Exhibit 12.1
Enphase Energy, Inc.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands)
| Years Ended December 31, | ||||||||||||||||||||
| 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||
| Earnings: | ||||||||||||||||||||
| Loss from operations before income taxes | $ | (28,712 | ) | $ | (31,161 | ) | $ | (22,158 | ) | $ | (4,429 | ) | $ | (19,309 | ) | |||||
| Add: Total fixed charges (per below) | 3,366 | 4,338 | 2,771 | 2,587 | 1,432 | |||||||||||||||
| Total earnings (loss) | $ | (25,346 | ) | $ | (26,823 | ) | $ | (19,387 | ) | $ | (1,842 | ) | $ | (17,877 | ) | |||||
| Fixed charges: | ||||||||||||||||||||
| Interest incurred | 3,006 | 3,616 | 1,625 | 1,389 | 357 | |||||||||||||||
| Amortization of debt discount and deferred financing costs | — | — | 429 | 482 | 158 | |||||||||||||||
| Portion of rental expense representative of the interest factor | 360 | 722 | 717 | 716 | 917 | |||||||||||||||
| Total fixed charges | $ | 3,366 | $ | 4,338 | $ | 2,771 | $ | 2,587 | $ | 1,432 | ||||||||||
| Ratio of earnings to fixed charges(1) | * | * | * | * | * | |||||||||||||||
| Deficiency in the coverage of fixed charges by earnings(2) | $ | (28,712 | ) | $ | (31,161 | ) | $ | (22,158 | ) | $ | (4,429 | ) | $ | (19,309 | ) | |||||
| (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. |