Satellite Communications

Satellite Industry Financial Analysis SIFA10

Satellite Industry Financial Analysis, 10th Edition

PUBLISHED: December 2020

Available Licenses: Standard: $4,595 Enterprise: $8,595

  • Report Summary
  • Key Features
  • Table of Contents
  • Supporting Articles

NSR’s Satellite Industry Financial Analysis, 10th Edition (SIFA10) is the leading industry resource for analyzing financial performance across the dynamic satcom market.  Built on 10+ years of in-house financial research, innovation in building unique metrics and cross-analyzing infrastructure, capacity supply, demand, pricing and funding trends in the satcom industry, SIFA10 includes forward outlook analysis on several operational, Debt, Cash and ROI metrics, competitiveness indicators and strategy.

NSR’S SIFA10 report continues to deliver best-in-class research focusing on strategic positioning and financial analysis of individual operators and service providers on YoY basis, spanning five FYs, alongside H1 2019 and H1 2020 interim results.  A total of 7 fully reporting GEO satellite operators, 5 service providers, and 3 partially reporting satellite operators – a total of 15 companies are analyzed in this report. NSR was able to obtain data from another 16 companies to present a total of 25 key financial metrics.

A special emphasis is given to latest secondary and M&A indicators, along with built-in NSR assumptions on the unreported metrics in 2019.

  • Video vs. Non-Video Revenues Positioning
  • Lease vs. Service Revenues Positioning
  • HTS Fleet Market Strength and Access
  • Break-even Pricing vs. Replenishment Strategies
  • M&A Opportunities

SIFA10 assesses 11 quantitative and 14 qualitative metrics across the Satcom Financial Index, statistical metrics comparing 5-year trends on YoY basis between 2015-2019 and H1 2019-2020.  The H1 2020 results provide a peak into the impact of the COVID-19 crisis on satcom operators and service providers.

  • Each of the individual chapters focus on key financial highlights reflecting on the forward outlook across Operational, Debt, Cash and ROI metrics;
  • Each chapter also contains a standardized ‘Strategic Positioning’ comparing key indicators, and commenting on:
    • Market Penetration & Growth,
    • Business Fundamentals
    • Organic/Inorganic Growth Potential

NSR Satellite Industry Financial Analysis, 10th Edition answers the following questions:

  1. What are the trends for revenues and EBITDA margins in the industry, and what are the directions for video vs. non-video and lease vs. service revenue?
  2. Who were the top gainers and losers in 2019 and into 2020, and WHY?
  3. What is the long term FCF and ROCE yield, and which operators have booked the best return and why?
  4. How does fleet efficiency and break-even pricing impact competitive positioning, and which set of operators have future proof growth shielding capacity price declines?
  5. What are the M&A opportunity indicators, and how do Service Providers stack up against Satellite Operators with respect to Long term growth potential vs. business fundamentals?
  6. What is comparative strategic positioning of each satellite operator, and what inferences can be drawn?
  7. How do FSS and HTS fleets fare against each other on efficiency, and what is a future proof strategy pivot – vertical integration, fleet replenishment, hybrid fleet, inorganic growth, double-digit organic growth at negative EBITDA margin, etc.?
The Bottom-Line: SIFA10 covers almost 25 metrics across 15 public and 16 private satcom companies, diving deep into operational, debt, cash, capex, performance, fleet efficiency and M&A metrics.

NSR’s Satellite Industry Financial Analysis (SIFA) 10th Edition focuses on the analysis of standalone metrics of 15 operators and service providers, while simultaneously comparing 25 metrics on a YoY basis and on a statistical 5-year basis across three chapters, while simultaneously introducing various derived secondary indicators that throw light on the future economics of the satcom industry. Various metrics analyzed in this report as given in the table below:

These metrics are split into Operational Metrics, Debt & Solvency m=Metrics, CAPEX and Cash Generation Metrics, Competitive Advantage Ratios and Break-even Fleet Wide Pricing (zero margin profit cost) in the Individual Operator and Service Provider chapters for an in-depth understanding of each company. The following operators and service providers were assessed in the 10th Edition:

SIFA10 builds on the newest Break-even Fleet Pricing Metric post the 8th Edition, forecasting until 2021 for both FSS and HTS fleets. Break-even Pricing indicates the floor/minimum capacity spot pricing possible for a given FSS or HTS satellite/fleet with an operator, where the profit margin becomes zero. In an era of continuous price reductions, a benchmarking among several operators is made and analysis put forth on the comparative competitiveness of each operator.

