Thank you, and welcome to EchoStar's Second Quarter 2025 Earnings Call. We will start with opening remarks from Hamid Akhavan, President and CEO, followed by Paul Orban, EVP and Principal Financial Officer, and John Swieringa, President of Technology and COO. We ask that any participant producing a report refrain from identifying other participants or their companies in such reports. We also do not allow audio recording, and we request that you respect this guideline. All statements made during this call, other than those of historical fact, are forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that could lead to actual results differing materially from past results and from any future results indicated by these statements. For a list of those factors and risks, please refer to our annual report on Form 10-Q, the quarterly report on Form 10-Q for the quarter ending June 30, 2025, filed today, August 1, as well as our subsequent filings with the SEC. This information and additional materials related to today's call will be available on our Investor Relations website. All cautionary statements made during the call should be considered applicable to any forward-looking statements made. You should carefully review the risks outlined in our reports and avoid placing undue reliance on any forward-looking statements. We do not take responsibility for updating any forward-looking statements. We will refer to OIBDA and free cash flow during this call. The corresponding GAAP measures and a reconciliation for OIBDA are included in our earnings release, and in the case of free cash flow, in our 10-Q. Now, I will turn it over to Hamid.

Thank you, Dean. Welcome, everyone. Thank you for joining us today. I would like to address a few notable items from the second quarter as well as an additional recent development. As we have said in our SEC filings, on May 9, the FCC informed us that it had begun a review of our spectrum licenses. This includes a review of certain obligations to provide 5G broadband service, the September 2024 build-out extension granted by the FCC and our exclusive rights to the AWS-4 band. This event and the inquiries it introduced have led to considerable amount of uncertainty over our spectrum rights. It has effectively frozen our ability to make decisions about our 5G terrestrial network build-out, has materially impacted our ability to implement and adjust our overall business plan and has required us to reevaluate the deployment of our resources. As a result of the FCC's inquiry, we chose to delay several of our scheduled interest payments. We submitted detailed responses in the various public proceedings the agency launched back in May. As explained in our responses, we strongly disagree with the factual and legal basis of the FCC's inquiries. On June 11, our Chairman met with FCC Chairman Carr, and explained how the FCC's actions threaten our viability. Following this meeting, President Trump encouraged the parties involved to reach a positive resolution. Due to the nature of our ongoing discussions with the FCC, government and other entities, we chose to make our delayed interest payments within the permissible grace periods. In addition, today we made the due payment for our HSSC bonds. Since then, we have had numerous collaborative conversations with the FCC, the administration and various parties to try and reach a constructive solution that is beneficial to EchoStar and consumers while also addressing the FCC's wishes and fostering U.S. leadership in telecom. It is our highest priority and a huge focus of the leadership team, including myself. But given the ongoing nature of this issue, I can't say more or get into any specifics today. The commitment to securing our future and promoting U.S. leadership in the global communications industry is a top priority. In an exciting step towards that goal, we have announced an agreement with MDA Space for them to be the prime contractor for our new LEO direct-to-device or D2D satellite constellation. This new constellation will enable EchoStar to provide global wideband services directly to standard 5G NTN devices such as popular Android and Apple and other compatible IoT products and help foster U.S. leadership in D2D connectivity and the space economy. The constellation is enabled by our global S-band spectrum rights, which includes exclusive U.S. rights for AWS-4, along with the 30 megahertz of S-band 2 gigahertz MSS rights in Europe and similar magnitude of spectrum around the world. These spectrum rights, our technological leadership and our strong service delivery capabilities will allow us to provide the dedicated capacity and security services that are in demand by consumer, enterprise, public safety and government sectors within the U.S., Europe and the rest of the world. Since 2012, EchoStar has invested well over $13 billion in the S-band, beginning with the acquisition of 2 of the original MSS operators, DBSD and TerreStar, who held S-band FCC licenses as well as 3 geostationary satellites, which