unaffected each closing B Class B X.XX each will shareholders implied share stock. the stock about companies Class prior in exchange Class outlined XX.X% A trading Class on the as last full to to by Class July speculation the shares DISH weighted D average A slide, common media of receive day or ratio common The common EchoStar represents for potential XX-day a common and for volume of Class EchoStar C two a shares

The voting the the merger agreement of shareholder transaction of approximately group, the XX% majority common respectively shareholders issuance own and No EchoStar XX% which for via required has of the transaction. DISH own Post of consent. stock shareholders XX% powers existing of existing is required and is company. approximately Network EchoStar this and DISH approved shareholders adoption combined the or by DISH EchoStar approve combined action will further XX% close, written will DISH to approximately and

and bit combined Let's look - little will as CEO got say XX what the years and he's company. Executive Hamid, Telekom years President he in those leadership experience, European of XX I about the the To Hamid of a running like. continue operations Akhavan will will Deutsche of which to look was serve be CEO. telco at will Chairman, as become

also lot most as CEO with combination of world a CEO He a of unique as and has equity in and experience He course, but ability been technical President a he individual equity, private EchoStar. the and years and brings technology private rare engineering recently well sense and seven is and - also management. of and not as financial that ability of he engineer, only an has

combination. with EchoStar, - excited even I in work So be with working more Hamid total more work with couldn't but pleased to enjoyed with the on to I've him and him

DISH and be Technology combined Swieringa, will of Group the of President and Chief Wireless John also Officer Operating CEO of company. President

our bring So them for a really, more benefit assets John DISH and qualified, function the of will Carlson way business. base. closing of of DISH as the at Erik those bit together to and in Officer COO continue will synergistic of Executive until a a serve which to of customer the is transaction, make uniquely President as former Chief all he depart time

to he the top over valuable company And of and grew everything lowest management our our Erik have about written make the going we're certainly, And our but he's there about starting of has to from last CEO more level to as and for been be at also what want company career. of And for a and to out that part alumni the great successful, him, years is a broader be. DISH. and Erik his company - XX good started the announcements is the we people somebody he weeks. of and to coming We'll the team certainly we'll to lose be the in part going and

in Hamid combined our and its DISH primarily board member in directors. maintaining I directors six be will serve with will EchoStar on The three presence Maryland, assets. Colorado, headquartered while Englewood, and along Hughes Corporation company XX other with

customary and course, approvals the fourth We closing and in of quarter, subject to is, it to - conditions. course, close expect of and the transition regulatory

over more may he'll now with to I'd such DISH turn to some call is share that, and this we time why Hamid and he - an for the And EchoStar. about exciting both like think

Hamid Akhavan

Thanks, Charlie.

companies. of the We both and win-win combination a and about for are thrilled other shareholders this believe stakeholders is this

X, to Moving what combined Slide like. this the look company clearly will highlights

wide and We capabilities. will be a diversity with a of operator truly scaled connectivity

market the our to leading consumers, subscribers million cellular to to connectivity industry. will scale From serve is cable total with brands Internet roughly go mobile We'll trust portfolio and in a a worldwide our XX of offerings. at know premier that capabilities combined service, across of consumer and business and

market-leading customers, and government enterprise will in XX XXX,XXX systems For support and sites the world. countries services complementary around our

million the the more broadband abroad. on value U.S. to EchoStar's cover XX,XXX in also established able engineering XG XG DISH and to leveraging capitalize foundation be more and will billion strategic $XX to opportunity. from unlock than private this spectrum By has together sites O-RAN DISH's first, America's we Americans. in assets capabilities effectively network, XXX network leverages than technical invested significant

in capture be businesses. Not connectivity X, assets how growth significant will us chart best the enhanced, transaction more company as Slide show we of on a effectively you ahead, be This looking right. but diverse opportunities will of together. will stronger scale this to result combined with a our at a and even can will On only by portfolio position diversified more see strengthened in portfolio combined the our put and as a

on focused transaction Slide to create this X, Turning bring consumer leader value to will scaled believe a connectivity we we consumers. the

a we the rapidly are is One reasons landscape meet needs transaction sense consumers this better to ensure positioned in that changing. connectivity the of is makes to of

From country. in private most service high-quality Pay-TV that unconnected customer the the a institutions, networks us across regions and our the and cost rural customer rating base of of earned optimized innovative of which quickly. and world in from enterprises DISH's remote evolving are one constantly the technology has number content X.X the things to shifting individuals subscribers satisfaction million benefit and equipment, government has

EchoStar's retail wireless, complemented satellite coverage leading relationships. service. XG leadership with online DISH's nationwide retail smart and are price offers value network For and broadband by These

is accessible the offering, by JUPITER to that are consumer to delivers And capacity Together, a the online service provide assets satellite price connectivity all our these number points subscribers. basis EchoStar's of low experience. X technology bolstered at with latency seamless high-speed of ISP, the one quality and business highest customers the

attractive, like decades built experience Next, together This a we to of X, be two significant of private revenue EchoStar's provide to higher greater opportunity. SD-WAN site big component on of the history these that area of the from XG a DISH's combination would is network the opportunity and synergies enormously for expect capitalize By private will more and the offering opportunity. we XG of discuss management, on to networks valuable of significant companies. spectrum nationwide extract This able a to deep bringing portfolio Slide is network us. private quality for I network

XX% position growth. X, we DISH also its and cover than subscriber long-term to has to Full EchoStar to Network already future XG both is significant more will combined here, important recognize and roaming that investments States company we covered rest if what DISH with network for market DISH Slide of Turning the that United leading think it's have underway. the the commercializing deployed currently through get about made relationships. the have of to done

for service for to front, capacity On launched converge. key have the X milestone the us, significant a and we satellite, available is successfully now JUPITER EchoStar there

will cumulative significantly past which combined Importantly, near-term with growth accomplish current we investments with DISH's cash recent substantial generation. free CapEx our of goals its X requirements, reduce estimates. increase and $X buildout CapEx will - flow billion is wireless can in of well which JUPITER turn approximately below our 'XX-'XX, EchoStar's we Street in launch in Indeed, plans believe spectrum

able synergies attractive rationalization the within XX, value. shareholder two of expect and CapEx run The rate Slide are elements to XX% achieve this we this the we be $XX one to to realize and million Moving synergies, Through optimization and OpEx synergies is will can of combination from and significant which in next transaction generate. expenses, of years. we'll drive clear achievable of the revenue and cost

driven in incremental $XXX result network, and enterprise additional opportunities government opportunities by XXXX, in We're combined would services that an relationships. EBITDA in also broadband million revenue by on executing $XX XG synergies sales satellite EchoStar from private expanded our million in targeting

value shareholders. in significant potential synergies. estimate We Altogether, or also a globally, $XXX to our out but million S-band EchoStar's see EBITDA accelerate enhance opportunity was license our that free and synergies flow create generation we will that of approximately growth, expect modeled cash not build potential of for

fund combined funding we to discussed earlier, on XX, a growth a we significant in with synergies, result this With capacity. combined transaction significant company a place we Slide and in stronger enhanced flow strengthen cost objectively. that also will our The free liquidity, balance capability to spend, sheet with have from benefits Next and company plan our meaningfully. CapEx in expect cash coupled generation efficiencies clear

will more an can spectrum than in conjunction $XX as Most of financing forward. notably, for with capital this estimated of This the support position capacity. company sustainable sources more billion strengthen unencumbered market of by Street analysts. an spectrum has additional combining value Wall $XX billion additional structure potential portfolio our research or In array to growth moving liquidity, a

our benefits both EchoStar. Lastly, from not stakeholders only This but to on exciting summary, partners. this an and our Slide investors XX. is also incredibly milestone customers employees In for DISH to

