EchoStar Corporation

Greetings and welcome to the Echostar Corporation Q2 2026 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Jeff Blum. Acting Chief Legal Officer and Secretary. Thank you. You may begin.

Good afternoon. I'm here with Charlie Ergen, Paul Orban, our CFO, and John Swieringa, our COO. We will begin with opening remarks from Charlie, followed by a question and answer session. We ask that any participant producing a report not identify other participants or their firms in such reports. We also do not allow audio recordings. 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 Securities 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, our 10-Q file today, and our subsequent filings made with the SEC. This information and supplement materials relating to today's call will be posted on our investor relations websites. All cautionary statements we make during the 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 10Q as filed today with the SEC. With that, I'll turn it over to Charlie. Thank you, Jeff.

We're just going to take questions, but before we take questions, I just want to give a few opening comments. As you all know, August 1st, we had a $1.5 billion bond maturity for Hughes Corporation. We had discussions with the bondholders, but weren't able to come up with a workable solution. So we filed Chapter 11 bankruptcy this morning for Hughes. I want to make just a couple points on that. One is this filing is strictly limited to the Hughes entities. It does not include Echo Star Corporation or other non-Hughes subsidiaries or even Hughes International entities. Second, we have first aid motions this afternoon in front of the court to ensure that Hughes continues to operate normal course of business. And that means we're paying our employees, we're delivering for customers and channel partners as usual. and we expect to fulfill all ongoing forward commitments to our vendors. And third, we don't know how long bankruptcy will take before we can emerge restructured. As a result of the litigation that is expected in this, we won't take questions on Hughes, but I would refer you in our, you are referred in our press release, there's a link to our filing that I think lays out the chapter and verse, the details there. So with that, we'll take questions.