0001558370-25-002821 | 10-K | XBRL Viewer | Hughes Satellite Systems Corp

As of December 31,

(In thousands)

Trade accounts receivable from BCS

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INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.
Statutory rate	$ 52,975	$ 90,786	$ (40,604)
State income taxes, net of federal benefit (provision)	10,927	4	(4,005)
Permanent differences	716	728	(2,233)
Impairments		(108,734)
Tax credits, including withholding tax	(1,064)	4,196	3,699
Valuation allowance	25,967	45,043	21,359
Rates different than statutory	5,945	16,041	9,753
Uncertain Tax Positions	(7,413)
Other	(1,966)	(4,104)	308
Income tax (provision) benefit, net	$ 34,153	$ (46,126)	$ (54,441)

EMPLOYEE BENEFIT PLANS - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - Class A common stock $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) shares
EMPLOYEE BENEFIT PLANS
Required service period	180 days
Maximum fair value of capital stock permitted to be purchased by employees in any one year under ESPP \| $	$ 25,000
Purchase price as percentage of closing market price on the last business day of each calendar quarter under ESPP	85.00%
EchoStar
EMPLOYEE BENEFIT PLANS
Number of shares authorized for issue (in shares)	8.0
Number of shares that remain available for issuance (in shares)	3.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets
Intangible Assets	$ 355,255	$ 355,360
Accumulated Amortization	$ (344,173)	(341,959)
Minimum
Intangible Assets
Weighted-average useful life (in years)	5 years
Maximum
Intangible Assets
Weighted-average useful life (in years)	20 years
Customer relationships
Intangible Assets
Intangible Assets	$ 274,155	274,260
Accumulated Amortization	(272,602)	(271,873)
Patents
Intangible Assets
Intangible Assets	51,400	51,400
Accumulated Amortization	(51,400)	(51,400)
Trademarks and licenses
Intangible Assets
Intangible Assets	29,700	29,700
Accumulated Amortization	(20,171)	(18,686)
Other intangible assets
Intangible Assets
Accumulated Amortization	$ 2,000	2,000	$ 2,000
Other intangible assets \| Minimum
Intangible Assets
Weighted-average useful life (in years)	5 years
Other intangible assets \| Maximum
Intangible Assets
Weighted-average useful life (in years)	20 years
Regulatory authorizations
Intangible Assets
Intangible Assets	$ 10,295	12,754
Accumulated Amortization	$ (5,597)	$ (4,935)
Weighted-average useful life (in years)	11 years

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ (218,110)	$ (478,438)	$ 138,910
Other comprehensive income (loss)
Foreign currency translation adjustments	(45,589)	21,196	5,475
Unrealized holding gains (losses) on available-for-sale securities	182	(198)	(553)
Other		98
Recognition of previously unrealized (gains) losses on available-for-sale debt securities included in net income (loss)	(207)	247	(17)
Total other comprehensive income (loss), net of tax	(45,614)	21,343	4,905
Comprehensive income (loss)	(263,724)	(457,095)	143,815
Less: Comprehensive income (loss) attributable to noncontrolling interests	(16,002)	(12,919)	(8,795)
Comprehensive income (loss) attributable to HSSC	$ (247,722)	$ (444,176)	$ 152,610

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.

Schedule of components of the (benefit from) provision for income taxes


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Current benefit (provision):
Federal	$	(22,075)	$	(64,692)	$	(83,594)
State		2,363		(12,736)		(15,430)
Foreign		(6,901)		(5,395)		(4,292)
Total current benefit (provision)	$	(26,613)	$	(82,823)	$	(103,316)

Deferred benefit (provision):
Federal	$	49,802	$	25,322	$	37,714
State		11,470		10,065		8,186
Foreign		(506)		1,310		2,975
Total deferred benefit (provision)		60,766		36,697		48,875
Total benefit (provision)	$	34,153	$	(46,126)	$	(54,441)

Schedule of income tax rate reconciliation


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Statutory rate	$	52,975	$	90,786	$	(40,604)
State income taxes, net of federal benefit (provision)		10,927		4		(4,005)
Permanent differences		716		728		(2,233)
Impairments		—		(108,734)		—
Tax credits, including withholding tax		(1,064)		4,196		3,699
Valuation allowance		(25,967)		(45,043)		(21,359)
Rates different than statutory		5,945		16,041		9,753
Uncertain Tax Positions		(7,413)		—		—
Other		(1,966)		(4,104)		308
Total income tax benefit (provision), net	$	34,153	$	(46,126)	$	(54,441)

Schedule of deferred tax assets and liabilities


	As of December 31,
	2024		2023

	(In thousands)
Deferred tax assets:
Net operating losses, credit and other carryforwards	$	152,355	$	153,421
Other investments		32,953		32,785
Accrued expenses		48,121		61,177
Non-cash, stock-based compensation		5,779		5,821
Other assets		36,361		33,303
Total deferred tax assets		275,569		286,507
Valuation allowance		(193,118)		(209,411)
Deferred tax assets after valuation allowance	$	82,451	$	77,096

Deferred tax liabilities:
Property and equipment, regulatory authorizations, and other intangibles	$	(245,232)	$	(300,396)
Other liabilities		(21,761)		(21,322)
Total deferred tax liabilities		(266,993)		(321,718)
Total net deferred tax liabilities	$	(184,542)	$	(244,622)

Net deferred tax assets (liabilities) foreign jurisdiction	$	7,017	$	8,198
Net deferred tax assets (liabilities) domestic		(191,559)		(252,820)
Net deferred tax asset (liability) (1)	$	(184,542)	$	(244,622)

(1)

The presentation of net deferred tax liability includes both deferred tax liabilities and deferred tax assets. Certain foreign deferred tax assets are presented as part of “Other noncurrent assets, net” on our Consolidated Balance Sheets and our deferred tax liabilities related to all other jurisdictions are reported separately as “Deferred tax liabilities, net” on our Consolidated Balance Sheets.

Schedule of reconciliation of unrecognized tax benefits


	For the Years Ended December 31,
Unrecognized tax benefit	2024		2023		2022

	(In thousands)
Balance, beginning of period	$	10,321	$	7,172	$	7,294
Additions based on tax positions related to the current year		6,051		—		—
Additions based on tax positions reclassified from HSSC to EchoStar		—		3,149		—
Reductions based on tax positions related to prior years		—		—		(122)
Balance, end of period	$	16,372	$	10,321	$	7,172

RELATED PARTY TRANSACTIONS - Narrative (Details)			1 Months Ended															3 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS - Narrative (Details)	Mar. 12, 2024 USD ($)	Feb. 15, 2024 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 31, 2022	Jun. 30, 2021	Mar. 31, 2021 item	Sep. 30, 2019 item	Feb. 28, 2019	Mar. 31, 2017	Jul. 31, 2015 item	Oct. 31, 2012	Mar. 31, 2012	Jan. 31, 2010	Jun. 30, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
RELATED PARTY TRANSACTIONS
Total revenue																			$ 1,560,373,000	$ 1,747,856,000	$ 2,003,343,000
Operating expenses																			1,730,203,000	2,142,837,000	1,748,891,000
Return of equity investment																			20,000,000
Other-than-temporary impairment losses on equity method investments																				33,400,000
Hughes Broadband Distribution Agreement
RELATED PARTY TRANSACTIONS
Required minimum notice for termination of agreement (days)															180 days
Agreement term (in years)															5 years
Automatic renewal period (in years)															1 year
EchoStar XXIV Satellite Lease
RELATED PARTY TRANSACTIONS
Satellite lease term							7 years
Satellite monthly lease expense							$ 16,000,000
Repayments of lease obligation					$ 85,000,000	$ 100,000,000
Deluxe/EchoStar LLC
RELATED PARTY TRANSACTIONS
Related party receivables - Echostar - current			$ 992,000				$ 1,247,000												$ 992,000	1,247,000
Equity interest, percentage in joint venture			50.00%																50.00%
Broadband Connectivity Solutions
RELATED PARTY TRANSACTIONS
Equity interest, percentage in joint venture			20.00%																20.00%
Return of equity investment																			$ 20,000,000
Other-than-temporary impairment losses on equity method investments																		$ 33,000,000	$ 20,000,000
Hughes Systique
RELATED PARTY TRANSACTIONS
Ownership interest in related party (as a percent)																			42.00%
EchoStar
RELATED PARTY TRANSACTIONS
Dividends	$ 500,000,000	$ 529,000,000
Deluxe/EchoStar LLC
RELATED PARTY TRANSACTIONS
Proceeds from dividends received			$ 1,000,000	$ 2,000,000		$ 3,000,000
Related Party \| TerreStar Agreement
RELATED PARTY TRANSACTIONS
Minimum termination notice period (days)								21 days
Required minimum notice for termination of agreement (days)								90 days
Related Party \| DBSD North America Agreement \| Quarter to Quarter
RELATED PARTY TRANSACTIONS
Minimum termination notice period (days)																180 days
Required minimum notice for termination of agreement (days)																120 days
Related Party \| Hughes Equipment And Service Agreement
RELATED PARTY TRANSACTIONS
Minimum termination notice period (days)												365 days
Required minimum notice for termination of agreement (days)												180 days
Agreement term (in years)												5 years
Automatic renewal period (in years)												1 year
Related Party \| Amended and restated professional services agreement
RELATED PARTY TRANSACTIONS
Required minimum notice for termination of agreement (days)																	60 days
Automatic renewal period (in years)																	1 year
Required minimum notice for termination of individual service (days)																	30 days
Related Party \| Collocation and Antenna Space agreements
RELATED PARTY TRANSACTIONS
Number of renewal terms \| item														4
Term of renewal option (in years)														3 years					3 years
Related Party \| Collocation and Antenna Space agreements \| Cheyenne, Wyoming
RELATED PARTY TRANSACTIONS
Agreement term (in years)											5 years
Number of renewal terms \| item											4
Term of renewal option (in years)											3 years
Related Party \| Collocation and Antenna Space agreements \| Cheyenne, Wyoming And Gilbert, Arizona
RELATED PARTY TRANSACTIONS
Agreement term (in years)										5 years
Number of renewal terms \| item										4
Related Party \| Hughes Broadband Master Services Agreement
RELATED PARTY TRANSACTIONS
Required minimum notice for termination of agreement (days)													90 days
Automatic renewal period (in years)													1 year
Cost of sales																			$ 5,000,000	2,000,000	7,000,000
Related Party \| TT&C Agreement
RELATED PARTY TRANSACTIONS
Term of renewal option (in years)											1 year
Required renewal notice (days)											90 days
Termination notice required (months)											12 months
Related Party \| Referral Marketing Agreement
RELATED PARTY TRANSACTIONS
Termination notice									90 days
Related Party \| Maximum
RELATED PARTY TRANSACTIONS
Interest rate			3.00%																3.00%
Related Party \| Maximum \| Collocation and Antenna Space agreements
RELATED PARTY TRANSACTIONS
Required renewal notice (days)																			180 days
Related Party \| Maximum \| Collocation and Antenna Space agreements \| Cheyenne, Wyoming
RELATED PARTY TRANSACTIONS
Required renewal notice (days)											120 days
Related Party \| Maximum \| Collocation and Antenna Space agreements \| Cheyenne, Wyoming And Gilbert, Arizona
RELATED PARTY TRANSACTIONS
Term of renewal option (in years)										3 years
Required renewal notice (days)										120 days
Related Party \| Minimum \| Collocation and Antenna Space agreements \| Cheyenne, Wyoming
RELATED PARTY TRANSACTIONS
Required renewal notice (days)											90 days
Related Party \| Minimum \| Collocation and Antenna Space agreements \| Cheyenne, Wyoming And Gilbert, Arizona
RELATED PARTY TRANSACTIONS
Required renewal notice (days)										90 days
Related Party \| EchoStar Mobile Limited
RELATED PARTY TRANSACTIONS
Total revenue																			$ 5,000,000	5,000,000	18,000,000
Interest rate on converted receivables loan																			5.00%
Related Party \| TerreStar Solutions, Inc.
RELATED PARTY TRANSACTIONS
Total revenue																			$ 2,000,000	$ 2,000,000	$ 2,000,000
Investment nonvoting interest ownership percentage(at least)			33.00%																33.00%
Related party receivables - Echostar - current			$ 0																$ 0

COMMITMENTS AND CONTINGENCIES - Accrual For License Fees (Details) - License Fee Dispute - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Total accrual	$ 54,000
Hughes Network Systems
COMMITMENTS AND CONTINGENCIES
Total accrual	54,430	$ 61,720
Less: Payments	(36,929)	(27,807)
Less: Current portion	9,860	10,130
Total long-term accrual	44,570	51,590
Additional license fees \| Hughes Network Systems
COMMITMENTS AND CONTINGENCIES
Total accrual	3,314	3,405
Penalties \| Hughes Network Systems
COMMITMENTS AND CONTINGENCIES
Total accrual	3,402	3,495
Interest and interest on penalties \| Hughes Network Systems
COMMITMENTS AND CONTINGENCIES
Total accrual	$ 84,643	$ 82,627

RELATED PARTY TRANSACTIONS - Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Operating expenses	$ 1,730,203	$ 2,142,837	$ 1,748,891
Related Party \| DISH Network
RELATED PARTY TRANSACTIONS
Operating expenses	$ 9,362	$ 4,366	$ 4,545

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2024

SEGMENT REPORTING

Schedule of total revenue, capital expenditures and EBITDA by operating segments


	For the Years Ended December 31,
Hughes	2024		2023		2022

	(In thousands)
Revenue
Revenue from external customers:
Service revenue	$	1,210,840	$	1,448,489	$	1,629,194
Equipment sales and other revenue		349,533		299,367		374,149
Total Revenue		1,560,373		1,747,856		2,003,343

Operating Expenses
Cost of services:
Connectivity services (1)		370,473		178,295		180,033
Other (2)		310,548		362,650		382,816
Total cost of services		681,021		540,945		562,849

Cost of services - equipment and other		307,742		239,336		292,290
Selling, general and administrative expenses:
Subscriber acquisition costs		181,657		223,508		251,376
General and administrative expenses		193,881		216,476		211,311
Total selling, general and administrative expenses		375,538		439,984		462,687
Impairment of long-lived assets and goodwill		—		532,940		—

OIBDA (3)		196,072		(5,349)		685,517

Depreciation and amortization		365,902		389,632		431,065
Total costs and expenses		1,730,203		2,142,837		1,748,891

Operating income (loss)	$	(169,830)	$	(394,981)	$	254,452

Unallocated Amounts
Interest income		25,393		85,036		30,812
Interest expense, net of amounts capitalized		(98,802)		(89,569)		(92,386)
Other, net		(9,024)		(32,798)		473
Total other income (expense)		(82,433)		(37,331)		(61,101)

Income (loss) before income taxes		(252,263)		(432,312)		193,351
Income tax (provision) benefit, net		34,153		(46,126)		(54,441)
Net income (loss)	$	(218,110)	$	(478,438)	$	138,910

Purchases of property and equipment, net of refunds	$	205,330	$	190,129	$	239,403

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, network, transport and data, cloud-based service, satellite and transmission and other related costs.

(2)	“Other” primarily consists of variable costs including call center, manufacturing, dealer incentive, bad debt, billing and other variable costs, as well as costs to retain our subscribers.

(3)

OIBDA is a non-GAAP measure and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as it excludes depreciation and amortization expenses related primarily to capital expenditures and acquisitions, as well as in evaluating operating performance in relation to our competitors.

Schedule of revenue by geographic area


	For the Years Ended December 31,
Revenue:	2024		2023		2022

	(In thousands)
North America	$	1,239,679	$	1,398,123	$	1,595,906
South and Central America		147,694		159,520		171,318
Other		173,000		190,213		236,119
Total revenue		1,560,373		1,747,856		2,003,343

Schedule of long-lived assets by geographic area


	As of December 31,
Long-lived assets:	2024		2023

	(In thousands)
North America	$	2,342,387	$	2,517,036
South and Central America		74,365		149,472
Other		25,032		22,687
Total long-lived assets	$	2,441,784	$	2,689,195

RELATED PARTY TRANSACTIONS - Schedule of Revenue Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deluxe/EchoStar LLC
RELATED PARTY TRANSACTIONS
Revenues	$ 6,002	$ 5,794	$ 5,334
Broadband Connectivity Solutions
RELATED PARTY TRANSACTIONS
Revenues	$ 3,329	$ 3,426	$ 7,933

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

REVENUE RECOGNITION - Schedule of Allowance for Doubtful Accounts Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses
Balance at beginning of period	$ 20,399	$ 15,358	$ 14,588
Current period provision for expected losses	25,653	34,085	32,910
Write-offs charged against allowance	(34,193)	(29,371)	(36,011)
Foreign currency translation	(545)	327	3,871
Balance at end of period	$ 11,314	$ 20,399	$ 15,358

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Goodwill		$ 533
Operating leases, Weighted average lease term	6 years 7 months 6 days	7 years 6 months
Lessee, Finance Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Finance Lease, Existence of Option to Terminate [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Renewal of lease period	1 year
Advertising expense	$ 43	$ 56	$ 69
Research and development expenses	$ 60	$ 67	$ 65
Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Depreciable Life (In Years)	1 year
Weighted-average useful life (in years)	5 years
Finance lease, remaining lease term	1 year
Operating lease, remaining lease term	1 year
Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Depreciable Life (In Years)	30 years
Weighted-average useful life (in years)	20 years
Finance lease, remaining lease term	13 years
Operating lease, remaining lease term	13 years

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2024

EMPLOYEE BENEFIT PLANS

Schedule of matching contributions and discretionary contributions


	For the Years Ended December 31,
Expense Recognized Related to the EchoStar 401(k) Plan	2024		2023		2022

	(In thousands)
Matching contributions, net of forfeitures	$	5,534	$	5,847	$	5,475
Discretionary stock contributions, net of forfeitures (1)	$	(2,415)	$	5,491	$	7,042

(1)	The amount accrued in 2023 was not paid in 2024, therefore the accrual was reversed.

INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES

12 Months Ended

Dec. 31, 2024

INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.

INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES

NOTE 10. INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES

Our income tax policy is to record the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported on our Consolidated Balance Sheets, as well as probable operating loss, tax credit and other carryforwards. Deferred tax assets are offset by valuation allowances when we believe it is more likely than not that net deferred tax assets will not be realized. We periodically evaluate our need for a valuation allowance. Determining necessary valuation allowances requires us to make assessments about historical financial information as well as the timing of future events, including the probability of expected future taxable income and available tax planning opportunities.

HSSC and its domestic subsidiaries join with EchoStar in filing U.S. consolidated federal income tax returns and, in some states, combined or consolidated returns. The income taxes of domestic and foreign subsidiaries not included in the United States tax group are presented in our consolidated financial statements on a separate return basis for each tax paying entity.

As of December 31, 2024, we had foreign net operating loss carryforwards (“NOLs”) of $452 million and $142 million of related taxes which are partially offset by valuation allowances. In addition, we had no NOLs for federal and state income tax purposes.

In 2024, we have research and development credit carryforwards of $5 million available in the United States which is fully offset by a valuation allowance.

The components of the (benefit from) provision for income taxes were as follows:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Current benefit (provision):
Federal	$	(22,075)	$	(64,692)	$	(83,594)
State		2,363		(12,736)		(15,430)
Foreign		(6,901)		(5,395)		(4,292)
Total current benefit (provision)	$	(26,613)	$	(82,823)	$	(103,316)

Deferred benefit (provision):
Federal	$	49,802	$	25,322	$	37,714
State		11,470		10,065		8,186
Foreign		(506)		1,310		2,975
Total deferred benefit (provision)		60,766		36,697		48,875
Total benefit (provision)	$	34,153	$	(46,126)	$	(54,441)

Our ($252) million of “Income (loss) before income taxes” on our Consolidated Statements of Operations included a loss of $57 million related to our foreign operations.

The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal tax rate:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Statutory rate	$	52,975	$	90,786	$	(40,604)
State income taxes, net of federal benefit (provision)		10,927		4		(4,005)
Permanent differences		716		728		(2,233)
Impairments		—		(108,734)		—
Tax credits, including withholding tax		(1,064)		4,196		3,699
Valuation allowance		(25,967)		(45,043)		(21,359)
Rates different than statutory		5,945		16,041		9,753
Uncertain Tax Positions		(7,413)		—		—
Other		(1,966)		(4,104)		308
Total income tax benefit (provision), net	$	34,153	$	(46,126)	$	(54,441)

Deferred taxes arise because of the differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities were as follows:


	As of December 31,
	2024		2023

	(In thousands)
Deferred tax assets:
Net operating losses, credit and other carryforwards	$	152,355	$	153,421
Other investments		32,953		32,785
Accrued expenses		48,121		61,177
Non-cash, stock-based compensation		5,779		5,821
Other assets		36,361		33,303
Total deferred tax assets		275,569		286,507
Valuation allowance		(193,118)		(209,411)
Deferred tax assets after valuation allowance	$	82,451	$	77,096

Deferred tax liabilities:
Property and equipment, regulatory authorizations, and other intangibles	$	(245,232)	$	(300,396)
Other liabilities		(21,761)		(21,322)
Total deferred tax liabilities		(266,993)		(321,718)
Total net deferred tax liabilities	$	(184,542)	$	(244,622)

Net deferred tax assets (liabilities) foreign jurisdiction	$	7,017	$	8,198
Net deferred tax assets (liabilities) domestic		(191,559)		(252,820)
Net deferred tax asset (liability) (1)	$	(184,542)	$	(244,622)

(1)

Overall, our net deferred tax assets were offset by a valuation allowance of $193 million and $209 million as of December 31, 2024 and 2023, respectively. The change in the valuation allowance relates to an increase in the net operating loss carryforwards for certain foreign subsidiaries, offset by a decrease due to changes in foreign exchange rates.

As of December 31, 2024, we had undistributed earnings attributable to foreign subsidiaries for which no provision for U.S. income taxes or foreign withholding taxes has been made because it is expected that such earnings will be reinvested outside the U.S. indefinitely. It is not practicable to determine the amount of the unrecognized deferred tax liability at this time.

Accounting for Uncertainty in Income Taxes

In addition to filing federal income tax returns, we and one or more of our subsidiaries file income tax returns in all states that impose an income tax. We are subject to United States federal, state and local income tax examinations by tax authorities for the years as early as tax year 2008. We are currently under a federal income tax examination for years 2008 through 2011, 2013 through 2016 and 2018 through 2019. We also file income tax returns in the United Kingdom, Germany, Brazil, India and a number of other foreign jurisdictions. We generally are open to income tax examination in these foreign jurisdictions for taxable years beginning in 2004.

