EchoStar (SATS) 1 Mar 242023 Q4 Earnings call transcript

Company Profile

Participants

Dean Manson	executive
Hamid Akhavan	executive
Paul Gaske	executive
Ric Prentiss	analyst
Walter Piecyk	analyst
Bryan Kraft	analyst
Thomas McElroy	executive
Paul Orban	executive
Benjamin Swinburne	analyst
Michael Rollins	analyst

Call transcript

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Operator

Greetings, and welcome to the EchoStar Corporation Fourth Quarter and Year-End 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dean Manson, Chief Legal Officer. Thank you. Mr. begin. may you Mason,

Dean Manson

welcome, Earnings EchoStar's Call. and Full Quarter Year XXXX everyone, you, Fourth to and Thank

EVP Corporate Officer, We Hughes. COO Hamid Group of CEO; is Orban, Technology Akhavan, us begin President Also President Principal Development. will with John Cullen, and Tom and present followed opening of Video and by with Swieringa, EVP COO; Gary of Shanman, and remarks Services; from and EVP, and Financial President Paul Gaske, Paul

participant producing or any report, not such As participants requested usual, a identify other their reports. we in firms

also provided we forward-looking we constitute not respect. the Reform Litigation by statements We XXXX. make do that statements fact, harbor allow historical statements audio Private Securities made than which All of other of ask Act recording, pursuant during to call, this safe you the

These historical and forward-looking and materially the that could risks, to and our expressed statements. other implied results different results from factors uncertainties be statements actual future or results known cause from forward-looking unknown involve by any

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

earnings and risks that, thereto, updating on OIBDA comparable consider presented in reports not I'll to a measure any our the it to We carefully described statements. With no our statements. is over refer call. forward-looking during Hamid. any turn reliance You We reconciliation The in responsibility any forward-looking should undue GAAP release. and should this assume place for

Hamid Akhavan

is Good as Dean. first of the Thank morning, call This new you, EchoStar. earnings everyone. the CEO my

closer using we technology helpful providing information merger my from both everywhere. in it attempts are a connectivity of synergies was an upfront, and that realize format. to providing answer that at milestone which services. using EchoStar, traditional the that position with have us people, brings companies' shared format intend scripted questions the style find to important to more have. The brands, history. as is You of and our and may to we may different It cost enable to some we enterprises of starting ubiquitous been we DISH opportunities things in a notice I which revenue Echo goal the superior continue It business to portfolio will of market you

any and Gap] services and was from When EchoStar cloud-native merged both in exceeding other EchoStar's a stand-alone wireless is we building wireless companies entertainment and new streaming commercializing terrestrial wireless to DISH, non-terrestrial a and DISH, open leader for athlete This merger nationwide business combined manufacturing. Collectively, U.S.-based retail XG EchoStar global in a enterprise of kind expertise, run services, capabilities network first connectivity XG the communication Network as satellite were solutions, creates transitioning technology them. At capabilities world's engineering it be DISH each go-to-market at network. with premier and [Audio company. and to telecom satellite crossroads

Paul? metrics To items. and financial several key onetime

Paul Gaske

Thank you, Hamid.

plans technical range is and filing. our As of contained potential committed point This our the financing mitigating current us of sources rules in and the provide consider the accounting currently Hamid one to addressing unless year more did consider do the mentioned, our I'll at new our going-concern from that not to require to filing project see of pursuing. To read the cash any is our allow not position position funding consider color, us qualification. we're precise start the financial operating XX-K evaluation Please with and a effect importantly, statements a determination disclosure. that, accounting cash financing

to financing We forms will and obligations our evaluating. If inbound financing in which various provide are in in future the committed concern all carefully is interest financing from we alleviated. had of capital meet to committed, secure positions to counterparties and sufficient active such reputable be discussions qualification with going looking received various numerous significant are have our parties structure,

end we our spectrum XX, and holdings have the formed holding November using significant in X 'XX off approximately as As hand. of new capacity through include that Financing $X assets debt financing maturity. We unencumbered had with newly will of unrestricted the be as subscribers. to DISH maturity believe required we sub billion the debt our well the billion billion intend TV We year, to securities. $X.X on marketable pay pay cash March cash our

focused of we all long-term As and flexibility stability. evaluate on our are options, financial operational we

that With CapEx, reductions Hamid cash we're coupled XXXX. cash to discussed, flow, network debt the to in of service find free operating ramp be payments as the expecting excluding free positive with flow down

consolidated first is if the the since reporting a all As is our call finalizing for have first been company. With are presented financial Hamid our periods consolidated. are that, mentioned, this statements as merger. always time we as we It also

and TV, services You XG Network will wireless see the and retail under recorded the legacy business and EchoStar deployment segments. presented DISH segment legacy in broadband business satellite the Pay

