Earnings call transcript Q2 2023

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Operator

Good day, and thank you for standing by. Welcome to the NRG Energy Incorporated.

Second Quarter 2023 Earnings Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. advised conference be being Please Instructions] that is today's recorded. [Operator

go the now Head to Please like would conference of to Relations. Cole, I Kevin hand over today your Investor ahead. speaker

Kevin Cole

at located and of phone welcome you, XXXX under call. which and www.nrg.com being in via morning's This broadcast Good our minutes be Thank will XX and to webcast, earnings be Webcast. Jana. in call length and Energy's section second NRG live website the quarter Investors morning is Presentations over can the

factors update Please SEC obligation note may which as except safe that to undertake no that urge today's contain results statements We these forward-looking as in our of presentation, harbor review reasonable materially. required differ discussion the in we today's future to are filings. statements, may to of a be as as Actual everyone assumptions based result well date. law. We this events, on the by risk believe as

In both addition, GAAP we measures. financial will and non-GAAP refer to

regarding information directly and to reconciliations refer please financial our presentation. measures most measures, GAAP today's comparable to the non-GAAP For

And the I'll now to over Gutierrez, President that, and call NRG's CEO. with Mauricio turn

Mauricio Gutierrez

I'm and thank Home Bruce on Thank management Smart including everyone Kevin. morning, other of in morning are and Home, members available for call the of Business Chung, our the team this and Good interest your NRG. Chief you, Financial Also heads joined by you Policy. Officer. for questions

energy electricity the position capitalize Day, of our we technologies consumer the our the long-term us enhances strength our the home. over outlined smart ago Just and our business, convergence acquisition on platform an provided strategy. a month how on of in update to further held core and where Vivint energy we We Investor of

results the quarter, am three messages. on key with the on second I going to starting Slide focus X for our Today,

EBITDA guidance quarterly the strong end range. we XXXX delivered are – end results high trending of towards business the our and our First, now

the are is in well underway Next, we sales integration efforts. Vivint and wins early combined realizing Home Smart our

executing to strategy are our value we consumer deliver to significant on shareholders. Finally, our

core the the We safety quarter by performance to last from million performance a increase same second Moving on on top our Slide driven conditions. of of period delivered adjusted energy the and our and XXX% excellent year, decile Smart from results EBITDA, $XXX X. strong provide our growth addition benefited specific Bruce details business drivers Home. on enhanced will Vivint customer favorable supply business market operations, and plant strategy, additional but

has quarter, the the which During early solid Vivint Home, began results. we Smart yielded integration of

synergy the and are cost programs are underway and well we targets. reaffirming revenue Our full plan

a result target of $XX XXXX are As growth growth our to our early in our previous expectation. increasing doubling we million, initiatives, wins

Investor our framework. in and June, Finally, allocation we Day hosted which capital update our strategic five-year our an on plan included

reduction. As a and Project Through $X.X share sale result capital complete repurchases share $XX and our revised of plan. are we to of reduction repurchase debt allocation and Texas of plan on million million we a a billion South billion the $XXX able debt of $X.X were July authorization executing

the As the at the currently are of end rest a the for our the higher reaffirming results position quarterly of financial EBITDA trading with of year result range. strong our guidance our and XXXX we

on growth stable demand electric been has The Texas for ERCOT six peak Now turning demonstrating region record our summer experienced core to these a record this in Slide an demand. basis. our weather-normalized on Energy load business. has update through robust grid

which to close and expected prices During muted. the performed wind quarter levels generation relatively our kept thermal

for plant more performance in As have that our took supply I conservative from resulted us. were Day better during that mentioned our our on outages additional well we implemented strategy and fleet. Investor changes operations to maintenance worked We

weather. to low expected our above power against additional extreme purchased us cushion also We give more

by have these mode us back year. of and summer full of expected to Parish in service month. for is come end this positioned to testing of balance Unit and the well eight the this All

establishes On of the a This regulatory negative front operating the at which bridge units. positive solution hours much pricing reserves. should levels various existing floors price week last PUCT eliminates and approved during discussed many dispatchable help

to the go which forward new to Looking being are our programs is and the implemented. session. moving rule-making through ahead Performance PUCT changes process the and ERCOT from were incentivize design legislative among These Key these generation. the Credit will dispatchable Mechanism with now changes stemming market recent reliability prior PCM meant increase

