ECHOSTAR CORPORATION Unless the context indicates otherwise, the terms "we," "us," "EchoStar ," the "Company" and "our" refer toEchoStar Corporation and its subsidiaries. The following Management's Discussion and Analysis of our Financial Condition and Results of Operations ("Management's Discussion and Analysis") should be read in conjunction with our accompanying Consolidated Financial Statements and notes thereto ("Accompanying Consolidated Financial Statements") in Item 1 of this Quarterly Report on Form 10-Q ("Form 10-Q"). This Management's Discussion and Analysis is intended to help provide an understanding of our financial condition, changes in our financial condition and our results of operations. Many of the statements in this Management's Discussion and Analysis are forward-looking statements that involve assumptions and are subject to risks and uncertainties that are often difficult to predict and beyond our control. Actual results could differ materially from those expressed or implied by such forward-looking statements. Refer to the Disclosure Regarding Forward-Looking Statements in this Form 10-Q for further discussion. For a discussion of additional risks, uncertainties and other factors that could impact our results of operations or financial condition, refer to the Risk Factors in Part II, Item 1A of this Form 10-Q and in Part I, Item 1A of our most recent Annual Report on Form 10-K ("Form 10-K") filed with theSecurities and Exchange Commission ("SEC"). Further, such forward-looking statements speak only as of the date of this Form 10-Q and we undertake no obligation to update them.
EXECUTIVE SUMMARY
We are a global provider of broadband satellite technologies, broadband internet services for consumer customers, which include home and small to medium-sized businesses, and satellite services. We also deliver innovative network technologies, managed services and communications solutions for enterprise customers, which include aeronautical and government enterprises. We currently operate in two business segments: Hughes and ESS. These segments are consistent with the way we make decisions regarding the allocation of resources, as well as how operating results are reviewed by our chief operating decision maker, who is the Company's Chief Executive Officer. Our operations also include various corporate departments (primarily Executive,Treasury , Strategic Development, Human Resources, Information Technology, Finance, Accounting, Real Estate and Legal) and other activities, such as costs incurred in certain satellite development programs and other business development activities, and gains or losses from certain of our investments, that have not been assigned to our business segments. These activities, costs and income, as well as eliminations of intersegment transactions, are accounted for in Corporate and Other in our segment reporting.
All amounts presented in this Management's Discussion and Analysis, unless
otherwise noted, are expressed in thousands of
Highlights from our financial results are as follows:
Consolidated Results of Operations for the Three Months Ended
• Revenue of$499.8 million •Operating income of$65.3 million •Net income of$35.0 million •Net income attributable toEchoStar common stock of$37.3 million and basic and diluted earnings per share of common stock of$0.41 •Earnings before interest, taxes, depreciation and amortization, and net income attributable to non-controlling interests ("EBITDA") of$201.1 million (see reconciliation of this non-GAAP measure in Results of Operations) 37
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED Consolidated Financial Condition as ofJune 30, 2021 : •Total assets of$6.2 billion •Total liabilities of$2.6 billion •Total stockholders' equity of$3.6 billion •Cash and cash equivalents and marketable investment securities of$1.6 billion
Hughes Segment
Our Hughes segment is a global provider of broadband satellite technologies and
broadband internet services to consumer customers and broadband network
technologies, managed services, equipment, hardware, satellite services and
communications solutions to consumer and enterprise customers. The Hughes
segment also designs, provides and installs gateway and terminal equipment to
customers for other satellite systems. In addition, our Hughes segment designs,
develops, constructs and provides telecommunication networks comprising
satellite ground segment systems and terminals to mobile system operators and
our enterprise customers.
We incorporate advances in technology to reduce costs and to increase the
functionality and reliability of our products and services. Through advanced
and proprietary methodologies, technologies, software and techniques, we
continue to improve the efficiency of our networks. We invest in technologies
to enhance our system and network management capabilities, specifically our
managed services for enterprises. We also continue to invest in next generation
technologies that can be applied to our future products and services.
