Exhibit 12.1
ViaSat, Inc.
Computation of Ratio of Earnings to Fixed Charges
Pro forma(1) | ||||||||||||||||||||||||||||||||||||
Fiscal year ended | Six months ended | Fiscal year ended | Six months ended | |||||||||||||||||||||||||||||||||
(in thousands, except for ratios) | Mar. 28, 2008 | Apr. 3, 2009 | Apr. 2, 2010 | Apr. 1, 2011 | Mar. 30, 2012 | Sep. 30, 2011 | Sep. 28, 2012 | Mar. 30, 2012 | Sep. 28, 2012 | |||||||||||||||||||||||||||
Computation of earnings: | ||||||||||||||||||||||||||||||||||||
Income (loss) attributable to ViaSat, Inc. before income tax expense (benefit) | $ | 47,034 | $ | 45,125 | $ | 36,574 | $ | 36,113 | $ | (6,155 | ) | $ | 6,056 | $ | (37,679 | ) | $ | (4,688 | ) | $ | (34,805 | ) | ||||||||||||||
Fixed charges, as calculated below | 1,373 | 1,509 | 17,314 | 32,822 | 35,719 | 16,241 | 25,490 | 29,604 | 22,433 | |||||||||||||||||||||||||||
Amortization of capitalized interest | — | — | — | 55 | 1,768 | 467 | 2,436 | 1,768 | 2,436 | |||||||||||||||||||||||||||
Capitalized interest | — | — | (8,800 | ) | (28,300 | ) | (25,900 | ) | (15,300 | ) | (1,600 | ) | (21,252 | ) | (1,417 | ) | ||||||||||||||||||||
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Total earnings | $ | 48,407 | $ | 46,634 | $ | 45,088 | $ | 40,690 | $ | 5,432 | $ | 7,464 | $ | (11,353 | ) | $ | 5,432 | $ | (11,353 | ) | ||||||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||||||||||
Interest expense including amortization of debt discount and debt issuance costs | 557 | 509 | 7,354 | 3,154 | 8,307 | 211 | 23,099 | 6,840 | 20,225 | |||||||||||||||||||||||||||
Capitalized interest | — | — | 8,800 | 28,300 | 25,900 | 15,300 | 1,600 | 21,252 | 1,417 | |||||||||||||||||||||||||||
Estimated interest within rental expense | 816 | 1,000 | 1,160 | 1,368 | 1,512 | 730 | 791 | 1,512 | 791 | |||||||||||||||||||||||||||
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Total fixed charges | $ | 1,373 | $ | 1,509 | $ | 17,314 | $ | 32,822 | $ | 35,719 | $ | 16,241 | $ | 25,490 | $ | 29,604 | $ | 22,433 | ||||||||||||||||||
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Ratio of earnings to fixed charges(2) | 35.26 | 30.90 | 2.60 | 1.24 | — | — | — | — | — |
(1) | Gives pro forma effect to the issuance of $300.0 million in aggregate principal amount of new 6.875% Senior Notes due 2020 and the repurchase and redemption of all of ViaSat, Inc.’s 8.875% Senior Notes due 2016. |
(2) | Due to the loss attributable to ViaSat, Inc. before income tax benefit for the fiscal year ended March 30, 2012, the ratio of earnings to fixed charges was less than 1.00. Additional earnings of $30.3 million would have been required to achieve a ratio of 1:1. Due to income attributable to ViaSat, Inc. before income tax benefit being inadequate to cover fixed charges for the six months ended September 30, 2011, the ratio of earnings to fixed charges was less than 1.00. Additional earnings of $8.8 million would have been required to achieve a ratio of 1:1. Due to the loss attributable to ViaSat, Inc. before income tax benefit for the six months ended September 28, 2012, the ratio of earnings to fixed charges was less than 1.00. Additional earnings of $36.8 million would have been required to achieve a ratio of 1:1. On a pro forma basis, after giving effect to the issuance of $300.0 million in aggregate principal amount of new 6.875% Senior Notes due 2020 and the repurchase and redemption of all of ViaSat, Inc.’s 8.875% Senior Notes due 2016, for the fiscal year ended March 30, 2012 and the six months ended September 28, 2012, the ratio of earnings to fixed charges would have been less than 1.00, and additional earnings of $24.2 million and $33.8 million would have been required to achieve a ratio of 1:1 for the fiscal year ended March 30, 2012 and the six months ended September 28, 2012, respectively. |