EchoStar (ECHO) 10-K risk factor changes: FY2015 vs FY2014

If any of the following events occur, our business, financial [removed: condition or] [added: condition,] results of [removed: operation] [added: operation, prospects or ability to fund a share repurchase program, invest capital in our business or return capital to our shareholders] could be materially and adversely affected.

GENERAL RISKS AFFECTING OUR [removed: BUSINESS][added: BUSINESS]

[removed: _We] [added: We] currently derive a significant portion of our revenue from our primary customer, DISH Network.

The loss of, or a significant reduction in, orders from, or a decrease in selling prices of digital set-top boxes, broadband equipment and services, provision of satellite services and digital broadcast services, and/or other [removed: products] [added: products, components] or services to DISH Network would significantly reduce our revenue and [added: materially] adversely impact our results of [removed: operations._][added: operations.]

DISH Network accounted for [removed: 57.3%, 58.8%] [added: 53.5%, 57.3%] and [removed: 49.5%] [added: 58.8%] of our total revenue for the years ended December 31, [removed: 2014, 2013] [added: 2015, 2014] and [removed: 2012,] [added: 2013,] respectively.

These products and services are provided pursuant to contracts that expire on December 31, [removed: 2015 and December 31, 2016, respectively.][added: 2016.]

Any material reduction in or termination of our sales to DISH Network or reduction in the prices it pays for the products and services it purchases from us could have a [removed: significant] [added: material] adverse effect on our business, results of operations, and financial position.

In addition, because a significant portion of our revenue is derived from DISH Network, our success also depends to a significant degree on the continued success of DISH Network in attracting new subscribers and marketing programming [removed: packages,] [added: packages] and other services and features to subscribers that will result in the purchase of new digital set-top boxes, and in particular, new digital set-top boxes at the high-end of our product range that incorporate high-definition, multiple tuners, and other advanced technology.

There are a relatively small number of potential new customers for our digital set-top [removed: boxes,] [added: boxes] and digital broadcast operations, and we expect this customer concentration to continue for the foreseeable future.

Furthermore, because of the maturing and competitive nature of the digital set-top box business, the limited number of potential new customers, and the short-term nature of our purchase orders with DISH Network, we [added: have experienced, and] could in the future [removed: experience] [added: continue to experience,] downward pricing pressure on our digital set-top boxes sold to DISH Network, which in turn would adversely affect our gross margins and profitability.

[removed: _We] [added: We] could face decreased demand and increased pricing pressure to our products and services due to [removed: competition._][added: competition.]

[added: ·] The digital set-top box market is intensely competitive, and market leadership changes frequently as a result of new products, [removed: designs] [added: designs, pricing] and [removed: pricing.][added: regulations.]

In addition, it can be difficult to acquire additional market share in the digital set-top box market because gaining additional market share would require displacing well-established companies who have had [removed: long term] [added: long-term] contracts with major cable operators in the U.S., which results in relatively high costs for cable operators to change set-top box providers making it more difficult for us to displace potential customers from their current relationships with our competitors.

Any of these competitive threats, alone or in combination with others, could [added: significantly] harm our business, operating results and financial condition.

[added: ·] Our [removed: satellite services business] [added: EchoStar Satellite Services segment] competes against larger, well-established satellite service companies, such as Intelsat, SES, Telesat, and Eutelsat.

Our [removed: satellite services business] [added: EchoStar Satellite Services segment] also competes with [added: both] fiber optic cable and [removed: other] terrestrial delivery systems, which may have a cost advantage, particularly in point-to-point applications where such delivery systems have been [removed: installed.][added: installed, and with new delivery systems being developed, which may have lower latency and other advantages.]

[added: ·] In our consumer market, we face competition primarily from [removed: DSL] [added: DSL, fiber] and cable internet service providers.

In addition, terrestrial alternatives do not require our [added: external dish, which may limit customer acceptance of our products.]

We may be unsuccessful in competing effectively against [removed: DSL] [added: DSL, fiber] and cable [added: internet] service providers and other satellite broadband providers, which could harm our business, operating results and financial condition.

[added: ·] In our enterprise network communications market, we face competition from providers of terrestrial-based networks, such as fiber, DSL, cable modem service, multiprotocol label switching and internet protocol-based virtual private networks, which may have advantages over satellite networks for certain customer applications.

The costs of a satellite network may exceed those of a terrestrial-based [removed: network,] [added: network or other networks,] especially in areas that have experienced significant DSL and cable internet build-out.

It may become more difficult for us to compete with terrestrial [added: and other] providers as the number of these areas increases and the cost of their network and hardware services declines.

[removed: _The] [added: The] average selling price and gross margins of our digital set-top boxes have been decreasing and may decrease even further, which could negatively impact our financial position and results of [removed: operations._][added: operations.]

The average selling price and gross margins of our digital set-top boxes have been decreasing and may decrease even further due to, among other things, an increase in the sales of lower-priced digital set-top boxes to DISH Network and increased competitive pricing [removed: pressure.][added: pressure and production costs.]

[removed: _If] [added: If] significant numbers of television viewers are unwilling to pay for pay-TV services that utilize digital set-top boxes, we may not be able to sustain our current revenue [removed: level._][added: level.]

[removed: However,] [added: As a result,] our customers may be unsuccessful in promoting value-added services or may promote alternative packages, such as free programming packages, in lieu of promoting packages that utilize our high-end digital set-top box offerings.

Furthermore, as technologies develop, other means of delivering information and entertainment to television viewers [removed: are evolving] [added: have evolved] and [removed: contributing] [added: contributed to, and will likely continue] to [added: evolve and contribute to,] increasing consumer demand for online platforms that provide for the distribution and viewing of movies, television and other video programming that competes with our [removed: customers'] [added: customers’] pay-TV services.

[removed: To] the extent that these online platforms and other new technologies compete successfully against our customers for viewers, the ability of our existing customer base to attract and retain subscribers may be adversely affected.

[added: As a result, demand for our satellite] television digital set-top boxes could [removed: decline] [added: decline,] and we may not be able to sustain our current revenue levels.

[removed: _We] [added: We] may have available satellite capacity in our EchoStar Satellite Services segment, and our results of operations may be materially adversely affected if we are not able to lease this capacity to third parties, including DISH [removed: Network._][added: Network.]

While we are currently evaluating various opportunities to make profitable use of our [added: available] satellite capacity (including, but not limited to, supplying satellite capacity for new international ventures), [added: there can be no assurance that] we [removed: do not have firm plans to utilize all of our satellite capacity.][added: can successfully develop these business opportunities.]

If we are unable to lease our [added: available] satellite capacity to third parties, including DISH Network, our margins could be negatively [removed: impacted] [added: impacted,] and we may be required to record impairments related to our satellites.

[removed: _The] [added: The] failure to adequately anticipate the need for satellite capacity or the inability to obtain satellite capacity for our Hughes segment could harm our results of [removed: operations._][added: operations.]

Our Hughes segment has made substantial contractual commitments for satellite capacity based on our existing customer contracts and [removed: backlog, as well as anticipated future business.][added: backlog.]

If [removed: future demand does not meet] our [removed: expectations,] [added: existing customer contracts were to be terminated prior to their respective expiration dates,] we may be committed to maintaining excess satellite capacity for which we will have insufficient revenue to cover our costs, which would have a negative impact on our margins and results of [removed: operations or we may not have sufficient satellite capacity to meet demand.][added: operations.]

[removed: If we only purchase satellite capacity based on existing contracts and bookings,] [added: Therefore,] capacity for certain types of coverage in the future may not be readily available to us, and we may not be able to satisfy certain needs of our customers, which could result in a loss of possible new business and could negatively impact the margins [removed: earned] for those services.

At present, until the launch and operation of additional satellites, there is limited availability of capacity on the frequencies we use in North [removed: America.][added: America, including within our own fleet of satellites.]

If we are not able to renew our capacity leases at economically viable rates, or if capacity is not available due to problems experienced by [removed: the] [added: these] FSS providers, our business and results of operations could be adversely affected.

[removed: _We] [added: We] are dependent upon third-party providers for components, manufacturing, installation services, and customer support services, and our results of operations may be materially adversely affected if any of these third-party providers fail to appropriately deliver the contracted goods or [removed: services._][added: services.]

[removed: _Components._] A limited number of suppliers [added: manufacture,] and in some cases a single supplier [removed: manufacture] [added: manufactures,] some of the key components required to build our products.

In addition, regulations designed to increase competition among set-top box providers may result in lower sales to DISH Network.

DISH Network is involved in several legal proceedings relating to products, components and services purchased from us.

Adverse decisions against DISH Network in these proceedings could decrease the number of products, components and/or services we provide to DISH Network, which could have a material adverse effect on our business, results of operations, and financial position.

Our strategic initiatives may not be successfully implemented, may not elicit the expected customer response in the market and may result in competitive reactions.

We have identified a number of strategic initiatives that we intend to pursue which are discussed in more detail in Item 1.

— Business of this Annual Report on Form 10-K.

The successful implementation of those strategic initiatives requires an investment of time, talent and money and is dependent upon a number of factors some of which are not within our control.

Those factors include the ability to execute such initiatives in the market, the response of existing and potential new customers, and the actions or reactions of competitors.

We may allocate significant resources for long-term initiatives that may not have a short or medium term or any positive impact on our revenue, results of operations, or cash flow.

If we fail to properly execute or deliver products or services that address customers’ expectations, it may have an adverse effect on our ability to retain and attract customers and may increase our costs and reduce our revenue.

Similarly, competitive actions or reactions to our initiatives or advancements in technology or competitive products or services could impair our ability to execute those strategic initiatives or advancements.

In addition, new strategic initiatives may face barriers to entering existing markets with established competitors.

There can be no assurance that we will successfully implement these strategic initiatives or that, if successfully pursued, they will have the desired effect on our business or results of operations.

Our business operates in an intensely competitive, consumer-driven and rapidly changing environment and competes with a growing number of companies that provide products and services to consumers.

Risks to our business from competition include, but are not limited to, the following:

In addition, regulations designed to increase competition among set-top box providers may result in lower sales and revenue.

Although we also sell terrestrial services to this market, we may not be as cost competitive and it may become more difficult for us to compete.

Our customers face emerging competition from other providers of digital media and potential government action preventing them from using security systems in connection with set-top boxes.

In particular, programming offered over the internet has become more prevalent as the speed and quality of broadband networks have improved.

To

Alternatively, we may not have sufficient satellite capacity to meet demand.

We generally only purchase satellite capacity based on existing contracts and bookings.

· _Components_.

These key components may not be continually available and we may not be able to forecast our component requirements sufficiently in advance, which may have a detrimental effect on supply.

If we are required to change suppliers for any reason, we would experience a delay in manufacturing our products if another supplier is not able to meet our requirements on a timely basis.

In addition, if we are unable to obtain the necessary volumes of components on favorable terms or prices on a timely basis, we may be unable to produce our products at competitive prices and we may be unable to satisfy demand from our customers.

· _Commodity Price Risk_.

· _Manufacturing_.

· _Installation and customer support services_.

· _Other services._ Some of our products rely on third parties to provide services necessary for the operation of functionalities of the products, such as third party cloud computing services.

The failure of these services could disrupt the operation of certain functionalities of our products, which could harm our customer relationship and result in a loss of sales.

In addition, if the agreements for the provision of these services are terminated or not renewed, we could face difficulties replacing these service providers, which would adversely affect our ability to obtain and retain customers and result in reduced revenue and income.

· _Difficulties in following a variety of laws and regulations related to foreign operations_.

· _Restrictions on space station landing/terrestrial rights_.

compliance with regulations.

Violations of laws or regulations may result in various sanctions including fines, loss of authorizations and the denial of applications for new authorizations or for the renewal of existing authorizations, and the failure to obtain or comply with the authorizations and regulations governing our international operations could have a material adverse effect on our ability to generate revenue and our overall competitive position.

· _Financial and legal constraints and obligations_.

· _Compliance with applicable export control laws and regulations in the U.S. and other countries_.

· _Changes in exchange rates between foreign currencies and the U.S. dollar_.

· _Greater exposure to the possibility of economic instability, the disruption of operations from labor and political disturbances, expropriation or war_.

As previously disclosed by DISH Network, in May 2012, Fox Broadcasting Company, Twentieth Century Fox Film Corp. and Fox Television Holdings, Inc. filed a lawsuit against DISH Network Corporation and its wholly owned subsidiary, DISH Network, L.L.C., in the U.S. District Court for the Central District of California, alleging that certain services provided by DISH Network, including Slingbox placeshifting functionality infringe their copyrights and breach their carriage contracts.

An adverse decision against DISH Network could decrease the number of Sling Media technology enabled set-top boxes we sell to DISH Network which could have an adverse impact on the business operations of our EchoStar Technologies segment.

external dish, which may limit customer acceptance of our products.