This of company and using a about suite a network business. portfolio combined robust long-term technology, and engineering, will broad services all building connectivity management superior a expertise. As offer spectrum, a sustainable manufacturing of is growth

achieve are what company near about be combined we will We future. the in as enthusiastic able to a

we'll that, for now With call Q&A. open the

Operator

[Operator our James Raymond question of Richard Prentiss And from Instructions] first will Financial. come

Your line is open.

Richard Prentiss

Thanks. Good morning, everybody.

You've been busy.

Charlie Ergen

for day normal a us. Just

Richard Prentiss

us of success-based definitely excludes We've to mentioned well include how stuff? from couple The yang And XX% 'XX, last capitalized lived on for deal focus understand, X week. the that that's that of billion, CDE that Help I interest. $X a coverage areas. on buildout the Slide assume the merger? year to combination. like stock Hamid, below I sense Street. reflect requirement 'XX cumulative June does equipment Does in CapEx recombination a this and to yin you us, makes that of 'XX want

Charlie Ergen

can it now. with You start

Hamid Akhavan

does included in customers interest, spend is for the CapEx the growth in a it sense but obviously that billion not that - include But capitalized is any Obviously, not CPE. a we $X CapEx not does include the appreciate. does build-out. CapEx planned include that's acquiring not success-based there that Yes, the you new that

wireless Charlie JUPITER to there to satellite for that have else anything plans full. in maybe DISH's of say need the in think refer the isn't we here we I for paid terms I'll can the really There X, I pay. capital.

billion - pay scale a number. CapEx of small equipment, CapEx will relative the to but very some $X We the that subscriber for incur is

the side. DISH on Charlie, wireless can comment you perhaps

Charlie Ergen

Yes.

but at wireless side, DISH expect a potential milestones we reach our does our the what number to opportunities we take what us milestones, it level build-outs, the and for on of FCC. have it continue lowest all include On the with of would

Richard Prentiss

Okay.

about us bit unencumbered Second a you spectrum. option. question, Can little the XX, the you on T-Mobile spectrum Slide talk on update

we decision by current DOJ, to the that what extended option? think here? of status maybe been I T-Mobile think August in mentioned Or the Is should reflected that's XX. a by that about

Charlie Ergen

Yes, of this at as - DISH's we balance - transaction that spectrum and in we a - is place the sheet way wouldn't in important. T-Mobile, is about any still for and that our Charlie. magnitude That but negotiations is the option transaction still we we're in do there, think leverage Mike given

the this date said. point we of date I So hard don't think - there's a at you forget

where in mean But transaction it of faith, sides goes. point But if from won't affect good to an construct balance are think I both able I - hopefully view, investor to negotiating see we're sheet. and we'll that DISH's and the be EchoStar positive

Richard Prentiss

more Makes sense. One one from me. quick

have selling about thoughts up, that network you particularly the about DISH. being haven't company. stacking into you and the have your more fits doing very and pick Update some Verizon. wireless is easy with the wireless base works I'm on at with revenues talked when us stronger where You surprised spectrum DISH in the That because XG T-Mobile fixed fixed It sure for of product combined great private like capacity. seems networks wireless. you spare it to done well maybe using Pay-TV

Charlie Ergen

we one of and - own vast from of United which Charlie. I we point. the be the fixed there of wireless XX-gig. that fixed which on company. from spectrum been about - the that. that is potential terrestrial. a working what be about, We But and in whether that John own, of have I'd It's say, part the out general, a he since It's think that's do, XX-gigahertz markets I in might satellite, fair XXX-megahertz we're we top talk is wireless We connectivity that whether a States majority think, potentials is has

mobility efficient fixed - that but for it be They've with a robust That is approach that of interference to because decided indicated reviewing to and ways in it's it's not they're that. than a this - - consumers way is mobile, more not certainly analyzing big FCC going at many another that available the they've to point, it. wireless. very That's of for would of spectrum side they're benefit

maybe at because - know you I John, talk that. looked you've about

John Swieringa

John. Good everybody. it's morning, Yes. Hi,

an with side, and us. wireless our macro spectrum. mid-band fixed about obviously, we're network competition got We've our for It's low-band the on what sequencing now is doing. the On keeping eye deployment

position incumbents. uplink the Our a of than some different little is

like aggregation to So see the to we'd come like market. new carrier on technology uplink

the to soon rolling, see on plate wireless is We doing another but retail the launch. Obviously, in and map development that expect for we'll the be road field planning we lot different things. have getting business with trials fixed no - our with a and on

Charlie Ergen

I some to capable as And for does mean economic want wireless, can model. you is way It I a will similar for of get would the fixed Yes. it. our bandwidth, today add. doing available network be if Today competition obviously you - will say case I make you of said, an to that.

Richard Prentiss

lot. a Thanks Thanks Great. today. for the call

Operator

from will Our Bank come of question Barden next America. David of

is line open. Your

David Barden

a get thoughts guys. maybe about much mobile you Hi, path little buildout? strategic an but bit you and Obviously, pros coverage first on have But a one. your you legacy cons the UScellular to I'm represent XX% for Thank the taking player your of busy. on sure been down elaborate the I looking Could as I ask Charlie, guess, questions. what further to opportunity is would options. so you've at UScellular

a helpful. then about Amazon, I been we've years This for second this little Can on the between relationship special bit the years. anything? about And be years really and John, elaborate you. and question, Amazon That would talking Thank what's if guess, something relationship. is you DISH,

Charlie Ergen

you to UScellular? take do want Tom,

Tom Cullen

that Friday. Well, just strategic pursuing the alternatives they're on notion surfaced

clearly, fully market geographies out. have the operate yet spectrum as in they we have in a haven't built So lot process. information to But They and that there's towers. not they of the

in be be at. that something interested looking we'd it would So

Charlie Ergen

is that And this obviously, probably even would opportunity you issues sell There's take for a not Charlie. know. the I go. but There's do forth. extent and that's positive UScellular - issues almost of John, that to Amazon? most so under That's might be scenarios. just their regulatory to we're those never you of for a were us to assets, and the lot And want issues us. certainly trying where some say positive for even

