EchoStar (SATS) 25 Feb 222021 Q4 Earnings call transcript

Good afternoon, ladies and gentlemen, and welcome to the EchoStar Corporation Conference Call for Fourth Quarter 2021. [Operator Instructions] And as a reminder, this conference call is being recorded. I would now like to turn the conference over to your speaker today, Mr. Terry Brown.

Thank you, operator, and good afternoon, everybody, and welcome to our earnings call for the fourth quarter of 2021. Officer Charlie COO Chairman; President Manson, and Anders Chief by CEO; Dugan, of General today EchoStar Johnson, Rayner, of David CFO; Strategy Counsel joined and Ergen, and Michael our our Hughes; Satellite Secretary. I'm Services; President Dean and Pradman Kaul,

listen-only your you usual, participants not As a or invite report. call the their to media on we in identify and in firms participate mode ask that

respect. We we not ask also allow which you do recording, audio that

it Dean to turn Safe the disclosure. now Harbor me Let over for

could Terry. during Act from results be or statements Thanks, involve known Reform constitute this other results and than by historical implied to All made the provided unknown statements. risks, Litigation future our that by materially to statements Securities of cause fact, historical results different XXXX. uncertainties from factors call, and the statements we Private any harbor and forward-looking safe These make statements expressed the forward-looking actual forward-looking pursuant other of

of list risks, understood any filed our report SEC. those and a being make be we the to statements For they wherever as make to call All XX-K applicable with the during should on today statements forward-looking please annual appear. we Form refer cautionary factors

updating Mike over in forward-looking carefully consider call on for the assume statements. reports You the reliance should not I'll turn to risks our any any We should responsibility no undue described now place and any Dugan. statements. forward-looking

with in here net earnings Mountain The another EBITDA. call. adjusted solid throughout you, delivered morning, Thank good year-to-year revenue, Welcome Time. EchoStar Dean. Good growth our to and Actually, XXXX in income everyone. team afternoon performance

ongoing I consumers, efforts and millions industry our connectivity on pride communities agencies We and leadership. the team's and continue to of proud and which in enterprises, take of innovation am government accomplishments the supply depend.

the more detail. for on discuss Anders we by From followed updates in agenda was who our over the their change Dave address call will Rayner, in is and Tuesday. to Pradman to will provide management turn call have business financials the today that to Our on segments, there, Charlie announced

We will session. then a question-and-answer as with close, Pradman? usual,

I'd financial last performance Mike's XXXX adjusted highest like Hughes' proud year. say revenue and team's our EBITDA EBITDA revenue over and of adjusted extremely to on Mike. you, our results. were increased Thank and comments XXXX that increased record. X%, and echo X% our I'm

Our our connectivity products are was EBITDA results innovative XX.X%, higher basis XXXX. our driven the XXXX margin in business. XXX solutions points and than strong These by of management and adjusted efficient financial

on to investing We financial to business. focus technology while efforts optimizing in returns solutions our continue grow our

fourth let's North some Now America. with the talk specifics beginning on quarter,

our continue broadband within existing U.S. approximately U.S. to XX,XXX. We At usage to business our consumer subs. as optimize proactively ARPU we constraints. current subscribers' remained to subscriber our critical same declined because surprisingly, Not sales the manage retail capacity strong manage continue our U.S. the our This to bandwidth grow. marketing efforts time, our especially is base service and by

market our States. offer our United as the In and and for service needs. in better of more persist remains consumer large more adjusted and in in and data, is to to as use have more we near the ARPU subscriber expect continue term service We U.S. which consumers demand subscriber households help short, the data our trends high why underserved addressable meet the unserved the plans

addition placement exciting of quarter very more closed with an North achieve in networks we goals. $XXX help customer restaurant enterprise business to and active industry-leading new our brand in extensions market. and of global set defense Radar value the the major them with enterprise our once service Gartner their true a Both and had by stack as in million a provide base. manage defense representing upgrades of solution had Magic Sullivan private were the full Frost These stand-alone include award reinforced selected managed report. the group teams network strong solutions government QX. market, a Quadrant us, Our The a civilian In navy for wins That & in business from very their again partnership providers X customers the was XG fourth popular within than at American a we a defense to orders. and major