A reconciliation of the beginning and ending amount of unrecognized tax benefits included in “Other non-current liabilities” on our Consolidated Balance Sheets was as follows:


	For the Years Ended December 31,
Unrecognized tax benefit	2024		2023		2022

	(In thousands)
Balance, beginning of period	$	10,321	$	7,172	$	7,294
Additions based on tax positions related to the current year		6,051		—		—
Additions based on tax positions reclassified from HSSC to EchoStar		—		3,149		—
Reductions based on tax positions related to prior years		—		—		(122)
Balance, end of period	$	16,372	$	10,321	$	7,172

As of December 31, 2024, 2023 and 2022 we had $16 million, $10 million and $7 million of unrecognized income tax benefits, all of which, if recognized, would affect our effective tax rate.

For the years ended December 31, 2024, 2023 and 2022, our income tax provision included an insignificant amount of interest and penalties.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

LEASES - Schedule of Lease Liability Maturity (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 173,314
2026	216,059
2027	214,735
2028	212,812
2029	211,947
Thereafter	271,653
Total future minimum lease payments	1,300,520
Less: Interest	(397,498)
Total lease liabilities	$ 903,022

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2024

COMMITMENTS AND CONTINGENCIES

Summary of Contractual Obligations

The following table summarizes our contractual obligations as of December 31, 2024:


	Payments Due in the Years Ending December 31,
	Total		2025		2026		2027		2028		2029		Thereafter

	(In thousands)
Long-term debt obligations (1)	$	1,544,774	$	9,548	$	1,507,524	$	8,735	$	2,795	$	3,219	$	12,953
Interest expense on long-term debt		189,069		92,057		91,473		1,699		1,164		995		1,681
Satellite-related commitments (2)		43,369		15,498		7,927		4,583		3,250		2,942		9,169
Operating lease obligations (3)		1,300,520		173,314		216,059		214,735		212,812		211,947		271,653
Total (4)(5)	$	3,077,732	$	290,417	$	1,822,983	$	229,752	$	220,021	$	219,103	$	295,456

(1)	Assumes all long-term debt is outstanding until scheduled maturity.

(2)	Includes payments pursuant to: i) regulatory authorizations, ii) non-lease costs associated with our finance lease satellites, and iii) commitments for satellite service arrangements.

(3)	Operating leases consist primarily of leases for the EchoStar XXIV satellite, office space, data centers and satellite-related ground infrastructure.

(4)	The table excludes amounts related to deferred tax liabilities, unrecognized tax positions and certain other amounts recorded in our noncurrent liabilities as the timing of any payments is uncertain.

(5)	The table excludes long-term deferred revenue and other long-term liabilities that do not require future cash payments.

Schedule of components of the accrual


	As of December 31,
	2024		2023

	(In thousands)
Additional license fees	$	3,314	$	3,405
Penalties		3,402		3,495
Interest on license fees and penalties		84,643		82,627
Less: Payments		(36,929)		(27,807)
Total accrual		54,430		61,720
Less: Current portion (1)		9,860		10,130
Total long-term accrual (2)	$	44,570	$	51,590

(1)	The current portion of the accrual is included in “Accrued expenses” on our Consolidated Balance Sheets

(2)	The long-term portion of the accrual is included in “Other noncurrent liabilities” on our Consolidated Balance Sheets

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 15. RELATED PARTY TRANSACTIONS

The following is a summary of the transactions and the terms of the underlying principal agreements that have had or may have an impact on our consolidated financial condition and results of operations.

Shared Corporate Services

We and EchoStar, including EchoStar’s other subsidiaries, have agreed that we shall each have the right, but not the obligation, to receive from the other certain shared corporate services, including among other things: treasury, tax, accounting and reporting, risk management, cybersecurity, legal, internal audit, human resources, and information technology. These shared corporate services are generally provided at cost. We and EchoStar, including EchoStar’s other subsidiaries, may each terminate a particular shared corporate service for any

reason upon at least 30 days’ notice. We recorded these expenses within “Selling, general and administrative expenses” on our Consolidated Statement of Operations.

The following table presents our “Service revenue” and operating expenses from EchoStar:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Service and other revenue — EchoStar	$	4,559	$	4,548	$	17,623
Operating and other expenses — EchoStar (1)	$	271,824	$	96,239	$	75,462

(1)	This table includes lease costs associated with the EchoStar XXIV lease. Refer to Note 8 for further details on the EchoStar XXIV operating lease costs.

Receivables

EchoStar and its other subsidiaries reimburse us from time to time for amounts paid by us for costs and expenses attributable to EchoStar and its other subsidiaries.

Payables

We reimburse EchoStar and its other subsidiaries from time to time for amounts paid by EchoStar and its other subsidiaries for costs and expenses attributable to us.

The following table presents certain related party payables and receivables:



	As of December 31,
	2024		2023

	(In thousands)
Related party receivables - EchoStar - current	$	10,451	$	—
Related party receivables - EchoStar - noncurrent		83,228		61,283
Total related party receivables - EchoStar	$	93,679	$	61,283

Related party payables - EchoStar - current, net		26,004		195,558
Related party payables - EchoStar - noncurrent		26,143		26,453
Total related party payables - EchoStar	$	52,147	$	222,011
Operating lease liabilities - EchoStar - current		55,869		138,694
Operating lease liabilities - EchoStar - noncurrent		695,225		755,379
Total operating lease liabilities - EchoStar	$	751,094	$	894,073

Real Estate

We occupy certain office space in buildings owned or leased by EchoStar and its other subsidiaries and pay a portion of the taxes, insurance, utilities and maintenance of the premises in accordance with the percentage of the space we occupy.

Cash Advances

EchoStar and certain of its other subsidiaries have also provided cash advances to certain of our foreign subsidiaries to fund certain expenditures pursuant to loan agreements. Advances under these agreements bear interest at annual rates of three percent. Amounts payable under these agreements are included within Related party payables - EchoStar – non -current in the table above.

EchoStar Mobile Limited Service Agreements

We provide services and lease equipment to support the business of EchoStar Mobile Limited, a subsidiary of EchoStar that is licensed by the EU to provide mobile satellite services and complementary ground component services covering the entire EU using S-band spectrum. Generally, the amounts EchoStar’s other subsidiaries pay for these services are based on cost plus a fixed margin. We recorded revenue in “Service revenue” on our Consolidated Statements of Operations, of $5 million, $5 million and $18 million for the years ended December 31, 2024, 2023 and 2022, respectively, related to these services. Additionally, we have converted the receivables for certain of these services into loans, bearing an annual interest rate of 5%. These loans are included within Related party receivables - EchoStar – non-current in the table above.

EchoStar XXIV Satellite Lease

Effective December 2023, we lease capacity of the EchoStar XXIV satellite under an operating lease from an affiliate of ours, EchoStar XXIV L.L.C., for a term of seven years for a monthly lease charge of $16 million. We prepaid $100 million in lease obligations under the agreement in March 2024 which is reflected in certain of the liabilities listed above. In June 2024, we prepaid an additional $85 million in lease obligations. The prepayments resulted in the lease liability and associated asset being remeasured. The costs associated with the EchoStar XXIV Satellite Lease are recorded in “Cost of services” on our Consolidated Statements of Operations.

Dividends. On February 15, 2024, our Board of Directors declared and approved payment of a cash dividend on our outstanding common stock to EchoStar in the amount of $529 million. Payment of this dividend was made in the first quarter of 2024.

On March 12, 2024, our Board of Directors declared and approved payment of a cash dividend on the Company’s outstanding common stock to EchoStar in the amount of $500 million. Payment of the dividend was made in the first quarter of 2024.

TerreStar Agreement

In March 2012, DISH Network completed its acquisition of substantially all the assets of TerreStar Networks Inc. (“TerreStar”). Prior to DISH Network’s acquisition of substantially all the assets of TerreStar and EchoStar’s completion of the Hughes Acquisition, TerreStar and Hughes Network Systems L.L.C. (“HNS”) entered into various agreements pursuant to which we provide, among other things, warranty, operations and maintenance and hosting services for TerreStar’s ground-based communications equipment (the “TerreStar Agreements”).

In May 2022, we and DISH Network amended the agreement for the provision of hosting services to extend the term until May 2027. We and DISH Network amended the agreements for warranty, operations, and maintenance services for TerreStar ground-based communications equipment, effective as of January 1, 2025, to extend the existing pricing and other terms through December 31, 2025. DISH Network generally has the right to continue to receive warranty services from us for our products on a month-to-month basis unless terminated by DISH Network upon at least 21 days’ written notice to us. DISH Network generally has the right to continue to receive operations and maintenance services from us on a quarter-to-quarter basis unless these services are terminated by DISH Network upon at least 90 days’ written notice to us. In addition, DISH Network

generally may terminate any and all services for convenience subject to providing us with prior notice and/or payment of termination charges. The revenue associated with this agreement is recorded in “Service revenue” on our Consolidated Statements of Operations.

TerreStar Solutions

EchoStar owns a 33% interest, on a fully diluted basis, in TerreStar Solutions, Inc. (“TSI”), an entity that provides wireless mobile communication coverage in Canada using a satellite user terminal. In May 2018, we and TSI entered into an equipment and services agreement pursuant to which we design, manufacture and install upgraded ground communications network equipment for TSI’s network and provide, among other things, warranty and support services. We recognized revenue in “Service revenue” on our Consolidated Statements of Operations of $2 million, $2 million and $2 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024, we had no trade accounts receivable from TSI.

DBSD North America Agreement

In March 2012, DISH Network completed its acquisition of all of the equity of DBSD North America, Inc. (“DBSD North America”). Following the Merger, Dish Network’s ownership of DBSD North America was sold to our parent company, EchoStar, such that EchoStar now owns all of the equity of DBSD North America. Prior to DISH Network’s acquisition of DBSD North America and EchoStar’s completion of the Hughes Acquisition, DBSD North America and HNS entered into various agreements pursuant to which we provide, among other things, warranty, operations and maintenance and hosting services of DBSD North America’s gateway and ground-based communications equipment. DBSD North America has the right to continue to receive operations and maintenance services from us on a quarter-to-quarter basis, unless terminated by DBSD North America upon at least 120 days’ written notice to us. The provision of hosting services will continue until February 2027 unless terminated by DBSD North America upon at least 180 days’ written notice to us. In addition, DBSD North America generally may terminate any and all such services for convenience, subject to providing us with prior notice and/or payment of termination charges. We and DBSD North America amended the agreements for warranty, operations, and maintenance services for DBSD’s gateway and ground-based communications equipment, effective as of January 1, 2025, to extend the existing pricing and other terms through December 31, 2025. The revenue associated with this agreement is recorded in “Service revenue” on our Consolidated Statements of Operations.

Transactions with DISH Network Corporation

EchoStar and DISH Network operated as separate publicly traded companies after 2008 (the “Spin-off”) and before the closing of the Merger. Substantially all of the voting power of the shares of each of EchoStar and DISH Network is owned beneficially by Charles W. Ergen, our Chairman, and by certain entities established for the benefit of his family. At 11:59pm EST on December 31, 2023, EchoStar and DISH Network consummated a merger with DISH Network surviving as a wholly owned subsidiary of EchoStar. See Note 1 for further details on the merger with DISH Network.

The following table presents our Service revenue and operating expenses related to DISH Network:



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Service and other revenue - DISH Network	$	9,636	$	12,570	$	17,832
Operating and other expenses - DISH Network	$	9,362	$	4,366	$	4,545

The following table presents the related trade accounts receivable and trade accounts payable:


	As of December 31,
	2024		2023

	(In thousands)
Trade accounts receivable - DISH Network	$	12,292	$	5,038
Trade accounts payable - DISH Network	$	15,094	$	1,847

Hughes Broadband Distribution Agreement

Effective October 2012, we and DISH Network entered into a distribution agreement (the “Distribution Agreement”) pursuant to which DISH Network has the right, but not the obligation, to market, sell and distribute our Gen 4 HughesNet service. DISH Network pays us a monthly per subscriber wholesale service fee for our Gen 4 HughesNet service based upon a subscriber’s service level and based upon certain volume subscription thresholds. The Distribution Agreement also provides that DISH Network has the right, but not the obligation, to purchase certain broadband equipment from us to support the sale of the Gen 4 HughesNet service. In February 2014, we and DISH Network entered into an amendment to the Distribution Agreement which, among other things, extended the initial term of the Distribution Agreement until March 2024. The Distribution Agreement had an initial term of five years with automatic renewal for successive one-year terms unless terminated by either party with a written notice at least 180 days’ before the expiration of the then-current term. Upon expiration or termination of the Distribution Agreement, we and DISH Network will continue to provide our Gen 4 HughesNet service to the then-current DISH Network subscribers pursuant to the terms and conditions of the Distribution Agreement. The revenue associated with this agreement is included in “Service revenue” on our Consolidated Statements of Operations.

Hughes Equipment and Services Agreement

In February 2019, we and DISH Network entered into an agreement pursuant to which we will sell to DISH Network our HughesNet Service and HughesNet equipment that has been modified to meet DISH Network’s internet-of-things specifications for the transfer of data to DISH Network’s network operations centers. This agreement has an initial term of five years expiring February 2024 with automatic renewal for successive one-year terms unless terminated by DISH Network with at least 180 days’ written notice to us or by us with at least 365 days’ written notice to DISH Network. The expenses associated with this agreement are included in “Cost of sales – equipment and other” on our Consolidated Statements of Operations.

Amended and Restated Professional Services Agreement

In connection with the Spin-off, EchoStar entered into various agreements with DISH Network including a transition services agreement, satellite procurement agreement and services agreement, all of which expired in January 2010 and were replaced by a professional services agreement (the “Professional Services Agreement”). In January 2010, EchoStar and DISH Network agreed that EchoStar and its subsidiaries shall continue to have the right, but not the obligation, to receive the following services from DISH Network, among others, certain of which were previously provided under a transition services agreement: information technology, travel and event coordination, internal audit, legal, accounting and tax, benefits administration, program acquisition services and other support services. Additionally, EchoStar and DISH Network agreed that DISH Network would continue to have the right, but not the obligation, to engage EchoStar and its subsidiaries to manage the process of procuring new satellite capacity for DISH Network (previously provided under a satellite procurement agreement), receive logistics, procurement and quality assurance services from EchoStar and its subsidiaries (previously provided under a services agreement) and provide other support services. In connection with the consummation of the Share Exchange, EchoStar and DISH Network amended and restated the Professional Services Agreement (as amended to date, the “Amended and Restated Professional Services Agreement”) to provide that EchoStar and its subsidiaries and DISH Network shall have the right to receive additional services that either EchoStar and its subsidiaries or DISH Network may require as a result of the Share Exchange, including access to antennas owned by DISH Network for our use in performing TT&C services and maintenance and support services for our antennas (collectively, the “TT&C Antennas”). In September 2019, EchoStar and DISH Network further amended the Professional Services Agreement to provide that EchoStar and its subsidiaries and DISH Network shall have the right to receive additional services that either EchoStar and its subsidiaries or DISH Network may require. Additionally, the amended and Restated Professional Services Agreement, as further amended, removed our access to and the maintenance and support services for the TT&C Antennas. A portion of these costs and expenses have been allocated to us in the manner described above. The term of the Amended and Restated Professional Services Agreement is through January 1, 2026 and renews automatically for successive one-year periods thereafter, unless the agreement is terminated earlier by either party upon at least 60 days’ notice. We or DISH Network may generally terminate the Amended and Restated Professional Services Agreement in part with respect to any particular service it receives for any reason upon at least 30 days’ notice, unless the statement of work for particular services states otherwise. Certain services provided under the Amended and Restated Professional Services Agreement may survive the termination of the agreement. The expenses associated with this agreement are included in "Cost of sales – equipment and other” on our Consolidated Statements of Operations.

Collocation and Antenna Space Agreements

We and DISH Network entered into an agreement pursuant to which DISH Network provided us with collocation space in El Paso, Texas. This agreement was for an initial period ending in July 2015, and provided us with renewal options for four consecutive three-year terms. In 2024 we exercised our fourth renewal option for a period ending in July 2027. Effective March 2017, we also entered into certain agreements pursuant to which DISH Network provides collocation and antenna space to us with an initial term that ended in February 2022 and renewal options for four consecutive three-year terms ending in February 2034 at the following locations: Cheyenne, Wyoming; Gilbert, Arizona; Monee, Illinois; Spokane, Washington; and Englewood, Colorado. In August 2017, we and DISH Network also entered into certain other agreements pursuant to which DISH Network provides additional collocation and antenna space to us in Monee, Illinois and Spokane, Washington through August 2022. In May 2022, we exercised our right to renew such other agreements at Monee, Illinois and Spokane, Washington through August 2025. In January 2022, we and DISH Network entered into an agreement pursuant to which DISH Network provides additional collocation and antenna space to us in Englewood, Colorado through December 2026. In March 2024, we provided a termination notice for our Spokane, Washington agreement, effective April 2024. Generally, we may renew our collocation and antenna space agreements for three-year periods. We may terminate certain of these agreements within 180 days’ prior

written notice. The fees for the services provided under these agreements depend on the number of racks located at the location.

We entered into an agreement pursuant to which DISH Network provides us with antenna space and power in Cheyenne, Wyoming for a period of five years commencing in August 2020, with four three-year renewal terms, with prior written notice of renewal required no more than 120 days but no less than 90 days prior to the end of the then-current term. In March 2021, we entered into additional agreements pursuant to which DISH Network provides us with antenna space and power in Cheyenne, Wyoming, and the right to use an antenna and certain space in Gilbert, Arizona. Both agreements are for a period of five years with four three-year renewal terms, with prior written notice of renewal required no more than 120 days but no less than 90 days prior to the end of the then-current term. The expenses associated with this agreement are recorded in “Selling, general and administrative expenses” on our Consolidated Statements of Operations.

Hughes Broadband Master Services Agreement

In conjunction with the launch of our EchoStar XIX satellite, in March 2017, we and DISH Network entered into a master service agreement (the “Hughes Broadband MSA”) pursuant to which DISH Network, among other things: (i) has the right, but not the obligation, to market, promote and solicit orders and upgrades for our Gen 5 HughesNet service and related equipment and other telecommunication services and (ii) installs Gen 5 HughesNet service equipment with respect to activations generated by DISH Network. Under the Hughes Broadband MSA, we and DISH Network make certain payments to each other relating to sales, upgrades, purchases and installation services. The current term of the Hughes Broadband MSA is through March 2024 with automatic renewal for successive one-year terms. Either party has the ability to terminate the Hughes Broadband MSA, in whole or in part, for any reason upon at least 90 days’ notice to the other party. Upon expiration or termination of the Hughes Broadband MSA, we will continue to provide our Gen 5 HughesNet service to subscribers and make certain payments to DISH Network pursuant to the terms and conditions of the Hughes Broadband MSA. We incurred sales incentives and other costs under the Hughes Broadband MSA totaling $5 million, $2 million and $7 million for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 2 “Assets Recognized Related to the Costs to Obtain a Contract with a Customer” for further information.

2019 TT&C Agreement

In September 2019, we and a subsidiary of EchoStar entered into an agreement pursuant to which DISH Network provides TT&C services to us and EchoStar and its other subsidiaries for a period ending in September 2021, with the option for a subsidiary of EchoStar to renew for a one-year period upon written notice at least 90 days prior to the initial expiration (the “2019 TT&C Agreement”). The fees for services provided under the 2019 TT&C Agreement are calculated at either: (i) a fixed fee or (ii) cost plus a fixed margin, which will vary depending on the nature of the services provided. Any party is able to terminate the 2019 TT&C Agreement for any reason upon 12 months’ notice. We have exercised our option to renew the 2019 TT&C Agreement on several occasions, and its current term expires in September 2025. The expenses associated with this agreement are recorded in “Cost of services” on our Consolidated Statements of Operations.

Referral Marketing Agreement

In June 2021, we and DISH Network entered into an agreement pursuant to which we will pre-qualify prospects contacting Hughes call centers and transfer those prospects to DISH Network for introduction to DISH Network’s video services, for prospects that convert Hughes will receive a commission. This agreement has an indefinite term and may be terminated by either party upon 90 days’ prior written notice.

Whidbey Island 5G Network Test Bed Subcontract

In June 2022, we and DISH Network entered into certain agreements pursuant to which DISH Network will provide access and use of a lab, technical support and integration and testing support for the 5G network test bed to be delivered by Hughes to its customer. In addition, we lease certain wireless spectrum, construction and related services. We may terminate this agreement at any time by providing written notice to DISH Network. We incurred costs in “Cost of sales – equipment and other” on our Consolidated Statements of Operations under this agreement totaling $2 million for the year ended December 31, 2024.

Joint Ventures and Cost Investments

Deluxe/EchoStar LLC

We own 50% of Deluxe, a joint venture that we entered into in 2010 to build an advanced digital cinema satellite distribution network targeting delivery to digitally equipped theaters in the U.S. and Canada. Refer to Note 5 for more information.

The following table summarizes our transactions with Deluxe:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Revenue from Deluxe	$	6,002	$	5,794	$	5,334


	As of December 31,
	2024		2023

	(In thousands)
Trade accounts receivable from Deluxe	$	992	$	1,247

In the months of March, September, and December 2024, we received dividends from Deluxe of $3 million, $2 million, and $1 million, respectively.

Broadband Connectivity Solutions (Restricted) Limited

We own 20% of BCS, a joint venture that we entered into in 2018 to provide commercial Ka-band satellite broadband services across Africa, the Middle East and southwest Asia operating over Yahsat’s Al Yah 2 and Al Yah 3 Ka-band satellites. During the three months ended June 30, 2023, we recorded an impairment charge of $33 million related to our investment in BCS as a result of increased competition and the economic environment for this business. For the year ended December 31, 2024, BCS returned $20 million of this investment to us. Refer to Note 5 for more information.

The following table summarizes our transactions with BCS:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Revenue from BCS	$	3,329	$	3,426	$	7,933

Hughes Systique Corporation

We own 42% of Hughes Systique and contract with Hughes Systique for software development services. Prior to December 31, 2023, consolidated Hughes Systique’s financial statements into our Consolidated Financial Statements. As of December 31, 2023, we have deconsolidated the Hughes Systique results from our Consolidated Financial Statements and recorded the investment as a cost method investment in “Other investments” on our Consolidated Balance Sheets.

