Spruce Power Holding Corp (SPRU) 2025 Q2 法說會逐字稿

Hello and thank you for standing by. My name is John and I will be your conference operator today. At this time, I would like to welcome everyone to the Spruce Power second quarter 2025 earnings results conference call.

您好，感謝您的耐心等待。我叫約翰，今天將擔任你們的會議接線生。在此，我謹代表 Spruce Power 公司歡迎各位參加 2025 年第二季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Scott Kozak, Director of Investor Relations. Please go ahead.

（操作員指示）現在我將會議交給投資者關係總監斯科特·科扎克。請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to Spruce Power's second quarter 2025 earnings conference call. Joining me today are Chris Hayes, Spruce's Chief Executive Officer; and Tom Simino, the company's Interim Chief Financial Officer.

謝謝接線生。各位下午好，歡迎參加 Spruce Power 2025 年第二季財報電話會議。今天與我一同出席的有 Spruce 的執行長 Chris Hayes；以及該公司的臨時財務長 Tom Simino。

Before we begin, I would like to remind you that we will comment on our financial performance using both GAAP and non-GAAP financial measures. Important information about these non-GAAP financial measures, including reconciliation to the comparable GAAP measures, is included in our earnings release for the second quarter of 2025, which has been posted on the Investor Relations page of our corporate website.

在開始之前，我想提醒各位，我們將使用GAAP和非GAAP財務指標來評論我們的財務表現。有關這些非GAAP財務指標的重要信息，包括與可比較GAAP指標的調節表，已包含在我們2025年第二季度的收益報告中，該報告已發佈在我們公司網站的投資者關係頁面上。

Our discussion will also include forward-looking statements. These statements are not statements of historical fact, reflect our current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed.

我們的討論還將包括一些前瞻性陳述。這些陳述並非歷史事實的陳述，而是反映了我們目前的預期，並受到風險和不確定性的影響，實際結果可能與所表達的結果有重大差異。

There can be no assurance that actual performance will not differ materially from any future expectations or results expressed or implied by these for lifting statements. We undertake no obligation to publicly revise or update any forward lifting statement except as required by applicable law.

不能保證實際業績不會與這些提振聲明中明示或暗示的任何未來預期或結果有重大差異。除適用法律要求外，我們不承擔公開修訂或更新任何遠期提貨聲明的義務。

Please refer to our earnings release and our other SEC filings for further discussion on Spruce Power's risk factors and other important information regarding our forward-looking statements. All comments made during today's call are subject to that Safe Harbor statement. With that, I will turn it over to Chris.

有關 Spruce Power 的風險因素以及有關我們前瞻性聲明的其他重要信息，請參閱我們的盈利報告和我們向美國證券交易委員會提交的其他文件。今天電話會議期間發表的所有評論均受該安全港聲明的約束。接下來，我將把麥克風交給克里斯。

Thanks, Scott and hello everyone. Spruce reported a 48% increase in revenue compared to the year earlier period and a 71% year over year growth in operating EBITDA. These results primarily reflect the positive impact of the November 2024 acquisition of approximately 9,800 rooftop assets from NJR Resources, as well as a sizable growth.

謝謝斯科特，大家好。Spruce公司報告稱，其收入比上年同期增長了48%，營運EBITDA年增了71%。這些結果主要反映了 2024 年 11 月從 NJR Resources 收購約 9,800 個屋頂資產的正面影響，以及相當大的成長。

In solar renewable energy credits or SEC revenue. In addition, our core operating expenses, which includes both SG&A and operations and maintenance, or O&M, was $17.2 million in the aggregate, down 19% from the year earlier period. Our balance sheet remains robust, with over $90 million in cash, the majority of which is unrestricted.

太陽能再生能源積分或美國證券交易委員會（SEC）收入。此外，我們的核心營運費用（包括銷售、一般及行政費用和營運維護費用）總計為 1,720 萬美元，比去年同期下降了 19%。我們的資產負債表依然穩健，擁有超過 9,000 萬美元的現金，其中大部分不受限制。

We intend to couple continued growth and scale in our portfolio of solar installations with prudent cost containment to achieve our goal of generating positive free cash flow. I want to be absolutely clear that there is no objective more important to Spruce Power than quickly reaching positive free cash flow. All our strategic actions support this objective.

我們計劃在太陽能裝置組合中持續成長和擴大規模的同時，謹慎控製成本，以實現產生正自由現金流的目標。我想明確指出，對於 Spruce Power 而言，最重要的目標莫過於盡快實現正自由現金流。我們所有的策略行動都旨在實現這一目標。

I will now provide our perspective on the residential solar market.

