Company Quick10K Filing
Dish DBS
Price-0.00 EPS559,470
Shares0 P/E-0
MCap-0 P/FCF-0
Net Debt10,801 EBIT763
TEV10,801 TEV/EBIT14
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-14
10-Q 2020-03-31 Filed 2020-05-12
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-12
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-03-07
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-10
10-Q 2018-03-31 Filed 2018-05-15
10-K 2017-12-31 Filed 2018-03-30
10-Q 2017-09-30 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-12
10-K 2016-12-31 Filed 2017-03-30
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-25
10-K 2015-12-31 Filed 2016-03-25
10-Q 2015-09-30 Filed 2015-11-13
10-Q 2015-06-30 Filed 2015-08-14
10-Q 2015-03-31 Filed 2015-05-14
10-K 2014-12-31 Filed 2015-03-06
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-24
10-Q 2013-09-30 Filed 2013-11-14
10-Q 2013-06-30 Filed 2013-08-14
10-Q 2013-03-31 Filed 2013-05-13
10-K 2012-12-31 Filed 2013-03-06
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-19
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-05-12 Filed 2010-05-12
10-K 2010-03-09 Filed 2010-03-09
8-K 2020-07-01 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-06-24
8-K 2020-06-24
8-K 2019-07-02

DDBS 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2.Management's Narrative Analysis of Results of Operations
Item 4.Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings
Item 1A. Risk Factors
Item 6.Exhibits
EX-31.1 ddbs-20200630xex31d1.htm
EX-31.2 ddbs-20200630xex31d2.htm
EX-32.1 ddbs-20200630xex32d1.htm
EX-32.2 ddbs-20200630xex32d2.htm

Dish DBS Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1593-3-9-152012201420172020
Assets, Equity
3.82.51.2-0.1-1.4-2.72012201420172020
Rev, G Profit, Net Income
2.3-0.2-2.6-5.1-7.5-10.02012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020.

OR

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: 333-31929

DISH DBS Corporation

(Exact name of registrant as specified in its charter)

Colorado

84-1328967

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

9601 South Meridian Boulevard

Englewood, Colorado

80112

(Address of principal executive offices)

(Zip code)

(303) 723-1000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: None

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  No 

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  No 

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.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No

As of August 10, 2020, the registrant’s outstanding common stock consisted of 1,015 shares of common stock, $0.01 par value.

The registrant meets the conditions set forth in General Instructions (H)(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format.

Table of Contents

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION

Disclosure Regarding Forward-Looking Statements

i

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets — June 30, 2020 and December 31, 2019 (Unaudited)

1

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) For the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

2

Condensed Consolidated Statements of Changes in Stockholder’s Equity (Deficit) For the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

3

Condensed Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2020 and 2019 (Unaudited)

4

Notes to Condensed Consolidated Financial Statements (Unaudited)

5

Item 2.

Management’s Narrative Analysis of Results of Operations

50

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

*

Item 4.

Controls and Procedures

70

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

70

Item 1A.

Risk Factors

70

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

*

Item 3.

Defaults Upon Senior Securities

*

Item 4.

Mine Safety Disclosures

None

Item 5.

Other Information

None

Item 6.

Exhibits

71

Signatures

72

*

This item has been omitted pursuant to the reduced disclosure format as set forth in General Instructions (H)(2) of Form 10-Q.

Table of Contents

PART I — FINANCIAL INFORMATION

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

Unless otherwise required by the context, in this report, the words “DISH DBS,” the “Company,” “we,” “our” and “us” refer to DISH DBS Corporation and its subsidiaries, “DISH Network” refers to DISH Network Corporation, our parent company, and its subsidiaries, including us.

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, in particular, statements about our plans, objectives and strategies, growth opportunities in our industries and businesses, our expectations regarding future results, financial condition, liquidity and capital requirements, our estimates regarding the impact of regulatory developments and legal proceedings, and other trends and projections. Forward-looking statements are not historical facts and may be identified by words such as “future,” “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “estimate,” “expect,” “predict,” “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 Quarterly Report on 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 known and unknown risks, uncertainties and other factors, which may be beyond our control. 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, the following:

Competition and Economic Risks

As the pay-TV industry has matured and bundled offers combining video, broadband and/or wireless services have become more prevalent and competitive, we face intense and increasing competition from providers of video, broadband and/or wireless services, which may require us to further increase subscriber acquisition and retention spending or accept lower subscriber activations and higher subscriber churn.

