Spruce Power (SPRU) - 2023 Q4 - Annual Results

Financial Performance - Revenues for Q4 2023 totaled $15.7 million, a decrease from $18.1 million in Q4 2022, attributed to weather-related output reductions [5]. - Revenues for Q4 2023 were $15,701,000, a decrease of 13.3% from $18,113,000 in Q4 2022 [35]. - The net loss attributable to stockholders for Q4 2023 was $30.4 million, with Operating EBITDA reported at $9.9 million [8]. - Net loss attributable to stockholders for Q4 2023 was $30,400,000, compared to a loss of $43,151,000 in Q4 2022, indicating a 29.4% improvement [35]. - The company reported a net loss from continuing operations of $30,545,000 for Q4 2023, compared to a loss of $27,711,000 in Q4 2022 [35]. Operating Expenses - Core operating expenses for Q4 2023 were $17.9 million, significantly lower than $31.3 million in Q4 2022, which included $12.2 million in restructuring and legal fees related to legacy XL Fleet matters [6][7]. - Total operating expenses for Q4 2023 were $24,420,000, down from $35,710,000 in Q4 2022, representing a 31.5% reduction [35]. Cash and Debt - Total cash at year-end 2023 was $173 million, down from $240.1 million at the end of 2022, primarily due to XL Fleet wind-down costs and acquisitions [10]. - Cash and cash equivalents decreased to $141,354,000 in 2023 from $220,321,000 in 2022, a decline of 35.8% [39]. - The total principal amount of outstanding debt as of December 31, 2023, was $646.7 million, with a blended interest rate of 5.7% [9]. - Non-recourse debt, non-current, rose to $590,866,000 in 2023, compared to $474,441,000 in 2022, an increase of 24.5% [40]. Growth and Customer Contracts - Spruce added approximately 25,000 customer contracts in 2023, achieving nearly 50% year-on-year growth, bringing the total to over 75,000 home solar assets and contracts [6]. - Gross Portfolio Value as of December 31, 2023, was $784 million, reflecting the value of the company's solar assets and contracts [19][30]. Future Guidance - The company initiated 2024 Operating EBITDA guidance between $68 million and $86 million, and Adjusted Free Cash Flow guidance between $0 million and $5 million [11]. Share Repurchase - The company repurchased 0.1 million shares of common stock in Q4 2023 at an average price of $4.37, with $44.7 million remaining under the authorized share repurchase program [14]. Asset Growth - Total assets increased to $894,374,000 as of December 31, 2023, up from $826,552,000 in 2022, reflecting a growth of 8.2% [40]. Adjusted EBITDA - Adjusted EBITDA for Q4 2023 was $390,000, significantly lower than $10,232,000 in Q4 2022 [37]. Shareholder Information - The weighted-average shares outstanding increased to 18,990,603 in Q4 2023 from 18,015,402 in Q4 2022 [35]. - The accumulated deficit grew to $257,672,000 in 2023 from $193,342,000 in 2022, reflecting a deterioration of 33.3% [40]. New Initiatives - Spruce launched the 'Spruce Pro' brand in January 2024, targeting the commercial solar market with negligible initial capital expenditures expected [13].