|
|
PRO FORMA SELECTED SEGMENT DATA*
(Dollars in Millions)
|
|
|
|
Third Quarter
|
|
|
Nine Months
Ended September 30,
|
|
|
|
|
1999
|
|
|
1998
|
|
|
1999
|
|
|
1998
|
|
| DIRECT-TO-HOME BROADCAST |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Revenues |
|
$
|
1,144.6
|
|
$
|
459.1
|
|
$
|
2,571.4
|
|
$
|
1,248.5
|
| EBITDA(1) |
|
$
|
47.7
|
|
$
|
(30.6)
|
|
$
|
44.8
|
|
$
|
(56.4)
|
| EBITDA Margin(1) |
|
|
4.2%
|
|
|
N/A
|
|
|
1.7%
|
|
|
N/A
|
| Operating Loss |
|
$
|
(67.6)
|
|
$
|
(61.8)
|
|
$
|
(159.4)
|
|
$
|
(133.6)
|
| Operating Profit Margin |
|
|
0.0
|
|
|
|
|
|
|
|
|
|
| Depreciation and Amortization |
|
$
|
115.3
|
|
$
|
31.2
|
|
$
|
204.2
|
|
$
|
77.2
|
| Capital Expenditures(2) |
|
$
|
97.6
|
|
$
|
82.0
|
|
$
|
253.4
|
|
$
|
130.1
|
|
| SATELLITE SERVICES |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Revenues |
|
$
|
210.7
|
|
$
|
186.5
|
|
$
|
604.6
|
|
$
|
570.6
|
| EBITDA(1) |
|
$
|
169.0
|
|
$
|
135.7
|
|
$
|
465.9
|
|
$
|
409.0
|
| EBITDA Margin(1) |
|
|
80.2%
|
|
|
72.8%
|
|
|
77.1%
|
|
|
71.7%
|
| Operating Profit |
|
$
|
99.1
|
|
$
|
79.1
|
|
$
|
261.4
|
|
$
|
239.2
|
| Operating Profit Margin |
|
|
47.0%
|
|
|
42.4%
|
|
|
43.2%
|
|
|
41.9%
|
| Depreciation and Amortization |
|
$
|
69.9
|
|
$
|
56.6
|
|
$
|
204.5
|
|
$
|
169.8
|
| Capital Expenditures(3) |
|
$
|
382.7
|
|
$
|
190.7
|
|
$
|
857.9
|
|
$
|
605.0
|
|
| SATELLITE SYSTEMS |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Revenues |
|
$
|
510.8
|
|
$
|
688.9
|
|
$
|
1,694.9
|
|
$
|
1,988.0
|
| EBITDA(1) (4) |
|
$
|
56.3
|
|
$
|
76.7
|
|
$
|
(64.7)
|
|
$
|
214.0
|
| EBITDA Margin(1) |
|
|
11.0%
|
|
|
11.1%
|
|
|
N/A
|
|
|
10.8%
|
| Operating Profit (Loss) (4) |
|
$
|
41.3
|
|
$
|
63.8
|
|
$
|
(106.1)
|
|
$
|
178.9
|
| Operating Profit Margin |
|
|
8.1%
|
|
|
9.3%
|
|
|
N/A
|
|
|
9.0%
|
| Depreciation and Amortization |
|
$
|
15.0
|
|
$
|
12.9
|
|
$
|
41.4
|
|
$
|
35.1
|
| Capital Expenditures (3) |
|
$
|
17.0
|
|
$
|
18.2
|
|
$
|
52.1
|
|
$
|
50.5
|
|
| NETWORK SYSTEMS |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Revenues |
|
$
|
426.2
|
|
$
|
267.7
|
|
$
|
998.2
|
|
$
|
674.1
|
| EBITDA(1) (4) |
|
$
|
44.3
|
|
$
|
28.3
|
|
$
|
63.4
|
|
$
|
9.6
|
| EBITDA Margin(1) |
|
|
10.4%
|
|
|
10.6%
|
|
|
6.4%
|
|
|
1.4%
|
| Operating Profit (Loss) (4) |
|
$
|
32.2
|
|
$
|
16.9
|
|
$
|
25.7
|
|
$
|
(20.2)
|
| Operating Profit Margin |
|
|
7.6%
|
|
|
6.3%
|
|
|
2.6%
|
|
|
N/A
|
| Depreciation and Amortization |
|
$
|
12.1
|
|
$
|
11.4
|
|
$
|
37.7
|
|
$
|
29.8
|
| Capital Expenditures |
|
$
|
5.4
|
|
$
|
10.7
|
|
$
|
23.1
|
|
$
|
26.4
|
|
| ELIMINATIONS and OTHER |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Revenues |
