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  • Mar 14, 2024

      Show headlines and story abstract
    • 4:07PM ET on Thursday Mar 14, 2024 by MT Newswires
      Companies Mentioned: SPRU
      04:07 PM EDT, 03/14/2024 (MT Newswires) -- ...
    • 4:07PM ET on Thursday Mar 14, 2024 by Dow Jones
      Companies Mentioned: SPRU
      value of interest rate swaps 16,479 2,978 4,816 (5,554) Other income, net (65) (787) (1,305) (912) ---------- ---------- ---------- ---------- Net loss from continuing operations (30,545) (27,711) (62,699) (52,679) Net income (loss) from discontinued operations 130 (14,719) (4,123) (40,112) ---------- ---------- ---------- ---------- Net loss (30,415) (42,430) (66,822) (92,791) Less: Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests (15) 721 (779) 1,140 ---------- ---------- ---------- ---------- Net loss attributable to stockholders $ (30,400) $ (43,151) $ (66,043) $ (93,931) ========== ========== ========== ========== Net loss attributable to stockholders per share, basic and diluted $ (1.60) $ (2.40) $ (3.59) $ (5.27) ========== ========== ========== ========== Net income (loss) from discontinued operations, basic and diluted $ 0.01 $ (0.82) $ (0.22) $ (2.25) ========== ========== ========== ========== Weighted-average shares outstanding, basic and diluted 18,990,603 18,015,402 18,391,436 17,836,500 ========== ========== ========== ========== Spruce Power Holding Corporation Reconciliation of Non-GAAP Financial Measures For the Three Months and Years Ended December 31, 2023 and 2022 Three Months Ended Years Ended December December 31, 31, -------------------- ---------------------- (In thousands) 2023 2022 2023 2022 -------------------------- --------- --------- --------- ----------- Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Net loss attributable to stockholders $(30,400) $(43,151) $(66,043) $(93,931) Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests (15) 721 (779) 1,140 Interest income (5,688) (1,338) (19,534) (1,339) Interest expense, net 11,121 9,258 41,936 11,401 Impairment of goodwill and intangibles -- 877 -- 9,483 Depreciation and amortization 4,686 5,507 20,164 8,419 ------- ------- ------- ------- EBITDA (20,296) (28,126) (24,256) (64,827) Net (income) loss from discontinued operations (130) 14,719 4,123 40,112 Gain on extinguishment of debt -- -- -- (4,527) Restructuring charges -- 8,394 965 9,939 Legal charges related to SEC investigation and shareholder lawsuits 1,713 3,809 31,400 9,553 Accreted contingent compensation obligation to sellers of World Energy -- 36 -- (77) Gain on asset disposal (499) (851) (4,724) (580) Change in fair value of interest rate swaps 16,479 2,978 4,816 (5,554) Change in fair value of obligation to issue shares of common stock -- 5 -- (535) Meter upgrade campaign 1,423 483 4,353 663 Other one-time costs 106 216 2,367 332 Change in fair value warrant liabilities (21) (2) (239) (5,148) Stock based compensation 836 5,883 2,885 9,996 Bad debt expense 262 860 2,698 1,839 Accretion expense 150 -- 150 -- Non-recurring acquisition/divestment expenses 367 1,828 1,577 16,544 ------- ------- ------- ------- Adjusted EBITDA $ 390 $ 10,232 $ 26,115 $ 7,730 ======= ======= ======= ======= Spruce Power Holding Corporation Consolidated Balance Sheets December 31, 2023 and 2022 As of December 31, ------------------------ (In thousands, except share and per share amounts) 2023 2022 ----------------------------------------- ---------- ------------ Assets Current assets Cash and cash equivalents $ 141,354 $ 220,321 Restricted cash 31,587 19,823 Accounts receivable, net of allowance of $1.7 million and $12.2 million as of December 31, 2023 and 2022, respectively 9,188 8,336 Interest rate swap assets, current 11,333 10,183 Prepaid expenses and other current assets 9,879 5,316 Current assets of discontinued operations -- 10,977 -------- -------- Total current assets 203,341 274,956 Investment related to SEMTH master lease agreement 143,096 -- Property and