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EXHIBIT 12.1
CRITICAL PATH, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
<TABLE>
<CAPTION>
Year Ended Three Months
December 31, Ended
------------------------------- March 31,
1997 1998 1999 2000
------- -------- --------- ------------
<S> <C> <C> <C> <C>
Net loss $(1,074) $(11,461) $(116,941) $(76,942)
======= ======== ========= ========
Fixed charges
Interest expense $ 18 $ 388 $ 752 $ 274
Rentals 11 73 418 382
------- -------- --------- --------
Total fixed charges $ 29 $ 461 $ 1,170 $ 656
======= ======== ========= ========
-- -- -- --
Ratio of earnings to fixed charges ======= ======== ========= ========
</TABLE>
For the purposes of calculating this ratio, earnings consist of our historic net
loss, as reported. Fixed charges include interest on indebtedness, amortization
of debt issuance costs and the portion of rental expense under operating leases
deemed by us to be representative of the interest factor. Due to our net losses
for the years ended December 31, 1997, 1998, and 1999, and for the three month
period ended March 31, 2000, the ratio of coverage was less than 1:1.
