Via Renewables, Inc. Q3 FY2022 earnings call

Keith's Opening - Adjusted EBITDA: Adjusted EBITDA was $15.1 million in Q3 2022 compared to $22 million in Q3 2021. Decrease due to reduction in G&A from 2021 factors like legal accrual reductions, payroll tax credit, and winter storm Yuri add back, offset by increased customer acquisition spend ($1.7 million in Q3 2022 vs $0.3 million in Q3 2021). - Acquisition: Entered into an agreement to acquire approximately 18,700 RCEs in the Florida gas market, aiming for geographical diversification to enhance cash flow stability. ### Mike's Financial Review - Adjusted EBITDA: $15.1 million in Q3 2022 vs $22 million in Q3 2021. - Retail margins: Retail gross margin $30.5M vs $30.9M last year; electricity $28.5M vs $28.2M last year; natural gas $1.9M vs $2.7M last year. - Expenses: G&A $16.3M vs $9.7M last year; sales and marketing up due to sales ramp. - Net loss: $4.9 million or $0.18 per share vs net income of $34.7 million or $0.82 per share in Q3 2021, related to mark-to-market gains decrease. - Dividends: Paid quarterly dividends on Class A common stock and Series A preferred stock, and announced Q3 dividends to be paid in December and January.

In the third quarter, retail gross margin was $30.5 million compared to $30.9 million in the third quarter of 2021. The retail electricity segment had a gross margin of $28.5 million compared to $28.2 million in the third quarter of last year, due to an increase in unit margins offset by a decrease in volume year-over-year. The retail natural gas segment had a gross margin of $1.9 million compared to $2.7 million in the third quarter of last year, attributable to lower unit margins partially offset by higher volumes. Total RCEs in the third quarter were 336,000 compared to 368,000 in 2021, and attrition was 4% compared to 2.4% year-over-year.

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