Via Transportation Inc (VIA) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Via Renewables First Quarter 2023 Earnings Conference Call. My name is Melissa, and I will be your operator for today. (Operator Instructions). As a reminder, this conference is being recorded for replay purposes, and this call will be posted on Via Renewable Inc.'s website. I would now like to turn the conference over to Mr. Stephen Rabalais with Via Renewables, Inc. Please go ahead, sir.

早上好，女士們，先生們。歡迎參加 Via Renewables 2023 年第一季度收益電話會議。我叫梅麗莎，今天我將是你的接線員。 （操作員說明）。提醒一下，本次會議正在錄製以供重播之用，此次通話將發佈在 Via Renewable Inc. 的網站上。我現在想將會議轉交給 Via Renewables, Inc. 的 Stephen Rabalais 先生。請繼續，先生。

Thank you. Good morning, and welcome to Via Renewables First Quarter 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.

謝謝。早上好，歡迎來到 Via Renewables 2023 年第一季度收益電話會議。此電話會議還通過網絡廣播進行廣播，網絡廣播位於我們網站 viarenewables.com 的投資者關係部分。

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.

今天與我們一起來自管理層的是我們的首席執行官 Keith Maxwell；以及我們的首席財務官 Mike Barajas。請注意，今天的討論可能包含前瞻性陳述，這些陳述基於我們認為截至目前合理的假設。實際結果可能存在重大差異。我們敦促大家審查昨天收益發布中的安全港聲明以及我們向美國證券交易委員會提交的文件中的風險因素。除非法律要求，否則我們不承擔因未來事件而更新這些聲明的義務。此外，我們將同時參考 GAAP 和非 GAAP 財務指標。有關我們的非 GAAP 財務指標以及與最直接可比的 GAAP 指標的對賬信息，請參閱昨天的收益發布。有了這個，我將把電話轉給我們的首席執行官基思麥克斯韋。

Thank you, Stephen. I want to welcome everyone to today's earnings call. I will begin by providing a summary of results for the first quarter, and then our CFO, Mike Barajas, will provide more details on the financials. In the first quarter, we reported an adjusted EBITDA of $18.8 million, which is a 74% increase from our prior first year quarter of $10.8 million. This was mainly due to an increase in the gross margin driven by commodity prices falling from their peaks. Also the first quarter, we grew our customer base organically, ending the quarter up 8,000 RCEs from the end of 2022.

謝謝你，斯蒂芬。歡迎大家參加今天的財報電話會議。我將首先提供第一季度的業績摘要，然後我們的首席財務官 Mike Barajas 將提供有關財務的更多詳細信息。在第一季度，我們報告調整後的 EBITDA 為 1880 萬美元，比我們去年第一季度的 1080 萬美元增長了 74%。這主要是由於大宗商品價格從高位回落帶動毛利率上升。同樣在第一季度，我們有機地擴大了客戶群，本季度結束時比 2022 年底增加了 8,000 個 RCE。

The (technical difficulty) implement to our inorganic acquisitions. Our goal is to continue this trend and provide long-term sustainability growth. Looking further into (technical difficulty) financial flexibility. On April 19, the Board made a decision to suspend the dividend on our common stock. The decision was made so that we made better manageability while also strengthening our balance sheet. With the improved cash flow will provide more options for further both organically and inorganically. We are closely monitoring the market conditions and we thoroughly evaluate the best timing to reinstate the dividend on the Class A common stock.

（技術難度）實施我們的無機收購。我們的目標是延續這一趨勢並實現長期可持續增長。進一步研究（技術難度）財務靈活性。 4 月 19 日，董事會決定暫停派發普通股股息。做出這個決定是為了讓我們更好地管理，同時也加強了我們的資產負債表。隨著現金流的改善，將為進一步的有機和無機提供更多選擇。我們正在密切關注市場狀況，並徹底評估恢復 A 類普通股股息的最佳時機。

We continue to believe in the future of the company and our ability to enhance long-term shareholder value and return. This concludes my prepared remarks. I'll now turn the call over to Mike for his financial review. Mike?

我們繼續相信公司的未來以及我們提高長期股東價值和回報的能力。我準備好的發言到此結束。我現在將電話轉給邁克進行財務審查。麥克風？

Thank you, Keith. Good morning. In the first quarter, we achieved $18.8 million in adjusted EBITDA compared to last year's first quarter of $10.8 million. Retail gross margin for the quarter was $40.3 million compared with $28.8 million last year. The increase in retail gross margin was primarily due to higher unit margins, offset by decreased volumes for both power and natural gas.

