Exhibit 12.1
Snap Inc.
Computations of Ratios of Earnings to Fixed Charges
(In thousands)
(Unaudited)
| Three Months Ended March 31, |
|
| Year Ended December 31, |
| ||||||||||||||
| 2018 |
|
| 2017 |
|
| 2017 |
|
| 2016 |
|
| 2015 |
| |||||
| (in thousands) |
| |||||||||||||||||
Earnings available for fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes | $ | (384,207 | ) |
| $ | (2,211,851 | ) |
| $ | (3,463,408 | ) |
| $ | (521,723 | ) |
| $ | (380,482 | ) |
Equity in investee losses |
| 251 |
|
|
| ― |
|
|
| 999 |
|
|
| 3,880 |
|
|
| 268 |
|
Fixed charges, excluding capitalized interest |
| 6,184 |
|
|
| 4,985 |
|
|
| 21,195 |
|
|
| 10,379 |
|
|
| 3,772 |
|
Amortization of capitalized interest |
| 11 |
|
|
| 11 |
|
|
| 43 |
|
|
| 18 |
|
|
| ― |
|
Total earnings available for fixed charges | $ | (377,761 | ) |
| $ | (2,206,855 | ) |
| $ | (3,441,171 | ) |
| $ | (507,446 | ) |
| $ | (376,442 | ) |
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (1) | $ | 934 |
|
| $ | 695 |
|
| $ | 3,456 |
|
| $ | 2,249 |
|
| $ | 1,104 |
|
Estimated interest component of rent expense |
| 5,250 |
|
|
| 4,290 |
|
|
| 17,739 |
|
|
| 8,955 |
|
|
| 3,772 |
|
Total fixed charges | $ | 6,184 |
|
| $ | 4,985 |
|
| $ | 21,195 |
|
| $ | 11,204 |
|
| $ | 4,876 |
|
Ratio of earnings to fixed charges (2) |
| ― |
|
|
| ― |
|
|
| ― |
|
|
| ― |
|
|
| ― |
|
(1) | Interest expense includes amortization of debt-related expenses and capitalized interest. |
(2) | Earnings in the three months ended March 31, 2018 and 2017 were insufficient to cover fixed charges by $383.9 million and $2.2 billion, respectively. Earnings in the years ended December 31, 2017, 2016, and 2015 were insufficient to cover fixed charges by $3.5 billion, $518.7 million, and $381.3 million, respectively. |
