Genie Energy Ltd. Reports Third Quarter 2015 Results
/EINPresswire.com/ -- NEWARK, NJ--(Marketwired - November 04, 2015) - Genie Energy Ltd. (NYSE: GNE) (NYSE: GNEPRA) reported third quarter 2015 revenue of $52.2 million, Adjusted EBITDA* of $5.2 million, and net income attributable to common stockholders of $2.5 million -- $0.10 per diluted share.
- Genie Energy's Afek subsidiary is nearing completion of drilling on the third well of its multi-well exploratory program in Northern Israel. The company hopes to spud its fourth well and begin a well flow test program before the end of the calendar year;
- On November 2, 2015, Israel's Northern Regional Planning and Building Committee proposed issuance of a two-year extension of Afek's drilling permit commencing a 60 day public comment period. If the permits are finalized, the extension could cover the remainder of Afek's exploratory program of up to ten wells;
- Genie Retail Energy (GRE), which operates Genie Energy's retail provider businesses, increased its meter base by net 11,000 meters during the quarter to 388,000, the second consecutive quarter of net meter growth;
- Consolidated revenue, generated entirely by GRE, increased to $52.2 million from $46.2 million (+13.1%) in 3Q14;
- GRE generated Adjusted EBITDA* of $8.7 million in 3Q15 compared to $5.8 million (+50.7%) in the year ago quarter;
- Consolidated income from operations increased to $3.8 million compared to a loss from operations of $4.1 million 3Q14.
MANAGEMENT COMMENTS
Howard Jonas, Genie Energy's Chairman and CEO, said, "Our retail energy business had a terrific quarter, adding 11,000 new meters, boosting revenue by thirteen percent, and delivering $8.7 million in Adjusted EBITDA. In Northern Israel, our Afek subsidiary has nearly completed drilling its third exploratory well. Analysis of the resultant data is already underway, and we expect to spud our fourth well before the year is out. In addition, we plan to launch a well flow test program late this year. The well flow test program, in combination with our ongoing drilling and analysis, will provide a better understanding of the resource's commercial potential."
GENIE ENERGY 3RD QUARTER 2015 CONSOLIDATED RESULTS
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3Q15 -- 3Q14
$ in millions, except EPS 3Q15 2Q15 3Q14 Change (%/$)
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Revenue $52.2 $39.5 $46.2 +13.1%
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Gross profit $21.8 $14.0 $17.8 +22.4%
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Gross margin percentage 41.8% 35.4% 38.6% +320 BP
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SG&A expense (including stock-based
compensation) $15.9 $16.5 $18.9 (15.8)%
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Stock-based compensation $1.2 $1.6 $4.9 (74.8)%
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Research and development expense** $0.4 $0.6 $1.5 (72.8)%
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Exploration expense** $1.5 $1.3 $1.6 (1.4)%
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Adjusted EBITDA* $5.2 $(2.6) $0.9 +$4.3%
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Income (loss) from operations $3.8 $(4.3) $(4.1) +$7.9
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Net income (loss) attributable to Genie
Energy common stockholders $2.5 $(4.9) $(4.8) +$7.3
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Diluted earnings (loss) per share
attributable to Genie Energy's common
stockholders $0.10 $(0.22) $(0.22) +$0.32
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Net cash provided by (used in) operating
activities $4.0 $5.8 $(1.0) $5.0
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* Adjusted EBITDA for all periods 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 Measure at the end of this release for a complete explanation of Adjusted EBITDA and reconciliation to the most directly comparable GAAP measure.
** Genie Energy's Afek subsidiary accounts for its oil and gas exploration activities under the "successful efforts" method of accounting. Under this method, acquisition costs, costs of drilling exploratory wells, and exploratory-type stratigraphic test wells are capitalized on the balance sheet as "Capitalized exploration costs -- unproved oil and gas property" pending determination of whether the well has found proved reserves. Exploration costs, other than exploration drilling costs, are charged to expense in the statement of operations as "Exploration expense". In the three months ended September 30, 2015, Afek capitalized $6.8 million of drilling expenses and recorded $1.5 million of "Exploration expense" in the consolidated statements of operations.
In addition, in the consolidated statements of operations, $1.6 million in the three months ended September 30, 2014 relating to Afek's oil and gas activities previously included as "Research and development expense" were reclassified to "Exploration expense" to conform to the current year's presentation.
