#1EVgo Q1 2023 Earnings Call May 9, 2023 Nasdaq: EVGO- investors.evgo.com EVgo FAST CHARGING EVgo 102 Elgo FAST CHARGING FAST CHARGING EVgo 1D1 High Power Charging Station#22 Safe Harbor & Forward-Looking Statements Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "assume" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on the current expectations or beliefs of the management of EVgo Inc. ("EVgo" or the "Company") and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward- looking statements include, but are not limited to, express or implied statements regarding EVgo's future financial performance, revenues, capital expenditures, chargers in operation or under construction and network throughput; EVgo's expectation of market position and acceleration in its business due to factors including increased EV adoption; EVgo's collaboration with partners enabling effective deployment of chargers; and EVgo's revenue-per-stall, capex-per-stall and internal-rate-of-return targets, expectations and assumptions underlying the potential scalability of EVgo's public network, and expectations regarding the percentage of EVgo revenue to be accounted for by revenue from charging on EVgo's public network. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of EVgo's management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this presentation, including changes or developments in the broader general market; ongoing impacts from COVID-19 on EVgo's business, customers, and suppliers; macro political, economic, and business conditions, including inflation and geopolitical conflicts that could impact EVgo's supply chains; increased competition, including from new and existing entrants in the EV charging market; unfavorable conditions or further disruptions in the capital and credit markets and EVgo's ability to obtain additional capital on commercially reasonable terms; EVgo's limited operating history as a public company; EVgo's dependence on widespread adoption of EVs and increased installation of charging stations; mechanisms surrounding energy and non-energy costs for EVgo's charging stations; the impact of governmental support and mandates that could reduce, modify, or eliminate financial incentives, rebates, and tax credits; supply chain disruptions; EVgo's ability to expand into new service markets, grow its customer base, and manage its operations; impediments to EVgo's expansion plans, including permitting delays; the need to attract additional fleet operators as customers; potential adverse effects on EVgo's revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; risks related to EVgo's dependence on its intellectual property; risks that EVgo's technology could have undetected defects or errors; and risks that the assumptions underlying the model inputs used in project underwriting considerations for any new charger sites prove to be inaccurate. Additional risks and uncertainties that could affect the Company's financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations of EVgo" in EVgo's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC"), as well as its other SEC filings, copies of which are available on EVgo's website at investors.evgo.com, and on the SEC's website at www.sec.gov. All forward-looking statements in this presentation are based on information available to us as of the date hereof, and EVgo does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law. Use of Non-GAAP Financial Measures To supplement EVgo's financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), EVgo uses certain non-GAAP financial measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EVgo uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. EVgo believes that these non- GAAP financial measures provide meaningful supplemental information regarding EVgo's performance by excluding certain items that may not be indicative of EVgo's recurring core business operating results. EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo's performance. These non-GAAP financial measures also facilitate management's internal comparisons to EVgo's historical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo's institutional investors and the analyst community to help them analyze the health of EVgo's business. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures can be found in the tables included at the end of this presentation.