our Now performance. let's review financial

First, fourth we noncash recorded the items X onetime quarter of significant XXXX. in

our period goodwill of and various prolonged all a -- of impaired assets amounts and operating which impairment we reduction income in quarter. to recorded goodwill as amount The in cap the least varying time, item to the test income for we OIBDA. first, require charge company goodwill market goodwill across rules of a of did statement noncash a result In fourth impairment segments. The in annually, The noncash is in at accounting a our assessment, our of and suppressed million on is in total. the being of our impairment $XXX as long-lived

other the does income operating to reduction impact does in not to time income. The expiration, second purchase that option a $X.X charge to of prior X, value income. resulting noncash billion having impairment option. Due remaining megahertz Other noncash the the affect relatively OIBDA, with value a options not reduced XXX financing purchase short but of fair billion $X.X was period to income have definitive we the net in coupled the a our place, to total or of agreement

billion. goodwill depreciation primarily mentioned by operating Next, costs consolidated well offset year-over-year, XG to of due revenue fueled impact in Removing Pay-TV. The RAN by costs Pay-TV billion subscribers, programming as XXXX goodwill That's improved down impairment, fewer were $X.X improvements mainly before network Operating increases Pay-TV. as expenses as was $XX $XX.X billion. subscriber declines billion, roughly lower $X.X That's down noncash higher roughly brought service. reductions in expenses was for we noncash ramp-up as and X% the for operating in have in the continued primarily expenses well OIBDA we the our open year-over-year. year-over-year subscribers, were for into That's previously. network more excluding sites stand-alone in both as operating the impairment. the as X%

year-over-year as activity roughly network was flat similar 'XX. was versus CapEx construction the in 'XX for

However, the CapEx fourth continue spend decreased for and decrease the buildout XXXX. the in in quarter to wireless should

can network of what deployment XXXX to less expect CapEx in You in we XXXX. be for reported than half

reduction cash OIBDA. XXXX, by $X.X billion network 'XX, and driven in down a decrease subscribers. was to The for Free a expanded $X.X is similar billion OpEx from flow negative

I'll it million. a With 'XX, Gary Pay-TV $XXX For that, to free to cash operating negative turn flow our unit. discuss was

Unknown Attendee

Thank you, Paul.

the our with to finished On with OIBDA DISH X.X across of million of finished customers. X.X satellite In approximately Pay-TV DBS year regards per approximately X% the Pay-TV XXXX. Year-over-year TV, basis, $XXX,XXX and increases on subscriber X.X% a loss service, increase grew from a year side, subscribers, we approximately primarily an we year Sling. drove TV from ARPU the price XXXX. both And over DISH million full

year look resolved these Our incident. to broadcaster XXXX customer our we've increase efficiencies. disputes rate video saw disputes We will a always in and our to and look programmer a DISH negatively protect numbers of to largely seeking of XXXX. yield and series XXXX, opportunities also Unfortunately, rural cyber were group the our forward we due against subscriber team also subscriber base both impacted investment QX disruptive to for base In most TV unreasonable by increases. local while on less

Sling into the one services product, First, significant operations. DISH and efficiencies driving consolidated we video across organizations marketing, and sales team,

points experience customer focus the We pain products. their also improve on increased customer and better address

shifted investment sales, marketing specifically into with and continue cross-selling and enterprise analytics loyalty these Hughes media as products. efforts. We'll business, across our the video, growth initiatives we Boost in and profitable addition, In areas integrating XXXX to as well

has On been which the important a side, services. we with and down business, X.X It that TV XXXX. subscribers million Sling finished approximately profitable from approximately among the is Sling note screening rare is to year is XXX,XXX

though to it sub our Sling service. pleased year-over-year. And program our these linear also shift In loyalty for experience their by of the really market. improvements that their competitive have up a first subscribers industry's increasingly QX particular, largely Recent TNT programming monthly and XX% growth on the make into TBS and been viewership an product, DVR. our on spend paid Warner Retail XXXX, on customers more a they sports were experiences including stream, like over to Our win to prices, to our through engagement, to and free the MAX Wireless. to Bros. services, TV our free ESPN for content, Programmers the less own chance direct-to-consumer gives even ensure drove continue results are increase the Disney want. from customers investment new already for use sports core experience we'll more we launched Free to we're free pay which innovate now impacted to will and features I'd valuable with continue unprofitable. Peacock fragmented delight efforts an turn we're recently and confusion In which Plus Hamid, and market. Regardless, decision added NBCU service, free cover increasing has the to continue we platform delivering invest available who ad-supported in continue simulcasting to to discovery streaming the to back and and

Hamid Akhavan

Thank you, Gary.

