DISH Network (DISH) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 was $3.57B, down 8.8% year-over-year, with a net loss of $211.8M compared to net income of $200.3M in Q2 2023.

• Operating loss for Q2 2024 was $31.8M, a decline from $206.3M operating income in Q2 2023, driven by higher 5G Network Deployment costs and lower Pay-TV and Wireless segment results.

• The company completed significant asset sales and transfers to EchoStar, including spectrum licenses and subsidiaries, and is now a wholly owned subsidiary of EchoStar.

• As of June 30, 2024, cash and equivalents were $212M, with $1.98B of debt maturing in November 2024 and negative cash flow forecasted for the remainder of 2024.

• Substantial doubt exists about the ability to continue as a going concern without new financing, as current liquidity is insufficient for Q4 2024 operations and debt maturities.

Financial highlights

• Q2 2024 revenue decreased 8.8% year-over-year to $3.57B; six-month revenue fell 8.4% to $7.21B.

• Net loss for Q2 2024 was $211.8M, compared to net income of $200.3M in Q2 2023; six-month net loss was $225.7M versus net income of $423M in 2023.

• Operating loss for Q2 2024 was $31.8M, down from $206.3M operating income in Q2 2023; six-month operating loss was $5.8M versus $529.8M income in 2023.

• EBITDA for Q2 2024 was $294.8M, down from $511.5M in Q2 2023; six-month EBITDA was $811.6M, down from $1.03B.

• Cash flow from operations for the first half of 2024 was $703.7M, down from $1.35B in 2023.

Outlook and guidance

• The company does not have committed financing to fund operations or debt maturities in Q4 2024 and is actively seeking additional capital.

• Capital expenditures for 5G Network Deployment are expected to increase as the company approaches the June 2025 build-out deadline.

• If unable to raise capital or meet build-out requirements, there is risk of spectrum license impairment.