The Satcom Financial Index and Dynamics chapters present Annual and 5-year trends, represented in the figures below in Years of Backlog to Annual Revenue ratio YoY comparison and Avg. Annual Revenues per operational satellite 5-Year trends. SIFA10, while evaluating various business trends in the Secondary indicators chapter, also provides a list of FSS and HTS fleet pricing of 15-20 operators (many not publicly reporting) in the world and comments on regional competitiveness and replenishment strategy using Break-even Pricing, Revenue/CAPEX/Leased TPE and HTS minimum pricing as benchmarks.

Who Should Purchase this Report?
  • National, Regional and Global Satellite Operators
  • Service Providers and Integrators
  • Telecommunication and Wireless Operators
  • Broadcasters and Pay-TV Operators
  • Banks and Financial Institutions
  • Private Equity, Hedge Funds and Venture Capital (New Space)
  • Satellite Manufacturers
  • Regulators and Agencies funding Telecom Research and Development
  • Policy Makers
  • Strategy Consultancies
  • Space Agencies and Defense Organizations
  • Launch Service Providers
  • Insurers
The NSR Advantage

NSR continues to be the market leader in actionable analysis related to satellite telecommunications. NSR has published several industry “firsts” related to satellite finance, including Satellite Industry Financial Analysis, 10th Edition as well as Satellite Capacity Pricing Index, 4th Edition. With a deep and firsthand understanding of the components influencing satellite operator and service provider finances, NSR’s SIFA10 provides the most in-depth financial analysis in the industry.

SIFA10 combines a library of financial data as well as operator-specific data, including leased transponders, operational satellites in orbit, future fleet expansion plans, and regional-specific data. Beyond this, SIFA10 includes detailed analysis within the secondary indicators section, continuation of five service providers coverage and the competitive positioning benchmarking tool.

Companies Profiled or Mentioned in this Report:

Amazon Kuiper, APT Sat, Arabsat, Asia Broadcast Satellite (ABS), Asiasat, AT&T, Avanti, Chinasat, Comcast, DirecTV, DISH TV, EchoStar, Eutelsat, Gazprom Space Systems, Global Eagle (GEE), Gogo, Hispasat, Hughes, Inmarsat, Intelsat, ISRO/Antrix, Measat, NBN, Nilesat, OneWeb, PT Telkom, RSCC, SES, Sky plc, Sky Perfect JSAT, SingTel Optus, Spacecom, SpaceX Starlink, Speedcast, Star One, Telenor Satellite, Telesat, Thaicom, ViaSat, Vinasat, and Yahsat.

Table of Contents

List of Key Abbreviations & Definitions

Introduction to the Report
  •             Report Segmentation and Chapter Review
  •             Financial Metrics Assessed
  •             Companies Assessed

