Constellation Energy Market Performance
GAAP to Non-GAAP Reconciliations(1)
S&P FFO/ Debt (2) =
S&P FFO Calculation (2)
GAAP Operating Income
+ Depreciation & Amortization
= EBITDA
- Interest
+/- Cash Taxes
+ Nuclear Fuel Amortization
FFO (a)
Adjusted Debt (b)
+/- Mark-to-Market Adjustments (Economic Hedges)
+/- Other S&P Adjustments
= FFO (a)
S&P Adjusted Debt (1)
Long-Term Debt
+ Short-Term Debt
+ Purchase Power Agreement and Operating Lease Imputed Debt
+ Pension/ OPEB Imputed Debt (after-tax)
+ AR Securitization Imputed Debt
- Off-Credit Treatment of Non-Recourse Debt
- Cash on Balance Sheet
+/- Other S&P Adjustments
= Adjusted Debt (b)
Moody's CFO Pre-WC/ Debt (3) =
Moody's CFO Pre-WC Calculation (3)
Cash Flow From Operations
+/- Working Capital Adjustment
- Nuclear Fuel Capital Expenditures
+/- Other Moody's CFO Adjustments
= CFO Pre-Working Capital (c)
Moody's Adjusted Debt Calculation
Long-Term Debt
+ Short-Term Debt
+ Underfunded Pension (pre-tax)
+Operating Lease Imputed Debt
+/- Other Moody's Debt Adjustments
= Adjusted Debt (d)
(1) Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable
GAAP measure may not be currently available; therefore, management is unable to reconcile these measures
CFO (Pre-WC) (c)
Adjusted Debt (d)
(2) Calculated using S&P Methodology
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(3)
Calculated using Moody's Methodology
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