| ___________________________________________________________________________________ |  | ||||||||||
Reconciliation of Net Loss to Adjusted EBITDA and Free Cash Flow | |||||||||||
| Before Growth (FCFBG) – As Adjusted | |||||||||||
($ MM) | XPLR TTM Sept. 2025 | Meade TTM Sept. 2025 | XPLR As Adj. for Meade Sale TTM Sept. 2025 | ||||||||
| Net Loss | $ | (776) | $ | (49) | $ | (727) | |||||
Add back: | |||||||||||
| Depreciation and amortization | 558 | - | 558 | ||||||||
| Interest expense | 299 | - | 299 | ||||||||
| Income taxes | (118) | - | (118) | ||||||||
| Goodwill impairment charge | 828 | - | 828 | ||||||||
Tax credits – gross | 980 | - | 980 | ||||||||
Amortization of intangible assets/liabilities - PPAs – net | 82 | - | 82 | ||||||||
Non-controlling interest in Silver State, Star Moon Holdings, Emerald Breeze and Sunlight Renewable Holdings | (78) | - | (78) | ||||||||
Gains on disposal of businesses/assets – net | (10) | - | (10) | ||||||||
| Depreciation and interest expense included within equity in earnings of equity method investees | 29 | - | 29 | ||||||||
Discontinued Operations1 | 152 | 152 | - | ||||||||
Other | 19 | 2 | 17 | ||||||||
| Adjusted EBITDA | $ | 1,965 | $ | 104 | $ | 1,860 | |||||
Tax credits2 | (758) | - | (758) | ||||||||
Cash interest paid | (264) | (30) | (234) | ||||||||
Payments to Class B noncontrolling investors | (95) | (1) | (94) | ||||||||
Payments to tax equity investors3 | (44) | - | (44) | ||||||||
Capital maintenance and environmental expenditures | (14) | - | (14) | ||||||||
Other – net | (4) | - | (4) | ||||||||
| Free cash flow before growth | $ | 786 | $ | 74 | $ | 712 | |||||
| Note: TTM (trailing 12-month) Sept. 2025 HoldCo Cash Available for Debt Service (CADS) is $830 MM, which is free cash flow before growth of $786 MM plus HoldCo debt interest expense of $166 MM less normal principal payments of $122 MM. | |||||||||||
| TTM Sept. 2025 Meade CADS is $62 MM, which is free cash flow before growth of $74 MM less normal principal payments of $12 MM; TTM Sept. 2025 XPLR As Adjusted for Meade Sale CADS is $768 MM, which is free cash flow before growth of | |||||||||||
$712 MM plus HoldCo debt interest expense of $166 MM less normal principal payments of $110 MM | |||||||||||
1. Related to Meade pipeline investment, which was sold in September 2025 | |||||||||||
2. Includes the removal of the pre-tax allocation of production and investment tax credits to tax equity investors less proceeds from tax equity investors, the pre-tax adjustment for production and investment tax credits earned by XPLR | |||||||||||
| Infrastructure and amortization of CITC | |||||||||||
3. Excludes $(75) MM of tax equity buyouts in XPLR TTM Sept. 2025 | |||||||||||