Spruce Power Holding Corp (SPRU) 2023 Q3 法說會逐字稿

Thank you for standing by. My name is Erik, and I will be your conference operator today. At this time, I would like to welcome everyone to the Spruce Power third quarter 2023 earnings conference call. (Operator Instructions) I would now like to turn the call over to Bronson Fleig, Head of Investor Relations. Please go ahead.

謝謝你的支持。我叫艾瑞克，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Spruce Power 2023 年第三季財報電話會議。 （操作員說明）我現在想將電話轉給投資者關係主管 Bronson Fleig。請繼續。

Thank you. Good afternoon and welcome to Spruce Power's conference call to discuss results for the third quarter of 2023. With me today are Christian Fong, our Chief Executive Officer, and Sarah Wells, our Chief Financial Officer.

謝謝。下午好，歡迎參加 Spruce Power 的電話會議，討論 2023 年第三季度的業績。今天與我在一起的有我們的首席執行官 Christian Fong 和我們的首席財務官 Sarah Wells。

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 actual results to differ materially from those expressed in or implied by these statements. We're not obliged to revise or update any forward-looking statements, except as may be required by law.

我們今天下午的電話會議將包括有關公司對未來的期望、前景和預測的聲明，這些聲明被視為前瞻性聲明。這些前瞻性陳述存在風險和不確定性，其中許多風險和不確定性超出了我們的控制範圍，這可能導致實際結果與這些陳述中明示或暗示的結果有重大差異。我們沒有義務修改或更新任何前瞻性陳述，除非法律要求。

Please refer to our disclosures regarding risk factors and forward-looking statements in today's earnings release and other SEC filings. A copy of our press release has been posted to the Investor Relations page of our website for reference. The non-GAAP financial measures discussed in this call are reconciled to the US GAAP equivalent and can be found in the press release that we issued this afternoon.

請參閱我們在今天的收益報告和其他 SEC 文件中披露的有關風險因素和前瞻性陳述的資訊。我們的新聞稿副本已發佈到我們網站的投資者關係頁面以供參考。本次電話會議中討論的非公認會計原則財務指標已與美國公認會計原則相當，可以在我們今天下午發布的新聞稿中找到。

With that, I'll turn the call over to our CEO. Christian, go ahead.

這樣，我會將電話轉給我們的執行長。克里斯蒂安，繼續吧。

Thank you, Bronson, and thanks everyone for joining us today. I'm going to start with a discussion of our strategy and then turn to the third quarter. Spruce's core strategy is to be the dominant long-term owner and operator of distributed energy assets. Our business model is straightforward.

謝謝布朗森，也謝謝大家今天加入我們。我將首先討論我們的策略，然後轉向第三季。雲杉的核心策略是成為分散式能源資產的主導長期所有者和營運商。我們的商業模式很簡單。

First, we create and sell clean electricity through our growing portfolio of home solar assets. Our underlying value proposition for our customers is that we provide consistent energy savings month after month compared to the inflation of utility retail rates. Over time as customers savings grow, especially in the expensive coastal markets, their appreciation for solar grows too.

首先，我們透過不斷增長的家用太陽能資產組合來創造和銷售清潔電力。我們對客戶的基本價值主張是，與公用事業零售費率的通膨相比，我們每月都能提供一致的節能效果。隨著時間的推移，隨著客戶儲蓄的增加，尤其是在昂貴的沿海市場，他們對太陽能的欣賞也會增加。

Second, we deliver power services to our customers at high margin economics through our integrated servicing platform. Having regular repeated touch points with customers has enabled Spruce to achieve industry leading customer satisfaction scores.

其次，我們透過綜合服務平台以高利潤經濟效益為客戶提供電力服務。與客戶定期重複接觸使 Spruce 獲得了行業領先的客戶滿意度分數。

Third, we capitalize on revenue opportunities, enrich environmental commodities markets across our footprint. As policies in most of our 18 state markets have shifted to be even more pro solar, the sale of renewable energy credits has been Spruce's fastest growing segment. This owner-operator model, combined with our low cost customer acquisition strategy positions us both for long-term recurring revenue and for highly profitable growth across most interest rate and economic scenarios.

第三，我們利用收入機會，豐富我們足跡中的環境商品市場。由於我們 18 個州市場中大多數的政策已經轉向更加支持太陽能，可再生能源信用額的銷售一直是 Spruce 成長最快的領域。這種所有者經營者模式與我們的低成本客戶獲取策略相結合，使我們能夠在大多數利率和經濟情境下獲得長期經常性收入和高利潤成長。

Let's turn to the third quarter. I want to anchor my discussion with two metrics The first is cash. This quarter, we generated positive cash. Combined with just shy of 500,000 shares repurchased in our share repurchase program, our net cash per share increased by 4%, excluding cash settlements that are expected to reserve on few legal matters that Sarah will discuss.

讓我們把目光轉向第三季。我想用兩個指標來討論我的討論。第一個是現金。本季度，我們產生了正現金。加上我們在股票回購計劃中回購的近 500,000 股股票，我們的每股淨現金增加了 4%，其中不包括預計為莎拉將討論的少數法律問題保留的現金和解金。

Our net cash per share is $9.14 at the end of the third quarter. Over the next few quarters, we'll focus on growing both our adjusted EBITDA and free cash flow as well as either preserving our cash position or using it to buy multiyear cash flow streams at attractive prices.

第三季末，我們每股淨現金為 9.14 美元。在接下來的幾個季度中，我們將專注於增加調整後的 EBITDA 和自由現金流，並保持我們的現金狀況或用它以有吸引力的價格購買多年現金流。

The second metric of customer satisfaction. Our trailing year customer satisfaction score rose to a record 76%. That measures repeated interactions to establish the customer trust necessary to solve the next product or service. Three years ago, that level sat at about 50%. Our analysis showed that 70% will be the industry's leading operator, and at 80%, we'd be ready to ramp up follow-on sale. So here we go. In 2024, we're aiming for 80% customer satisfaction and expanding the sale of power products and services.

第二個指標是顧客滿意度。去年我們的客戶滿意度得分升至創紀錄的 76%。它衡量重複的交互，以建立解決下一個產品或服務所需的客戶信任。三年前，這一水準約為 50%。我們的分析表明，70% 的公司將成為行業領先的營運商，而 80% 的公司將準備好增加後續銷售。那麼我們就開始吧。到 2024 年，我們的目標是實現 80% 的客戶滿意度，並擴大電力產品和服務的銷售。

Let's get a general update in operation, current growth initiatives, and capital markets. In operations, Spruce facilitates solar electricity consumed by about 80,000 households across 18 states. Our servicing team delivered outstanding execution of Texas based customer support, customer billing, collections, asset management, and the technology infrastructure that links these functions together.