are in operation today. We also led the efforts to include the S-band in the 3GPP standard to allow for satellite compatibility with off-the-shelf handsets. EchoStar's total investment includes the acquisition, integration, deployment and operation of the AWS-4 band as part of its 5G Open RAN network in the U.S. EchoStar's new LEO constellation will utilize up to 25x20 megahertz of AWS-4/S-band spectrum. And we will be fully compliant with the newly created NTN and 3GPP standards, allowing EchoStar to provide messaging, voice, broadband data and video services upon launch to all devices with the current 3GPP NTN specification without modification. This is true 5G mobility. This wideband service is a fundamental improvement over the existing satellite messaging and SOS services. Launch of the satellites is planned for 2028 with commercial services starting in 2029. Initial full configuration of the system consists of 200 satellites rapidly growing from there to provide continuous growth of capacity globally. Peak funding of the project is estimated to cost $5 billion, which will be self-funded by EchoStar. As we said when we merged EchoStar and DISH in 2024, a key goal was to unite the spectrum and technological assets across both companies to realize our vision of a global D2D service seamlessly integrated with terrestrial connectivity to everyone. We look forward to sharing more details on this project in September at World Space Business Week in Paris. I'll now comment on some details across our lines of business. Our Wireless segment continues to perform well as we executed on another quarter of sequential growth with 212,000 subscribers net adds in the period compared to a 16,000 net loss in the same period of 2024. Boost Mobile continues to focus efforts on driving profitable subscriber growth and delivering an exceptional customer experience with better value than the established carriers. The quality of our subscriber base continues to improve as evidenced by churn of 2.69%, an improvement of 24 basis points year-over-year and an industry-leading level of prepaid ARPU. A significant factor in this success is our net port positive performance. These efforts led to us ending the quarter with approximately 7.4 million subscribers. Our Broadband and Satellite Services segment offers market-leading products and services to a wide range of consumers, enterprises and governments throughout the world. Our technology leadership in satellite, networking and broadband services enables us to provide advanced communication services and solutions, fueling an 8% increase in our enterprise committed contract volume year-over-year. On the Aero front, we are pleased to be recently selected by 2 large airlines to deploy our Hughes in-flight connectivity solution in their fleets, continuing our penetration in the market. Our in-flight connectivity business provides the aero industry's only future-proof solution leveraging multi-frequency LEO-GEO satellite networks with multiple connectivity providers to offer airline customers a unique, flexible and cost-effective solution. We have made significant advances with our in-flight product offering such as in-line fit production capabilities and selection by Airbus to offer joint service technology solutions to their customers via their HPC+ in-flight connectivity program. In the second quarter, Hughes also received the AS9100 quality certification, a complement to the numerous FAA certification milestones for products we have received over the past year. We are pleased with the success of this business unit and are optimistic about future global opportunities in this market. Finally, in our HughesNet consumer business, we closed Q2 with approximately 820,000 broadband subscribers, delivering higher ARPU as a result of focusing on higher-value customers. In regard to our Pay-TV business, we remain steadfast in acquiring and retaining the most profitable subscribers despite headwinds in the Pay-TV landscape from new service entrants, M&A activity and the overall cost of programming. DISH TV finished the quarter with approximately 5.3 million subscribers. Churn continues to be at its lowest levels in more than a decade, excluding the pandemic, while viewership is up 8% year-over-year. For the quarter, churn was 1.29%, a reduction of roughly 11 basis points from Q2 of 2024. Our customers appreciate our exceptional product and the performance we are able to deliver as is evidenced by this decrease in churn year-over-year. Pay-TV also grew its ARPU 3% year-over-year. In spite of the highly competitive headwinds in the streaming market and lower tune-in events across the sports and politics, Sling viewership increased 18% year-over-year. Additionally, Sling's streaming quality reached an all-time high, increasing our industry-leading performance measured by Conviva. We closed the second quarter with approximately 1.8 million Sling subscribers. Now I would like to turn it over to Paul Orban for commentary and color on the numbers.