Slide our teams. between loans new the by are Smart Another major the Texas our rate X quarterly program first program and the for been progress. Prior and of Fund a integration public Energy for and initiatives. Energy from its impressed collaboration coming growth the low bonuses on as These measure introducing I cost a the November must to Home in be be legislator generation. On Texas new interest ballot election. will Fund basis our completion approved Energy of have with the was we scorecard level and a with updated very implementation

we from historical makeup XX% and from levels our growth program $XXX cross-sell activities. organic Day of growth the at During discussed Investor million the XX% coming

plan. For the Energy with Smart historical and at levels target and grew in quarter Home our line

we seen the activities For successes. early cross-sell have some

growth to target increasing $XX such our from in million we million. $XX XXXX As are

the more moving introduced quarter system the the stickiness to And we during begun closer Our point transferring Smart a of X%. each is have XX%, more to addition system qualified around now on conversion customer to centers of and other with leads Energy positive and good seeing are entry with this as rates are customer. rates the DIY upsell call leads Home and conversion create

an launched and the cost. is second sold. examples protection very Vivint current are best Plan. revenue of at is XXX,XXX capabilities and capabilities. cross-selling plans a the This new equipment This Protection that quarter, across NRG's with of this NRG the leverages in plan leveraging program One already is we little stream Vivint

up the testing of offers we remainder to the in year is scale and bundles for different focus XXXX. Our continue it before

on very two the we're opportunities We the the businesses what are encouraged that inside across arising seeing are home. and

on One Day our Vivint of additional Home during provide our Smart disclosures to the business. commitments Investor was

we X, have performance indicators, comparing slide quarter-over-quarter. On key provided

you see, performed recurring quarter, have during margins X%. and service subscribers the As up well can exceptionally X% growing we with

Our for of of are rates of interest strong. platform were than sold, a longer the customers engaging is are and the our higher impact offset new Overall, are subscribers. Acquisition business more staying being due products period more revenue the profitability by more very costs on time. but they with higher to higher and

flow forma, the On right-hand is cash free projection XXXX. side Smart Home pro through Vivint our

X%, grow margin contribution increase and historical reduce continue around is Our to target overall to while with we customer in count of and acquiring cost line customers. performance servicing

three more years. from will expect flow current stream cash to Energy triple provide the importantly, is over time our business. We than that business and an stable, the earnings of over diversified from It the predictable a period generator NRG long next

Turning to slide X.

sheet. to while and to our Our growth, provide of achieving balance some return Energy focused our outlined on and you grow the increased disciplined Investor Integrated key Day Home event. returns. plan of operating an We highlights I Energy commitment excellence, capital, the a Smart want to of investment-grade optimize and model, strategic maximizing shareholder three-part

Energy earnings. model providing Integrated more the seven durable has Our last evolved years, in

Project ability whose with our South our is of monetizing sale platform supply right our replaced have a recent the market. can be in Texas great assets portfolio of We replicated The serve our better interest readily an to shareholder example maximize to mix our in value, load. of asset and the through strengthened optimize and customer attributes

We renewable the outlined PPAs for are better we signing the Home, development electricity on and time, and the growth At inside our convergence of same program that projects, dispatchable hedging capacity technologies home. our Energy smart needs. Smart evaluating and capitalizing match

lifetime Vivint products We higher connect and customers. result platform technology all into in Home will Smart to services seamless our use experience value. to These for going are a customer our of

capital Finally, of allocation we to our now returned with an XX% announced for allocation framework to available shareholders. capital update

the we using growth going the capital complete, company needs forward the of available to With for of of acquisition sight of have investment with allocation. line XX% only investments Vivint

authorization $X.X share we our XXXX. billion change be increased to Consistent with through completed repurchase this to

We also accelerated of XXXX. achievement to investment-grade the credit targets metrics our

Bruce financial it pass over review. will I to for the

Bruce Chung

strong built year. EBITDA higher that of The is materially solid XXXX. $XXX $XXX last performance with second adjusted consolidated quarter, NRG in million million the generated than Mauricio. of from in company second quarter on exceeded a quarter you, first which quarter Thank the results the

retirements As of in included you the can once see and quarter the the of bottom of in at the results page, second chart $XX sales the asset million. totaling XXXX impact NRG legacy again

uplift from costs benefit core was Strong resulted from XQ plant also to prior such of driven That performance constraints business year. XXXX. and quarter reversal compared improved lower to $XX our performance coal reflected supply million transitory million the and $XXX in of The by Energy items increased ancillary expenses. of as in uplift the XXXX relative

