DISH Network (DISH) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was $3.52B, down 5.1% year-over-year, with a consolidated operating loss of $125M, compared to a $42M loss in Q3 2023.

• Net loss attributable to DISH Network was $211M for Q3 2024, compared to $139M in Q3 2023.

• The DIRECTV Transaction, involving the sale of DISH DBS (Pay-TV business), is pending but faces significant closing risks after the failure of the DISH DBS Exchange Offers.

• Major asset transfers to EchoStar, including spectrum and satellite assets, occurred in 2024, impacting the balance sheet and capital structure.

• The company completed a merger with EchoStar at the end of 2023 and is focused on integration and realizing synergies.

Financial highlights

• Q3 2024 revenue declined 5.1% year-over-year to $3.52B; nine-month revenue fell 7.3% to $10.72B.

• Q3 2024 operating loss was $125M, up from a $42M loss in Q3 2023; nine-month operating loss was $130M versus $488M operating income in 2023.

• Net loss attributable to DISH Network for Q3 2024 was $211M; nine-month net loss was $437M.

• Consolidated EBITDA for Q3 2024 was $258M, down from $294M in Q3 2023.

• Cash, cash equivalents, and marketable securities totaled $2.43B as of September 30, 2024.

Outlook and guidance

• EchoStar has committed to provide sufficient funds to meet obligations for at least one year from the filing date, alleviating prior going concern doubts.

• Capital expenditures for 5G Network Deployment are expected to be approximately $10B, including prior years and 2024 to date.

• The company expects negative cash flow to continue in 2024 and future periods due to ongoing 5G investments and subscriber declines.