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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 SEPTEMBER 30, 2022.

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: 001-39144

DISH Network Corporation

(Exact name of registrant as specified in its charter)

Nevada

88-0336997

(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:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.01 par value

DISH

The Nasdaq Stock Market L.L.C.

Securities registered pursuant to Section 12(g) 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 October 24, 2022, the registrant’s outstanding common stock consisted of 292,270,989 shares of Class A common stock and 238,435,208 shares of Class B common stock.

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION

Disclosure Regarding Forward-Looking Statements

i

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets

1

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

2

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit)

3

Condensed Consolidated Statements of Cash Flows

5

Notes to Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

62

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

98

Item 4.

Controls and Procedures

98

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

98

Item 1A.

Risk Factors

98

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

99

Item 3.

Defaults Upon Senior Securities

None

Item 4.

Mine Safety Disclosures

None

Item 5.

Other Information

None

Item 6.

Exhibits

100

Signatures

101

PART I — FINANCIAL INFORMATION

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

Unless otherwise required by the context, in this report, the words “DISH Network,” the “Company,” “we,” “our” and “us” refer to DISH Network Corporation and its subsidiaries, “EchoStar” refers to EchoStar Corporation and its subsidiaries, and “DISH DBS” refers to DISH DBS Corporation, a wholly-owned, indirect subsidiary of DISH Network, and its subsidiaries.

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, those summarized below:

SUMMARY OF RISK FACTORS

COVID-19 Pandemic

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.

Competition and Economic Risks

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 new technologies in our Pay-TV business 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.
We face certain risks competing in the wireless services industry and operating a facilities-based wireless services business.
Our pay-TV 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.
Through the MNSA and NSA, we depend on T-Mobile and AT&T, respectively, in providing network services to our retail Wireless subscribers, and any system failure in the wireless networks, interruption in the network services, and/or the termination of the MNSA or NSA could negatively impact our subscriber activations, our subscriber churn rate and our subscriber base, which in turn could have a material adverse effect our business, financial condition and results of operations.
We have multiple wireless network service operators that we rely on. Our inability to effectively manage these relationships, including, without limitation, our minimum commitments to AT&T under the NSA and to T-Mobile under the MNSA, could have a material adverse effect on our business, financial condition and results of operations.

i

Changes in how network operators handle and charge for access to data that travels across their networks could adversely impact our Pay-TV business.
Economic weakness and uncertainty may adversely affect our ability to grow or maintain our business.

Operational and Service Delivery Risks

Any deterioration in our operational performance and subscriber satisfaction could adversely affect our business, financial condition and results of operations.
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.
With respect to our Pay-TV business, programming expenses are increasing, which may adversely affect our future financial condition and results of operations.
We depend on others to provide the programming that we offer to our Pay-TV subscribers and, if we fail to obtain or lose access to certain programming, our Pay-TV 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.
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.
Our failure to effectively invest in, introduce, and implement new competitive products and services 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, and the inability of these key vendors to meet our needs could have a material adverse effect on our business.
We depend on independent third parties to solicit orders for our services that represent a meaningful percentage of our total gross new subscriber activations.
We have limited satellite capacity and failures or reduced capacity could adversely affect our business, financial condition and results of operations.
We may have potential conflicts of interest with EchoStar due to our common ownership and management.
We rely on highly skilled personnel for our business, and any inability to hire and retain key personnel or hire qualified personnel may negatively affect our business, financial condition and results of operations.

Acquisition and Capital Structure Risks

We have made substantial investments to acquire certain wireless spectrum licenses and other related assets, and we may be unable to realize a return on these assets.
We have made substantial non-controlling investments in the Northstar Entities and the SNR Entities related to AWS-3 wireless spectrum licenses, and we may be unable to obtain a profitable return on these investments.
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 have substantial debt outstanding and will incur additional debt.
We will need additional capital, which may not be available on favorable terms, to continue investing in our business and to finance acquisitions and other strategic transactions.

ii

The conditional conversion features of our 3 3/8% Convertible Notes due 2026 (the “Convertible Notes due 2026”), our 2 3/8% Convertible Notes due 2024 (the “Convertible Notes due 2024”) and 0% Convertible Notes due 2025 (the “Convertible Notes due 2025,” and collectively with the Convertible Notes due 2026 and the Convertible Notes due 2024, the “Convertible Notes”), if triggered, may adversely affect our financial condition.
The convertible note hedge and warrant transactions that we entered into in connection with the offering of the Convertible Notes due 2026 may affect the value of the Convertible Notes due 2026 and our Class A common stock.
We are subject to counterparty risk with respect to the convertible note hedge transactions.
From time to time a portion of our investment portfolio may be invested in securities that have limited liquidity and may not be immediately accessible to support our financing needs.
We are controlled by one principal stockholder who is also our Chairman.
It may be difficult for a third party to acquire us, even if doing so may be beneficial to our shareholders, because of our ownership structure.

