[sheet: Cap Table Summary]

Line Item	Pre-IPO Actual	Pro Forma Post-IPO — Base Offering	Pro Forma Post-IPO — Full Overallotment Exercise
Cash and cash equivalents (1)	$185,000,000	$554,700,000	$630,677,500

DEBT:

Corporate Revolving Credit Facility (Veltrano National Bank; maturity Jan 2027)	$0	$0	$0
Corporate Term Loan B (Veltrano National Bank; maturity Jan 2029) (2)	$612,500,000	$412,500,000	$412,500,000
Mesquite Wind Construction-to-Term Facility (Prairie Commercial Bank, N.A.; conversion Dec 2024)	$165,000,000	$165,000,000	$165,000,000
Cimarron Solar Construction-to-Term Facility (Prairie Commercial Bank, N.A.; conversion Mar 2025)	$143,000,000	$143,000,000	$143,000,000
Tax-Equity Partnership Financing — Solaris West (Veltara Basin Financial LLC; flip 2028) (3)	$280,000,000	$280,000,000	$280,000,000
Other project-finance and corporate debt	$509,500,000	$509,500,000	$509,500,000
Total Debt	$1,710,000,000	$1,510,000,000	$1,510,000,000

STOCKHOLDERS' EQUITY:

Common stock, par value $0.01 per share (4)	$1,000,000	$1,237,136	$1,272,727
Additional paid-in capital	$1,414,000,000	$1,785,462,864	$1,859,427,273
Retained earnings	$41,700,000	$41,700,000	$41,700,000
Total Stockholders' Equity	$1,456,700,000	$1,828,400,000	$1,902,400,000
TOTAL CAPITALIZATION (Debt + Equity)	$3,166,700,000	$3,338,400,000	$3,412,400,000

[sheet: Share Detail]

Category / Holder	Pre-IPO Shares	Pre-IPO %	Shares Sold in Offering	Primary Shares Issued	Post-IPO Shares — Base	Post-IPO % — Base	Post-IPO Shares — Full Exercise	Post-IPO % — Full Exercise
Pinnacle Vista Capital Partners III, LP	62,000,000	62.0%	(6,818,182)	—	55,181,818	44.6%	55,181,818	43.4%
Garrett Calloway (Co-Founder, Chairman & CEO)	12,000,000	12.0%	—	—	12,000,000	9.7%	12,000,000	9.4%
Elaine Briggs (Co-Founder & President, Development)	12,000,000	12.0%	—	—	12,000,000	9.7%	12,000,000	9.4%
Other management and employees	—	—	—	—	—	—	—	—
Subtotal — Founders & Management	24,000,000	24.0%	—	—	24,000,000	19.4%	24,000,000	18.9%
Other pre-IPO holders (earlier-stage investors and employees)	14,000,000	14.0%	—	—	14,000,000	11.3%	14,000,000	11.0%
Subtotal — Existing Stockholders	100,000,000	100.0%	(6,818,182)	—	93,181,818	75.3%	93,181,818	73.2%
New public investors — Primary shares	—	—	—	16,895,455	16,895,455	13.7%	16,895,455	13.3%
New public investors — Secondary shares (from Pinnacle Vista)	—	—	6,818,182	—	6,818,182	5.5%	6,818,182	5.4%
New public investors — Overallotment shares	—	—	—	—	—	—	3,559,091	2.8%
Subtotal — New Public Investors	—	—	6,818,182	16,895,455	23,713,636	19.2%	27,272,727	21.4%
Reserved — 2022 Omnibus Equity Incentive Plan (not yet issued) (5)	—	—	—	—	12,727,273	n/a	12,727,273	n/a
Reserved — 2022 Employee Stock Purchase Plan (not yet issued) (5)	—	—	—	—	2,545,455	n/a	2,545,455	n/a
TOTAL SHARES OUTSTANDING	100,000,000	100.0%	—	16,895,455	123,713,636	100.0%	127,272,727	100.0%

