SPKE - Earnings call transcript Q1 2021

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Mike Barajas

Good morning and welcome to the Spark Energy's First Quarter 2021 Earnings Call. This call is also being broadcast via webcast, which can be located in the Investor Relations Section of our website at sparkenergy.com. With us today from management is our CEO, Keith Maxwell; and our CFO, Jim Jones. Please note that today's discussion may contain forward-looking statements, which are based on assumptions that we believe to be reasonable as of this date. Actual results may differ materially. review well Harbor in as filings. to earnings in our everyone as release, the urge the statement Safe yesterday's SEC We risk factors undertake as these events, We as to of except law. result future statements by required obligation no a update

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

CEO. to Keith turn refer information earnings to For reconciliations release. our Maxwell, the comparable directly With financial non-GAAP most regarding I'll call yesterday's to over GAAP our and that, measures the measures, please

Keith Maxwell

Mike. of to offset $XX providing EBITDA customer and earnings absent day summary was day G&A adjusted Uri operations decrease The first want by of reflects you, a more call. event. the event. In resulted I CFO, margin which Winter extraordinary acquisition EBITDA storm of gross this non-recurring add-back details in today's cost. Thank everyone week to provide financials. winter in the company our normal the I welcome from Jones, largely one-time adjusted $XX.X then EBITDA obviously begin a quarter year-over-year adjusted first of non-recurring was million. a to the will on in reported Jim expenses quarter the by and as an million results storm, Uri, reduction Spark's the we

while opportunities, all opportunities. our sales up acquisition to to execute forward potential continue and ambitions, future of has competitive our with on well storm the several number environment. initiatives ramping already the impact of current Looking remainder up will negligible of the XXXX, as believe on acquisition organic has Spark opened a reduced we as

a facility million on announce increased XXXX we are $XXX.X our to working of excited by capital We total million. XX, also January $XX new to

believe and would of this liquidity advantageous bank we our space. we in us partnership on the working future group for We to to in As an $XXX their several XX, ESG operations in regard concludes tuck-in my potential and new opportunities we our renewable announcements number position markets we're have ongoing endeavors. continued company tuned to fund new transactions currently as thank with the like regarding and XXXX in total months areas liquidity million support, puts transforming into to in of March remarks. on projects supply the focus coming prepared that strategies, expect [ph]. to in That make Stay our

financial Now, the his review. I'll Jim turn over call to for Jim?

Jim Jones

million. add-backs resulted was segment, retail EBITDA Thank adjusted million winter million quarter quarter to of in margin $XX In first million Good $XX.X you, reduction In million last Volumes lower million margin year. last for compared compared and $XX.X the was quarter retail achieved gross of gross due year's of were respectively. quarter the Retail we $XX.X morning. electricity our on to adjusted impact customer million Keith. $XX.X base. the in compared The in our gross first to $XX.X and year. in margin EBITDA Uri million to a storm $XX.X $XX last

was [ph] improved million Total in gross decrease debt, This in last $XX.X compared broker to bad structured our attributable customers. in a expenses, XXXX. $XX.X decrease in primarily last expenses fees margin G&A of a segment, However, retail lower prices. was million XXX,XXX. compensation, lower employee year, in concentrated quarter our the commodity first load due quarter residential volumes RCEs were first the incurred were cost favorable to natural quarter of margins year. $XX.X compared million to executive and is $XX.X gas margin first the now and result as In in to million unit legal

quarter last of quarter last in of X.X% first year. the were down Total the RCEs from attrition is first Our XXX,XXX. X.X% from year

of $X.X which $XX.X the was million mark-to-market or a quarter year share to gain in storm ago. the quarter I $X.X share, for loss $X.XX million, reduced previously $X.XX gross diluted of income accounting million We of compared tax a or to income of contracts, Uri, net $XX.X fully fully described winter for loss put impact in partially negative the on due to first with place and We've an our income in retail the compared of quarter this margin to per million of offset income driven benefit. by the hedges. a diluted XXXX. net mark-to-market per mark-to-market non-cash associated of Our lock G&A decrease margins is net had The lower

share June on all XX, stock we net to as our the an indicator EBITDA is investors have. of you, a we XX, to our XX. past, on cash our income dividend As preferred Class April price July in receive income common and fixed believe contracts. business of we first On Back stock business A paid performance, announced be don't to stock dividends we per cash good A quarter do and we why On per This the April I performance. we $X.XXXXX guide and on actual share the affect That's investors indicator Keith. and Series not and have to movements our is on the to March reminded $X.XXXXX net from the stock away XX, XX towards adjusted paid common be paid mark-to-market respectively. non-cash continue quarterly expect preferred our of

Keith Maxwell

We thank channels we're to that sales business want book ensure Thanks, of customer Jim. quarter multiple suppliers to second employees the connecting committed in can us to much. COVID-XX grow look quarter some to their our energy choosing our for forward XXXX investing thank the that and as and will Entering post good you big producing provider. for hard want you Thank news customers We very a Spark soon. period. work their

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