Changing consumer behavior and competition from digital media companies that provide or facilitate the delivery of video content via the Internet may reduce our subscriber activations and may cause our subscribers to purchase fewer services from us or to cancel our services altogether, resulting in less revenue to us.

Economic weakness and uncertainty may adversely affect our ability to grow or maintain our business.

The COVID-19 pandemic and its impact on the economic environment generally, and on us specifically, have adversely impacted our business. Furthermore, any continuation or worsening of the pandemic and economic environment could have a material adverse effect on our business, financial condition and results of operations.

Our competitors may be able to leverage their relationships with programmers to reduce their programming costs and/or offer exclusive content that will place them at a competitive advantage to us.

Our over-the-top (“OTT”) SLING TV Internet-based services face certain risks, including, among others, significant competition.

If government regulations relating to the Internet change, we may need to alter the manner in which we conduct our SLING TV business, and/or incur greater operating expenses to comply with those regulations.

Changes in how network operators handle and charge for access to data that travels across their networks could adversely impact our business.

We face increasing competition from other distributors of unique programming services such as foreign language, sports programming and original content that may limit our ability to maintain subscribers that desire these unique programming services.

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Operational and Service Delivery Risks

If our operational performance and customer satisfaction were to deteriorate, our subscriber activations and our subscriber churn rate may be negatively impacted, which could in turn adversely affect our revenue.

If our subscriber activations decrease, or if our subscriber churn rate, subscriber acquisition costs or retention costs increase, our financial performance will be adversely affected.

Programming expenses are increasing and may adversely affect our future financial condition and results of operations.

We depend on others to provide the programming that we offer to our subscribers and, if we fail to obtain or lose access to certain programming, our subscriber activations and our subscriber churn rate may be negatively impacted.

We may not be able to obtain necessary retransmission consent agreements at acceptable rates, or at all, from local network stations.

We may be required to make substantial additional investments to maintain competitive programming offerings.

Any failure or inadequacy of our information technology infrastructure and communications systems or those of third parties that we use in our operations, including, without limitation, those caused by cyber-attacks or other malicious activities, could disrupt or harm our business.

We currently depend on DISH Network to provide the vast majority of our satellite transponder capacity and other related services to us. Our business would be adversely affected if DISH Network ceases to provide these services to us and we are unable to obtain suitable replacement services from third parties.

Technology in the pay-TV industry changes rapidly, and our success may depend in part on our timely introduction and implementation of, and effective investment in, new competitive products and services and our failure to do so could cause our products and services to become obsolete and could negatively impact our business.

We rely on a single vendor or a limited number of vendors to provide certain key products or services to us such as information technology support, billing systems and security access devices, and the inability of these key vendors to meet our needs could have a material adverse effect on our business.

We rely on a few suppliers and in some cases a single supplier for many components of our new set-top boxes, and any reduction or interruption in supplies or significant increase in the price of supplies could have a negative impact on our business.

Our programming signals are subject to theft, and we are vulnerable to other forms of fraud that could require us to make significant expenditures to remedy.

We depend on independent third parties to solicit orders for our DISH TV services that represent a meaningful percentage of our total gross new DISH TV subscriber activations.

We have limited satellite capacity and failures or reduced capacity could adversely affect our DISH TV services.

Our owned and leased satellites are subject to construction, launch, operational and environmental risks that could limit our ability to utilize these satellites.

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Satellite anomalies or technological failures could adversely affect the value of a particular satellite or result in a complete loss. Some of the satellites DISH Network acquired pursuant to the Master Transaction Agreement have experienced anomalies that may affect their useful lives or prohibit us from operating them to their currently expected capacity, and one or more of the satellites may suffer a technological failure, either of which could have an adverse effect on our business, financial condition and results of operations.

We generally do not carry commercial in-orbit insurance on any of the satellites that we own and could face significant impairment charges if any of our owned satellites fail.

We may have potential conflicts of interest with EchoStar Corporation (“EchoStar”) due to our and DISH Network’s common ownership and management.

We rely on key personnel and the loss of their services may negatively affect our business.

Acquisition and Capital Structure Risks

Our parent, DISH Network, has made substantial investments to acquire certain wireless spectrum licenses and other related assets. In addition, DISH Network has made substantial non-controlling investments in the Northstar Entities and the SNR Entities related to AWS-3 wireless spectrum licenses.

Our parent, DISH Network, faces certain risks related to its non-controlling investments in the Northstar Entities and the SNR Entities.