overseeing we while Kelly, particularly facilities-based our have to the our of customers. put by the take we which our XXXX. advantage We arrival wireless, will network. In approximately of This our wireless pushed become on the yet but helm as marketing have and was blocks X.X subscribers operations majority carrier to XXXX, the of -- in business well I better the strategy as nation's higher-value X% approximately fourth our with from building With economics evidenced wireless finished million with repositioning churn tactics, focus we of partly postpaid the will Mike departure business the not for owner search place subscriber with and we down to as consist subscribers, in year regard acquisition devices with due Mike's optimized lower recent successor. of take the of to retail the

been do We see steps cases, channels trends of upon, reduced our took attachment to offerings also to as underperforming our devices value-added services optimize has build sales positive protect some higher lower in our We of churn. The in penetration compatible which, unprofitable resulting dealers. insurance and device network including Goose until with programs, and now such and limited. pay offerings higher mobile auto availability

iPhone We got the a the Galaxy all-new network. have razor, made past X the area compatible XX our our of X this start devices going adding in expect lineup, Boost months, and help new Motorola the strides devices will January, with fast all which launching off over to great we economics SXX forward. In Samsung

network. we As which the we arising offset use than expect own shift we are mix handsets, of our more compatible to network savings cost be unit from seeing device the higher from will our XG

of expand business we we exceed positive significant competitive customer for will shore service addition, current levels. through and outstanding the to marketing focus branding, It ramp that options target and up industry to experiences profitably XXXX is current by goal In momentum our flexible efforts customer our offers, end the as our our up the unit. segments operations

me Let cover network to the John over call hand to deployment. now

Unknown Executive

but broadband latest XXXX more XG to We in This international not a over XXX offering our provides coverage XXX also coverage coverage roaming population of population to world's commitment the affirms competitive technology. Today, of device of Americans XX% U.S. portfolio million U.S. XG over Open partners. with the and voice first service to network Americans you, America's FCC more as the connectivity June and confirmed wireless. steadfast Thank leadership covering and technology an through marks our to domestic million Hamid. network, our met XX% than the XG Ran advancing by the than broadband by with expansion only milestone milestone

optimize alignment expand, meet the Boost to with in advance wireless We network continue milestones build-out our plan. development and network

as exceeded During that a the experience we Research recently our we speeds. last wireless noted on-air and we Group that launched the XX,XXX mark. good call, fast sites Boot indicated by over network, offers and The end year by very user of Signals

devices plans Gaske, owners' customers firm in turn services. to network to it will with continue to cover Boost who to I'd move satellite over and We broadband of compatible our place like to to economics. advantage take have Paul

Paul Gaske

And both the first and with we in Satellite will consumer revenues and in expect markets. Services revenues segment the of strategy, mix revenues operates that surpass our a for XXXX, to consumer line from in consumer enterprise gradual anticipate enterprise the In we our shift time. enterprise,

and responsive Our focus allowing consumer feedback approximately is quite our historically by demands help as speeds additional primarily business XXX,XXX us significant year and X more the the limitations, and the ARPU. Jupiter broadband competitive will subscriber satellite high subscribers reverse subscribers, we positive commenced X HughesNet data ended to of customer capacity screening late approximately XXXX. under our and more with allowances. customers to down us more evidenced due in pressure to from customer operations profitable provides selective be brand XXXX on greater satellite competitive trend higher for Early loss from This XXXX. capacity, million

enterprise components. in solution contract in Delta finished million. Of fourth around service receipt flight Boeing multiyear and note, in-flight We $XXX of the Hughes business airlines includes order serve intelligence our $X strong Hughes we that utilizes bookings to globe. communications satellite diverse high-performance in and quarter, at Hughes order XXX from Hughes backlog quarter billion. And capacity. This multi-orbit power we a provide begin over in regional to antenna change system for of a approximately with the of weight-optimized the the fourth major and to jets. came Airlines management marks Jupiter Ka-band announced artificial the a in systems XXXX of a Our to advanced many XXX aeronautical directly This as consists XXXX strategy

panel OneWeb to OneWeb in technology, on our the our antenna based U.S.-based business. began manufactured we in of unique network. to initial electronically We to gateways Turning a continued huge shipments flat our terminal user deliver December manufactured parallel, facility. In for steered global

managed turn global back us Gartner of companies With This to As secure a which named by as -- to recognizes best-in-class that, scale. has deliver that to services few on in focuses over the Quadrant. He as and one reliable ability providing for was enterprises. the XXXX on services our I'll a enterprise it Hamid. communication highly business, Gartner Magic highly services leader the

Hamid Akhavan

Thank Paul. you,

noted, Global to develop have work do athlete capital sustainable profitable As strengthen integrated our we in an achieve as and to and structure Telecom. customer new growth

and will We newer the opportunity growth our of within from units utilize our established business the experience businesses. realize resources to

industry, obligations, base are also operation have higher ahead, unable to opportunities inflexible a to capture we As we to protecting but be wireless incumbents it see legacy systems. being newcomer in their tied challenges significant which whether the existing for due naturally, prices their or

segments. We our market identifying will each in wherever advantages leveraging of focus these on possible and

new services find want. the family to to customers provide products and EchoStar new innovative also across ways diverse solutions will We bundle our

days We put momentum into mentioned, that, new are to initiatives we significant all units already as we'll business Q&A. it merger, increase XX only but motion EchoStar. open the the in across of about our improvement With to have

