EX-12.1 14 a2233417zex-12_1.htm EX-12.1

Exhibit 12.1

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES FOR CYRUSONE INC.
AND CYRUSONE LP

 

 

 

Six

 

Successor

 

Predecessor

 

(dollars in
millions)

 

Months
Ended
June 30,
2017

 

Year Ended
December 31,
2016

 

Year Ended
December 31,
2015

 

Year Ended
December 31,
2014(a)

 

January 24
to
December 31,
2013 (a)

 

January 1,
2013 to
January 23,
2013 (b)

 

Year Ended
December 31,
2012 (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations before adjustment for noncontrolling interests/minority interests in consolidated subsidiaries or income or loss from equity investees plus fixed charges*

 

$

3.2

 

$

75.9

 

$

27.2

 

$

30.0

 

$

30.8

 

$

(16.8

)

$

19.9

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

 

38.2

 

59.4

 

47.3

 

44.1

 

42.8

 

2.6

 

44.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appropriate portion of rentals(c)

 

1.3

 

2.5

 

2.5

 

2.2

 

2.2

 

0.5

 

2.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

39.5

 

61.9

 

49.8

 

46.3

 

45.0

 

3.1

 

47.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges(d)(e)(f)(g)(h)

 

—

 

1.2

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insufficient to cover fixed charges

 

36.3

 

—

 

22.6

 

16.3

 

14.2

 

19.9

 

27.5

 

 

*                 Earnings used in computing the ratio of earnings to combined fixed charges consists of income from continuing operations before income taxes, adjustment for noncontrolling interests/minority interests, income/loss from equity method investees, and fixed charges except for capitalized interest.

 

(a)         Consolidated results for the year ended December 31, 2014, and the period from January 24, 2013 to December 31, 2013, are the same for both CyrusOne Inc. and CyrusOne LP.

 


 

(b)         Periods represent results of the Predecessor on a “carved-out basis” from Cincinnati Bell Inc. for all respective periods.

 

(c)          Represents the estimated portion of operating lease expense deemed to represent interest for each respective period presented.

 

(d)         For the six month period ended June 30, 2017, earnings were insufficient to cover fixed charges by $36.3 million.

 

(e)          For the years ended December 31, 2015 and 2014, earnings were insufficient to cover fixed charges by $22.6 million and $16.3 million, respectively.

 

(f)           For the period from January 24, 2013 to December 31, 2013, earnings were insufficient to cover fixed charges by $14.2 million.

 

(g)          For the period from January 1, 2013 to January 23, 2013, earnings were insufficient to cover fixed charges by $19.9 million.

 

(h)         For the year ended December 31, 2012, earnings were insufficient to cover fixed charges by $27.5 million.