接下來，我將闡述我們對住宅太陽能市場的看法。

Challenges in the sector, particularly among certain installers, are well known. In addition, recent policy changes in Washington DC are eliminating some residential solar energy tax credits, such as 25D. Further, Safe Harbor specific to residential solar, is being phased out. These changes are expected to negatively impact cash loan deals and larger projects in the residential solar space.

該行業面臨的挑戰，尤其是某些安裝人員面臨的挑戰，是眾所周知的。此外，華盛頓特區最近的政策變化正在取消一些住宅太陽能稅收抵免，例如 25D。此外，專門針對住宅太陽能的「安全港」條款也正在逐步取消。預計這些變化將對住宅太陽能領域的現金貸款交易和大型項目產生負面影響。

We believe that some legacy players will not be able to adapt to this changing environment. Already some are failing while others are attempting to transition to a different business model. Fortunately, Spruce's resilient business model is fundamentally different. We are not dependent on aggressive new customer acquisition strategies, externally financed working capital, or continuous growth in new installations.

我們認為一些傳統玩家將無法適應這種不斷變化的環境。有些企業已經失敗，而有些企業正在嘗試轉型到不同的商業模式。幸運的是，Spruce 具有韌性的商業模式從根本上來說是不同的。我們並不依賴激進的新客戶獲取策略、外部融資的營運資金或新安裝量的持續成長。

In contrast to those installers, our fixed costs are low, so we are not hostage to the origination treadmill. Moreover, our business does not depend on IRA tax credits.

與那些安裝商相比，我們的固定成本很低，所以我們不會受制於初始階段的成本波動。此外，我們的業務並不依賴個人退休帳戶（IRA）的稅收抵免。

Spruce's model is designed to maximize the value of existing solar assets through operational efficiencies, maintenance, and superior asset management. Today we own and manage a portfolio of approximately 85,000 home solar assets and customer contracts. We also provide servicing to roughly 60,000 residential solar systems owned by others.

Spruce 的模式旨在透過提高營運效率、維護和卓越的資產管理，最大限度地發揮現有太陽能資產的價值。目前，我們擁有並管理約 85,000 個家用太陽能資產和客戶合約。我們也為其他用戶擁有的約 60,000 個住宅太陽能係統提供服務。

As a third party owner, we buy systems after installation and after any tax credit has been monetized. The installations we acquire generate stable long-term contracted cash flows. Simply put, Our differentiated model does not bear the same risks as the installer model.

作為第三方所有者，我們在系統安裝完畢且所有稅收抵免都已兌現之後才購買系統。我們收購的設備能夠產生穩定的長期合約現金流。簡而言之，我們的差異化模式與安裝商模式並沒有同樣的風險。

Now let me ask context on our market penetration and capacity for growth independent of market conditions.

現在我想了解一下，在不考慮市場條件的情況下，我們的市場滲透率和成長能力有哪些優勢。

According to a May 2025 analysis from the Solar Energy Industries Association, or SEIA, there are over 5 million solar installations in the United States. 97% of these US solar installations are on residential rooftops.

根據太陽能產業協會（SEIA）2025年5月的分析，美國已有超過500萬套太陽能裝置。其中97%的太陽能裝置位於住宅屋頂。

If residential solar installation growth slows meaningfully due to recent policy changes, Spruce still has significant room to grow. Again, we currently have approximately 145,000 systems in contracts. Our portfolio size is small relative to the addressable market, so we can continue to grow whether new installations are growing or not.

如果由於近期政策變化導致住宅太陽能安裝成長顯著放緩，Spruce 仍有很大的成長空間。目前，我們大約有 145,000 個系統處於合約期間。相對於潛在市場而言，我們的產品組合規模較小，因此無論新安裝量是否成長，我們都可以繼續發展。

Some of the old guard industry players become dependent on tax credits and we're not ready for this inflection point.

一些老牌行業參與者開始依賴稅收抵免，而我們還沒有為這個轉折點做好準備。

We believe more legacy players may fade or exit. However, others are already operating with revamped business models and should be able to originate new solar installations without the crutch of government subsidies. To be clear, we do not believe the solar industry has peaked. The need for power, specially distributed generation, is significant and increasing in the US.

