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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2018.
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
Commission File Number: 001-33807
EchoStar Corporation
(Exact name of registrant as specified in its charter)
|
| | |
Nevada | | 26-1232727 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | |
100 Inverness Terrace East, Englewood, Colorado | | 80112-5308 |
(Address of principal executive offices) | | (Zip Code) |
(303) 706-4000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
|
| |
Large accelerated filer ý | Accelerated filer o |
Non-accelerated filer o | Smaller reporting company o |
| Emerging growth company o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
As of July 31, 2018, the registrant’s outstanding common stock consisted of 48,476,391 shares of Class A common stock and 47,687,039 shares of Class B common stock, each $0.001 par value.
TABLE OF CONTENTS
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (“Form 10-Q”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about our estimates, expectations, plans, objectives, strategies, and financial condition, expected impact of regulatory developments and legal proceedings, opportunities in our industries and businesses and other trends and projections for the next fiscal quarter and beyond. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements may also be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “estimate,” “expect,” “predict,” “continue,” “future,” “will,” “would,” “could,” “can,” “may” and similar terms. These forward-looking statements are based on information available to us as of the date of this Form 10-Q and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve potential known and unknown risks, uncertainties and other factors, many of which may be beyond our control and may pose a risk to our operating and financial condition. Accordingly, actual performance, events or results could differ materially from those expressed or implied in the forward-looking statements due to a number of factors including, but not limited to:
| |
• | our reliance on DISH Network Corporation and its subsidiaries (“DISH Network”) for a significant portion of our revenue; |
| |
• | significant risks related to the construction, launch and operation of our satellites, such as the risk of material malfunction on one or more of our satellites, risks resulting from delays or failures of launches of our satellites and potentially missing our regulatory milestones, changes in the space weather environment that could interfere with the operation of our satellites and our general lack of commercial insurance coverage on our satellites; |
| |
• | our ability to realize the anticipated benefits of our current satellites and any future satellite we may construct or acquire; |
| |
• | our ability to implement and realize benefits of our domestic and/or international investments, commercial alliances, partnerships, joint ventures, acquisitions and other strategic initiatives; |
| |
• | the failure of third-party providers of components, manufacturing, installation services and customer support services to appropriately deliver the contracted goods or services; |
| |
• | our ability to bring advanced technologies to market to keep pace with our customers and competitors; and |
| |
• | risk related to our foreign operations and other uncertainties associated with doing business internationally, including changes in foreign exchange rates between foreign currencies and the United States (“U.S.”) dollar, economic instability and political disturbances. |
Other factors that could cause or contribute to such differences include, but are not limited to, those discussed under the caption Risk Factors in Part II, Item 1A of this Form 10-Q and in Part I, Item 1A of our most recent Annual Report on Form 10-K (“Form 10-K”) filed with the Securities and Exchange Commission (“SEC”), those discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2 of this Form 10-Q and in Part II, Item 7 of our Form 10-K and those discussed in other documents we file with the SEC.
All cautionary statements made herein should be read as being applicable to all forward-looking statements wherever they appear. Investors should consider the risks and uncertainties described herein and should not place undue reliance on any forward-looking statements. We do not undertake, and specifically disclaim, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, events, levels of activity, performance or achievements. We do not assume responsibility for the accuracy and completeness of any forward-looking statements. We assume no responsibility for updating forward-looking information contained or incorporated by reference herein or in any documents we file with the SEC, except as required by law.
