
Financial Data and Key Metrics Changes - Genie Energy reported a record consolidated revenue of $379 million for the full year 2020, an increase of $64 million compared to 2019 [33] - Fourth quarter consolidated revenue increased by $21 million to $103 million, primarily due to the consolidation of Orbit Energy [29] - Consolidated adjusted EBITDA for the full year increased by $13.9 million to $24 million, driven by increased residential electricity consumption [41] Business Line Data and Key Metrics Changes - Genie Retail Energy (GRE) revenue decreased by $4 million to $70 million in the fourth quarter, primarily due to decreased gas sales [30] - GRE International revenue increased by $26 million to $32 million in the fourth quarter, reflecting the inclusion of Orbit results and increases in meters served [31] - Genie Energy Services revenue decreased from $1.2 million to $876,000 in the fourth quarter due to the fulfillment of a contract with JPMorgan Chase [32] Market Data and Key Metrics Changes - The customer base increased by 66,000 RCEs in 2020, reaching 440,000 RCEs at year-end, a 17% increase [7] - In the U.S., GRE added 28,000 domestic RCEs during the year, ending with 337,000 RCEs despite a decline in the fourth quarter [9] - GRE International saw a 58% increase in RCEs served during 2020, reaching 103,000 RCEs at year-end [10] Company Strategy and Development Direction - The company plans to pause dividends to maximize cash generation and focus on growing core businesses [24] - Genie Energy aims to progress in renewable energy sectors, leveraging existing strengths and strategic assets [24] - A plan has been adopted to replenish cash reserves and reevaluate underperforming assets [23] Management Comments on Operating Environment and Future Outlook - Management expressed disappointment over the financial impact of Winter Storm Uri in Texas and price spikes in Japan, estimating losses of approximately $12.8 million and $2.5 million respectively [15][22] - The company intends to fight for financial relief from the PUC regarding the Texas market failures [19] - Management remains confident in the potential for recovery and growth in core business areas despite recent challenges [25] Other Important Information - SG&A expenses increased by $3.4 million to $22.7 million in the fourth quarter, primarily due to the consolidation of Orbit Energy [38] - The company reported a consolidated loss from operations of $1.1 million in the fourth quarter, compared to income of $2.3 million in the previous year [39] - At year-end, the company had cash and short-term investments totaling $48.3 million, with no debt [42] Q&A Session Summary - No questions were raised during the Q&A session, and the conference call concluded without further inquiries [46]