讓我們了解一下營運、當前成長計畫和資本市場的整體更新。在營運中，Spruce 為 18 個州約 80,000 個家庭提供太陽能電力。我們的服務團隊在德州的客戶支援、客戶計費、收款、資產管理以及將這些功能連接在一起的技術基礎設施方面表現出色。

Done well, this provides a great experience for our customers and supports growth in adjusted EBITDA to pay down project debt and add to our cash. As I mentioned, our customer satisfaction score is 76%, up strongly from last year's 61%. Our Google review rating was 3.7 last quarter, lifting our cumulative score to a high watermark level today of 2.3, and on-time customer payment rates, which usually track customer satisfaction increased a strong 60 basis points in one quarter.

如果做得好，這將為我們的客戶提供良好的體驗，並支持調整後 EBITDA 的成長，以償還專案債務並增加我們的現金。正如我所提到的，我們的客戶滿意度得分為 76%，比去年的 61% 大幅上升。上季度我們的 Google 評論評級為 3.7，將我們的累計得分提升至今天的 2.3 的高水位線，而通常跟踪客戶滿意度的按時客戶付款率在一個季度內強勁增長了 60 個基點。

These improvements in customer satisfaction are coming with investments in technology and customer facing personnel across customer operations. In the third quarter, we rolled out our enterprise data warehouse, which links all our IT systems of record and gives us unprecedented internal collaboration tools. And we continue to execute on the rollout of our first field services team that we announced last quarter. The field services program is initially focused on New Jersey and California.

客戶滿意度的這些提高來自於整個客戶營運中對技術和麵向客戶的人員的投資。第三季度，我們推出了企業資料倉儲，它連結了我們所有的 IT 記錄系統，並為我們提供了前所未有的內部協作工具。我們繼續執行上季宣布的第一個現場服務團隊的部署。現場服務計劃最初集中在新澤西州和加利福尼亞州。

Why have teams in the field? Three reasons come together. First, to provide a better customer experience in some of our most dense markets when there is a service call. Second, to optimize the efficiency of creating and monetizing SRX in these valuable markets. And third, to have teams in place to install retrofit batteries as we ramp up customer power sales later in 2024.

為什麼要在現場設立團隊？三個原因綜合在一起。首先，在接到服務電話時，在一些最密集的市場中提供更好的客戶體驗。其次，優化在這些有價值的市場中創建 SRX 和貨幣化的效率。第三，隨著我們在 2024 年稍後增加客戶電力銷售，組建團隊來安裝改造電池。

Next, let me address the performance of our assets. Our Q3 performance ratio, which is the production compared to the theoretical maximum to be installed solar panels, with 89%. Lower performance reflects high rainfall on both the East and West Coast at the beginning of the summer. Yet our weather-adjusted performance ratio is 101% year to date. So overall, the portfolio is doing great and generating strong cash flows.

接下來，讓我談談我們資產的表現。我們的第三季性能比（即產量與理論最大安裝太陽能板相比）為 89%。較低的表現反映了夏初東海岸和西海岸的高降雨量。然而，今年迄今為止，經天氣調整後的績效率為 101%。總體而言，該投資組合表現出色，並產生強勁的現金流。

We expect run rate annual cash inflows of between $120 million and $130 million. This is largely supported by recurring revenues and investment cash flows from our residential solar portfolio that has a 12-year remaining average contract life.

我們預計年度現金流入額將在 1.2 億至 1.3 億美元之間。這在很大程度上得益於我們住宅太陽能投資組合的經常性收入和投資現金流，該投資組合的剩餘平均合約壽命為 12 年。

Next is our growth initiatives. Our customer acquisition strategy as a compelling competitive advantage grows and carry a high fixed cost sales force. We add customers through the purchase of existing residential solar portfolios. This keeps customer acquisition costs low, and we never feel compelled to overpay for growth.

接下來是我們的成長舉措。我們的客戶獲取策略作為一項引人注目的競爭優勢不斷發展，並擁有一支高固定成本的銷售團隊。我們透過購買現有的住宅太陽能產品組合來增加客戶。這使得客戶獲取成本保持在較低水平，我們從不覺得有必要為成長付出過高的代價。

In Q3, we closed on two deals. The first in August was for about 2,400 contracted customers in the credit card portfolio, a deal that exceeded our equity return target of 18% IRR. We also bought out one of our tax equity joint venture partners in a small tuck-in deal that we project is over 30% IRR. Over the last year, we've acquired the cash flows from about 25,000 rooftops for a 49% growth year on year.

第三季度，我們完成了兩筆交易。 8 月的第一筆交易涉及信用卡投資組合中約 2,400 名簽約客戶，這筆交易超出了我們 18% IRR 的股本回報目標。我們也透過一項小型交易收購了我們的一家稅務股權合資夥伴的股份，我們預計該交易的內部收益率將超過 30%。去年，我們從約 25,000 個屋頂獲得了現金流，年增 49%。

Our M&A team is still busy looking at deals. Renewable power markets, especially for installers, seem to have liquidity concerns with higher interest rates and the capital markets pulling back in that environment. We adopt Warren Buffet style logic. Since we have cash, higher IRRs, it's like having recurring cash flows on sale. Spruce is known as a strong buyer in secondary markets, and we stand ready for installers, we need to recycle capital through portfolio sales.

我們的併購團隊仍在忙於尋找交易。再生能源市場，尤其是安裝商，似乎對利率上升和資本市場在這種環境下回落的流動性感到擔憂。我們採用華倫‧巴菲特式的邏輯。由於我們有現金，內部收益率較高，這就像出售經常性現金流一樣。雲杉在二級市場上被稱為強大的買家，我們已經為安裝商做好了準備，我們需要透過組合銷售來回收資金。

Apart from acquisitions, we also pursue organic growth opportunities to increase revenue per customer. First, Spruce's environmental commodities market business is firing on all cylinders. In Q3, cash inflows ticked up 25% sequentially as our ECM group found more opportunities to mint and sell renewable energy credits from our assets across the US. We like this business's ability to add cash returns on assets we already own.

除了收購之外，我們還尋求有機成長機會，以增加每位客戶的收入。首先，雲杉的環保商品市場業務正全速運轉。第三季度，現金流入連續成長 25%，因為我們的 ECM 團隊發現了更多機會從我們在美國各地的資產中鑄造和銷售再生能源信貸。我們喜歡該業務能夠為我們已有的資產增加現金回報。

Second, we see increased demand for retrofit battery installations. This is largely in California due to that state's net metering rules. We aren't yet budgeting for large battery lease revenue, which was just a couple of hundred thousand dollars in 2023. We anticipate both scaling the slots at the end of 2024 to a more meaningful level.

