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Genie Energy Ltd. Reports Third Quarter 2018 Results

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NEWARK, N.J., Nov. 5, 2018 /PRNewswire/ -- Genie Energy Ltd. (NYSE:GNE, GNEPRA)) reported third quarter 2018 net income of $0.21 per share on revenue of $71.8 million

Genie Energy is a leading provider of electricity and natural gas to homes and small businesses in the Eastern U.S. Genie also operates an E&P company with an active exploratory program in Northern Israel.

FINANCIAL AND OPERATIONAL HIGHLIGHTS
(Throughout this release, 3Q18 results are compared to 3Q17 results unless otherwise noted)

  • Consolidated revenue increased to $71.8 million from $69.5 million primarily as a result of increased consumption per electric meter;
  • GRE's income from operations increased to $9.2 million from $4.8 million. Adjusted EBITDA* increased to $9.8 million from $5.4 million;
  • Consolidated income from operations increased to $6.0 million from $1.4 million. Consolidated Adjusted EBITDA* increased to $8.0 million from $3.3 million;
  • Earnings per share increased to $0.21 per basic and diluted share from $0.02;
  • During the third quarter, Genie Energy divested of a majority stake in its Atid drilling services subsidiary based in Israel by contributing it to a newly formed entity owned by Genie, Atid's management and Genie Chairman Howard Jonas;
  • Following the quarter close, Genie acquired a majority stake in Prism Solar Technologies, a solar solutions and technology company and domestic manufacturer of high-efficiency bi-facial solar panels;
  • Genie Energy's Board of Directors has declared a third quarter dividend of $0.075 per share.

COMMENTS OF MICHAEL STEIN, CEO OF GENIE ENERGY

"Genie Energy significantly increased its profitability compared to the year ago quarter reflecting the lower spend on oil and gas exploration activities and reduced domestic customer acquisition expense while making good progress in the effort to diversify its global revenue base. 

"We divested a majority interest in Atid, our drilling services subsidiary in Israel, during the quarter.  The deal reduces our financial exposure to Atid's operations, while retaining upside potential over the longer term through our remaining stake.

"Overseas, our joint venture in the UK is adding customers at a healthy rate and in Japan, we expect to begin enrolling customers as early as the end of the year.

"Last week, we announced the acquisition of a majority stake in Prism Solar Technologies, a manufacturer of high efficiency solar panels based in New York.  We will team with Prism's second largest stakeholder to provide complete solar solutions for commercial clients and expect that Prism will be accretive to Adjusted EBITDA* in 2019."

CONSOLIDATED RESULTS

$ in millions, except EPS

3Q18

2Q18

3Q17


3Q18 -3Q17

Change (%/$)

Revenue

$71.8

$56.4

$69.5


+3.4%

Gross profit

$21.3

$16.1

$21.8


(2.3%)

Gross margin percentage

29.6%

28.5%

31.3%


(170) BP

SG&A expense (including stock-based compensation)

$13.9

$15.4

$19.5


(28.5)%

Stock-based compensation included in SG&A

$1.1

$1.3

$1.4


(23.3)%

Exploration expense**

-

-

$0.8


$(0.8)

Equity in the loss of Orbit Energy

$(0.8)

$(0.7)

$(0.2)


$(0.7)

Write-down of assets held for sale to fair value

$0.4

$2.3

-


$0.4

Income (loss) from operations 

$6.0

$(2.3)

$1.4


+$4.6

Adjusted EBITDA*

$8.0

$1.8

$3.3


+$4.7

Net income (loss) attributable to Genie Energy common stockholders

$5.5

$(2.3)

$0.4


+$5.1

Earnings (loss) per share attributable to Genie Energy common stockholders

$0.21

$(0.09)

$0.02


+$0.19

Capitalized exploration costs

-

-

$2.3


$(2.3)

Net cash provided by (used in) operating activities

$8.2

$3.4

$6.6


+$1.6

*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 an explanation of Adjusted EBITDA and reconciliation to the most directly comparable GAAP measure.