increase attributable remaining consolidated which the to year-over-year million, is of EBITDA included results. our was in Finally, XXXX not $XXX to results Vivint

segments, starting higher million. the the on of back at of margin increased year Looking prior and $XXX million Texas, adjusted with our EBITDA by $XXX versus gross

meaningful increase the increase by lower supply margin. and higher margin performance, unit premiums. coupled earlier, from outages in costs, of were outlined As expansion gross offset for with insurance from increased in drivers partially margin This was the gross primary planned the timing improved plant OpEx

increased sales primarily versus Similar In declined and more $XX the Texas, last mild to margin volume to power offset due by East/West million of year-over-year and negative declines impact lower asset segment, the adjusted EBITDA costs supply than driven gross retirements. year weather.

retention EBITDA recurring Revenue subscriber cost QX monthly to contributing continued with reductions adjusted grew EBITDA. results combined in a compared Vivint adjusted drove revenue financial strong customer QX, in favorable service higher monthly driven in $XXX and to deliver per increase XXXX. XX% XX% per year-over-year In which by million

subscriber Lastly, million with a milestone achieved two customers. X% year-over-year, Vivint average recently surpassing growth key of

EBITDA. year-over-year cash growth increase was the driven million, flow $XXX increase free by quarter the million, in of adjusted a NRG's before $XXX primarily for

gas In EBITDA, prices have for in falling addition reduced improved gas cash inventory the outflows is that typically quarter. built second to

we XXXX. our growth and cash on flow Finally, free before for building results, our are adjusted reaffirming EBITDA year-to-date strong guidance

XXXX XX update our on for turning Now to Slide allocation. brief capital allocation, a

track the numbers $X.X will so $XXX during and XXXX. we for with debt I to June that attention made on July repurchases. on our slide have presentation. XXst, of we in to million You complete down target guidance share debt this remain shown call the reduction we our billion progress Investor debt and have would of far gave on reduction paid notice align your Through the Day

million part $X.X through $XX authorization July Additionally executed XXXX. we repurchase share as billion repurchases share of in of our

XX. Slide to turning Quickly

Our earnings call. changed meaningfully not has credit our profile since last

last fulfillment non-cash EBITDA amortization to remain the As an We costs our credit XXXX track a quarter. to update a changed of capture last are ratio commitment and achieving as has XXXX. to substantially adjustments to achieve in leverage except update on for end our that we this adjusted not our of result the harmonization slide since by reiterate result EBITDA included the we did targeted investment-grade metrics the

Before Mauricio, Vivint. to commitment turning wanted it back be especially disclosure his to to sure earlier respect augment to comments enhance regarding with our to I

of the will that providing the key new related part some you As commitment, Vivint. disclosure of presentation in see to appendix metrics

look key to will with these on quarterly we these help working forward to to provide business. of you We a the the financial metrics understand how metrics drive results continue basis you and

I'll that, it Mauricio. you turn to With back

Mauricio Gutierrez

Bruce. Thank you

XX. on closing card. provide thoughts Slide XXXX a priority to I few Turning want score to our

quarter. evidenced remained the see, As results team can as strong on focused execution you by our for has our

The business of integration closing off working energy summer. end Vivint is towards STP the of sale a core the to the and the by well-positioned year. Our we're of start for good is

creates progress. We our that updating plan will on our shareholder executing to you significant strategic I focused forward on look value. remain

So now questions. that, you interest your Jana, to with ready want to the I NRG. line time we're and open for thank in for

Operator

question-and-answer first Thank session. go of will question comes Dumoulin-Smith Julien Your ahead. At this time, from you. the conduct BofA. Instructions] Please we [Operator

Julien Dumoulin-Smith

X% appreciate details you conversion Good compare morning, rate the Just on expectations, a talk here? first that thank does time. Can in for and about little as for bit -- terms you just it much provide a how of Vivint. very little team. always. the off -- Thank your just bit of you perhaps versus all just context? I Maybe

Mauricio Gutierrez

Sure. Julien. Good morning,

in… So,

Julien Dumoulin-Smith

KPIs. …of

Mauricio Gutierrez

Right.