XG technologies are we base operations. contractor project, services as to integrating this deploy For position numerous and prime the secure the capabilities partners from in for

agencies. wins the secured federal new and also and multiple markets in expanded both both with for state state We contracts procurement

and successful saw completion As the milestone our of November. in program, of X initial service major of deployment launch a OneWeb the part we enabling gateways,

are on enable OneWeb a We areas. to gateways complete 'XX that as coverage we their the planning expand very active

Now declined let's certain international U.S., our operations. talk has Similar our and in approximately subscriber Latin base by the consumer offering constrained our become American about to markets, capacity XX,XXX.

anticipate continued a requirements satisfaction will improve in crossed all ARPU subscriber grow. customer basis, divide project In we Colombia our higher realign digital drive to and active We countries. this QX, per we to to of efforts support continues continue X,XXX which and across in on capacity sites a deployment

were a Peru, of number we projects awarded Colombia, in Mexico. addition, Chile In and

now We have X,XXX also X by active sites. than more community crossed

through customers reach of and to position enhanced the high-value satellite and plan that enterprise India in service connectivity is of in opportunities. efficiencies. regulatory company and India with yield formation serve product operator venture We the operational with joint Hughes unmatched environment under Airtel, of the India, scale, an converging the the largest changing community to our the portfolio progress amid increase business With on government and mix brand. requirements subscribers, capacity Communications Bharti now the are a making on WiFi operating completed We our our

in X-year providing to across enterprise operations begin to with strategic and We India agreement maintenance to these Hughes support. help provide We services also a installation, XXXX. will services government connectivity design, announced Hughes LEO deliver equipment, customers network anticipate and services their the OneWeb India.

satellite maritime JUPITER be system remote JUPITER to Mexico, Asia, In the ordered client selected sites. services service provide than sales, of a integrated X,XXX to terms of modules had number In system more to more wins. X,XXX terminals single of service the maritime providers than we than new sites. a a government In total X Indonesia, backhaul has has satellite. of number to support expand Konnect crossed the X,XXX sites program and of continued a on network more over Eutelsat into network. deployed now operated in deployment its In

performance from updated per our bit launch The our the Finally, on higher-speed the plans. service to satellite progress. satellite and information continues satellite XXXX. JUPITER and leverage increase our we the X anticipate Based quarter cost to to fourth of in lower will an innovations latest Maxar, with capacity

out to infrastructure will ground that services enable JUPITER X. continue the build We on

So all year, year look forward and was to it all, in a productive XXXX. strong another in very I

Anders. it over hand Let me now to

the Good from Ku-band focused its Pradman. Services as $X of revenue EchoStar revenue opportunities We last was on Thanks, the slow capacity ESS fourth QX as year. market for up afternoon. was last year. continues pursuing million, XX/XX/XX, recovery. quarter up remain Satellite XX% transponder from of $XX,XXX,XXX backlog

EchoStar results, for advanced Our partner, provider of by Europe. Band LTE during in unmanned LTE from Supported December in EchoStar the multiple XX platform. In launch EML's service that both the European in over the World multiple global and development XX air-to-ground -- in to enablement a XXXX, EML's use and Europe. of of of now across EchoStar in Cassiopeia event, encouraging is development The areas an a XXI live now formally satellite In alpha for X Band EML and on networks in Global announced chips testing cellular locations commercial subsidiary, ProEsys, LoRa to support leading testing. early available mobile Paris. present XXXX, our EML as development adopting continues its partner, the continued the will and our systems. that capabilities. our aerial EML test March, LoRa-LR-FHSS chips modules partners very IoT fixed at modules, At Expo announce Sequans to Mobile's efforts technology see expects S-band adopter EML Sequans, development is particularly across of Alliance's foundation lays platform in

services fronts multiple turn to objective long-term to truly over our taking seamless full level XG towards now providing worldwide satellite strategic next it connectivity. global networks, through We working S-band of Dave. into hybrid continue the integration I'll of on the XG

