Dish Network 2012 Annual Report Download - page 57

DISH NETWORK CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share amounts)
The accompanying notes are an integral part of these consolidated financial statements.
2012 2011
Assets
Current Assets:
Cash and cash equivalents............................................................................................................................... 3,606,140$ 609,108$
Marketable investment securities (Note 6)...................................................................................................... 3,631,637 1,431,745
Trade accounts receivable - other, net of allowance for doubtful accounts
of $16,945 and $15,773, respectively.......................................................................................................... 842,905 778,443
Trade accounts receivable - EchoStar, net of allowance for doubtful accounts of zero.................................. 26,960 16,374
Inventory......................................................................................................................................................... 623,720 707,151
Deferred tax assets (Note 12).......................................................................................................................... 99,854 73,014
Prepaid income taxes....................................................................................................................................... 110,608 -
Other current assets......................................................................................................................................... 117,329 131,988
Total current assets.............................................................................................................................................. 9,059,153 3,747,823
Noncurrent Assets:
Restricted cash and marketable investment securities (Note 6)....................................................................... 134,410 132,435
Property and equipment, net (Note 8)............................................................................................................. 4,402,360 3,169,891
FCC authorizations.......................................................................................................................................... 3,296,665 1,391,441
Marketable and other investment securities (Note 6)...................................................................................... 119,051 112,132
Investment in DBSD North America (Note 10).............................................................................................. - 1,297,614
TerreStar Transaction (Note 10)..................................................................................................................... - 1,345,000
Other noncurrent assets, net............................................................................................................................ 367,969 273,895
Total noncurrent assets........................................................................................................................................ 8,320,455 7,722,408
Total assets.................................................................................................................................................... 17,379,608$ 11,470,231$
Liabilities and Stockholders' Equity (Deficit)
Current Liabilities:
Trade accounts payable - other........................................................................................................................ 298,722$ 225,556$
Trade accounts payable - EchoStar................................................................................................................. 281,875 229,852
Deferred revenue and other............................................................................................................................. 857,280 832,390
Accrued programming..................................................................................................................................... 1,096,908 1,067,625
Accrued interest.............................................................................................................................................. 224,383 124,907
Litigation accrual (Note 16)............................................................................................................................ 70,999 65,580
Other accrued expenses................................................................................................................................... 556,599 638,956
Current portion of long-term debt and capital lease obligations (Note 11)..................................................... 537,701 35,645
Total current liabilities........................................................................................................................................ 3,924,467 3,220,511
Long-Term Obligations, Net of Current Portion:
Long-term debt and capital lease obligations, net of current portion (Note 11).............................................. 11,350,399 7,458,134
Deferred tax liabilities (Note 12).................................................................................................................... 1,662,732 974,414
Long-term deferred revenue, distribution and carriage payments and other long-term liabilities................... 370,382 236,175
Total long-term obligations, net of current portion............................................................................................. 13,383,513 8,668,723
Total liabilities.............................................................................................................................................. 17,307,980 11,889,234
Commitments and Contingencies (Note 16)
Stockholders’ Equity (Deficit):
Class A common stock, $.01 par value, 1,600,000,000 shares authorized, 270,613,262 and 264,732,074
shares issued, 214,495,002 and 208,613,814 shares outstanding, respectively........................................... 2,706 2,647
Class B common stock, $.01 par value, 800,000,000 shares authorized,
238,435,208 shares issued and outstanding................................................................................................. 2,384 2,384
Class C common stock, $.01 par value, 800,000,000 shares authorized, none issued and outstanding......... - -
Additional paid-in capital............................................................................................................................... 2,440,626 2,274,005
Accumulated other comprehensive income (loss).......................................................................................... 188,803 82,043
Accumulated earnings (deficit)...................................................................................................................... (1,028,193) (1,211,990)
Treasury stock, at cost.................................................................................................................................... (1,569,459) (1,569,459)
Total DISH Network stockholders’ equity (deficit)............................................................................................ 36,867 (420,370)
Noncontrolling interest................................................................................................................................. 34,761 1,367
Total stockholders' equity (deficit)...................................................................................................................... 71,628 (419,003)
Total liabilities and stockholders’ equity (deficit)....................................................................................... 17,379,608$ 11,470,231$
As of December 31,
F-4
DISH NETWORK CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands, except per share amounts)
The accompanying notes are an integral part of these consolidated financial statements.