conversion what expected. higher This the what of terms able been achieve than far. in Julien on qualified so is we've this to leads we is rates, So

the so If you penetration that. recall we're X% buying Home. we've this this is had a Smart but around by cross-sell Smart Obviously, early, Home Energy encouraged above is our customers and far. This is was Energy that target buying very success so

allows an with cheaper increase that rates, that to because entry can the up-sell customers. actually seeing addition us point create With the Vivint and a it on the of to more have introduced stickiness those DIY use entry we point conversion we're system an

encouraged time, Protection very to why we're Vivint products seeing tremendous secondary like we combine so far. So that's XXXX. these targets -- of we're the And same compelled organic very, the growth the by some our At success. all when our from you for increase what had Plan I felt with

So initially. very faster Very, we encouraging. what are results we seeing expected than

Julien Dumoulin-Smith

Excellent. to phone. And really see support over a appreciate, the mean, then state new from bit in to building Thank can you so obviously, about again, your talk much, Texas? you here. commitment you corresponding the this want related little generation I

commentary well the the follow on petition investment Just where around on or coders as stand through? do As your we any that from just potential ROFR STP?

Mauricio Gutierrez

projects. development the let start So, with me

of projects them mean, have As three development. stages short you know, is I already. late that are of in one we development

positioned has put that design both PCM to loan have the the We on in new ERCOT capitalize changes forward and ourselves market program.

so we mentioned, with can move these more before is This forward right of the clarity the our capacity, manage these team we very actually positioned how both generation attributes am is on I has attributes. but fronts ready. of need loan of that type mid-merit pleased and I these As exactly projects projects, we loan. with This the to need type they're following exactly and peaking

very in the to this has able decision. And pleased that just I'm put make to that, be position us team

STP. second your our was at think, around of I the question claims partners

we and close sale to the claims Let STP that, interest year. me by the the merit of We believe without end of the our expect be in are very clear.

Julien Dumoulin-Smith

Got just making not here? on says it investments it. you're clarify, And to repowering committed yet the

Mauricio Gutierrez

No not yet.

Julien Dumoulin-Smith

it there. All leave right. you, Thank Fair guys. enough. will I

Mauricio Gutierrez

Julien. you, Thank

Operator

moment question. next One for you. Thank our

ahead. next Our from Please Shar question of comes Pourreza Partners. Guggenheim go

Shar Pourreza

morning. Hey, guys. Good

Mauricio Gutierrez

Good morning, Shar.

Shar Pourreza

morning. Good

and buyback question. Could on a We level have there follow-up delay? If confidence. prepared book as So anything if STP the allocation slide to is a Julien's we heard assuming could this remarks. there's mean, there side for instance Just one the of about a delay right? thinking the just impact I it? on in capital be on on delay a quick we're -- a obviously, even

Mauricio Gutierrez

claims to speculate on mean, merit. the Like going Well, I not I'm that. I without are said,

Our plan by is to of end the year. close the

capital So have I when the the for now will share our have we program – we as think focus is in done reduction have it, we right? XXXX. on and and debt the past, we right deploy is that buyback

we As able allocate to we really – we STP, until is the that to we the that we you the share the saw, we overperformed during until have If increase have substantially, since to quarter, buybacks. in overperformance second available will which share were million to capital continue sale continues, to close event of allocate capital that an will buybacks $XX redeploy.

Shahriar Pourreza

it. Got

just calling just versus some Could million, And East Perfect. the out? and/or by bit you we booked quarter. a Okay. Maybe then guys function. $XXX expansion Mauricio, you're into geographically, both little further obviously significant this dig Texas margin

or with durable all margin longer-term Thanks. it portfolio really put it is expansion? together that So does optimization also how include is that? trading, So near-term true

Mauricio Gutierrez

Yes.

the it Let Bruce start, to and over me then specifics. pass I'll for

supply our cost. think fantastic us supply terms I on supply also team we did in both the lower team, strategy job margins, revenue optimization allowed of realize the just diversified have managing in to enhanced commercial – a that and

I around think really Bruce, really, additional going So plants expected, performed that's but good expect details? any our forward as and management all we other which what

Bruce Chung

sure. Yes,

Texas, you came So out not about about $XXX think surprisingly the million, really of when you preponderance that as the think of year-over-year.

better obligations performance, to appropriately. setup service a plant going be us for into supply to much improved to our the able With that's translate

plants long perform, to to you you'll that's about price be then the around. bit And were to as what give do look so load. to should durability, of the question and we our two about service helped continue on is we power point year-over-year ERCOT as reality at really how which as the in that optimize to continue a us our context, you landscape Just your plan between and look, prices lower, little our quarters, durable see intend margins around-the-clock the XX%

on C&I little some well was of So on was bit – there side. the a East, the as there expansion margin

We Mauricio alongside for optimization that sign margins better C&I have to. at us, the seen contracts had customers activities up referred

So from some overall, of but East well. Texas came it as preponderance in amount the

Shahriar Pourreza

Perfect. Fantastic job good a guys. I Have appreciate it. morning.