The table below summarizes our transactions with Hughes Systique:



	For the Years Ended December 31,
	2024		2023

	(In thousands)
Purchases from Hughes Systique	$	17,528	$	19,597

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2024

OTHER COMPREHENSIVE INCOME (LOSS)

OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 4. OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the tax effect on each component of “Other comprehensive income (loss)” and excludes noncontrolling interest:



	For the Years Ended December 31,
	2024						''	2023						''	2022
	Before		Tax		Net			Before		Tax		Net			Before		Tax		Net
	Tax		(Expense)		of Tax			Tax		(Expense)		of Tax			Tax		(Expense)		of Tax
	Amount		Benefit		Amount			Amount		Benefit		Amount			Amount		Benefit		Amount

	(In thousands)
Foreign currency translation adjustments	$	(38,294)	$	—	$	(38,294)		$	17,546	$	—	$	17,546		$	3,767	$	—	$	3,767
Unrealized holding gains (losses) on available-for-sale securities		143		39		182			(220)		22		(198)			475		(1,028)		(553)
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)		(207)		—		(207)			247		—		247			(17)		—		(17)
Other		—		—		—			98		—		98			—		—		—
Other comprehensive income (loss)	$	(38,358)	$	39	$	(38,319)		$	17,671	$	22	$	17,693		$	4,225	$	(1,028)	$	3,197

The “Accumulated other comprehensive income (loss)” is detailed in the following table, net of tax and excludes noncontrolling interest:



	Foreign		Unrealized/
	Currency		Recognized
	Translation		Gains
Accumulated Other Comprehensive Income (Loss)	Adjustment		(Losses)		Other		Total

	(In thousands)
Balance as of December 31, 2022	$	(170,114)	$	28	$	(98)	$	(170,184)
Foreign currency translation adjustments		17,546		—		98		17,644
Other comprehensive income (loss) before reclassifications		—		(198)		—		(198)
Amounts reclassified to net income (loss)		—		247		—		247
Other comprehensive income (loss)		17,546		49		98		17,693
Balance as of December 31, 2023		(152,568)		77		—		(152,491)
Foreign currency translation adjustments		(38,294)		—		—		(38,294)
Other comprehensive income (loss) before reclassifications		—		182		—		182
Amounts reclassified to net income (loss)		—		(207)		—		(207)
Other comprehensive income (loss)		(38,294)		(25)		—		(38,319)
Balance as of December 31, 2024	$	(190,862)	$	52	$	—	$	(190,810)

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2024

SEGMENT REPORTING

Schedule of total revenue, capital expenditures and EBITDA by operating segments


	For the Years Ended December 31,
Hughes	2024		2023		2022

	(In thousands)
Revenue
Revenue from external customers:
Service revenue	$	1,210,840	$	1,448,489	$	1,629,194
Equipment sales and other revenue		349,533		299,367		374,149
Total Revenue		1,560,373		1,747,856		2,003,343

Operating Expenses
Cost of services:
Connectivity services (1)		370,473		178,295		180,033
Other (2)		310,548		362,650		382,816
Total cost of services		681,021		540,945		562,849

Cost of services - equipment and other		307,742		239,336		292,290
Selling, general and administrative expenses:
Subscriber acquisition costs		181,657		223,508		251,376
General and administrative expenses		193,881		216,476		211,311
Total selling, general and administrative expenses		375,538		439,984		462,687
Impairment of long-lived assets and goodwill		—		532,940		—

OIBDA (3)		196,072		(5,349)		685,517

Depreciation and amortization		365,902		389,632		431,065
Total costs and expenses		1,730,203		2,142,837		1,748,891

Operating income (loss)	$	(169,830)	$	(394,981)	$	254,452

Unallocated Amounts
Interest income		25,393		85,036		30,812
Interest expense, net of amounts capitalized		(98,802)		(89,569)		(92,386)
Other, net		(9,024)		(32,798)		473
Total other income (expense)		(82,433)		(37,331)		(61,101)

Income (loss) before income taxes		(252,263)		(432,312)		193,351
Income tax (provision) benefit, net		34,153		(46,126)		(54,441)
Net income (loss)	$	(218,110)	$	(478,438)	$	138,910

Purchases of property and equipment, net of refunds	$	205,330	$	190,129	$	239,403

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, network, transport and data, cloud-based service, satellite and transmission and other related costs.

(2)	“Other” primarily consists of variable costs including call center, manufacturing, dealer incentive, bad debt, billing and other variable costs, as well as costs to retain our subscribers.

(3)

SUPPLEMENTAL DATA - CASH FLOW

12 Months Ended

Dec. 31, 2024

SUPPLEMENTAL DATA - CASH FLOW

SUPPLEMENTAL DATA - CASH FLOW

NOTE 3. SUPPLEMENTAL DATA – CASH FLOW

The following table presents certain supplemental cash flow and other non-cash data. See Note 8 for supplemental cash flow and non-cash data related to leases.


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Supplemental disclosure of cash flow information:
Cash paid for interest, (including capitalized interest)	$	97,306	$	98,642	$	100,295
Cash received for interest		32,260		80,805		20,498
Cash paid for income taxes, net of refunds (1)		202,993		4,902		12,538
Capitalized interest		—		10,115		8,712
Accrued capital expenditures		4,992		15,439		5,998

(1)	Our cash paid for income taxes, net of refunds, includes approximately $196 million of income taxes paid to our parent Company, EchoStar which is included in “Other current liabilities” as of December 31, 2023.

EchoStar Exchange Offer

On March 4, 2024, EchoStar commenced a tender offer to eligible employees (which excludes EchoStar’s co-founders and the non-executive/non-employee members of EchoStar’s Board of Directors) to exchange eligible stock options (which excludes the Ergen 2020 Performance Award) for new options as detailed in EchoStar’s Schedule TO Tender Offer Statement filed March 4, 2024 with the Securities and Exchange Commission (the “Exchange Offer”), to, among other things, further align employee incentives with the current market. The Exchange Offer expired on April 1, 2024 and EchoStar accepted for exchange 4 million stock options of employees of the Company. As a result of the Exchange Offer, the exercise price of approximately 3 million new stock options, affecting approximately 400 eligible employees of the Company, was adjusted to $14.04. The total incremental non-cash stock-based compensation expense resulting from the Exchange Offer was $3 million, which will be recognized over the remaining vesting period of the applicable options.

Capitalized Software Costs

The following tables present the activity related to our capitalized software cost which is included in “Other noncurrent assets, net” on our Consolidated Balance Sheets:


	As of December 31,
	2024		2023

	(In thousands)
Net carrying amount of externally marketed software	$	109,103	$	117,163
Externally marketed software under development and not yet placed into service	$	19,275	$	26,059


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Capitalized costs related to development of externally marketed software	$	24,945	$	30,164	$	23,105
Amortization expense relating to externally marketed software	$	32,792	$	29,370	$	30,965
Weighted-average useful life (in years)		3.2

SUPPLEMENTAL DATA - CASH FLOW - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions		12 Months Ended
	Mar. 04, 2024 USD ($) employee $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 01, 2024 shares
Options accepted for exchange (in shares) \| shares					4
New stock options issued (in shares) \| shares	3
Number of eligible employees \| employee	400
Exercise price (usd per share) \| $ / shares	$ 14.04
Non-cash, stock-based compensation	$ 3,000	$ 3,694	$ 4,207	$ 4,318
Weighted Average Member
Weighted-average useful life (in years)		3 years 2 months 12 days
Other Noncurrent Assets Member
Capitalized costs related to development of externally marketed software		$ 24,945	30,164	23,105
Amortization expense relating to externally marketed software		32,792	29,370	$ 30,965
Other Noncurrent Assets Member
Net carrying amount of externally marketed software		109,103	117,163
Externally marketed software under development and not yet placed into service		$ 19,275	$ 26,059

INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation [Line Items]
Valuation allowance	$ (193,118)	$ (209,411)
Research and development credit carryforwards	5,000
Income (loss) before income taxes	(252,263)	(432,312)	$ 193,351
Continuing operations before income taxes	57,000
Undistributed earnings of foreign subsidiaries	0
Unrecognized tax benefits if recognized, could affect our effective tax rate	16,000	$ 10,000	$ 7,000
Federal
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	0
Foreign
Effective Income Tax Rate Reconciliation [Line Items]
Operating loss carryforwards	452,000
Valuation allowance	$ (142,000)

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS - Future Amortization & Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024
Estimated future amortization intangibles
Noncash impairement charge of goodwill	$ 533,000
Goodwill	$ 0	$ 0
Other intangible assets
Estimated future amortization intangibles
2025		2,256
2026		2,256
2027		1,496
2028		1,485
2029		1,485
Thereafter		2,104
Total		11,082
Regulatory authorizations
Estimated future amortization intangibles
2025		480
2026		482
2027		482
2028		482
2029		482
Thereafter		2,290
Total		$ 4,698

INVENTORY

12 Months Ended

Dec. 31, 2024

INVENTORY

INVENTORY

NOTE 6. INVENTORY

The following table presents the components of inventory:


	As of December 31,
	2024		2023

	(In thousands)
Raw materials	$	30,594	$	32,492
Work-in-process		30,302		32,832
Finished goods		90,147		101,912
Total inventory	$	151,043	$	167,236

Not

OTHER COMPREHENSIVE INCOME (LOSS) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning balance	$ 1,611,458
Other comprehensive income (loss)	(38,319)	$ 17,693	$ 3,197
Ending balance	338,430	1,611,458
Total
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning balance	(152,491)	(170,184)
Foreign currency translation adjustments	(38,294)	17,644
Other comprehensive income (loss) before reclassifications	182	(198)
Amounts reclassified to net income (loss)	(207)	247
Other comprehensive income (loss)	(38,319)	17,693
Ending balance	(190,810)	(152,491)	(170,184)
Foreign Currency Translation Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning balance	(152,568)	(170,114)
Foreign currency translation adjustments	(38,294)	17,546
Other comprehensive income (loss)	(38,294)	17,546
Ending balance	(190,862)	(152,568)	(170,114)
Unrealized/ Recognized Gains (Losses)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning balance	77	28
Other comprehensive income (loss) before reclassifications	182	(198)
Amounts reclassified to net income (loss)	(207)	247
Other comprehensive income (loss)	(25)	49
Ending balance	$ 52	77	28
Other
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning balance		(98)
Foreign currency translation adjustments		98
Other comprehensive income (loss)		$ 98
Ending balance			$ (98)

RELATED PARTY TRANSACTIONS - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Broadband Connectivity Solutions
RELATED PARTY TRANSACTIONS
Related party receivables - Echostar - current	$ 2,572	$ 3,333
Deluxe/EchoStar LLC
RELATED PARTY TRANSACTIONS
Related party receivables - Echostar - current	$ 992	$ 1,247

REVENUE RECOGNITION - Schedule of Components of Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Trade accounts receivable and contract assets, net:
Contract assets	$ 108,007	$ 66,095
Contract liabilities:
Current	81,558	116,187
Noncurrent	1,068	7,401
Total contract liabilities	82,626	$ 123,588
Revenue recognized	$ 101,000

LONG-TERM DEBT AND OTHER NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2024

LONG-TERM DEBT AND OTHER NOTES PAYABLE

Schedule of carrying amount and fair value of debt


	As of December 31,
	2024				2023
		Carrying		Fair		Carrying		Fair
		Amount		Value		Amount		Value

	(In thousands)
5 1/4% Senior Secured Notes due 2026	$	750,000	$	686,475	$	750,000	$	665,678
6 5/8% Senior Notes due 2026		750,000		595,725		750,000		591,525
Other notes payable		44,774		44,774		46,594		46,594
Subtotal		1,544,774	$	1,326,974		1,546,594		1,303,797
Unamortized deferred financing costs and other debt discounts, net		(1,509)				(2,391)
Total		1,543,265				1,544,203
Less: current portion		(9,548)				(5,225)
Long-term debt and other notes payable, net of current portion	$	1,533,717			$	1,538,978

Schedule of interest on long-term debt


		Annual
	Semi-Annual	Debt Service
	Payment Dates	Requirements
		(In thousands)
5 1/4% Senior Secured Notes due 2026	February 1 and August 1	$	39,375
6 5/8% Senior Notes due 2026	February 1 and August 1	$	49,688

LONG-TERM DEBT AND OTHER NOTES PAYABLE - Narrative (Details) $ in Millions	Jul. 27, 2016 USD ($)
Senior Secured Notes \| 5 1/4% Senior Secured Notes due 2026
LONG-TERM DEBT AND OTHER NOTES PAYABLE
Purchase price due to change of control, as percentage of aggregate principal amount	101.00%
Senior Unsecured Notes \| 6 5/8% Senior Unsecured Notes due 2026
LONG-TERM DEBT AND OTHER NOTES PAYABLE
Aggregate principal amount	$ 750.0
Purchase price due to change of control, as percentage of aggregate principal amount	101.00%
Subsidiaries \| Senior Secured Notes \| 5 1/4% Senior Secured Notes due 2026
LONG-TERM DEBT AND OTHER NOTES PAYABLE
Aggregate principal amount	$ 750.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Stockholder's Equity (Deficit):
Trade accounts receivable and contract assets, allowance for credit losses	$ 11,314	$ 20,399
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	1,078	1,078
Common stock, shares outstanding (in shares)	1,078	1,078

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS

Schedule of property and equipment, net

Property and equipment consisted of the following:


					As of December 31,
	Depreciable Life				2024		2023
	(In years)				(In thousands)
Equipment leased to customers		2	-	4	$	865,003	$	883,565
Satellites (1)		5	-	15		1,210,437		1,506,541
Satellites acquired under finance lease agreements (2)			15			344,972		368,384
Furniture, fixtures, equipment and other		1	-	12		682,614		683,246
Software and computer equipment		1	-	5		300,255		293,908
Buildings and improvements		1	-	30		129,779		115,354
Land			-			13,460		13,547
Construction in progress			-			7,980		28,217
Total property and equipment						3,554,500		3,892,762
Accumulated depreciation						(2,457,310)		(2,642,688)
Property and equipment, net					$	1,097,190	$	1,250,074

(1)	The Spaceway 3 satellite was deorbited in January 2024

(2)	The change in value of our satellites acquired under finance lease agreements is due to fluctuations in foreign currency exchange rates

Depreciation and amortization expense consisted of the following:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Equipment leased to customers	$	114,143	$	168,656	$	221,645
Satellites		105,139		105,717		99,865
Buildings, furniture, fixtures, equipment and other		83,683		53,445		47,391
Software and computer equipment		25,963		28,359		28,074
Intangible assets and other amortization expense		36,974		33,455		34,090
Total depreciation and amortization	$	365,902	$	389,632	$	431,065

Schedule of satellites

As of December 31, 2024, our satellite fleet in service consisted of the following:


		Degree Orbital	Lease
		Location	Termination
Satellites	Launch Date	(Longitude)	Date
Owned:
EchoStar XVII	July 2012	107 W	N/A
EchoStar XIX	December 2016	97.1 W	N/A
Al Yah 3 ("AY3")	January 2018	20 W	N/A
EchoStar IX	August 2003	121 W	N/A

Finance leases:
Eutelsat 65 West A	March 2016	65 W	July 2031
Telesat T19V	July 2018	63 W	August 2033
EchoStar 105/SES‑11	October 2017	105 W	November 2029

Operating leases:
EchoStar XXIV	July 2023	95.2 W	December 2030

Schedule of capitalized interest, satellites

The following table presents capitalized interest associated with our satellites and satellite-related ground infrastructure:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Capitalized interest	$	—	$	10,115	$	8,712

Schedule of amortization and non-amortizing intangibles

As of December 31, 2024 and 2023, our identifiable intangibles, including intangibles subject to amortization and non-amortizing intangibles, consisted of the following:


	As of December 31,
	2024				2023
	Intangible Assets		Accumulated Amortization		Intangible Assets		Accumulated Amortization

	(In thousands)
Customer relationships	$	274,155	$	(272,602)	$	274,260	$	(271,873)
Patents		51,400		(51,400)		51,400		(51,400)
Trademarks and licenses		29,700		(20,171)		29,700		(18,686)
Total	$	355,255	$	(344,173)	$	355,360	$	(341,959)

Schedule of excluding non-amortizing intangibles and regulatory authorizations

Estimated future amortization of our identifiable intangible assets as of December 31, 2024, excluding non-amortizing intangibles, is as follows:


For the Years Ending December 31,		Total
		(In thousands)
2025	$	2,256
2026		2,256
2027		1,496
2028		1,485
2029		1,485
Thereafter		2,104
Total	$	11,082

Estimated future amortization of our Regulatory Authorizations as of December, 31, 2024 is as follows:


For the Years Ending December 31,		Total
		(In thousands)
2025	$	480
2026		482
2027		482
2028		482
2029		482
Thereafter		2,290
Total	$	4,698

Schedule of regulatory authorizations with indefinite and finite lives

As of December 31, 2024 and 2023, our Regulatory Authorizations with indefinite lives consisted of the following:


	As of December 31,
	2024		2023

	(In thousands)
95 W	$	200,000	$	200,000
107 W		200,000		200,000
Total	$	400,000	$	400,000

As of December 31, 2024 and 2023, our Regulatory Authorizations with finite lives consisted of the following:


	As of December 31,
	2024				2023
	Finite Lived Assets		Accumulated Amortization		Finite Lived Assets		Accumulated Amortization

	(In thousands)
Total	$	10,295	$	(5,597)	$	12,754	$	(4,935)

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 12. COMMITMENTS AND CONTINGENCIES

Commitments

The following table summarizes our contractual obligations as of December 31, 2024:


	Payments Due in the Years Ending December 31,
	Total		2025		2026		2027		2028		2029		Thereafter

	(In thousands)
Long-term debt obligations (1)	$	1,544,774	$	9,548	$	1,507,524	$	8,735	$	2,795	$	3,219	$	12,953
Interest expense on long-term debt		189,069		92,057		91,473		1,699		1,164		995		1,681
Satellite-related commitments (2)		43,369		15,498		7,927		4,583		3,250		2,942		9,169
Operating lease obligations (3)		1,300,520		173,314		216,059		214,735		212,812		211,947		271,653
Total (4)(5)	$	3,077,732	$	290,417	$	1,822,983	$	229,752	$	220,021	$	219,103	$	295,456

(1)	Assumes all long-term debt is outstanding until scheduled maturity.

(2)	Includes payments pursuant to: i) regulatory authorizations, ii) non-lease costs associated with our finance lease satellites, and iii) commitments for satellite service arrangements.

(3)	Operating leases consist primarily of leases for the EchoStar XXIV satellite, office space, data centers and satellite-related ground infrastructure.

(4)	The table excludes amounts related to deferred tax liabilities, unrecognized tax positions and certain other amounts recorded in our noncurrent liabilities as the timing of any payments is uncertain.

(5)	The table excludes long-term deferred revenue and other long-term liabilities that do not require future cash payments.

In certain circumstances, the dates on which we are obligated to make these payments could be delayed.

Contingencies

Patents and Intellectual Property

Many entities, including some of our competitors, have, or may in the future, obtain patents and other intellectual property rights that cover or affect products or services that we offer or that we may offer in the future. We may not be aware of all intellectual property rights that our products or services may potentially infringe. Damages in patent infringement cases can be substantial, and in certain circumstances can be trebled. Further, we cannot estimate the extent to which we may be required in the future to obtain licenses with respect to patents held by others and the availability and cost of any such licenses. Various parties have asserted patent and other intellectual property rights with respect to components of our products and services. We cannot be certain that these persons do not own the rights they claim, that our products do not infringe on these rights, and/or that these rights are not valid. Further, we cannot be certain that we would be able to obtain licenses from these

persons on commercially reasonable terms or, if we were unable to obtain such licenses, that we would be able to redesign our products to avoid infringement.

Litigation

We are involved in a number of legal proceedings (including those described below) concerning matters arising in connection with the conduct of our business activities. Many of these proceedings are at preliminary stages, and many of these proceedings seek an indeterminate amount of damages. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or an additional loss may have been incurred and to determine if accruals are appropriate. If accruals are not appropriate, we further evaluate each legal proceeding to assess whether an estimate of the possible loss or range of possible loss can be made.

For certain cases described on the following pages, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, (i) the proceedings are in various stages; (ii) damages have not been sought; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories to be presented or a large number of parties. For these cases, however, management does not believe, based on currently available information, that the outcomes of these proceedings will have a material adverse effect on our financial condition, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

License Fee Dispute with Government of India, Department of Telecommunications

In 1994, the Government of India promulgated a “National Telecommunications Policy” under which the government liberalized the telecommunications sector and required telecommunications service providers to pay fixed license fees. Pursuant to this policy, our subsidiary Hughes Communications India Private Limited (“HCIPL”), formerly known as Hughes Escorts Communications Limited, obtained a license to operate a data network over satellite using VSAT systems. In 2002, HCIPL’s license was amended pursuant to a 1999 government policy that eliminated fixed license fees and replaced them with license fees based on service providers’ adjusted gross revenue (“AGR”). In March 2005, the Indian Department of Telecommunications (“DOT”) notified HCIPL that, based on its review of HCIPL’s audited accounts and AGR statements, HCIPL must pay additional license fees and penalties and interest on such fees and penalties. HCIPL responded that the DOT had improperly calculated its AGR by including revenue from both licensed and unlicensed activities.

The DOT rejected this explanation and in 2006, HCIPL filed a petition with an administrative tribunal (the “Tribunal”), challenging the DOT’s calculation of its AGR. The DOT also issued license fee assessments to other telecommunications service providers and those other providers filed similar petitions with the Tribunal. These petitions were amended, consolidated, remanded and re-appealed several times. On April 23, 2015, the Tribunal issued a judgment affirming the DOT’s calculation of AGR for the telecommunications service providers but reversing the DOT’s imposition of interest, penalties and interest on such penalties as excessive.

Over subsequent years, the DOT and HCIPL and other telecommunications service providers, respectively, filed several appeals of the Tribunal’s ruling. On October 24, 2019, the Supreme Court of India (“Supreme Court”) issued an order (the “October 2019 Order”) affirming the license fee assessments imposed by the DOT, including its imposition of interest, penalties and interest on the penalties, but without indicating the amount HCIPL was required to pay the DOT, and ordering payment by January 23, 2020. On November 23, 2019, HCIPL and other telecommunication service providers filed a petition asking the Supreme Court to reconsider the October 2019 Order.