Should one or more of the risks or uncertainties described herein or in any documents we file with the SEC occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
|
| | | | | | | | |
| | As of |
| | June 30, 2018 | | December 31, 2017 |
Assets | | (Unaudited) | | (Audited) |
Current assets: | | |
| | |
|
Cash and cash equivalents | | $ | 1,793,053 |
| | $ | 2,431,456 |
|
Marketable investment securities, at fair value | | 1,640,776 |
| | 814,161 |
|
Trade accounts receivable and contract assets, net (Note 3) | | 186,962 |
| | 196,840 |
|
Trade accounts receivable - DISH Network, net | | 26,126 |
| | 43,295 |
|
Inventory | | 81,388 |
| | 83,595 |
|
Prepaids and deposits | | 58,911 |
| | 54,533 |
|
Other current assets | | 15,889 |
| | 91,671 |
|
Total current assets | | 3,803,105 |
| | 3,715,551 |
|
Noncurrent assets: | | |
| | |
|
Property and equipment, net | | 3,396,616 |
| | 3,465,471 |
|
Regulatory authorizations, net | | 528,346 |
| | 536,936 |
|
Goodwill | | 504,173 |
| | 504,173 |
|
Other intangible assets, net of accumulated amortization of $309,690 and $302,345, respectively | | 51,593 |
| | 58,955 |
|
Investments in unconsolidated entities | | 156,022 |
| | 161,427 |
|
Other receivables - DISH Network | | 93,893 |
| | 92,687 |
|
Other noncurrent assets, net | | 258,237 |
| | 214,814 |
|
Total noncurrent assets | | 4,988,880 |
| | 5,034,463 |
|
Total assets | | $ | 8,791,985 |
| | $ | 8,750,014 |
|
Liabilities and Stockholders’ Equity | | |
| | |
|
Current liabilities: | | |
| | |
|
Trade accounts payable | | $ | 100,235 |
| | $ | 108,406 |
|
Trade accounts payable - DISH Network | | 1,393 |
| | 4,753 |
|
Current portion of long-term debt and capital lease obligations | | 1,028,119 |
| | 40,631 |
|
Contract liabilities | | 72,776 |
| | 65,959 |
|
Accrued interest | | 45,857 |
| | 47,616 |
|
Accrued compensation | | 42,612 |
| | 47,756 |
|
Accrued taxes | | 15,719 |
| | 16,122 |
|
Accrued expenses and other | | 68,195 |
| | 82,647 |
|
Total current liabilities | | 1,374,906 |
| | 413,890 |
|
Noncurrent liabilities: | | |
| | |
|
Long-term debt and capital lease obligations, net | | 2,592,174 |
| | 3,594,213 |
|
Deferred tax liabilities, net | | 456,401 |
| | 436,023 |
|
Other noncurrent liabilities | | 124,252 |
| | 128,503 |
|
Total noncurrent liabilities | | 3,172,827 |
| | 4,158,739 |
|
Total liabilities | | 4,547,733 |
| | 4,572,629 |
|
Commitments and contingencies (Note 15) | |
|
| |
|
|
Stockholders’ equity: | | |
| | |
|
Preferred stock, $.001 par value, 20,000,000 shares authorized, none issued and outstanding at each of June 30, 2018 and December 31, 2017 | | — |
| | — |
|
Common stock, $.001 par value, 4,000,000,000 shares authorized: | | |
| | |
|
Class A common stock, $.001 par value, 1,600,000,000 shares authorized, 54,006,419 shares issued and 48,474,101 shares outstanding at June 30, 2018 and 53,663,859 shares issued and 48,131,541 shares outstanding at December 31, 2017 | | 54 |
| | 54 |
|
Class B convertible common stock, $.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at each of June 30, 2018 and December 31, 2017 | | 48 |
| | 48 |
|
Class C convertible common stock, $.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of June 30, 2018 and December 31, 2017 | | — |
| | — |
|