#33 1 Strategic Overview Cathy Zoi, CEO EVgo FAST CHARGING Viso#44 Snapshot of EVgo's Market Position Market leader in clean mobility electrification - 100% matched with renewable 9 OEM partners Engaged by multiple OEMs for partnerships ranging from charging credit and infrastructure buildout, to marketing and data integration -140 million Americans within 10 miles of EVgo charger -614,000 Customer accounts 30+ states 60+ major metropolitan areas 124% Y-O-Ynetwork throughput growth(1) Source: Company estimates, PlugShare All figures as of Q1 2023 unless otherwise noted 1) Q1 2023 vs Q1 2022 100% Electricity that powers EVgo's network is matched with purchases of renewable energy certificates since 2019 900+ locations A leader in public DC fast charging sites -3,100 stalls DC fast charging stalls in operation or under construction -3,500 stalls In active engineering and construction (E&C} stall development pipeline -3.4M users Registered PlugShare® accounts Current Evigo Fast Charging Locations Coming Soon EVgo Fast Charging Locations Potential GM + Pilot Flying J Locations power Locations intended to provide an approximation of future charging sites. Construction of charging sites is subject to various risks and delays, and not all the future charging sites depicted above may be complete#55 Rapid Acceleration in US EV Adoption and Need for DC Fast Charging Drives Scalability of EVgo Business Model ● US EVS (in millions) ● ● ● 3.8 ● 5.6 ● 7.9 +40% '22-'30 CAGR 1.0 1.5 2.2 2020 2021 2022 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F Source: BloombergNEF 11.0 15.1 20.2 26.2 33.2 Growth Forecast for DC Charging Demand Current gross capex per stall of approximately $130,000 to $150,000 OEM/grant funding/tax policy available to offset capex spend DC Fast Charging Demand (GWh) 20,000 15,000 10,000 Over $1.2 trillion in planned investment for the development and deployment of EVs through 2030¹ EVgo business model leveraged to increasing EV VIO which drives utilization Top stalls on EVgo network already in line with long-term revenue targets Realizing increasing charge rate as EV batteries improve and EVgo deployment of ultra-fast chargers accelerates Expect public network to account for 75%-80% of EVgo revenue over long-term (remainder eXtend, hubs, behind the fence, tech-driven services) Target robust double-digit pre-tax unlevered IRR on portfolio basis Attractive long-term returns underpinned by EVgo's first-mover, analytics and platform advantages 5,000 Source: EVgo +55% '22-'30 CAGR 2020 2021 2022 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 1 Reuters Expectations regarding the percentage of EVgo revenue to be accounted for by revenue from charging on EVgo's public network and the internal-rate-of-return, capex-per-stall and revenue-per-stall targets reflect EVgo's reasonable expectations and assumptions as of the date of this presentation, which could be inaccurate and cause actual results to differ materially from those described herein. See 'Safe Harbor & Forward-Looking Statements' for more information#6Providing Superior Fast Charging Across EV Landscape Site Host + eXtend Partners WHOLE FOODS MARKET meijer A Albertsons Kroger Lucky foodmart SAVE MART Save Mart. COMPANIES ShopRite Pilot. FLYING. SAFEWAY Chevron SIMONⓇ Raley's FRESH FROM SHEETZ M DE TO ORDER TARGET 6 Logos of selected companies, not intended to be a full list of EVgo site hosts and partners LOWE'S® CHASE O Wawa WinCo FOODS Cumberland FARMS OEM Partners gm КИ 6 HYUNDAI TOYOTA ** SUBARU CHEVROLET Fleet + Technology Partners Uber lyA MHZ amazon SAFE TIMELY ACCURATE CADILLAC NISSAN 2 AV Partners#7Key Business Highlights Accelerating growth and investment in network ~3,100 Stalls in operation or under construction increased 48% YoY -3,500 ~220 17.9 GWh 229% ~3.4M Active E&C Stall Development Pipeline grew 6% YoY New stalls added to our network during Q1 2023, increase of 69% YoY Network throughput up 124% from Q1 2022 Revenue increase versus Q1 2022 PlugShare registered users All figures for Q1 2023 or as of 03/31/2023 unless otherwise noted. 7 Stalls in Operation or Under Construction -2,100 3/31/2022 8.0 48% Q1'22 Network Throughput (GWh) -3,100 124% 3/31/2023 17.9 Q1'23#82 Financial and Operational Overview Olga Shevorenkova, CFO EVgo FAST CHARGING Viso#99 ● Key Operational Highlights ● Active E&C Stall Development Pipeline ● -3,300 ● Q1'22 6% -3,500 Q1'23 Continued focus on scaling execution in 2023 Active E&C Stall Development Pipeline of 6% year-over-year Customer account growth of 63% year-over-year Year-over-year throughput exceeding operational stall growth: • Operational stalls of ~2,400: +33% EVgo Customer Accounts (000s) Network throughput: +124% Revenue: +229% 377 Q1'22 63% 614 Q1'23 7.7 Q1'22 Revenue ($M) 229% 25.3 Q1'23#1010 Key Financial Highlights Q1 2023 Quarterly Revenue, Margin and Cash Flow Update Unaudited, dollars in thousands Network Throughput (GWh) GAAP revenue GAAP gross profit (loss) GAAP gross margin GAAP net loss Adjusted Gross Profit¹ Adjusted Gross Margin ¹ Adjusted EBITDA¹ Cash flows