SPKE - Earnings call transcript Q2 2018

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, ladies and gentlemen. Welcome to the Spark Energy Incorporated Second Quarter 2018 Earnings Conference Call. My name is Juby [ph] and I'll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. reminder, this is on call Inc.'s a replay recorded Spark As website. and purposes will Instructions] this being conference for Energy [Operator be posted the now over to would turn I to like Mr. conference Energy Spark with Hettick Inc. Christian Please go ahead.

Christian Hettick

you, of Lane. and Spark Inc.'s to can via make which as This be call Robert webcast, contain reasonable second These today and live note condition. on that President broadcast call. Energy in forward-looking may Presentations is differ at under this believe earnings Investor discussion which Juby projections statements. forward-looking being [ph]. are our XXXX over and Management Thank expectations, section morning morning's date. of statements and to statements welcome cause CFO, Good are our our of quarter and materially statements, actual the operations, website concerning and and performance uncertainties to may be results that us assumptions Please to located our Nathan sparkenergy.com. risks With President Relations these the could from is economic today's and management financial Kroeker; future Events based CEO, that our phone we Vice from subject

as We revise future our Safe in Although the information, reasonable, Harbor we a forward-looking everyone statement law. be filings. any otherwise, of as contained will the undertake in assurance whether in that expectations update or obligation statements, result factors review statements risk reflected events, by SEC the provided as we except forward-looking to no earnings well such believe that publicly or required expectations new are such no urge as release give realized. to yesterday's We

call, both the non-GAAP morning's will measures financial and GAAP this of and results. to we During company's operating financial refer

and earnings the to measures to For directly measures, GAAP refer release. financial reconciliation most yesterday's please comparable our non-GAAP information regarding

the our disclose comply information also check we and use our invite to because with Kroeker, our ir.sparkenergy.com. obligations Nathan FD, Executive With Chief address over that and to regularly web under I'll it to material is We call turn you President Officer. Regulation to website that,

Nathan Kroeker

welcome increased decrease for Thank analysts gas quarter, summary results We second XX% were million our earnings our and natural savings turn our costs electricity I shareholders want were volumes to and our down number both by a year-over-year on was of this across our and margins electricity and call, and a second these a also our impact factors On call. you, of period. operations X%, of in improved. who January year call details and increase provide additional Capacity per EBITDA $XX.X a and New a of the RCE quarter, we our a physical will the capacity in year, will normalized power but Each Christian. basis, financials. increased were summer, Countering margin I of results continuation Robert gas After XX% today's of positive $XX.X insurance record the higher continue the per more form primary increase a Rob buying our an for provide to drive CFO negatively costs, quarter year-over-year, negative we impacted last natural unit an in full put quarter as detailed additional year. and our retail prior costs driver provide all current to of the a will the impacts of over I in of to compared our to ISO the walkthrough of on gross cost on compared platform. discussed our earnings of last contributed cost our of of a results. G&A costs we second recorded in adjusted Lane, of to more million which and the factors; this the and to number factors, hedges respectively results England our

averaged quarter, costs monthly in integration second which We attrition we best executing the the our attrition focused adjusted X rate help in our X.X% addition, increase EBITDA. drive will us is over last acquisitions, prior remain on in any In of initiatives years. ongoing quarter down which and

These our cost initiatives As de-risking significantly we’ve simplifying structure, curtailing collateral and result of G&A to our focused which and and brands we satellite processes, on of we’re billing a automating business systems, offices our and expenses. additional in savings operations, each closing expect include streamlining discussed previously, consolidating number manual the requirements. reduce

adding In have from a which through residential have and unit customers, renewed larger turned addition, on focus commercial small higher customers margins. adding we C&I

$XX we’ve As five headcount total offices. and we of integration consolidation detailed the cost process made achieved evening's successfully yesterday closure progress of release, switched in during brand second XX,XXX our quarter, the the and we earnings we platforms including and million XXX,XXX effective initial and a the through of additional an in on considerable second current efforts target G&A of synergy quarter. of satellite customers cost switches more savings annualized notified platform to quarter, customers reductions, during We billing planned our

on our XX% normalized costs in above, near a led G&A As highlighted this per RCE decrease to year-over-year a basis.