BALANCE SHEET AND CASH FLOW HIGHLIGHTS
At September 30, 2015, Genie Energy had $150.2 million in total assets, including $69.2 million in cash, cash equivalents, restricted cash (short and long term), and certificates of deposit. Liabilities totaled $34.1 million with no long term debt, and working capital (current assets less current liabilities) totaled $88.6 million.
Net cash provided by operating activities in 3Q15 was $4.0 million compared to net cash used in operating activities of $1.0 million in 3Q14 and net cash provided by operating activities of $5.8 million in 2Q15. The change from the previous year reflects the improved results of operations in 3Q15 compared to 3Q14.
RESULTS BY SEGMENT
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3Q15 -3Q14
$ in millions 3Q15 2Q15 3Q14 Change (%/$)
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Genie Retail Energy
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Total revenue $52.2 $39.5 $46.2 +13.1%
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Electricity revenue $49.4 $33.8 $42.5 +16.2%
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Natural gas revenue $2.3 $5.0 $2.8 (19.2)%
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Other revenue $0.6 $0.7 $0.9 (33.3)%
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Gross profit $21.8 $14.0 $17.8 22.4%
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Gross margin percentage 41.8% 35.4% 38.6% +320 BP
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SG&A expense $13.3 $13.9 $11.9 +11.7%
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Bad debt expense - - $0.3 $(0.3)
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Adjusted EBITDA $8.7 $0.3 $5.8 +50.7%
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Income from operations $8.5 $0.1 $5.6 +51.9%
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Afek
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G&A expense $0.3 $0.1 $- +$0.3
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Exploration expense $1.5 $1.3 $1.6 (1.4)%
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Adjusted EBITDA $(1.8) $(1.4) $(1.6) $(0.2)
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Loss from operations $(1.8) $(1.4) $(1.7) $(0.1)
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Capitalized exploration costs $6.8 $6.7 $- +$6.8
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GOGAS
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G&A expense $0.2 $0.2 $0.2 +1.1%
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Research and development expense $0.4 $0.6 $1.4 (72.7)%
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Adjusted EBITDA $(0.7) $(0.7) $(1.6) +$0.9
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Loss from operations $(0.7) $(0.8) $(1.6) +$0.9
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Corporate
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G&A expense $2.1 $2.2 $6.4 (67.1)%
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Non-cash compensation in G&A $1.1 $1.3 $4.7 (77.2)%
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Adjusted EBITDA $(1.0) $(0.9) $(1.7) +$0.7
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Loss from operations $(2.1) $(2.2) $(6.4) +$4.3
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Genie Retail Energy
Genie Retail Energy increased its customer base for the second consecutive quarter, adding 11,000 net meters and 9,000 RCE's during the third quarter. Genie Retail Energy added 74,000 gross meters compared to 79,000 meters in 2Q15 and 56,000 meters in 3Q14. Gross meter adds in 3Q15 and 2Q15 include approximately 10,000 and 11,000 net electric meters, respectively, acquired via a new sales channel that offers geographically concentrated opportunities for meter acquisitions with reduced customer acquisition costs and fixed rates.
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Meters and RCEs at
End of Quarter (in
thousands) September June March December September
30, 2015 30, 2015 31, 2015 31, 2014 30, 2014
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Electricity meters 261 250 232 234 235
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Natural gas meters 127 127 126 129 127
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Total meters 388 377 358 363 362
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Electricity RCEs 178 168 158 160 165
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Natural gas RCEs 82 83 83 83 83
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Total RCEs 260 251 241 243 248
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Genie Retail Energy's average monthly customer churn increased to 6.7% in 3Q15 from 6.3% in 2Q15 and 6.2% in 3Q14. The increase in churn reflects, in part, the accelerated pace of meter acquisitions in recent quarters. On average, newly acquired meters exhibit higher rates of churn than long tenured meters and variable rate meters churn more quickly than fixed rate meters. Meters acquired through the new sales channel also typically exhibit high initial churn rates. Meters enrolled in fixed rate offerings constituted approximately 15% of GRE's electric load at September 30, 2015.
Genie Retail Energy's quarterly revenue increased $6.1 million year over year to $52.2 million. The increase was entirely attributable to increased sales of electricity, which totaled $49.4 million, an increase of $6.9 million compared to the year ago quarter. Sales of natural gas decreased $0.5 million to $2.2 million. The increase in electric revenue was driven both by a 13.6% increase in kWh sold and a 2.3% increase in revenue per kWh sold. The increase in kWh sold reflects increases in the average numbers of meter served during the quarter compared to the year ago quarter and in consumption per meter. The per meter consumption increase reflects the warmer summer of 2015 compared to 2014, and meter acquisition efforts targeted to regions with relatively higher per meter consumption.
