EX-99.2 3 a2028552zex-99_2.txt EXHIBIT 99.2 EXHIBIT 99.2 ($ in millions)
Guidance Growth -------- ------ Q4 '00 2000 2001 2002 '99-'00 '00-'01 '01-'02 ------ ---- ---- ---- ------- ------- ------- REVENUE -- OPERATING BUSINESSES USA Network $ 195 $ 801 $ 850 $ 965 6% 6% 14% SCI FI 80 278 325 390 40% 17% 20% Studios USA, net 120 421 530 670 21% 26% 26% ------- ------- ------- ------- ------- ------- ------- a Cable and studios 395 1,501 1,705 2,025 15% 14% 19% Electronic retailing - domestic 450 1,521 1,700 2,010 14% 12% 18% b Electronic retailing - Germany 65 227 275 340 36% 21% 24% ------- ------- ------- ------- ------- ------- ------- Electronic retailing - operating 515 1,748 1,975 2,350 17% 13% 19% Ticketing 130 526 570 625 19% 8% 10% Hotel reservations 88 316 442 600 95% 40% 36% c Teleservices 67 277 383 450 28% 38% 17% Other -- 2 -- -- -77% nm nm ------- ------- ------- ------- ------- ------- ------- SUBTOTAL 1,195 4,370 5,075 6,050 20% 16% 19% REVENUE -- EMERGING BUSINESSES f Online city guides and related 22 81 100 135 122% 24% 35% b Electronic retailing - other international 12 22 35 50 150% 57% 43% Internet commerce 6 25 60 100 -28% 136% 67% Electronic commerce services 11 27 65 95 32% 144% 46% d Broadcasting 6 20 30 50 128% 53% 67% e Filmed entertainment 15 81 120 125 -2% 49% 4% Emerging networks 3 16 30 55 1235% 89% 83% ------- ------- ------- ------- ------- ------- ------- Subtotal 75 271 440 610 41% 62% 39% ======= ======= ======= ======= ======= ======= ======= TOTAL REVENUE $ 1,270 $ 4,641 $ 5,515 $ 6,660 21% 19% 21% ======= ======= ======= ======= ======= ======= ======= EBITDA -- OPERATING BUSINESSES USA Network $ 100 $ 390 $ 440 $ 505 25% 13% 15% g SCI FI 28 100 130 180 44% 31% 38% Studios USA, net 15 50 55 70 -5% 9% 27% ------- ------- ------- ------- ------- ------- ------- a Cable and studios 143 540 625 755 24% 16% 21% Electronic retailing - domestic 74 236 275 325 10% 17% 18% b Electronic retailing - Germany 7 24 30 35 46% 27% 17% ------- ------- ------- ------- ------- ------- ------- Electronic retailing - operating 81 260 305 360 12% 17% 18% Ticketing 25 104 115 130 11% 11% 13% Hotel reservations 14 49 69 93 100% 41% 35% c Teleservices 11 44 61 77 43% 40% 26% Corporate and other (8) (46) (35) (35) -27% 24% 0% ------- ------- ------- ------- ------- ------- ------- SUBTOTAL 266 950 1,140 1,380 22% 20% 21% EBITDA -- EMERGING BUSINESSES f Online city guides and related (16) (64) (50) (5) -5% 22% 90% b Electronic retailing - other international (3) (10) (20) (15) -132% -91% 25% Internet commerce (9) (44) (20) (5) 19% 54% 75% Electronic commerce services (6) (26) (5) 5 -972% 81% nm d Broadcasting (18) (59) (55) (50) -23% 7% 9% e Filmed entertainment (9) (15) (25) (20) nm -67% 20% Emerging networks 0 (5) (5) (10) -54% -9% -100% ------- ------- ------- ------- ------- ------- ------- Subtotal (61) (223) (180) (100) -33% 19% 44% ======= ======= ======= ======= ======= ======= ======= TOTAL EBITDA $ 205 $ 727 $ 960 $ 1,280 19% 32% 33% ======= ======= ======= ======= ======= ======= =======
($ in millions)
Guidance -------- Q4 '00 2000 2001 2002 ------ ---- ---- ---- P&L: Total EBITDA $ 205 $ 727 $ 960 $ 1,280 Amortization of goodwill (122) (405) (520) (520) Depreciation and other amortization (44) (166) (180) (200) Interest income / (expense) (15) (45) (60) (60) Other income / (expense) 0 (25) (45) (35) ------- ------- ------- ------- Pre-tax net income / (loss) 24 86 155 465 Income tax expense (35) (95) (120) (304) Minority interest expense (60) (157) (275) (490) ======= ======= ======= ======= Net income / (loss) $ (71) $ (166) $ (240) $ (329) ======= ======= ======= ======= Average shares outstanding 370 370 380 390 ======= ======= ======= ======= EPS - diluted $ (0.19) $ (0.45) $ (0.63) $ (0.84) ======= ======= ======= ======= FULLY CONVERTED EPS: Pre-tax net income / (loss) $ 24 $ 86 $ 155 $ 465 Income tax expense (85) (237) (320) (420) Minority interest expense 17 82 50 30 ======= ======= ======= ======= Net income / (loss) $ (44) $ (70) $ (115) $ 75 ======= ======= ======= ======= Average shares outstanding 752 750 760 770 ======= ======= ======= ======= EPS - fully converted $ (0.06) $ (0.09) $ (0.15) $ 0.10 ======= ======= ======= =======
----------------- a Cable network guidance reflects anticipated slower advertising growth in the overall market. To be conservative, the revenue guidance for USA Network takes into consideration this market condition. b HSN's international operations have been classified into Electronic Retailing -- Germany, and Electronic Retailing -- Other International, the latter of which reflects current emerging services and HSN's international corporate overhead. Guidance reflects only current operating services and does not reflect anticipated new market expansion. c Teleservices guidance reflects Precision Responses's loss of Priceline's Webhouse business, which is ceasing operations. d Broadcasting guidance reflects the anticipated station rollout schedule. e Filmed Entertainment is classified as an emerging business because of the start-up nature of USA Films' operations. The guidance also reflects the estimated impact from new film accounting regulations effective in 2001. f For these purposes, Online City Guides and Related revenue for 2002 reflects the consensus estimate by Ticketmaster Online-Citysearch analysts. Online city guides and related EBITDA for all periods presented includes all corporate overhead costs for Tickemaster Online-Citysearch. g SCI FI guidance for Q4 reflects substantial marketing expense in connection with the mini-series event, DUNE. IMPORTANT: This guidance reflects estimates that USAi is comfortable releasing to analysts and the public, and contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include the information relating to possible or assumed future results of operations of USAi. This guidance reflects the current views of USAi with respect to future events. The following important factors, in addition to those described in USAi's filings with the Securities and Exchange Commission, could affect the future results of USAi, and could cause those results to differ materially from those expressed in the forward-looking statements: material adverse changes in economic conditions in the markets served by our businesses; future regulatory actions and conditions in our businesses' operating areas; competition from others; successful integration of our divisions, including recently acquired businesses; product demand and market acceptance; the ability to protect proprietary information and technology or to obtain necessary licenses on commercially reasonable terms; and obtaining and retaining key executives and employees. These forward-looking statements are made as of the date hereof and USAi undertakes no obligation to update or revise them, whether as a result of new information, future events or any other reason. These statements do not include the potential impact of any mergers, acquisitions or other business combinations that may be completed in the future.