Exhibit 12.1
GLOBAL CASH ACCESS HOLDINGS, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in thousands, except ratios)
(unaudited)
| | Six Months
Ended June
30, | | Year Ended December 31, | |
| | 2015 | | 2014 | | 2013 | | 2012 | | 2011 | | 2010 | |
| | | | | | | | | | | | | |
Interest expense, net | | $ | 24,958 | | $ | 10,756 | | $ | 10,265 | | $ | 15,519 | | $ | 18,638 | | $ | 16,329 | |
Interest income | | 484 | | 980 | | 241 | | 307 | | 152 | | 160 | |
Total fixed charges | | $ | 25,442 | | $ | 11,736 | | $ | 10,506 | | $ | 15,826 | | $ | 18,790 | | $ | 16,489 | |
| | | | | | | | | | | | | |
Net (loss) income | | $ | (12,741 | ) | $ | 12,140 | | $ | 24,398 | | $ | 25,689 | | $ | 9,129 | | $ | 17,550 | |
Fixed charges | | 25,442 | | 11,736 | | 10,506 | | 15,826 | | 18,790 | | 16,489 | |
Income tax (benefit) expense | | (8,858 | ) | 8,161 | | 14,487 | | 14,774 | | 9,586 | | 18,751 | |
Total earnings | | $ | 3,843 | | $ | 32,037 | | $ | 49,391 | | $ | 56,289 | | $ | 37,505 | | $ | 52,790 | |
| | | | | | | | | | | | | |
Ratio of earnings to fixed charges(1) | | — | (2) | 2.7 | x | 4.7 | x | 3.6 | x | 2.0 | x | 3.2 | x |
(1) We compute the ratio of earnings to fixed charges by dividing (i) earnings (loss), which consists of net income (loss) from continuing operations before income taxes plus fixed charges and amortization of capitalized interest less interest capitalized during the period and adjusted for undistributed earnings in equity investments, by (ii) fixed charges, which consist of interest expensed and capitalized, plus amortized premiums, discounts and capitalized expenses related to indebtedness.
(2) We needed to generate additional earnings of approximately $21.6 million related to the deficiency of earnings available to cover fixed charges to achieve a ratio of earnings to fixed charges of 1.0x for the six months ended June 30, 2015.