To the extent that our parent, DISH Network, commercializes its wireless spectrum licenses, it will face certain risks entering and competing in the wireless services industry and operating a wireless services business.

We may pursue acquisitions and other strategic transactions to complement or expand our business that may not be successful, and we may lose up to the entire value of our investment in these acquisitions and transactions.

We may need additional capital, which may not be available on acceptable terms or at all, to continue investing in our business and to finance acquisitions and other strategic transactions.

We have substantial debt outstanding and may incur additional debt.

Our parent, DISH Network, is controlled by one principal stockholder who is also our Chairman.

Legal and Regulatory Risks

The rulings in the Telemarketing litigation requiring us to pay up to an aggregate amount of $280 million and imposing certain injunctive relief against us, if upheld, would have a material adverse effect on our cash, cash equivalents and marketable investment securities balances and our business operations.

Our business depends on certain intellectual property rights and on not infringing the intellectual property rights of others.

We are, and may become, party to various lawsuits which, if adversely decided, could have a significant adverse impact on our business, particularly lawsuits regarding intellectual property.

Our ability to distribute video content via the Internet, including our SLING TV services, involves regulatory risk.

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Changes in the Cable Act of 1992 (“Cable Act”), and/or the rules of the Federal Communications Commission (“FCC”) that implement the Cable Act, may limit our ability to access programming from cable-affiliated programmers at nondiscriminatory rates.

The injunction against our retransmission of distant networks, which is currently waived, may be reinstated.

We are subject to significant regulatory oversight, and changes in applicable regulatory requirements, including any adoption or modification of laws or regulations relating to the Internet, could adversely affect our business.

Our DISH TV services depend on FCC licenses that can expire or be revoked or modified and applications for FCC licenses that may not be granted.

We are subject to digital high-definition (“HD”) “carry-one, carry-all” requirements that cause capacity constraints.

Our business, investor confidence in our financial results and DISH Network’s stock price may be adversely affected if our internal controls are not effective.

We may face other risks described from time to time in periodic and current reports we file with the Securities and Exchange Commission (“SEC”).

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 our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and in Part I, Item 1A of our most recent Annual Report on Form 10-K (the “10-K”) filed with the SEC, those discussed in “Management’s Narrative Analysis of Results of Operations” herein and in the 10-K and those discussed in other documents we file with the SEC. All cautionary statements made or referred to herein should be read as being applicable to all forward-looking statements wherever they appear. Investors should consider the risks and uncertainties described or referred to herein and should not place undue reliance on any forward-looking statements. The forward-looking statements speak only as of the date made, and we expressly disclaim any obligation to update these forward-looking statements.

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Item 1. FINANCIAL STATEMENTS

DISH DBS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

(Unaudited)

As of

    

June 30,

    

December 31,

    

2020

2019

Assets

Current Assets:

Cash and cash equivalents

$

26,819

$

17,426

Marketable investment securities

31

Trade accounts receivable, net of allowance for credit losses and allowance for doubtful accounts of $41,188 and $19,280, respectively

514,086

568,679

Inventory

301,408

321,983

Other current assets

179,818

164,767

Total current assets

1,022,162

1,072,855

Noncurrent Assets:

Restricted cash, cash equivalents and marketable investment securities

61,349

61,067

Property and equipment, net

1,661,928

1,751,573

FCC authorizations

611,794

611,794

Other investment securities

96,886

106,874

Operating lease assets

471,987

553,576

Other noncurrent assets, net

230,230

228,820

Total noncurrent assets

3,134,174

3,313,704

Total assets

$

4,156,336

$

4,386,559

Liabilities and Stockholder's Equity (Deficit)

Current Liabilities:

Trade accounts payable

$

338,109

$

266,417

Advances from affiliates

82,415

Deferred revenue and other

652,866

674,079

Accrued programming

1,683,468

1,308,531

Accrued interest

180,248

189,039

Other accrued expenses

893,149

918,333

Current portion of long-term debt and finance lease obligations

2,053,291

1,151,108

Total current liabilities

5,801,131

4,589,922

Long-Term Obligations, Net of Current Portion:

Long-term debt and finance lease obligations, net of current portion

7,647,933

9,671,255

Deferred tax liabilities

521,433

501,857

Operating lease liabilities

267,154

350,155

Long-term deferred revenue and other long-term liabilities

224,210

207,992

Total long-term obligations, net of current portion

8,660,730

10,731,259

Total liabilities

14,461,861

15,321,181

Commitments and Contingencies (Note 9)

Stockholder’s Equity (Deficit):

Common stock, $.01 par value, 1,000,000 shares authorized, 1,015 shares issued and outstanding

Additional paid-in capital

1,443,022

1,432,736

Accumulated other comprehensive income (loss)

(771)

(449)

Accumulated earnings (deficit)

(11,747,776)

(12,366,909)

Total stockholder’s equity (deficit)

(10,305,525)

(10,934,622)

Total liabilities and stockholder’s equity (deficit)

$

4,156,336

$

4,386,559

The accompanying notes are an integral part of these condensed consolidated financial statements.

