solar on joining core second Bronson, our XXXX’s call you, distributed that quarter on Thank progress us as of the and initiatives we business thanks for everyone our generation results to today discuss strong and power. extend
have X to Spruce, businesses. primary For we those new
solar electricity power clean First, we sell create through portfolio. our and growing
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our home have arguably us XX% flexible, strength portfolios to the a and Power assets of allowed portfolio sales it’s of and leases. It’s that industry. power high the acquisition This of the strategy simpler, year, we with than by through customers contracts Spruce acquisition over kept customer force, existing growth and the long-term cost demonstrated the costs purchase in We with solar lowest add our customer carry portfolio. rather X the expanding acquisition it’s of strategy differentiated we by contracts
With our the transitional tasks first with result associated in the books, Spruce Fleet what complete quarter. quarter clean and are of we’re Power today merger XL of showing with the mostly full a X the
X I want focus into to break my comments areas.
then growth and markets. The first and initiatives be will operations capital then
Okay, operations.
make is provide and Spruce customers. services and course, our Of not sell financing We actually a company. to product a
and are operational an so excellence. We company, operating is our goal
consumed company Our XX,XXX across facilitates solar the XX households states. about electricity by
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level. and bring and that to home technology changes serviced a our our and operations. customized third was helped billing of from second several rolled we customer dollars out XX% SMS the second in of by is XXXX. target, of investments process XX% to our customer with in In target transfer quarter in we substantially consecutive by score satisfaction XX% made our QX, year-on-year Our personal quarter line This text system, completely up customer quarter to meeting a X-star right million re-tooled
even to continue experience We for strive better our for an customers.
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our service interaction place direct value well-trained U.S. on based Our team, highest real real the customers with interactions. people and
So place own areas, in asset Field teams in pilot starting services Spruce to both we our in the our pleased announce home to force, faster trusted service which such our our will labor highest to program field as additional will key give and create a human are to brand new batteries. person-to-person Northeast. to own is services interactions. deliver lock O&M density more also customers products That a building as
Spruce is a producer. energy clean
the let’s numbers. So production take
of June. performance through XX%. Canadian ratio, the in QX solar despite was as in weather the as this California the impact achieved Our is panels which from well to quarter maximum We installed theoretical the smoke the compared production negative wildfire
performance adjusted weather who team XXX%, from XXX% of at Spruce’s is top we the management firms strong the ratio outperforming strongly asset and engineering was review acquisition. portfolios time Our projections get a our their independent
Cash too. quarter, a Power’s of to quarter. The that solid current business and tie quarter contracts. inflows still legacy of physical this cash our Fleet annual performance. rate portfolio portfolio of clean strong are to million financial Last to we $XXX coming primarily of there while shows assets we spoke inflows solar strong XL issues million leads that run home Spruce from $XXX performance And of, financial some a were performance, delivered our
after assumed and our and $XX we financial OpEx, of professional Last net payments. that, $X Wells as after we announced our Chief flows cash million Sarah In we same is $XX last Norling, remaining our quarter, as team. Secretary principal of debt exact CFO, longtime $XX are we leadership annual department. Spruce’s flow also the to between an Officer, to Legal SG&A leading the million ultimately is John that middle legal expect discussed Long-term, quarter the million, interest. range and of the That’s driver In affirming million of Board cash the cash funnel, of primary operations framework. responsibilities that sole level
with of team hires strong our experienced directors management leads. team are deepening More importantly, and we
and one-third. and Denver team litigation into leadership collections, to will binge, cross-team just collaboration group New career footprint office in It’s us best our move shifting its by Related to M&A, team executive hiring the about this ever. fall, headquarters bench Houston back gives strength growth in-office development. our expand treasury FP&A, and productivity will a and servicing better new Spruce’s staff not for work our
let me Now about shift gears strategy. talk growth and capital to our