John Swieringa

route in We a increased retail our It's offerings. different sure. as we've made some Certainly, it progress. as Yes, prepaid and as us on our bit Look, Amazon well that confidence AWS. a run they're on market hope the our viewing than with front, certainly some we postpaid relationship. to core network normal

than as hope So We growth benefits know we're that and to have there's in customers, It's for happen. we load as a but to to to on sort expand Infinite. with make cycle. Amazon we show now success be able of nothing other going momentum to Probably market we that relationship days. the are to early right say we enter else

Charlie Ergen

when is Intelligence more is of and big But data Artificial can't the good not and data about say is advent if Intelligence, would don't more becomes you and you going, with thing, analyze one Artificial particularly where think Yes. your to not data the picture, specific good important, the I you world data. question. if But have any no

to there the spent had enormous to to architected and the our to of was a of And when he of we because skepticism that. leads knew make you an that that he Amazon's And [indiscernible] So have about a lot sense been a to network our cloud. this to amount ability had that he to they've in network about in I three bit years happen. be credit, credit for that lot resources talking run has do - give cloud-native, we

lot dividends advent that where automate, follow to one our data others but the the of will satellite is and many, the is cloud satellite can't. analyze there's with path. perhaps the that dividends, one our be And of now our you can same that things coming network of data in But together, going and a do then of

a going. Intelligence is from But take we thought. the view, aware - that's of faster And to have Artificial is we execute. path puck we're starting we architecture than an to obviously, So in off point

I'm need probably automate usage advantage short-term things that well long-term the do, to like and people Now that's for we're talking growth and that things that take chatGPT. underestimate benefits step do there, but overestimate can say, the but well of about benefits and positioned otherwise - as so the in beyond data probably you Intelligence make data the Artificial wouldn't and people

David Barden

in I you quick could at date. regulatory might which August you said would be kind Charlie. think, remember not relationship as down MVNO a Really the one and your and bit Thank Ric follow-up you just days. August really in how your in said Sievert I XX then And said T-Mobile end, couple T-Mobile change grill all and little much, the on so of slowed I appreciate kind We up just a filings, there things remarks an DOJ said about there. all And if your do in of is that ago Mike got apologize. your XX, it. end of with

you of Thanks and could the what be could line the crystal auction? on kind clear this about XXX-megahertz how So time look much. so plan just

Charlie Ergen

it becomes a think cease. clear the path, to remain I which would not, this as If is way, those is parties, negotiations think there are both if then I there parties negotiating, of say I open. that it one things think as the will I long or would

between levels companies know as to only I has long you so just tell know come I that that. August on XX neither think I a XX August all there August the can are but XX. will tell - a not resolution can't can you not XX, become negotiations company say And date is at I is I I the know is a the - going I - negotiations August of a on date. and whether don't highest

David Barden

Charlie. Thanks, Great.

Operator

Our Walter of LightShed. next from question Piecyk will come

open. is line Your

Walter Piecyk

we Can Thanks. back go the to CapEx.

in really you $XX 'XX, going and the jack half in I been billion, I end you're second I think historically, might assuming said a like XX-Q. don't of probably take the even you six mean, in to aggregate. the it's CapEx have

So with two that to outlook gets eight. in 'XX-'XX, for that you

just is lower you $XX it billion So there need we are - is that than is - expected? about the to there? initially something Or else you think to build

Charlie Ergen

we of I how bone, I And have that And compete network. today that ways can be - Yes. network there's the at the Walter, an is, projections, population - say it. think is would obviously, can based compete bare FCC not guess will we we do, a on you is do built I robust the one two some to the robust - our against it. Again, of One there's it's we commitments. that against have for that incumbents. XX% the we've up network certainly we look

for But areas. success, in capital reality, that's more guess. But we is have of kind of our which cost the is, to model in FCC a constraints, two that. with our I billion we're we meet obviously, right, $X in what given have you thoughts. that And range, kind you One go showing there, beyond rural obligations,

internally so And do what - that can still but work with I because do. can we're only number going - not you internally still you to $XX billion

stretch And right business that that's plan. we're not sheet to not to balance the if do going the

how much less years say out operate. is put very I just number think would that build - expensive that we network, that just and didn't But Greenfield that an Operan So three there skeptical a with - people to but people $XX understand I and internally, billion are ago. with when

Walter Piecyk

what minimum, mind? now you in next with that hit a deadline is an the eight your can at So number

Charlie Ergen

I this Well, say I'd it way. mean,

differently did FCC get of XX% to network would We to kind in we close have to on It be - We our have IoT our milestone. had be would more every worked little a away have had with regional know, based build have that you almost at probably preferred built to requirements. the throw We we at network as able milestones. - spent, to FCC basis the we - $X billion wouldn't have the I our to a without my

on been little than sooner have have And national it would bit been do versus more to would been a basis in robust a had it basis. a regional it able population we market

practical we we're we like but as things practical the as get world, are business sometimes - a and world regulatory would and that these - there's we aren't people. it's And credit business So, negotiating there's it. those as for FCC. the But with don't look,

easier a enough, it scratch, Maybe a build team. the days it had from deployment [Dave to XX% ago. network hard to We than but credit X,XXX supply. we go made X,XXX zero little was, And population that, Mayo] chain to money it then of And a little people in work. bit make had come COVID, even you into couldn't was employees created money where - sure supply but then more we look his and problems the quite we that days more and to spent a bit

to had in hard was to And every world come done. not norm. the work externally And to things and team work paid a get day extra our that money

So it's quite the accomplishments.

probably because lot few So a this high done team confidence did. give have companies investors of company that very at can level, a execute this what could

Walter Piecyk

that again some with this points or your there's number? So, implying in what you'll expectations XXX isn't lower that change at if XX incremental this it get FCC the incremental number whatever you're basis is, and with that

Charlie Ergen

Well, be look, interest, - - for we're in think going that obligation think to I I that things can - say would way, an I say only this has the in the And FCC right? it general, I innovation going that love And to see bring and competitors. think this competition. certainly nation-wide pretty in would that clear we're to forward - I administration it's public

good, background right? all So of I think that's the

And serves we we're a where build I we think said just better. we possibly going what bit to can we that going to is how public want put that can do to we how And to little - we they if build can then best hopefully, if That have, want might to some conversations - think we the think do it just on there. and requirements might network have there we're interest get And we take public on out do, that. we don't whatever we we the the do better. we do But it interest.