其次，我們看到改裝電池安裝的需求增加。這主要是由於加州的淨計量規則造成的。我們尚未為大型電池租賃收入製定預算，到 2023 年，該收入僅為數十萬美元。我們預計到 2024 年底，雙方都會將租賃時段擴大到更有意義的水平。

Third, in the next three months, we'll launch Spruce Pro, a new brand focused on selling services to the commercial and industrial segments.

第三，在接下來的三個月裡，我們將推出 Spruce Pro，一個專注於商業和工業領域銷售服務的新品牌。

Next, I'll cover Spruce's capital and financing strategy in funding growth. Residential solar assets naturally support looking seem like high levels of project level debt due to contracted cash flows coming from our customer base with a weighted average FICO score greater than 750, but it's really apples to oranges to compare it to installers. Fundamentally, installers are not our peers and it doesn't work to use the same financial analysis.

接下來，我將介紹 Spruce 在融資成長方面的資本和融資策略。住宅太陽能資產自然支持看似高水平的項目級債務，因為合約現金流來自我們的客戶群，加權平均 FICO 分數高於 750，但與安裝商相比，這確實是蘋果與橘子的區別。從根本上說，安裝人員不是我們的同行，使用相同的財務分析是行不通的。

We lock in debt that is non-recourse. We don't use any convertible debt and above all, we protect our cash position, which again stood at a net $9.14 per share at the end of the quarter. We have historically used senior loans to pay for between 75% and 85% of the acquisition cost of our residential solar portfolios. Previously, we've used even higher advance rates through a mezzanine debt facility, but we haven't expanded that since becoming a public company.

我們鎖定無追索權的債務。我們不使用任何可轉換債務，最重要的是，我們保護我們的現金頭寸，截至本季末，現金頭寸再次達到每股 9.14 美元淨值。我們歷來使用高級貸款來支付住宅太陽能投資組合 75% 至 85% 的購買成本。在此之前，我們透過夾層債務融資使用了更高的預付款利率，但自從成為上市公司以來，我們沒有擴大這個範圍。

The debt markets for seasoned assets are still very robust. In fact, in the new deals we're looking at now, lenders have been offering us more money than we want to take because our portfolios have such strong performance history. I'm not saying we're going to raise our debt levels just because we can. Yeah, we do like having untapped debt capacity as a backup liquidity source.

成熟資產的債務市場仍然非常強勁。事實上，在我們現在關注的新交易中，貸方向我們提供的資金超出了我們的預期，因為我們的投資組合有著如此強勁的業績歷史。我並不是說我們會因為有能力而提高債務水準。是的，我們確實喜歡將未開發的債務能力作為備用流動性來源。

Now tying our liquidity profile to our growth. Spruce is only funded to achieve our near-term goal of reaching a customer contract portfolio of [90,000] by the end of 2024. In fact, that's already baking in reducing our growth rate from 49% over the past year to about 20% annual growth going forward. With a disciplined approach to acquisition, we aren't afraid to wait and preserve cash, calling it T-bill and chill.

現在將我們的流動性狀況與我們的成長聯繫起來。 Spruce 獲得的資金只是為了實現我們的近期目標，即到 2024 年底達到 [90,000] 個客戶合約組合。事實上，這已經導致我們的成長率從過去一年的 49% 降至每年約 20%未來的增長。透過嚴格的收購方式，我們不怕等待並保留現金，稱之為國庫券和冷靜。

We can make acquisitions still that exceed our 18% investment return hurdle. Finally, before handing over to Sarah to walk through financials, I want to preview the significant headway in moving past several transitional tasks associated with our merger with XL Fleet last year.

我們仍然可以進行超過 18% 投資回報門檻的收購。最後，在交給 Sarah 介紹財務狀況之前，我想預覽我們去年與 XL Fleet 合併相關的幾項過渡任務所取得的重大進展。

First in September, we reached an $11 million settlement with the SEC, and we hope to reach settlements soon in the previously disclosed shareholder lawsuits in New York and Delaware. We're glad to turn the page on those and get clarity on their financial impact.

首先是在 9 月份，我們與 SEC 達成了 1,100 萬美元的和解，我們希望能夠在先前披露的紐約和特拉華州股東訴訟中盡快達成和解。我們很高興翻開這些問題並清楚地了解它們的財務影響。

Second, we executed a one for eight reverse stock split in early October to get out a penny stock status and address the NYSE continued listing standard.

其次，我們在 10 月初執行了 1:8 反向股票分割，以擺脫低價股地位並滿足紐約證券交易所的持續上市標準。

Third, we finished most of the efficiency steps following a merger. There are just two people from XL Fleet left at Spruce and nearly all the duplicate systems are shut down. Plainly said, M&A is our core competency, and we're running a textbook post-merger integration; fast and focused on harvesting savings.

第三，我們完成了合併後的大部分效率步驟。 XL 車隊只剩下兩人留在雲杉，幾乎所有重複系統都被關閉。說穿了，併購是我們的核心競爭力，我們正在做教科書般的併購後整合；快速並專注於節省成本。

As a final remark since our entrance into public markets last fall, we've grown our base of solar assets and contracts leading to meaningful growth in cash flows. Going forward, we have no equity capital needs through at least 2025, while still meeting our growth targets, still increasing EBITDA, and still increasing free cash flow.

作為自去年秋天進入公開市場以來的最後一句話，我們已經擴大了太陽能資產和合約的基礎，從而導致了現金流的顯著增長。展望未來，至少到 2025 年，我們沒有股權資本需求，同時仍能實現我們的成長目標，仍增加 EBITDA，並仍增加自由現金流。

At the obvious point that I'll keep repeating, we're trading far below that net cash position of $9.14 per share, even as our operations and acquisition returns are hitting all-time levels.

我將繼續重複的一個顯而易見的事實是，儘管我們的營運和收購回報率達到了歷史最高水平，但我們的交易價格仍遠低於每股 9.14 美元的淨現金頭寸。

With that, I'll hand the call over to Sarah to walk through financials

這樣，我會將電話轉交給莎拉，讓她了解財務狀況

Thanks, Christian. Before getting to the quarterly results, I'd like to quickly address a few housekeeping items that impacted our financial reporting. Consistent with the prior few quarters, Legacy XL businesses, Drivetrain and XL Grid are presented as discontinued operations within our financials. These legacy businesses were divested in the first quarter of 2023, and we do not expect any material expenses going forward related to discontinued operations.

謝謝，克里斯蒂安。在公佈季度業績之前，我想快速解決一些影響我們財務報告的內務事項。與前幾季一致，Legacy XL 業務、傳動系統和 XL Grid 在我們的財務資料中被列為已終止業務。這些遺留業務已於 2023 年第一季剝離，我們預計未來不會出現任何與已終止業務相關的材料費用。

Our continuing operating results in the third quarter reflects certain expenses related to XL Fleet, notably legal expenses related to the previously disclosed SEC inquiry and related shareholder losses. An update on these matters. During the third quarter, Spruce announced the resolution of the SEC inquiry of XL Fleet, the settlement of $11 million civil penalty was paid in October.

