He also leads the investing group IPO Edge , which offers actionable information on growth stocks through first-look IPO filings, previews on upcoming IPOs, an IPO calendar for tracking what’s on the horizon, a database of U.S. IPOs, and a guide to IPO investing to walk you through the entire IPO lifecycle - from filing to listing to quiet period and lockup expiration dates.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initi ...

提供拼车与公共交通服务平台的Via Transportation上周五向美国证券交易委员会(SEC)提交了首次公开 (IPO)申请。该公司计划在纽交所上市，股票代码为"VIA"。该公司尚未披露定价条款。市场分析指出， 该公司或通过IPO筹资最高约5亿美元。 目前，Via Transportation服务于30多个国家的689个客户。其中北美市场贡献约70%收入，欧洲市场贡献 约30%。客户主要是政府机构(占收入90%以上)，其中包括佛罗里达州萨拉索塔和北卡罗来纳州罗利的 公共交通服务。该公司认为，其市场渗透率仅约1%，而其可触及市场规模估计为5450亿美元。数据显 示，该公司截至2025年6月30日的12个月收入为3.81亿美元。 资料显示，Via Transportation为公共交通机构和运营商开发技术，用于规划、管理和优化包括微交通、 校车运输、辅助交通在内的服务。其平台整合了排班、调度、合规管理、乘客订票和数据分析等功能， 并提供可选服务，例如车队采购与呼叫中心支持。 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or other jurisdiction of incorporation or organization) Delaware 46-5453215 (I.R.S. Employer Identification No.) 12140 Wickchester Ln, Suite 100 Houston, Texas 77079 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

Financial Performance - For the three months ended March 31, 2025, the company reported Adjusted EBITDA of $27.7 million, a significant increase from $15.1 million in the same period of 2024, representing an 83.8% year-over-year growth [179]. - The company reported a net income of $18.5 million for the three months ended March 31, 2025, slightly down from $19.1 million in the same period of 2024 [186]. - Total revenues for the three months ended March 31, 2025, were approximately $142.3 million, an increase of approximately $28.2 million, or 25%, from approximately $114.1 million for the same period in 2024 [196]. - Retail gross margin for the three months ended March 31, 2025, was approximately $46.5 million, an increase of approximately $10.7 million, or 30%, from approximately $35.7 million for the same period in 2024 [191]. - Retail cost of revenues for the three months ended March 31, 2025, was approximately $95.4 million, an increase of approximately $26.4 million, or 38%, from approximately $69.0 million for the same period in 2024 [198]. - Net cash provided by operating activities for the three months ended March 31, 2025, was $24.95 million, compared to $17.1 million for the same period in 2024 [188]. Customer Metrics - The company experienced a total of 407,000 Residential Customer Equivalents (RCEs) as of March 31, 2025, reflecting a 5% increase from 388,000 RCEs at the end of 2024 [163]. - Customer attrition averaged 4.3% for the three months ended March 31, 2025, compared to 3.9% in the same period of 2024, primarily due to proactive non-renewals in Maryland [172]. - The company acquired approximately 16,800 RCEs for a cash purchase price of up to $1.8 million, with transfers expected to begin in the second quarter of 2025 [161]. - Average monthly RCE attrition for the three months ended March 31, 2025, was 4.3%, compared to 3.9% for the same period in 2024 [194]. Segment Performance - The Retail Electricity Segment accounted for approximately 56% of retail revenues for the three months ended March 31, 2025, down from 68% in the same period of 2024, while the Retail Natural Gas Segment increased to 44% from 32% [162]. - Retail gross margin for the Retail Electricity Segment for the three months ended March 31, 2025, was approximately $21.4 million, an increase of approximately $2.5 million, or 13%, from approximately $18.9 million for the same period in 2024 [206]. - Retail gross margin for the Retail Natural Gas Segment for the three months ended March 31, 2025, was approximately $25.0 million, an increase of approximately $8.8 million, or 54%, from approximately $16.2 million for the same period in 2024 [210]. Costs and Expenses - Customer acquisition costs for the three months ended March 31, 2025, were $1.5 million, down from $2.4 million in the same period of 2024 [186]. - Customer acquisition costs for the three months ended March 31, 2025, were approximately $1.5 million, a decrease of approximately $0.9 million, or 38%, from