Thank you, Hamid. Revenue for the second quarter was around $3.7 billion, representing a 5.8% decrease compared to the previous year. This drop was mainly due to a reduction in subscribers in our Pay-TV and Broadband and Satellite Services segments, somewhat balanced by a rise in ARPU in our Wireless segment. OIBDA stood at $280 million for the second quarter, a decline of $163 million year-over-year. The OIBDA reduction was chiefly caused by the loss of subscribers in Pay-TV and increased operating losses in Wireless linked to our efforts to acquire more subscribers and enhance network coverage. During the first half of the year, EchoStar generated $166 million in positive operating free cash flow, which we define as free cash flow before accounting for debt service payments and non-operating CapEx related to EchoStar '25 and '26. When including debt service, free cash flow for the second quarter was negative $739 million, compared to negative $191 million a year earlier. This $548 million decrease resulted primarily from $326 million in higher cash interest, a $163 million drop in OIBDA, and changes in working capital, though it was partially mitigated by $56 million in reduced CapEx. In Q2, we paid $777 million in cash interest, significantly up from $236 million in Q1. This rise reflects the timing of interest payments related to the capital we secured at the end of last year. Moving forward, expect to see cash interest payments decrease in Q1 and Q3 while increasing in Q2 and Q4, which will also affect our free cash flow seasonally. We still anticipate positive operating free cash flow for the year as we maintain a disciplined approach to managing our operating expenses to grow our Wireless and Hughes enterprise sectors. As of June 30, 2025, our total cash and marketable securities, including restricted cash, amounted to $4.7 billion, a decrease of $711 million from the previous quarter. This drop was mainly due to the negative free cash flow of $739 million and $167 million in debt repayments, partly offset by the issuance of an additional $150 million in our 10.75% senior notes due 2029 and $47 million in proceeds from selling our fiber business. In our 10-Q, we have noted a going concern qualification. I encourage you to review the statements in our 10-Q for detailed disclosures. To summarize, the accounting rules require us to forecast our cash position for one year from our filing date, allowing no consideration of new funding sources unless that financing is committed at the time of filing. We have two payments due within one year: $2 billion at DDBS on July 1, 2026, and $1.5 billion at HSSC on August 1, 2026. We believe we have sufficient time to manage these maturities. Now, regarding our segment performance, total Wireless revenue for Q2 grew by 4.7% to $935 million, driven by a 4.1% rise in ARPU to $37.40, largely due to a switch to higher-priced service plans and increased sales of value-added services. Equipment sales and other revenues rose by 3.1%, attributed to the sale of higher-priced devices, with a larger share compatible with our 5G network. Wireless OIBDA loss increased to a negative $452 million from a negative $394 million last year, due to elevated marketing costs and increased expenditures to support our expanding wireless network. We added around 212,000 net subscribers, ending the quarter with approximately 7.4 million subscribers. This growth stemmed from a historically low churn rate and higher subscriber acquisition numbers. Pay-TV revenue fell by 8% to $2.5 billion due to a smaller average subscriber base, though partially offset by a 3.1% increase in ARPU. Pay-TV OIBDA dropped to $663 million from $753 million in the previous year, mainly due to a decreased average subscriber base and increased programming costs per subscriber, somewhat countered by reduced SG&A expenses. The decrease in SG&A was linked to lower marketing spending, fewer new DISH TV subscriber activations, and decreased costs to support Pay-TV. Broadband and satellite services revenue fell by 13.8% to $340 million, mainly due to a decrease in sales of consumer broadband services and enterprise hardware. BSS OIBDA decreased by 17.8% to $68 million, primarily because of fewer consumer broadband subscribers, which was partially offset by reduced bad debt expenses and lower marketing costs.