2012 2011 2010
Revenue:
Subscriber-related revenue................................................................................................ 13,085,910$ 12,976,009$ 12,543,794$
Equipment and merchandise sales, rental and other revenue............................................. 1,162,664 1,035,910 59,770
Equipment sales, services and other revenue - EchoStar................................................... 17,918 36,474 37,180
Total revenue.............................................................................................................. 14,266,492 14,048,393 12,640,744
Costs and Expenses (exclusive of depreciation shown separately below - Note 8):
Subscriber-related expenses.............................................................................................. 7,254,458 6,845,611 6,676,145
Satellite and transmission expenses:
EchoStar........................................................................................................................ 424,543 441,541 418,358
Other.............................................................................................................................. 41,697 39,806 40,249
Cost of sales - equipment, merchandise, services, rental and other .................................. 569,626 448,686 76,406
Subscriber acquisition costs:
Cost of sales - subscriber promotion subsidies - EchoStar......................................... 267,133 249,440 175,777
Other subscriber acquisition costs.............................................................................. 1,420,194 1,255,737 1,477,717
Total subscriber acquisition costs...................................................................................... 1,687,327 1,505,177 1,653,494
General and administrative expenses - EchoStar............................................................... 69,803 49,485 47,457
General and administrative expenses................................................................................. 1,283,697 1,185,009 578,386
Litigation expense (Note 16)............................................................................................. 730,457 (316,949) 225,456
Depreciation and amortization (Note 8)............................................................................ 983,049 922,073 983,965
Total costs and expenses............................................................................................ 13,044,657 11,120,439 10,699,916
Operating income (loss)..................................................................................................... 1,221,835 2,927,954 1,940,828
Other Income (Expense):
Interest income.................................................................................................................. 99,522 34,354 25,158
Interest expense, net of amounts capitalized...................................................................... (536,879) (557,910) (454,777)
Other, net........................................................................................................................... 148,291 6,186 30,996
Total other income (expense)..................................................................................... (289,066) (517,370) (398,623)
Income (loss) before income taxes.................................................................................... 932,769 2,410,584 1,542,205
Income tax (provision) benefit, net (Note 12)................................................................... (307,029) (895,006) (557,473)
Net income (loss)............................................................................................................... 625,740 1,515,578 984,732
Less: Net income (loss) attributable to noncontrolling interest.................................... (10,947) (329) 3
Net income (loss) attributable to DISH Network.............................................................. 636,687$ 1,515,907$ 984,729$
Weighted-average common shares outstanding - Class A and B common stock:
Basic.................................................................................................................................. 450,264 445,434 445,865
Diluted............................................................................................................................... 452,899 446,865 446,597
Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to DISH Network...................................... 1.41$ 3.40$ 2.21$
Diluted net income (loss) per share attributable to DISH Network................................... 1.41$ 3.39$ 2.20$
Comprehensive Income (Loss):
Net income (loss)............................................................................................................... 625,740$ 1,515,578$ 984,732$
Other comprehensive income (loss):
Foreign currency translation adjustments.......................................................................... 4,106 (9,139) (13,476)
Unrealized holding gains (losses) on available-for-sale securities.................................... 265,785 (13,965) 50,348
Recognition of previously unrealized (gains) losses on
available-for-sale securities included in net income (loss)............................................. (150,239) 11,790 (3,852)
Deferred income tax (expense) benefit.............................................................................. (12,892) - 5,067
Total other comprehensive income (loss), net of tax........................................................ 106,760 (11,314) 38,087
Comprehensive income (loss)............................................................................................ 732,500 1,504,264 1,022,819
Less: Comprehensive income (loss) attributable to noncontrolling interest................... (10,947) (329) 3
Comprehensive income (loss) attributable to DISH Network........................................... 743,447$ 1,504,593$ 1,022,816$
For the Years Ended December 31,
F-5