approximately $2.4 million for the same period in 2024 [201]. - Depreciation and amortization expense for the three months ended March 31, 2025, was approximately $5.0 million, an increase of approximately $3.0 million, or 150%, from approximately $2.0 million for the same period in 2024 [200]. Cash Flow and Liquidity - The company distributed $6.0 million in cash to the non-controlling interest holder on March 31, 2025 [159]. - As of March 31, 2025, total liquidity amounted to $156.6 million, consisting of $64.7 million in cash and cash equivalents, $66.9 million available under the Senior Credit Facility, and $25.0 million under the Subordinated Debt Facility [214][220]. - Net cash provided by operating activities for the three months ended March 31, 2025, increased by $7.9 million to $24.9 million compared to $17.1 million for the same period in 2024 [216]. - Cash flows used in investing activities rose by $13.5 million to $14.0 million for the three months ended March 31, 2025, primarily due to customer book acquisitions [217]. - Cash flows used in financing activities increased by $4.8 million to $13.6 million for the three months ended March 31, 2025, mainly due to a $6.0 million distribution to non-controlling interest [218]. Debt and Interest Rates - The company had a total commitment of $205.0 million under its Senior Credit Facility, with $136.7 million outstanding as of March 31, 2025 [220]. - The current variable interest rate on the Senior Credit Facility was 7.57% as of March 31, 2025 [223]. - A 1.0% increase in interest rates would lead to an additional annual interest expense of approximately $1.0 million based on the average variable rate indebtedness [244]. - A 1.0% increase in interest rates would result in additional dividends of $0.2 million for the quarter based on the Series A Preferred Stock outstanding [245]. Bad Debt and Credit Risk - Approximately 59% of retail revenues for the three months ended March 31, 2025, were derived from territories where credit risk was primarily with local regulated utility companies [238]. - The company's bad debt expense for the three months ended March 31, 2025, was 0.9% of non-POR market retail revenues, compared to 0.8% for the same period in 2024 [241]. - As of March 31, 2025, the company had approximately $8.4 million of total exposure with non-investment grade counterparties or unsecured [242]. - As of March 31, 2025, the company had $101.0 million of variable rate indebtedness outstanding under the Senior Credit Facility [244].

Financial Performance - Total revenues for the year ended December 31, 2024, were $398.868 million, a decrease of 8.4% compared to $435.192 million in 2023[346]. - Retail revenues decreased to $399.418 million in 2024 from $439.360 million in 2023, reflecting a decline of 9.1%[346]. - Operating income increased significantly to $84.178 million in 2024, compared to $46.472 million in 2023, marking an increase of 80.9%[346]. - Net income attributable to Via Renewables, Inc. stockholders was $28.255 million for 2024, up from $14.975 million in 2023, representing an increase of 88.1%[346]. - The company reported a net income per share of Class A common stock of $5.48 for 2024, compared to $1.36 in 2023[346]. - Consolidated net income for 2024 reached $61,075,000, a significant increase of 134% compared to $26,105,000 in 2023[351]. - Cash flows from operating activities provided $50,484,000 in 2024, slightly up from $49,315,000 in 2023[351]. - The company reported a gain on derivatives of $3,720,000 in 2024, a recovery from a loss of $17,821,000 in 2022[351]. Assets and Liabilities - Total assets increased to $344.939 million as of December 31, 2024, up from $303.834 million in 2023, reflecting a growth of 13.5%[343]. - Total liabilities rose to $180.757 million in 2024, compared to $177.050 million in 2023, indicating a slight increase of 1.5%[343]. - The company reported $106.0 million in outstanding indebtedness and $25.6 million in issued letters of credit under its Senior Credit Facility as of December 31, 2024[136]. - The company issued $586,000,000 in borrowings on notes payable in 2024, up from $377,000,000 in 2023, indicating increased leverage[351]. Customer and Market Risks - Approximately 40% of the company's retail revenues for the year ended December 31, 2024, came from customers in non-POR markets, exposing it to direct credit risk[126]. - The company relies on third parties for natural gas and electricity supply, exposing it to wholesale counterparty credit risk[62]. - The company faces risks related to basis risk when hedging commodities, particularly when physical supply must be delivered to specific utility systems, which can lead to significant price discrepancies[93]. - Weather conditions directly impact the demand for energy commodities, with lower consumption during warmer winters or cooler summers potentially leading to reduced margins or losses[89]. - The company is subject to regulatory changes, such as Maryland SB1, which imposes new green energy requirements and pricing restrictions, affecting its ability to offer energy choice to residential consumers[72][73]. Regulatory and Compliance Issues - Regulatory changes in the retail energy market are increasing, with states imposing stricter regulations and higher fines, which could adversely affect the company's operations and financial condition[99]. - Increased regulatory scrutiny may limit the types of services the company can offer, affecting customer acquisition and renewal revenue[115]. - The company is exploring new technologies for direct marketing efforts to mitigate regulatory compliance risks associated with telemarketing[76]. Operational and Management Risks - The company relies on the accuracy of its information management systems for billing and collections, which subjects it to operational risks[127]. - The company may face challenges in managing growth effectively, particularly in expanding its customer base and entering new markets[114]. - The company is subject to legal and regulatory proceedings that could result in substantial costs and divert management's attention from core business issues[104]. Debt and Equity - The Series A Preferred Stock is subordinated to all existing and future debt obligations, meaning payments to holders will only occur after all debts are settled[148]. - The company cannot guarantee sufficient cash generated from operations to pay dividends on its Series A Preferred Stock due to various financial covenants and capital requirements[142]. - Future dividends will depend on the company's operations, financial condition, capital requirements, and cash flows, with potential reductions or eliminations possible[146]. - The trading price of the Series A Preferred Stock may be highly volatile and influenced by factors such as market interest rates and investor confidence[153]. Customer Acquisition and Marketing - The company’s customer acquisition costs, net, rose to $9.192 million in 2024 from $7.989 million in 2023, an increase of 15.1%[343]. - The company reported a decrease in customer acquisition costs by $9,508,000 in 2024, indicating improved efficiency in marketing expenditures[351]. - The company is exposed to reputational risks from third-party vendors involved in customer acquisition and billing processes[134]. Miscellaneous - The company has not experienced any material loss related to cyber-attacks or information security breaches during 2024[63]. - The company has historically distributed a significant portion of cash through dividends, which may limit its ability to grow and make acquisitions with cash on hand[111]. - The company reported a net gain of $28.4 million on non-trading derivative instruments for the year ended December 31, 2024[317].

Viatris (VTRS) Q4 2024 Earnings Call February 27, 2025 06:24 PM ET Company Participants Bill Szablewski - Head of Investor Relations & Capital MarketsScott Smith - CEOPhilippe Martin - Chief R&D OfficerCorinne Le Goff - Chief Commercial OfficerDoretta Mistras - CFOAshwani Verma - Executive Director - SMID Biotech & BiopharmaChris Schott - Managing DirectorJason Gerberry - MD & Equity ResearchUmer Raffat - Senior Managing Director Conference Call Participants David Amsellem - Sr. Research AnalystBalaji Prasa ...