I a to marketplace. All little public interest judgment would interest does beyond more the to to makes changes as go And what's the in that bit innovation and the But telcos and FCC that. their hope the that. do public normal, is accordingly. right? bring Every uses company that's

Walter Piecyk

talk you XX, Slide the in on terms cash. of sources of Off about

has lever You SaaS. at effectively up for I about effective is here for I more. cash subsidiary as that referenced up levering see SaaS up business free PBS don't wireless the anything can mean no? levering or you but cash what well flow,

Charlie Ergen

Yes.

I confidence that Walt, right? get did mistake, that, structure the to all is, be the companies the into at stress thing would give it the our the test and fact thing and and - capital putting together, to details of these financial did only look to think special I advisers, they committees think try they investor's a they we as details, looked stress all at the and those is companies overwhelming

company my to that this stress passes test. conclusion - the came they that they And came understanding,

combined be, are confidence - today. continue And that that and to give than operate, generate see capital. flow any probably investors companies in more options So need should analysis, in there there investment to we a for number the if of bit cash street to generate the

Walter Piecyk

All right.

could last LEOs maybe sats are think, maybe favor about basis sentence your Let describe constellation me comment LEO the of one I this to people a funding - a take that either of ask you through How the to LEO strategically getting to a you on an global having mentioned S-band just and one other view value or was, to to Kuiper, you it constellations. or their directly, or as launch changing advantage the out S-band partnership next on that have assets? do give cost process altering or that maybe does strategic S-band you just in because the there deployed are incremental

Hamid Akhavan

Hamid Akhavan. This is

this So I'll take question.

say was that these together in I reasons that to First, bring rights one the to one we of want of hand. or spectrum companies brought all key spectrum

spectrum a is nothing the ownership, done. assets picture that, having lacking this because else One is - fact, strategic that is direct only of in is device without in the to that can be of

one is happy So, in under this very we now roof. one are hand, capital that

roaming tweaking we've designed, the there's options right work designs This development. and now, just number This satellites, building probably the networks is carriers them? a ecosystem how as the equation you the a satellites relationships do candidly, world, marrying the over network is stage part this as to the market. the designing an in the is do Now harder with simpler telco build equation. not you to it? And with around on part of create what of of into around XXX we're based bring this of how is world, satellite the we and The

that partnerships. How regulatory rights meet of the do requirement, all and the requires landing you

process your enhancing of And one question So, answer also the the you're those are we us piece in partnerships. and in design. of to developing is those finalize partnerships and working partnerships help

significant are system think amount I out is that projections clearly, stage. we there's of the given demand one of that a one which a So, part the - funding, there. all And in for of aspect

funding that a when through put But assets ultimately have we stage of be we amount engineering includes bring to resources the together. our at and minimum, this contribution of So and the value spectrum the table. a partnerships will final the vast

in on enough be we'll yet happy and But time, to journey, we far we're disclose not financials to able for we're just on that. disclose to that market. that information now, any the very So more are

Charlie Ergen

other step there - that. When you back. one at just putting to more look thought are when the color, could then do take we of are operating there together. the there me process do But Yes. together, opportunities the companies put was that companies. together, And that are synergies separately between Walt you kind Obviously, my you companies couldn't And we in thought let give mine processes. backtrack

spectrum the next years wouldn't of really combining together, separately. combining that And then our one you is, for couldn't will final And idea a do - part idea there benefit, big going out consumers, big our XX band, those - a company there S-band, that which shareholders our is that is that part assets and the otherwise And we our stakeholders is when your that's keeps employees. the we idea big in you do. just there part

having rest do the from to me, having that, that. to the North a the yourself EchoStar things like which a American in have taking And world, satellite standard is now standard, advantage put with DISH And then standards, with the of country satellite every and trying right? the to spectrum path than of position And much satellite. a handset frequencies to and XG easier is do Cap other device in different Red

know difficult satellites, We lot to that and a mitigate. interference that's then you and adds know have it project, of about enough cost a

the problem. you their have easier a give you world, to So frequency it's around modem handset your manufacturers the when have it's who and up. your spectrum much But don't operators manufacturers, for much tougher same

backdrop obviously, view. a the then financial of from and point is that of So

We project and satellite kind terms to you have having last you're technology be of like of our a know, launch, as from away with capital. network years lot operations. any still three, spectrum going JUPITER you four management, need in And of seen and this

unique the, So with a are for revert you the operators work operators industry that having on - need extra - around and All in capital. the revenue. in the world. looking But

cost pay. They're looking for unique product theory, get no for for they customers no there's that to the make handset, their cost subscriber in customers. can because that. satellite And There's to additional already how acquisition the their

to unique where you with So potentially position you will together a can advantage be of DISH combine that combination all that. formulate in say, a you'd and certainly this strategy take

And what government this and of and and if the that - doesn't manufacturers just we're means we operators it on parts enhances mean we're that thing we And have. entities. doesn't value that chip mean there's a desire and that manufacturers handset it what have of funding the

together in we does. unique that so And then else it forth, in the nobody world have a way all

we while there's different And think so, a lot of ways.

And to satellite lot open it, know, component was and what designed is you that it. said it of based and the right, designed telco different of we together. architecture marketplace our on see Hamid satellite combine doing a difficult we But into a it in things to put

positioned. So, time, I a long just thought we're and this we've think about well

better today not way model. is of off it than in long there. were terms pursuing opportunities We're and together it's in before we a our But off any

five you're in from might out our you're So, model. here be interested. an today not years, you But looking just investor if quarter-to-quarter, if it's

Walter Piecyk

Got it. Thank you.

Operator

Kannan will of Our come from Venkateshwar Barclays. question next

Your line is open.

Kannan Venkateshwar

you. of come obviously, from enhances capital course at of liquidity this next Charlie, perspective, as they Thank the over a year up or least care to so. maturities take the

quarterly beyond not hybrid then when maybe mentioned with maturities the of year. look you capital the the looking that part - quarter, the your, deal perspective. still a And to I was the needs going tapping think just next handsets other marketing that you just the issuance the the of Is you're to there there had year, Is that, any business at beyond foresee on the growth great wireless increase the of accelerate in in term, or we considering? any equity CapEx wireless for or spend should performance earlier alternatives markets business from this converts business forward. expect? potentially longer part we Is

would that be on color well? any So as Thanks. helpful very

Charlie Ergen

Yes.

one we the I opportunities of The on have and question, a options. lot questions. good So again, think, first

to is you see were company, today see I a this say company off will fund development. I continue that. as to financially but as all us still to journey, chop we And I think, can you'll cognizant how us move And yesterday right? of wood than going this better we show in we're we we're you joint its have think we're along

shift will again, capital will of to now paradigm to financial own sure. view. our use business grow need a On into we for a and postpaid the from wireless that's the people To well, going shift move put success-based That's network. us extent paradigm that we ability for retail on the big that, is point side, our -

will be capital, little to sure a successful you that's bit success-based not that's different building you not. whether network little a whether than or out build be than having But a different and out you're that where can

take some clear. could or a wasn't I that So, follow-up

Kannan Venkateshwar

you Yes. the you of I beyond is how I mean, guess just plan put follow-up, CapEx? of just business capital to could us there in give behind terms as much scaling scale any a sense

