you, and afternoon, good Thank Bronson, everyone.
our grow capital-light acquisitions and by to third-party Pro. is energy residential expanding service priority solar top platform through the our distributed operating Our of assets offerings, Spruce
opportunities, executing our an these flow convert opportunities scale in long-standing and on drive poised will our to some fronts, We're free both inflection to teams pipeline. focused commercial cash platform On on are our enable generation. owner-operator growth in further which us
on our remarks and more shortly. outlook make detailed I'll pipeline
into results. Sarah quarter third will address briefly dive and results to want operations. I Later, financial deeper First,
flows XX,XXX delivered predictable monthly business assets contracts. from by the and core solid supported Our over solar results, cash
recurring annual and Third quarter as and often GAAP line a cash as Similarly, measured million. sources inflows, revenue million that through called by of other top which $XX.X EBITDA of inflows metric Stability management operating known revenue, consistent accounts P&L. for internal business Spruce revenue recurring measure or flow results cash $XX.X as uses financial predictability an well is not do ARR. was was
affirm previously between $XXX $XXX run cash of this rate inflows. million referenced our run business results annual of Our quarter million to rate
rock Our sheet cash unchanged quarter total also the is period. million solid, second of with balance end, $XXX quarter from at
of Our unrestricted share was cash per end as $X.XX. quarter
Our receivables nature to performance of collections solid, customers. rock great with the are also our due
solar XX Most of customers of their with homes age early our of average years. and approximately own system are adopters an
offers economic Our systems retail solar incentive save their compelling customers are highly us generated power in geographies rooftops. that on means sitting value. utility the rates Inflation to across meaningfully our rooftop solar our from customers because pay consumption through our
satisfaction, intense organization, integrated building are Underscoring stated, we is area servicing solar." an servicer influenced best-in-class. many finance recently residential Collections believe and also solar by "Spruce for lenders spent quote, an of is top of years the in view, Spruce our servicing one I us. customer project focus which our
amendment is scores, refer as our to satisfaction review by we what supported CSAT. continuous also Our in customer
XX% versus in was significant our in service year our their customer a making I Spruce the quarter, to in all a leader for a XX% want During dedication CSAT Spruce industry. score gain. thank ago, employees
an let's growth Now turn on update near-term to initiatives.
unique large acquisitions. is sector, of rooftops step less disciplined model through function high-margin our flow business Spruce cash but portfolio predictable, from the context, For in with our growth combining predictable,
acquisition a high of peers, stable machine, Unlike origination enables that to growth. cash cost for are never make a to bad forced discipline. who sake the flow support Our we need fixed
long-term solar close contracts. credible consumer markets. all the a a operator with systems, to XX,XXX is quarter, intent During counterparty we in acquire third a signed to The letter highly energy of of home nonbinding portfolio
impressive of years cash-on-cash XXXX. close to the to expect should come. quarter generate fourth returns completed, for deal We in If this
fund leverage with debt portion coming attractive expect from nonrecourse We pricing. acquisition to senior hand, at of the on cash equity with the
comment can't details. keep the we more information, this until on is And nothing any Beyond ink always dry. is in certain mind
say and can deal. excited free are we prospects that of this the flow growth about cash we However,
what only a the Extending contracts our installed M&A operate. call installers, offtake. lease we asset solar solar would and in at also earlier approach, service strategy, the and to right because need see providers for Spruce granted exciting pragmatic that this and permission we we time are long-term decades. substantial system contracts evaluating lease This PPA cannot is opportunity acquire PPA own, Under from capital life, when for is but solar
M&A broadly of seasoned at probabilities. stages evaluation. are solar any secondary offer time continues portfolios market. cannot lines on the conversion in of deal to deals team our in comments various We environment, the and more Looking more evaluate definitive pipeline These
serve We're this contract. top our strong revenue ramping offers a those strong customers a over business, which as On start servicing a growth add of Pro M&A servicing are we pipeline off we opportunities. by and predictable now multiyear activity, customers up Spruce we cultivating to as potential of
understanding to thousands Spruce large solar customers. residential of servicing installer portfolio memorandum to residential framework The a through revenue a multiyear solar agreement. with visibility After place recurring provide with of end, a quarter to in entered a establishes servicing solutions
quarter. our in significant to servicing large managed, only Spruce team part, from our few portfolios. a broad excited the We which Pro. the value this assets is agreement until in to third-party-owned the investment for has step testament and We're of now in about capabilities own in expect platform, unlocking is The our execute and agreement the milestone fourth a a
capabilities exit firms. We of with unsophisticated servicing near poised integrated third-party the customers loans, servicing a and active accelerating. capture believe such some to as remain Spruce growing or lack underpins servicing lease Pro, additional residential fundamental of versus are factors entrants of market of the teams increased legacy and PPA new popularity financing solar indications developing commercial Strong Our Spruce of permanent term. in opportunities, is interests in the and number
our discuss let's Now allocation disciplined capital strategy.
pursue opportunities. to enables sheet growth these balance robust Our us
end, for the as at earlier, million attractive $XXX we equity We imminent quarter the on deal, unrestricted XX,XXX mind unrestricted mentioned Keep Spruce rooftop to such an had intend assets. some cash. of that deploy a are M&A, yield in near which our investment. levered I offers cash over buyer As in term
influences portion cash balance M&A. of mostly our the future equity So
Our far buying power balance. exceeds million that $XXX
Our running model cash is flow bottom raising more business private Spruce. on acquisition flow which model, more breakeven thus to to yielding should cash flow ownership prioritized today, to the mostly maximum evolving the from to our cash any flow our focus is close Because from new instead net equity leverage line. value,
on point, reason the inflection often that just blocks. and this is driving at really We starting state, are cash flow acutely is I focused Spruce this the
flow-generating share Looking long-term growing and potentially other assets as shareholder at strategy, portfolio such long-duration create this that of a maximize to We envision flexibility our initiatives, through more debt do allocation return capital cash buyback. value. our asset reduction we acquisitions,
Our flexibility attractive options any return. enables us offers depending the of to time, at most those any pursue on which
and current this common assessing trading decided set, we comp capital as shares, our may of activity, as position growth In levels early current our occur which quarter. resume stock opportunity have repurchase to
as strong powder be to balance to program, to our under aim trading view The a transactions, market opportunity though with repurchases discretion, dry we growth what XXbX-X through will and other we determined We adequate amount price set repurchases also retaining may repurchase manner expect of and open transactions, execute on notably, our for we means. Spruce. repurchases and time, plans Rule affect privately negotiated will in be opportunistic
of servicing In through our growing closing, our M&A and aggressive heads down platform organization execution focused expansion have third-party the on we our market. and profitably into
of solar Our company to poised #X assets. residential owner-operator servicer naturally is be and the
With second call I'll quarter the hand Sarah to to that, address financials.
