Enphase Energy, Inc. - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - April 2, 2018

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EX-32.1 - EXHIBIT 32.1 - Enphase Energy, Inc.ex12312017321-section906ce.htm
EX-31.2 - EXHIBIT 31.2 - Enphase Energy, Inc.ex12312017312-section302cf.htm
EX-31.1 - EXHIBIT 31.1 - Enphase Energy, Inc.ex12312017311-section302ce.htm
EX-23.1 - EXHIBIT 23.1 - Enphase Energy, Inc.ex12312017231consentofaudi.htm
EX-21.1 - EXHIBIT 21.1 - Enphase Energy, Inc.ex12312017211subsidiaries.htm
10-K - 10-K - Enphase Energy, Inc.a10-k12312017.htm

Exhibit 12.1
Enphase Energy, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands)
 
 
 
Years Ended December 31,
 
 
2013
 
2014
 
2015
 
2016
 
2017
Earnings:
  
 
 
 
 
 
 
 
 
 
Loss from operations before income taxes
  
$
(22,158
)
 
$
(4,429
)
 
$
(19,309
)
 
$
(62,700
)
 
$
(39,378
)
Add: Total fixed charges (per below)
  
2,771

 
2,588

 
1,438

 
3,908

 
9,027

Total earnings (loss)
  
$
(19,387
)
 
$
(1,841
)
 
$
(17,871
)
 
$
(58,792
)
 
$
(30,351
)
 
  
 
 
 
 
 
 
 
 
 
Fixed charges:
  
 
 
 
 
 
 
 
 
 
Interest incurred
  
1,625

 
1,389

 
358

 
2,704

 
7,194

Amortization of debt discount and debt issuance costs
  
429

 
483

 
163

 
145

 
1,018

Portion of rental expense representative of the interest factor
  
717

 
716

 
917

 
1,059

 
815

Total fixed charges
  
$
2,771

 
$
2,588

 
$
1,438

 
$
3,908

 
$
9,027

 
  
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges(1)
  
*

 
*

 
*

 
*

 
*

 
  
 
 
 
 
 
 
 
 
 
Deficiency in the coverage of fixed charges by earnings(2)
  
$
(22,158
)
 
$
(4,429
)
 
$
(19,309
)
 
$
(62,700
)
 
$
(39,378
)
 
(1)
In each of the periods presented, earnings were not sufficient to cover fixed charges.

(2)
For purposes of these calculations, “earnings” consist of loss from operations before income taxes plus fixed charges. “Fixed charges” consist of interest expense and the estimated interest within rental expense. Interest expense resulting from the extinguishment of debt has been excluded from fixed charges.

Enphase Energy, Inc. Reports