Annual Report Year Ended December 31, 2018 CONNECTING THE WORLD March 18, 2019 Dear EchoStar Corporation Shareholder, 2018 was a successful year for EchoStar with many significant accomplishments focused on driving long-term growth and capitalizing on the global demand for satellite-delivered broadband Internet services and enterprise solutions. We expanded services in the Americas and Europe, grew our presence in Africa, the Middle East and southwest Asia, launched a new hosted payload and continued the construction of our next-generation, Ultra High Density Satellite. Notable highlights include: • Expanded the footprint of HughesNet®, our high-speed satellite Internet service, in Central and South America with the launch of the Hughes 63 West payload hosted on the Telstar 19V satellite and the start of service in Peru and Ecuador. • Commenced our strategic joint venture arrangement with Al Yah Satellite Communications Company PrJSC (Yahsat) to provide commercial satellite broadband services across Africa, the Middle East and southwest Asia. • Increased sales of our JUPITER™ Aero solution for in-flight connectivity, now operating on over 1,100 aircraft - covering routes across the Americas, the North Atlantic, Europe, Africa and Asia/Pacific. • Continued construction of EchoStar XXIV/JUPITER 3, our Ultra High Density Satellite, designed to augment capacity for our growing HughesNet service across the Americas as well as for aeronautical and enterprise broadband services, with a planned 2021 launch. • Continued developing and deploying EchoStar Mobile Satellite Services in Europe using our EchoStar XXI S Band satellite and preparing for a next generation hybrid network for IoT. EchoStar is one of the world’s leading satellite operators, owning and/or leasing 18 satellites. Last year, HughesNet® continued to build on its success as the #1 consumer satellite Internet service, reaching over 1.3 million subscribers in the Americas and obtaining approximately 69% U.S. market share. Moreover, for the fourth successive year, the FCC ranked HughesNet® #1 among all ISPs – cable, DSL, fiber and satellite – in meeting or exceeding advertised download speeds. 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. We intend to continue to utilize our expertise and success in the Americas to propel growth internationally across both consumer and enterprise markets. Our Net Income and EBITDA were negatively impacted by non-recurring losses on investments and impairment charges in 2018. Without these non-recurring items, our consolidated pre-tax net income improved by 20% and consolidated EBITDA increased 11%, and we had $734.5 million of Cash Flow from Operations. Our Hughes segment revenue and EBITDA, which represent approximately 80% of our total revenue and EBITDA, increased 16% and 27% in 2018. Our balance sheet remained strong at the end of the year with over $3.2 billion of cash and marketable securities. Our mission is to be the global connectivity provider for people, enterprises and things, powering a connected future. Looking forward, we expect to leverage our successes in 2018 and further pursue strategic opportunities to grow organically and through acquisitions and other commercial and strategic alliances. As we look across our industry, winning companies are those that never cease breaking new ground and creating new opportunities. We strongly believe that EchoStar is one of those companies and are confident that the innovative spirit of our experienced and diverse workforce is what will continue to drive our success. 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/A (Amendment No. 1) (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, 2018. 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) Registrant’s telephone number, including area code: (303) 706-4000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Class A common stock, $0.001 par value The NASDAQ Stock Market LLC 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 (§232.405 of this chapter) 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. 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 Non-accelerated filer Smaller reporting company Emerging growth 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 As of June 30, 2018, the aggregate market value of Class A common stock held by non-affiliates of the registrant was $2.1 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, 2019, the registrant’s outstanding common stock consisted of 47,658,409 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 The following documents are incorporated into this Amendment No. 1 to the Annual Report on Form 10-K/A by reference: Portions of the registrant’s definitive Proxy Statement to be filed in connection with its 2019 Annual Meeting of Shareholders are incorporated by reference in Part III. [This page intentionally left blank] Explanatory Note This Amendment No. 1 to Form 10-K on Form 10-K/A (this “Amended 10-K”) is being filed with respect to the Annual Report of EchoStar Corporation (“EchoStar” or the “Company”) on Form 10- K for the fiscal year ended December 31, 2018 filed with the Securities and Exchange Commission (“SEC”) on February 21, 2019 (the “10-K”). EchoStar is filing this Amended 10-K to correct various formatting errors in the 10-K that occurred due to a file corruption discovered after filing the 10-K. Other than such corrections, there are no other changes, amendments or updates to any other information in the 10 K, but this Amended 10-K is being filed in its entirety for ease of review. [This page intentionally left blank] 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 32 Item 2. Properties 33 Item 3. Legal Proceedings 33 Item 4. Mine Safety Disclosures 34 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6. Selected Financial Data 36 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 65 Item 8. Financial Statements and Supplementary Data 66 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 66 Item 9A. Controls and Procedures 66 Item 9B. Other Information 67 PART III Item 10. Directors, Executive Officers and Corporate Governance 68 Item 11. Executive Compensation 68 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 68 Item 13. Certain