20ANNUAL 20REPORT YEAR ENDED DECEMBER 31, 2020 CONNECTING THE WORLD March 17, 2021 Dear EchoStar Corporation Shareholder, 2020 was a challenging year for everyone, but despite all the hurdles, our EchoStar team delivered. When it was needed the most, our team rose to the occasion and delivered essential broadband services and technologies connecting millions around the world while continuing to innovate and move the business forward. Notable highlights of 2020 include: • More than 1.5 million subscribers across two continents rely on HughesNet® for their internet access, including approximately 375,000 subscribers across Latin America. • The Gartner November 2020 Magic Quadrant for Managed Network Services recognized the Hughes Division as a pioneer of performance optimization technology. The Frost & Sullivan 2020 Frost Radar report rated Hughes as a leader in both growth and innovation, ranking among the top three managed SD-WAN providers for growth • We joined the consortium purchasing OneWeb out of bankruptcy and were selected to develop and manufacture essential ground system technology for the new LEO constellation. • We partnered with Jersey Telecom to bring true, hybrid satellite/cellular capability to Internet of Things (IoT) and Mobility customers across Europe and the U.K. • The Government Innovation Awards named Hughes an Industry Innovator, for its work at the forefront of government network modernization. • Inmarsat chose to partner with Hughes for its new GX North America aero service, leveraging the capacity density of our satellite fleet across the United States. • Our engineers continued to innovate the JUPITER™ System for broadband satellite implementations, improving return channel performance and efficiency and adding new Layer 2 support – all of which enable customers to send and receive more data and interoperate seamlessly with terrestrial networks, and • Construction of the EchoStar XXIV/JUPITER 3 satellite and ground network continued steadily, now planned for a 2022 launch to augment capacity for our growing HughesNet service across the Americas as well as for aeronautical and enterprise broadband services. EchoStar continues to rank as one of the world’s leading satellite operators, owning and/or leasing 10 satellites or payloads. Hughes continues to lead the industry as the number-one satellite internet provider in the world, and was recognized by U.S. News as the Best Satellite ISP of 2021. Year over year, our consolidated revenue was flat, and adjusted EBITDA grew by 7%. Our balance sheet remained strong at year end with over $2.5 billion of cash and marketable securities and zero net debt. We are well positioned to take advantage of the full economic potential of our high-growth consumer business, reinforcing our global leadership overall in satellite network services and technologies. To that end, in 2021, we will focus on maximizing revenue in the consumer market while we continue working toward the launch of the JUPITER 3 satellite as well as innovating products and services to capitalize on S-band opportunities. As the world begins to emerge from the pandemic, we anticipate an uptick in our enterprise networking sector and a return to growth across the business. We continue to supply the connectivity on which millions of consumers, enterprises, government agencies, and communities depend. I am proud of the EchoStar team’s efforts and operational accomplishments in delivering services that have never been more vital for our customers. It’s a testament to the commitment of our team and the value of the services and technologies we deliver to the world. Thank you for your continued support. Sincerely, Charles W. Ergen Chairman of the Board of Directors [This page intentionally left blank] UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO . Commission File Number: 001-33807 EchoStar Corporation (Exact name of registrant as specified in its charter) Nevada 26-1232727 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 100 Inverness Terrace East, Englewood, Colorado 80112-5308 (Address of principal executive offices) (Zip Code) (303) 706-4000 Not Applicable (Registrant’s telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Class A common stock $0.001 par value The NASDAQ Stock Market LLC (Title of each class) (Name of each exchange on which registered) SATS (Ticker symbol) Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☒ Accelerated filer ☐ Emerging growth company ☐ Non-accelerated filer ☐ Smaller reporting company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☒ No ☐ As of June 30, 2020, the aggregate market value of Class A common stock held by non-affiliates of the registrant was $1.3 billion based upon the closing price of the Class A common stock as reported on the NASDAQ Global Select Market as of the close of business on that date. As of February 11, 2021, the registrant’s outstanding common stock consisted of 46,011,533 shares of Class A common stock and 47,687,039 shares of Class B common stock, each $0.001 par value. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement to be filed in connection with its 2021 Annual Meeting of Shareholders are incorporated by reference in Part III. TABLE OF CONTENTS Disclosure Regarding Forward Looking Statements i PART I Item 1. Business 1 Item 1A. Risk Factors 14 Item 1B. Unresolved Staff Comments 24 Item 2. Properties 25 Item 3. Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. Selected Financial Data 27 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 54 Item 8. Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 55 Item 9A. Controls and Procedures 55 Item 9B. Other Information 56 PART III Item 10. Directors, Executive Officers and Corporate Governance 57 Item 11. Executive Compensation 57 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 57 Item 13. Certain Relationships and Related Transactions, and Director Independence 57 Item 14. Principal Accounting Fees and Services 57 PART IV Item 15. Exhibits, Financial Statement Schedules 58 Item 16. Form 10-K Summary 64 Signatures 65 Index to Consolidated Financial Statements F-1 DISCLOSURE REGARDING FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K (“Form 10-K”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about our estimates, expectations, plans, objectives, strategies, financial condition, expected impact of regulatory developments and legal proceedings, opportunities in our industries and businesses and other trends and projections for the next fiscal quarter and beyond. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements may also be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “estimate,” “expect,” “predict,” “continue,” “future,” “will,” “would,” “could,” “can,” “may” and similar terms. These forward-looking statements are based on information available to us as of the date of this Form 10-K and represent management’s current views and assumptions.