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Via Renewables, Inc. Reports First Quarter 2024 Financial Results

Via Renewables, Inc. Reports First Quarter 2024 Financial Results

Via Renewables, Inc. 公布2024年第一季度财务业绩
Via Renewables ·  05/01 12:00

HOUSTON, May 1, 2024 (ACCESSWIRE) — Via Renewables, Inc. ("Via Renewables" or the "Company") (NASDAQ: VIA, VIASP), an independent retail energy services company, today reported financial results for the quarter ended March 31, 2024.

休斯顿,2024年5月1日(ACCESSWIRE)——独立零售能源服务公司威盛可再生能源有限公司(“威盛可再生能源” 或 “公司”)(纳斯达克股票代码:VIA,VIASP)今天公布了截至2024年3月31日的季度财务业绩。

Key Highlights

主要亮点

  • Achieved $19.1 million in Net Income and $15.1 million in Adjusted EBITDA for the first quarter
  • Achieved $45.1 million in Gross Profit and $35.7 million in Retail Gross Margin for the first quarter
  • Total RCE count of 338,000 as of March 31, 2024, up from 335,000 as of December 31, 2023
  • Average monthly attrition of 3.9%
  • 第一季度净收入为1,910万美元,调整后息税折旧摊销前利润为1,510万美元
  • 第一季度实现了4510万美元的毛利和3570万美元的零售毛利率
  • 截至2024年3月31日,RCE总数为33.8万人,高于截至2023年12月31日的33.5万人
  • 平均每月流失率为 3.9%

"In the first quarter commodity prices remained relatively stable and we experienced milder than normal weather. We ended the quarter with 338k RCEs, up from 335k at the end of 2023 despite higher attrition. Elevated attrition was expected because it is a side effect of increased sales activity. We added approximately 41,000 RCEs in the first quarter and had an average attrition of 3.9%," said Keith Maxwell, Via Renewables' President and Chief Executive Officer.

“在第一季度,大宗商品价格保持相对稳定,我们的天气比平时温和。尽管流失率增加,但我们在本季度末获得了33.8万个RCE,高于2023年底的33.5万个。预计流失率会增加,因为这是销售活动增加的副作用。我们在第一季度增加了约41,000个RCE,平均流失率为3.9%。” Via Renewables总裁兼首席执行官基思·麦克斯韦说。

Summary First Quarter 2024 Financial Results

2024 年第一季度财务业绩摘要

Net Income for the quarter ended March 31, 2024, was $19.1 million compared to Net Loss of $(6.8) million for the quarter ended March 31, 2023. The increase, compared to the prior year, was largely the result of a gain in the mark-to-market on our hedges and lower depreciation, interest and net asset optimization expenses. The increase in Net Income was partially offset by increases in income tax and G&A expense.

截至2024年3月31日的季度净收入为1,910万美元,而截至2023年3月31日的季度净亏损为680万美元。与去年相比,这一增长主要是由于我们的套期保值实现了按市值计价的增长,以及折旧、利息和净资产优化支出的减少。所得税和并购支出的增加部分抵消了净收入的增长。

For the quarter ended March 31, 2024, Via Renewables reported Adjusted EBITDA of $15.1 million compared to Adjusted EBITDA of $18.8 million for the quarter ended March 31, 2023. The decrease was primarily driven by lower Electric and Natural Gas Retail Gross Margin, partially offset by an increase in G&A and CAC spend compared to the first quarter of 2023.

在截至2024年3月31日的季度中,Via Renewables公布的调整后息税折旧摊销前利润为1,510万美元,而截至2023年3月31日的季度调整后的息税折旧摊销前利润为1,880万美元。下降的主要原因是电力和天然气零售毛利率下降,与2023年第一季度相比,G&A和CAC支出的增加部分抵消了这一下降。

For the quarter ended March 31, 2024, Via Renewables reported Gross Profit of $45.1 million compared to Gross Profit of $14.4 million for the quarter ended March 31, 2023. The increase, compared to the prior year, was primarily the result of a gain in the mark-to-market of our hedges.

截至2024年3月31日的季度,Via Renewables公布的毛利为4,510万美元,而截至2023年3月31日的季度的毛利为1,440万美元。与去年相比,这一增长主要是由于我们的套期保值按市值计价的增长所致。

For the quarter ended March 31, 2024, Via Renewables reported Retail Gross Margin of $35.7 million compared to Retail Gross Margin of $40.3 million for the quarter ended March 31, 2023. Lower volumes and unit margins resulted in a decrease in our Natural Gas Retail Gross Margin. Lower unit margins partially offset by higher volumes resulted in a decrease in our Electric Retail Gross Margin.

