0001558370-25-003292 | 10-K | XBRL Viewer

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Stock-Based Compensation - Stock Option Activity (Details) - Employee Stock Option [Member] - DISH Network Awards - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022
Stock option activity
Total options outstanding, beginning of period (in shares)	3,288,033
Granted (in shares)	2,568,496
Exercised (in shares)	(91,701)
Forfeited, cancelled and transferred (in shares)	(2,658,428)
Total options outstanding, end of period (in shares)	3,106,400
Exercisable at the end of the period (in shares)	743,045
Weighted-Average Exercise Price
Total options outstanding, beginning of the period (in dollars per share)	$ 65.81
Granted (in dollars per share)	14.23
Exercised (in dollars per share)	14.04
Forfeited, cancelled and transferred (in dollars per share)	53.12
Total options outstanding at the end of the period (in dollars per share)	35.52
Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 32.9
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options exercisable, Aggregate intrinsic value	$ 643	$ 61
Options outstanding, Weighted-average remaining contractual life	7 years 8 months 15 days
Options exercisable, Weighted-average remaining contractual life	6 years 2 months 19 days
Long-Term Performance Based Plans
Stock option activity
Total options outstanding, end of period (in shares)	576,696
Weighted-Average Exercise Price
Total options outstanding at the end of the period (in dollars per share)	$ 104.17
Exchange offer
Stock option activity
Granted (in shares)	3,000,000
Forfeited, cancelled and transferred (in shares)	(3,000,000)
Other than exchange offer
Weighted-Average Exercise Price
Total options outstanding at the end of the period (in dollars per share)	$ 65.81

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Mar. 19, 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	333-31929
Entity Registrant Name	DISH DBS Corporation
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	84-1328967
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
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		1,015
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Denver, Colorado
Entity Central Index Key	0001042642
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Property and Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2024

Property and Equipment

Property and Equipment and Intangible Assets

6.Property and Equipment and Intangible Assets

Property and Equipment

Property and equipment consisted of the following:


	Depreciable
	Life	As of December 31,
	(In Years)	2024		2023

		(In thousands)
Equipment leased to customers	2-5	$	1,002,518	$	1,175,734
EchoStar XV	15		277,658		277,658
EchoStar XVIII	15		411,255		411,255
Satellites acquired under finance lease agreements (1)	-		—		174,685
Furniture, fixtures, equipment and other	2-10		746,585		755,163
Software and computer equipment (2)	3-5		670,503		1,197,632
Buildings and improvements	5-40		288,573		294,890
Land	-		12,007		12,505
Construction in progress	-		34,232		45,413
Total property and equipment			3,443,331		4,344,935
Accumulated depreciation			(2,818,562)		(3,536,870)
Property and equipment, net		$	624,769	$	808,065

(1)	This decrease is related to the Nimiq 5 finance lease which DISH Network extended in October 2024 and as a result is currently accounted for as an operating lease.

(2)	This decrease is primarily related to the retirement of obsolete software with a net book value of zero.

Depreciation and amortization expense consisted of the following:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Equipment leased to customers	$	147,282	$	166,918	$	191,712
Satellites		71,701		80,292		84,016
Buildings, furniture, fixtures, equipment and other		19,166		27,693		25,333
Software and computer equipment		37,882		40,757		53,300
Total depreciation and amortization	$	276,031	$	315,660	$	354,361

Cost of sales and operating expense categories included in our accompanying Consolidated Statements of Operations and Comprehensive Income (Loss) do not include depreciation and amortization expense related to satellites, equipment leased to customers or software.

Satellites

We currently utilize nine satellites in geosynchronous orbit approximately 22,300 miles above the equator, two of which we own and depreciate over their estimated useful life. We currently utilize certain capacity on six satellites that we lease from DISH Network, which are accounted for as operating leases. Through the third quarter of 2024, our Nimiq 5 lease was accounted for as a finance lease. However, during October 2024, DISH Network extended the Nimiq 5 lease to October 2029 and as a result, it is currently accounted for as an operating lease. We also lease one satellite from a third party, the Anik F3 satellite, which is accounted for as an operating lease.

As of December 31, 2024, our Pay-TV satellite fleet consisted of the following:


		Degree
	Launch	Orbital	Lease
Satellites	Date	Location	Termination Date
Owned:
EchoStar XV	July 2010	61.5	N/A
EchoStar XVIII	June 2016	61.5	N/A

Under Construction:
EchoStar XXV	2026	110	N/A

Leased from DISH Network (1):
EchoStar X	February 2006	110	February 2026
EchoStar XI	July 2008	110	February 2026
EchoStar XIV	March 2010	119	February 2026
EchoStar XVI	November 2012	61.5	January 2026
EchoStar XXIII	March 2017	110	Month to Month
Nimiq 5	September 2009	72.7	Month to Month

Leased from Other Third-Party:
Anik F3	April 2007	118.7	April 2025

(1)	See Note 15 for further information on our Related Party Transactions with DISH Network.

Satellite Under Construction

EchoStar XXV. On March 20, 2023, DISH Network entered into a contract with Maxar Space LLC for the construction of EchoStar XXV, a DBS satellite that is capable of providing service to the continental United States (“CONUS”) and is intended to be used at the 110 degree orbital location. During the fourth quarter of 2023, DISH Network entered into an agreement with Space Exploration Technologies Corp (“SpaceX”) for launch services for this satellite, which is expected to be launched during 2026.

Satellite Anomalies and Impairments

Operation of our DISH TV services requires that we have adequate satellite transmission capacity for the programming that we offer. While we generally have had in-orbit satellite capacity sufficient to transmit our existing channels and some backup capacity to recover the transmission of certain critical programming, our backup capacity is limited.

In the event of a failure or loss of any of our owned or leased satellites, we may need to acquire or lease additional satellite capacity or relocate one of our other owned or leased satellites and use it as a replacement for the failed or lost satellite. Such a failure could result in a prolonged loss of critical programming or a significant delay in our plans to expand programming as necessary to remain competitive and thus may have a material adverse effect on our business, financial condition and results of operations.

In the past, certain of our owned and leased satellites have experienced anomalies, some of which have had a significant adverse impact on their remaining useful life and/or commercial operation. 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.

Intangible Assets

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


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

	(In thousands)
Technology-based	$	58,162	$	(56,167)	$	58,162	$	(55,623)
Trademarks		18,251		(17,270)		18,251		(17,160)
Contract-based		4,500		(4,500)		4,500		(4,500)
Customer relationships		23,632		(23,632)		23,632		(23,632)
Total	$	104,545	$	(101,569)	$	104,545	$	(100,915)

These identifiable intangibles are included in “Other noncurrent 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 13 to 20 years. Amortization was $1 million for each of the years ended December 31, 2024, 2023 and 2022.

Estimated future amortization of our identifiable intangible assets as of December 31, 2024 is as follows:


For the Years Ended December 31,	Total
	(In thousands)
2025	$	654
2026		654
2027		654
2028		473
2029		110
Thereafter		431
Total	$	2,976

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 $6 million in “Impairment of long-lived assets and goodwill” on our Consolidated Statements of Operations and Comprehensive Income (Loss). 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)
DBS Licenses	$	611,794	$	611,794
Total	$	611,794	$	611,794

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

Related Party Transactions

15.Related Party Transactions

Related Party Transactions with DISH Network, our parent, and EchoStar, our ultimate parent.

The following table summarizes our notes receivable balances with DISH Network:


	As of December 31, 2024
Notes Receivable - DISH Network	Principal		Accrued Interest Receivable

Intercompany Loan - DISH Network - 2028 Tranche	$	2,844,401	$	14,222
Q2 2024 Notes Receivable - DISH Network (1)		1,576,518		—
Q3 2024 Notes Receivable - DISH Network (1)		492,770		—
Total Notes Receivable - DISH Network	$	4,913,689	$	14,222

(1)	Interest is recorded monthly as paid in kind.

“Intercompany Loan – DISH Network”

Concurrently with the issuance of the 5 1/4% Senior Secured Notes due 2026 and the 5 3/4% Senior Secured Notes due 2028 (our “Senior Secured Notes”) and using the proceeds thereof, we made the Intercompany Loan to DISH Network to be used by DISH Network to finance the purchase of certain wireless spectrum licenses and for general corporate purposes, including the buildout of wireless infrastructure. The Intercompany Loan is secured by: (i) the cash proceeds of the loan and (ii) an interest in the wireless spectrum licenses acquired using such proceeds. Such collateral may be replaced by other then-existing wireless spectrum licenses held directly or indirectly by DISH Network of equivalent value (based upon a third-party valuation). The Intercompany Loan will mature in two tranches, with the first tranche maturing on December 1, 2026 (the “2026 Tranche”) and the second tranche maturing on December 1, 2028 (the “2028 Tranche”). The aggregate principal amount of the Intercompany Loan was initially $5.250 billion, and on February 11, 2022, we advanced an additional $1.5 billion to DISH Network under the 2026 Tranche. Interest accrues and is payable semiannually, and interest payments with respect to the Intercompany Loan are, at DISH Network’s option, payable in kind for the first two years. In the third year, beginning November 2023, a minimum of 50% of each interest payment due with respect to each tranche of the Intercompany Loan must be paid in cash. Thereafter, beginning in November 2024, interest payments must be paid in cash. Interest accrues: (a) when paid in cash, at a fixed rate of 0.25% per annum in excess of the interest rate applicable to, in the case of the 2026 Tranche, the 5 1/4% Senior Secured Notes due 2026, and in the case of the 2028 Tranche, the 5 3/4% Senior Secured Notes due 2028 (each, the “Cash Accrual Rate” with respect to the applicable tranche); and (b) when paid in kind, at a rate of 0.50% per annum in excess of the Cash Accrual Rate for the applicable tranche.

The Intercompany Loan is repayable by DISH Network in whole or in part, at any time or from time to time, at a price equal to 100% of the principal amount thereof, plus accrued but unpaid interest thereon. We may use the proceeds of any such pre-payment for general corporate purposes, including refinancing of indebtedness, but may not use any such prepaid amounts to make a cash dividend or distribution to DISH Network prior to the repayment in full of the Intercompany Loan. The 5 1/4% Senior Secured Notes due 2026 and the 5 3/4% Senior Secured Notes due 2028 are subordinated to our existing and certain future unsecured notes with respect to certain realizations under the Intercompany Loan and any collateral pledged as security therefor. Any material amendments or modifications to the terms of the Intercompany Loan will require the written consent of the holders of a majority of the then-outstanding 5 1/4% Senior Secured Notes due 2026 and the 5 3/4% Senior Secured Notes due 2028.

As of December 31, 2023, the receivable including capitalized paid in kind interest was $7.496 billion. On January 10, 2024, we, in our capacity as “Lender” under the terms of the Loan and Security Agreement related to the Intercompany Loan between DISH Network and us, have consummated the assignment pursuant to such terms, without any modification or amendment thereto, of our receivable in respect to the 2026 Tranche of $4.7 billion to DBS Intercompany Receivable L.L.C. DBS Intercompany Receivable L.L.C. has subsequently assigned its rights as lender thereunder to EchoStar Intercompany Receivable Company L.L.C., our ultimate parent, EchoStar’s direct wholly-owned subsidiary, such that amounts owed in respect of the 2026 Tranche will now be paid by DISH Network to EchoStar Intercompany Receivable L.L.C.

During the years ended December 31, 2024 and 2023, we recorded $179 million and $441 million, respectively, of “Interest income” on our Consolidated Statements of Operations and Comprehensive Income (Loss). As of December 31, 2024 and 2023, “Notes Receivable – DISH Network, including interest” on our Consolidated Balance Sheets related to the Intercompany Loan – 2028 Tranche was $2.844 billion and $7.496 billion, respectively, including interest paid in kind, respectively. In addition, as of December 31, 2024 and 2023, “Interest receivable – DISH Network” on our Consolidated Balance Sheets was $14 million which must be paid in cash and $37 million ($18 million which was paid in cash and $19 million which was paid in kind), respectively.

“Q2 2024 Notes Receivable – DISH Network”

Our ordinary course business practice routinely involves entities within our corporate family making intercompany loans, which are part of our routine cash management system, and consistent with many years of past practice. Such advances are obligations of the recipient entity and an asset of the advancing entity within our corporate family, and historically are short duration in nature. Effective for the quarter ended June 30, 2024, we and DISH Network determined that the balance of such intercompany loans previously classified as current “Advances to affiliates” on our Condensed Consolidated Balance Sheets had become longer-term in nature.

As a result, in June 2024, we and DISH Network entered into an intercompany loan (the “Q2 2024 Notes Receivable – DISH Network”) with an initial principal amount of $1.508 billion. The Q2 2024 Notes Receivable – DISH Network matures on August 13, 2028. Interest accrues and is payable monthly and interest payments shall be payable “in kind” and shall be added to the principal amount of the loan on each interest payment date. The interest rate with respect to the Q2 2024 Notes Receivable – DISH Network is at a variable rate subject to adjustments based on, among other things, the weighted average cost of borrowing. During the year ended December 31, 2024, we recorded $74 million of “Interest income” related to the above on our Consolidated Statements of Operations and Comprehensive Income (Loss). As of December 31, 2024, the total Q2 2024 Notes Receivable – DISH Network amount outstanding plus interest paid in kind was $1.577 billion. This is recorded in “Notes Receivable – DISH Network, including interest” on our Consolidated Balance Sheets.

“Q3 2024 Notes Receivable – DISH Network”

During the quarter ended September 30, 2024, we and DISH Network entered into an intercompany loan (the “Q3 2024 Notes Receivable – DISH Network”) with an initial principal amount of $481 million. The Q3 2024 Notes Receivable – DISH Network matures on November 13, 2028. Interest accrues and is payable monthly and interest payments shall be payable “in kind” and shall be added to the principal amount of the loan on each interest payment date. The interest rate with respect to the Q3 2024 Notes Receivable – DISH Network is at a variable rate subject to adjustments based on, among other things, the weighted average cost of borrowing. During the year ended December 31, 2024, we recorded $13 million of “Interest income” related to the above on our Consolidated Statements of Operations and Comprehensive Income (Loss). As of December 31, 2024, the total Q3 2024 Notes Receivable – DISH Network amount outstanding plus interest paid in kind was $493 million. This is recorded in “Notes Receivable – DISH Network, including interest” on our Consolidated Balance Sheets.

“Cost of services”

During the years ended December 31, 2024, 2023 and 2022, we incurred $209 million, $206 million and $194 million, respectively, for satellite capacity leased from DISH Network and TT&C and other professional services provided to us by DISH Network. DISH Network is a supplier of the vast majority of our transponder capacity. These amounts are recorded in “Cost of services” on our Consolidated Statements of Operations and Comprehensive Income (Loss). The agreements pertaining to these expenses are discussed below.

Satellite Capacity Leased from DISH Network. We lease satellite capacity on satellites owned or leased by DISH Network from a wholly-owned subsidiary of DISH Network. See “Satellites” in Note 6 for further information. The term of each lease is set forth below:

●

EchoStar X, XI, XIV and XVI. We lease all available capacity on the EchoStar X, XI, XIV and XVI satellites from a wholly-owned subsidiary of DISH Network. The term of each satellite capacity agreement generally terminates upon the earlier of: (i) the end-of-life of the satellite; (ii) the date the satellite fails; or (iii) a certain date, which depends upon, among other things, the estimated useful life of the satellite. We generally have the option to renew each satellite capacity agreement on a year-to-year basis through the end of the respective satellite’s life.

●

EchoStar XXIII. On March 1, 2023, we began leasing certain capacity on the EchoStar XXIII satellite from a wholly-owned subsidiary of DISH Network on a month to month basis.

●

Nimiq 5. DISH Network had a 15-year satellite service agreement with Telesat Canada (“Telesat”) to receive service on all 32 DBS transponders on the Nimiq 5 satellite at the 72.7 degree orbital location with the option to renew on a year-to-year basis through the end-of-life of the Nimiq 5 satellite. We were receiving transponder service on all 32 of the DBS transponders on this satellite from DISH Network. As discussed in Note 6, “Property and Equipment and Intangible Assets,” the Nimiq 5 lease was accounted for as a finance lease until the fourth quarter of 2024. Expenses related to this lease were recorded in “Depreciation and amortization” and “Interest expense, net of amounts capitalized” on our Consolidated Statements of Operations and Comprehensive Income (Loss). During the years ended December 31, 2024, 2023 and 2022, we recorded $26 million, $34 million and $34 million of “Depreciation and amortization” expense related to Nimiq 5, respectively, and $1 million, $5 million and $8 million of “Interest expense, net of amounts capitalized,” respectively. During October 2024, DISH Network extended the Nimiq 5 lease and, as a result of the new terms, our lease is accounted for as an operating lease. We are currently receiving transponder service on 31 of the DBS transponders on this satellite from DISH Network and this number will periodically decrease down to 16 transponders in 2026.

TT&C Agreement. We receive TT&C services from a wholly-owned subsidiary of EchoStar for certain satellites (the “TT&C Agreement”). The fees for services provided under the 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. We and EchoStar are able to terminate the TT&C Agreement for any reason upon 12 months’ notice.

“Selling, general and administrative expenses”

During the years ended December 31, 2024, 2023 and 2022, we incurred $23 million, $9 million and $11 million, respectively, for selling, general and administrative expenses for services provided to us by EchoStar. These amounts are recorded in “Selling, general and administrative expenses” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

Other Agreements

Broadband, Wireless and Other Operations. We provide certain administrative, call center, installation, marketing and other services to our parent’s broadband, wireless and other operations. During the years ended December 31, 2024, 2023 and 2022, the costs associated with these services were $134 million, $115 million and $116 million, respectively.

Related Party Transactions with NagraStar L.L.C.

We own a 50% interest in NagraStar, a joint venture that is our primary provider of encryption and related security systems intended to assure that only authorized customers have access to our programming. Certain payments related to NagraStar are recorded in “Cost of services” on our Consolidated Statements of Operations and Comprehensive Income (Loss). In addition, certain other payments are initially included in “Inventory” and are subsequently capitalized as “Property and equipment, net” on our Consolidated Balance Sheets or expensed as “Selling, general and administrative expenses” or “Cost of services” on our Consolidated Statements of Operations and Comprehensive Income (Loss) when the equipment is deployed. We record all payables in “Trade accounts payable” or “Other accrued expenses and liabilities” on our Consolidated Balance Sheets. Our investment in NagraStar is accounted for using the equity method.

The table below summarizes our transactions with NagraStar.


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Purchases (including fees):
Purchases from NagraStar	$	32,508	$	37,068	$	43,416

			As of December 31,
			2024		2023

			(In thousands)
Amounts Payable and Commitments:
Amounts payable to NagraStar			$	5,569	$	9,821
Commitments to NagraStar			$	883	$	1,727

- 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.

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+ Details

Supplemental Data - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for interest	$ 774,348	$ 747,332	$ 899,382
Cash received for interest	26,508	19,972	20,967
Cash paid for income taxes, net of (refunds)	11,493	12,951	29,000
Cash paid for income taxes to DISH Network	552,405	622,512	$ 489,819
Intercompany Loan - 2026 Tranche	4,718,517
Vendor financing		26,751
Intercompany Loan
Cash received for interest	$ 127,316	$ 104,940

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting

Segment Reporting

13.Segment Reporting

We currently operate one primary business segment, Pay-TV. See Note 1 for further information. 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 on a segment basis; therefore, such information is not presented.


	For the Years Ended December 31,
Pay-TV	2024		2023		2022

	(in thousands)
Revenue
Revenue from external customers:
Service revenue	$	10,564,288	$	11,320,526	$	12,281,346
Equipment sales and other revenue		53,749		153,699		96,862
Total Revenue		10,618,037		11,474,225		12,378,208

Operating Expenses
Cost of services:
Programming		5,056,847		5,298,052		5,581,395
Connectivity services (1)		399,844		416,739		420,255
Other (2)		1,234,958		1,385,752		1,525,913
Total cost of services		6,691,649		7,100,543		7,527,563
Cost of services - equipment and other		73,384		78,219		79,905
Selling, general and administrative expenses:
Subscriber acquisition costs		425,227		687,333		879,527
General and administrative expenses		639,317		688,575		714,196
Total selling, general and administrative expenses		1,064,544		1,375,908		1,593,723
Impairment of long-lived assets and goodwill		—		6,457		—

OIBDA (3)		2,788,460		2,913,098		3,177,017

Depreciation and amortization		276,031		315,660		354,361
Total costs and expenses		8,105,608		8,876,787		9,555,552

Operating income (loss)	$	2,512,429	$	2,597,438	$	2,822,656

Unallocated Amounts
Interest income		306,669		464,939		440,412
Interest expense, net of amounts capitalized		(816,494)		(753,162)		(871,530)
Other, net		(65,174)		518		4,466
Total other income (expense)		(574,999)		(287,705)		(426,652)

Income (loss) before income taxes		1,937,430		2,309,733		2,396,004
Income tax (provision) benefit, net		(489,850)		(565,104)		(585,259)
Net income (loss)	$	1,447,580	$	1,744,629	$	1,810,745

Purchases of property and equipment, net of refunds	$	88,756	$	132,607	$	122,477

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, 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 of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.

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. All revenue was derived from North America, with all service revenue coming from the United States. Substantially all of our long-lived assets reside in the United States.

The revenue from external customers disaggregated by major revenue source was as follows:


	For the Years Ended December 31,
Category:	2024		2023		2022
				(In thousands)
Pay-TV subscriber and related revenue	$	10,564,288	$	11,320,526	$	12,281,346
Pay-TV equipment sales and other revenue		53,749		153,699		96,862
Total	$	10,618,037	$	11,474,225	$	12,378,208

- 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

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Advertising Costs
Advertising expenses	$ 209	$ 365	$ 480
Research and Development
Research and development costs	$ 27	42	$ 45
Maturity period of cash equivalents	90 days
Contract Balance Adjustment Consideration Period Threshold	1 year
Lease Term Not Recorded on Balance Sheet	12 months
Business Combinations
Impairment of long-lived assets and goodwill (Note 2)		$ 6
Minimum
Research and Development
Property, Plant and Equipment, Useful Life	2 years
Business Combinations
Amortization of finite lived intangible assets useful life	13 years
Maximum
Research and Development
Property, Plant and Equipment, Useful Life	40 years
Business Combinations
Amortization of finite lived intangible assets useful life	20 years
Long-Term Deferred Revenue and Other Long-Term Liabilities
Deferred upfront payment, amortization period	10 years
Deferred Subscriber Fees Deferral Period	1 year

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

Schedule of stock option activity associated with employees


	For the Year Ended December 31, 2024
	Options	Weighted- Average Exercise Price		Aggregate Intrinsic Value (In thousands)		Weighted-Average Remaining Contractual Life
Total options outstanding, beginning of period (1)	3,288,033	$	65.81
Granted (2)	2,568,496	$	14.23
Exercised	(91,701)	$	14.04
Forfeited, cancelled and transferred (3)(4)	(2,658,428)	$	53.12
Total options outstanding, end of period	3,106,400	$	35.52	$	—	7.71
Performance-based options outstanding, end of period (5)	576,696	$	104.17
Exercisable at end of period	743,045	$	32.90	$	—	6.22

(1)	The beginning of period weighted-average exercise price for the year ended December 31, 2024 of $65.81 does not reflect the Exchange Offer, which occurred subsequent to December 31, 2023.

(2)	Includes approximately 3 million stock options granted in connection with the Exchange Offer.

(3)	Includes approximately 3 million stock options cancelled in connection with the Exchange Offer.

(4)	Certain of these stock options include options that were granted to individuals who transferred to and/or from another EchoStar subsidiary not a part of DISH DBS.

(5)	These stock options are included in the caption “Total options outstanding, end of period.” See discussion of the 2017 LTIP, 2019 LTIP and 2022 Incentive Plan below.

Schedule of realized tax benefits from stock awards exercised


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Tax benefit from stock awards exercised	$	152	$	871	$	206

Schedule of restricted stock unit activity


	For the Year Ended December 31, 2024
	Restricted Stock Units/Awards	Weighted-Average Grant Date Fair Value
Total restricted stock units/awards outstanding, beginning of period	3,978	$	120.95
Granted	74,375	$	16.59
Vested	(16,291)	$	81.84
Forfeited, cancelled and transferred (1)	29,166	$	93.53
Total restricted stock units/awards outstanding, end of period	91,228	$	34.08

(1)	Certain of these restricted stock units/awards include restricted stock units/awards that were granted to individuals who transferred to and/or from another EchoStar subsidiary not a part of DISH DBS.

Schedule of aggregate intrinsic value of stock options associated with employees


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands, except per share amounts)
Stock options:
Weighted-average grant date fair value of options granted	$	14.23	$	34.42	$	66.92
Intrinsic value of options exercised	$	643	$	—	$	61

Restricted stock units and awards:
Weighted-average grant date fair value of units and awards granted	$	16.59	$	17.18	$	84.56
Fair value of units and rewards vested	$	235	$	4,030	$	874

Schedule of non-cash, stock-based compensation expense recognized


	For the Years Ended December 31,
Non-Cash, Stock-Based Compensation Expense Recognized (1)	2024		2023		2022

	(In thousands)
2022 Incentive Plan	$	1,151	$	5,573	$	15,024
2019 LTIP		—		(1,631)		(131)
Other employee performance awards		—		281		3,711
Total non-cash, stock-based compensation expense recognized for performance-based awards	$	1,151	$	4,223	$	18,604

(1)

“Non-Cash, Stock-Based Compensation Expense Recognized” includes actual forfeitures.