in million discrete initial million our a $XX to of of cost $X plan of savings the XXXX. series during end savings ahead additional this expect projects drive annualized through of in annual as putting driving year, the an remainder by well cost We of

help the concentration and pivot away sales as channels that recently our I As through we new channels we believe larger focusing market customers. the margin mass on us also margins improve low earlier, mentioned retail using will increase we’re acquisition as well as from C&I growth organic Verde sales integrated

mix RCE and the we the of concentrating initiatives adjusted expected cost margin over investing customer up and three of two improve while synergy our new in these mass course expect with strategies will projects We’re long-term to stronger this market growth reduction and to result to quarters. channels impact EBITDA in now, the and growth performance. next on ramp This combined growth

some we customers, we decrease any not as of the our to in value. C&I renew RCE count increase unit loss elect offset than larger may in While more believe that our will margins total

On we but building our look book for continue on as focus the to small organically, M&A front, other acquisitions we acquisitions. strategic as well tuck-in

our believe to strategic term and building customer continue our review, Following and is to mass market deliver our operations to our book. executives Board Directors of long team best the streamlining our value way shareholders

to with We work Morgan continue our Stanley review to shareholders. opportunities value to maximize to

update Rob, to on call in the turn want to business I I Japan. Before over our you give an

over with customers on flow XXX,XXX that of profitable there a a have set through channels. currently been have We sales acquired business diverse

product continue next that wholesale our my alternatives there. We prepared continues distributions year. to to and outperform remarks. concludes corresponding to over markets the case, development new The business Rob? And taking and early we business see of begin expect

Robert Lane

in quarter, items an XX% year. compared Thank million compared $XX to this of last are year, Good In margin morning. in to last million. There $XX.X you, with to quarter last comparison Nathan. of Total a was year's we be gross of decrease $XX.X the achieved few second for increase of $XX.X a mindful million X%. million quarter adjusted EBITDA, the

commercial recent and natural last over in some segments in acquisitions higher of due well the we contribution of both the customers growth as we the to electricity as from course gas our year. are experienced volumes our Our purchased

during Gas was with movements margins electricity addressed to both However, in Nathan segment and some a result that the decrease unit increasing as segment, of increase our quarter our quarter over the strategies are was last a result In capacity of gross earlier Segment, approximately last comments. $XX.X we a commercial his book gross Retail Retail million, as $XX.X million summer the physical second or margins. approximately X% year, cost in earlier $X.X hedges approximately hedging Electricity million, margin of compressed and quarter or in for England. overall buying increased market the impact year. In put and year, the as Natural compared of of full in the due as increase portion a well insurance New volumes $X.X increased as year power an This ERCOT of XX% on was million our more increased unit margin

G&A, increased to associated $XX.X higher new a variable customer broker from commissions RCE year C&I from opt-in account with certain $X.X our acquisition recent million, last capitalize. costs our as primarily million our due we and channel cannot to increased For book result acquisition, expenses of that to cost our

lowered In of liabilities, G&A expenses the fair earn-out recur did which and which this we year. not addition, lastly, decreased value

We our from as expense during in growth increased primarily we've X.XX our Nathan second for the a G&A year the pretax primarily quarter, G&A of to a $X.X per $XXX,XXX On decrease earn-out liabilities our quarter for to result quarter million As $X.X to a and of number down of first acquisitions. Interest sellers XX% compared are ended we first non-cash for million, down compared XX% from year-over-year. of quarter Income commercial income. decreased because normalized but the down overtime. slightly numbers months the quarter the made RCE prior of basis, RCEs, bring expect the second mentioned, moves that cost with in six in the to to increase accretion XXXX, the to million from as a note. expense an tax $X.X quarter due million up

common on on lock the million or we income on net XX, We the million $X.XX $XX.X our hedges paid associated quarter third per quarter loss fully XX. September On mark-to-market in the XXXX gain on On increase quarter income share on our non-cash preferred quarterly preferred a A our to stock. mark-to-market $X.X net and our Series common $X.XX share announced fully mark-to-market million a share June for driven retail we place income to XX the compared on of with of paid $X.XXXXX per for adjusted XX, net stock dividend of a margins of by diluted $XX.X quarter per paid Our and cash per Class this is be or compared primarily our XX, quarterly the in honest dividend on to contracts. $X.X stock, paid was accounting million ago. to second A year July of dividend $X.XXXXX the to share we in stock basis. we diluted per had October put The July be

expect quarterly That’s past, these basis. to have. the Back on in to pay you, we stated all we’ve dividends forward I to a As go continue Nathan.