The petition was denied on January 20, 2020. On January 22, 2020, HCIPL and other telecommunication service providers filed an application requesting that the Supreme Court modify the October 2019 Order to permit the DOT to calculate the final amount due and extend HCIPL’s and the other telecommunication service providers’ payment deadline. On February 14, 2020, the Supreme Court directed HCIPL and the other telecommunication service providers to explain why the Supreme Court should not initiate contempt proceedings for failure to pay the amounts due.

During a hearing on March 18, 2020, the Supreme Court ordered that all amounts that were due before the October 2019 Order must be paid, including interest, penalties and interest on the penalties. The Supreme Court also ordered that the parties appear for a further hearing addressing, among other things, a proposal by the DOT to allow for extended or deferred payments of amounts due. On June 11, 2020, the Supreme Court ordered HCIPL and the other telecommunication service providers to submit affidavits addressing the proposal made by the DOT to extend the time frame for payment of the amounts owed and for HCIPL and the other telecommunication providers to provide security for such payments.

On September 1, 2020, the Supreme Court issued a judgment permitting a 10-year payment schedule. Under this payment schedule, HCIPL is required to make an annual payment every March 31, through 2031. Following the Supreme Court of India’s October 2019 judgment, HCIPL made payments during the first quarter of 2020, and additional payments on each March 31 thereafter. As of December 31, 2024, the gross amount of fees, penalties and interest owed was approximately $91 million with $54 million remaining outstanding as a result of historical payments.

Pursuant to the Contribution and Membership Interest Purchase Agreement (the “Purchase Agreement”) dated December 3, 2004 between The DirecTV Group, Inc. (“DirecTV”) and certain other entities relating to DirecTV’s spinoff of certain of its subsidiaries, including HCIPL, DirecTV undertook to indemnify HCIPL for certain pre-closing tax liabilities. On March 27, 2020, HCIPL filed an indemnification complaint against DirecTV in the United States District Court for the Southern District of New York, seeking to recover certain license fees, penalties and interest owed to the Indian government as a result of the aforementioned proceedings. On November 16, 2021, the New York court granted summary judgment in favor of DirecTV, but on June 22, 2023, the United States Court of Appeals for the Second Circuit reversed, holding that, under the Purchase Agreement, HCIPL is entitled to indemnification from DirecTV. The Second Circuit remanded the case back to the trial court to determine the amount of indemnification owed. The parties reached a conditional agreement to settle the matter, but the conditions were not met, so the stay entered on October 3, 2024 was lifted on November 22, 2024.

The following table presents the components of the accrual:


	As of December 31,
	2024		2023

	(In thousands)
Additional license fees	$	3,314	$	3,405
Penalties		3,402		3,495
Interest on license fees and penalties		84,643		82,627
Less: Payments		(36,929)		(27,807)
Total accrual		54,430		61,720
Less: Current portion (1)		9,860		10,130
Total long-term accrual (2)	$	44,570	$	51,590

(1)	The current portion of the accrual is included in “Accrued expenses” on our Consolidated Balance Sheets

(2)	The long-term portion of the accrual is included in “Other noncurrent liabilities” on our Consolidated Balance Sheets

Any eventual payments made with respect to the ultimate outcome of this matter may be different from our accrual and such differences could be significant.

Hughes Telecomunicações do Brasil v. State of São Paulo Treasury Department of São Paulo Treasury Department

On December 12, 2019, Hughes Telecomunicações do Brasil (“HTB”) filed a tax annulment claim in the Judicial Court of São Paulo, claiming that a tax assessment from the State Treasury of São Paulo, for the period from January 2013 to December 2014, was based on an erroneous interpretation of an exemption to the ICMS (a state tax on, among other things, communications).

In June 2022, a judicial expert determined that HTB’s interpretation of the exemption was correct. Nonetheless, in July 2023, the Court entered judgment against HTB, and in October 2023, rejected HTB’s request for clarification. In November 2023, HTB filed an appeal to the Court of Justice, but on February 25, 2025, the Court of Justice ruled against HTB.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit.

Other

In addition to the above actions, we are subject to various other legal proceedings and claims that arise in the ordinary course of business. In our opinion, the amount of ultimate liability with respect to any of these actions is unlikely to materially affect our financial condition, results of operations or liquidity, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2024

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

NOTE 11. EMPLOYEE BENEFIT PLANS

Employee Stock Purchase Plan

Our employees may participate in the EchoStar employee stock purchase plan (the “ESPP”), in which EchoStar is authorized to issue up to 8.0 million shares of its Class A common stock. At December 31, 2024, EchoStar had 3.4 million shares of Class A common stock which remain available for issuance under the ESPP. Substantially all full-time employees who have been employed by us for at least one calendar quarter are eligible to participate in the ESPP. Employee stock purchases are made through payroll deductions. Under the terms of the ESPP, employees may not deduct an amount which would permit such employee to purchase our capital stock under all of our stock purchase plans at a rate which would exceed $25,000 in fair value of capital stock in any one year. The purchase price of the stock is 85% of the closing price of the Class A common stock on the last business day of each calendar quarter in which such shares of Class A common stock are deemed sold to an employee under the ESPP and such shares must be help for a minimum of 180 days from the purchase date.

401(k) Employee Savings Plans

EchoStar sponsors a 401(k) Employee Savings Plan (the “EchoStar 401(k) Plan”) for eligible employees. Voluntary employee contributions to the EchoStar 401(k) plan may be matched 50% by EchoStar, subject to a maximum annual contribution of $7,500 per employee participating in the EchoStar 401(k) Plan. Forfeitures of unvested participant balances which are retained by the 401(k) Plan may be used to fund matching and discretionary contributions. Our Board of Directors may also authorize an annual discretionary contribution to the 401(k) plan, subject to the maximum deductible limit provided by the Internal Revenue Code of 1986, as amended. These contributions may be made in cash or in our stock.

The following table summarizes the expense associated with our matching contributions and discretionary contributions:


	For the Years Ended December 31,
Expense Recognized Related to the EchoStar 401(k) Plan	2024		2023		2022

	(In thousands)
Matching contributions, net of forfeitures	$	5,534	$	5,847	$	5,475
Discretionary stock contributions, net of forfeitures (1)	$	(2,415)	$	5,491	$	7,042

(1)	The amount accrued in 2023 was not paid in 2024, therefore the accrual was reversed.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Available-for-sale debt securities:
Total marketable investment securities		$ 417,743,000
Restricted cash and cash equivalents	$ 1,615,000	1,118,000
Other investments, net:
Equity method investments	12,238,000	42,859,000
Cost method investments	11,278	11,278,000
Total other investments	23,516,000	54,137,000
Total marketable investment securities, restricted cash and cash equivalents, and other investments	$ 25,131,000	472,998,000
Corporate bonds
Available-for-sale debt securities:
Total marketable investment securities		91,548,000
Commercial paper
Available-for-sale debt securities:
Total marketable investment securities		282,898,000
Other debt securities
Available-for-sale debt securities:
Total marketable investment securities		$ 43,297,000

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

Schedule of marketable investment securities


	As of December 31,
	2024		2023

	(In thousands)
Marketable investment securities:
Current marketable investment securities:
Corporate bonds	$	—	$	91,548
Commercial paper		—		282,898
Other debt securities		—		43,297
Total current marketable investment securities (1)		—		417,743

Restricted cash and cash equivalents (2)		1,615		1,118

Other investments
Equity method investments (3)		12,238		42,859
Cost method investments		11,278		11,278
Total other investments		23,516		54,137

Total marketable investment securities, restricted cash and cash equivalents, and other investments	$	25,131	$	472,998

(1)	During the year ended December 31, 2024, we liquidated our marketable investment securities portfolio to make cash distributions to our parent.

(2)	Restricted cash and cash equivalents are included in “Other current assets” on our Consolidated Balance Sheets.

(3)	The decrease in equity method investments primarily results from distributions from our Broadband Connectivity Solutions (Restricted) Limited Investment, discussed below.

Schedule of fair value on a recurring basis


	As of December 31,
	2024						00	2023
	Total		Level 1		Level 2			Total		Level 1		Level 2

	(In thousands)
Cash equivalents (including restricted)	$	88,789	$	204	$	88,585		$	1,176,356	$	177,009	$	999,347

Available-for-sale debt securities:
Corporate bonds	$	—	$	—	$	—		$	91,548	$	—	$	91,548
Commercial paper		—		—		—			282,898		—		282,898
Other debt securities		—		—		—			43,297		38,799		4,498
Total	$	—	$	—	$	—		$	417,743	$	38,799	$	378,944

Schedule of gains and losses on sales and changes in carrying amounts of investments and other


	For the Years Ended December 31,
Other, net:	2024		2023		2022

	(In thousands)
Marketable and non-marketable investment securities - realized and unrealized gains (losses)	$	204	$	245	$	245
Equity in earnings (losses) of unconsolidated affiliates		(5,121)		(4,264)		(5,703)
Foreign currency transaction gains (losses)		(3,901)		5,711		6,016
Other-than temporary impairment losses on equity method investments		—		(33,400)		—
Other		(206)		(1,090)		(85)
Total	$	(9,024)	$	(32,798)	$	473

INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES - Components of Income Tax Benefit (Provision), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current benefit (provision):
Federal	$ (22,075)	$ (64,692)	$ (83,594)
State	2,363	(12,736)	(15,430)
Foreign	(6,901)	(5,395)	(4,292)
Total current benefit (provision)	(26,613)	(82,823)	(103,316)
Deferred benefit (provision):
Federal	49,802	25,322	37,714
State	11,470	10,065	8,186
Foreign	(506)	1,310	2,975
Total deferred benefit (provision)	60,766	36,697	48,875
Income tax (provision) benefit, net	$ 34,153	$ (46,126)	$ (54,441)

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2024

SEGMENT REPORTING

SEGMENT REPORTING

NOTE 13. SEGMENT REPORTING

Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer. “OIBDA,” defined as “Operating income (loss)” plus “Depreciation and amortization,” is the primary measure used by our CODM to evaluate segment operating performance. The CODM regularly reviews budget-to-actual variances of OIBDA when evaluating segment performance and allocating resources to each segment. The CODM is not regularly provided assets in evaluating the results of our Hughes segment; therefore, such information is not presented.

Historically, we reported two primary business segments: (1) Hughes; and (2) EchoStar Satellite Services. However, based on the information provided to the CODM and to align with management’s view of the business, we concluded that the EchoStar Satellite Services and Hughes segments should be combined to a single segment, the “Hughes” segment.


	For the Years Ended December 31,
Hughes	2024		2023		2022

	(In thousands)
Revenue
Revenue from external customers:
Service revenue	$	1,210,840	$	1,448,489	$	1,629,194
Equipment sales and other revenue		349,533		299,367		374,149
Total Revenue		1,560,373		1,747,856		2,003,343

Operating Expenses
Cost of services:
Connectivity services (1)		370,473		178,295		180,033
Other (2)		310,548		362,650		382,816
Total cost of services		681,021		540,945		562,849

Cost of services - equipment and other		307,742		239,336		292,290
Selling, general and administrative expenses:
Subscriber acquisition costs		181,657		223,508		251,376
General and administrative expenses		193,881		216,476		211,311
Total selling, general and administrative expenses		375,538		439,984		462,687
Impairment of long-lived assets and goodwill		—		532,940		—

OIBDA (3)		196,072		(5,349)		685,517

Depreciation and amortization		365,902		389,632		431,065
Total costs and expenses		1,730,203		2,142,837		1,748,891

Operating income (loss)	$	(169,830)	$	(394,981)	$	254,452

Unallocated Amounts
Interest income		25,393		85,036		30,812
Interest expense, net of amounts capitalized		(98,802)		(89,569)		(92,386)
Other, net		(9,024)		(32,798)		473
Total other income (expense)		(82,433)		(37,331)		(61,101)

Income (loss) before income taxes		(252,263)		(432,312)		193,351
Income tax (provision) benefit, net		34,153		(46,126)		(54,441)
Net income (loss)	$	(218,110)	$	(478,438)	$	138,910

Purchases of property and equipment, net of refunds	$	205,330	$	190,129	$	239,403

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, network, transport and data, cloud-based service, satellite and transmission and other related costs.

(2)	“Other” primarily consists of variable costs including call center, manufacturing, dealer incentive, bad debt, billing and other variable costs, as well as costs to retain our subscribers.

(3)

Geographic Information. Revenue is attributed to geographic regions based upon the customer billing location. Long-lived assets are associated with the geographic regions based upon the location where the asset resides. Geographic regions consist of: (i) North America, including the U.S. and its territories, Mexico, and Canada; (ii) South and Central America; (iii) Other, including Asia, Africa, Australia, Europe, India and the Middle East.

Revenue is attributed to geographic markets based upon the billing location of the customer. The following tables present our revenue from customer contracts disaggregated by primary geographic market:


	For the Years Ended December 31,
Revenue:	2024		2023		2022

	(In thousands)
North America	$	1,239,679	$	1,398,123	$	1,595,906
South and Central America		147,694		159,520		171,318
Other		173,000		190,213		236,119
Total revenue		1,560,373		1,747,856		2,003,343

The following table summarizes long-lived assets by geographic region:


	As of December 31,
Long-lived assets:	2024		2023

	(In thousands)
North America	$	2,342,387	$	2,517,036
South and Central America		74,365		149,472
Other		25,032		22,687
Total long-lived assets	$	2,441,784	$	2,689,195

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2024

Deluxe/EchoStar LLC

RELATED PARTY TRANSACTIONS

Schedule of transactions


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Revenue from Deluxe	$	6,002	$	5,794	$	5,334


	As of December 31,
	2024		2023

	(In thousands)
Trade accounts receivable from Deluxe	$	992	$	1,247

Broadband Connectivity Solutions

RELATED PARTY TRANSACTIONS

Schedule of transactions


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Revenue from BCS	$	3,329	$	3,426	$	7,933

Hughes Systique

RELATED PARTY TRANSACTIONS

Schedule of other investment transactions



	For the Years Ended December 31,
	2024		2023

	(In thousands)
Purchases from Hughes Systique	$	17,528	$	19,597

EchoStar

RELATED PARTY TRANSACTIONS

Schedule of related party transactions


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Service and other revenue — EchoStar	$	4,559	$	4,548	$	17,623
Operating and other expenses — EchoStar (1)	$	271,824	$	96,239	$	75,462

(1)	This table includes lease costs associated with the EchoStar XXIV lease. Refer to Note 8 for further details on the EchoStar XXIV operating lease costs.



	As of December 31,
	2024		2023

	(In thousands)
Related party receivables - EchoStar - current	$	10,451	$	—
Related party receivables - EchoStar - noncurrent		83,228		61,283
Total related party receivables - EchoStar	$	93,679	$	61,283

Related party payables - EchoStar - current, net		26,004		195,558
Related party payables - EchoStar - noncurrent		26,143		26,453
Total related party payables - EchoStar	$	52,147	$	222,011
Operating lease liabilities - EchoStar - current		55,869		138,694
Operating lease liabilities - EchoStar - noncurrent		695,225		755,379
Total operating lease liabilities - EchoStar	$	751,094	$	894,073

DISH Network

RELATED PARTY TRANSACTIONS

Schedule of related party transactions



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Service and other revenue - DISH Network	$	9,636	$	12,570	$	17,832
Operating and other expenses - DISH Network	$	9,362	$	4,366	$	4,545


	As of December 31,
	2024		2023

	(In thousands)
Trade accounts receivable - DISH Network	$	12,292	$	5,038
Trade accounts payable - DISH Network	$	15,094	$	1,847

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS

NOTE 7. PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS

Property and Equipment

Property and equipment consisted of the following:


					As of December 31,
	Depreciable Life				2024		2023
	(In years)				(In thousands)
Equipment leased to customers		2	-	4	$	865,003	$	883,565
Satellites (1)		5	-	15		1,210,437		1,506,541
Satellites acquired under finance lease agreements (2)			15			344,972		368,384
Furniture, fixtures, equipment and other		1	-	12		682,614		683,246
Software and computer equipment		1	-	5		300,255		293,908
Buildings and improvements		1	-	30		129,779		115,354
Land			-			13,460		13,547
Construction in progress			-			7,980		28,217
Total property and equipment						3,554,500		3,892,762
Accumulated depreciation						(2,457,310)		(2,642,688)
Property and equipment, net					$	1,097,190	$	1,250,074

(1)	The Spaceway 3 satellite was deorbited in January 2024

(2)	The change in value of our satellites acquired under finance lease agreements is due to fluctuations in foreign currency exchange rates

Depreciation and amortization expense consisted of the following:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Equipment leased to customers	$	114,143	$	168,656	$	221,645
Satellites		105,139		105,717		99,865
Buildings, furniture, fixtures, equipment and other		83,683		53,445		47,391
Software and computer equipment		25,963		28,359		28,074
Intangible assets and other amortization expense		36,974		33,455		34,090
Total depreciation and amortization	$	365,902	$	389,632	$	431,065

Satellites

As of December 31, 2024, our satellite fleet consisted of eight satellites in geosynchronous orbit, approximately 22,300 miles above the equator, four of which we own and depreciate over their estimated useful life. We also lease four satellites, three of which are accounted for as finance leases and are depreciated over their economic life and one of which we lease from an affiliate which is accounted for as an operating lease.

As of December 31, 2024, our satellite fleet in service consisted of the following:


		Degree Orbital	Lease
		Location	Termination
Satellites	Launch Date	(Longitude)	Date
Owned:
EchoStar XVII	July 2012	107 W	N/A
EchoStar XIX	December 2016	97.1 W	N/A
Al Yah 3 ("AY3")	January 2018	20 W	N/A
EchoStar IX	August 2003	121 W	N/A

Finance leases:
Eutelsat 65 West A	March 2016	65 W	July 2031
Telesat T19V	July 2018	63 W	August 2033
EchoStar 105/SES‑11	October 2017	105 W	November 2029

Operating leases:
EchoStar XXIV	July 2023	95.2 W	December 2030

In addition to the satellites listed above, during 2025 we have launched and will launch certain satellites in connection with additional business opportunities.

The following table presents capitalized interest associated with our satellites and satellite-related ground infrastructure:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Capitalized interest	$	—	$	10,115	$	8,712

Satellite-Related Commitments

As of December 31, 2024 and December 31, 2023 our satellite-related commitments, excluding in-orbit incentives, were $43 million and $193 million, respectively. These include payments pursuant to regulatory authorizations, non-lease costs associated with our finance lease satellites, and commitments for satellite service arrangements.

In certain circumstances, the dates on which we are obligated to pay our contractual obligations could change.

Satellite Anomalies and Impairments

Our satellites may experience anomalies from time to time, some of which may have a significant adverse effect on their remaining useful lives, the commercial operation of the satellites or our operating results or financial position.

There can be no assurance that future anomalies will not impact the remaining useful life and/or commercial operation of any of the owned and leased satellites in our fleet. See Note 2 for further information on evaluation of impairment. There can be no assurance that we can recover critical transmission capacity in the event one or more of our owned or leased in-orbit satellites were to fail. We are not aware of any anomalies with respect to our owned or leased satellites that have had any such significant adverse effect during the year ended December 31, 2024.

We generally do not carry commercial in-orbit insurance on any of the satellites that we own and therefore, we will bear the risk associated with any uninsured in-orbit satellite failures. Pursuant to the terms of our joint venture agreement with Al Yah Satellite Communications Company PrJSC (“Yahsat”) in Brazil in 2019, we are required to maintain insurance for the Al Yah 3 Brazilian payload during the commercial in-orbit service of such payload, subject to certain limitations on coverage. The insurance policies were procured by Yahsat, under which we and Yahsat are the beneficiaries of any claims in proportion to their shareholdings. An insurance claim was submitted in the second quarter of 2023 for compensation with respect to the reduction in estimated useful life of the Al Yah 3 satellite. As of December 31, 2024, we have yet to receive any compensation from the insurance claim. We will continue to assess circumstances going forward and make insurance-related decisions on a case-by-case basis.

Fair Value of In-Orbit Incentives

As of December 31, 2024 and December 31, 2023, the fair values of our in-orbit incentive obligations approximated their carrying amounts of $41 million and $46 million, respectively.

Intangible Assets

As of December 31, 2024 and 2023, our identifiable intangibles, including intangibles subject to amortization and non-amortizing intangibles, consisted of the following:


	As of December 31,
	2024				2023
	Intangible Assets		Accumulated Amortization		Intangible Assets		Accumulated Amortization

	(In thousands)
Customer relationships	$	274,155	$	(272,602)	$	274,260	$	(271,873)
Patents		51,400		(51,400)		51,400		(51,400)
Trademarks and licenses		29,700		(20,171)		29,700		(18,686)
Total	$	355,255	$	(344,173)	$	355,360	$	(341,959)

These identifiable intangibles are included in “Other intangible assets, net” on our Consolidated Balance Sheets. Amortization of these intangible assets is recorded on a straight-line basis over an average finite useful life primarily ranging from approximately 5 to 20 years. Amortization was $2 million, $2 million and $2 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Future Amortization

Estimated future amortization of our identifiable intangible assets as of December 31, 2024, excluding non-amortizing intangibles, is as follows:


For the Years Ending December 31,		Total
		(In thousands)
2025	$	2,256
2026		2,256
2027		1,496
2028		1,485
2029		1,485
Thereafter		2,104
Total	$	11,082

Goodwill

Goodwill represents the excess of the consideration transferred over the estimated fair values of assets acquired and liabilities assumed as of the acquisition date and is not subject to amortization but is subject to impairment testing annually or whenever indicators of impairment arise.

During the year ended December 31, 2023 we recorded a noncash impairment charge for goodwill of $533 million in “Impairment of long-lived assets and goodwill” on our Consolidated Statements of Operations. See Note 2 for further information. The non-recurring measurement of fair value of goodwill is classified as Level 3 in the fair value hierarchy. As of December 31, 2024 and 2023, we have zero goodwill recorded on our Consolidated Balance Sheets.

