Via Renewables Reports Lower RCE Count, Higher Electric Margins -- EnergyChoiceMatters.com

Via Renewables Reports Lower RCE Count, Higher Electric Margins

November 2, 2022

Email This Story
Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

The following story is brought free of charge to readers by EC Infosystems, the exclusive EDI provider of EnergyChoiceMatters.com

Via Renewables, Inc. ("Via Renewables" or the "Company") reported financial results for the quarter ended September 30, 2022.

As noted in our related story today, Via announced that in August 2022 it entered into an agreement to acquire a book of retail natural gas customers consisting of approximately 18,700 RCEs in the Florida market.

"There was no upfront cost and the acquisition will be immediately accretive to Adjusted EBITDA beginning in the third quarter of 2022," Via said

Keith Maxwell, Via Renewables' President and Chief Executive Officer, further said, "In addition, to grow the book, Via significantly increased its customer acquisition spend, spending $1.7 million in the third quarter of 2022 compared to $0.3 million in the third quarter of 2021."

Via's total RCE count was 336,000 as of September 30, 2022, down from 368,000 as of June 30, 2022, 387,000 as of March 31, 2022, and 408,000 as of December 31, 2021

For the quarter ended September 30, 2022, Via Renewables reported Adjusted EBITDA of $15.1 million compared to Adjusted EBITDA of $22.0 million for the quarter ended September 30, 2021. Lower Adjusted EBITDA was driven mainly by a reduction of a legal accrual and a payroll tax credit in the third quarter of 2021. In addition the company also had higher customer acquisition spend, Via said

For the quarter ended September 30, 2022, Via Renewables reported Retail Gross Margin of $30.5 million compared to Retail Gross Margin of $30.9 million for the quarter ended September 30, 2021. Higher volumes offset by lower unit margins resulted in a decrease in Via's Gas Retail Gross Margin. Lower volumes offset by higher unit margins resulted in an increase in Via's Electric Retail Gross Margin.

Electricity Retail Gross Margin per MWh was $41.07 per MWh for the third quarter of 2022, versus $36.29 per MWh a year ago

Via's Net Loss for the quarter ended September 30, 2022, was $(4.9) million compared to Net Income of $34.7 million for the quarter ended September 30, 2021. "$41.9 million of the decrease was the result of a reduction in the mark-to-market on our hedges, compared to the prior year. The decrease in Net Income was partially offset by a reduction in both income tax expense and depreciation and amortization expense," Via said

Via reported total liquidity of $67.7 million as of September 30, 2022

Maxwell stated, "We're beginning to see Utilities raise rates to keep up with rising energy prices, which presents an opportunity for Via to be a more competitive option. Heading into the winter, we're positioned well to navigate these rising commodity prices. At the same time, Via is also enjoying an uptick in organic sales while also evaluating potential book acquisitions."

As of publication time, Via had not yet filed a 10-Q

ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com:
• NEW! -- Accounting Manager -- Retail Supplier
• NEW! -- Market Operations Analyst -- Retail Supplier
• NEW! -- Sales Development Representative
• NEW! -- Operations Analyst/Manager - Retail Supplier
• NEW! -- Customer Success
• NEW! -- Operations Manager - Retail Supplier
• NEW! -- Marketing Associate - Retail Supplier
• NEW! -- Supervisor-Commercial Operations
• NEW! -- Market Operations Analyst
• NEW! -- Customer Data Specialist
• NEW! -- Director, Regulatory Affairs, Retail Supplier
• NEW! -- Account Manager Project Manager
• NEW! -- Retail Energy Policy Analyst
• NEW! -- Incentive Specialists
• NEW! -- Utility Rates Specialist
• NEW! -- Customer Onboarding Specialist
• NEW! -- Energy Performance Engineer

Email This Story

HOME