截至2024年3月31日的季度,Via Renewables公布的零售毛利率为3570万美元,而截至2023年3月31日的季度的零售毛利率为4,030万美元。销量和单位利润率的降低导致我们的天然气零售毛利率下降。较低的单位利润率被销量的增加部分抵消,导致我们的电气零售毛利率下降。

Liquidity and Capital Resources

流动性和资本资源

($ in thousands) March 31, 2024
Cash and cash equivalents $ 50,423
Senior Credit Facility Availability (1) 52,592
Subordinated Debt Facility Availability (2) 25,000
Total Liquidity $ 128,015
(以千美元计) 2024年3月31日
现金和现金等价物 50,423 美元
高级信贷额度可用性 (1) 52,592
次级债务融资机制的可用性 (2) 25,000
总流动性 128,015 美元

(1) Reflects amount of Letters of Credit that could be issued based on existing covenants as of March 31, 2024.

(1) 反映截至2024年3月31日根据现有契约可能签发的信用证金额。

(2) The availability of the Subordinated Facility is dependent on our Founder's discretion.

(2) 次级贷款的可用性取决于我们创始人的自由裁量权。

Dividend

分红

On April 17, 2024, we declared a dividend in the amount of $0.76051 per share for the Series A Preferred Stock for the first quarter of 2024. Dividends on Series A Preferred Stock will be paid on July 15, 2024 to holders of record on July 1, 2024.

2024年4月17日,我们宣布2024年第一季度A系列优先股的股息为每股0.76051美元。A系列优先股的股息将于2024年7月15日支付给2024年7月1日的登记持有人。

Business Outlook

商业展望

Mr. Maxwell concluded, "We're pleased to announce that in the second quarter we entered into an agreement to acquire approximately 12,500 RCEs in our existing markets. These adds will be accretive to our bottom line beginning in the second quarter of this year. While we are excited about the continued success of our organic sales channels, we always welcome the opportunity to add valued customers through tuck-in acquisitions."

麦克斯韦先生总结说:“我们很高兴地宣布,在第二季度我们达成了一项协议,将在现有市场收购约12,500个RCE。从今年第二季度开始,这些新增将增加我们的利润。尽管我们对有机销售渠道的持续成功感到兴奋,但我们始终欢迎有机会通过隐身收购增加有价值的客户。”

Conference Call and Webcast

电话会议和网络直播

Via will host a conference call to discuss First Quarter 2024 results on Thursday, May 2, 2024, at 10:00 AM Central Time (11:00 AM Eastern).

Via将于2024年5月2日星期四中部时间上午10点(美国东部时间上午11点)举行电话会议,讨论2024年第一季度的业绩。

A live webcast of the conference call can be accessed from the Events page of the Via Renewables Investor Relations website at https://viarenewables.com/. An archived replay of the webcast will be available for twelve months following the live presentation.

电话会议的网络直播可从Via Renewables投资者关系网站的活动页面上观看,网址为 https://viarenewables.com/。网络直播的存档重播将在现场演示结束后的十二个月内提供。

About Via Renewables, Inc.

关于 Via Renewables, Inc.

Via Renewables, Inc. is an independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for natural gas and electricity. Headquartered in Houston, Texas, Via Renewables currently operates in 105 utility service territories across 20 states and the District of Columbia. Via Renewables offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives.

Via Renewables, Inc. 是一家独立的零售能源服务公司,成立于1999年,为美国竞争激烈的市场中的住宅和商业客户提供天然气和电力的替代选择。总部位于德克萨斯州休斯敦的Via Renewables目前在20个州和哥伦比亚特区的105个公用事业服务地区开展业务。Via Renewables为其客户提供各种产品和服务选择,包括稳定和可预测的能源成本和绿色产品替代品。

We use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should note that new materials, including press releases, updated investor presentations, and financial and other filings with the Securities and Exchange Commission are posted on the Via Renewables Investor Relations website at https://viarenewables.com/. Investors are urged to monitor our website regularly for information and updates about the Company.