Executive Summary

  • State of the Market – Key interpretations of the Satcom Financial Index
  • Market Dynamics
  1. Satcom Financial Index
    1. Operational Metrics
      1. Revenues
      2. EBITDA/Adj. EBITDA and EBITDA/Adj. EBITDA Margin
      3. Commercialized Transponders and Fill Rates
      4. Annual Revenues per Operational Satellite
      5. Backlog and Years of Backlog to Annual Revenues
    2. Debt Position and Solvency Metrics
      1. Net Debt to EBITDA/Adj. EBITDA Ratio
      2. Total Debt to Total Assets Ratio
      3. Interest Service Coverage Ratio
    3. CAPEX and Cash Generation Metrics
      1. Annual CAPEX
      2. Annual CAPEX to Operating Cash and Revenues
      3. Free Cash Flow & Cash Conversion
    4. Competitive Advantage Ratios
      1. Turnover Ratio
      2. Return on Capital Employed (ROCE)
    5. Bottom Line: Satcom Financial Index
  2. Satcom Market Dynamics –Metrics (across GEO Operators & Service Providers)
    1. Secondary Indicators – Assessment
      1. Video & Non-video Revenues per Operator
      2. Lease vs. Service Revenues per Operator and Service Provider
      3. HTS Fleet: Market Strength and Market Access
      4. Fleet Replenishment Strategies
      5. Consolidation Opportunities
  3. Individual Satellite Operator Analysis – Top 6
    1. Intelsat
      1. Intelsat Financial Performance & Business Highlights
      2. Intelsat Strategic Positioning & Bottom Line
    2. SES
      1. SES Financial Performance & Business Highlight
      2. SES Strategic Positioning & Bottom Line
    3. Eutelsat
      1. Eutelsat Financial Performance & Business Highlights
      2. Eutelsat Strategic Positioning & Bottom Line
    4. Telesat
      1. Telesat Financial Performance & Business Highlights
      2. Telesat Strategic Positioning & Bottom Line
    5. EchoStar-Hughes
      1. EchoStar-Hughes Financial Performance & Business Highlights
      2. EchoStar-Hughes Strategic Positioning & Bottom Line
    6. ViaSat
      1. ViaSat Financial Performance & Business Highlights
      2. ViaSat Strategic Positioning & Bottom Line
  4. Individual Satellite Operator Analysis – Others (4)
    1. Sky Perfect JSAT
      1. Intelsat Financial Performance & Business Highlights
      2. Intelsat Strategic Positioning & Bottom Line
    2. APT Satellite
      1. APT Satellite Financial Performance & Business Highlights
      2. APT Satellite Strategic Positioning & Bottom Line
    3. Thaicom
      1. Thaicom Financial Performance & Business Highlights
      2. Thaicom Strategic Positioning & Bottom Line
    4. Spacecom
      1. Spacecom Financial Performance & Business Highlights
      2. Spacecom Strategic Positioning & Bottom Line
  5. Individual Service Provider Analysis
    1. Sky plc
      1. Sky plc Revenues
      2. Sky plc Strategic Positioning & Bottom Line
    2. DISH Network
      1. DISH Network Revenues
      2. DISH Network Strategic Positioning & Bottom Line
    3. Speedcast
      1. Speedcast Revenues
      2. Speedcast Strategic Positioning & Bottom Line
    4. Global Eagle Entertainment
      1. Global Eagle Entertainment Revenues
      2. Global Eagle Entertainment Strategic Positioning & Bottom Line
    5. Gogo
      1. Gogo Revenues
      2. Gogo Strategic Positioning & Bottom Line

Appendix

  • Break-even Fleet Price Methodology
  • Strategic Positioning Framework Elements

List of Exhibits

ES.1: Financial Metrics Assessed

ES.2: Companies Assessed

ES.3: Revenue Snapshot of Big 6 Operators

ES.4: 2018 and 2019 EBITDA margin per Operator

ES.5: Years of Backlog to Revenues (Average of 6 operators)