我們認為更多老牌玩家可能會逐漸淡出或退出市場。然而，其他一些企業已經採用改進後的商業模式進行運營，應該能夠在沒有政府補貼的情況下開展新的太陽能裝置計畫。需要明確的是，我們並不認為太陽能產業已經達到高峰。美國對電力，特別是分散式發電的需求量很大，而且還在持續成長。

Individuals and companies are experiencing higher costs as rates rise, driven by load growth from data centres, the electrification of everything, and reshoring industrials. This underscores the need for an all of the above energy strategy.

受資料中心負載成長、全面電氣化以及工業回流等因素的影響，個人和企業的成本隨著電價上漲而增加。這凸顯了採取綜合能源策略的必要性。

Spiking power demand, rising utility rates, and a narrowing pathway for viability, producing new solar benefits to a third party owner or PPO channel. We expect an accelerated shift toward leases and PPA anchored by the 48E tax credit through 2027.

電力需求激增、公用事業費率上漲以及可行性途徑日益狹窄，為第三方所有者或 PPO 管道帶來了新的太陽能效益。我們預計到 2027 年，在 48E 稅收抵免政策的推動下，租賃和購電協議 (PPA) 將加速普及。

With some of the regulatory uncertainty behind us, Spruce is executing a multi-pronged strategy of scaling through the acquisitions of installed systems, programmatic off-take partnerships, and expanding our Spruce servicing business.

隨著一些監管方面的不確定性逐漸消除，Spruce 正在執行一項多管齊下的策略，透過收購已安裝的系統、建立程序化承購合作夥伴關係以及擴大 Spruce 服務業務來實現規模擴張。

The first revenue I will discuss is opportunistic M&A.

我要討論的第一種收入來源是機會主義併購。

This is when Spruce acquires portfolios of installed systems. Then sells additional services and leverages strategic partnerships to drive profitable expansion. We can command a higher return on opportunistic acquisitions because of our M&A expertise, cash discipline, relationship with underwriters, and low servicing costs.

這時 Spruce 會收購已安裝的系統組合。然後銷售其他服務並利用策略合作夥伴關係來推動獲利性擴張。由於我們在併購方面的專業知識、現金管理、與承銷商的關係以及較低的服務成本，我們可以在機會性收購中獲得更高的回報。

These advantages coupled with a limited pool of potential buyers. Enable us to be selective and only pursue agreements that meet our deal terms and density objectives. The NJR acquisition that I mentioned earlier is the most recent example of this type of transaction.

這些優勢再加上潛在買家數量有限。讓我們能夠進行選擇，只尋求符合我們交易條款和密度目標的協議。我前面提到的 NJR 收購案就是這類交易的最新例子。

We anticipate that this market will continue to reward spruce as some installers seek to recycle their capital. Or recognize that they do not have the expertise or resources to efficiently manage all their systems.

我們預計，隨著一些安裝商尋求回收資金，雲杉木將繼續在這個市場中獲利。或意識到他們缺乏有效管理所有系統的專業知識或資源。

Indeed, we have seen the bid ask to spread narrow considerably over the course of 2025. In addition, some interesting assets could become distressed as the industry transitions following the elimination of certain IRA tax credits. This could lead to a renewed urgency to complete new TPO deals before the end of 2027, I also want to spotlight how we maximize value from the installations we acquire.

事實上，我們已經看到，到 2025 年，投標要求的差距將大幅縮小。此外，隨著某些 IRA 稅收抵免的取消，產業轉型過程中一些有價值的資產可能會變得難以保值。這可能會促使我們在 2027 年底前完成新的 TPO 交易，我還想重點介紹我們如何最大限度地提高我們收購的設施的價值。

The NJR acquisition, for example, included a large number of New Jersey SERCs. Last month, Spruce entered into a multi-year agreement to sell the company's production of SERCs in the state of New Jersey to an energy sector conglomerate.

例如，NJR 的收購包括了大量新澤西州 SERC。上個月，Spruce 與一家能源產業集團達成了一項多年協議，將該公司在新澤西州生產的 SERC 出售給該集團。

The transaction is expected to generate approximately $10 million in fully hedged revenue for Spruce through 2029. This partnership is part of a broader Spruce initiative to leverage the company's platform and experience to capture the benefits of our SERCs as a low cost, low risk opportunity to generate capital li, high margin, cash flow for spruce.

預計到 2029 年，該交易將為 Spruce 帶來約 1,000 萬美元的完全對沖收入。此次合作是 Spruce 更廣泛計畫的一部分，旨在利用公司的平台和經驗，以低成本、低風險的方式獲取 SERC 的收益，為 Spruce 創造資本流動性、高利潤率和現金流。

This transaction is another example of Spruce's expertise in maximizing value from our assets while hedging against future price movements.

