Exhibit 99.1
EchoStar Announces Financial Results for Three and Nine Months Ended September 30, 2020
Englewood, CO, November 5, 2020—EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three and nine months ended September 30, 2020.
Three Months Ended September 30, 2020 Financial Highlights:
•Consolidated revenues of $473.5 million.
•Net income from continuing operations of $23.3 million, consolidated net income attributable to EchoStar common stock of $25.4 million, and diluted earnings per share of $0.26.
•Consolidated Adjusted EBITDA of $166.7 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).
Nine Months Ended September 30, 2020 Financial Highlights:
•Consolidated revenues of $1,398.6 million.
•Net loss from continuing operations of $49.3 million, consolidated net loss attributable to EchoStar common stock of $40.3 million, and diluted loss per share of $(0.41).
•Consolidated Adjusted EBITDA of $476.2 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).
“We had another outstanding quarter,” commented Michael Dugan, CEO and President of EchoStar. “We increased our consumer subscriber base by approximately 38,000, driven by our international markets, and grew our Net income and Adjusted EBITDA from the same period last year. The continued growth in demand for our service demonstrates the importance of our networks and services for businesses and families everywhere. We will continue to focus on the needs of our customers as connectivity becomes a more vital part of business, entertainment, and communications.”
Three Months Ended September 30, 2020 - Additional Information:
•Consolidated revenue was up $1.2 million year over year including an estimated negative foreign exchange impact of $10.9 million.
•Adjusted EBITDA increased 9% or $14.3 million year over year.
◦Hughes segment Adjusted EBITDA increased $13.2 million year over year. The increase was driven primarily by the higher margin associated with the growth in our consumer broadband service.
◦ESS segment Adjusted EBITDA increased by $0.5 million year over year.
◦Corporate and Other segment Adjusted EBITDA increased by $0.7 million. The increase was primarily driven by lower equity losses in unconsolidated affiliates of $1.3 million compared to the same period last year.
•Net income from continuing operations was $23.3 million, an increase of $46.4 million from last year. The change was primarily due to higher operating income of $10.9 million, improvement in foreign currency transactions, net, of $21.8 million, higher gains on investments, net, of $6.7 million, and lower income tax provision of $2.1 million.
•Hughes broadband subscribers are approximately 1,580,000 as of September 30, 2020 including approximately 364,000 subscribers in Latin America.
•For the three months ended September 30, 2020, approximately 71% of Hughes segment revenue was attributable to our consumer customers with approximately 29% attributable to our enterprise customers.
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•Cash, cash equivalents and marketable investment securities were $2.5 billion as of September 30, 2020.
Set forth below is a table highlighting certain of EchoStar’s segment results three and nine months ended September 30, 2020 and 2019 (amounts in thousands) from continuing operations (all US GAAP amounts reference results from continuing operations):

|  | For the three months ended September 30, |  | For the nine months ended September 30, |  |
|  | 2020 |  | 2019 |  | 2020 |  | 2019 |  |  |  |
Revenue |  |  |  |  |  |  |  |  |  |  |  |
Hughes |  | $ | 466,762 |  |  | $ | 463,735 |  |  | $ | 1,378,416 |  |  | $ | 1,360,919 |  |  |  |  |
EchoStar Satellite Services |  | 4,402 |  |  | 4,098 |  |  | 13,233 |  |  | 11,873 |  |  |  |  |
Corporate and Other |  | 2,338 |  |  | 4,429 |  |  | 6,985 |  |  | 14,283 |  |  |  |  |
Total revenue |  | $ | 473,502 |  |  | $ | 472,262 |  |  | $ | 1,398,634 |  |  | $ | 1,387,075 |  |  |  |  |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
Hughes |  | $ | 186,458 |  |  | $ | 173,298 |  |  | $ | 534,955 |  |  | $ | 490,152 |  |  |  |  |
EchoStar Satellite Services |  | 2,274 |  |  | 1,791 |  |  | 5,847 |  |  | 5,006 |  |  |  |  |
Corporate & Other: |  |  |  |  |  |  |  |  |  |  |  |
Corporate overhead, operating and other |  | (21,572) |  |  | (20,981) |  |  | (63,948) |  |  | (58,769) |  |  |  |  |
Equity in earnings (losses) of unconsolidated affiliates, net |  | (504) |  |  | (1,782) |  |  | (660) |  |  | (9,507) |  |  |  |  |
Total Corporate & Other |  | (22,076) |  |  | (22,763) |  |  | (64,608) |  |  | (68,276) |  |  |  |  |
Total Adjusted EBITDA |  | $ | 166,656 |  |  | $ | 152,326 |  |  | $ | 476,194 |  |  | $ | 426,882 |  |  |  |  |
Expenditures for property and equipment |  | $ | 98,137 |  |  | $ | 95,155 |  |  | $ | 295,041 |  |  | $ | 314,351 |  |  |  |  |