[sheet: Offering Proceeds]

Item	Base Offering	Overallotment	Total — Full Exercise
Gross Offering Proceeds	$521,700,000	$78,300,000	$600,000,000
Less: Underwriting discount (5.50%)	($28,693,500)	($4,306,500)	($33,000,000)
Net Offering Proceeds	$493,006,500	$73,993,500	$567,000,000

Allocation of Net Proceeds:

Net proceeds to Company (primary shares)	$351,256,500	$73,993,500	$425,250,000
Net proceeds to Pinnacle Vista Capital Partners III, LP (secondary shares)	$141,750,000	$0	$141,750,000

Underwriting discount Breakdown:

Management fee (20% of gross spread)	$5,738,700	$861,300	$6,600,000
Underwriting fee (20% of gross spread)	$5,738,700	$861,300	$6,600,000
Selling concession (60% of gross spread)	$17,216,100	$2,583,900	$19,800,000
Total underwriting discount	$28,693,500	$4,306,500	$33,000,000

Intended Use of Company Net Proceeds (Base):

Repayment of Term Loan B (Veltrano National Bank)	$200,000,000
Prepayment premium on Term Loan B (1.00%)	$2,000,000
Construction funding — Cimarron Solar project	$100,000,000
General corporate purposes	$49,256,500
Total Company use of net proceeds (base)	$351,256,500

[sheet: Valuation Metrics]

Metric	Value	Notes
Assumed IPO Price (midpoint of filing range)	$22.00 per share	Par value $0.01 per share
Pre-IPO Shares Outstanding (fully diluted)	100,000,000	Post-reclassification of all preferred
Pre-Money Equity Valuation	$2,200,000,000	100,000,000 × $22.00
Post-IPO Shares Outstanding — Base	123,713,636	100,000,000 + 23,713,636
Post-IPO Shares Outstanding — Full Exercise	127,272,727	100,000,000 + 27,272,727
Post-Money Equity Valuation — Base	$2,721,700,000	123,713,636 × $22.00
Post-Money Equity Valuation — Full Exercise	$2,799,999,994	127,272,727 × $22.00
Total Debt (FY 2021, pre-IPO)	$1,710,000,000	Audited as of 12/31/2021
Total Debt (pro forma, post-TLB repayment)	$1,510,000,000	$1,710M − $200M repayment
Estimated Cash (FY 2021)	$185,000,000	Per draft S-1
Enterprise Value (FY 2021 basis, post-money base)	$4,246,700,000	$2,721.7M + $1,710M − $185M
FY 2021 Revenue	$487,300,000	Audited
FY 2021 Adjusted EBITDA	$218,600,000	Audited / adjusted
FY 2021 Net Income	$41,700,000	Audited
FY 2021 Total Assets	$3,940,000,000	Audited
EV / Revenue (FY 2021)	~8.7x	$4,246.7M ÷ $487.3M
EV / EBITDA (FY 2021)	~19.4x	$4,246.7M ÷ $218.6M
Price / Earnings (FY 2021, post-money base)	~65.3x	$2,721.7M ÷ $41.7M
Proposed Ticker Symbol	CBRI	New York Stock Exchange
CUSIP	TBD	To be assigned prior to pricing

[sheet: Debt Detail]