Operator

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

Ric Prentiss

a maybe of kind thinking that far plans maturity? the we what out of little it you're obviously, the are November to of start be of bit pursuing talk changes. there? in you spectrum line of -- as kind Can securitization the In open? And want the broader you I with assets, kind the is structural advance as a remarks, just even seeing addressing market unencumbered time prepared prices about question, What should financial

Hamid Akhavan

to you. you. hear Thank Good

meeting first, And November the make we multiple March. As access until obviously I have that then mentioned, we obligations to the we plan want sure I on that. do immediate to to obviously, maturity here, to next our in have ways address window,

are the understood that referring is That's ways spectrum generally which the investors. unencumbered you by the market is a of One one assets. to,

going the on are we way comment there's we're it's one specifics interest We're do market assets, in well going to to there. of not have always the market think to I known. spectrum that commodities that. But that because get in how

have company the I do fire. the significant in parties, a involved. And also find from all rapid transaction a pay-TV business. that Look, company assets to our the mentioned, do time all myself make other we as and of best to going do and the to mentioned and stakeholders the Paul we such a a make time that. we As have gun take the subscribers is amount in we're of interest our under not transaction

As I to quick sound going is for by make there. decision for the said, the solution long-term not a that we're oriented to making enough a and long window a decision is us company, compromise

Ric Prentiss

Okay.

you $X billion What expense it which to line billion achieved? a shot about the us will is unpack of be little mentioned in? savings. You a in how that help total Can item kind rough bit $X give it that silo of is

Hamid Akhavan

I'll to pass that Paul.

Paul Gaske

even the services It's G&A XG to be business Pay-TV retail both units question. COGS. as is the be taking across board are The segments. that. to wireless. all in Obviously, well Good to across it, going it's the contributing. in is but and Yes. and it's All Qs lion's contributing as deployment of going share cost board in of

you However, sound of in making back XXX% they choices. using the that see some we we're of come are so business, other that as invest won't would through investment

Hamid Akhavan

on as that's beyond. customers part wireless, think economics. John on-net great are improve the helps I also experiences having is we and accelerating of as way. there. And this of And will -- going that significantly And the forward $X our the mentioned, reason significantly we're mean while Yes. billion I That our to transition

Ric Prentiss

Can I one roughly losses. the quarter as the quantify me, far for subscriber could. you subs, Hugh if had more quick on the churn -- Hurst either impact or that as One

Unknown Executive

But in mentioned, talked subscriber we're what overall overall this I our talked forward I about a we've -- I issues XXXX. a sorry, looking that in we We're obviously, about numbers some of not breaking of had, Gary. drag partners with disruptive most What like out. to less and And earlier, there QX. is number resolved was those

Ric Prentiss

put lot. Great. stuff getting It last appreciate a a all to there. out Thanks long details, the you but all night Right. I time the took

Operator

from question the Our comes with next of LightShed. Piecyk line Walter

Walter Piecyk

less. first, how kind active imply on at dealing or just specifically on in you're in hit is absence what's does your right to ability interest you're And any cash flow cost purchase of proposition impact requires in guess company? offering cash to the Charlie's It now? if I wireless, phone operating to cut free change and value the that get that flow. How call, investment, seems something and your not of I guess, that's the the people that with going to in then, like more version market having have the

Hamid Akhavan

different another. that first Two try Well, after I'll to I all, one mention of to Charlie's birthday. today's both want questions. take

day have Hopefully, on slightly Charlie, and to with for answer get seat business. That developments. of around -- specific table running longer-term been all can the to I more the day-to-day the we as for I coming the and that longer confident have now Charlie answer we wish XX Charlie, operation the has team than the healthiest business, taken But I here a I've that to want of days year focus in this and up over ability a more in that's freed So you. questions the ahead. to and happiest strategic question, given

comfortable and let Charlie picture I'm business the focus the has can future. enough bigger run so that opportunities we in delighted to So felt on me

marketplace. the and is business in the match not command We for which retail us, marketplace specifically, don't Coming -- I look, to have, dollar is going a be of this don't more to at it's positioning other to X going least, XX% than think the have wireless the for be resources head-to-head dollar that in naturally.

we need more go efficiently. and to much And so differently market to

that remarks better year, and And today. we're that in that's going are step. my prepared be throughout the highlighted by one optimizing of to better the we that I things And step

