Olivas Recreation reported a net income of $3.2 billion, interest expense of $214 million, and income tax expense of $195 million in 2022. What is their times interest earned

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09-12-2021
Business

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Olivas Recreation reported a net income of $3.2 billion, interest expense of $214 million, and income tax expense of $195 million in 2022. What is their times interest earned

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ewomazinoade ewomazinoade · Answer 1 · 2021-12-13T11:50:44+01:00

The times interest earned is 16.86 times.

The times interest earned is also known as interest coverage. It is a type of coverage ratios. Coverage ratios measure the ability of a company to cover its debt payment.

Times interest earned = earnings before interest and taxes / interest payment

Earnings before interest and taxes = net income + interest expense + tax expense

$3.2 billion + 214 million + 195 million = $3.609 billion

Times interest earned = $3.609 billion / $214 million = 16.86 times

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