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Genie Energy Announces Second Quarter 2021 Results

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28% revenue increase driven by customer growth and the consolidation of UK results into Genie Retail Energy International

Genie Retail US - sustained benefits from elevated consumption even as COVID-19 related door-to-door channel restrictions relax

Exploring separation of Genie Retail Energy International through a potential spin-off

NEWARK, N.J., Aug. 5, 2021 /PRNewswire/ -- Genie Energy, Ltd. (NYSE: GNE, GNEPRA), a leading retail energy provider in deregulated markets in the U.S. and Europe and a provider of renewables solutions in the U.S., today announced results for its second quarter – the three months ended June 30, 2021.

Genie Energy is a leading provider of electricity and natural gas to homes and small businesses in the Eastern U.S. Genie also operates an E&P company with an active exploratory program in Northern Israel.
Genie Energy is a leading provider of electricity and natural gas to homes and small businesses in the Eastern U.S. Genie also operates an E&P company with an active exploratory program in Northern Israel.

"We generated very strong net income and global customer base expansion in the second quarter driven by organic meter growth in our international operations as they moved towards profitability," said Michael Stein, Chief Executive Officer. "In the U.S., we were encouraged by the durability of the elevated consumption levels we've experienced in recent quarters and by several states moving to re-open for door-to-door marketing, an important sales channel for meter acquisition."

Second Quarter 2021 Highlights

  • Revenue of $97.7 million versus $76.1 million in the year-ago quarter;

  • Gross profit and gross margin of $23.8 million and 24.3%, respectively, versus $19.5 million and 25.6%, respectively, in the year-ago quarter;

  • Income from operations and operating margin of $1.4 million and 1.4%, respectively, versus $2.7 million and 3.6%, respectively, in the year-ago quarter;

  • Net income attributable to GNE common stockholders and earnings per share (EPS) of $5.0 million and $0.19 per diluted share versus $1.6 million and $0.06, respectively, in the year-ago quarter. Net income in the second quarter included a gain on the sale of the operations in Japan.

  • Adjusted EBITDA1 of $3.1 million versus $3.5 million in the year-ago quarter;

  • Re-purchased 393,000 shares of GNE common stock.


Select Financial Metrics: Q2 2021 compared to Q2 2020*

(in $M except for EPS)

Q221

Q220

Change

Total Revenue

$97.7

$76.1

28.4%

Genie Retail - US (GRE)

$67.0

$66.5

0.8%

Electricity

$61.9

$61.1

1.3%

Natural Gas

$5.1

$5.4

(5.8)%

Genie Retail - International (GREI)

$28.4

$5.0

463.5%

Electricity

$21.4

$4.8

343.4%

Natural Gas

$6.7

$0.0

nm

Genie Renewables

$2.3

$4.6

(48.7)%

Gross Margin

24.3%

25.6%

(130bp)

Genie Retail - US (GRE)

27.4%

25.7%

170bp

Genie Retail - International (GREI)

15.9%

38.0%

(2210bp)

Genie Renewables

39.4%

11.4%

2800bp

Income from Operations

$1.4

$2.7

(50.3)%

Operating Margin

1.4%

3.6%

-370bp

Net Income Attributable to Genie Energy Ltd. Common Stockholders

$5.0

$1.6

213.7%

Diluted Earnings Per Share

$0.19

$0.06

$0.13

Adjusted EBITDA1

$3.1

$3.5

(11.5)%

Cash Flow from Operating Activities

$4.1

$16.4

(75.0)%

nm = not measurable/meaningful




*Numbers may not add due to rounding




Select Business Metrics: 2021 versus 2020 as of 6/30/21

Units in 1000s

Q221

Q220

Change

Retail Performance Metrics:




Retail Customer Equivalents (RCE)

436

418

4.3%

Genie Retail - US (GRE)

330

343

(3.8)%

Electricity

272

288

(5.6)%

Natural Gas

58

55

5.5%

Genie Retail - International (GREI)

106

76

39.5%

Electricity

82

55

49.1%

Natural Gas

24

21

14.3%

Meters in 1000s units

554

522

6.1%

Genie Retail - US (GRE)

361

374

(3.5)%

Electricity

292

311

(6.1)%

Natural Gas

69

64

7.8%

Genie Retail - International (GREI)

193

147

31.3%

Electricity

141

105

34.3%

Natural Gas

52

43

20.9%

GRE Average Monthly Churn - Meters




Gross Sales

35

40

(12.5)%

Churn

3.8%

3.9%

10bps

Genie Retail Energy (GRE) delivered solid results for the quarter, driven by continued strong overall consumption within its residential electric meter base. While gross meter acquisitions have not yet returned to pre-COVID levels, churn remained below pre-COVID levels due to remaining restrictions on door-to-door marketing across the industry that lead to fewer customers switching suppliers.

