EX-12 2 exhibit12car-20170630.htm EXHIBIT 12
Exhibit 12
Avis Budget Group, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

| Six Months Ended June 30,
| 2017 |  | 2016
Earnings available to cover fixed charges: |  |  |
Loss before income taxes | $ | (154 | ) |  | $ | (23 | )
Plus: Fixed charges | 304 |  |  | 318 |
Earnings available to cover fixed charges | $ | 150 |  |  | $ | 295 |
Fixed charges (a): |  |  |
Interest, including amortization of deferred financing costs | $ | 244 |  |  | $ | 260 |
Interest portion of rental payment | 60 |  |  | 58 |
Total fixed charges | $ | 304 |  |  | $ | 318 |
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:

| Six Months Ended June 30,
| 2017 |  | 2016
Related to debt under vehicle programs | $ | 143 |  |  | $ | 150 |
All other | 101 |  |  | 110 |
| $ | 244 |  |  | $ | 260 |

(b) Earnings were not sufficient to cover fixed charges for six months ended June 30, 2017 and 2016 by $154 million and $23 million, respectively.