EX-12 2 exhibit12car-20170930.htm EXHIBIT 12 Exhibit


Exhibit 12

Avis Budget Group, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

 
Nine Months Ended 
 September 30,
 
2017
 
2016
Earnings available to cover fixed charges:
 
 
 
Income before income taxes
$
210

 
$
322

Plus: Fixed charges
460

 
476

Earnings available to cover fixed charges
$
670

 
$
798

 
 
 
 
Fixed charges (a):
 
 
 
Interest, including amortization of deferred financing costs
$
369

 
$
388

Interest portion of rental payment
91

 
88

Total fixed charges
$
460

 
$
476

 
 
 
 
Ratio of earnings to fixed charges
1.46
x
 
1.68
x
__________
(a) Consists of interest expense on all indebtedness (including amortization of deferred financing costs) and the portion of operating lease rental expense that is representative of the interest factor. Interest expense on all indebtedness is detailed as follows:
 
Nine Months Ended 
 September 30,
 
2017
 
2016
Related to debt under vehicle programs
$
221

 
$
229

All other
148

 
159

 
$
369

 
$
388