Constellation Energy Market Performance
GAAP to Non-GAAP Reconciliation
Free Cash Flow before Growth* (in $M) (1)
Adjusted Cash Flows from Operations* (Non-GAAP)(2)
Base and Nuclear Fuel Capital Expenditures (3)
Reinvestment in Nuclear Decommissioning Trust Funds (4)
Collateral activity
O&M related to Separation and ERP System Implementation
Other Net Investing Activities
Free Cash Flow before Growth*
2022 2023
$5,550 $5,950
$(3,100)
$(550)
$600
$200
$150
$2,800 $3,200
42
52
Note: Items may not sum due to rounding
(1) All amounts rounded to the nearest $50M
(2) Includes Collection of Deferred Purchase Price (DPP) related to the revolving accounts receivable arrangement, which is presented in cash flows from investing activities for GAAP. Cash
flows from collection of DPP are not forecasted.
(3) Includes $275M of deferred capital expenditures shown on page 64
(4) Reflects reinvestment of proceeds from nuclear decommissioning trust funds that are presented in Adjusted Cash Flows from Operations*. Impact is cash flow neutral.
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