Schedule of unrecognized non-cash, stock-based compensation expense


Estimated Remaining Non-Cash, Stock-Based Compensation Expense	2022 Incentive Plan

	(In thousands)
Expense estimated to be recognized during 2025	$	1,087
Estimated contingent expense subsequent to 2025		161
Total estimated remaining expense over the term of the plan	$	1,248

Schedule of awards outstanding pursuant to performance-based stock incentive plans


	As of December 31, 2024
Performance-Based Stock Options	Number of Awards	Weighted-Average Grant Price
2022 Incentive Plan	115,730	$	14.67
2019 LTIP	163,321	$	59.22
2017 LTIP	297,645	$	163.64
Total	576,696	$	104.17

Schedule of allocated non-cash, stock-based compensation expense for all employees


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Cost of services	$	1,155	$	2,240	$	5,817
Selling, general and administrative		10,006		12,018		34,915
Total non-cash, stock-based compensation	$	11,161	$	14,258	$	40,732

Schedule of assumptions of Black-Scholes option valuation model


	For the Years Ended December 31,
Stock Options	2024							2023							2022
Risk-free interest rate		3.58	%	-		4.49	%		3.58	%	-		4.61	%		1.35	%	-		4.02	%
Volatility factor		37.10	%	-		46.39	%		34.30	%	-		41.25	%		32.67	%	-		34.84	%
Expected term of options in years		3.3		-		6.7			4.1		-		6.6			4.1		-		6.0
Fair value of options granted	$	5.15		-	$	12.40		$	7.40		-	$	7.77		$	5.97		-	$	9.27

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2024

Revenue Recognition

Summary of allowance for credit losses


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Balance at beginning of period	$	34,884	$	40,642	$	32,861
Current period provision for expected credit losses		56,628		56,047		75,245
Write-offs charged against allowance		(49,242)		(61,805)		(67,464)
Balance at end of period	$	42,270	$	34,884	$	40,642

Summary of contract liability balances


	As of December 31,
	2024		2023

	(In thousands)
Contract liabilities	$	386,638	$	427,319

Schedule of Contract Acquisition Costs


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Balance at beginning of period	$	175,685	$	230,146	$	298,112
Additions		69,130		71,931		86,740
Amortization expense		(96,643)		(126,392)		(154,706)
Balance at end of period	$	148,172	$	175,685	$	230,146

Inventory (Tables)

12 Months Ended

Dec. 31, 2024

Inventory

Schedule of inventory


	As of December 31,
	2024		2023

	(In thousands)
Finished goods	$	149,172	$	208,049
Work-in-process and service repairs		27,415		35,457
Raw materials		6,615		24,335
Total inventory	$	183,202	$	267,841

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting

Summary of segment information


	For the Years Ended December 31,
Pay-TV	2024		2023		2022

	(in thousands)
Revenue
Revenue from external customers:
Service revenue	$	10,564,288	$	11,320,526	$	12,281,346
Equipment sales and other revenue		53,749		153,699		96,862
Total Revenue		10,618,037		11,474,225		12,378,208

Operating Expenses
Cost of services:
Programming		5,056,847		5,298,052		5,581,395
Connectivity services (1)		399,844		416,739		420,255
Other (2)		1,234,958		1,385,752		1,525,913
Total cost of services		6,691,649		7,100,543		7,527,563
Cost of services - equipment and other		73,384		78,219		79,905
Selling, general and administrative expenses:
Subscriber acquisition costs		425,227		687,333		879,527
General and administrative expenses		639,317		688,575		714,196
Total selling, general and administrative expenses		1,064,544		1,375,908		1,593,723
Impairment of long-lived assets and goodwill		—		6,457		—

OIBDA (3)		2,788,460		2,913,098		3,177,017

Depreciation and amortization		276,031		315,660		354,361
Total costs and expenses		8,105,608		8,876,787		9,555,552

Operating income (loss)	$	2,512,429	$	2,597,438	$	2,822,656

Unallocated Amounts
Interest income		306,669		464,939		440,412
Interest expense, net of amounts capitalized		(816,494)		(753,162)		(871,530)
Other, net		(65,174)		518		4,466
Total other income (expense)		(574,999)		(287,705)		(426,652)

Income (loss) before income taxes		1,937,430		2,309,733		2,396,004
Income tax (provision) benefit, net		(489,850)		(565,104)		(585,259)
Net income (loss)	$	1,447,580	$	1,744,629	$	1,810,745

Purchases of property and equipment, net of refunds	$	88,756	$	132,607	$	122,477

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, 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)

Schedule of disaggregation of revenue


	For the Years Ended December 31,
Category:	2024		2023		2022
				(In thousands)
Pay-TV subscriber and related revenue	$	10,564,288	$	11,320,526	$	12,281,346
Pay-TV equipment sales and other revenue		53,749		153,699		96,862
Total	$	10,618,037	$	11,474,225	$	12,378,208

Property and Equipment and Intangible Assets - Satellites (Details)	12 Months Ended
	Dec. 31, 2024 item
Property and Equipment
Number of other satellites to be relocated in the event of failure or loss of any satellite	1
Pay-TV Satellites
Property and Equipment
Number of satellites utilized in geostationary orbit approximately 22,300 miles above the equator	9
Owned Satellites	2
Number of satellites leased from third parties	1
Distance of satellites utilized in geostationary	22,300
Dish Network \| Pay-TV Satellites
Property and Equipment
Number of satellites utilized under operating lease	6

Leases - Components of lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating lease cost	$ 48,551	$ 70,262	$ 166,599
Short-term lease cost	197,156	169,159	74,514
Amortization of right-of-use assets	25,787	34,448	38,322
Interest on lease liabilities	1,071	4,845	8,566
Total finance lease cost	26,858	39,293	46,888
Total lease costs	$ 272,565	$ 278,714	$ 288,001

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases

Summary of the components of lease expense


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Operating lease cost (1)	$	48,551	$	70,262	$	166,599

Short-term lease cost (1)(2)		197,156		169,159		74,514

Finance lease cost (3):
Amortization of right-of-use assets		25,787		34,448		38,322
Interest on lease liabilities		1,071		4,845		8,566
Total finance lease cost		26,858		39,293		46,888
Total lease costs	$	272,565	$	278,714	$	288,001

(1)

The decrease in “Operating lease cost” is primarily related to our intercompany satellite leases with DISH Network, which were reclassified to “Short-term lease costs” during 2022 and the first quarter of 2023. All of our satellite operating leases with DISH Network are now short-term leases.

(2)

Leases that have terms of 12 months or less.

(3)

The decrease in finance lease cost is primarily related to the Nimiq 5 finance lease that was extended in October 2024 and as a result is currently accounted for as an operating lease.

Summary of Supplemental cash flow information related to leases


	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	$	46,356	$	96,195	$	138,318
Operating cash flows from finance leases	$	1,042	$	6,633	$	6,733
Financing cash flows from finance leases	$	31,104	$	47,030	$	31,030

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	35,000	$	30,657	$	74,317
Finance leases	$	—	$	—	$	—

Summary of supplemental balance sheet information related to leases


	As of December 31,
	2024		2023

	(In thousands)
Operating Leases:
Operating lease assets	$	81,024	$	92,972

Other current liabilities	$	33,210	$	36,618
Operating lease liabilities		52,156		61,381
Total operating lease liabilities	$	85,366	$	97,999

Finance Leases:
Property and equipment, gross	$	1,019	$	175,704
Accumulated depreciation		(1,019)		(149,917)
Property and equipment, net	$	—	$	25,787

Other current liabilities	$	—	$	31,104
Other long-term liabilities		—		—
Total finance lease liabilities	$	—	$	31,104

Weighted Average Remaining Lease Term:
Operating leases		4.2 years		4.1 years
Finance leases		0.0 years		0.8 years

Weighted Average Discount Rate:
Operating leases		9.8%		8.3%
Finance leases		0.0%		10.0%

Summary of maturities of finance lease liabilities

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


	Maturities of Lease Liabilities
	Operating		Finance
For the Years Ending December 31,	Leases		Leases		Total

	(In thousands)
2025	$	34,244	$	—	$	34,244
2026		24,504		—		24,504
2027		15,286		—		15,286
2028		10,685		—		10,685
2029		7,222		—		7,222
Thereafter		12,261		—		12,261
Total lease payments		104,202		—		104,202
Less: Imputed interest		(18,836)		—		(18,836)
Total		85,366		—		85,366
Less: Current portion		(33,210)		—		(33,210)
Long-term portion of lease obligations	$	52,156	$	—	$	52,156

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

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 DISH DBS 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 variable interest entities (“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 and Comprehensive Income (Loss). 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 (including those related to our installment billing programs), 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 the 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, incremental borrowing rate (“IBR”) on lease right of use assets, estimates of the timing of future cash flows used to pay principal on certain debt obligations, estimated credit risk underlying installment receivables, nonrefundable upfront fees, independent third-party retailer incentives, programming expenses, 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.

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 and Comprehensive Income (Loss).

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 and Comprehensive Income (Loss).

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

Receivables and Related Allowance for Credit Losses

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 advertising services. 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 two to 40 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.

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 and Comprehensive Income (Loss). 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 and Comprehensive Income (Loss).

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 and Comprehensive Income (Loss).

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 and Comprehensive Income (Loss) 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.

Pay-TV Satellite Fleet

We currently evaluate our Pay-TV satellite fleet for impairment as one asset group whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. 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 our Pay-TV satellite fleet for indicators of impairment.

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. 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.

Pay-TV Licenses

We combine all of our indefinite-lived Pay-TV licenses that we currently utilize or plan to utilize in the future into a single 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 Pay-TV 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 Pay-TV 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 ultimate parent, EchoStar’s market capitalization. As such, we recorded a total noncash impairment charge equal to all of our goodwill of approximately $6 million in “Impairment of long-lived assets and goodwill” on our Consolidated Statements of Operations and Comprehensive Income (Loss).

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 13 to 20 years or in relation to the estimated discounted cash flows over the life of the intangible asset.

Long-Term Deferred Revenue and Other Long-Term Liabilities

Certain programmers provide us up-front payments. Such amounts are deferred and recognized as reductions to “Cost of services” on a straight-line basis over the relevant remaining contract term (generally up to ten years). The current and long-term portions of these deferred credits are recorded on our Consolidated Balance Sheets in “Deferred revenue and other” and “Long-term deferred revenue and other long-term liabilities,” respectively.

Sales Taxes

We account for sales taxes imposed on our goods and services on a net basis on our Consolidated Statements of Operations and Comprehensive Income (Loss). 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 and Comprehensive Income (Loss).

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 debt, finance lease and other obligations”) 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 4 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 8 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 and Comprehensive Income (Loss) 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 8 for further information.

Revenue Recognition

Our revenue is primarily derived from Pay-TV subscriber revenue. We also generate revenue from equipment rental fees and other hardware related fees, including DVRs and fees from subscribers with multiple receivers; advertising services; fees earned from our in-home service operations; warranty services; sales of digital receivers and related equipment to third-party pay-TV providers; satellite uplink and telemetry, tracking and control (“TT&C”) services; and revenue from in-home services. See Note 14 for further information, including revenue disaggregated by major source.

Our residential video subscribers contract for individual services or combinations of services, as discussed above, the majority of which are generally distinct and are accounted for as separate performance obligations. We consider our installations for first time DISH TV subscribers to be a service. However, since we provide a significant integration service combining the installation with programming services, we have concluded that the installation is not distinct from programming and thus the installation and programming services are accounted for as a single performance obligation. We generally satisfy these performance obligations and recognize revenue as the services are provided, for example as the programming is broadcast to subscribers, as this best represents the transfer of control of the services to the subscriber.

In cases where a subscriber is charged certain nonrefundable upfront fees, those fees are generally considered to be material rights to the subscriber related to the subscriber’s option to renew without having to pay an additional fee upon renewal. These fees are deferred and recognized over the estimated period of time during which the fee remains material to the customer, which we estimate to be less than one year. Revenues arising from our in-home services that are separate from the initial installation, such as mounting a TV on a subscriber’s wall, are generally recognized when these services are performed.

For our residential video subscribers, we have concluded that the contract term under Accounting Standard Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”) is one month and as a result the revenue recognized for these subscribers for a given month is equal to the amount billed in that month, except for certain nonrefundable upfront fees that are accounted for as material rights, as discussed above.

Revenues from our advertising services are typically recognized as the advertisements are broadcast. Sales of equipment to subscribers or other third parties are recognized when control is transferred under the contract. Revenue from our commercial video subscribers typically follows the residential model described above, with the exception that the contract term for most of our commercial subscribers exceeds one month and can be multiple years in length. However, commercial subscribers typically do not receive time-limited discounts or free service periods and accordingly, while they may have multiple performance obligations, revenue is equal to the amount billed in a given month.

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 residential video subscribers are typically billed monthly, and the contract balances for those customers arise from the timing of the monthly billing cycle. We do not adjust the amount of consideration for financing impacts when we anticipate that the period between transfer of goods and services and eventual payment for those goods and services will be less than one year. Contract assets are included in “Trade accounts receivable, net” and contract liabilities are included in “Deferred revenue and other” and “Long-term deferred revenue and other long-term 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, 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 and Comprehensive Income (Loss).

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 seven 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,” “Other accrued expenses and liabilities” and “Operating lease liabilities” on our Consolidated Balance Sheets. Finance leases are included in “Property and equipment, net,” “Current portion of debt, finance lease and other obligations” and “Long-term debt, finance lease and other obligations, 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 and Comprehensive Income (Loss). See Note 7 for further information on our lease expenses.

Right of use (“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

DISH TV subscribers have the choice of leasing or purchasing the satellite receiver and other equipment necessary to receive our DISH TV services. Most of our new DISH TV subscribers choose to lease equipment and thus we retain title to such equipment. Equipment leased to new and existing DISH TV subscribers is capitalized and depreciated over their estimated useful lives.

For equipment leased to new and existing DISH TV subscribers, we made an accounting policy election to combine the equipment with our programming services as a single performance obligation in accordance with the revenue recognition guidance as the programming services are the predominant component. The non-lease service revenue related to equipment leased to new and existing DISH TV subscribers would have otherwise been accounted for as an operating lease.

Cost of Services

“Cost of services” on our Consolidated Statements of Operations and Comprehensive Income (Loss) principally includes programming expenses and other operating costs related to our Pay-TV services.

The cost of television programming distribution rights is generally incurred on a per subscriber basis and various upfront carriage payments are recognized when the related programming is distributed to subscribers. Long-term flat rate programming contracts are generally charged to expense using the straight-line method over the term of the agreement. The cost of television programming rights to distribute live sporting events for a season or tournament is charged to expense using the straight-line method over the course of the season or tournament.

Cost of Sales - Equipment and Other

Cost of Sales – Equipment and Other

“Cost of sales – equipment and other” on our Consolidated Statements of Operations and Comprehensive Income (Loss) principally includes costs related to the non-subsidized sales of Pay-TV equipment. Costs are generally recognized as products are delivered to customers and the 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 and Comprehensive Income (Loss). Advertising expenses totaled $209 million, $365 million and $480 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 and Comprehensive Income (Loss). Research and development costs totaled $27 million, $42 million and $45 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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.

Debt, Finance Lease and Other Obligations - Other Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other long-term debt and capital lease obligations
Total	$ 32,350	$ 73,782
Less current portion	(9,425)	(41,432)
Other long-term debt and capital lease obligations, net of current portion	22,925	32,350
Satellites and other finance lease obligations
Other long-term debt and capital lease obligations
Total		31,104
Notes payable related to satellite vendor financing and other debt payable in installments through 2025 with interest rates ranging from approximately 6% to 13%
Other long-term debt and capital lease obligations
Total	$ 32,350	$ 42,678
Minimum \| Notes payable related to satellite vendor financing and other debt payable in installments through 2025 with interest rates ranging from approximately 6% to 13%
Other long-term debt and capital lease obligations
Interest rate (as a percent)	4.00%
Maximum \| Notes payable related to satellite vendor financing and other debt payable in installments through 2025 with interest rates ranging from approximately 6% to 13%
Other long-term debt and capital lease obligations
Interest rate (as a percent)	6.00%

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Allowance for credit losses	$ 42,270	$ 34,884
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000	1,000,000
Common stock, shares issued	1,015	1,015
Common stock, shares outstanding	1,015	1,015

Related Party Transactions - DISH Network (Details) $ in Thousands			1 Months Ended	12 Months Ended				14 Months Ended
	Jan. 10, 2024 USD ($)	Feb. 11, 2022 USD ($)	Feb. 28, 2018	Dec. 31, 2024 USD ($) tranche item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2009 item	Dec. 31, 2024 USD ($) tranche item	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2021 USD ($)	Nov. 26, 2021
Related Party Transaction [Line Items]
Principal				$ 4,913,689	$ 7,515,077			$ 4,913,689
Advanced an additional amount		$ 1,500,000
Interest income				128,058	318,050	$ 415,188
Interest				14,222	17,761			$ 14,222
Depreciation and amortization				276,031	315,660	354,361
Interest expense, net of amounts capitalized				$ 816,494	753,162	871,530
5 1/4% Senior Secured Notes due 2026
Related Party Transaction [Line Items]
Interest rate (as a percent)				5.25%				5.25%				5.25%
Term of debt instrument				36 months
5 3/4% Senior Secured Notes due 2028
Related Party Transaction [Line Items]
Interest rate (as a percent)				5.75%				5.75%				5.75%
Term of debt instrument				36 months
Intercompany Loan
Related Party Transaction [Line Items]
Proceeds from related party debt	$ 4,700,000
Nimiq 5 Agreement
Related Party Transaction [Line Items]
Depreciation and amortization				$ 26,000	34,000	34,000
Interest expense, net of amounts capitalized				1,000	5,000	8,000
Selling General Admin Services EchoStar [Member]
Related Party Transaction [Line Items]
Expenses associated with services				$ 23,000	9,000	11,000
Intercompany Loan
Related Party Transaction [Line Items]
Proceeds from related party debt	$ 4,700,000
EchoStar \| Telesat Transponder Agreement \| Related Party
Related Party Transaction [Line Items]
Agreement term with third party							15 years
Number of DBS transponders available to receive services \| item							32
EchoStar \| DISH Nimiq 5 Agreement \| Related Party
Related Party Transaction [Line Items]
Number of DBS transponders currently used \| item							32
Number of DBS transponders currently receiving \| item				31				31
Number of DBS transponders expected to be decreased \| item				16				16
EchoStar \| TT&C Agreement \| Related Party
Related Party Transaction [Line Items]
Notice period for termination of agreement			12 months
Dish Network \| Related Party
Related Party Transaction [Line Items]
Number of tranches \| tranche				2				2
Principal				$ 4,913,689	7,496,000			$ 4,913,689			$ 5,250,000
Advanced an additional amount		$ 1,500,000
Term of debt instrument				2 years
Fixed rate				0.25%				0.25%
Paid in kind Interest rate				0.50%				0.50%
Percent of loan repayable				100.00%
Interest income				$ 179,000	441,000
Interest				14,222				$ 14,222
Satellite and transmission expenses				$ 209,000	206,000	194,000
Dish Network \| Related Party \| 5 1/4% Senior Secured Notes due 2026
Related Party Transaction [Line Items]
Interest rate (as a percent)				5.25%				5.25%
Dish Network \| Related Party \| 5 3/4% Senior Secured Notes due 2028
Related Party Transaction [Line Items]
Interest rate (as a percent)				5.75%				5.75%
Dish Network \| Related Party \| Intercompany Loan 2028 - Tranche
Related Party Transaction [Line Items]
Principal				$ 2,844,401	7,496,000			$ 2,844,401
Interest Receivable				14,000	37,000			14,000
Interest				14,222	18,000			$ 14,222
Interest receivable - DISH Network - Paid in kind					19,000
Dish Network \| Related Party \| Intercompany Loan 2026 - Tranche \| Minimum
Related Party Transaction [Line Items]
Interest payment due								50.00%
Dish Network \| Related Party \| Q2 2024 Notes Receivable - DISH Network
Related Party Transaction [Line Items]
Principal				1,576,518				$ 1,576,518
Dish Network \| Related Party \| Q3 2024 Notes Receivable - DISH Network
Related Party Transaction [Line Items]
Principal				492,770				492,770
Dish Network \| Broadband, Wireless and Other Segments \| Related Party
Related Party Transaction [Line Items]
Expenses associated with services				134,000	$ 115,000	$ 116,000
Dish Network \| Intercompany Loan \| Related Party \| Q2 2024 Notes Receivable - DISH Network
Related Party Transaction [Line Items]
Principal										$ 1,508,000
Note receivable amount outstanding plus interest paid in kind				1,577,000				1,577,000
Interest income				74,000
Dish Network \| Intercompany Loan \| Related Party \| Q3 2024 Notes Receivable - DISH Network
Related Party Transaction [Line Items]
Principal									$ 481,000
Note receivable amount outstanding plus interest paid in kind				493,000				$ 493,000
Interest income				$ 13,000

Debt, Finance Lease and Other Obligations

12 Months Ended

Dec. 31, 2024

Debt, Finance Lease and Other Obligations

Debt, Finance Lease and Other Obligations

8.Debt, Finance Lease and Other Obligations

Fair Value of our Debt

The following table summarizes the carrying amount and fair value of our debt facilities as of December 31, 2024 and 2023:


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

		(In thousands)
5 7/8% Senior Notes due 2024 (1)	DDBS	$	—	$	—	$	1,982,544	$	1,872,275
Term Loan due 2025 (2)	DBS SubscriberCo		500,000		500,000		—		—
7 3/4% Senior Notes due 2026	DDBS		2,000,000		1,678,640		2,000,000		1,388,060
5 1/4% Senior Secured Notes due 2026	DDBS		2,750,000		2,507,780		2,750,000		2,366,073
7 3/8% Senior Notes due 2028	DDBS		1,000,000		715,680		1,000,000		600,160
5 3/4% Senior Secured Notes due 2028	DDBS		2,500,000		2,143,350		2,500,000		2,013,125
5 1/8% Senior Notes due 2029	DDBS		1,500,000		959,610		1,500,000		774,600
Term Loan due 2029 (2)(3)	DBS SubscriberCo		1,800,000		1,800,000		—		—
Mandatorily Redeemable Preferred Shares due 2029 (2)(3)(4)	DBS SubscriberCo		200,000		200,000		—		—
Other notes payable			32,350		32,350		42,678		42,678
Subtotal			12,282,350	$	10,537,410		11,775,222	$	9,056,971
Unamortized deferred financing costs and other debt discounts, net			(134,900)				(26,812)
Finance lease obligations (5)			—				31,104
Total			12,147,450				11,779,514
Less: current portion (3)			(744,556)				(2,023,976)
Total debt, finance lease and other obligations, net of current portion		$	11,402,894			$	9,755,538

(1)	We repurchased or redeemed the principal balance of our 5 7/8% Senior Notes due 2024 as of November 15, 2024, the instrument’s maturity date.

(2)	See “New DISH DBS Financing” below for further information.

(3)

A portion of the principal balance of these instruments is classified as “Current portion of debt, finance lease and other obligations” due to payment terms upon which we may pay a portion of principal balance based on estimated variable cash flows for certain Pay-TV business metrics which could change significantly based on actual performance.

(4)	Due to the June 30, 2029 mandatory redemption feature of this instrument, it is considered a debt instrument.

(5)	Disclosure regarding fair value of finance leases is not required.

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

DISH DBS Exchange Offers

On September 30, 2024, we commenced offers to exchange (the “DISH DBS Exchange Offers”) any and all of our (a) 5 1/4% Senior Secured Notes due 2026 (the “Outstanding 2026 DBS Secured Notes”) for an equal principal amount of our new 5 1/4% First Lien Notes due 2026 (the “New 2026 DBS First Lien Notes”), (b) 5 3/4% Senior Secured Notes due 2028 (the “Outstanding 2028 DBS Secured Notes”) for an equal principal amount of our new 5 3/4 % First Lien Notes due 2028 (the “New 2028 DBS First Lien Notes”), (c) 7 3/4% Senior Notes due 2026 (the “Outstanding 2026 DBS Notes”) for an equal principal amount of our new 7 3/4% Second Lien Notes due 2026 (the “New 2026 DBS Second Lien Notes”), (d) 7 3/8% Senior Notes due 2028 (the “Outstanding 2028 DBS Notes”) for an equal principal amount of our new 7 3/8 % Second Lien Notes due 2028 (the “New 2028 DBS Second Lien Notes”) and (e) 5 1/8 % Senior Notes due 2029 (the “Outstanding 2029 DBS Notes” and, together with the Outstanding 2026 DBS Secured Notes, the Outstanding 2028 DBS Secured Notes, the Outstanding 2026 DBS Notes and the Outstanding 2028 DBS Notes, the “Outstanding DBS Notes”) for an equal principal amount of our new 5 1/8% Second Lien Notes due 2029 (the “New 2029 DBS Second Lien Notes” and, together with the New 2026 DBS First Lien Notes, the New 2028 DBS First Lien Notes, the New 2026 DBS Second Lien Notes and the New 2028 DBS Second Lien Notes, the “New DBS Notes”), in each case, pursuant to the terms described in a confidential exchange offering memorandum and consent solicitation statement, dated September 30, 2024 (“Original Exchange Offering Memorandum”). On October 28, 2024, we amended certain terms of the DISH DBS Exchange Offers pursuant to the terms described in Supplement No. 1, dated October 28, 2024 (the “Supplement” and together with the Original Exchange Offering Memorandum, the “Exchange Offering Memorandum”). On November 12, 2024 (the “Exchange Offer Settlement Date”), the DISH DBS Exchange Offers expired and were terminated.

New DISH DBS Financing

On September 29, 2024 (the “Financing Closing Date”), we and our subsidiary, DBS SubscriberCo, received $2.5 billion in financing from TPG Angelo Gordon and other co-lenders in the form of Term Loans and Mandatorily Redeemable Preferred Shares (each as defined below and together, the “New DISH DBS Financing”). Approximately $2.047 billion in proceeds received from the New DISH DBS Financing were used for the redemption of the principal balance and remaining interest outstanding on our 5 7/8% Senior Notes due November 15, 2024. Solely in the case that the DIRECTV Transaction is not consummated on or prior to the Outside Date (as defined in the Purchase Agreement as in effect on the Financing Closing Date and as it may be extended in accordance with the terms of the Purchase Agreement as in effect on the Financing Closing Date) and until the date that is 180 days after such Outside Date, DBS SubscriberCo may prepay the outstanding New DISH DBS Financing in whole, together with accrued interest to the date of such prepayment, without premium or penalty.

Term Loans

On the Financing Closing Date, DBS SubscriberCo, Alter Domus (US) LLC, as Administrative Agent, and the lenders party thereto, entered into a Loan and Security Agreement (together with all the exhibits, annexes and schedules thereto, the “Loan and Security Agreement”), pursuant to which, among other things and subject to the terms and conditions set forth therein, the lenders agreed to extend credit to DBS SubscriberCo in an aggregate principal amount of up to $2.3 billion secured by the assets of DBS SubscriberCo, which includes approximately three million DISH TV subscribers and their related subscription and equipment agreements (such transactions, the “Loan Financing”). The Loan Financing consists of the following: (i) initial term loans in an aggregate principal amount of $1.8 billion that mature on June 30, 2029 (the “Term Loan due 2029”), (ii) incremental term loans in an aggregate principal amount of $500 million that are payable in equal monthly installments which began in January 2025 and mature on September 30, 2025 (the “Term Loan due 2025”) and (iii) an additional amount of incremental term loans (the “Roll-up Incremental Term Loans” and, together with the Term Loan due 2029 and the Term Loan due 2025, the “Term Loans”). The Roll-up Incremental Term Loans may be incurred from time to time, subject to DBS SubscriberCo’s prior approval and pro forma compliance with a leverage ratio set forth in the Loan and Security Agreement, and mature on June 30, 2029.

The Roll-up Incremental Term Loans may be incurred in exchange for Outstanding DBS Notes in an aggregate principal amount equal to: (i) the price at which certain lenders acquire such notes plus (ii)(A) in the case of Outstanding 2028 DBS Notes and Outstanding 2029 DBS Notes, 15% of the difference between the aggregate principal amount of such notes and the purchase price thereof, or (B) in the case of Outstanding 2026 DBS Notes, Outstanding 2026 DBS Secured Notes and Outstanding 2028 DBS Secured Notes, 20% of the difference between the aggregate principal amount of such notes and the purchase price thereof.

