Exhibit 12.1
HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
THE HERTZ CORPORATION AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS
TO FIXED CHARGES
(UNAUDITED)
(In millions, except ratios)
Hertz Global
| Years ended December 31, | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| Income (loss) from continuing operations before income taxes | $ | (575 | ) | $ | (470 | ) | $ | 132 | $ | (231 | ) | $ | 394 | ||||||
| Interest expense | 642 | 630 | 600 | 636 | 654 | ||||||||||||||
| Portion of rent estimated to represent the interest factor | 204 | 155 | 193 | 206 | 201 | ||||||||||||||
| Earnings before income taxes and fixed charges | $ | 271 | $ | 315 | $ | 925 | $ | 611 | $ | 1,249 | |||||||||
| Interest expense (including capitalized interest) | $ | 644 | $ | 630 | $ | 600 | $ | 638 | $ | 657 | |||||||||
| Portion of rent estimated to represent the interest factor | 204 | 155 | 193 | 206 | 201 | ||||||||||||||
| Fixed charges | $ | 848 | $ | 785 | $ | 793 | $ | 844 | $ | 858 | |||||||||
| Ratio of earnings to fixed charges | (a) | (a) | 1.2 | (a) | 1.5 | ||||||||||||||
| (a) | Earnings before income taxes and fixed charges for the years ended December 31, 2017, December 31, 2016 and December 31, 2014 were inadequate to cover fixed charges for the period by $577 million, $470 million and $233 million, respectively. |
Hertz
| Years ended December 31, | |||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| Income (loss) from continuing operations before income taxes | $ | (570 | ) | $ | (469 | ) | $ | 132 | $ | (231 | ) | $ | 394 | ||||||
| Interest expense | 637 | 630 | 600 | 636 | 654 | ||||||||||||||
| Portion of rent estimated to represent the interest factor | 204 | 155 | 193 | 206 | 201 | ||||||||||||||
| Earnings before income taxes and fixed charges | $ | 271 | $ | 316 | $ | 925 | $ | 611 | $ | 1,249 | |||||||||
| Interest expense (including capitalized interest) | $ | 639 | $ | 630 | $ | 600 | $ | 638 | $ | 657 | |||||||||
| Portion of rent estimated to represent the interest factor | 204 | 155 | 193 | 206 | 201 | ||||||||||||||
| Fixed charges | $ | 843 | $ | 785 | $ | 793 | $ | 844 | $ | 858 | |||||||||
| Ratio of earnings to fixed charges | (a) | (a) | 1.2 | (a) | 1.5 | ||||||||||||||
| (a) | Earnings before income taxes and fixed charges for the years ended December 31, 2017, December 31, 2016 and December 31, 2014 were inadequate to cover fixed charges for the period by $572 million, $469 million and $233 million respectively. |