Genie Retail Energy International's (GREI) strong revenue growth was driven by a combination of organic meter growth and the full consolidation of results related to the purchase of the non-controlled interest in Orbit Energy in October 2020, which previously had not been consolidated. This strong growth came despite the revenue impact from the sale of the Company's Japanese operations early in the second quarter of 2021.

Genie Renewables (formerly Genie Energy Services) reported increased gross margin as the segment shifted to higher-margin solar projects. Revenue decreased due to the fulfillment of a large order in the prior year's quarter.

1 Adjusted EBITDA for all periods presented is a non-GAAP measure intended to provide useful information that supplements the core operating results in accordance with GAAP of 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 Adjusted EBITDA, as well as for reconciliations to its most directly comparable GAAP measures.

Trended Financial Information:*

(in $M except for EPS, RCE and Meters)

Q120

Q220

Q320

Q420

Q121

Q221


2019

2020

YTD 2021

Total Revenue

$104.1

$76.1

$96.3

$102.9

$135.3

$97.7


$315.3

$379.3

$233.0

Genie Retail - US (GRE)

$79.1

$66.5

$88.9

$69.9

$90.7

$67.0


$286.6

$305.3

$157.6

Electricity

$63.1

$61.1

$86.2

$60.5

$73.4

$61.9


$246.7

$271.7

$135.3

Natural Gas

$16.1

$5.4

$2.7

$9.4

$17.3

$5.1


$39.9

$33.6

$22.4

Genie Retail - International (GREI)

$6.7

$5.0

$5.8

$31.8

$42.2

$28.4


$16.6

$49.6

$70.6

Electricity

$6.9

$4.8

$5.6

$23.4

$30.3

$21.4


$16.4

$40.7

$51.7

Natural Gas

$0.0

$0.0

$0.0

$8.3

$11.8

$6.7


$0.0

$8.3

$18.5

Genie Renewables

$18.0

$4.6

$1.6

$1.1

$2.5

$2.3


$12.1

$24.4

$4.8

Gross Margin

27.8%

25.6%

28.3%

21.4%

12.9%

24.3%


26.3%

25.8%

17.7%

Genie Retail - US (GRE)

43.7%

25.7%

29.0%

25.6%

16.5%

27.4%


28.1%

28.9%

20.2%

Genie Retail - International (GREI)

-4.5%

38.0%

19.0%

13.8%

3.3%

15.9%


1.8%

14.5%

8.5%

Genie Renewables

8.9%

11.4%

27.1%

-29.0%

44.9%

39.4%


15.7%

9.4%

42.2%

Income (loss) from Operations

$9.2

$2.7

$8.5

($1.1)

($6.6)

$1.4


$9.8

$19.3

($5.2)

Operating Margin

8.8%

3.6%

8.8%

-1.1%

-4.9%

1.4%


3.1%

5.1%

-2.2%

Net income attributable to Genie Energy Ltd. common stockholders

$5.5

$1.6

$6.4

($1.7)

($2.4)

$5.0


$2.7

$11.7

$2.6

Diluted Earnings (Loss) Per Share

$0.20

$0.06

$0.24

($0.06)

($0.09)

$0.19


$0.10

$0.44

$0.10

Cash Flow from Operating Activities

($2.7)

$16.3

$10.4

($0.9)

($10.0)

$4.1


$15.8

$23.1

($5.9)

Retail Performance Metrics:











Retail Customer Equivalents (RCE) in 1000s

398

418

437

435

446

436


nm

nm

nm

Genie Retail - US (GRE)

330

343

350

337

347

330


nm

nm

nm

Electricity

272

288

294

284

291

272


nm

nm

nm

Natural Gas

58

55

56

53

56

58


nm

nm

nm

Genie Retail - International (GREI)

