EchoStar Corporation

Greetings and welcome to Echostar Corporation fourth quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Dean Manson. Thank you. You may begin.

Thank you. Welcome to ECHOSTAR's third quarter, year-end 2025 earnings call. We will begin with opening remarks from Hamid Akhavan, CEO of ECHOSTAR Capital, followed by Charlie Ergen, CEO and Chairman of ECHOSTAR. We request that any participant producing a report not identify other participants or their firms in such reports. We also do not allow audio recording, which we ask that you respect. All statements we make during this call, other than statements of historical fact, constitute forward-looking statements made pursuant to the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause our actual results to be materially different from historical results and from any future results expressed or implied by the forward-looking statements. For a list of those factors and risks, please refer to our annual report on Form 10-K for the fiscal year ended December 31, 2025, filed today, March 2nd, and our subsequent filings made from the SEC. This information and supplemental materials relating to today's call will be posted on our investor relations website. All cautionary statements we make during this call should be understood as being applicable to any forward-looking statements we make wherever they appear. You should carefully consider the risks described in our reports and should not place any undue reliance on any forward-looking statements. We assume no responsibility for updating any forward-looking statements. We refer to OIBDA and free cash flow during this call. The comparable gap measure and a reconciliation for OIBDA is presented in our earnings release and in the case of free cash flow in our Form 10-K as filed today with the SEC. Before we begin, I will also note that ECHOSTAR has filed an application that would allow it to participate in the FCC's upcoming AWS3 Spectrum Auction, designated as Auction 113. Pursuant to the FCC's anti-collusion rules, We are currently in a quiet period. Accordingly, we will not be making any comments or responding to any questions that relate to Auction 113. With that, I'll turn it over to Hamid.

Thank you, Dean. Welcome everyone and thank you for joining us today to discuss our 2025 end of year results. Before I hand over to Charlie, I would like to briefly comment on a few topics relevant to Echo Star Capital. As we await final regulatory approvals for our spectrum sale and the resulting influx of capital expected during the first half of this year, we remain committed to being excellent stewards of capital. We're preparing to allocate and utilize these funds based on our view of how we might maximize shareholder returns with actions spanning from immediate to over a long horizon. Our decisions are based on many considerations, including paying down expensive or maturing debt obligations, our current and anticipated tax liabilities and any mitigating avenues, and investments and development opportunities at Echo Star Capital versus returning excess capital to the shareholders through the common short-term remuneration options. These considerations are both complex and interrelated, further complicated by dynamic external factors such as the possibility and the timing of a potential SpaceX IPO. With this context as background, it would be difficult and potentially misleading for us to provide significant detail on most of these topics at this time. ECOSTAR is in the midst of a large-scale positive transformation arising from its vision, long horizon of strategic bets, and decades of diligent execution. we feel confident about our ability to continue operating on the same success principles and navigate for the best shareholder outcome in the long run. With that, I will now turn the call over to Charlie.