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DISH DBS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

    

2020

    

2019

    

2020

    

2019

 

Revenue:

Subscriber-related revenue

$

3,117,334

$

3,117,066

$

6,248,234

$

6,215,002

Equipment sales and other revenue

31,197

49,533

68,079

89,597

Total revenue

3,148,531

3,166,599

6,316,313

6,304,599

Costs and Expenses (exclusive of depreciation shown separately below - Note 6):

Subscriber-related expenses

1,863,895

1,974,439

3,797,718

3,950,875

Satellite and transmission expenses

117,912

144,983

239,973

299,880

Cost of sales - equipment and other

23,660

49,603

54,474

89,944

Subscriber acquisition costs:

Cost of sales - subscriber promotion subsidies

1,159

3,007

10,048

9,524

Other subscriber acquisition costs

109,055

108,289

222,957

188,764

Subscriber acquisition advertising

89,510

126,782

220,592

233,689

Total subscriber acquisition costs

199,724

238,078

453,597

431,977

General and administrative expenses

156,574

187,930

341,498

374,507

Depreciation and amortization (Note 6)

122,869

135,600

257,954

290,715

Total costs and expenses

2,484,634

2,730,633

5,145,214

5,437,898

Operating income (loss)

663,897

435,966

1,171,099

866,701

Other Income (Expense):

Interest income

1,112

5,593

1,962

8,528

Interest expense, net of amounts capitalized

(164,047)

(194,857)

(346,387)

(390,502)

Other, net

(152)

3,131

793

4,564

Total other income (expense)

(163,087)

(186,133)

(343,632)

(377,410)

Income (loss) before income taxes

500,810

249,833

827,467

489,291

Income tax (provision) benefit, net

(125,830)

(64,465)

(208,334)

(126,287)

Net income (loss)

374,980

185,368

619,133

363,004

Less: Net income (loss) attributable to noncontrolling interests, net of tax

(124)

Net income (loss) attributable to DISH DBS

$

374,980

$

185,368

$

619,133

$

363,128

Comprehensive Income (Loss):

Net income (loss)

$

374,980

$

185,368

$

619,133

$

363,004

Other comprehensive income (loss):

Foreign currency translation adjustments

30

138

(322)

185

Unrealized holding gains (losses) on available-for-sale debt securities

11

102

254

Deferred income tax (expense) benefit, net

(27)

(65)

Total other comprehensive income (loss), net of tax

41

213

(322)

374

Comprehensive income (loss)

375,021

185,581

618,811

363,378

Less: Comprehensive income (loss) attributable to noncontrolling interests, net of tax

(124)

Comprehensive income (loss) attributable to DISH DBS

$

375,021

$

185,581

$

618,811

$

363,502

The accompanying notes are an integral part of these condensed consolidated financial statements.

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DISH DBS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN

STOCKHOLDER’S EQUITY (DEFICIT)

(In thousands)

(Unaudited)

Accumulated

Additional

Other

Accumulated

Common

Paid-In

Comprehensive

Earnings

Noncontrolling

    

Stock

    

Capital

    

Income (Loss)

    

(Deficit)

    

Interests

    

Total

Balance, December 31, 2018

$

$

1,152,369

$

(376)

$

(13,194,440)

$

287

$

(12,042,160)

Non-cash, stock-based compensation

11,003

11,003

Change in unrealized holding gains (losses) on available-for-sale debt securities, net

152

152

Deferred income tax (expense) benefit attributable to unrealized gains (losses) on available-for-sale securities

(38)

(38)

Foreign currency translation

47

47

Net income (loss) attributable to noncontrolling interests

(124)

(124)

Net income (loss) attributable to DISH DBS

177,760

177,760

Balance, March 31, 2019

$

$

1,163,372

$

(215)

$

(13,016,680)

$

163

$

(11,853,360)