Interest on the Term Loans accrues and is payable monthly, generally in cash. The interest rate with respect to the Term Loan due 2029 is: (i) from (and including) the Financing Closing Date and until (but excluding) the date that is twelve months thereafter, 10.75% per annum and (ii) from (and including) the date that is twelve months after the Financing Closing Date and until June 30, 2029, 11.25% per annum. The interest rate with respect to the Term Loan due 2025 is 11.00% per annum. The interest rate with respect to the Roll-up Incremental Term Loans is (i) from (and including) the Financing Closing Date and until (but excluding) the date that is twelve months thereafter, 11.00% per annum and (ii) from (and including) the date that is twelve months after the Financing Closing Date and until the Maturity Date, 11.50% per annum.

The Loan and Security Agreement specifies a priority of payments for funds received by DBS SubscriberCo from subscriber payments and certain other revenue. Specifically, on each Transfer Date, as defined in the Loan and Security Agreement, payments will be made, as applicable to the Administrative Agent for certain administrative and other fees, to DBS SubscriberCo for reimbursement of certain operating costs, to a subsidiary of DISH Network as Manager under the Loan and Security Agreement and as Servicer for DBS SubscriberCo, and to an account used to collect and remit interest on the Term Loans, preferred distributions with respect to Preferred Membership interests (as defined below), and monthly principal payments on the Term Loan due 2025. After remitting those payments, through September 30, 2025 if DBS SubscriberCo is in compliance with the terms of the Loan and Security Agreement, it will have the ability to accumulate any excess collections, subject to the terms of the Loan and Security Agreement. At its election, any such excess collections can be distributed by DBS SubscriberCo to its parent via an intercompany loan. No later than September 30, 2025, all excess collections will be used to fund the payment of the Term Loans, the Mandatorily Redeemable Preferred Shares and the associated interest and preferred distributions. If DBS SubscriberCo is not in compliance with its covenants, the entity will lose the ability to accumulate any excess collections with those proceeds being utilized to satisfy the debt obligation and associated interest.

Mandatorily Redeemable Preferred Shares Due 2029

On the Financing Closing Date, DBS SubscriberCo, entered into an amended and restated limited liability company agreement (the “SubscriberCo LLCA”), pursuant to which, among other things, DBS SubscriberCo issued to certain investors (the “Preferred Members”) redeemable preferred equity interests (the “Preferred Membership Interests”) with an aggregate liquidation preference of $200 million (the “Mandatorily Redeemable Preferred Shares”). The Mandatorily Redeemable Preferred Shares mature on June 30, 2029. Due to the mandatory redemption feature of this instrument, it is considered a debt instrument and recorded in “Long-term debt, finance lease and other obligations, net of current portion” on our Consolidated Balance Sheets.

The Preferred Membership Interests have a preferential cumulative return that accumulates daily in arrears at a rate of: (a) from (and including) the Financing Closing Date and until (but excluding) the date that is 12 months thereafter, 13.25% per annum and (b) from (and including) the date that is 12 months after the Financing Closing Date and until June 30, 2029 (or the first business day thereafter), 13.75% per annum, payable in cash monthly and a liquidation preference equal to the issue price plus all accrued and unpaid dividends.

The Preferred Membership Interests are redeemable at DBS SubscriberCo’s option prior to the June 30, 2029 maturity date at a premium as described in the SubscriberCo LLCA. Upon the maturity date, DBS SubscriberCo is required to redeem all of the Preferred Membership Interests issued and outstanding at such time, and upon payment in full of the aggregate liquidation preference, all rights of the Preferred Members will terminate. The Preferred Members also have certain governance and economic rights set forth in the SubscriberCo LLCA.

DBS SubscriberCo Intercompany Loan (Eliminated in Consolidations at DISH DBS)

A portion of the net proceeds from the New DISH DBS Financing were used by DBS SubscriberCo to make an intercompany loan of $323 million to DISH DBS pursuant to a Loan, Guaranty and Security Agreement dated September 29, 2024 (the “DBS SubscriberCo Intercompany Loan”) between DBS SubscriberCo and DISH DBS as funding for general corporate purposes. The DBS SubscriberCo Intercompany Loan matures on June 30, 2029. Interest accrues and is payable monthly and interest payments are payable in kind. The interest rate with respect to the DBS SubscriberCo Intercompany Loan is (i) for the first twelve months following the effective date of September 29, 2024 at 11% per annum and (ii) thereafter at 11.50% per annum. The DBS SubscriberCo Intercompany Loan is secured by DISH DBS’s rights and interest receivable in respect to the Intercompany Loan – 2028 Tranche. During November 2024, DBS SubscriberCo loaned DISH DBS an additional $2.0 billion to satisfy its obligations related to the 5 7/8% Senior Notes due 2024. As of December 31, 2024, the total DBS SubscriberCo Intercompany Loan amount outstanding plus interest paid in kind was $2.404 billion.

Unsecured Senior Notes

Our Senior Notes are:

●

general unsecured senior obligations of DISH DBS;

●

ranked equally in right of payment with all of DISH DBS’ and the guarantors’ existing and future unsecured senior debt; and

●

ranked effectively junior to our and the guarantors’ current and future secured senior indebtedness up to the value of the collateral securing such indebtedness.

The indentures related to our Senior Notes contain restrictive covenants that, among other things, impose limitations on the ability of DISH DBS and its restricted subsidiaries to:

●

incur additional debt;

●

pay dividends or make distributions on DISH DBS’ capital stock or repurchase DISH DBS’ 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; and

●

transfer or sell assets.

In the event of a change of control, as defined in the related indentures, we would be required to make an offer to repurchase all or any part of a holder’s Senior 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.

7 3/4% Senior Notes due 2026

On June 13, 2016, we issued $2.0 billion aggregate principal amount of our ten-year 7 3/4% Senior Notes due July 1, 2026. On October 3, 2016, we completed an exchange offer in which we exchanged substantially all of the notes for a like principal amount of notes with identical terms, except that such new notes have been registered under the Securities Act. We did not receive any proceeds in the exchange offer. Interest accrues at an annual rate of 7 3/4% and is payable semi-annually in cash, in arrears on January 1 and July 1 of each year.

The 7 3/4% Senior Notes are redeemable, in whole or in part, at any time at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, as defined in the related indenture, together with accrued and unpaid interest.

7 3/8% Senior Notes due 2028

On July 1, 2020, we issued $1.0 billion aggregate principal amount of our 7 3/8% Senior Notes due July 1, 2028. On September 29, 2020, we completed an exchange offer in which we exchanged substantially all of the notes for a like principal amount of notes with identical terms, except that such new notes have been registered under the Securities Act. We did not receive any proceeds in the exchange offer. Interest accrues at an annual rate of 7 3/8% and is payable semi-annually in cash, in arrears on January 1 and July 1 of each year.

The 7 3/8% Senior Notes are redeemable, in whole or in part, at any time at the redemption prices specified under the related indenture, together with accrued and unpaid interest.

5 1/8% Senior Notes due 2029

On May 24, 2021, we issued $1.5 billion aggregate principal amount of our 5 1/8% Senior Notes due June 1, 2029. On August 30, 2021, we completed an exchange offer in which we exchanged substantially all of the notes for a like principal amount of notes with identical terms, except that such new notes have been registered under the Securities Act. We did not receive any proceeds in the exchange offer. Interest accrues at an annual rate of 5 1/8% and is payable semi-annually in cash, in arrears on June 1 and December 1 of each year.

The 5 1/8% Senior Notes are redeemable, in whole or in part, at any time at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, as defined in the related indenture, together with accrued and unpaid interest.

Senior Secured Notes

Our Senior Secured Notes are:

●

general senior secured obligations of DISH DBS;

●

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

●

ranked equally in right of payment with all of DISH DBS’ and the guarantors’ existing and future senior debt;

●

ranked senior in right of payment and effectively senior to any of DISH DBS’ and the guarantors’ junior lien or unsecured debt to the extent of the value of the pledged collateral that secures the Senior Secured Notes; and

●

ranked effectively junior to DISH DBS’ and the guarantors’ obligations that are secured by assets that are not part of the pledged collateral that secures the Senior Secured Notes, to the extent of the value of such assets.

The indenture related to our Senior Secured Notes contain restrictive covenants that, among other things, impose limitations on the ability of DISH DBS and its restricted subsidiaries to:

●

incur additional debt;

●

pay dividends or make distributions on DISH DBS’ capital stock or repurchase DISH DBS’ 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; and

●

transfer or sell assets.

In the event of a change of control, as defined in the related indentures, we would be required to make an offer to repurchase all or any part of a holder’s 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.

The net proceeds from the offering of our Senior Secured Notes were used to make an intercompany loan to DISH Network pursuant to a Loan and Security Agreement dated November 26, 2021 (together with future advances to DISH Network, the “Intercompany Loan”) between us and DISH Network in order to finance the potential purchase of wireless spectrum licenses and for general corporate purposes, including the buildout of wireless infrastructure. We may make additional advances to DISH Network under the Intercompany Loan, and on February 11, 2022, we advanced an additional $1.5 billion to DISH Network under the Intercompany Loan. The Intercompany Loan is secured by (i) the cash proceeds of the loan and (ii) an interest in any wireless spectrum licenses acquired using such proceeds. In certain cases, DISH Network wireless spectrum licenses (valued based upon a third-party valuation) may be substituted for the collateral. The Intercompany Loan is not included as collateral for the Senior Secured Notes, and the Senior Secured Notes are subordinated to our existing and certain future unsecured notes with respect to certain realizations under the Intercompany Loan and any collateral pledged as security for the Intercompany Loan.

The initial cash proceeds of the Intercompany Loan were paid to the FCC by DISH Network in connection with DISH Network’s wholly-owned subsidiary Weminuche L.L.C.’s (“Weminuche”) winning bids in the FCC’s auction for the Flexible-Use Service Licenses in the 3.45–3.55 GHz band (“Auction 110”). As a result, the Intercompany Loan is secured by Weminuche’s interest in the wireless spectrum licenses acquired in Auction 110 with such cash proceeds.

5 1/4% Senior Secured Notes due 2026

On November 26, 2021, we issued $2.750 billion aggregate principal amount of our 5 1/4% Senior Secured Notes due December 1, 2026. Interest accrues at an annual rate of 5 1/4% and is payable semi-annually in cash, in arrears on June 1 and December 1 of each year.

The 5 1/4% Senior Secured Notes due 2026 are redeemable, in whole or in part, at any time prior to June 1, 2026 (the “2026 Par Call Date”) at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, as defined in the related indenture, together with accrued and unpaid interest. At any time on or after the 2026 Par Call Date, we may redeem the 5 1/4% Senior Secured Notes due 2026, in whole at any time or in part from time to time, at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date. Prior to December 1, 2024, we may also redeem up to 35% of the 5 1/4% Senior Secured Notes due 2026 at a specified premium with the net cash proceeds from certain equity offerings or capital contributions. At any time and from time to time during the 36-month period following the issue date of the 5 1/4% Senior Secured Notes due 2026, we may redeem up to 10% of the aggregate principal amount during each twelve-month period commencing with the issue date at a redemption price of 103% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

5 3/4% Senior Secured Notes due 2028

On November 26, 2021, we issued $2.5 billion aggregate principal amount of our 5 3/4% Senior Secured Notes due December 1, 2028. Interest accrues at an annual rate of 5 3/4% and is payable semi-annually in cash, in arrears on June 1 and December 1 of each year.

The 5 3/4% Senior Secured Notes due 2028 are redeemable, in whole or in part, at any time prior to December 1, 2027 (the “2028 Par Call Date”) at a redemption price equal to 100% of the principal amount plus a “make-whole” premium, as defined in the related indenture, together with accrued and unpaid interest. At any time on or after the 2028 Par Call Date, we may redeem the 5 3/4% Senior Secured Notes due 2028, in whole at any time or in part from time to time, at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date. Prior to December 1, 2024, we may also redeem up to 35% of the 5 3/4% Senior Secured Notes due 2028 at a specified premium with the net cash proceeds from certain equity offerings or capital contributions. At any time and from time to time during the 36-month period following the issue date of the 5 3/4% Senior Secured Notes due 2028, we may redeem up to 10% of the aggregate principal amount during each twelve-month period commencing with the issue date at a redemption price of 103% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Interest on Long-Term Debt


		Annual
	Semi-Annual	Debt Service
	Payment Dates	Requirements (1)
		(In thousands)
7 3/4% Senior Notes due 2026	January 1 and July 1	$	155,000
5 1/4% Senior Secured Notes due 2026	June 1 and December 1	$	144,375
7 3/8% Senior Notes due 2028	January 1 and July 1	$	73,750
5 3/4% Senior Secured Notes due 2028	June 1 and December 1	$	143,750
5 1/8% Senior Notes due 2029	June 1 and December 1	$	76,875

(1)

Annual debt service requirements exclude the interest on the New DISH DBS Financing, discussed below.

Interest on the New DISH DBS Financing

The Term Loans and the Mandatorily Redeemable Preferred Shares due 2029 have variable interest rates and payment terms upon which we may pay a portion of principal balance based on estimated variable cash flows for certain Pay-TV business metrics which could change significantly based on actual performance. The estimated annual interest requirement for the Term Loans and the Mandatorily Redeemable Preferred Shares due 2029 for the year ended December 31, 2025 is approximately $245 million.

Our ability to meet our debt service requirements will depend on, among other factors, the successful execution of our business strategy, which is subject to uncertainties and contingencies beyond our control.

Other Debt, Finance Lease and Other Obligations

Other debt, finance lease and other obligations consisted of the following:


	As of December 31,
	2024		2023

	(In thousands)
Satellites and other finance lease obligations	$	—	$	31,104
Notes payable related to satellite vendor financing and other debt payable in installments through 2031 with interest rates ranging from approximately 4.0% to 6.0%		32,350		42,678
Total		32,350		73,782
Less: current portion		(9,425)		(41,432)
Other debt, finance lease and other obligations, net of current portion	$	22,925	$	32,350

Finance Lease Obligations

Anik F3. Anik F3, an FSS satellite, was launched and commenced commercial operation in April 2007. This satellite was previously accounted for as a finance lease and depreciated over the term of the satellite service agreement. We leased 100% of the Ku-band capacity on Anik F3 for an initial period of 15 years. During April 2022, we extended the Anik F3 lease and as a result it is currently accounted for as an operating lease.

Nimiq 5. On May 19, 2019, DISH Network entered into an agreement pursuant to which, on September 10, 2019, the satellite service agreement for Nimiq 5 was transferred to DISH Network and we began leasing it from an indirect wholly-owned subsidiary of DISH Network. Nimiq 5 was launched in September 2009 and commenced commercial operation at the 72.7 degree west longitude orbital location during October 2009.

This satellite was previously accounted for as a finance lease and depreciated over the term of the satellite service agreement. During October 2024, DISH Network extended the Nimiq 5 lease and as a result of the new terms it is currently accounted for as an operating lease. See Note 15 for further information.

The summary of future maturities of our outstanding debt as of December 31, 2024 is included in the commitments table in Note 12.

Future Liquidity

We have made cash distributions and intercompany loans to partially finance the development of DISH Network’s 5G Network Deployment, including, but not limited to, the purchase of wireless spectrum licenses and the wireless business to date, and we may make additional funds available to DISH Network in the form of cash distributions or loans to finance, in whole or in part, DISH Network’s future efforts. These factors, including, but not limited to, debt maturities, continuing investment in our business, financing acquisitions and other strategic transactions, may require us to raise additional capital in the future which may not be available on favorable terms, or at all.

Stock-Based Compensation - Tax Benefits From Stock Awards Exercised (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option [Member]
Stock-Based Compensation
Tax benefit from stock awards exercised	$ 152	$ 871	$ 206

- 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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-Section 35
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+ Details

Supplemental Data - Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2024

Supplemental Data - Statements of Cash Flows

Schedule of supplemental cash flow and other non-cash data


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Cash paid for interest	$	774,348	$	747,332	$	899,382
Cash received for interest		26,508		19,972		20,967
Cash received for interest - Intercompany Loan		127,316		104,940		—
Cash paid for income taxes, net of (refunds)		11,493		12,951		29,000
Cash paid for income taxes to DISH Network		552,405		622,512		489,819
Intercompany Loan - 2026 Tranche		4,718,517		—		—
Vendor financing		—		26,751		—

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory
Finished goods	$ 149,172	$ 208,049
Work-in-process and service repairs	27,415	35,457
Raw materials	6,615	24,335
Total inventory	$ 183,202	$ 267,841

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)	$ 1,447,580	$ 1,744,629	$ 1,810,745
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	276,031	315,660	354,361
Impairment of long-lived assets and goodwill		6,457
Realized and unrealized losses (gains) on investments and other		(1,262)	922
Non-cash, stock-based compensation	11,161	14,258	40,732
Deferred tax expense (benefit)	(63,103)	(84,600)	(116,715)
Equity in (earnings) losses of affiliates	67,214	1,202	(4,112)
Changes in allowance for credit losses	7,386	(5,758)	7,781
Other, net	38,309	36,338	67,306
Non-cash interest income - DISH Network	(128,058)	(318,050)	(415,188)
Changes in current assets and current liabilities:
Trade accounts receivable	19,863	46,962	(67,036)
Inventory	67,322	36,925	(11,143)
Other current assets	20,038	12,865	93,482
Trade accounts payable	(39,610)	(128,331)	(145,552)
Deferred revenue and other	(89,205)	(49,790)	(47,370)
Accrued programming and other accrued expenses	(133,230)	(98,474)	(840)
Net cash flows from operating activities	1,501,698	1,529,031	1,567,373
Cash Flows From Investing Activities:
(Purchases) Sales and maturities of marketable investment securities, net	397	282,350	1,388,113
Purchases of property and equipment	(88,756)	(132,607)	(122,477)
Notes Receivable - DISH Network, including interest (Note 15)	(1,564,589)	(421,457)	(1,500,000)
Other, net	9,775	5,016	5,313
Net cash flows from investing activities	(1,643,173)	(266,698)	(229,051)
Cash Flows From Financing Activities:
Repayment of long-term debt, finance lease and other obligations	(41,431)	(49,850)	(33,713)
Proceeds from New DISH DBS Financing (Note 8)	2,500,000
Debt issuance costs and debt (discount) premium from New DISH DBS Financing	(134,510)
Redemption and repurchases of senior notes	(1,982,544)	(1,460,635)	(2,056,821)
Other, net		1,273	(906)
Net cash flows from financing activities	341,515	(1,509,212)	(2,091,440)
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents	200,040	(246,879)	(753,118)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 4)	428,621	675,500	1,428,618
Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 4)	$ 628,661	$ 428,621	$ 675,500

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

9.Income Taxes and Accounting for Uncertainty in Income Taxes

Income Taxes

Beginning in 2024, DISH DBS and its domestic subsidiaries join with our parent, DISH Network, and our ultimate parent, EchoStar, in filing U.S. consolidated federal income tax returns and, in some states, combined or consolidated returns. The federal and state income tax provisions or benefits recorded by DISH DBS are generally those that would have been recorded if DISH DBS and its domestic subsidiaries had filed returns as a consolidated group independent of EchoStar. Cash is due and paid to DISH Network based on amounts that would be payable based on DISH DBS consolidated or combined group filings. The amounts paid to DISH Network during the years ended December 31, 2024, 2023 and 2022 were $552 million, $623 million and $490 million, respectively.

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.

As of December 31, 2024, we had no net operating loss carryforwards (“NOLs”) for federal and state income tax purposes. In addition, there are $5 million of tax benefits related to credit carryforwards which are fully offset by a valuation allowance. Portions of the credit carryforwards expired in 2024.

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	$	452,327	$	528,689	$	572,754
State		98,273		118,540		133,475
Foreign		2,353		2,475		(4,255)
Total current (benefit) provision		552,953		649,704		701,974

Deferred (benefit) provision:
Federal		(70,531)		(69,321)		(95,995)
State		(6,043)		(15,794)		(20,720)
Increase (decrease) in valuation allowance		13,471		515		—
Total deferred (benefit) provision		(63,103)		(84,600)		(116,715)
Total (benefit) provision	$	489,850	$	565,104	$	585,259

Our $1.937 billion of “Income (loss) before income taxes” on our Consolidated Statements of Operations and Comprehensive Income (Loss) included income of $13 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

	% of pre-tax income/(loss)
Statutory rate	21.0	21.0	21.0
State income taxes, net of federal benefit	3.7	3.4	3.5
Other, net	0.6	0.1	(0.1)
Total	25.3	24.5	24.4

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:
NOL, interest, credit and other carryforwards	$	4,684	$	7,277
Accrued and prepaid expenses		27,441		22,449
Stock-based compensation		18,967		16,686
Deferred revenue		4,782		6,118
Bases differences in partnerships and cost method investments		21,605		3,360
Total deferred tax assets		77,479		55,890
Valuation allowance		(24,368)		(8,194)
Deferred tax asset after valuation allowance		53,111		47,696

Deferred tax liabilities:
Depreciation		(155,198)		(193,564)
Regulatory authorizations and other intangible amortization		(102,977)		(122,302)
Total deferred tax liabilities		(258,175)		(315,866)
Net deferred tax asset (liability)	$	(205,064)	$	(268,170)

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 and a small number of foreign jurisdictions where we have immaterial operations. We are subject to United States federal, state and local income tax examinations by tax authorities for the years beginning in 2008 due to the carryover of previously incurred NOLs. We are currently under a federal income tax examination for years 2008 through 2011, 2013 through 2016, and 2018 through 2019.

A reconciliation of the beginning and ending amount of unrecognized tax benefits included in “Long-term deferred revenue and other long-term liabilities” on our Consolidated Balance Sheets was as follows:


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

	(In thousands)
Balance as of beginning of period	$	202,466	$	204,378	$	198,511
Additions based on tax positions related to the current year		3,715		3,601		3,444
Additions based on tax positions related to prior years		—		2,892		9,523
Reductions based on tax positions related to prior years		(23,276)		(7,219)		(7,100)
Reductions based on tax positions related to settlements with taxing authorities		—		(834)		—
Reductions based on tax positions related to the lapse of the statute of limitations		(224)		(352)		—
Balance as of end of period	$	182,681	$	202,466	$	204,378

We have $168 million in unrecognized tax benefits that, if recognized, could favorably affect our effective tax rate. We do not expect any material portion of this amount to be paid or settled within the next 12 months. Accrued interest and penalties on uncertain tax positions are recorded as a component of “Interest expense, net of amounts capitalized” and “Other, net,” respectively, on our Consolidated Statements of Operations and Comprehensive Income (Loss). During the years ended December 31, 2024, 2023 and 2022, we recorded $18 million, $14 million and $8 million in net interest and penalty expense to earnings, respectively. Accrued interest and penalties were $80 million and $62 million at December 31, 2024 and 2023, respectively. The above table excludes these amounts.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2024

Related Party Transactions

Schedule of notes receivables from related party


	As of December 31, 2024
Notes Receivable - DISH Network	Principal		Accrued Interest Receivable

Intercompany Loan - DISH Network - 2028 Tranche	$	2,844,401	$	14,222
Q2 2024 Notes Receivable - DISH Network (1)		1,576,518		—
Q3 2024 Notes Receivable - DISH Network (1)		492,770		—
Total Notes Receivable - DISH Network	$	4,913,689	$	14,222

(1)	Interest is recorded monthly as paid in kind.

Schedule of related party transaction


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Purchases (including fees):
Purchases from NagraStar	$	32,508	$	37,068	$	43,416

			As of December 31,
			2024		2023

			(In thousands)
Amounts Payable and Commitments:
Amounts payable to NagraStar			$	5,569	$	9,821
Commitments to NagraStar			$	883	$	1,727

Stock-Based Compensation - Aggregate Intrinsic Value Of Stock Options (Details) - DISH Network Awards - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option [Member]
Aggregate intrinsic value
Weighted-average fair value of options granted (in dollars per share)	$ 14.23	$ 34.42	$ 66.92
Aggregate intrinsic value of stock options exercisable	$ 643		$ 61
Restricted Stock Units
Aggregate intrinsic value
Weighted-average fair value of options granted (in dollars per share)	$ 16.59	$ 17.18	$ 84.56
Fair value of units and rewards vested	$ 235	$ 4,030	$ 874

Property and Equipment and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Property and Equipment

Schedule of property and equipment


	Depreciable
	Life	As of December 31,
	(In Years)	2024		2023

		(In thousands)
Equipment leased to customers	2-5	$	1,002,518	$	1,175,734
EchoStar XV	15		277,658		277,658
EchoStar XVIII	15		411,255		411,255
Satellites acquired under finance lease agreements (1)	-		—		174,685
Furniture, fixtures, equipment and other	2-10		746,585		755,163
Software and computer equipment (2)	3-5		670,503		1,197,632
Buildings and improvements	5-40		288,573		294,890
Land	-		12,007		12,505
Construction in progress	-		34,232		45,413
Total property and equipment			3,443,331		4,344,935
Accumulated depreciation			(2,818,562)		(3,536,870)
Property and equipment, net		$	624,769	$	808,065

(1)	This decrease is related to the Nimiq 5 finance lease which DISH Network extended in October 2024 and as a result is currently accounted for as an operating lease.

(2)	This decrease is primarily related to the retirement of obsolete software with a net book value of zero.

Schedule of depreciation and amortization expense


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Equipment leased to customers	$	147,282	$	166,918	$	191,712
Satellites		71,701		80,292		84,016
Buildings, furniture, fixtures, equipment and other		19,166		27,693		25,333
Software and computer equipment		37,882		40,757		53,300
Total depreciation and amortization	$	276,031	$	315,660	$	354,361

Schedule of pay-TV satellite fleet

As of December 31, 2024, our Pay-TV satellite fleet consisted of the following:


		Degree
	Launch	Orbital	Lease
Satellites	Date	Location	Termination Date
Owned:
EchoStar XV	July 2010	61.5	N/A
EchoStar XVIII	June 2016	61.5	N/A

Under Construction:
EchoStar XXV	2026	110	N/A

Leased from DISH Network (1):
EchoStar X	February 2006	110	February 2026
EchoStar XI	July 2008	110	February 2026
EchoStar XIV	March 2010	119	February 2026
EchoStar XVI	November 2012	61.5	January 2026
EchoStar XXIII	March 2017	110	Month to Month
Nimiq 5	September 2009	72.7	Month to Month

Leased from Other Third-Party:
Anik F3	April 2007	118.7	April 2025

(1)	See Note 15 for further information on our Related Party Transactions with DISH Network.

