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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 SEPTEMBER 30, 2021.

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 25, 2021, the registrant’s outstanding common stock consisted of 290,357,069 shares of Class A common stock and 238,435,208 shares of Class B common stock.

Table of Contents

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

72

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

108

Item 4.

Controls and Procedures

108

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

108

Item 1A.

Risk Factors

108

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

109

Item 3.

Defaults Upon Senior Securities

None

Item 4.

Mine Safety Disclosures

None

Item 5.

Other Information

None

Item 6.

Exhibits

109

Signatures

110

Table of Contents

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, the following:

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, we depend primarily on T-Mobile in providing services to our retail wireless subscribers, and any system failure related to T-Mobile’s wireless network, interruption in the services provided by T-Mobile, including the shutdown of its CDMA Network on or around January 1, 2022, which T-Mobile announced on October 22, 2021 will be extended to March 31, 2022,  and/or the termination of the MNSA 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.
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.

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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 may incur additional debt.
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.
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.

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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 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.

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Item 1. FINANCIAL STATEMENTS

DISH NETWORK CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

(Unaudited)

As of  

September 30,

December 31,

2021

    

2020

 

Assets

Current Assets:

Cash and cash equivalents

$

2,280,278

$

3,370,092

Marketable investment securities

2,967,545

362,953

Trade accounts receivable, net of allowance for credit losses of $47,981 and $72,278, respectively

1,002,052

1,104,202

Inventory

470,826

380,349

Other current assets

557,836

1,804,562

Total current assets

7,278,537

7,022,158

Noncurrent Assets:

Restricted cash, cash equivalents and marketable investment securities

105,038

108,369

Property and equipment, net

2,733,802

2,182,333

FCC authorizations

28,414,493

26,903,939

Other investment securities

155,034

149,706

Operating lease assets

853,140

104,271

Other noncurrent assets, net

967,643

1,009,045

Intangible assets, net

706,550

760,126

Total noncurrent assets

33,935,700

31,217,789

Total assets

$

41,214,237

$

38,239,947

Liabilities and Stockholders' Equity (Deficit)

Current Liabilities:

Trade accounts payable

$

693,184

$

395,397

Deferred revenue and other

746,615

855,718

Accrued programming

1,346,906

1,388,407

Accrued interest

173,606

264,118

Other accrued expenses

1,282,904

1,095,486

Current portion of long-term debt and finance lease obligations

2,066,129

2,085,620

Total current liabilities

6,309,344

6,084,746

Long-Term Obligations, Net of Current Portion:

Long-term debt and finance lease obligations, net of current portion (Note 10)

14,138,060

13,616,408

Deferred tax liabilities

4,142,341

3,869,570

Operating lease liabilities

818,931

63,526

Long-term deferred revenue and other long-term liabilities

467,408

474,404

Total long-term obligations, net of current portion

19,566,740

18,023,908

Total liabilities

25,876,084

24,108,654

Commitments and Contingencies (Note 11)

Redeemable noncontrolling interests (Note 2)

382,301

350,648

Stockholders’ Equity (Deficit):

Class A common stock, $.01 par value, 1,600,000,000 shares authorized, 290,338,416 and 287,720,957 shares issued and outstanding, respectively

2,903

2,877

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

4,715,015

5,400,774

Accumulated other comprehensive income (loss)

1,204

(855)

Accumulated earnings (deficit)

10,233,288

8,374,975

Total DISH Network stockholders’ equity (deficit)

14,954,794

13,780,155

Noncontrolling interests

1,058

490

Total stockholders’ equity (deficit)

14,955,852

13,780,645

Total liabilities and stockholders’ equity (deficit)

$

41,214,237

$

38,239,947

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

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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,

2021

    

2020

    

2021

    

2020

 

Revenue:

Service revenue

$

4,213,235

$

4,222,145

$

12,677,130

$

10,537,999

Equipment sales and other revenue

236,400

309,446

757,318

398,071

Total revenue

4,449,635

4,531,591

13,434,448

10,936,070

Costs and Expenses (exclusive of depreciation):