這項交易再次體現了 Spruce 在最大化資產價值並對未來價格波動方面的專業能力。

The forward contract provides an important ongoing hedged revenue stream and reinforces the dependability of Spruce's cash flow generation.

遠期合約提供了重要的持續對沖收入流，並增強了 Spruce 現金流產生的可靠性。

We anticipate similar opportunities may be available to spruce in certain northeastern states as well as California, which we are actively pursuing.

我們預計在東北部某些州以及加州可能會有類似的修繕機會，我們正在積極尋求這些機會。

The second revenue driver is programmatic offtake. As we work to secure our first programmatic agreement, our expectations for this strategy as a de-risked revenue driver are high with programmatic offtake, we seek to acquire or potentially service newly installed systems on an ongoing basis as our partners complete them.

第二大收入來源是程序化購買。在我們努力達成首個程序化協議之際，我們對這項策略作為降低風險的收入驅動因素寄予厚望。透過程序化購買，我們尋求持續收購或可能為新安裝的系統提供服務，因為我們的合作夥伴正在完成這些系統。

These partners may include home builders as well as legacy solar originators that are pivoting into TPO ownership, leases, and PPAs. We anticipate that our future programmatic partners will take the risk of getting systems through construction to operational status.

這些合作夥伴可能包括房屋建築商以及正在轉型為第三方所有權、租賃和購電協議的傳統太陽能開發商。我們預計，我們未來的專案合作夥伴將承擔風險，使系統從建設階段過渡到運作階段。

And only then will we buy or begin servicing these nearly new installations at an agreed upon price. Partnership opportunities slowed as many paused for decisions on the budget bill and IRA tax credits, we are seeing re-engagement now.

只有到那時，我們才會以商定的價格購買或開始維修這些近乎全新的設備。由於許多人都在等待預算案和 IRA 稅收抵免方面的決定，合作機會有所減少，但現在我們看到合作正在重新開始。

Some originators have been revamping their business model in recent years to eliminate dependency on IRA tax credits and are poised to deliver growth without any government support.

近年來，一些貸款機構一直在改進其商業模式，以擺脫對 IRA 稅收抵免的依賴，並準備在沒有任何政府支持的情況下實現成長。

We are far advanced in the partnering process with those pioneers. We believe that when we deploy our programmatic offtake initiative, Spruce will ultimately generate double digit IRRs as we acquire a steady number of new installations each month.

我們與這些先驅者的合作進程已經取得了長足進展。我們相信，當我們部署我們的計劃性承購方案時，隨著我們每月穩定獲得大量新安裝項目，Spruce 最終將產生兩位數的內部收益率。

The third and final primary revenue driver is Spruce Pro, our third party solar servicing platform. For this channel, we leverage the company's decade plus experience in management of our wholly owned residential solar assets to offer a suite of services that can be tailored for third party owners of distributed generation assets.

第三個也是最後一個主要收入來源是 Spruce Pro，我們的第三方太陽能服務平台。對於此管道，我們利用公司十多年來在管理我們全資擁有的住宅太陽能資產方面的經驗，提供一系列可以為分散式發電資產的第三方所有者量身定制的服務。

Customers are leveraging our experience to maximize productivity, uptime, and efficiency in areas such as financial asset management, billing and collections, asset operations, accounting services, homeowner support, IT support, and implementation, and SEC management.

客戶正在利用我們的經驗，在金融資產管理、帳單和收款、資產營運、會計服務、房主支援、IT 支援和實施以及 SEC 管理等領域最大限度地提高生產力、正常運行時間和效率。

We have a defined and growing pipeline of potential Spruce Pro partners that include traditional residential solo players.

我們已經建立了一個明確且不斷成長的 Spruce Pro 潛在合作夥伴管道，其中包括傳統的住宅獨立玩家。

Large owners of solar installations, developers, private equity, and numerous mid-sized and local companies that own residential and commercial and industrial or CNI solar sites.

大型太陽能裝置所有者、開發商、私募股權公司以及眾多擁有住宅、商業、工業或 CNI 太陽能電站的中型和本地公司。

Potential scope ranges from full rap servicing to contact centre piecemeal O&M billing and collections, harvesting SERCs, or some combination. While each of these third party agreements will be customized, we are confident the company can source other partnerships like ADT. This is a durable competitive advantage for Spruce, and we are benefiting from investments the company has already made.