Charlie Ergen

to at look is way at getting and think, the out if the Again, we it, we're going that putting animals. we're go If the look we we're think - I of being we're appetite think think companies market for we're as to as $X fast go can, $X. way we there's out get it, back, pretty $X return, we're we're going economic I I $X to that plenty slow. and and and putting that a successful, - mean $X.XX we the $X can I turn we're

good of stewards we've think been I capital.

going pay reward be spectrum - And future execute, in for invest because I I invest to the the the will, not think in we thought way we've I future think didn't - is way. attention then we pay a we're We we'll and invested be because it investment. rewarded we bad dividends. that we And investment if was which the to future. the in think you a all we've we can in going can't to And say, big that, I

And done limited and bleed get have connects Contrast out just investment. It take taken we that's haven't the we things. think that. - flow go good yet, we and than It's special. a to telephone great execute company And investment. investment. we take with resource just that right? it's just it's something a cash invested and We that because line people it might and - that And a business, the on that thought I return does your longer might and to do think it fixed a therefore, you

you for they dividend this you're And have choices invest you in. in want a future. company to ready that which invest company the the can future. I've their to pay chosen to and do in invest and great that, investors personally make That's but to not

Kannan Venkateshwar

All right. Thank you, Charlie.

Operator

of Feldman Sachs. next will from Goldman Brett Our question come

line open. Your is

Brett Feldman

been that you have else the that for may taking can business that to the actually out financial Why having for lot a to this as the being conversations you're and What there's weeks, up you question. last Obviously, believe DISH take the Thanks potential several your led step been execute combination? this there? speculation Hi. were as media with this plan? the of in do share you process about ultimately Charlie, story you is DISH the next partners. partners potential led, process strategic best ended aware, true. about over What

right? that then is another in actively financial to this going you. Or maybe looking partner Should near- And over this we process you Thank anticipate are is medium-term, another to the focus deal partner? bring still the ongoing? getting be that strategic or to

Charlie Ergen

thought process. speak other I can tried through do. talking get we and do Hamid had process we that were when Hamid a the obviously, other to things When and satellite But was - and between that were could Brett, we We together maybe it's very thing again, people that really really And went reasons I just from in to other and can couldn't I and really were my interested started with it do our Yes, at think thought his ground process. of communications, and we answer exploring satellite people we Board couldn't lot of who show, might how I we companies. a separately. other

that couldn't couldn't economics. make We We get the work. just

I'll we we companies maybe bigger we Hamid and one, satellite bigger knew do started turn ground those that and on and example together. it getting we terrestrial talk the about put how between something go together, bigger. so could then but and started enterprise if business an and and And it give I'll looking to at, - you

Hamid Akhavan

Yes.

years, possibility in that we had the wanted was a the to that to would had. my a EchoStar, view that on I we was had market a or I scan from through with ability And first diversification nothing past deep least for M&A key good at execute, business diversify at that looking EchoStar balance a synergistic X.X either value did was M&A, So to the the acquire give work for in sheet, candidly, topic. the excited with good for. what past creation business value, the again a a scaled me was - there market good me year

of a achieved two these now you of give that. how examples have We bunch companies

then the ultimately, Board think Committee those our value-enhancing decided all the the given that Special and all opportunities most strategic angles. looked of this I at opportunity was

I satellite, connected, it to Charlie Mount that the but middle quality. communication, essentially same on beat oceans top the earth York allows of or Everest, every in whether holy grail is death, the So of middle person always the be on New of on one already direct expanded of City the which next to won't to with

that changer game we activate but with also a enterprise that's merger, think this I on the business.

was to So a hoping It's a enterprise SD-WAN, this obviously resources, modern second a highly, actually XG we capabilities is of managed environment Navy Whidbey core the for to in showcase And with This in we the base at see And Open we million EchoStar that to, - are we and other most handed EchoStar. a we RAN from the have make and connectivity from the Hughes. highly-priced $XXX DISH's base work quality respect were turnkey with demonstrated fully Island. business DISH and private XG a on. from have. for DISH, customers satellite of for spectrum combination to so we government government that resources services, service managers, bunch the

many enterprise foundation for is XG We government and deployments. are this a XG hoping that

So I of full long already saying, think our have we a have of way terms in hands we M&A. with what

that. But come. strategic at material assets a can if in-house not I take would us I there further, look to no give feed certainly think there's long at anything us just mean, for we enough we look to that reason growth why - it. that have us even would out time there's

Brett Feldman

for color. you Thank that

Operator

the of UBS. of John Our from Hodulik will come line question next

line is Your open.

John Hodulik

Thanks, Great. guys.

spectrum to back coming guess, I question. Just, the

XXX-megahertz fit guys you've again, are sort for, some tremendous a And of set pile of auction. our wireless focus on portfolio? XXX-megahertz of certain so, Charlie, the trying to financially focus and Why does average market a get lot by to much and on adding And of a on about stuff. so ability, amount is constrained. to where I math mean, sense that within mobile it your per capacity. a the business frequency about just spectrum if of then spectrum? your obviously, You of you guys have got obviously, mean higher wireless all sort the nascent, I

that just this of stand me point. how have out and much seems it add to look given spectrum to would pile sort strange that you Thanks. that capacity So it at you to

Charlie Ergen

Yes. I look think ecosystem. have to I mean at the you total

competitors spectrum Our at those with where spectrum twice And that analyze to the of almost characteristics big as - want down understand and together. spectrum build front have That important, keeps you you the build to you spectrum There's obviously, to much XXX-megahertz have do. in XXX kind to then applications they would together - today of from and you - a coverage So put is obviously spectrum. a certainly the of and in look perhaps your when low-band as FCC right? we least way, out at perspective look have - to cost those right? cost, out add if

in So XXX-megahertz is a unique low-band frequency that we already have built out network. our

it's all the words, in have our we marketplace. other in in that So radios

So there's not cost it. build-out an incremental for

that story. could that's that negotiate - for sheet, that something extent some purchase could another the whether consummate, that with whether deal balance to sense, make - doesn't T-Mobile that our would stretch the So be affect a balance that's our we doesn't

of logic important compete. lot think why us to a there's we So behind it's for And...

