EX-12.1 3 exhibit12120160702.htm EXHIBIT 12.1 Exhibit

Exhibit 12.1

Qorvo, Inc.
Computation of Consolidated Ratio of Earning to Fixed Charges
(Unaudited)
($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
Fiscal Year Ended
 
July 2,
2016
 
April 2,
 2016
 
March 28, 2015
 
March 29, 2014
 
March 30, 2013
 
March 31, 2012
Pre-tax income (loss) from continuing operations *
$
(9,668
)
 
$
(2,862
)
 
$
121,240

 
$
23,873

 
$
(25,899
)
 
$
15,628

(Income) loss from equity investee
—

 
—

 
—

 
(2,146
)
 
4

 
(1,631
)
Fixed charges
19,328

 
33,203

 
5,424

 
10,411

 
10,257

 
13,773

Capitalized interest
(2,967
)
 
(5,210
)
 
—

 
(899
)
 
(389
)
 
(345
)
Amortization of capitalized interest
131

 
373

 
486

 
504

 
390

 
301

Total adjusted earnings available for fixed charges
$
6,824

 
$
25,504

 
$
127,150

 
$
31,743

 
$
(15,637
)
 
$
27,726

 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
14,867

 
$
22,687

 
$
837

 
$
390

 
$
739

 
$
1,621

Capitalized interest
2,967

 
5,210

 
—

 
899

 
389

 
345

 Amortization of discount and debt issuance costs
320

 
629

 
584

 
5,593

 
5,793

 
9,376

Portion of rent expense representing interest **
1,174

 
4,677

 
4,003

 
3,529

 
3,336

 
2,431

Total fixed charges
$
19,328

 
$
33,203

 
$
5,424

 
$
10,411

 
$
10,257

 
$
13,773

 
 
 
 
 
 
 
 
 
 
 
 
Consolidated ratio of earnings to fixed charges
N/A***

 
N/A***

 
 23.4x

 
 3.0x

 
N/A***

 
 2.0x

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Information presented prior to January 1, 2015 does not include TriQuint's results of operations and as a result, the information may not be comparable.
 
 
** The portion of operating rental expense that management believes is representative of the interest component of rent expense is estimated to be one-third of rental expense.
*** Earnings for the quarter ended July 2, 2016 and the fiscal years ended April 2, 2016 and March 30, 2013 were inadequate to cover fixed charges by approximately $12.5 million, $7.7 million and $26.0 million, respectively.