Schedule of identifiable intangibles subject to amortization


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

	(In thousands)
Technology-based	$	58,162	$	(56,167)	$	58,162	$	(55,623)
Trademarks		18,251		(17,270)		18,251		(17,160)
Contract-based		4,500		(4,500)		4,500		(4,500)
Customer relationships		23,632		(23,632)		23,632		(23,632)
Total	$	104,545	$	(101,569)	$	104,545	$	(100,915)

Schedule of estimated future amortization of identifiable intangible assets

Estimated future amortization of our identifiable intangible assets as of December 31, 2024 is as follows:


For the Years Ended December 31,	Total
	(In thousands)
2025	$	654
2026		654
2027		654
2028		473
2029		110
Thereafter		431
Total	$	2,976

Schedule of FCC Authorizations


	As of December 31,
	2024		2023

	(In thousands)
DBS Licenses	$	611,794	$	611,794
Total	$	611,794	$	611,794

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Maturities of lease liabilities: Operating leases
2025	$ 34,244
2026	24,504
2027	15,286
2028	10,685
2029	7,222
Thereafter	12,261
Total lease payments	104,202
Less: Imputed interest	(18,836)
Total operating lease liabilities	85,366	$ 97,999
Less: Current portion	(33,210)	(36,618)
Long-term portion of lease obligations	52,156	61,381
Maturities of lease liabilities: Finance leases
Total finance lease liabilities		31,104
Less: Current portion		$ (31,104)
Future minimum payments for total lease liabilities
2025	34,244
2026	24,504
2027	15,286
2028	10,685
2029	7,222
Thereafter	12,261
Total lease payments	104,202
Less: Imputed interest	(18,836)
Total	85,366
Less: Current portion	(33,210)
Long-term portion of lease obligations	$ 52,156

Revenue Recognition - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition
Contract liabilities	$ 386,638	$ 427,319
Contract liability recorded as customer contract revenue	$ 425,000

Stock-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units - DISH Network Awards	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Restricted stock unit activity
Total restricted stock units/awards outstanding, beginning of period (in shares) \| shares	3,978
Granted (in shares) \| shares	74,375
Vested (in shares) \| shares	(16,291)
Cancelled (in shares) \| shares	29,166
Total restricted stock units/awards outstanding, end of period (in shares) \| shares	91,228
Weighted- Average Grant Date Fair Value
Total restricted stock units/awards outstanding, beginning of period (in dollars per share) \| $ / shares	$ 120.95
Granted (in dollars per share) \| $ / shares	16.59
Vested (in dollars per share) \| $ / shares	81.84
Forfeited, cancelled and transferred (in dollars per share) \| $ / shares	93.53
Total restricted stock units/awards outstanding, end of period (in dollars per share) \| $ / shares	$ 34.08

Property and Equipment and Intangible Assets - Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Depreciation and amortization expense
Total depreciation and amortization	$ 276,031	$ 315,660	$ 354,361
Equipment leased to customers
Depreciation and amortization expense
Total depreciation and amortization	147,282	166,918	191,712
Satellites
Depreciation and amortization expense
Total depreciation and amortization	71,701	80,292	84,016
Buildings, furniture, fixtures, equipment and other
Depreciation and amortization expense
Total depreciation and amortization	19,166	27,693	25,333
Software and computer equipment
Depreciation and amortization expense
Total depreciation and amortization	$ 37,882	$ 40,757	$ 53,300

Subsequent Events (Details) - USD ($) $ in Billions	Jan. 10, 2024	Dec. 31, 2024	Sep. 30, 2024	Apr. 26, 2024	May 24, 2021	Jul. 01, 2020	Jun. 13, 2016
Intercompany Loan [Member]
Subsequent Event [Line Items]
Proceeds from Related Party Debt	$ 4.7
5 7/8% Senior Notes due 2024
Subsequent Event [Line Items]
Interest rate (as a percent)		5.875%
5 7/8% Senior Notes due 2024 \| D I S H D B S Corporation
Subsequent Event [Line Items]
Interest rate (as a percent)		5.875%
7 3/4% Senior Notes due 2026
Subsequent Event [Line Items]
Interest rate (as a percent)		7.75%					7.75%
7 3/4% Senior Notes due 2026 \| D I S H D B S Corporation
Subsequent Event [Line Items]
Interest rate (as a percent)		7.75%	7.75%	7.75%
7 3/8% Senior Notes due 2028
Subsequent Event [Line Items]
Interest rate (as a percent)		7.375%	7.375%			7.375%
7 3/8% Senior Notes due 2028 \| D I S H D B S Corporation
Subsequent Event [Line Items]
Interest rate (as a percent)		7.375%
5 1/8% Senior Notes due 2029
Subsequent Event [Line Items]
Interest rate (as a percent)		5.125%			5.125%
5 1/8% Senior Notes due 2029 \| D I S H D B S Corporation
Subsequent Event [Line Items]
Interest rate (as a percent)		5.125%	5.125%

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 28, 2017
Other investment securities:
Equity in (earnings) losses of affiliates	$ 67,214	$ 1,202	$ (4,112)
NagraStar
Other investment securities:
Ownership interest in equity method investment	50.00%			50.00%
Number of technologies provided to customers \| item	3
Invidi Technologies Corporation
Other investment securities:
Ownership interest in equity method investment	35.00%
Equity in (earnings) losses of affiliates	$ 63,000
New DISH DBS Financing
Other investment securities:
Proceeds from subscriber payments	$ 151,000
Maximum \| Commercial Paper
Other investment securities:
Debt term of Maturity	365 days
Maximum \| Corporate securities
Other investment securities:
Debt term of Maturity	18 months

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Gains and Losses on Sales and Changes in Carrying Amounts of Investments and 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
Gains (losses) related to early redemption of debt		$ 1,262	$ (922)
Equity in earnings (losses) of affiliates	$ (67,214)	(1,202)	4,112
Other	2,040	458	1,276
Total	$ (65,174)	$ 518	$ 4,466

- Definition

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

+ References + Details

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

Debt, Finance Lease and Other Obligations - Finance Lease Obligations (Details) - FSS Satellite Anik F3	12 Months Ended
	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Ku-band capacity leased (as a percent)	100.00%
Term of capital lease	15 years

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, restricted cash and cash equivalents, and other investment securities



	As of December 31,
	2024		2023

	(In thousands)
Marketable investment securities:
Current marketable investment securities	$	—	$	397

Restricted cash and cash equivalents (1)		209,574		54,980

Other investments, net:
Equity method investments (2)		20,440		90,168
Cost method investments		2,201		—
Total other investments, net		22,641		90,168

Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	$	232,215	$	145,545

(1)	Restricted marketable investment securities and restricted cash and cash equivalents are included in “Current restricted cash and cash equivalents” and “Restricted cash, cash equivalents and marketable investment securities” on our Consolidated Balance Sheets and discussed below.

(2)	This decrease primarily resulted from our Invidi Technologies Corporation investment, discussed below.

Schedule of investments measured at fair value on a recurring basis

Our investments measured at fair value on a recurring basis were as follows:


	As of December 31,
	2024								2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3

	(In thousands)
Cash equivalents (including restricted)	$	504,301	$	463,394	$	40,907	$	—	$	411,571	$	358,545	$	53,026	$	—

Debt securities (including restricted):
U.S. Treasury and agency securities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other		—		—		—		—		397		—		397		—
Total	$	—	$	—	$	—	$	—	$	397	$	—	$	397	$	—

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)
Gains (losses) related to early redemption of debt	$	—	$	1,262	$	(922)
Equity in earnings (losses) of affiliates		(67,214)		(1,202)		4,112
Other		2,040		458		1,276
Total	$	(65,174)	$	518	$	4,466

Property and Equipment and Intangible Assets - FCC Authorizations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Regulatory authorizations, net	$ 611,794	$ 611,794
FCC Authorizations
Regulatory authorizations, net	611,794	611,794
DBS Licenses \| FCC Authorizations
Regulatory authorizations, net	$ 611,794	$ 611,794

Commitments and Contingencies - Future maturities of other long term obligations (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitment and Contingencies
2025	$ 3,991,452
2026	6,962,594
2027	1,339,201
2028	3,883,349
2029	1,547,458
Thereafter	15,859
Total	17,739,913
Long-term debt obligations
Commitment and Contingencies
2025	749,465
2026	5,640,166
2027	838,859
2028	3,548,868
2029	1,501,599
Thereafter	3,393
Total	12,282,350
Interest expense on long-term debt
Commitment and Contingencies
2025	840,295
2026	750,430
2027	352,182
2028	301,201
2029	38,637
Thereafter	205
Total	2,282,950
Other long-term obligations
Commitment and Contingencies
2025	759,819
2026	542,674
2027	132,816
2028	22,595
Total	1,457,904
Operating lease obligations
Commitment and Contingencies
2025	34,244
2026	24,504
2027	15,286
2028	10,685
2029	7,222
Thereafter	12,261
Total	104,202
Purchase obligations
Commitment and Contingencies
2025	1,607,629
2026	4,820
2027	58
Total	$ 1,612,507

Debt, Finance Lease and Other Obligations - DISH DBS Exchange Offers (Details)	Dec. 31, 2024	Sep. 30, 2024	Apr. 26, 2024	Nov. 26, 2021	May 24, 2021	Jul. 01, 2020	Jun. 13, 2016
5 1/4% Senior Secured Notes due 2026
Long-term debt
Interest rate (as a percent)	5.25%			5.25%
5 1/4% Senior Secured Notes due 2026 \| D I S H D B S Corporation
Long-term debt
Interest rate (as a percent)	5.25%	5.25%
5 3/4% Senior Secured Notes due 2028
Long-term debt
Interest rate (as a percent)	5.75%			5.75%
5 3/4% Senior Secured Notes due 2028 \| D I S H D B S Corporation
Long-term debt
Interest rate (as a percent)	5.75%	5.75%	5.75%
7 3/4% Senior Notes due 2026
Long-term debt
Interest rate (as a percent)	7.75%						7.75%
7 3/4% Senior Notes due 2026 \| D I S H D B S Corporation
Long-term debt
Interest rate (as a percent)	7.75%	7.75%	7.75%
7 3/4% Second Lien Notes due 2026 \| D I S H D B S Corporation
Long-term debt
Interest rate (as a percent)		7.75%
7 3/8% Senior Notes due 2028
Long-term debt
Interest rate (as a percent)	7.375%	7.375%				7.375%
7 3/8% Senior Notes due 2028 \| D I S H D B S Corporation
Long-term debt
Interest rate (as a percent)	7.375%
7 3/8 % Second Lien Notes due 2028 \| D I S H D B S Corporation
Long-term debt
Interest rate (as a percent)		7.375%
5 1/8% Senior Notes due 2029
Long-term debt
Interest rate (as a percent)	5.125%				5.125%
5 1/8% Senior Notes due 2029 \| D I S H D B S Corporation
Long-term debt
Interest rate (as a percent)	5.125%	5.125%
5 1/8% Second Lien Notes due 2029 \| D I S H D B S Corporation
Long-term debt
Interest rate (as a percent)		5.125%

Related Party Transactions - NagraStar and Dish Mexico (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 28, 2017
Related Party Transaction [Line Items]
Amounts payable to NagraStar	$ 207,531	$ 248,640
NagraStar
Related Party Transaction [Line Items]
Interest on equity method investment	50.00%			50.00%
NagraStar \| Related Party
Related Party Transaction [Line Items]
Purchases from NagraStar	$ 32,508	37,068	$ 43,416
Amounts payable to NagraStar	5,569	9,821
Commitments to NagraStar	$ 883	$ 1,727

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Marketable Investment Securities, Restricted Cash and Cash Equivalents and Other Investment Securities:
Current marketable investment securities		$ 397
Restricted cash and cash equivalents	$ 209,574	54,980
Equity method investments	20,440	90,168
Cost method investments	2,201
Total other investments, net	22,641	90,168
Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	$ 232,215	$ 145,545

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Property and Equipment and Intangible Assets - Estimated future amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024
Estimated future amortization of identifiable intangible assets
2025		$ 654
2026		654
2027		654
2028		473
2029		110
Thereafter		431
Total		2,976
Impairment charge for goodwill	$ 6,000
Other noncurrent assets, net
Estimated future amortization of identifiable intangible assets
Goodwill	$ 0	$ 0

Stock-Based Compensation (Details)		12 Months Ended
Stock-Based Compensation (Details)	Mar. 04, 2024 employee $ / shares shares	Dec. 31, 2024 $ / shares shares	Apr. 01, 2024 shares	Dec. 31, 2023 $ / shares shares
Stock-Based Compensation
Percentage of work time needed for stock based compensation		50.00%
DISH Network Awards
Stock-Based Compensation
Percentage of stock awards vesting per year (as a percent)		20.00%
Class A common stock \| DISH Network Awards
Stock-Based Compensation
Shares of common stock available for future grant under stock incentive plans		21,700,000
Employee Stock Option [Member] \| Maximum
Stock-Based Compensation
Expiration term		10 years
Employee Stock Option [Member] \| DISH Network Awards
Stock-Based Compensation
Stock Awards Outstanding (in shares)		3,106,400		3,288,033
Outstanding, Weighted-Average Exercise Price (in dollars per share) \| $ / shares		$ 35.52		$ 65.81
Employee Stock Option [Member] \| EchoStar
Stock-Based Compensation
Stock Awards Outstanding (in shares)	3,000,000
Outstanding, Weighted-Average Exercise Price (in dollars per share) \| $ / shares	$ 14.04
Shares of common stock available for future grant under stock incentive plans			7,000,000
Number of employees affected by stock option adjustment \| employee	580
Employee Stock Option [Member] \| Class A common stock \| DISH Network Awards
Stock-Based Compensation
Stock Awards Outstanding (in shares)		3,100,000
Employee Stock Option [Member] \| Long-Term Performance Based Plans \| DISH Network Awards
Stock-Based Compensation
Stock Awards Outstanding (in shares)		576,696
Outstanding, Weighted-Average Exercise Price (in dollars per share) \| $ / shares		$ 104.17
Restricted Stock Units
Stock-Based Compensation
Stock Awards Outstanding (in shares)		91,000
Restricted Stock Units \| DISH Network Awards
Stock-Based Compensation
Stock Awards Outstanding (in shares)		91,000

Leases

12 Months Ended

Dec. 31, 2024

Leases

Leases

7.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 seven years, with a weighted average remaining lease term of 4.2 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.

Through the third quarter of 2024, our Nimiq 5 lease was accounted for as a finance lease. However, during October 2024, DISH Network extended the Nimiq 5 lease to October 2029 and as a result, it is currently accounted for as an operating lease. Substantially all of our remaining leases are accounted for as operating leases, including our Anik F3 satellite.

The components of lease expense were as follows:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Operating lease cost (1)	$	48,551	$	70,262	$	166,599

Short-term lease cost (1)(2)		197,156		169,159		74,514

Finance lease cost (3):
Amortization of right-of-use assets		25,787		34,448		38,322
Interest on lease liabilities		1,071		4,845		8,566
Total finance lease cost		26,858		39,293		46,888
Total lease costs	$	272,565	$	278,714	$	288,001

(1)

(2)

Leases that have terms of 12 months or less.

(3)

The decrease in finance lease cost is primarily related to the Nimiq 5 finance lease that was extended in October 2024 and as a result is currently accounted for as an operating lease.

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	$	46,356	$	96,195	$	138,318
Operating cash flows from finance leases	$	1,042	$	6,633	$	6,733
Financing cash flows from finance leases	$	31,104	$	47,030	$	31,030

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	35,000	$	30,657	$	74,317
Finance leases	$	—	$	—	$	—

Supplemental balance sheet information related to leases was as follows:


	As of December 31,
	2024		2023

	(In thousands)
Operating Leases:
Operating lease assets	$	81,024	$	92,972

Other current liabilities	$	33,210	$	36,618
Operating lease liabilities		52,156		61,381
Total operating lease liabilities	$	85,366	$	97,999

Finance Leases:
Property and equipment, gross	$	1,019	$	175,704
Accumulated depreciation		(1,019)		(149,917)
Property and equipment, net	$	—	$	25,787

Other current liabilities	$	—	$	31,104
Other long-term liabilities		—		—
Total finance lease liabilities	$	—	$	31,104

Weighted Average Remaining Lease Term:
Operating leases		4.2 years		4.1 years
Finance leases		0.0 years		0.8 years

Weighted Average Discount Rate:
Operating leases		9.8%		8.3%
Finance leases		0.0%		10.0%

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


	Maturities of Lease Liabilities
	Operating		Finance
For the Years Ending December 31,	Leases		Leases		Total

	(In thousands)
2025	$	34,244	$	—	$	34,244
2026		24,504		—		24,504
2027		15,286		—		15,286
2028		10,685		—		10,685
2029		7,222		—		7,222
Thereafter		12,261		—		12,261
Total lease payments		104,202		—		104,202
Less: Imputed interest		(18,836)		—		(18,836)
Total		85,366		—		85,366
Less: Current portion		(33,210)		—		(33,210)
Long-term portion of lease obligations	$	52,156	$	—	$	52,156

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating cash flows from operating leases	$ 46,356	$ 96,195	$ 138,318
Operating cash flows from finance leases	1,042	6,633	6,733
Financing cash flows from finance leases	31,104	47,030	31,030
Right-of-use assets obtained in exchange for lease obligations, operating leases	$ 35,000	$ 30,657	$ 74,317

Segment Reporting - Revenue from external customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting
Revenue	$ 10,618,037	$ 11,474,225	$ 12,378,208
Pay-TV subscriber and related revenue
Segment Reporting
Revenue	10,564,288	11,320,526	12,281,346
Pay-TV equipment sales and other revenue
Segment Reporting
Revenue	$ 53,749	$ 153,699	$ 96,862

- 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.

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (DEFICIT) - USD ($) $ in Thousands	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings (Deficit)	Total
Balance at Dec. 31, 2021	$ 1,492,174	$ (1,262)	$ (9,045,735)	$ (7,554,823)
Increase (Decrease) in Stockholder's Equity
Non-cash, stock-based compensation	40,732			40,732
Other comprehensive income (loss)		(1,183)		(1,183)
Net income (loss)			1,810,745	1,810,745
Balance at Dec. 31, 2022	1,532,906	(2,445)	(7,234,990)	(5,704,529)
Increase (Decrease) in Stockholder's Equity
Non-cash, stock-based compensation	14,258			14,258
Other comprehensive income (loss)		(56)		(56)
Net income (loss)			1,744,629	1,744,629
Balance at Dec. 31, 2023	1,547,164	(2,501)	(5,490,361)	(3,945,698)
Increase (Decrease) in Stockholder's Equity
Non-cash, stock-based compensation	11,161			11,161
Other comprehensive income (loss)		(546)		(546)
Intercompany Loan - 2026 Tranche			(4,718,517)	(4,718,517)
Net income (loss)			1,447,580	1,447,580
Balance at Dec. 31, 2024	$ 1,558,325	$ (3,047)	$ (8,761,298)	$ (7,206,020)

- Definition

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

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Property and Equipment and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets
Intangible Assets	$ 104,545	$ 104,545
Accumulated Amortization	(101,569)	(100,915)
Amortization expenses	$ 1,000	1,000	$ 1,000
Minimum
Intangible Assets
Useful life	13 years
Maximum
Intangible Assets
Useful life	20 years
Technology-based
Intangible Assets
Intangible Assets	$ 58,162	58,162
Accumulated Amortization	(56,167)	(55,623)
Trademarks
Intangible Assets
Intangible Assets	18,251	18,251
Accumulated Amortization	(17,270)	(17,160)
Contract-based
Intangible Assets
Intangible Assets	4,500	4,500
Accumulated Amortization	(4,500)	(4,500)
Customer relationships
Intangible Assets
Intangible Assets	23,632	23,632
Accumulated Amortization	$ (23,632)	$ (23,632)

Summary of Significant Accounting Policies - Leases (Details)	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies
Renewal options, operating lease	true
Renewal options, finance lease	true
Options to terminate, operating lease	true
Options to terminate, finance lease	true
Termination period, operating lease	1 year
Termination period, finance lease	1 year

Leases (Details)	12 Months Ended
Leases (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases
Weighted Average Remaining Lease Term: Operating leases	4 years 2 months 12 days	4 years 1 month 6 days
Renewal options, operating lease	true
Renewal options, finance lease	true
Options to terminate, operating lease	true
Options to terminate, finance lease	true
Termination period, operating lease	1 year
Termination period, finance lease	1 year
Short term lease period	12 months
Minimum
Leases
Remaining lease terms, operating lease	1 year
Remaining lease terms, finance lease	1 year
Maximum
Leases
Remaining lease terms, operating lease	7 years
Remaining lease terms, finance lease	7 years
Termination period, operating lease	1 year
Termination period, finance lease	1 year

Debt, Finance Lease and Other Obligations - Term Loans (Details) - DBS Subscriber Co item in Millions, $ in Millions	Sep. 29, 2024 USD ($) item
Long-term debt
Aggregate principal amount	$ 2,300
Term loans
Long-term debt
Number of subscribers \| item	3
Term Loan due 2025
Long-term debt
Aggregate principal amount	$ 500
Interest rate (as a percent)	11.00%
Term Loan due 2029
Long-term debt
Aggregate principal amount	$ 1,800
Term Loan due 2029 \| Interest rate from financing closing date until the date that is 12 Months thereafter
Long-term debt
Interest rate (as a percent)	10.75%
Term Loan due 2029 \| Interest rate from the date that is 12 months thereafter until maturity
Long-term debt
Interest rate (as a percent)	11.25%
Roll-up Incremental Term Loans
Long-term debt
Percentage of difference between the aggregate principal amount of such notes and the purchase price	15.00%
Roll-up Incremental Term Loans \| Interest rate from financing closing date until the date that is 12 Months thereafter
Long-term debt
Interest rate (as a percent)	11.00%
Roll-up Incremental Term Loans \| Interest rate from the date that is 12 months thereafter until maturity
Long-term debt
Interest rate (as a percent)	11.50%
2028 DBS Notes and 2029 DBS Notes
Long-term debt
Percentage of difference between the aggregate principal amount of such notes and the purchase price	20.00%

Commitments and Contingencies - Narrative (Details)						12 Months Ended
Commitments and Contingencies - Narrative (Details)	Oct. 29, 2024 plaintiff	Sep. 27, 2024 plaintiff	May 09, 2023 claim	Sep. 20, 2022 USD ($)	Sep. 23, 2016 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2024	Apr. 26, 2024	Mar. 10, 2023 USD ($)	Nov. 26, 2021	Jun. 13, 2016
Commitments and Contingencies
Unrecognized Tax Benefits						$ 182,681,000	$ 202,466,000	$ 204,378,000	$ 198,511,000
Unrecognized Tax Benefits Not Expected To Settle Period						12 months
Number of new claims filed \| claim			10
Data Breach Class Actions
Commitments and Contingencies
Number of plaintiffs \| plaintiff		8
Number of shareholders who filed lawsuits \| plaintiff	3	11
7 3/4% Senior Notes due 2026
Commitments and Contingencies
Interest rate (as a percent)						7.75%								7.75%
5 3/4% Senior Secured Notes due 2028
Commitments and Contingencies
Interest rate (as a percent)						5.75%							5.75%
Maximum
Commitments and Contingencies
Term of programming contracts						10 years
Minimum
Commitments and Contingencies
Term of programming contracts						1 year
D I S H D B S Corporation \| 7 3/4% Senior Notes due 2026
Commitments and Contingencies
Interest rate (as a percent)						7.75%				7.75%	7.75%
D I S H D B S Corporation \| 5 3/4% Senior Secured Notes due 2028
Commitments and Contingencies
Interest rate (as a percent)						5.75%				5.75%	5.75%
Related Party \| DISH Network
Commitments and Contingencies
Total investment						$ 30,000,000,000
Related Party \| DISH Network \| 5 3/4% Senior Secured Notes due 2028
Commitments and Contingencies
Interest rate (as a percent)						5.75%
Related Party \| Spectrum Investments \| DISH Network
Commitments and Contingencies
5G Network deployment						$ 10,000,000,000	$ 10,000,000,000	$ 10,000,000,000	$ 10,000,000,000
Northstar Wireless or Northstar Spectrum \| AWS 3 Auction \| Vermont National
Commitments and Contingencies
Bidding credit credits					25.00%
Recovery amount					$ 10,000,000,000
Bidding credit value					3,300,000,000
Northstar Wireless or Northstar Spectrum \| AWS 3 Auction \| Vermont National \| Maximum
Commitments and Contingencies
Claim amount					11,000
Northstar Wireless or Northstar Spectrum \| AWS 3 Auction \| Vermont National \| Minimum
Commitments and Contingencies
Claim amount					$ 5,500
ClearPlay, Inc.
Commitments and Contingencies
Loss contingency												$ 469,000,000
TQ Delta LLC
Commitments and Contingencies
Loss contingency						$ 251,000,000
Realtime Adaptive Streaming Litigation
Commitments and Contingencies
Attorney fees awarded				$ 3,900,000

Organization and Business Activities (Details) customer in Thousands, $ in Thousands				3 Months Ended	12 Months Ended
	Sep. 29, 2024 USD ($)	Jan. 10, 2024 USD ($)	Feb. 11, 2022 USD ($)	Dec. 31, 2024 USD ($) customer	Dec. 31, 2024 USD ($) segment customer	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Nov. 26, 2021 USD ($)
Organization and Business Activities
Number of business segment \| segment					1
Proceeds from issuance of debt					$ 2,500,000
Principal				$ 4,913,689	$ 4,913,689	$ 7,515,077
Advanced an additional amount			$ 1,500,000
5 7/8% Senior Notes due 2024
Organization and Business Activities
Interest rate (as a percent)				5.875%	5.875%
5 1/4% Senior Secured Notes due 2026
Organization and Business Activities
Aggregate principal amount								$ 2,750,000
Interest rate (as a percent)				5.25%	5.25%			5.25%
5 3/4% Senior Secured Notes due 2028
Organization and Business Activities
Aggregate principal amount								$ 2,500,000
Interest rate (as a percent)				5.75%	5.75%			5.75%
New DISH DBS Financing
Organization and Business Activities
Aggregate principal amount	$ 2,500,000			$ 2,500,000	$ 2,500,000
Proceeds from issuance of debt	$ 2,047,000			$ 2,047,000
Intercompany Loan
Organization and Business Activities
Proceeds from related party debt		$ 4,700,000
Pay-TV subscribers
Organization and Business Activities
Number of subscribers \| customer				7,778	7,778
DISH TV subscribers
Organization and Business Activities
Number of subscribers \| customer				5,686	5,686
SLING TV subscribers
Organization and Business Activities
Number of subscribers \| customer				2,092	2,092
Dish Network \| Related Party
Organization and Business Activities
Principal				$ 4,913,689	$ 4,913,689	7,496,000	$ 5,250,000
Advanced an additional amount			$ 1,500,000
Dish Network \| Related Party \| Intercompany Loan 2028 - Tranche
Organization and Business Activities
Principal				2,844,401	2,844,401	7,496,000
Interest receivable				$ 14,000	$ 14,000	$ 37,000
Dish Network \| 5 1/4% Senior Secured Notes due 2026 \| Related Party
Organization and Business Activities
Interest rate (as a percent)				5.25%	5.25%
Dish Network \| 5 3/4% Senior Secured Notes due 2028 \| Related Party
Organization and Business Activities
Interest rate (as a percent)				5.75%	5.75%

