• Genie Energy Announces First Quarter 2024 Results

    来源: Nasdaq GlobeNewswire / 08 5月 2024 07:30:00   America/New_York

     Revenue increased to $119.7 Million and Gross Profit Climbed to $33.8 Million - Both Record First Quarter Levels

    Income from Operations of $9.8 million, Adjusted EBITDA1 of $11.7 Million and Earnings per Diluted Share of $0.30 

    Repurchased 250,000 Shares of Class B Common Stock

    Newark, NJ, May 08, 2024 (GLOBE NEWSWIRE) -- Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the first quarter of 2024. 

    Michael Stein, chief executive officer of Genie Energy, commented: 

    “We reported record first quarter revenue and gross profits, led by Genie Retail Energy, or GRE, which continued to drive the overall business with higher meter counts and strong natural gas margins. Genie Renewables, or GREW, also had a strong quarter as several third-party solar projects hit construction milestones, leading to record segment gross profits and gross margins. We also repurchased 250,000 shares of GNE stock - about 1% of shares outstanding - during the quarter while continuing our quarterly dividend.”

    First Quarter 2024 Highlights

    (Compared to 1Q23 unless otherwise noted. Unless otherwise noted, results of Genie Retail Energy International (GREI) are included in discontinued operations for all periods.) 

     ●Revenue increased 13.7% to $119.7 million from $105.3 million;
     ●Gross profit increased 1.5% to $33.8 million from $33.3 million. Gross margin decreased to 28.2% from 31.6%;
     ●Income from operations of $9.8 million compared to $11.3 million;
     ●Adjusted EBITDA1 of $11.7 million compared to $12.4 million;
     ●Net income attributable to Genie common stockholders and income per diluted share (EPS) attributable to Genie common stockholders of $8.1 million and $0.30 compared to $14.3 million and $0.54, respectively;
     
    •  
    		1Q23 net income attributable to Genie common stockholders and EPS included the benefit of a $3.2 million tax credit and $3.0 million in contributions from discontinued operations;
     ●Non-GAAP net income1 and non-GAAP EPS1 attributable to Genie common stockholders of $8.9 million and $0.33 compared to $14.3 million and $0.54, respectively;
     ●Cash and cash equivalents, short and long-term restricted cash, and marketable equity securities totaled $162.4 million at March 31, 2024;
     ●Genie will pay a $0.075 per share quarterly dividend to Class A and Class B common stockholders on May 31, 2024, with a record date of May 20, 2024;
     ●Repurchased 250,000 shares of Class B Common stock for $4.1 million during 1Q24.
       

    1Adjusted EBITDA, Non-GAAP net income (loss) attributable to Genie Energy Ltd. common stockholders, and Non-GAAP EPS for all periods presented are non-GAAP measures intended to provide useful information that supplements the core operating results in accordance with GAAP for Genie Energy or the relevant segment. Please refer to the Reconciliation of Non-GAAP Financial Measures at the end of this release for an explanation of these non-GAAP metrics, as well as reconciliations to its most directly comparable GAAP measures.

    Select Financial Metrics

    (in millions except for EPS)* 1Q24  1Q23  Change 
    Total Revenue $119.7  $105.3   13.7%
    Genie Retail Energy $112.5  $101.4   10.9%
    Electricity $89.4  $74.5   20.0%
    Natural Gas $22.4  $26.9   (16.8)%
    Genie Renewables $7.2  $3.9   86.9%
    Gross Margin  28.2%  31.6%  (339)bps
    Genie Retail Energy  28.6%  32.1%  (346)bps
    Genie Renewables  22.0%  19.3%  269bps
    Income from Operations $9.8  $11.3   (12.7)%
    Operating Margin  8.2%  10.7%  (248)bps
    Net Income from Continuing Operations $8.4  $11.3   (25.6)%
    Net Income Attributable to Genie Common Stockholders $8.1  $14.3   (43.1)%
    Diluted Earnings Per Share $0.30  $0.54   (0.24)$
    Non-GAAP Net Income Attributable to Genie Common Stockholders $8.9  $14.3   (37.7)%
    Non-GAAP Diluted Earnings Per Share $0.33  $0.54   (0.21)$
    Adjusted EBITDA $11.7  $12.4   (5.6)%
    Cash Flow from Continuing Operating Activities $8.7  $1.5   481.2%