潛在範圍從全面的 rap 服務到聯絡中心零散的營運和維護計費和收款、SERC 收款，或上述各項的組合。雖然每項第三方協議都將進行定制，但我們相信該公司可以找到像 ADT 這樣的其他合作夥伴。這是 Spruce 的一項持久競爭優勢，我們正在受益於該公司已經進行的投資。

We are delivering capital like growth through this initiative and we're proud to have generated new winds, including a full scope deal servicing a group of systems in San Diego that could potentially also include SEC monetization.

我們正在透過這項計劃實現資本增長，我們很自豪能夠創造新的機遇，包括一項為聖地亞哥一組系統提供服務的全面交易，該交易還有可能包括向美國證券交易委員會 (SEC) 進行貨幣化。

Importantly for us and our shareholders, Spruce Power is unlevered, and there will be no debt financing associated with these agreements.

對我們和我們的股東而言，重要的是 Spruce Power 沒有槓桿，這些協議不會涉及任何債務融資。

We are talking with asset owners and investors that are concerned about the viability of their current servicing provider, prefer to stick to their core business and recycle capital rather than attempt to service installations, or recently made a purchase and do not yet have a service partner.

我們正在與資產所有者和投資者交談，他們擔心他們當前的服務提供者的生存能力，寧願堅持他們的核心業務並循環利用資本，而不是嘗試為安裝提供服務，或者最近進行了購買但還沒有服務合作夥伴。

In addition to becoming a primary service provider, we also see opportunities to provide backup servicing to entities who may not yet need our primary capabilities.

除了成為主要服務提供者之外，我們還看到了為那些可能還不需要我們主要能力的實體提供備用服務的機會。

Spruce's strong reputation is opening these doors for us. This is a difficult business, and most do not have the platform or experience to serve us successfully. Our pipeline drove our decision to hire two new professionals to support the Spruce Power initiative.

Spruce 的良好聲譽正在為我們打開這些機會之門。這是一個競爭激烈的行業，大多數企業既沒有平台也沒有經驗來成功服務我們。我們的人才儲備促使我們決定聘請兩位新專業人員來支援雲杉能源計畫。

While our investments in revenue drivers have weighed on near term profitability, we are confident that they will position us to cost effectively participate in the largest and fastest growing parts of the residential solar market.

雖然我們對創收驅動因素的投資對近期獲利能力造成了影響，但我們相信這些投資將使我們能夠以具成本效益的方式參與住宅太陽能市場中規模最大、成長最快的部分。

Further, I want to reiterate that the revenue and cash flows generated by the installations we already own, and service remain highly predictable regardless of conditions in the residential solar sector or changes to the IRA. We are confident in our ability to identify, structure, and execute new agreements that add shareholder value.

此外，我想重申，無論住宅太陽能產業的狀況或 IRA 的變化如何，我們擁有的裝置和服務所產生的收入和現金流仍然具有高度可預測性。我們有信心識別、建構和執行能夠增加股東價值的新協議。

Next, let's discuss our second key initiative, cost containment. We are proud to report that our cash burned during the period was reduced, and if not for one-time, non-operational expenses, we would have generated cash from operations in the second quarter.

接下來，我們來討論第二個關鍵措施──成本控制。我們很自豪地報告，本期間的現金消耗有所減少，如果不是一次性非經營性支出，我們本可以在第二季度產生經營性現金流。

Down the P&L, we drove a sequential decrease in operations and maintenance expenses for the second consecutive quarter, reversing earlier than expected O&M that began in 2024. We experienced the benefits of prior investments in technology.

從損益表來看，我們連續第二季實現了營運和維護費用的環比下降，比預期提前扭轉了原定於 2024 年開始的營運和維護成本。我們享受了先前在技術方面投資帶來的好處。

And revamped our strategy to more efficiently evaluate and route service calls from customers. We right size inventory on our trucks and appropriately managed to the customer contracts in the most cost effective manner possible, both resulting in lower third party contractor spend.

我們改進了策略，以便更有效地評估和處理來自客戶的服務請求。我們對卡車上的庫存進行了合理調整，並以最具成本效益的方式妥善管理了客戶合同，從而降低了第三方承包商的支出。

The platform and methodical operational strategy we implemented in late February has produced thoughtful system issues management. And is gaining ground. We believe these improvements are sustainable and will continue to levelized O&M expense as 2025 progresses.