Stock-Based Compensation - LTIP (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized	$ 11,161	$ 14,258	$ 40,732
Outstanding awards pursuant to performance-based stock incentive plans
Unrecognized compensation expense, weighted average period	3 years 3 months 18 days
Long-Term Performance Based Plans
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized	$ 1,151	$ 4,223	$ 18,604
2019 LTIP
LTIP Terms
Vested (in Shares)	0
Share-based compensation additional disclosures
Percentage of performance goals probable of achievement		85.00%	89.00%
Percentage of awards vested		78.00%	75.00%
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized		$ (1,631)	$ (131)
2022 Incentive Plan
LTIP Terms
Vested (in Shares)	0
Share-based compensation additional disclosures
Percentage of performance goals probable of achievement	100.00%	100.00%	100.00%
Percentage of stock awards vesting per year (as a percent)	33.00%	17.00%	33.00%
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized	$ 1,151	$ 5,573	$ 15,024
Other Employee Performance Awards
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized		$ 281	3,711
Non-Performance Based Stock Awards
Outstanding awards pursuant to performance-based stock incentive plans
Unrecognized compensation expense	$ 26,000
DISH Network Awards
Share-based compensation additional disclosures
Percentage of stock awards vesting per year (as a percent)	20.00%
DISH Network Awards \| 2022 Incentive Plan
Estimated Remaining Non-Cash, Stock-Based Compensation Expense
Expense estimated to be recognized during 2025	$ 1,087
Estimated contingent expense subsequent to 2025	161
Total estimated remaining expense over the term of the plan	$ 1,248
Employee Stock Option [Member] \| 2017 LTIP
LTIP Terms
Cancelled (in shares)	297,645
Employee Stock Option [Member] \| DISH Network Awards
Outstanding awards pursuant to performance-based stock incentive plans
Performance Based Stock Options (in shares)	3,106,400	3,288,033
Weighted-Average Exercise Price (in dollars per share)	$ 35.52	$ 65.81
Employee Stock Option [Member] \| DISH Network Awards \| Long-Term Performance Based Plans
Outstanding awards pursuant to performance-based stock incentive plans
Performance Based Stock Options (in shares)	576,696
Weighted-Average Exercise Price (in dollars per share)	$ 104.17
Employee Stock Option [Member] \| DISH Network Awards \| 2017 LTIP
Outstanding awards pursuant to performance-based stock incentive plans
Performance Based Stock Options (in shares)	297,645
Weighted-Average Exercise Price (in dollars per share)	$ 163.64
Employee Stock Option [Member] \| DISH Network Awards \| 2019 LTIP
Outstanding awards pursuant to performance-based stock incentive plans
Performance Based Stock Options (in shares)	163,321
Weighted-Average Exercise Price (in dollars per share)	$ 59.22
Employee Stock Option [Member] \| DISH Network Awards \| 2022 Incentive Plan
Outstanding awards pursuant to performance-based stock incentive plans
Performance Based Stock Options (in shares)	115,730
Weighted-Average Exercise Price (in dollars per share)	$ 14.67
Restricted Stock Units
Outstanding awards pursuant to performance-based stock incentive plans
Performance Based Stock Options (in shares)	91,000
Restricted Stock Units \| DISH Network Awards
LTIP Terms
Vested (in Shares)	16,291
Cancelled (in shares)	29,166
Outstanding awards pursuant to performance-based stock incentive plans
Performance Based Stock Options (in shares)	91,000
Subscriber-related
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized	$ 1,155	$ 2,240	5,817
General and administrative
Recognized non-cash stock-based compensation expense
Non-cash stock-based compensation expense recognized	$ 10,006	$ 12,018	$ 34,915

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 419,087	$ 373,641
Current restricted cash and cash equivalents	150,898
Marketable investment securities		397
Trade accounts receivable, net of allowance for credit losses of $42,270 and $34,884, respectively	592,355	619,604
Advances to affiliates		421,457
Inventory	183,202	267,841
Interest receivable - DISH Network (Note 15)	$ 14,222	$ 17,761
Interest Receivable Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Prepaids and other assets	$ 118,070	$ 147,740
Other current assets	1,588	2,306
Total current assets	1,479,422	1,850,747
Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities	58,676	54,980
Property and equipment, net	624,769	808,065
Regulatory authorizations, net	611,794	611,794
Other investments, net	22,641	90,168
Operating lease assets	81,024	92,972
Notes Receivable - DISH Network, including interest (Note 15)	$ 4,913,689	$ 7,515,077
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Other noncurrent assets, net	$ 99,908	$ 107,987
Total noncurrent assets	6,412,501	9,281,043
Total assets	7,891,923	11,131,790
Current Liabilities:
Trade accounts payable	207,531	248,640
Deferred revenue and other	416,156	505,361
Accrued programming	1,339,072	1,427,762
Accrued interest	153,409	160,137
Other accrued expenses and liabilities	373,915	415,109
Current portion of debt, finance lease and other obligations (Note 8)	744,556	2,023,976
Total current liabilities	3,234,639	4,780,985
Long-Term Obligations, Net of Current Portion:
Total debt, finance lease and other obligations, net of current portion	11,402,894	9,755,538
Deferred tax liabilities, net	205,064	268,170
Operating lease liabilities	52,156	61,381
Long-term deferred revenue and other long-term liabilities	203,190	211,414
Total long-term obligations, net of current portion	11,863,304	10,296,503
Total liabilities	15,097,943	15,077,488
Commitments and Contingencies (Note 12)
Stockholder's Equity (Deficit):
Common stock, $0.01 par value, 1,000,000 shares authorized, 1,015 shares issued and outstanding
Additional paid-in capital	1,558,325	1,547,164
Accumulated other comprehensive income (loss)	(3,047)	(2,501)
Accumulated earnings (deficit)	(8,761,298)	(5,490,361)
Total stockholder's equity (deficit)	(7,206,020)	(3,945,698)
Total liabilities and stockholder's equity (deficit)	$ 7,891,923	$ 11,131,790

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 34,884	$ 40,642	$ 32,861
Current period provision for expected credit losses	56,628	56,047	75,245
Write-offs charged against allowance	(49,242)	(61,805)	(67,464)
Balance at end of period	$ 42,270	$ 34,884	$ 40,642
Remaining performance obligations	true

Revenue Recognition - Contract Acquisition Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition
Balance at beginning of period	$ 175,685	$ 230,146	$ 298,112
Additions	69,130	71,931	86,740
Amortization expense	(96,643)	(126,392)	(154,706)
Balance at end of period	$ 148,172	$ 175,685	$ 230,146

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 10,618,037	$ 11,474,225	$ 12,378,208
Costs and Expenses (exclusive of depreciation and amortization):
Cost of services	6,691,649	7,100,543	7,527,563
Cost of sales - equipment and other	73,384	78,219	79,905
Selling, general and administrative expenses	1,064,544	1,375,908	1,593,723
Depreciation and amortization	276,031	315,660	354,361
Impairment of long-lived assets and goodwill (Note 2)		6,457
Total costs and expenses	8,105,608	8,876,787	9,555,552
Operating income (loss)	2,512,429	2,597,438	2,822,656
Other Income (Expense):
Interest income	306,669	464,939	440,412
Interest expense, net of amounts capitalized	(816,494)	(753,162)	(871,530)
Other, net (Note 4)	(65,174)	518	4,466
Total other income (expense)	(574,999)	(287,705)	(426,652)
Income (loss) before income taxes	1,937,430	2,309,733	2,396,004
Income tax (provision) benefit, net	(489,850)	(565,104)	(585,259)
Net income (loss)	1,447,580	1,744,629	1,810,745
Comprehensive Income (Loss):
Net income (loss)	1,447,580	1,744,629	1,810,745
Other comprehensive income (loss):
Foreign currency translation adjustments	(549)	(48)	(1,245)
Unrealized holding gains (losses) on available-for-sale debt securities		14	107
Deferred income tax (expense) benefit, net	3	(22)	(45)
Total other comprehensive income (loss), net of tax	(546)	(56)	(1,183)
Comprehensive income (loss)	1,447,034	1,744,573	1,809,562
Service revenue
Revenue:
Total revenue	10,564,288	11,320,526	12,281,346
Equipment sales and other revenue
Revenue:
Total revenue	$ 53,749	$ 153,699	$ 96,862

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments - Fair Value Measurements (Details) - Fair value measurements on recurring basis - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair value of marketable securities
Cash equivalents (including restricted)	$ 504,301	$ 411,571
Total		397
Other (including restricted)
Fair value of marketable securities
Other		397
Level 1
Fair value of marketable securities
Cash equivalents (including restricted)	463,394	358,545
Level 2
Fair value of marketable securities
Cash equivalents (including restricted)	$ 40,907	53,026
Total		397
Level 2 \| Other (including restricted)
Fair value of marketable securities
Other		$ 397

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies

Schedule of future maturities of long-term debt, finance lease and contractual obligations


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

	(In thousands)
Long-term debt obligations	$	12,282,350	$	749,465	$	5,640,166	$	838,859	$	3,548,868	$	1,501,599	$	3,393
Interest expense on long-term debt		2,282,950		840,295		750,430		352,182		301,201		38,637		205
Other long-term obligations (1)		1,457,904		759,819		542,674		132,816		22,595		—		—
Operating lease obligations (2)		104,202		34,244		24,504		15,286		10,685		7,222		12,261
Purchase obligations		1,612,507		1,607,629		4,820		58		—		—		—
Total	$	17,739,913	$	3,991,452	$	6,962,594	$	1,339,201	$	3,883,349	$	1,547,458	$	15,859

(1)

Represents obligations for satellite related executory costs, TT&C services and certain expenses associated with DISH Network’s Wireless segment.

(2)

See Note 7 for further information on leases.

Inventory

12 Months Ended

Dec. 31, 2024

Inventory

Inventory

5.Inventory

Inventory consisted of the following:


	As of December 31,
	2024		2023

	(In thousands)
Finished goods	$	149,172	$	208,049
Work-in-process and service repairs		27,415		35,457
Raw materials		6,615		24,335
Total inventory	$	183,202	$	267,841

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

4.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	$	—	$	397

Restricted cash and cash equivalents (1)		209,574		54,980

Other investments, net:
Equity method investments (2)		20,440		90,168
Cost method investments		2,201		—
Total other investments, net		22,641		90,168

Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	$	232,215	$	145,545

(1)	Restricted marketable investment securities and restricted cash and cash equivalents are included in “Current restricted cash and cash equivalents” and “Restricted cash, cash equivalents and marketable investment securities” on our Consolidated Balance Sheets and discussed below.

(2)	This decrease primarily resulted from our Invidi Technologies Corporation investment, discussed below.

Marketable Investment Securities

Our marketable investment securities portfolio may consist of debt and equity instruments. 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 and Comprehensive Income (Loss). 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 corresponding 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 and Comprehensive Income (Loss).

Current Marketable Investment Securities

Our current marketable investment securities portfolio can include investments in various debt instruments including, among others, commercial paper, corporate securities and United States treasury and/or agency securities.

Commercial paper consists mainly of unsecured short-term, promissory notes issued primarily by corporations with maturities ranging up to 365 days. Corporate securities consist of debt instruments issued by corporations with various maturities normally less than 18 months. U.S. Treasury and agency securities consist of debt instruments issued by the federal government and other government agencies.

Restricted Cash, Cash Equivalents and Marketable Investment Securities

As of December 31, 2024 and 2023, our restricted marketable investment securities, together with our restricted cash and cash equivalents, included amounts required as collateral for our letters of credit, surety bonds and trusts.

Current restricted cash and cash equivalents. As of December 31, 2024, we had $151 million included in “Current restricted cash and cash equivalents” on our Consolidated Balance Sheets that primarily consists of funds received by our subsidiary, DISH DBS Issuer LLC (“DBS SubscriberCo”) from subscriber payments and certain other revenue, which are required to be restricted per the terms of the New DISH DBS Financing, as detailed and defined in Note 8. DBS SubscriberCo holds certain DISH TV subscribers and their related subscription and equipment agreements.

Other Investments, net

We have strategic investments in certain debt and/or equity securities that are included in noncurrent “Other investments, net” on our Consolidated Balance Sheets. Our debt securities are classified as available-for-sale and are recorded at fair value. Generally, our debt investments in non-publicly traded debt instruments without a readily determinable fair value are recorded at amortized cost. Our equity investments where we have the ability to exercise significant influence over the investee are accounted for using the equity method of accounting. Certain of our equity method investments are detailed below.

NagraStar L.L.C. We own a 50% interest in NagraStar L.L.C. (“NagraStar”), a joint venture that is our primary provider of encryption and related security systems intended to assure that only authorized customers have access to our programming. The three main technologies NagraStar provides to its customers are microchips, set-top box software, and uplink computer systems. NagraStar also provides end-to-end platform security testing services.

Invidi Technologies Corporation. We own a 35% interest in Invidi Technologies Corporation (“Invidi”), an entity that provides proprietary software for the addressable advertising market. Invidi contracts with multichannel video programming distributers to include its software in their respective set-top boxes and DVRs in order to deliver targeted advertisements based on a variety of demographic attributes selected by the advertisers. Invidi has also developed a cloud-based solution for internet protocol-based platforms. During the year ended December 31, 2024, Invidi impaired the goodwill on their financial statements and our portion of this impairment resulted in a $63 million loss in “Equity in earnings (losses) of affiliates” recorded in “Other, net” on our Consolidated Statements of Operations and Comprehensive Income (Loss) during the year ended December 31, 2024.

We also hold investments that are not accounted for using the equity method of accounting, which are measured at fair value. Investments in equity securities without readily determinable fair values are accounted for at cost, less impairment, and adjusted for observable price changes for identical or similar investments of the same issuer.

Our ability to realize value from our strategic investments in securities that are not publicly traded depends on, among other things, the success of the issuers’ businesses and their ability to obtain sufficient capital, on acceptable terms or at all, and to execute their business plans. Because private markets are not as liquid as public markets, there is also increased risk that we will not be able to sell these investments, or that when we desire to sell them, we will not be able to obtain fair value for them.

Fair Value Measurements

Our investments measured at fair value on a recurring basis were as follows:


	As of December 31,
	2024								2023
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3

	(In thousands)
Cash equivalents (including restricted)	$	504,301	$	463,394	$	40,907	$	—	$	411,571	$	358,545	$	53,026	$	—

Debt securities (including restricted):
U.S. Treasury and agency securities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other		—		—		—		—		397		—		397		—
Total	$	—	$	—	$	—	$	—	$	397	$	—	$	397	$	—

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 and Comprehensive Income (Loss) is as follows:


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

	(In thousands)
Gains (losses) related to early redemption of debt	$	—	$	1,262	$	(922)
Equity in earnings (losses) of affiliates		(67,214)		(1,202)		4,112
Other		2,040		458		1,276
Total	$	(65,174)	$	518	$	4,466

Debt, Finance Lease and Other Obligations - Mandatorily Redeemable Preferred Shares Due 2029 (Details) - DBS Subscriber Co - Mandatorily Redeemable Preferred Shares due 2029 $ in Millions	Sep. 29, 2024 USD ($)
Long-term debt
Aggregate liquidation preference	$ 200
Rate from and including the financing closing date and until but excluding the date that is 12 months thereafter
Long-term debt
Interest rate (as a percent)	13.25%
Rate from and including the date that is 12 months after the financing closing date and until maturity
Long-term debt
Interest rate (as a percent)	13.75%

- 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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies

Commitments and Contingencies

12.Commitments and Contingencies

Commitments

As of December 31, 2024, future maturities of our long-term debt, finance lease and contractual obligations are summarized as follows:


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

	(In thousands)
Long-term debt obligations	$	12,282,350	$	749,465	$	5,640,166	$	838,859	$	3,548,868	$	1,501,599	$	3,393
Interest expense on long-term debt		2,282,950		840,295		750,430		352,182		301,201		38,637		205
Other long-term obligations (1)		1,457,904		759,819		542,674		132,816		22,595		—		—
Operating lease obligations (2)		104,202		34,244		24,504		15,286		10,685		7,222		12,261
Purchase obligations		1,612,507		1,607,629		4,820		58		—		—		—
Total	$	17,739,913	$	3,991,452	$	6,962,594	$	1,339,201	$	3,883,349	$	1,547,458	$	15,859

(1)

Represents obligations for satellite related executory costs, TT&C services and certain expenses associated with DISH Network’s Wireless segment.

(2)

See Note 7 for further information on leases.

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

The table above does not include $183 million of liabilities associated with unrecognized tax benefits that were accrued, as discussed in Note 9, and are included on our Consolidated Balance Sheets as of December 31, 2024. We do not expect any portion of this amount to be paid or settled within the next 12 months.

The table above includes certain obligations incurred by us on behalf of DISH Network’s Wireless segment. These obligations will be either paid directly by DISH Network or settled monthly as part of our centralized cash management system with our parent, DISH Network. See Note 3 for further information.

On March 20, 2023, DISH Network entered into a contract with Maxar Space LLC for the construction of EchoStar XXV, a DBS satellite that is capable of providing service to the CONUS and is intended to be used at the 110 degree orbital location. During the fourth quarter of 2023, DISH Network entered into an agreement with SpaceX for launch services for this satellite, which is expected to be launched during 2026. The satellite construction and launch costs for EchoStar XXV and any future lease obligations are not included in “Other long-term obligations” above.

5G Network Deployment

DISH Network initially invested a total of over $30 billion in wireless spectrum licenses. DISH Network’s wireless spectrum licenses are subject to certain interim and final build-out requirements, as well as certain renewal requirements. DISH Network continues to commercialize its wireless spectrum licenses through the completion of the nation’s first cloud-native, Open Radio Access Network (“O-RAN”) based 5G network (the “5G Network Deployment”). DISH Network currently expects capital expenditures, excluding capitalized interest, for its 5G Network Deployment to be approximately $10 billion, including amounts incurred in 2021, 2022, 2023 and 2024. DISH Network may need to make significant additional investments or partner with others to, among other things, continue its 5G Network Deployment and further commercialize, build-out and integrate these licenses and related assets and any additional acquired licenses and related assets, as well as to comply with regulations applicable to such licenses. Depending on the nature and scope of such activities, any such investments or partnerships could vary significantly.

In addition, as DISH Network continues its 5G Network Deployment, DISH Network has and may continue to incur significant additional expenses related to, among other things, research and development, wireless testing and ongoing upgrades to the wireless network infrastructure, software and third-party integration. As a result of these investments, among other factors, DISH Network may need to raise additional capital, which may not be available on favorable terms or at all. DISH Network may also determine that additional wireless spectrum licenses may be required for its 5G Network Deployment, which will enhance its ability to compete effectively with other wireless service providers.

In connection with the development of DISH Network’s wireless business, including, without limitation, the efforts described above, we have made cash distributions and intercompany loans to partially finance these efforts to date and may make additional cash distributions or loans to finance, in whole or in part, DISH Network’s future efforts, including, among other things, any potential Northstar re-auction payment and SNR re-auction payment. There can be no assurance that DISH Network will be able to profitably deploy these wireless spectrum licenses.

See Note 15 “Commitments and Contingencies – 5G Network Deployment” in the Notes to EchoStar’s Annual Report on Form 10-K for the year ended December 31, 2024 for further information.

Satellite Insurance

We generally do not carry commercial in-orbit insurance on any of the satellites we own. We generally do not use commercial insurance to mitigate the potential financial impact of in-orbit failures because we believe that the cost of insurance premiums is uneconomical relative to the risk of such failures. While we generally have had in-orbit satellite capacity sufficient to transmit our existing channels and some backup capacity to recover the transmission of certain critical programming, our backup capacity is limited. In the event of a failure or loss of any of our owned or leased satellites, we may need to acquire or lease additional satellite capacity or relocate one of our other owned or leased satellites and use it as a replacement for the failed or lost satellite.

Purchase Obligations

Our 2025 purchase obligations primarily consist of binding purchase orders for certain fixed contractual commitments to purchase programming content, receiver systems and related equipment, broadband equipment, digital broadcast operations, transmission costs, streaming delivery technology and infrastructure, engineering services, software and other products and services. In addition, our 2025 purchase obligations also include DISH Network’s purchase obligations for certain wireless devices related to its wireless business. Our purchase obligations may fluctuate significantly from period to period due to, among other things, management’s timing of payments and inventory purchases, which can materially impact our future operating asset and liability balances, and our future working capital requirements. The purchase obligations incurred by us on behalf of DISH Network’s Wireless segment will be either paid directly by DISH Network or settled monthly as part of our centralized cash management system with our parent, DISH Network.

Programming Contracts

In the normal course of business, we enter into contracts to purchase programming content in which our payment obligations are generally contingent on the number of Pay-TV subscribers to whom we provide the respective content. These programming commitments are not included in the “Commitments” table above. The terms of our contracts typically range from one to ten years with annual rate increases. Our programming expenses will increase to the extent we are successful in growing our Pay-TV subscriber base. In addition, programming costs per subscriber continue to increase due to contractual price increases and the renewal of long-term programming contracts on less favorable pricing terms.

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.

Contingencies

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.

ClearPlay, Inc.

On March 13, 2014, ClearPlay, Inc. (“ClearPlay”) filed a complaint against EchoStar and its wholly-owned subsidiaries DISH Network, DISH Network L.L.C., and EchoStar’s then wholly-owned subsidiary EchoStar Technologies L.L.C., in the United States District Court for the District of Utah. The complaint alleges willful infringement of United States Patent Nos. 6,898,799 (the “799 patent”), entitled “Multimedia Content Navigation and Playback”; 7,526,784 (the “784 patent”), entitled “Delivery of Navigation Data for Playback of Audio and Video Content”; 7,543,318 (the “318 patent”), entitled “Delivery of Navigation Data for Playback of Audio and Video Content”; 7,577,970 (the “970 patent”), entitled “Multimedia Content Navigation and Playback”; and 8,117,282 (the “282 patent”), entitled “Media Player Configured to Receive Playback Filters From Alternative Storage Mediums.” ClearPlay alleges that the AutoHop^™ feature of our Hopper® set-top box infringes the asserted patents. On February 11, 2015, the case was stayed pending various third-party challenges before the United States Patent and Trademark Office regarding the validity of certain of the patents asserted in the action.

In those third-party challenges, the United States Patent and Trademark Office found that all claims of the 282 patent are unpatentable, and that certain claims of the 784 patent and 318 patent are unpatentable. ClearPlay appealed as to the 784 patent and the 318 patent, and on August 23, 2016, the United States Court of Appeals for the Federal Circuit affirmed the findings of the United States Patent and Trademark Office. On October 31, 2016, the stay was lifted, and in May 2017, ClearPlay agreed to dismiss EchoStar and DISH Network as defendants, leaving DISH Network L.L.C. and DISH Technologies L.L.C. as the sole defendants.

On October 16, October 21, November 2, 2020 and November 9, 2020, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of the asserted claims of, respectively, the 784 patent, the 799 patent, the 318 patent and the 970 patent; and on November 2, November 20, December 14 and December 15, 2020, the United States Patent and Trademark Office granted each request for reexamination. On May 7, 2021, May 25, 2021, June 25, 2021 and July 7, 2021, the United States Patent and Trademark Office issued Ex Parte Reexamination Certificates confirming the patentability of the challenged claims of, respectively, the 799 patent, the 784 patent, the 318 patent and the 970 patent.

In October and November 2021, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of certain asserted claims of the 784 patent, the 799 patent and the 970 patent. In November and December, 2021, the United States Patent and Trademark Office granted review of the challenged claims of the 799 patent and the 970 patent, but denied review of the challenged claims of the 784 patent. On January 24, 2022, an examiner of the United States Patent and Trademark Office affirmed the challenged claims of the 799 patent, and on January 19, 2023, an examiner of the United States Patent and Trademark Office affirmed the challenged claims of the 970 patent.

In an order dated January 31, 2023, the Court granted in part and denied in part DISH Network L.L.C.’s and DISH Technologies L.L.C.’s motion for summary judgment. Thereafter, ClearPlay narrowed its case to three asserted claims: one under the 799 patent and two under the 970 patent. Following a two-week trial, on March 10, 2023, the jury returned a verdict that DISH Network L.L.C. and DISH Technologies L.L.C. infringed each of the asserted patent claims (though not willfully), and awarded damages of $469 million. That verdict became moot on March 21, 2023, when the trial court indicated that it would grant DISH Network L.L.C.’s and DISH Technologies L.L.C.’s motion for judgment as a matter of law, thus effectively vacating the jury award. On June 2, 2023, the Court entered its formal order granting judgment as a matter of law. On December 12, 2023, the Court denied ClearPlay’s motion to alter or amend the judgment. ClearPlay has filed a notice of appeal to the United States Court of Appeals for the Federal Circuit and briefing was completed on November 27, 2024.

We intend to vigorously defend this case. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Data Breach Class Actions

On May 9, 2023, Susan Owen-Brooks, an alleged customer, filed a putative class action complaint against DISH Network, our parent, in the United States District Court for the District of Colorado. She purports to represent a nationwide class of all individuals in the United States who allegedly had private information stolen as a result of the February 23, 2023 Cybersecurity Incident (and a North Carolina statewide subclass of the same individuals). Since that filing, ten additional putative class action complaints have been filed in the United States District Court for the District of Colorado, purporting to represent the same nationwide class of people, and Owen-Brooks has filed an amended complaint. On August 2, 2023, the Court issued an order consolidating the first ten cases (the eleventh was dismissed) and, on November 16, 2023 and January 16, 2024, the plaintiffs filed consolidated amended class action complaints. On September 27, 2024, the Court granted DISH Network’s motion to dismiss the First Amended Consolidated Class Action Complaint as to eight of the eleven named plaintiffs and as to certain causes of action. On October 29, 2024, the Plaintiffs filed the operative Second Amended Consolidated Class Action Complaint, which deletes the allegations as to the dismissed plaintiffs and causes of action, leaving three named plaintiffs and causes of action for negligence, negligence per se, breach of implied contract, and declaratory judgment.

DISH Network intends to vigorously defend this case. DISH Network cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Digital Broadcasting Solutions, LLC

On August 29, 2022, Digital Broadcasting Solutions, LLC filed a complaint against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. in the United States District Court for the Eastern District of Texas. The complaint alleges infringement of U.S. Patent No. 8,929,710 (the “710 patent”) and U.S. Patent No. 9,538,122 (the “122 patent”), each entitled “System and method for time shifting at least a portion of a video program.” Generally, the plaintiff contends that the AutoHop feature of our Hopper® set-top boxes infringes the asserted patents. On June 21, 2023, the Court granted the motion of DISH Network L.L.C. and DISH Technologies L.L.C. to have the case transferred to the United States District Court for the District of Colorado.