** Genie Energy's Afek Oil & Gas 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".

*** Genie Energy accounts for its investment in Orbit Energy, its joint venture operating in the UK, under the equity method of accounting. Under this method Genie Energy records its share in the net income or loss of the joint venture. Therefore, revenue generated, and expenses incurred by the joint venture are not reflected in Genie Energy's consolidated revenue and expenses.

Consolidated results include corporate overhead and results of Genie's oil and gas exploration businesses.

Corporate overhead totaled $2.0 million in 3Q18 including $0.9 million in non-cash compensation.  The corresponding 3Q17 results total were $2.2 million and $1.2 million, respectively.

Genie Energy's Afek oil and gas exploration subsidiary is awaiting permitting required for final testing on an existing well.  Afek incurred no exploration costs, no capitalized exploration costs and $54 thousand in SG&A expense in 3Q18 compared to $754 thousand in exploration expense, $2.3 million in capitalized exploration costs and $257 thousand in SG&A expense in 3Q17.

Genie Energy's GOGAS subsidiary includes the full impact of its Atid drilling services company in Israel prior to the divestiture of a majority stake, as well as the Company's portion of results subsequent to the transaction.  GOGAS generated $170 thousand in drilling services revenue and incurred $688 thousand in SG&A expense in 3Q18.  In 3Q17, GOGAS had no revenue and $158 thousand in SG&A expense.

BALANCE SHEET HIGHLIGHTS

At September 30, 2018, Genie Energy had $131.5 million in total assets, including $46.9 million in cash, cash equivalents and restricted cash.  Liabilities totaled $52.5 million and working capital (current assets less current liabilities) totaled $52.2 million.  

DIVIDEND ON GENIE ENERGY COMMON STOCK

Genie Energy's Board of Directors has declared a 3Q18 dividend of $0.075 per share of Class A and Class B common stock with a record date of November 19, 2018.  The dividend will be paid on or about November 30, 2018.  The distribution will be treated as an ordinary dividend for income tax purposes.

GENIE RETAIL ENERGY

The Genie Retail Energy (GRE) segment includes results of Genie's retail provider businesses including results of operations from the operations of its joint venture in the UK.

$ in millions

3Q18

2Q18

3Q17


3Q18-3Q17

Change (%/$)

Genie Retail Energy






Total revenue

$71.7

$56.5

$69.5


+3.2%

   Electricity revenue

$67.3

$48.5

$66.2


+1.7%

   Natural gas revenue

$3.7

$7.4

$2.8


+32.8%

   Other revenue

$0.7

$0.6

$0.5


+36.4%

Gross profit

$21.1

$16.1

$21.8


(3.1)%

Gross margin percentage

29.4%

28.5%

31.3%


(190) BP

SG&A expense

$11.1

$12.1

$16.8


(34.0)%

Equity in the loss of Orbit Energy

$(0.8)

$(0.7)

$(0.2)


$(0.6)

Income from operations

$9.2

$3.3

$4.8


+$4.4

Adjusted EBITDA

$9.8

$3.8

$5.4


+$4.4

Accruals and a reversal of an accrual pertaining to legal matters within Genie Retail Energy (GRE) in 3Q18 decreased revenue by $3.0 million and SG&A by $1.5 million.  In 3Q17, a legal accrual reduced revenue by $1.3 million and increased SG&A expense by $0.2 million.  Income from operations and Adjusted EBITDA* were reduced by $1.5 million, net, in both 3Q18 and 3Q17 as a result.

Genie Retail Energy's customer base as measured in residential customer equivalents (RCEs) and meters served decreased (see chart) year over year reflecting the regulatorily mandated relinquishment of certain low-income customers in New York served by retail energy providers (REPs) to the incumbent utilities as well as GRE's strategic decision to focus on higher value customers, reduce regulatory risk in certain jurisdictions, and reduce customer acquisition expense in order to increase liquidity and enhance strategic flexibility.  Gross meter acquisitions during 3Q18 totaled 45,000 compared to 111,000 in 3Q17 and 57,000 in 2Q18.