Company Operations - As of September 30, 2024, the company operated in 103 utility service territories across 20 states and the District of Columbia[173]. - The company added approximately 22,900 residential customer equivalents (RCEs) during the three months ended September 30, 2024, primarily through organic sales channels[186]. - The total number of RCEs decreased by 3% from June 30, 2024, to September 30, 2024, with attrition of 40 RCEs[180]. Revenue and Financial Performance - For the three months ended September 30, 2024, approximately 88% of retail revenues were derived from electricity sales, while 12% came from natural gas sales[174][175]. - Total revenues for Q3 2024 were approximately $93.8 million, a decrease of approximately $16.4 million, or 15%, from $110.2 million in Q3 2023[208]. - Adjusted EBITDA for Q3 2024 was $10.3 million, down from $12.8 million in Q3 2023, representing a decrease of approximately 19%[208]. - Net income for Q3 2024 was $1.7 million, compared to $14.7 million in Q3 2023, reflecting a decline of approximately 88%[208]. - Total revenues for the nine months ended September 30, 2024 were approximately $294.5 million, a decrease of approximately $39.0 million, or 12%, from approximately $333.5 million for the same period in 2023[216]. Margins and Expenses - Retail gross margin for the three months ended September 30, 2024, was $30.0 million, down from $31.9 million in the prior year[195]. - Customer acquisition costs increased to $2.1 million in Q3 2024 from $1.7 million in Q3 2023, marking an increase of approximately 25%[208]. - General and administrative expense for the nine months ended September 30, 2024 was approximately $55.9 million, an increase of approximately $4.8 million, or 9%, compared to $51.1 million for the same period in 2023[218]. Cash Flow and Investments - Net cash provided by operating activities for Q3 2024 was $20.1 million, significantly up from $6.2 million in Q3 2023[202]. - The company reported a net cash used in investing activities of $2.2 million for Q3 2024, compared to $0.4 million in Q3 2023[202]. - Cash flows provided by operating activities increased by $7.6 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to changes in working capital[245]. Credit and Risk Management - The company has experienced an increase in credit loss expense, which was 1.4% for the three months ended September 30, 2024, compared to 1.3% in the prior year[190]. - Approximately 60% of retail revenues for the nine months ended September 30, 2024, were derived from territories where credit risk was with local regulated utility companies[264]. - Company is exposed to credit risk related to payment for services rendered during the transition period with local regulated utilities[266]. - Economic conditions may increase customer delinquencies, impacting bad debt expense[267]. - Company manages customer credit risk through formal credit reviews and credit score screenings[267]. Segment Performance - Total revenues for the Retail Electricity Segment for the three months ended September 30, 2024 were approximately $82.6 million, a decrease of approximately $15.2 million, or 16%, from approximately $97.8 million for the same period in 2023[223]. - Retail gross margin for the Retail Electricity Segment for the three months ended September 30, 2024 was approximately $24.6 million, a decrease of approximately $1.4 million, or 5%, from approximately $26.0 million for the same period in 2023[225]. - Total revenues for the Retail Natural Gas Segment for the three months ended September 30, 2024 were approximately $11.6 million, a decrease of approximately $0.3 million, or 2%, from approximately $11.9 million for the same period in 2023[228]. - Retail gross margin for the Retail Natural Gas Segment for the three months ended September 30, 2024 was approximately $5.5 million, an increase of approximately $0.3 million, or 6%, from approximately $5.2 million for the same period in 2023[230]. Debt and Interest Rates - The current variable interest rate on the Senior Credit Facility was 8.09% as of September 30, 2024[248]. - As of September 30, 2024, $89.0 million of variable rate indebtedness was outstanding under the Senior Credit Facility[270]. - A 1.0% increase in interest rates would result in an additional annual interest expense of approximately $0.9 million based on average variable rate indebtedness[270]. - A 1.0% increase in interest rates would lead to an additional $0.2 million in dividends for the quarter based on Series A Preferred Stock outstanding[271]. Dividends - The Board of Directors declared a quarterly cash dividend of $0.71847 per share for Series A Preferred Stock, totaling $2.7 million for Q3 2024[271].