我們第三季的持續經營業績反映了與 XL Fleet 相關的某些費用，特別是與先前揭露的 SEC 調查和相關股東損失相關的法律費用。有關這些事項的最新情況。第三季度，Spruce宣布了SEC對XL Fleet的調查的決議，並於10月支付了1,100萬美元的民事罰款。

Also during the third quarter, Spruce reached an agreement in principle with respect to the previously disclosed securities class action lawsuit filed in the Federal District Court for the Southern District of New York related to the 2020 merger of Spruce's predecessor company, XL Fleet Corp has settled the matter for $19.5 million, subject to agreement on documentation and court approval.

同樣在第三季度，Spruce 就先前披露的向紐約南區聯邦地方法院提起的與 Spruce 前身公司 XL Fleet Corp 2020 年合併有關的證券集體訴訟達成了原則協議，並已和解該案的賠償金額為1,950萬美元，但須就文件達成協議並獲得法院批准。

Additionally, Spruce determined it is able to estimate its exposure in the previously disclosed securities class action lawsuit filed in the Delaware Court of Chancery related to the 2020 merger and its predecessor company XL Fleet Corp. Spruce estimates a settlement amount of approximately $300,000.

此外，Spruce 確定能夠估計其在先前披露的向特拉華州衡平法院提起的與2020 年合併及其前身公司XL Fleet Corp 相關的證券集體訴訟中所面臨的風險。Spruce 估計和解金額約為300,000 美元。

Collectively, these three items, total cash costs, and reserves of $30.8 million. Spruce expects these settlement amounts to be offset by approximately $4.5 million of related insurance reimbursements for total cash costs and reserves at $26.3 million. Please note that these net settlement amounts have been recognized on a GAAP basis in third quarter financials. The net settlement amounts will be funded with corporate cash, which stood at $193 million at quarter end. So the net cash position would be $166 million.

這三項合計現金成本和儲備金為 3,080 萬美元。 Spruce 預計這些和解金額將被約 450 萬美元的相關保險報銷所抵消，現金成本和準備金總額為 2,630 萬美元。請注意，這些淨結算金額已在第三季財務資料中根據公認會計準則 (GAAP) 予以確認。淨和解金額將由公司現金提供，截至季末公司現金為 1.93 億美元。因此淨現金部位將為 1.66 億美元。

Moving to third quarter financial results. Third quarter revenue was $23.3 million, up 2% from the second quarter's $22.8 million. Revenue was higher, primarily due to incremental revenues related to the acquisition of 2,400 residential solar systems and contracts that we announced in August, as well as higher quarter-over-quarter revenues from solar renewable energy credit sales. The increase was partially offset by lower PPA revenue due to the previously discussed weather impact during the quarter.

轉向第三季財務業績。第三季營收為 2,330 萬美元，比第二季的 2,280 萬美元成長 2%。收入增加，主要是由於我們在 8 月宣布收購 2,400 個住宅太陽能係統和合約相關的增量收入，以及太陽能再生能源信貸銷售的季度環比收入增加。這一增長被先前討論的本季天氣影響導致的購電協議收入下降所部分抵消。

Third quarter core OpEx, which includes both the company's SG&A and the portfolio's O&M, was $15.9 million compared to $19 million in the second quarter. Portfolio O&M expenses increased to $3.5 million in the third quarter from $3 million in the second quarter. The sequential increase is tied to continued investment in our meter upgrade campaign as we replace legacy meters across our fleet to maintain the most efficient fleet as possible as well as moderate shortfall payments.

第三季核心營運支出（包括該公司的 SG&A 和投資組合的營運與維護）為 1,590 萬美元，而第二季為 1,900 萬美元。投資組合營運和維護費用從第二季的 300 萬美元增加到第三季的 350 萬美元。這一連續成長與我們對儀表升級活動的持續投資有關，因為我們更換了整個車隊的舊儀表，以盡可能保持最高效的車隊以及適度的缺口支付。

SG&A expenses increased significantly to $12.4 million in the third quarter from $16 million in the second quarter. Just to be clear, SG&A expenses excluding legacy XL Fleet legal items for $14.3 million in the third quarter, a slight increase from $13 million in the second quarter. The increase to core SG&A is largely tied to nonrecurring IT spend and deal acquisition costs. Net loss attributable to stockholders was $19.3 million in the third quarter. And again, just to be clear, excluding the legacy XL fleet legal items, you would have seen net income of $5.1 million in the third quarter.

第三季的 SG&A 費用從第二季的 1,600 萬美元大幅增加至 1,240 萬美元。需要明確的是，第三季的 SG&A 費用（不包括遺留的 XL Fleet 法律項目）為 1,430 萬美元，比第二季的 1,300 萬美元略有增加。核心 SG&A 的增加很大程度上與非經常性 IT 支出和交易獲取成本有關。第三季股東淨虧損為 1,930 萬美元。再次強調，如果不包括遺留的 XL 機隊合法項目，第三季的淨利潤將達到 510 萬美元。

Adjusted EBITDA totaled $7 million. Adding in the cash flow from Spruce Power core portfolio, which in our financials is called proceeds from investment in lease agreements, brings the total to $14.9 million. In measuring the value of our long-term solar assets and contracts, we provided metrics on gross and net portfolio values, which represent the present value of the remaining net cash flows from customers. Using a base case of 6%, our gross portfolio value was $973 million. After adjusting for non-recourse debt and cash balances, our net portfolio value was $509 million.

調整後 EBITDA 總計 700 萬美元。加上 Spruce Power 核心投資組合的現金流（在我們的財務數據中稱為租賃協議投資收益），總額達到 1,490 萬美元。在衡量我們的長期太陽能資產和合約的價值時，我們提供了投資組合總價值和淨值的指標，這些指標代表了來自客戶的剩餘淨現金流量的現值。使用 6% 的基本情況，我們的投資組合總價值為 9.73 億美元。調整無追索權債務和現金餘額後，我們的投資組合淨值為 5.09 億美元。

Next, I'll recap our capital and liquidity position. As of September 30, 2023, we had cash and cash equivalents of approximately $193 million. This compares favorably to approximately $192 million at the end of the second quarter. The positive change in sequential cash is primarily attributable to strong performance from recent acquisitions and the decline in expenses tied to legacy XL Fleet, namely legal expenses. The total principal balance of long-term debt was $657 million as of September 30, 2023, up from $644 million.