Cost of services

2,567,210

2,488,969

7,641,029

6,505,116

Cost of sales - equipment and other

380,710

515,643

1,154,020

586,672

Selling, general and administrative expenses

606,719

516,648

1,596,314

1,376,861

Impairment of long-lived assets (Note 2)

356,418

Depreciation and amortization

177,291

199,083

554,066

518,027

Total costs and expenses

3,731,930

3,720,343

10,945,429

9,343,094

Operating income (loss)

717,705

811,248

2,489,019

1,592,976

Other Income (Expense):

Interest income

2,207

1,647

7,463

21,440

Interest expense, net of amounts capitalized

(4,203)

6,778

(11,901)

(20,322)

Other, net

31,069

(13,200)

18,598

(11,592)

Total other income (expense)

29,073

(4,775)

14,160

(10,474)

Income (loss) before income taxes

746,778

806,473

2,503,179

1,582,502

Income tax (provision) benefit, net

(179,258)

(273,514)

(612,645)

(469,864)

Net income (loss)

567,520

532,959

1,890,534

1,112,638

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

10,478

28,360

32,221

82,597

Net income (loss) attributable to DISH Network

$

557,042

$

504,599

$

1,858,313

$

1,030,041

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

Basic

528,229

525,532

527,503

524,329

Diluted

636,440

583,957

635,218

582,595

Earnings per share - Class A and B common stock:

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

$

1.05

$

0.96

$

3.52

$

1.96

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

$

0.88

$

0.86

$

2.93

$

1.77

Comprehensive Income (Loss):

Net income (loss)

$

567,520

$

532,959

$

1,890,534

$

1,112,638

Other comprehensive income (loss):

Foreign currency translation adjustments

674

1,411

2,894

(1,735)

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

(80)

(21)

(101)

(62)

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

(12)

43

(13)

(11)

Deferred income tax (expense) benefit, net

(140)

(352)

(721)

243

Total other comprehensive income (loss), net of tax

442

1,081

2,059

(1,565)

Comprehensive income (loss)

567,962

534,040

1,892,593

1,111,073

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

10,478

28,360

32,221

82,597

Comprehensive income (loss) attributable to DISH Network

$

557,484

$

505,680

$

1,860,372

$

1,028,476

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

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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, 2019

$

5,230

$

4,947,007

$

(18)

$

6,612,302

$

(449)

$

11,564,072

$

552,075

Issuance of Class A common stock:

Exercise of stock awards

395

395

Employee Stock Purchase Plan

3

5,127

5,130

Non-cash, stock-based compensation

16,418

16,418

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

(208)

(208)

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

49

49

Foreign currency translation

375

375

Net income (loss) attributable to noncontrolling interests

263

263

25,912

Net income (loss) attributable to DISH Network

73,099

73,099

Balance, March 31, 2020

$

5,233

$

4,968,947

$

198

$

6,685,401

$

(186)

$

11,659,593

$

577,987

Issuance of Class A common stock:

Exercise of stock awards

3

(663)

(660)

Employee benefits

8

28,293

28,301

Employee Stock Purchase Plan

2

4,209

4,211

Non-cash, stock-based compensation

18,393

18,393

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

113

113

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

546

546

Foreign currency translation

(3,521)

(3,521)

Net income (loss) attributable to noncontrolling interests

235

235

27,828

Net income (loss) attributable to DISH Network

452,343

452,343

Other

(17)

(17)

Balance, June 30, 2020

$

5,246

$

5,019,179

$

(2,664)

$

7,137,744

$

32

$

12,159,537

$

605,815

Issuance of Class A common stock:

Exercise of stock awards

12

8,353

8,365

Employee Stock Purchase Plan

1

4,570

4,571

Non-cash, stock-based compensation

13,135

13,135

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

22

22

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

(352)

(352)

Foreign currency translation

1,411

1,411

Net income (loss) attributable to noncontrolling interests

225

225

28,134

Net income (loss) attributable to DISH Network