我們在二月下旬實施的平台和有條不紊的營運策略，實現了周全的系統問題管理。而且正在取得進展。我們相信這些改進是可持續的，並且隨著 2025 年的推進，將繼續降低營運和維護費用。

In addition, we are making operational enhancements through strategic sourcing and procurement and betterment vendor management. The company also successfully launched a new CRM platform at the end of June.

此外，我們正在透過策略採購和改進供應商管理來提升營運效率。該公司也在6月底成功推出了新的CRM平台。

This tool will help us better manage customer interactions and drive efficiency across the organization. We believe these collective efforts will support cost containment and marginal expansion in 2025, transitioning the business toward a more sustainable model with the financial resources and liquidity needed to support our longer term strategy.

該工具將幫助我們更好地管理客戶互動，並提高整個組織的效率。我們相信，這些共同努力將有助於在 2025 年控製成本並實現小幅擴張，使業務向更永續的模式轉型，並擁有支持我們長期策略所需的財務資源和流動性。

Before concluding, I want to highlight that we do not need to refinance any of the non-recourse debt associated with our portfolios in 2025. With that said, the lines of communication are open with creditors, and we continue to receive feedback that we can roll over our first debt maturity associated with our SP1 portfolio due in April 26, on like for like terms if we choose to proceed.

在結束之前，我想強調的是，我們不需要為 2025 年與我們的投資組合相關的任何無追索權債務進行再融資。儘管如此，我們與債權人的溝通管道仍然暢通，並且我們不斷收到反饋，如果我們選擇繼續推進，我們可以按相同條款展期我們 SP1 投資組合中將於 4 月 26 日到期的第一筆債務。

In addition, we have identified additional potential credit options that could be more favourable, although those other options in our ability to roll financing on a like for like basis will be subject to ongoing developments in the financing markets.

此外，我們還發現了一些可能更有利的其他潛在信貸選擇，儘管這些其他選擇能否讓我們以同樣的方式進行融資展期，將取決於融資市場的持續發展。

Finally, taking a step back.

最後，退後一步。

We are motivated by the progress we are making as we execute our strategy and realize our vision. The revenue opportunities we are pursuing and the operational improvements we are driving will support efforts to deliver a combination of performance flexibility and value, that is compelling to customers, partners, creditors, investors, and other key stakeholders.

我們在執行策略和實現願景的過程中所取得的進展激勵著我們不斷前進。我們正在尋求的收入機會和我們正在推動的營運改善將支持我們努力實現性能靈活性和價值的結合，這對客戶、合作夥伴、債權人、投資者和其他主要利益相關者都具有吸引力。

With more certainty in the market, participants can plan accordingly. Customers and partners recognize that Spruce is a mature industry leader and low cost service provider with an established and highly functioning portfolio management and service offering. We are well positioned as the market sees more players.

市場確定性越高，參與者就能製定相對應的計畫。客戶和合作夥伴都認可 Spruce 是一家成熟的行業領導者和低成本服務提供商，擁有成熟且高效的投資組合管理和服務產品。隨著市場參與者增多，我們已佔據有利地位。

Seeking solar TPO deals, both TPA and lease, as individuals and companies take energy matters into their own hands in the face of escalating rates.

面對不斷上漲的電價，個人和公司開始自行解決能源問題，尋求太陽能 TPO 交易，包括 TPA 和租賃。

Next, I'll pass it over to Tom Cimino, who will provide a detailed review of our financial results and outlook. This will be Tom's first quarter, serving as CFO at Spruce. As a brief background, Tom was appointed Interim Chief Financial Officer of Spruce in June. He has significant experience as a senior level finance executive. Tom's past experiences include serving as Chief Financial Officer, Advantage Drilling International, and AEI Services, and Executive Vice President of Finance and Administration for Enfogen.

接下來，我將把發言權交給湯姆·西米諾，他將詳細回顧我們的財務表現和展望。這將是湯姆擔任 Spruce 公司財務長的第一個季度。簡單介紹一下背景，Tom 於 6 月被任命為 Spruce 的臨時財務長。他擁有豐富的資深財務管理經驗。Tom 的過往經驗包括擔任 Advantage Drilling International 和 AEI Services 的財務官，以及 Enfogen 的財務和行政執行副總裁。

Earlier in his career, he worked at the US Securities and Exchange Commission, was a director in Price water Coopers Global Capital Markets Group. He began in public accounting with KPMG. At Spruce, Tom will focus on maximizing operational efficiencies and executing growth strategies. Tom, can you please provide our financial summary?