Anders. you, Thank

narrative by domestic increased international and change in same as Capital were Inflation last net was compared lower million equity functional administrative fourth million the driven quarter million the gross $XX Consolidated on These $XX a unfavorable $XXX primarily quarter during adjusted million, $XX increased $XX consumer decrease was in including adjusted field primarily primary on last of Free to of of labor-intensive. X% comments by the decrease million; measure to cash corporate due in The defined was million. the QX the period reconciled was partially period which Hughes quarter; revenue million impact as lower $XXX rates. same by this Hughes and from margin service both CapEx, million $XX other unconsolidated million $XX As QX compared million, segment. fourth QX, million year. EBITDA due minus last loss last expenditures period up lower in $XXX the Consolidated The year, $XXX enterprise Hughes include in million care was operations of general mix Corporate GAAP last have began Hughes was fourth in loss lower sales of $XX our a by items XXXX activity in $XX as currency on primarily investment foreign equipment to changes customers. decline The expenses, investments quarter, areas, a spend, offset decrease to adjusted lower usual, to is EBITDA in million, in the due of and the was EBITDA, well revenue a impairment year. release. adjusted last million, primarily $XX certain expenses. quarter $XX of offset from $XX in loss that Hughes customer was Mexico to partially higher decreased from and our interest our of increasing from $X driven exchange subscribers. revenue the late selling, EBITDA services Net we in adjusted quarter, million loss by year. in last to will revenue adjusted EBITDA in million year. year. affiliates. in as higher was million are the and flow, down the EBITDA million DISH year. U.S. experienced my to lower up our costs quarter same were to press compared expense $XX the $XX driver legal the of losses earnings from a

every to million. the are at impact to we a protect the fourth X.X margins. of cost market shares $XX million our We open effort minimize of operations making stock In back this quarter of and XXXX, our in bought our

Our growth. remains and sheet seek continue balance to strong, for deploy cash we opportunities to

to me before Let it to now Charlie we Q&A. turn over go

Dave. to call for I I the thank started together Mike wanted in to service. XXXX. and join Mike working Thanks, just your

So DBS it's of EchoStar obviously, terms set-top split of realize here off. important satellite our been the of company that just probably we course, He what in at fleet. a long tenure we part together. Most really and people our a boxes satellite all long is did. stuff and digital engineering don't And business the that architect and road was Mike played when

thanks can same skill and he the token, the satellite think certainly many different areas think are helpful So we at goes, business be in the and given brings And fleet brings to He competent and here are engineering all do things of Mike, a an -- engineer all individual sets starting things Hamid job technically had have all we in we've where given in past. experience we well effort we Akhavan private very understand excited in his a set and going. your us, done, from is who we're the will But a very, think that we're our our certainly and with. those where, experience those equity he who for where with But telco. very perspective. of connectivity position also cash loyalty

So you are with taking do questions? who we -- that,

We're turning questions. it Operator? over to

[Operator Raymond comes line from Prentiss Instructions] the of Rick And first of James. question

retirement. congrats, upcoming my your and Mike, echo I'll your on enjoy career,

you. Thank

X top A Charlie to them [indiscernible]. X Charlie focus for I'll And in? obviously me us the today. we you today since on? with call. Hamid top as question Can see coming got CEO the the us joined understand, priorities X to does you've couple yesterday the of anything want questions, or for target change was story new top question with you him EchoStar probably today help what with go opportunities EchoStar And announcement. The the do you

Is that me? question for

Yes.

a background. that have been brings out particularly years whether industry. or a put that he think within new the And we I of And a I And be whether different this is the strategic do to There's of Well, lot to lots being strong place. consolidation there. industry for we've think over places sheet, balance what things opportunity able go. in

-- he he's rare expertise and brings experience technical So got, a an equity experience. and that both kind of private -- expertise

need he's think the focus I think able to areas we will go. company So the that we -- on to

have I tremendous opportunity. areas think just the a broad we perspective,

but satellite, tie remains satellite terrestrially. at you there's -- we've we've a it asleep. There's There telco. company, opportunity to opportunity been tremendous with well look with as we're in If tremendous connectivity done

do [indiscernible] of of but can only X haven't the of Department expertise telco. ability a for from JUPITER most technical and part growth not connectivity the consumers, not there. and networks we in Defense we're we there's companies going that player of -- of But needed what -- become also as as going go, to industry. with are areas the a generation have such up new backhaul about And big We know we do our business have and done -- lot also we from private as a wireless a -- enterprises. a to I There it's that bring to to where in -- know where in provides satellites what where big

it particular people We'll to question know and get shareholders him I and XX to strategic and get very get that So brings him be know days. things and and And are know get all those mashed to the he who will for that. him. -- together, this will think experience be great it to to him to he's important ask give

things So conference for March to I days. ask the Actually, won't you chance he directly. those all think a get call, get XX him

He'll get XX days.