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Reconciliation of GAAP to Non-GAAP Measurement (amounts in thousands):

|  | For the three months ended September 30, |  | For the nine months ended September 30, |  |
|  | 2020 |  | 2019 |  | 2020 |  | 2019 |  |  |  |
Net income (loss) |  | $ | 23,273 |  |  | $ | (21,106) |  |  | (49,307) |  |  | (11,158) |  |  |  |  |
Interest income, net |  | (7,364) |  |  | (17,175) |  |  | (33,707) |  |  | (64,817) |  |  |  |  |
Interest expense, net of amounts capitalized |  | 37,967 |  |  | 49,865 |  |  | 112,458 |  |  | 156,813 |  |  |  |  |
Income tax provision (benefit), net |  | 2,950 |  |  | 5,016 |  |  | 6,309 |  |  | 12,607 |  |  |  |  |
Depreciation and amortization |  | 129,822 |  |  | 122,374 |  |  | 392,077 |  |  | 361,619 |  |  |  |  |
Net loss (income) from discontinued operations |  | — |  |  | (2,008) |  |  | — |  |  | (46,223) |  |  |  |  |
Net loss (income) attributable to non-controlling interests |  | 2,167 |  |  | 2,797 |  |  | 9,040 |  |  | 1,359 |  |  |  |  |
EBITDA |  | 188,815 |  |  | 139,763 |  |  | 436,870 |  |  | 410,200 |  |  |  |  |
(Gains) losses on investments, net |  | (14,998) |  |  | (8,295) |  |  | 37,764 |  |  | (28,087) |  |  |  |  |
Litigation Expense |  | — |  |  | 1,824 |  |  | — |  |  | 26,328 |  |  |  |  |
License fee dispute - India, net of non-controlling interests |  | (480) |  |  | 3,940 |  |  | (1,043) |  |  | 3,940 |  |  |  |  |
Foreign currency transaction (gains) losses, net |  | (6,681) |  |  | 15,094 |  |  | 2,603 |  |  | 14,501 |  |  |  |  |
Adjusted EBITDA |  | $ | 166,656 |  |  | $ | 152,326 |  |  | $ | 476,194 |  |  | $ | 426,882 |  |  |  |  |

Note on Use of Non-GAAP Financial Measures
EBITDA is defined as “Net income (loss)” excluding “Interest income, net,” Interest expense, net of amounts capitalized,” “Income tax benefit (provision), net,” “Depreciation and amortization,” “Net income (loss) from discontinued operations,” and “Net income (loss) attributable to non-controlling interests.”
Adjusted EBITDA is defined as EBITDA excluding “Gains and losses on investments, net,” “Foreign currency transaction gains (losses), net,” and other non-recurring or non-operational items. EBITDA and Adjusted EBITDA are not measures determined in accordance with US GAAP. EBITDA and Adjusted EBITDA are reconciled to “Net income (loss)” in the table above and should not be considered in isolation or as a substitute for operating income, net income or any other measure determined in accordance with US GAAP. Our management uses EBITDA and Adjusted EBITDA as measures of our operating efficiency and overall financial performance for benchmarking against our peers and competitors. Management believes that these non-GAAP measures provide meaningful supplemental information regarding the underlying operating performance of our business and are appropriate to enhance an overall understanding of our financial performance. Management also believes that EBITDA and Adjusted EBITDA are useful to investors because they are frequently used by securities analysts, investors, and other interested parties to evaluate the performance of companies in our industry.
The consolidated financial statements of EchoStar for the periods ended September 30, 2020 and 2019 are attached to this press release. Detailed financial data and other information are available in EchoStar’s Quarterly Report on Form 10-Q for the period ended September 30, 2020 filed today with the Securities and Exchange Commission.
EchoStar will host a conference call and webcast to discuss its earnings on Thursday, November 5, 2020 at 11:00 a.m. Eastern Time. The call-in numbers are (877) 815-1625 (US) and (716) 247-5178 (International), Conference ID 8263356. The webcast will be available on EchoStar’s investor relations website at www.echostar.com.
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About EchoStar Corporation
EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite communications solutions. Headquartered in Englewood, Colo., and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its Hughes Network Systems and EchoStar Satellite Services business segments.
Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “project,” “plans,” and similar expressions and the use of future dates are intended to identify forward‑looking statements. Although management believes that the expectations reflected in these forward‑looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2019 and Quarterly Report on Form 10-Q for the period ended September 30, 2020 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.
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Contact Information

