EchoStar Corp To Host Investor Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Walter Piecyk - LightShed Partners - Analyst : When you talk about the 24 to 36 months, that seems to be flipped to kind of what a lot of people were looking for anyway in terms of the [burn], does that imply that you're not planning on stepping up your CapEx? I know you have a deal with the FCC, but even on marketing to train, get more subscribers on the network? Or is there some increase aggression implied in there? And then just in terms of financial terms, I think the way I'm looking at it, I guess if it is AWS-3 and AWS-4 and you're using it for the convert and the new money that's [$10 billion, $0.50] per megahertz pop. That's pretty close, I guess, to your cost basis of $0.67. I'm just kind of curious if you can talk about the implied kind of loan to value metrics on that is there because I think in your prepared comments, you talked about the fact that there was more capacity under AWS-3, AWS-4 or maybe I misheard that you were just referring to the 34, 35 stuff, but if you could give us a sense of kind of the debt holders implied value that they're willing to allow you to borrow $0.50 a megahertz pop off of that bucket?

Question: Walter Piecyk - LightShed Partners - Analyst : Got it. So I understand is clearly. You're using 10 of what today you think is 13 available or 13 to 15 that can theoretically go up as spectrum value goes up. And then in addition to that, you also have the three five, which we can theoretically if this is implying a dollar 52 hours, whatever make our own assumptions on three five. Do I have that general math, right?

Question: Walter Piecyk - LightShed Partners - Analyst : Okay. I could just sneak one last one in. I mean, this gives you again now sounds like more than three years, if you top all that stuff, are you done with looking for strategic transaction because there's certainly opportunities. I would think particularly if the administration changes with network sharing, spectrum monetization, things like that is this you can see yourself done at the moment. Are there more things that you're exploring? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 30, 2024 / 12:30PM, SATS.OQ - EchoStar Corp To Host Investor Call

Question: Walter Piecyk - LightShed Partners - Analyst : Thank you.

Question: John Hodulik - UBS - Analyst : Great. Thanks for all the detail Hamid. And I just have a few questions. Follow-up questions on Walt's questions. First of all, you alluded to some of this, but any change in strategy we could think about now that with or without the new liquidity have either from a network deployment standpoint or a sort of go to market strategy? And then a second, just following up on the spectrum comments. Obviously, you have a great portfolio of spectrum. Does it change your view on the value or the need for that 800 megahertz spectrum that is potentially still available and held by T-Mobile?

Question: David Barden - Bank of America - Analyst : First, congrats on this amazing complicated transaction pulled together. I guess, how many maybe could you synthesize for us the slides, especially Slide 8, where we kind of now see in greater black and white the mix of businesses that you will have on a pro forma basis. And the kind of new balance sheet and how this all boils down to the cash flow run rate, that the company that we should expect the company to have in 2026, after the close. That we appreciate it. Thank you.

Question: David Barden - Bank of America - Analyst : Thank you so much for that. And if I could follow up, just one more question. So you made it very clear that the convert note holders are 85% onboard, and that looks like it's moving in the right direction. Could you elaborate a little bit more on how your relationship with the DBS noteholders is right now, and how this transaction kind of comports with the kind of back-and-forth lawsuits that you've got going on with set of investors?

Question: David Barden - Bank of America - Analyst : Thank you for those comments. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 30, 2024 / 12:30PM, SATS.OQ - EchoStar Corp To Host Investor Call

Question: Jonathan Chaplin - New Street Research LLP - Analyst : Thanks, guys. I'll add my congratulations for getting this month transaction across the [whole] line. Two questions for you Hamid. Firstly, wondering what's happening to the 12 gigahertz licenses in this transaction? Are they all traveling with the DBS assets and going to TPG Direct-TV? Or do you keep access to a portion of that spectrum? And then sort of relatedly, it seems like the director device opportunity is sort of a big part of your thinking. Is any part of the new capital that you guys have raised directed at launching a director device fleet? Or is the direct device opportunity globally, something you think that you would pursue on your own or does it make more sense to do that in conjunction with perhaps StarLink or Amazon who have fleets in the air, but no more global spectrum to use with them?

Question: Bryan Kraft - Deutsche Bank AG - Analyst : Thanks. Good morning and also congratulate you on this transaction, incredibly complex, enormous undertaking. Two things, I made. First, how do you see today's announcements at a high level impacting the business plan in terms of focusing on consumer versus enterprise, do you still have to prioritize consumer or do you think you can pursue both at this point? And then the second one is just how should we think about dis-synergies from the sale of the Pay-TV business, how much G&A and corporate costs are in the DBS segment currently that will, have to stay with the company and continue to run it on the corporate side?

Question: Bryan Kraft - Deutsche Bank AG - Analyst : Thank you.