days, get of time. XX which He'll is plenty

wrong. a guy goes here for can anything have XX that the rule you days for that blame other We

April [indiscernible]. So after blamed XX, is nobody he'll Mike to get going But everything days. blame But until that, then blamed it's get XX and anything. for for up all Mike can for

we market Top down just today, obviously, not as think opportunity. question is see we're we top getting The significantly. getting what

the announcement. You an given seems Day opportunity guys, think, see stock the excited need market Maybe the buybacks. just That really I to Analyst have like today. DISH get the to

public? What And and strategically, about strategic balance, Given to back large the you I'm Hamid's think you public As being being have many and been so must you this EchoStar mentioned doesn't benefits cash to what Charlie, the the point? stock what think sense, see told buying are days, being stupid got at I I that see. then. I guys be the market benefits are

being a would have can. for M&A although currency EchoStar. also obviously, from cash a the a it's way stock and mean in That's you We more a is if they they not normally robust use public, get. of there's just situation being in advantage by liquidity than can -- transaction, stock an that capital case, better EchoStar they perspective. to markets your access public you have maybe Well, is M&A -- trading not with was I at That multiple, liquidity.

investments that based looks and willing we has stock. there. make, the see on So buy back back Board public. the company just value look at the when has We can of out been those some Obviously, the to stock are benefits the being -- company multiple we the the bought

more think perhaps So internally, bit is. a Street confident we're than Wall I

And DISH it The and one mean? that come the up me for might together? quarter, you think when couple the what Steven work call do [indiscernible] it's then to last is obvious brought and how I a times. marketplace Last it well. can How as more up EchoStar can of view become DISH on

lot cross-pollinization Well, in of opportunity. of there's terms a

been piece of couple I connectivity understanding big the we've the particularly And as particularly a Satellite, where say do a really which believe of without around pretty of is and going little LEOs -- first of -- more ways. one look Again, a if geosatellites, that's satellites. world but not have for have at and think you go. strategic connectivity, got OneWeb, has a that. -- EchoStar you a are Hughes, And in to is massive good our that changing to that, LEOs. when a So I expertise we'll engineering it partner you're bit particular, world with of MEOs, real would in I see we you the satellites,

expertise gained we lot a So there. of

a lot focused there's business. side terrestrial Then So the the of on there. -- obviously, DISH is there's

know certainly But put hometown same it opportunities so X would together, realized DISH others, be work with expertise with work or EchoStar lot of together, doesn't doesn't EchoStar. and beneficial we mean those those a DISH And when exclusive to vice you mean that of the see that a each EchoStar, things we Hughes in at times, X that and say it with that won't and versa. companies work that lot I'd might have other

maybe I both in I see think think the companies just you'll opportunities way past. -- in a we haven't so going And for that forward, the

Quilty comes Next from of of Analytics. the Quilty Chris question line

-- question. I've important tough, got but strategic maybe a a I think

X. making making gone been But operator geo And didn't the bid already of arguably, excuse -- with you've to me, at Historically, acquire partway your me were we geo-centric. And to series ViaSat, principal when look they're the already stick to satellites, planning for path. competitor, industry a ViaSat-X acquire another order only already with a here. they space JUPITER has that So in down strategy they're and a Inmarsat. ViaSat developing bid and X, building They're design ViaSat-X. a your

traditional up operators taken a LEO strategy. many side, the On flip have of GEO the

Intelsat other So LEO, LEO ESPa.CE. broadband and is operates Eutelsat one. one announced got building and now players a you've And building in and Mangata investing strategy. MEO a and in and you've one. got Telesat SES is SpaceX Amazon then

capitalized of of the the you've this this, company strategy -- yet best and early. one your and industry, run into you've where So companies better with with problem is run time question too out capitalized in the my JUPITER you're again capacity way or

is, a for good put We're happen wait where is my can do for here or X it path and have to period X pick again? year to conviction years. to going So enough going understand it? Or is some the we're going and capital have and to path? you're going you to sit question a or then enough of And that you that which landscape use grow a

Yes.

