Earnings call transcript Q4 2022

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Stephen Rabalais

Good morning, and welcome to Via Renewables Fourth Quarter and Full Year 2022 Earnings Call. This call is also being broadcast via webcast, which can be located in the Investor Relations section of our website at viarenewables.com. With us today from management is our CEO, Keith Maxwell; and our CFO, Mike Barajas.

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 our 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

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

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

Keith Maxwell

call. welcome that keep And on started Thank with going. which channels. grow approximately industry's details I'll a more we Mike you, earning organic want to our to book our still approximately gas customer begin year results. financials. to in off are RCEs compressed a year margins, $X.X everyone Barajas, wanted intensified on bid Stephen. customer Florida few various an acquisitions acquisitions then XX,XXX increase of base summary the XXXX we million to market. more We an announce in on commodity the providing to today's sales. I organic tacked XXXX with CFO, will full provide prices, prior our acquire added rapidly rising XX,XXX to to and through the our the momentum agreement our spent RCEs Despite able than sales We

us well giving to business market. for the as the options the volatile grow credit in new opportunity given time years has Our as us agreement in first energy M&A a

mainly reductions the in of along rising nonrecurring due EBITDA G&A million XXXX, an mainly due expenses, XXXX. down increase rapidly employee bad legal $XX.X XXXX half year full costs in expenses in to also the of reported of compression is with the increased $XX.X occurred prices. to decrease pertaining the in of XXXX, debt. million, to first and year commodities that to adjusted For we the The from due

offer a customers is years. continuing, raised of more position XXXX sustainable we the attracting the in than We're our competitive prices pace in across optimistic. that to towards at utilities have faster a more future. is now a commitment we're our goal rates outlook Our Via have for and industry,

remarks, Mike a the will my financial turn review. and for I over to prepared Mike? call concludes This

Mike Barajas

you, increase to compared fourth electricity we in an expenses. is Thank Adjusted volumes retail margins mainly gas, Retail with increase increased and decreased for In Good $XX.X morning. last by natural fourth EBITDA gas. EBITDA quarter of electric quarter margins on decreased volumes in the margin for load, with retail with offset of to natural XXXX, G&A compared last in partially million Keith. adjusted coupled gross achieved the The $XX.X for year. quarter $XX.X increased margin year's million million. was margin offset $XX.X for gross due million gross higher to partially unit our due

due in adjusted at million $XX.X decrease was to to year margin and for with to million lower gross ended margin retail customer at for compared G&A in XXXX $XXX.X EBITDA XXXX, $XX.X adjusted in while coupled Full year million $XXX.X year-over-year; expenses The acquisition full XXXX. ended gross spend. million increases EBITDA compared

of due due XXXX, less employee lower customers. reoccur which down with the was ended employee for approximately C&I credits to to not in proactive XXXX. to and end million in of XXX,XXX related XXXX higher to compared caused profitable the RCEs the attributed from prices did G&A by a that $XX.X and attrition in in rising RCEs retention Act spike million costs at increase year commodity We expense XXX,XXX nonrenewal was XXXX XXXX. This CARES employee debt primarily $XX.X for to bad higher expenses was XXXX and

the customer our $X.X million prior acquisition we was from for For $X.X monthly rose customer year, X.X% year $X.X primarily for in million average in benchmark to in rates. of expense year. in million year. the the compared Meanwhile, Interest $X.X XXXX the spent million increases costs because attrition XXXX to in

increased to Income from $X.X by XXXX. winter tax XXXX XXXX to line million in $X.X bottom storm Uri's our million driven in expense in impact

a Our $XX.X for to mark-to-market XXXX, million the net million net loss a with mark-to-market which gain. year loss $XX income was million compared in $X.X of million included $X.X

XXXX. million stock, balance our and XX, XX, XXXX, of a Series A our total $XX.X common paid million we stock at our at dividend Looking of quarterly the and debt we January preferred A respectively. had Class XXXX, and year-end net $XX.X On liquidity cash on sheet, December

XX, our January per common $X.XXXXX we to XX stock March share of our XX, on on paid stock share per announced preferred April $X.XXXXX of On fourth be dividend and respectively. quarter and

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

Keith Maxwell

connecting for employees very want producing want Spark's customers next new provider. you of thank energy explore business. And us at and Mike. Thanks thank to last here continued service the We offerings on market to excited as on of XXXX a I'm Thank their success strong that while good our as over I focus proud for and the the work work in products I We're we increasing their everyone year. quarter mass course hard call. look you. Via forward we of suppliers about with the business put our and year. our and our for a to our choosing

Via Renewables (VIASP) 30 Mar 232022 Q4 Earnings call transcript