接下來，我將回顧我們的資本和流動性狀況。截至 2023 年 9 月 30 日，我們擁有現金和現金等價物約 1.93 億美元。與第二季末的約 1.92 億美元相比，這一數字相當不錯。連續現金的正面變化主要歸因於最近收購的強勁業績以及與傳統 XL Fleet 相關的費用（即法律費用）的下降。截至 2023 年 9 月 30 日，長期債務本金餘額總額為 6.57 億美元，高於 6.44 億美元。

The sequential increase is attributable to debt raise alongside our latest acquisition this past August through upsizing our existing SBQ facility and offset by scheduled principal amortization across our debt facilities. Renewable power markets are broadly facing pressure on concerns about higher interest rates, so I'd like to address that.

環比成長歸因於債務融資以及我們去年 8 月透過擴大現有 SBQ 融資規模進行的最新收購，並被我們債務融資的預定本金攤銷所抵消。再生能源市場普遍面臨利率上升帶來的壓力，所以我想解決這個問題。

As detailed in our 10-Q recent debt stack consists of four project finance facilities that support 13 of our residential solar portfolio acquisitions made since late 2018. We also have a mezzanine facility that was entered into when the company was private. All of these facilities are supported by project level cash flows at a non-recourse dispersed corporate level. Spruce has zero corporate level debt. We have no loans coming to term until late 2025.

正如我們10-Q 近期債務堆疊中所詳述的，包括四個專案融資便利，這些便利支持我們自2018 年底以來進行的13 個住宅太陽能投資組合收購。我們還有一個夾層便利，是在公司私有時簽訂的。所有這些設施均由無追索權分散企業層級的專案級現金流支持。雲杉的企業級債務為零。直到 2025 年末，我們都沒有到期貸款。

The weighted average blended all-in rate for our debt profile was approximately 5.7% as of 9/30. Additionally, we have effectively hedged away floating rate exposure with 97% of our debt profile hedge at quarter end with mark-to-market on our swaps at 9/30, a positive $44 million. An important attribute of our swap positions is that the maturities of our swaps extend beyond the stated maturity on the underlying credit facilities, a common element of project finance structuring. All of our swap positions extend into the early 2030s.

截至 9/30，我們債務狀況的加權平均混合總利率約為 5.7%。此外，我們在季度末以 97% 的債務狀況對沖有效地對沖了浮動利率風險，並以 9/30 的市價計價掉期，淨收益為 4,400 萬美元。我們掉期部位的一個重要屬性是，我們掉期的期限超出了基礎信貸安排的規定期限，這是專案融資結構的常見要素。我們所有的掉期部位都會延續到 2030 年代初。

Put simply, in a refinance event of existing credit facilities need be, we can carry over and swap positions to refinance facilities, providing significant protection to then prevailing market reference rates. We have this protection for all of our senior credit facilities through another refinancing cycle. And to reiterate, our nearest maturity facility is in the back half of 2025.

簡而言之，在需要對現有信貸設施進行再融資的情況下，我們可以將頭寸結轉到再融資設施中，從而為當時的市場參考利率提供重大保護。我們透過另一個再融資週期為所有高級信貸安排提供這種保護。重申一下，我們最近的到期日是 2025 年下半年。

As far as bank reference rate, the weighted average margin from our senior credit facility is attractive at about 250 basis points. This is actually in line with the indicative pricing that you're seeing today in the market.

就銀行參考利率而言，我們優先信貸額度的加權平均利潤率約為 250 個基點，頗具吸引力。這實際上與您今天在市場上看到的指示性定價一致。

To land the plane here, the highly predictable long-term cash flow profile of our solar assets provides adequate coverage of our long term debt facilities. Our assets inherently support the ability to refinance and Spruce's current assets has adequate protections against prevailing market reference rates over the medium term with swaps into the early 2030s.

為了讓飛機降落在這裡，我們太陽能資產的高度可預測的長期現金流狀況為我們的長期債務融資提供了足夠的保障。我們的資產本質上支持再融資能力，並且 Spruce 的流動資產在中期內針對現行市場參考利率提供了充分的保護，並在 2030 年代初期進行掉期。

We currently do not envision any scenario in which corporate balance sheet cash would need to be injected into a portfolio company to support underlying project finance structures. Instead, we are watching a normal paydown of our debt balance through our scheduled principal payments.

我們目前預計不會出現任何需要向投資組合公司注入企業資產負債表現金以支持基礎專案融資結構的情況。相反，我們正在透過預定的本金支付來觀察債務餘額的正常償還。

My final comments are on our share repurchase program. During the third quarter, we repurchased approximately 500,000 shares for $3.4 million. At quarter end, there was $45 million remaining under our $50 million program. Our Board of Directors continually reassess the repurchase program as a use of capital.

我的最後評論是關於我們的股票回購計劃。第三季度，我們以 340 萬美元回購了約 50 萬股股票。截至季末，我們的 5,000 萬美元計劃還剩 4,500 萬美元。我們的董事會不斷重新評估回購計畫作為資本的使用。

With that, I'll hand the call over to the operator for questions.

這樣，我會將電話轉交給接線生詢問問題。

(Operator Instructions) Tristan Richardson, Scotiabank.

（操作員指示）Tristan Richardson，豐業銀行。

Hi, good afternoon. Christian, you mentioned in your prepared comments about seeing a target-rich environment and -- the pivot towards TPO bolsters the pipeline. Certainly, we've seen some stress in the ecosystem, particularly in long-tail maybe with installers. Can you talk about the M&A landscape, how it's changed versus maybe a year ago, and in certainly in the context of your 90,000 customer goal by the end of '24?

嗨，下午好。 Christian，您在準備好的評論中提到，看到目標豐富的環境，並且轉向 TPO 可以加強管道。當然，我們已經看到生態系統中存在一些壓力，特別是在安裝人員的長尾方面。您能否談談併購情勢，與一年前相比有何變化，以及在 24 年底實現 90,000 名客戶目標的背景下？

Sure. Tristan, thanks for joining. We grew by 49% over the last year. So clearly that target-rich environment has enabled us to grow pretty well over the past year. Looking forward, we have about 75,000 owned systems -- to measure used two different numbers, we say 80,000, that's the number of service systems because we do some third party. So when I talk about getting to 90,000 by the end of 2024, which I've been consistent on since the beginning of this year. I'm going to reiterate that affirm that we're headed do we think we can get to 90,000, that's about 20% growth.

當然。特里斯坦，感謝您的加入。去年我們成長了 49%。很明顯，目標豐富的環境使我們在過去的一年中取得了良好的發展。展望未來，我們擁有大約 75,000 個自有系統——用兩個不同的數字來衡量，我們說 80,000 個，這是服務系統的數量，因為我們做了一些第三方。因此，當我談到 2024 年底達到 90,000 人時，我自今年年初以來一直堅持這一目標。我要重申，我們認為我們的目標是達到 90,000 人，即約 20% 的成長。

And so while I continue to think, hey, this is a target rich environment that actually would enable us to slow down growth a little bit to a more moderate 20% and still hit those numbers. In terms of what we're seeing, I think of the pipeline of installers and what they are producing on the PPA and lease that is the TPO, or third party owned approach to financing and putting these on customers' homes.

