Spruce Power Holding Corp (NYSE:SPRU)
$ 2.74 -0.07 (-2.49%) Market Cap: 50.97 Mil Enterprise Value: 552.08 Mil PE Ratio: 0 PB Ratio: 0.34 GF Score: 31/100
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Q3 2024 Spruce Power Holding Corp Earnings Call Transcript

Nov 13, 2024 / 09:30 PM GMT
Release Date Price: $2.49 (+6.41%)

Key Points

Positve
  • Spruce Power Holding Corp (SPRU) reported solid third-quarter results with revenue of $21.4 million and operating EBITDA of $17.7 million, supported by predictable cash flows from over 75,000 solar assets.
  • The company maintains a strong balance sheet with total cash of $150 million at quarter-end, unchanged from the previous quarter.
  • Spruce Power Holding Corp (SPRU) signed a nonbinding letter of intent to acquire a portfolio of nearly 10,000 home solar systems, expected to close in the fourth quarter, which could generate impressive cash returns.
  • The company is ramping up its Spruce Pro servicing business, entering a memorandum of understanding with a large residential solar installer to provide servicing solutions, indicating strong growth potential.
  • Spruce Power Holding Corp (SPRU) plans to resume its common stock repurchase program, reflecting confidence in its growth prospects and capital allocation strategy.
Negative
  • Third-quarter revenue decreased compared to the prior year period, primarily due to lower SREC revenues and higher performance guarantee payments.
  • The company reported a GAAP net loss attributable to stockholders of $53.5 million, partly due to increased legal costs and ongoing legal proceedings.
  • Spruce Power Holding Corp (SPRU) recorded a noncash goodwill impairment charge of approximately $29 million due to a decline in stock price and market capitalization.
  • The company adjusted its full-year 2024 guidance, expecting adjusted operating EBITDA to be $60 million and adjusted free cash flow to be negative $10 million, below previous expectations.
  • Higher than expected non-routine operations and maintenance expenses and corporate-level expenses, including legal costs, have negatively impacted financial performance.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SPRU.N - Spruce Power Holding Corp
Q3 2024 Spruce Power Holding Corp Earnings Call
Nov 13, 2024 / 09:30PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, this is your operator speaking. Today's conference call will begin momentarily. You will be placed back on music. Hold until then. Thank you for your patience again. Ladies and gentlemen, this is your operator speaking. Today's conference call will begin momentarily. You will be placed back on music. Hold until then. Thank you for your patience.

Thank you for standing by. My name is John and I'll be your conference operator for today. At this time. I would like to welcome everyone to the Spruce Power third quarter, 2024 earnings conference call. All lines have been placed in view to prevent any background noise. After the speaker's remarks, there will be a question session. If you would like to
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