ES.6: Return on Capital Employed per Operator

ES.7: Revenue Snapshot of Satellite Services Industry

  1. Comparative metrics: Operational, Debt, Cash, CAPEX and Performance
    1. 2018 & 2019 GEO Operator Revenues (US$ M), “Big Six”
    2. 2018 & 2019 GEO Operator Revenues (US$ M)
    3. 2018 & 2019 GEO Operator EBITDA/Adj. EBITDA
    4. 2018 & 2019 GEO Operator EBITDA Margin
    5. 2018 & 2019 GEO Operator Commercialized Transponders
    6. 2018 & 2019 GEO Operator Fill Rates
    7. 2018 & 2019 GEO Operator Average Annual Revenues per Operational Satellite
    8. 2018 & 2019 GEO Operator Backlog
    9. 2018 & 2019 GEO Operator Years of Backlog to Annual Revenue Ratio
    10. 2018 & 2019 GEO Operator Net Debt to EBITDA Ratio
    11. 2018 & 2019 GEO Operator Total Debt to Total Assets Ratio
    12. 2018 & 2019 GEO Operator Interest Service Coverage Ratio
    13. 2018 & 2019 GEO Operator Annual CAPEX
    14. 2018 & 2019 GEO Operator Total CAPEX to Cash Flow from Operating Activities Ratio
    15. 2018 & 2019 GEO Operator Total CAPEX to Annual Revenues Ratio
    16. 2018 & 2019 GEO Operator EBITDA to Cash Conversion Ratio
    17. 2018 & 2019 GEO Operator Free Cash Flow (US$ M)
    18. 2018 & 2019 Turnover Ratio
    19. 2018 & 2019 Return on Capital Employed
  2. Secondary metrics: Video/network, lease/service, fleet efficiency and M&A
      1. Average Annual Revenues (US$) per Operational Satellite
      2. Average Annual Revenues (US$) per Leased Transponder
      3. EBITDA/Adj. EBITDA Margins
      4. Years of Backlog to Annual Revenues Ratio
      5. Average Fill Rate
      6. Net Debt to EBITDA/Adj. EBITDA Ratio
      7. Total Debt to Total Assets Ratio
      8. Interest Service Coverage Ratio
      9. Total CAPEX to Cash Flow from Operating Activities Ratio
      10. Total CAPEX to Annual Revenues Ratio
      11. EBITDA to Cash Conversion Ratio
    1. …..
      1. Video and Non-video Revenues (US$) per Operator
      2. Fleet Efficiency per Operator (Lease Revenue per CapEx % per leased TPE)
      3. Lease Revenues (US$) per Operator
      4. Service Revenues (US$) per Operator and Service Provider
  3. Top 6 operators: SES, Intelsat, Eutelsat, Telesat, Hughes, Viasat
    1. Intelsat
      1. Intelsat Key Metrics, FY2015-H1 2020
      2. Intelsat Revenues, FY2015-H1 2020
      3. Intelsat Adj. EBITDA and Adj. EBITDA Margin, FY2015-H1 2020
      4. Intelsat Commercialized Transponders & Fill Rates, 2015-2019
      5. Intelsat Annual Revenues and Cost per Leased Transponder, FY2015-H1 2020
      6. Intelsat Backlog & Years of Backlog to Annual Revenues, FY2015-H1 2020
      7. Intelsat Annual CAPEX, FY2015-H1 2020
      8. Intelsat Free Cash Flow, FY2015-H1 2020
      9. Intelsat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, FY2015-H1 2020
      10. Intelsat EBITDA to Cash Conversion Ratio, FY2015-H1 2020
      11. Intelsat Debt and Solvency Ratios FY2015-H1 2020
      12. Intelsat Competitive Ratios FY2015-H1 2020
      13. Intelsat Break-even pricing 2016-2021
    2. SES
      1. SES Key Metrics, FY2015-H1 2020
      2. SES Revenues, FY2015-H1 2020
      3. SES EBITDA and EBITDA Margin, FY2015 -H1 2020
      4. SES Commercialized Transponders & Fill Rates, FY2015 -H1 2020
      5. SES Annual Revenues per Leased Transponder, FY2015 -H1 2020