謝謝你，基思。早上好。第一季度，我們實現了 1880 萬美元的調整後 EBITDA，而去年第一季度為 1080 萬美元。本季度零售毛利率為 4030 萬美元，而去年同期為 2880 萬美元。零售毛利率的增長主要是由於較高的單位利潤率，被電力和天然氣銷量下降所抵消。

In our retail electricity segment, gross margin was $20.5 million compared to $17.2 million in the first quarter last year. This was due to higher unit margins caused by decreasing commodity prices, partially offset by lower volumes year-over-year.

在我們的零售電力部門，毛利率為 2050 萬美元，而去年第一季度為 1720 萬美元。這是由於大宗商品價格下跌導致單位利潤率上升，部分被同比下降所抵消。

In our retail natural gas segment, gross margin was $19.9 million compared to $11.6 million in the first quarter last year. This increase was also attributable to higher unit margins as a result of the decrease in commodity prices and partially offset by a decrease in volumes. G&A expenses of $17.2 million were higher compared to $14.9 million in the first quarter last year, primarily due to increases in sales and marketing expenses as we ramped up sales through a variety of different sales channels.

在我們的零售天然氣部門，毛利率為 1990 萬美元，而去年第一季度為 1160 萬美元。這一增長還歸因於商品價格下降導致單位利潤率提高，部分被銷量下降所抵消。 G&A 費用為 1,720 萬美元，高於去年第一季度的 1,490 萬美元，這主要是由於我們通過各種不同的銷售渠道提高銷售額，導致銷售和營銷費用增加。

Total RCEs were $339,000 compared to $387,000 for the first quarter of 2022. Our attrition of 3.9% is up slightly from 3.7% in the first quarter of 2022 due to our increased customer acquisition efforts. For the first quarter of 2023, we recorded a net loss of $6.8 million or a loss of $1.26 per fully diluted share compared to net income of $31 million or $3.49 per fully diluted share for the first quarter of 2022. The decrease is mainly due to a reduction in the mark-to-market on our hedges that we put in place to lock in margins on our retail contracts.

RCE 總額為 339,000 美元，而 2022 年第一季度為 387,000 美元。由於我們加大了客戶獲取力度，我們的流失率為 3.9%，略高於 2022 年第一季度的 3.7%。 2023 年第一季度，我們錄得淨虧損 680 萬美元或完全攤薄後每股虧損 1.26 美元，而 2022 年第一季度的淨收入為 3100 萬美元或完全攤薄後每股虧損 3.49 美元。減少的主要原因是減少我們為鎖定零售合約的保證金而設置的對沖按市值計價。

This was partially offset by reduced income tax and depreciation and amortization expense. We had a mark-to-market loss this quarter of $22.6 million compared to a mark-to-market gain of $31.9 million a year ago. We recorded an income tax benefit of $2 million in the first quarter of 2023 compared to an expense of $6 million in 2022. On March 15 and April 17, we paid the quarterly cash dividends on our Class A common stock and Series A preferred stock, respectively. On April 19, we announced first quarter dividends of $0.73989 per share on our preferred stock to be paid on July 17. That's all I have. Back to you, Keith.

這部分被減少的所得稅和折舊及攤銷費用所抵消。本季度我們按市值計算的虧損為 2260 萬美元，而一年前按市值計算的收益為 3190 萬美元。我們在 2023 年第一季度的所得稅收益為 200 萬美元，而 2022 年的支出為 600 萬美元。3 月 15 日和 4 月 17 日，我們支付了 A 類普通股和 A 系列優先股的季度現金股息，分別。 4 月 19 日，我們宣布將於 7 月 17 日支付優先股每股 0.73989 美元的第一季度股息。這就是我的全部。回到你身邊，基思。

Thanks, Mike. As always, we want to thank our employees for their care and dedication in growing and supporting Via and to our suppliers for their continued support. I want to thank Via customers for choosing us as their energy provider, and I look forward to connecting with you on our next call. Thank you.

謝謝，邁克。一如既往，我們要感謝我們的員工在成長和支持 Via 方面的關心和奉獻，並感謝我們的供應商一直以來的支持。我要感謝 Via 客戶選擇我們作為他們的能源供應商，我期待在下次通話時與您聯繫。謝謝。