TV is of on focused that's As rather more one a we the yield national higher examples local we think go-to-market advertising for that are us. than local and

channel which we'll will doesn't put a be conflict our I channel, stores. also developing with be us focusing think and better on digital experience in big

getting that device, features. have the creatively Android XXX, there's plus are connections we megabit right some XXX typical iPhone a second on network or a underutilized. When that so are there of ways we fact now number walk I And a is I'm thinking per differentiating XXX, that around,

think we need I dollar a that in to of just terms have cost spending go maximize rather We way. traditional acquisition dollar positioning in for than

that different XXXX. very it's exotic about car. It's a do an So are but throughout way it, to we developing excited

Walter Piecyk

because have And an the asset just heading you XX%, also on time left. of ability your has can Just in you longer only that milestone when of couple to spectrum XXXX line so were points there? hit spectrum, borrow that against? -- [indiscernible] any if that think the I basis use you're final much to hundred you said -- How can said get think you a -- that I might milestone XX%, XX%, you probably the get sense a impacted that of you as the fully securing

Hamid Akhavan

Yes.

towards our our Depending XXXX, in success milestones earlier, the made our our which progress on milestones. meet meeting substantial We I XXXX have at goals -- could fundraising, we for mentioned those on XXXX.

opinion the change but doesn't in is within offering way. really if that a we that, reach having milestone significant American a manage nation it -- into fundraising. picture But has personal FCC. the that, the that we get of in it's to going So once don't -- I the which our I think the certainly to said intent translate consumers, just is competitive my been -- for

Unknown Executive

John. And Walt, it's

measured build-out network, U.S. to of the our level. population at different clarify, are a overall because have components that's XXXX attainment the with Just we but commitments little PEA

the that. So things there rural more and that go into sites are

Walter Piecyk

I want if to back terms answer, to the to the a thing the you you egg or spend the you dollars to then chicken get it to said in get go get of the financing, get then think use financing? Like what's kind milestone Or has the of order. to first. the to springboard a that first wouldn't and were coming -- in go hit and I saying you that just far you But as that -- last and there? the the put approval? then money a as then as you the think CapEx get I get is financing putting it. sequential come Got in

these in be are for are of activities quite think expensive preparation. very a has I that that not running permitting zoning upfront parallel. instance, the bit There's secure work done, and to and to

of linear it's terms so And the by of a in very geography, by zoning It's environment. spend. scheduling location, not exotic

can't are specific than run activities a I very other parallel, these give careful and saying we we you manage answer So this basis. a on that in very day-to-day

Operator

Our line with Bryan next Bank. question comes Kraft Deutsche of from the

Bryan Kraft

I a if ask to could. wanted few I

wondering that drove the drove sequential Is Does large in something quarter? in Services big continue good to to so there $XXX should just a margin here? where improvement anomalous what fourth the and that like the Satellite go improve? Or that was it it directionally from in was high quarter First, -- that million, EBITDA step-up run rate? in

the just from help I getting the traction Boost It bit The about doing for wondering then of not on had talked Boost. And was, -- Hamid, one year. you lot a I traffic was sounds Infinite net think us this about in if second progress expect the that. could last to you you one moving market a yet. time like you was mentioned line

Just what curious think really has the you hindered progress.

late national campaign early in tried you know I a October. ad September,

Amazon. on launched You

the you mentioned network? things response Is of branding? you any real Is plan proof So gain to that on is capital seeing do to behind in points you some momentum Wall's are it it the just the question. And it? yet that to

Hamid Akhavan

the perhaps Paul, can you Okay. comment EBITDA. on

Paul Gaske

just your question you a just more? clarify Could little bit Certainly. Sure.

Bryan Kraft

Sure.

the I quarters, $XXX think had actually in it in quarter decelerating. EBITDA the about million. in Services And Satellite been came few at fourth previous the

is that it quarter step-up. that and in sequential think the Should So build? on improvement understand going basis? to just about I Or made was pretty large high, to trying Like And was good something it rate? a drove to a run that's repeat? go-forward that not was what to fourth big a how there unusually that that continue

Dean Manson

Yes. Certainly.

to typically, have tend So our fourth higher results. enterprise quarters

fourth will with had I that have stronger. trend quarter. But cyclicality exact normally, continue. can't And you that, tell so the the we a that fourth in strong we is enterprise quarter

Bryan Kraft

Okay.

