<PAGE> 1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
EXHIBIT 12.1
<TABLE>
<CAPTION>
NINE
MONTHS ENDED YEAR ENDED DECEMBER 31,
SEPTEMBER 30, -------------------------------------------------------------
2000 1999 1998 1997 1996 1995
--------- --------- --------- --------- --------- ---------
(AMOUNTS IN THOUSANDS)
<S> <C> <C> <C> <C> <C> <C>
Net loss ....................................... $(866,133) $(719,968) $(124,546) $ (31,020) $ (6,246) $ (303)
Equity in losses of equity-method investees, net 267,037 76,769 2,905 -- -- --
--------- --------- --------- --------- --------- ---------
Net loss before equity in losses of
equity-method investees ..................... (599,096) (643,199) (121,641) (31,020) (6,246) (303)
--------- --------- --------- --------- --------- ---------
Plus fixed charges:
Interest expense including amortization
of debt issuance costs ............... 94,827 84,566 26,639 326 5 --
Assumed interest element included in
rent expense(1) ...................... 7,816 4,732 2,833 700 90 4
--------- --------- --------- --------- --------- ---------
102,643 89,298 29,472 1,026 95 4
--------- --------- --------- --------- --------- ---------
Adjusted earnings (loss) ................. (496,453) (553,901) (92,169) (29,994) (6,151) (299)
Fixed charges ............................ (102,643) (89,298) (29,472) (1,026) (95) (4)
--------- --------- --------- --------- --------- ---------
$(599,096) $(643,199) $(121,641) $ (31,020) $ (6,246) $ (303)
========= ========= ========= ========= ========= =========
</TABLE>
(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.
35