continue for into I the the a As that is our customer stay growth what acquisition only has future. the do Spruce industry. returns high deals Spruce’s costs that generate before, mentioned M&A lowest years gives us team costs strategy finds low, cash-on-cash in arguably to Not impressively
of multiples high-margin about stability grows Spruce’s our XX in a investments of contract sales. better think of So the and sugar flows. remaining. recurring are nutrition by life instead portfolio talking on think our onetime cash margins, isn’t sales served investors has We with over that we the of average onetime rush muscle growth terms years building
indexed ownership, contracts, we the about actually underlying perform retail we initial about we electricity in the and portfolio initial at California. saw of the integrating In due which XX%. the QX, quarter on end In rooftop rates focused QX, of solar our under X contracts escalating portfolio’s customer PPA increased expectations Power the rapidly to assets are than X% many bought payments to Spruce better our the this by which our portfolio,
intent ink our nothing solar the from long-term approximately letter the systems, counterparty. and X,XXX acquire weeks, until to We’re to now hope comment contracts next portfolio close In in July, a customer is specifics home at is looking traded a course, certain of acquisition. we with all growth can’t next of signed We of few publicly dry. a though, on
target, However, we’re say underwritten brings and the return to us excited is levered and that it we past home can assets XX,XXX contracts. our that mid-teen solar transaction meet
abundance non-recourse It’s secure hand noting spring, back after worth We equity cash the attractive debt. the this fund acquisition terms. expect with us debt senior of at the to fast, have and of debt the banking to seeing portion we’re offered markets that bounced on an and
One on growth. last point
We have are of that organic two areas up picking pace. growth
own the actually systems we home or participation The more from Markets by Commodities our acronym, efficient power involves first cash the by ECM. increasing already flow Environmental in
mint and sell close a flows to basis. GAAP ways finding a a efficient assets renewable XX% is to of we credits growth value quarter-on-quarter more QX, uptake In nation. cash energy Our saw ECM on leading the our from to business strong in around and
is was area natural retrofit second increased demand for real or is for that offered a years California’s has there home couple battery battery sale net Spruce California of time. seeing from first battery to organic we’re customers. but demand growth adjacent new a our product of of tough is the installation storage The economics really a rules metering lease for for sell. the What that
it. of we as We budgeting of business material infrastructure to lease rest yet internally taking the revenue begin advantage aren’t for finish the battery XXXX
more see an on to new services as working long-term important demand our We’re field and that partnerships address the meet to also way initiative demand. quickly
on portfolio execute meet for though plenty strategy of excited see organic Even to acquiring increasing assets, and So we’re of as per end we just current growth. believe achieve we of of have to the revenue funded wrap and On opportunity we contract on up capital, customer. by portfolios of higher our we the to reaching cash are in XX,XXX customer of rates, even with markets debt fully XXXX. a our interest goal near-term
us. the choice have handing the Naturally, you’ve of and before capital acquisition if the portfolio solid point of price final we the deploy number top Every quarter, to call which any Sarah. returns. to choices One cash entrusted yield is the an how attractive to will is
million. that repurchase fair authorization our its of our view, own program far for in to ourselves. stock August stock. million repurchased and is in the began we a share million is about priced In just Board purchase QX Through X, below including $X.X shares great our value With keep X.X May, buy X.X and about about for we’ve investors, bought shares We going.
to Based cite research institutional sitting here. buy want so stock our the bring I side, with at have conversations you and we investment the $X? they from by Why overhang banks, company every many feedback value became a analysts conversation to within even way is share control. having it’s day of outstanding the shares public It’s our that it’s of just fortunately, company. math, but huge a not Maybe operations, gets count. we math a but of of a the obscured unique strong function on
next our proxy our a If reverse us to call week, SEC. of X-per-X And in week, meeting necessary split. to to well we maintain plan to authorized the dollar consider a a approval. is Board last split plan couple the shareholders we preliminary level early above October reverse the in stock approve, So shareholder a filed listing. intended weeks, NYSE the get with for This
over With that, I’ll to hand through the walk Sarah the to call financials.
