EX-12 2 exhibit12-12312017.htm EXHIBIT 12 Exhibit

 
 
 
 
 
 
 
Exhibit 12
 
Avis Budget Group, Inc.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings available to cover fixed charges:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
211

 
$
279

 
$
382

 
$
392

 
$
97

Plus: Fixed charges
611

 
645

 
622

 
648

 
741

Earnings available to cover fixed charges
$
822

 
$
924

 
$
1,004

 
$
1,040

 
$
838

 
 
 
 
 
 
 
 
 
 
Fixed charges(a) :
 
 
 
 
 
 
 
 
 
Interest, including amortization of deferred financing costs
$
491

 
$
528

 
$
510

 
$
547

 
$
643

Interest portion of rental payment
120

 
117

 
112

 
101

 
98

Total fixed charges
$
611

 
$
645

 
$
622

 
$
648

 
$
741

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.35
x
 
1.43
x
 
1.61
x
 
1.60
x
 
1.13
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:
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Related to debt under vehicle programs
$
294

 
$
302

 
$
302

 
$
290

 
$
271

All other
197

 
226

 
208

 
257

 
372

 
$
491

 
$
528

 
$
510

 
$
547

 
$
643

 
 
 
 
 
 
 
 
 
 
 

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