Q1 2024 Via Renewables Inc Earnings Call Transcript
Key Points
- Via Renewables Inc (VIA) reported a significant increase in net income to $19.1 million, compared to a net loss of $6.8 million in the first quarter of the previous year.
- The company successfully grew its customer base to 338,000 RCEs, up from 335,000 at the end of the previous year.
- Via Renewables Inc (VIA) entered into an agreement to acquire approximately 12,500 RCEs, which is expected to be accretive to the bottom line starting from the second quarter.
- The company reported a mark-to-market gain of $11.2 million this quarter, a substantial improvement from a mark-to-market loss of $22.6 million in the same quarter last year.
- Via Renewables Inc (VIA) maintained a stable attrition rate at 3.9%, with lower attrition in the mass market book offsetting an uptick in commercial attrition.
- Adjusted EBITDA decreased to $15.1 million from $18.8 million in the first quarter of the previous year due to lower unit margins and mild weather affecting gas volumes.
- Retail gross margin declined to $35.7 million from $40.3 million year-over-year, impacted by lower unit margins in both electricity and natural gas segments.
- The retail electricity segment saw a decrease in gross margin to $18.9 million from $20.5 million in the previous year's first quarter.
- In the retail natural gas segment, gross margin decreased to $16.2 million from $19.9 million in the first quarter of the previous year, due to lower unit margins and volumes.
- General and Administrative (G&A) expenses slightly increased to $17.3 million, primarily due to higher sales and marketing expenses and legal fees.
Good morning, and welcome to Via Renewables first-quarter 2024 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. We urge everyone to review the Safe Harbor statement in yesterday's earnings release as well as the risk factors in our SEC filings. We undertake no obligation to update these statements as a result of future events except as required by law.
In addition, we will refer to both GAAP and non-GAAP financial measures. For information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to yesterday's earnings release.
With that, I'll turn the call to Keith Maxwell, our
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