Revenue and Sales Performance - For the three months ended June 30, 2024, approximately 82% of retail revenues were derived from electricity sales, while 18% came from natural gas sales [150]. - Total revenues for Q2 2024 were approximately $86.7 million, a decrease of about $4.7 million, or 5%, from $91.4 million in Q2 2023 [177]. - Retail revenues for the first half of 2024 totaled $201.3 million, down from $227.7 million in the first half of 2023, a decline of approximately 11.6% [177]. - Total revenues for the six months ended June 30, 2024 were approximately $200.8 million, a decrease of approximately $22.5 million, or 10%, from $223.3 million for the same period in 2023 [184]. - Total revenues for the Retail Electricity Segment for the three months ended June 30, 2024 were approximately $71.1 million, a decrease of approximately $3.7 million, or 5%, from $74.8 million for the same period in 2023 [191]. - Total revenues for the Retail Natural Gas Segment for the three months ended June 30, 2024 were approximately $15.8 million, a decrease of approximately $2.1 million, or 12%, from $17.9 million for the same period in 2023 [194]. - Total revenues for the Retail Natural Gas Segment decreased by approximately $17.3 million, or 25%, to approximately $52.9 million for the six months ended June 30, 2024, compared to $70.2 million for the same period in 2023 [201]. Customer Metrics - The company added approximately 31,400 residential customer equivalents (RCEs) during the three months ended June 30, 2024, primarily through organic sales channels [158]. - The total number of RCEs remained stable at 338, with a slight decrease of 1% in retail electricity RCEs and a 2% increase in retail natural gas RCEs compared to the previous quarter [154]. - Average monthly customer attrition for the three months ended June 30, 2024, was 3.4%, slightly higher than 3.1% in the same period of 2023 [161]. - Average monthly RCE attrition was 3.4% in Q2 2024, compared to 3.1% in Q2 2023, indicating an increase in customer churn [177]. Financial Performance - Adjusted EBITDA for the three months ended June 30, 2024, was $12.363 million, compared to $12.013 million for the same period in 2023 [165]. - Adjusted EBITDA for Q2 2024 was $12.4 million, compared to $12.0 million in Q2 2023, reflecting an increase of approximately 2.9% [177]. - Net income for Q2 2024 was $15.7 million, down from $19.1 million in Q2 2023, a decrease of approximately 17.5% [177]. - Operating income for Q2 2024 was $20.6 million, a decrease from $26.8 million in Q2 2023, reflecting a decline of approximately 23.1% [177]. - The company reported a net cash provided by operating activities of $11.2 million for Q2 2024, down from $21.6 million in Q2 2023, a decrease of approximately 48.2% [171]. - Cash flows provided by operating activities decreased by $6.4 million to $28.3 million for the six months ended June 30, 2024, compared to $34.7 million for the same period in 2023 [208]. Expenses and Costs - Customer acquisition costs increased to $2.6 million in Q2 2024 from $1.5 million in Q2 2023, marking a rise of approximately 73.5% [177]. - Total operating expenses for Q2 2024 were $66.1 million, an increase from $64.6 million in Q2 2023, representing a rise of approximately 2.3% [177]. - Retail cost of revenues for the six months ended June 30, 2024 was approximately $112.0 million, a decrease of approximately $51.4 million, or 31%, from $163.4 million for the same period in 2023 [184]. - General and administrative expense for the six months ended June 30, 2024 was approximately $38.2 million, an increase of approximately $4.3 million, or 13%, compared to $33.9 million for the same period in 2023 [186]. - Customer acquisition cost for the six months ended June 30, 2024 was approximately $5.0 million, an increase of approximately $1.8 million, or 52%, from $3.3 million for the same period in 2023 [187]. Margins - Retail gross margin for the three months ended June 30, 2024, was $33.387 million, an increase from $30.726 million in the same period of 2023 [165]. - Retail Gross Margin for Q2 2024 was $33.4 million, an increase from $30.7 million in Q2 2023, representing a growth of approximately 8.6% [177]. - Retail gross margin for the Retail Electricity Segment for the three months ended June 30, 2024 was approximately $25.3 million, an increase of approximately $2.3 million, or 10%, from $23.0 million for the same period in 2023 [192]. - Retail gross margin for the Retail Natural Gas Segment for the three months ended June 30, 2024 was approximately $8.0 million, an increase of approximately $0.4 million, or 5%, from $7.6 million for the same period in 2023 [195]. - Retail gross margin for the Retail Natural Gas Segment decreased by approximately $3.3 million, or 12%, to approximately $24.2 million for the six months ended June 30, 2024, compared to $27.5 million for the same period in 2023 [202]. Debt and Liquidity - The first amendment to the senior credit facility increased borrowing capacity to $205.0 million and extended the maturity date to June 30, 2027 [152]. - Total liquidity as of June 30, 2024, was $154.2 million, consisting of cash and cash equivalents of $53.6 million, Senior Credit Facility availability of $75.7 million, and Subordinated Debt Facility availability of $25.0 million [207]. - The current variable interest rate on the Senior Credit Facility was 8.59% as of June 30, 2024 [210]. - At June 30, 2024, $93.0 million of variable rate indebtedness was outstanding under the Senior Credit Facility [228]. - A 1.0% increase in interest rates would result in an additional annual interest expense of approximately $0.9 million based on average variable rate indebtedness for Q2 2024 [228]. - A 1.0% increase in interest rates would lead to an additional $0.2 million in dividends for the quarter based on Series A Preferred Stock outstanding [228]. Dividends and Stock - The company paid $5.4 million in dividends to holders of the Series A Preferred Stock for the six months ended June 30, 2024 [211]. - The company declared a dividend of $0.75881 per share for the Series A Preferred Stock for the second quarter of 2024, to be paid on October 15, 2024 [213]. - The Board of Directors declared a quarterly cash dividend of $0.75881 per share for Series A Preferred Stock, totaling $2.7 million for Q2 2024 [228]. Credit Risk and Derivatives - Approximately 60% of retail revenues for the six months ended June 30, 2024, were derived from territories where credit risk was with local regulated utility companies [222]. - Bad debt expense for Q2 2024 was 2.1% of non-POR market retail revenues, down from 2.4% in Q2 2023 [226]. - For the first half of 2024, bad debt expense was 1.4% of non-POR market retail revenues, compared to 2.1% in the same period of 2023 [226]. - As of June 30, 2024, total exposure to wholesale counterparty credit risk was $1.6 million, with $1.1 million at non-investment grade counterparties or unsecured [227]. - The net gain on non-trading derivative instruments was $21.8 million for the six months ended June 30, 2024, compared to a net loss of $(6.5) million for the same period in 2023 [220].

