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Crius Extends Partnership With Comcast Under Multi-year Agreement, Reports Customer Growth, Earnings

March 17, 2017

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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

In reporting earnings today, Crius Energy reported that it extended its marketing agreement with Comcast for a period of five years

Additionally, the new strategic agreement under which Crius and Comcast will jointly offer a home Integrated Energy Platform on a white label basis to other service providers (see story here) is for a five-year period.

Crius reported that it added a net of 20,000 Residential Customer Equivalents (RCEs) from September 30, 2016 to December 31, 2016. The 20,000 RCE growth was in line with growth seen from June 30, 2016 to September 30, 2016.

Crius customer count as of December 31, 2016 was 982,000 RCEs, versus 962,000 RCEs as of September 30, 2016 and 819,000 RCEs a year ago

Crius added a gross of 91,000 RCEs from sales and marketing channels during the quarter ending December 31, 2016, down from the 99,000 average organic RCE adds over the prior four quarters.

For the year 2016, Crius said that net customer adds benefited from strong sales activity in the direct marketing and commercial channels, lower customer attrition, and the acquisition of 75,000 customers from Kona Energy in the first quarter of 2016.

Gross customer drops of 71,000 RCEs in the quarter ending December 31, 2016, "represents a continuing positive trend of lower attrition rates aided by the transition of the customer portfolio to more fixed-price and commercial customers, as well as active customer retention and renewal programs," Crius said.

Crius Energy Trust reported Adjusted EBITDA of $13.6 million for the fourth quarter of 2016, an increase from $8.4 million achieved in the fourth quarter of 2015, with prior quarter results being adversely impacted by $4.8 million resulting from a change in the application of accounting policy for the recognition of solar revenues. Removing the one-time impact of this accounting change, Adjusted EBITDA for the prior quarter was $13.2 million.

For the year 2016, Adjusted EBITDA was $60.8 million, representing an increase from $52.6 million in 2015.

For the three month period ended December 31, 2016, gross margin was $37.5 million, representing an increase of 5.7% from $35.5 million for the three month period ended December 31, 2015.

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