     *Numbers may not add due to rounding


    Segment Highlights

    Genie Retail Energy 
    GRE's first quarter revenue increased 10.9% to $112.5 million from $101.4 million. Meter growth and higher per meter electricity consumption drove the increase, partially offset by lower electricity and natural gas prices. First quarter income from operations decreased 13.4% to $14.2 million from $16.4 million, and Adjusted EBITDA decreased 13.1% to $14.6 million from $16.8 million.

    Select Performance Metrics

    RCEs and Meters in 1000s* 1Q24  1Q23  Change  
    Total RCEs  348   352   (1.3)%
    Electricity  267   276   (3.3)%
    Natural Gas  81   77   5.7 %
    Total Meters  365   349   4.5 %
    Electricity  281   271   3.7 %
    Natural Gas  83   78   7.5 %
    Gross Adds  70   129   (45.8)%
    Churn**  5.5%  4.4%  110 bps


     *Numbers may not add due to rounding
     **Excludes the impacts of aggregation deal expirations


    Genie Renewables (GREW)

    GREW increased first-quarter revenue by 86.9% year-over-year to $7.2 million, driven by growth at Genie Solar and Diversegy.

    Genie Solar continued to advance its company-owned project development pipeline during the first quarter. In addition to moving projects through its development pipeline, the Company began booking its first revenue and gross profit from the portfolio of operating solar projects it acquired during 4Q23. At March 31, 2024, Genie Solar's operating portfolio and development pipeline comprised:

    Pipeline Total Operational Site Control Permitting Construction
    MW 100 10 78 2 10
    Project Count 14 1 10 1 2


    Balance Sheet and Cash Flow Highlights

    As of March 31, 2024, Genie reported cash and cash equivalents, short and long-term restricted cash, and marketable equity securities of $162.4 million.

    Total assets as of March 31, 2024 were $328.3 million. Liabilities totaled $148.9 million, and working capital (current assets less current liabilities) totaled $127.2 million. 

    Cash provided by operating activities increased to $8.7 million in 1Q24 from $1.5 million in 1Q23.

    Trended Financial Information:*

    (in millions except for EPS, RCEs and Meters in thousands)** 1Q23  2Q23  3Q23  4Q23  1Q24  2022  2023 
    Total Revenue $105.3  $93.5  $125.0  $104.9  $119.7  $316.2  $428.7 
    Genie Retail Energy $101.4  $89.7  $120.3  $98.4  $112.5  $304.6  $409.9 
    Electricity $74.5  $80.2  $114.0  $82.1  $89.4  $241.8  $350.8 
    Natural Gas $26.9  $9.0  $5.0  $15.1  $22.4  $62.1  $56.0 
    Others $0.0  $0.6  $1.3  $1.2  $0.7  $0.7  $3.1 
    Genie Renewables $3.9  $3.7  $4.7  $6.5  $7.2  $11.6  $18.8 
    Gross Margin  31.6%  40.9%  32.9%  32.1%  28.2%  49.2%  34.1%
    Genie Retail Energy  32.1%  41.8%  33.9%  33.0%  28.6%  50.4%  35.0%
    Genie Renewables  19.3%  19.6%  5.3%  17.2%  22.0%  15.6%  15.1%
    Income (Loss) from Operations $11.3  $15.0  $17.9  $(34.2) $9.8  $78.4  $10.0 
    Operating Margin  10.7%  16.1%  14.3%  (32.6)%  8.2%  24.8%  2.3%
    Net Income (Loss) Attributable to Genie Common Stockholders $14.3  $15.0  $14.5  $(24.5) $8.1  $85.9  $19.2 
    Diluted Earnings (Loss) Per Share $0.54  $0.57  $0.53  $(0.90) $0.30  $3.26  $0.74 
    Adjusted EBITDA $12.4  $15.8  $18.5  $11.4  $11.7  $83.2  $58.2 
    Genie Retail Energy Performance Metrics                            
    RCEs  352   380   375   350   348   262   350 
    Electricity  276   304   298   272   267   181   272 
    Natural Gas  77   76   77   78   81   81   78 
    Meters  349   381   385   361   365   276   361 
    Electricity  271   302   304   279   281   197   279 
    Natural Gas  78   80   81   82   83   79   82 
    Gross Adds  129   75   60   52   70   70   52 
    Churn***  4.4%  4.3%  4.4%  5.4%  5.5%  4.8%  5.4%