我们使用我们的网站作为披露重要非公开信息的手段,并用于遵守我们在FD法规下的披露义务。投资者应注意,包括新闻稿、最新的投资者陈述以及向美国证券交易委员会提交的财务和其他文件在Via Renewables投资者关系网站上发布的新材料均发布在Via Renewables投资者关系网站上,网址为 https://viarenewables.com/。我们敦促投资者定期关注我们的网站,以获取有关公司的信息和更新。

Cautionary Note Regarding Forward Looking Statements

关于前瞻性陈述的警示说明

This earnings release contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. These forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), can be identified by the use of forward-looking terminology including "may," "should," "could," "likely," "will," "believe," "expect," "anticipate," "estimate," "continue," "plan," "intend," "project," or other similar words. All statements, other than statements of historical fact, included in this earnings release are forward-looking statements. The forward-looking statements include statements regarding the impacts of Winter Storm Uri, cash flow generation and liquidity, business strategy, prospects for growth and acquisitions, outcomes of legal proceedings, the timing, availability, ability to pay and implied amount of cash dividends and distributions on our Class A common stock and Series A Preferred Stock, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans, objectives, beliefs of management, availability and terms of capital, competition, government regulation and general economic conditions. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurance that such expectations will prove correct.

本财报包含前瞻性陈述,这些陈述存在许多风险和不确定性,其中许多是我们无法控制的。经修订的1933年《证券法》(“证券法”)第27A条和经修订的1934年《证券交易法》(“交易法”)第21E条所指的前瞻性陈述可以通过使用前瞻性术语来识别,包括 “可能”、“应该”、“可能”、“可能”、“将”、“相信”、“预期”、“预期”、“预期”、“估计”、“估计”” “继续”、“计划”、“打算”、“项目” 或其他类似词语。除历史事实陈述外,本财报中包含的所有陈述均为前瞻性陈述。前瞻性陈述包括有关Winter Storm Uri的影响、现金流产生和流动性、业务战略、增长和收购前景、法律诉讼结果、A类普通股和A系列优先股的现金分红和分配的时机、可用性、支付能力和隐含金额、未来运营、财务状况、估计收入和损失、预计成本、前景、计划、目标、管理信念、可用性和资本条款、竞争、政府的陈述监管和总体经济状况。尽管我们认为此类前瞻性陈述中反映的预期是合理的,但我们无法保证此类预期会被证明是正确的。

The forward-looking statements in this earnings release are subject to risks and uncertainties. Important factors that could cause actual results to materially differ from those projected in the forward-looking statements include, but are not limited to:

本财报中的前瞻性陈述存在风险和不确定性。可能导致实际业绩与前瞻性陈述中预测的结果存在重大差异的重要因素包括但不限于:

  • the ultimate impact of the Winter Storm Uri, including future benefits or costs related to ERCOT market securitization efforts, and any corrective action by the State of Texas, ERCOT, the Railroad Commission of Texas, or the Public Utility Commission of Texas;
  • changes in commodity prices, the margins we achieve and interest rates;
  • the sufficiency of risk management and hedging policies and practices;
  • the impact of extreme and unpredictable weather conditions, including hurricanes, heat waves and other natural disasters;
  • federal, state and local regulations, including the industry's ability to address or adapt to potentially restrictive new regulations that may be enacted by public utility commissions;
  • our ability to borrow funds and access credit markets;
  • restrictions and covenants in our debt agreements and collateral requirements;
  • credit risk with respect to suppliers and customers;
  • our ability to acquire customers and actual attrition rates;
  • changes in costs to acquire customers;
  • accuracy of billing systems;
  • our ability to successfully identify, complete, and efficiently integrate acquisitions into our operations;
  • significant changes in, or new changes by, the independent system operators ("ISOs") in the regions we operate;
  • competition;
  • our ability to successfully obtain the requisite shareholder approval of and to consummate the merger and transactions contemplated by the Merger Agreement and other risks related thereto, including but not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, the failure to satisfy other conditions to completion of the proposed merger, the failure of the proposed merger to close for any other reason, the outcome of any legal proceedings, regulatory proceedings or enforcement matters that may be instituted against us and others relating to the Merger Agreement or otherwise, the amount of the costs, fees, expenses and charges related to the proposed merger, the effect of the announcement of the proposed merger on our relationships with our contractual counterparties, operating results and business generally, the risk that the pendency of the proposed merger disrupts current plans and operations and the potential difficulties in employee retention as a result of the pendency of the proposed merger, risks related to disruption of management's attention from our ongoing business operations due to the merger and transactions contemplated by the Merger Agreement; and
  • the "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, and other public filings and press releases.
  • 冬季风暴乌里的最终影响,包括与ERCOT市场证券化工作相关的未来收益或成本,以及德克萨斯州、ERCOT、德克萨斯州铁路委员会或德克萨斯州公用事业委员会采取的任何纠正措施;
  • 大宗商品价格、我们实现的利润率和利率的变化;
  • 风险管理和套期保值政策及做法的充足性;
  • 极端和不可预测的天气条件的影响,包括飓风、热浪和其他自然灾害;
  • 联邦、州和地方法规,包括该行业应对或适应公用事业委员会可能颁布的具有潜在限制性的新法规的能力;
  • 我们借入资金和进入信贷市场的能力;
  • 我们的债务协议和抵押品要求中的限制和契约;
  • 供应商和客户的信用风险;
  • 我们获取客户的能力和实际流失率;
  • 获取客户的成本变化;
  • 计费系统的准确性;
  • 我们成功识别、完成收购并将其有效地整合到我们的运营中的能力;
  • 独立系统运营商(“ISO”)在我们运营地区的重大变化或新的变化;
  • 竞争;
  • 我们成功获得必要股东批准并完成合并协议所设想的合并和交易以及与之相关的其他风险的能力,包括但不限于可能导致合并协议终止的任何事件、变更或其他情况的发生、未能满足完成拟议合并的其他条件、由于任何其他原因未能完成拟议合并、任何法律诉讼、监管程序或执法的结果事情可能对我们和其他与合并协议或其他有关人员提起的诉讼,与拟议合并相关的成本、费用、支出和收费金额,拟议合并的公告对我们与合同对手的关系、经营业绩和总体业务的影响,拟议合并的悬而未决干扰当前计划和运营的风险,以及拟议合并悬而未决导致员工留住方面的潜在困难,与之相关的风险管理层的中断由于合并协议所考虑的合并和交易,我们正在进行的业务运营受到关注;以及
  • 截至2023年12月31日止年度的10-K表年度报告以及其他公开文件和新闻稿中的 “风险因素”。