used in operating activities Capital expenditures $ $ $ Q1'23 17.9 25,300 41 0.2% (49,081) 6,405 25.3% (20,067) $ Q1'23 $ $ (19,343) (65,246) $ $ Q1'22 8.0 7,700 (600) (7.8%) (55,266) 2,865 37.2% (18,176) Q1'22 (19,831) (28,274) Better (Worse) 124 % 229 % 107 % 800 bps 11% 124 % (1,190) bps (10)% $ 1 Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted EBITDA are non-GAAP measures and have not been prepared in accordance with GAAP. For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures" included elsewhere in these materials. ● Revenues grew 229% year-over-year, driven by increases in eXtend and retail charging revenues ● • Retail charging revenue increased 89% on YoY basis eXtend revenues increased $10.2 million as pre- engineering work and equipment delivery continued for certain Pilot Flying J sites ● Adjusted gross margin declined: 25.3% compared to 37.2% in Q1 2022, primarily due to accelerated revenue recognition of regulatory credits in Q1 2022 and a reduction in LCFS prices • G&A as a percentage of revenue improved to 149.8% compared to 330.2% in Q1 2022 Adj. G&A as a percentage of revenue improved to 104.6% compared to 273.2% in Q1 2022 • Ended Q1'23 with $163.8 million in cash, cash equivalents, and restricted cash • Q1'23 capex spend acceleration primarily driven by prepaid equipment spend#1111 ● ● EVgo Network Throughput Continues to Outpace EV VIO Growth Throughput growth exceeding EV VIO growth EVgo leveraged to increasing EV adoption with embedded growth in network Q1 2023 throughput growth of 124% compared to VIO growth of 53% YoY ● ● ● kWh dispensed increasing faster than stall growth Throughput growth +124% Operational stall growth +33% Growth in kWh per stall creates meaningful operating leverage in EVgo model Higher power chargers and EVS capable of accepting more power ● ● ● Leading EVgo stalls demonstrate long-term potential of growth runway for broader network ● ● Fleet throughput more than tripled year-over-year driven by high-frequency drivers Consumption per passenger vehicle is increasing due to larger battery size and reliance on public DCFC charging ● ● Top 10% of stalls: 26% utilization Top 20% of stalls: >20% utilization California network >12% utilization; top metropolitan statistical areas (MSA) >13% Certain MSAs in Texas, Florida, Nevada, and Connecticut > 10% US EV VIO from Experion, Q1 2023 estimate EVgo Network Throughput and US EV VIO Growth Rebased to 100% as of Q1 2022 100% 100% Q1 2022 126% 111% Q2 2022 •US EV VIO 151% 123% Q3 2022 180% 136% Q4 2022 EVgo Network Throughput 224% 153% Q1 2023#1212 2023 Guidance Affirming 2023 financial and operational forecast figures: $E Revenue Adjusted EBITDA* Total Stalls in Operation or Under Construction as of YE 2023 $105-$150M ($78)-($60)M 3,400-4,000 *A reconciliation of projected Adjusted EBITDA (Non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA and a reconciliation to the most directly comparable GAAP measure, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures" included elsewhere in these materials. | EVgo | WERATURE SMOKING EVgo FAST CHARGING EVgo FAST CHARG#133 Appendix Reconciliation of Non-GAAP Measures to GAAP, Summary Financials EVgo FAST CHARGING Viso#1414 Revenue Disaggregation Unaudited, dollars in thousands Charging revenue, retail Charging revenue, commercial Charging revenue, OEM Regulatory credit sales Network revenue, OEM eXtend revenue Ancillary revenue Total revenue *Percentage greater than 999%. $ es $ Q1'22 3,502 709 151 1,378 490 80 1,390 7,700 $ $ Q2'22 4,389 654 189 2,128 887 131 698 9,076 $ $ Q3'22 5,176 678 252 1,178 448 1,543 1,234 10,509 $ $ Q4'22 5,828 1,322 349 968 626 16,689 1,521 27,303 $ $ Q1'23 6,615 1,715 552 1,215 2,699 10,292 2,212 25,300 Q1'23 vs Q1'22 89% 142 % 266 % (12)% 451 % * 59 % 229 %#1515 Financial Statements: Condensed Consolidated Balance Sheets (in thousands) Assets Current assets Cash, cash equivalents and restricted cash Accounts receivable, net of allowance of $782 and $687 as of March 31, 2023 and December 31, 2022, respectively Accounts receivable, capital-build Prepaid expenses Other current assets Total current assets Property, equipment and software, net Operating lease right-of-use assets Restricted cash Other assets Intangible assets, net Goodwill Total assets Liabilities, redeemable noncontrolling interest and stockholders' deficit Current liabilities Accounts payable Accrued liabilities Operating lease liabilities, current Deferred revenue, current Customer deposits Other current liabilities Total current liabilities Operating lease liabilities, noncurrent Earnout liability, at fair value Asset retirement obligations Capital-build liability Deferred revenue, noncurrent Warrant liabilities, at fair value