Non-cash, stock-based compensation

11,528

11,528

Change in unrealized holding gains (losses) on available-for-sale debt securities, net

102

102

Deferred income tax (expense) benefit attributable to unrealized gains (losses) on available-for-sale securities

(27)

(27)

Foreign currency translation

138

138

Satellite and Spectrum Transaction, net of deferred taxes

267,437

(163)

267,274

Net income (loss) attributable to DISH DBS

185,368

185,368

Balance, June 30, 2019

$

$

1,442,337

$

(2)

$

(12,831,312)

$

$

(11,388,977)

Balance, December 31, 2019

$

$

1,432,736

$

(449)

$

(12,366,909)

$

$

(10,934,622)

Non-cash, stock-based compensation

6,953

6,953

Change in unrealized holding gains (losses) on available-for-sale debt securities, net

(11)

(11)

Foreign currency translation

(352)

(352)

Net income (loss) attributable to DISH DBS

244,153

244,153

Balance, March 31, 2020

$

$

1,439,689

$

(812)

$

(12,122,756)

$

$

(10,683,879)

Non-cash, stock-based compensation

3,333

3,333

Change in unrealized holding gains (losses) on available-for-sale debt securities, net

11

11

Foreign currency translation

30

30

Net income (loss) attributable to DISH DBS

374,980

374,980

Balance, June 30, 2020

$

$

1,443,022

$

(771)

$

(11,747,776)

$

$

(10,305,525)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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DISH DBS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

For the Six Months Ended

June 30,

2020

    

2019

Cash Flows From Operating Activities:

Net income (loss)

$

619,133

$

363,004

Adjustments to reconcile net income (loss) to net cash flows from operating activities:

Depreciation and amortization

257,954

290,715

Realized and unrealized losses (gains) on investments

(3,160)

Non-cash, stock-based compensation

10,286

22,531

Deferred tax expense (benefit)

19,576

(39,649)

Allowance for credit losses and allowance for doubtful accounts, respectively

21,908

1,119

Other, net

25,554

(30,509)

Changes in current assets and current liabilities, net

405,709

160,594

Net cash flows from operating activities

1,360,120

764,645

Cash Flows From Investing Activities:

(Purchases) Sales and maturities of marketable investment securities, net

(31)

(96,031)

Purchases of property and equipment

(148,256)

(183,776)

Other, net

4,454

17,432

Net cash flows from investing activities

(143,833)

(262,375)

Cash Flows From Financing Activities:

Redemption and repurchases of senior notes

(1,100,000)

(22,365)

Advances to/from affiliates

(82,415)

Repayment of long-term debt and finance lease obligations

(23,807)

(10,860)

Other, net

(400)

Net cash flows from financing activities

(1,206,222)

(33,625)

Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents

10,065

468,645

Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 4)

78,103

130,076

Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 4)

$

88,168

$

598,721

The accompanying notes are an integral part of these condensed consolidated financial statements.

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DISH DBS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.

Organization and Business Activities

Principal Business

DISH DBS Corporation (which together with its subsidiaries is referred to as “DISH DBS,” the “Company,” “we,” “us” and/or “our,” unless otherwise required by the context) is a holding company and an indirect, wholly-owned subsidiary of DISH Network Corporation (“DISH Network”). DISH DBS was formed under Colorado law in January 1996 and its common stock is held by DISH Orbital Corporation (“DOC”), a direct subsidiary of DISH Network. Our subsidiaries operate one business segment.

Pay-TV

We offer pay-TV services under the DISH® brand and the SLING® brand (collectively “Pay-TV” services). The DISH branded pay-TV service consists of, among other things, FCC licenses authorizing us to use direct broadcast satellite (“DBS”) and Fixed Satellite Service (“FSS”) spectrum, our owned and leased satellites, receiver systems, broadcast operations, customer service facilities, a leased fiber optic network, in-home service and call center operations, and certain other assets utilized in our operations (“DISH TV”). We also design, develop and distribute receiver systems and provide digital broadcast operations, including satellite uplinking/downlinking, transmission and other services to third-party pay-TV providers. The SLING branded pay-TV services consist of, among other things, multichannel, live-linear streaming OTT Internet-based domestic, international and Latino video programming services (“SLING TV”). As of June 30, 2020, we had 11.272 million Pay-TV subscribers in the United States, including 9.017 million DISH TV subscribers and 2.255 million SLING TV subscribers.

2.

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required for complete financial statements prepared under GAAP. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.