RCEs and Meters at End
of Quarter (in thousands)

September 30,
2018

June 30,
2018

March 31,
2018

December 31,
2017

September 30,
2017

Electricity RCEs

216

219

218

228

243

Natural gas RCEs

59

64

67

73

82

Total RCEs

275

283

285

301

325







Electricity meters

269

282

284

307

330

Natural gas meters

73

81

89

105

116

Total meters

342

363

373

412

446

GRE's average monthly customer churn in 3Q18 was 5.7%, unchanged compared to the prior quarter and a decrease from 6.9% in the year ago quarter. The year over year decline primarily reflects lower rates of new customer acquisitions in recent periods – new customers exhibit higher churn rates than longer tenured customers - and the impact of customer retention programs.

Meters enrolled in offerings with fixed rate characteristics constituted approximately 36% of GRE's total load during September 2018 the same level as in September 2017.

GRE's revenue increased to $71.7 million from $69.5 million driven by a strong increase in electricity consumption per meter and increased commercial gas sales partially offset by the impact of the larger legal accrual in 3Q18 compared to 3Q17 and a decrease in revenue per kilowatt hour sold.

GRE's gross margin percentage decreased to 29.4% from 31.3% and gross profit decreased to $21.1 million from $21.8 million predominantly as the result of the reduction in revenue resulting from the larger accrual in 3Q18 compared to 3Q17. 

GRE's SG&A expense decreased to $11.1 million from $16.8 million as a result of the reduction in gross meter ads compared to the year ago quarter and the reversal of an accrual for legal matters.

GRE's income from operations increased to $9.2 million from $4.8 million and Adjusted EBITDA* increased to $9.8 million from $5.4 million.  The improvements were primarily attributable to the decrease in customer acquisition expense.

GENIE ENERGY EARNINGS CONFERENCE CALL

This earnings press release is available for download in the "Investors" section of the Genie Energy website (www.genie.com/investor-relations) and has been filed on a current report (Form 8-K) with the SEC.  

At 5:30 PM Eastern time today, November 5, 2018, 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 November 12, 2018.  The replay PIN is 10125910.  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.  Genie's Retail division supplies electricity and natural gas primarily to residential and small business customers in the United States. Genie's International division supplies customers in Europe and Asia.  Genie's Energy Services division includes Diversegy, a commercial brokerage and marketing services company, and Genie Solar Energy, a provider of solar generation systems.  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.


CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)



September 30,
2018

December 31,
2017


(Unaudited)

(Audited)



Assets



Current assets:



Cash and cash equivalents

$            45,916

$         29,913

Trade accounts receivable, net of allowance for doubtful accounts of $1,709 and $1,099 at September 30, 2018 and December 31, 2017, respectively

37,371

44,629

Inventory

7,912

3,986

Prepaid expenses

5,984

6,131

Other current assets

3,810

5,503




Total current assets

100,993

90,162

Property and equipment, net

739

4,020

Goodwill

9,998

9,998

Other intangibles, net

4,556

4,859

Investment in equity method investees

2,969

3,450

Restricted cash—long-term

997

1,496

Deferred income tax assets, net

2,028

2,141

Other assets

9,183

9,652




Total assets

$          131,463

$        125,778




Liabilities and equity



Current liabilities:



Trade accounts payable

$            17,286

$         21,068

Accrued expenses

27,597

28,069

Income taxes payable

1,976

2,204

Due to IDT Corporation

90

228

Other current liabilities

1,880

3,172




Total current liabilities

48,829

54,741

Revolving line of credit

2,514

2,513

Other liabilities

1,170

1,396




Total liabilities

52,513

58,650

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, 2018 and December 31, 2017

