front am want can than good ever to of future we you, us. confident more first the CEO, everyone. of are after Thank excited few I about Bronson, we these afternoon I to about say express and I in have the how Spruce. months opportunities as
with third-party growing on the On diligence priorities rapidly assets of opportunity fronts, solar I service on As operating first our through capital-light very a pipeline. teams together are both expanding our mentioned in acquisition offering. our busy our and center May, due call growth, both in strategic residential
on execution drive gain generation. We inflection of are and free cash flow intensely scale focused to
our results first, on comment our quickly on operations. But want make and second outlook. remarks quarter I to detailed more I'll
rooftops. from Our by anchored long-term core flows deliver to continues cash business XX,XXX solid results,
was EBITDA and was For QX, million $XX.X million. revenue operating $XX.X
Our slightly the million will at quarter total up details $XXX to results cash financial her end, Sarah section. QX. more from in position was give
quarter, we secured to lending interest start debt, mature terms non-recourse in facility. the for loan paper for speaks as asset and We Spruce manager. and facility. residential and across bank the new high During an market nearest this relationship This of as institutional Power refinanced with We're this a X attractive our as Barings private pleased a appetite the Spruce's debt public backed very the traditional well solar markets. quality to reputation credit structuring was high-quality
deepening near this capital future. the from benefit of pool to over expect We
a We're Spruce milestone also to the proud report historical in customer experience.
in financial which opportunities. in want get of across form sincerely thank work, fleet to to achievement collections During hard the the all in the is even more corporate cumulative thing it right a achieved we rating X.X, improvement we service. X.X our performance, I customer employees Google of for Not but of will their we better customer departments strive highest Nonetheless, do, record the satisfaction. benefits quarter, to and this led customer history. only for cross-selling rating our in out
This for solar adders platform. reasons. in policy better let's rates several Spruce strategy such near-term PPA favorable solar dynamics of owner advantageous investment the incentives Next, acceleration our and discuss as our lease interest and us, is for a operator grow tax to higher for residential resulting are very market credit in noticeable origination. Shifting are
this equity by This not recent M&A sponsor and of insatiable the being lease can market. need fulfilled capital exit commitments is need in for the that is PPA traded capital is solar providers and large for player an a originators. This First, us exacerbated publicly presents opportunities. well-known from contracts, there need need a that opportunity long-term own both by
origination requires contract Next, XX and this lease XX capabilities robust acceleration for at to least servicing PPA years. of solar
servicing Solar substantial we to Keep other that in the not service to market energy This residential of in solar own. today. and opportunity installed foundation. base assets need assets addition robust are do the in third-party solar creates mind, is our these opportunities
about I'll context, market speak this to how With Spruce execution. thinks
As to portfolios our seasoned pipeline are wide, disciplined evaluating the M&A, spreads market. opportunities return in we still hurdles. it Bid-ask relates remain a somewhat we robust will yet are finding are secondary of in and solar
asset Also, rather, life as we be clear, by systems long-term recently installed in owner we involve offtake, working solar or not looking where are of to step PTO this in earlier Spruce call we programmatic what the funding cycle sponsor and contracts. evaluating would are and would in investment capital at mature solar installers. To closer lease payments, PPA the milestone offtaking
and On July, of the front, Spruce remains we've actively His In strong. servicing of Manager the hit opportunities ground interest team energy the indications announced hiring pipeline and of the solar Pro, initial servicing a DiMatteo. is we running. for Rich developing General
as servicing we Spruce leverage its and As people, investment a opportunities endeavors, view capital-light reminder, existing technologies. where processes in can service
customers are near positioned to capture term. third-party the We over well servicing
fund capitalized prospective pursue $XXX equity but mind Keep have tranche cash. of quarter we Importantly, buyer in the transactions. well At in is that we growth. to a assets, are million Spruce had of substantial runway end, levered Spruce to
never had XXXX, access see concerns market has capital any not been upstream the clearly Liquidity have pervasive so M&A in market. and activity opportunity installation far the in set greater. are we we Although very
capital merely patient will not rush we That to metrics. said, our to be growth deploy boost and
harvest we are and model we inflection toward The evaluate We flows prudently generation. on cash can our free that while business driving investment returns attractive of cash flow opportunities. focused in long-term underwriting is beauty
wait." to are "paid We
dominant its position assets. opportunities is the being to and this opportunistic owner of pursuit a preserve near-term long-term for well that opportunities. and discussed, operator We in nimble our believe of position ability Spruce and Board us approach energy and priority We effective to our the to Given competitive want highly Directors. be the be growth will pursuing of in cash distributed
repurchases to assess share basis including continue on Directors. our We with a quarterly opportunities, investment of Board will
Before Chapter difficult while I'll XX. for make some who handing operating underscores event, solar environment recently the to the call filed residential installers. for public on a This residential installer Sarah, comments solar unfortunate,
However, on acts focused industry catalyst model, we a economics are at more a sound first the as sustainable for move origination positive to rather hopeful that it cost. towards than whatever growth
do not event flow contrast cost. not of the capital. and partners, lag with high-risk cash only of Additionally, channel us rooftop allowing companies this to cost a capital not network do Spruce solar We allows portfolios. large salespeople have working capital requirements, risk associated timing to have to business us installation low and versus customer of Spruce large we acquires many and raising model. acquisition the are between costly the and We substantial a subject pursue and project-level model
them. the and of of nature mitigate how risks summary, quarter we hand the to our model that, In second the business should our financials. give conservative understanding address call Sarah, business in I'll all you comfort With great to