Revenue Breakdown - For the three months ended March 31, 2024, approximately 68% of retail revenues were derived from electricity sales, while 32% came from natural gas sales, compared to 61% and 39% respectively in the same period of 2023[149]. - For the three months ended March 31, 2024, total revenues were approximately $114.1 million, a decrease of approximately $17.8 million, or 13%, from $131.9 million in the same period of 2023[187]. - Retail Natural Gas Segment total revenues for Q1 2024 were approximately $37.1 million, a decrease of 29% from $52.3 million in Q1 2023, primarily due to lower natural gas prices and a smaller customer base[199]. Customer Metrics - The company added approximately 41,000 residential customer equivalents (RCEs) during the three months ended March 31, 2024, resulting in a total of 338,000 RCEs, reflecting a 1% increase[160]. - The average monthly customer attrition rate for the three months ended March 31, 2024, was 3.9%, consistent with the prior year[165]. - The average monthly RCE attrition rate remained stable at 3.9% for both the three months ended March 31, 2024 and 2023[185]. Financial Performance - The company reported Adjusted EBITDA of $15.068 million for the three months ended March 31, 2024, down from $18.811 million in the same period of 2023[172]. - Adjusted EBITDA for the three months ended March 31, 2024 was $15.1 million, a decrease of approximately $3.7 million, or 20%, from $18.8 million in the same period of 2023[185]. - Net income for the three months ended March 31, 2024 was $19.1 million, compared to a net loss of $6.8 million in the same period of 2023[185]. Margins and Costs - The retail gross margin for the three months ended March 31, 2024, was $35.745 million, compared to $40.330 million for the same period in 2023[172]. - Retail gross margin for the three months ended March 31, 2024 was approximately $35.7 million, a decrease of approximately $4.6 million, or 11%, from $40.3 million in the same period of 2023[182]. - Customer acquisition costs increased to approximately $2.4 million for the three months ended March 31, 2024, an increase of approximately $0.6 million, or 33%, from $1.8 million in the same period of 2023[192]. - Retail cost of revenues for the three months ended March 31, 2024 was approximately $69.0 million, a decrease of approximately $48.4 million, or 41%, from $117.4 million in the same period of 2023[189]. Credit and Risk Management - The company experienced a credit loss expense of 0.8% for the three months ended March 31, 2024, down from 1.9% in the same period of 2023[166]. - Approximately 60% of retail revenues for the three months ended March 31, 2024, were derived from territories where credit risk was with local regulated utility companies, compared to 55% for the same period in 2023[235]. - The weighted average discount paid to local regulated utilities for customer credit risk protection was 1.2% for the three months ended March 31, 2024, up from 1.0% in 2023[235]. - Bad debt expense for the three months ended March 31, 2024, was 0.8% of non-POR market retail revenues, down from 1.9% in the same period of 2023[238]. Liquidity and Financing - Total cash used in financing activities for the three months ended March 31, 2024 was approximately $8.8 million, compared to $2.9 million in the same period of 2023[180]. - Total liquidity as of March 31, 2024, was $128.0 million, consisting of $50.4 million in cash and cash equivalents and $77.6 million available under credit facilities[206]. - The Senior Credit Facility allows borrowing up to $195.0 million, with $113.8 million outstanding as of March 31, 2024, including $22.8 million in letters of credit[212]. Derivative Instruments and Market