Mauricio Gutierrez

Thank you, Shar.

Operator

Thank you. One please. moment,

Our of ahead. next Storozynski Please go question comes from Angie Seaport.

Angie Storozynski

Thank Good morning. you.

you fair assume the midpoint above maintained cash it So is the that perspective? flow range tracking guidance both and to the you guys from EBITDA are free but

Mauricio Gutierrez

Angie. morning, Good Yes.

indicated the at quarter. are point. a the we our have Obviously, that very – the third yes So this we're guidance. toward affirming we're is ranges guidance of I trending quarter high-end keeping important

well is but you for quarter results us, it, plants are opportunity update We working our call. to strategy supply our third performing our for have positioned an we'll well are the well, on in

So the the but far, extreme we have far, But Smart I very pleased segments: am business so And is very very has performing appreciate Home. performed across quarter you business Retail given that summer Generation Thus important. third business well. seen. how the weather -- the all is with

Angie Storozynski

Okay.

Remind more the on comes East, for side that margin margin appreciate comments again retail other I I recall. on you retailers those? it expansion expansion actually Probably have from even -- we've from of the Texas. about particular most the but us heard of some any don't to in please full the and requirement just But if contracts. Moving

Mauricio Gutierrez

the and remember We requirement full really is C&I. Texas the -- across East. have customers we mean I share C&I

and Texas what already are is there market volatility Bruce greater because margins right think is that the in mentioned the seeing in higher I we East. both in

This the C&I, seeing and margins our we trend higher greater which for business again, premiums load to strategy are supply working diversified also that residential we changes that are means in volatility is but both for on a means customers. really made higher following our the So customers. well also

Angie Storozynski

on Vivint, And in for customers? such why increase a there is meaningful Okay. then costs acquisition the

Mauricio Gutierrez

Yeah.

I the number products you customers then thing. two, is Number more mean And and higher So increase rates. that's really have the twofold. are buying interest one, good a

be a Now that net-net also revenues way that higher on profitability. what on increase perhaps so we're bit higher. our an you to by more just And want KPIs providing to provide are also than is much able increase the you see little the you, Rasesh But should color?

Rasesh Patel

Thank Yeah. you, Mauricio.

said buying the home. engaged is customers we're in it in more seeing What are services You more well.

so think the the I service is can X% the customer base. incremental customer see acquisition up through cohort, we and the cost at revenue you that of of can per drive our customer up life customer. than the think across it's over recurring as more that that's the of $XXX look KPIs increased monthly X% margin this entire acquisition you substantively and When will over

level And and base. in so very good expansion margin we the engagement the feel the about

Angie Storozynski

Great. Thank you.

Mauricio Gutierrez

Thank you, Angie.

Operator

you. Thank

Your Evercore go next Chopra of ISI. question comes from Please ahead. Durgesh

Durgesh Chopra

morning. team questions. Hey, good my Thanks for taking

Mauricio Gutierrez

Hey, Durgesh. good morning,

Durgesh Chopra

Hey, Mauricio. good morning,

had. You've answered all other questions I the

maybe obviously, XXXX very in you're confident quick, here. real Just

you pushed. the getting but Parish probably in-service meaningful that is So a see impact, Unit X don't as

think this last target the you I to was end it slightly July, moved month. of

to Just there? going on what's can you talk that

Mauricio Gutierrez

Yes.

mean, top unit I July. middle So of the in we’re seeing

August. was of come entire and right generator. through to as this we're We But the are rebuild I'm back appreciate that additional working now end can of confident testing basically a you going

good to economics. the of took In all our market at We really correct. manage necessary actually terms in low you're steps the planning,

Parish an that provided even to that not today. back end have guidance we feel the month, of it's you on comes the if the at I impact So going

Durgesh Chopra

appreciate I color. That's Mauricio. I Okay. had. Thank the you, all

Mauricio Gutierrez

Durgesh. Thank you,

Operator

next One question our moment for please.

from ahead. of comes go Please Arcaro Stanley. question next Your David Morgan

David Arcaro

Hey, morning. taking Thanks question. my for good

Mauricio Gutierrez

Good morning, David.