As a result, demand for our satellite

There can be no assurance that we can successfully develop the business opportunities we currently plan to pursue to utilize this capacity.

on a timely basis, which could damage our relationships with current and prospective customers and harm our business, resulting in a loss of market share, and reduce revenue and income.

We have operations in Brazil, Canada, Germany, India, Italy, Mexico, the Russian Federation, the United Arab Emirates, Ireland and the United Kingdom, among other nations.

Construction and launch delays could materially and adversely affect our ability to generate revenue.

Further, the process of determining definitively whether a

Although we have implemented and intend to continue to implement industry-standard security measures, these measures may prove to be inadequate and we

These changes could impact our future

Furthermore, Charles W.

Ergen, our Chairman is employed by both DISH Network and us.

Network an amount equal to DISH Network's cost plus a fixed margin.

Our board of directors has adopted a policy statement (the "Policy Statement") regarding the relationships between the EchoStar Group and the Hughes Retail Group with respect to matters such as the attribution and allocation of costs, tax liabilities and benefits, attribution of assets, corporate opportunities and similar items.

the Policy Statement with only the consent of holders of a majority of the outstanding shares of the EchoStar Tracking Stock.

RESULTS OF [removed: OPERATIONS][added: OPERATIONS]

Basis of [removed: Presentation][added: Presentation]

Year Ended December 31, 2014 Compared to the Year Ended December 31, [removed: 2013][added: 2013]

| | | For the Years Ended December 31, | | | | | | Variance | | | | | [removed: |]

| Statements of Operations [removed: Data(1)] [added: Data (1)] | | 2014 | | | 2013 | | | Amount | | | % | | [removed: |]

| | | (Dollars in thousands) | | | | | | | | | | | [removed: |]

| Revenue: | | | | | | | | | | | | | [removed: |]

| Equipment [removed: revenue—DISH] [added: revenue - DISH] Network | | $ | 1,145,979 | | $ | 1,311,446 | | $ | (165,467 | ) | [removed: |] (12.6 | ) |

| Equipment [removed: revenue—other |] [added: revenue - other] | | 374,049 | | | 347,910 | | | 26,139 | | | 7.5 | |

| Services and other [removed: revenue—DISH] [added: revenue - DISH] Network | | [removed: |] 828,612 | | | 620,189 | | | 208,423 | | | 33.6 | |

| Services and other [removed: revenue—other |] [added: revenue - other] | | 1,096,938 | | | 1,002,907 | | | 94,031 | | | 9.4 | |

| Total revenue | | [removed: |] 3,445,578 | | | 3,282,452 | | | 163,126 | | | 5.0 | |

| Costs and Expenses: | | | | | | | | | | | | | [removed: |]

| Cost of [removed: sales—equipment |] [added: sales - equipment] | | 1,288,998 | | | 1,430,777 | | | (141,779 | [removed: )] | [added: )] | (9.9 | ) |

| % of Total equipment revenue | | [removed: |] 84.8 | [removed: %] | [added: %] | 86.2 | [removed: %] | [added: %] | | | | | |

| Cost of [removed: sales—services] [added: sales - services] and other | | [removed: |] 838,918 | | | 776,121 | | | 62,797 | | | 8.1 | |

| % of Total services and other revenue | | [removed: |] 43.6 | [removed: %] | [added: %] | 47.8 | [removed: %] | [added: %] | | | | | |

| Selling, general and administrative expenses | | [removed: |] 372,010 | | | 358,499 | | | 13,511 | | | 3.8 | |

| % of Total revenue | | [removed: |] 10.8 | [removed: %] | [added: %] | 10.9 | [removed: %] | [added: %] | | | | | |

| Research and development expenses | | [removed: |] 60,886 | | | 67,942 | | | (7,056 | [removed: )] | [added: )] | (10.4 | ) |

| % of Total revenue | | [removed: |] 1.8 | [removed: %] | [added: %] | 2.1 | [removed: %] | [added: %] | | | | | |

| Depreciation and amortization | | [removed: |] 556,676 | | | 507,111 | | | 49,565 | | | 9.8 | |

| Impairment of long-lived [removed: asset |] [added: assets] | | — | | | 38,415 | | | (38,415 | [removed: )] | [added: )] | (100.0 | ) |

| Total costs and expenses | | [removed: |] 3,117,488 | | | 3,178,865 | | | (61,377 | [removed: )] | [added: )] | (1.9 | ) |

| Operating income | | [removed: |] 328,090 | | | 103,587 | | | 224,503 | | | * | |

| Other Income (Expense): | | | | | | | | | | | | | [removed: |]

| Interest income | | [removed: |] 9,102 | | | 14,656 | | | (5,554 | [removed: )] | [added: )] | (37.9 | ) |

| Interest expense, net of amounts capitalized | | [removed: |] (171,349 | [removed: )] | [added: )] | (192,554 | [removed: )] | [added: )] | 21,205 | | | (11.0 | ) |

| [removed: Realized gains] [added: Gains] on marketable investment [removed: securities and other investments,] [added: securities,] net | | [removed: |] 41 | | | 38,341 | | | (38,300 | [removed: )] | [added: )] | (99.9 | ) |

| Equity in earnings (losses) of unconsolidated affiliates, net | | [removed: |] 8,198 | | | (5,024 | [removed: )] | [added: )] | 13,222 | | | * | |

| Other, net | | [removed: |] 4,251 | | | 6,958 | | | (2,707 | [removed: )] | [added: )] | (38.9 | ) |

| Total other expense, net | | [removed: |] (149,757 | [removed: )] | [added: )] | (137,623 | [removed: )] | [added: )] | (12,134 | [removed: )] | [added: )] | 8.8 | |

| Income (loss) before income taxes | | [removed: |] 178,333 | | | (34,036 | [removed: )] | [added: )] | 212,369 | | | * | |

| Income tax benefit (provision), net | | [removed: |] (30,784 | [removed: )] | [added: )] | 37,437 | | | (68,221 | [removed: )] | [added: )] | * | |

| Net income | | [removed: |] 147,549 | | | 3,401 | | | 144,148 | | | * | |

| [removed: Less:] Net loss attributable to noncontrolling interest in [removed: |] [added: HSS] | | | | | | | | | | | | |

| [added: Less: Net loss attributable to noncontrolling interest in] HSS Tracking Stock | | [removed: |] (6,714 | [removed: )] | [added: )] | — | | | (6,714 | [removed: )] | [added: )] | * | |

| Less: Net income attributable to other noncontrolling interests | | [removed: |] 1,389 | | | 876 | | | 513 | | | 58.6 | |

| Net income attributable to EchoStar | | $ | 152,874 | | $ | 2,525 | | $ | 150,349 | | [removed: |] * | |

| Other Data: | | | | | | | | | | | | | [removed: |]

Our EchoStar Technologies segment designs, develops and distributes secure end-to-end video technology solutions including digital set-top boxes and related products and technology, primarily for satellite TV service providers and telecommunication companies.

The primary customer for our digital set-top boxes is DISH Network Corporation and its subsidiaries (“DISH Network”), and we also our sell digital set-top boxes to Bell TV, a direct-to-home satellite service provider in Canada, Dish Mexico, S. de R.L. de C.V. (“Dish Mexico”), a joint venture that we entered into in 2008, and other international customers.

We depend on DISH Network for a substantial portion of our EchoStar Technologies segment revenue and we expect that DISH Network will continue to be the primary source of revenue for our EchoStar Technologies segment.

In addition, our equipment revenue from DISH Network depends on the timing of orders for set-top boxes and related accessories from DISH Network based on its actual and projected subscriber growth.

Therefore, the results of operations of our EchoStar Technologies segment are, and are likely to continue to be, closely linked to the performance of DISH Network’s pay-TV service.

Our EchoStar Technologies segment also provides digital broadcast operations, including satellite uplinking/downlinking, transmission services, signal processing, conditional access management, and other services, primarily to DISH Network and Dish Mexico.

In addition, we provide our TV Anywhere technology through Slingbox units directly to consumers via retail outlets and online, as well as to the pay-TV operator market.

Prior to 2015, Move Networks, our over-the-top (“OTT”), Streaming Video on Demand (“SVOD”) platform business, including certain assets that were distributed to us in August 2014 in connection with the Exchange Agreement with DISH Digital Holding L.L.C. (“Sling TV Holding”), (see Notes 6, 10 and 19 in our notes to consolidated financial statements in Item 15 of this report), was managed separately from our operating segments and was reported within “All Other and Eliminations.” In the first quarter of 2015, we assigned management responsibility for our Move Networks business to our EchoStar Technologies segment.

We have retrospectively adjusted our segment reporting to reflect our Move Networks business as part of the EchoStar Technologies segment in prior periods (see Note 17 in our notes to the consolidated financial statements in Item 15 of this report).

During the second quarter of 2015, our EchoStar Technologies segment contributed several of its European subsidiaries to SmarDTV SA (“SmarDTV”), a Swiss subsidiary of Kudelski SA that offers set-top boxes and conditional access modules, in exchange for a 22.5% interest in the equity and subordinated debt of SmarDTV.

We and SmarDTV also entered into a services agreement pursuant to which our EchoStar Technologies segment purchases certain engineering services from SmarDTV.

We continue to focus on building and strengthening our brand recognition by providing unique and technologically advanced features and products.

Products containing new technologies and features typically have higher initial selling prices, margins and volumes.

As products mature and new products are in the late stages of development, volumes typically decrease as our customers, primarily DISH Network, increase deployment of refurbished set-top boxes as opposed to purchasing new units from us.

The market for our digital set-top boxes, like other electronic products, has also been characterized by regular reductions in selling prices and production costs.

Our ability to sustain or increase profitability also depends in large part on our ability to control or reduce our costs of producing digital set-top boxes.

Based on our experience, we expect our cost of manufacturing a specific set-top box model to decline over time as our contract manufacturers generate efficiencies with scale of production and engineering cost reductions.

Overall, our success depends heavily on our ability to bring advanced technologies to market to continue to be a market leader and innovator.

The number of potential new customers for our set-top box business in our EchoStar Technologies segment is small and may be limited as prospective customers that have been competitors of DISH Network may continue to view us as a competitor due to our common ownership with DISH Network.

Our customers face emerging competition from other providers of digital media and potential government action preventing them from using security systems in connection with set-top boxes.

In particular, programming offered over the internet has become more prevalent as the speed and quality of broadband networks have improved.

As a result, we expect that demand for our satellite television digital set-top boxes from DISH Network and other customers could decline and we may not be able to sustain our current revenue levels.

With our expertise in connectivity, security, and video, we are developing new consumer product and service offerings, including a security and home automation solution, along with other products intended to grow our EchoStar Technologies segment revenue over time.

Our EchoStar Satellite Services segment operates its business using its owned and leased in-orbit satellites.

We provide satellite services on a full-time and occasional-use basis primarily to DISH Network, Dish Mexico, U.S. government service providers, internet service providers, broadcast news organizations, programmers and private enterprise customers.

We depend on DISH Network for a significant portion of the revenue for our EchoStar Satellite Services segment, and we expect that DISH Network will continue to be the primary source of revenue for our EchoStar Satellite

Services segment.

Therefore, the results of operations of our EchoStar Satellite Services segment are linked to long-term changes in DISH Network’s satellite capacity requirements.

We continue to pursue expanding our business offerings by providing value added services such as telemetry, tracking and control services to third parties.

In August 2014, we entered into: (i) a construction contract with Airbus Defence and Space SAS for the construction of the EchoStar 105/SES-11 satellite with C-band, Ku-band and Ka-band payloads; (ii) an agreement with SES Satellite Leasing Limited for the procurement of the related launch services; and (iii) an agreement with SES Americom Inc. (“SES”) pursuant to which we will transfer the title to the C-band and Ka-band payloads to SES Satellite Leasing Limited at launch and transfer the title to the Ku-band payload to SES following in-orbit testing of the satellite.

Simultaneously, SES will provide to us satellite service on the entire Ku-band payload on the EchoStar 105/SES-11 satellite for an initial ten-year term, with an option for us to renew the agreement on a year-to-year basis.

Revenue growth in our EchoStar Satellite Services segment is a function of available satellite capacity to sell.

Our EchoStar 105/SES-11 satellite is currently under construction and will replace the capacity currently leased on the AMC-15 satellite.

Once launched, which is expected in the fourth quarter of 2016, and placed into operation, we expect revenue from the satellite to exceed the revenue currently serviced by the AMC-15 satellite.

Any factors that interfere with the construction and launch schedule of the EchoStar 105/SES-11 satellite could impact our expected revenue.

In addition, any disruption in planned renewals of our service arrangements could impact customer commitments and have an impact on our revenue and financial performance.

Technical issues, regulatory and licensing issues, manufacturer performance/stability and availability of capital to continue to fund our programs also are factors in achieving our business plans for this segment.

