EX-12 4 exhibit12car-20170331.htm EXHIBIT 12
Exhibit 12
Avis Budget Group, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

| Three Months Ended March 31,
| 2017 |  | 2016
Earnings available to cover fixed charges: |  |  |
Loss before income taxes | $ | (165 | ) |  | $ | (86 | )
Plus: Fixed charges | 150 |  |  | 147 |
Earnings available to cover fixed charges | $ | (15 | ) |  | $ | 61 |
Fixed charges (a): |  |  |
Interest, including amortization of deferred financing costs | $ | 120 |  |  | $ | 119 |
Interest portion of rental payment | 30 |  |  | 28 |
Total fixed charges | $ | 150 |  |  | $ | 147 |
Ratio of earnings to fixed charges (b) | — |  |  | — |

__________

(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:

| Three Months Ended March 31,
| 2017 |  | 2016
Related to debt under vehicle programs | $ | 68 |  |  | $ | 71 |
All other | 52 |  |  | 48 |
| $ | 120 |  |  | $ | 119 |

(b) Earnings were not sufficient to cover fixed charges for the three months ended March 31, 2017 and 2016 by $165 million and $86 million, respectively.