在他職業生涯早期，他曾在美國證券交易委員會工作，並擔任普華永道全球資本市場集團的董事。他最初在畢馬威會計師事務所從事公共會計工作。在 Spruce 公司，Tom 將專注於最大限度地提高營運效率並執行成長策略。湯姆，請你提供一下我們的財務摘要？

Thanks, Chris, and good afternoon, everyone. I'm excited to join Spruce's team and leverage my experience to support the creation of server value in these changing times for the market.

謝謝克里斯，大家下午好。我很高興加入 Spruce 團隊，並利用我的經驗，在當前瞬息萬變的市場環境下，為伺服器創造價值貢獻力量。

I will start by providing detail on the company's second quarter financial results and the progress we are making to strengthen our financial position and enhance our operational efficiency.

首先，我將詳細介紹公司第二季的財務業績，以及我們在加強財務狀況和提高營運效率方面取得的進展。

Second quarter revenue was $33.2 million up from $23.8 million in the first quarter, and $22.5 million in the prior year period. 48% increase from the prior year period is primarily attributable to the NJR acquisition and resulting SEC related revenue. Second quarter core operating expense which we define as S&A and O&M with $17.2 million in total.

第二季營收為3,320萬美元，高於第一季的2,380萬美元和去年同期的2,250萬美元。較去年同期成長48%，主要歸功於對NJR的收購以及由此產生的與美國證券交易委員會（SEC）相關的收入。第二季核心營運費用（我們將其定義為銷售、管理和營運維護費用）總計 1,720 萬美元。

This is down from $18 million in the previous quarter and $21.2 million in the prior year period. We are very pleased but not content with this 19% decline in our core operating expense in the prior year period. Breaking this out, our O&M expense was $2.1 million in the second quarter, down from $3.9 million in the first quarter and $4.5 million in the prior year period.

這比上一季的 1800 萬美元和去年同期的 2,120 萬美元有所下降。我們對去年同期核心營運費用下降 19% 感到非常高興，但並不滿足。分項來看，我們第二季的營運維護費用為 210 萬美元，低於第一季的 390 萬美元和去年同期的 450 萬美元。

This represents an annual decline of 52%. S&A expense was $15.1 million in the second quarter, down from $16.7 million in the prior year period. However, when considering a one-time severance cost recorded in the prior year period, At C&A expense increased marginally due to the quarter driven by higher legal and other professional fees.

這意味著年下降幅度為 52%。第二季銷售及管理費用為 1,510 萬美元，低於去年同期的 1,670 萬美元。然而，考慮到上一年記錄的一次性遣散費，由於本季度法律和其他專業費用較高，C&A 費用略有增加。

Considering the above, group generated a net loss attributable to stockholders of $3 million compared to a loss of $15.3 million in the previous quarter and a loss of $8.6 million in the prior year period.

考慮到上述情況，該集團歸屬於股東的淨虧損為 300 萬美元，而上一季虧損為 1,530 萬美元，去年同期虧損為 860 萬美元。

Moving to operating EBITDA.

轉為營運 EBITDA。

As a reminder, we consider operating a key metric in evaluating the company's financial performance, which is defined as adjusted EBITDA plus select items to represent material cash inflows from ongoing operations. Operating EBITDA was $24.6 million up from $12.3 million in the first quarter, and 71% higher compared to the $14.4 million in the prior year period.

再次提醒，我們認為營運是評估公司財務表現的關鍵指標，其定義為調整後的 EBITDA 加上代表持續經營活動產生的重大現金流入的特定項目。營運 EBITDA 為 2,460 萬美元，高於第一季的 1,230 萬美元，比上年同期的 1,440 萬美元成長了 71%。

Again, this change was primarily attributable to the NJR acquisition resulting in both higher lease revenues and higher re revenues. Our lower O&M expenses and an increase in PBIs, performance-based incentives also contributed to the even increase for the quarter.

再次強調，這項變更主要歸功於對 NJR 的收購，從而帶來了更高的租賃收入和更高的再投資收入。較低的營運維護費用和績效獎金的增加，以及基於績效的激勵措施，也促成了本季的穩定成長。

Turning now to cash flow.

接下來我們來看看現金流狀況。

We're also pleased with the improvement in our cash flows from operations. For the six month period, we used $11.5 million in cash from operations. However, when adjusting for the recurring proceeds from our SEMTH master lease agreement and proceeds from the sale of solar energy systems, as well as a one-time legal settlement paid in the quarter, we generated $6.3 million in adjusted cash flow from operations during the period and $9.5 million for the quarter.