      6. SES Backlog & Years of Backlog to Annual Revenues, FY2015 -H1 2020
      7. SES Annual CAPEX, FY2015 -H1 2020
      8. SES Free Cash Flow, FY2015 -H1 2020
      9. SES Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, FY2015 -H1 2020
      10. SES EBITDA to Cash Conversion Ratio, FY2015 -H1 2020
      11. SES Debt and Solvency Ratios FY2015 -H1 2020
      12. SES Competitive Ratios FY2015 -H1 2020
      13. SES Break-even pricing 2016-2021
    3. Eutelsat
      1. Eutelsat Revenues, FY2015/16/14 – FY2019/20
      2. Eutelsat Revenues, FY2015/16/14 – FY2019/20
      3. Eutelsat EBITDA and EBITDA Margin, FY2015/16/14 – FY2019/20
      4. Eutelsat Commercialized Transponders & Fill Rates, FY2015/16/14 – FY2019/20
      5. Eutelsat Annual Revenues per Leased Transponder, FY2015/16/14 – FY2019/20
      6. Eutelsat Backlog & Years of Backlog to Annual Revenues, FY2015/16/14 – FY2019/20
      7. Eutelsat Annual CAPEX, FY2015/16/14 – FY2019/20
      8. Eutelsat Free Cash Flow, FY2015/16/14 – FY2019/20
      9. Eutelsat Total CAPEX to Revenues Ratio, FY2015/16/14 – FY2019/20
      10. Eutelsat EBITDA to Cash Conversion Ratio, FY2015/16/14 – FY2019/20
      11. Eutelsat Debt and Solvency Ratios FY2015/16/14 – FY2019/20
      12. Eutelsat Competitive Ratios FY2015/16/14 – FY2019/20
      13. Eutelsat Break-even pricing 2016-2021
    4. Telesat
      1. Telesat Key Metrics, FY2015 -H1 2020
      2. Telesat Revenues, FY2015 -H1 2020
      3. Telesat Adj. EBITDA and Adj. EBITDA Margin, FY2015 -H1 2020
      4. Telesat Commercialized Transponders & Fill Rates, 2012 – 2017
      5. Telesat Annual Revenues per Leased Transponder, 2011 – 2018
      6. Telesat Backlog & Years of Backlog to Annual Revenues, FY2015 -H1 2020
      7. Telesat Annual CAPEX, FY2015 -H1 2020
      8. Telesat Free Cash Flow, FY2015 -H1 2020
      9. Telesat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, FY2015 -H1 2020
      10. Telesat EBITDA to Cash Conversion Ratio, FY2015 -H1 2020
      11. Telesat Debt and Solvency Ratios FY2015 -H1 2020
      12. Telesat Competitive Ratios FY2015 -H1 2020
      13. Telesat Break-even pricing 2016-2021
    5. Inmarsat
      1. Inmarsat Key Metrics 2011 – 2018
      2. Inmarsat Revenues, 2011 – 2018
      3. Inmarsat EBITDA and EBITDA Margin, 2011 – 2018
      4. Inmarsat Annual CAPEX, 2011 – 2018
      5. Inmarsat Free Cash Flow, 2011 – 2018
      6. Inmarsat Total CAPEX to Cash Flow from Operating Activities Ratio, 2011 – 2018
      7. Inmarsat EBITDA to Cash Conversion Ratio, 2011 – 2018
      8. Inmarsat Debt and Solvency Ratios 2011 – 2018
      9. Inmarsat Competitive Ratios 2011 – 2018
      10. Inmarsat Break-even pricing 2016-2021
    6. EchoStar
      1. EchoStar Key Metrics, FY2015-H1 2020
      2. EchoStar Revenues, FY2015-H1 2020
      3. EchoStar EBIT and EBIT Margin, FY2015-H1 2020
      4. EchoStar Fixed Broadband Subscriptions, FY2015-H1 2020
      5. EchoStar Operational Expenses, FY2015-H1 2020
      6. EchoStar Backlog & Years of Backlog to Total Revenues, FY2015-H1 2020
      7. EchoStar Annual CAPEX and Free Cash Flow, FY2015-H1 2020
      8. EchoStar Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from  Operating Activities Ratio, FY2015-H1 2020
      9. EchoStar EBITDA to Cash Conversion Ratio, FY2015-H1 2020