Regulatory Authorizations

As of December 31, 2024 and 2023, our Regulatory Authorizations with indefinite lives consisted of the following:


	As of December 31,
	2024		2023

	(In thousands)
95 W	$	200,000	$	200,000
107 W		200,000		200,000
Total	$	400,000	$	400,000

As of December 31, 2024 and 2023, our Regulatory Authorizations with finite lives consisted of the following:


	As of December 31,
	2024				2023
	Finite Lived Assets		Accumulated Amortization		Finite Lived Assets		Accumulated Amortization

	(In thousands)
Total	$	10,295	$	(5,597)	$	12,754	$	(4,935)

These identifiable intangibles are included in “Regulatory authorizations, net” on our Consolidated Balance Sheets. Amortization of these intangible assets is recorded on a straight-line basis over an average finite useful life of 11 years. Amortization was $2 million, $2 million and $1 million for the years ended December 31, 2024, 2023 and 2022 respectively. Foreign currency translation adjustments were gains of $1 million, losses of less than $1 million and losses of less than $1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Estimated future amortization of our Regulatory Authorizations as of December, 31, 2024 is as follows:


For the Years Ending December 31,		Total
		(In thousands)
2025	$	480
2026		482
2027		482
2028		482
2029		482
Thereafter		2,290
Total	$	4,698

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Basis of Presentation

The accompanying consolidated financial statements include all balances and results of operations of HSSC and our consolidated subsidiaries and are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). We consolidate all majority owned subsidiaries, investments in entities in which we have controlling influence and VIEs where we have been determined to be the primary beneficiary. Minority interests are recorded as noncontrolling interests or redeemable noncontrolling interests. Non-consolidated investments are accounted for using the equity method when we have the ability to significantly influence the operating decisions of the investee. When we do not have the ability to significantly influence the operating decisions of an investee, these equity securities are classified as either marketable investment securities or other investments, which will be initially recorded at cost, and based on observable market prices, will be adjusted to their fair value. We record fair value adjustments in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense for each reporting period. Estimates are based on historical experience, observable market inputs, and other reasonable assumptions in accounting for, among other things, allowances for credit losses, self-insurance obligations, deferred taxes and related valuation allowances, uncertain tax positions, loss contingencies, fair value of financial instruments, fair value of options granted under EchoStar’s stock based compensation plans, fair value of assets and liabilities acquired in business combinations, inputs or outputs used to recognize revenue over time, including amortization periods for deferred contract acquisition costs and relative standalone selling prices of performance obligations, finance leases, asset impairments, estimates of future cash flows used to evaluate and recognize impairments, useful lives of property, equipment and intangible assets, and incremental borrowing rate (“IBR”) on lease right of use assets, nonrefundable upfront fees, independent third-party retailer incentives and subscriber lives and likelihood of certain contingent events. Economic conditions may increase the inherent uncertainty in the estimates and assumptions indicated above. Actual results may differ from previously estimated amounts, and such differences may be material to our consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected prospectively in the period they occur.

Cash and Cash Equivalents

We consider all liquid investments purchased with a remaining maturity of 90 days or less at the date of acquisition to be cash equivalents. Cash equivalents as of December 31, 2024 and 2023 may consist of money market funds, government bonds, corporate notes and commercial paper. The amortized cost of these investments approximates their fair value.

Concentration of Credit Risk

Cash and cash equivalents are maintained with several financial institutions domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with investment-grade credit ratings. We routinely assess the financial strength of significant customers, and this assessment,

combined with the large number and geographical diversity of its customers, limits our concentration of risk with respect to receivables from contracts with customers.

During the year ended December 31, 2024 we wrote off the portion of the balance owed from a single significant customer which was not previously included in our allowance for credit losses to bad debt expense, which is a component of “Selling, general and administrative expenses” in the Consolidated Statements of Operations. As of December 31, 2024 our concentration of credit risk is approximately evenly spread across our portfolio.

Marketable Investment Securities

All equity securities are carried at fair value, with changes in fair value recognized in “Other, net” within “Other income (expense)” on our Consolidated Statements of Operations.

All debt securities are classified as available-for-sale and are recorded at fair value. We report the temporary unrealized gains and losses related to changes in market conditions of marketable debt securities as a separate component of “Accumulated other comprehensive income (loss)” within “Stockholder’s Equity (Deficit),” net of related deferred income tax on our Consolidated Balance Sheets. The changes in the fair value of marketable debt securities, which are determined to be company specific credit losses are recorded in “Other, net” within “Other Income (Expense)” on our Consolidated Statements of Operations.

We evaluate our debt investment portfolio to determine whether declines in the fair value of these securities are related to credit loss. Management estimates credit losses on marketable debt securities utilizing a credit loss impairment model on a quarterly basis. We estimate the expected credit losses, measured over the contractual life of marketable debt securities considering relevant issuer specific factors, including, but not limited to, a decrease in credit ratings or an entity’s ability to pay.

Receivables and Related Allowance for Credit Losses

General Accounts Receivable

Trade accounts receivable represent our unconditional rights to consideration arising from our performance under our customer contracts and are recorded at cost less an allowance for expected credit losses that are not expected to be recovered. We maintain allowances for credit losses resulting from the expected failure or inability of our customers to make required payments. We recognize the allowance for expected credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability. Management estimates credit losses on financial assets, including our trade accounts receivable, utilizing a current expected credit loss impairment model. We estimate the expected credit losses, measured over the contractual life of an asset considering relevant historical loss information, credit quality of the customer base, current economic conditions and forecasts of future economic conditions.

In determining the allowance for credit losses, management groups similar types of financial assets with consistent risk characteristics. Pools identified by management include, but are not limited to residential customers, commercial customers and enterprise customers. The risk characteristics of the financial asset portfolios are monitored by management and reviewed periodically. The forecasts for future economic conditions are based on several factors including, but not limited to, changes in the unemployment rate, external economic forecasts and current collection rates. Our estimates of the allowance for credit losses may not be indicative of our actual credit losses requiring additional charges to be incurred to reflect the actual amount collected. Past due trade accounts receivable balances are written off against our allowance for credit losses when our internal collection efforts have been unsuccessful.

Inventory

Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The cost of manufactured inventory includes the cost of materials, labor, freight-in, royalties and manufacturing overhead. Net realizable value is calculated as the estimated selling price less reasonable costs necessary to complete, sell, transport and dispose of the inventory. We record write downs for inventory for obsolete and slow moving items based on trends and experience. We enter into arrangements with distributors where physical delivery of a product to a distributor has occurred, but we maintain control of the product until such time it is sold to an end consumer. For these arrangements, we account for the products as consigned inventory.

Property and Equipment

Property and equipment, including capitalized expenditures related to our satellites, are stated at cost less depreciation and impairment losses, if any. Capitalized expenditures include the cost of long-lived assets, plus the cost to construct the asset such as labor and overhead directly benefiting the asset. Interest is capitalized when pre-construction activity commences and ends once the asset is ready for its intended purpose. Our equipment leased to customers is generally capitalized when they are installed in customers’ homes. We have certain assets acquired under finance leases. The recorded costs of those assets are the present values of all lease payments. We amortize our finance lease right of use (“ROU”) assets over their respective lease terms.

If a satellite were to fail while in-orbit, the resultant loss would be charged to expense in the period such loss was incurred. The amount of any such loss would be reduced to the extent of insurance proceeds estimated to be received, if any. Depreciation is recorded on a straight-line basis over useful lives ranging from one to 30 years. Repair and maintenance costs are charged to expense when incurred. Renewals and improvements that add value or extend the asset’s useful life are capitalized.

Internal Use Software

We capitalize certain costs related to developing or acquiring internal use software. Capitalization of software costs begins once the preliminary project stage is completed and we commit to funding the software project. Capitalizing ceases when the software project is ready for its intended use. Capitalized software costs are recorded in “Property and equipment, net” on our Consolidated Balance Sheets and are amortized over the estimated useful life of the software. Costs incurred during the preliminary project stage plus costs associated with training and maintenance are expensed as incurred.

Asset Retirement Obligation

We record an asset retirement obligation for the estimated fair value of legal obligations associated with the retirement of tangible long-lived assets and a corresponding increase in the carrying amount of the related asset in the period in which the obligation is incurred. In periods subsequent to initial measurement, we recognize changes in the liability resulting from the passage of time and revisions to either the timing or the amount of the original estimate. Over time, the liability is accreted to its present value and the capitalized cost is depreciated over the estimated useful life of the asset.

Other Investments

Equity Method Investments

We use the equity method to account for investments when we have the ability to exercise significant influence on the operating decisions of the affiliate. Such investments are initially recorded at cost and subsequently adjusted for our proportionate share of the net earnings or loss of the investee, which is reported in “Other, net” on our Consolidated Statements of Operations. The carrying amount of such investments includes a component of goodwill when the cost of our investment exceeds the fair value of the underlying identifiable assets and liabilities of the affiliate. Dividends received from these affiliates reduces the carrying amount of our investment.

Cost Method Investments

We generally measure investments in non-publicly traded equity instruments without a readily determinable fair value at cost adjusted for observable price changes in orderly transactions for the identical or similar securities of the same issuer and changes resulting from impairments, if any. Other equity instruments are measured to determine their value based on observable market information. When we adjust the carrying amount of an investment to its estimated fair value, the gain or loss is recorded in “Other, net” on our Consolidated Statements of Operations.

Other Debt Investments

We generally record our investments in non-publicly traded debt instruments without a readily determinable fair value at amortized cost. We recognize any discounts over the term of the loan in “Interest income” on the Consolidated Statements of Operations. In addition, from time to time, some of our debt instruments have interest income that is paid-in-kind, which is added to the principal balance to determine the then current interest income. When we adjust the carrying amount of an investment, the gain or loss is recorded in “Other, net” on our Consolidated Statements of Operations.

Impairment Considerations

We periodically evaluate all of our other investments to determine whether events or changes in circumstances have occurred that may have a significant adverse effect on the fair value of the investment. We consider information if provided to us by our investees such as current financial statements, business plans, investment documentation, capitalization tables, liquidation waterfalls, litigation updates and board materials; and we may make additional inquiries of investee management.

Indicators of impairment may include, but are not limited to, unprofitable operations, material loss contingencies, changes in business strategy, changes in market trends or market conditions, changes in the investees’ enterprise value, regulatory matters, and changes in the investees’ investment pricing. When we determine that one of our other investments is impaired, we reduce its carrying value to its estimated fair value and recognize the impairment loss in “Other, net” on our Consolidated Statements of Operations.

Impairment of Long-Lived Assets and Finite-Lived Intangible Assets

We review our long-lived assets and identifiable finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Intangible assets that have finite lives are amortized over their estimated useful lives. For assets which are held and used in operations, the asset would be impaired if the carrying amount of the asset (or asset group) exceeded its undiscounted future net cash flows. When an impairment is determined, the actual impairment recognized is the difference between the carrying amount and the fair value as estimated using one of the following

approaches: income, cost and/or market. In the event of an impairment, a loss is recorded in “Impairment of long-lived assets and goodwill” on our Consolidated Statements of Operations based on the amount by which the carrying amount exceeds the fair value of the long-lived asset or asset group. Assets which are to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Fair value, using the income approach, is determined primarily using a discounted cash flow model that uses the estimated cash flows associated with the asset or asset group under review, discounted at a rate commensurate with the risk involved. Fair value, utilizing the cost approach, is determined based on the replacement cost of the asset reduced for, among other things, depreciation and obsolescence. Fair value, utilizing the market approach, benchmarks the fair value against the carrying amount of the asset.

Satellite Fleet

We evaluate our satellites for impairment and test for recoverability whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Certain anomalies may be considered a significant adverse change in the physical condition of a particular satellite. However, based on redundancies designed within each satellite, certain of these anomalies may not be considered significant events requiring a test of recoverability. We do not believe any triggering event has occurred which would indicate impairment as of December 31, 2024 and 2023. We will continue to monitor the satellite fleet for indicators of impairment.

Finite-Lived Regulatory Authorizations

We have regulatory authorizations that are not related to the FCC and have determined that they have finite lives due to uncertainties about the ability to extend or renew their terms. Finite lived regulatory authorizations are amortized over their estimated useful lives on a straight-line basis. Renewal costs are usually capitalized when they are incurred. We do not believe any triggering event has occurred which would indicate impairment as of December 31, 2024 and 2023.

Finite-Lived Intangible Assets

Intangible assets include customer relationships, trademarks, and certain below market contracts. These assets are amortized over their respective useful lives. We do not believe any triggering event has occurred which would indicate impairment as of December 31, 2024 and 2023.

Indefinite-Lived Intangible Assets and Goodwill

We do not amortize indefinite-lived intangible assets and goodwill but test these assets for impairment annually during the fourth quarter or more often if indicators of impairment arise. We have the option to first perform a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. However, we may elect to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test. Our intangible assets with indefinite lives primarily consist of FCC licenses and certain other contractual or regulatory rights to use spectrum at specified orbital locations. Generally, we have determined that our FCC licenses have indefinite useful lives due to the following:

●

FCC licenses are a non-depleting asset;

●

existing FCC licenses are integral to our business segments and will contribute to cash flows indefinitely;

●

replacement satellite applications are generally authorized by the FCC subject to certain conditions, without substantial cost under a stable regulatory, legislative and legal environment;

●

maintenance expenditures to obtain future cash flows are not significant;

●

FCC licenses are not technologically dependent; and

●

we intend to use these assets indefinitely.

Hughes Segment Licenses

We combine all of our indefinite-lived Hughes segment licenses that we currently utilize or plan to utilize in the future into the appropriate unit of accounting. For 2024, 2023 and 2022, management performed a qualitative assessment to determine whether it was more likely than not that the fair value of the Hughes segment licenses exceeds the carrying amount. In our assessment, we considered several factors, including, among others, overall financial performance, industry and market considerations, and relevant company specific events. In contemplating all factors in their totality, we concluded that it is more likely than not that the fair value of the Hughes segment licenses exceeds the carrying amount. As such, no further analysis was required.

Goodwill

We perform our annual impairment assessment for goodwill and other indefinite-lived intangible assets each year during the fourth quarter or more frequently if events or changes in circumstances indicate an impairment may be possible.

For the year ended December 31, 2023, our assessment indicated the goodwill attributed to certain acquisitions was no longer supported based on the sustained decrease in our parent, EchoStar’s market capitalization. As such, we recorded a total noncash impairment charge equal to all of our goodwill of approximately $533 million in “Impairment of long-lived assets and goodwill” on our Consolidated Statements of Operations.

Capitalized Interest

We capitalize interest associated with the acquisition or construction of certain assets, including, among other things, build-out costs associated with our satellites. Capitalization of interest begins when, among other things, steps are taken to prepare the asset for its intended use and ceases when the asset is ready for its intended use or when these activities are substantially suspended.

Business Combinations

When we acquire a business that is not subject to rules pertaining to common control, we allocate the purchase price to the various components of the acquisition based upon the fair value of each component using various valuation techniques, including the market approach, income approach and/or cost approach. The accounting standard for business combinations requires identifiable assets, liabilities, noncontrolling interests and goodwill acquired to be recorded at acquisition date fair values. Transaction costs related to the acquisition of the business are expensed as incurred. Costs associated with the issuance of debt associated with a business combination are capitalized and included as a yield adjustment to the underlying debt’s stated rate.

Acquired intangible assets other than goodwill are amortized over their estimated useful lives unless the lives are determined to be indefinite. Amortization of these intangible assets in general are recognized on a straight-line basis over an average finite useful life primarily ranging from approximately 5 to 20 years or in relation to the estimated discounted cash flows over the life of the intangible asset.

Sales Taxes

We account for sales taxes imposed on our goods and services on a net basis on our Consolidated Statements of Operations. Since we primarily act as an agent for the governmental authorities, the amount charged to the customer is collected and remitted directly to the appropriate jurisdictional entity.

Income Taxes

We establish a provision for income taxes currently payable or receivable and for income tax amounts deferred to future periods. Deferred tax assets and liabilities are recorded for the estimated future tax effects of differences that exist between the book and tax basis of assets and liabilities. Deferred tax assets are offset by valuation allowances when we believe it is more likely than not that such net deferred tax assets will not be realized.

From time to time, we engage in transactions where the tax consequences may be subject to uncertainty. We record a liability when, in management’s judgment, a tax filing position does not meet the more likely than not threshold. For tax positions that meet the more likely than not threshold, we may record a liability depending on management’s assessment of how the tax position will ultimately be settled. We adjust our estimates periodically for ongoing examinations by and settlements with various taxing authorities, as well as changes in tax laws, regulations and precedent. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of “Interest expense, net of amounts capitalized” and “Other, net,” respectively, on our Consolidated Statements of Operations.

Fair Value Measurements

We determine fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Market or observable inputs are the preferred source of values, followed by unobservable inputs or assumptions based on hypothetical transactions in the absence of market inputs. We apply the following hierarchy in determining fair value:

●

Level 1, defined as observable inputs being quoted prices in active markets for identical assets;

●

Level 2, defined as observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets and liabilities in active markets; and quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

●

Level 3, defined as unobservable inputs for which little or no market data exists, consistent with reasonably available assumptions made by other participants therefore requiring assumptions based on the best information available.

As of December 31, 2024 and 2023, the carrying amount for cash and cash equivalents, trade accounts receivable (net of allowance for credit losses) and current liabilities (excluding the “Current portion of long-term debt and other notes payable”) was equal to or approximated fair value due to their short-term nature or proximity to current market rates.

Fair values of our marketable investment securities are measured on a recurring basis based on a variety of observable market inputs. For our investments in publicly traded equity securities and U.S. government securities, fair value ordinarily is determined based on Level 1 measurements that reflect quoted prices for identical securities in active markets. Fair values of our investments in other marketable debt securities are generally based on Level 2 measurements as the markets for such debt securities are less active. We consider trades of identical debt securities on or near the measurement date as a strong indication of fair value and matrix pricing techniques that consider par value, coupon rate, credit quality, maturity and other relevant features may also be used to determine fair value of our investments in marketable debt securities. Additionally, we use fair value measurements from time to time in connection with other investments, asset impairment testing and the assignment of purchase consideration to assets and liabilities of acquired companies. Those fair value measurements typically include significant unobservable inputs and are categorized within Level 3 of the fair value hierarchy. Transfers between levels in the fair value hierarchy are considered to occur at the beginning of the quarterly accounting period. See Note 5 for the fair value of our marketable investment securities.

Fair values for our publicly traded debt securities are based on quoted market prices, when available. The fair values of private debt are based on, among other things, available trade information, and/or an analysis in which we evaluate market conditions, related securities, various public and private offerings, and other publicly available information. In performing this analysis, we make various assumptions regarding, among other things, credit spreads, and the impact of these factors on the value of the debt securities. See Note 9 for the fair value of our debt.

Deferred Debt Issuance Costs and Debt Discounts

Costs of issuing debt, including premiums and discounts relative to par value, are generally deferred and amortized to “Interest expense, net of amounts capitalized” on our Consolidated Statements of Operations using the effective interest rate method over the terms of the respective notes. We report unamortized debt issuance costs as a reduction of the related long-term debt on our Consolidated Balance Sheets. See Note 9 for further information.

Revenue Recognition

Hughes Segment

Our Hughes segment service contracts typically obligate us to provide substantially the same services on a recurring basis in exchange for fixed recurring fees over the term of the contract. We satisfy such performance obligations over time and recognize revenue ratably as services are rendered over the service period. Certain of our contracts with service obligations provide for fees based on usage, capacity or volume. We satisfy these performance obligations and recognize the related revenue at the point in time, or over the period, when the services are rendered. Our Hughes segment also sells and leases communications equipment to its customers. Revenue from equipment sales generally is recognized based upon shipment terms. Our equipment sales contracts typically include standard product warranties, but generally do not provide for returns or refunds.

Revenue for extended warranties is recognized ratably over the extended warranty period. For contracts with multiple performance obligations, we typically allocate the contract’s transaction price to each performance obligation based on their relative standalone selling prices. When the standalone selling price is not observable, our primary method used to estimate standalone selling price is the expected cost plus a margin. Our contracts generally require customer payments to be made at or shortly after the time we transfer control of goods or perform the services.

In addition to equipment and service offerings, our Hughes segment also enters into long-term contracts to design, develop, construct and install complex telecommunication networks for mobile system operators and enterprise customers. Revenue from such contracts is generally recognized over time as a measure of progress that depicts the transfer of control of the goods or services to the customer. Depending on the nature of the arrangement, we measure progress toward contract completion using an appropriate input method or output method. Under the input method, we recognize the transaction price as revenue based on the ratio of costs incurred to estimated total costs at completion. Under the output method, revenue and cost of sales are recognized as products are delivered based on the expected profit for the entire agreement. Profit margins on long-term contracts generally are based on estimates of revenue and costs at completion. We review and revise our estimates periodically and recognize related adjustments in the period in which the revisions are made. Estimated losses on contracts are recorded in the period in which they are identified. We generally receive interim payments as work progresses, although for some contracts, we may be entitled to receive an advance payment.

We derive a portion of our revenues from contracts with customers for connectivity services. These contracts typically require advance or recurring monthly payments by the customer. Our obligation to provide connectivity services is satisfied over time as the customer simultaneously receives and consumes the benefits provided. The measure of progress over time is generally based upon usage.

Generally, our satellite service contracts with customers contain a single performance obligation and, therefore, there is no need to allocate the transaction price. We transfer control and recognize revenue for satellite services at the point in time or over the period when the services are rendered.

Governmental Funding

We participate in various United States federal and state programs, including, but not limited to, the Affordable Connectivity Program (“ACP”) under which eligible low-income households may receive a discount off the cost of broadband service and certain connected devices, and participating providers can receive a reimbursement for such discounts. The ACP program funding concluded on June 1, 2024. This revenue is included in “Service revenue” on our Consolidated Statements of Operations. Corresponding receivables are recorded when services have been provided to the customers and costs incurred, but cash has not been received. These amounts are included in “Trade accounts receivable and contract assets, net” on our Consolidated Balance Sheets.

Contract Balances

The timing of revenue recognition generally differs from the timing of invoicing to customers. A contract asset is recorded when revenue is recognized in advance of our right to receive consideration (i.e., we must perform additional services in order to receive consideration). Amounts are recorded as trade accounts receivable when our right to consideration is unconditional. When consideration is received, or we have an unconditional right to consideration in advance of delivery of goods or services, a contract liability is recorded. The transaction price can include nonrefundable upfront fees, which are allocated to the identifiable performance obligations. Our satellite services subscribers are typically billed monthly, and the contract balances for those customers arise from the timing of the monthly billing cycle. Contract assets are included in “Trade accounts receivable

and contract assets, net” and contract liabilities are included in “Contract liabilities” and “Other noncurrent liabilities” on our Consolidated Balance Sheets. Contract balances are amortized over the contract term. See Note 14 for further information, including balance and activity detail about our allowance for credit losses and deferred revenue related to contracts with subscribers.

