EX-12.1 4 d537122dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The ratio of earnings to fixed charges, as well as any deficiency of earnings are determined using the following applicable factors:

Earnings available for fixed charges are calculated by determining the sum of income (loss) before income taxes and fixed charges.

Fixed charges are calculated as the sum of: (a) interest expense; (b) amortization of debt discount; (c) amortization of debt issuance costs; and (d) that portion of rental expense that is representative of the interest factor.

 

     Fiscal Year Ended     Six Months Ended  
(in thousands)    December 28,
2013		     December 27,
2014		      December 26,
2015		      December 31,
2016		     December 30,
2017		     July 1,
2017		     June 30,
2018		  

Fixed charges:

                 

Interest expense

    $ 1,539     $ 2,626      $ 2,625      $ 2,625     $ 2,625     $ 1,313     $ 1,094  

Amortization of debt discount

      4,164       7,730        8,546        9,447       10,444       5,091       4,671  

Amortization of debt issuance costs

      358       665        735        813       898       437       402  

Portion of rental expense that represents interest factor

      2,197       2,174        2,405        3,014       3,123       1,626       1,321  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 8,258     $ 13,195      $ 14,311      $ 15,899     $ 17,090     $ 8,467     $ 7,488  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Earnings available for fixed charges:

                 

Income (loss) before income taxes

    $ (30,465 )    $ 16,412      $ 52,031      $ (29,181 )    $ (195,936 )    $ (83,960 )    $ (49,020 ) 

Add: fixed charges

      8,258       13,195        14,311        15,899       17,090       8,467       7,488  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings available for fixed charges

    $ (22,207 )    $ 29,607      $ 66,342      $ (13,282 )    $ (178,846 )    $ (75,493 )    $ (41,532 ) 
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      *       2.2        4.6        *       *       *       *  
  

 

 

    

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

* Earnings were insufficient to cover our fixed charges by approximately $30.5 million, $29.2 million, and $195.9 million for the years ended December 28, 2013, December 31, 2016 and December 30, 2017, respectively, and by approximately $84.0 million and $49.0 million for the six months ended July 1, 2017 and June 30, 2018, respectively.