Legal and Regulatory Risks

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 services depend on FCC licenses that can expire or be revoked or modified and applications for FCC licenses that may not be granted.
If our internal controls are not effective, our business, stock price and investor confidence in our financial results may be adversely affected.
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 this Quarterly Report on Form 10-Q 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 Discussion and Analysis of Financial Condition and 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.

iii

Item 1. FINANCIAL STATEMENTS

DISH NETWORK CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

(Unaudited)

As of  

September 30,

December 31,

2022

    

2021

 

Assets

Current Assets:

Cash and cash equivalents

$

817,512

$

2,428,188

Marketable investment securities

103,058

2,975,518

Trade accounts receivable, net of allowance for credit losses of $36,709 and $38,534, respectively

965,387

942,561

Inventory

570,545

534,937

Other current assets

485,361

641,978

Total current assets

2,941,863

7,523,182

Noncurrent Assets:

Restricted cash, cash equivalents and marketable investment securities

103,714

5,334,768

Property and equipment, net

5,000,480

3,257,787

FCC authorizations

36,687,855

28,632,665

Other investment securities

168,566

150,941

Operating lease assets

2,513,219

1,493,410

Other noncurrent assets, net

978,638

934,293

Intangible assets, net

608,689

674,679

Total noncurrent assets

46,061,161

40,478,543

Total assets

$

49,003,024

$

48,001,725

Liabilities and Stockholders’ Equity (Deficit)

Current Liabilities:

Trade accounts payable

$

902,157

$

848,224

Deferred revenue and other

687,712

761,347

Accrued programming

1,296,468

1,376,770

Accrued interest

245,048

288,308

Other accrued expenses

1,217,000

1,179,427

Current portion of long-term debt and finance lease obligations (Note 9)

1,591,537

2,061,810

Total current liabilities

5,939,922

6,515,886

Long-Term Obligations, Net of Current Portion:

Long-term debt and finance lease obligations, net of current portion (Note 9)

17,853,865

19,355,206

Deferred tax liabilities

4,577,773

4,226,266

Operating lease liabilities

2,500,747

1,453,395

Long-term deferred revenue and other long-term liabilities

693,584

527,859

Total long-term obligations, net of current portion

25,625,969

25,562,726

Total liabilities

31,565,891

32,078,612

Commitments and Contingencies (Note 10)

Redeemable noncontrolling interests (Note 2)

445,546

395,222

Stockholders’ Equity (Deficit):

Class A common stock, $.01 par value, 1,600,000,000 shares authorized, 292,270,989 and 290,529,607 shares issued and outstanding, respectively

2,923

2,905

Class B common stock, $.01 par value, 800,000,000 shares authorized, 238,435,208 shares issued and outstanding

2,384

2,384

Additional paid-in capital

4,832,553

4,735,484

Accumulated other comprehensive income (loss)

(1,224)

281

Accumulated earnings (deficit)

12,153,330

10,785,617

Total DISH Network stockholders’ equity (deficit)

16,989,966

15,526,671

Noncontrolling interests

1,621

1,220

Total stockholders’ equity (deficit)

16,991,587

15,527,891

Total liabilities and stockholders’ equity (deficit)

$

49,003,024

$

48,001,725

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

1

DISH NETWORK CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(Dollars in thousands, except per share amounts)

(Unaudited)

For the Three Months Ended 

For the Nine Months Ended 

September 30,

September 30,

2022

    

2021

    

2022

    

2021

 

Revenue:

Service revenue

$

3,930,098

$

4,213,235

$

12,034,421

$

12,677,130

Equipment sales and other revenue

165,353

236,400

601,613

757,318

Total revenue

4,095,451

4,449,635

12,636,034

13,434,448

Costs and Expenses (exclusive of depreciation):

Cost of services

2,382,406

2,567,210

7,194,139

7,641,029

Cost of sales - equipment and other

452,749

380,710

1,364,087

1,154,020

Selling, general and administrative expenses

658,531

606,719

1,888,184

1,596,314

Depreciation and amortization

174,736

177,291

519,300

554,066

Total costs and expenses

3,668,422

3,731,930

10,965,710

10,945,429

Operating income (loss)