Nathan Kroeker

make consolidate to already office longer efforts us the space margins adjusted and customers that positively performance term, acquisitions lower meaningful the to to begun quarter We ongoing next maximize quarter costs our year. be performance standpoint, our business in value. year we’re the strategies EBITDA this will appropriate initiatives down performance organic the the Well, strategies actions sales we’re we’re synergy current impact and last to as combined maximize as an market from contribute to other improvements materializing our of that Rob. the compared the confident higher implementing stronger in to for strong, second implementing potential progress to and and will have outlook and These adjusted achieve help we during migrate Thanks acquired shareholder grow new overhead our remains to customers, in our margin will with throughout financial continue profitability year next stronger channels. EBITDA mass our will

from have platform clear and like I establishing our up that, within place to leader that open will Operator? the a as With We excellent questions now in we’re the industry. we’re analysts. that team an the would line confident emerge for consolidated

Operator

from is question first from Securities. Our Instructions] Karp Sophie Guggenheim [Operator

open. Your now line is

Sophie Karp

lot what’s January, hedge point? you Maybe you've ERCOT your in book said in understand hedges that us buy put -- during hedges book -- summer. could the power of I but little happening of a this in bit Because also to a had think you at on help the in

give some out you together? how you. that about can color So worked Thank us

Nathan Kroeker

Thanks, Sure. Sophie.

that issues So discrete two highlighted. very you just

reduce we what for last cases, associated physical in cases, January. with the did things premium hedges some January, amount about of on in we the those in significant of costs the them. in some order talked at significant higher in and a were put a with financial And quarter back many to a January physical we terms financial of in hedges hedges them book hedges. recap collateral Let’s physical. being unwind had those We two And cost hedges requirements. collateral In had replaced or that

colder through time, paying, order avoid short-term second quarter extremely day-ahead of market at of the component in added with calendar balance by And that buying 'XX to longer-term and elevated the of of of the the high the load the balance up it, for year. the that elevated levels. hedges deferred paying ended buying The we some was prices incremental whole we the hedges because were associated weather, for that

and actualizing still to The quarter actualize year. today the hedges then and balance quarter. majority the that are of book are the those first through was the continue in second So in will and still the of

quarter that through there becomes is but it every less, So impact less calendar and 'XX.

question New were last ERCOT a second in around summer. we That’s result England The avoid and price several could any tighter avoid to than you the the we caps extreme in And are we years, want that that in in extreme are your was ERCOT scenario saw to events know, in part scenario. that as are of this margins environment. you in of they’ve Reserves as been high, change exact up the short high the weather winter, with priced last ERCOT. trying the

been as likelihood to protects So we're summer length unexpected should that in comp rollouts any other but long excess this price events mitigate market. biased we've sell way extreme many going the backend it that other outages or in us that, all for a happen in replant recognizing may loss, that to

extreme incremental an the business, to there. an the It's look but way to potentially is are out price we the avoid any cost insurance cost really it. at that it spikes it's So of

Sophie Karp

market not did in in buy power the actually at you prices? have these So any to ERCOT

Nathan Kroeker

in exact it the buying real a few a we're day, generally just Every but to a market. time time in to we're market, hours not shape buyer our real seller book, the

Sophie Karp

it. Thank you. Got

Nathan Kroeker

last in days. the day-ahead say. But the buying in buying in just on most market, in the If seller would to the hours in just weather forecast we're super market. we're the we're a long peaks biased couple are ERCOT, whatever I also we And for day-ahead of right account changes now

Sophie Karp

Great. color. for this Thanks a lot

Nathan Kroeker

you. Thank Alright.

Operator

Our Instructions] Mike is from [Operator Janney. you. Gyure Thank question from next

Your line is now open.

Mike Gyure

sort your think Can about It outlook spending a like guys. rest your less I of little quarter? you the and bit for expected. morning bit how talk of acquisition than this should good I've maybe And spending Yes, seems guess little trend of about cost a we customer forward? that sort year you're going the maybe

about a little you of can just that kind So talk bit?