因此，雖然我繼續認為，嘿，這是一個目標豐富的環境，實際上可以使我們將成長稍微放緩至更溫和的 20%，但仍能達到這些數字。就我們所看到的情況而言，我想到了安裝商的管道以及他們在 PPA 和租賃（即 TPO）上生產的產品，即第三方擁有的融資方法並將其安裝在客戶的房屋上。

And so we've got now going to draw from and things that some of my ArCom upstream peers had the US dollar does have identified -- We may be seeing some softening nationwide, perhaps 10% looking forward to the next year. However, the that is way more than offset by the swing toward PPAs and leases that have gone from, I don't know, 30% or 40% to upwards of 65% or 70% of that market.

因此，我們現在要藉鏡一些 ArCom 上游同行所確定的美元走勢——我們可能會看到全國範圍內出現一些疲軟，明年可能會出現 10% 的疲軟。然而，這遠遠被購電協議和租賃的波動所抵消，我不知道這些市場的份額已從 30% 或 40% 上升到 65% 或 70% 以上。

So there are even more of our core business targets being created today than there were before. And we anticipate that that will continue going forward. That is the forward supply outstrips what we had a year or two ago.

因此，我們今天制定的核心業務目標比以前更多。我們預計這種情況將持續下去。也就是說，遠期供應量超過了一、兩年前。

And the final piece, I would say that this is that we are currently in bilateral negotiation on over 10,000 different home systems and contracts. There is no guarantee that any of those 10,000 will come to fruition and the deal will on. But our pipeline, we always keep it stocked were constantly in negotiation with various installers and owners of assets that are looking for liquidity for some reason or perhaps even setting up something programmatically for repeat sales going forward to us.

最後一點，我想說的是，我們目前正在就 10,000 多個不同的家庭系統和合約進行雙邊談判。無法保證這 10,000 項計劃中的任何一項都會實現，交易也會繼續進行。但我們的管道，我們總是保持庫存，不斷與各種安裝人員和資產所有者進行談判，他們出於某種原因正在尋求流動性，甚至可能以編程方式設置一些東西，以便重複銷售給我們。

So I don't typically go into any more detail on our pipeline just because those are active negotiations. But I do want to give that sort of transparency to add 20%, that's 15,000 more. And with the pipeline that involves 10,000 right now, we feel pretty good.

因此，我通常不會僅僅因為這些是積極的談判而詳細介紹我們的管道。但我確實想增加 20% 的透明度，即增加 15,000 個。目前涉及 10,000 人的管道，我們感覺非常好。

I appreciate the context. And then maybe just to your prepared comments around field services and that initiative on can you talk about how this helps the platform and/or the P&L? I mean, I think these are certainly capital-light customers I assume. Do these contribute to these high margin customers? And then how do you think about them from an O&M perspective just in the context of pushing folks out into the field, making calls, rolling trucks etc.?

我很欣賞這個背景。然後也許只是針對您準備好的現場服務和該倡議的評論，您能否談談這對平台和/或損益有何幫助？我的意思是，我認為這些肯定是輕資本客戶。這些對這些高利潤客戶有貢獻嗎？那麼，在將人員推向現場、撥打電話、滾動卡車等背景下，您如何從運維的角度考慮它們？

Yea, let me put this in the context of three different things. One, we are protecting revenue. One of the fastest-growing segments that we have is our environmental commodities markets. Put more plainly to market insiders, that's the SRX, solar, renewable energy credits. The other states have slightly different names for them, but broadly, the SRX markets we are seeing -- millions of dollars of growth and they're really active in those core markets that we're talking about. California and New Jersey, the places where we're initially looking at field services.

是的，讓我把這個放在三個不同的事情的背景下。第一，我們正在保護收入。我們成長最快的領域之一是我們的環境商品市場。對市場內部人士來說，更簡單地說，就是 SRX、太陽能、再生能源積分。其他州的名稱略有不同，但總的來說，我們看到的 SRX 市場有數百萬美元的成長，而且它們在我們正在談論的核心市場中非常活躍。加州和新澤西州是我們最初考慮提供現場服務的地方。

The reason that I say it's protecting and enhancing that revenue stream is because there is a fair amount of the home systems that become non visible, if I could say it that way, that is the 3G meter shut down. And we've been clear about this getting our 3G meters upgraded to 4G, sometimes their Wi-Fi in places where we cell services is strong.

我之所以說它保護和增強了收入流，是因為有相當多的家庭系統變得不可見，如果我可以這樣說，那就是 3G 電錶關閉。我們已經明確表示，我們會將 3G 儀表升級到 4G，有時還會在我們的手機服務較強的地方升級 Wi-Fi。

And so getting the field services in place actually allows us to get to a home fast if we can't see it. There's a lot of reasons why you might not be able to see it maybe a cell phone signal. It may be a Wi-Fi signal -- change the password or something. So this this is a revenue side enhancement as well.

因此，現場服務到位實際上可以讓我們在看不見的情況下快速到達家中。導致您看不到它的原因有很多，可能是手機訊號。可能是Wi-Fi訊號－改密碼什麼的。所以這也是收入的增強。

On the cost side, though, we are looking at our most dense markets because a truck roll to a customer cost about $300. So if you do two or three of these a day, you're talking about $1,000 that you're going to pay somebody. When we stick with our O&M partners, the local electricians that are in the field. Of course, they have to have their profit margin on top of that as well.

不過，在成本方面，我們正在關注最密集的市場，因為送貨上門給客戶的成本約為 300 美元。因此，如果您每天執行其中兩到三項，那麼您將支付給某人 1,000 美元。當我們堅持與我們的維運合作夥伴、現場的當地電工合作。當然，除此之外，他們還必須有利潤率。

So when we start thinking about the utilization or asset utilization rates would be the way we think about this. Our most dense markets are going to keep small teams of our own field services folks engaged pretty much all the time, because of the density of our assets that we scaled up to. So we see both revenue protection enhancement and in those markets, our O&M cost should go down as we just save on not having to go to outside parties.

因此，當我們開始考慮利用率或資產利用率時，我們就會考慮這個問題。由於我們擴大的資產密度，我們最密集的市場將讓我們自己的現場服務人員組成的小團隊幾乎一直參與其中。因此，我們看到收入保護得到加強，並且在這些市場中，我們的營運和維護成本應該會下降，因為我們只需節省不必去找外部各方的費用。

Helpful. I appreciate the context. Thank you.

有幫助。我很欣賞這個背景。謝謝。

Joseph Osha, Guggenheim.

約瑟夫‧奧沙，古根漢。

Hi, Christian.

嗨，克里斯蒂安。

Hi Joe.