In May 2023, DISH Network L.L.C. and DISH Technologies L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of all claims of the 710 patent and the 122 patent and, on December 9, 2024, the United States Patent and Trademark Office issued final written decisions invalidating 38 of the 39 challenged claims. On January 13, 2025, Digital Broadcasting Solutions filed a notice of appeal of those final written decisions, and on February 7, 2025, DISH Network L.L.C. and DISH Technologies L.L.C. cross-appealed as to the single patent claim that wasn’t invalidated. The underlying case has been stayed since May 9, 2024, pending resolution of the petitions before the United States Patent and Trademark Office and any related appeals.

Entropic Communications, LLC (first action)

On March 9, 2022, Entropic Communications, LLC (“Entropic”) filed a complaint against DISH Network and our wholly-owned subsidiaries DISH Network L.L.C. and Dish Network Service L.L.C. in the United States District Court for the Eastern District of Texas. The complaint alleges infringement of U.S. Patent No. 7,130,576 (the “576 patent”), entitled “Signal Selector and Combiner for Broadband Content Distribution”; U.S. Patent No. 7,542,715 (the “715 Patent”), entitled “Signal Selector and Combiner for Broadband Content Distribution”; and U.S. Patent No. 8,792,008 (the “008 Patent”), entitled “Method and Apparatus for Spectrum Monitoring.” On March 30, 2022, Entropic filed an amended complaint alleging infringement of the same patents. Generally, the plaintiff accuses satellite antennas, low-noise block converters, signal selector and combiners, and set-top boxes and the manner in which they process signals for satellite television customers of infringing the asserted patents. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein.

On October 24, 2022, this case was ordered to be transferred to the United States District Court for the Central District of California. A companion case against DirecTV was also ordered transferred to the United States District Court for the Central District of California. In January and February of 2023, DISH Network L.L.C. and Dish Network Service L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of all claims of the 715 patent, all claims of the 008 patent and 25 claims of the 576 patent, which includes all of its asserted claims. In August and September 2023, the Patent Office denied institution on the petitions challenging the 715 patent and the 576 patent. In September 2023, at the parties’ joint request, the Patent Office dismissed the petition challenging the 008 patent, as Entropic agreed to drop its claims against DISH Network on that patent. On July 12, 2024, the United States Patent and Trademark Office granted a request for reexamination of the 715 patent.

Entropic Communications, LLC (second action)

On February 10, 2023, Entropic filed a second lawsuit against DISH Network and our wholly-owned subsidiaries DISH Network L.L.C., Dish Network Service L.L.C. and Dish Network California Service Corporation in the United States District Court for the Central District of California. The complaint alleges infringement of U.S. Patent No. 7,295,518 (the “518 patent”), entitled “Broadband network for coaxial cable using multi-carrier modulation”; U.S. Patent No. 7,594,249 (the “249 patent”), entitled “Network interface device and broadband local area network using coaxial cable”; U.S. Patent Nos. 7,889,759 (the “759 patent”), entitled “Broadband cable network utilizing common bit-loading”; U.S. Patent No. 8,085,802 (the “802 Patent”), entitled “Multimedia over coaxial cable access protocol”; U.S. Patent No. 9,838,213 (the “213 patent”), entitled “Parameterized quality of service architecture in a network”; U.S. Patent No. 10,432,422 (the “422 patent”), entitled “Parameterized quality of service architecture in a network”; U.S. Patent No. 8,631,450 (the “450 patent”), entitled “Broadband local area network”; U.S. Patent No. 8,621,539 (the “539 patent”), entitled “Physical layer transmitter for use in a broadband local area network”; U.S. Patent No. 8,320,566 (the “0,566 patent”), entitled “Method and apparatus for performing constellation scrambling in a multimedia home network”; U.S. Patent No. 10,257,566 (the “7,566 patent”), entitled “Broadband local area network”; U.S. Patent No. 8,228,910 (the “910 Patent”), entitled “Aggregating network packets for transmission to a destination mode”; and U.S. Patent No. 8,363,681 (the “681 patent”), entitled “Method and apparatus for using ranging measurements in a multimedia home network.” Generally, the patents relate to Multimedia over Coax Alliance standards and the manner in which we provide a whole-home DVR network over an on-premises coaxial cable network.

Entropic has asserted the same patents in the same court against Comcast, Cox and DirecTV. On September 7, 2023, the Court granted the motion of DISH Network L.L.C., Dish Network Service L.L.C. and Dish Network California Service Corporation to dismiss the claims arising from the 7,566 patent and the 910 patent on the grounds that they claimed in eligible subject matter. In January and February 2024, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of the 249 patent, the 518 patent, the 759 patent, the 450 patent, the 539 patent, the 0,566 patent, and the 681 patent. In July and August 2024, the United States Patent and Trademark Office agreed to institute proceedings on the petitions challenging the 249 patent and the 518 patent, but denied institution on the remaining petitions. On February 24, 2025, the Court granted other defendants’ motions to dismiss the claims arising from the 213 patent, the 422 patent, the 601 patent and the 802 patent on the grounds that they claimed in eligible subject matter.

Freedom Patents

On April 7, 2023, Freedom Patents LLC filed a complaint against DISH Network and our wholly-owned subsidiaries DISH Network L.L.C. and Dish Network Service L.L.C. in the United States District Court for the Eastern District of Texas. The complaint alleges infringement of U.S. Patent No. 8,284,686 (the “686 Patent”), entitled “Antenna/Beam Selection Training in MIMO Wireless LANS with Different Sounding Frames”; U.S. Patent No. 8,374,096 (the “096 Patent”), entitled “Method for Selecting Antennas and Beams in MIMO Wireless LANs”; and U.S. Patent No. 8,514,815 (the “815 Patent”), entitled “Training Signals for Selecting Antennas and Beams in MIMO Wireless LANs.” Similar complaints were also filed against Acer, Altice, Charter, Comcast and Verizon. In general, the asserted patents relate to the 802.11 wireless standard, and the products accused of infringement are the Wireless Joey, its access point, and certain Ring, Nest and Linksys products that we sell.

On March 15, 2024, the Court denied the defendants’ motion to transfer the case to the United States District Court for the District of Colorado. On May 24, 2024, the case was dismissed pursuant to a settlement under which DISH Network, DISH Network L.L.C. and Dish Network Service L.L.C. paid an immaterial amount. This matter is now concluded.

Jones 401(k) Litigation

On December 20, 2021, four former employees filed a class action complaint in the United States District Court for the District of Colorado against DISH Network, DISH Network’s Board of Directors, and DISH Network’s Retirement Plan Committee alleging fiduciary breaches arising from the management of our 401(k) Plan. The putative class, comprised of all participants in the Plan on or after January 20, 2016, alleges that the Plan had excessive recordkeeping and administrative expenses and that it maintained underperforming funds. On February 1, 2023, a Magistrate Judge issued a recommendation that the defendants’ motion to dismiss the complaint be granted, and on March 27, 2023, the district court judge granted the motion. As permitted by the Court’s order, the plaintiffs filed an amended complaint on April 10, 2023, which is limited to allegations regarding the alleged underperformance of the Fidelity Freedom Funds. On November 7, 2023, a Magistrate Judge issued a recommendation that the defendants’ motion to dismiss the amended complaint be denied as to the duty to prudently monitor fund performance, but be granted as to the duty of loyalty and, on November 27, 2023, the district court judge entered an order adopting the recommendation. On March 1, 2024, by stipulation, the plaintiffs dismissed their claims against the Board of Directors and the Retirement Plan Committee, leaving DISH Network as the sole defendant. On April 30, 2024, pursuant to the parties’ stipulation, the Court certified the proposed plaintiff class. On October 30, 2024, pursuant to the parties’ stipulation, the Court stayed the litigation pending a mediation.

DISH Network intends to vigorously defend this case. DISH Network cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Lingam Securities Class Action (formerly Jaramillo)

On March 23, 2023, a securities fraud class action complaint was filed against DISH Network and Messrs. Ergen, Carlson and Orban in the United States District Court for the District of Colorado. The complaint was brought on behalf of a putative class of purchasers of DISH Network’s securities during the February 22, 2021 to February 27, 2023 class period. In general, the complaint alleged that DISH Network’s public statements during that period were false and misleading and contained material omissions, because they did not disclose that DISH Network allegedly maintained a deficient cybersecurity and information technology infrastructure, were unable to properly secure customer data and DISH Network’s operations were susceptible to widespread service outages.

In August 2023, the Court appointed a new lead plaintiff and lead plaintiff’s counsel, and, on October 20, 2023, they filed an amended complaint that abandoned the original allegations. In their amended complaint, plaintiffs allege that, during the class period, the defendants concealed problems concerning the 5G network buildout that prevented scaling and commercializing the network to obtain enterprise customers. The amended complaint added as individual defendants James S. Allen, DISH Network’s Senior Vice President and Chief Accounting Officer; John Swieringa, DISH Network’s President, Technology and Chief Operating Officer; Dave Mayo, DISH Network’s former Executive Vice President of Network Development; Marc Rouanne, DISH Network’s former Executive Vice President and Chief Network Officer; and Stephen Bye, DISH Network’s former Executive Vice President and Chief Commercial Officer. After the defendants filed a motion to dismiss, the plaintiffs filed a further amended complaint, asserting the same theory, on February 23, 2024. The new complaint drops Erik Carlson, John Swieringa, Paul Orban and James Allen as individual defendants.

DISH Network intends to vigorously defend this case. DISH Network cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Quantum Technology Innovations LLC

On June 5, 2024, Quantum Technology Innovations, LLC filed a complaint in the United States District Court for the Eastern District of Texas against DISH Network alleging infringement of United States Patent No. 7,650,376, entitled “Content Distribution System for Distributing Content Over a Network, with Particular Applicability to Distributing High-Bandwidth Content.” The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein. On August 8, 2024, Quantum Technology Innovations dismissed its complaint without prejudice. This matter is now concluded.

Realtime Data LLC and Realtime Adaptive Streaming LLC

On June 6, 2017, Realtime Data LLC d/b/a IXO (“Realtime”) filed an amended complaint in the United States District Court for the Eastern District of Texas (the “Original Texas Action”) against EchoStar, DISH Network; our wholly-owned subsidiaries DISH Network L.L.C., DISH Technologies L.L.C. (then known as EchoStar Technologies L.L.C.), Sling TV L.L.C., Sling Media L.L.C. and EchoStar’s wholly-owned subsidiary Hughes Network Systems, L.L.C. (“HNS”); and Arris Group, Inc. Realtime’s initial complaint in the Original Texas Action, filed on February 14, 2017, had named only EchoStar and HNS as defendants.

The amended complaint in the Original Texas Action alleges infringement of United States Patent No. 8,717,204 (the “204 patent”), entitled “Methods for encoding and decoding data”; United States Patent No. 9,054,728 (the “728 patent”), entitled “Data compression systems and methods”; United States Patent No. 7,358,867 (the “867 patent”), entitled “Content independent data compression method and system”; United States Patent No. 8,502,707 (the “707 patent”), entitled “Data compression systems and methods”; United States Patent No. 8,275,897 (the “897 patent”), entitled “System and methods for accelerated data storage and retrieval”; United States Patent No. 8,867,610 (the “610 patent”), entitled “System and methods for video and audio data distribution”; United States Patent No. 8,934,535 (the “535 patent”), entitled “Systems and methods for video and audio data storage and distribution”; and United States Patent No. 8,553,759 (the “759 patent”), entitled “Bandwidth sensitive data compression and decompression.” Realtime alleges that DISH Network’s, Sling TV L.L.C.’s, Sling Media L.L.C’s and Arris Group, Inc.’s streaming video products and services compliant with various versions of the H.264 video compression standard infringe the 897 patent, the 610 patent and the 535 patent, and that the data compression system in HNS’ products and services infringes the 204 patent, the 728 patent, the 867 patent, the 707 patent and the 759 patent.

On July 19, 2017, the Court severed Realtime’s claims against DISH Network, DISH Network L.L.C., Sling TV L.L.C., Sling Media L.L.C. and Arris Group, Inc. (alleging infringement of the 897 patent, the 610 patent and the 535 patent) from the Original Texas Action into a separate action in the United States District Court for the Eastern District of Texas (the “Second Texas Action”). On August 31, 2017, Realtime dismissed the claims against DISH Network, Sling TV L.L.C., Sling Media Inc., and Sling Media L.L.C. from the Second Texas Action and refiled these claims (alleging infringement of the 897 patent, the 610 patent and the 535 patent) against Sling TV L.L.C., Sling Media Inc., and Sling Media L.L.C. in a new action in the United States District Court for the District of Colorado (the “Colorado Action”). Also on August 31, 2017, Realtime dismissed DISH Technologies L.L.C. from the Original Texas Action, and on September 12, 2017, added it as a defendant in an amended complaint in the Second Texas Action. On November 6, 2017, Realtime filed a joint motion to dismiss the Second Texas Action without prejudice, which the Court entered on November 8, 2017.

On October 10, 2017, Realtime Adaptive Streaming LLC (“Realtime Adaptive Streaming”) filed suit against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C., as well as Arris Group, Inc., in a new action in the United States District Court for the Eastern District of Texas (the “Third Texas Action”), alleging infringement of the 610 patent and the 535 patent. Also on October 10, 2017, an amended complaint was filed in the Colorado Action, substituting Realtime Adaptive Streaming as the plaintiff instead of Realtime, and alleging infringement of only the 610 patent and the 535 patent, but not the 897 patent. On November 6, 2017, Realtime Adaptive Streaming filed a joint motion to dismiss the Third Texas Action without prejudice, which the court entered on November 8, 2017. Also on November 6, 2017, Realtime Adaptive Streaming filed a second amended complaint in the Colorado Action, adding our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C., as well as Arris Group, Inc., as defendants.

As a result, neither DISH Network nor any of its subsidiaries is a defendant in the Original Texas Action; the Court has dismissed without prejudice the Second Texas Action and the Third Texas Action; and our wholly-owned subsidiaries DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. as well as Arris Group, Inc., are defendants in the Colorado Action, which now has Realtime Adaptive Streaming as the named plaintiff. Following settlements with the plaintiff, EchoStar and HNS were dismissed from the Original Texas Action in February 2019, and Arris Group, Inc. was dismissed from the Colorado Action in March 2021.

On July 3, 2018, Sling TV L.L.C., Sling Media L.L.C., DISH Network L.L.C., and DISH Technologies L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of each of the asserted patents. On January 31, 2019, the United States Patent and Trademark Office agreed to institute proceedings on DISH Network’s petitions, and it held trial on the petitions on December 5, 2019. On January 17, 2020, the United States Patent and Trademark Office terminated the petitions as time-barred, but issued a final written decision invalidating the 535 patent to third parties that had timely joined in DISH Network’s petition (and, on January 10, 2020, issued a final written decision invalidating the 535 patent in connection with a third party’s independent petition). On March 16, 2020, Sling TV L.L.C., Sling Media L.L.C., DISH Network L.L.C., and DISH Technologies L.L.C. filed a notice of appeal from the terminated petitions to the United States Court of Appeals for the Federal Circuit. On June 29, 2020, the United States Patent and Trademark Office filed a notice of intervention in the appeal. On March 16, 2021, the Court of Appeals dismissed the appeal for lack of jurisdiction. On April 29, 2021, Sling TV L.L.C., Sling Media L.L.C., DISH Network L.L.C., and DISH Technologies L.L.C. filed a petition for rehearing, which was denied on June 28, 2021. On January 12, 2021, Realtime Adaptive Streaming filed a notice of dismissal of its claims on the 535 patent.

On July 30, 2021, the District Court granted summary judgment in favor of DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C., holding that the remaining asserted patent, the 610 patent, is invalid because it claims patent-ineligible abstract subject matter. Realtime Adaptive Streaming appealed that ruling to the United States Court of Appeals for the Federal Circuit, and on May 11, 2023, that Court affirmed the District Court’s summary judgment order. Independently, on September 21, 2021, in connection with an ex parte reexamination of the validity of the 610 patent, an examiner at the United States Patent and Trademark Office issued a final office action rejecting each asserted claim of the 610 patent as invalid over the cited prior art. On April 19, 2023, the Patent Trial and Appeal Board rejected Realtime Adaptive Streaming’s appeal and affirmed the examiner’s rejection of the asserted claims of the 610 patent. Realtime did not further appeal the Patent Trial and Appeal Board’s determination and, thus, the asserted claims of the 610 patent were canceled. As a result, DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. no longer face any possible exposure from this matter, and the liability phase of this case is concluded.

On January 21, 2022, the District Court granted the motion by DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. to have the case declared “exceptional,” and on September 20, 2022, awarded them $3.9 million in attorneys’ fees. Realtime Adaptive Streaming filed a notice of appeal to the United States Court of Appeals for the Federal Circuit from the exceptionality and fee award orders, and on August 23, 2024, that Court vacated the exceptionality finding and remanded for further consideration of the issue. On November 26, 2024, the United States Court of Appeals for the Federal Circuit denied DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C.’s petition seeking rehearing en banc. On February 5, 2024, on remand, the District Court denied the motion to declare the case exceptional. On March 6, 2025, DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. filed a notice of appeal of that order.

SafeCast Limited

On June 27, 2022, SafeCast Limited filed a complaint against DISH Network in the United States District Court for the Western District of Texas. The complaint alleges that DISH Network infringes U.S. Patent No. 9,392,302, entitled “System for providing improved facilities in time-shifted broadcasts” (the “302 patent”). On the same day, it brought complaints in the same court asserting infringement of the same patent against AT&T, Google, HBO, NBCUniversal, Paramount and Verizon. On October 24, 2022, in response to the parties’ joint motion, the Court ordered the case against DISH Network transferred to the United States District Court for the District of Colorado. On December 1, 2022, SafeCast filed an amended complaint naming our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. as defendants and withdrawing the allegations as to DISH Network. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein.

On June 22, 2023, DISH Network L.L.C. and DISH Technologies L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of the asserted claims of the 302 patent, and on June 26, 2024, the United States Patent and Trademark Office agreed to institute proceedings on that petition. On August 28, 2023, the Court stayed the case pending resolution of the petition. On October 3, 2024, in connection with a third party’s petition citing different prior art, the United States Patent and Trademark Office invalidated all claims asserted against DISH Network L.L.C. and DISH Technologies L.L.C. Because SafeCast Limited did not appeal that decision, on January 27, 2025, the United States Patent and Trademark Office issued a certificate canceling the challenged claims.

We intend to vigorously defend this case. In the event that a court ultimately determines that we infringe the asserted patent, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Sound View Innovations, LLC

On December 30, 2019, Sound View Innovations, LLC filed one complaint against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. and a second complaint against our wholly-owned subsidiary Sling TV L.L.C. in the United States District Court for the District of Colorado. The complaint against DISH Network L.L.C. and DISH Technologies L.L.C. alleges infringement of United States Patent No 6,502,133 (the “133 patent”), entitled “Real-Time Event Processing System with Analysis Engine Using Recovery Information” and both complaints allege infringement of United States Patent No. 6,708,213 (the “213 patent), entitled “Method for Streaming Multimedia Information Over Public Networks”; United States Patent No. 6,757,796 (the “796 patent”), entitled “Method and System for Caching Streaming Live Broadcasts transmitted Over a Network”; and United States Patent No. 6,725,456 (the “456 patent”), entitled “Methods and Apparatus for Ensuring Quality of Service in an Operating System.” All but the 133 patent are also asserted in the complaint against Sling TV L.L.C. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein.

On May 21, 2020, June 3, 2020, June 5, 2020 and July 10, 2020, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of, respectively, the 213 patent, the 133 patent, the 456 patent and the 796 patent. On November 25, 2020, the United States Patent and Trademark Office declined to review the validity of the 213 patent, and on September 29, 2021, denied a request for rehearing of that decision. On January 19, 2021, the United States Patent and Trademark Office agreed to institute proceedings on the 456 patent but declined to review the 133 patent. On February 24, 2021, the United States Patent and Trademark Office agreed to institute proceedings on the 796 patent. On January 18, 2022, the United States Patent and Trademark Office issued a final written decision holding that the challenged claim of the 456 patent is patentable, and on February 8, 2022, it issued a final written decision holding that the challenged claims of the 796 patent are patentable.

On March 22, 2022, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed a notice of appeal to the United States Court of Appeals for the Federal Circuit from the adverse final written decision regarding the 456 patent, and on April 8, 2022, they filed a notice of appeal to the same court from the adverse final written decision regarding the 796 patent. The appeal on the 456 patent was voluntarily dismissed on December 6, 2022. The Federal Circuit heard oral argument on the 796 patent appeal on October 3, 2023, and affirmed the United States Patent and Trademark Office’s adverse final written decision on October 5, 2023.

On April 20, 2022, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed a petition with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of one of the asserted claims of the 213 patent, and reexamination was ordered on June 16, 2022. On November 13, 2023, the United States Patent and Trademark Office confirmed the patentability of the challenged claim. On January 18, 2023, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed a second petition requesting ex parte reexamination of the validity of the four other asserted claims of the 213 patent, reexamination was ordered on April 17, 2023 and it remains pending. On October 17, 2024, the Court ordered that the stay of the case, which had been entered for the pendency of the original petitions before the United States Patent and Trademark Office, would remain in place pending the outcome of Sound View’s appeal in a parallel action against Hulu.

We intend to vigorously defend these cases. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

TQ Delta, LLC

On July 17, 2015, TQ Delta, LLC (“TQ Delta”) filed a complaint against us, DISH Network and our wholly-owned subsidiary DISH Network L.L.C. in the United States District Court for the District of Delaware. The Complaint alleges infringement of United States Patent No. 6,961,369 (the “369 patent”), which is entitled “System and Method for Scrambling the Phase of the Carriers in a Multicarrier Communications System”; United States Patent No. 8,718,158 (the “158 patent”), which is entitled “System and Method for Scrambling the Phase of the Carriers in a Multicarrier Communications System”; United States Patent No. 9,014,243 (the “243 patent”), which is entitled “System and Method for Scrambling Using a Bit Scrambler and a Phase Scrambler”; United States Patent No. 7,835,430 (the “430 patent”), which is entitled “Multicarrier Modulation Messaging for Frequency Domain Received Idle Channel Noise Information”; United States Patent No. 8,238,412 (the “412 patent”), which is entitled “Multicarrier Modulation Messaging for Power Level per Subchannel Information”; United States Patent No. 8,432,956 (the “956 patent”), which is entitled “Multicarrier Modulation Messaging for Power Level per Subchannel Information”; and United States Patent No. 8,611,404 (the “404 patent”), which is entitled “Multicarrier Transmission System with Low Power Sleep Mode and Rapid-On Capability.”

On September 9, 2015, TQ Delta filed a first amended complaint that added allegations of infringement of United States Patent No. 9,094,268 (the “268 patent”), which is entitled “Multicarrier Transmission System With Low Power Sleep Mode and Rapid-On Capability.” On May 16, 2016, TQ Delta filed a second amended complaint that added EchoStar Corporation and its then wholly-owned subsidiary EchoStar Technologies L.L.C. as defendants. TQ Delta alleges that our satellite TV service, Internet service, set-top boxes, gateways, routers, modems, adapters and networks that operate in accordance with one or more Multimedia over Coax Alliance Standards infringe the asserted patents.

TQ Delta has filed actions in the same court alleging infringement of the same patents against Comcast Corp., Cox Communications, Inc., DirecTV, Time Warner Cable Inc. and Verizon Communications, Inc. TQ Delta is an entity that seeks to license an acquired patent portfolio without itself practicing any of the claims recited therein.

On July 14, 2016, TQ Delta stipulated to dismiss with prejudice all claims related to the 369 patent and the 956 patent. On July 20, 2016, DISH Network filed petitions with the United States Patent and Trademark Office challenging the validity of all of the patent claims of the 404 patent and the 268 patent that have been asserted against DISH Network. Third parties filed petitions with the United States Patent and Trademark Office challenging the validity of all of the patent claims that have been asserted against us in the action. On November 4, 2016, the United States Patent and Trademark Office agreed to institute proceedings on the third-party petitions related to the 158 patent, the 243 patent, the 412 patent and the 430 patent.

On December 20, 2016, pursuant to a stipulation of the parties, the Court stayed the case until the resolution of all petitions to the United States Patent and Trademark Office challenging the validity of all of the patent claims at issue. On January 19, 2017, the United States Patent and Trademark Office granted DISH Network’s motions to join the instituted petitions on the 430 and 158 patents.

On February 9, 2017, the United States Patent and Trademark Office agreed to institute proceedings on DISH Network’s petition related to the 404 patent, and on February 13, 2017, the United States Patent and Trademark Office agreed to institute proceedings on our petition related to the 268 patent. On February 27, 2017, the United States Patent and Trademark Office granted DISH Network’s motions to join the instituted petitions on the 243 and 412 patents. On October 26, 2017, the United States Patent and Trademark Office issued final written decisions on the petitions challenging the 158 patent, the 243 patent, the 412 patent and the 430 patent, and it invalidated all of the asserted claims of those patents.

On February 7, 2018, the United States Patent and Trademark Office issued final written decisions on the petitions challenging the 404 patent, and it invalidated all of the asserted claims of that patent on the basis of DISH Network’s petition. On February 10, 2018, the United States Patent and Trademark Office issued a final written decision on DISH Network’s petition challenging the 268 patent, and it invalidated all of the asserted claims.

On March 12, 2018, the United States Patent and Trademark Office issued a final written decision on a third-party petition challenging the 268 patent, and it invalidated all of the asserted claims. TQ Delta filed notices of appeal from the final written decisions adverse to it. On May 9, 2019, the United States Court of Appeals for the Federal Circuit affirmed the invalidity of the 430 patent and the 412 patent. On July 10, 2019, the United States Court of Appeals for the Federal Circuit affirmed the invalidity of the asserted claims of the 404 patent. On July 15, 2019, the United States Court of Appeals for the Federal Circuit affirmed the invalidity of the asserted claims of the 268 patent. On November 22, 2019, the United States Court of Appeals for the Federal Circuit reversed the invalidity finding on the 243 patent and the 158 patent, and then, on March 29, 2020, denied a petition for panel rehearing as to those findings. On April 13, 2021, the Court lifted the stay, and the case is proceeding on the 243 patent and the 158 patent. On April 23 and April 26, 2021, the United States Patent and Trademark Office issued orders granting requests for ex parte reexamination of, respectively, the 243 patent and the 158 patent, but on July 27, 2023 and October 11, 2023, respectively, the United States Patent and Trademark Office confirmed the challenged claims of the 243 patent and the 158 patent. In a proposed supplemental report, TQ Delta’s damages expert contends that TQ Delta is entitled to $251 million in damages.