|
$
|
(301.8)
|
|
$
|
(88.9)
|
|
$
|
(650.8)
|
|
$
|
(307.9)
|
| EBITDA(1) |
|
$
|
(105.7)
|
|
$
|
(31.3)
|
|
$
|
(148.4)
|
|
$
|
(37.7)
|
| Operating Loss |
|
$
|
(109.9)
|
|
$
|
(30.5)
|
|
$
|
(159.9)
|
|
$
|
(35.0)
|
| Depreciation and Amortization |
|
$
|
4.2
|
|
$
|
(0.8)
|
|
$
|
11.5
|
|
$
|
(2.7)
|
| Capital Expenditures |
|
$
|
41.4
|
|
$
|
(21.4)
|
|
$
|
45.9
|
|
$
|
114.5
|
|
| TOTAL |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Revenues |
|
$
|
1,990.5
|
|
$
|
1,513.3
|
|
$
|
5,218.3
|
|
$
|
4,173.3
|
| EBITDA(1) (4) |
|
$
|
211.6
|
|
$
|
178.8
|
|
$
|
361.0
|
|
$
|
538.5
|
| EBITDA Margin(1) |
|
|
10.6%
|
|
|
11.8%
|
|
|
6.9%
|
|
|
12.9%
|
| Operating Profit (Loss) (4) |
|
$
|
(4.9)
|
|
$
|
67.5
|
|
$
|
(138.3)
|
|
$
|
229.3
|
| Operating Profit Margin |
|
|
N/A
|
|
|
4.5%
|
|
|
N/A
|
|
|
5.5%
|
| Depreciation and Amortization |
|
$
|
216.5
|
|
$
|
111.3
|
|
$
|
499.3
|
|
$
|
309.2
|
| Capital Expenditures |
|
$
|
544.1
|
|
$
|
280.2
|
|
$
|
1,232.4
|
|
$
|
926.5
|
|
* The Financial Statements reflect the application of purchase accounting adjustments
related to GM's acquisition of Hughes. However, as provided in the General Motors'
Restated Certificate of Incorporation, the earnings attributable to GM Class H common
stock for purposes of determining the amount available for the payment of dividends
on GM Class H common stock specifically excludes such adjustments. In order to provide
additional analytical data, the above unaudited pro forma selected segment data,
which exclude the purchase accounting adjustments related to GM's acquisition of
Hughes, are presented.
(1) EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the sum
of operating profit (loss) and depreciation and amortization. EBITDA margin is calculated
by dividing EBITDA by total revenues.
(2) Includes satellite expenditures amounting to $13.6 million, $38.0 million, $89.1
million and $38.0 million, respectively.
(3) Includes satellite expenditures amounting to $93.2 million, $182.2 million, $408.8
million and $422.2 million, respectively. Also included are expenditures related
to the early buy-out of satellite sale-leasebacks totaling $263.2 million for the
third quarter of 1999 and $404.5 million and $155.5 million for the first nine months
of 1999 and 1998, respectively.
(4) Amounts for the nine months ended September 30, 1999 include charges of $81.0 million
and $11.0 million for the Satellite Systems and Network Systems segments, respectively,
relating to the termination of the Asia-Pacific Mobile Telecommunications satellite
systems contract due to export licenses not being issued.
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