Total liabilities Commitments and contingencies Redeemable noncontrolling interest Stockholders' deficit Total liabilities, redeemable noncontrolling interest and stockholders' deficit $ $ $ March 31, 2023 (unaudited) 163,512 29,263 9,418 4,077 10,501 216,771 367,195 54,670 300 2,137 57,708 31,052 729,833 18,640 40,126 5,590 24,529 12,833 415 102,133 48,234 3,793 17,371 28,152 37,175 18,684 255,542 1,525,282 (1,050,991) 729,833 $ $ $ $ December 31, 2022 246,193 11,075 8,011 4,953 5,252 275,484 308,112 51,856 300 2,308 60,612 31,052 729,724 9,128 39,233 4,958 16,023 17,867 136 87,345 45,689 1,730 15,473 26,157 23,900 12,304 212,598 875,226 (358,100) 729,724#1616 Financial Statements: Consolidated Statements of Operations (Unaudited, in thousands, except per share data) Revenue Cost of revenue Depreciation, net of capital-build amortization Cost of sales Gross profit (loss) General and administrative expenses Depreciation, amortization and accretion Total operating expenses Operating loss Interest income Other income (expense), net Change in fair value of earnout liability Change in fair value of warrant liabilities Total other expense, net Loss before income tax expense Income tax expense Net loss Less: net loss attributable to redeemable noncontrolling interest Net loss attributable to Class A common stockholders Net loss per share to Class A common stockholders, basic and diluted *Percentage greater than 999%. $ $ $ 2023 25,300 18,917 6,342 25,259 41 37,889 4,784 42,673 (42,632) 1,998 1 (2,063) (6,380) (6,444) (49,076) Three Months Ended March 31, 2022 $ (5) (49,081) (36,005) (13,076) $ (0.18) 7,700 4,846 3,454 8,300 (600) 25,428 3,887 29,315 (29,915) 55 (263) (2,264) (22,874) (25,346) (55,261) (5) (55,266) (40,867) (14,399) (0.21) Change % 229 % 290 % 84% 204 % 107 % 49 % 23 % 46% (43)% * 100 % 9% 72% 75 % 11 % - % 11% 12% 9% - 14 %#1717 Financial Statements: Consolidated Statements of Cash Flows Unaudited (in thousands) Cash flows from operating activities Net loss Adjustments to reconcile net loss to net cash used in operating activities Depreciation, amortization and accretion Net loss on disposal of property and equipment and impairment expense Share-based compensation Change in fair value of earnout liability Change in fair value of warrant liabilities Other Changes in operating assets and liabilities Accounts receivable, net Receivables from related parties Prepaid expenses and other current and noncurrent assets Operating lease assets and liabilities, net Accounts payable Payables to related parties Accrued liabilities Deferred revenue Customer deposits Other current and noncurrent liabilities Net cash used in operating activities Cash flows from investing activities Purchases of property, equipment and software Proceeds from insurance for property losses Net cash used in investing activities Cash flows from financing activities Proceeds from capital-build funding Proceeds from exercise of warrants Payments of issuance costs and deferred transaction costs Net cash provided by financing activities Net decrease in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, beginning of period Cash, cash equivalents and restricted cash, end of period $ $ 2023 Three Months Ended March 31, (49,081) 11,126 3,460 6,427 2,063 6,380 (18,188) (4,415) 365 6,493 (799) 21,781 (5,034) 79 (19,343) (65,246) (65,246) 2,216 (308) 1,908 (82,681) 246,493 163,812 $ $ 2022 (55,266) 7,341 1,010 3,506 2,264 22,874 288 (257) 1,499 3,538 (2,135) 154 25 (2,596) (561) (862) (653) (19,831) (28,274) 202 (28,072) 4,099 2 4,101 (43,802) 485,181 441,379#1818 Definitions of Non-GAAP Financial Measures This presentation includes the following non-GAAP financial measures, in each case as defined below: "Adjusted Cost of Sales," "Adjusted Cost of Sales as a Percentage of Revenue," "Adjusted Gross Profit (Loss)," "Adjusted Gross Margin," "Adjusted General and Administrative Expenses," "Adjusted General and Administrative Expenses as a Percentage of Revenue," "EBITDA," "EBITDA Margin," "Adjusted EBITDA" and "Adjusted EBITDA Margin." EVgo believes these measures are useful to investors in evaluating EVgo's performance. In addition, EVgo management uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business. EVgo believes that these measures help to depict a more meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future. EVgo defines Adjusted Cost of Sales as cost of sales before (i) depreciation, net of capital-build amortization, and (ii) share-based compensation. EVgo defines Adjusted Cost of Sales as a Percentage of Revenue as Adjusted Cost of Sales as a percentage of revenue. EVgo defines Adjusted Gross Profit (Loss) as revenue less Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo defines Adjusted General and Administrative Expenses as general and administrative expenses before (i) share-based compensation, (ii) loss on disposal of property and equipment and impairment expense, (iii) bad debt expense, and (iv) certain other items that management believes are not indicative of EVgo's ongoing performance. EVgo defines Adjusted General and Administrative Expenses as a Percentage of Revenue as Adjusted General and Administrative Expenses as a percentage of revenue. EVgo defines EBITDA as net income (loss) before (i) depreciation, net of capital-build amortization, (ii) amortization, (iii) accretion, (iv) interest income, and (v) income tax expense. EVgo defines EBITDA Margin as EBITDA as a percentage of revenue. EVgo defines Adjusted EBITDA as EBITDA plus (i) share-based compensation, (ii) loss on disposal of property and equipment and impairment expense, (iii) (gain) loss on investments, (iv) bad debt expense, (v) change in fair value of earnout liability, (vi) change in fair value of warrant liabilities, and (vii) certain other items that management believes are not indicative of EVgo's ongoing performance. EVgo defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss), Adjusted Gross Margin, Adjusted General and Administrative Expenses, Adjusted General and Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP, and the items excluded from or included in these metrics are significant components in understanding and assessing EVgo's financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP.#1919 Reconciliations of Non-GAAP Measures to GAAP Unaudited, dollars in thousands GAAP revenue GAAP net loss GAAP net loss margin Adjustments: Depreciation, net of capital-build amortization Amortization Accretion Interest income Income tax expense EBITDA EBITDA Margin Adjustments: Share-based compensation Loss on disposal of property and equipment and impairment expense (Gain) loss on investments Bad debt expense Change in fair value of earnout liability Change in fair value of warrant liabilities Other¹ Adjusted EBITDA Adjusted EBITDA Margin $ $ $ Q1'23 25,300 $ (49,081) (194.0%) 6,468 4,119 539 (1,998) 5 (39,948) (157.9%) 6,427 3,460 (1) 97 $ 2,063 6,380 1,455 (20,067) $ (79.3%) Q1'22 7,700 (55,266) (717.7%) 3,517 3,365 459 (55) 5 (47,975) (623.1%) 3,506 1,010 255 116 2,264 22,874 (226) (18,176) (236.1%) Change 229 % 11 % * bps 84 % 22% 17% % 17% *bps 83 % 243 % (100)% (16)% (9)% (72)% 744 % (10)% bps *Percentage greater than 999%, bps greater than 9,999 or not meaningful. ¹ For the three months ended March 31, 2023, comprised primarily of costs related to the reorganization of Company resources previously announced by the Company on February 23, 2023 and the petition filed by EVgo in the Delaware Court of Chancery in February 2023 seeking validation of EVgo's charter and share structure (the "205 Petition"), which are not expected to recur. For the three months ended March 31, 2022, comprised primarily of insurance proceeds for property losses.#2020 Reconciliations of Non-GAAP Measures to GAAP Unaudited, dollars in thousands GAAP revenue GAAP cost of sales GAAP gross profit (loss) GAAP cost of sales as a percentage of revenue GAAP gross margin Adjustments: Depreciation, net of capital-build amortization Share-based compensation Total adjustments Adjusted Cost of Sales Adjusted Cost of Sales as a Percentage of Revenue Adjusted Gross Profit Adjusted Gross Margin $ $ $ $ Q1'23 25,300 $ 25,259 41 99.8% 0.2% $ 6,342 22 6,364 18,895 74.7% 6,405 25.3% $ $ $ Q1'22 7,700 8,300 (600) 107.8% (7.8%) 3,454 11 3,465 4,835 62.8% 2,865 37.2% Change 229 % 204 % 107 % (800) bps 800 bps 84% 100 % 84 % 291 % 1,190 bps 124 % (1,190) bps#2121 Reconciliations of Non-GAAP Measures to GAAP Unaudited, dollars in thousands GAAP revenue GAAP general and administrative expenses GAAP general and administrative expenses as a percentage of revenue Adjustments: Share-based compensation Loss on disposal of property and equipment and impairment expense Bad debt expense Other¹ Total adjustments Adjusted General and Administrative Expenses Adjusted General and Administrative Expenses as a Percentage of Revenue $ es e $ $ $ Q1'23 25,300 37,889 149.8% 6,405 3,460 97 1,455 11,417 26,472 104.6% $ $ Q1'22 7,700 25,428 330.2% 3,495 1,010 116 (226) 4,395 21,033 273.2% Change 229 % 49 % * bps 83 % 243 % (16)% 744 % 160 % 26% * bps *Bps greater than 9,999. ¹ For the three months ended March 31, 2023, comprised primarily of costs related to the reorganization of Company resources previously announced by the Company on February 23, 2023 and the 205 Petition, which are not expected to recur. For the three months ended March 31, 2022, comprised primarily of insurance proceeds for property losses.