As of December 31, 2015 and 2014, our EchoStar Satellite Services segment had contracted revenue backlog attributable to satellites currently in orbit of approximately $1.41 billion and $1.71 billion, respectively.

The decrease is primarily driven by the fixed-term nature of the satellite services agreements with DISH Network.

Of the total contracted revenue backlog as of December 31, 2015, we expect to recognize approximately $373.2 million of revenue in 2016.

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(1)

Item 7.

The increase was primarily related to an increase in depreciation of $39.7 million from our

to our investment in TerreStar.

construction of the EchoStar XIX, EchoStar XXI, EchoStar XXIII, and EUTELSAT 65 West A satellites, an increase of $13.2 million in equity in earnings of unconsolidated affiliates, net, and an increase of $6.7 million in the net loss attributable to noncontrolling interest in HSS Tracking Stock.

| For the Years Ended December 31, 2014 | | EchoStar Technologies | | | Hughes | | | EchoStar Satellite Services | | | All Other and Eliminations | | | Consolidated Total | | |

| Total revenue | | $ | 1,609,820 | | $ | 1,715,991 | | $ | (106,171 | ) | | (6.2 | ) |

| EBITDA | | $ | 152,439 | | $ | 136,057 | | $ | 16,382 | | | 12.0 | |

| Equipment revenue—DISH Network | | $ | 1,311,446 | | $ | 1,028,588 | | $ | 282,858 | | | 27.5 | |

| Equipment revenue—other | | | 347,910 | | | 621,495 | | | (273,585 | ) | | (44.0 | ) |

| Total revenue | | | 3,282,452 | | | 3,121,704 | | | 160,748 | | | 5.1 | |

| Cost of sales—equipment | | | 1,430,777 | | | 1,397,512 | | | 33,265 | | | 2.4 | |

| % of Total revenue | | | 2.1 | % | | 2.2 | % | | | | | | |

| Depreciation and amortization | | | 507,111 | | | 457,326 | | | 49,785 | | | 10.9 | |

| Impairment of long-lived assets | | | 38,415 | | | 32,765 | | | 5,650 | | | 17.2 | |

| Total costs and expenses | | | 3,178,865 | | | 3,021,818 | | | 157,047 | | | 5.2 | |

| Operating income | | | 103,587 | | | 99,886 | | | 3,701 | | | 3.7 | |

| Interest income | | | 14,656 | | | 11,176 | | | 3,480 | | | 31.1 | |

| Realized gains on marketable investment securities and other investments, net | | | 38,341 | | | 177,558 | | | (139,217 | ) | | (78.4 | ) |

| Other, net | | | 6,958 | | | 59,531 | | | (52,573 | ) | | (88.3 | ) |

| Total other income (expense), net | | | (137,623 | ) | | 94,798 | | | (232,421 | ) | | * | |

| Income (loss) before income taxes | | | (34,036 | ) | | 194,684 | | | (228,720 | ) | | * | |

| Net income | | | 3,401 | | | 211,013 | | | (207,612 | ) | | (98.4 | ) |

| Less: Net income (loss) attributable to other noncontrolling interests | | | 876 | | | (35 | ) | | 911 | | | * | |

| EBITDA | | $ | 650,097 | | $ | 793,898 | | $ | (143,801 | ) | | (18.1 | ) |

| Subscribers, end of period | | | 860,000 | | | 636,000 | | | 224,000 | | | 35.2 | |

The increase was primarily due to the commencement of broadband equipment sales to DISH Network pursuant to the Distribution Agreement we entered into with dishNET in October 2012 such that a full year of revenue has been included in the 2013 period.

Additionally, unit sales and the weighted average price of related accessories sold to Bell TV and our other international customers decreased 16.1% and 38.8%, respectively, for the year ended December 31, 2013 compared to the same period in 2012.

The sales to Bell TV and other international customers may remain at the current levels in the near term, due to customer utilization of refurbished set-top boxes and lower overall demand in the respective markets that we sell these products.

The decrease was mainly due to a decrease in sales of mobile satellite systems equipment of $30.4 million and international broadband equipment of $29.5 million.

same period in 2012.

The increase was mainly due to a $99.2 million increase in revenue related to the lease of capacity on the EchoStar XVI satellite which began in January 2013 and services provided on the lease of transponders of the Quetzsat-1 satellite to DISH Network beginning in February 2013.

This increase was partially offset by a $43.7 million decrease relating to the expiration of our satellite capacity lease agreement for the EchoStar VI satellite, a $5.1 million decrease relating to the renewal of our satellite capacity agreement for the EchoStar VIII satellite, and a $5.3 million decrease in revenue related to DISH Network's use of our right to the 61.5 degree west longitude orbital location.

The increase was mainly due to an increase of $6.4 million in sales of transponder services.

The increase was attributable to an increase in equipment costs of $199.3 million, related directly to the increase in sales of set-top boxes and related accessories to DISH Network.

The increase was primarily attributable to an increase in the cost of broadband equipment sold to our wholesale customers of $35.7 million.

[removed: Cash,] [added: Restricted] Cash [removed: Equivalents] and [removed: Current] Marketable Investment Securities [added: and Other Investments]

[removed: Of this amount, a total] [added: As] of [removed: $1.65 billion was] [added: December 31, 2015, we had $21.0 million of restricted cash and marketable investment securities] invested in: (a) cash; (b) [added: debt instruments of the U.S. government and its agencies; (c)] commercial paper and corporate notes with an overall average maturity of less than one year and rated in one of the four highest rating categories by at least two nationally recognized statistical rating organizations; [removed: (c) VRDNs convertible into cash at par value plus accrued interest generally in five business days or less; (d) debt instruments of the U.S. government] and [removed: its agencies; and/or (e)] [added: (d)] instruments with similar risk, duration and credit quality characteristics to the commercial paper [removed: and corporate obligations] described above.

Based on our [removed: current non-strategic] investment portfolio [removed: of $1.65 billion] as of December 31, [removed: 2014,] [added: 2015,] a hypothetical 10% [removed: change] [added: increase] in average interest rates [removed: during 2014] would not have a material impact on the fair value of our [removed: cash,] [added: restricted] cash [removed: equivalents] and [removed: debt securities portfolio due to the limited duration of our investments.][added: marketable investment securities.]

A hypothetical 10% adverse change in the [removed: market price] [added: value] of [removed: our public strategic] [added: these debt and] equity [removed: investments] [added: instruments] would result in a decrease of approximately [removed: $4.2] [added: $20.9] million in the [removed: fair] value of these investments.

As of December 31, [removed: 2014,] [added: 2015,] we had [removed: $160.0] [added: $209.3] million of noncurrent equity instruments that we hold for strategic business purposes and account for under the cost or equity methods of accounting.

Foreign Currency Exchange [removed: Risk][added: Risk]

As of December 31, [removed: 2014,] [added: 2015,] we had [removed: $16.8] [added: $5.3] million of [added: net] foreign currency denominated receivables and payables outstanding, and foreign currency forward contracts with a notional value of [removed: $5.0] [added: $2.6] million in place to partially mitigate foreign currency exchange risk.

The estimated fair values of the foreign exchange contracts were not material as of December 31, [removed: 2014.][added: 2015.]

The impact of a hypothetical 10% adverse change in exchange rates on the carrying amount of the net assets and liabilities of our foreign subsidiaries would be an estimated loss of [removed: $20.1] [added: $22.7] million as of December 31, [removed: 2014.][added: 2015.]

_Investments in Unconsolidated Entities_

Our international business is conducted in a variety of foreign currencies with our largest exposures being to the Brazilian real, the Indian rupee, and the British pound.

This exposes us to fluctuations in foreign currency exchange rates.

Transactions in foreign currencies are converted into U.S. dollars using exchange rates in effect on the dates of the transactions.

Market Risks Associated with Financial Instruments and Foreign Currency

Our investments and debt are exposed to market risks, discussed below.

As of December 31, 2014, our cash, cash equivalents and current marketable investment securities had a fair value of $1.69 billion.

The primary purpose of these investing activities has been to preserve principal until the cash is required to, among other things, fund operations, make strategic investments and expand the business.

Consequently, the size of this portfolio fluctuates significantly as cash is received and used in our business.

The value of this portfolio may be negatively impacted by credit losses; however, this risk is mitigated through diversification that limits our exposure to any one issuer.

Interest Rate Risk

A change in interest rates would not affect the fair value of our cash, or materially affect the fair value of our cash equivalents due to their maturities of less than 90 days.

A change in interest rates would affect the fair value of our current marketable debt securities portfolio; however, we normally hold these investments to maturity.

Our cash, cash equivalents and current marketable debt securities had an average annual rate of return for the year ended December 31, 2014 of 0.6%.

A change in interest rates would affect our future annual interest income from this portfolio, since funds would be re-invested at different rates as the instruments mature.

A hypothetical 10% decrease in average interest rates during 2014 would have resulted in a decrease of approximately $0.9 million in annual interest income.

Strategic Marketable Investment Securities

As of December 31, 2014, we held current strategic investments in the publicly traded common stock of several companies with a fair value of $41.7 million.

These investments, which are held for strategic and financial purposes, are concentrated in a small number of companies, are highly speculative and have experienced and continue to experience volatility.

The fair value of these investments can be significantly impacted by the risk of adverse changes in securities markets generally, as well as risks related to the performance of the companies whose securities we have invested in, risks associated with specific industries, and other factors.

These investments are subject to significant fluctuations in fair value due to the volatility of the securities markets and of the underlying businesses.

In general, our strategic marketable investment securities portfolio is not significantly impacted by interest rate fluctuations as it currently consists solely of equity securities, the value of which is more closely related to factors specific to the underlying business.

Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK—Continued

Restricted Cash and Marketable Investment Securities and Other Investments

As of December 31, 2014, we had $18.9 million of restricted cash and marketable investment securities invested in: (a) cash; (b) VRDNs convertible into cash at par value plus accrued interest generally in five business days or less; (c) debt instruments of the U.S. government and its agencies; (d) commercial paper and corporate notes with an overall average maturity of less than one year and rated in one of the four highest rating categories by at least two nationally recognized statistical rating organizations; and (e) instruments with similar risk, duration and credit quality characteristics to the commercial paper described above.

Based on our investment portfolio as of December 31, 2014, a hypothetical 10% increase in average interest rates would not have a material impact on the fair value of our restricted cash and marketable investment securities.

_Other Investments_

A hypothetical 10% adverse change in the value of these debt and equity instruments would result in a decrease of approximately $16.0 million in the value of these investments.

Our international business is conducted in a variety of foreign currencies and it is therefore exposed to fluctuations in foreign currency exchange rates.

[removed: OVERVIEW][added: OVERVIEW]

We currently operate in [added: the following] three business [removed: segments.][added: segments:]

[added: ·] _EchoStar Technologies [removed: ("ETC")_—which] [added: (“ETC”)_ — which] designs, develops and distributes [added: secure end-to-end video technology solutions including] digital set-top boxes and related products and technology, primarily for satellite TV service [removed: providers, telecommunication companies] [added: providers] and [removed: international cable] [added: telecommunication] companies.

Our EchoStar Technologies segment also provides digital broadcast operations, including satellite uplinking/downlinking, transmission services, signal processing, conditional access management, and other services, primarily to DISH Network Corporation and its subsidiaries [removed: ("DISH Network").][added: (“DISH Network”) and Dish Mexico, S. de R.L. de C.V. (“Dish Mexico”), a joint venture we entered into in 2008.]

In addition, we provide our [removed: Slingboxes] [added: TV Anywhere technology through Slingbox® units] directly to consumers via retail outlets and online, as well as [added: to] the [removed: payTV] [added: pay-TV] operator [removed: market via our partnership with Arris Group, Inc. ("Arris").][added: market.]

[removed: _Hughes_—which] [added: · _Hughes_ — which] provides satellite broadband internet access to North American consumers and broadband network services and equipment to domestic and international enterprise markets.

[added: ·] _EchoStar Satellite Services [removed: ("ESS")_—which] [added: (“ESS”)_ — which] uses certain of our owned and leased in-orbit satellites and related licenses to provide satellite services on a full-time and occasional-use basis primarily to DISH Network, Dish Mexico, [removed: S. de R.L. de C.V. ("Dish Mexico"), a joint venture we entered into in 2008,] United States [removed: ("U.S.")] [added: (“U.S.”)] government service providers, [removed: state agencies,] internet service providers, broadcast news organizations, programmers, and private enterprise customers.

Our operations also include real estate and other activities that have not been assigned to our operating segments, [added: including,] costs incurred in certain satellite development programs and other business development activities, expenses of various corporate departments, and our centralized treasury operations, [removed: including] [added: including,] income from our investment portfolio and interest expense on our debt.

In 2008, DISH Network completed its distribution to us of its digital set-top box business, certain infrastructure, and other assets and related liabilities, including certain of [removed: their] [added: its] satellites, uplink and satellite transmission assets, and real estate (the [removed: "Spin-off").][added: “Spin-off”).]