19,743

19,743

Class A common stock, $.01 par value; authorized shares—35,000; 1,574 shares issued and outstanding at September 30, 2018 and December 31, 2017

16

16

Class B common stock, $.01 par value; authorized shares—200,000; 25,547 and 23,601 shares issued and 25,318 and 23,270 shares outstanding at September 30, 2018 and December 31, 2017, respectively

255

236

Additional paid-in capital

135,793

130,870

Treasury stock, at cost, consisting of 229 and 331 shares of Class B common stock at September 30, 2018 and December 31, 2017, respectively

(1,518)

(2,428)

Accumulated other comprehensive income

2,437

3,045

Accumulated deficit

(64,186)

(67,469)




Total Genie Energy Ltd. stockholders' equity

92,540

84,013

Noncontrolling interests

(13,590)

(16,885)




Total equity

78,950

67,128

Total liabilities and equity

$          131,463

$        125,778








 

 

 

GENIE ENERGY LTD.




CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)






Three Months Ended
September 30,


Nine Months Ended
September 30,




2018


2017


2018


2017




(in thousands, except per share data)

Revenue:














     Electricity


$

67,292


$

66,189


$

181,141


$

163,636


     Natural gas



3,702



2,787



34,492



26,045


     Other



848



497



1,911



1,445


Total revenue



71,842



69,473



217,544



191,126


Cost of revenue



50,572



47,694



155,743



132,371


Gross profit



21,270



21,779



61,801



58,755


Operating expenses and losses:














Selling, general and administrative (i)



13,912



19,464



46,379



63,008


Write-down of assets held for sale to fair value



451





2,742




Exploration





753



244



2,556


Equity in the net loss of equity method investees



861



159



2,082



159


Income (loss) from operations



6,046



1,403



10,354



(6,968)


Interest income



195



51



384



207


Interest expense



(89)



(67)



(261)



(199)


Gain on extinguishment of liability



164





164




Other income (loss), net



25



9



93



(421)


Income (loss) before income taxes



6,341



1,396



10,764



(7,381)


(Provision for income taxes



(675)



(421)



(1,733)



(453)


Net income (loss)



5,666



975



9,031



(7,834)


Net loss (income) attributable to noncontrolling interests



251



(197)



1,122



626


Net income (loss) attributable to Genie Energy Ltd



5,917



778



10,153



(7,208)


Dividends on preferred stock



(370)



(370)



(1,111)



(1,111)


Net income (loss) attributable to Genie Energy Ltd. common stockholders


$

5,547


$

408


$

9,042


$

(8,319)
















Earnings (loss) per share attributable to Genie Energy Ltd. common stockholders:














Basic


$

0.21


$

0.02


$

0.36


$

(0.35)


Diluted


$

0.21


$

0.02


$

0.36


$

(0.35)


 

Weighted-average number of shares used in calculation of earnings (loss) per share:














Basic



25,805



23,567



24,895



23,495


Diluted



26,442



24,158



25,225



23,495
















Dividends declared per common share


$

0.075


$

0.075


$

0.225


$

0.225


(i) Stock-based compensation included in selling, general and administrative expenses


$

1,082


$

1,411


$

3,686


$

3,796
























 


 

GENIE ENERGY LTD.


CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Nine Months Ended
September 30,


2018

2017


(in thousands)

Operating activities



Net income (loss)

$         9,031

$       (7,834)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:



Depreciation and amortization

1,645

1,528

Write-down of assets held for sale to fair value

2,742

Deferred income taxes

113

(543)

Provision for doubtful accounts receivable

610

392

Gain on sale of property and equipment

(18)

Stock-based compensation

3,686

3,796

Equity in the net loss of equity method investees

2,082

159

Gain on extinguishment of liability

(164)

Change in assets and liabilities:



Trade accounts receivable

6,648

2,275

Inventory

(3,926)

1,128

Prepaid expenses

143

(3,150)

Other current assets and other assets

2,417

(2,127)