John Hodulik

part of... Charlie, is That sense. any there makes

Charlie Ergen

other it call to we go other important. the just reasons it's it of strategically, And all we then a the wouldn't on terms part in of think

John Hodulik

but non-core? selling? of of pieces XXX-megahertz frankly, consider there would your you of the portion that would portfolio Is sort stands sort sort it's it. any you other Got But Like of any that small, out. consider

Charlie Ergen

Yes.

very in a you're There piece - the of are you piece I spectrum other might the that get think on edge trade-offs. right? of are to less And question, some good important. a might there of make that extent spectrum spectrum,

so spectrum care of - where low-band for operators, always it's can I spectrum get your into adjacent with think to how all mid-band. aggregate, continual you And high-band, match game a it's - you do look,

of are that. And and people so you should where see they transactions that, a lot do doing

network badness and it why transaction people because competitive affects it better on you why things. so - somebody's And a to of save because capital position. other can't do usually do efficient them method their that look and any But isolation ultimately, they a that's is that's more some at gives

And farther. that goes step a

whole going think what start money thing you're I got the and - And another at was reduce thing is happen as you're way those that - of that's that the see seeing technology sharing. an has to think CapEx tremendous think could looking things, paid you've an all in things entrants of far a we is that network I hour we the C-band you spectrum, the why advanced spend to a for and costs. example, so in see that to rational other incumbents on world as network around just sharing amount with that for and And another to future. might telco some new I a

us, the for guess, we're I in this. So, day every arena with

every that it just because doing. most job in conference we'll do XX always explain in to on a conversation XX-second it's years And a have explain so soundbite found we're call. it's years - is And an to hard of spend study it frustrating explain I've to it but it, to - boy, Hamid's right? conversation what So to it, better really try XX hourly an and telco, hour-long

John Hodulik

Thanks, sense. Charlie. Makes

Operator

Our of next line the Michael Citi. from come of will Rollins question

open. is line Your

Michael Rollins

build time the that off-net amount And DISH how network? traffic by describing, goals with that the through Thanks to network there and customers of for within DISH? that good what's today might the should for context, the experience morning. spectrum an the that get versus on-net that's change all bands the Maybe your for you're going expect just you is XXXX? on XG And expectation for DISH back

John Swieringa

for it How's Michael? John. the going, question. Thanks It's

But are covered by in network. now commercial a those we the handsets. our around do this. about where we've DISH So on We're calls compatible XX with talked with team previous POPs VoNR. with some In constraints the markets, VoNR have We deployment. our past commercial majority traffic roll the is quarterly is of carried really million

carry Samsung spectrum with that able are portfolio devices also about in that stand-alone expansion XG that to with market going our VoNR. bands unique into of handset to operate going talked We've the about and next before Motorola spoken year. We've

for We right really of portfolio have devices a handset and have partners retail. competitive the chipset full to

pretty to XX-plus those as handsets And expand so working about really the of respect full single we're next coverage day, the the our early load far, going going at and on go performance it's with and the to into well sort bullish every metrics within customers able we being of POP year. percent on Obviously, network. forward we're footprint network to

Charlie Ergen

short And is Yes. expand three the this expect work. well, our worked The as main the all the well today, answer other - any that network should good that. to national how I'll very their - Charlie. they right? customers work networks I'm is at on as amazed and carriers

as network Given to great for achievement a needs well them. how work it's And complex they are, our as those.

difference. it notice - that So wouldn't the

voice on voice more the that's the new the opportunity a on better the is for maybe - down slightly quality. better a so side, or and margin VoNR efficiency voice margin, little an On radio over and XG there's

where customer in operators It's the be different to through for O-RAN I won't base the And And fourth be in structured, fraction able vu that are other the differentiation. future that's you'll do we a you'll to with and think some to any as and ways. that competitors going our deja have that, XXXX, is the that's what the can we've differentiate player have, Having our And that. there's able to the see 'XX have of the said 'XX, we think do question it the network to of that see not there's to do? What in network? perhaps this. It's ways kind and unique we the going at be where to no with you do way be architecture and - way long-term And cloud-native the modern been look we're that. me. ultimately we thing

television, And experience, the to did to that did did ahead better - satellite but We their had like watch, what robust, did for right? we Automatically, from we when control cable. had experience. was simple from interactive XX-second Print so commercials. very was skip it a right? kids We we guide. differentiate we customers But how lockout that differentiate simple could things, a things

customers cable. so the DISH with experience preferred over And

here think there's that's So ways have to we had do - do to again, we what we and that. and

Michael Rollins

other provided market opportunity sell that us private year, target, through you update retail should investors slide expect to market started own the where the and wholesale and might their you an to network contributions you give providers merged purposes, in use can at the you're And where for deck, including it looking And whatever companies that that referred financial postpaid, the some you thoughts through some between XXXX. as on consumer going is? to that of how market on the synergies business you your the after

Charlie Ergen

I we're designed have network. a cake We're think to when designed our to. Well, wholesale as needed primarily

network. We all helpful the have utilizing a we we're our own certainly on OSS/BSS, it's have. our not where available network for other It people for capacity to ride is

you'll have designed it's we for or not, wholesale designed have it's wholesale. So tuned, for customers Whether but stay wholesale. to

of for our that John network, is customer network. is As and part that Boost, that network, brand responsible a own wholesale wholesale of

a we network. talk It's that talk that the and some they as network terrestrial things customers, utilize side, an may they're for have they the Hamid things and enterprise finding They of right? may out For we're on customer, or asking other satellite maybe private one have in coverage, would also can conjunction SD-WAN other satellite to that a about overlay.

problem biggest their satellite Well, that care airline, and is says, circling around my want I customers because got also uniquely that the they an my while planes solve can that airplane, no but the I've airport, when have so terrestrially can in You can to cover the but the and problem major get we ground when imagine are they're can for of I air, can they're XXX on circling. customers congestion cover take that that. when I coverage airline their they connectivity they're

things So that there's a of together. go lot

add to you that, something Do to want Hamid?

Hamid Akhavan

in the that side, I gave enterprise come the good example - primarily managed from. a an key the in and think us, is also has satellite of the revenue company services terrestrial, Hughes. Whidbey bringing I foundation the for synergies a which about growth, just was talked the Island, you synergies example a that, been this beyond

brands to and just of We notable, location able names are as have for these satisfied the very interested leading post networks. own dozens customers, and have dozens our offices. private customers, XX,XXX global very their that are of Many a recently customers won U.S.