However, as a result of the Satellite and Tracking Stock Transaction, described in Note [removed: 2] [added: 4] in the notes to consolidated financial statements in Item 15 of this report, DISH Network owns shares of our and our [removed: subsidiary's] [added: subsidiary’s] preferred tracking stock representing an aggregate 80.0% economic interest in the residential retail satellite broadband business of our Hughes segment.

[removed: In] [added: (1) Depreciable life represents the remaining useful life as of June 8,] 2011, [removed: we completed] the [added: date EchoStar completed its] acquisition of Hughes Communications, Inc. and its [removed: subsidiaries and related financing transactions ("Hughes Acquisition").][added: subsidiaries.]

BUSINESS [removed: STRATEGIES][added: STRATEGIES]

[removed: _Capitalize on demand for broadband services._] We intend to capitalize on the [added: global] demand for satellite-delivered broadband services and enterprise solutions by utilizing, among other things, our industry expertise, technology leadership, satellite capacity, access to spectrum resources, and high-quality, reliable service to continue growth in consumer subscribers and the enterprise market.

_Expand satellite capacity and related infrastructure._ [removed: Our] [added: We expect that our] expertise in the identification, acquisition and development of satellite spectrum and orbital rights and satellite operations, together with existing or acquired [removed: infrastructure] [added: infrastructure,] will provide opportunities to [removed: cross sell services, bundle satellite broadband and video services, and explore opportunities in] [added: enter] new [added: international] markets.

We believe market opportunities exist that will facilitate the acquisition or leasing of [added: additional] satellite capacity which will enable us to provide services to a broader customer base, including providers of pay-TV services, satellite-delivered broadband, corporate communications, and government services.

[added: _Continue development of S-band and other hybrid spectrum resources._] We believe we are in a unique position to deploy a European wide mobile satellite service [removed: ("MSS")/complementary] [added: (“MSS”)/complementary] ground component [removed: ("CGC")] [added: (“CGC”)] network and maximize the [removed: long term] [added: long-term] value of our S-band spectrum, in Europe and other regions within the scope of our licenses.

[removed: _Expand] [added: _Exploit] our [removed: set-top box and customer premise equipment sales._] [added: video delivery expertise._] With our extensive experience in designing, developing, [removed: manufacturing] and [removed: distributing digital set-top boxes] [added: operating video delivery systems for satellite direct-to-home (“DTH”)] and [removed: related products,] [added: internet streaming,] we believe we can leverage the broader adoption of advanced technologies such as [removed: whole home digital video recorder ("DVR"),] placeshifting functionality, hybrid internet offerings and other in-home solutions to create opportunities for us.

[removed: _Develop improved technologies._ The] [added: Our] engineering capabilities [removed: of our combined business units provides] [added: provide] us with the opportunity to develop and deploy cutting edge technologies, license our technologies to others, and maintain a leading technological position in the industries in which we are active.

BUSINESS [removed: SEGMENTS][added: SEGMENTS]

Our Products [added: and Services]

[removed: Our current digital set-top boxes include:][added: · _Set-top boxes_.]

In addition to digital set-top boxes, we [removed: also] design and develop related products such as satellite dishes and remote controls.

[removed: _Digital Broadcast Operations._] We operate a number of digital broadcast centers in the U.S. Our principal digital broadcast centers are located in Cheyenne, Wyoming and Gilbert, Arizona.

The data is [removed: then] processed, compressed, encrypted and then uplinked to our satellites and our [removed: customers'] [added: customers’] satellites for transmission to end-users.

Our [removed: Customers][added: Customers]

DISH Network accounted for [removed: 88.6%, 90.1%] [added: 87.9%, 88.7%] and [removed: 76.9%] [added: 90.2%] of the EchoStar Technologies [removed: segment's] [added: segment’s] revenue for the years ended December 31, [removed: 2014, 2013] [added: 2015, 2014] and [removed: 2012,] [added: 2013,] respectively.

We also currently sell our digital set-top boxes to other international DTH satellite and cable providers, including Bell TV, a DTH satellite services provider in Canada, and Dish [removed: Mexico.][added: Mexico, to whom we also provide video broadcast services.]

Our [removed: Competition][added: Competition]

The [removed: set-top box industry is] [added: video delivery and broadcast, OTT, and security and home automation industries are] highly competitive, and market leadership changes frequently as a result of new products, designs and pricing.

As we seek to grow our revenue and market share in [removed: the digital][added: these industries, we face substantial competition.]

[removed: ("PACE"), Samsung,] [added: such as Arris Group, Inc., Cisco Systems, Inc., Samsung Electronics Co., Ltd.,] and Technicolor [removed: S.A. ("Technicolor"),] [added: S.A.,] have established longstanding relationships with their customers.

In addition, a number of rapidly growing companies have recently entered the market with [removed: set-top box] offerings similar to our existing [removed: satellite set-top box] [added: and contemplated] products.

[removed: We] [added: In the video delivery industry, we] may also face competition from international developers of digital set-top box systems that may be able to develop and manufacture products and services at costs that are substantially lower than our costs.

Furthermore, we depend heavily on our ability to successfully bring advanced technologies to the market, including internet delivery of video content and our Slingbox [added: unit’s] placeshifting [removed: functionality, to keep pace with our competitors.][added: functionality.]

[removed: Our] [added: We believe our] use of proprietary technology, together with our in-house engineering expertise, enables us to innovate and bring new features and enhancements quickly to our customers.

In addition, our end-to-end video solutions [added: may] allow us to provide a more cost-effective solution for a pay-TV operator who may have to negotiate hardware, middleware and a conditional access system separately.

We have a long-standing relationship with DISH Network and provide them with technologically advanced set-top boxes, including advanced hybrid satellite and internet protocol over-the-top delivery solutions, Slingbox [added: unit’s] placeshifting functionality, and whole-home DVR features.

Our [removed: Manufacturers][added: Manufacturers]

Although we design, engineer and distribute digital set-top boxes and [removed: related] [added: other] products, we are not directly engaged in the manufacturing process.

Rather, we outsource the manufacturing of our [removed: digital set-top boxes and related] products to third parties who manufacture our products according to specifications supplied by us.

Beginning in 2015, this segment also includes Move Networks, our over-the-top (“OTT”), Streaming Video on Demand (“SVOD”) platform business, which includes assets acquired from Sling TV Holding L.L.C. (formerly DISH Digital Holding L.L.C.) (“Sling TV Holding”), and primarily provides support services to DISH Network’s Sling TV™ operations.

In 2016, we plan to introduce a security and home automation solution provided directly to consumers.

These activities are accounted for in the “All Other and Eliminations” column in Note 17 in the notes to consolidated financial statements in Item 15 of this report.

_Capitalize on demand for broadband services_.

We will also continue to explore development of S-band similar spectrum assets in additional international markets,

_Develop improved and new technologies_.

We also intend to develop and launch next generation media and content delivery platforms such as our Move Networks business and our security and home automation products and services.

Our Hughes segment is a global provider of broadband satellite technologies and services for the home and office, delivering innovative network technologies, managed services, and solutions for consumers, enterprises and governments.

We continue our efforts in growing our consumer revenue, which depends on our success in adding new subscribers on our Hughes segment’s satellite networks.

The addition of new subscribers and the performance of our consumer service offering, primarily drive the revenue growth in our consumer business.

Service costs related to ongoing support of our direct and indirect customers and partners are typically impacted most significantly by our growth.

Long-term trends continue to be influenced primarily by the subscriber growth in our consumer business.

New satellite launches are expected to provide additional capacity for subscriber growth while we manage subscriber growth across our existing satellite platform.

In March 2013, we entered into a contract for the design and construction of the EchoStar XIX satellite, which is expected to be launched in the fourth quarter of 2016.

The EchoStar XIX satellite is a next-generation, high throughput geostationary satellite that will employ a multi-spot beam, bent pipe Ka-band architecture and will provide additional capacity for the Hughes broadband services to the consumer market in North America, as well as new capacity covering Mexico and other Latin American countries.

We expect the satellite to launch in the first quarter of 2016 and to begin delivering consumer satellite broadband services in Brazil in the second half of 2016.

In addition, in September 2015, we entered into satellite services agreements pursuant to which affiliates of Telesat Canada (“Telesat”) will provide to us fixed broadband service into South America using the Ka-band capacity on a satellite to be located at the 63 degree west longitude orbital location for a 15-year term.

To compete effectively, we

Our EchoStar Technologies business segment provides secure end-to-end video and broadcast technology products and services to businesses and directly to consumers.

_Video Delivery Products and Related Technologies_.

Our EchoStar Technologies segment designs, develops and distributes a wide range of video delivery products and related technologies that allow consumers to watch and control their subscription and over-the-air (“OTA”) TV programming from inside their homes.

Our current video delivery products and related technologies include:

Provides consumers with the ability to access the enhanced picture quality and sound of 4K, high-definition (“HD”) and/or standard definition (“SD”) content, interactive applications, broadband connectivity and Bluetooth audio streaming, depending on the type of set-top box purchased.

· _DVR and Whole-Home HD DVR solutions._ Provides customers with the ability to record, replay and store content and multi-room HD content sharing functionality to create a whole-home entertainment experience, including commercial skipping and sideloading technologies.

· _TV Anywhere “Placeshifting” Functionality_.

Provides customers with the ability to watch and control digital television content on a desktop or mobile device via a broadband internet connection.

Customers have these abilities when using our set-top boxes as well as our standalone Slingbox units, which are sold directly to consumers via retail outlets and online, as well as to the pay-TV operator market.

_Video Broadcast Services_.

Our EchoStar Technologies segment also provides online video delivery and satellite video delivery for broadcasters and pay-TV operators, including satellite uplinking/downlinking, transmission services, signal processing, conditional access management, and other services, primarily to DISH Network and Dish Mexico.

_Over-the-Top (“OTT”) Services._ Through our Move Networks division, we have developed and launched a comprehensive OTT SVOD and live linear service platform solution currently utilized by DISH Network’s Sling TV service, which launched in 2015.

We continue to develop and enhance the platform for Sling TV to improve the customer experience.

We also continue to explore new ways to leverage this technology for other business opportunities.

_Other Products and Services._ With our expertise in connectivity, security, and video, we are developing new consumer product and service offerings, including a security and home automation solution that customers can control from their TV or mobile device.

Our Customers

The number of potential new customers for our set-top box business in our EchoStar Technologies segment is small and may be limited as prospective customers that have been competitors of DISH Network may continue to view us as a competitor due to our common ownership with DISH Network.

Our customers face emerging competition from other providers of digital media and potential government action preventing them from using security systems in connection with set-top boxes.

In particular, programming offered over the internet has become more prevalent as the speed and quality of broadband networks have improved.

As a result, we expect that demand for our satellite television digital set-top boxes from DISH Network and other customers could decline and we may not be able to sustain our current revenue levels.

Our Competition

Many of our primary competitors,

_Exploit international opportunities._ We believe that direct-to-home ("DTH") satellite and satellite broadband services are particularly well-suited for countries without extensive telecommunications and cable infrastructure.

We intend to selectively pursue partnerships, joint ventures and strategic acquisition opportunities that allow us to capitalize on our extensive experience in delivering end-to-end satellite broadband and pay-TV consumer services.

_Digital Set-Top Boxes._ Our EchoStar Technologies segment offers a wide range of digital set-top boxes that allow consumers to watch and control their television programming and contain a variety of other capabilities and functionality.

_High-definition ("HD") digital set-top boxes._ These devices allow consumers who subscribe to television services from multi-channel video distributors to access the enhanced picture quality and sound of high-definition content, in addition to the standard-definition ("SD") functionality of our SD digital set-top boxes.

_SD digital set-top boxes._ These devices allow consumers who subscribe to television service from multi-channel video distributors to access encrypted digital video and audio content.

Certain models of our HD digital set-top boxes and SD digital set-top boxes also contain certain of the following advanced capabilities and functionalities:

_Interactive Applications._ Include an on-screen program guide, pay-per-view offerings, video content/meta-data enhancing user applications, social media, games, and shopping.

_Digital Video Recorder ("DVR")._ Enables subscribers to pause, stop, reverse, fast forward, record, and replay digital television content using a built-in and/or external hard drive capable of storing content.

Our whole-home HD DVR receiver provides subscribers a variety of features that a consumer can use, at his or her option, to control, and/or record programming.

_Broadband Internet Connectivity._ Provides internet protocol television ("IPTV") functionality, which supports on-demand services that allow consumers to download television programming, movies, music, applications, and other content.

_Slingbox "placeshifting" functionality._ Allows a customer, at his or her option, to watch and control their digital television content anywhere in the world via a broadband internet connection.

We are also exploring the development of other in-home products and applications.

The majority of our EchoStar Technologies segment's international revenue during each of the years ended December 31, 2014, 2013 and 2012 was attributable to sales of digital set-top boxes and accessories to Bell TV and Dish Mexico.