69

76

87

98

98

106


nm

nm

nm

Electricity

50

55

66

76

77

82


nm

nm

nm

Natural Gas

19

21

22

21

21

24


nm

nm

nm

Meters in 1000s units

520

522

543

547

555

554


nm

nm

nm

Genie Retail - US (GRE)

384

374

375

368

373

361


nm

nm

nm

Electricity

313

311

309

303

308

292


nm

nm

nm

Natural Gas

71

64

67

65

65

69


nm

nm

nm

Genie Retail - International (GREI)

136

147

167

179

182

193


nm

nm

nm

Electricity

96

105

121

132

135

141


nm

nm

nm

Natural Gas

40

43

46

47

47

52


nm

nm

nm

Average Monthly Churn - Meters











Genie Retail - US (GRE)











Gross Sales

69

40

44

59

60

35


308

212

95

Churn

4.3%

3.9%

3.7%

5.3%

4.9%

3.8%


5.3%

4.4%

4.3%

nm = not measurable/meaningful











*Numbers may not add due to rounding











Strategic Update

Genie is conducting a strategic review of its businesses in part to address the different investment profiles of its U.S. and European businesses and to enhance shareholder value across its operations. As one element of this review, the Company is contemplating opportunities to separate GREI from GRE and Genie Renewables through a spin-off of GREI into a separate, publicly-traded entity. If a transaction is consummated, Genie believes that shareholders could benefit from the potential spin-off of GREI with adequate capital and a dedicated management team empowered to gain scale and accelerate growth in its current and prospective European markets. The remaining US operations, GRE and Genie Renewables would then be positioned to accelerate their respective growth plans. Management will provide additional details on its strategic review during today's earnings conference call.

Q2 2021 Commentary from Michael Stein, CEO

"Genie delivered a very strong second quarter with robust top and bottom-line results. As we look to the second half of the year, we are focused on delivering strong cash flow and bottom-line performance. We are encouraged by the improvement in the marketing environment in the US and are confident that we can return to our previous levels of meter growth once all sales channels are fully re-opened. Internationally, following the successful sale of our Japanese operations, we expect our remaining business to continue to drive strong growth while demonstrating improving profitability, which we believe makes GREI an attractive investment on a stand-alone basis. We expect to have more clarity on strategic direction as our plans are finalized."

Earnings Announcement and Supplemental Information

Genie's earnings release will be filed on Form 8-K and posted on the Genie investor relations website (Genie Investor Relations Page) at approximately 7:30 a.m. Eastern on August 5, 2021. Management will host an earnings conference call beginning at 8:30 a.m. Eastern. Management's presentation of the results, outlook and strategy will be followed by Q&A with investors.

To participate in the conference call, dial 1-877-545-0320 (toll-free from the US) or 1-973-528-0016 (international) and request the Genie Energy conference call.

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 PIN: 42242. The replay will remain available through August 19, 2021. A recording of the call also will be available for playback on the "Investors" section of the Genie Energy website.

About Genie Energy Ltd.

Genie Energy Ltd. (NYSE: GNE, GNEPRA), is a global provider of energy services. The Genie Retail Energy division supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Retail Energy International division supplies customers in Europe and Asia. The Genie Renewables division comprises Genie Solar Energy, a provider of end-to-end customized solar solutions primarily for commercial customers, Diversegy, a commercials energy consulting business, CityCom Solar, a provider of community solar energy solutions and Genie's interest in Prism Solar, a supplier of solar panels and 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.

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


June 30,
2021



December 31,
2020



(Unaudited)





Assets






Current assets:






Cash and cash equivalents

$

31,446



$

36,913


Restricted cash—short-term


6,121




6,271


Marketable equity securities


13,370




5,089


Trade accounts receivable, net of allowance for doubtful accounts of $11,268 and $8,793 at June 30, 2021 and December 31, 2020, respectively


59,659




60,778


Inventory


15,653




16,930


Prepaid expenses


5,385




4,633


Other current assets


4,956




3,206


Total current assets


136,590




133,820


Property and equipment, net


269




259


Goodwill


26,041




25,929


Other intangibles, net


9,177




11,645


Investment in joint venture


936





Deferred income tax assets, net


1,908




4,882


Other assets


10,205




10,804


Total assets

$

185,126



$

187,339


Liabilities and equity








Current liabilities:








Loan payable

$



$

1,453


Trade accounts payable


36,141




43,005


Accrued expenses


49,104




42,762


Contract liability


5,217




5,609


Income taxes payable


2,518




1,893


Due to IDT Corporation, net


304




257


Other current liabilities


2,011




2,494


Total current liabilities


95,295




97,473


Other liabilities


3,331




3,787


Total liabilities


98,626




101,260


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 2,322 shares issued and outstanding at June 30, 2021 and December 31, 2020


19,743




19,743


Class A common stock, $0.01 par value; authorized shares—35,000; 1,574 shares issued and outstanding at June 30, 2021 and December 31, 2020


16




16


Class B common stock, $0.01 par value; authorized shares—200,000; 26,106 and 25,966 shares issued and 24,393 and 24,646 shares outstanding at June 30, 2021 and December 31, 2020, respectively


261




260


Additional paid-in capital


142,056




140,746


Treasury stock, at cost, consisting of 1,713 and 1,320 shares of Class B common stock at June 30, 2021 and December 31, 2020, respectively


(12,274)




(9,839)


Accumulated other comprehensive income


3,178




3,827


Accumulated deficit


(54,017)




(56,658)


Total Genie Energy Ltd. stockholders' equity


98,963




98,095


Noncontrolling interests


(12,463)




(12,016)


Total equity


86,500




86,079


Total liabilities and equity

$

185,126



$

187,339


GENIE ENERGY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)



Three Months Ended
June 30,


Six Months Ended
June 30,




2021



2020


2021



2020




(in thousands, except per share data)


Revenues:













Electricity


$

83,314



$

65,906



$

186,985



$

135,877


Natural gas



11,776




5,396




40,848




21,467


Other



2,616




4,773




5,214




22,782


Total revenues



97,706




76,075




233,047




180,126


Cost of revenues



73,940




56,588




191,752




131,734


Gross profit



23,766




19,487




41,295




48,392


Operating expenses and losses:

















Selling, general and administrative (i)



22,410




15,956




46,514




35,456


Impairment of assets






801







993


Income (loss) from operations



1,356




2,730




(5,219)




11,943


Interest income



10




20




20




143


Interest expense



(103)




(58)




(212)




(175)


Equity in the net income (loss) in equity method investees, net



53




(1,173)




164




(1,552)


Unrealized gain on marketable equity securities and investments



2,915







7,022





Gain on sale of subsidiary



4,226







4,226





Other (loss) income, net



(14)




(52)




283




98


Income before income taxes



8,443




1,467




6,284




10,457


Provision for income taxes



(3,158)




(587)




(3,693)




(3,156)


Net income



5,285




880




2,591




7,301


Net loss attributable to noncontrolling interests



(82)




(1,083)




(790)




(494)


Net income attributable to Genie Energy Ltd.



5,367




1,963




3,381




7,795


Dividends on preferred stock



(370)




(370)




(740)




(740)


Net income attributable to Genie Energy Ltd. common stockholders


$

4,997



$

1,593



$

2,641



$

7,055



















Earnings per share attributable to Genie Energy Ltd. common stockholders:

















Basic


$

0.19



$

0.06



$

0.10



$

0.27


Diluted


$

0.19



$

0.06



$

0.10



$

0.26


Weighted-average number of shares used in calculation of earnings per share:

















Basic



25,804




26,087




25,903




26,098


Diluted



26,227




26,853




26,446




26,804



















Dividends declared per common share


$



$

0.085



$



$

0.160


(i) Stock-based compensation included in selling, general and administrative expenses


$

559



$

401



$

1,148



$

884


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



Six Months Ended
June 30,




2021



2020




(in thousands)


Operating activities







Net income


$

2,591



$

7,301


Adjustments to reconcile net income to net cash (used in) provided by operating activities:









Depreciation and amortization



2,446




1,548


Impairment of assets






993


Deferred income taxes



2,974




2,537


Provision for doubtful accounts receivable



2,539




1,215


Unrealized gain on marketable equity securities and investment



(7,022)





Stock-based compensation



1,148




884


Equity in the net (income) loss in equity method investees



(164)




1,552


Gain on sale of subsidiary



(4,226)





Loss on sale of assets held for sale






78


Gain on deconsolidation of subsidiaries






(98)


Change in assets and liabilities:









Trade accounts receivable



(3,157)




6,847


Inventory



1,277




1,930


Prepaid expenses



(1,142)