David Arcaro

there? business, the for seeing any free I year free EBITDA? wondering versus On $XXX what was speak before to was cash Wondering or cash trending from there, the the you're could Home how flow the color on pro million the growth quarter if you forma flow Smart target conversion you're full

Mauricio Gutierrez

Sure. Bruce?

Bruce Chung

David. Yeah,

free side, company. free growth before in on you seeing that given But are the cash to earnings flow expect we So provided would achieve the we on the individual guidance outperformance had based know, we flow report before cash EBITDA our we segment don't quarter of for growth as first call. the what any

David Arcaro

competitive Energy Okay, in entrants great. the pop side could curious and customer wondering seen of if how of any up business, -- landscape overall an of, kind you've retention quarter? the new change trending if recently? And to retail then additions there give on were And Retail And in ERCOT? on particularly any, update customer start side the the the you in

Mauricio Gutierrez

Sure. our Energy but to provide expectation, I'll in with pass including Elizabeth, it much details? pretty are you KPIs But I say line our Elizabeth customer business growth. that Retail will on our over can more

Elizabeth Killinger

customer customer We the for David. have retention bit consistent single-digit acquisition, And building Thanks and overperformance year's last quarter with performance year-end really we achieve really what low actually in we strong and the Sure. that rates of saw consistent we're that between with momentum XXXX. a little XXXX for expected to budget. growth customer

is digital customer competitive competitors, see see experience in acquisition overall and anything normal that far Shell that see competitors but leading But billboards market our do something as and we'll doing us or different, start and in marketplace. pretty a our landscape, we because Texas. performance win there It's year larger which the the leading and the player add retention We that isn't healthy strengthens we market strong new materially As every competitive a different. appreciate, consistent are like market. help others in

David Arcaro

Thanks. Okay. really appreciated. That’s

Mauricio Gutierrez

you. Thank

Operator

for moment question. last our One

of ahead. Levine go final Please Citi. comes Ryan Our from question

Ryan Levine

Good morning.

Mauricio Gutierrez

Good morning, Ryan.

Ryan Levine

is drove largely And What subscriber anticipating, or service any monthly with in movements XX%? this reduction cost outsized morning. Good line you that there net what recurring by the per quarter? was were

Bruce Chung

Ryan. Yes,

fewer So, truck chain in probably about that is a and fewer XX% past. truck constraints. the of than primary the rolls had about realized rolls of We reduction, drivers we supply XX% reduced of really that function

-- payments of XX% or really XX% favorability half our towards from to last results other ending year. towards of Alarm.com, the which started of the other the the The the had second

Ryan Levine

go-forward basis, trends as any or number for factors? on into look we a 'XX should QX that are to continue more we forecast Is look there likely

Bruce Chung

Yes.

take that don't Rasesh, So you one? why

Rasesh Patel

bet. and you we expect The of at feel Yes, which are is cost very subscriber net we and per to would it's good about is durable rate current We favorability where service we've seen the cost continue. down a products to what's see going more buying that's when margin higher thing and you your you while perfect and serve service, see you simultaneously driving exactly the customers expansion. see penetration the

so, really trends the think good is we And feel and about that we sustainable.

Ryan Levine

number if you continue a on I'm driver, hearing So, truck and decreasing rolls you fewer of correctly, truck am see or I rolls to go-forward basis as a that? misinterpreting

Rasesh Patel

That's right.

rolls the well as ever to results can serve for truck think customers' and would you So, have we achieved calls, we which -- and recently if per both really rate see as when promising us customer a this contact technician on pilot, you virtual to needs a rate that we're look at a truck we see, We've this started seeing basis expect very continue. allows without that. lower to rolling from

a new this of is so, for the sort benchmark And business.

Ryan Levine

Thanks clarity. for the

Mauricio Gutierrez

Thank you, Ryan.

Operator

turn now and would like back to closing CEO remarks. the Thank call I you. President to for Gutierrez, Mauricio

Mauricio Gutierrez

come. I you, interest today and you. your for Jana. of you forward everyone the all to your Thank days weeks time you And with Thank and and in thank speaking look to

Operator

conference. program. Ladies and for thank today's concludes your This in you gentlemen, participation the

may You now disconnect.

NRG Energy (NRG) 8 Aug 232023 Q2 Earnings call transcript