Facility	Lender / Agent	Commitment Amount	Outstanding Pre-IPO	IPO Adjustment	Outstanding Post-IPO	Maturity / Conversion Date	Notes
Corporate Revolving Credit Facility	Veltrano National Bank (Administrative Agent)	$400,000,000	$0	$0	$0	January 2027	Undrawn; consent required for IPO
Corporate Term Loan B	Veltrano National Bank (Administrative Agent)	$650,000,000	$612,500,000	($200,000,000)	$412,500,000	January 2029	Prepayment from IPO proceeds; 1.00% prepayment premium = $2,000,000
Tax-Equity Partnership — Solaris West	Veltara Basin Financial LLC	$280,000,000	$280,000,000	$0	$280,000,000	Flip in 2028	Partnership-flip structure; consent/notice required
Construction-to-Term Facility — Mesquite Wind	Prairie Commercial Bank, N.A.	$165,000,000	$165,000,000	$0	$165,000,000	Dec 2024 (conversion)	IPO notice required
Construction-to-Term Facility — Cimarron Solar	Prairie Commercial Bank, N.A.	$143,000,000	$143,000,000	$0	$143,000,000	Mar 2025 (conversion)	IPO notice required
Other project-finance and corporate debt	Various	—	$509,500,000	$0	$509,500,000	Various	Balancing to total $1.71B
TOTAL DEBT	$1,710,000,000	($200,000,000)	$1,510,000,000

[sheet: Underwriter Allocation]

Underwriter	Allocation %	Base Shares	Dollar Amount at $22.00	Underwriting discount Earned at 5.50%
Hargrove Keating & Co. (Lead-Left Book-Runner)	40%	9,485,455	$208,680,010	$11,477,400
Linden Pratt Securities LLC (Joint Book-Runner)	25%	5,928,409	$130,425,000	$7,173,375
Graymont Brothers Inc. (Joint Book-Runner)	20%	4,742,727	$104,339,994	$5,738,700
Barfield Stuart & Co. (Co-Manager)	10%	2,371,364	$52,170,008	$2,869,350
Crane Whitley Capital LLC (Co-Manager)	5%	1,185,681	$26,084,982	$1,434,675
TOTAL	100%	23,713,636	$521,700,000	$28,693,500

