The following is a summary of the Via Renewables, Inc. (VIA) Q4 2023 Earnings Call Transcript:
Financial Performance:
Via Renewables posted a full-year 2023 adjusted EBITDA of $56.9 million, rising from $51.8 million in 2022 due to increased retail gross margin.
The company reduced attrition to 3.4% in 2023 from 3.8% in 2022.
Power and natural gas volumes decreased because of a reduced RCE count and milder weather in the Northeast, offsetting the enhanced unit margin.
Via Renewables' Q4 adjusted EBITDA stood at $13.3 million, marking an improvement from $12.6 million the previous year.
Full-year 2023 retail gross margin increased to $136.7 million, compared to the previous year's $114.8 million.
Net income for 2023 reached $26.1 million, an improvement from $11.2 million in 2022, and the company ended the year with a net debt of $54.4 million and total liquidity of $116 million.
Business Progress:
Via Renewables shifted its focus towards organic growth in 2023, after relying heavily on mergers and acquisitions previously.
The company suspended dividends on common stocks to strengthen the balance sheet, increase financial flexibility, and seize strategic growth opportunities.
The customer base grew to 335,000 RCEs in 2023 compared to 331,000 in 2022, thanks to increased sales and lower attrition.
Customer acquisition costs marginally increased in 2023 to $6.7 million from $5.9 million in 2022.
Via Renewables continued its commitment to its preferred shareholders by declaring a $0.7596 per share quarterly dividend, payable on April 15.
More details: Via Renewables IR
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