我們對經營活動現金流的改善也感到滿意。在這六個月期間，我們使用了來自經營活動的現金 1,150 萬美元。然而，在調整了 SEMTH 主租賃協議的經常性收益和太陽能係統銷售收益，以及本季度支付的一次性法律和解金後，我們在此期間產生了 630 萬美元的調整後經營現金流，本季度產生了 950 萬美元的調整後經營現金流。

For recognizing these improvements that Chris alluded to earlier, we are not content with the results and continue to focus on efficient operations and making cash generation a primary goal.

雖然我們認可了克里斯之前提到的這些改進，但我們並不滿足於現狀，並將繼續專注於提高營運效率，並將創造現金流作為首要目標。

Moving further down the cash flow statement, we generated cash of $8.3 million from investing activities, including the above-mentioned proceeds from the master leaf and solar system sales.

繼續查看現金流量表，我們從投資活動中產生了 830 萬美元的現金，其中包括上述主葉片和太陽能係統銷售所得款項。

Regarding our financing activities, we use $15.5 million of cash, including $13.6 million for debt repayment, and $1.8 million in share buybacks.

關於我們的融資活動，我們使用了 1,550 萬美元現金，其中包括 1,360 萬美元用於償還債務，以及 180 萬美元用於股票回購。

Finally, let me close with a brief discussion on our capital and liquidity positions.

最後，請容許我簡要地談談我們的資本和流動性狀況。

At the end of the second quarter, total cash inclusive of unrestricted cash was approximately $90.5 million 53.5 million of which was unrestricted versus [$61.9] at the end of the first quarter. Total debt principle was $717.1 million at the end of the second quarter, but they blended in interest rate of 6.1%, including the impact of hedge instruments.

第二季末，包括非限制性現金在內的現金總額約為 9,050 萬美元，其中 5,350 萬美元為非限制性現金，而第一季末為 6,190 萬美元。第二季末，債務本金總額為 7.171 億美元，但其中計入了 6.1% 的利率，包括對沖工具的影響。

Our debt principle is down from $730.6 million at the end of 2024. All debt consists of project finance loans that are non-recourse to the company itself. Non-recourse debt is incurred at the project level.

到 2024 年底，我們的債務本金將降至 7.306 億美元。所有債務均為專案融資貸款，公司本身不承擔追索權。無追索權債務是在專案層級產生的。

At the end of the quarter, all of our floating rate debt instruments were materially hedged with interest rate swaps expanding into the early 2030s. The hedge arrangements had a net mark to market value of approximately $13.9 million at the end of the quarter.

截至本季末，我們所有的浮動利率債務工具都已透過利率互換進行了實質對沖，期限延長至 2030 年代初期。截至季末，對沖安排的淨市值約為 1,390 萬美元。

With that, thank you very much, and now let me turn call back over to the operator.

那麼，非常感謝，現在我把電話轉回接線生。

(Operator Instructions) I will now turn it back over the pre for concluding remarks.

（操作說明）現在我將把麥克風交還給對方，以便作總結發言。

Thank you, operator. Our focus in 2025 is on containing costs and scaling our platform, thereby driving improved financial performance and progressing toward generating positive cash flow. I hope you can join me as Spruce participates in the Canaccord Genuity Annual Growth conference tomorrow.

謝謝接線生。2025 年，我們的重點是控製成本和擴大平台規模，從而提高財務業績，並朝著產生正現金流的目標邁進。我希望您能和我一起參加明天 Spruce 參加的 Canaccord Genuity 年度增長大會。

This will include a webcast central presentation that listeners can access via our website. The presentation is scheduled for 11 a.m. Eastern time.

這將包括一個網路直播中心演示，聽眾可以透過我們的網站存取該演示。演講定於美國東部時間上午 11 點舉行。

In addition, on September 9, through 10, Spruce management will host meetings with analysts and investors at SERCs plus renewable energy trade show in Las Vegas to schedule a meeting. Please contact Spruce's Investor Relations team.

此外，9 月 9 日至 10 日，Spruce 管理層將在拉斯維加斯舉行的 SERCs Plus 再生能源貿易展上與分析師和投資者舉行會議，以安排會面。請聯絡Spruce的投資者關係團隊。

Thank you for your interest in spruce Power and for participating in our call today. We look forward to updating you again next quarter.

感謝您對雲杉動力公司的關注，並感謝您今天參加我們的電話會議。我們期待下季再次向您報告最新情況。

This concludes today's conference. You may now disconnect your lives. Thank you.

今天的會議到此結束。你們現在可以斷絕彼此的生活了。謝謝。