Thanks, Paul. The experience on the Boost Mobile network continues to receive accolades from customers and third-party network benchmarking companies. Most recently, OpenSignal ranked our network as the best in 5G reliability and 5G coverage in over 1,200 towns and cities. We provide 5G broadband coverage to more than 80% of the U.S. population. And in combination with our partner networks, we offer customers 99% coverage across the U.S. We continue to focus on activating an increasing percentage of new customers directly on the Boost Mobile network as well as upgrading existing customers to our growing portfolio of Boost Mobile network compatible devices. Last quarter, we expanded our device portfolio to include the iPad, Apple Watches and Android Tablets, including our first Boost exclusive Celero5G Tablet. Today, we have over 1.55 million customers on-net and are loading more than 75% of compatible devices on our network in the accelerated markets. As Hamid mentioned earlier, the FCC's review of our previously approved September 2024 network build-out extension has introduced uncertainty around our spectrum rights, which has pushed us to suspend furthering our 5G network build-out. Therefore, we have little to report regarding network expansion within the second quarter. Until this matter is resolved, we are focused on continuing to optimize the network infrastructure in place and continuing to add customers to our network. Wireless CapEx in Q2 was $171 million. We are not providing network CapEx guidance for the second half of the year at this time. However, we are finishing construction for certain cell sites that are in process. As a company, we have always had the vision of delivering global connectivity seamlessly integrated between terrestrial and non-terrestrial connectivity. We built the world's first 5G stand-alone Open RAN network and have been applying this technical know-how to integrate 5G terrestrial connectivity in coordination with NTN services, specifically with the new LEO constellation across our AWS-4 spectrum in the U.S. EchoStar and Boost Mobile's extensive experience in building and operating satellite services and terrestrial mobile 5G networks uniquely positions us as a telecommunications company at a truly global scale. We look forward to continuing the important work of helping the administration and FCC continue to deliver for the American people. Now I'd like to turn it back to Hamid for a few short closing comments.

Thank you, John. We are pleased with the overall performance for the second quarter and are optimistic about our opportunities in the second half of 2025. We remain focused on hitting our operational targets of positive operating free cash flow, optimized subscriber profitability from our Pay-TV segment, expansion of Hughes' enterprise business and continued growth from Boost Mobile. With that, we'll open it for Q&A from the analyst community.

And the first question is from Rick Prentiss with Raymond James.

I have a couple of questions. Hamid, I want to start with today's big news about the non-terrestrial network and the direct-to-device LEO constellation. We've discussed the S-band and its potential value, but it will require significant capital to make it operational or monetize it. Regarding the non-terrestrial network, is this a decision for you to pursue independently, or is there a possibility of bringing in additional partners? It seems like you're aiming for more than just messaging services; you want to offer 2G, 3G, 4G, and 5G. How do you plan to market these services? The marketplace is quite crowded, with many players involved. Are you considering going directly to consumers, working through carriers, or collaborating with OEMs? Additionally, could you provide some details on the timeline for that $5 billion peak funding?

Thank you for the great questions. I'll do my best to address each part. Starting with the notion of a crowded market, I want to clarify that there is currently no one else, and none on the roadmap, that is going to achieve wideband like we can. We are the only ones in this space. When we refer to satellite connectivity, we categorize it into three distinct product sets. The first is wide broadband, which provides connectivity from space to a ground-based antenna, like our HughesNet design or others from Wiess and Starlink, replacing traditional broadband at home or in various locations. Then, on the far right, we have narrowband for messaging or SOS, which is offered by Apple and Globalstar, among others. We've had that capability in Europe for years, and we plan to introduce it in the U.S. Our narrowband services include messaging and SOS features, while our unique offering, wideband, caters to mobile phone use in a way that is not limited to just messaging or SOS. It allows for seamless connectivity whether you are in remote areas or urban centers; it feels just like connecting to a conventional network. Nobody else is matching this offering or is ahead in this technology. While there may be perceived competition in the broadband or narrowband spaces, wideband remains entirely unoccupied. We stand out for several reasons, the first being our exclusive spectrum rights worldwide. Secondly, we are dedicated to 5G NTN and its standardization, which we've vigorously worked on to integrate with our existing AWS-4 and S-band operations. This allows us to provide a network architecture compatible with 5G, ensuring we're effectively taking local network capabilities global. Regarding partnerships, we believe we have the necessary resources in-house to proceed independently, but we have always valued partnerships. We maintain strong collaborative relationships with various governments, airlines, and entities worldwide through our Hughes division, which has established us as a trusted partner across regions from Brazil to Europe and the Middle East. Our market strategy does not discriminate against carriers; instead, it focuses on a wholesale model to make services accessible to a broad audience, targeting 8 billion people efficiently and affordably. As for our $5 billion peak funding, this amount will not be required all at once and is structured over a typical industry payment timeline as we aim to launch satellites by 2029. Although I can't disclose the specific payment schedules, I can confirm that the system is designed for perpetual self-funding after this initial funding phase. The anticipated one-time investment will be spread out over time based on peak funding calculations. After that, the financial model allows for a payback on what has already been invested. If I've overlooked any details, I'm open to further discussion.