Nathan Kroeker

Mike. Happy Sure, to do that.

growth environment, multiples. And a M&A. we the opportunities M&A of we the lot we spending would the our were of that believe our multiples. attractive lot sales course seeing were avenue. opportunities what were focus I say, lot a dollars, to years, current the to there, at of Over less be attractive last, efforts organic and a slowed very less X.X on had focus down through frankly at we're X out because There M&A on we in In market of pursuing putting out certainly

million And done How of organic of So worth the up get but we're years. that's we a value focusing things. channels. business, $XX we've the refocusing talked two mass of we do how additional out driving about sales market ramp really on out on growth, lot two of those deals M&A what then we've the do what last over cost

in got a a but increase channels to two significant It channel both on those the quality acquisitions our of and to retail Also our ramping while those ramp of door-to-door we've dollars telemarketing a as the sales lead-gen now well channels, trying we up through at Now up. again through right acquired takes as channels. back those channel, which focus and and form. looking our

fascinating then all for would CAC flows say thing sales through way just to quarters. see to accounting over increase next the channel the highlight spending the other are G&A. opt-in three works here, I the to that you So us Rob's note the going two And our

line, up is are customer acquisition actually buried we're that G&A within that lead costs there some So now channel. the ramping that gen

Mike Gyure

M&A of going maybe on, asking head? softening to there far I do market of what's Great. prices too I sort that you just it touch would as Is guess deals. in you you are as And high M&A -- Why think say think, can the highlighted or just your sellers the sort is activity. the I on

Nathan Kroeker

lot XX-month we're is think numbers one the just seeing but to And of man's So opinion, for deals are reason this come I not is that part market. trailing a of the the and we either XX have archive wants increased months by to price weather capacity the last impacted extreme all forward numbers. nobody costs or The saw winter. those of event volatility off

books those requirements So smaller think think, as we growth we’re do -- come the But to sellers for will not I’m market don’t of be owners for at small reasons. to those see going out them, winter. see. just get but yes, on what not or seeing M&A some capital looking is there tuck-in small some I I from coming tend And market overpay are them. as many and collateral we out last squeezed deals we to books

to evaluations. be our going We’re very diligent in

Mike Gyure

then I anything, what your hearing New what’s perspective? on you And thought different seen there going guess you in process And are from York? maybe one more. I or guess, change on Are new that

Nathan Kroeker

enter the I are administrative requiring to out, the No, complete has process, which mean, to entire they is with negotiations before Commission play community York? we’ll a and continue ESCO any while to New us. really into been settlement willing the ongoing New York for

I probably discussions will get other mean So two expect for some with I the been in all we’re at we’ve now. that going what years we’re as them future through market into the doing. administrative with point that’s participants settlement process. we saying

Operator

you. Thank

from from Carter Riley Driscoll B. Our question is FBR. next

open. now is line Your

Carter Driscoll

was shot properly have hedge you So on Are obviously had year, We’ll year I season. just obviously, do feel -- had up different prices that higher other some question, thinking you you winter not are in can you’re unpredictable, last part summer on, that spike. and potential winds for ERCOT, latter kind a we Sophie’s just about the in up, weather summer How mean so potential not fairly see extreme exogenous heading just maybe of and events following then predictable tag peak this we the Hurricane milder up that just weather Harvey. obviously, of events? exogenous into

Just trying of to experienced your date. get to given you’ve a volatility the process, sense thought already

Nathan Kroeker

thought ourselves So protect to events. the from my catastrophic is process

protected outage the hot between versus in a on for weighing mild or ERCOT, a I’m the be mild want -- plant if always ERCOT So August of a outage to plant I in yes, hot day on mild, the risk of comes downside significant risk spike calculate back more price dollars. the the days so risk in right, the power the can if zero me at because than because it selling I risks is much of

that So be next for in the unexpected late very September to be it of which February; weather. we’re anticipating up going extreme how slightly and ERCOT continue we’re of about and the we last to think in such some power X because tired have rain selling be price to put yet a we last an how generally yes, I think, see that month If December had flat the I’m short weeks, went winter, the we in if but was we length those And ERCOT talking losses, all weather to and rollout. any year. I’m just showed positioned didn't that’s long in hadn't comes against those of Northeast mild think we to short sort in Not protect extreme the events. keep backed, of month of that’s ERCOT rehashing going what in in mild and in and crystallizing August we on I’m sort to for But I much significant we all are going I’m long generally January-February. caught to less had it weather the it. length that event of summertime, about in about December, I through

risks. at those it So get exactly look risks that's of we're not those managing always But thinking the going to right. types how and to types of we

length. numbers, And for doing we're how next closer that winner, get up normal. sales as much look next we'll and it forward everything ready we'll I mean be we based at go decide to our refine weather. to won't just set this of position at hedge we winter, for additional next is as look on for growth, attrition point normal continue we'll at But right everything get Going will until winter. just into now,

