2 unchanged sentences
These instruments arise from transactions entered into in the normal course of business.
−Removed: The following table presents the future principal payment obligations and fair values associated with our long-term debt instruments assuming our actual level of long-term indebtedness as of June 30, 2025:
+Added: The following table presents the future principal payment obligations and fair values associated with our long-term debt instruments assuming our actual level of long-term indebtedness as of September 30, 2025:
(in thousands)
16 unchanged sentences
While we cannot predict our ability to refinance existing debt or the impact interest rate movements will have on our existing debt, we continue to evaluate our financial position on an ongoing basis.
−Removed: We have performed a sensitivity analysis assuming a hypothetical 1% increase in our variable interest rates as of June 30, 2025.
−Removed: As of June 30, 2025, the analysis indicated that such an adverse movement would have caused our interest expense to increase by approximately 1.4% for the six months ended June 30, 2025.
−Removed: We are exposed to market risk from changes in foreign currency exchange rates in connection with our operations in Brazil, Canada, Chile, Peru, South Africa, Tanzania, and to a lesser extent, our markets in Central America.
+Added: We have performed a sensitivity analysis assuming a hypothetical 1% increase in our variable interest rates as of September 30, 2025.
+Added: As of September 30, 2025, the analysis indicated that such an adverse movement would have caused our interest expense to increase by approximately 1.1% for the nine months ended September 30, 2025.
+Added: We are exposed to market risk from changes in foreign currency exchange rates in connection with our operations in Brazil, Chile, Peru, South Africa, Tanzania, and to a lesser extent, our markets in Central America.
In each of these countries, we pay most of our selling, general, and administrative expenses and a portion of our operating expenses, such as taxes and utilities incurred in the country in local currency.
−Removed: In addition, in Brazil, Canada, Chile, and South Africa, we receive significantly all of our revenue and pay significantly all of our operating expenses in local currency.
+Added: In addition, in Brazil, Chile, and South Africa, we receive significantly all of our revenue and pay significantly all of our operating expenses in local currency.
In Costa Rica, Peru, and Tanzania, we receive our revenue and pay our operating expenses in a mix of local currency and U.S.
5 unchanged sentences
The cumulative translation effect is included in equity as a component of Accumulated other comprehensive loss, net.
−Removed: For the six months ended June 30, 2025, approximately 20.0% of our revenues and approximately 29.9% of our total operating expenses were denominated in foreign currencies.
−Removed: We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Real from the quoted foreign currency exchange rates at June 30, 2025.
−Removed: As of June 30, 2025, the analysis indicated that such an adverse movement
−Removed: would have caused our revenues and operating income to decline by approximately 1.1% and 0.6%, respectively, for the six months ended June 30, 2025.
−Removed: As of June 30, 2025, we had intercompany debt, which is denominated in a currency other than the functional currency of the subsidiary in which it is recorded.
+Added: For the nine months ended September 30, 2025, approximately 19.9% of our revenues and approximately 27.9% of our total operating expenses were denominated in foreign currencies.
+Added: We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Real from the quoted foreign currency exchange rates at September 30, 2025.
+Added: As of September 30, 2025, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.1% and 0.7%, respectively, for the nine months ended September 30, 2025.
+Added: As of September 30, 2025, we had intercompany debt, which is denominated in a currency other than the functional currency of the subsidiary in which it is recorded.
As settlement of this debt is anticipated or planned in the foreseeable future, any changes in the foreign currency exchange rates will result in unrealized gains or losses, which will be included in our determination of net income.
−Removed: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at June 30, 2025 would have resulted in approximately $104.0 million of unrealized gains or losses that would have been included in Other income (expense), net in our Consolidated Statements of Operations for the six months ended June 30, 2025.
+Added: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at September 30, 2025 would have resulted in approximately $99.0 million of unrealized gains or losses that would have been included in Other income (expense), net in our Consolidated Statements of Operations for the nine months ended September 30, 2025.
Special Note Regarding Forward-Looking Statements
11 unchanged sentences
• that we will be able to continue to secure rights to the land underlying our towers, and the impact of such strategy on our financial and operational results;
−Removed: • the timing for closing of pending acquisitions, including the Millicom transaction;
−Removed: • the timing for closing, and anticipated benefits of, the disposition of our Canadian assets;
+Added: • the timing for closing of pending acquisitions;
• our future liquidity requirements, including our debt service in 2024, and our ability to meet such requirements with cash on hand, capacity under our Revolving Credit Facility, and our cash flows from operations for the next twelve months will be sufficient to service our outstanding debt during the next twelve months;
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• the impact of churn based on prior and future consolidation among wireless service providers;
−Removed: • the ability of EchoStar to become and compete as a nationwide carrier;
−Removed: • the impact of high interest rates on our results of operations and our ability to refinance our existing indebtedness at commercially reasonable rates or at all;
−Removed: • our ability to continue to comply with covenants and the terms of our credit instruments and our ability to obtain additional financing to fund our capital expenditures;
• our ability to successfully manage the risks associated with international operations, including risks relating to competition, political or economic conditions, inflation, potential tariffs, tax laws, currency restrictions and exchange rate fluctuations, legal or judicial systems, and land ownership, including land ownership risks with respect to towers we do not own;
1 unchanged sentence
• the health of the economies and wireless communications markets of the international jurisdictions we operate in, and the willingness of carriers to invest in their networks in such markets;
−Removed: • our ability to secure as many site leasing tenants as anticipated, recognize our expected economies of scale with respect to new tenants on our towers, and retain current leases on towers;
+Added: • our ability to secure as many site leasing tenants as anticipated and retain current leases on towers as well as our tenants’ ability and willingness to comply with their obligations under such leases;
+Added: • our ability to meet our operational and capital expenditure goals, including expected economies of scale arising from new tenants on our existing towers,
• our ability to secure and deliver anticipated services business at contemplated margins;
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• a decrease in demand for our towers;
+Added: • the impact of EchoStar’s sale of its spectrum;
• the introduction of new technologies or changes in a tenant’s business model that may make our tower leasing business less desirable to existing or potential tenants;
+Added: • the impact of interest rates on our results of operations and our ability to refinance our existing indebtedness at commercially reasonable rates or at all;
+Added: • our ability to continue to comply with covenants and the terms of our credit instruments and our ability to obtain additional financing to fund our capital expenditures;
• our ability to qualify for treatment as a REIT for U.S.
federal income tax purposes and to comply with and conduct our business in accordance with such rules and to utilize available NOLs to reduce REIT taxable income;
−Removed: • our ability to successfully estimate the impact of certain accounting and tax matters, including the effect on our company of adopting certain accounting pronouncements and the availability of sufficient NOLs to offset future REIT taxable income;
+Added: • our ability to successfully estimate the impact of certain accounting and tax matters, including the ability to successfully utilize like-kind exchanges, the effect of adopting certain accounting pronouncements and the availability of sufficient NOLs to offset future REIT taxable income;
• other risks, including those described in Item 1A.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.