Via Renewables(VIA) - 2024 Q1 - Quarterly Results

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]