MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

12 Months Ended

Dec. 31, 2024

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

NOTE 5.   MARKETABLE INVESTMENT SECURITIES, RESTRICTED CASH AND CASH EQUIVALENTS, AND OTHER INVESTMENTS

Our marketable investment securities, restricted cash and cash equivalents, and other investments consisted of the following:

	As of December 31,
	2024		2023
	(In thousands)
Marketable investment securities:
Current marketable investment securities:
Corporate bonds	$	—	$	91,548
Commercial paper		—		282,898
Other debt securities		—		43,297
Total current marketable investment securities (1)		—		417,743
Restricted cash and cash equivalents (2)		1,615		1,118
Other investments
Equity method investments (3)		12,238		42,859
Cost method investments		11,278		11,278
Total other investments		23,516		54,137
Total marketable investment securities, restricted cash and cash equivalents, and other investments	$	25,131	$	472,998

(1) During the year ended December 31, 2024, we liquidated our marketable investment securities portfolio to make cash distributions to our parent.

(2) Restricted cash and cash equivalents are included in “Other current assets” on our Consolidated Balance Sheets.

(3) The decrease in equity method investments primarily results from distributions from our Broadband Connectivity Solutions (Restricted) Limited Investment, discussed below.

Equity Method Investments

Deluxe/EchoStar LLC

We own 50% of Deluxe/EchoStar LLC (“Deluxe”), a joint venture that we entered into in 2010 to build an advanced digital cinema satellite distribution network targeting delivery to digitally equipped theaters in the U.S. and Canada.

Broadband Connectivity Solutions (Restricted) Limited

We own 20% of Broadband Connectivity Solutions (Restricted) Limited (together with its subsidiaries, “BCS”), a joint venture that we entered into in 2018 to provide commercial Ka-band satellite broadband services across Africa, the Middle East and southwest Asia operating over Yahsat’s Al Yah 2 and Al Yah 3 Ka-band satellites. For the year ended December 31, 2024, BCS distributed $20 million of this investment to us.

Cost Method Investments

Hughes Systique Corporation

We own 42% of Hughes Systique Corporation (“Hughes Systique”) and contract with Hughes Systique for software development services. Prior to December 31, 2023, we consolidated Hughes Systique’s financial statements into our Consolidated Financial Statements, see Note 15 for further information. As of December 31, 2023, we have deconsolidated the Hughes Systique results from our Consolidated Financial Statements and recorded the investment as a cost method investment in “Other investments” on our Consolidated Balance Sheets.

Fair Value Measurements

The following table presents our marketable investment securities categorized by the fair value hierarchy, certain of which have historically experienced volatility:

	As of December 31,
	2024						00	2023
	Total		Level 1		Level 2			Total		Level 1		Level 2
	(In thousands)
Cash equivalents (including restricted)	$	88,789	$	204	$	88,585		$	1,176,356	$	177,009	$	999,347
Available-for-sale debt securities:
Corporate bonds	$	—	$	—	$	—		$	91,548	$	—	$	91,548
Commercial paper		—		—		—			282,898		—		282,898
Other debt securities		—		—		—			43,297		38,799		4,498
Total	$	—	$	—	$	—		$	417,743	$	38,799	$	378,944

As of December 31, 2024 and December 31, 2023, we did not have any investments that were categorized within, or transferred into or out of, Level 3 of the fair value hierarchy.

Gains and Losses on Sales and Changes in Carrying Amounts of Investments and Other

“Other, net” within “Other income (expense)” included on our Consolidated Statements of Operations is as follows:

	For the Years Ended December 31,
Other, net:	2024		2023		2022
	(In thousands)
Marketable and non-marketable investment securities - realized and unrealized gains (losses)	$	204	$	245	$	245
Equity in earnings (losses) of unconsolidated affiliates		(5,121)		(4,264)		(5,703)
Foreign currency transaction gains (losses)		(3,901)		5,711		6,016
Other-than temporary impairment losses on equity method investments		—		(33,400)		—
Other		(206)		(1,090)		(85)
Total	$	(9,024)	$	(32,798)	$	473