Qorvo (QRVO) 10-Q2017 Q1 Quarterly report

Filed: 5 Aug 16, 12:00am

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Removed: adjusted, assume, authoritative, automotive, circuit, closing, Compound, consumer, contractual, conversion, convertible, core, device, discontinue, effected, ensuring, expensed, expiration, fund, fundamental, Group, Imputation, incurred, IPRD, limiting, modeling, module, noted, paragraph, permissible, placement, pricing, production, purpose, remaining, renamed, retroactive, retroactively, reverse, Rocky, separate, simulation, split, strategic, subordinated, surface, swingline, switching, transferred, uncertain, volume

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Exhibit 12.1

Qorvo, Inc.

Computation of Consolidated Ratio of Earning to Fixed Charges

(Unaudited)

($ in thousands)




	Quarter Ended			Fiscal Year Ended
	July 2, 2016			April 2, 2016			March 28, 2015		March 29, 2014			March 30, 2013			March 31, 2012
Pre-tax income (loss) from continuing operations *	$	(9,668	)	$	(2,862	)	$	121,240	$	23,873		$	(25,899	)	$	15,628
(Income) loss from equity investee	—			—			—		(2,146		)	4			(1,631		)
Fixed charges	19,328			33,203			5,424		10,411			10,257			13,773
Capitalized interest	(2,967		)	(5,210		)	—		(899		)	(389		)	(345		)
Amortization of capitalized interest	131			373			486		504			390			301
Total adjusted earnings available for fixed charges	$	6,824		$	25,504		$	127,150	$	31,743		$	(15,637	)	$	27,726

Fixed charges:
Interest expense	$	14,867		$	22,687		$	837	$	390		$	739		$	1,621
Capitalized interest	2,967			5,210			—		899			389			345
Amortization of discount and debt issuance costs	320			629			584		5,593			5,793			9,376
Portion of rent expense representing interest **	1,174			4,677			4,003		3,529			3,336			2,431
Total fixed charges	$	19,328		$	33,203		$	5,424	$	10,411		$	10,257		$	13,773

Consolidated ratio of earnings to fixed charges	N/A***			N/A***			23.4x		3.0x			N/A***			2.0x


* Information presented prior to January 1, 2015 does not include TriQuint's results of operations and as a result, the information may not be comparable.
** The portion of operating rental expense that management believes is representative of the interest component of rent expense is estimated to be one-third of rental expense.
*** Earnings for the quarter ended July 2, 2016 and the fiscal years ended April 2, 2016 and March 30, 2013 were inadequate to cover fixed charges by approximately $12.5 million, $7.7 million and $26.0 million, respectively.