嗨喬。

You actually touched on in your comments just now something I wanted to amplify. I would think that there would be more installers now out there looking for not just moving portfolios in a one-off basis, but an ongoing monetization strategy. How do you view that and as you kind of think a year or two forward, could that that approach of really just being a liquidity pipeline as opposed to being out there? You'll have in your M&A guys, hunt for a deal here, a deal there. How important a piece of that business could that become?

實際上，您剛才在評論中提到了我想強調的一些內容。我認為現在會有更多的安裝者不僅尋求一次性的行動投資組合，而且尋求持續的貨幣化策略。您如何看待這一點？您認為未來一兩年，這種方法是否真的只是作為流動性管道而不是存在？你的併購人員會在這裡尋找交易，在那裡尋找交易。這對這項業務來說有多重要？

This could become really significant and it's in active enough conversation, we actually have an internal name for this, but I'll just go ahead and say from markets for the first time, we called it a programmatic off-taker agreement. We are actively talking with folks about being a programmatic off-taker. These are going to be installers that sort of as we call them super-regional installers. We're not talking about folks that are doing 200 or 500 systems a year. We're talking about some of the most dominant, consolidated installers, in their particular regions.

這可能會變得非常重要，並且正在進行足夠活躍的對話，我們實際上對此有一個內部名稱，但我將首先從市場上說，我們稱之為程序化承購協議。我們正在積極與人們討論成為程序化承購者。這些將是我們稱之為超級區域安裝程式的安裝程式。我們談論的不是那些每年開發 200 或 500 個系統的人。我們正在談論的是其特定地區中一些最具主導地位的綜合安裝商。

For those folks, we are a great partner because our M&A process is so sophisticated and irreplicable. Our cost of capital has only declined as we've gone from being a private to public company and so this is a direct adjacency to our M&A core competency to do this programmatic off-taker. And we are, I'll just say, in active conversations with some of those super-regional installers about connecting with them in that way. (multiple speakers)

對於這些人來說，我們是一個很好的合作夥伴，因為我們的併購流程非常複雜且無法複製。隨著我們從私人公司轉變為上市公司，我們的資本成本只會下降，因此這與我們進行程序性承購的併購核心能力直接相關。我只想說，我們正在與一些超級區域安裝商積極對話，討論以這種方式與他們建立聯繫。 （多個發言者）

It could be that it could be very significant. And I don't want to get out ahead of myself on where we might have success in setting up those relationships. But their need to know where these assets are going and not have them on the balance sheet, I think simply becomes more important as the cost of capital and the cost of warehousing rises for them. So we're trying to solve a known capital markets issue for the installers by getting them off their balance sheet faster, faster turns, enhanced their turns of capital, if you think about their model, and get it to our balance sheet as fast as possible.

這可能非常重要。我不想超前地討論我們在哪些方面可能會成功建立這些關係。但我認為，隨著資本成本和倉儲成本的上升，他們需要知道這些資產的去向，而不是將它們列入資產負債表，這變得更加重要。因此，我們正試圖為安裝商解決一個已知的資本市場問題，讓他們更快、更快地擺脫資產負債表，提高他們的資本週轉率，如果你考慮一下他們的模型，並儘快將其納入我們的資產負債表可能的。

We would still not be going up to prior to the installation. So that's where we'll differentiate ourselves from what some other folks are doing in the marketplace. These are folks that are still going to be able to create and put them on the rooftops so that by the time we acquired them, the cash flow is already going. The customer relationship is already done. The asset is already built.

我們仍然不會在安裝之前進行操作。因此，這就是我們與市場上其他人所做的事情的區別所在。這些人仍然能夠創造並將它們放在屋頂上，這樣當我們收購它們時，現金流已經開始了。客戶關係已經建立。該資產已建成。

Okay. That's -- I find it very interesting. And then second question, we hear a lot about how transferability might or might not impact residential. I'm just curious as to your thoughts and also whether there might be a role in facilitating ITC monetization that you guys could see yourselves playing?

好的。那是——我覺得這很有趣。第二個問題，我們聽到很多關於可轉讓性可能會或可能不會影響住宅的問題。我只是好奇你們的想法，以及你們是否可以在促進 ITC 貨幣化方面發揮自己的作用？

Well, again, you just attaching it to that last question of -- we don't intend to be doing programmatic off-taker with partners and then take ownership prior to the installation. And so that tax equity moment on from a policy perspective is attached to who owns it at the point that it comes into service. So those partnerships that we are in discussions with are folks that are sophisticated enough to have their own tax equity lined up or to your point, to begin to monetize the ITC and have that trade.

好吧，再說一遍，您只需將其附加到最後一個問題 - 我們不打算與合作夥伴進行程式化承購，然後在安裝之前取得所有權。因此，從政策角度來看，稅收公平的時刻取決於它投入使用時誰擁有它。因此，我們正在討論的那些合作夥伴都是足夠成熟的人，他們可以安排自己的稅收權益，或者按照你的觀點，開始將 ITC 貨幣化並進行交易。

So we are downstream by -- may be weeks or months from that moment. We are certainly aware and because of our environmental commodities markets group, we do have the ability to place and trade ITC as a read through. I would say we do get calls from folks that are interested in making that trade, and we typically are pointing them to against some of our upstream peers that will have those ITC. But certainly, if it came down to us, we have folks that are actively reaching on wanting to acquire them.

因此，從那一刻起，我們可能會在幾週或幾個月後處於下游。我們當然意識到，並且由於我們的環境商品市場團隊，我們確實有能力將 ITC 作為預讀進行放置和交易。我想說的是，我們確實接到了有興趣進行這項交易的人的電話，我們通常會向他們指出我們的一些上游同行將擁有這些 ITC。但當然，如果歸結於我們，我們有人正在積極尋求收購它們。

Yeah. The reason I ask is that obviously for a regular ITC world, there are lots of reasons in terms of size and lumpiness and whatnot, but that doesn't make sense. But I would think transferability you have to extend that kind metaphor you just talked about might actually provide an opportunity at that moment were to move a little further downstream. Because it is a less lumpy exercise, I guess.

是的。我問的原因是，顯然對於一個常規的 ITC 世界來說，在規模和塊度等方面有很多原因，但這沒有意義。但我認為可轉移性你必須擴展你剛才談到的那種比喻，實際上可能會在那一刻提供一個機會，即向下游移動一點。我想，因為這是一種不太複雜的練習。

Yeah, absolutely. We've sometimes thought, Joe, that one of the challenges to moving upstream to being an installer is the tax equity on it. So kudos to the policymakers for removing the moat. Strategically, we are not ready to say, hey, let's go ahead and cross that bridge that policymakers have created for us and head up toward installation. But certainly one of the key moats of being an installer, and that is the ability to get tax equity partners at scale. That moat just got filled in.