Uniloc 2017 LLC

On January 31, 2019, Uniloc 2017 LLC (“Uniloc”) filed a complaint against our wholly-owned subsidiary Sling TV L.L.C. in the United States District Court for the District of Colorado. The Complaint alleges infringement of United States Patent No. 6,519,005 (the “005 patent”), which is entitled “Method of Concurrent Multiple-Mode Motion Estimation for Digital Video”; United States Patent No. 6,895,118 (the “118 patent”), which is entitled “Method of Coding Digital Image Based on Error Concealment”; United States Patent No. 9,721,273 (the “273 patent”), which is entitled “System and Method for Aggregating and Providing Audio and Visual Presentations Via a Computer Network”); and United States Patent No. 8,407,609 (the “609 patent”), which is entitled “System and Method for Providing and Tracking the Provision of Audio and Visual Presentations Via a Computer Network.” Uniloc is an entity that seeks to license an acquired patent portfolio without itself practicing any of the claims recited therein.

On June 25, 2019, Sling TV L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of all of the asserted claims of the 005 patent. On July 19, 2019 and July 22, 2019, respectively, Sling TV L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of all asserted claims of the 273 patent and the 609 patent. On August 12, 2019, Sling TV L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of all of the asserted claims of the 118 patent. On October 18, 2019, pursuant to a stipulation of the parties, the Court entered a stay of the trial proceedings.

On January 9, 2020, the United States Patent and Trademark Office agreed to institute proceedings on the petition challenging the 005 patent. On January 15, 2020, the United States Patent and Trademark Office agreed to institute proceedings on the petition challenging the 273 patent. On February 4, 2020, the United States Patent and Trademark Office agreed to institute proceedings on the petition challenging the 609 patent. On February 25, 2020, the United States Patent and Trademark Office declined to institute proceedings on the petition challenging the 118 patent.

On December 28, 2020, the United States Patent and Trademark Office issued a final written decision upholding the validity of the challenged claims of the 273 patent. Sling TV L.L.C. appealed that decision to the United States Court of Appeals for the Federal Circuit, and on February 2, 2022, the Federal Circuit vacated the final written decision and remanded to the United States Patent and Trademark Office to reconsider its ruling. On remand, on September 7, 2022, the United States Patent and Trademark Office issued a revised final written decision finding all challenged claims of the 273 patent invalid. Uniloc filed a notice of appeal of that revised final written decision to the United States Court of Appeals for the Federal Circuit and on September 4, 2024, that court affirmed the United States Patent and Trademark Office’s invalidity finding.

On January 5, 2021, the United States Patent and Trademark Office issued a final written decision invalidating all challenged claims of the 005 patent. On January 19, 2021, the United States Patent and Trademark Office issued a final written decision invalidating all challenged claims of the 609 patent (and a second final written decision invalidating all challenged claims of the 609 patent based on a third party’s petition). Uniloc did not appeal those decisions. Thus, the sole remaining asserted patent is the 118 patent.

U.S. Bank Trust Company

On April 26, 2024, U.S. Bank Trust Company, in its capacity as Trustee under the Indentures for DISH DBS Corporation’s 5.75% Senior Secured Notes due 2028 and 7.75% Senior Notes due 2026, filed an action in state court in New York City against DISH DBS Corporation, DISH Network L.L.C., EchoStar Intercompany Receivable Company L.L.C., DISH DBS Issuer LLC, and DBS Intercompany Receivable L.L.C. In its complaint, the Trustee contends that certain intracompany asset transfers in January 2024 breached the Indentures for those Notes, and that the transfers were intentional and constructive fraudulent transfers under the Colorado Uniform Fraudulent Transfer Act. The Trustee seeks a declaratory judgment that DISH DBS Corporation breached the Indentures and that an Event of Default occurred under the DBS Indentures. It further asks the Court to unwind certain intracompany asset transfers and to award damages. On May 13, 2024, the defendants removed the case to the United States District Court for the Southern District of New York and, on June 28, 2024, filed a motion to dismiss the complaint. Rather than opposing the motion, on July 18, 2024, the Trustee filed a first amended complaint, which added a new declaratory judgment claim challenging certain intercompany advances and new factual allegations challenging a certification of compliance with the DBS Indentures. On January 22, 2025, with permission from the Court, the Trustee filed a second amended complaint, which added allegations regarding our New DISH DBS Financing, a related intercompany loan, and the DIRECTV Transaction.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Vermont National Telephone Company

On September 23, 2016, the United States District Court for the District of Columbia unsealed a qui tam complaint that, on May 13, 2015, Vermont National Telephone Company (“Vermont National”) filed against DISH Network; DISH Network’s wholly-owned subsidiaries, American AWS-3 Wireless I L.L.C., American II, American III, and DISH Wireless Holding L.L.C.; Charles W. Ergen (DISH Network’s Chairman) and Cantey M. Ergen (a member of DISH Network’s Board of Directors, at that time); Northstar Wireless; Northstar Spectrum; Northstar Manager, LLC; SNR Wireless; SNR HoldCo; SNR Wireless Management, LLC; and certain other parties. The complaint alleges violations of the federal civil False Claims Act (the “FCA”) based on, among other things, allegations that Northstar Wireless and SNR Wireless falsely claimed bidding credits of 25% in the AWS-3 Auction when they were allegedly under the de facto control of DISH Network and, therefore, were not entitled to the bidding credits as designated entities under applicable FCC rules. Vermont National participated in the AWS-3 Auction through its wholly-owned subsidiary, VTel Wireless. The complaint was unsealed after the United States Department of Justice notified the District Court that it had declined to intervene in the action. Vermont National seeks to recover on behalf of the United States government approximately $10 billion, which reflects the $3.3 billion in bidding credits that Northstar Wireless and SNR Wireless claimed in the AWS-3 Auction, trebled under the FCA. Vermont National also seeks civil penalties of not less than $5,500 and not more than $11,000 for each violation of the FCA. On March 2, 2017, the United States District Court for the District of Columbia entered a stay of the litigation until such time as the United States Court of Appeals for the District of Columbia (the “D.C. Circuit”) issued its opinion in SNR Wireless LicenseCo, LLC, et al. v. F.C.C. The D.C. Circuit issued its opinion on August 29, 2017 and remanded the matter to the FCC for further proceedings.

Thereafter, the District Court maintained the stay until October 26, 2018. On February 11, 2019, the District Court granted Vermont National’s unopposed motion for leave to file an amended complaint. On March 28, 2019, the defendants filed a motion to dismiss Vermont National’s amended complaint, and on March 23, 2021, the District Court granted the motion to dismiss. On April 21, 2021, Vermont National filed a notice of appeal to the United States Court of Appeals for the DC Circuit and, on May 17, 2022, that court reversed the District Court’s dismissal of the complaint. On June 16, 2022, the Defendants-Appellees filed a petition for rehearing or rehearing en banc, but on August 17, 2022, that petition was denied.

On August 25, 2023, the FCC provided a sworn declaration stating that “the FCC considers … SNR and Northstar to have fully and timely satisfied their obligations to pay money to the Government arising from the AWS-3 Auction.” On that basis, on September 22, 2023, the Defendants filed a motion seeking partial summary judgment of no damages. On September 26, 2023, the Court denied the motion as premature. On March 8, 2024, the United States filed a motion to exercise its statutory prerogative to intervene in the case for the purpose of moving to dismiss it with prejudice, stating that the case is “unlikely to vindicate the United States’ interests and would needlessly expend the Government’s and this Court’s resources.” On November 21, 2024, a magistrate judge held a hearing on the motion.

DISH Network intends to vigorously defend this case. DISH Network cannot predict with any degree of certainty the outcome of this proceeding or determine the extent of any potential liability or damages.

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, including, among other things, disputes with programmers regarding fees. 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.

Segment Reporting (Details) $ in Thousands	12 Months Ended
Segment Reporting (Details) $ in Thousands	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Revenue:
Total revenue	$ 10,618,037	$ 11,474,225	$ 12,378,208
Operating Expenses
Cost of services	6,691,649	7,100,543	7,527,563
Cost of sales - equipment and other	73,384	78,219	79,905
Selling, general and administrative expenses:
Selling, general and administrative expenses	1,064,544	1,375,908	1,593,723
Impairment of long-lived assets and goodwill		6,457
Depreciation and amortization	276,031	315,660	354,361
Total costs and expenses	8,105,608	8,876,787	9,555,552
Operating income (loss)	2,512,429	2,597,438	2,822,656
Unallocated Amounts
Interest income	306,669	464,939	440,412
Interest expense, net of amounts capitalized	(816,494)	(753,162)	(871,530)
Other, net	65,174	(518)	(4,466)
Total other income (expense)	(574,999)	(287,705)	(426,652)
Income (loss) before income taxes	1,937,430	2,309,733	2,396,004
Income tax (provision) benefit, net	(489,850)	(565,104)	(585,259)
Net income (loss)	$ 1,447,580	1,744,629	1,810,745
Number of business segment \| segment	1
Service revenue
Revenue:
Total revenue	$ 10,564,288	11,320,526	12,281,346
Pay-TV equipment sales and other revenue
Revenue:
Total revenue	53,749	153,699	96,862
Pay-TV
Revenue:
Total revenue	10,618,037	11,474,225	12,378,208
Operating Expenses
Cost of services	6,691,649	7,100,543	7,527,563
Cost of sales - equipment and other	73,384	78,219	79,905
Selling, general and administrative expenses:
Subscriber acquisition costs	425,227	687,333	879,527
General and Administrative Expense	639,317	688,575	714,196
Selling, general and administrative expenses	1,064,544	1,375,908	1,593,723
Impairment of long-lived assets and goodwill		6,457
OIBDA	2,788,460	2,913,098	3,177,017
Depreciation and amortization	276,031	315,660	354,361
Total costs and expenses	8,105,608	8,876,787	9,555,552
Operating income (loss)	2,512,429	2,597,438	2,822,656
Unallocated Amounts
Interest income	306,669	464,939	440,412
Interest expense, net of amounts capitalized	(816,494)	(753,162)	(871,530)
Other, net	(65,174)	518	4,466
Total other income (expense)	(574,999)	(287,705)	(426,652)
Income (loss) before income taxes	1,937,430	2,309,733	2,396,004
Income tax (provision) benefit, net	(489,850)	(565,104)	(585,259)
Net income (loss)	1,447,580	1,744,629	1,810,745
Purchases of property and equipment, net of refunds	88,756	132,607	122,477
Pay-TV \| Service revenue
Revenue:
Total revenue	10,564,288	11,320,526	12,281,346
Pay-TV \| Pay-TV equipment sales and other revenue
Revenue:
Total revenue	53,749	153,699	96,862
Pay-TV \| Programming
Operating Expenses
Cost of services	5,056,847	5,298,052	5,581,395
Pay-TV \| Connectivity services
Operating Expenses
Cost of services	399,844	416,739	420,255
Pay-TV \| Other
Operating Expenses
Cost of services	$ 1,234,958	$ 1,385,752	$ 1,525,913

Revenue Recognition

12 Months Ended

Dec. 31, 2024

Revenue Recognition

Revenue Recognition

14.Revenue Recognition

Contract Balances

Our allowance for credit losses as of December 31, 2024, 2023 and 2022 were as follows:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Balance at beginning of period	$	34,884	$	40,642	$	32,861
Current period provision for expected credit losses		56,628		56,047		75,245
Write-offs charged against allowance		(49,242)		(61,805)		(67,464)
Balance at end of period	$	42,270	$	34,884	$	40,642

Contract liabilities arise when we bill our customers and receive consideration in advance of providing the service. Contract liabilities are recognized as revenue when the service has been provided to the customer. Contract liabilities are recorded in “Deferred revenue and other” and “Long-term deferred revenue and other long-term liabilities” on our Consolidated Balance Sheets.

The following table summarizes our contract liability balances:


	As of December 31,
	2024		2023

	(In thousands)
Contract liabilities	$	386,638	$	427,319

Our beginning of period contract liability recorded as customer contract revenue during 2024 was $425 million.

Performance Obligations

We apply a practical expedient and do not disclose the value of the remaining performance obligations for contracts that are less than one year in duration, which represent a substantial majority of our revenue. As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of our future revenue.

Contract Acquisition Costs


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Balance at beginning of period	$	175,685	$	230,146	$	298,112
Additions		69,130		71,931		86,740
Amortization expense		(96,643)		(126,392)		(154,706)
Balance at end of period	$	148,172	$	175,685	$	230,146

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2.Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

Use of Estimates

Cash and Cash Equivalents

Marketable Investment Securities

Receivables and Related Allowance for Credit Losses

Inventory

Property and Equipment

Internal Use Software

Other Investments

Equity Method Investments

Cost Method Investments

Impairment Considerations

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

Pay-TV Satellite Fleet

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.

Pay-TV Licenses

Goodwill

Business Combinations

Long-Term Deferred Revenue and Other Long-Term Liabilities

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

Revenue Recognition

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 services” on our Consolidated Statements of Operations and Comprehensive Income (Loss) principally includes programming expenses and other operating costs related to our Pay-TV services.

Cost of Sales – Equipment and Other

Advertising Costs

Research and Development

New Accounting Pronouncements

Not Yet Adopted

Debt, Finance Lease and Other Obligations - New DISH DBS Financing (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Sep. 29, 2024	Dec. 31, 2024	Dec. 31, 2024
Long-term debt
Proceeds from issuance of debt			$ 2,500,000
New DISH DBS Financing
Long-term debt
Aggregate principal amount	$ 2,500,000	$ 2,500,000	2,500,000
Proceeds from issuance of debt	$ 2,047,000	$ 2,047,000
Debt instrument in accrued interest			$ 245,000
Purchase Agreement effect on the financing closing date	180 days
5 7/8% Senior Notes due November 15, 2024
Long-term debt
Interest rate (as a percent)	5.875%

- 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

Organization and Business Activities

12 Months Ended

Dec. 31, 2024

Organization and Business Activities

Organization and Business Activities

1.Organization and Business Activities

Principal Business

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

Merger with EchoStar

On December 31, 2023, EchoStar completed the acquisition of DISH Network pursuant to the Amended and Restated Agreement and Plan of Merger, dated as of October 2, 2023 (the “Amended Merger Agreement”), by and among EchoStar, EAV Corp., a Nevada corporation and its wholly owned subsidiary (“Merger Sub”), and DISH Network, our parent, pursuant to which EchoStar acquired DISH Network by means of the merger of Merger Sub with and into DISH Network (the “Merger”), with DISH Network surviving the Merger as EchoStar’s wholly owned subsidiary. For further information, refer to the Consolidated Financial Statements and notes thereto included in EchoStar’s Annual Report on Form 10-K for the year ended December 31, 2023.

Recent Developments

DIRECTV Transaction

On September 29, 2024, EchoStar and DIRECTV Holdings, LLC (“DTV”) entered into an Equity Purchase Agreement (the “Purchase Agreement”). Pursuant to the terms and subject to the conditions set forth in the Purchase Agreement, DTV agreed to acquire from us all of the issued and outstanding equity interests of DISH DBS, which operates our Pay-TV business (the “Business” and such acquisition of the Business the “DIRECTV Transaction”).

Following written notice from DTV received on November 20, 2024, DTV terminated the Purchase Agreement effective at 11:59 pm ET on November 22, 2024 pursuant to Section 7.01(a)(iv) of the Purchase Agreement because the DISH DBS Exchange Offers (as defined in Note 8) were not consummated by the Exchange Offer Settlement Date (as defined in the Purchase Agreement). No termination fee or other payment was due from either party to the other as a result of the termination of the Purchase Agreement.

Financing Transactions

During the third quarter of 2024, we completed our issuance of $2.5 billion of New DISH DBS Financing (defined in Note 8), which included $2.047 billion of funds used for the redemption of our 5 7/8% Senior Notes due November 15, 2024.

Other Developments

Asset Transfer

Concurrently with the issuance of the 5 1/4% Senior Secured Notes due 2026 and the 5 3/4% Senior Secured Notes due 2028 and using the proceeds thereof, we made two advances to DISH Network pursuant to a Loan and Security Agreement dated November 26, 2021 (the “Intercompany Loan”) to be used by DISH Network to finance the purchase of certain wireless spectrum licenses and for general corporate purposes, including the buildout of wireless infrastructure. The aggregate principal amount of the Intercompany Loan was initially $5.250 billion, and on February 11, 2022, we advanced an additional $1.5 billion to DISH Network. As of December 31, 2023, the receivable including capitalized paid in kind interest was $7.496 billion.

On January 10, 2024, we, in our capacity as “Lender” under the terms of the Loan and Security Agreement related to the Intercompany Loan between DISH Network and us, have consummated the assignment pursuant to such terms, without any modification or amendment thereto, of our receivable in respect to the first tranche which matures on December 1, 2026 (“2026 Tranche”) of $4.7 billion (the “Intercompany Loan – 2026 Tranche”) to DBS Intercompany Receivable L.L.C. DBS Intercompany Receivable L.L.C. has subsequently assigned its rights as lender thereunder to EchoStar Intercompany Receivable Company L.L.C., our ultimate parent, EchoStar’s direct wholly-owned subsidiary, such that amounts owed in respect of the 2026 Tranche will now be paid by DISH Network to EchoStar Intercompany Receivable L.L.C. As of December 31, 2024, our remaining intercompany receivable (the “Intercompany Loan – 2028 Tranche”) amount outstanding plus interest paid in kind was $2.844 billion, not including accrued interest receivable of $14 million which must be paid to us in cash.

Pay-TV

We offer pay-TV services under the DISH® brand and the SLING® brand (collectively “Pay-TV” services). The DISH branded pay-TV service consists of, among other things, Federal Communications Commission (“FCC”) licenses authorizing us to use direct broadcast satellite (“DBS”) and Fixed Satellite Service (“FSS”) spectrum, our owned and leased satellites, receiver systems, broadcast operations, a leased fiber optic network, in-home service and call center operations, and certain other assets utilized in our operations (“DISH TV”). We also design, develop and distribute receiver systems and provide digital broadcast operations, including satellite uplinking/downlinking, transmission and other services to third-party pay-TV providers. The SLING branded pay-TV services consist of, among other things, multichannel, live-linear and on-demand streaming over-the-top (“OTT”) Internet-based domestic, international, Latino and Freestream video programming services (“SLING TV”). As of December 31, 2024, we had 7.778 million Pay-TV subscribers in the United States, including 5.686 million DISH TV subscribers and 2.092 million SLING TV subscribers.

Employee Benefit Plans (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expense recognized related to 401(k) plan
Matching contributions, net of forfeitures	$ 11,972,000	$ 10,966,000	$ 10,150,000
Discretionary stock contributions, net of forfeitures	$ 9,389,000	$ 52,000	$ 11,150,000
Employer matching contribution as a percentage of voluntary employee contributions under 401(k) plan	50.00%
Employer maximum annual contribution per employee under 401(k) plan	$ 5,000
Employee Stock Purchase Plan
Expense recognized related to 401(k) plan
Minimum number of calendar quarters to be employed for full-time employees to be eligible to participate in the ESPP	3 months
Maximum fair value of capital stock permitted to be purchased by employees in any one year under ESPP	$ 25,000
Award requisite holding period	180 days
Employee Stock Purchase Plan \| Class A common stock
Expense recognized related to 401(k) plan
Number of shares authorized to be issued under Employee Stock Purchase Plan (ESPP)	8.0
Shares of common stock available for future grant under stock incentive plans	3.4
Purchase price as percentage of closing market price on the last business day of each calendar quarter under ESPP	85.00%

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Employee Benefit Plans

Schedule of expense recognized related to the 401(k) Plan


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

	(In thousands)
Matching contributions, net of forfeitures	$	11,972	$	10,966	$	10,150
Discretionary stock contributions, net of forfeitures	$	9,389	$	52	$	11,150

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 (provision for) benefit from income taxes


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Current (benefit) provision:
Federal	$	452,327	$	528,689	$	572,754
State		98,273		118,540		133,475
Foreign		2,353		2,475		(4,255)
Total current (benefit) provision		552,953		649,704		701,974

Deferred (benefit) provision:
Federal		(70,531)		(69,321)		(95,995)
State		(6,043)		(15,794)		(20,720)
Increase (decrease) in valuation allowance		13,471		515		—
Total deferred (benefit) provision		(63,103)		(84,600)		(116,715)
Total (benefit) provision	$	489,850	$	565,104	$	585,259

Schedule of reconciliation of amounts computed by applying the statutory Federal tax rate to income before taxes


	For the Years Ended December 31,
	2024	2023	2022

	% of pre-tax income/(loss)
Statutory rate	21.0	21.0	21.0
State income taxes, net of federal benefit	3.7	3.4	3.5
Other, net	0.6	0.1	(0.1)
Total	25.3	24.5	24.4

Schedule of deferred tax assets and liabilities


	As of December 31,
	2024		2023

	(In thousands)
Deferred tax assets:
NOL, interest, credit and other carryforwards	$	4,684	$	7,277
Accrued and prepaid expenses		27,441		22,449
Stock-based compensation		18,967		16,686
Deferred revenue		4,782		6,118
Bases differences in partnerships and cost method investments		21,605		3,360
Total deferred tax assets		77,479		55,890
Valuation allowance		(24,368)		(8,194)
Deferred tax asset after valuation allowance		53,111		47,696

Deferred tax liabilities:
Depreciation		(155,198)		(193,564)
Regulatory authorizations and other intangible amortization		(102,977)		(122,302)
Total deferred tax liabilities		(258,175)		(315,866)
Net deferred tax asset (liability)	$	(205,064)	$	(268,170)

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits


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

	(In thousands)
Balance as of beginning of period	$	202,466	$	204,378	$	198,511
Additions based on tax positions related to the current year		3,715		3,601		3,444
Additions based on tax positions related to prior years		—		2,892		9,523
Reductions based on tax positions related to prior years		(23,276)		(7,219)		(7,100)
Reductions based on tax positions related to settlements with taxing authorities		—		(834)		—
Reductions based on tax positions related to the lapse of the statute of limitations		(224)		(352)		—
Balance as of end of period	$	182,681	$	202,466	$	204,378

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

Stock-Based Compensation

11.Stock-Based Compensation

Stock Incentive Plans

EchoStar maintains stock incentive plans to attract and retain officers, directors and key employees. Our employees participate in the EchoStar stock incentive plans. Stock awards under these plans include both performance and non-performance based stock incentives. Many of our employees work on projects associated with our business and projects associated with EchoStar’s business and other operations of EchoStar. Stock options, restricted stock units and non-cash stock-based compensation expense are included below only for employees who devote 50% or more of their time to our business. For each employee, a change in status in relation to the 50% threshold is reflected as a transfer to or from another EchoStar subsidiary that is not part of DISH DBS. As of December 31, 2024, EchoStar had outstanding under these plans stock options to acquire 3.1 million shares of EchoStar’s Class A common stock and 91 thousand restricted stock units and awards associated with our employees. Stock options granted on or prior to December 31, 2024 were granted with exercise prices equal to or greater than the market value of EchoStar’s Class A common stock at the date of grant and with a maximum term of approximately ten years. EchoStar accounts for forfeitures as they are incurred. While historically EchoStar has issued stock awards subject to vesting, typically at the rate of 20% per year, certain stock awards have been granted with immediate vesting and certain other stock awards vest only upon the achievement of certain EchoStar-specific subscriber, operational and/or financial goals. As of December 31, 2024, EchoStar had 21.7 million shares of its Class A common stock available for future grant under the stock incentive plans.

Exchange Offer. On March 4, 2024, EchoStar commenced a tender offer to eligible employees to exchange eligible stock options for new options as detailed in its Schedule TO 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 approximately 7 million stock options. As a result of the Exchange Offer, during the second quarter of 2024, the exercise price of approximately 3 million new stock options associated with our employees, affecting approximately 580 eligible employees, was adjusted to $14.04.

Stock Award Activity

EchoStar stock option activity associated with our employees was as follows:


	For the Year Ended December 31, 2024
	Options	Weighted- Average Exercise Price		Aggregate Intrinsic Value (In thousands)		Weighted-Average Remaining Contractual Life
Total options outstanding, beginning of period (1)	3,288,033	$	65.81
Granted (2)	2,568,496	$	14.23
Exercised	(91,701)	$	14.04
Forfeited, cancelled and transferred (3)(4)	(2,658,428)	$	53.12
Total options outstanding, end of period	3,106,400	$	35.52	$	—	7.71
Performance-based options outstanding, end of period (5)	576,696	$	104.17
Exercisable at end of period	743,045	$	32.90	$	—	6.22

(1)	The beginning of period weighted-average exercise price for the year ended December 31, 2024 of $65.81 does not reflect the Exchange Offer, which occurred subsequent to December 31, 2023.

(2)	Includes approximately 3 million stock options granted in connection with the Exchange Offer.

(3)	Includes approximately 3 million stock options cancelled in connection with the Exchange Offer.

(4)	Certain of these stock options include options that were granted to individuals who transferred to and/or from another EchoStar subsidiary not a part of DISH DBS.

(5)	These stock options are included in the caption “Total options outstanding, end of period.” See discussion of the 2017 LTIP, 2019 LTIP and 2022 Incentive Plan below.

We realized tax benefits from stock awards exercised as follows:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Tax benefit from stock awards exercised	$	152	$	871	$	206

EchoStar restricted stock unit and award activity associated with our employees was as follows:


	For the Year Ended December 31, 2024
	Restricted Stock Units/Awards	Weighted-Average Grant Date Fair Value
Total restricted stock units/awards outstanding, beginning of period	3,978	$	120.95
Granted	74,375	$	16.59
Vested	(16,291)	$	81.84
Forfeited, cancelled and transferred (1)	29,166	$	93.53
Total restricted stock units/awards outstanding, end of period	91,228	$	34.08

(1)	Certain of these restricted stock units/awards include restricted stock units/awards that were granted to individuals who transferred to and/or from another EchoStar subsidiary not a part of DISH DBS.

The following table summarizes additional information about EchoStar stock options and restricted stock units and awards associated with our employees:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands, except per share amounts)
Stock options:
Weighted-average grant date fair value of options granted	$	14.23	$	34.42	$	66.92
Intrinsic value of options exercised	$	643	$	—	$	61

Restricted stock units and awards:
Weighted-average grant date fair value of units and awards granted	$	16.59	$	17.18	$	84.56
Fair value of units and rewards vested	$	235	$	4,030	$	874

Long-Term Performance-Based Plans

2017 LTIP. On December 2, 2016, EchoStar adopted a long-term, performance-based stock incentive plan (the “2017 LTIP”). The 2017 LTIP provided stock options, which were subject to vesting based on certain EchoStar-specific subscriber and financial performance conditions. Awards were initially granted under the 2017 LTIP as of January 1, 2017. Exercise of the stock awards was contingent on achieving these performance conditions by December 31, 2020, however, none of the performance conditions were achieved. This plan will expire on January 1, 2027 which as of December 31, 2024, would result in the cancellation of 297,645 stock options.