Class D common stock, $.001 par value, 800,000,000 shares authorized, none issued and outstanding at each of June 30, 2018 and December 31, 2017 | | — |
| | — |
|
Additional paid-in capital | | 3,689,180 |
| | 3,669,461 |
|
Accumulated other comprehensive loss | | (154,011 | ) | | (130,154 | ) |
Accumulated earnings | | 792,278 |
| | 721,316 |
|
Treasury stock, at cost | | (98,162 | ) | | (98,162 | ) |
Total EchoStar Corporation stockholders’ equity | | 4,229,387 |
| | 4,162,563 |
|
Other noncontrolling interests | | 14,865 |
| | 14,822 |
|
Total stockholders’ equity | | 4,244,252 |
| | 4,177,385 |
|
Total liabilities and stockholders’ equity | | $ | 8,791,985 |
| | $ | 8,750,014 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
|
| | | | | | | | | | | | | | | | |
| | For the three months ended June 30, | | For the six months ended June 30, |
| | 2018 | | 2017 | | 2018 | | 2017 |
Revenue: | | |
| | |
| | |
| | |
|
Services and other revenue - DISH Network | | $ | 100,171 |
| | $ | 113,734 |
| | $ | 203,976 |
| | $ | 228,689 |
|
Services and other revenue - other | | 375,445 |
| | 285,053 |
| | 730,485 |
| | 554,844 |
|
Equipment revenue | | 50,341 |
| | 66,289 |
| | 93,288 |
| | 114,694 |
|
Total revenue | | 525,957 |
| | 465,076 |
| | 1,027,749 |
| | 898,227 |
|
| | | | | | | | |
Costs and expenses: | | |
| | |
| | |
| | |
|
Cost of sales - services and other (exclusive of depreciation and amortization) | | 151,157 |
| | 138,227 |
| | 299,902 |
| | 273,415 |
|
Cost of sales - equipment (exclusive of depreciation and amortization) | | 41,865 |
| | 53,662 |
| | 80,936 |
| | 94,195 |
|
Selling, general and administrative expenses | | 103,074 |
| | 89,826 |
| | 206,349 |
| | 172,817 |
|
Research and development expenses | | 6,647 |
| | 7,437 |
| | 13,784 |
| | 15,142 |
|
Depreciation and amortization | | 148,449 |
| | 130,034 |
| | 294,003 |
| | 245,117 |
|
Total costs and expenses | | 451,192 |
| | 419,186 |
| | 894,974 |
| | 800,686 |
|
Operating income | | 74,765 |
| | 45,890 |
| | 132,775 |
| | 97,541 |
|
| | | | | | | | |
Other income (expense): | | |
| | |
| | |
| | |
|
Interest income | | 19,253 |
| | 10,039 |
| | 34,888 |
| | 18,330 |
|
Interest expense, net of amounts capitalized | | (61,534 | ) | | (55,456 | ) | | (124,285 | ) | | (100,852 | ) |
Gains (losses) on investments, net | | 65,396 |
| | 1,837 |
| | 28,733 |
| | 10,574 |
|
Equity in earnings (losses) of unconsolidated affiliates, net | | (2,058 | ) | | 4,831 |
| | (3,067 | ) | | 11,239 |
|
Other, net | | (336 | ) | | 2,453 |
| | (132 | ) | | 3,525 |
|
Total other income (expense), net | | 20,721 |
| | (36,296 | ) | | (63,863 | ) | | (57,184 | ) |
Income from continuing operations before income taxes | | 95,486 |
| | 9,594 |
| | 68,912 |
| | 40,357 |
|
Income tax provision, net | | (17,802 | ) | | (3,003 | ) | | (12,399 | ) | | (2,991 | ) |
Net income from continuing operations | | 77,684 |
| | 6,591 |
| | 56,513 |
| | 37,366 |
|
Net income from discontinued operations | | — |
| | 531 |
| | — |
| | 7,108 |
|
Net income | | 77,684 |
| | 7,122 |
| | 56,513 |
| | 44,474 |
|
Less: Net loss attributable to noncontrolling interest in HSS Tracking Stock (Note 1) | | — |
| | — |
| | — |
| | (655 | ) |
Less: Net income attributable to other noncontrolling interests | | 462 |
| | 182 |
| | 842 |
| | 474 |
|