The Inmarsat what up where end actually that's and that. exceeded a our when made a certainly, little to actually that from And have selling. And you they come stock we give where they able first, big think -- they companies. When component sold, And we I sold. actually it. performed prices offers color to amount stock -- had there's were I'll do we in were we multiple, question. of that the great fair better the past about for tried acquire down obviously, a a some better since

the of will then or got you exactly to a to right, GEOs lead have and you X short price to in long cash so -- a for time or LEO which the a this lack our slightly growth, low And have in full different equity the got. or -- continue So wouldn't situation that The in build multiple go some years. approached but a in you'll and for they because particular mature X have we offer bid period to -- and the so of is you're that -- up, on trying, -- direction. JUPITER go times, -- side weren't it wasn't Inmarsat get you've

there's a But candidate is of bridges because the So side, unique that's so number don't of to hard LEO crosses why many who part them that's really projects he Hamid LEO that think that's one. there us. given determine on really those a might the it's because win think for I great had -- in all will. us some we I pause That's

over water in economics for of you're over Second, the time. XX% the LEO,

value. the There, me the the of thing XX% around of set going time that fleet. to economics short you're have something have and that that to economics is player. getting you value have compete if launches. The unclear constellation. they on fair you're in And run with I'm a company owner gain that So They world, particular ordinary who to is people necessarily compete economics. that a to similar, very your has such very a it's not Starlink third high not the are against the sure And the economic that economics different to against somebody big

to that its So of you're sort let kind going have to way out.

And rewarding, opportunities so but other be or that risk. I less certainly equally more there's think might

I think that's we're bit focus a little there. more

capability, we of indicated we they economics economics normal Amazon to economics to a different that, -- Starlink we think we has work certainly sure have them small with absent -- that set other the different may with OneWeb, what with in their Having a system. of marketplace understand, technically, launch and are and Certainly, well, set we with the Europe very capability Although than own Amazon they're may has. launch players. LEO there owner going launch for a make launch -- very, work know said certainly

the never the one the knows the selling So maybe and for we're off at to players the it not shovels moment, us seems gold goes. there and picks But like where digger. being ratio it better risk-return

Understand.

think is reason regulatory there a view certainly you it market, factors can that come large this market, software-defined market? the even GEO view to still to not, point, you longer go wait into into enough there specifically are to or lead a has someplace to that fact to environment Or something went that Indian close for finally any satellite, satellite at to that high-throughput if the the need commit submit So on other with totally the else? given haywire

is We are we Pradman. Capacity Clearly, the for our limiting a this growth seek factor capacity. now. that Chris, closely right is very Yes. for now. looking more right need at

looking to do discussing are get to just all that. different and we're so And at ways based And what were of capacity. you Charlie

But think then believe our optimum are optimize GEOs. you being areas see I the business that the configuration large to think next LEOs get in because, of the efficiency a high-density are area, the density to provide important. we LEO-GEO the good is with to problem of we GEOs this the that. population for very GEOs perspective, coverage is out and LEO-GEO architecture, in going LEOs I win our combined very know, the as dense systems the and strategy from very a coverage lowest cost the which in you'll X of will And deployed over years, with

in The nobody think, situated don't that be deploy of obviously So India? you company Do multi-orbit, in any The And that? answer multi-transport partnerships to is other the that, money will the there's business, I constellation. have better look all to we do like yes. at our we needed, world compared today do to these the answer have kind is when over yes.

in to So area. this some our we can to be we the we're to of headed. operate or hope partnerships own I we existing can think going assets that's that are it use where that needed do And

follows Or maybe at some V-band to just Q-band? before Have a moving you point? X that's that's on towards JUPITER technology. future? X bands see been now cross-links? frequency Is bigger, clear Got a you optical launch, a a X. you one the follow-on the that, until the do there test go you operate, that the path to technology on a a sort and question question can what I some And you. Is to technical badder of able of traction Or like version JUPITER But had the sort think this making wait different a And is JUPITER are you a of performance of primarily on need it define it there? earlier fan path or commitment? you of optical gaining of

a of Yes. think, technology in I issue that terms Chris, something new. don't it's inventing

