EX-12.01 5 a2234352zex-12_01.htm EX-12.01

Exhibit 12.01

 

Flex Ltd.

Statement Regarding Computation of Ratio of Earnings to Fixed Charges

 

For purposes of calculating the ratio of earnings to fixed charges, earnings is the amount resulting from (1) adding (a) pretax income from continuing operations, before adjustment for income or loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest and (d) distributed income of equity investees and (2) subtracting interest capitalized. For purposes of calculating the ratio of earnings to fixed charges, fixed charges is the sum of (x) interest expensed and capitalized, (y) amortized premiums, discounts and capitalized expenses related to indebtedness and (z) an estimate of interest within rental expense.

 

 

 

Fiscal Year Ended March 31,

 

Nine Months
Ended
December 31,

 

 

 

2013

 

2014

 

2015

 

2016

 

2017

 

2017

 

 

 

($’s in thousands)

 

Calculation of Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

302,502

 

$

365,594

 

$

600,801

 

$

442,552

 

$

322,795

 

$

453,217

 

Provision for income taxes

 

26,313

 

34,860

 

69,854

 

10,594

 

51,284

 

56,953

 

Income from continuing operations before income taxes

 

$

328,815

 

$

400,454

 

$

670,655

 

$

453,146

 

$

374,079

 

$

510,170

 

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

$

73,414

 

$

85,394

 

$

81,062

 

$

103,491

 

$

113,569

 

$

95,213

 

Capitalized interest

 

(87

)

—

 

—

 

(664

)

(1,018

)

(756

)

Distributed income of equity investees

63

 

80

 

22

 

3,061

 

—

 

34

 

Amortization of previously capitalized interest

 

1,065

 

1,079

 

1,079

 

490

 

373

 

273

 

Total earnings

 

$

403,270

 

$

487,007

 

$

752,818

 

$

559,524

 

$

487,003

 

$

604,934

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on all indebtedness and amortization of debt discount and expense

 

$

58,790

 

$

75,288

 

$

72,507

 

$

93,578

 

$

103,561

 

$

87,509

 

Capitalized interest

 

87

 

—

 

—

 

664

 

1,018

 

756

 

Discount, premium and capitalized expenses related to Indebtedness

 

10,112

 

4,562

 

3,870

 

4,390

 

4,417

 

3,145

 

Interest factor attributable to rentals

 

4,425

 

5,544

 

4,685

 

4,859

 

4,573

 

3,803

 

Total Fixed Charges

 

$

73,414

 

$

85,394

 

$

81,062

 

$

103,491

 

$

113,569

 

$

95,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

5.5x

 

5.7x

 

9.3x

 

5.4x

 

4.3x

 

6.4x