      10. EchoStar Debt and Solvency Ratios FY2015-H1 2020
      11. EchoStar Competitive Ratios 2014-H1 2020
      12. EchoStar-Hughes Break-even pricing 2016-2021
    7. ViaSat
      1. ViaSat Key Metrics, FY2015-H1 2020
      2. ViaSat Revenues, FY2015-H1 2020
      3. ViaSat EBIT and EBIT Margin, FY2015-H1 2020
      4. ViaSat Broadband and Aircraft Subscriptions, FY2015-H1 2020
      5. ViaSat Operational Expenses, FY2015-H1 2020
      6. ViaSat Backlog & Years of Backlog to Total Revenues, FY2015-H1 2020
      7. ViaSat Annual CAPEX and Free Cash Flow, FY2015-H1 2020
      8. ViaSat Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, FY2015-H1 2020
      9. ViaSat Debt and Solvency Ratios FY2015-H1 2020
      10. ViaSat Competitive Ratios 2014-H1 2020
    8. SKY Perfect JSAT
      1. SKY Perfect JSAT Space & Satellite Business Revenues, FYFY2015 -FYH1 2020
      2. SKY Perfect JSAT Space & Satellite Business EBIT and EBIT Margin, FYFY2015 -FYH1 2020
      3. SKY Perfect JSAT Space & Satellite Business Annual CAPEX, FYFY2015 -FYH1 2020
      4. SKY Perfect JSAT Space & Satellite Business Total CAPEX to Revenues Ratio, FYFY2015 -FYH1 2020
      5. SKY Perfect JSAT Space & Satellite Business Annual Revenues per Leased Transponder, FYFY2015 -FYH1 2020
      6. Sky Perfect JSAT Break-even pricing 2016-2021
  4. Partially Reporting Operators
    1. AsiaSat
      1. AsiaSat Key Metrics, 2011-2018
      2. AsiaSat Revenues, 2011-2018
      3. AsiaSat EBITDA and EBITDA Margin, 2011-2018
      4. AsiaSat Commercialized Transponders & Fill Rates, 2011-2018
      5. AsiaSat Annual Revenues and Cost per Leased Transponder, 2011-2018
      6. AsiaSat Backlog & Years of Backlog to Annual Revenues, 2011-2018
      7. AsiaSat Annual CAPEX, 2011-2018
      8. AsiaSat Total CAPEX to Cash Flow from Operating Activities Ratio, 2011-2018
      9. AsiaSat EBITDA to Cash Conversion Ratio, 2011-2018
      10. AsiaSat Debt and Solvency Ratios, 2015-2018
      11. AsiaSat Competitive Ratios, 2013-2018
      12. AsiaSat Break-even pricing 2016-2021
    2. APT Satellite
      1. APT Satellite Key Metrics FY2015 -H1 2020
      2. APT Satellite Revenues, FY2015 -H1 2020
      3. APT Satellite EBITDA and EBITDA Margin, FY2015 -H1 2020
      4. APT Satellite Commercialized Transponders & Fill Rates, FY2015 -H1 2020
      5. APT Satellite Commercialized Transponders & Fill Rates, FY2015 -H1 2020
      6. APT Satellite Annual CAPEX, FY2015 -H1 2020
      7. APT Satellite Free Cash Flow, FY2015 -H1 2020
      8. APT Satellite Total CAPEX to Cash Flow from Operating Activities Ratio, FY2015 -H1 2020
      9. APT Satellite EBITDA to Cash Conversion Ratio, FY2015 -H1 2020
      10. APT Satellite Debt and Solvency Ratios, 2015-2019
      11. APT Satellite Competitive Ratios, FY2015-H1 2020
      12. APT Corp Break-even pricing 2016-2021
    3. Thaicom Satellite
      1. Thaicom Satellite Business Services Revenues, FY2015 -H1 2020
      2. Thaicom Satellite Business Services Revenues Breakout, FY2015 -H1 2020
      3. Thaicom Conventional Satellites Commercialized Transponders & Fill Rates, 2011-2017
      4. Thaicom Conventional Satellites Annual Revenues per Leased Transponder, 2011-2018
      5. Thaicom Break-even pricing 2016-2021
    4. Spacecom
      1. Spacecom Revenues, FY2015 -2019