Genie Retail Energy's gross margin in 3Q15 climbed to 41.8% from 38.6% in the year ago quarter. The primary driver was increased gross margin on electricity sales as a result of a decrease in the commodity cost which was partially offset by lower gas margins due to a market-wide decline in rates and losses on natural gas hedges.
Genie Retail Energy's SG&A expense in 3Q15 increased $1.1 million year over year to $13.3 million reflecting increases in customer acquisition costs and payroll and utility related expenses.
Genie Retail Energy generated Adjusted EBITDA of $8.7 million in 3Q15 compared $5.8 million in the year ago quarter. The increase primarily reflects the improvement in gross profit on electricity sales resulting from the increase in Genie Retail Energy's electric meter base and kWh sold.
Afek
Genie Energy's Afek subsidiary is characterizing an oil and gas resource in Northern Israel. Afek has completed drilling two wells in its multi-well exploratory drilling program in Northern Israel, and has nearly completed drilling of a third (Ness 6). The analysis to date suggests the presence of several target zones containing hydrocarbons within the formation. The volume of the resources and the extent they may be extractable cannot yet be determined. As such, the resources do not yet constitute proved, probable or possible reserves. To better understand the character of the identified resource, Afek is planning to drill additional wells and plans to initiate a series of well flow tests.
In 3Q15, Afek capitalized $6.8 million of drilling expenses and recorded $1.5 million of exploration expense. Afek's exploration expense was $1.3 million in 2Q15 and $1.6 million in 3Q14.
Genie Oil and Gas (GOGAS)
The GOGAS segment is comprised of oil shale projects in Mongolia and Israel's Shfela Basin, as well as Genie Energy's minority stake in a joint venture to develop oil shale in Colorado's Piceance Basin. The oil shale exploration project in the Shfela is not active, and GOGAS has scaled back its operations in Mongolia to sharpen its focus on Afek and Genie Retail Energy.
Effective with the first quarter of fiscal 2015, the GOGAS segment's financial results no longer consolidate its Afek subsidiary. Afek is now a separate reporting segment and its results have been removed from those of GOGAS for all periods presented.
The GOGAS segment's loss from operations in 3Q15 was $729 thousand compared to $1.6 million in 3Q14.
Corporate
Genie Energy's corporate G&A expense in 3Q15 decreased to $2.1 million from $6.4 million in 3Q14. The decrease was attributable primarily to a decrease in non-cash compensation expense related to compensation arrangements with Howard Jonas, Genie Energy's Chairman and Chief Executive Officer. Non-cash compensation expense was $1.1 million in 3Q15 compared to $4.7 million in 3Q14.
GENIE ENERGY EARNINGS CONFERENCE CALL
This release is available for download in the "Investors" section of the Genie Energy website (www.genie.com/investors/investor-relations) and has been filed in a current report (Form 8-K) with the SEC.
At 8:30 AM Eastern time today, Genie Energy's management will host a conference call to discuss financial and operational results, business outlook and strategy. The call will begin with management's remarks followed by Q&A with analysts and investors.
To participate in the call, dial toll-free 1-888-348-6472 (from the US) or 1-412-902-4240 (international) and request the Genie Energy conference call.
An audio file of the call in MP3 format replay will be available on the "Investors" section of the Genie Energy website approximately three hours after the call concludes. In addition, a teleconference replay will be available through November 11, 2015 at 1-877-870-5176 (US toll free) or 1-858-384-5517 (international). Callers should ask for conference call #10073793.
Investors can sign up through the Genie Energy website http://genie.com/investors/email-alerts/ to have earnings releases and other press releases emailed directly to them.
ABOUT GENIE ENERGY LTD.