You should review the risk factors and other factors noted throughout this earnings release that could cause our actual results to differ materially from those contained in any forward-looking statement. All forward-looking statements speak only as of the date of this earnings release. Unless required by law, we disclaim any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise. It is not possible for us to predict all risks, nor can we assess the impact of all factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

您应该查看本财报中提到的风险因素和其他因素,这些因素可能导致我们的实际业绩与任何前瞻性陈述中包含的业绩存在重大差异。所有前瞻性陈述仅代表截至本财报发布之日。除非法律要求,否则我们不承担任何公开更新或修改这些声明的义务,无论是由于新信息、未来事件还是其他原因。我们无法预测所有风险,也无法评估所有因素对业务的影响,也无法评估任何因素或因素组合在多大程度上可能导致实际业绩与任何前瞻性陈述中包含的业绩存在重大差异。

For further information, please contact:

欲了解更多信息,请联系:

Investor Relations:

投资者关系:

Stephen Rabalais,

斯蒂芬·拉巴莱斯,

832-200-3727

832-200-3727

Media Relations:

媒体关系:

Kira Jordan,

基拉·乔丹,

832-255-7302

832-255-7302

VIA RENEWABLES, INC.

通过可再生能源公司

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

简明合并运营报表

(in thousands, except per share data)

(以千计,每股数据除外)

(unaudited)

(未经审计)