是的，絕對是。喬，我們有時會想，向上游成為安裝商的挑戰之一是稅收公平。因此，對拆除護城河的政策制定者表示敬意。從戰略上講，我們還沒準備好說，嘿，讓我們繼續前進，跨過政策制定者為我們搭建的那座橋樑，然後走向安裝。但毫無疑問，成為安裝商的關鍵護城河之一，就是能夠大規模獲得稅務股權合作夥伴。這條護城河剛剛被填平。

And I think folks can reach -- can compete in the installation market more readily Now we certainly could more readily. And yet you -- definitely were not looking at becoming an installer or getting upstream into the installers role.

我認為人們可以更容易地在安裝市場上競爭現在我們當然可以更容易地進行競爭。然而，您絕對沒有考慮成為安裝人員或上游安裝人員的角色。

Okay. Thank you. I appreciate that.

好的。謝謝。我很感激。

(Operator Instructions) Jordan Levy, Truist Securities.

（操作員指示）Jordan Levy，Truist 證券公司。

Hey, guys. This is Mo on for Jordan. Thanks for taking my questions. So piggyback on Christian's question on M&A. And so you guys have been talking about how low your customer acquisition cost has been. It appears that this strategy has worked out well for you guys and you did two acquisitions this year. So I'm just wondering, are you worried about or have you seen any other competitors or new entrants, that they're trying to be a copycat of your model?

大家好。這是喬丹的莫。感謝您回答我的問題。因此，請順應克里斯蒂安關於併購的問題。所以你們一直在談論你們的客戶獲取成本有多低。看來這個策略對你們來說效果很好，今年你們進行了兩次收購。所以我只是想知道，您是否擔心或您是否見過其他競爭對手或新進入者，他們試圖模仿您的模式？

Hi Mo, thanks for joining. We have not seen other entrants coming into the M&A space. To your point, it is extremely low cost of the cost of acquiring a customer at cash cost. Yeah, we've been doing this for five years now. And the failure rate of M&A is historically high for corporations that don't developed the M&A muscle memory, if you will. There's a lot that goes into M&A where there's technical accounting, the things that would be in Sarah -- Sarah's playing as a CFO to make sure she gets right.

嗨，莫，感謝您的加入。我們還沒有看到其他進入者進入併購領域。就您而言，以現金成本獲取客戶的成本是極低的。是的，我們這樣做已經五年了。對於那些沒有形成併購肌肉記憶的公司來說，併購的失敗率歷來都很高。併購中有很多涉及技術會計的內容，莎拉將擔任財務官，以確保她做對了。

This is complex stuff, the integration of multiple kinds of contracts -- installer peers, they have the luxury of knowing that all of their contracts are the same home transfer behaves exactly the same. It's why we've actually been investing money into our IT systems and making sure that we have a consistent customer experience, that is hard to do when you've got a lot of different flavors of PPAs and leases.

這是複雜的事情，多種合約的整合——安裝者同行，他們有幸知道他們的所有合約都是相同的家庭轉讓行為完全相同。這就是為什麼我們實際上一直在 IT 系統上投資，並確保我們擁有一致的客戶體驗，但當你有很多不同風格的購電協議和租賃時，這是很難做到的。

It's work that we've already accomplished. I would say that if somebody tried to step into the market, they called me up and said, what would you -- how would you recommend we do M&A? I would warn them off and say you need to be prepared for three or four years of really hard work, systems upgrades, service center upgrades before you try to do this.

這是我們已經完成的工作。我想說的是，如果有人試圖進入這個市場，他們會打電話給我說，你會怎麼建議我們進行併購？我會警告他們，並說在你嘗試這樣做之前，你需要做好三、四年的艱苦工作、系統升級、服務中心升級的準備。

So fundamentally, there's nothing that keeps people from it except that really hard work of being prepared to do it. I think it would take any one that's tried to step into the space a number of years to get to where we are. I'm going to say our moat sometimes is just that integrated servicing of such complex assets and diverse assets.

所以從根本上來說，除了準備去做的真正艱苦的工作之外，沒有什麼可以阻止人們這樣做。我認為任何嘗試進入這一領域的人都需要數年時間才能到達我們現在的位置。我想說，我們的護城河有時就是對如此複雜的資產和多樣化資產的綜合服務。

Great. Thanks for that detailed answer. So Sarah, maybe just a little one for you. You have affirmed your cash flow guidance of $120 million to $130 million run rate. So that's great. So can you maybe address the outlook and walk us through the puts and takes in your projection. Anything you should be aware of?

偉大的。感謝您的詳細回答。莎拉，也許只是給你一點點。您已確認現金流量指引為 1.2 億至 1.3 億美元運行率。那太好了。那麼，您能否談談前景並引導我們了解您的預測中的投入和投入。有什麼你該注意的嗎？

Sure, Hi, Mo. Thanks for that question. When I think about the top of the funnel, we will add about $105 million to $115 million coming in in customer collections, that would include the buyouts and the prepays that we see throughout the year. We have another $7 million to $8 million in renewable energy credits, the SRX that Christian spoke about previously, and then another $7 million to $8 million in interest on our cash.

當然，嗨，莫。謝謝你的提問。當我考慮漏斗的頂部時，我們將在客戶收款中增加約 1.05 億至 1.15 億美元，其中包括我們全年看到的買斷和預付款。我們還有另外 700 萬至 800 萬美元的再生能源信貸，即 Christian 之前談到的 SRX，然後還有另外 700 萬至 800 萬美元的現金利息。

That's invested, that gets you to the top. And then circling down for O&M and SG&A gets us down to that [$77 million] cash available for debt service that we've previously spoken about as kind of being in the middle. And then after loan interest and principal payments, we land at around $5 million to $10 million of normalized cash flows before any kind of additional CapEx, IT infrastructure, or meter swap initiatives.

這是投資，可以讓你達到頂峰。然後向下盤旋 O&M 和 SG&A，讓我們得出可用於償債的現金 [7700 萬美元]，我們之前曾說過這處於中間狀態。然後，在支付貸款利息和本金後，在任何額外的資本支出、IT 基礎設施或電錶交換計劃之前，我們的正常化現金流量約為 500 萬至 1000 萬美元。

That's helpful.

這很有幫助。

Thank you. At this time, there are no further questions. I will now turn the call back over to Bronson Fleig for closing remarks. Please go ahead.

謝謝。目前，沒有其他問題了。現在，我將把電話轉回給布朗森·弗萊格，讓其致閉幕詞。請繼續。

Thanks, operator. And thank you again for joining us today and for your continued support. If you have any questions, please contact me or our Investor Relations team. This concludes our call today. You may all disconnect.

謝謝，接線生。再次感謝您今天加入我們並感謝您的持續支持。如果您有任何疑問，請聯絡我或我們的投資者關係團隊。我們今天的電話會議到此結束。你們都可以斷開連線。