Genie Energy Ltd. (NYSE: GNE) (NYSE: GNEPRA) is comprised of Genie Retail Energy (GRE) and Genie Oil and Gas (GOGAS). GRE operates retail energy provider, brokerage and marketing services businesses. GRE's retail energy provider businesses market electricity and natural gas to residential and small business customers primarily in the Eastern United States. GOGAS is an oil and gas exploration company including an exploratory drilling program in Northern Israel. For more information, visit www.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
September December
30, 2015 31, 2014
---------- ----------
(Unaudited)
(in thousands)
Assets
Current assets:
Cash and cash equivalents $ 48,380 $ 71,895
Restricted cash-short-term 10,534 10,609
Certificates of deposit 8,832 4,669
Trade accounts receivable, net of allowance for
doubtful accounts of $195 and $227 at September 30,
2015 and December 31, 2014, respectively 27,715 31,427
Inventory 11,612 11,166
Prepaid expenses 6,908 5,713
Deferred income tax assets, net 1,548 1,463
Other current assets 5,682 5,430
---------- ----------
Total current assets 121,211 142,372
Property and equipment, net 1,601 1,902
Capitalized exploration costs-unproved oil and gas
property 17,615 -
Goodwill 3,663 3,663
Restricted cash-long-term 1,415 1,023
Other assets 4,724 3,968
---------- ----------
Total assets $ 150,229 $ 152,928
========== ==========
Liabilities and equity
Current liabilities:
Trade accounts payable $ 11,346 $ 14,881
Accrued expenses 16,850 10,913
Advances from customers 635 403
Income taxes payable 1,206 543
Due to IDT Corporation 80 542
Energy hedging contracts 1,862 4,003
Other current liabilities 661 797
---------- ----------
Total current liabilities 32,640 32,082
Other liabilities 1,494 1,503
---------- ----------
Total liabilities 34,134 33,585
Commitments and contingencies
Equity:
Genie Energy Ltd. stockholders' equity:
Preferred stock, $.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 September 30,
2015 and December 31, 2014 19,743 19,743
Class A common stock, $.01 par value; authorized
shares-35,000; 1,574 shares issued and
outstanding at September 30, 2015 and December
31, 2014 16 16
Class B common stock, $.01 par value; authorized
shares-200,000; 23,240 and 23,178 shares issued
and 23,043 and 22,984 shares outstanding at
September 30, 2015 and December 31, 2014,
respectively 232 232
Additional paid-in capital 123,215 114,322
Treasury stock, at cost, consisting of 197 shares
and 194 shares of Class B common stock at
September 30, 2015 and December 31, 2014,
respectively (1,565) (1,543)
Accumulated other comprehensive (loss) income (42) 10
Accumulated deficit (15,482) (7,759)
---------- ----------
Total Genie Energy Ltd. stockholders' equity 126,117 125,021
Noncontrolling interests:
Noncontrolling interests (6,522) (4,678)
Receivables for issuance of equity (3,500) (1,000)
---------- ----------
Total noncontrolling interests (10,022) (5,678)
---------- ----------
Total equity 116,095 119,343
---------- ----------
Total liabilities and equity $ 150,229 $ 152,928
========== ==========
GENIE ENERGY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2015 2014 2015 2014
--------- --------- --------- ---------
(in thousands, except per share data)
Revenues:
Electricity $ 49,387 $ 42,504 $ 130,527 $ 177,802
Natural gas 2,265 2,805 33,440 45,826
Other 586 877 2,227 1,717
--------- --------- --------- ---------
Total revenues 52,238 46,186 166,194 225,345
Direct cost of revenues (30,420) (28,359) (113,201) (186,170)
--------- --------- --------- ---------
Gross profit 21,818 17,827 52,993 39,175
Operating expenses and losses:
Selling, general and
administrative (i) 15,909 18,890 49,016 46,605
Research and development 406 1,491 1,662 4,031
Exploration 1,531 1,553 4,390 3,482
Equity in the net loss of AMSO,
LLC 133 - 133 -
--------- --------- --------- ---------
Income (loss) from operations 3,839 (4,107) (2,208) (14,943)
Interest income 105 117 306 310
Financing fees (590) (518) (1,878) (2,046)
Other income (expense), net 24 150 (110) 121
--------- --------- --------- ---------
Income (loss) before income taxes 3,378 (4,358) (3,890) (16,558)
Provision for income taxes (752) (467) (639) (420)
--------- --------- --------- ---------
Net income (loss) 2,626 (4,825) (4,529) (16,978)
Net loss attributable to
noncontrolling interests 219 430 867 929
--------- --------- --------- ---------
Net income (loss) attributable to
Genie Energy Ltd 2,845 (4,395) (3,662) (16,049)
Dividends on preferred stock (370) (370) (1,111) (1,046)
--------- --------- --------- ---------
Net income (loss) attributable to
Genie Energy Ltd. common
stockholders $ 2,475 $ (4,765)$ (4,773) $ (17,095)
========= ========= ========= =========
Earnings (loss) per share
attributable to Genie Energy
Ltd. common stockholders:
Basic $ 0.11 $ (0.22)$ (0.22) $ (0. 81)
========= ========= ========= =========
Diluted $ 0.10 $ (0.22)$ (0.22) $ (0. 81)
========= ========= ========= =========
Weighted-average number of shares
used in calculation of earnings
(loss) per share:
Basic 22,146 21,224 22,126 21,189
========= ========= ========= =========
Diluted 23,622 21,224 22,126 21,189
========= ========= ========= =========
Dividends declared per common
share $ - $ - $ 0.12 $ -
========= ========= ========= =========
(i) Stock-based compensation
included in selling, general and
administrative expenses $ 1,241 $ 4,929 $ 4,074 $ 8,492
========= ========= ========= =========
GENIE ENERGY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 30,
-----------------------------
2015 2014
------------- -------------
(in thousands)
Operating activities
Net loss $ (4,529) $ (16,978)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation 326 92
Provision for doubtful accounts receivable (18) 308
Deferred income taxes (85) (80)
Stock-based compensation 4,074 8,492
Equity in the net loss of AMSO, LLC 133 -
Change in assets and liabilities:
Restricted cash (327) 3,482
Trade accounts receivable 3,730 17,642
Inventory (445) (5,635)
Prepaid expenses (1,195) (763)
Other current assets and other assets (744) (1,143)
Trade accounts payable, accrued expenses
and other current liabilities (791) (11,129)
Advances from customers 231 (876)
Due to IDT Corporation (462) 290
Income taxes payable 662 (1,796)
------------- -------------
Net cash provided by (used in) operating
activities 560 (8,094)
Investing activities
Capital expenditures (324) (1,261)
Investments in capitalized exploration
costs-unproved oil and gas property (17,765) -
Capital contributions to AMSO, LLC (125) -
Issuance of note receivable - (50)
Purchase of certificates of deposit (8,820) (4,655)
Proceeds from maturities of certificates of
deposit 4,688 4,334
------------- -------------
Net cash used in investing activities (22,346) (1,632)
Financing activities
Dividends paid (4,061) (982)
Payments for acquisition (290) (574)
Proceeds from purchases of Class B common
stock by Howard S. Jonas - 24,552
Proceeds from exercise of stock options 174 27
Proceeds from exercise of GOGAS stock
option 2,500 -
Advance on sale of interest in subsidiary - 300
Repurchases of Class B common stock (22) (957)
------------- -------------
Net cash (used in) provided by financing
activities (1,699) 22,366
Effect of exchange rate changes on cash and
cash equivalents (30) (287)
------------- -------------
Net (decrease) increase in cash and cash
equivalents (23,515) 12,353
Cash and cash equivalents at beginning of
period 71,895 73,885
------------- -------------
Cash and cash equivalents at end of period $ 48,380 $ 86,238
============= =============
Supplemental Schedule of Non-Cash Financing
and Investing Activities
Subsidiary equity grant reclassified to
liability $ 1,200 $ -
============= =============
Receivable for issuance of equity of
subsidiaries $ 2,500 $ -
============= =============
Reconciliation of Non-GAAP Financial Measure for the Third Quarter 2015
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 also disclosed for the third quarter of 2015, as well as for comparable periods, Adjusted EBITDA, which 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, research and development expense, exploration expense and equity in the net loss of AMSO, LLC, plus depreciation and stock-based compensation (which are included in selling, general and administrative expense). Another way of calculating Adjusted EBITDA is to start with income (loss) from operations and add depreciation and stock-based compensation.
Management believes that Genie Energy's Adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie Energy's or the relevant segment'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. In addition, management uses Adjusted EBITDA to evaluate operating performance in relation to Genie Energy's competitors. Disclosure of this 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 to Adjusted EBITDA, as well as the GAAP measures gross profit, income (loss) from operations and net income (loss), on a segment and/or consolidated level to facilitate internal and external comparisons to the segments' and 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 is considered an operating cost under GAAP, it primarily represents the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. While Genie Energy's oil and gas exploration business may be capital intensive, Genie Energy does not expect to incur significant depreciation or depletion expense for the foreseeable future. Genie Energy's operating results exclusive of depreciation is therefore a useful indicator 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.
Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, gross profit, income (loss) from operations, cash flow from operating activities, net income (loss), basic and diluted earnings (loss) per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, Genie Energy's measurements of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Following is the reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, which is income (loss) from operations for Genie Energy's reportable segments and net income (loss) for Genie Energy on a consolidated basis.