I X in tremendous technology. think has JUPITER advances

I multi-transport be the efficiency of think opinion the But going to next mix technologies. get that is is and the our LEOs networks. step GEOs personal my to we'll most

technology JUPITER could and it take get the bits terabit But our by we optimum so the and technology step a in use is of And of most next to take probably X assets. of the there. not that our itself

create set constellations as So build investments LEOs make. and these where of the types and can we we combine have to new GEOs of next partnerships we'll

little Understand. competitors Shifting getting Omnispace a Eutelsat somewhat gears a and of better are relative models? of give sounds some sense technical that and like sort operating you your to where bit over peer also your perhaps see to Can Anders, in closer locking opportunity us it like on of you're design to adjacent side. you the market

continue pursue development Chris, paths. Yes. Well, we to of parallel sort

where quite not very independently and technically as LoRa a going. hold valid hypothesis, we've We're applications efforts our with our of appears as couple running couple promise So of certain who in we'd are specifically, of other that's about getting chasing vehicle one are with creating working the yet, partners that package the development exist lot the Obviously, mentioned, development. also whole I market, original excited and to process with proving a aerial which market of got universally simultaneously. for in things we're as unmanned there's other money adaptable, we're the And don't be in purposes, but their delivery far which early both because markets of be a a specific lot participating while is ecosystem.

its issues. deliver interference one of communications So we're trying uses the our go-to of and, channel a to existing without therefore, lot a to as ability lack position secure given of frequencies S-band

Great.

you. question are I direct least sat, I opportunities don't or And but going to spending terms whether at taking invest stuff those know And satellites in iron, for of different mean versus Rick's money lot of constellation a in versus idea capital some to, the in private? is this of so of on who small I've you to just high who I out final those the argued throughput big just make here, how guys do M&A? front guess or a decisions, of lot to deployment S-band, of you these damn company a balance

Yes. and try that, This answer I'll Chris. Dave. is

on starts I and I you Board, of the obviously decision think think, basis. goes well through at right guys the up a We've limited got, we're deployment debt-free serious with cash net the the point the virtually as to don't -- now, balance know, obviously we're is this on capital. management sheet.

company the the got to to CEO. to that multiple and very supportive to opportunities, Board Board, date. see change we've it's new up recommend I management direction don't the to So with to if has but And we the expect ability been lever the

you. onboard, Got fortuitous maybe welcome onboard pricing quarter stock your to guess. Well, unless option Hamid, you're and jump a I stay, not

forward [indiscernible] [indiscernible]. So looking

mean not and with XX. to is just I be start clear, March he's us date his today,

from Rollins Citi. the of question Next of comes Michael line

the to of discuss curious I'm apply on at you the infrastructure to broadband you level. of the share EchoStar. state potentially topic sizing I'm available opportunity could if are of opportunity funds for your for for some curious that the those and funds. EchoStar was I if participate could focus becoming curious

favored it's make so trying et a worked to funds and competitively have satellites to the Well, the of or it of the and methodology the major terms bid bit a But opportunity And obviously, because get get the something we think on of significantly funds. a without of benefactor being an the have been of. Unfortunately, focused are a government little it's has not these in terrestrial speeds, piece a opportunity, tide just alternatives. to I distributing large cetera. field disqualified little is the level the turning hard maybe playing that more latency we guys

speeds, they So When again, they is solution the competitive this where offer low GEOs piece a rest latency, will when for have those of that. the megabit the the for of LEOs funded to newer our because able example subsidies. provide cetera, ask hoping a obviously ask offer GEO-LEO et high -- that we And are that an the and of can capability. programs be -- we XXX get defined get solution plus,

that experiences that that your rate where effect find targeting? falloff terrestrial alternatives you generally of for geography do particular fiber are you or subscribers come and have customers the you've some a do where market? cases of services And is still in had share with happened? subset Do have participation competition that in negative have a satellite you're might Or able the your good sticky into to that you find there you've that from been or some a services

it The because area. and is certain of subscribers density Yes. geography on in yes depends answer the the a

If works where you look at underserved satellites work, well unserved and the very it areas. in

it in in time to fiber effective very that other economic that doesn't and So sense are satellites, areas make underserved, in because meeting deploy generally unserved at technologies or need.

So that's deployed we've ourselves. where

We to haven't subs lost many technologies. competing

whole a to So technologies. different bunch when by we why whoever look out, customers churned factors the going have has reasons. at not people It's other out, and our churned it's of dominated churn

most we the next change few think the So don't -- of we that. subs that that a dramatically expect have to over years. in stickiness I And sticky good get, I

question Rick Raymond Next of comes the line of Prentiss from James.

Yes. of? the run what a strategic we something back normal level? out to Or of out consider is got was rating? That's you fourth should then One we new there And called that In should Dave, you in that was? be higher follow-up. period quarter, a I've quarter. one. one. mundane something aware SG&A the that Can help us the I appreciate that was there some And understand

No.