EchoStar Investor Relations | EchoStar Media Relations
Terry Brown Phone: +1 303-728-5179 Email: terry.brown@echostar.com | Sharyn Nerenberg Phone: +1 301-428-7124 Email: sharyn.nerenberg@echostar.com

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ECHOSTAR CORPORATION
Condensed Consolidated Balance Sheets
(Amounts in thousands, except per share amounts)

|  | As of
|  | September 30, 2020 |  | December 31, 2019
Assets |  |  |  |
Current assets: |  |  |  |
Cash and cash equivalents |  | $ | 555,550 |  |  | $ | 1,519,431 |
Marketable investment securities |  | 1,950,804 |  |  | 940,623 |
Trade accounts receivable and contract assets, net |  | 190,950 |  |  | 196,629 |
Other current assets, net |  | 192,724 |  |  | 179,531 |
Total current assets |  | 2,890,028 |  |  | 2,836,214 |
Non-current assets: |  |  |  |
Property and equipment, net |  | 2,372,594 |  |  | 2,528,738 |
Operating lease right-of-use assets |  | 129,073 |  |  | 114,042 |
Goodwill |  | 508,660 |  |  | 506,953 |
Regulatory authorizations, net |  | 475,824 |  |  | 478,598 |
Other intangible assets, net |  | 20,550 |  |  | 29,507 |
Other investments, net |  | 284,238 |  |  | 325,405 |
Other non-current assets, net |  | 344,569 |  |  | 334,841 |
Total non-current assets |  | 4,135,508 |  |  | 4,318,084 |
Total assets |  | $ | 7,025,536 |  |  | $ | 7,154,298 |
Liabilities and Stockholders’ Equity |  |  |  |
Current liabilities: |  |  |  |
Trade accounts payable |  | $ | 111,099 |  |  | $ | 124,080 |
Current portion of long-term debt, net |  | 897,303 |  |  | — |
Contract liabilities |  | 89,622 |  |  | 101,060 |
Accrued expenses and other current liabilities |  | 276,703 |  |  | 270,879 |
Total current liabilities |  | 1,374,727 |  |  | 496,019 |
Non-current liabilities: |  |  |  |
Long-term debt, net |  | 1,495,078 |  |  | 2,389,168 |
Deferred tax liabilities, net |  | 352,948 |  |  | 351,692 |
Operating lease liabilities |  | 115,376 |  |  | 96,941 |
Other non-current liabilities |  | 74,271 |  |  | 74,925 |
Total non-current liabilities |  | 2,037,673 |  |  | 2,912,726 |
Total liabilities |  | 3,412,400 |  |  | 3,408,745 |
Commitments and contingencies |  |  |  |

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Stockholders’ equity: |  |  |  |
Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding at both September 30, 2020 and December 31, 2019 |  | — |  |  | — |
Common stock, $0.001 par value, 4,000,000,000 shares authorized: |  |  |  |
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 57,140,432 shares issued and 50,458,512 shares outstanding at September 30, 2020 and 56,592,251 shares issued and 50,107,330 shares outstanding at December 31, 2019 |  | 57 |  |  | 57 |
Class B convertible common stock, $0.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at both September 30, 2020 and December 31, 2019 |  | 48 |  |  | 48 |
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both September 30, 2020 and December 31, 2019 |  | — |  |  | — |
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both September 30, 2020 and December 31, 2019 |  | — |  |  | — |
Additional paid-in capital |  | 3,317,868 |  |  | 3,290,483 |
Accumulated other comprehensive income (loss) |  | (209,538) |  |  | (122,138) |
Accumulated earnings (losses) |  | 583,474 |  |  | 632,809 |
Treasury stock, at cost |  | (137,347) |  |  | (131,454) |
Total EchoStar Corporation stockholders’ equity |  | 3,554,562 |  |  | 3,669,805 |
Non-controlling interests |  | 58,574 |  |  | 75,748 |
Total stockholders’ equity |  | 3,613,136 |  |  | 3,745,553 |
Total liabilities and stockholders’ equity |  | $ | 7,025,536 |  |  | $ | 7,154,298 |