We continue to focus our efforts on growing our consumer revenue by maximizing
utilization of our existing satellites while planning for new satellite capacity
to be launched or acquired. Our consumer revenue growth depends on our success
in adding new and retaining existing subscribers across wholesale and retail
channels, as well as increasing our Average Revenue Per User/subscriber
("ARPU"). Service and acquisition costs related to ongoing support for our
direct and indirect customers and partners are typically impacted most
significantly by our growth. The growth of our enterprise businesses relies
heavily on global economic conditions and the competitive landscape for pricing
relative to competitors and alternative technologies. We have seen a limited
number of our enterprise customers file for bankruptcy protection. We have
reserved an amount related to pre-petition receivables and are working closely
with these customers on providing post-petition services and products, as well
as working with the customer regarding collection of pre-petition amounts.
Our Hughes segment currently uses capacity from three of our satellites (the
SPACEWAY 3 satellite, the EchoStar XVII satellite and the EchoStar XIX
satellite), our Al Yah 3 Brazilian payload and additional satellite capacity
acquired from third-party providers to provide services to our customers. Growth
of our consumer subscriber base in the U.S. continues to be constrained where we
are nearing or have reached maximum capacity in most areas. While these
constraints are not expected to be resolved until we launch new satellites, we
continue to focus on revenue growth in all areas and consumer subscriber growth
in the areas where we have available capacity.
In May 2019 , we entered into an agreement with Bharti Airtel Limited ("BAL") and
its subsidiary, Bharti Airtel Services Limited (together with BAL, "Bharti"),
pursuant to which Bharti will contribute its very small aperture terminal
("VSAT") telecommunications services and hardware business in India to our two
existing Indian subsidiaries that conduct our VSAT services and hardware
business. The combined entities will provide broadband satellite and hybrid
solutions for enterprise networks. Upon consummation of the transaction, Bharti
will have a 33% ownership interest in the combined business. The completion of
the transaction is subject to customary regulatory approvals and closing
conditions. No assurance can be given that the transaction will be consummated
on the terms agreed to or at all.
In August 2017 , we entered into a long-term contract for the design and
construction of the EchoStar XXIV satellite, a new, next-generation, high
throughput geostationary satellite. The EchoStar XXIV satellite is primarily
intended to provide additional capacity for our HughesNet satellite internet
service ("HughesNet service") in North, Central and South America as well as
enterprise broadband services. The EchoStar XXIV satellite is expected to be
launched in the second half of 2022. Further delays or impediments could have a
material adverse impact on our business operations, future revenues, financial
position and prospects, the completion of manufacture of the EchoStar XXIV
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED satellite and our planned expansion of satellite broadband services throughout North, South andCentral America . InDecember 2020 , we entered into an agreement with a launch provider for the launch of EchoStar XXIV. Capital expenditures associated with the construction and launch of the EchoStar XXIV satellite are included in Corporate and Other in our segment reporting. We continue our efforts to expand our consumer satellite services business outside of theU.S. We have been delivering high-speed consumer satellite broadband services inBrazil sinceJuly 2016 and are also providing satellite broadband internet service in several other Latin American countries. InSeptember 2015 , we entered into 15-year agreements with affiliates ofTelesat Canada for Ka-band capacity on the Telesat T19V satellite located at the 63 degree west longitude orbital location, which was launched inJuly 2018 . Telesat T19V was placed in service during the fourth quarter of 2018 and augmented the capacity being provided by the EUTELSAT 65 West A satellite and the EchoStar XIX satellite inSouth America . InMarch 2021 , we entered into an agreement for additional capacity on the Telesat T19V satellite overPuerto Rico .
Our broadband subscribers include customers that subscribe to our HughesNet
services in the
The following table presents our approximate number of broadband subscribers:
As of
June 30, 2021 March 31, 2021
United States 1,144,000 1,164,000
Latin America 398,000 389,000
Total broadband subscribers 1,542,000 1,553,000
The following table presents the approximate number of net subscriber additions:
For the three months ended
June 30, 2021 March 31, 2021
United States (20,000) (25,000)
Latin America 9,000 14,000
Total net subscriber additions (11,000) (11,000)
Our U.S. consumer subscriber base in certain areas continues to be capacity
constrained and we are managing the available capacity to maintain service
quality to our existing subscribers. While the balancing of total subscribers
relative to capacity utilization in the second quarter resulted in lower total
subscribers, ARPU increased.
