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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Genie Energy Ltd | NYSE:GNE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.19 | -7.56% | 14.55 | 16.11 | 15.74 | 15.94 | 80,092 | 01:00:00 |
NEWARK, N.J., March 12, 2020 /PRNewswire/ -- Genie Energy Ltd. (NYSE: GNE, GNEPRA) reported fourth quarter 2019 break even net income on revenue of $82.0 million and full year 2019 net income of $0.10 per share on revenue of $315.3 million.
HIGHLIGHTS
(Throughout this release, 4Q19 results are compared to 4Q18 results and full year 2019 results are compared to full year 2018 unless otherwise noted)
COMMENTS OF MICHAEL STEIN, CEO
"Genie Energy capped a productive 2019 with strong fourth quarter operational and financial results. We grew our international retail energy business in each of our three international markets – the U.K Japan, and Finland – and expect to launch an additional Scandinavian market in 2020. Our domestic retail energy business expanded into the Texas market and generated $8.5 million in Adjusted EBITDA in the fourth quarter and $28.3 million in the full year.
"Our financial and operational results and positive outlook allowed us to continue our stock repurchase program in the fourth quarter. For the full year, we bought back 2.7% of our common stock for $5.6 million, while returning $9.6 million in dividends to our common and preferred shareholders.
"Looking ahead, we will continue our strategic focus on growth and profitability within our retail energy supply business –growing our customer base organically in our current markets, and prudently expanding into new territories and markets in 2020."
CONSOLIDATED RESULTS
| ||||||
$ in millions, except EPS | 4Q19 | 3Q19 | 4Q18 | 2019 | 2018 | |
Revenue | $82.0 | $85.7 | $62.8 | $315.3 | $280.3 | |
Gross profit | $22.0 | $26.4 | $14.7 | $82.9 | $76.5 | |
Gross margin percentage | 26.8% | 30.7% | 23.5% | 26.3% | 27.3% | |
SG&A expense | $19.2 | $19.4 | $15.2 | $72.5 | $61.5 | |
Stock-based compensation included in SG&A | - | $0.3 | $0.8 | $1.1 | $4.5 | |
Depreciation and amortization | $0.8 | $0.9 | $0.4 | $3.6 | $2.1 | |
Impairment of assets | $0.4 | - | - | $0.4 | $2.7 | |
Income (loss) from operations | $2.3 | $6.9 | $(0.5) | $9.8 | $12.0 | |
Adjusted EBITDA* | $0.8 | $8.0 | $(0.6) | $10.1 | $17.9 | |
Equity in the net loss in equity method investees** | $(2.7) | $(0.2) | $(1.3) | $(4.8) | $(3.4) | |
(Provision for) benefit from income taxes | $(1.5) | $(1.9) | $14.1 | $4.6 | $12.4 | |
Net income attributable to Genie Energy common stockholders | - | $4.9 | $12.3 | $2.7 | $21.3 | |
Earnings per diluted share attributable to Genie Energy common stockholders | - | $0.18 | $0.47 | $0.10 | $0.83 | |
Net cash provided by (used in) operating activities | $0.2 | $12.1 | $(0.9) | $15.8 | $19.4 | |
* Pro forma results and Adjusted EBITDA for all periods presented are non-GAAP measures 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 pro forma results and Adjusted EBITDA as well as to reconciliations to the respective most directly comparable GAAP measures.
