Attached files

file filename
EX-32 - EXHIBIT 32 - AVIS BUDGET GROUP, INC.exhibit32car-20180331.htm
EX-31.2 - EXHIBIT 31.2 - AVIS BUDGET GROUP, INC.exhibit312car-20180331.htm
EX-31.1 - EXHIBIT 31.1 - AVIS BUDGET GROUP, INC.exhibit311car-20180331.htm
10-Q - 10-Q - AVIS BUDGET GROUP, INC.car-20180331x10q.htm


Exhibit 12

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

 
Three Months Ended 
 March 31,
 
2018
 
2017
Earnings available to cover fixed charges:
 
 
 
Loss before income taxes
$
(129
)
 
$
(165
)
Plus: Fixed charges
158

 
150

Earnings available to cover fixed charges
$
29

 
$
(15
)
 
 
 
 
Fixed charges (a):
 
 
 
Interest, including amortization of deferred financing costs
$
127

 
$
120

Interest portion of rental payment
31

 
30

Total fixed charges
$
158

 
$
150

 
 
 
 
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,
 
2018
 
2017
Related to debt under vehicle programs
$
74

 
$
68

All other
53

 
52

 
$
127

 
$
120

(b) Earnings were not sufficient to cover fixed charges for the three months ended March 31, 2018 and 2017 by $129 million and $165 million, respectively.