EchoStar (ECHO) FY2022 results: revenue $18.6 billion, down 6.0% on the year

EchoStar Corp. (ECHO) reported revenue of $18.6 billion for fiscal 2022, the year ended 31 December 2022, down 6.0% on the year before. Net income was $2.5 billion, down 0.3%, and diluted earnings per share $8.05. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$18.6 billion

-6.0% on the year

FY2015FY2022

Operating margin

12.0%

17.3% a year earlier

FY2015FY2022

Net income

$2.5 billion

-0.3% on the year

FY2015FY2022

Diluted EPS

$8.05

+1.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	18,634	19,819	1,888	-6.0%
Cost of revenue	10,111	10,717	n/a	-5.7%
Gross profit	8,523	9,101	n/a	-6.4%
Gross margin	45.7%	45.9%	n/a
Research and development	110	91.0	29.4	+20.9%
Selling, general and administrative	3,015	2,686	475	+12.2%
Operating income	2,233	3,422	112	-34.8%
Operating margin	12.0%	17.3%	6.0%
Interest expense	57.2	95.5	148	-40.1%
Pre-tax income	3,335	3,350	-27.8	-0.4%
Income tax	798	828	24.1	-3.6%
Effective tax rate	23.9%	24.7%	n/a
Net income	2,478	2,486	-40.1	-0.3%
Net margin	13.3%	12.5%	-2.1%
Diluted EPS	$8.05	$7.94	-$0.41	+1.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	3,621	4,655	534	-22.2%
Capital expenditure	3,050	1,619	409	+88.4%
Free cash flow	571	3,036	126	-81.2%
Free cash flow margin	3.1%	15.3%	6.7%
Cash from investing	-9,060	-4,247	-1,142
Cash from financing	-274	3,515	-15.6
Depreciation and amortisation	1,175	1,214	238	-3.2%
Share-based compensation	83.0	59.4	8.9	+39.8%
Buybacks	89.3	261	43.5	-65.8%
Diluted shares, weighted	308m	313m	98m	-1.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	21,488	3,354	3,542	+540.7%
Non-controlling interest	98.2	60.3	64.9	+63.0%
Debt	22,896	1,496	2,393	+1,430.5%
Operating lease liabilities	2,809	135	115	+1,982.2%
Finance lease liabilities	75.3	0.0	0.1
Other liabilities	11,382	1,000	958	+1,038.0%
Total liabilities and equity	58,748	6,045	7,073	+871.8%
Fixed assets	7,905	382	449	+1,969.0%
Goodwill	758	736	512	+2.9%
Intangible assets	n/a	n/a	479
Investments	1,980	1,010	1,638	+95.9%
Cash and equivalents	2,498	536	896	+366.1%
Receivables	1,183	182	184	+549.6%
Inventory	626	103	98.0	+507.3%
Other assets	43,800	3,096	2,817	+1,315.0%
Total assets	58,748	6,045	7,073	+871.8%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.