** Genie Energy accounts for its investments in Orbit Energy, its joint venture operating in the U.K., and Atid, a drilling contractor based in Israel in which it holds a minority stake, under the equity method of accounting. Under this method, Genie Energy records its share in the net income or loss of the venture. Therefore, revenue generated, and expenses incurred are not reflected in Genie Energy's consolidated revenue and expenses, but Orbit Energy's customers are included in metrics regarding our customer base. |
GLOBAL METERS AND RCEs
Genie Energy's global customer base increased sequentially and year-over-year driven by investment in customer acquisition domestically and in overseas markets. Genie Energy's global RCE and meter totals are provided in the chart below.
| |||||
Global RCEs and Meters (in thousands)* | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 |
Electricity RCEs | 297 | 309 | 291 | 272 | 197 |
Natural gas RCEs | 77 | 75 | 66 | 61 | 60 |
Total RCEs | 374 | 384 | 357 | 333 | 257 |
Electricity meters | 390 | 392 | 361 | 322 | 249 |
Natural gas meters | 107 | 100 | 87 | 77 | 74 |
Total meters | 497 | 492 | 448 | 399 | 323 |
*Includes RCEs and meters acquired and served by Genie Energy's domestic and international retail energy provider businesses including operations in Finland and Japan and at Genie's joint venture in the U.K. (although U.K. operations are not included in our consolidated results of operations). |
SEGMENT RESULTS
Genie Retail Energy (GRE)
GRE's financial results are summarized in the chart below:
| ||||||
Genie Retail Energy $ in millions | 4Q19 | 3Q19 | 4Q18 | 2019 | 2018 | |
Total revenue | $74.0 | $81.7 | $58.8 | $286.6 | $274.4 | |
Electricity revenue | $61.2 | $78.5 | $46.7 | $246.7 | $227.9 | |
Natural gas revenue | $12.9 | $3.2 | $12.1 | $39.9 | $46.6 | |
Gross profit | $22.0 | $25.7 | $14.5 | $80.6 | $75.4 | |
Gross margin percentage | 29.7% | 31.5% | 24.7% | 28.1% | 27.4% | |
SG&A expense | $13.8 | $14.8 | $11.2 | $53.4 | $46.4 | |
Depreciation and amortization | $0.2 | $0.2 | $0.2 | $0.7 | $1.5 | |
Income from operations | $8.2 | $10.9 | $3.4 | $27.2 | $29.0 | |
Adjusted EBITDA* | $8.5 | $11.2 | $3.8 | $28.3 | $31.1 |
GRE – KPIs and Take-Aways:
Genie Retail Energy International (GRE International)
Genie Energy accounts for its investments in Orbit Energy, its joint venture operating in the U.K., under the equity method of accounting. Revenue generated, and expenses incurred are not reflected in segment revenue and operating expenses. RCE and meter counts do, however, include Orbit Energy customers.
| ||||||
Genie Retail Energy International $ in millions | 4Q19 | 3Q19 | 4Q18 | 2019 | 2018 | |
Total revenue | $5.8 | $3.0 | $- | $16.6 | $-- | |
Gross profit | $(0.3) | $0.4 | $(0.1) | $0.3 | $(0.1) | |
Gross margin percentage | (5.0)% | 13.0% | - | 2.0% | -- | |
SG&A expense | $2.9 | $2.0 | $0.7 | $8.5 | $1.1 | |
Loss from operations | $(3.2) | $(1.6) | $(0.7) | $(8.1) | $(1.2) | |
Adjusted EBITDA* | $(5.6) | $(1.0) | $(1.7) | $(10.7) | $(4.2) | |
Equity in the net loss in Orbit Energy | $2.5 | - | $1.0 | $4.4 | $3.0 |
Genie Energy Services (GES)
Genie Oil and Gas (GOGAS)
Corporate
BALANCE SHEET AND CASH FLOW HIGHLIGHTS
At December 31, 2019, Genie Energy had $156.2 million in total assets, including $38.6 million in cash, cash equivalents and restricted cash. Liabilities totaled $75.3 million and working capital (current assets less current liabilities) totaled $40.8 million.
Cash used in operating activities in 4Q19 decreased to $0.2 million compared to cash used in operating activities of $0.9 million in 4Q18. For the full year 2019, cash provided by operating activities was $15.8 million compared to $19.4 million in 2018.
