Investor Presentaiton
Definitional information
NextEra Energy Partners, LP. Adjusted EBITDA and CAFD Expectations
This presentation refers to adjusted EBITDA and CAFD expectations. NEP's adjusted EBITDA expectations represent projected (a)
revenue less (b) fuel expense, less (c) project operating expenses, less (d) corporate G&A, plus (e) other income less (f) other
deductions including IDR fees. Projected revenue as used in the calculations of projected EBITDA represents the sum of projected
(a) operating revenues plus (b) a pre-tax allocation of production tax credits, plus (c) a pre-tax allocation of investment tax credits
plus (d) earnings impact from convertible investment tax credits and plus (e) the reimbursement for lost revenue received pursuant
to a contract with NextEra Energy Resources.
CAFD is defined as cash available for distribution and represents adjusted EBITDA less (1) a pre-tax allocation of production tax
credits, less (2) a pre-tax allocation of investment tax credits, less (3) earnings impact from convertible investment tax credits, less
(4) debt service, less (4) maintenance capital, less (5) income tax payments less, (6) other non-cash items included in adjusted
EBITDA if any. CAFD excludes changes in working capital and distributions to preferred equity investors.
NextEra Energy Partners' expectations of 12/31/18 run rate adjusted EBITDA and CAFD reflect the consummation of forecasted
acquisitions. These measures have not been reconciled to GAAP net income because NextEra Energy Partners did not prepare
estimates of the effect of these acquisitions on certain GAAP line items that would be necessary to provide a forward-looking
estimate of GAAP net income, and the information necessary to provide such a forward-looking estimate is not available without
unreasonable effort.
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