Earnings call transcript Q3 2022

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Operator

Good morning, ladies and gentlemen, and welcome to Via Renewables Inc., Third Quarter 2022 Earnings Conference Call. My name is Melissa, and I will be your operator for today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes, and this call will be posted on Via Renewables' website.

I would now like to turn the conference over to Mr. Stephen Rabalais with Via Renewables. ahead. go Please

Stephen Rabalais

Investor Good our Quarter Melissa. being welcome Via CFO, today in to via at Barajas. our Thank With Mike Keith viarenewables.com. Earnings morning, Maxwell; Call. Third us the located be XXXX which management also section This Renewables of webcast, website are you, from can and Relations CEO, call broadcast our is and

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

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

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

that, over the Maxwell, Keith call to turn CEO. our With I'll

Keith Maxwell

details Mike results. call. will I quarter, Thank earnings to and today's the a begin our results by welcome providing then CFO, everyone Stephen. want summary more third financial to provide of you, on I'll the from Barajas,

of has million the The decrease and the payroll reductions XXXX. $XX mainly $XX.X reported were in contributed million a $X.X In quarter third attributable in of an factors taken to G&A The we or tax of million in legal in quarter a compared quarter, adjusted EBITDA third XXXX. the reduction largest third credit accrual XXXX. to

quarter due XXXX. Yuri add acquisition $X.X million increase to The in in back decreases a the had winter we partly Additionally, storm from spend. million customer a are $X.X of third the

organically million we third announce We're spent an quarter our gas been the entered weighted through footprint the well agreement third XXXX. to Florida regions. million in in dedicated expand has customer $X.X XX,XXX the to Historically, the in acquire quarter, in that to excited acquisitions. pleased acquisition and in our of $X.X to Via Florida. to predictability as approximately compared remains will as to growing spend Via We strategic and believe heavily cash of diversification in RCEs the flow. to Northeast stability add mid-Atlantic our market, book and geographical the into continue we're more

And prepared over concludes That now review. to turn financial remarks. his call my Mike the I'll Mike? for

Mike Barajas

Thank for million. quarter, compared year's compared you, adjusted Keith. the $XX.X margin EBITDA million we last Good million last was Retail third to gross $XX.X quarter $XX year. the of quarter morning. in $XX.X million In achieved third with

in retail million decrease our in was margin year-over-year. was a quarter due unit In of to margins, segment, in year. offset $XX.X to by million $XX.X last compared This third increase the gross an electricity volume

margin segment, by In year. our last attributable million $X.X quarter offset was volumes. third million partially compared to retail gas This was unit natural margins to the lower $X.X gross higher in decrease

legal accruals the primarily quarter in a million credit, to G&A to and expenses million both were occurring million compared of third a higher tax last in $X.X $X.X payroll year, due XXXX. in reduction $XX.X

XXXX. In third sales the compared quarter in were increased marketing Total sales. due XXX,XXX RCEs to addition, to ramping expenses up and in XXX,XXX have

Additionally, our prices commodity attrition of of the X.X% a around X% increase rising is result up year-over-year. This from is country.

We million had this a a ago. of of decrease mark-to-market $XX.X $X.XX quarter The share mark-to-market decrease fully the a the to income share a diluted of compared diluted loss was of fully net quarter quarter million is million million per for $XX.X to loss million per related of mainly in our to gain XXXX. Our $X.X -- $X.XX for income or $XX.X of year share net a compared third $XX.X mark-to-market per loss gains. or

in compared increased to third in offset $X.X We net of expense decrease million million a to $X.X is and to of income a The decrease $XX,XXX to a XXXX. and quarter the tax. XXXX. partially expense by decrease in the third quarter the Interest million million income million of of had $X $X.X compared quarter XXXX of the depreciation in in $X XXXX with in compared amortization expense third in benefit

dividends the dividend preferred our paid to common and $X.XXXXX the September October stock on XX. stock, per of Series XX, stock share on A be paid of be respectively. XX per share On our announced and Class $X.XXXXXX XX On stock XX, preferred on December and third we quarter quarterly common A October on to paid cash we January

I That's you, to Back Keith. all have.

Keith Maxwell

look I Mike. to on to our for with as forward growing employees to and support. suppliers and their thank our Via I you. thank want dedication to their for energy and Via you Thanks, their care connecting next and call. want customers also future, supporting we continued all for about Thank We're to our us the of excited choosing our provider.

Stephen Rabalais	Senior Manager, Financial Planning and Analysis
Keith Maxwell	Chief Executive Officer & Chairman of the Board of Directors
Mike Barajas	Chief Financial Officer

Via Renewables (VIASP) 3 Nov 222022 Q3 Earnings call transcript