Carter Driscoll

potential trend don’t doing think effective slightly that for that something to do of I let obviously, necessarily way. pricing an a hedges, a an ask, mean, talked So terms kind the that maybe -- cost for considering? competitors you a do of this, reinsurance find basis? the Or comprehensive me policy -- almost speak your so. different or be on of the than protect almost seeing type of basis the I some Have against about in insurance or But could explored annual rather policy blanket you to policy to is you're on daily on have

Nathan Kroeker

I last mitigate it this conversation the think as at looked In cost think, ago to heard And not years, product of cost X I've this that so, a to potential X date, I the efficient that, X X I to effective. risk a well. have it, my I or competitors effectively probably in every found in manner. last we was years to We've have referred you tell -- months with six a I would have providers. couple

But products are will seen continue I've So that one the cost properly cheaper I I is the there, the to absolutely but products risks expensive we're the a don't mitigate to talking risk. at they're think way them. look about. effective really good mitigate not or

Carter Driscoll

that you heat gives mean ERCOT unprecedented that positions in getting were back that are August for I survive you on now Just able in July. do perspective they feel the Is reasonable? to you spikes. put to extremes us really

Nathan Kroeker

we the market. real the blew some Nothing in -- nothing but high day-ahead in trends in July, market time very saw Yes. out

was all hours day-ahead hours is wash big in June a for me happened of of -- my in market what in couple a way. in was what the to buying was match up load. July and of into selling kind I the in what that nothing market blew ramp megawatt July just so the And happened happened exact and I a day-ahead

loss So I in of and that length but worked. it of was cost small materialized that the additional the a the put insurance, kind on

Carter Driscoll

Okay. Maybe shifting …

Nathan Kroeker

I that's how as -- preempt is well. -- July kind to just the behaves mean, of July

Carter Driscoll

for to Okay. business while maybe sounded probably some the Maybe the management presenting continue fair that that of Stanley been and even the probably they you it it of the so what and Morgan value. and Board shifting though to you some run a company want on options to a gears, the the alternatives by you've they sale. And feel, not the about engaged in reflected right didn't pursue with that going sounds were put decisions maybe made to talk they queue? read Is you,

Nathan Kroeker

I'm is already we've -- we Stanley, I we going have which to continue not said terminated to what anything Yes, mean, with have reiterate Morgan continue them we just engaged. to

to and customer continue way believe our focus mass best deliver to long-term on time, management on the business the costs market growth of Board the is team at out just look present and the returning to opportunities, but We both the to at continue book. value to driving

Carter Driscoll

I M&A Stanley So, necessarily and be you’ve long-term -- can why reflected business? book, valued own of working of had you right? exogenous the apply about was value might probably the it your those doesn’t traditionally weather to for you today, I some not necessarily -- opportunities being and events yourselves, You’re that mean, beside if talked Morgan they’re with one alternatives get not for that at look

Nathan Kroeker

that's it. I all I’m mean looking at

Carter Driscoll

Okay.

of Let’s I see, others had I couple may. just a if

changes New spikes? about that your York. type Is heat presence opportunities prevalent growth that York, smaller in a marketplace. you've even as you ISO about obviously opportunity maybe ERCOT you level little doesn’t of that discussion there Can up be So might maybe some talk obviously Is it talked sometimes but think in requirements on potentially ERCOT about some get bit? way either in all new of the and, bringing books, eyes New similar given the capacity more that quite New Maybe there’s territory change a with opening or England? to or that same

Nathan Kroeker

price six call. talked costs to requirements, we The tags that in change significant was last this so kind the specifically. most Yes, that know change in change what way we cap thing ago you the methodology saw capacity was don’t capacity is which you saw are, recent on works, in capacity the period. know what multiplier clearing or what market a what start the collateral we their methodology is, the but changes the you that resulted increase of the a of know the multipliers the months and And about until

we risks June C&I absorb there much And just margin issue, always you’ve And the affects saw to in here It’s know them you just we July. that far that. period. So advance. that. capacity obvious was Xst capacity what margin multipliers we in is into tell don’t a will in I through on more mass contracts. have too margin because and in that for what room early reason everybody. got why On an That you wide room thinner went is current the in thinner contract, those June effect around price But industry it more absorb its the some as can’t a C&I contract, market in

to So I a difficult into interested the very highs me we’ve in commercial any it’s I think in from the learned for latest this But England I'm there mean, is takeaway increase money capacity the for me New side. is market that costs, strategy, small which C&I residential in standpoint. on make broader with what right from

the of mass business which refocus going we we’re New to of market those piece So and England or not any the on whether renew a lot that the ISOs of in contracts being operate. other