DIVIDEND ON GENIE ENERGY COMMON STOCK
Genie Energy's Board of Directors has declared a 4Q19 dividend of $0.075 per share of Class A and Class B common stock with a record date of March 24, 2020. The dividend will be paid on or about April 3, 2020. The distribution will be treated as an ordinary dividend for income tax purposes.
GENIE ENERGY EARNINGS CONFERENCE CALL
This earnings press release is available for download in the "Investors" section of the Genie Energy website (https://genie.com/investors/investor-relations/) and has been filed on a current report (Form 8-K) with the SEC.
At 8:30 AM Eastern time today, March 12, 2020, 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 investors.
To participate in the conference call, dial toll-free 1-888-348-6472 (from the US) or 1-412-902-4240 (international) and request the Genie Energy conference call.
The call replay will be available at 1-844-512-2921 (US toll-free) or 1-412-317-6671 (international) through March 19, 2020. The replay PIN is 10138657. A recording of the call - in MP3 format - will also be available for playback on the "Investors" section of the Genie Energy website.
Investors can sign up through the Genie Energy website to have earnings releases and other press releases e-mailed directly to them.
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 Energy Services division includes Diversegy, a commercial and industrial brokerage and consultative services company, and Genie Solar Energy and Prism Solar, which design, supply and install commercial solar 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.
| ||||||||
December 31 | ||||||||
(in thousands, except per share amounts) | 2019 | 2018 | ||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 31,242 | $ | 41,601 | ||||
Restricted cash—short-term | 6,792 | 1,653 | ||||||
Trade accounts receivable, net of allowance for doubtful accounts of $2,631 and $2,003 at December 31, 2019 and 2018, respectively | 49,822 | 35,920 | ||||||
Inventory | 16,632 | 9,893 | ||||||
Prepaid expenses | 6,318 | 6,167 | ||||||
Other current assets | 2,133 | 2,670 | ||||||
TOTAL CURRENT ASSETS | 112,939 | 97,904 | ||||||
Property and equipment, net | 3,607 | 4,301 | ||||||
Goodwill | 12,135 | 11,082 | ||||||
Other intangibles, net | 6,837 | 6,321 | ||||||
Investment in equity method investees | 675 | 2,208 | ||||||
Restricted cash – long-term | 520 | 943 | ||||||
Deferred income tax assets, net | 12,154 | 15,625 | ||||||
Other assets | 7,377 | 8,480 | ||||||
TOTAL ASSETS | $ | 156,244 | $ | 146,864 | ||||
LIABILITIES AND EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Loan payable | $ | 921 | $ | — | ||||
Current portion of notes payable | 116 | 923 | ||||||
Trade accounts payable | 24,387 | 18,508 | ||||||
Accrued expenses | 26,116 | 25,242 | ||||||
Contract liability | 13,426 | 1,137 | ||||||
Income taxes payable | 1,591 | 1,463 | ||||||
Due to IDT Corporation | 381 | 234 | ||||||
Short-term revolving line of credit | 2,514 | — | ||||||
Other current liabilities | 2,704 | 3,279 | ||||||
TOTAL CURRENT LIABILITIES | 72,156 | 50,786 | ||||||
Long-term notes payable | 777 | — | ||||||
Long -term revolving line of credit | — | 2,516 | ||||||
Other liabilities | 2,381 | 900 | ||||||
TOTAL LIABILITIES | 75,314 | 54,202 | ||||||
Commitments and contingencies (Note 15 and Note 16) | ||||||||
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 December 31, 2019 and 2018 | 19,743 | 19,743 | ||||||
Class A common stock, $0.01 par value; authorized shares – 35,000; 1,574 shares issued and outstanding at December 31, 2019 and 2018 | 16 | 16 | ||||||
Class B common stock, $0.01 par value; authorized shares – 200,000; 25,785 and 25,544 shares issued and 24,755 and 25,294 shares outstanding at December 31, 2019 and 2018, respectively | 258 | 255 | ||||||
Additional paid-in capital | 139,615 | 136,629 | ||||||