equipment, net 483,759 396,168 Interest rate swap assets, non-current 16,550 22,069 Deferred rent assets 2,454 1,626 Intangible assets, net 10,196 -- Right-of-use assets, net 5,933 2,802 Goodwill 28,757 128,548 Other assets 257 383 Long-term assets of discontinued operations 31 -- -------- -------- Total assets $ 894,374 $ 826,552 ======== ======== Liabilities, redeemable noncontrolling interests and stockholders' equity Current liabilities Non-recourse debt, current $ 27,914 $ 25,314 Accounts payable 1,120 2,904 Deferred revenue, current 878 39 Lease liability, current 1,166 834 Accrued expenses and other current liabilities 40,634 21,509 Current liabilities of discontinued operations -- 9,097 -------- -------- Total current liabilities 71,712 59,697 Non-recourse debt, non-current 590,866 474,441 Deferred revenue, non-current 1,858 452 Lease liability, non-current 5,731 2,426 Warrant liabilities 17 256 Interest rate swap liabilities, non-current 843 -- Other long-term liabilities 2,184 10 Unfavorable solar renewable energy agreements, net 6,108 -- Long-term liabilities of discontinued operations 170 294 -------- -------- Total liabilities 679,489 537,576 Commitments and contingencies Redeemable noncontrolling interests -- 85 -------- -------- Stockholders' equity: Common stock, $0.0001 par value; 350,000,000 shares authorized at December 31, 2023 and December 31, 2022; 19,093,186 and 18,292,536 shares issued and outstanding at December 31, 2023, respectively, and 18,046,903 issued and outstanding at December 31, 2022 2 2 Additional paid-in capital 475,654 473,289 Noncontrolling interests 2,325 8,942 Accumulated deficit (257,672) (193,342) Treasury stock at cost, 800,650 shares and 0 at December 31, 2023 and 2022, respectively (5,424) -- -------- -------- Total stockholders' equity 214,885 288,891 -------- -------- Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 894,374 $ 826,552 ======== ========
    • 4:05PM ET on Thursday Mar 14, 2024 by Business Wire
      Companies Mentioned: SPRU

      Spruce Power Holding Corporation (NYSE: SPRU) ("Spruce" or the "Company"), a leading owner and operator of distributed solar energy assets across the United States, today reported financial results for the fourth quarter and year ended December 31, 2023.

    • 4:05PM ET on Thursday Mar 14, 2024 by Dow Jones
      Companies Mentioned: SPRU
      swaps 16,479 2,978 4,816 (5,554) Other income, net (65) (787) (1,305) (912) ---------- ---------- ---------- ---------- Net loss from continuing operations (30,545) (27,711) (62,699) (52,679) Net income (loss) from discontinued operations 130 (14,719) (4,123) (40,112) ---------- ---------- ---------- ---------- Net loss (30,415) (42,430) (66,822) (92,791) Less: Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests (15) 721 (779) 1,140 ---------- ---------- ---------- ---------- Net loss attributable to stockholders $ (30,400) $ (43,151) $ (66,043) $ (93,931) ========== ========== ========== ========== Net loss attributable to stockholders per share, basic and diluted $ (1.60) $ (2.40) $ (3.59) $ (5.27) ========== ========== ========== ========== Net income (loss) from discontinued operations, basic and diluted $ 0.01 $ (0.82) $ (0.22) $ (2.25) ========== ========== ========== ========== Weighted-average shares outstanding, basic and diluted 18,990,603 18,015,402 18,391,436 17,836,500 ========== ========== ========== ========== Spruce Power Holding Corporation Reconciliation of Non-GAAP Financial Measures For the Three Months and Years Ended December 31, 2023 and 2022 Three Months Ended Years Ended December December 31, 31, -------------------- ---------------------- (In thousands) 2023 2022 2023 2022 -------------------------- --------- --------- --------- ----------- Reconciliation of Net Loss to EBITDA and Adjusted EBITDA Net loss attributable to stockholders $(30,400) $(43,151) $(66,043) $(93,931) Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests (15) 721 (779) 1,140 Interest income (5,688) (1,338) (19,534) (1,339) Interest expense, net 11,121 9,258 41,936 11,401 Impairment of goodwill and intangibles -- 877 -- 9,483 Depreciation and amortization 4,686 5,507 20,164 8,419 ------- ------- ------- ------- EBITDA (20,296) (28,126) (24,256) (64,827) Net (income) loss from discontinued operations (130) 14,719 4,123 40,112 Gain on extinguishment of debt -- -- -- (4,527) Restructuring charges -- 8,394 965 9,939 Legal charges related to SEC investigation and shareholder lawsuits 1,713 3,809 31,400 9,553 Accreted contingent compensation obligation to sellers of World Energy -- 36 -- (77) Gain on asset disposal (499) (851) (4,724) (580) Change in fair value of interest rate swaps 16,479 2,978 4,816 (5,554) Change in fair value of obligation to issue shares of common stock -- 5 -- (535) Meter upgrade campaign 1,423 483 4,353 663 Other one-time costs 106 216 2,367 332 Change in fair value warrant liabilities (21) (2) (239) (5,148) Stock based compensation 836 5,883 2,885 9,996 Bad debt expense 262 860 2,698 1,839 Accretion expense 150 -- 150 -- Non-recurring acquisition/divestment expenses 367 1,828 1,577 16,544 ------- ------- ------- ------- Adjusted EBITDA $ 390 $ 10,232 $ 26,115 $ 7,730 ======= ======= ======= ======= Spruce Power Holding Corporation Consolidated Balance Sheets December 31, 2023 and 2022 As of December 31, ------------------------ (In thousands, except share and per share amounts) 2023 2022 ----------------------------------------- ---------- ------------ Assets Current assets Cash and cash equivalents $ 141,354 $ 220,321 Restricted cash 31,587 19,823 Accounts receivable, net of allowance of $1.7 million and $12.2 million as of December 31, 2023 and 2022, respectively 9,188 8,336 Interest rate swap assets, current 11,333 10,183 Prepaid expenses and other current assets 9,879 5,316 Current assets of discontinued operations -- 10,977 -------- -------- Total current assets 203,341 274,956 Investment related to SEMTH master lease agreement 143,096 -- Property and equipment, net 483,759 396,168 Interest rate swap assets, non-current 16,550 22,069 Deferred rent assets 2,454 1,626 Intangible assets, net 10,196 -- Right-of-use assets, net 5,933 2,802 Goodwill 28,757 128,548 Other assets 257 383 Long-term assets of discontinued operations 31 -- -------- -------- Total assets $ 894,374 $ 826,552 ======== ======== Liabilities, redeemable noncontrolling interests and stockholders' equity Current liabilities Non-recourse debt, current $ 27,914 $ 25,314 Accounts payable 1,120 2,904 Deferred revenue, current 878 39 Lease liability, current 1,166 834 Accrued expenses and other current liabilities 40,634 21,509 Current liabilities of discontinued operations -- 9,097 -------- -------- Total current liabilities 71,712 59,697 Non-recourse debt, non-current 590,866 474,441 Deferred revenue, non-current 1,858 452 Lease liability, non-current 5,731 2,426 Warrant liabilities 17 256 Interest rate swap liabilities, non-current 843 -- Other long-term liabilities 2,184 10 Unfavorable solar renewable energy agreements, net 6,108 -- Long-term liabilities of discontinued operations 170 294 -------- -------- Total liabilities 679,489 537,576 Commitments and contingencies Redeemable noncontrolling interests -- 85 -------- -------- Stockholders' equity: Common stock, $0.0001 par value; 350,000,000 shares authorized at December 31, 2023 and December 31, 2022; 19,093,186 and 18,292,536 shares issued and outstanding at December 31, 2023, respectively, and 18,046,903 issued and outstanding at December 31, 2022 2 2 Additional paid-in capital 475,654 473,289 Noncontrolling interests 2,325 8,942 Accumulated deficit (257,672) (193,342) Treasury stock at cost, 800,650 shares and 0 at December 31, 2023 and 2022, respectively (5,424) -- -------- -------- Total stockholders' equity 214,885 288,891 -------- -------- Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 894,374 $ 826,552 ======== ========
  • Feb 28, 2024

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