427,029

717,705

1,670,324

2,489,019

Other Income (Expense):

Interest income

7,632

2,207

21,853

7,463

Interest expense, net of amounts capitalized

(4,848)

(4,203)

(15,067)

(11,901)

Other, net

57,941

31,069

114,264

18,598

Total other income (expense)

60,725

29,073

121,050

14,160

Income (loss) before income taxes

487,754

746,778

1,791,374

2,503,179

Income tax (provision) benefit, net

(58,169)

(179,258)

(372,936)

(612,645)

Net income (loss)

429,585

567,520

1,418,438

1,890,534

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

17,355

10,478

50,725

32,221

Net income (loss) attributable to DISH Network

$

412,230

$

557,042

$

1,367,713

$

1,858,313

Weighted-average common shares outstanding - Class A and B common stock:

Basic

530,436

528,229

529,870

527,503

Diluted

637,455

636,440

637,295

635,218

Earnings per share - Class A and B common stock:

Basic net income (loss) per share attributable to DISH Network

$

0.78

$

1.05

$

2.58

$

3.52

Diluted net income (loss) per share attributable to DISH Network

$

0.65

$

0.88

$

2.15

$

2.93

Comprehensive Income (Loss):

Net income (loss)

$

429,585

$

567,520

$

1,418,438

$

1,890,534

Other comprehensive income (loss):

Foreign currency translation adjustments

(1,610)

674

(1,653)

2,894

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

67

(80)

13

(101)

Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)

(12)

2

(13)

Deferred income tax (expense) benefit, net

120

(140)

133

(721)

Total other comprehensive income (loss), net of tax

(1,423)

442

(1,505)

2,059

Comprehensive income (loss)

428,162

567,962

1,416,933

1,892,593

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

17,355

10,478

50,725

32,221

Comprehensive income (loss) attributable to DISH Network

$

410,807

$

557,484

$

1,366,208

$

1,860,372

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

2

DISH NETWORK CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

(In thousands)

(Unaudited)

 

Accumulated

Class A and B

Additional

Other 

Accumulated

 

Redeemable

Common

Paid-In

Comprehensive

Earnings

Noncontrolling

Noncontrolling

    

Stock

    

Capital

    

Income (Loss)

    

(Deficit)

    

Interests

    

Total

    

Interests

 

Balance, December 31, 2020

$

5,261

$

5,400,774

$

(855)

$

8,374,975

$

490

$

13,780,645

$

350,648

Issuance of Class A common stock:

Exercise of stock awards

1

2,046

2,047

Employee benefits

9

30,294

30,303

Employee Stock Purchase Plan

2

4,341

4,343

Non-cash, stock-based compensation

19,375

19,375

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

(5)

(5)

Deferred income tax (expense) benefit attributable to other comprehensive income (loss)

(498)

(498)

Foreign currency translation

1,842

1,842

Convertible debt reclassified per ASU 2020-06, net of deferred taxes of $245,778 (Note 2)

(805,566)

(805,566)

Net income (loss) attributable to noncontrolling interests

210

210

11,129

Net income (loss) attributable to DISH Network

630,224

630,224

Balance, March 31, 2021

$

5,273

$

4,651,264

$

484

$

9,005,199

$

700

$

13,662,920

$

361,777

Issuance of Class A common stock:

Exercise of stock awards

4

14,425

14,429

Employee Stock Purchase Plan

1

4,273

4,274

Non-cash, stock-based compensation

546

546

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

(17)

(17)

Deferred income tax (expense) benefit attributable to other comprehensive income (loss)

(83)

(83)

Foreign currency translation

378

378

Net income (loss) attributable to noncontrolling interests

198

198

10,206

Net income (loss) attributable to DISH Network

671,047

671,047

Balance, June 30, 2021

$

5,278

$

4,670,508

$

762

$

9,676,246

$

898

$

14,353,692

$

371,983

Issuance of Class A common stock:

Exercise of stock awards

8

23,115

23,123

Employee benefits

18

18

Employee Stock Purchase Plan

1

4,631

4,632

Non-cash, stock-based compensation

16,743

16,743

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

(92)

(92)

Deferred income tax (expense) benefit attributable to other comprehensive income (loss)

(140)

(140)

Foreign currency translation

674

674

Net income (loss) attributable to noncontrolling interests

160

160

10,318

Net income (loss) attributable to DISH Network