Treasury stock, at cost, consisting of 1,030 and 250 shares of Class B common at December 31, 2019 and 2018, respectively | (7,675) | (1,624) | ||||||
Accumulated other comprehensive income | 2,519 | 2,591 | ||||||
Accumulated deficit | (59,671) | (53,939) | ||||||
Total Genie Energy Ltd. stockholders' equity | 94,805 | 103,671 | ||||||
Noncontrolling interests: | ||||||||
Noncontrolling interests | (13,875) | (11,009) | ||||||
TOTAL EQUITY | 80,930 | 92,662 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 156,244 | $ | 146,864 |
GENIE ENERGY LTD. CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||
Year ended December 31, | ||||||||
(in thousands, except per share data) | 2019 | 2018 | ||||||
REVENUES: | ||||||||
Electricity | $ | 263,091 | $ | 227,883 | ||||
Natural gas | 39,926 | 46,560 | ||||||
Other | 12,274 | 5,866 | ||||||
Total revenues | 315,291 | 280,309 | ||||||
Cost of revenues | 232,392 | 203,762 | ||||||
GROSS PROFIT | 82,899 | 76,547 | ||||||
OPERATING EXPENSES AND LOSSES: | ||||||||
Selling, general and administrative | 72,467 | 61,544 | ||||||
Exploration | — | 244 | ||||||
Research and development expense | 207 | 39 | ||||||
Impairment of assets | 400 | 2,742 | ||||||
Income from operations | 9,825 | 11,978 | ||||||
Interest income | 448 | 557 | ||||||
Interest expense | (530) | (401) | ||||||
Equity in the net loss in equity method investees | (4,830) | (3,430) | ||||||
Gain on extinguishment of liability | — | 164 | ||||||
Other income, net | 1,066 | 156 | ||||||
Income before income taxes | 5,979 | 9,024 | ||||||
(Provision for) benefit from income taxes | (4,600) | 12,376 | ||||||
NET INCOME | 1,379 | 21,400 | ||||||
Net loss attributable to noncontrolling interests | 2,796 | 1,385 | ||||||
NET INCOME ATTRIBUTABLE TO GENIE ENERGY LTD. | 4,175 | 22,785 | ||||||
Dividends on preferred stock | (1,481) | (1,481) | ||||||
NET INCOME ATTRIBUTABLE TO GENIE ENERGY LTD. COMMON STOCKHOLDERS | $ | 2,694 | $ | 21,304 | ||||
Earnings per share attributed to Genie Energy Ltd. common stockholder | ||||||||
Basic | $ | 0.10 | $ | 0.85 | ||||
Diluted | $ | 0.10 | $ | 0.83 | ||||
Weighted-average number of shares used in calculation of earnings per share | ||||||||
Basic | 26,607 | 25,154 | ||||||
Diluted | 27,464 | 25,695 | ||||||
Dividends declared per common share | $ | 0.30 | $ | 0.30 | ||||
(i) Stock-based compensation included in selling, general and administrative expenses | $ | 1,102 | $ | 4,523 |
GENIE ENERGY LTD. CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
Year ended December 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | 1,379 | $ | 21,400 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 3,627 | 2,062 | ||||||
Deferred income taxes | 3,471 | (13,483) | ||||||
Provision for doubtful accounts receivable | 658 | 904 | ||||||
Stock-based compensation | 1,102 | 4,523 | ||||||
Gain on sale disposal of property and equipment | — | (18) | ||||||
Gain on extinguishment of liability | — | (164) | ||||||
Impairment of goodwill | 400 | — | ||||||
Impairment of assets | — | 2,742 | ||||||
Equity in the net loss of equity method investees | 4,830 | 3,430 | ||||||
Change in assets and liabilities, net of effect of acquisition: | ||||||||
Trade accounts receivable | (12,041) | 7,817 | ||||||
Inventory | (6,739) | (4,764) | ||||||
Prepaid expenses | (124) | 219 | ||||||
Other current assets and other assets | 1,137 | 2,726 | ||||||
Trade accounts payable, accrued expenses and other current liabilities | 5,506 | (7,846) | ||||||
Contract liability | 12,271 | 547 | ||||||
Due to IDT Corporation | 147 | 20 | ||||||
Income taxes payable | 128 | (741) | ||||||
Net cash provided by operating activities | 15,752 | 19,374 | ||||||
INVESTING ACTIVITIES | ||||||||
Capital expenditures | (404) | (584) | ||||||
Investments in notes receivable | (214) | — | ||||||
Proceeds from disposal of property | — | 62 | ||||||
Payment for acquisition of license in Japan | — | (745) | ||||||