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ECHOSTAR CORPORATION
Condensed Consolidated Statements of Operations
(Amounts in thousands, except per share amounts)

|  | For the three months ended September 30, |  | For the nine months ended September 30, |  |
|  | 2020 |  | 2019 |  | 2020 |  | 2019 |  |  |  |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Services and other revenue |  | $ | 426,532 |  |  | $ | 406,537 |  |  | $ | 1,251,932 |  |  | $ | 1,211,991 |  |  |  |  |
Equipment revenue |  | 46,970 |  |  | 65,725 |  |  | 146,702 |  |  | 175,084 |  |  |  |  |
Total revenue |  | 473,502 |  |  | 472,262 |  |  | 1,398,634 |  |  | 1,387,075 |  |  |  |  |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales - services and other (exclusive of depreciation and amortization) |  | 146,577 |  |  | 143,842 |  |  | 432,848 |  |  | 429,869 |  |  |  |  |
Cost of sales - equipment (exclusive of depreciation and amortization) |  | 37,079 |  |  | 51,188 |  |  | 115,529 |  |  | 142,744 |  |  |  |  |
Selling, general and administrative expenses |  | 115,358 |  |  | 122,629 |  |  | 354,437 |  |  | 383,952 |  |  |  |  |
Research and development expenses |  | 7,676 |  |  | 6,136 |  |  | 21,378 |  |  | 19,411 |  |  |  |  |
Depreciation and amortization |  | 129,822 |  |  | 122,374 |  |  | 392,077 |  |  | 361,619 |  |  |  |  |
Total costs and expenses |  | 436,512 |  |  | 446,169 |  |  | 1,316,269 |  |  | 1,337,595 |  |  |  |  |
Operating income (loss) |  | 36,990 |  |  | 26,093 |  |  | 82,365 |  |  | 49,480 |  |  |  |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Interest income, net |  | 7,364 |  |  | 17,175 |  |  | 33,707 |  |  | 64,817 |  |  |  |  |
Interest expense, net of amounts capitalized |  | (37,967) |  |  | (49,865) |  |  | (112,458) |  |  | (156,813) |  |  |  |  |
Gains (losses) on investments, net |  | 14,998 |  |  | 8,295 |  |  | (37,764) |  |  | 28,087 |  |  |  |  |
Equity in earnings (losses) of unconsolidated affiliates, net |  | (2,134) |  |  | (3,209) |  |  | (5,866) |  |  | (14,317) |  |  |  |  |
Foreign currency transaction gains (losses), net |  | 6,681 |  |  | (15,094) |  |  | (2,603) |  |  | (14,501) |  |  |  |  |
Other, net |  | 291 |  |  | (1,493) |  |  | (379) |  |  | (1,527) |  |  |  |  |
Total other income (expense), net |  | (10,767) |  |  | (44,191) |  |  | (125,363) |  |  | (94,254) |  |  |  |  |
Income (loss) from continuing operations before income taxes |  | 26,223 |  |  | (18,098) |  |  | (42,998) |  |  | (44,774) |  |  |  |  |
Income tax benefit (provision), net |  | (2,950) |  |  | (5,016) |  |  | (6,309) |  |  | (12,607) |  |  |  |  |
Net income (loss) from continuing operations |  | 23,273 |  |  | (23,114) |  |  | (49,307) |  |  | (57,381) |  |  |  |  |
Net income (loss) from discontinued operations |  | — |  |  | 2,008 |  |  | — |  |  | 46,223 |  |  |  |  |
Net income (loss) |  | 23,273 |  |  | (21,106) |  |  | (49,307) |  |  | (11,158) |  |  |  |  |
Less: Net loss (income) attributable to non-controlling interests |  | 2,167 |  |  | 2,797 |  |  | 9,040 |  |  | 1,359 |  |  |  |  |
Net income (loss) attributable to EchoStar Corporation common stock |  | $ | 25,440 |  |  | $ | (18,309) |  |  | $ | (40,267) |  |  | (9,799) |  |  |  |  |
Earnings (losses) per share - Class A and B common stock: |  |  |  |  |  |  |  |  |  |  |  |
Basic and diluted earnings (losses) from continuing operations per share |  | $ | 0.26 |  |  | $ | (0.21) |  |  | $ | (0.41) |  |  | $ | (0.58) |  |  |  |  |
Total basic and diluted earnings (losses) per share |  | $ | 0.26 |  |  | $ | (0.19) |  |  | $ | (0.41) |  |  | $ | (0.10) |  |  |  |  |