Hamid Akhavan

maybe just on Tom, to you debt? comment want

Thomas McElroy

I'll And Sure. piece. second question. the take for the thanks

share we While continues publicly don't day. grow of the every to utilization network numbers,

mentioned million XXX that our voice to more than Americans last earlier, quarter, plus. And over XG we're the with compatible now are roughly an As sourcing update we're on covering our with the network. way million $XXX as of now X/X devices

migrations, which the generally activations, we're actually now And so over-the-air upgrades, are X we're loading new customer seamless to customers with compatible devices and doing customer. really separate paths, are which and

actively to with leading is devices, to the just last stool MVNO about lower on day. the will And the expenses with we right MNO work we XXXX. As so, owner legs economics we're that see every you that a different quarter investment months there was and been now. largely pay customers talked reduce do, as additional track there, to of out devices now. know, it's not in of year, we've in cost coverage for while expenses it doing compatible focused break MVNO the off lot going And benefit plan and that but from on to working over There's we're

Hamid Akhavan

question, do the of And Infinite. I had your part with third to will Boost take which

more incredibly what in first, launched was want Primeco. the U.S. achieved side. business, the at be So on I to I And I say can't impressed was that walked I by the the look, into XG I as network first PCS --

Europe created I've Deutsche I as the in Europe XG time. with a or first the the first LTE Europe, And in Deutsche launched forum Telekom, Telekom the T-Mobile for in CT

exciting. been by a wireless. But And a starting to so XG seen. I the the builds launch, so on never this part company, I've primarily company purely so of the point I've XG, having launch company best as project related have now as has the XG and mobile been being and not launch, had been been impressed the that, focused said XG P&L

mean So of been onboarding. product experience, I customers of result the as the on the positioning, experience there in that, had digital on developing the a our the focus go-to-market,

that, realized them a giving to to of for So experience phenomenal customers looked a it advertising us when fresh at because doesn't sense spend the not not we first of just that I money the of that impression. of that are delighting and make going pulling be also heck I network, start,that's lot but

times the hundreds coming connected activate than a So back, And customer very I didn't not systems and in. customers, slower planned for says lack of a the right partners, business optimally were us kind have our interest. I here up, perfect statement, start to metrics have of attribute way of We strategic this it debugged gear didn't more set postpaid we have our customers of and number would we phenomenal in partners. mean experience and have I of us dialed one strong any that we just in between and partners strategic not is interested would not system our our attribute. the

on. I of us but so I see our and market that makes And mentioned kind would I our see the being chance. come but And will remarks, entry all us very gradually, to It's a year. not I'm have optimized, in not, again, I this regear things the and with just say, and internally to just fix the in market. that emphasize working my we'll in force want that it the that -- we'll we're that's about back, what sense excited improvements obviously, for you was

Operator

Our from New line next question Jonathan of with Street comes Chaplin the Research.

Unknown Analyst

is What figured almost you've was question. And new you might next I guess exchanges you're the happen raise in correct, Paul. of and discussions sort I it does but question. any for up you of see that the like then exchange out the we are behind existing if first before how improved this probably does first sense us couple out really one Or could debt? the there's clear that been A a for step are sure have scenes? it equity from progress give with outside? the process. offer? XXX% to And an caused from that I'm Hamid sense with going bondholders was who coming and that here, holders wondering involved by the all Walt's make is So to on confusion to the debt Is

already that basis. the I protecting to country need the it's so with portfolio. you've vast test of the the meet that think a the spectrum case that value the far, XXXX you of And your XX% think is it's on license-by-license I built majority the you're out of in case

so to in you that don't against And need complete to build money order spectrum. the raise

locked up. that that Most is to need the I -- in has think of value already most you that piece locked is complete value actually just and lower of licenses spectrum up, it's it. much

So just a clarification there.

Hamid Akhavan

to now Okay. obligations meet Thank that significant I are stakeholders first have in best remarks in the discussions with the numerous obligations we right and good to reputable involved. interest interest anyone you all in good all engage and that these of part. the to financing parties counterparties. And in take my and the from the that I'll parties better find parties very solutions and secure able are the mentioned with inbound company and of right now mentioned, faith are including active you. we solutions we to --

I is be solution tell like these going can't what many to you I end up going of specifics to and I the be interest how in to but we I that, the said, reach put and of one don't selected. But myself said, select gun. all on avenues, So the to looks being to the we as best parties. under the we we'll are company it find as of may any what want More that avenues, come and

that We kicks and our have and and proper It decision trying solution the time. can is is on runway not in and are interest, make long-term the measured just that a decision a one oriented. make we on to a at a road focused step to evaluate not the find best

a disruptive. execute the as runway have having with with be things we coming we is of obligations, full We business could will that we see a could doesn't I that the the company -- unique be do legacy potential. think the this of combination have to assets

our That's mindset. our goal. that's want so we And how That's to execute.

want anything, rash So ahead decision. add if go going Paul, add we're to to please make you and not a

Paul Orban

Yes. I you. agree with

We time. have point in this at a long runway

of look our So don't financial can and want at make got long the flexibility anything. rush to financial and together there's -- to looking like we're thing solution We've We I all into a no stability. pull, reason want for long-term hopefully, a for We want just to for us to things we put that one we at my that our holistic And perspective. here. many a needs said term. levels sells in disposal operational do comments,