Trade accounts payable, accrued expenses and other current liabilities

(4,404)

8,840

Due to IDT Corporation

(138 )

52

Income taxes payable

(228)

(1,320)




Net cash provided by (used in) operating activities

20,239

3,196

Investing activities



Capital expenditures

(575 )

(3,248)

Proceeds from sale of property and equipment

62

Payments for business acquisition, net of cash acquired

(3,717)

Payments for intangible acquisition

(745)

Investment in joint venture

(658)

(1,275)

Investments in capitalized exploration costs—unproved oil and gas property

(5,531)

Investments in notes receivable

(1,225)

Cash divested from Atid

(209)

Repayment of notes receivable

80

446




Net cash used in investing activities

(3,270)

(13,325)

Financing activities



Dividends paid

(6,870)

(6,674)

Purchase of equity of subsidiary

(312)

Proceeds from sales of Class B common stock and warrants

6,000

Proceeds from revolving line of credit

14,450

Repayment of revolving line of credit

(12,655)

Exercise of stock options

109

Repurchases of Class B common stock from employees

(783)

(829)




Net cash used in financing activities

(1,653)

(5,911 )

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(36)

75




Net increase (decrease) in cash, cash equivalents, and restricted cash

15,280

(15,965)

Cash, cash equivalents, and restricted cash at beginning of period

31,927

47,052




Cash, cash equivalents, and restricted cash at end of period

$      47,207

$       31,087




 

Reconciliation of Non-GAAP Financial Measure for the Third Quarter 2018 and 2017

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 2018, 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, exploration expense and equity in the net loss of joint venture, 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 (loss) from operations and add depreciation, amortization, stock-based compensation, and write-down of assets held for sale to fair value.

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 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.

Write-down of assets held for sale to fair value is a component of (loss) income from operations that is excluded from the calculation of Adjusted EBITDA. From time-to-time, Genie Energy may determine that a line of business is outside of its core business and therefore decide to dispose of the related assets and liabilities. However, such disposals do not occur each quarter. Genie Energy does not believe the losses or gains from asset disposals or sales are components of its or the relevant segment's core operating results.

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


Consolidated


Genie
Retail
Energy

Three Months Ended September 30, 2018

(3Q18)




Adjusted EBITDA

$     8,042


$     9,781

Subtract:




Write-down of assets held for sale to fair value

451


-

Stock-based compensation

1,082


136

Depreciation and amortization

463


437

Income from operations

6,046


$  9,208

Interest income

195



Interest expense

(89)



Gain on extinguishment of liability

164



Other income, net

25



Provision for income taxes

(675)



Net income

5,666



Net loss attributable to noncontrolling interests

251



Net income attributable to Genie Energy Ltd.

$       5,917








Consolidated


Genie
Retail
Energy

Three Months Ended June 30, 2018

(2Q18)




Adjusted EBITDA

$     1,817


$     3,825

Subtract:

     Write-down of assets held for sale to fair

         value

2,291


-

Stock-based compensation

1,257


118

Depreciation and amortization

590


438

(Loss) income from operations

(2,321)


$  3,269

Interest income

108



Interest expense

(81)



Other income, net

58



Provision for income taxes

(258)



Net loss

(2,494)



Net loss attributable to noncontrolling interests

575



Net loss attributable to Genie Energy Ltd.

$     (1,919)








Consolidated


Genie
Retail
Energy

Three Months Ended September 30, 2017

(3Q17)




Adjusted EBITDA

$     3,301


$    5,382

Subtract:




Stock-based compensation

1,411


176

Depreciation and amortization

487


434

Income from operations

1,403


$ 4,772

Interest income

51



Interest expense

(67)



Other income, net

9



Provision for income taxes

(421)



Net income

975



Net income attributable to noncontrolling interests

(197)



Net income attributable to Genie Energy Ltd.

$          778



 

 

 

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SOURCE Genie Energy Ltd.

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