Net income attributable to EchoStar Corporation | | 77,222 |
| | 6,940 |
| | 55,671 |
| | 44,655 |
|
Less: Net loss attributable to Hughes Retail Preferred Tracking Stock (Note 1) | | — |
| | — |
| | — |
| | (1,209 | ) |
Net income attributable to EchoStar Corporation common stock | | $ | 77,222 |
| | $ | 6,940 |
| | $ | 55,671 |
| | $ | 45,864 |
|
| | | | | | | | |
Earnings per share - Class A and B common stock: | | |
| | |
| | |
| | |
|
Basic earnings from continuing operations per share | | $ | 0.80 |
| | $ | 0.07 |
| | $ | 0.58 |
| | $ | 0.41 |
|
Total basic earnings per share | | $ | 0.80 |
| | $ | 0.07 |
| | $ | 0.58 |
| | $ | 0.48 |
|
Diluted earnings from continuing operations per share | | $ | 0.80 |
| | $ | 0.07 |
| | $ | 0.57 |
| | $ | 0.40 |
|
Total diluted earnings per share | | $ | 0.80 |
| | $ | 0.07 |
| | $ | 0.57 |
| | $ | 0.48 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | |
| | For the three months ended June 30, | | For the six months ended June 30, |
| | 2018 | | 2017 | | 2018 | | 2017 |
Comprehensive income (loss): | | |
| | |
| | |
| | |
|
Net income | | $ | 77,684 |
| | $ | 7,122 |
| | $ | 56,513 |
| | $ | 44,474 |
|
Other comprehensive income (loss), net of tax: | | |
| | |
| | |
| | |
|
Foreign currency translation adjustments | | (43,727 | ) | | (249 | ) | | (35,135 | ) | | 23,789 |
|
Unrealized gains (losses) on available-for-sale securities and other | | 547 |
| | (5,626 | ) | | 15 |
| | 14,406 |
|
Amounts reclassified to net income: | | | | | | | | |
Realized gains on available-for-sale securities in net income | | (3 | ) | | (2 | ) | | (3 | ) | | (2,758 | ) |
Other-than-temporary impairment loss on available-for-sale securities in net income | | — |
| | — |
| | — |
| | 3,298 |
|
Total other comprehensive income (loss), net of tax | | (43,183 | ) | | (5,877 | ) | | (35,123 | ) | | 38,735 |
|
Comprehensive income | | 34,501 |
| | 1,245 |
| | 21,390 |
| | 83,209 |
|
Less: Comprehensive loss attributable to noncontrolling interest in HSS Tracking Stock | | — |
| | — |
| | — |
| | (655 | ) |
Less: Comprehensive income (loss) attributable to other noncontrolling interests | | (123 | ) | | 182 |
| | 43 |
| | 474 |
|
Comprehensive income attributable to EchoStar Corporation | | $ | 34,624 |
| | $ | 1,063 |
| | $ | 21,347 |
| | $ | 83,390 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Class A and B Common Stock | | Hughes Retail Preferred Tracking Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | Accumulated Earnings | | Treasury Stock | | Noncontrolling Interest in HSS Tracking Stock | | Other Noncontrolling Interests | | Total |
Balance, December 31, 2016 | | $ | 100 |
| | $ | 6 |
| | $ | 3,828,677 |
| | $ | (124,803 | ) | | $ | 314,247 |
| | $ | (98,162 | ) | | $ | 73,910 |
| | $ | 12,830 |
| | $ | 4,006,805 |
|
Cumulative effect of adoption of ASU No. 2016-09 as of January 1, 2017 | | — |
| | — |
| | — |
| | — |
| | 14,508 |
| | — |
| | — |
| | — |
| | 14,508 |
|
Balance, January 1, 2017 | | 100 |
| | 6 |
| | 3,828,677 |
| | (124,803 | ) | | 328,755 |
| | (98,162 | ) | | 73,910 |
| | 12,830 |
| | 4,021,313 |
|
Issuances of Class A common stock: | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Exercise of stock options | | 1 |
| | — |
| | 32,949 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 32,950 |