In 2012, we amended our pricing agreement with Bell TV, which among other things entitles us to be Bell TV's exclusive provider of digital set-top boxes, subject to certain limited exceptions, and provides fixed pricing over the term of the agreement as well as providing for future engineering development for enhanced Bell TV service offerings.

In January 2014, we further amended the agreement, which extended our exclusivity rights under the pricing agreement until December 31, 2015.

set-top box industry, we face substantial competition.

Many of our primary competitors, such as Arris, Cisco Systems, Inc. ("Cisco"), Pace Micro Technology Plc.

enterprises and broadband service providers worldwide.

By comparison, ground-based facilities

While we expect to continue to provide satellite services to DISH Network, its satellite

The increase in backlog is primarily the result of additional satellite services on EchoStar I, EchoStar VII, EchoStar X, EchoStar XI, and EchoStar XIV provided to DISH Network beginning March 1, 2014, as part of the Satellite and Tracking Stock Transaction.

| AMC-15 | | ESS | | October 2004 | | | 105 W | | — |

(1)

(2)

(3)

(4)

(5)

Depreciable life represents the remaining useful life as of June 30, 2013, the date EchoStar XII was impaired.

(6)

The satellite services agreement requires us to make prepayments during the satellite construction period.

_EchoStar XIX._ In February 2012 and September 2013, ViaSat and its subsidiary ViaSat Communications, filed lawsuits in the U.S. District Court for the Southern District of California against SS/L, the manufacturer of EchoStar XVII and EchoStar XIX.

Those cases, to which we were not a party, were settled in 2014 with no material impact on the design, construction or planned operations of EchoStar XIX.

_EchoStar I, EchoStar VII, EchoStar X, EchoStar XI, and EchoStar XIV._ As discussed in Note 2 in the notes to consolidated financial statements in Item 15 of this report, we received five satellites (EchoStar I, EchoStar VII, EchoStar X, EchoStar XI and EchoStar XIV) from DISH Network as part of the Satellite and Tracking Stock Transaction.

These satellites are BSS satellites operating in Ku-band frequencies and DISH Network began receiving certain services from us on these satellites effective March 1, 2014.

_EchoStar VIII._ In May 2013, DISH Network began receiving satellite services from us on EchoStar VIII as an in-orbit spare.

Effective March 1, 2014, this service arrangement was converted to a month-to-month service agreement.

Both parties have the right to terminate this agreement upon 30 days' notice.

_EchoStar XV._ In May 2013, we began receiving satellite services from DISH Network on EchoStar XV and relocated the satellite to the 45 degree west longitude orbital location.

_EchoStar 105/SES-11._ In August 2014, we entered into: (i) a construction contract with Airbus Defence and Space SAS for the construction of the EchoStar 105/SES-11 satellite with C-band, Ku-band and Ka-band payloads; (ii) an agreement with SES Satellite Leasing Limited for the procurement of the related launch services; and (iii) an agreement with SES Americom Inc. ("SES") pursuant to which we will transfer the title to the C-band and Ka-band payloads to SES Satellite Leasing Limited at launch and transfer the title to the Ku-band payload to SES following in-orbit testing of the satellite.

[removed: [PART IV](#dy14101_part_iv)][added: PART I]

[removed: [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#index)][added: | | [Index to Consolidated Financial Statements](#INDEXTOCONSOLIDATEDFINANCIALSTAT_020600 "Click to goto ") | F-1 |]

UNITED [removed: STATES][added: STATES]

[removed: SECURITIES] [added: SECURITIES] AND EXCHANGE [removed: COMMISSION][added: COMMISSION]

[removed: Washington,] [added: Washington,] D.C. 20549

[removed: |] (Mark One) [removed: | | |]

[removed: | ý | | ANNUAL] [added: o TRANSITION] REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF [removed: 1934 |][added: 1934 FOR THE TRANSITION PERIOD FROM TO .]

[removed: | o | | TRANSITION] [added: x ANNUAL] REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF [removed: 1934 |][added: 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2015]

EchoStar [removed: Corporation][added: Corporation]

[removed: (Exact] [added: (Exact] name of registrant as specified in its charter)

| [removed: Nevada] (State or Other Jurisdiction of Incorporation or Organization) | | [removed: 26-1232727] (I.R.S. Employer Identification No.) |

| 100 Inverness Terrace East, Englewood, Colorado [removed: (Address of Principal Executive Offices)] | | 80112-5308 [removed: (Zip Code)] |

Yes [removed: ý] [added: x] No o

Yes o No [removed: ý][added: x]

| Large accelerated filer [removed: ý] [added: x] | | Accelerated filer o | | Non-accelerated filer o [removed: (Do not check if a smaller reporting company)] | | Smaller reporting company o |

As of June 30, [removed: 2014,] [added: 2015,] the aggregate market value of Class A common stock held by non-affiliates of the registrant was [removed: $2.29] [added: $2.16] 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 [removed: 13, 2015,] [added: 16, 2016,] the [removed: registrant's] [added: registrant’s] outstanding common stock consisted of [removed: 44,109,045] [added: 45,563,639] shares of Class A common stock and 47,687,039 shares of Class B common stock, each $0.001 par value.

Portions of the [removed: registrant's] [added: registrant’s] definitive Proxy Statement to be filed in connection with its [removed: 2015] [added: 2016] Annual Meeting of Shareholders are incorporated by reference in Part III.

TABLE OF [removed: CONTENTS][added: CONTENTS]

[removed: | [](#bi14101_disclosure_regarding_forward_looking_statements) [Disclosure Regarding Forward Looking Statements](#bi14101_disclosure_regarding_forward_looking_statements) | | | | | [i](#bi14101_disclosure_regarding_forward_looking_statements) | |][added: DISCLOSURE REGARDING FORWARD LOOKING STATEMENTS]

| [removed: [](#da14101_item_1._business)] [Item [removed: 1.](#da14101_item_1._business) | | [](#da14101_item_1._business) [Business](#da14101_item_1._business) | |] [added: 1.](#Item1_BUSINESS_124654)] | [removed: [ 1](#da14101_item_1._business)] [added: [Business](#Item1_BUSINESS_124654)] | [added: 1] |

| [removed: [](#de14101_item_1a._risk_factors)] [Item [removed: 1A.](#de14101_item_1a._risk_factors) |] [added: 1A.](#Item1A_RISKFACTORS_121410)] | [removed: [](#de14101_item_1a._risk_factors)] [Risk [removed: Factors](#de14101_item_1a._risk_factors) | | | [18](#de14101_item_1a._risk_factors)] [added: Factors](#Item1A_RISKFACTORS_121410)] | [added: 18] |

| [removed: [](#dg14101_item_1b._unresolved_staff_comments)] [Item [removed: 1B.](#dg14101_item_1b._unresolved_staff_comments) |] [added: 1B.](#Item1B_UNRESOLVEDSTAFFCOMMENTS_121628)] | [removed: [](#dg14101_item_1b._unresolved_staff_comments)] [Unresolved Staff [removed: Comments](#dg14101_item_1b._unresolved_staff_comments) | | | [37](#dg14101_item_1b._unresolved_staff_comments)] [added: Comments](#Item1B_UNRESOLVEDSTAFFCOMMENTS_121628)] | [added: 37] |

| [removed: [](#di14101_item_2._properties)] [Item [removed: 2.](#di14101_item_2._properties) | | [](#di14101_item_2._properties) [Properties](#di14101_item_2._properties) | |] [added: 2.](#Item2_PROPERTIES_121631)] | [removed: [38](#di14101_item_2._properties)] [added: [Properties](#Item2_PROPERTIES_121631)] | [added: 37] |

| [removed: [](#di14101_item_3._legal_proceedings)] [Item [removed: 3.](#di14101_item_3._legal_proceedings) |] [added: 3.](#Item3_LEGALPROCEEDINGS_121633)] | [removed: [](#di14101_item_3._legal_proceedings)] [Legal [removed: Proceedings](#di14101_item_3._legal_proceedings) | | | [39](#di14101_item_3._legal_proceedings)] [added: Proceedings](#Item3_LEGALPROCEEDINGS_121633)] | [added: 37] |

| [removed: [](#di14101_item_4._mine_safety_disclosures)] [Item [removed: 4.](#di14101_item_4._mine_safety_disclosures) |] [added: 4.](#Item4_MINESAFETYDISCLOSURES_121636)] | [removed: [](#di14101_item_4._mine_safety_disclosures)] [Mine Safety [removed: Disclosures](#di14101_item_4._mine_safety_disclosures) | | | [39](#di14101_item_4._mine_safety_disclosures)] [added: Disclosures](#Item4_MINESAFETYDISCLOSURES_121636)] | [added: 37] |

| [removed: [](#di14101_item_5._market_for_registrant___ite04666)] [Item [removed: 5.](#di14101_item_5._market_for_registrant___ite04666) |] [added: 5.](#Item5_MARKETFORREGISTRANTSCOMMON_121639)] | [removed: [](#di14101_item_5._market_for_registrant___ite04666)] [Market for [removed: Registrant's] [added: Registrant’s] Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#di14101_item_5._market_for_registrant___ite04666) | | | [ 40](#di14101_item_5._market_for_registrant___ite04666)] [added: Securities](#Item5_MARKETFORREGISTRANTSCOMMON_121639)] | [added: 38] |

| [removed: [](#di14101_item_6._selected_financial_data)] [Item [removed: 6.](#di14101_item_6._selected_financial_data) |] [added: 6.](#Item6_SELECTEDFINANCIALDATA_121643)] | [removed: [](#di14101_item_6._selected_financial_data)] [Selected Financial [removed: Data](#di14101_item_6._selected_financial_data) | | | [40](#di14101_item_6._selected_financial_data)] [added: Data](#Item6_SELECTEDFINANCIALDATA_121643)] | [added: 39] |

| [removed: [](#dk14101_item_7._management_s_discussio__ite03668)] [Item [removed: 7.](#dk14101_item_7._management_s_discussio__ite03668) |] [added: 7.](#Item7_MANAGEMENTSDISCUSSIONANDAN_125626)] | [removed: [](#dk14101_item_7._management_s_discussio__ite03668) [Management's] [added: [Management’s] Discussion and Analysis of Financial Condition and Results of [removed: Operations](#dk14101_item_7._management_s_discussio__ite03668) | | | [42](#dk14101_item_7._management_s_discussio__ite03668)] [added: Operations](#Item7_MANAGEMENTSDISCUSSIONANDAN_125626)] | [added: 40] |

| [removed: [](#du14101_item_7a._quantitative_and_qual__ite02669)] [Item [removed: 7A.](#du14101_item_7a._quantitative_and_qual__ite02669) |] [added: 7A.](#Item7A_QUANTITATIVEANDQUALITATIV_020504)] | [removed: [](#du14101_item_7a._quantitative_and_qual__ite02669)] [Quantitative and Qualitative Disclosures about Market [removed: Risk](#du14101_item_7a._quantitative_and_qual__ite02669) | | | [76](#du14101_item_7a._quantitative_and_qual__ite02669)] [added: Risk](#Item7A_QUANTITATIVEANDQUALITATIV_020504)] | [added: 69] |

| [removed: [](#du14101_item_8._financial_statements_and_supplementary_data)] [Item [removed: 8.](#du14101_item_8._financial_statements_and_supplementary_data) |] [added: 8.](#Item8_FINANCIALSTATEMENTSANDSUPP_075625)] | [removed: [](#du14101_item_8._financial_statements_and_supplementary_data)] [Financial Statements and Supplementary [removed: Data](#du14101_item_8._financial_statements_and_supplementary_data) | | | [78](#du14101_item_8._financial_statements_and_supplementary_data)] [added: Data](#Item8_FINANCIALSTATEMENTSANDSUPP_075625)] | [added: 71] |

| [removed: [](#du14101_item_9._changes_in_and_disagre__ite03576)] [Item [removed: 9.](#du14101_item_9._changes_in_and_disagre__ite03576) |] [added: 9.](#Item9_CHANGESINANDDISAGREEMENTSW_075626)] | [removed: [](#du14101_item_9._changes_in_and_disagre__ite03576)] [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#du14101_item_9._changes_in_and_disagre__ite03576) | | | [78](#du14101_item_9._changes_in_and_disagre__ite03576)] [added: Disclosure](#Item9_CHANGESINANDDISAGREEMENTSW_075626)] | [added: 71] |

| [removed: [](#du14101_item_9a._controls_and_procedures)] [Item [removed: 9A.](#du14101_item_9a._controls_and_procedures) |] [added: 9A.](#Item9A_CONTROLSANDPROCEDURES_075628)] | [removed: [](#du14101_item_9a._controls_and_procedures)] [Controls and [removed: Procedures](#du14101_item_9a._controls_and_procedures) | | | [78](#du14101_item_9a._controls_and_procedures)] [added: Procedures](#Item9A_CONTROLSANDPROCEDURES_075628)] | [added: 71] |