In Latin America , we continued to see growth in our subscriber base compared to
the first quarter of 2021. Net subscriber additions are lower in the second
quarter of 2021 mainly due to lower gross additions. Continued stay-at-home
conditions throughout the region have driven increased bandwidth demand and we
are experiencing capacity constraints in certain markets. Similar to the U.S. ,
we are balancing capacity utilization with subscriber levels in the impacted
areas.
As of June 30, 2021 and December 31, 2020 , our Hughes segment had $1.4 billion
and $1.3 billion of contracted revenue backlog, respectively. We define Hughes
contracted revenue backlog as our expected future revenue under enterprise
customer contracts that are non-cancelable, including lease revenue.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED ESS Segment Our ESS segment provides satellite services on a full-time and/or occasional-use basis toU.S. government service providers, internet service providers, broadcast news organizations, content providers and private enterprise customers. We operate our ESS business using primarily the EchoStar IX satellite and theEchoStar 105/SES-11 satellite and related infrastructure. Revenue in our ESS segment depends largely on our ability to continuously make use of our available satellite capacity with existing customers and our ability to enter into commercial relationships with new customers. Our ESS segment, like others in the fixed satellite services industry, has encountered, and may continue to encounter, negative pressure on transponder rates and demand.
As of
Other Business Opportunities
Our industry continues to evolve with the increasing worldwide demand for
broadband internet access for information, entertainment and commerce. The
current COVID-19 pandemic has made even more evident the worldwide need and
demand for connectivity and communications to facilitate an ever-increasing
virtual global community and workplace. In addition to fiber and wireless
systems, technologies such as geostationary high throughput satellites,
low-earth orbit ("LEO") networks and medium-earth orbit ("MEO") systems are
expected to continue to play significant roles in enabling global broadband
access, networks and services. We intend to use our expertise, technologies,
capital, investments, global presence, relationships and other capabilities to
continue to provide broadband internet systems, equipment, networks and services
for information, the internet-of-things, entertainment, education,
remote-connectivity and commerce across industries and communities globally for
consumer and enterprise customers. We are closely tracking the developments in
next-generation satellite businesses, and we are seeking to utilize our
services, technologies, licenses and expertise to find new commercial
opportunities for our business.
We intend to continue to selectively explore opportunities to pursue
investments, commercial alliances, partnerships, joint ventures, acquisitions,
dispositions and other strategic initiatives and transactions, domestically and
internationally, that we believe may allow us to increase our existing market
share, increase our satellite capacity, expand into new satellite and other
technologies, markets and customers, broaden our portfolio of services, products
and intellectual property, make our business more valuable, align us for future
growth and expansion, maximize the return on our investments and strengthen our
business and relationships with our customers. We may allocate or dispose of
significant resources for long-term value that may not have a short or
medium-term or any positive impact on our revenue, results of operations, or
cash flow.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS - CONTINUED
S-Band Strategy
We intend to continue to explore the development and deployment of S-band
technologies that we expect will reduce the cost of satellite communications for
internet of things, machine-to-machine communications, public protection,
disaster relief and other end-to-end services worldwide and the integration
of our products and services into new global, hybrid networks that leverage
multiple satellites and terrestrial technologies. We believe we remain in a
unique position to deploy a mobile satellite service ("MSS") and complementary
ground component ("CGC") network in the European Union and its member states
("E.U."), the United Kingdom ("U.K.") and other European countries through our
EchoStar XXI satellite, which was placed into service in November 2017 , and the
EUTELSAT 10A payload. We have positioned ourselves to continue to develop the
S-band spectrum globally by acquiring Sirion Global Pty Ltd. , which we have
renamed EchoStar Global which holds global S-band non-geostationary satellite
spectrum rights for MSS. Additionally, we entered into a contract with Tyvak
Nano-Satellite Systems, Inc. for the design and construction of S-band
nano-satellites. We launched two nano-satellites in the third quarter of 2020.