Cash transferred to Atid 613 | — | (209) | ||||||
Payment for acquisition, net of cash acquired | (2.044) | (250) | ||||||
Repayment of notes receivable | 124 | 94 | ||||||
Investments in equity method investees | (3,235) | (1,306) | ||||||
Net cash used in investing activities | (5,773) | (2,938) | ||||||
FINANCING ACTIVITIES | ||||||||
Dividends paid | (9,595) | (9,256) | ||||||
Purchases of Class B common stock | (5,584) | — | ||||||
Repayment of short-term debt—Lumo Energia | (2,260) | — | ||||||
Repayment of notes payable | (45) | (10) | ||||||
Proceeds from exercise of stock options | 1,407 | — | ||||||
Proceeds from sales of Class B common stock and warrants | — | 6,000 | ||||||
Proceeds from loan | 921 | — | ||||||
Repurchases of Class B common stock from employees | (467) | (889) | ||||||
Net cash used in financing activities | (15,623) | (4,155) | ||||||
Effect of exchange rate changes on cash and cash equivalents | 1 | (11) | ||||||
Net (decrease) increase in cash and cash equivalents | (5,643) | 12,270 | ||||||
Cash and cash equivalents at beginning of year | 44,197 | 31,927 | ||||||
Cash and cash equivalents at end of year | $ | 38,554 | $ | 44,197 |
Reconciliation of Non-GAAP Financial Measures for the Fourth Quarter and Full Years 2019 and 2018
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 fourth quarter and full years 2019 and 2018, as well as for comparable periods, pro forma results and Adjusted EBITDA, which are non-GAAP measures. 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 pro forma results consist of the corresponding GAAP metric with the addition of the corresponding results for Orbit Energy, the company's joint venture operating in the United Kingdom. GAAP results for Orbit Energy are accounted for under the equity method of accounting. Under this method, Genie Energy records its share in the net income or loss of the venture. Therefore, revenue generated, expenses incurred and income from operations are not reflected in Genie Energy's consolidated revenue and expenses. However, Orbit Energy's customers are included in metrics regarding our customer base. Pro forma results are calculated by adding the result for Orbit Energy to its corresponding GAAP result. Pro forma results are provided for the full years 2019 and 2018 to supplement the following results: consolidated revenue; revenue of the Genie Retail Energy International segment; and loss from operations for the Genie Retail Energy International segment.
Genie Energy's measure of Adjusted EBITDA consists of gross profit less selling, general and administrative expense, exploration expense and 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). 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 pro forma results and Adjusted EBITDA provide 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 the pro forma results and Adjusted EBITDA, among other measures, as relevant indicators of core operational strengths in its financial and operational decision making. In addition, management uses and 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.
The pro forma results facilitates evaluation of the results of all of the company's retail energy provider (REP) businesses as if they were fully consolidated, which provides useful information regarding the size, growth and financial performance of all of the company's REP businesses, In contrast, GAAP results only include the company's equity in the results of the operations of its U.K. venture.
Management refers to pro forma results and Adjusted EBITDA, as well as the GAAP measures revenue, 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 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. 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 and amortization 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.
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.