XG. to oil connectivity, Some move moving of the gas companies terrestrial and satellite that providing energy, currently maybe like we are and to they're XG. to satellite They even looking

foot the have we in so door. And

them a relationship their XG And offering private to customers. of next our a in bring terrestrial I those XG, evolution is the and have way. to long-standing connectivity We with that path on DISH's think

EchoStar, far be legacy the better nobody without primarily XG to in which their And DISH sliced know enterprises completely We that's encumbrances. are. conservative. try but to market delivered obviously, is they're so is given So where and and and what I network, synergies any think going developing, be that - cloud-based we a nascent to than DISH with created has position is

Michael Rollins

you. Thank

Operator

of MoffettNathanson. Moffett Our will from question come next Craig

line open. Your is

Craig Moffett

think a of Can each measurement coverage remind the very this between in guidance tell $X what are individual us believe CapEx I FCC's standard now for and the and requirement for you interested I Thank it's focused just us can you. test. is the Hi. a billion of lot licenses? meeting successfully Charlie, XXXX. you of drive

for next now And done Could what for put so what cells? is of just think of be primarily the us as coverage? between small on needs CapEx you satisfy and in requirements then sort the the Is you it to tier FCC bones order to the like? meat to look

Charlie Ergen

Thank Craig. Yes. you,

at tail obviously, lower again, is We have next rate. XX%, that a - I a the there the talked of of for will be CapEx. bit all, still the CapEx - we've First year is of think quarter, CapEx but run now XXXX. our got into CapEx we think the much XXXX about a and And rest I we've will that

it And that FCC that, to at have we Tom, on specific show an our it's to right? an would So we the we is then tests looking with - that that. and be look believe have basis, go We're XX-megabits network the I that I that go average said customers drive that. I'm beyond we down at lot. confident build link Having verify - we've - will well learned independent a highly current have third-party will

and yet, we the smaller to which we propagates in little markets And far. a have big remaining that that is the part the the XX% - spectrum bit some have built where got Street's think of to do thing we haven't what of to I get is that maybe wrong XXX-megahertz, out very only

our burdened we not is have advantage you're to really the take XXX-megahertz network if also today propagation So - all not because X-gig spectrum. of designed of

So just you're XXX-megahertz, doing we two to have But together. expand if can further. those obviously, balance you much

of not of meets So as probably That's it says, but have one base for would your goalpost. It's a like that robust the build qualifications. kind end as you here's you FCC consumers, FCC the qualifications.

the is of my I'm The this goalpost good end as thing going better of That's that the goalpost. than to build end other competition. another it's or so robust

the is to make is think when meet you're we right? much we're requirements, go If our this the side model the going be is farther. seeing sure and about need $XX what - to you left-hand robust we our in do what more goalpost And of you that billion, to

So and - that. number a of of and there's things can things takeaway, Craig, number doing the think capital. I is ways But modulate our we in of between of ways doing that a

AT&T doing have flexibility but in as course. expenditures cost fortunate, degree on Mobile some by have we're well of to a we're good how partners well, our of to execution MVNOs. And modulate us, complemented capital in we based the We that's

when sense. Obviously, lot that than a and somebody makes operate build can it you cheaper pay you So else, yourself yourself of

an sharing with your off sense, don't you better network in makes that MVNO you're have customers agreement. enough where If them

we've I I flexibility a more lot you. communicate got with So we think so build people have than more just model, of of kind - know you think this again, I to we we've to we've - made that's And And think haven't I flexibility. for difficult think. And done transaction, for added a this. to But it that it's pull. levers hard

no no have financial capital to we've one solved in was XX And proven By by execute. it's But the opportunities years, past than more it to is we're direction, one that to that And increase means also the are to done. for we've moving execute. bigger I we're - other and up that to advantage we we market and means thing - think sure, we our And marketplace shown and take dollar the of constraints. do in we that have saying But can before. is thing opportunity flexibility. now not we us

question. more one Maybe

Timothy Messner

yes, more one Operator, question.

Operator

final [Operator Chris the Instructions] come of Quilty Our line will Quilty analyst from question of Space.

Your line is open.

Chris Quilty

project using of XG is that Last constellation - that Kind of C-band. were earlier. in satellite Is Thanks. quarter, hundred for of a victim on? build asked capable costs? Or question DIS's the terms repeating a A to it you Echo a needs still going Hamid. CapEx you several question Walt cutting announced sorry,

Hamid Akhavan

have that not that's sure misstated. make Chris, I - we announced. want no, always So to we

design have the in actually We are in XXX, wide have that's said and never of XXXs. is case. number That we would case. in That But a system still the that satellite of north that that. satellites always still yet of the in phase we the band announced building engineering is the that process

We're plan. not that changing

industry, is we develop participation the undertaking that the had from because company. requires participation company, ecosystem stand-alone we finance manufacturers, - chipset It's the very ecosystem system structure to device the of large a satellite And a hasn't outside need a that of from and aspects as funding an and like the we would including manufacturers. changed. carriers clearly, requires that Even all to undertaking, and capital and and from building that

brought the beginning, reasons the phase to abandoning we - we'll and further. this about funding, yes, we'll mentioned that, at had the opportunity. S-band any Charlie it - of we to when of get companies But means not talk the look together. we we'll So continue the of one financial the We're at is as by aspect

Chris Quilty

to EchoStar real terms your in story of of the Okay. is, of I to the thinking the juice and mean, that capabilities actually was side. spectrum some I this I question mean, of from the I'm putting guess kind use.

quick capability. from to building moving I mean, synergies device you the where at that? the in operating that I'm competitors side, between short two are are of explain a direct Can got and the companies. loss that least at to You've EchoStar understand maybe

Hamid Akhavan

Yes.

one American case - has the that So without spectrum. biggest the EchoStar had have business - it's remember, North that everybody we Chris, doesn't building was did at not looked I you spectrum, the work. in mean, North holes of North it. we American the And American spectrum, at really

not does it it, at looked have work. We

from So also and ability military the America having is ties large much the North and to. America value of very to comes enterprises of to that coverage North the serve and others important

So space. this in solves problem this gets that a - us

we been So means reduced our get what planning to to EchoStar here. gets I ability execute by had and at would say no

we I closer I I continue and funding, value itself we to get to But that had still, plan that. additional and So here that of said, to do created to when for we much a - and as need much external so be will will care planned as there's here, bring it. so would there's step think take

Chris Quilty

mean don't arrangement to spectrum or acquire so there's for a of balance the sheet spectrum had of get end I that on know, of now you pristine their you mean, that enter examples combined your spectrum. could I plenty EchoStar together. But day, at I mean waiting, a could purchases sharing go an of with Yes. act the to five instead sheet got balance you've sheet or wanted balance globally. theoretically, I company years the and

Hamid Akhavan

And that want piece satellite - is spectrum States There's one DISH standard other X% I sure accurate. is L-band that spectrum. MSS. today to to and one to the over and support. are S-band of Ligado. belongs Chris, only for that MSS belongs that of directly. Those is that. of carrier is said that No, only piece that standard are I actually, None talk not no the United spectrum and authorized that make XG authorized to Canada. of do is for of the the spectrum X% There the can can There XGPP

that put you By let's got and and the went through all the way, you you the NPRM the FCC that. assume of get behind has out regulation spectrum, you the and carrier there if

geography. in You hotspots end the up with world a around spectrum every

of boundary are a and spectrum spectrum Germany mean, Germany So of cannot I piece a different, with Austria have the Austria countries not spectrum from then the and over to of let's designed boundaries. say, you Germany satellite deal a piece Austria. have as over for you a switching the satellite

brought there's So that and only the world. thanks for think contiguous MSS' has one we spectrum in of the one And is was the I the must here, requirement, now company that Well, the question. synergies companies that together.

that's a relevant information. think I piece of

market to I needs think the know.