Following launch, both nano-satellites experienced technical anomalies that
precluded them from fulfilling their intended regulatory milestone missions. We
obtained milestone relief due to these force majeure events. In the second
quarter of 2021, we launched our third nano-satellite. The nano-satellite was
successfully commissioned and placed at the altitude prescribed in our license
for the S-band frequency. We have therefore satisfied the extended conditions
granted to Australia by the International Telecommunication Union ("ITU"), an
important step in perfecting our rights to this spectrum. The nano-satellite
will now be used to develop and test a wide range of potential S-band
applications and services. We also hold licenses for S-band MSS and terrestrial
services in Mexico .
Cybersecurity
We and third parties with whom we work face a constantly evolving landscape of
cybersecurity threats in which hackers and other parties use a complex
assortment of techniques and methods to execute cyberattacks. Cybersecurity
incidents have increased significantly in quantity and severity and are expected
to continue to increase. In addition to our efforts to mitigate cyber-attacks,
we are making investments to alleviate the potential impact to our products. As
a result of these efforts, we could discover new vulnerabilities within our
products and systems. We may not discover all such vulnerabilities due to the
scale of activities on our platforms, or due to other factors, including but not
limited to issues outside of our control. In addition, our IT systems and
infrastructure are vulnerable to damage from a variety of sources, including
telecommunications or network failures, malicious human acts and natural
disasters. Moreover, despite network security and backup measures, some of our
servers are potentially vulnerable to physical or electronic break-ins, computer
viruses and similar disruptive problems.
We are not aware of any cyber-incidents with respect to our owned or leased
satellites or other networks, equipment or systems that have had a material
adverse effect on our business, costs, operations, prospects, results of
operation or financial position during the three and six months ended June 30,
2021 . There can be no assurance, however, that any such incident can be detected
or thwarted or will not have such a material adverse effect in the future.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED RESULTS OF OPERATIONS
Three Months Ended
The following table presents our consolidated results of operations for the three months endedJune 30, 2021 compared to the three months endedJune 30, 2020 : For the three months ended June 30, Variance Statements of Operations Data 2021 2020 Amount %
Revenue:
Services and other revenue$ 431,279 $ 417,043 $ 14,236 3.4 Equipment revenue 68,555 42,423 26,132 61.6 Total revenue 499,834 459,466 40,368 8.8 Costs and expenses: Cost of sales - services and other 139,547 141,019 (1,472) (1.0) % of total services and other revenue 32.4 % 33.8 % Cost of sales - equipment 54,503 32,542 21,961 67.5 % of total equipment revenue 79.5 % 76.7 % Selling, general and administrative expenses 114,038 113,798 240 0.2 % of total revenue 22.8 % 24.8 % Research and development expenses 7,441 7,448 (7) (0.1) % of total revenue 1.5 % 1.6 % Depreciation and amortization 118,982 129,887 (10,905) (8.4) Impairment of long-lived assets 15 - 15 * Total costs and expenses 434,526 424,694 9,832 2.3 Operating income (loss) 65,308 34,772 30,536 87.8 Other income (expense): Interest income, net 5,240 10,760 (5,520) (51.3) Interest expense, net of amounts capitalized (28,868) (38,258) 9,390 (24.5) Gains (losses) on investments, net 30,633 (6,090) 36,723 * Equity in earnings (losses) of unconsolidated affiliates, net (4,044) (6,345) 2,301 (36.3) Foreign currency transaction gains (losses), net 665 1,560 (895) (57.4) Other, net (12,767) (391) (12,376) * Total other income (expense), net (9,141) (38,764) 29,623 (76.4) Income (loss) before income taxes 56,167 (3,992) 60,159 * Income tax benefit (provision), net (21,152) (10,851) (10,301) 94.9 Net income (loss) 35,015 (14,843) 49,858 *
Less: Net loss (income) attributable to non-controlling interests
2,280 3,431 (1,151) (33.5)
Net income (loss) attributable to EchoStar Corporation
common stock $ 37,295 $ (11,412) $ 48,707 *
Other data:
EBITDA (1) $ 201,057 $ 156,824 $ 44,233 28.2
Subscribers, end of period 1,542,000 1,542,000 - -
* Percentage is not meaningful.