| [removed: [](#du14101_item_9b._other_information)] [Item [removed: 9B.](#du14101_item_9b._other_information) |] [added: 9B.](#Item9B_OTHERINFORMATION_075634)] | [removed: [](#du14101_item_9b._other_information)] [Other [removed: Information](#du14101_item_9b._other_information) | | | [79](#du14101_item_9b._other_information)] [added: Information](#Item9B_OTHERINFORMATION_075634)] | [added: 72] |

| [removed: [](#dw14101_part_iii) [PART III](#dw14101_part_iii)] | [removed: | | | |] [added: [PART III](#PARTIII_075636)] | |

| [removed: [](#dw14101_item_10._directors,_executive___ite02336)] [Item [removed: 10.](#dw14101_item_10._directors,_executive___ite02336) |] [added: 10.](#Item10_DIRECTORSEXECUTIVEOFFICER_075639)] | [removed: [](#dw14101_item_10._directors,_executive___ite02336)] [Directors, Executive Officers and Corporate [removed: Governance](#dw14101_item_10._directors,_executive___ite02336) | | | [ 80](#dw14101_item_10._directors,_executive___ite02336)] [added: Governance](#Item10_DIRECTORSEXECUTIVEOFFICER_075639)] | [added: 73] |

| [removed: [](#dw14101_item_11._executive_compensation)] [Item [removed: 11.](#dw14101_item_11._executive_compensation) |] [added: 11.](#Item11_EXECUTIVECOMPENSATION_075641)] | [removed: [](#dw14101_item_11._executive_compensation)] [Executive [removed: Compensation](#dw14101_item_11._executive_compensation) | | | [80](#dw14101_item_11._executive_compensation)] [added: Compensation](#Item11_EXECUTIVECOMPENSATION_075641)] | [added: 73] |

| [removed: [](#dw14101_item_12._security_ownership_of__ite04004)] [Item [removed: 12.](#dw14101_item_12._security_ownership_of__ite04004) |] [added: 12.](#Item12_SECURITYOWNERSHIPOFCERTAI_075643)] | [removed: [](#dw14101_item_12._security_ownership_of__ite04004)] [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#dw14101_item_12._security_ownership_of__ite04004) | | | [80](#dw14101_item_12._security_ownership_of__ite04004)] [added: Matters](#Item12_SECURITYOWNERSHIPOFCERTAI_075643)] | [added: 73] |

| [removed: [](#dw14101_item_13._certain_relationships__ite03067)] [Item [removed: 13.](#dw14101_item_13._certain_relationships__ite03067) |] [added: 13.](#Item13_CERTAINRELATIONSHIPSANDRE_075646)] | [removed: [](#dw14101_item_13._certain_relationships__ite03067)] [Certain Relationships and Related Transactions, and Director [removed: Independence](#dw14101_item_13._certain_relationships__ite03067) | | | [80](#dw14101_item_13._certain_relationships__ite03067)] [added: Independence](#Item13_CERTAINRELATIONSHIPSANDRE_075646)] | [added: 73] |

| [removed: [](#dw14101_item_14._principal_accounting_fees_and_services)] [Item [removed: 14.](#dw14101_item_14._principal_accounting_fees_and_services) |] [added: 14.](#Item14_PRINCIPALACCOUNTINGFEESAN_075651)] | [removed: [](#dw14101_item_14._principal_accounting_fees_and_services)] [Principal Accounting Fees and [removed: Services](#dw14101_item_14._principal_accounting_fees_and_services) | | | [80](#dw14101_item_14._principal_accounting_fees_and_services)] [added: Services](#Item14_PRINCIPALACCOUNTINGFEESAN_075651)] | [added: 73] |

10-K 1 a15-23459_310k.htm 10-K

OR

| Nevada | | 26-1232727 |

| (Address of Principal Executive Offices) | | (Zip Code) |

Yes x No o

Yes x No o

| | | | | (Do not check if a smaller reporting company) | | |

Yes o No x

| | [PART I](#PARTI_080151 "Click to goto ") | |

| | | |

| | [PART II](#PARTII_080213 "Click to goto ") | |

| | | |

| | | |

| | | |

| | | |

| | [PART IV](#PARTIV_075654) | |

| | | |

| | [Signatures](#SIGNATURES_075954 "Click to goto ") | 81 |

· our ability to implement our strategic initiatives;

· risk related to our foreign operations and other uncertainties associated with doing business internationally, including changes in foreign exchange rates between foreign currencies and the United States dollar;

10-K 1 a2223084z10-k.htm 10-K

Use these links to rapidly review the document

| FOR THE FISCAL YEAR ENDED DECEMBER 31, 2014 | | |

| OR | | |

| FOR THE TRANSITION PERIOD FROM TO . | | |

| | | | | | | |

| --- | --- | --- | --- | --- | --- | --- |

| [](#da14101_part_i) [PART I](#da14101_part_i) | | | | | | |

| [](#di14101_part_ii) [PART II](#di14101_part_ii) | | | | | | |

| [](#dy14101_part_iv) [PART IV](#dy14101_part_iv) | | | | | | |

| | | [](#Sig) [Signatures](#Sig) | | | [89](#Sig) | |

| | | [](#Index) [Index to Consolidated Financial Statements](#Index) | | | [F-1](#Index) | |

PART I

The following table sets forth certain information concerning our principal properties related to our [added: Hughes segment (“Hughes”),] EchoStar Technologies segment [removed: ("ETC"), Hughes segment ("Hughes"),] [added: (“ETC”),] EchoStar Satellite Services segment [removed: ("ESS")] [added: (“ESS”)] and to our other operations and administrative functions [removed: ("Other").][added: (“Other”) as of December 31, 2015.]

| [removed: Location(3)(4)] [added: Location (3) (4)] | | Segment(s) | | [removed: Leased/Owned] [added: Leased/ Owned] | | Function |

| Foster City, California | | ETC | | Leased | | Engineering [removed: and data center] [added: offices] |

| Bangalore, India | | [removed: ETC] [added: ETC/Hughes] | | Leased | | Engineering office [added: and office space] |

| Gaithersburg, Maryland | | Hughes | | Leased | | Manufacturing and testing facilities, engineering and [added: logistics and] administrative offices |

| Southfield, [removed: Michigan(1)] [added: Michigan (1)] | | Hughes | | Leased | | Shared hub |

| Las Vegas, [removed: Nevada(1)] [added: Nevada (1)] | | Hughes | | Leased | | Shared hub, antennae yards, gateway, backup network operation and control center for Hughes corporate headquarters |

| Barueri, [removed: Brazil(1)] [added: Brazil (1)] | | Hughes | | Leased | | Shared hub [added: and warehouse] |

| Griesheim, [removed: Germany(1)] [added: Germany (1) (5)] | | Hughes | | Leased | | Shared hub, operations, administrative offices and warehouse |

| Gurgaon, [removed: India(1)(2)] [added: India (1) (2)] | | Hughes | | Leased | | Administrative offices, shared hub, operations, warehouse, and development center |

| American Fork, Utah | | [removed: Hughes/Other] [added: Hughes/ETC] | | Leased | | Office space, engineering and operations |

| Germantown, [removed: Maryland(1)] [added: Maryland (1)] | | Hughes | | Owned | | Hughes corporate headquarters, engineering offices, network operations and shared hubs |

| Gilbert, [removed: Arizona(1)] [added: Arizona (1)] | | ETC/ESS | | Owned | | Digital broadcast operations center |

| [removed: Kankakee, Illinois(1)] [added: Cheyenne, Wyoming (1)] | | ETC/ESS | | Owned | | [removed: Regional digital] [added: Digital] broadcast operations center |

| [removed: Monee, Illinois(1)] [added: Mustang Ridge, Texas (1)] | | ETC/ESS | | Owned | | [removed: Regional] [added: Micro] digital broadcast operations center |

| Black Hawk, South [removed: Dakota(1)] [added: Dakota (1)] | | Hughes/ESS | | Owned | | Spacecraft autotrack operations center |

[added: (1)] We perform network services and customer support functions 24 hours a day, 365 days a year at these locations.

[added: (2)] These properties are used by subsidiaries that are less than wholly-owned by the Company.

[added: (3)] In addition to the above properties, we have multiple gateways throughout the Western part of the U.S. that support the SPACEWAY 3, EchoStar XVII, and EchoStar XIX [removed: satellites.][added: satellites as well as multiple regional broadcast operations centers.]

[added: (4)] In addition to the above properties, we lease rack and roof top space in 210 designated market areas throughout the U.S. as well as San Juan, Puerto Rico to collect and broadcast local channels that are used by the ETC segment.

(5) We purchased this property in January 2016.

| | | | | | | |

| Steeton, England | | ETC | | Owned | | Engineering office |

| Orange, New Jersey(1) | | ETC/ESS | | Owned | | Regional digital broadcast operations center |

| New Braunfels, Texas(1) | | ETC/ESS | | Owned | | Regional digital broadcast operations center |

| Mustang Ridge, Texas(1) | | ETC/ESS | | Owned | | Micro digital broadcast operations center |

| Mt. Jackson, Virginia(1) | | ETC/ESS | | Owned | | Regional digital broadcast operations center |

| Winchester, Virginia(1) | | ETC/ESS | | Owned | | Regional digital broadcast operations center |

| Spokane, Washington(1) | | ETC/ESS | | Owned | | Regional digital broadcast operations center |

| Cheyenne, Wyoming(1) | | ETC/ESS | | Owned | | Digital broadcast operations center |

(1)

(2)

(3)

(4)

PART [removed: II][added: II]

Market Price of and Dividends on the [removed: Registrant's] [added: Registrant’s] Common Equity and Related Stockholder [removed: Matters][added: Matters]

[removed: _Market Information._] Our Class A common stock is quoted on the Nasdaq Global Select Market [removed: ("Nasdaq")] [added: (“Nasdaq”)] under the symbol [removed: "SATS."] [added: “SATS.”] The high and low closing sale prices of our Class A common stock during [removed: 2014] [added: 2015] and [removed: 2013] [added: 2014] on Nasdaq (as reported by Nasdaq) are set forth below.

| [removed: 2013] [added: 2015] | | High | | | Low | | |

_Holders._ As of February [removed: 13, 2015,] [added: 16, 2016,] there were approximately [removed: 9,696] [added: 9,366] holders of record of our Class A common stock, not including stockholders who beneficially own Class A common stock held in nominee or street name.

As of February [removed: 13, 2015, 32,498,594] [added: 16, 2016, 26,804,038] of the 47,687,039 outstanding shares of our Class B common stock were held by Charles W.

Ergen, our Chairman, and the remaining [removed: 15,188,445] [added: 20,883,001] were held in trusts established for the benefit of Mr. [removed: Ergen's] [added: Ergen’s] family.

[removed: _Dividends._] We have not paid any cash dividends on our common stock in the past two years.

[removed: Management's] [added: — Management’s] Discussion and Analysis of Financial Condition and Results of [removed: Operations—Liquidity] [added: Operations — Liquidity] and Capital Resources in this Annual Report on Form 10-K.

_Securities Authorized for Issuance Under Equity Compensation [removed: Plans._ See Item 12.][added: Plans_.]

[added: —] Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters in this Annual Report on Form 10-K.

Purchases of Equity Securities by the Issuer and Affiliated [removed: Purchasers][added: Purchasers]

Pursuant to a stock repurchase [removed: plan] [added: program] approved by our [removed: Board] [added: board] of [removed: Directors,] [added: directors,] we are authorized to repurchase up to $500.0 million of our outstanding shares of Class A common stock through December 31, [removed: 2015.][added: 2016.]

For the years ended December 31, [removed: 2014, 2013] [added: 2015, 2014] and [removed: 2012,] [added: 2013,] we did not repurchase any common stock under this [removed: plan.][added: program.]

_Market Information_.

| First Quarter | | $ | 55.31 | | $ | 49.36 | |

| Second Quarter | | $ | 52.70 | | $ | 47.95 | |

| Third Quarter | | $ | 49.29 | | $ | 41.93 | |

| Fourth Quarter | | $ | 46.39 | | $ | 36.63 | |

| First Quarter | | $ | 51.61 | | $ | 46.49 | |

| Second Quarter | | $ | 53.59 | | $ | 44.80 | |

| Third Quarter | | $ | 52.49 | | $ | 48.35 | |

| Fourth Quarter | | $ | 53.88 | | $ | 43.88 | |

_Dividends_.