     *Some Genie Retail Energy International (GREI) operations have been classified as a discontinued operation and their results excluded from current and historical results
     **Numbers may not add due to rounding
     ***Excludes the impacts of expirations of aggregation deals


    2024 Commentary

    Stein continued: "Despite some irregular weather patterns, energy markets have remained relatively stable, and we are well positioned with a strong retail customer base to generate attractive returns. We also continue to move Company-owned solar projects forward in our pipeline, with two projects in New York State entering the construction phase, while evaluating additional opportunities to grow our pipeline more efficiently following the upgrades we’ve made to our teams and processes. Finally, we expect to continue to return cash to shareholders through dividends and stock repurchases.”

    Earnings Announcement and Supplemental Information

    At 8:30 AM Eastern this morning, Genie Energy’s management will host a conference call to discuss the Company's financial and operational results, business outlook, and strategy. The call will begin with management’s remarks, followed by Q&A with investors.

    To participate in the conference call, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following participant access code: 763638.

    Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and providing the replay passcode: 50470. The replay will remain available through Wednesday, May 22, 2024. In addition, a recording of the call will be available for playback on the “Investors” section of the Genie Energy website.

    About Genie Energy Ltd.

    Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division (GREW) is a vertically-integrated provider of commercial, community, and utility-scale solar energy solutions. For more information, visit Genie.com.

    In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

    Contact:

    Brian Siegel IRC, MBA
    Senior Managing Director
    Hayden IR
    (346) 396-8696
    brian@haydenir.com

    GENIE ENERGY LTD.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except per share amounts)

      March 31,
    2024    		  December 31,
    2023    		 
           
    Assets        
    Current assets:        
    Cash and cash equivalents $106,560  $107,609 
    Restricted cash—short-term  9,918   10,442 
    Marketable equity securities  372   396 
    Trade accounts receivable, net of allowance for doubtful accounts of $7,020 and $6,574 at March 31, 2024 and December 31, 2023, respectively  60,087   61,909 
    Inventory  18,460   14,598 
    Prepaid expenses  15,049   16,222 
    Other current assets  6,085   5,475 
    Current assets of discontinued operations  11,292   13,182 
    Total current assets  227,823   229,833 
    Restricted cash—long-term  45,541   44,945 
    Property and equipment, net  16,139   15,192 
    Goodwill  9,998   9,998 
    Other intangibles, net  2,643   2,735 
    Deferred income tax assets, net  5,200   5,200 
    Other assets  16,427   15,247 
    Noncurrent assets of discontinued operations  4,533   7,405 
    Total assets $328,304  $330,555 
    Liabilities and equity        
    Current liabilities:        
    Trade accounts payable  22,407   27,881 
    Accrued expenses  53,821   49,389 
    Income taxes payable  9,614   6,699 
    Due to IDT Corporation, net  120   145 
    Other current liabilities  6,107   9,280 
    Current liabilities of discontinued operations  8,516   4,858 
    Total current liabilities  100,585   98,252 
    Noncurrent captive insurance liability  45,541   44,945 
    Other liabilities  2,082   2,212 
    Noncurrent liabilities of discontinued operations  681   638 
    Total liabilities  148,889   146,047 
    Commitments and contingencies  —   — 
    Equity:        
    Genie Energy Ltd. stockholders’ equity:        
    Preferred stock, $0.01 par value; authorized shares - 10,000:        
    Series 2012-A, designated shares - 8,750; at liquidation preference, consisting of 0 shares issued and outstanding at March 31, 2024 and December 31, 2023  —   — 
    Class A common stock, $0.01 par value; authorized shares - 35,000; 1,574 shares issued and outstanding at March 31, 2024 and December 31, 2023  16   16 
    Class B common stock, $0.01 par value; authorized shares - 200,000; 28,905 and 28,764 shares issued and 25,605 and 25,820 shares outstanding at March 31, 2024 and December 31, 2023, respectively  289   288 
    Additional paid-in capital  157,549   156,101 
    Treasury stock, at cost, consisting of 3,300 and 2,944 shares of Class B common stock at March 31, 2024 and December 31, 2023  (29,285)  (22,661)
    Accumulated other comprehensive income  (1,911)  3,299 
    Retained earnings  66,198   60,196 
    Total Genie Energy Ltd. stockholders’ equity  192,856   197,239 
    Noncontrolling interests  (13,441)  (12,731)
    Total equity  179,415   184,508 
    Total liabilities and equity $328,304  $330,555 