Positions - The net gain on non-trading derivative instruments was $10.9 million in Q1 2024, compared to a loss of $22.6 million in Q1 2023, indicating improved risk management and market conditions[233]. - As of March 31, 2024, the Gas Non-Trading Fixed Price Open Position was a short position of 462,951 MMBtu, with a 10% increase in market prices resulting in less than $0.1 million increase in fair market value[234]. - The Electricity Non-Trading Fixed Price Open Position was a short position of 338,777 MWhs, with a 10% increase in forward market prices leading to a decrease in fair market value by $1.7 million[234]. Dividends - The company paid $2.7 million in dividends to Series A Preferred Stockholders in Q1 2024, with future dividends dependent on financial performance and compliance with credit facility covenants[219][223]. - The Series A Preferred Stock dividends were declared at an annual rate based on Three-Month CME Term SOFR plus a tenor spread, with a quarterly cash dividend of $0.76051 per share for Q1 2024 totaling $2.7 million[242]. - A 1.0% increase in interest rates would have resulted in additional dividends of less than $0.2 million for the Series A Preferred Stock for the quarter[242].

Financial Performance - Net Income for Q1 2024 was $19.1 million, a significant increase from a Net Loss of $(6.8) million in Q1 2023[5] - Adjusted EBITDA for Q1 2024 was $15.1 million, down from $18.8 million in Q1 2023, primarily due to lower Electric and Natural Gas Retail Gross Margin[6] - Gross Profit for Q1 2024 reached $45.1 million, compared to $14.4 million in Q1 2023, driven by gains in mark-to-market hedges[7] - Retail revenues for Q1 2024 were $114.4 million, down from $135.1 million in Q1 2023[19] - Total revenue for Q1 2024 was $114,056,000, down from $131,852,000 in Q1 2023[41] - Adjusted EBITDA for Q1 2024 was $15,068,000, a decrease from $18,811,000 in Q1 2023[38] - Net income for Q1 2024 was $19,064,000, compared to a net loss of $6,771,000 in Q1 2023[38] Retail Margin and Costs - Retail Gross Margin for Q1 2024 was $35.7 million, a decrease from $40.3 million in Q1 2023, attributed to lower volumes and unit margins[8] - Retail gross margin for Q1 2024 was $35,745,000, compared to $40,330,000 in Q1 2023[42] - Customer acquisition costs for Q1 2024 were $2,444,000, up from $1,773,000 in Q1 2023[38] - Retail gross margin for the Retail Electricity Segment was $18,911,000 in Q1 2024, down from $20,469,000 in Q1 2023[42] - Retail gross margin for the Retail Natural Gas Segment was $16,197,000 in Q1 2024, compared to $19,861,000 in Q1 2023[42] Cash and Liquidity - Cash and cash equivalents as of March 31, 2024, were $50.4 million, an increase from $42.6 million at the end of 2023[22] - Total liquidity as of March 31, 2024, was $128.0 million, including senior credit facility and subordinated debt facility availability[9] - Net cash provided by operating activities for Q1 2024 was $17,099,000, an increase from $13,060,000 in Q1 2023[39] - The company incurred $8,821,000 in net cash used in financing activities in Q1 2024, compared to $2,875,000 in Q1 2023[39] Customer Metrics - Total RCE count as of March 31, 2024, was 338,000, up from 335,000 at the end of 2023, with an average monthly attrition rate of 3.9%[4] - The company has entered into an agreement to acquire approximately 12,500 RCEs in existing markets, expected to be accretive to the bottom line starting Q2 2024[11] Other Financial Information - The company declared a dividend of $0.76051 per share for Series A Preferred Stock for Q1 2024, payable on July 15, 2024[9] - The company reported a net loss on derivative instruments of $4,205,000 in Q1 2024, compared to a loss of $42,770,000 in Q1 2023[38]