(1) A reconciliation of EBITDA to Net income (loss), the most directly
comparable U.S. GAAP measure in our Accompanying Consolidated Financial
Statements, is included in Results of Operations. For further information on our
use of EBITDA, see Explanation of Key Metrics and Other Items.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED
The following discussion relates to our results of operations for the three
months ended
Services and other revenue. Services and other revenue totaled$431.3 million for the three months endedJune 30, 2021 , an increase of$14.2 million , or 3.4%, as compared to 2020. The increase was primarily attributable to increases in sales of broadband services to our consumer customers of$12.4 million . The variance reflects the positive impact of exchange rate fluctuations of$2.3 million . Equipment revenue. Equipment revenue totaled$68.6 million for the three months endedJune 30, 2021 , an increase of$26.1 million , or 61.6%, as compared to 2020. The increase was primarily attributable to increases in hardware sales of$27.4 million to our enterprise customers, partially offset by decreases in hardware sales of$1.5 million to our consumer customers. Cost of sales - services and other. Cost of sales - services and other totaled$139.5 million for the three months endedJune 30, 2021 , a decrease of$1.5 million , or 1.0%, as compared to 2020. The decrease was attributable to lower costs of services provided to our consumer and enterprise customers primarily associated with field services and leased satellite capacity. Cost of sales - equipment. Cost of sales - equipment totaled$54.5 million for the three months endedJune 30, 2021 , an increase of$22.0 million , or 67.5%, as compared to 2020. The increase was primarily attributable to the corresponding increase in equipment revenue. Selling, general and administrative expenses. Selling, general and administrative expenses totaled$114.0 million for the three months endedJune 30, 2021 , an increase of$0.2 million , or 0.2%, as compared to 2020. The increase was primarily attributable to increased sales and marketing expenses of$4.3 million mainly associated with our consumer customers and increased other selling, general and administrative expenses of$0.9 million , partially offset by decreases in bad debt expense of$5.0 million . Depreciation and amortization. Depreciation and amortization expenses totaled$119.0 million for the three months endedJune 30, 2021 , a decrease of$10.9 million , or 8.4%, as compared to 2020. The decrease was primarily attributable to our SPACEWAY 3 satellite which was fully depreciated at the end of the first quarter of 2021. Interest income, net. Interest income, net totaled$5.2 million for the three months endedJune 30, 2021 , a decrease of$5.5 million , or 51.3%, as compared to 2020, primarily attributable to decreases in the yield on our marketable investment securities and a decrease in our marketable investment securities average balance. Interest expense, net of amounts capitalized. Interest expense, net of amounts capitalized, totaled$28.9 million for the three months endedJune 30, 2021 , a decrease of$9.4 million , or 24.5%, as compared to 2020. The decrease was primarily attributable to a decrease of$5.0 million in interest expense and the amortization of deferred financing cost as a result of the repurchases and maturity of our 7 5/8% Senior Unsecured Notes due 2021 and an increase of$2.8 million in capitalized interest relating to the EchoStar XXIV satellite program. Gains (losses) on investments, net. Gains (losses) on investments, net totaled$30.6 million in gains for the three months endedJune 30, 2021 , an increase of$36.7 million , as compared to 2020. The change was primarily attributable to increased gains on marketable investment securities of$ 26.1 million in the second quarter of 2021 as compared to 2020, a gain from the sale of other equity securities of$2.1 million in the second quarter of 2021 and a$8.5 million impairment loss in 2020. Equity in earnings (losses) of unconsolidated affiliates, net. Equity in earnings (losses) of unconsolidated affiliates, net totaled$4.0 million in losses for the three months endedJune 30, 2021 , a decrease in losses of$2.3 million , or 36.3%, as compared to 2020. The decrease was related to net reduced losses from our investments in our equity method investees. Foreign currency transaction gains (losses), net. Foreign currency transaction gains (losses), net totaled$0.7 million in gains for the three months endedJune 30, 2021 , as compared to$1.6 million in gains for the three months 43
