<PAGE> 1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
EXHIBIT 12.1
<TABLE>
<CAPTION>
SIX
MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, -----------------------------------------------------------------
2000 1999 1998 1997 1996 1995
--------- --------- --------- --------- --------- ---------
(amounts in thousands)
<S> <C> <C> <C> <C> <C> <C>
Net loss $(625,609) $(719,968) $(124,546) $ (31,020) $ (6,246) $ (303)
Equity in losses of equity-method investees 198,716 76,769 2,905 -- -- --
--------- --------- --------- --------- --------- ---------
Net loss before equity in losses of
equity-method investees (426,893) (643,199) (121,641) (31,020) (6,246) (303)
--------- --------- --------- --------- --------- ---------
Plus fixed charges:
Interest expense including amortization
of debt issuance costs 61,018 84,566 26,639 326 5 --
Assumed interest element included in
rent expense(1) 5,032 4,732 2,833 700 90 4
--------- --------- --------- --------- --------- ---------
66,050 89,298 29,472 1,026 95 4
--------- --------- --------- --------- --------- ---------
Adjusted earnings (loss) (360,843) (553,901) (92,169) (29,994) (6,151) (299)
Fixed charges (66,050) (89,298) (29,472) (1,026) (95) (4)
--------- --------- --------- --------- --------- ---------
$(426,893) $(643,199) $(121,641) $ (31,020) $ (6,246) $ (303)
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(1) Total rent expense for the period times the Company's estimated
incremental borrowing rate. This is the portion of rental expense which
the Company believes to be representative of interest cost.