Assets Recognized Related to the Costs to Obtain a Contract with a Customer

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs in our Hughes segment, including those with our independent third-party retailers, meet the requirements to be capitalized, and payments made under these programs are capitalized and amortized to expense over the estimated customer life or the contract term. These amounts are capitalized in “Prepaids and other assets” and “Other noncurrent assets, net” on our Consolidated Balance Sheets, and then amortized in “Selling, general and administrative expenses” on our Consolidated Statements of Operations.

Leases

Lessee Accounting

We enter into non-cancelable operating and finance leases for, among other things, satellites, satellite-related ground infrastructure, data centers, office space, warehouses and distribution centers, vehicles and other equipment. Substantially all of our leases have remaining lease terms from one to 13 years, with a weighted average of 6.6 years, some of which include renewal options, and some of which include options to terminate the leases within one year. For certain arrangements, the lease term includes the non-cancelable period plus the renewal period that we are reasonably certain to exercise.

We determine if an arrangement is a lease and classify that lease as either an operating or finance lease at inception. Operating leases are included in “Operating lease assets,” “Operating lease liabilities,” and “Operating lease liabilities, noncurrent” on our Consolidated Balance Sheets. Finance leases are included in “Property and equipment, net,” “Current portion of long-term debt and other notes payable” and “Long-term debt and other notes payable, net of current portion” on our Consolidated Balance Sheets. Leases with an initial term of 12 months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the lease term on our Consolidated Statements of Operations. See Note 8 for further information on our lease expenses.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent the present value of our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset also includes the impact of prepaid or deferred lease payments. When our leases do not provide an implicit rate, we use our IBR based on the information available at commencement date in determining the present value of lease payments. Our IBR is based on an estimated secured rate for the same term as the underlying lease plus a credit spread as secured by our assets. For leases denominated in a currency different than U.S. dollar, IBR is estimated using the collateralized borrowing rate in the foreign currency using the U.S. dollar and foreign currency swap spread, when available. The length of our lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.

We have lease agreements with lease and non-lease components, which are generally accounted for separately.

Lessor Accounting

We lease satellite capacity, communications equipment and real estate to certain of our customers. We identify and determine the classification of such leases as operating leases or sales-type leases. A lease is classified as a sales-type lease if it meets the criteria for a finance lease; otherwise it is classified as an operating lease. Some of our leases are embedded in contracts with customers that include non-lease performance obligations. For such contracts, except where we have elected otherwise, we allocate consideration in the contract between lease and non-lease components based on their relative standalone selling prices. We elected an accounting policy to not separate the lease of equipment from related services in our HughesNet satellite internet service (the “HughesNet service”) contracts with customers and account for all revenue from such contracts as non-lease service revenue. Assets subject to operating leases remain in “Property and equipment, net” and continue to be depreciated. Assets subject to sales-type leases are derecognized from “Property and equipment, net” at lease commencement and a net investment in the lease asset is recognized in “Trade accounts receivable and contract assets, net” and “Other noncurrent assets, net” on our Consolidated Balance Sheets.

Operating lease revenue is generally recognized on a straight-line basis over the lease term. Sales-type lease revenue and a corresponding receivable generally are recognized at lease commencement based on the present value of the future lease payments and related interest income on the receivable is recognized over the lease term. Payments under sales-type leases are discounted using the interest rate implicit in the lease. We report revenue and periodic interest income from sales-type leases at the commencement date in “Equipment sales and other revenue” on our Consolidated Statements of Operations. We report operating lease revenue in “Service revenue” on our Consolidated Statements of Operations.

Cost of Services

“Cost of services” on our Consolidated Statements of Operations principally consists of costs of satellite capacity and services, hub infrastructure, customer care, wireline and wireless capacity and direct labor costs associated with the services provided and is generally charged to expense as incurred.

Cost of Sales – Equipment and Other

“Cost of sales – equipment and other” on our Consolidated Statements of Operations principally consists of inventory costs, including freight and royalties, and is generally recognized at the point in time control of the equipment is passed to the customer and related revenue is recognized.

Advertising Costs

We recognize advertising expense when incurred as a component of “Selling, general and administrative expenses” on our Consolidated Statements of Operations. Advertising expenses totaled $43 million, $56 million and $69 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Research and Development

Research and development costs, not incurred in connection with customer requirements, are expensed as incurred and are included as a component of “Selling, general and administrative expenses” on our Consolidated Statements of Operations. Additionally, customer-related research and development costs are incurred in connection with the specific requirements of a customer’s order; in such instances, the amounts for these customer funded development efforts are included in “Cost of sales – equipment and other” on our Consolidated Statements of Operations. Research and development costs totaled $60 million, $67 million, and $65 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Foreign Currency

The functional currency for certain of our foreign operations is determined to be the local currency. Accordingly, we translate assets and liabilities of these foreign entities from their local currencies to U.S. dollars using period-end exchange rates and translate income and expense accounts at monthly average rates. The resulting translation adjustments are reported in “Other, net” on our Consolidated Statements of Comprehensive Income (Loss). Except in certain uncommon circumstances, we have not recorded deferred income taxes related to our foreign currency translation adjustments.

Gains and losses resulting from the re-measurement of transactions denominated in foreign currencies are recognized in “Other, net” on our Consolidated Statements of Operations.

Other Comprehensive Income (Loss)

The amounts reclassified to net income (loss) related to unrealized gain (loss) on available-for-sale securities are included in Gains (losses) on investments, net in the Consolidated Statements of Operations.

New Accounting Pronouncements

Not Yet Adopted

Joint Ventures. On August 23, 2023, the FASB issued ASU 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60) (“ASU 2023-05”), which requires an entity that qualifies as either a joint venture or a corporate joint venture as defined in the FASB Accounting Standards Codification (ASC) master glossary to apply a new basis of accounting upon the formation of the joint venture. This standard will be effective for all joint venture formations with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively if it has sufficient information. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued or made available for issuance. We plan to adopt the standard if applicable and we expect the adoption of the standard will have an immaterial impact on our disclosures.

Income Taxes. On December 14, 2023, the FASB issued ASU 2023-9, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (“ASU 2023-09”), which will enhance income tax disclosures. ASU 2023-09 requires, among other items, disaggregated information in a reporting entity’s rate reconciliation table, clarification on uncertain tax positions and the related financial statement impact as well as information on income taxes paid on a disaggregated basis. This standard will be effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are evaluating the impact the adoption of ASU 2023-09 will have on our Consolidated Financial Statements and related disclosures.

Disaggregation of Income Statement Expenses. On November 5, 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which will enhance financial statement reporting by providing additional information about specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization. This standard will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. We are evaluating the impact the adoption of ASU 2024-03 will have on our Consolidated Financial Statements and related disclosures.

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
INVENTORY
Raw materials	$ 30,594	$ 32,492
Work-in-process	30,302	32,832
Finished goods	90,147	101,912
Total inventory	$ 151,043	$ 167,236

ORGANIZATION AND BUSINESS ACTIVITIES

12 Months Ended

Dec. 31, 2024

ORGANIZATION AND BUSINESS ACTIVITIES

ORGANIZATION AND BUSINESS ACTIVITIES

NOTE 1. ORGANIZATION AND BUSINESS ACTIVITIES

Principal Business

Hughes Satellite Systems Corporation (which, together with its subsidiaries, is referred to as “HSSC,” the “Company,” “we,” “us” and “our”) is a holding company and a subsidiary of EchoStar Corporation (“EchoStar” and “parent”). We were formed as a Colorado corporation in March 2011 to facilitate the acquisition by EchoStar (the “Hughes Acquisition”) of Hughes Communications, Inc. and its subsidiaries and related financing transactions. In connection with our formation, EchoStar contributed the assets and liabilities of its satellite services business to us, including the principal operating subsidiary of its satellite services business, EchoStar Satellite Services L.L.C. Substantially all of the voting power of the shares of EchoStar is owned beneficially by Charles W. Ergen, our Chairman, and by certain entities established for the benefit of his family.

We manage our business activities on a consolidated basis and operate as a single operating segment: Hughes. Historically, we reported two primary business segments: (1) Hughes; and (2) EchoStar Satellite Services. See Note 13 for information regarding our segment reporting.

●

Hughes segment — We offer broadband satellite technologies and broadband internet products and services to consumer customers. We provide broadband network technologies, managed services, equipment, hardware, satellite services and communications solutions to government and enterprise customers. We also design, provide and install gateway and terminal equipment to customers for other satellite systems. In addition, we design, develop, construct and provide telecommunication networks comprising satellite ground segment systems and terminals to mobile system operators and our enterprise customers. We offer a robust suite of integrated, multi-transport solutions to enable airline and airline service providers to deliver reliable in-flight network connectivity serving both commercial and business aviation. As of December 31, 2024, we had 883,000 Broadband subscribers.

We currently lease the capacity of EchoStar XXIV from an affiliate of ours, EchoStar XXIV L.L.C., effective December 2023. The EchoStar XXIV satellite began service in December 2023, bringing additional broadband capacity across North and South America and is an integral part of our satellite services business.

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

LEASES

Schedule of right-of-use assets and lease liabilities, Weighted average lease term and discount rate


	As of December 31,
	2024			2023

	(In thousands)
Right-of-use assets:
Operating	$	939,896		$	1,031,303
Finance		183,391			218,807
Total right-of-use assets	$	1,123,287		$	1,250,110

Lease liabilities:
Current:
Operating (1)	$	72,393		$	155,932
Finance		—			—
Total current		72,393			155,932
Noncurrent:
Operating		830,629			897,084
Finance		—			—
Total noncurrent		830,629			897,084
Total lease liabilities	$	903,022		$	1,053,016

Weighted Average Remaining Lease Term:
Finance leases		0.0 years			0.0 years
Operating leases		6.6 years			7.5 years

Weighted Average Discount Rate:
Finance leases		—	%		—	%
Operating leases		12.0	%		12.1	%

(1)	The decrease in current operating lease liabilities is due to prepayments related to the EchoStar XXIV satellite, resulting in the lease liability and associated asset being remeasured. Refer to Note 15 for further details on the EchoStar XXIV operating lease prepayments.

Schedule of components of lease cost and supplemental cash flow information


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Lease cost:
Operating lease cost	$	24,845	$	30,299	$	25,219
Operating lease cost - EchoStar XXIV		190,699		—		—
Total operating lease cost		215,544		30,299		25,219
Finance lease cost:
Amortization of right-of-use assets		23,863		27,682		29,906
Interest on lease liabilities		—		—		7
Total finance lease cost		23,863		27,682		29,913
Short-term lease cost		—		—		258
Variable lease cost		—		—		2,246
Total lease cost	$	239,407	$	57,981	$	57,636



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	273,300	$	22,981	$	24,653
Operating cash flows from finance leases	$	—	$	—	$	7
Financing cash flows from finance leases	$	—	$	—	$	124

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	229	$	902,981	$	4,307
Finance leases	$	—	$	—	$	—

Schedule of maturities of lease liabilities


For the Years Ending December 31,	Total
		(In thousands)
2025	$	173,314
2026		216,059
2027		214,735
2028		212,812
2029		211,947
Thereafter		271,653
Total future minimum lease payments		1,300,520
Less: Interest		(397,498)
Total lease liabilities	$	903,022

Schedule of components of income from sales-type lease and operating lease



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Sales-type lease revenue:
Revenue at lease commencement	$	8,517	$	11,429	$	7,557
Interest income		2,030		2,002		1,220
Total sales-type lease revenue		10,547		13,431		8,777
Operating lease revenue		14,734		47,051		64,375
Total lease revenue (1)	$	25,281	$	60,482	$	73,152

(1)	The reduction in total lease revenue relates to the loss of a single significant customer.

Schedule of future operating lease payments to be received


For the Years Ending December 31,		Total
		(In thousands)
2025	$	9,322
2026		5,285
2027		4,093
2028		1,379
2029		1,008
Thereafter		16
Total	$	21,103

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

SUPPLEMENTAL DATA - CASH FLOW - Schedule of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental disclosure of cash flow information:
Cash paid for interest, (including capitalized interest)	$ 97,306	$ 98,642	$ 100,295
Cash received for interest	32,260	80,805	20,498
Cash paid for income taxes, net of refunds	202,993	4,902	12,538
Capitalized interest		10,115	8,712
Accrued capital expenditures	$ 4,992	15,439	$ 5,998
EchoStar
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds		$ 196,000

EMPLOYEE BENEFIT PLANS - 401(k) Employee Savings Plans (Details) - Defined Contribution Plan Echo Star401 K Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
EMPLOYEE BENEFIT PLANS
Maximum annual contributions per employee	50.00%
Employer maximum annual contribution per employee under 401(k) plan	$ 7,500
Matching contributions, net of forfeitures	5,534	$ 5,847	$ 5,475
Discretionary stock contributions, net of forfeitures	$ (2,415)	$ 5,491	$ 7,042

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Mar. 10, 2025	Jun. 30, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	333-179121
Entity Registrant Name	Hughes Satellite Systems Corporation
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	45-0897865
Entity Address, Address Line One	9601 South Meridian Boulevard
Entity Address, City or Town	Englewood,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112-5308
City Area Code	303
Local Phone Number	723-1000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		1,078
Entity Central Index Key	0001533758
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Auditor Name	KPMG LLP
Auditor Location	McLean, Virginia
Auditor Firm ID	185

INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized tax benefit balance as of beginning of period:
Balance as of beginning of period	$ 10,321	$ 7,172	$ 7,294
Additions based on tax positions related to the current year	6,051
Additions based on tax positions reclassified from HSSC to EchoStar		3,149
Reductions based on tax positions related to prior years			(122)
Unrecognized Tax Benefits	$ 16,372	$ 10,321	$ 7,172

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

12 Months Ended

Dec. 31, 2024

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

NOTE 5. MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

Our marketable investment securities, restricted cash and cash equivalents, and other investments consisted of the following:


	As of December 31,
	2024		2023

	(In thousands)
Marketable investment securities:
Current marketable investment securities:
Corporate bonds	$	—	$	91,548
Commercial paper		—		282,898
Other debt securities		—		43,297
Total current marketable investment securities (1)		—		417,743

Restricted cash and cash equivalents (2)		1,615		1,118

Other investments
Equity method investments (3)		12,238		42,859
Cost method investments		11,278		11,278
Total other investments		23,516		54,137

Total marketable investment securities, restricted cash and cash equivalents, and other investments	$	25,131	$	472,998

(1)	During the year ended December 31, 2024, we liquidated our marketable investment securities portfolio to make cash distributions to our parent.

(2)	Restricted cash and cash equivalents are included in “Other current assets” on our Consolidated Balance Sheets.

(3)	The decrease in equity method investments primarily results from distributions from our Broadband Connectivity Solutions (Restricted) Limited Investment, discussed below.

Equity Method Investments

Deluxe/EchoStar LLC

We own 50% of Deluxe/EchoStar LLC (“Deluxe”), a joint venture that we entered into in 2010 to build an advanced digital cinema satellite distribution network targeting delivery to digitally equipped theaters in the U.S. and Canada.

Broadband Connectivity Solutions (Restricted) Limited

We own 20% of Broadband Connectivity Solutions (Restricted) Limited (together with its subsidiaries, “BCS”), a joint venture that we entered into in 2018 to provide commercial Ka-band satellite broadband services across Africa, the Middle East and southwest Asia operating over Yahsat’s Al Yah 2 and Al Yah 3 Ka-band satellites. For the year ended December 31, 2024, BCS distributed $20 million of this investment to us.

Cost Method Investments

Hughes Systique Corporation

We own 42% of Hughes Systique Corporation (“Hughes Systique”) and contract with Hughes Systique for software development services. Prior to December 31, 2023, we consolidated Hughes Systique’s financial statements into our Consolidated Financial Statements, see Note 15 for further information. As of December 31, 2023, we have deconsolidated the Hughes Systique results from our Consolidated Financial Statements and recorded the investment as a cost method investment in “Other investments” on our Consolidated Balance Sheets.

Fair Value Measurements

The following table presents our marketable investment securities categorized by the fair value hierarchy, certain of which have historically experienced volatility:


	As of December 31,
	2024						00	2023
	Total		Level 1		Level 2			Total		Level 1		Level 2

	(In thousands)
Cash equivalents (including restricted)	$	88,789	$	204	$	88,585		$	1,176,356	$	177,009	$	999,347

Available-for-sale debt securities:
Corporate bonds	$	—	$	—	$	—		$	91,548	$	—	$	91,548
Commercial paper		—		—		—			282,898		—		282,898
Other debt securities		—		—		—			43,297		38,799		4,498
Total	$	—	$	—	$	—		$	417,743	$	38,799	$	378,944

As of December 31, 2024 and December 31, 2023, we did not have any investments that were categorized within, or transferred into or out of, Level 3 of the fair value hierarchy.

Gains and Losses on Sales and Changes in Carrying Amounts of Investments and Other

“Other, net” within “Other income (expense)” included on our Consolidated Statements of Operations is as follows:


	For the Years Ended December 31,
Other, net:	2024		2023		2022

	(In thousands)
Marketable and non-marketable investment securities - realized and unrealized gains (losses)	$	204	$	245	$	245
Equity in earnings (losses) of unconsolidated affiliates		(5,121)		(4,264)		(5,703)
Foreign currency transaction gains (losses)		(3,901)		5,711		6,016
Other-than temporary impairment losses on equity method investments		—		(33,400)		—
Other		(206)		(1,090)		(85)
Total	$	(9,024)	$	(32,798)	$	473

SEGMENT REPORTING - Segment Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEGMENT REPORTING
Total revenue	$ 1,560,373,000	$ 1,747,856,000	$ 2,003,343,000
Selling, general and administrative expenses:
Subscriber acquisition costs	181,657,000	223,508,000	251,376,000
General and administrative expenses	193,881,000	216,476,000	211,311,000
Total selling, general and administrative expenses	375,538,000	439,984,000	462,687,000
Impairment of long-lived assets and goodwill		532,940,000
OIBDA	196,072,000	(5,349,000)	685,517,000
Depreciation and amortization	365,902,000	389,632,000	431,065,000
Total costs and expenses	1,730,203,000	2,142,837,000	1,748,891,000
Operating income (loss)	(169,830,000)	(394,981,000)	254,452,000
Unallocated Amounts
Interest income	25,393,000	85,036,000	30,812,000
Interest expense, net of amounts capitalized	(98,802,000)	(89,569,000)	(92,386,000)
Other-than-temporary impairment losses on equity method investments		33,400,000
Other, net	(9,024,000)	(32,798,000)	473,000
Total other income (expense)	(82,433,000)	(37,331,000)	(61,101,000)
Income (loss) before income taxes	(252,263,000)	(432,312,000)	193,351,000
Income tax (provision) benefit, net	34,153,000	(46,126,000)	(54,441,000)
Net income (loss)	(218,110,000)	(478,438,000)	138,910,000
Purchases of property and equipment, net of refunds	205,330,000	190,129,000	239,403,000
Service revenue
SEGMENT REPORTING
Total revenue	1,210,840,000	1,448,489,000	1,629,194,000
Cost of services:
Connectivity services	370,473,000	178,295,000	180,033,000
Other	310,548,000	362,650,000	382,816,000
Total cost of services	681,021,000	540,945,000	562,849,000
Equipment sales and other revenue
SEGMENT REPORTING
Total revenue	349,533,000	299,367,000	374,149,000
Cost of services:
Total cost of services	$ 307,742,000	$ 239,336,000	$ 292,290,000

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS - Schedule of Depreciation and amortization expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Depreciation and amortization expense:
Intangible assets and other amortization expense	$ 36,974	$ 33,455	$ 34,090
Total depreciation and amortization expense	365,902	389,632	431,065
Equipment leased to customers
Depreciation and amortization expense:
Depreciation and amortization expense	114,143	168,656	221,645
Satellites
Depreciation and amortization expense:
Depreciation and amortization expense	105,139	105,717	99,865
Buildings, furniture, fixtures, equipment and other
Depreciation and amortization expense:
Depreciation and amortization expense	83,683	53,445	47,391
Software and computer equipment
Depreciation and amortization expense:
Depreciation and amortization expense	$ 25,963	$ 28,359	$ 28,074

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
LEASES
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Operating leases, Weighted average lease term	6 years 7 months 6 days	7 years 6 months
Lessee, Finance Lease, Existence of Option to Extend [true false]	true
Lessee, Finance Lease, Existence of Option to Terminate [true false]	true
Finance lease, accumulated amortization	$ 162	$ 150
Sales-type lease receivable	$ 26	$ 30
Maximum
LEASES
Operating lease, remaining lease term	13 years
Finance lease, remaining lease term	13 years
Minimum
LEASES
Operating lease, remaining lease term	1 year
Finance lease, remaining lease term	1 year

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 204,198	$ 1,276,623
Marketable investment securities		417,743
Trade accounts receivable and contract assets, net of allowance for credit losses of $11,314 and $20,399, respectively	275,247	233,915
Prepaids and other assets	63,684	24,769
Inventory	151,043	167,236
Other current assets	48,034	18,562
Total current assets	742,206	2,138,848
Noncurrent Assets:
Property and equipment, net	1,097,190	1,250,074
Operating lease assets	939,896	1,031,303
Regulatory authorizations, net	404,698	407,819
Other intangible assets, net	11,082	13,401
Other investments	23,516	54,137
Other noncurrent assets, net	252,789	303,962
Total noncurrent assets	2,729,171	3,060,696
Total assets	3,471,377	5,199,544
Current Liabilities:
Trade accounts payable	99,519	101,163
Contract liabilities	81,558	116,187
Accrued interest	38,845	39,075
Accrued compensation	34,904	38,333
Accrued expenses	55,019	45,863
Operating lease liabilities	72,393	155,932
Other current liabilities	48,242	240,128
Current portion of long-term debt and other notes payable (Note 9)	9,548	5,225
Total current liabilities	440,028	741,906
Long-Term Obligations, Net Of Current Portion:
Long-term debt and other notes payable, net of current portion (Note 9)	1,533,717	1,538,978
Deferred tax liabilities, net	191,559	252,820
Operating lease liabilities, noncurrent	830,629	897,084
Other noncurrent liabilities	85,385	89,667
Total long-term obligations, net of current portion	2,641,290	2,778,549
Total liabilities	3,081,318	3,520,455
Commitments and Contingencies (Note 12)
Stockholder's Equity (Deficit):
Common stock, $0.01 par value, 1,000,000 shares authorized, 1,078 shares issued and outstanding at both December 31, 2024 and 2023
Additional paid-in capital	1,487,758	1,484,064
Accumulated other comprehensive income (loss)	(190,810)	(152,491)
Accumulated earnings (deficit)	(958,518)	279,885
Total HSSC stockholder's equity (deficit)	338,430	1,611,458
Noncontrolling interests	51,629	67,631
Total stockholder's equity (deficit)	390,059	1,679,089
Total liabilities and stockholder's equity (deficit)	$ 3,471,377	$ 5,199,544

REVENUE RECOGNITION - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Other noncurrent assets, net	$ 18
Remaining performance obligation	$ 1,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation period	1 year
Remaining performance obligation, percentage	27.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation period	2 years
Remaining performance obligation, percentage	73.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Basis of Presentation

Principles of Consolidation and Basis of Presentation

Use of Estimates

Cash and Cash Equivalents

Concentration of Credit Risk

combined with the large number and geographical diversity of its customers, limits our concentration of risk with respect to receivables from contracts with customers.

