EX-12.1 3 d438918dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

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 ) 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

    $ 48,407       $ 46,634       $ 45,088      $ 40,690      $ 5,432      $ 7,464      $ (11,353 )    $ 5,432      $ (11,353 ) 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 1,373       $ 1,509       $ 17,314      $ 32,822      $ 35,719      $ 16,241      $ 25,490      $ 29,604      $ 22,433   
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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.