Via Renewables, Inc. (NASDAQ:VIA) Q4 2023 Earnings Call Transcript
Via Renewables, Inc. (NASDAQ:VIA) Q4 2023 Earnings Call Transcript February 29, 2024
Via Renewables, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning, ladies and gentlemen. Welcome to the Via Renewables, Inc. Fourth Quarter and Full-Year 2023 Earnings Conference Call. My name is Kevin, and I'll be your operator for today. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes and this call will be posted on Via Renewables Inc.'s website. I'd now like to turn the conference over to Mr. Stephen Rabalais with Via Renewables Inc. Please go ahead.
Stephen Rabalais: Thank you. Good morning, and welcome to Via Renewables' fourth quarter and full-year 2023 earnings call. This call is also being broadcast via webcast, which can be located in the Investor Relations section of our website at viarenewables.com. With us today from management is our CEO, Keith Maxwell; and our CFO, Mike Barajas. Please note that today's discussion may contain forward-looking statements, which are based on assumptions that we believe to be reasonable as of this date. Actual results may differ materially. We urge everyone to review the safe harbor statement in yesterday's earnings release as well as the risk factors in our SEC filings. We undertake no obligation to update these statements as a result of future events except as required by law.
In addition, we will refer to both GAAP and non-GAAP financial measures. For information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to yesterday's earnings release. With that, I'll turn the call over to Keith Maxwell, our CEO.
Keith Maxwell: Thank you, Stephen. I want to welcome everyone to today's earnings call. I'll begin by providing a summary of our full-year results. And then our CFO, Mike Barajas, will provide more details on the financials. In 2023, Via was able to grow our books solely organically. Historically, we've grown our book in large part through M&A transactions. Over the past few years, our book has been purposely shrinking on the market consolidation and acquisition opportunities to become less attractive. Last year, we put a considerable amount of effort into optimizing our organic sales channels and stemming our attrition. We are also able to lower our average monthly attrition 3.4% compared with 3.8% in 2022. For the full-year of 2023, we reported adjusted EBITDA of $56.9 million up from $51.8 million in 2022.
The increase was mainly due to the increase in retail gross margin. The gain in the unit margin was partly offset by a decrease in our power and natural gas volumes due to the starting of the year with lower RCE count and milder weather in the Northeast. In 2022, we also included a $4.4 million add back on adjusted EBITDA related to the 2021 winter storm, Yuri. In April 19, 2023, Via made the decision to suspend the dividend on the common stock in order to strengthen our balance sheet, and add financial flexibility that provides us with the availability to pursue strategic growth opportunities and provide us with added confidence in our ability and magnitudes and the impacts of the foreseeable future of weather events. This concludes my prepared remarks.
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