    GENIE ENERGY LTD.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)

      Three Months Ended March 31, 
      2024  2023 
      (in thousands, except per share data) 
    Revenues:        
    Electricity $89,396  $74,487 
    Natural gas  22,398   26,925 
    Other  7,894   3,864 
    Total revenues  119,688   105,276 
    Cost of revenues  85,902   71,990 
    Gross profit  33,786   33,286 
    Operating expenses:        
    Selling, general and administrative (i)  22,901   22,011 
    Provision for captive insurance liability  1,036   — 
    Income from operations  9,849   11,275 
    Interest income  1,340   974 
    Interest expense  (32)  (19)
    Gain (loss) on marketable equity securities and investments  117   (71)
    Other income, net  80   3,246 
    Income before income taxes  11,354   15,405 
    Provision for income taxes  (2,920)  (4,068)
    Net income from continuing operations  8,434   11,337 
    (Loss) income from discontinued operations, net of taxes  (265)  3,055 
    Net income  8,169   14,392 
    Net income (loss) attributable to noncontrolling interests, net  46   (39)
    Net income attributable to Genie Energy Ltd.  8,123   14,431 
    Dividends on preferred stock  —   (157)
    Net income attributable to Genie Energy Ltd. common stockholders $8,123  $14,274 
             
    Net income (loss) attributable to Genie Energy Ltd. common stockholders        
    Continuing operations $8,388  $11,218 
    Discontinued operations  (265)  3,056 
    Net income attributable to Genie Energy Ltd. common stockholders $8,123  $14,274 
             
    Earnings (loss) per share attributable to Genie Energy Ltd. common stockholders:        
    Basic:        
    Continuing operations $0.31  $0.44 
    Discontinued operations  (0.01)  0.12 
    Earnings per share attributable to Genie Energy Ltd. common stockholders $0.30  $0.56 
    Diluted        
    Continuing operations $0.31  $0.42 
    Discontinued operations  (0.01)  0.12 
    Earnings per share attributable to Genie Energy Ltd. common stockholders $0.30  $0.54 
             
    Weighted-average number of shares used in calculation of earnings per share:        
    Basic  26,790   25,326 
    Diluted  27,298   26,620 
             
    Dividends declared per common share $0.075  $0.075 
    (i) Stock-based compensation included in selling, general and administrative expenses $749  $899 


    GENIE ENERGY LTD. 
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited) 

