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Exhibit 12.1


Nexeo Solutions, Inc. and Subsidiaries
 
Computation of Ratios of Earnings to Fixed Charges


The following table sets forth our ratios of earnings to fixed charges for the periods presented ($ in millions). All periods have been revised to reflect adjustments for discontinued operations related to the sale of the Predecessor's North American composites business on July 1, 2014. The Predecessor periods presented below represent the operating results of Holdings and its subsidiaries prior to the Business Combination.


 
 
Successor
 
 
Predecessor
 
 
Fiscal Year Ended September 30,
 
 
Period From
Fiscal Year Ended September 30,
 
 
2017
 
2016 (1)
 
 
October 1, 2015 through June 8, 2016 (2)
2015
2014 (3)
2013
 
 
 
 
 
 
 
 
 
 

 

Income (loss) from continuing operations before taxes
 
$
24.9

 
$
(7.2
)
 
 
$
(9.7
)
$
25.1

$
(4.9
)
$
0.1

 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
52.4

 
15.5

 
 
43.2

66.1

65.2

59.2

 
 
 
 
 
 
 
 
 
 
 
Total adjusted earnings

$
77.3

 
$
8.3

 
 
$
33.5

$
91.2

$
60.3

$
59.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
47.0

 
13.9

 
 
36.2

56.1

55.8

48.1

Amortized premiums, discounts and capitalized interest expenses related to debt
 
4.1

 
1.2

 
 
6.1

8.7

8.2

10.1

Estimated interest expense within rental expense
 
1.3

 
0.4

 
 
0.9

1.3

1.2

1.0

 
 
 
 
 
 
 
 
 
 
 
Total fixed charges
 
$
52.4

 
$
15.5

 
 
$
43.2

$
66.1

$
65.2

$
59.2

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.48

 
—

 
 
—

1.38

—

1.00

 
(1)
For the fiscal year ended September 30, 2016, our earnings were insufficient to cover our fixed charges by $7.2 million.
(2)
For the period from October 1, 2015 through June 8, 2016, the Predecessor's earnings were insufficient to cover its fixed charges by $9.7 million.
(3)
For the fiscal year ended September 30, 2014, the Predecessor's earnings were insufficient to cover its fixed charges by approximately $4.9 million.