Marketable Investment Securities

All equity securities are carried at fair value, with changes in fair value recognized in “Other, net” within “Other income (expense)” on our Consolidated Statements of Operations.

Receivables and Related Allowance for Credit Losses

General Accounts Receivable

Inventory

Inventory

Property and Equipment

Property and Equipment

Internal Use Software

Asset Retirement Obligation

Other Investments

Equity Method Investments

Cost Method Investments

Other Debt Investments

Impairment Considerations

Impairment of Long-Lived Assets and Finite-Lived Intangible Assets

Satellite Fleet

Finite-Lived Regulatory Authorizations

Finite-Lived Intangible Assets

Indefinite-Lived Intangible Assets and Goodwill

●

FCC licenses are a non-depleting asset;

●

existing FCC licenses are integral to our business segments and will contribute to cash flows indefinitely;

●

replacement satellite applications are generally authorized by the FCC subject to certain conditions, without substantial cost under a stable regulatory, legislative and legal environment;

●

maintenance expenditures to obtain future cash flows are not significant;

●

FCC licenses are not technologically dependent; and

●

we intend to use these assets indefinitely.

Hughes Segment Licenses

Goodwill

Capitalized Interest

Business Combinations

Sales Taxes

Income Taxes

Fair Value Measurements

●

Level 1, defined as observable inputs being quoted prices in active markets for identical assets;

●

Deferred Debt Issuance Costs and Debt Discounts

Deferred Debt Issuance Costs and Debt Discounts

Revenue Recognition

Hughes Segment

Governmental Funding

Contract Balances

Assets Recognized Related to the Costs to Obtain a Contract with a Customer

Leases

Lessee Accounting

We have lease agreements with lease and non-lease components, which are generally accounted for separately.

Lessor Accounting

Cost of Services

Cost of Sales – Equipment and Other

Advertising Costs

Research and Development

Foreign Currency

Gains and losses resulting from the re-measurement of transactions denominated in foreign currencies are recognized in “Other, net” on our Consolidated Statements of Operations.

Other Comprehensive Income (Loss)

New Accounting Pronouncements

Not Yet Adopted

Income Taxes. On December 14, 2023, the FASB issued ASU 2023-9, Income Taxes (Topic 740):

LONG-TERM DEBT AND OTHER NOTES PAYABLE

12 Months Ended

Dec. 31, 2024

LONG-TERM DEBT AND OTHER NOTES PAYABLE

LONG-TERM DEBT AND OTHER NOTES PAYABLE

NOTE 9. LONG-TERM DEBT AND OTHER NOTES PAYABLE

The following table summarizes the carrying amount and fair value of our debt facilities as of December 31, 2024:


	As of December 31,
	2024				2023
		Carrying		Fair		Carrying		Fair
		Amount		Value		Amount		Value

	(In thousands)
5 1/4% Senior Secured Notes due 2026	$	750,000	$	686,475	$	750,000	$	665,678
6 5/8% Senior Notes due 2026		750,000		595,725		750,000		591,525
Other notes payable		44,774		44,774		46,594		46,594
Subtotal		1,544,774	$	1,326,974		1,546,594		1,303,797
Unamortized deferred financing costs and other debt discounts, net		(1,509)				(2,391)
Total		1,543,265				1,544,203
Less: current portion		(9,548)				(5,225)
Long-term debt and other notes payable, net of current portion	$	1,533,717			$	1,538,978

We estimated the fair value of our publicly traded long-term debt using market prices in less active markets (Level 2).

5 1/4% Senior Secured Notes due 2026

On July 27, 2016, we issued $750.0 million aggregate principal amount of 5 1/4% Senior Secured Notes due August 1, 2026 (the “2026 Senior Secured Notes”). Interest on the 2026 Senior Secured Notes accrues at an annual rate of 5 1/4% and is payable semi-annually in cash, in arrears, on February 1 and August 1 of each year.

Our Senior Notes due 2026 are:

●

our secured obligations;

●

secured by security interests in substantially all of our and certain of our subsidiaries existing and future tangible and intangible assets on a first priority basis, subject to certain exceptions;

●

effectively junior to our obligations that are secured by assets that are not part of the collateral that secures the 2026 Senior Secured Notes to the extent of the value of the collateral securing such obligations;

●

effectively senior to our existing and future unsecured obligations to the extent of the value of the collateral securing the 2026 Senior Secured Notes, after giving effect to permitted liens as provided in the 2016 Secured Indenture;

●

senior in right of payment to all of our existing and future obligations that are expressly subordinated to the 2026 Senior Secured Notes;

●

structurally junior to any existing and future obligations of any of our subsidiaries that do not guarantee the 2026 Senior Secured Notes; and

●

unconditionally guaranteed, jointly and severally, on a general senior secured basis by certain of our subsidiaries, which guarantees rank equally with all of the guarantors’ existing and future unsubordinated indebtedness and effectively senior to such guarantors’ existing and future obligations to the extent of the value of the assets securing the 2026 Senior Secured Notes.

Subject to certain exceptions, the Indentures contain restrictive covenants that, among other things, impose limitations on our ability and, in certain instances, the ability of certain of our subsidiaries to:

●

incur additional debt;

●

pay dividends or make distributions on our capital stock or repurchase our capital stock;

●

make certain investments;

●

create liens or enter into sale and leaseback transactions;

●

enter into transactions with affiliates;

●

merge or consolidate with another company;

●

transfer and sell assets; and

●

restrict our subsidiaries’ ability to pay dividends, make distributions, make other payments, or transfer assets.

In the event of a change of control, as defined in the respective indenture, we would be required to make an offer to repurchase all or any part of a holder’s 2026 Senior Secured Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon, to the date of repurchase.

6 5/8% Unsecured Senior Notes due 2026

On July 27, 2016, we issued $750 million aggregate principal amount of 6 5/8% Senior Unsecured Notes due August 1, 2026 (the “2026 Senior Unsecured Notes”). Interest on the 2026 Senior Unsecured Notes accrues at an annual rate of 6 5/8% and is payable semi-annually in cash, in arrears, on February 1 and August 1 of each year.

Our Senior Notes due 2026 are:

●

our unsecured senior obligations;

●

ranked equally with all existing and future unsubordinated indebtedness and effectively junior to any secured indebtedness up to the value of the assets securing such indebtedness;

●

effectively junior to our obligations that are secured to the extent of the value of the collateral securing such obligations;

●

senior in right of payment to all our existing and future obligations that are expressly subordinated to the 2026 Senior Unsecured Notes;

●

structurally junior to any existing and future obligations of any of our subsidiaries that do not guarantee the 2026 Senior Unsecured Notes; and

●

unconditionally guaranteed, jointly and severally, on a general senior secured basis by certain of our subsidiaries, which guarantees rank equally with all of the guarantors’ existing and future unsubordinated indebtedness, and effectively junior to any secured indebtedness of the guarantors up to the value of the assets securing such indebtedness.

●

incur additional debt;

●

pay dividends or make distributions on our capital stock or repurchase our capital stock;

●

make certain investments;

●

create liens or enter into sale and leaseback transactions;

●

enter into transactions with affiliates;

●

merge or consolidate with another company;

●

transfer and sell assets; and

●

restrict our subsidiaries’ ability to pay dividends, make distributions, make other payments, or transfer assets.

In the event of a change of control, as defined in the respective indenture, we would be required to make an offer to repurchase all or any part of a holder’s 2026 Senior Unsecured Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon, to the date of repurchase.

Interest on Long-Term Debt


		Annual
	Semi-Annual	Debt Service
	Payment Dates	Requirements
		(In thousands)
5 1/4% Senior Secured Notes due 2026	February 1 and August 1	$	39,375
6 5/8% Senior Notes due 2026	February 1 and August 1	$	49,688

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 1,560,373,000	$ 1,747,856,000	$ 2,003,343,000
Costs and Expenses (exclusive of depreciation and amortization):
Selling, general and administrative expenses	375,538,000	439,984,000	462,687,000
Depreciation and amortization	365,902,000	389,632,000	431,065,000
Impairment of long-lived assets and goodwill		532,940,000
Total costs and expenses	1,730,203,000	2,142,837,000	1,748,891,000
Operating income (loss)	(169,830,000)	(394,981,000)	254,452,000
Other Income (Expense):
Interest income	25,393,000	85,036,000	30,812,000
Interest expense, net of amounts capitalized (Note 2)	(98,802,000)	(89,569,000)	(92,386,000)
Other, net (Note 5)	(9,024,000)	(32,798,000)	473,000
Total other income (expense), net	(82,433,000)	(37,331,000)	(61,101,000)
Income (loss) before income taxes	(252,263,000)	(432,312,000)	193,351,000
Income tax benefit (provision), net	34,153,000	(46,126,000)	(54,441,000)
Net income (loss)	(218,110,000)	(478,438,000)	138,910,000
Less: Net income (loss) attributable to noncontrolling interests	(8,707,000)	(16,569,000)	(10,503,000)
Net income (loss) attributable to HSSC	(209,403,000)	(461,869,000)	149,413,000
Service revenue
Revenue:
Total revenue	1,210,840,000	1,448,489,000	1,629,194,000
Costs and Expenses (exclusive of depreciation and amortization):
Cost of sales	681,021,000	540,945,000	562,849,000
Equipment sales and other revenue
Revenue:
Total revenue	349,533,000	299,367,000	374,149,000
Costs and Expenses (exclusive of depreciation and amortization):
Cost of sales	$ 307,742,000	$ 239,336,000	$ 292,290,000

OTHER COMPREHENSIVE INCOME (LOSS) - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustments, before tax	$ (38,294)	$ 17,546	$ 3,767
Foreign currency translation adjustments, net of tax	(38,294)	17,546	3,767
Unrealized holding gains (losses) on available-for-sale securities, before tax	143	(220)	475
Unrealized holding gains (losses) on available-for-sale securities, tax	39	22	(1,028)
Unrealized holding gains (losses) on available-for-sale securities, net of tax	182	(198)	(553)
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss), before tax	(207)	247	(17)
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss), net of tax	(207)	247	(17)
Other, before tax		98
Other, net of tax		98
Other comprehensive income (loss), before tax	(38,358)	17,671	4,225
Other comprehensive income (loss), tax	39	22	(1,028)
Comprehensive income (loss) attributable to HSSC	$ (38,319)	$ 17,693	$ 3,197

RELATED PARTY TRANSACTIONS - Receivables (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
EchoStar
RELATED PARTY TRANSACTIONS
Related party receivables - Echostar - current	$ 10,451,000
Related party receivables - EchoStar - non-current	83,228,000	$ 61,283,000
Total related party receivables - Echostar	93,679,000	61,283,000
Related Party \| DISH Network
RELATED PARTY TRANSACTIONS
Related party receivables - Echostar - current	$ 12,292,000	$ 5,038,000

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2024

REVENUE RECOGNITION

Schedule of components of contract balances


	As of December 31,
	2024		2023

	(In thousands)
Contract assets	$	108,007	$	66,095

Contract liabilities:
Current	$	81,558	$	116,187
Noncurrent		1,068		7,401
Total contract liabilities	$	82,626	$	123,588

Schedule of allowance for credit loss


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Balance, beginning of period	$	20,399	$	15,358	$	14,588
Current period provision for expected losses		25,653		34,085		32,910
Write-offs charged against allowance		(34,193)		(29,371)		(36,011)
Foreign currency translation		(545)		327		3,871
Balance, end of period	$	11,314	$	20,399	$	15,358

Schedule of activity in contract acquisition costs



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Balance, beginning of period	$	49,343	$	64,447	$	82,986
Additions		47,883		44,459		57,627
Amortization expense		(38,290)		(60,512)		(76,760)
Foreign currency translation		(1,599)		949		594
Balance, end of period	$	57,337	$	49,343	$	64,447

Schedule of disaggregation of revenue


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Service revenue:
Services	$	1,196,394	$	1,401,438	$	1,564,819
Lease revenue		14,446		47,051		64,375
Total service revenue		1,210,840		1,448,489		1,629,194
Equipment sales and other revenue:
Equipment sales		205,178		140,429		119,107
Design, development and construction services		133,520		145,507		246,265
Lease revenue		10,835		13,431		8,777
Total equipment and other revenue		349,533		299,367		374,149
Total revenue	$	1,560,373	$	1,747,856	$	2,003,343

LONG-TERM DEBT AND OTHER NOTES PAYABLE - Schedule of Interest on Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025
5 1/4% Senior Secured Notes due 2026
LONG-TERM DEBT AND OTHER NOTES PAYABLE
Annual Debt Service Requirements	$ 39,375
Interest rate	5.25%
6 5/8% Senior Unsecured Notes due 2026
LONG-TERM DEBT AND OTHER NOTES PAYABLE
Annual Debt Service Requirements	$ 49,688
Interest rate	6.625%	6.625%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

RELATED PARTY TRANSACTIONS - Services and Other Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Total revenue	$ 1,560,373,000	$ 1,747,856,000	$ 2,003,343,000
Operating expenses	1,730,203,000	2,142,837,000	1,748,891,000
Service revenue
RELATED PARTY TRANSACTIONS
Total revenue	1,210,840,000	1,448,489,000	1,629,194,000
EchoStar \| Service revenue
RELATED PARTY TRANSACTIONS
Total revenue	4,559,000	4,548,000	17,623,000
Operating expenses	271,824,000	96,239,000	75,462,000
Related Party \| DISH Network
RELATED PARTY TRANSACTIONS
Total revenue	9,636,000	12,570,000	17,832,000
Operating expenses	$ 9,362,000	$ 4,366,000	$ 4,545,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

SUPPLEMENTAL DATA - CASH FLOW (Tables)

12 Months Ended

Dec. 31, 2024

SUPPLEMENTAL DATA - CASH FLOW

Schedule of supplemental cash flow and other non-cash data


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Supplemental disclosure of cash flow information:
Cash paid for interest, (including capitalized interest)	$	97,306	$	98,642	$	100,295
Cash received for interest		32,260		80,805		20,498
Cash paid for income taxes, net of refunds (1)		202,993		4,902		12,538
Capitalized interest		—		10,115		8,712
Accrued capital expenditures		4,992		15,439		5,998

(1)	Our cash paid for income taxes, net of refunds, includes approximately $196 million of income taxes paid to our parent Company, EchoStar which is included in “Other current liabilities” as of December 31, 2023.

Schedule of Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure


	As of December 31,
	2024		2023

	(In thousands)
Net carrying amount of externally marketed software	$	109,103	$	117,163
Externally marketed software under development and not yet placed into service	$	19,275	$	26,059


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Capitalized costs related to development of externally marketed software	$	24,945	$	30,164	$	23,105
Amortization expense relating to externally marketed software	$	32,792	$	29,370	$	30,965
Weighted-average useful life (in years)		3.2

SEGMENT REPORTING - Revenue and long-lived assets by geographic area (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEGMENT REPORTING
Total revenue	$ 1,560,373,000	$ 1,747,856,000	$ 2,003,343,000
Total long-lived assets	2,441,784,000	2,689,195,000
North America
SEGMENT REPORTING
Total revenue	1,239,679,000	1,398,123,000	1,595,906,000
Total long-lived assets	2,342,387,000	2,517,036,000
South and Central America
SEGMENT REPORTING
Total revenue	147,694,000	159,520,000	171,318,000
Total long-lived assets	74,365,000	149,472,000
Other
SEGMENT REPORTING
Total revenue	173,000,000	190,213,000	$ 236,119,000
Total long-lived assets	$ 25,032,000	$ 22,687,000

- Definition

+ References

+ Details

LEASES

12 Months Ended

Dec. 31, 2024

LEASES

LEASES

NOTE 8. LEASES

Lessee Accounting

We enter into non-cancelable operating and finance leases for, among other things, satellites, satellite-related ground infrastructure, data centers, office space, warehouses and distribution centers. Substantially all of our leases have remaining lease terms from one to 13 years with a weighted average lease term of 6.6 years, some of which include renewal options, and some of which include options to terminate the leases within one year. For certain arrangements, the lease term includes the non-cancelable period plus the renewal period that we are reasonably certain to exercise.

Our Eutelsat 65 West A, Telesat T19V and EchoStar 105/SES-11 satellites are accounted for as finance leases. Substantially all of our remaining leases are accounted for as operating leases, including our EchoStar XXIV satellite lease. Refer to Note 15 for further details on the EchoStar XXIV operating lease.

The following table presents the amounts for ROU assets and lease liabilities:


	As of December 31,
	2024			2023

	(In thousands)
Right-of-use assets:
Operating	$	939,896		$	1,031,303
Finance		183,391			218,807
Total right-of-use assets	$	1,123,287		$	1,250,110

Lease liabilities:
Current:
Operating (1)	$	72,393		$	155,932
Finance		—			—
Total current		72,393			155,932
Noncurrent:
Operating		830,629			897,084
Finance		—			—
Total noncurrent		830,629			897,084
Total lease liabilities	$	903,022		$	1,053,016

Weighted Average Remaining Lease Term:
Finance leases		0.0 years			0.0 years
Operating leases		6.6 years			7.5 years

Weighted Average Discount Rate:
Finance leases		—	%		—	%
Operating leases		12.0	%		12.1	%

(1)	The decrease in current operating lease liabilities is due to prepayments related to the EchoStar XXIV satellite, resulting in the lease liability and associated asset being remeasured. Refer to Note 15 for further details on the EchoStar XXIV operating lease prepayments.

As of December 31, 2024 and 2023 we have prepaid our obligations regarding all of our finance ROU assets. Finance lease assets are reported net of accumulated amortization of $162 million and $150 million as of December 31, 2024 and 2023, respectively.

The following table presents the components of lease expense, weighted-average lease terms and discount rates for operating and finance leases:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Lease cost:
Operating lease cost	$	24,845	$	30,299	$	25,219
Operating lease cost - EchoStar XXIV		190,699		—		—
Total operating lease cost		215,544		30,299		25,219
Finance lease cost:
Amortization of right-of-use assets		23,863		27,682		29,906
Interest on lease liabilities		—		—		7
Total finance lease cost		23,863		27,682		29,913
Short-term lease cost		—		—		258
Variable lease cost		—		—		2,246
Total lease cost	$	239,407	$	57,981	$	57,636

Supplemental cash flow information related to leases was as follows:



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	273,300	$	22,981	$	24,653
Operating cash flows from finance leases	$	—	$	—	$	7
Financing cash flows from finance leases	$	—	$	—	$	124

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	229	$	902,981	$	4,307
Finance leases	$	—	$	—	$	—

Refer to Note 15 for further details on EchoStar XXIV operating lease.

Maturities of lease liabilities as of December 31, 2024 were as follows:


For the Years Ending December 31,	Total
		(In thousands)
2025	$	173,314
2026		216,059
2027		214,735
2028		212,812
2029		211,947
Thereafter		271,653
Total future minimum lease payments		1,300,520
Less: Interest		(397,498)
Total lease liabilities	$	903,022

Lessor Accounting

We lease satellite capacity, communications equipment and real estate to certain of our customers. The following table presents our lease revenue by type of lease:



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Sales-type lease revenue:
Revenue at lease commencement	$	8,517	$	11,429	$	7,557
Interest income		2,030		2,002		1,220
Total sales-type lease revenue		10,547		13,431		8,777
Operating lease revenue		14,734		47,051		64,375
Total lease revenue (1)	$	25,281	$	60,482	$	73,152

(1)	The reduction in total lease revenue relates to the loss of a single significant customer.

Substantially all of our net investment in sales-type leases consisted of lease receivables totaling $26 million and $30 million as of December 31, 2024 and 2023, respectively.

The following table presents future operating lease payments to be received as of December 31, 2024:


For the Years Ending December 31,		Total
		(In thousands)
2025	$	9,322
2026		5,285
2027		4,093
2028		1,379
2029		1,008
Thereafter		16
Total	$	21,103

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIT) - USD ($) $ in Thousands	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings (Deficit)	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2021	$ 1,489,776	$ (173,381)	$ 692,341	$ 60,253	$ 2,068,989
Increase (Decrease) in Stockholders' Equity
Non-cash, stock-based compensation	4,318				4,318
Dividends to EchoStar Corporation			(100,000)		(100,000)
Other comprehensive income (loss)		3,197		1,708	4,905
Net income (loss)			149,413	(10,503)	138,910
Other, net				438	438
Ending balance at Dec. 31, 2022	1,479,857	(170,184)	741,754	96,436	2,147,863
Increase (Decrease) in Stockholders' Equity
Issuance of equity and contribution of assets pursuant to the India JV formation	(14,237)			44,540	30,303
Non-cash, stock-based compensation	4,207				4,207
Deconsolidation of Hughes Systique Corporation				(15,448)	(15,448)
Other comprehensive income (loss)		17,693		3,650	21,343
Net income (loss)			(461,869)	(16,569)	(478,438)
Other, net				(438)	(438)
Ending balance at Dec. 31, 2023	1,484,064	(152,491)	279,885	67,631	1,679,089
Increase (Decrease) in Stockholders' Equity
Non-cash, stock-based compensation	3,694				3,694
Dividends to EchoStar Corporation			(1,029,000)		(1,029,000)
Other comprehensive income (loss)		(38,319)		(7,295)	(45,614)
Net income (loss)			(209,403)	(8,707)	(218,110)
Ending balance at Dec. 31, 2024	$ 1,487,758	$ (190,810)	$ (958,518)	$ 51,629	$ 390,059

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
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Reference 34: http://www.xbrl.org/2003/role/exampleRef
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+ Details

INCOME TAXES AND ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses, credit and other carryforwards	$ 152,355	$ 153,421
Other investments	32,953	32,785
Accrued expenses	48,121	61,177
Non-cash, stock-based compensation	5,779	5,821
Other assets	36,361	33,303
Total deferred tax assets	275,569	286,507
Valuation allowance	(193,118)	(209,411)
Deferred tax assets after valuation allowance	82,451	77,096
Deferred tax liabilities:
Property and equipment, regulatory authorizations, and other intangibles	(245,232)	(300,396)
Other liabilities	(21,761)	(21,322)
Total deferred tax liabilities	(266,993)	(321,718)
Total net deferred tax liabilities	(184,542)	(244,622)
Foreign
Deferred tax assets:
Valuation allowance	(142,000)
Deferred tax liabilities:
Net deferred tax assets (liabilities) foreign jurisdiction	7,017	8,198
Federal
Deferred tax liabilities:
Total net deferred tax liabilities	$ (191,559)	$ (252,820)

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2024

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 14. REVENUE RECOGNITION

Contract Balances

Contract assets arise when we recognize revenue for providing a service in advance of billing our customers. Our contract assets typically relate to our long-term contracts where we recognize revenue using the cost-based input method and the revenue recognized exceeds the amount billed to the customer.