      Three Months Ended March 31, 
      2024  2023 
      (in thousands) 
    Operating activities        
    Net income $8,169  $14,392 
    Net (loss) income from discontinued operations, net of tax  (265)  3,055 
    Net income from continuing operations  8,434   11,337 
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Provision for captive insurance liability  1,036   — 
    Depreciation and amortization  219   115 
    Provision for doubtful accounts receivable  729   574 
    Inventory valuation allowance  417   — 
    Unrealized gain on marketable equity securities and investments and others, net  (49)  (124)
    Stock-based compensation  749   899 
    Changes in assets and liabilities:        
    Trade accounts receivable  1,093   (10,643)
    Inventory  (2,191)  (3,631)
    Prepaid expenses  581   (1,032)
    Other current assets and other assets  505   1,138 
    Trade accounts payable, accrued expenses and other liabilities  (5,694)  (2,051)
    Due to IDT Corporation, net  (25)  (66)
    Income taxes payable  2,914   5,004 
    Net cash provided by operating activities of continuing operations  8,718   1,520 
    Net cash provided by operating activities of discontinued operations  4,208   9,714 
    Net cash provided by operating activities  12,926   11,234 
    Investing activities        
    Capital expenditures  (1,206)  (98)
    Purchase of solar system facility  (1,344)  — 
    Purchases of marketable equity securities and other investment  (2,094)  (4,559)
    Purchase of equity of subsidiary  (1,200)  — 
    Proceeds from sale of marketable equity securities and other investments  —   343 
    Proceeds from settlement of equity method investment  —   133 
    Repayment of notes receivable  —   19 
    Net cash used in investing activities  (5,844)  (4,162)
    Financing activities        
    Dividends paid  (2,121)  (2,108)
    Repurchases of Class B common stock  (4,101)  — 
    Repurchases of Class B common stock from employees  (1,508)  (165)
    Redemption of preferred stock  —   (1,000)
    Net cash used in financing activities  (7,730)  (3,273)
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash  74   (10)
    Net increase (decrease) in cash, cash equivalents, and restricted cash  (574)  3,789 
    Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at beginning of period  165,479   106,080 
    Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period  164,905   109,869 
    Less: Cash held at of discontinued operations at end of period  2,886   858 
    Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period $162,019  $109,011 


    Reconciliation of Non-GAAP Financial Measure for the First Quarter of 2024

    In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), Genie Energy disclosed Adjusted EBITDA on a consolidated basis and for GRE and disclosed Non-GAAP Net Income Attributable to Genie Energy Ltd. Common Stockholders (Non-GAAP Net Income and Non-GAAP earnings per share (Non-GAAP EPS). Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS are non-GAAP financial measures.

    Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

    Genie’s measure of consolidated Adjusted EBITDA starts with income from operations and adds back depreciation, amortization, and stock-based compensation and deducts impairment of assets and equity in the net loss of equity method investees, net.

    Genie's measure of Non-GAAP Net Income starts with net income attributable to Genie Energy Ltd. Common Stockholders in accordance with GAAP and adds captive insurance liability and the tax effect of this adjustment. These additions are non-cash and/or non-routine items in the relevant periods.

    Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, revenue, gross profit, income from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, Genie’s measurement of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

    Management believes that Genie’s measure of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS provide useful information to both management and investors by excluding certain expenses that may not be indicative of Genie’s or GRE’s core operating results. Management uses Adjusted EBITDA, non-GAAP Net Income and Non-GAAP EPS, among other measures, as relevant indicators of core operational strengths in its financial and operational decision-making.

    Management also uses Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS to evaluate operating performance in relation to Genie’s competitors. Disclosure of these non-GAAP financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, Genie Energy has historically reported Adjusted EBITDA and believes it is commonly used by readers of financial information in assessing performance. Therefore, the inclusion of comparative numbers provides consistency in financial reporting at this time.

    Management refers to Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS as well as the GAAP measures revenue, gross profit, and income from operations, as well as net income, on a consolidated level to facilitate internal and external comparisons to Genie's historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

    Although depreciation and amortization are considered operating costs under GAAP, they primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Genie’s operating results exclusive of depreciation and amortization are therefore useful indicators of its current performance.

    Stock-based compensation recognized by Genie Energy and other companies may not be comparable because of the various valuation methodologies, subjective assumptions and the variety of types of awards that are permitted under GAAP. Stock-based compensation is excluded from Genie’s calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for Genie Energy for the foreseeable future and an important part of employees’ compensation that impacts their performance. 

