UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 15, 2001 TELOCITY DELAWARE, INC. (Exact name of registrant as specified in its charter) Delaware 333-94271 77-046792 (State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.) incorporation)

10355 North DeAnza Blvd. Cupertino, California 95014 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (408) 863-6600 Not Applicable (Former name or former address, if changed since last report) INFORMATION TO BE INCLUDED IN THE REPORT Item 5. Other Events. In accordance with the terms of the convertible subordinated note (the "Note") issued by Telocity Delaware, Inc. ("Telocity" or the "Company") to Hughes Electronics Corporation ("Hughes") in connection with the December 21, 2000 Agreement and Plan of Merger by and among Telocity, Hughes and DIRECTV Broadband Inc. ("DIRECTV"), Hughes has agreed to provide Telocity with up to $20 million in unsecured interim financing. On February 13, 2001, Telocity delivered written notice to Hughes of its intent to draw down $10 million under the Note. On February 16, 2001, pursuant to the terms of the Note, Telocity received from Hughes $10 million of the $20 million line of credit authorized under the Note. In the future, Telocity will access this interim financing on an "as needed" basis. A copy of the Note is included as an exhibit to the Schedule TO previously filed by Hughes on February 1, 2001. On January 25, 2001, Telocity released financial results for the fourth quarter and year-ended December 31, 2000. Telocity has revised its financial results for the fourth quarter and year ended December 31, 2000 to record additional non-cash compensation charges of $6.1 million related to the rescission of the exercise of certain employee stock options through the issuance of full recourse notes. The revised financial results are included herein. The financial results announced on January 25, 2001 were prepared prior to the availability of the guidance contained in EITF Topic No. D-93, "Accounting for the Rescission of the Exercise of Employee Stock Options" which was published on February 1, 2001 and clarified the accounting for rescinded stock compensation awards. This guidance is applicable to calendar year 2000 rescissions, and, accordingly, the Company has revised its financial results to reflect this latest guidance. TELOCITY (DELAWARE), INC. Financial Highlights (Dollars in thousands, except share and per share data) (unaudited)

(1) Basic and diluted net loss per share is after taking effect of deemed dividend and accretion on mandatorily redeemable convertible preferred stock of $341,000 and $16,750,000 for the quarters ended March 31, 2000, and December 31, 1999, respectively. (2) Pro forma net loss excludes the effect of the amortization of deferred stock compensation, deemed dividend and accretion on mandatorily redeemable convertible preferred stock. (3) Diluted pro forma net loss per share, assumes the conversion of Telocity's preferred stock, which converted to common stock upon the closing of its initial public offering, as if the conversion occurred as of the beginning of the period or the date of issuance, if later. (4) EBITDA is defined as earnings (losses) before interest, taxes, depreciation, amortization, non-cash stock based compensation and other non-operating income or expenses.

# # # SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Telocity Delaware, Inc. Date: February 16, 2001 By:/s/ Scott Martin ------------------------------ Scott Martin Executive Vice President, Chief Administrative Officer and Corporate Secretary

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