Chris Quilty

you've JUPITER X. on other the just if one just question. I launched can And follow up Obviously,

It had that's with a an major got away things of OneWeb in interest? head still this distribution in got terms the timing my agreement competitor seems the an DISH rolling. one a area Is transaction, got had rolling and you you've is walked number you've consumer your on just the and that broadband with consumer still competitor, it from out scratch satellite and failure. of there side, a side, EchoStar new past, from You've because of services a I intent, they that like

Hamid Akhavan

with distribution are The DISH, you suggesting? agreement

Chris Quilty

DISH and and had DISH EchoStar both - years reseller both and It both those through Viasat of sorry, when DirecTV ago was went about XX agreements and away.

Charlie Ergen

of This set broadband centers. DISH Yes. consumer with the there a two advent has record with Viasat market. JUPITER EchoStar the and both synergy don't is to straight. combination X and Charlie, companies, agreements the the just customer fact distribution the Obviously, in and of got need is that you service

installation two networks. You need don't

synergy broadband who two want there broadband or need may a services. with or don't DISH, customer telco satellite the dispatch You who want units. may has is you And a want satellite may they customer

an those can together, are X, there's - that synergy compared all for competitor example. more separate and those is consumers put systems. robust now JUPITER to a fact things X the put They're as you databases. JUPITER When you all all separate some And much

- how which that, you're have. see at position, in and can you relook You if would DISH we might EchoStar's you

Chris Quilty

Thank Okay. you.

Timothy Messner

Operator, move media. the Okay. to we'll

Operator

[Tez [Operator Moritz] from the of line come Instructions] question Bloomberg. will media Our first of

is open. line Your

Unidentified Analyst

Great.

the FCC some requirement, And FCC requirements. meeting this? area that's have always that you about to seem And be to of network about with this, What Charlie, you your do plans. vision. On on rural need robust the the with spoke the you your the challenges, them superior cooperate especially spoke the wanting build-out you will on to sell work confidence been you have the

Charlie Ergen

they but more that's there's paper, you think maybe But may for do. we competition. you just didn't want on right? is ways service if connectivity. misstate, say, But robust consumers consumers, most be - the that robust happy the articulate for is that. requirement to paper want of consumer - you that experience heart I requiring. day, That's one the at be and that end and they do and of FCC - do look it. at with they they better When that's that I the other not at Well, do - right? want the think this kind of fashion we're competition that of what to better so And the We piece thing, for there's is FCC That a will my the what and what a interest in to a - in you they're

open always discussion. they're so And to

the they in came quickly do satellite think given to we SpaceX to by pay. public interest. it. didn't paid can paid You pay was perfect satellite, fact, can authorization in for FCC Starlink felt the for best for it terrestrial, we see they we what where broadband frequency to public fairly And customers example they they a interest deciding do particular would rights and it, didn't when chose standards, used the where and that in said, at terrestrial be because we though - auction, they for or satellite the mobile were Even

based made the they based interest. the choice public on but - engineering and So on

do. you And regulatory to what agency that's so want your

a always view, have they're And the expert we agency. of point but

for through FCC FCC the administrations tried a So has been most the I willing found for make has listen the decision. to part, to rational and all the

always, Some we But with. we decisions, the of heart they've don't the at agree looked their some at interest. public agree with,

go is what of to be do on those that on something what And And point we've leadership view, ways robust for so than left-hand I there's side we things. to secure going from and to to in of be back things, spectrum. can going But United feel investor secure goalpost to the But And to now to we're guarantee going think our do. the do continue. will better the telco do. need we're - think there's be the do think of that and we're that I there's the done you has not question I to an any maybe States no what should what those out conversations important, countries given that more States bring time going other first United then

Timothy Messner

more we'll one Operator, question. take

Operator

question come of last from the WSJ. Our Drew of line will FitzGerald

is open. line Your

Drew FitzGerald

may. questions, I if Yes. Two Thank.

of some this be you MSS First, the if spectrum? need shared to - those have sort combined need X-gigahertz into it to fully unencumbered? joint And Or smartphone partners, so direct put to what's be that, is long-term if you do to and the the to for regard assets with asset Could at communications company opportunity that that you of could least like have own partners your you pursue extent ownership? for an levered? the that options

And and then an attractive Amazon but second now deal on for the big smartphone service, wireless buy in no there's wireless There's the subsidies incumbents. side. to with

they to customers for works that in go a are big different acquire a discount new how upfront that know, like money of you'd that a with often And so, you smartphones. is direction? would you do that if Or strategy on to it? pursue? you - Is looking spend something to lot you and you As a - pay think

Hamid Akhavan

first of the Hamid take part Akhavan the question. I'll here.

on satellite build the network to build S-band. network on So similar you S-band it's terrestrial a imagine - network can

rights can part, own other equity of the certainly, but within take you members have bring company, your you the to ecosystem So still participation.

nodes. convert and leverage of sort any raise could You

So all there is have looked models a revenue and we sorts possible of that share, at. are

this be a no will that part investment it. companies and that really can actually one is structuring market. on is only there's that's the into there exciting see And to built. be networks in for can So Yes, good restrictions that one that believe deal one not bring additional messaging we we There's the room many. many the basic offering something there because a that's perhaps, capital in those somewhat of is

to smartphone more than of expect few satellite, one. as next significant the place. same put from exact room regular as - we years you And a your coming on therefore, in experience the to to system have course emerge in But really there have very have next this up the partnerships we some for isn't

the Amazon, for I'll As pass John comment. to for that

John Swieringa

It's look, market it's Drew, on confused. very John obviously not Yes. postpaid competitive the the Hi, to Look, handsets. respect front, Swieringa. we're a with

us operating an price. You see low where Boost today offer we with Infinite everyday

device opportunities also have financing We

sort our there that best you see right? competitive us start to the to be of attractive to want, the to to be to We'll than as economics, provide devices network. it I more pricing. going And think motivated us nobody And really see you'll very onto devices compete convert in as load owner's being relates and is consumers market us compatible

Drew FitzGerald

Got it. Thanks.

Charlie Ergen

All right. all. Thank Appreciate you, it.

Hamid Akhavan

Thanks, everyone.

Timothy Messner

everybody. Thanks,

Operator

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

now may and disconnect day. have a You pleasant

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