Our contract assets also include receivables related to sales-type leases recognized over the lease term as the customer is billed. Contract assets are amortized as the customer is billed for services. Contract assets are recorded in “Trade accounts receivable and contract assets, net” on our Consolidated Balance Sheets.

Contract liabilities arise when we bill our customers and receive consideration in advance of providing the service or equipment. Contract liabilities are recognized as revenue when the service or equipment has been provided to the customer. Contract liabilities are recorded in “Contract liabilities” or “Other non-current liabilities” on our Consolidated Balance Sheets.

The following table summarizes our contract asset and liability balances:


	As of December 31,
	2024		2023

	(In thousands)
Contract assets	$	108,007	$	66,095

Contract liabilities:
Current	$	81,558	$	116,187
Noncurrent		1,068		7,401
Total contract liabilities	$	82,626	$	123,588

Our beginning of period contract liability recorded as customer contract revenue during 2024 was $101 million.

The following table presents the activity in our allowance for credit losses:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Balance, beginning of period	$	20,399	$	15,358	$	14,588
Current period provision for expected losses		25,653		34,085		32,910
Write-offs charged against allowance		(34,193)		(29,371)		(36,011)
Foreign currency translation		(545)		327		3,871
Balance, end of period	$	11,314	$	20,399	$	15,358

As of December 31, 2024, accounts receivable balances for certain customers in Mexico and Brazil have been fully reserved in “Other noncurrent assets, net” in the amount of $18 million.

Performance Obligations

As of December 31, 2024, the remaining performance obligations for our customer contracts was approximately $1.6 billion. Performance obligations expected to be satisfied within one year and greater than one year are 27% and 73%, respectively. This amount and percentages exclude leasing arrangements and agreements with consumer customers.

Contract Acquisition Costs

The following table presents the activity in our contract acquisition costs, net:



	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Balance, beginning of period	$	49,343	$	64,447	$	82,986
Additions		47,883		44,459		57,627
Amortization expense		(38,290)		(60,512)		(76,760)
Foreign currency translation		(1,599)		949		594
Balance, end of period	$	57,337	$	49,343	$	64,447

Disaggregation of Revenue

Nature of Products and Services

The following tables present our revenue disaggregated by the nature of products and services. Substantially all of our revenue is related to our Hughes segment:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Service revenue:
Services	$	1,196,394	$	1,401,438	$	1,564,819
Lease revenue		14,446		47,051		64,375
Total service revenue		1,210,840		1,448,489		1,629,194
Equipment sales and other revenue:
Equipment sales		205,178		140,429		119,107
Design, development and construction services		133,520		145,507		246,265
Lease revenue		10,835		13,431		8,777
Total equipment and other revenue		349,533		299,367		374,149
Total revenue	$	1,560,373	$	1,747,856	$	2,003,343

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2024

OTHER COMPREHENSIVE INCOME (LOSS)

Schedule of other comprehensive income (loss)

The following table presents the tax effect on each component of “Other comprehensive income (loss)” and excludes noncontrolling interest:



	For the Years Ended December 31,
	2024						''	2023						''	2022
	Before		Tax		Net			Before		Tax		Net			Before		Tax		Net
	Tax		(Expense)		of Tax			Tax		(Expense)		of Tax			Tax		(Expense)		of Tax
	Amount		Benefit		Amount			Amount		Benefit		Amount			Amount		Benefit		Amount

	(In thousands)
Foreign currency translation adjustments	$	(38,294)	$	—	$	(38,294)		$	17,546	$	—	$	17,546		$	3,767	$	—	$	3,767
Unrealized holding gains (losses) on available-for-sale securities		143		39		182			(220)		22		(198)			475		(1,028)		(553)
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)		(207)		—		(207)			247		—		247			(17)		—		(17)
Other		—		—		—			98		—		98			—		—		—
Other comprehensive income (loss)	$	(38,358)	$	39	$	(38,319)		$	17,671	$	22	$	17,693		$	4,225	$	(1,028)	$	3,197

Schedule of accumulated other comprehensive income (loss)

The “Accumulated other comprehensive income (loss)” is detailed in the following table, net of tax and excludes noncontrolling interest:



	Foreign		Unrealized/
	Currency		Recognized
	Translation		Gains
Accumulated Other Comprehensive Income (Loss)	Adjustment		(Losses)		Other		Total

	(In thousands)
Balance as of December 31, 2022	$	(170,114)	$	28	$	(98)	$	(170,184)
Foreign currency translation adjustments		17,546		—		98		17,644
Other comprehensive income (loss) before reclassifications		—		(198)		—		(198)
Amounts reclassified to net income (loss)		—		247		—		247
Other comprehensive income (loss)		17,546		49		98		17,693
Balance as of December 31, 2023		(152,568)		77		—		(152,491)
Foreign currency translation adjustments		(38,294)		—		—		(38,294)
Other comprehensive income (loss) before reclassifications		—		182		—		182
Amounts reclassified to net income (loss)		—		(207)		—		(207)
Other comprehensive income (loss)		(38,294)		(25)		—		(38,319)
Balance as of December 31, 2024	$	(190,862)	$	52	$	—	$	(190,810)

LONG-TERM DEBT AND OTHER NOTES PAYABLE - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LONG-TERM DEBT AND OTHER NOTES PAYABLE
Carrying Amount		$ 1,544,774	$ 1,546,594
Unamortized deferred financing costs and other debt discounts, net		(1,509)	(2,391)
Total		1,543,265	1,544,203
Less: current portion		(9,548)	(5,225)
Long-term debt and other notes payable, net of current portion		1,533,717	1,538,978
Fair Value		$ 1,326,974	1,303,797
5 1/4% Senior Secured Notes due 2026
LONG-TERM DEBT AND OTHER NOTES PAYABLE
Interest rate		5.25%
6 5/8% Senior Unsecured Notes due 2026
LONG-TERM DEBT AND OTHER NOTES PAYABLE
Interest rate	6.625%	6.625%
Other notes payable
LONG-TERM DEBT AND OTHER NOTES PAYABLE
Carrying Amount		$ 44,774	46,594
Fair Value		44,774	46,594
Senior Secured Notes \| 5 1/4% Senior Secured Notes due 2026
LONG-TERM DEBT AND OTHER NOTES PAYABLE
Carrying Amount		750,000	750,000
Fair Value		686,475	665,678
Senior Unsecured Notes \| 6 5/8% Senior Unsecured Notes due 2026
LONG-TERM DEBT AND OTHER NOTES PAYABLE
Carrying Amount		750,000	750,000
Fair Value		$ 595,725	$ 591,525

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Total property and equipment	$ 3,554,500	$ 3,892,762
Accumulated depreciation	(2,457,310)	(2,642,688)
Property and equipment, net	1,097,190	1,250,074
Equipment leased to customers
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Total property and equipment	865,003	883,565
Satellites
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Total property and equipment	$ 1,210,437	$ 1,506,541
Satellites acquired under finance lease agreements
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	15 years	15 years
Total property and equipment	$ 344,972	$ 368,384
Furniture, fixtures, equipment and other
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Total property and equipment	682,614	683,246
Software and computer equipment
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Total property and equipment	300,255	293,908
Buildings and improvements
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Total property and equipment	129,779	115,354
Land
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Total property and equipment	13,460	13,547
Construction in progress
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Total property and equipment	$ 7,980	$ 28,217
Minimum
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	1 year
Minimum \| Equipment leased to customers
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	2 years	2 years
Minimum \| Satellites
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	5 years	5 years
Minimum \| Furniture, fixtures, equipment and other
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	1 year	1 year
Minimum \| Software and computer equipment
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	1 year	1 year
Minimum \| Buildings and improvements
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	1 year	1 year
Maximum
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	30 years
Maximum \| Equipment leased to customers
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	4 years	4 years
Maximum \| Satellites
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	15 years	15 years
Maximum \| Furniture, fixtures, equipment and other
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	12 years	12 years
Maximum \| Software and computer equipment
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	5 years	5 years
Maximum \| Buildings and improvements
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Depreciable Life (In Years)	30 years	30 years

LEASES - Future Operating Lease Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
LEASES
2025	$ 9,322
2026	5,285
2027	4,093
2028	1,379
2029	1,008
Thereafter	16
Total	$ 21,103

LEASES - Lease Revenue By Lease Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Sales-type lease revenue:
Revenue at lease commencement	$ 8,517	$ 11,429	$ 7,557
Interest income	2,030	2,002	1,220
Total sales-type lease revenue	10,547	13,431	8,777
Operating lease revenue	14,734	47,051	64,375
Total lease revenue	$ 25,281	$ 60,482	$ 73,152
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenue	Total revenue
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenue	Total revenue

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS - Schedule of fair value measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair value of marketable securities
Cash equivalents (including restricted)	$ 88,789	$ 1,176,356
Available-for-sale debt securities:
Total marketable investment securities		417,743
Corporate bonds
Available-for-sale debt securities:
Total available-for-sale debt securities		91,548
Commercial paper
Available-for-sale debt securities:
Total available-for-sale debt securities		282,898
Other debt securities
Available-for-sale debt securities:
Total available-for-sale debt securities		43,297
Level 1
Fair value of marketable securities
Cash equivalents (including restricted)	204	177,009
Available-for-sale debt securities:
Total marketable investment securities		38,799
Level 1 \| Other debt securities
Available-for-sale debt securities:
Total available-for-sale debt securities		38,799
Level 2
Fair value of marketable securities
Cash equivalents (including restricted)	$ 88,585	999,347
Available-for-sale debt securities:
Total marketable investment securities		378,944
Level 2 \| Corporate bonds
Available-for-sale debt securities:
Total available-for-sale debt securities		91,548
Level 2 \| Commercial paper
Available-for-sale debt securities:
Total available-for-sale debt securities		282,898
Level 2 \| Other debt securities
Available-for-sale debt securities:
Total available-for-sale debt securities		$ 4,498

SEGMENT REPORTING - Narrative (Details)	12 Months Ended
SEGMENT REPORTING - Narrative (Details)	Dec. 31, 2024 segment
SEGMENT REPORTING
Number of operating segments	2

ORGANIZATION AND BUSINESS ACTIVITIES (Details)	12 Months Ended
ORGANIZATION AND BUSINESS ACTIVITIES (Details)	Dec. 31, 2024 item segment
ORGANIZATION AND BUSINESS ACTIVITIES
Number of operating segments	2
Number of reportable segments	2
Number of broadband subscribers \| item	883,000

COMMITMENTS AND CONTINGENCIES - Schedule of Commitments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Payments Due in the Years Ending December 31,
Contractual obligation, Total	$ 3,077,732
2025	290,417
2026	1,822,983
2027	229,752
2028	220,021
2029	219,103
Thereafter	295,456
Payments Due in the Years Ending December 31,
Total future minimum lease payments	1,300,520
2025	173,314
2026	216,059
2027	214,735
2028	212,812
2029	211,947
Thereafter	271,653
Long-term debt obligations
Payments Due in the Years Ending December 31,
Contractual obligation, Total	1,544,774
2025	9,548
2026	1,507,524
2027	8,735
2028	2,795
2029	3,219
Thereafter	12,953
Interest expense on long-term debt
Payments Due in the Years Ending December 31,
Contractual obligation, Total	189,069
2025	92,057
2026	91,473
2027	1,699
2028	1,164
2029	995
Thereafter	1,681
Satellite-related commitments
Payments Due in the Years Ending December 31,
Contractual obligation, Total	43,369
2025	15,498
2026	7,927
2027	4,583
2028	3,250
2029	2,942
Thereafter	$ 9,169

LEASES - Schedule of Lease Cost and Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease cost:
Operating lease cost	$ 24,845	$ 30,299	$ 25,219
Operating lease cost	215,544	30,299	25,219
Finance lease cost:
Amortization of right-of-use assets	23,863	27,682	29,906
Interest on lease liabilities			7
Total finance lease cost	23,863	27,682	29,913
Short-term lease cost			258
Variable lease cost			2,246
Total lease cost	239,407	57,981	57,636
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	273,300	22,981	24,653
Operating cash flows from finance leases			7
Financing cash flows from finance leases			124
Right-of-use assets obtained in exchange for lease obligations Operating leases	229	$ 902,981	$ 4,307
EchoStar XXIV
Lease cost:
Operating lease cost	$ 190,699

REVENUE RECOGNITION - Activity in Contract Acquisition Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract Acquisition Costs
Balance at beginning of period	$ 49,343,000	$ 64,447,000	$ 82,986,000
Additions	47,883,000	44,459,000	57,627,000
Amortization expense	(38,290,000)	(60,512,000)	(76,760,000)
Foreign currency translation	(1,599,000)	949,000	594,000
Balance at end of period	$ 57,337,000	$ 49,343,000	$ 64,447,000

REVENUE RECOGNITION - Schedule of Disaggregation of Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUE RECOGNITION
Total revenue	$ 1,560,373,000	$ 1,747,856,000	$ 2,003,343,000
Service revenue
REVENUE RECOGNITION
Total revenue	1,210,840,000	1,448,489,000	1,629,194,000
Services
REVENUE RECOGNITION
Total revenue	1,196,394,000	1,401,438,000	1,564,819,000
Lease revenue
REVENUE RECOGNITION
Total revenue	14,446,000	47,051,000	64,375,000
Equipment sales and other revenue
REVENUE RECOGNITION
Total revenue	349,533,000	299,367,000	374,149,000
Equipment sales
REVENUE RECOGNITION
Total revenue	205,178,000	140,429,000	119,107,000
Design, development and construction services
REVENUE RECOGNITION
Total revenue	133,520,000	145,507,000	246,265,000
Lease revenue
REVENUE RECOGNITION
Total revenue	10,835,000	13,431,000	8,777,000
North America
REVENUE RECOGNITION
Total revenue	1,239,679,000	1,398,123,000	1,595,906,000
South and Central America
REVENUE RECOGNITION
Total revenue	$ 147,694,000	$ 159,520,000	$ 171,318,000

RELATED PARTY TRANSACTIONS - Payables (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Related party payables - EchoStar - current, net	$ 99,519,000	$ 101,163,000
Operating lease liabilities - EchoStar - current	72,393,000	155,932,000
Operating lease liabilities - EchoStar - noncurrent	830,629,000	897,084,000
Total lease liabilities	903,022,000
EchoStar
RELATED PARTY TRANSACTIONS
Related party payables - EchoStar - current, net	26,004,000	195,558,000
Related party payables - EchoStar - non-current	26,143,000	26,453,000
Total related party payables - EchoStar	52,147,000	222,011,000
Operating lease liabilities - EchoStar - current	55,869,000	138,694,000
Operating lease liabilities - EchoStar - noncurrent	695,225,000	755,379,000
Total lease liabilities	751,094,000	894,073,000
Related Party \| DISH Network
RELATED PARTY TRANSACTIONS
Related party payables - EchoStar - current, net	$ 15,094,000	$ 1,847,000

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item lease	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Number of satellite leases, finance leases \| lease	3
Number of satellite leases, operating leases \| lease	1
Capitalized interest \| $		$ 10,115	$ 8,712
Satellite-related obligations \| $	$ 3,077,732
Satellite-related obligations
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Satellite-related obligations \| $	$ 43,000	193,000
Satellites
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Number of satellites utilized in geostationary orbit approximately 22,300 miles above the equator \| item	8
Satellites in geosynchronous orbit length above equator \| item	22,300
Satellites
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Number of satellites utilized in geostationary orbit approximately 22,300 miles above the equator \| item	4
Satellites - acquired under finance leases
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Number of satellites utilized under capital lease \| item	4
Level 2
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS
Obligations, fair value disclosure \| $	$ 41,000	$ 46,000

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS - Regulatory Authorizations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Regulatory Authorizations
Total	$ 400,000	$ 400,000
Amortization of Intangible Assets	$ 36,974	33,455	$ 34,090
Regulatory authorizations
Regulatory Authorizations
Finite-Lived Intangible Asset, Useful Life	11 years
Amortization of Intangible Assets	$ 2,000	2,000	1,000
Finite-Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	1,000	(1,000)	$ (1,000)
95 W
Regulatory Authorizations
Total	200,000	200,000
107 W
Regulatory Authorizations
Total	$ 200,000	$ 200,000

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS - Equity Method Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS
Return of equity investment	$ 20,000
Deluxe/EchoStar LLC
MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS
Equity interest, percentage in joint venture	50.00%
Broadband Connectivity Solutions
MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS
Equity interest, percentage in joint venture	20.00%
Return of equity investment	$ 20,000
Hughes Systique
MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS
Ownership interest in related party (as a percent)	42.00%

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - License Fee Dispute - USD ($) $ in Millions	Sep. 01, 2020	Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES
Payment schedule term	10 years
Gross amounts		$ 91
Accrual at carrying value		$ 54

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2024

INVENTORY

Schedule of inventory


	As of December 31,
	2024		2023

	(In thousands)
Raw materials	$	30,594	$	32,492
Work-in-process		30,302		32,832
Finished goods		90,147		101,912
Total inventory	$	151,043	$	167,236

LEASES - Schedule of Lease Assets, Liabilities and Weighted Average Term and Discount Rate (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Right-of-use assets:
Operating	$ 939,896	$ 1,031,303
Finance	183,391	218,807
Total right-of-use assets	1,123,287	1,250,110
Current:
Operating	72,393	155,932
Total current	72,393	155,932
Noncurrent:
Operating	830,629	897,084
Total noncurrent	830,629	897,084
Total lease liabilities	$ 903,022	$ 1,053,016
Weighted Average Remaining Lease Term:
Finance leases	0 years	0 years
Operating leases, Weighted average lease term	6 years 7 months 6 days	7 years 6 months
Weighted Average Discount Rate:
Operating leases	12.00%	12.10%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities:
Net income (loss)	$ (218,110)	$ (478,438)	$ 138,910
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	365,902	389,632	431,065
Impairment of long-lived assets and goodwill		532,940
Realized and unrealized losses (gains) on investments, net	(204)	33,155	(245)
Equity in losses (earnings) of unconsolidated affiliates, net	5,121	4,264	5,703
Foreign currency transaction losses (gains), net	3,901	(5,711)	(6,016)
Deferred tax provision (benefit), net	(60,766)	(36,697)	(48,875)
Non-cash, stock-based compensation	3,694	4,207	4,318
Amortization of debt issuance costs	882	832	783
(Accretion of discounts) and amortization of premiums on debt investments	(939)	(23,788)	(4,590)
Noncurrent assets and noncurrent liabilities, net	49,833	(20,450)	(18,517)
Other, net		2,434	12,605
Changes in current assets and current liabilities:
Trade accounts receivable and contract assets, net	(39,677)	(7,464)	(51,440)
Changes in allowance for credit losses	(9,086)	5,041	770
Other current assets	(59,455)	(28,638)	3,513
Trade accounts payable	10,183	(4,505)	511
Contract liabilities	(34,629)	(5,552)	(19,604)
Accrued expenses and other current liabilities	(265,065)	91,290	89,961
Net cash flows from operating activities	(248,415)	452,552	538,852
Cash Flows from Investing Activities:
Purchases of marketable investment securities		(964,388)	(986,736)
Sales and maturities of marketable investment securities	414,323	1,373,313	1,045,950
Purchases of property and equipment, net of refunds	(205,330)	(190,129)	(239,403)
Expenditures for externally marketed software	(24,945)	(30,164)	(23,105)
Deconsolidation of Hughes Systique Corporation (Note 5)		(17,296)
Return of equity investment	20,000
India JV formation			(7,892)
Dividend received from unconsolidated affiliate	5,500		2,000
Net cash flows from investing activities	209,548	171,336	(209,186)
Cash Flows from Financing Activities:
Repayment of long-term debt, finance lease, and other obligations			(120)
Payment of in-orbit incentive obligations	(1,480)	(3,889)	(2,988)
Dividends to EchoStar Corporation	(1,029,000)		(100,000)
Other, net	3,127	278
Net cash flows from financing activities	(1,027,353)	(3,611)	(103,108)
Effect of exchange rates on cash and cash equivalents	(5,708)	2,991	(2,233)
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents	(1,071,928)	623,268	224,325
Cash and cash equivalents, including restricted amounts, beginning of period	1,277,741	654,473	430,148
Cash and cash equivalents, including restricted amounts, end of period	$ 205,813	$ 1,277,741	$ 654,473

RELATED PARTY TRANSACTIONS - Hughes Systique (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Amounts payable to Hughes Systique	$ 99,519	$ 101,163
Hughes Systique
Schedule of Investments [Line Items]
Amounts payable to Hughes Systique	1,466	1,704
Purchases from Hughes Systique	$ 17,528	$ 19,597

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS
Marketable and non-marketable investment securities realized and unrealized gains (loss) excluding OTTI	$ 204	$ 245	$ 245
Equity in earnings (losses) of unconsolidated affiliates	(5,121)	(4,264)	(5,703)
Foreign currency transaction gains (losses)	(3,901)	5,711	6,016
Other-than-temporary impairment losses on equity method investments		(33,400)
Other	(206)	(1,090)	(85)
Total	$ (9,024)	$ (32,798)	$ 473

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details