Q2 2024 Spruce Power Holding Corp Earnings Call Transcript
Key Points
- Spruce Power Holding Corp (SPRU) reported solid Q2 revenue of $22.5 million and operating EBITDA of $14.4 million.
- The company successfully refinanced its nearest mature non-recourse debt, securing attractive terms and high institutional interest.
- Spruce achieved a historical milestone in customer satisfaction with a Google rating of 3.0 out of 5.0, the highest in its corporate history.
- The company is well-capitalized with $150 million in cash at the end of Q2, providing substantial runway for future growth.
- Spruce Power Holding Corp (SPRU) is actively pursuing growth opportunities in the residential solar market, leveraging favorable market dynamics and policy incentives.
- Second-quarter revenue saw a modest year-over-year decrease, largely due to lower revenues from solar renewable energy credits.
- Core operating expenses increased to $21.1 million from $19 million in the prior-year period, driven by higher non-routine servicing costs and SG&A expenses.
- The company reported a GAAP net loss attributable to stockholders of $8.6 million for the second quarter.
- Spruce Power Holding Corp (SPRU) is tracking towards the lower end of its 2024 financial guidance due to slower-than-expected M&A activity and higher operating expenditures.
- Non-routine operations and maintenance expenditures have trended higher than anticipated, impacting overall financial performance.
Thank you for standing by. My name is Caitlin. I will be your conference operator today. At this time, I would like to welcome everyone to the Spruce Power second-quarter 2024 earnings conference call. (Operator Instructions)
I would now like to turn the conference over to Bronson Fleig, Head of Investor Relations. You may begin.
Good afternoon, and welcome to Spruce Power's conference call to discuss results for the second quarter of 2024. With me today are Chris Hayes, our Chief Executive Officer; and Sarah Wells, our Chief Financial Officer.
Our call this afternoon will include statements that speak to the company's expectations, outlook, and predictions of the future, which are considered forward-looking statements. These forward-looking statements are subject to risks and uncertainties, many of which are beyond our control, which may cause our actual results to differ materially from those expressed in or implied by these statements. We are not obliged to revise or
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