Yes. Just one other ancillary, and then I'll go to the 5G network question. Do you envision this as a replacement for terrestrial wireless, a complement to terrestrial wireless? How would you envision how this would fit into the marketplace?

The answer is yes. In our view, this will serve as a complement to every terrestrial network. It isn't meant to replace them but will significantly enhance coverage for areas that are difficult or uneconomical to reach with traditional methods. As technology advances and satellite capacity expands rapidly, we will see a substantial increase in capabilities within just a few years. Unlike previous generations of technology that are spaced apart by a decade, satellite advancements will come in shorter intervals, roughly every 18 to 24 months. This increased capability will reduce costs for carriers, particularly in sparsely populated rural regions where maintaining coverage is expensive and challenging. Many existing cell sites are not cost-effective and will become unnecessary as satellite service improves. Initially, our technology will be a complete supplement to current services, but ultimately, it has the potential to relieve carriers of some of their financial burdens. Our goal is to collaborate with carriers globally in a supportive and beneficial manner, ensuring we complement their business models effectively.

Our next question is from the line of Walter Piecyk with LightShed.

Let's bring the conversation back to reality. Chairman Carr has mentioned that there may not be a need for four network operators in the market. There are media reports about the final offers being made. I understand you can't really discuss it further, but I see that you have halted capital payments on the network. If we assume these issues get resolved and you secure funding, you have indicated that you can maintain operations as a going concern. However, the situation with Carr and the FCC raises questions about your status as a network operator, which isn’t guaranteed depending on future developments. What is your strategy for entering the market as the fourth network operator? Do you think this requires a significant distribution partner? Given the increase in gross additions and churn across the three existing operators, there seems to be an opportunity. It appears that cable may not be a viable alternative since Brian Roberts indicated he does not desire to partner in that way or take ownership of assets. How would this situation work if you continue to be a network operator?

Thank you for your questions, Walter. As I mentioned before, I can't provide specifics about our current discussions with the FCC. I'm not going to comment on whether the market needs three or four players. What I do know is that I am the fourth player, and until things change, I'm focused on running my business as effectively as possible in this role in the U.S. We're competing and winning. You've seen our progress; we are disruptive, and we've shifted from losing subscribers to gaining them in a net positive way. We'll continue to operate this way until a different approach is necessary or requested. Our goal is to maximize value for our shareholders and meet the needs of our customers. I won't attempt to predict market trends or comment on the strategies of others. I just want to highlight that we are in a unique position. We've been a reliable carrier, fulfilling our commitments since the inception of DISH Network and now EchoStar. What we've accomplished today has been a long time in the making. I won't discuss the funding details you mentioned; I will clarify that during a more comprehensive financial update, hopefully at the satellite show in Paris. What I know is that we are taking positive steps with our announcement today. We aim to work collaboratively with the FCC to reach a solution that benefits everyone. We still have all strategic options available and have not closed any doors on potential paths forward. I'm optimistic that we'll find a viable solution as we move ahead.