Hamid Akhavan

the John, And coverage? on comment can you

Unknown Executive

to XXXX And specifics information on correct. get to there. commitments is better calls, But mentioned further portion license-by-license deployment on existing significant the to are true of But cover of there's it read because a Yes, just have clarify, that build commitments. on that our Obviously, can surgical a a I've basis. a course. achieve That's more the license-by-license also does earlier public a the it's handle milestones. 'XX you we a as

we're planned sites those through getting working through acquisition. So side working

sure that do mentioned I parallel to we're do we in to Hamid we on earlier, need working things what think there. make

Unknown Analyst

can up on just John, if I follow that.

is I point at licenses little build. your a bit different. just already think with the you've covered It's my XX% that existing

haven't that from a they're think covered lot licenses the you more valuable yet. I

I you've of though lower is when the build, it's much a And value that of think it's the portfolio, at you've the sort so already value XX% of of look of the protected XX% even percentage covered with licenses XX%. at the portfolio already the or that you

Ric Prentiss

The POPs rural. front to be us that the on site, you're lower right think track more I per are would there. of sites in

I So think you got it.

Operator

Our of comes next question Ben Swinburne Morgan the from Stanley. line with

Benjamin Swinburne

all you expect business 'XX going we're with mean the retail see in or as service on improving year? things and or to should wireless network I margins are gross you've What come fresh the either adds there the commentary raise capital of there's to net this from this into for we deal line in just eyes. know video. results the go, more see Thanks translate to if network line maturities, business? Because of that ready the can the that market a sort even reported November say and in you we maturities with excellent this and down can the trend through is obviously, the course that

really something with So this real Boost. is about building

given follow-up. So is we maybe flow, cash just business on any had way. set then year, hear would is cost can Or your a answer a expect free cutting I should see the love inflect this us? not to I for the you maybe just thoughts And and the expectations in to that.

Hamid Akhavan

let So reverse. question your me in answer

this parties, other these As -- that incredible that in build Paul a the to permanently can in permitting solutions on first us. the reaching not of problems success, world are drag solve amount way. I there's assets both be mean, the holistic a by tie great in device, defense is to I the is us of we're to so it We business be that everybody interested to to so that the the looking opportunity way and great -- it, enterprises, maturity and the a a significant in mentioned, will potential a have I find direct O-RAN, a plus we goal. to this in full the interest making fact things. all satellite here all develop that's unique bunch try mean, community, government, to is

which to that want it. say about shortage this be of that its capital or reason say, let a to at potential, and we limitations So prevent look reach the here cannot business full I'm want us from I and is we I making excited

was question, do that is those, for your many other see XXXX, going had Look, I the -- you where mobile you like seen are the to business any bring me I a let to brand I XX have launched you Now what in success. or new first part which business gear new transition and of of year

want strange state. upfront to works. a We're not that static not small any a Now in up the put number. we something small very going going because way. see a there. here is We're We're not of and on. what model This model year to build not it's very It's -- market. could to be to number skew it a your throw there to a number a year is And that shows on going disruptive to a to out steady go business here,

to is here, it's But market market. imagine is history kind about emphasize like it limitations great. regear give a really great you and excited from networks. I has that you And enrollment, the a I national can anybody the it year think I first Nobody use -- roaming got of speak this. it's you perspective the behind not And that. static I'm also want one I differentiator, I the put fact of seeing great awesome. on removes Nobody awesome. had can't the mobile not the X I as that's I to my has go in just Sometimes of to not to network that is that in stand it, mean thing had to how becomes that the we has time. our plus that It top other in and terms something the national can't like never. the is, of just it never happened forecast.

model Give give a year, that not going performance. me build our next all year please year. and to at ends not installments. to not to how to yet the up see model are build I'm on. It's expectation we going So maximize reducing a just out me you going figure point year. help you're to a see which to what you're But also us a market this

Benjamin Swinburne

that that's third the you one, I to then have was Hamid. test should random as to for make we then drive a of sure risk. And nothing a just that, think spectrum Okay. finish month. was I -- to as I lastly, want that there's sort think I be just this be a XXXX going ask bit a the sort thinking about to says finalized of think of it I curious, just that I FCC in needs And test I K, mentioned milestones still

your One think you underappreciated? eyes, call DISH interesting about the thinking Or we've has fresh we relationship that partners been is of sort again, another XXXX? much focused of there be would over one shouldn't the surveying that Anything or as you that that the Amazon in out with has. is all years

Unknown Analyst

John. is This

As we're we've what relates that, track risk extra the to it any with disclosed. already that put beyond drive on submit. wouldn't testing, ready on getting to factors I and we're