    Impairment of assets is a component of income (loss) from operations that is excluded from the calculation of Adjusted EBITDA. The impairment of assets is primarily dictated by events and circumstances outside the control of management that trigger an impairment analysis. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of Genie's continuing operations. 

    Captive insurance liability is a non-cash charge incurred by Genie's insurance operations. While there may be related charges in other periods, the magnitude of these changes can fluctuate markedly and do not reflect the performance of Genie's continuing operations. Captive insurance losses are excluded from Genie's calculation of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’s core business with the results of other companies. 

    Following are the reconciliations of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS on a consolidated basis to its most directly comparable GAAP measure. Adjusted EBITDA is reconciled to income from operations for Genie Energy on a consolidated basis as well as for GRE. 

    Non-GAAP Reconciliation - Consolidated Adjusted EBITDA

    (in millions) 1Q22  2Q22  3Q22  4Q22  1Q23  2Q23  3Q23  4Q23  1Q24  2022  2023 
    Income (loss) from Operations $26.9  $11.8  $23.5  $15.5  $11.3  $15.0  $17.9  $(34.2) $9.8  $78.4  $10.0 
    Add back                                            
    Captive insurance liability $0.0  $0.0  $0.0  $0.0  $0.0  $0.0  $0.0  $45.1  $1.0  $0.0  $0.0 
    Depreciation and Amortization $0.1  $0.1  $0.1  $0.1  $0.1  $0.1  $0.1  $0.2  $0.2  $0.4  $0.5 
    Non-Cash Compensation $0.8  $0.7  $0.7  $0.7  $0.8  $0.8  $0.6  $0.5  $0.7  $2.9  $2.7 
    Impairment $0.0  $0.0  $0.0  $2.1  $0.0  $0.0  $0.0  $0.0  $0.0  $2.1  $0.0 
    Equity in net loss (income) of equity method investees $0.1  $(0.4) $0.2  $0.1  $0.2  $(0.1) $(0.1) $(0.1) $(0.1) $(0.0) $0.2 
    Adjusted EBITDA $27.9  $12.2  $24.5  $18.5  $12.4  $15.9  $18.6  $11.6  $11.7  $83.8  $58.5 


    Non-GAAP Reconciliation - GRE Adjusted EBITDA

    (in millions) 1Q24  1Q23  2023  2022 
    Income from Operations $14.2  $16.4  $71.9  $92.6 
    Add back                
    Depreciation and Amortization $0.1  $0.1  $0.3  $0.3 
    Stock-based Compensation $0.2  $0.3  $1.0  $1.0 
    Impairment $0.0  $0.0  $0.0  $0.0 
    Equity in the income of equity method investee $0.0  $0.0  $0.0  $0.0 
    Adjusted EBITDA $14.6  $16.8  $73.2  $93.9 


    Non-GAAP Reconciliation - Consolidated Non-GAAP Net Income Attributable to Genie Energy Ltd. Common Stockholders and Non-GAAP Diluted Income Per Share

    (in millions except for EPS) 1Q24  1Q23  2023  2022 
    Net income attributable to Genie Energy Ltd. Common Stockholders $8.1  $14.3  $19.2  $85.9 
    Add back                
    Captive insurance liability $1.0  $0.0  $45.1  $0.0 
    Income tax effect of adjustment $(0.3)  0.0  $(10.5) $0.0 
    Non-GAAP net income attributable to Genie Energy Ltd. Common Stockholders $8.9  $14.3  $53.7  $85.9 
                     
    Diluted earnings per share $0.30  $0.54  $0.74  $3.26 
    Total adjustments $0.03  $0.00  $1.33  $0.00 
    Non-GAAP diluted earnings per share $0.33  $0.54  $2.07  $3.26 
                     
    Weighted average number of shares used in the calculation of diluted earnings per share  27.3   26.6   26.1   26.4 

    # # #


    Primary Logo

分享