Genie Energy Ltd.
Reconciliation of Adjusted EBITDA to Net Income (Loss)
(unaudited)
$ in thousands
----------------------------------------------------------------------------
Genie
Retail
Total Energy GOGAS Afek Corporate
-------- -------------------------------------
Three Months Ended September
30, 2015 (3Q15)
Adjusted EBITDA $ 5,188 $ 8,696 $ (657) $(1,818) $ (1,033)
Subtract:
Stock-based compensation 1,241 113 47 - 1,081
Depreciation 108 59 25 24 -
-------- -------------------------------------
Income (loss) from operations 3,839 $ 8,524 $ (729) $(1,842) $ (2,114)
Interest income 105
Financing fees (590)
Other income, net 24
Provision for income taxes (752)
--------
Net income 2,626
Net loss attributable to
noncontrolling interests 219
--------
Net income attributable to
Genie Energy Ltd. $ 2,845
-------- -------------------------------------
-------- -------------------------------------
Genie
Retail
Total Energy GOGAS Afek Corporate
-------- -------------------------------------
Three Months Ended June 30,
2015 (2Q15)
Adjusted EBITDA $(2,622) $ 319 $ (656) $(1,377) $ (908)
Subtract:
Stock-based compensation 1,595 209 111 - 1,275
Depreciation 115 60 23 32 -
-------- -------------------------------------
(Loss) income from operations (4,332) $ 50 $ (790) $(1,409) $ (2,183)
Interest income 102
Financing fees (555)
Other expense, net (145)
Benefit from income taxes 204
--------
Net loss (4,726)
Net loss attributable to
noncontrolling interests 228
--------
Net loss attributable to
Genie Energy Ltd. $(4,498)
-------- -------------------------------------
-------- -------------------------------------
Genie
Retail
Total Energy GOGAS Afek Corporate
-------- -------------------------------------
Three Months Ended September
30, 2014 (3Q14)
Adjusted EBITDA $ 856 $ 5,771 $(1,585) $(1,650) $ (1,680)
Subtract:
Stock-based compensation 4,929 152 32 - 4,745
Depreciation 34 7 25 2 -
-------- -------------------------------------
(Loss) income from operations (4,107) $ 5,612 $(1,642) $(1,652) $ (6,425)
Interest income 117
Financing fees (518)
Other income, net 150
Provision for income taxes (467)
--------
Net loss (4,825)
Net loss attributable to
noncontrolling interests 430
--------
Net loss attributable to
Genie Energy Ltd. $(4,395)
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Genie Energy Ltd.
Reconciliation of Adjusted EBITDA to Net Loss
(unaudited)
$ in thousands
----------------------------------------------------------------------------
Genie
Retail
Total Energy GOGAS Afek Corporate
--------- -------------------------------------
Nine Months Ended September
30, 2015
Adjusted EBITDA $ 2,192 $12,628 $(2,074) $(4,982) $ (3,380)
Subtract:
Stock-based compensation 4,074 362 279 - 3,433
Depreciation 326 187 71 68 -
--------- -------------------------------------
(Loss) income from
operations (2,208) $12,079 $(2,424) $(5,050) $ (6,813)
Interest income 306
Financing fees (1,878)
Other expense, net (110)
Provision for income taxes (639)
---------
Net loss (4,529)
Net loss attributable to
noncontrolling interests 867
---------
Net loss attributable to
Genie Energy Ltd. $ (3,662)
--------- -------------------------------------
--------- -------------------------------------
Genie
Retail
Total Energy GOGAS Afek Corporate
--------- -------------------------------------
Nine Months Ended September
30, 2014
Adjusted EBITDA $ (6,359) $ 6,127 $(4,455) $(3,657) $ (4,374)
Subtract:
Stock-based compensation 8,492 471 309 - 7,712
Depreciation 92 13 74 4 1
--------- -------------------------------------
(Loss) income from
operations (14,943) $ 5,643 $(4,838) $(3,661) $ (12,087)
Interest income 310
Financing fees (2,046)
Other income, net 121
Provision for income taxes (420)
---------
Net loss (16,978)
Net loss attributable to
noncontrolling interests 929
---------
Net loss attributable to
Genie Energy Ltd. $(16,049)
----------------------------------------------------------------------------
Genie Energy Investor Relations
Bill Ulrey
P: (973) 438-3848
E-mail: invest@genie.com
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