Year-to-date pro forma adjusted EBITDA of $1 million improved by $4.1 million or 133% from negative $3.1 million in the prior year. Pro forma adjusted EBITDA includes adjustments for fair value re-measurement of earn out consideration and contingent value rights obligations, stock compensation, gain on sale of assets, impairment losses and the employee retention credit. We end in the quarter with cash available for Pineapple operations of $3.4 million, compared to $2.4 million available at the end of the second quarter. We had another $2.2 million of restricted cash and liquid investments which is reserved for the CVR holders. Net cash generated from operating activities during the third quarter of $870,000 was the result of positive improvements and networking capital.
Notable changes in networking capital were due to an increase in IT and customer deposits in the quarter offset by an increase in other assets. Net cash used in financing activities for the quarter was $3.2 million due to a $3 million payment to the contingent value rights holders which reduced our restricted cash balance. Now we would like to open the call for any questions. Operator, please go ahead.
Operator: Thank you. [Operator Instructions] We’ll go first to Donovan Schafer at Northland Capital Markets.
Donovan Schafer: Hey, guys. Thanks for taking the questions. I want to first ask about the Long Island time of use billing. Are you seeing anything — do you have any sort of like leading indicators that you track whether it may be quoting activity or inbound interest, anything that gives you a sense of whether you’re already seeing the same signs of an uptick there, whether it’s a battery or attachment inquiries or new installs and then with that or potentially in the absence of that, do you have a sense for 2024 of whether you expect that to be have an impact earlier in the year or more towards the end of the year?
Kyle Udseth: Yeah. I mean, I would say, the full answer is kind of in the absence of that, right? We are still going through 2024 budgeting right now and so we haven’t like fully put pen to paper on all this and the assumptions. I think it’s going to be a build over time, because they’re chunking it out and like how broadly it’s rolled out and what tariffs or customer groups get it over time. So I think it’s certainly going to build up through the year. I don’t know, we got Scott here who probably knows more about this than all of us. I don’t know you got a point of view on this?
Scott Maskin: Sure. So January 1st the rollout was slightly delayed for IT issues from the utility. January 1st all new meters, new customers will be automatically enrolled in time of day rates in like the territory and they’ll be doing chunks throughout the rest of the year in probably $50,000, $60,000, $70,000 customer groups. But there will be — but the goal is I believe that by the end of 20 — the beginning of 2025, all 750,000 ratepayers will have to opt out of time of day rates.
Kyle Udseth: Yeah. And we were talking about this even just yesterday with Scott here about how starting next week right he’s going to be back in the office, we’re going to be through earnings, earnings release, earnings callings, we got a Board meeting still to prep for, but it was one of the top priority items we said is let’s make sure we get our analytics team, our sales leadership team together and we start looking at our pricing book, we start looking at our sales materials and we make sure that we’ve got the right training, the right talk tracks, the right pricing in place to make sure that, it’s different, right? But you look at the NEM 3 market in California and you look how that’s evolved since and you look at from what we’re seeing this real bifurcation in companies that were prepared for it and had expertise in-house and were savvy and were able to pivot and start selling in a post NEM 3 world with solar plus battery storage and then a lot who weren’t and we’re going to make sure that we’re in the group who can and I think it’s a great opportunity to differentiate and separate and elevate yourselves and take share.
