Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting

Schedule of revenue and operating income by segment


		Pay-TV			Wireless			Eliminations			Consolidated Total

		(In thousands)
For the Three Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue		$	2,446,844		$	823,722		$	—		$	3,270,566
Equipment sales and other revenue			14,149			110,827			—			124,976
Intersegment revenue			1,256			3			(1,259)			—
Total revenue			2,462,249			934,552			(1,259)			3,395,542

Operating Expenses
Cost of services:
Programming			1,179,987			—			—			1,179,987
Connectivity services (1)			52,652			635,549			(66)			688,135
Other (2)			316,332			164,502			(424)			480,410
Total cost of services			1,548,971			800,051			(490)			2,348,532
Cost of sales - equipment and other			9,446			282,045			—			291,491
Selling, general and administrative expenses:
Subscriber acquisition costs			87,606			204,809			(616)			291,799
Selling, general and administrative expenses			152,849			95,488			(153)			248,184
Total selling, general and administrative expenses			240,455			300,297			(769)			539,983

OIBDA (3)			663,377			(447,841)			—			215,536

Depreciation and amortization			67,825			320,960			—			388,785
Total costs and expenses			1,866,697			1,703,353			(1,259)			3,568,791

Operating income (loss)		$	595,552		$	(768,801)		$	—			(173,249)

Unallocated Amounts
Interest income												15,397
Interest expense, net of amounts capitalized												(230,249)
Other, net												25,698
Income (loss) before income taxes											$	(362,403)

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, network, transport and data, cloud based service, satellite and transmission, and other related costs.

(2)	“Other” primarily consists of variable costs including call center, manufacturing, dealer incentive, bad debt, billing and other variable costs, as well as costs to retain our subscribers.

(3)

OIBDA is a non-GAAP measure and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.


		Pay-TV			Wireless			Eliminations			Consolidated Total

		(In thousands)
For the Three Months Ended June 30, 2024
Revenue
Revenue from external customers:
Service revenue		$	2,658,383		$	785,135		$	—		$	3,443,518
Equipment sales and other revenue			17,786			106,966			—			124,752
Intersegment revenue			115			5			(120)			—
Total revenue			2,676,284			892,106			(120)			3,568,270

Operating Expenses
Cost of services:
Programming			1,259,042			—			—			1,259,042
Connectivity services			54,504			618,778			(5)			673,277
Other			325,137			125,649			20			450,806
Total cost of services			1,638,683			744,427			15			2,383,125
Cost of sales - equipment and other			17,837			312,983			—			330,820
Selling, general and administrative expenses:
Subscriber acquisition costs			102,635			147,308			—			249,943
Selling, general and administrative expenses			164,083			81,095			(135)			245,043
Total selling, general and administrative expenses			266,718			228,403			(135)			494,986

OIBDA			753,046			(393,707)			—			359,339

Depreciation and amortization			85,249			305,861			—			391,110
Total costs and expenses			2,008,487			1,591,674			(120)			3,600,041

Operating income (loss)		$	667,797		$	(699,568)		$	—			(31,771)

Unallocated Amounts
Interest income												10,514
Interest expense, net of amounts capitalized												(164,561)
Other, net												(64,477)
Income (loss) before income taxes											$	(250,295)


		Pay-TV			Wireless			Eliminations			Consolidated Total

		(In thousands)
For the Six Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue		$	4,971,196		$	1,633,329		$	—		$	6,604,525
Equipment sales and other revenue			27,614			273,763			—			301,377
Intersegment revenue			2,166			8			(2,174)			—
Total revenue			5,000,976			1,907,100			(2,174)			6,905,902

Operating Expenses
Cost of services:
Programming			2,396,409			—			—			2,396,409
Connectivity services			106,786			1,256,750			(300)			1,363,236
Other			602,412			308,634			(841)			910,205
Total cost of services			3,105,607			1,565,384			(1,141)			4,669,850
Cost of sales - equipment and other			19,118			631,290			—			650,408
Selling, general and administrative expenses:
Subscriber acquisition costs			174,119			395,294			(647)			568,766
Selling, general and administrative expenses			308,882			174,269			(386)			482,765
Total selling, general and administrative expenses			483,001			569,563			(1,033)			1,051,531

OIBDA			1,393,250			(859,137)			—			534,113

Depreciation and amortization			144,268			628,198			—			772,466
Total costs and expenses			3,751,994			3,394,435			(2,174)			7,144,255

Operating income (loss)		$	1,248,982		$	(1,487,335)		$	—			(238,353)

Unallocated Amounts
Interest income												25,198
Interest expense, net of amounts capitalized												(427,504)
Other, net												25,218
Income (loss) before income taxes											$	(615,441)


		Pay-TV			Wireless			Eliminations			Consolidated Total

		(In thousands)
For the Six Months Ended June 30, 2024
Revenue
Revenue from external customers:
Service revenue		$	5,359,545		$	1,589,401		$	—		$	6,948,946
Equipment sales and other revenue			43,083			216,130			—			259,213
Intersegment revenue			234			5			(239)			—
Total revenue			5,402,862			1,805,536			(239)			7,208,159

Operating Expenses
Cost of services:
Programming			2,543,872			—			—			2,543,872
Connectivity services			111,701			1,259,345			(9)			1,371,037
Other			647,555			248,115			49			895,719
Total cost of services			3,303,128			1,507,460			40			4,810,628
Cost of sales - equipment and other			34,829			602,525			—			637,354
Selling, general and administrative expenses:
Subscriber acquisition costs			223,388			289,046			(11)			512,423
Selling, general and administrative expenses			332,826			162,991			(455)			495,362
Total selling, general and administrative expenses			556,214			452,037			(466)			1,007,785

OIBDA			1,508,691			(756,486)			187			752,392

Depreciation and amortization			170,651			587,533			—			758,184
Total costs and expenses			4,064,822			3,149,555			(426)			7,213,951

Operating income (loss)		$	1,338,040		$	(1,344,019)		$	187			(5,792)

Unallocated Amounts
Interest income												23,167
Interest expense, net of amounts capitalized												(335,196)
Other, net												62,865
Income (loss) before income taxes											$	(254,956)

Schedule of long-lived assets by segment


		Pay-TV			Wireless			Total

		(In thousands)
For the Three Months Ended June 30, 2025
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)		$	78,580		$	496,117		$	574,697

For the Three Months Ended June 30, 2024
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)		$	37,877		$	544,420		$	582,297


		Pay-TV			Wireless			Total

		(In thousands)
For the Six Months Ended June 30, 2025
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)		$	140,968		$	786,335		$	927,303

For the Six Months Ended June 30, 2024
Purchases of property and equipment, net of refunds (including capitalized interest related to regulatory authorizations)		$	65,754		$	1,025,422		$	1,091,176

Revenue from external customers disaggregated by major revenue source


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
Category:		2025			2024			2025			2024

		(In thousands)
Pay-TV subscriber and related revenue		$	2,446,844		$	2,658,381		$	4,971,196		$	5,359,560
Wireless services and related revenue			823,722			785,135			1,633,329			1,589,401
Pay-TV equipment sales and other revenue			15,405			17,903			29,780			43,302
Wireless equipment sales and other revenue			110,830			106,971			273,771			216,135
Eliminations			(1,259)			(120)			(2,174)			(239)
Total		$	3,395,542		$	3,568,270		$	6,905,902		$	7,208,159