Via Renewables Inc. Q1 2023 Earnings Call

Ill turn the call over to Mike for his financial review.

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Thank you Keith good morning in the first quarter, we achieved $18 8 million and adjusted EBITDA compared to last year's first quarter of $10 $8 million.

Retail gross margin for the quarter was $40 3 million compared with $28 $8 million last year.

The increase in retail gross margin was primarily due to higher unit margins offset by decreased volumes for both power and natural gas.

In our retail electricity segment gross margin was $25 million compared to $17 2 million in the first quarter last year.

This was due to higher unit margins caused by decreasing commodity prices, partially offset by lower volumes year over year.

And our retail natural gas segment gross margin was $19 9 million compared to $11 6 million in the first quarter last year. This.

This increase was also attributable to higher unit margins as a result of the decrease in commodity prices and partially offset by a decrease in volumes.

G&A expenses of $17 $2 million were higher compared to $14 9 million in the first quarter of last year, primarily due to increases in sales and marketing expenses as we ramped up sales through a variety of different sales channels.

Total <unk> were 339000 compared to 387000 for the first quarter of 2022.

Our attrition of three 9% is up slightly from three 7% in the first quarter of 2022 due to our increased customer acquisition efforts.

For the first quarter of 2023, we recorded a net loss of $6 8 million or a loss of $1 26 per fully diluted share compared to net income of $31 million.

Or $3 49 per fully diluted share for the first quarter of 2022.

The decrease is mainly due to a reduction in the mark to market on our hedges that we put in place to lock in margins on our retail contracts.

This was partially offset by reduced income tax and depreciation and amortization expense.

Had a mark to market loss this quarter of $22 6 million.

Compared to a mark to market gain of $31 $9 million a year ago.

We recorded an income tax benefit of $2 million in the first quarter of 2023 compared to an expense of $6 million in 2022.

On March 15th in April 17th we paid the quarterly cash dividends on our class a common stock and series a preferred stock respectively.

On April 19th we announced first quarter dividends of $73 99 per share on our preferred stock to be paid on July 17th.

That's all I have back to you Keith Thanks, Mike as always we want to thank our employees for their care and dedication and growing and supporting via and to our suppliers for their continued support.

To thank <unk> customers for choosing us as their energy provider and I'll look forward to connecting with you on our next call. Thank you.

Thank you ladies and gentlemen. This concludes our conference call. You may now disconnect your lines and have a wonderful day.

Okay.