I than circumstances. regard. fourth quarter We rate run items line unique because had the in better little we think of higher-than-normal some a certain that some in had the costs in what be bit will

next would SG&A little bit to I over a at least the better, of expect be couple So quarters.

for up. later As approach closer would expect to costs year, just launch, and capacity that coming the obviously, the start marketing launch we to we get new JUPITER some the X initiation ready I getting would selling be services, online. see That of new the and in ramping as

place DISH. DISH. we thought Auction out, frustration at what And well there. as place today our are to spectrum when bank in you game? the it on I the What's then marketplace well, strategy What's got had shot We've figure the obviously, said, said a today our jumped at you on of trying trying Chris We as a I'm to Charlie, kind of strategy? lot is in XXX. got investors the understand, really plan? in

have people think DISH I at -- going Analyst to Day we're an and May XX.

like guidance, process? from we the I I gave can X on time think decision of getting that it the X what Is more frame? and also [indiscernible], X another giving at the When What's start to a people of guidance. had who trying don't a guess view doing? EchoStar some look kind say, of we've giving companies months, can but have months, years? outside when EchoStar start clarity lot we is from ViaSat guidance. And

targeted, a guidance is AT&I time guidance least here's expect. at can ever. be and investors over for want understand should understand complicated we period. lot giving the at to a what level first out what Massachusetts from of grow really high a DigitalBridge gave EBITDA what stories to Aspirational investors multiyear revenues to of help somewhat

So I thoughts. that wrapped your but question, I I'd love into know

-- This is all taking a exact of the management there fact And Yes. Directors there. couple the just have a thinking, questions. that than probably the been there's very pieces Board lot management involved perspective I'm based there My on bit with average and of Board Charlie. to that questions little asking company, One Pradman things. they're because active has those we good same approach of more has, that Anders an a and is is a between member,

the -- retiring, a kind really, that I first those kind of things Mike difference bringing the can all was to that bring as is of that is somebody think think skill who together. step brings I set --

but to things. so you a brings have and And have background, technical good those background, you have also have a business to he

Board getting of I I have initiatives not X know go, in X opposed personally the him But -- convince or to -- those on we not will have. And those XX a where probably there's Board and need I'm to he Board that see where is focus we'll play X them that's days, that to review people, things, to or the then day-to-day really as that that, things all strategic first see question a X we has and besides to really, have I his directed dig to you like. the then the member go. So that's as would management, you I that expect into and things out. that

is, like different what that I economics what who's a question the And lose So different would that biggest -- guy guy the a do thing richest do SpaceX economically go values maybe that to might are in would you want again, mean mark against -- way and me compete the for world than every have a traditional you where I of the finance -- marketplace a have in though time. even economics that is it? got the you the don't better set technology. a

through. there sure want direction. a So no that doubt, commit lot we just there, billions of And that people cut of of think dollars something kind which risk. we that to those is you shouldn't personally going I make out And are that's think wrong see to I interesting in some things doubt, the is in when but

right doing things the So the we're at I think company.

that they're -- probably start of I feel over have the And you'll things see in going before go. you their because next getting we as think think is a roll end I And can the able see about the kind of in. well. or think good lot to by coming of this quarter think And that second see of I vision probably we've I quarter worry the realistically strategic sort some, articulate then out company to got I do. we out but better to lots are things next vision a you'll of where way you'll leadership going little a a I think the marketplace

probably the probably the those get August get call Somewhere of and May conference good conference probably between -- two, you'll call, good you'll a pretty feel. pretty one August,

I a get it's the Because thing any it's part in mean probably ask. sense of to exactly should a a May. You'll shareholders asking. question be same

final shut comment just a we'll quick the probably Yes. here conference then and do so down. Operator,

just Yes, of you want to we're kind support of appreciate for your the time. I Charlie's thank comments. over running years. out all I

together been have than I've worked We longer married.

long a time. been it's So

So lot. -- a I committed learned and to Hamid. am I've

to the and excited he as myself available I'm going told him clear, And Hamid me And I board. was to of Board. Board, speed. the come be to see on make I'll part to Just very him on to, up interview remain the I'm process. needs get to

it coming, goes. Thank excited how I'm and for about Thanks joining. So see let's you. what's

This and you call. participated. Thank concludes so everyone much to conference who our presenters to today's

day. disconnect. may a You now Have great