Pro forma revenue and pro forma income from operations as well as 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 measurements of pro forma revenue, pro forma income from operations and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
Following is the reconciliation of pro forma results and Adjusted EBITDA to their most directly comparable GAAP measure. Pro forma consolidated revenue is reconciled to consolidated revenue, pro forma revenue for the Genie Retail Energy International segment is reconciled to the segment's revenue, and Genie Retail Energy International's loss from operations is reconciled to the segment's loss from operation. Adjusted EBITDA is reconciled to income from operations for Genie Energy's reportable segments and net income for Genie Energy on a consolidated basis.
Reconciliations of Pro Forma Consolidated Revenue and Pro Forma Genie Retail Energy International Segment Revenue and Loss from Operations to Corresponding GAAP Results
| |||||||
Full Year 2019 | Full Year 2018 | ||||||
(results in millions) | |||||||
Consolidated Results | |||||||
Consolidated revenue | $ 315.3 | $ 280.3 | |||||
plus | Orbit Energy revenue | $ 30.8 | $ 2.5 | ||||
Pro forma consolidated revenue | $ 346.1 | $ 282.8 | |||||
Genie Retail Energy International (GREI) Segment Results | |||||||
GREI segment revenue | $ 16.6 | - | |||||
plus | Orbit Energy revenue | $ 30.8 | $ 2.5 | ||||
Pro forma GREI segment revenue | $ 47.4 | $ 2.5 | |||||
GREI segment loss from operations | $ (8.1) | $ (1.2) | |||||
plus | Orbit Energy loss from operations | $ (9.2) | $ (4.5) | ||||
Pro forma GREI segment loss from operations | $ (17.4) | $ (5.7) | |||||
Reconciliations of Adjusted EBITDA to GAAP Income from Operations and GAAP Net Income
Three months ended December 31, 2019 (4Q19) | Total | GRE | GES | GRE International | GOGAS | Corporate | ||
Net income attributable to Genie Energy Limited | $ 324 | |||||||
Net loss attributable to non-controlling interests | 1312 | |||||||
Net income | $ (988) | |||||||
Provision for income taxes | 1,458 | |||||||
Other income, net | (919) | |||||||
Interest expense | 150 | |||||||
Interest income | (102) | |||||||
Equity in the net loss of equity method investees | $ 2,724 | |||||||
Income from operations | $ 2,323 | $ 8,235 | $ (1,183) | $ (3,222) | $ (200) | $ (1,307) | ||
Add: | ||||||||
Stock-based compensation | (4) | 117 | (226) | 106 | ||||
Depreciation and amortization | 821 | 175 | 244 | 387 | 15 | |||
Impairment | 400 | 400 | ||||||
Subtract: | ||||||||
Equity in the net loss of equity method investees | 2724 | 2,501 | 213 | 10 | ||||
Adjusted EBITDA | $ 816 | $ 8,527 | $ (539) | $(5,562) | $(398) | $ (1,211) |
Three months ended September 30, 2019 (3Q19) | Total | GRE | GES | GRE International | GOGAS | Corporate | ||
Net income attributable to Genie Energy Limited | $ 5,247 | |||||||
Net loss attributable to non-controlling interests | 539 | |||||||
Net income | $ 4,708 | |||||||
Provision for income taxes | 1,916 | |||||||
Other income, net | 85 | |||||||
Interest expense | 161 | |||||||
Interest income | (163) | |||||||
Equity in the net loss of equity method investees | $ 238 | |||||||
Income from operations | $ 6,945 | $ 10,856 | $(798) | $ (1,560) | $ (283) | $(1,270) | ||
Add: | ||||||||
Stock-based compensation | 335 | 116 | 94 | 125 | ||||
Depreciation and amortization | 933 | 187 | 243 | 488 | 15 | |||