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ECHOSTAR CORPORATION
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands, except per share amounts)

|  | For the nine months ended September 30,
|  | 2020 |  | 2019
Cash flows from operating activities: |  |  |  |
Net income (loss) |  | $ | (49,307) |  |  | $ | (11,158) |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: |  |  |  |
Depreciation and amortization |  | 392,077 |  |  | 459,054 |
Losses (gains) on investments, net |  | 37,764 |  |  | (28,087) |
Equity in losses (earnings) of unconsolidated affiliates, net |  | 5,866 |  |  | 14,317 |
Foreign currency transaction losses (gains), net |  | 2,603 |  |  | 14,501 |
Deferred tax provision (benefit), net |  | 4,474 |  |  | 22,949 |
Stock-based compensation |  | 6,887 |  |  | 7,120 |
Amortization of debt issuance costs |  | 3,212 |  |  | 4,882 |
Dividends received from unconsolidated affiliates |  | — |  |  | 2,716 |
Other, net |  | (9,145) |  |  | 9,617 |
Changes in assets and liabilities, net: |  |  |  |
Trade accounts receivable and contract assets, net |  | (9,157) |  |  | (5,439) |
Other current assets, net |  | (21,090) |  |  | (42,140) |
Trade accounts payable |  | (17,824) |  |  | 18,180 |
Contract liabilities |  | (11,438) |  |  | 37,273 |
Accrued expenses and other current liabilities |  | 29,155 |  |  | 27,972 |
Non-current assets and non-current liabilities, net |  | 1,325 |  |  | 1,303 |
Net cash flows from operating activities |  | 365,402 |  |  | 533,060 |
Cash flows from investing activities: |  |  |  |
Purchases of marketable investment securities |  | (2,234,671) |  |  | (655,265) |
Sales and maturities of marketable investment securities |  | 1,231,790 |  |  | 1,988,078 |
Expenditures for property and equipment |  | (295,041) |  |  | (314,861) |
Expenditures for externally marketed software |  | (27,824) |  |  | (21,364) |
Purchase of other investments |  | (5,500) |  |  | — |
Investments in unconsolidated affiliates |  | — |  |  | (7,503) |
Dividend received from unconsolidated affiliate |  | — |  |  | 2,284 |
Net cash flows from investing activities |  | (1,331,246) |  |  | 991,369 |
Cash flows from financing activities: |  |  |  |
Repurchase and maturity of the 2019 Senior Secured Notes |  | — |  |  | (920,923) |
Payment of finance lease obligations |  | (606) |  |  | (29,135) |
Payment of in-orbit incentive obligations |  | (1,268) |  |  | (5,269) |
Net proceeds from Class A common stock options exercised |  | 983 |  |  | 64,143 |
Net proceeds from Class A common stock issued under the Employee Stock Purchase Plan |  | 8,066 |  |  | 7,724 |
Treasury share purchase |  | (5,893) |  |  | — |
Contribution by non-controlling interest holder |  | 14,268 |  |  | — |
Purchase of non-controlling interest |  | — |  |  | (7,313) |
Other, net |  | 998 |  |  | 758 |
Net cash flows from financing activities |  | 16,548 |  |  | (890,015) |
Effect of exchange rates on cash and cash equivalents |  | (8,348) |  |  | (411) |
Net increase (decrease) in cash and cash equivalents |  | (957,644) |  |  | 634,003 |
Cash and cash equivalents, including restricted amounts, beginning of period |  | 1,521,889 |  |  | 929,495 |
Cash and cash equivalents, including restricted amounts, end of period |  | $ | 564,245 |  |  | $ | 1,563,498 |

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