Carter Driscoll

it’s I ISO to some a and New you fair? So, small changes just yes, have Is to and beyond mass talked commercial England bit remember towards you’re you the market. refocus correctly, the saying shift caused if of that a about because commercial that were maybe segment, of that back from to away

Nathan Kroeker

the the big mean, I drivers New England. one in the, is It’s changes of

of lot the C&I New England C&I the months. the over course saw we growth, growth, XX the last large a is where of particularly

So like it then impacts have change that could us. this you

So and I of New large in had we’re as shifting did England. of business But resi shift a I've big don’t towards I a to back comp the -- small comp. never in the of other parts any

So a where biggest see ago, couple we in the to when you’re to back change we were England. shift going New years

Carter Driscoll

strategy. that's sounds ISO in mean, business I weather to mean It changes high a between New that trying -- optimize between the the and mean I the And England. little -- at But if volatility feel though you the you level I emphasis the you're be time in explanation? EBITDA. market take fair year's last don't to I that Is which why can a outgrow back reengage shift to your a seems mass

Nathan Kroeker

of and of in we've my I sure disproportionate be want that in in your accurately. a England. to careful C&I is management. not diversification Yes, one New key One trying our investor risk right electricity, answering particularly thing question share meetings I'm a talked that to things I've -- component business the got of being a about lot, And now,

in I And mass gas stable and to C&I earnings I'm taking and balanced think more a more and deliberate going so back geography, book power, and growth. get steps to overtime result that's to its predictable whether

on it. And us that's that's broad bit about there. high deck those in talk three of think deliberate that see I a later little mean how different we post kind Investor shift about our metrics. a you'll So I level a today, new when

Carter Driscoll

So in is your trying to shifts, that right? the else hedging nothing mitigate and the become you're So reasonable? predictable volatility more business. that Is index, policy

Nathan Kroeker

and margin ahead view And 'XX to we've levels the Yes, the our OpEx will I this levels attrition levels tell historically. returns that seen unit the exactly and back you if is look business right. you 'XX, that and

all down G&A than but We you're models, this we long in gross our And gas costs expenses, overtime unit well, of less out next XX% business year. given we margin margins years. be specifics, I of could the when mean, the then which couple as couple the high-XXs to we're driving unit for the the over G&A should the you will next of walk your for be years, be should high-Xs margins through power building in term the in

Carter Driscoll

And then just last one from me.

diversification, allocation as currently small think you capital have you'd do do are reposition What the some you're the and business as base opportunities the given near you think is headwinds feasible now term maybe priorities, cushion dividend you it? you for opportunistically. policy how So right like and about to book the have, what reposition balancing for

Nathan Kroeker

then savings cost a committed require these money investment. don't second not to We are anticipate We'll of one, payer. little chasing. to we'll change have capital we're process policy. order any the we're projects to And a that the to allocation, on some terms of million in dividend $X that little spend lot -- working in some of we're drive bit automation a There of additional start capital

share now will but that, there there, So stuff like -- if the is few on be the a to of market, line dollars growth out are our tuck-in be mass go capital acquisitions. opportunities going organic some and

Carter Driscoll

you're channel expecting And growth historical is of terms to historical contributing the Verde? factor that And be mass resumption if market? Verde's a that just of that? it how segment a Or from disproportionate effective -- in your channels will in

Nathan Kroeker

contributing factor. It's a

You're see acquire to Verde same whether whole channels them out anybody to The of time. want the and channels major to else, about those roll across the through, at we ramp different us trying four one or going the thing the on or I it’s all through broadly operate channels three business. sales or we’re

systematic changes on And and so we’re that currently that. require working some

billing on other roll or out can we those So other markets in platforms.

Carter Driscoll

questions, you. my all guys. Thank taking Appreciate

Nathan Kroeker

you. Thank Anybody in? Thank else you. Operator back

no at have questions further time. We this

Nathan Kroeker

to us And on we’ll say Well, talk the next joining want to All call. to I for everybody you thanks right. quarter. just

Via Renewables (VIASP) 3 Aug 182018 Q2 Earnings call transcript