Subtract: | ||||||||
Equity in the net loss of equity method investees | 238 | 148 | 90 | |||||
Adjusted EBITDA | $ 7,975 | $ 11,159 | $ (555) | $ (978) | $ (416) | $ (1,235) |
Three months ended December 31, 2018 (4Q18) | Total | GRE | GES | GRE International | GOGAS | Corporate | ||
Net income attributable to Genie Energy Limited | $ 12,632 | |||||||
Net loss attributable to non-controlling interests | 264 | |||||||
Net income | $ 12,368 | |||||||
Provision for income taxes | 14,109 | |||||||
Other income, net | 32 | |||||||
Interest expense | (140) | |||||||
Interest income | 174 | |||||||
Equity in the net loss of equity method investees | (1,348) | |||||||
Income from operations | $ (459) | $ 3,357 | $ (637) | $ (729) | $ (778) | $ (1,671) | ||
Add: | ||||||||
Stock-based compensation | 1,082 | 190 | 646 | |||||
Depreciation and amortization | 462 | 244 | 157 | 1 | 14 | |||
Impairment | 451 | |||||||
Subtract: | ||||||||
Equity in the net loss of equity method investees | 861 | 1002 | 346 | |||||
Adjusted EBITDA | $ 675 | $ 3,791 | $ (480) | $ (1,730) | $ (1,110) | $ (1,025) |
Twelve months ended December 31, 2019 | Total | GRE | GES | GRE International | GOGAS | Corporate | ||
Net income attributable to Genie Energy Limited | $ 4,175 | |||||||
Net loss attributable to non-controlling interests | (2,796) | |||||||
Net income | $ 1,379 | |||||||
Provision for income taxes | 4,600 | |||||||
Other income, net | 1,066 | |||||||
Interest expense | 629 | |||||||
Interest income | (547) | |||||||
Equity in the net loss of equity method investees | 4,830 | |||||||
Income (loss) from operations | $ 11,957 | $ 27,176 | $ (2,895) | $ (8,133) | $ (1,028) | $ (5,296) | ||
Add: | ||||||||
Stock-based compensation | 1102 | 456 | 56 | 590 | ||||
Depreciation and amortization | 3589 | 703 | 1,008 | 1,819 | 57 | 1 | ||
Impairment of goodwill | 400 | 400 | ||||||
Subtract: | ||||||||
Equity in the net loss of equity method investees | 4830 | 4,440 | 291 | 100 | ||||
Adjusted EBITDA | $ 12,218 | $ 28,335 | $(1,487) | $ (10,698) | $ (1,262) | $ (4,805) |
Twelve months ended December 31, 2018 | Total | GRE | GES | GRE International | GOGAS | Corporate | ||
Net income attributable to Genie Energy Limited | $ 22,785 | |||||||
Net loss attributable to non-controlling interests | 1,385 | |||||||
Net income | $ 21,400 | |||||||
Provision for income taxes | 12,376 | |||||||
Gain on extinguishment of liability | 164 | |||||||
Other expense, net | 156 | |||||||
Interest expense | (401) | |||||||
Interest income | 557 | |||||||
Equity in the net loss of equity method investees | (3,430) | |||||||
Income from operations | $ 11,978 | $ 28,989 | $ (982) | $ (1,201) | $ (6,533) | $ (8,295) | ||
Add: | ||||||||
Stock-based compensation | 4,523 | 563 | 3,960 | |||||
Depreciation and amortization | 2,062 | 1,536 | 178 | 1 | 345 | 1 | ||
Impairment | 2,742 | 2,742 | ||||||
Subtract: | ||||||||
Equity in the net loss of equity method investees | 3,430 | 2,990 | 440 | |||||
Adjusted EBITDA | $ 17,875 | $ 31,088 | $ (804) | $ (4,190) | $ (3,886) | $ (4,334) |
View original content to download multimedia:http://www.prnewswire.com/news-releases/genie-energy-ltd-reports-fourth-quarter-and-full-year-2019-results-301022220.html
SOURCE Genie Energy Ltd.
Copyright 2020 PR Newswire
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