See Item 12.

| | | | | | | | |

| First Quarter | | $ | 51.90 | | $ | 43.41 | |

| Second Quarter | | $ | 53.73 | | $ | 44.26 | |

| Third Quarter | | $ | 53.42 | | $ | 47.96 | |

| Fourth Quarter | | $ | 54.18 | | $ | 43.00 | |

| First Quarter | | $ | 39.99 | | $ | 32.55 | |

| Second Quarter | | $ | 40.98 | | $ | 36.92 | |

| Third Quarter | | $ | 45.50 | | $ | 37.22 | |

| Fourth Quarter | | $ | 51.60 | | $ | 44.17 | |

The accompanying consolidated financial statements for [removed: 2014] [added: 2015] have been prepared in accordance with generally accepted accounting principles in the United States [removed: ("GAAP")] [added: (“GAAP”)] included in our [removed: Consolidated][added: consolidated financial statements in Item 15 of this report.]

[removed: Financial Statements] [added: Please see Note 4] in [added: our consolidated financial statements in] Item 15 of this report.

[added: (1)] On June 8, 2011, we completed the acquisition of Hughes Communications, Inc. and its subsidiaries [removed: ("the] [added: (“the] Hughes [removed: Acquisition").][added: Acquisition”).]

Therefore, our [removed: financial position as of December 31, 2014, 2013, 2012, and 2011 is not comparable to our financial position as of December 31, 2010, and our] results of operations for the years ended December 31, [added: 2015,] 2014, 2013 and 2012 are not comparable to our results of operations for the [removed: years] [added: year] ended December 31, [removed: 2011 and 2010.][added: 2011.]

| Statements of Operations Data: | | [removed: 2014] [added: 2015] | | | [removed: 2013] [added: 2014 (2)] | | | [removed: 2012] [added: 2013] | | | [removed: 2011] [added: 2012] | | | [removed: 2010] [added: 2011 (1)] | | |

| [removed: Revenue] [added: Total revenue] | | $ | [removed: 3,445,578] [added: 3,143,714] | | $ | [removed: 3,282,452] [added: 3,445,578] | | $ | [removed: 3,121,704] [added: 3,282,452] | | $ | [removed: 2,761,431] [added: 3,121,704] | | $ | [removed: 2,350,369] [added: 2,761,431] | |

| Total costs and expenses | | [added: 2,787,681] | [added: | |] 3,117,488 | | | 3,178,865 | | | 3,021,818 | | | 2,680,593 | | | [removed: 2,208,044 | |]

| Operating income | | $ | [removed: 328,090] [added: 356,033] | | $ | [removed: 103,587] [added: 328,090] | | $ | [removed: 99,886] [added: 103,587] | | $ | [removed: 80,838] [added: 99,886] | | $ | [removed: 142,325] [added: 80,838] | |

| Net income attributable to EchoStar common stock | | $ | [removed: 165,268] [added: 163,700] | | $ | [removed: 2,525] [added: 165,268] | | $ | [removed: 211,048] [added: 2,525] | | $ | [removed: 3,639] [added: 211,048] | | $ | [removed: 204,358] [added: 3,639] | |

| Basic weighted-average common shares outstanding | | [added: 92,397] | [added: | |] 91,190 | | | 89,405 | | | 87,150 | | | 86,223 | | | [removed: 85,084 | |]

| Diluted weighted-average common shares outstanding | | [added: 93,466] | [added: | |] 92,616 | | | 90,952 | | | 87,959 | | | 87,089 | | | [removed: 85,203 | |]

| Basic earnings per share | | $ | [removed: 1.81] [added: 1.77] | | $ | [removed: 0.03] [added: 1.81] | | $ | [removed: 2.42] [added: 0.03] | | $ | [removed: 0.04] [added: 2.42] | | $ | [removed: 2.40] [added: 0.04] | |

| Diluted earnings per share | | $ | [removed: 1.78] [added: 1.75] | | $ | [removed: 0.03] [added: 1.78] | | $ | [removed: 2.40] [added: 0.03] | | $ | [removed: 0.04] [added: 2.40] | | $ | [removed: 2.40] [added: 0.04] | |

| Balance Sheet Data: | | [removed: 2014] [added: 2015] | | | [removed: 2013] [added: 2014 (2)] | | | [removed: 2012] [added: 2013] | | | [removed: 2011] [added: 2012] | | | [removed: 2010] [added: 2011] | | |

| Cash, cash equivalents and current marketable securities | | $ | [removed: 1,688,156] [added: 1,536,578] | | $ | [removed: 1,620,652] [added: 1,688,156] | | $ | [removed: 1,547,565] [added: 1,620,652] | | $ | [removed: 1,696,442] [added: 1,547,565] | | $ | [removed: 1,130,900] [added: 1,696,442] | |

| Total assets [added: (3)] | | $ | [removed: 7,253,998] [added: 7,240,762] | | $ | [removed: 6,701,963] [added: 7,253,998] | | $ | [removed: 6,600,233] [added: 6,701,963] | | $ | [removed: 6,543,737] [added: 6,600,233] | | $ | [removed: 3,842,020] [added: 6,543,737] | |

| Total debt and capital lease obligations | | $ | [removed: 2,367,687] [added: 2,223,641] | | $ | [removed: 2,422,388] [added: 2,367,687] | | $ | [removed: 2,488,499] [added: 2,422,388] | | $ | [removed: 2,528,654] [added: 2,488,499] | | $ | [removed: 406,570] [added: 2,528,654] | |

| Total [removed: stockholders'] [added: stockholders’] equity | | $ | [removed: 3,623,638] [added: 3,781,642] | | $ | [removed: 3,226,231] [added: 3,623,638] | | $ | [removed: 3,150,227] [added: 3,226,231] | | $ | [removed: 3,051,626] [added: 3,150,227] | | $ | [removed: 3,013,190] [added: 3,051,626] | |

| Cash Flow Data: | | [removed: 2014] [added: 2015] | | | [removed: 2013] [added: 2014 (2)] | | | [removed: 2012] [added: 2013] | | | [removed: 2011] [added: 2012] | | | [removed: 2010] [added: 2011] | | |

| Operating activities | | $ | [removed: 840,131] [added: 776,451] | | $ | [removed: 450,507] [added: 840,131] | | $ | [removed: 505,149] [added: 450,507] | | $ | [removed: 447,018] [added: 505,149] | | $ | [removed: 404,015] [added: 447,018] | |

| Investing activities | | $ | [removed: (887,590] [added: (275,311] | ) | $ | [removed: (570,289] [added: (887,590] | ) | $ | [removed: (346,781] [added: (570,289] | ) | $ | [removed: (1,888,045] [added: (346,781] | ) | $ | [removed: (238,558] [added: (1,888,045] | ) |

| Financing activities | | $ | [added: (120,257 | ) | $ |] (35,096 | ) | $ | 18,326 | | $ | (43,976 | ) | $ | 1,913,547 | | [removed: $ | (46,973 | ) |]

[removed: MANAGEMENT'S] [added: Item 7. MANAGEMENT’S] DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS][added: OPERATIONS]

EXECUTIVE [removed: SUMMARY][added: SUMMARY]

EchoStar is a global provider of satellite operations, video delivery solutions, [added: digital set-top boxes,] and broadband satellite technologies and services for the home and office, delivering innovative network technologies, managed services, and solutions for enterprises and governments.

We currently operate in three business segments, which are differentiated primarily by their operational focus: [added: Hughes,] EchoStar Technologies, [removed: Hughes,] and EchoStar Satellite Services.

[removed: 2014 Consolidated] [added: Consolidated] Results of Operations for the Year Ended December 31, [removed: 2014][added: 2015]

[added: ·] Revenue of [removed: $3.45] [added: $3.14] billion

[added: ·] Operating income of [removed: $328.1] [added: $356.0] million

[added: ·] Net income attributable to EchoStar common stock of [removed: $165.3] [added: $163.7] million and basic earnings per share of common stock of [removed: $1.81][added: $1.77]

[added: ·] EBITDA of [removed: $902.6] [added: $865.4] million [removed: (See non-GAAP] [added: (see] reconciliation [added: of this non-GAAP measure] in Note 17 [removed: in the notes] to [added: the] consolidated financial statements in Item 15 of this [removed: report.)][added: report)]

Consolidated Financial Condition as of December 31, [removed: 2014][added: 2015]

[added: ·] Total assets of [removed: $7.25] [added: $7.24] billion

[removed: MANAGEMENT'S] [added: Item 7. MANAGEMENT’S] DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS—Continued][added: OPERATIONS - Continued]

[added: ·] Total liabilities of [removed: $3.11] [added: $3.46] billion

[added: ·] Total [removed: stockholders'] [added: stockholders’] equity of [removed: $3.62] [added: $3.78] billion

[added: ·] Cash, cash equivalents and current marketable investment securities of [removed: $1.69] [added: $1.54] billion

Hughes [removed: Segment][added: Segment]

[removed: Long term] [added: Long-term] trends continue to be influenced primarily by the subscriber growth in our consumer business.

[removed: Additional capacity provided in this business by new] [added: New] satellite launches [removed: provides impetus] [added: are expected to provide additional capacity] for [removed: initial] subscriber growth while we manage subscriber growth across our [added: existing] satellite platform.

(2) In March 2014, we issued preferred tracking stock to DISH Network in exchange for five satellites and $11.4 million in cash.

As a result, our results of operations for the years ended December 31, 2015 and 2014 are not comparable to our results of operations for the years ended December 31, 2013, 2012 and 2011.

(3) In 2015 we prospectively adopted Accounting Standard Update No. 2015-17, Balance Sheet Classification of Deferred Taxes.

As a result, our total assets as of December 31, 2015 is not comparable to our total assets as reported in prior years.

We expect the satellite to launch in the first quarter of 2016 and to begin delivering consumer satellite broadband services in Brazil in the second half of 2016.

In addition, in September 2015, we entered into satellite services agreements pursuant to which affiliates of Telesat Canada (“Telesat”) will provide to us fixed broadband service into South America using the Ka-band capacity on a satellite to be located at the 63 degree west longitude orbital location for a 15-year term.

Gross subscriber additions decreased for the year ended December 31, 2015 compared to the same period in 2014 and our average monthly subscriber churn for the year ended December 31, 2015 increased as compared to the same period in 2014.

Subscriber additions excludes small/medium enterprise service channels.

The increase in contracted revenue backlog is primarily due to an increase in customer contracts from our international markets as a result of future commitments to provide satellite services and gateway and network management services on the EchoStar XIX satellite.

| | | | | | | | | | | | | | | | | |

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Item 7.

Net income attributable to EchoStar of $152.9 million

EchoStar Technologies Segment

Our EchoStar Technologies segment designs, develops and distributes digital set-top boxes and related products and technology, primarily for satellite TV service providers, telecommunication companies and international cable companies.

The primary customer for our digital set-top boxes is DISH Network Corporation and its subsidiaries ("DISH Network"), and we also sell digital set-top boxes to a DTH satellite service provider in Canada ("Bell TV"), Dish Mexico, S. de R.L. de C.V. ("Dish Mexico"), a joint venture that we entered into in 2008, and other international customers.

We depend on DISH Network for a substantial portion of our EchoStar Technologies segment revenue and we expect that DISH Network will continue to be the primary source of revenue for our EchoStar Technologies segment.

In addition, our equipment revenue from DISH Network depends on the timing of orders for set-top boxes and accessories from DISH Network based on its actual and projected subscriber growth.

Therefore, the results of operations of our EchoStar Technologies segment are, and are likely to continue to be, closely linked to the performance of DISH Network's pay-TV service.

Our EchoStar Technologies segment also provides digital broadcast operations, including satellite uplinking/downlinking, transmission services, signal processing, conditional access management, and other services, primarily to DISH Network.

In addition, we provide our Slingboxes directly to consumers via retail outlets and online, as well as the payTV operator market via our partnership with Arris.

Sling Media "placeshifting" technology gives consumers the ability, at their option, to watch and control their home digital video and audio content via a broadband internet connection.

We continue to focus on building and strengthening our brand recognition by providing unique and technologically advanced features and products.

Products containing new technologies and features typically have higher initial selling prices, margins and volumes.

The market for our digital set-top boxes, like other electronic products has also been characterized by regular reductions in selling prices and production costs.

Our ability to sustain or increase profitability also depends in large part on our ability to control or reduce our costs of producing digital set-top boxes.

Based on our experience, we expect our cost of manufacturing a specific set-top box model to decline over time as our contract manufacturers generate efficiencies with scale of production and engineering cost reductions.

Overall, our success depends heavily on our ability to bring advanced technologies to market to keep pace with our competitors.

The number of potential new customers for our EchoStar Technologies segment is small and may be limited as prospective customers that have been competitors of DISH Network may continue to view us as a competitor due to our common ownership with DISH Network.

We believe that our best opportunities for developing potential new customers for our EchoStar Technologies segment over the near term lie in international markets, including through joint ventures.

We have extended our exclusive equipment partnership with Bell TV through the end of 2015.

Additionally, our joint venture with Dish Mexico continues to see growth.

We are continuing to work with Dish Mexico on enhanced features and services that will help it respond to competitive pressures in Mexico.

We are also exploring the development of other in-home products and applications.