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED endedJune 30, 2020 , a negative change of$0.9 million . The change was due to the net impact of foreign exchange rate fluctuations of certain foreign currencies during the quarter. Other, net. Other, net totaled$12.8 million in losses for the three months endedJune 30, 2021 , as compared to$0.4 million in losses for the three months endedJune 30, 2020 . The increase was primarily attributable to a litigation expense of$16.8 million , partially offset by dividends received from certain marketable equity securities of$2.1 million . Income tax benefit (provision), net. Income tax benefit (provision), net was$(21.2) million for the three months endedJune 30, 2021 , as compared to$(10.9) million for the three months endedJune 30, 2020 . Our effective income tax rate was 37.7% and (271.8)% for the three months endedJune 30, 2021 and 2020, respectively. The variations in our effective tax rate from theU.S. federal statutory rate for the three months endedJune 30, 2021 were primarily due to excluded foreign losses where the Company carries a full valuation allowance and the impact of state and local taxes. The variations in our current year effective tax rate from theU.S. federal statutory rate for the three months endedJune 30, 2020 were primarily due to the increase in our valuation allowance associated with certain foreign losses and by the impact of state and local taxes partially offset by the change in net unrealized gains that are capital in nature and research and experimentation credits.
Net income (loss) attributable to
Amounts
Net income (loss) attributable to
$ (11,412) Increase (decrease) in other, net
(12,376)
Decrease (increase) in income tax benefit (provision), net
(10,301)
Increase (decrease) in interest income, net (5,520)
Increase (decrease) in net income (loss) attributable to non-controlling interest
(1,151)
Increase (decrease) in foreign currency transaction gains (losses), net
(895)
Decrease (increase) in equity in earnings (losses) of unconsolidated affiliates, net
2,301
Decrease (increase) in interest expense, net of amounts capitalized
9,390
Increase (decrease) in operating income (loss), including depreciation and amortization
30,536
Increase (decrease) in gains (losses) on investments, net 36,723
Net income (loss) attributable to EchoStar Corporation for the three
months ended June 30, 2021 $ 37,295 EBITDA. EBITDA is a non-GAAP financial measure and is described under
Explanation of Key Metrics and Other Items below. The following table
reconciles EBITDA to Net income (loss), the most directly comparable
For the three months ended June
30, Variance
2021 2020 Amount %
Net income (loss) $ 35,015 $ (14,843) $ 49,858 *
Interest income, net (5,240) (10,760) 5,520 (51.3)
Interest expense, net of amounts capitalized 28,868 38,258 (9,390) (24.5)
Income tax provision (benefit), net 21,152 10,851 10,301 94.9
Depreciation and amortization 118,982 129,887 (10,905) (8.4)
Net loss (income) attributable to
non-controlling interests 2,280 3,431 (1,151) (33.5)
EBITDA $ 201,057 $ 156,824 $ 44,233 28.2
* Percentage is not meaningful
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS - CONTINUED
The following table reconciles the change in EBITDA:
Amounts
EBITDA for the three months ended June 30, 2020$ 156,824 Increase (decrease) in gains (losses) on investments, net 36,723
Increase (decrease) in operating income (loss), excluding depreciation and amortization
19,631
Decrease (increase) in equity in earnings (losses) of unconsolidated affiliates, net
2,301
Increase (decrease) in foreign currency transaction gains (losses), net
(895)
Decrease (increase) in net loss (income) attributable to non-controlling interests
(1,151)
Increase (decrease) in other, net (12,376)
EBITDA for the three months endedJune 30, 2021
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