[sheet: Cap Table Summary]
Line Item | Pre-IPO Actual | Pro Forma Post-IPO — Base Offering | Pro Forma Post-IPO — Full Overallotment Exercise
Cash and cash equivalents (1) | $185,000,000 | $554,700,000 | $630,677,500
DEBT:
Corporate Revolving Credit Facility (Veltrano National Bank; maturity Jan 2027) | $0 | $0 | $0
Corporate Term Loan B (Veltrano National Bank; maturity Jan 2029) (2) | $612,500,000 | $412,500,000 | $412,500,000
Mesquite Wind Construction-to-Term Facility (Prairie Commercial Bank, N.A.; conversion Dec 2024) | $165,000,000 | $165,000,000 | $165,000,000
Cimarron Solar Construction-to-Term Facility (Prairie Commercial Bank, N.A.; conversion Mar 2025) | $143,000,000 | $143,000,000 | $143,000,000
Tax-Equity Partnership Financing — Solaris West (Veltara Basin Financial LLC; flip 2028) (3) | $280,000,000 | $280,000,000 | $280,000,000
Other project-finance and corporate debt | $509,500,000 | $509,500,000 | $509,500,000
Total Debt | $1,710,000,000 | $1,510,000,000 | $1,510,000,000
STOCKHOLDERS' EQUITY:
Common stock, par value $0.01 per share (4) | $1,000,000 | $1,237,136 | $1,272,727
Additional paid-in capital | $1,414,000,000 | $1,785,462,864 | $1,859,427,273
Retained earnings | $41,700,000 | $41,700,000 | $41,700,000
Total Stockholders' Equity | $1,456,700,000 | $1,828,400,000 | $1,902,400,000
TOTAL CAPITALIZATION (Debt + Equity) | $3,166,700,000 | $3,338,400,000 | $3,412,400,000
[sheet: Share Detail]
Category / Holder | Pre-IPO Shares | Pre-IPO % | Shares Sold in Offering | Primary Shares Issued | Post-IPO Shares — Base | Post-IPO % — Base | Post-IPO Shares — Full Exercise | Post-IPO % — Full Exercise
Pinnacle Vista Capital Partners III, LP | 62,000,000 | 62.0% | (6,818,182) | — | 55,181,818 | 44.6% | 55,181,818 | 43.4%
Garrett Calloway (Co-Founder, Chairman & CEO) | 12,000,000 | 12.0% | — | — | 12,000,000 | 9.7% | 12,000,000 | 9.4%
Elaine Briggs (Co-Founder & President, Development) | 12,000,000 | 12.0% | — | — | 12,000,000 | 9.7% | 12,000,000 | 9.4%
Other management and employees | — | — | — | — | — | — | — | —
Subtotal — Founders & Management | 24,000,000 | 24.0% | — | — | 24,000,000 | 19.4% | 24,000,000 | 18.9%
Other pre-IPO holders (earlier-stage investors and employees) | 14,000,000 | 14.0% | — | — | 14,000,000 | 11.3% | 14,000,000 | 11.0%
Subtotal — Existing Stockholders | 100,000,000 | 100.0% | (6,818,182) | — | 93,181,818 | 75.3% | 93,181,818 | 73.2%
New public investors — Primary shares | — | — | — | 16,895,455 | 16,895,455 | 13.7% | 16,895,455 | 13.3%
New public investors — Secondary shares (from Pinnacle Vista) | — | — | 6,818,182 | — | 6,818,182 | 5.5% | 6,818,182 | 5.4%
New public investors — Overallotment shares | — | — | — | — | — | — | 3,559,091 | 2.8%
Subtotal — New Public Investors | — | — | 6,818,182 | 16,895,455 | 23,713,636 | 19.2% | 27,272,727 | 21.4%
Reserved — 2022 Omnibus Equity Incentive Plan (not yet issued) (5) | — | — | — | — | 12,727,273 | n/a | 12,727,273 | n/a
Reserved — 2022 Employee Stock Purchase Plan (not yet issued) (5) | — | — | — | — | 2,545,455 | n/a | 2,545,455 | n/a
TOTAL SHARES OUTSTANDING | 100,000,000 | 100.0% | — | 16,895,455 | 123,713,636 | 100.0% | 127,272,727 | 100.0%
[sheet: Offering Proceeds]
Item | Base Offering | Overallotment | Total — Full Exercise
Gross Offering Proceeds | $521,700,000 | $78,300,000 | $600,000,000
Less: Underwriting discount (5.50%) | ($28,693,500) | ($4,306,500) | ($33,000,000)
Net Offering Proceeds | $493,006,500 | $73,993,500 | $567,000,000
Allocation of Net Proceeds:
Net proceeds to Company (primary shares) | $351,256,500 | $73,993,500 | $425,250,000
Net proceeds to Pinnacle Vista Capital Partners III, LP (secondary shares) | $141,750,000 | $0 | $141,750,000
Underwriting discount Breakdown:
Management fee (20% of gross spread) | $5,738,700 | $861,300 | $6,600,000
Underwriting fee (20% of gross spread) | $5,738,700 | $861,300 | $6,600,000