|
Employee benefits | | — |
| | — |
| | 11,200 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 11,200 |
|
Employee Stock Purchase Plan | | — |
| | — |
| | 4,540 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 4,540 |
|
Stock-based compensation | | — |
| | — |
| | 3,908 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 3,908 |
|
Reacquisition and retirement of Tracking Stock pursuant to Share Exchange Agreement (Note 1) | | — |
| | (6 | ) | | (226,815 | ) | | — |
| | — |
| | — |
| | (73,255 | ) | | — |
| | (300,076 | ) |
R&D tax credits utilized by DISH Network | | — |
| | — |
| | (320 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (320 | ) |
Foreign currency translation adjustment | | — |
| | — |
| | — |
| | 23,789 |
| | — |
| | — |
| | — |
| | — |
| | 23,789 |
|
Unrealized gains (losses) on available-for-sale securities, net | | — |
| | — |
| | — |
| | 14,921 |
| | — |
| | — |
| | — |
| | — |
| | 14,921 |
|
Net income (loss) | | — |
| | — |
| | — |
| | — |
| | 44,655 |
| | — |
| | (655 | ) | | 474 |
| | 44,474 |
|
Other | | — |
| | — |
| | — |
| | 25 |
| | — |
| | — |
| | — |
| | — |
| | 25 |
|
Balance, June 30, 2017 | | $ | 101 |
| | $ | — |
| | $ | 3,654,139 |
| | $ | (86,068 | ) | | $ | 373,410 |
| | $ | (98,162 | ) | | $ | — |
| | $ | 13,304 |
| | $ | 3,856,724 |
|
| | | | | | | | | | | | | | | | | | |
Balance, December 31, 2017 | | $ | 102 |
| | $ | — |
| | $ | 3,669,461 |
| | $ | (130,154 | ) | | $ | 721,316 |
| | $ | (98,162 | ) | | $ | — |
| | $ | 14,822 |
| | $ | 4,177,385 |
|
Cumulative effect of adoption of ASU No. 2014-09 and ASU No. 2016-01 as of January 1, 2018 (Note 2) | | — |
| | — |
| | — |
| | 10,467 |
| | 14,658 |
| | — |
| | — |
| | — |
| | 25,125 |
|
Balance, January 1, 2018 | | 102 |
| | — |
| | 3,669,461 |
| | (119,687 | ) | | 735,974 |
| | (98,162 | ) | | — |
| | 14,822 |
| | 4,202,510 |
|
Issuances of Class A common stock: | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Exercise of stock options | | — |
| | — |
| | 4,045 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 4,045 |
|
Employee benefits | | — |
| | — |
| | 7,605 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 7,605 |
|
Employee Stock Purchase Plan | | — |
| | — |
| | 4,886 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 4,886 |
|
Stock-based compensation | | — |
| | — |
| | 5,110 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 5,110 |
|
R&D tax credits utilized by DISH Network | | — |
| | — |
| | (1,798 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (1,798 | ) |
Foreign currency translation adjustment | | — |
| | — |
| | — |
| | (34,336 | ) | | — |
| | — |
| | — |
| | (799 | ) | | (35,135 | ) |
Unrealized gains (losses) on available-for-sale securities, net | | — |
| | — |
| | — |
| | 253 |
| | — |
| | — |
| | — |
| | — |
| | 253 |
|
Net income | | — |
| | — |
| | — |
| | — |
| | 55,671 |
| | — |
| | — |
| | 842 |
| | 56,513 |
|
Other | | — |
| | — |
| | (129 | ) | | (241 | ) | | 633 |
| | — |
| | — |
| | — |
| | 263 |
|
Balance, June 30, 2018 | | $ | 102 |
| | $ | — |
| | $ | 3,689,180 |
| | $ | (154,011 | ) | | $ | 792,278 |
| | $ | (98,162 | ) | | $ | — |
| | $ | 14,865 |
| | $ | 4,244,252 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
ECHOSTAR CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