Three Months Ended March 31,
2024 2023
Revenues:
Retail revenues $ 114,388 $ 135,125
Net asset optimization expense (1,597) (3,273)
Other revenue 1,265
Total Revenues 114,056 131,852
Operating Expenses:
Retail cost of revenues 68,962 117,441
General and administrative 17,333 17,225
Depreciation and amortization 2,040 3,336
Total Operating Expenses 88,335 138,002
Operating income (loss) 25,721 (6,150)
Other (expense):
Interest expense (1,929) (2,697)
Interest and other income 24 80
Total other expenses (1,905) (2,617)
Income (loss) before income tax expense 23,816 (8,767)
Income tax expense (benefit) 4,752 (1,996)
Net income (loss) $ 19,064 $ (6,771)
Less: Net income (loss) attributable to non-controlling interests 10,497 (6,584)
Net income (loss) attributable to Via Renewables, Inc. stockholders $ 8,567 $ (187)
Less: Dividend on Series A Preferred Stock 2,710 2,544
Net income (loss) attributable to stockholders of Class A common stock $ 5,857 $ (2,731)
Net income (loss) attributable to Via Renewables, Inc. per share of Class A common stock
Basic $ 1.81 $ (0.86)
Diluted $ 1.81 $ (1.26)
Weighted average shares of Class A common stock outstanding
Basic 3,233 3,173
Diluted 3,233 7,173
截至3月31日的三个月
2024 2023
收入:
零售收入 114,388 美元 135,125 美元
净资产优化费用 (1,597) (3,273)
其他收入 1,265
总收入 114,056 131,852
运营费用:
零售收入成本 68,962 117,441
一般和行政 17,333 17,225
折旧和摊销 2,040 3,336
总运营费用 88,335 138,002
营业收入(亏损) 25,721 (6,150)
其他(费用):
利息支出 (1,929) (2,697)
利息和其他收入 24 80
其他支出总额 (1,905) (2,617)
所得税支出前的收入(亏损) 23,816 (8,767)
所得税支出(福利) 4,752 (1,996)
净收益(亏损) 19,064 美元 美元 (6,771)
减去:归属于非控股权益的净收益(亏损) 10,497 (6,584)
归属于Via Renewables, Inc.股东的净收益(亏损) 8,567 美元 美元 (187)
减去:A系列优先股的股息 2,710 2,544
归属于A类普通股股东的净收益(亏损) 5,857 美元 美元 (2,731)
归属于Via Renewables, Inc.的每股A类普通股净收益(亏损)
基本 1.81 美元 美元 (0.86)
稀释 1.81 美元 美元 (1.26)
已发行A类普通股的加权平均股数
基本 3,233 3,173
稀释 3,233 7,173
Selected Balance Sheet Data
(in thousands) March 31, 2024 December 31, 2023
Cash and cash equivalents $ 50,423 $ 42,595
Working capital 91,292 78,977
Total assets 302,662 303,834
Total debt 91,000 97,000
Total liabilities 159,149 177,050
Total stockholders' equity 53,181 46,600
精选资产负债表数据
(以千计) 2024年3月31日 2023年12月31日
现金和现金等价物 50,423 美元 42,595 美元
营运资金 91,292 78,977
总资产 302,662 303,834
债务总额 91,000 97,000
负债总额 159,149 177,050
股东权益总额 53,181 46,600
Selected Cash Flow Data
Three Months Ended March 31,
(in thousands) 2024 2023
Cash flows provided by operating activities $ 17,099 $ 13,060
Cash flows used in investing activities (450) (374)
Cash flows used in financing activities (8,821) (2,875)
精选现金流数据
截至3月31日的三个月
(以千计) 2024 2023
经营活动提供的现金流 17,099 美元 13,060 美元
投资活动中使用的现金流 (450) (374)
用于融资活动的现金流量 (8,821) (2,875)
Operating Segment Results
(in thousands, except volume and per unit operating data) Three Months Ended March 31,
2024 2023
Retail Electricity Segment
Total Revenues $ 77,329 $ 82,827
Retail Cost of Revenues 49,131 80,830
Less: Net gain (loss) on non-trading derivatives, net of cash settlements 9,287 (18,472)
Retail Gross Margin (1) — Electricity $ 18,911 $ 20,469
Volumes — Electricity (MWhs) 504,307 456,277
Retail Gross Margin (2) — Electricity per MWh $ 37.50 $ 44.86
Retail Natural Gas Segment
Total Revenues $ 37,059 $ 52,298
Retail Cost of Revenues 19,203 36,611
Less: Net gain (loss) on non-trading derivatives, net of cash settlements 1,659 (4,174)
Retail Gross Margin (1) — Gas $ 16,197 $ 19,861
Volumes — Gas (MMBtus) 4,252,945 4,547,826
Retail Gross Margin (2) — Gas per MMBtu $ 3.81 $ 4.37
运营部门业绩
(以千计,体积和每单位运行数据除外) 截至3月31日的三个月
2024 2023
零售电力板块
总收入 77,329 美元 82,827 美元
零售收入成本 49,131 80,830
减去:扣除现金结算后的非交易衍生品净收益(亏损) 9,287 (18,472)
零售毛利率 (1) — 电力 18,911 美元 20,469 美元
体积 — 电力(兆瓦时) 504,307 456,277
零售毛利率 (2) — 每兆瓦时的电力 37.50 美元 44.86 美元
零售天然气板块
总收入 37,059 美元 52,298 美元
零售收入成本 19,203 36,611
减去:扣除现金结算后的非交易衍生品净收益(亏损) 1,659 (4,174)
零售毛利率 (1) — 煤气 16,197 美元 19,861 美元
体积 — 气体 (mmbTU) 4,252,945 4,547,826
零售毛利率 (2) — 每百万英热单位的天然气 3.81 美元 4.37 美元

(1) Reflects the Retail Gross Margin attributable to our Retail Electricity Segment or Retail Natural Gas Segment, as applicable. Retail Gross Margin is a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Measures" for a reconciliation of Retail Gross Margin to most directly comparable financial measures presented in accordance with GAAP.