2,016


Other current assets and other assets



(2,865)




223


Trade accounts payable, accrued expenses and other current liabilities



(609)




(1,006)


Contract liability



(333)




(12,707)


Due to IDT Corporation



47




(286)


Income taxes payable



625




615


Net cash (used in) provided by operating activities



(5,871)




13,642


Investing activities









Capital expenditures



(80)




(99)


Proceeds from disposal of assets held for sale






5


Proceeds from the sale of a subsidiary, net of cash disposed



4,550





Purchase of marketable equity securities



(1,000)





Investments in equity method investee






(1,502)


Payment of acquisition of intangible






(298)


Repayment of notes receivable



13




12


Net cash provided by (used in) investing activities



3,483




(1,882)


Financing activities









Dividends paid



(740)




(4,955)


Proceeds from revolving line of credit






1,000


Repayment of revolving line of credit






(3,514)


Proceeds from loan






1,395


Repayment of loan






(930)


Purchases of Class B common stock



(2,435)




(1,546)


Repayment of notes payable






(17)


Net cash used in financing activities



(3,175)




(8,567)


Effect of exchange rate changes on cash, cash equivalents, and restricted cash



(54)




12


Net (decrease) increase in cash, cash equivalents, and restricted cash



(5,617)




3,205


Cash, cash equivalents, and restricted cash at beginning of period



43,184




38,554


Cash, cash equivalents, and restricted cash at end of period


$

37,567



$

41,759


Reconciliation of Non-GAAP Financial Measures for the Second Quarter 2021

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 for the second quarter 2021, as well as for the second quarter 2020, Adjusted EBITDA on a consolidated basis. Adjusted EBITDA is a non-GAAP measure.

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 Energy's measure of Adjusted EBITDA consists of gross profit less selling, general and administrative expense, equity in the net loss of in equity method investees, net, plus depreciation, amortization and stock-based compensation (which are included in selling, general and administrative expense) and impairments of goodwill. Another way of calculating Adjusted EBITDA is to start with income from operations and add depreciation, amortization, stock-based compensation and impairment of goodwill and subtract equity in net loss in equity method investees, net.

Management believes that Genie Energy's measure of Adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie Energy's core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making.

Management also uses Adjusted EBITDA to evaluate operating performance in relation to Genie Energy's competitors. Disclosure of this non-GAAP financial measure 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 Adjusted EBITDA as well as the GAAP measures revenue, gross profit, income (loss) from operations and net income (loss), on consolidated level to facilitate internal and external comparisons to Genie Energy'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 Energy'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 Energy's calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie Energy'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 goodwill is a component of (loss) income from operations that is excluded from the calculation of Adjusted EBITDA. The impairment of goodwill 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 Energy's continuing operations.

Adjusted EBITDA 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 Energy's measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Following are the reconciliations Adjusted EBITDA on a consolidated basis to its most directly comparable GAAP measure. Adjusted EBITDA is reconciled to net income for Genie Energy on a consolidated basis.

Reconciliation of Adjusted EBITDA



Total

Three months ended June 30, 2021 (Q2 2021)


Net income attributable to Genie Energy Limited

$ 5,367

Net loss attributable to non-controlling interests

(82)

Net income

$ 5,285

Provision for income taxes

3,158

Other income, net

14

Gain on sale of a subsidiary

(4,226)

Unrealized gain on marketable equity securities and investments

(2,915)

Interest income

(10)

Interest expense

103

Equity in the net income of equity method investees

(53)

Income from operations

$ 1,356

Add:




Stock-based compensation

559


Depreciation and amortization

1,115

Subtract:



Equity in the net income of equity method investees

(53)

Adjusted EBITDA

$ 3,083



Total

Three months ended June 30, 2020 (Q2 2020)


Net income attributable to Genie Energy Limited

$ 1,963

Net income attributable to non-controlling interests

(1,083)

Net income

$ 880

Provision for income taxes

587

Other income, net

52

Interest income

(20)

Interest expense

58

Equity in the net loss of equity method investees

1,173

Income from operations

$ 2,730

Add:




Stock-based compensation

401


Depreciation and amortization

723


Impairment

801

Subtract:



Equity in the net loss (income) of equity method investees

1,173

Adjusted EBITDA

$ 3,482

Cision
Cision

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SOURCE Genie Energy Ltd.