| | | | | | | | |
| | For the six months ended June 30, |
| | 2018 | | 2017 |
Cash flows from operating activities: | | |
| | |
|
Net income | | $ | 56,513 |
| | $ | 44,474 |
|
Adjustments to reconcile net income to net cash flows from operating activities: | | |
| | |
|
Depreciation and amortization | | 294,003 |
| | 256,776 |
|
Equity in (earnings) losses of unconsolidated affiliates, net | | 3,067 |
| | (10,080 | ) |
Amortization of debt issuance costs | | 3,905 |
| | 3,617 |
|
(Gains) losses and impairments on investments, net | | (28,674 | ) | | (10,574 | ) |
Stock-based compensation | | 5,110 |
| | 3,908 |
|
Deferred tax provision | | 10,231 |
| | 673 |
|
Dividend received from unconsolidated entity | | 5,000 |
| | 7,500 |
|
Proceeds from sale of trading securities | | — |
| | 8,922 |
|
Changes in current assets and current liabilities, net: | | | | |
Trade accounts receivable, net | | (3,061 | ) | | 4,496 |
|
Trade accounts receivable - DISH Network | | 17,262 |
| | 184,077 |
|
Inventory | | 238 |
| | (24,330 | ) |
Other current assets | | (5,430 | ) | | (6,193 | ) |
Trade accounts payable | | 2,364 |
| | (65,179 | ) |
Trade accounts payable - DISH Network | | (3,360 | ) | | (3,061 | ) |
Accrued expenses and other | | 7,749 |
| | (2,505 | ) |
Changes in noncurrent assets and noncurrent liabilities, net | | (17,200 | ) | | (11,763 | ) |
Other, net | | 5,822 |
| | 2,121 |
|
Net cash flows from operating activities | | 353,539 |
| | 382,879 |
|
Cash flows from investing activities: | | |
| | |
|
Purchases of marketable investment securities | | (1,632,930 | ) | | (46,533 | ) |
Sales and maturities of marketable investment securities | | 841,638 |
| | 291,082 |
|
Expenditures for property and equipment | | (248,098 | ) | | (230,530 | ) |
Refunds and other receipts related to property and equipment | | 77,524 |
| | — |
|
Sale of investment in unconsolidated entity | | — |
| | 17,781 |
|
Expenditures for externally marketed software | | (15,000 | ) | | (17,119 | ) |
Net cash flows from investing activities | | (976,866 | ) | | 14,681 |
|
Cash flows from financing activities: | | |
| | |
|
Repayment of debt and capital lease obligations | | (18,417 | ) | | (17,718 | ) |
Net proceeds from Class A common stock options exercised | | 4,064 |
| | 31,992 |
|
Net proceeds from Class A common stock issued under the Employee Stock Purchase Plan | | 4,886 |
| | 4,540 |
|
Cash exchanged for Tracking Stock (Note 1) | | — |
| | (651 | ) |
Repayment of in-orbit incentive obligations | | (3,272 | ) | | (3,194 | ) |
Other, net | | (401 | ) | | 482 |
|
Net cash flows from financing activities | | (13,140 | ) | | 15,451 |
|
Effect of exchange rates on cash and cash equivalents | | (1,941 | ) | | 967 |
|
Net increase (decrease) in cash and cash equivalents, including restricted amounts | | (638,408 | ) | | 413,978 |
|
Cash and cash equivalents, including restricted amounts, beginning of period | | 2,432,249 |
| | 2,571,866 |
|
Cash and cash equivalents, including restricted amounts, end of period | | $ | 1,793,841 |
| | $ | 2,985,844 |
|
| | | | |
Supplemental disclosure of cash flow information: | | |
| | |
|
Cash paid for interest, net of amounts capitalized | | $ | 122,017 |
| | $ | 96,463 |
|
Cash paid for income taxes | | $ | 2,574 | |