Excite@Home
Unaudited Condensed Consolidated Results of Operations
(In thousands, except per share data)
Three Months Three Months Six Months
Ended June 30, Ended March 31, Ended June 30,
2001 2000 2001 2001 2000
--------- --------- --------- --------- ---------
Revenues (1)
Consumer
access $ 89,671 $ 52,479 $ 75,360 $ 165,031 $ 94,458
Commercial
services 14,251 13,769 15,546 29,797 27,234
Media/
advertising 28,576 74,737 45,057 73,633 150,960
International 6,143 7,736 6,830 12,973 14,132
--------- --------- --------- --------- ---------
Total revenues 138,641 148,721 142,793 281,434 286,784
Operating costs (2)
Cost of
services and
products 98,475 69,363 92,634 191,109 126,602
Product
development
and engineering 29,632 26,813 29,405 59,037 47,788
Sales and
marketing 44,636 74,254 61,705 106,341 131,180
General and
administrative 18,492 17,798 17,402 35,894 28,522
-------- --------- --------- --------- ---------
Total operating
costs 191,235 188,228 201,146 392,381 334,092
--------- --------- --------- --------- ---------
Operating loss (52,594) (39,507) (58,353) (110,947) (47,308)
Interest and
other income
(expense), net (12,547) 858 (3,296) (15,843) 4,051
--------- --------- --------- --------- ---------
Net operating
loss (65,141) (38,649) (61,649) (126,790) (43,257)
Non-operating
costs and other items
Equity share of
losses of affiliated
companies 5,302 12,131 13,670 18,972 16,946
Cost and
amortization
of distribution
agreements 50,786 28,166 24,653 75,439 122,131
Costs and
amortization
of goodwill,
intangible assets,
deferred
compensation
and other
acquisition
-related amounts 32,343 589,317 102,116 134,459 1,162,450
Restructuring
costs 158,746 -- 17,063 175,809 --
Write-down of
goodwill,
other intangible
assets and other
assets 33,956 -- 613,453 647,409 --
-------- --------- --------- --------- ---------
Total
non-operating
costs and
other items 281,133 629,614 770,955 1,052,088 1,301,527
Net loss $(346,274) 668,263 (832,604)$(1,178,878)$(1,344,784)
========= ======== ========= ========= =========
Net loss per
share excluding
non-operating
costs and
other items --
basic and
diluted $(0.16) $(0.10) $(0.15) $(0.31) $ (0.11)
========= ======== ========= ========= =========
Net loss per
share --
basic and
diluted $(0.85) $(1.69) $(2.05) $(2.90) $ (3.43)
========= ======== ========= ========= =========
Shares used in
per share
calculations 408,065 396,092 406,203 407,134 391,868
========= ======== ========= ========= =========
(1) Revenue from
related
parties $13,577 $12,144 10,572 24,149 $24,238
========= ======== ========= ========= =========
(2) Depreciation
and
amortization
included in
operating
costs $40,256 $23,638 $35,372 $75,628 $43,227
========= ======== ========= ========= =========
Excite@Home
Condensed Consolidated Balance Sheets
(In thousands)
June 30, 2001 December 31, 2000
------------- -----------------
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 154,278 $ 64,508
Restricted cash 21,132 34,139
Short-term investments 8,015 102,115
------------ ------------
Total cash, cash equivalents
and short-term investments 183,425 200,762
Accounts receivable, net 24,670 65,899
Accounts receivable -- related
parties 70,530 54,126
Other current assets 43,499 42,626
------------ ------------
Total Current Assets: 322,124 363,413
============ ============
Property, equipment and improvements,
net 407,380 366,127
Investments in affiliated companies 30,784 35,032
Other investments 22,359 73,628
Distribution agreements, net 141,422 239,357
Goodwill and other intangible assets,
net 184,084 908,788
Other assets 162,719 120,355
------------ ------------
Total Assets: $ 1,270,872 $ 2,106,700
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 56,516 $ 65,060
Accounts payable - related parties 4,759 10,892
Accrued compensation and related
expenses 20,458 21,940
Deferred revenue 33,111 40,381
Other accrued liabilities 266,881 101,826
Current portion of capital lease
and other obligations 76,593 70,258
Convertible note 100,000 --
------------ ------------
Total Current Liabilities: 558,318 310,357
============ ============
Convertible notes and debentures 747,228 743,525
Capital lease and other obligations,
less current portion 151,674 85,904
Other liabilities 10,964 10,397
Stockholders' Equity:
Convertible preferred stock 245,661 286,208
Common stock 9,883,414 9,809,893
Deferred compensation (23,067) (34,070)
Accumulated other comprehensive
income 157 19,085
Accumulated deficit (10,303,477) (9,124,599)
------------ ------------
Total Stockholders' Equity: (197,312) 956,517
------------ -----------
Total Liabilities and
Stockholders' Equity: $ 1,270,872 $ 2,106,700
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