(1) 反映了归属于我们的零售电力板块或零售天然气板块的零售毛利率(如适用)。零售毛利率是一项非公认会计准则财务指标。有关零售毛利率与根据公认会计原则列报的最直接可比财务指标的对账,请参阅 “GAAP与非GAAP指标的对账”。

(2) Reflects the Retail Gross Margin for the Retail Electricity Segment or Retail Natural Gas Segment, as applicable, divided by the total volumes in MWh or MMBtu, respectively.

(2) 反映零售电力板块或零售天然气板块的零售毛利率(如适用)分别除以兆瓦时或百万英热单位的总交易量。

Reconciliation of GAAP to Non-GAAP Measures

GAAP指标与非GAAP指标的对账

Adjusted EBITDA

调整后 EBITDA

We define "Adjusted EBITDA" as EBITDA less (i) customer acquisition costs incurred in the current period, plus or minus (ii) net (loss) gain on derivative instruments, and (iii) net current period cash settlements on derivative instruments, plus (iv) non-cash compensation expense, and (v) other non-cash and non-recurring operating items. EBITDA is defined as net income (loss) before the provision for income taxes, interest expense and depreciation and amortization. This conforms to the calculation of Adjusted EBITDA in our Senior Credit Facility.

我们将 “调整后息税折旧摊销前利润” 定义为息税折旧摊销前利润减去(i)本期产生的客户获取成本,加上或减去(ii)衍生工具的净(亏损)收益,以及(iii)衍生工具的本期净现金结算,加(iv)非现金补偿费用,以及(v)其他非现金和非经常性运营项目。息税折旧摊销前利润定义为扣除所得税、利息支出以及折旧和摊销准备金前的净收益(亏损)。这符合我们优先信贷额度中调整后的息税折旧摊销前利润的计算。

We deduct all current period customer acquisition costs (representing spending for organic customer acquisitions) in the Adjusted EBITDA calculation because such costs reflect a cash outlay in the period in which they are incurred, even though we capitalize and amortize such costs over two years. We do not deduct the cost of customer acquisitions through acquisitions of businesses or portfolios of customers in calculating Adjusted EBITDA.

我们在调整后的息税折旧摊销前利润计算中扣除所有当期客户获取成本(代表自然客户收购的支出),因为此类成本反映了发生期间的现金支出,尽管我们在两年内对此类成本进行资本化和摊销。在计算调整后息税折旧摊销前利润时,我们不会扣除通过收购业务或客户投资组合获得客户的成本。

We deduct our net gains (losses) on derivative instruments, excluding current period cash settlements, from the Adjusted EBITDA calculation in order to remove the non-cash impact of net gains and losses on these instruments. We also deduct non-cash compensation expense that results from the issuance of restricted stock units under our long-term incentive plan due to the non-cash nature of the expense.

我们从调整后的息税折旧摊销前利润计算中扣除衍生工具的净收益(亏损),不包括本期现金结算,以消除净收益和亏损对这些工具的非现金影响。由于支出的非现金性质,我们还扣除了根据我们的长期激励计划发行限制性股票所产生的非现金薪酬支出。

We adjust from time to time other non-cash or unusual and/or infrequent charges due to either their non-cash nature or their infrequency. We have historically included the financial impact of weather variability in the calculation of Adjusted EBITDA.

由于其他非现金性质或频率不高,我们会不时调整其他非现金或异常和/或不经常收费。过去,我们在调整后息税折旧摊销前利润的计算中纳入了天气变化的财务影响。

We believe that the presentation of Adjusted EBITDA provides information useful to investors in assessing our liquidity and financial condition and results of operations and that Adjusted EBITDA is also useful to investors as a financial indicator of our ability to incur and service debt, pay dividends and fund capital expenditures. Adjusted EBITDA is a supplemental financial measure that management and external users of our consolidated financial statements, such as industry analysts, investors, commercial banks and rating agencies, use to assess the following:

我们认为,调整后息税折旧摊销前利润的列报为投资者评估我们的流动性和财务状况以及经营业绩提供了有用的信息,调整后的息税折旧摊销前利润作为衡量我们承担和偿还债务、支付股息和为资本支出提供资金能力的财务指标对投资者也很有用。调整后的息税折旧摊销前利润是一项补充财务指标,我们的合并财务报表的管理层和外部用户,例如行业分析师、投资者、商业银行和评级机构,用于评估以下内容:

