EchoStar CORP
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
ECHO$101.19+6.9%Stored close · as of Nov 9, 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, | |||||||||
| | 2024 | 2023 | 2022 | ||||||
| Cash Flows From Operating Activities: | | | | | | | | | |
| Net income (loss) | | $(124,515) | | $(1,634,824) | | $2,536,892 | |||
| Adjustments to reconcile net income (loss) to net cash flows from operating activities: | | | | | | | | | |
| Depreciation and amortization | | | 1,930,193 | | | 1,597,923 | | | 1,174,895 |
| Impairment of long-lived assets and goodwill | | | — | | | 761,099 | | | 711 |
| Realized and unrealized losses (gains) on investments, impairments and other | | | 73,217 | | | (46,888) | | | (72,371) |
| Realized and unrealized losses (gains) on derivatives | | | — | | | 1,693,387 | | | (1,015,387) |
| Liberty Puerto Rico Asset Sale losses (gains) (Note 15) | | | (50,418) | | | — | | | — |
| EchoStar Exchange Offers debt extinguishment losses (gains) (Note 10) | | | (688,661) | | | — | | | — |
| Non-cash, stock-based compensation | | | 36,383 | | | 51,514 | | | 82,994 |
| Deferred tax expense (benefit) | | | 28,281 | | | (337,222) | | | 729,587 |
| Equity in (earnings) losses of affiliates | | | 73,451 | | | 8,099 | | | 3,087 |
| Changes in allowance for credit losses | | | 8,238 | | | 14,600 | | | 6,590 |
| Change in long-term deferred revenue and other long-term liabilities | | | 12,555 | | | 15,825 | | | 83,453 |
| Other, net | | | 183,775 | | | 158,284 | | | 250,697 |
| Changes in current assets and current liabilities: | | | | | | | | | |
| Trade accounts receivable | | | (171,365) | | | 20,622 | | | (74,812) |
| Prepaid and accrued income taxes | | | 43,430 | | | 15,836 | | | (36,115) |
| Inventory | | | 189,648 | | | (37,981) | | | 16,200 |
| Other current assets | | | (54,039) | | | (40,290) | | | 21,737 |
| Trade accounts payable | | | 108,982 | | | 4,108 | | | 90,721 |
| Deferred revenue and other | | | (103,718) | | | (78,555) | | | (71,709) |
| Accrued programming and other accrued expenses | | | (242,740) | | | 267,110 | | | (105,980) |
| Net cash flows from operating activities | | | 1,252,697 | | | 2,432,647 | | | 3,621,190 |
| | | | | | | | | | |
| Cash Flows From Investing Activities: | | | | | | | | | |
| Purchases of marketable investment securities | | | (1,253,543) | | | (2,407,546) | | | (1,965,859) |
| Sales and maturities of marketable investment securities | | | 573,031 | | | 3,710,544 | | | 4,159,830 |
| Purchases of property and equipment | | | (1,544,877) | | | (3,100,921) | | | (3,050,472) |
| Refunds and other receipts of purchases of property and equipment | | | — | | | 38,611 | | | — |
| Capitalized interest related to regulatory authorizations (Note 2) | | | (951,747) | | | (1,162,473) | | | (984,309) |
| Proceeds from other debt investments | | | — | | | 148,448 | | | — |
| Purchases of regulatory authorizations, including deposits | | | (1,104) | | | (2,009) | | | (7,206,865) |
| Sale of assets to CONX (Note 18) | | | 26,719 | | | — | | | — |
| Liberty Puerto Rico Asset Sale (Note 15) | | | 95,435 | | | — | | | — |
| Other, net | | | 7,736 | | | (33,386) | | | (11,900) |
| Net cash flows from investing activities | | | (3,048,350) | | | (2,808,732) | | | (9,059,575) |
| | | | | | | | | | |
| Cash Flows From Financing Activities: | | | | | | | | | |
| Repayment of long-term debt, finance lease and other obligations | | | (108,961) | | | (121,981) | | | (86,229) |
| Redemption and repurchases of convertible and senior notes | | | (2,933,714) | | | (1,643,469) | | | (2,056,821) |
| Proceeds from issuance of convertible and senior notes | | | 5,386,000 | | | 1,500,000 | | | 2,000,000 |
| Debt issuance costs and debt (discount) premium | | | (182,279) | | | 21,635 | | | (51,121) |
| Proceeds from issuance of PIPE Shares (Note 3) | | | 400,000 | | | — | | | — |
| Proceeds from New DISH DBS Financing (Note 10) | | | 2,500,000 | | | — | | | — |
| Debt issuance costs and debt (discount) premium from New DISH DBS Financing | | | (134,510) | | | — | | | — |
| Early debt extinguishment gains (losses) of convertible and senior notes | | | — | | | 73,024 | | | — |
| Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan | | | 4,192 | | | 10,598 | | | 27,438 |
| Purchase of SNR Management's ownership interest in SNR HoldCo | | | (441,998) | | | — | | | — |
| Purchase of Northstar Manager, LLC's ownership interest in Northstar Spectrum | | | — | | | (109,432) | | | — |
| Treasury share repurchase | | | — | | | — | | | (89,303) |
| Other, net | | | (5,153) | | | (7,496) | | | (18,413) |
| Net cash flows from financing activities | | | 4,483,577 | | | (277,121) | | | (274,449) |
| | | | | | | | | | |
| Effect of exchange rates on cash and cash equivalents | | | (5,721) | | | 3,004 | | | (2,306) |
| | | | | | | | | | |
| Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents | | | 2,682,203 | | | (650,202) | | | (5,715,140) |
| Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 6) | | | 1,911,601 | | | 2,561,803 | | | 8,276,943 |
| Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 6) | | $4,593,804 | | $1,911,601 | | $2,561,803 | |||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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