Selling concession (60% of gross spread) | $17,216,100 | $2,583,900 | $19,800,000
Total underwriting discount | $28,693,500 | $4,306,500 | $33,000,000
Intended Use of Company Net Proceeds (Base):
Repayment of Term Loan B (Veltrano National Bank) | $200,000,000
Prepayment premium on Term Loan B (1.00%) | $2,000,000
Construction funding — Cimarron Solar project | $100,000,000
General corporate purposes | $49,256,500
Total Company use of net proceeds (base) | $351,256,500
[sheet: Valuation Metrics]
Metric | Value | Notes
Assumed IPO Price (midpoint of filing range) | $22.00 per share | Par value $0.01 per share
Pre-IPO Shares Outstanding (fully diluted) | 100,000,000 | Post-reclassification of all preferred
Pre-Money Equity Valuation | $2,200,000,000 | 100,000,000 × $22.00
Post-IPO Shares Outstanding — Base | 123,713,636 | 100,000,000 + 23,713,636
Post-IPO Shares Outstanding — Full Exercise | 127,272,727 | 100,000,000 + 27,272,727
Post-Money Equity Valuation — Base | $2,721,700,000 | 123,713,636 × $22.00
Post-Money Equity Valuation — Full Exercise | $2,799,999,994 | 127,272,727 × $22.00
Total Debt (FY 2021, pre-IPO) | $1,710,000,000 | Audited as of 12/31/2021
Total Debt (pro forma, post-TLB repayment) | $1,510,000,000 | $1,710M − $200M repayment
Estimated Cash (FY 2021) | $185,000,000 | Per draft S-1
Enterprise Value (FY 2021 basis, post-money base) | $4,246,700,000 | $2,721.7M + $1,710M − $185M
FY 2021 Revenue | $487,300,000 | Audited
FY 2021 Adjusted EBITDA | $218,600,000 | Audited / adjusted
FY 2021 Net Income | $41,700,000 | Audited
FY 2021 Total Assets | $3,940,000,000 | Audited
EV / Revenue (FY 2021) | ~8.7x | $4,246.7M ÷ $487.3M
EV / EBITDA (FY 2021) | ~19.4x | $4,246.7M ÷ $218.6M
Price / Earnings (FY 2021, post-money base) | ~65.3x | $2,721.7M ÷ $41.7M
Proposed Ticker Symbol | CBRI | New York Stock Exchange
CUSIP | TBD | To be assigned prior to pricing
[sheet: Debt Detail]
Facility | Lender / Agent | Commitment Amount | Outstanding Pre-IPO | IPO Adjustment | Outstanding Post-IPO | Maturity / Conversion Date | Notes
Corporate Revolving Credit Facility | Veltrano National Bank (Administrative Agent) | $400,000,000 | $0 | $0 | $0 | January 2027 | Undrawn; consent required for IPO
Corporate Term Loan B | Veltrano National Bank (Administrative Agent) | $650,000,000 | $612,500,000 | ($200,000,000) | $412,500,000 | January 2029 | Prepayment from IPO proceeds; 1.00% prepayment premium = $2,000,000
Tax-Equity Partnership — Solaris West | Veltara Basin Financial LLC | $280,000,000 | $280,000,000 | $0 | $280,000,000 | Flip in 2028 | Partnership-flip structure; consent/notice required
Construction-to-Term Facility — Mesquite Wind | Prairie Commercial Bank, N.A. | $165,000,000 | $165,000,000 | $0 | $165,000,000 | Dec 2024 (conversion) | IPO notice required
Construction-to-Term Facility — Cimarron Solar | Prairie Commercial Bank, N.A. | $143,000,000 | $143,000,000 | $0 | $143,000,000 | Mar 2025 (conversion) | IPO notice required
Other project-finance and corporate debt | Various | — | $509,500,000 | $0 | $509,500,000 | Various | Balancing to total $1.71B
TOTAL DEBT | $1,710,000,000 | ($200,000,000) | $1,510,000,000
[sheet: Underwriter Allocation]
Underwriter | Allocation % | Base Shares | Dollar Amount at $22.00 | Underwriting discount Earned at 5.50%
Hargrove Keating & Co. (Lead-Left Book-Runner) | 40% | 9,485,455 | $208,680,010 | $11,477,400
Linden Pratt Securities LLC (Joint Book-Runner) | 25% | 5,928,409 | $130,425,000 | $7,173,375
Graymont Brothers Inc. (Joint Book-Runner) | 20% | 4,742,727 | $104,339,994 | $5,738,700
Barfield Stuart & Co. (Co-Manager) | 10% | 2,371,364 | $52,170,008 | $2,869,350
Crane Whitley Capital LLC (Co-Manager) | 5% | 1,185,681 | $26,084,982 | $1,434,675
TOTAL | 100% | 23,713,636 | $521,700,000 | $28,693,500

[sheet: Cap Table Summary]

STOCKHOLDERS' EQUITY:

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