  • our operating performance as compared to other publicly traded companies in the retail energy industry, without regard to financing methods, capital structure, historical cost basis and specific items not reflective of ongoing operations;
  • the ability of our assets to generate earnings sufficient to support our proposed cash dividends;
  • our ability to fund capital expenditures (including customer acquisition costs) and incur and service debt; and
  • our compliance with financial debt covenants in our Senior Credit Facility.
  • 与零售能源行业其他上市公司相比,我们的经营业绩,不考虑融资方式、资本结构、历史成本基础和无法反映持续运营的特定项目;
  • 我们的资产产生足以支持我们提议的现金分红的收益的能力;
  • 我们为资本支出(包括客户获取成本)提供资金以及承担和偿还债务的能力;以及
  • 我们在高级信贷额度中遵守金融债务契约的情况。

Retail Gross Margin

零售毛利率

We define retail gross margin as gross profit less (i) net asset optimization revenues (expenses), (ii) net gains (losses) on non-trading derivative instruments, (iii) net current period cash settlements on non-trading derivative instruments and (iv) gains (losses) from non-recurring events (including non-recurring market volatility). Retail gross margin is included as a supplemental disclosure because it is a primary performance measure used by our management to determine the performance of our retail natural gas and electricity segments as a result of recurring operations. As an indicator of our retail energy business's operating performance, retail gross margin should not be considered an alternative to, or more meaningful than, gross profit, its most directly comparable financial measure calculated and presented in accordance with GAAP.

我们将零售毛利率定义为毛利减去(i)净资产优化收入(支出),(ii)非交易衍生工具的净收益(亏损),(iii)非交易衍生工具的本期净现金结算以及(iv)非经常性事件(包括非经常性市场波动)的收益(亏损)。零售毛利率作为补充披露包括在内,因为这是我们的管理层用来确定零售天然气和电力板块因经常性业务而表现的主要绩效指标。作为衡量我们零售能源业务经营业绩的指标,零售毛利率不应被视为毛利的替代品,也不应比毛利更有意义,毛利是根据公认会计原则计算和列报的最直接可比的财务指标。

We believe retail gross margin provides information useful to investors as an indicator of our retail energy business's operating performance.

我们认为,零售毛利率为投资者提供了有用的信息,可以作为我们零售能源业务经营业绩的指标。

The GAAP measures most directly comparable to Adjusted EBITDA are net income (loss) and net cash provided by (used in) operating activities. The GAAP measure most directly comparable to Retail Gross Margin is gross profit. Our non-GAAP financial measures of Adjusted EBITDA and Retail Gross Margin should not be considered as alternatives to gross profit. Adjusted EBITDA and Retail Gross Margin are not presentations made in accordance with GAAP and have limitations as analytical tools. You should not consider Adjusted EBITDA or Retail Gross Margin in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA and Retail Gross Margin exclude some, but not all, items that affect gross profit, and are defined differently by different companies in our industry, our definition of Adjusted EBITDA and Retail Gross Margin may not be comparable to similarly titled measures of other companies.

与调整后息税折旧摊销前利润最直接可比的GAAP指标是净收益(亏损)和(用于)经营活动提供的净现金。与零售毛利率最直接可比的GAAP指标是毛利。不应将我们的调整后息税折旧摊销前利润和零售毛利率的非公认会计准则财务指标视为毛利的替代方案。调整后的息税折旧摊销前利润和零售毛利率不是根据公认会计原则编制的,作为分析工具存在局限性。您不应孤立地考虑调整后的息税折旧摊销前利润或零售毛利率,也不得将其作为我们根据公认会计原则报告的业绩分析的替代品。由于调整后的息税折旧摊销前利润和零售毛利率不包括影响毛利的部分(但不是全部)项目,并且我们行业中不同公司的定义不同,因此我们对调整后息税折旧摊销前利润和零售毛利率的定义可能无法与其他公司的类似标题的指标相提并论。

Management compensates for the limitations of Adjusted EBITDA and Retail Gross Margin as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these data points into management's decision-making process.

管理层通过审查可比的GAAP指标,了解衡量标准之间的差异并将这些数据点纳入管理层的决策过程,来弥补调整后息税折旧摊销前利润和零售毛利率作为分析工具的局限性。

The following tables present a reconciliation of Adjusted EBITDA to net income (loss) and net cash provided by operating activities for each of the periods indicated.

