Business Combinations (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of fair values of the assets acquired and liabilities assumed by major class

The following table summarizes the preliminary purchase price allocation of the fair value of assets acquired and liabilities assumed in the acquisition of Legacy Spruce Power, as adjusted, during the measurement period:

(Amounts in thousands)	Initial Purchase Price Allocation		Measurement Period Adjustments		Updated Purchase Price Allocation
Total purchase consideration:
Cash, net of cash acquired, and restricted cash	$	32,585	$	—	$	32,585
Allocation of consideration to assets acquired and liabilities assumed:
Accounts receivable, net	10,995		—		10,995
Prepaid expenses and other current assets	6,768		(2,405)		4,363
Solar energy systems	406,298		89,268		495,566
Other property and equipment	337		—		337
Intangible assets	—		11,980		11,980
Interest rate swap assets	26,698		—		26,698
Right-of-use asset	3,279		(328)		2,951
Other assets	358		(102)		256
Goodwill	158,636		(129,879)		28,757
Accounts payable	(2,620)		(22)		(2,642)
Unfavorable solar renewable energy agreements	—		(10,500)		(10,500)
Accrued expenses	(13,061)		(241)		(13,302)
Lease liability	(3,382)		42		(3,340)
Long-term debt	(510,002)		2,772		(507,230)
Other liabilities	(335)		292		(43)
Redeemable noncontrolling interests and noncontrolling interests	(51,384)		39,123		(12,261)
Total assets acquired and liabilities assumed	$	32,585	$	—	$	32,585

Schedule of acquired finite-lived intangible assets

The gross intangibles acquired are amortized over their respective estimated useful lives as follows:

(Amounts in thousands)	Asset		Liability		Estimated Life (in years)
Solar renewable energy agreements	$	340	$	10,500	3 to 6
Performance based incentives agreements	$	3,240	$	—	13
Trade name	$	8,400	$	—	30
Total intangibles acquired	$	11,980	$	10,500

Schedule of supplemental disclosure of pro forma information

The following table presents the Company’s pro forma combined results of operations for the three and six months ended June 30, 2022:

	Three Months Ended		Six Months Ended
(Amounts in thousands, except per share data)	June 30, 2022
Revenues	$	22,204	$	39,195
Net income from continuing operations	$	3,369	$	14,018
Net loss from discontinued operations	(4,851)		(20,794)
Net loss	$	(1,482)	$	(6,776)
Per share amounts:
Net income from continuing operations - basic and diluted	$	0.02	$	0.10
Net loss from discontinued operations - basic and diluted	$	(0.03)	$	(0.15)