Given that you're not spending on the network and likely pulling back on marketing expenses given the issue, maybe not, is there any reasonable time frame that you can provide in terms of when whatever the resolution is reached with the FCC? Are we talking by end of year, by end of quarter? And like any type of ballpark kind of end date you can give us on this timeline?

It's mostly not within our control. We have been actively collaborating with the FCC to respond to their inquiries, including providing detailed information as requested. Simultaneously, we're exploring various options to find a mutually beneficial solution. Since we're not fully aware of all factors involved, I can't predict the outcome. However, I want to emphasize that we are not being passive; we are actively engaging in discussions wherever possible, but the outcome depends on other parties' needs and desires. I believe a resolution is likely not far off. The FCC seems to expect us to work together within a reasonably short timeline, but I can't provide a specific deadline or milestone for reaching a conclusion. I understand this may be a softer response than you anticipated, but the reality is that I don't control every element of the situation. I can assure you that if there's a delay in finding a solution, it is not due to our actions. This is a top priority for my team and me, and we are taking it very seriously.

The next questions are from the line of Bryan Kraft with Deutsche Bank.

I have a follow-up question regarding the LEO constellation announcement. I want to clarify the interpretation of the press release language. I understand you prefer not to disclose details about payment timelines. However, does the $1.3 billion for the initial 100-plus satellites represent the total investment through 2028? Or is the $5 billion the figure that will be invested by 2028 or soon after? These amounts are significantly different, so I’m trying to understand what the actual capital requirements will be. I have another follow-up question after this if that's alright. Please go ahead.

Yes, let's discuss the $5 billion figure as it's the overarching headline. This amount represents the total peak funding for the project, although I haven't specified when we expect to reach this peak funding or the timeframe involved. The peak funding will cover all necessary elements such as satellites, their launch costs, gateways, operations, and all the components typically outlined in a business plan. At some point, we will reach this peak funding, but I cannot determine how long that will take. Therefore, we will need to have a total of $5 billion available by that time. After we reach this peak, the system will begin to pay back that investment, following the standard private equity model where the initial investment is recouped while also generating additional value. The $1.3 billion represents a portion of that $5 billion related to our agreement with MDA for satellite manufacturing. We have yet to disclose information on the other cost components, but I hope to provide more details during our upcoming meeting in Paris. Most importantly, we are dedicated to becoming the top provider of direct-to-satellite connectivity. I'd be happy to address any further questions you have.

Yes. So I guess I just want to understand, too, what are the service capabilities that you expect to be able to offer, let's say, in 2028? It sounds like that's when the service would launch in terms of geographic coverage. I assume it would be a 24-hour service, what kind of bandwidth? And also just high level, what do you think the revenue model looks like for D2D? Is it a revenue share model with carriers? Is it sell them low-cost capacity on a per gig basis? Just curious how you're thinking about that.

Our vision for the service is to provide everything you currently have in your pocket. Whether you want to text, make voice calls, use video, access apps, or watch Netflix while being in remote locations like the Grand Canyon or the Atlantic Ocean, we want to ensure you can do that. The experience will be seamless, regardless of whether your phone is connected to a cell tower nearby or one that's far away. This is the standard we've set and tested, and we're uniquely positioned in the market to deliver it. Initially, with our first version and limited number of satellites, we won't have complete capacity for everyone, and we're not intending to replace existing networks where coverage is already robust. However, there are millions of people beyond those areas, including travelers and government services, who will benefit from our offering, which won’t rely solely on traditional coverage. Our product will function similarly to what users already experience on their smartphones. Over time, as our system expands and becomes more affordable, we anticipate that in around 20 years, anyone wanting to watch Netflix could do so via satellite without needing terrestrial services. Regarding our go-to-market strategy, we're not aiming to compete directly with carriers. Instead, our service will enhance their offerings and create an additional revenue stream. We're providing a global coverage solution that complements their existing services, extending coverage from 99% to 100%. Although we can't share specific details about our business model, it will be beneficial for both us and the carriers. While direct-to-consumer sales may occur in some areas lacking carrier coverage, it would be an exception rather than our primary strategy. We prefer to collaborate with carriers to leverage their customer relationships and ensure compliance with local regulations, which is the foundation of our market approach.