However, the growth of our enterprise businesses relies heavily on global economic conditions.

The satellite service agreement requires us to make prepayments during the construction period.

Gross subscriber additions decreased in 2014 compared to the same period in 2013 due primarily to satellite beams servicing certain areas reaching capacity.

Our average monthly subscriber churn in 2014 remained at the same level as compared to the same period in 2013, however, total disconnects increased due to the increased number of subscribers.

customers in our consumer market.

EchoStar Satellite Services Segment

Our EchoStar Satellite Services segment operates its business using its 16 owned and leased in-orbit satellites.

We provide satellite services on a full-time and occasional-use basis primarily to DISH Network, Dish Mexico, U.S. government service providers, state agencies, internet service providers, broadcast news organizations, programmers and private enterprise customers.

We depend on DISH Network for a significant portion of the revenue for our EchoStar Satellite Services segment and we expect that DISH Network will continue to be the primary source of revenue for our EchoStar Satellite Services segment.

Therefore, the results of operations of our EchoStar Satellite Services segment are linked to long-term changes in DISH Network's satellite capacity requirements.

We continue to pursue expanding our business offerings by providing value added services such as telemetry, tracking and control services to third parties.

Revenue growth in our EchoStar Satellite Services segment is a function of available satellite capacity to sell.

The satellite we currently have under construction is expected to ultimately produce revenue once launched and placed into operation, and therefore, factors that interfere with our construction and launch schedules will impact our expected revenue growth.

In addition, any disruption in planned renewals of our service arrangements could impact customer commitments and have an impact on our revenue and financial performance.

Our [removed: Consolidated Financial Statements] [added: consolidated financial statements] are included in Item 15 of this report beginning on page [removed: F-4.][added: F-3.]

Disclosure Controls and [removed: Procedures][added: Procedures]

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) [added: and Rule 15d-15(e)] under the Securities Exchange Act of [removed: 1934)] [added: 1934,] as [added: amended) as] of the end of the period covered by this report.

Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this [removed: report.][added: report such that the information required to be disclosed in our SEC reports is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.]

Changes in Internal Control over Financial [removed: Reporting][added: Reporting]

There has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) [added: and Rule 15 d-15(f)] under the Securities Exchange Act of [removed: 1934)] [added: 1934, as amended)] that occurred during our [removed: most recent] fiscal quarter [removed: of 2014] [added: ended December 31, 2015] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

[removed: Management's] [added: Management’s] Annual Report on Internal Control over Financial [removed: Reporting][added: Reporting]

Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with [removed: GAAP.][added: generally accepted accounting principles in the United States (“GAAP”).]

[added: (i)] pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and dispositions of our assets;

[added: (ii)] provide reasonable assurance that our transactions are recorded as necessary to permit preparation of our financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and our directors; and

[added: (iii)] provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial statements.

Based on this evaluation, our management has concluded that our internal control over financial reporting was effective as of December 31, [removed: 2014.][added: 2015.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2014] [added: 2015] has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report which appears in Item 15(a) of this Annual Report on Form 10-K.

(i)

(ii)

(iii)

Item 9A.

CONTROLS AND PROCEDURES—Continued

PART [removed: III][added: III]

The information required by this Item with respect to the identity and business experience of our directors and corporate governance will be set forth in our Proxy Statement for the [removed: 2015] [added: 2016] Annual Meeting of Shareholders, which will be filed no later than 120 days after December 31, [removed: 2014,] [added: 2015,] under the caption [removed: "Election] [added: “Election] of [removed: Directors,"] [added: Directors,”] which information is hereby incorporated herein by reference.

The information required by this Item with respect to the identity and business experience of our executive officers is set forth on pages [removed: 16-18] [added: 16-17] of this report under the caption [removed: "Executive] [added: “Executive] Officers of the [removed: Registrant."][added: Registrant.”]

The information required by this Item with respect to our code of ethics is contained in Part I of this Form 10-K under the caption “Item 1.

— Business — Website Access.”

The information required by this Item will be set forth in our Proxy Statement for the [removed: 2015] [added: 2016] Annual Meeting of Shareholders, which will be filed no later than 120 days after December 31, [removed: 2014,] [added: 2015,] under the caption [removed: "Executive] [added: “Executive] Compensation and Other [removed: Information,"] [added: Information,”] which information is hereby incorporated herein by reference.

The information required by this Item with respect to our code of ethics is contained in Part I of this Form 10-K under the caption "Item 1: Business—Website Access."

The information required by this Item will be set forth in our Proxy Statement for the [removed: 2015] [added: 2016] Annual Meeting of Shareholders, which will be filed no later than 120 days after December 31, [removed: 2014,] [added: 2015,] under the captions [removed: "Election] [added: “Election] of [removed: Directors," "Equity] [added: Directors,” “Equity] Security [removed: Ownership"] [added: Ownership”] and [removed: "Equity] [added: “Equity] Compensation Plan [removed: Information,"] [added: Information,”] which information is hereby incorporated herein by reference.

The information required by this Item will be set forth in our Proxy Statement for the [removed: 2015] [added: 2016] Annual Meeting of Shareholders, which will be filed no later than 120 days after December 31, [removed: 2014,] [added: 2015,] under the caption [removed: "Certain] [added: “Certain] Relationships and Related Party [removed: Transactions,"] [added: Transactions,”] which information is hereby incorporated herein by reference.

The information required by this Item will be set forth in our Proxy Statement for the [removed: 2015] [added: 2016] Annual Meeting of Shareholders, which will be filed no later than 120 days after December 31, [removed: 2014,] [added: 2015,] under the caption [removed: "Principal] [added: “Principal] Accountant Fees and [removed: Services,"] [added: Services,”] which information is hereby incorporated herein by reference.

PART [removed: IV][added: IV]

[added: (a)] The following documents are filed as part of this report:

[added: | (1)] Consolidated Financial Statements [added: | |]

| | [removed: |] Page | [removed: | |]

[removed: | [](#Index) [Index to Consolidated Financial Statements](#Index) | | | [F-1](#Index) | |][added: INDEX TO CONSOLIDATED FINANCIAL STATEMENTS]

[removed: | [](#1) [Report of Independent Registered Public Accounting Firm](#1) | | | [F-2](#1) | |][added: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM]

| [removed: [](#2)] [Consolidated Balance Sheets as of December 31, [removed: 2014] [added: 2015] and [removed: 2013](#2) | | | [F-4](#2)] [added: 2014](#CONSOLIDATEDBALANCESHEETS_012326 "Click to goto ")] | [added: F-3] |

| [removed: [](#3)] [Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, [removed: 2014, 2013] [added: 2015, 2014] and [removed: 2012](#3) | | | [F-5](#3)] [added: 2013](#CONSOLIDATEDSTATEMENTSOFOPERATIO_012320 "Click to goto ")] | [added: F-4] |

| [removed: [](#4)] [Consolidated Statements of Changes in [removed: Stockholders'] [added: Stockholders’] Equity for the years ended December 31, [removed: 2014, 2013] [added: 2015, 2014] and [removed: 2012](#4) | | | [F-6](#4)] [added: 2013](#CONSOLIDATEDSTATEMENTSOFCHANGESI_010340 "Click to goto ")] | [added: F-5] |

| [removed: [](#5)] [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2014, 2013] [added: 2015, 2014] and [removed: 2012](#5) | | | [F-7](#5)] [added: 2013](#ECHOSTARCORPORATION_010415 "Click to goto ")] | [added: F-6] |

[removed: | [](#6) [Notes to Consolidated Financial Statements](#6) | | | [F-8](#6) | |][added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS]

[added: | (2)] Financial Statement Schedules [added: | |]

| [removed: Schedule I—Condensed] [added: [Schedule I — Condensed] Financial Information of Registrant (Parent Company Information [removed: Only): | | |] [added: Only)](#SCHEDULEI_123704 "Click to goto ")] | [added: F-63] |

[removed: | [](#7) [Condensed Balance Sheets](#7) | | | [F-74](#7) | |][added: CONDENSED BALANCE SHEETS]

[removed: | [](#8) [Condensed Statements of Operations](#8) | | | [F-75](#8) | |][added: CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)]

[removed: | [](#9) [Condensed Statements of Cash Flows](#9) | | | [F-76](#9) | |][added: CONDENSED STATEMENTS OF CASH FLOWS]

[removed: | [](#10) [Schedule II—Valuation and Qualifying Accounts](#10) | | | [F-77](#10) | |][added: VALUATION AND QUALIFYING ACCOUNTS]

[added: (3)] Exhibits

| [removed: | 2.1] [added: 2.1*] | [removed: *] | Form of Separation Agreement between EchoStar Corporation and DISH Network Corporation (incorporated by reference to Exhibit 2.1 to Amendment No. [removed: 3] [added: 1] of EchoStar [removed: Corporation's] [added: Corporation’s] Form 10 [removed: dated] [added: filed] December [removed: 28,] [added: 12,] 2007, Commission File No. 001-33807). |

| [removed: | 2.2] [added: 2.2*] | [removed: *] | Agreement and Plan of Merger between EchoStar Corporation, EchoStar Satellite Services L.L.C., Broadband Acquisition Corporation and Hughes Communications, Inc. dated as of February 13, 2011 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Hughes Communications, [removed: Inc.] [added: Inc.,] filed February 15, 2011, Commission File No. [removed: 1-33040).] [added: 1-33040).] |

| [removed: | 3.1] [added: 3.1*] | [removed: *] | Articles of Incorporation of EchoStar Corporation (incorporated by reference to Exhibit 3.1 to Amendment No. 1 of EchoStar [removed: Corporation's] [added: Corporation’s] Form 10 [removed: dated] [added: filed] December 12, 2007, Commission File No. 001-33807), as amended by the Amendment to the Articles of Incorporation of EchoStar Corporation (incorporated by reference to Exhibit 3.1 to EchoStar [removed: Corporation's] [added: Corporation’s] Current Report on Form 8-K filed January 25, 2008, Commission File No. 001-33807). |

| [removed: | 3.2] [added: 3.2*] | [removed: *] | Bylaws of EchoStar Corporation (incorporated by reference to Exhibit 3.2 to Amendment No. 1 of EchoStar [removed: Corporation's] [added: Corporation’s] Form 10 [removed: dated] [added: filed] December 12, 2007, Commission File No. 001-33807). |

| [removed: | 3.3] [added: 3.3*] | [removed: *] | EchoStar Corporation Certificate of Designation Establishing the Voting Powers, Designations, Preferences, Limitations, Restrictions, and Relative Rights of the Hughes Retail Preferred Tracking Stock (incorporated by reference to Exhibit 3.1 to EchoStar [removed: Corporation's] [added: Corporation’s] Current Report on Form 8-K filed March 3, 2014, Commission File No. 001-33807) |

| [removed: | 4.1] [added: 4.1*] | [removed: *] | Specimen Class A Common Stock Certificate of EchoStar Corporation (incorporated by reference to Exhibit 3.2 to Amendment No. [removed: 3] [added: 1] of EchoStar [removed: Corporation's] [added: Corporation’s] Form 10 [removed: dated] [added: filed] December [removed: 28,] [added: 12,] 2007, Commission File No. 001-33807). |

| [removed: | 4.2] [added: 4.2*] | [removed: *] | Indenture relating to the EH Holding Corporation (currently known as Hughes Satellite Systems Corporation) [removed: 61/2%] [added: 6 1/2%] Senior Secured Notes due 2019, dated as of June 1, 2011, by and among EH Holding Corporation, the guarantors listed on the signature page thereto, and Wells Fargo Bank, National Association, as collateral agent and trustee (incorporated by reference to Exhibit 4.1 to EchoStar [removed: Corporation's] [added: Corporation’s] Current Report on Form 8-K filed June 2, 2011, Commission File No. 001-33807). |

| [removed: | 4.3] [added: 4.3*] | [removed: *] | Indenture relating to the EH Holding Corporation (currently known as Hughes Satellite Systems Corporation) [removed: 75/8%] [added: 7 5/8%] Senior [added: Unsecured] Notes due 2021, dated as of June 1, 2011, by and among EH Holding Corporation, the guarantors listed on the signature page thereto, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.2 to EchoStar [removed: Corporation's] [added: Corporation’s] Current Report on Form 8-K filed June 2, 2011, Commission File No. 001-33807). |

| [removed: | 4.4] [added: 4.4*] | [removed: *] | Supplemental Indenture relating to the [removed: 61/2%] [added: 6 1/2%] Senior Secured Notes due 2019 of EH Holding Corporation (currently known as Hughes Satellite Systems Corporation), dated as of June 8, 2011, by and among EH Holding Corporation, the guarantors listed on the signature page thereto, and Wells Fargo Bank, National Association, as collateral agent and trustee (incorporated by reference to Exhibit 4.2 to EchoStar [removed: Corporation's] [added: Corporation’s] Current Report on Form 8-K filed June 9, 2011, Commission File No. 001-33807). |