Hamid Akhavan

very work same strategic So Amazon don't way. my excited are behalf, Amazon sense. they their -- our Amazon, pretty The want we -- as and see see a together. partner, that's to I about the personally I think on on speak but commenting it we see I

said, experience. to sure it. I that's amount think we the have of attention given to want Amazon help, get those we make but -- right, with making of and we very we meet compromise we sure other offerings of like they've we and Amazon that's, them like all we any another working Amazon. incredible from or have, us excited goals have I the Anglo, that committed about an and and mean have I'd on we're jointly the online comp experience, the again, things that one have look, to we and on are which Amazon need support mobile not it the one experience, to And mean I'd not going that. to we're I I

very So delighted with -- very the good. dry relationship there,

Operator

of question from Tom with the line comes Leckey next Citadel. Our

Unknown Analyst

the was at call abilities your wireless. be 'XX, from there since bit solutions. Charlie mathematical. the to focused here success ago could if built have where call enterprise see the what little and for you year-end years on wondering seem Two network government that the very the same in consumer for with talk be and we to we near I a future the you about talked And primarily about is

Hamid Akhavan

hit it's the there. We do our the have is at XXX% question. that not Look, there. relationship I on our see we of answering mark incredible segment the And portion part question great of your Now, sure partner we business will So with of defense of governments. entities broad of whether potential and the a let enterprise. multiple EchoStar But with enterprise government Hughes -- our a broadband is now me and in a this a bit business see the opportunities at in and because

of we in In have which as in that. with demonstrated the We opportunity in result that's XG, base of we got a couple demonstrated towing the that And second space and island, -- to a places. a a fact, a that become showcase.

like a We the it, $XX X.X or was something overshadows to get can want million. We But a that. taking in It's booking Paul enterprise you're you significant Airlines, while DoD But the enterprise aware, as of you business, project anything get Monster's work the key when a it get significantly for actually you quite you that. you contract. remarks interest from before Gaske word had the also see won related do a amount there's for in that I mentioned well award a massive to say government consumer. before in in that in a of that his government in in the enterprise, things, you Delta that our -- years. these

to going O-RAN want to using which both. in while I we're focused make in shorter So that business, sure it government our enterprise consumer. is, make know in and term, develop we're XG the we're be differentiator space, ourselves on the people going the working to to business, parallel that feed

will will opportunities. how mix about are So we the do but we're excited going future what both. -- the tell be, the And us to enterprise

Paul Gaske

up. I we'll before more take wrapping question think Operator, one

Operator

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

Michael Rollins

to to the that that no could spectrum longer and Hamid, that competitive about for Just you're the now mobile there on monetized strategy up, mobile of part us to that creating objectives FCC, a making the for that offering. previously. from be a ask your funding some focus view some comments you then commercial want commercial just Are the holds around the build follow long-term comments business of are EchoStar bands comments you earlier on the you wanted could the as necessary thing, this so with infer were back to achieve competitive may Do that in sharing of requirements. second you delay competitive plan. And the

Hamid Akhavan

to spectrum all spectrum different, bands band, So time as of the more grow. you're and you need regarding going are over

them may You all need of upfront. not

spectrum different to You certain band certain may has specific times. is in you may different need in ways. need at that a to have markets Every

So we're I a But in at life they what useful point. cannot all a to at your business. stage give come you need a of going answer, one will spectrum specific some

you're for the years in spectrum is in in need of ultimately, life. when the way at to flexibility into there, on you plenty your way But every your XX you band And that a are stage have geography. to every business, that you monetized now spectrum adjust best going

in ourselves to So specific make a or are I successful don't us tied myself in ownership of a in position, spectrum very many that spectrums recipe that -- we a ways don't find we the position we be the find can many, we using have.

plenty more moment. have I And spectra of we at this far need than

all from making reasons. with and very for interactions So FCC, meet to seriously any FCC, we're generally like comes refrain -- our the of And regarding comments our of the don't comment I our detailed one But to obligations. intend activities every I any obvious applications FCC it good. as comments regarding all to take we on the

Michael Rollins

if So just I could.

and just just the how described requirements do more give that put this just And an you of in commitments, believe can given more satisfy question is you many of and of assuming terms behind all whole what you the the dollars in how us one. last just that you to much one Just terms just update on needed, have sites funding you?

Unknown Executive

ample but disclose to able money. will the if We requirements hit we're Yes. raise don't have that, we to capital

Hamid Akhavan

Yes. you many in different And ways. could sites as know, build you the

capacity, for there's always size that. for coverage, You

not arena really science. -- it's of it's So an more

So participation. And resources, we thank want But a number enough doesn't to to reason, there. to really obligation. engineers we sense that have that. at to would look resources as it enough out make have have our for meet for put everyone said, that Paul I would

format. some upfront. I had took different think time a We we

of these some answer to useful was time that questions. hopefully, But

not Q&A the to did you long. on call. hopefully, be very thank much, With and have we'll that, see the next you as So earnings

Operator

This concludes teleconference. today's

You may lines disconnect this your at Thank participation. you time. for your

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