下表列出了每个时期调整后的息税折旧摊销前利润与经营活动提供的净收益(亏损)和净现金的对账情况。

Reconciliation of Adjusted EBITDA to net income (loss):
Three Months Ended March 31,
(in thousands) 2024 2023
Net income (loss) $ 19,064 $ (6,771)
Depreciation and amortization 2,040 3,336
Interest expense 1,929 2,697
Income tax expense (benefit) 4,752 (1,996)
EBITDA 27,785 (2,734)
Less:
Net, loss on derivative instruments (4,205) (42,770)
Net cash settlements on derivative instruments 15,425 20,137
Customer acquisition costs 2,444 1,773
Plus:
Non-cash compensation expense 514 685
Merger agreement expense 433
Adjusted EBITDA $ 15,068 $ 18,811
调整后息税折旧摊销前利润与净收益(亏损)的对账:
截至3月31日的三个月
(以千计) 2024 2023
净收益(亏损) 19,064 美元 美元 (6,771)
折旧和摊销 2,040 3,336
利息支出 1,929 2,697
所得税支出(福利) 4,752 (1,996)
EBITDA 27,785 (2,734)
减去:
衍生工具净亏损 (4,205) (42,770)
衍生工具的净现金结算 15,425 20,137
客户获取成本 2,444 1,773
另外:
非现金补偿费用 514 685
合并协议费用 433
调整后 EBITDA 15,068 美元 18,811 美元
Reconciliation of Adjusted EBITDA to net cash provided by operating activities:
Three Months Ended March 31,
(in thousands) 2024 2023
Net cash provided by operating activities $ 17,099 $ 13,060
Amortization of deferred financing costs (206) (206)
Bad debt expense (304) (955)
Interest expense 1,929 2,697
Income tax expense (benefit) 4,752 (1,996)
Merger agreement expense 433
Changes in operating working capital
Accounts receivable, prepaids, current assets (7,273) (14,075)
Inventory (1,761) (3,849)
Accounts payable and accrued liabilities 2,216 21,587
Other (1,817) 2,548
Adjusted EBITDA $ 15,068 $ 18,811
Cash Flow Data:
Net cash provided by operating activities $ 17,099 $ 13,060
Net cash used in investing activities $ (450) $ (374)
Net cash used in financing activities $ (8,821) $ (2,875)
调整后息税折旧摊销前利润与经营活动提供的净现金对账:
截至3月31日的三个月
(以千计) 2024 2023
经营活动提供的净现金 17,099 美元 13,060 美元
递延融资成本的摊销 (206) (206)
坏账支出 (304) (955)
利息支出 1,929 2,697
所得税支出(福利) 4,752 (1,996)
合并协议费用 433
运营资金的变化
应收账款、预付款、流动资产 (7,273) (14,075)
库存 (1,761) (3,849)
应付账款和应计负债 2,216 21,587
其他 (1,817) 2,548
调整后 EBITDA 15,068 美元 18,811 美元
现金流数据:
经营活动提供的净现金 17,099 美元 13,060 美元
用于投资活动的净现金 美元 (450) $ (374)
用于融资活动的净现金 美元 (8,821) 美元 (2,875)

The following table presents a reconciliation of Retail Gross Margin to Gross Profit for each of the periods indicated.

下表显示了每个指定时期的零售毛利率与毛利的对账情况。

Reconciliation of Retail Gross Margin to Gross Profit
Three Months Ended March 31,
(in thousands) 2024 2023
Total Revenue $ 114,056 $ 131,852
Less:
Retail cost of revenues 68,962 117,441
Gross Profit $ 45,094 $ 14,411
Less:
Net asset optimization expense (1,597) (3,273)
Loss on non-trading derivative instruments (4,296) (42,769)
Cash settlements on non-trading derivative instruments 15,242 20,123
Retail Gross Margin $ 35,745 $ 40,330
Retail Gross Margin – Retail Electricity Segment $ 18,911 $ 20,469
Retail Gross Margin – Retail Natural Gas Segment $ 16,197 $ 19,861
Retail Gross Margin – Other $ 637 $ —
零售毛利率与毛利的对账
截至3月31日的三个月
(以千计) 2024 2023
总收入 114,056 美元 131,852 美元
减去:
零售收入成本 68,962 117,441
毛利 45,094 美元 14,411 美元
减去:
净资产优化费用 (1,597) (3,273)
非交易衍生工具的损失 (4,296) (42,769)
非交易衍生工具的现金结算 15,242 20,123
零售毛利率 35,745 美元 40,330 美元
零售毛利率—零售电力板块 18,911 美元 20,469 美元
零售毛利率—零售天然气板块 16,197 美元 19,861 美元
零售毛利率-其他 637 美元 $ —

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