2019 LTIP. On August 17, 2018, EchoStar adopted a long-term, performance-based stock incentive plan (the “2019 LTIP”). The 2019 LTIP provides stock options, which vest based on certain EchoStar-specific subscriber, operational and/or financial performance conditions. Vesting of the stock awards is contingent on achieving these conditions by December 31, 2023.

Although no awards vest until EchoStar attains the performance conditions described above, compensation related to the 2019 LTIP will be recorded based on EchoStar’s assessment of the probability of meeting the performance conditions. If the performance conditions are probable of being achieved, we will begin recognizing the associated non-cash, stock-based compensation expense on our Consolidated Statements of Operations and Comprehensive Income (Loss) over the estimated period to achieve the performance condition.

During the years ended December 31, 2023 and 2022, EchoStar determined that 85% and 89%, respectively, of the 2019 LTIP performance conditions were probable of achievement. As a result, non-cash, stock-based compensation expense was recorded for the years ended December 31, 2023 and 2022, as indicated in the table below titled “Non-Cash, Stock-Based Compensation Expense Recognized.” As of December 31, 2023 and 2022, approximately 78% and 75%, respectively, of the 2019 LTIP awards had vested.

2022 Incentive Plan. On December 30, 2021, EchoStar adopted a performance-based incentive plan (the “2022 Incentive Plan”). The 2022 Incentive Plan provides stock options, which vest based on certain EchoStar-specific operational and/or financial performance conditions. Awards were initially granted under the 2022 Incentive Plan as of February 1, 2022. Exercise of the stock awards is contingent on achieving these conditions by December 31, 2026.

Although no awards vest until EchoStar attains the performance conditions described above, compensation related to the 2022 Incentive Plan will be recorded based on EchoStar’s assessment of the probability of meeting the performance conditions. If the performance conditions are probable of being achieved, we will begin recognizing the associated non-cash, stock-based compensation expense on our Consolidated Statements of Operations and Comprehensive Income (Loss) over the estimated period to achieve the performance condition.

During each of the years ended December 31, 2024, 2023, and 2022, EchoStar determined that 100% of the 2022 Incentive Plan performance conditions were probable of achievement. As a result, non-cash, stock-based compensation expense was recorded for the years ended December 31, 2024, 2023 and 2022 as indicated in the table below titled “Non-Cash, Stock-Based Compensation Expense Recognized.” As of December 31, 2024, 2023 and 2022, approximately 33%, 17% and 33%, respectively, of the 2022 Incentive Plan awards had vested.

The non-cash, stock-based compensation expense associated with these awards for our employees was as follows:


	For the Years Ended December 31,
Non-Cash, Stock-Based Compensation Expense Recognized (1)	2024		2023		2022

	(In thousands)
2022 Incentive Plan	$	1,151	$	5,573	$	15,024
2019 LTIP		—		(1,631)		(131)
Other employee performance awards		—		281		3,711
Total non-cash, stock-based compensation expense recognized for performance-based awards	$	1,151	$	4,223	$	18,604

(1)

“Non-Cash, Stock-Based Compensation Expense Recognized” includes actual forfeitures.


Estimated Remaining Non-Cash, Stock-Based Compensation Expense	2022 Incentive Plan

	(In thousands)
Expense estimated to be recognized during 2025	$	1,087
Estimated contingent expense subsequent to 2025		161
Total estimated remaining expense over the term of the plan	$	1,248

Given the competitive nature of EchoStar’s business, small variations in subscriber churn, gross new subscriber activation rates and certain other factors can significantly impact subscriber growth. Consequently, while it was determined that achievement of certain other EchoStar-specific subscriber, operational and/or financial performance conditions were not probable as of December 31, 2024, that assessment could change in the future.

Of the 3.1 million stock options and 91 thousand restricted stock units and awards outstanding under the EchoStar stock incentive plans associated with our employees as of December 31, 2024, the following awards were outstanding pursuant to the performance based stock incentive plans:


	As of December 31, 2024
Performance-Based Stock Options	Number of Awards	Weighted-Average Grant Price
2022 Incentive Plan	115,730	$	14.67
2019 LTIP	163,321	$	59.22
2017 LTIP	297,645	$	163.64
Total	576,696	$	104.17

Stock-Based Compensation

Total non-cash, stock-based compensation expense for all of our employees is shown in the following table for the years ended December 31, 2024, 2023 and 2022 and was allocated to the same expense categories as the base compensation for such employees:


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Cost of services	$	1,155	$	2,240	$	5,817
Selling, general and administrative		10,006		12,018		34,915
Total non-cash, stock-based compensation	$	11,161	$	14,258	$	40,732

As of December 31, 2024, our total unrecognized compensation cost related to the non-performance based unvested stock awards was $26 million and will be recognized over a weighted-average period of approximately 3.3 years. Share-based compensation expense is recognized based on stock awards ultimately expected to vest.

Valuation

The fair value of each stock option granted for the years ended December 31, 2024, 2023 and 2022 was estimated at the date of the grant using a Black-Scholes option valuation model with the following assumptions:


	For the Years Ended December 31,
Stock Options	2024							2023							2022
Risk-free interest rate		3.58	%	-		4.49	%		3.58	%	-		4.61	%		1.35	%	-		4.02	%
Volatility factor		37.10	%	-		46.39	%		34.30	%	-		41.25	%		32.67	%	-		34.84	%
Expected term of options in years		3.3		-		6.7			4.1		-		6.6			4.1		-		6.0
Fair value of options granted	$	5.15		-	$	12.40		$	7.40		-	$	7.77		$	5.97		-	$	9.27

While EchoStar currently does not intend to declare dividends on its Class A common stock, EchoStar may elect to do so from time to time. Accordingly, the dividend yield percentage used in the Black-Scholes option valuation model was set at zero for all periods. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded stock options which have no vesting restrictions and are fully transferable. Consequently, our estimate of fair value may differ from other valuation models. Further, the Black-Scholes option valuation model requires the input of highly subjective assumptions. Changes in these subjective input assumptions can materially affect the fair value estimate.

We will continue to evaluate the assumptions used to derive the estimated fair value of EchoStar’s stock options as new events or changes in circumstances become known.

Debt, Finance Lease and Other Obligations - Long term debt (Details) - USD ($) $ in Thousands			12 Months Ended
	Feb. 11, 2022	Jun. 13, 2016	Dec. 31, 2024	Sep. 30, 2024	Apr. 26, 2024	Dec. 31, 2023	Nov. 26, 2021	May 24, 2021	Jul. 01, 2020
Long-term debt
Finance lease obligations						$ 31,104
Less: current portion			$ (744,556)			(2,023,976)
Total debt, finance lease and other obligations, net of current portion			$ 11,402,894			9,755,538
Percentage of principal amount at which notes may be required to be repurchased in event of change of control			101.00%
Advanced an additional amount	$ 1,500,000
5 7/8% Senior Notes due 2024
Long-term debt
Interest rate (as a percent)			5.875%
7 3/4% Senior Notes due 2026
Long-term debt
Interest rate (as a percent)		7.75%	7.75%
Redemption price as a percentage of principal amount			100.00%
Term of debt instrument		10 years
Aggregate principal amount		$ 2,000,000
Annual Debt Service Requirements			$ 155,000
5 1/4% Senior Secured Notes due 2026
Long-term debt
Interest rate (as a percent)			5.25%				5.25%
Redemption price as a percentage of principal amount			100.00%
Term of debt instrument			36 months
Aggregate principal amount							$ 2,750,000
Annual Debt Service Requirements			$ 144,375
5 1/4% Senior Secured Notes due 2026 \| Redemption Prior to December 1, 2024
Long-term debt
Redemption price as a percentage of principal amount			100.00%
5 1/4% Senior Secured Notes due 2026 \| Redemption Prior to December 1, 2024 \| Maximum
Long-term debt
Percentage of principal amount redeemed			35.00%
5 1/4% Senior Secured Notes due 2026 \| Each Twelve Months period commencing with issuance date
Long-term debt
Redemption price as a percentage of principal amount			103.00%
5 1/4% Senior Secured Notes due 2026 \| Each Twelve Months period commencing with issuance date \| Maximum
Long-term debt
Percentage of principal amount redeemed			10.00%
7 3/8% Senior Notes due 2028
Long-term debt
Interest rate (as a percent)			7.375%	7.375%					7.375%
Aggregate principal amount									$ 1,000,000
Annual Debt Service Requirements			$ 73,750
5 3/4% Senior Secured Notes due 2028
Long-term debt
Interest rate (as a percent)			5.75%				5.75%
Redemption price as a percentage of principal amount			100.00%
Term of debt instrument			36 months
Aggregate principal amount							$ 2,500,000
Annual Debt Service Requirements			$ 143,750
5 3/4% Senior Secured Notes due 2028 \| Redemption Prior to December 1, 2024
Long-term debt
Redemption price as a percentage of principal amount			100.00%
5 3/4% Senior Secured Notes due 2028 \| Redemption Prior to December 1, 2024 \| Maximum
Long-term debt
Percentage of principal amount redeemed			35.00%
5 3/4% Senior Secured Notes due 2028 \| Each Twelve Months period commencing with issuance date
Long-term debt
Redemption price as a percentage of principal amount			103.00%
Percentage of principal amount redeemed			10.00%
5 1/8% Senior Notes due 2029
Long-term debt
Interest rate (as a percent)			5.125%					5.125%
Redemption price as a percentage of principal amount			100.00%
Aggregate principal amount								$ 1,500,000
Annual Debt Service Requirements			$ 76,875
D I S H D B S Corporation
Long-term debt
Carrying Amount			12,282,350			11,775,222
Fair Value			10,537,410			9,056,971
Unamortized deferred financing costs and debt discounts, net			(134,900)			(26,812)
Finance lease obligations						31,104
Carrying Amount, Total			12,147,450			11,779,514
Less: current portion			(744,556)			(2,023,976)
Total debt, finance lease and other obligations, net of current portion			$ 11,402,894			9,755,538
D I S H D B S Corporation \| 5 7/8% Senior Notes due 2024
Long-term debt
Carrying Amount						1,982,544
Fair Value						1,872,275
Interest rate (as a percent)			5.875%
D I S H D B S Corporation \| Term Loan due 2025
Long-term debt
Carrying Amount			$ 500,000
Fair Value			500,000
D I S H D B S Corporation \| 7 3/4% Senior Notes due 2026
Long-term debt
Carrying Amount			2,000,000			2,000,000
Fair Value			$ 1,678,640			1,388,060
Interest rate (as a percent)			7.75%	7.75%	7.75%
D I S H D B S Corporation \| 5 1/4% Senior Secured Notes due 2026
Long-term debt
Carrying Amount			$ 2,750,000			2,750,000
Fair Value			$ 2,507,780			2,366,073
Interest rate (as a percent)			5.25%	5.25%
D I S H D B S Corporation \| 7 3/8% Senior Notes due 2028
Long-term debt
Carrying Amount			$ 1,000,000			1,000,000
Fair Value			$ 715,680			600,160
Interest rate (as a percent)			7.375%
D I S H D B S Corporation \| 5 3/4% Senior Secured Notes due 2028
Long-term debt
Carrying Amount			$ 2,500,000			2,500,000
Fair Value			$ 2,143,350			2,013,125
Interest rate (as a percent)			5.75%	5.75%	5.75%
D I S H D B S Corporation \| 5 1/8% Senior Notes due 2029
Long-term debt
Carrying Amount			$ 1,500,000			1,500,000
Fair Value			$ 959,610			774,600
Interest rate (as a percent)			5.125%	5.125%
D I S H D B S Corporation \| Term Loan due 2029
Long-term debt
Carrying Amount			$ 1,800,000
Fair Value			1,800,000
D I S H D B S Corporation \| Mandatorily Redeemable Preferred Shares due 2029
Long-term debt
Carrying Amount			200,000
Fair Value			200,000
D I S H D B S Corporation \| Other notes payable
Long-term debt
Carrying Amount			32,350			42,678
Fair Value			$ 32,350			$ 42,678

Leases - Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases
Operating lease assets	$ 81,024	$ 92,972
Other current liabilities	$ 33,210	$ 36,618
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Operating lease liabilities	$ 52,156	$ 61,381
Total operating lease liabilities	$ 85,366	$ 97,999
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Operating lease liabilities, Other Accrued Liabilities, Current	Operating lease liabilities, Other Accrued Liabilities, Current
Property and equipment, gross	$ 3,443,331	$ 4,344,935
Accumulated depreciation	(2,818,562)	(3,536,870)
Property and equipment, net	$ 624,769	808,065
Other current liabilities		$ 31,104
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Capital Lease Obligations, Current	Long-term Debt and Capital Lease Obligations, Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt, Excluding Current Maturities	Long-term Debt, Excluding Current Maturities
Total finance lease liabilities		$ 31,104
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Contract with Customer, Liability, Noncurrent and Other Long Term Liabilities	Contract with Customer, Liability, Noncurrent and Other Long Term Liabilities
Weighted Average Remaining Lease Term: Operating leases	4 years 2 months 12 days	4 years 1 month 6 days
Weighted Average Remaining Lease Term: Finance leases	0 years	9 months 18 days
Weighted Average Discount Rate: Operating leases	9.80%	8.30%
Weighted Average Discount Rate: Finance leases	0.00%	10.00%
Property and equipment
Leases
Property and equipment, gross	$ 1,019	$ 175,704
Accumulated depreciation	$ (1,019)	(149,917)
Property and equipment, net		$ 25,787

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

Property and Equipment and Intangible Assets (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Property and Equipment
Total property and equipment	$ 3,443,331,000	$ 4,344,935,000
Accumulated depreciation	(2,818,562,000)	(3,536,870,000)
Property and equipment, net	$ 624,769,000	808,065,000
Minimum
Property and Equipment
Depreciable life of assets	2 years
Maximum
Property and Equipment
Depreciable life of assets	40 years
Equipment leased to customers
Property and Equipment
Total property and equipment	$ 1,002,518,000	1,175,734,000
Equipment leased to customers \| Minimum
Property and Equipment
Depreciable life of assets	2 years
Equipment leased to customers \| Maximum
Property and Equipment
Depreciable life of assets	5 years
EchoStar XV
Property and Equipment
Total property and equipment	$ 277,658,000	277,658,000
Depreciable life of assets	15 years
EchoStar XVIII
Property and Equipment
Total property and equipment	$ 411,255,000	411,255,000
Depreciable life of assets	15 years
Satellites acquired under finance lease agreements
Property and Equipment
Total property and equipment		174,685,000
Furniture, fixtures, equipment and other
Property and Equipment
Total property and equipment	$ 746,585,000	755,163,000
Furniture, fixtures, equipment and other \| Minimum
Property and Equipment
Depreciable life of assets	2 years
Furniture, fixtures, equipment and other \| Maximum
Property and Equipment
Depreciable life of assets	10 years
Software and computer equipment
Property and Equipment
Total property and equipment	$ 670,503,000	1,197,632,000
Software and computer equipment \| Minimum
Property and Equipment
Depreciable life of assets	3 years
Software and computer equipment \| Maximum
Property and Equipment
Depreciable life of assets	5 years
Obsolete Software [Member]
Property and Equipment
Total property and equipment	$ 0
Buildings and improvements
Property and Equipment
Total property and equipment	$ 288,573,000	294,890,000
Buildings and improvements \| Minimum
Property and Equipment
Depreciable life of assets	5 years
Buildings and improvements \| Maximum
Property and Equipment
Depreciable life of assets	40 years
Land
Property and Equipment
Total property and equipment	$ 12,007,000	12,505,000
Construction in progress
Property and Equipment
Total property and equipment	$ 34,232,000	$ 45,413,000

Stock-Based Compensation - Fair Value Of Stock Options Granted (Details) - Employee Stock Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Black-Scholes option valuation model, assumptions
Risk-free interest rate, low end of range (as a percent)	3.58%	3.58%	1.35%
Risk-free interest rate, high end of range (as a percent)	4.49%	4.61%	4.02%
Volatility factor, low end of range (as a percent)	37.10%	34.30%	32.67%
Volatility factor, high end of range (as a percent)	46.39%	41.25%	34.84%
DISH Network Awards
Black-Scholes option valuation model, assumptions
Weighted-average fair value of options granted (in dollars per share)	$ 14.23	$ 34.42	$ 66.92
Maximum
Black-Scholes option valuation model, assumptions
Expected term of options	6 years 8 months 12 days	6 years 7 months 6 days	6 years
Weighted-average fair value of options granted (in dollars per share)	$ 12.4	$ 7.77	$ 9.27
Minimum
Black-Scholes option valuation model, assumptions
Expected term of options	3 years 3 months 18 days	4 years 1 month 6 days	4 years 1 month 6 days
Weighted-average fair value of options granted (in dollars per share)	$ 5.15	$ 7.4	$ 5.97

Supplemental Data - Statements of Cash Flows

12 Months Ended

Dec. 31, 2024

Supplemental Data - Statements of Cash Flows

Supplemental Data - Statements of Cash Flows

3.Supplemental Data - Statements of Cash Flows

The following table presents certain supplemental cash flow and other non-cash data. See Note 7 for supplemental cash flow and non-cash data related to leases.


	For the Years Ended December 31,
	2024		2023		2022

	(In thousands)
Cash paid for interest	$	774,348	$	747,332	$	899,382
Cash received for interest		26,508		19,972		20,967
Cash received for interest - Intercompany Loan		127,316		104,940		—
Cash paid for income taxes, net of (refunds)		11,493		12,951		29,000
Cash paid for income taxes to DISH Network		552,405		622,512		489,819
Intercompany Loan - 2026 Tranche		4,718,517		—		—
Vendor financing		—		26,751		—

Our parent, DISH Network, provides a centralized system for the management of our cash, cash equivalents, and marketable investment securities as it does for all of its subsidiaries to, among other reasons, maximize yield of the portfolio. As a result, the cash and marketable investment securities included on our Consolidated Balance Sheets are a component or portion of the overall cash and marketable investment securities portfolio included on DISH Network’s Consolidated Balance Sheets and are managed by DISH Network. We are reflecting the purchases and sales of marketable investment securities on a net basis for each period presented on our Consolidated Statements of Cash Flows as we believe the net presentation is more meaningful to our cash flows from investing activities.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2024

Employee Benefit Plans

Employee Benefit Plans

10.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 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 EchoStar 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 EchoStar’s capital stock under all of EchoStar’s 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 EchoStar’s Class A common stock on the last business day of each calendar quarter in which such shares of EchoStar’s Class A common stock are deemed sold to an employee under the ESPP and such shares must be held for a minimum of 180 days from the purchase date.

401(k) Employee Savings Plans

EchoStar sponsors a 401(k) Employee Savings Plan (the “DISH Network 401(k) Plan”) for our eligible employees. Voluntary employee contributions to the DISH Network 401(k) Plan may be matched 50% by EchoStar, subject to a maximum annual contribution of $5,000 per employee. Forfeitures of unvested participant balances which are retained by the DISH Network 401(k) Plan may be used to fund matching and discretionary contributions. EchoStar’s Board of Directors may also authorize an annual discretionary contribution to the DISH Network 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 EchoStar’s 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 401(k) Plan	2024		2023		2022

	(In thousands)
Matching contributions, net of forfeitures	$	11,972	$	10,966	$	10,150
Discretionary stock contributions, net of forfeitures	$	9,389	$	52	$	11,150

- Definition

The entire disclosure for retirement benefits.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-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
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-Name Accounting Standards Codification
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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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-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
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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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
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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 715
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-Name Accounting Standards Codification
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-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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Debt, Finance Lease and Other Obligations - DBS SubscriberCo Intercompany Loan (Eliminated in Consolidations at DISH DBS) (Details) - DBS Subscriber Co - DBS Subscriber Co intercompany loan - USD ($) $ in Millions	Dec. 31, 2024	Sep. 29, 2024
Long-term debt
Intercompany loans	$ 2,404	$ 323
Interest rate for the first twelve months following the effective date of loan
Long-term debt
Interest rate (as a percent)		11.00%
Interest rate after first 12 months [Member]
Long-term debt
Interest rate (as a percent)		11.50%

- 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 - Notes Receivable Balance With Dish Network (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021
Related Party Transaction [Line Items]
Principal	$ 4,913,689	$ 7,515,077
Interest	14,222	17,761
Related Party \| DISH Network
Related Party Transaction [Line Items]
Principal	4,913,689	7,496,000	$ 5,250,000
Interest	14,222
Related Party \| Intercompany Loan - DISH Network - 2028 Tranche \| DISH Network
Related Party Transaction [Line Items]
Principal	2,844,401	7,496,000
Interest	14,222	$ 18,000
Related Party \| Q2 2024 Notes Receivable - DISH Network \| DISH Network
Related Party Transaction [Line Items]
Principal	1,576,518
Related Party \| Q3 2024 Notes Receivable - DISH Network \| DISH Network
Related Party Transaction [Line Items]
Principal	$ 492,770

Income Taxes and Accounting for Uncertainty in Income Taxes (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
Tax benefits related to credit carryforwards	$ 5,000
Cash paid for income taxes to DISH Network	552,405	$ 622,512	$ 489,819
Net operating loss carryforwards	0
Current (benefit) provision:
Federal	452,327	528,689	572,754
State	98,273	118,540	133,475
Foreign	2,353	2,475	(4,255)
Total current (benefit) provision	552,953	649,704	701,974
Deferred (benefit) provision:
Federal	(70,531)	(69,321)	(95,995)
State	(6,043)	(15,794)	(20,720)
Increase (decrease) in valuation allowance	13,471	515
Total deferred (benefit) provision	(63,103)	(84,600)	(116,715)
Total (benefit) provision	489,850	565,104	585,259
Income (loss) before income taxes	1,937,430	$ 2,309,733	$ 2,396,004
Income (loss) from foreign operations	$ 13,000
Reconciliation of amounts computed by applying the statutory Federal tax rate to income before taxes
Statutory rate (as a percent)	21.00%	21.00%	21.00%
State income taxes, net of Federal benefit (as a percent)	3.70%	3.40%	3.50%
Other, net (as a percent)	0.60%	0.10%	(0.10%)
Total (benefit) provision for income taxes	25.30%	24.50%	24.40%
Deferred tax assets:
NOL, interest, credit and other carryforwards	$ 4,684	$ 7,277
Accrued and prepaid expenses	27,441	22,449
Stock-based compensation	18,967	16,686
Deferred revenue	4,782	6,118
Bases differences in partnerships and cost method investments	21,605	3,360
Total deferred tax assets	77,479	55,890
Valuation allowance	(24,368)	(8,194)
Deferred tax asset after valuation allowance	53,111	47,696
Deferred tax liabilities:
Depreciation	(155,198)	(193,564)
FCC authorizations and other intangible amortization	(102,977)	(122,302)
Total deferred tax liabilities	(258,175)	(315,866)
Net deferred tax asset (liability)	(205,064)	(268,170)
Reconciliation of the beginning and ending amount of unrecognized tax benefits included in long-term deferred revenue, distribution and carriage payments and other long-term liabilities
Balance as of beginning of period	202,466	204,378	$ 198,511
Additions based on tax positions related to the current year	3,715	3,601	3,444
Additions based on tax positions related to prior years		2,892	9,523
Reductions based on tax positions related to prior years	(23,276)	(7,219)	(7,100)
Reductions based on tax positions related to settlements with taxing authorities		(834)
Reductions based on tax positions related to the lapse of the statute of limitations	(224)	(352)
Balance as of end of period	182,681	202,466	204,378
Unrecognized tax benefits if recognized, could favorably affect our effective tax rate	168,000
Interest and penalty (benefit) expense	18,000	14,000	$ 8,000
Accrued interest and penalties	$ 80,000	$ 62,000
Unrecognized Tax Benefits Not Expected To Settle Period	12 months

Debt, Finance Lease and Other Obligations (Tables)

12 Months Ended

Dec. 31, 2024

Debt, Finance Lease and Other Obligations

Schedule of carrying and fair values of the entity's debt facilities


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

		(In thousands)
5 7/8% Senior Notes due 2024 (1)	DDBS	$	—	$	—	$	1,982,544	$	1,872,275
Term Loan due 2025 (2)	DBS SubscriberCo		500,000		500,000		—		—
7 3/4% Senior Notes due 2026	DDBS		2,000,000		1,678,640		2,000,000		1,388,060
5 1/4% Senior Secured Notes due 2026	DDBS		2,750,000		2,507,780		2,750,000		2,366,073
7 3/8% Senior Notes due 2028	DDBS		1,000,000		715,680		1,000,000		600,160
5 3/4% Senior Secured Notes due 2028	DDBS		2,500,000		2,143,350		2,500,000		2,013,125
5 1/8% Senior Notes due 2029	DDBS		1,500,000		959,610		1,500,000		774,600
Term Loan due 2029 (2)(3)	DBS SubscriberCo		1,800,000		1,800,000		—		—
Mandatorily Redeemable Preferred Shares due 2029 (2)(3)(4)	DBS SubscriberCo		200,000		200,000		—		—
Other notes payable			32,350		32,350		42,678		42,678
Subtotal			12,282,350	$	10,537,410		11,775,222	$	9,056,971
Unamortized deferred financing costs and other debt discounts, net			(134,900)				(26,812)
Finance lease obligations (5)			—				31,104
Total			12,147,450				11,779,514
Less: current portion (3)			(744,556)				(2,023,976)
Total debt, finance lease and other obligations, net of current portion		$	11,402,894			$	9,755,538

(1)	We repurchased or redeemed the principal balance of our 5 7/8% Senior Notes due 2024 as of November 15, 2024, the instrument’s maturity date.

(2)	See “New DISH DBS Financing” below for further information.

(3)

(4)	Due to the June 30, 2029 mandatory redemption feature of this instrument, it is considered a debt instrument.

(5)	Disclosure regarding fair value of finance leases is not required.

Schedule of interest on long-term debt


		Annual
	Semi-Annual	Debt Service
	Payment Dates	Requirements (1)
		(In thousands)
7 3/4% Senior Notes due 2026	January 1 and July 1	$	155,000
5 1/4% Senior Secured Notes due 2026	June 1 and December 1	$	144,375
7 3/8% Senior Notes due 2028	January 1 and July 1	$	73,750
5 3/4% Senior Secured Notes due 2028	June 1 and December 1	$	143,750
5 1/8% Senior Notes due 2029	June 1 and December 1	$	76,875

(1)

Annual debt service requirements exclude the interest on the New DISH DBS Financing, discussed below.

Schedule of other long term debt and capital lease obligations


	As of December 31,
	2024		2023

	(In thousands)
Satellites and other finance lease obligations	$	—	$	31,104
Notes payable related to satellite vendor financing and other debt payable in installments through 2031 with interest rates ranging from approximately 4.0% to 6.0%		32,350		42,678
Total		32,350		73,782
Less: current portion		(9,425)		(41,432)
Other debt, finance lease and other obligations, net of current portion	$	22,925	$	32,350

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details