EchoStar CORP
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
ECHO$104.16+2.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|
| · · For the Years Ended December 31, · | ||||||||||
| · 2023 · 2022 · 2021 | ||||||||||
| Cash Flows From Operating Activities: | | | | | | | | | | |
| Net income (loss) | | $(1,634,824) | | $2,536,892 | | $2,521,435 | | |||
| Adjustments to reconcile net income (loss) to net cash flows from operating activities: | | | | | | | | | | |
| Depreciation and amortization | | | 1,597,923 | | | 1,174,895 | | | 1,213,946 | |
| Impairment of long-lived assets and goodwill | | | 761,099 | | | 711 | | | 245 | |
| Realized and unrealized losses (gains) on investments, impairments and other | | | (46,888) | | | (72,371) | | | (7,541) | |
| Realized and unrealized losses (gains) on derivatives | | | 1,693,387 | | | (1,015,387) | | | 13,000 | |
| Non-cash, stock-based compensation | | | 51,514 | | | 82,994 | | | 59,379 | |
| Deferred tax expense (benefit) | | | (337,222) | | | 729,587 | | | 639,708 | |
| Changes in allowance for credit losses | | | 14,600 | | | 6,590 | | | (34,635) | |
| Change in long-term deferred revenue and other long-term liabilities | | | 15,825 | | | 83,453 | | | 65,943 | |
| Other, net | | | 166,383 | | | 253,784 | | | 135,871 | |
| Changes in current assets and current liabilities, net | | | | | | | | | | |
| Trade accounts receivable | | | 20,622 | | | (74,812) | | | 206,995 | |
| Prepaid and accrued income taxes | | | 15,836 | | | (36,115) | | | 81,197 | |
| Inventory | | | (37,981) | | | 16,200 | | | (175,918) | |
| Other current assets | | | (40,290) | | | 21,737 | | | (47,144) | |
| Trade accounts payable | | | 4,108 | | | 90,721 | | | 86,219 | |
| Deferred revenue and other | | | (78,555) | | | (71,709) | | | (62,034) | |
| Accrued programming and other accrued expenses | | | 267,110 | | | (105,980) | | | (41,293) | |
| Net cash flows from operating activities | | | 2,432,647 | | | 3,621,190 | | | 4,655,373 | |
| | | | | | | | | | | |
| Cash Flows From Investing Activities: | | | | | | | | | | |
| Purchases of marketable investment securities | | | (2,407,546) | | | (1,965,859) | | | (6,338,641) | |
| Sales and maturities of marketable investment securities | | | 3,710,544 | | | 4,159,830 | | | 4,390,903 | |
| Purchases of property and equipment | | | (3,100,921) | | | (3,050,472) | | | (1,619,312) | |
| Refunds and other receipts of purchases of property and equipment | | | 38,611 | | | — | | | — | |
| Capitalized interest related to regulatory authorizations (Note 2) | | | (1,162,473) | | | (984,309) | | | (777,885) | |
| Proceeds from other debt investments | | | 148,448 | | | — | | | — | |
| Refund of regulatory authorizations deposit | | | — | | | — | | | 337,490 | |
| Purchases of regulatory authorizations, including deposits | | | (2,009) | | | (7,206,865) | | | (122,657) | |
| Other, net | | | (33,386) | | | (11,900) | | | (116,621) | |
| Net cash flows from investing activities | | | (2,808,732) | | | (9,059,575) | | | (4,246,723) | |
| | | | | | | | | | | |
| Cash Flows From Financing Activities: | | | | | | | | | | |
| Repayment of long-term debt and finance lease obligations | | | (121,981) | | | (86,229) | | | (89,958) | |
| Redemption and repurchases of senior notes | | | (1,460,635) | | | (2,056,821) | | | (2,901,818) | |
| Proceeds from issuance of senior notes | | | 1,500,000 | | | 2,000,000 | | | 6,750,000 | |
| Repurchases of convertible notes | | | (182,834) | | | — | | | — | |
| Early debt extinguishment gains (losses) | | | 73,024 | | | — | | | — | |
| Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan | | | 10,598 | | | 27,438 | | | 68,182 | |
| Purchase of Northstar Manager, LLC's ownership interest in Northstar Spectrum | | | (109,432) | | | — | | | — | |
| Treasury share repurchase | | | — | | | (89,303) | | | (261,436) | |
| Debt issuance costs and debt (discount) premium | | | 21,635 | | | (51,121) | | | (34,459) | |
| Other, net | | | (7,496) | | | (18,413) | | | (15,507) | |
| Net cash flows from financing activities | | | (277,121) | | | (274,449) | | | 3,515,004 | |
| | | | | | | | | | | |
| Effect of exchange rates on cash and cash equivalents | | | 3,004 | | | (2,306) | | | (3,749) | |
| | | | | | | | | | | |
| Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents | | | (650,202) | | | (5,715,140) | | | 3,919,905 | |
| Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 5) | | | 2,561,803 | | | 8,276,943 | | | 4,357,038 | |
| Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 5) | | $1,911,601 | | $2,561,803 | | $8,276,943 | | |||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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