      2. Spacecom EBIT and EBIT Margin, FY2015 – 2019
      3. Spacecom Break-even pricing 2016-2021
  5. Service Providers
    1. Sky plc
      1. Sky plc Key Metrics, FY2015-H1 2020
      2. Sky plc Revenues, FY2015-H1 2020
      3. Sky plc EBITDA and EBITDA Margin, FY2015-H1 2020
      4. Sky plc Subscriptions and ARPU, FY2015-H1 2020
      5. Sky plc Operational Expenses, FY2015-H1 2020
      6. Sky plc Annual CAPEX and Adj. Free Cash Flow, FY2015-H1 2020
      7. Sky plc Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, FY2015-H1 2020
      8. Sky plc EBITDA to Cash Conversion Ratio, FY2015-H1 2020
      9. Sky plc Debt and Solvency Ratios FY2015-H1 2020
      10. Sky plc Competitive Ratios FY2015-FYH1 2020
    2. DISH Network
      1. DISH Network Key Metrics, FY2015-H1 2020
      2. DISH Network Revenues, FY2015-H1 2020
      3. DISH Network EBITDA and EBITDA Margin, FY2015-H1 2020
      4. DISH Network Broadband and Aircraft Subscriptions, FY2015-H1 2020
      5. DISH Network Operational Expenses, FY2015-H1 2020
      6. DISH Network Transmission cost per subscriber, FY2015-H1 2020
      7. DISH Network Annual CAPEX and Free Cash Flow, FY2015-H1 2020
      8. DISH Network Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, FY2015-H1 2020
      9. DISH Network EBITDA to Cash Conversion Ratio, FY2015-H1 2020
      10. DISH Network Debt and Solvency Ratios FY2015-H1 2020
      11. DISH Network Competitive Ratios FY2015-H1 2020
    3. Speedcast
      1. Speedcast Key Metrics, FY2014-H1 2019
      2. Speedcast Revenues, FY2014-H1 2019
      3. Speedcast M&A cycle captured, FY2014-H1 2019
      4. Speedcast Adj. EBITDA and Adj. EBITDA Margin, FY2014-H1 2019
      5. Speedcast Operational Expenses, FY2014-H1 2019
      6. Speedcast Annual CAPEX and Free Cash Flow, FY2014-H1 2019
      7. Speedcast Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, FY2014-H1 2019
      8. Speedcast EBITDA to Cash Conversion Ratio, FY2014-H1 2019
      9. Speedcast Debt and Solvency Ratios FY2014-H1 2019
      10. Speedcast Competitive Ratios 2014-H1 2019
    4. GEE
      1. GEE Key Metrics, FY2015 – H1 2020
      2. GEE Revenues, FY2015 – H1 2020
      3. GEE EBITDA and EBITDA Margin, FY2015 – H1 2020
      4. GEE Operational Expenses, FY2015 – H1 2020
      5. GEE Annual CAPEX and Free Cash Flow, FY2015 – H1 2020
      6. GEE Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, FY2015 – H1 2020
      7. GEE EBITDA to Cash Conversion Ratio, FY2015 – H1 2020
      8. GEE Debt and Solvency Ratios FY2015 – H1 2020
      9. GEE Competitive Ratios FY2015-H1 2020
    5. Gogo
      1. Gogo Key Metrics, FY2015 – H1 2020
      2. Gogo Revenues, FY2015 – H1 2020
      3. Gogo Adj. EBITDA and Margin, FY2015 – H1 2020
      4. Gogo Commercial Aviation metrics, FY2015 – H1 2020
      5. Gogo Business Aviation metrics, FY2015 – H1 2020
      6. Gogo Operational Expenses, FY2015 – H1 2020
      7. Gogo Annual CAPEX and Free Cash Flow, FY2015 – H1 2020
      8. Gogo Total CAPEX to Revenues Ratio and Total CAPEX to Cash Flow from Operating Activities Ratio, FY2015 – H1 2020
      9. Gogo EBITDA to Cash Conversion Ratio, FY2015 – H1 2020
      10. Gogo Debt and Solvency Ratios FY2015 – H1 2020
      11. Gogo Competitive Ratios FY2015-H1 2020
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