Our next question is from the line of Ben Swinburne with Morgan Stanley.

Hamid, you've paused spending on the Wireless 5G network. Are you still planning to continue your investments in the LEO project? I'm not sure if it will start right away, but you've clearly signed a contract with MDA. I'm a bit confused about why you're proceeding with one project and not the other, but perhaps I am just viewing the timing differently.

I'll be happy to explain. That's a great question. Our direct-to-satellite initiative has been a key focus in almost every earnings call. In fact, when we merged DISH and EchoStar, a major reason for that merger was to seize this opportunity. We had the necessary spectrum and technology, and it was essential to integrate them. This effort is intentional and not a response to recent developments. Your question touches on a network issue; you're wondering why I might hesitate to invest in the network while pursuing investments in space. We can afford to slow down on terrestrial solutions to gain more clarity without significantly affecting our market opportunities since we already have strong national coverage for over 280 million consumers and a high level of customer satisfaction. We're performing well, gaining more prepaid consumers than most other carriers this quarter. I don't feel the need to act until I have more certainty concerning the network. However, the timing for space is different. The opportunity exists now, and delaying for a few months could harm our business model. Europe is inquiring how we plan to access space, and I want to ensure American leadership in that arena. If we delay resolving this, the opportunity for the U.S. and us diminishes. Therefore, we are proceeding with our direct-to-satellite initiative without waiting, as timing is critical. Our national network build is already in an excellent position with over 24,000 cell sites, so I don’t see a few months of delay in gaining clarity significantly affecting my business.

Yes, that makes sense. That's a helpful answer. Is there any reason you will be able to provide more detail in Paris compared to this call, aside from the fact that it's a more significant audience?

Absolutely, the most important audience is anyone who pays attention to me. This is still in development, and many more elements need to come together for the overall picture to become clearer. For instance, the satellite is just one part of the equation. We still need to discuss all the other components, such as the launch and gateways. There was a question earlier that I neglected to address. On the first day of service, we will have coverage almost for all citizens from 60 North to 60 South latitude, which includes almost everyone except for the North and South Poles. We plan to discuss those areas with governments and military, as they represent our largest customers. However, we have designed a system capable of providing 100% coverage of the poles. There are still a few items in play that we expect to clarify in the next few weeks, which will allow us to provide more comprehensive answers. It’s not about hiding anything; I simply want to ensure that I’m comfortable with every aspect before sharing more about the business model and details with you. We're only a few weeks away from that.

Okay. And last question, I'll take a swing at this. I know it's a tough one. But I think everyone understands what EchoStar is trying to do with your business. What does the FCC want? What is the end game for them? Because they've sort of made a bunch of accusations about your spectrum use or lack of use and the milestones. The press, I think, and the market at one point, I think, thinks they want you to sell your spectrum. Maybe there's an Elon Starlink angle. It's just sort of hard for us outside of all this to figure out what the FCC is asking EchoStar to do. I'm wondering if you could share anything there for us.

Yes. First of all, I want to emphasize that we are fully committed to all our obligations to the FCC. We have always upheld our commitments and done so again today. We have made the necessary certifications and fulfilled every promise. Any agreements we have made relying on the FCC's approval were based on our commitments that we have delivered on. We have worked to increase our customer base and offer one of the lowest price plans in the industry, among other things. As for what the FCC expects, that's a question best directed to them. I can't comment further as we are still trying to understand what would satisfy the FCC. Despite our flexibility in addressing the needs of the FCC, the Justice Department, and others, I cannot provide additional insights. That remains a great question for the FCC.

All right. Thank you.

Thank you, everyone, and hope to see you in Paris on our next earnings call.

Thank you. This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation, and have a wonderful day.