• Genie Energy Announces Second Quarter 2024 Results

    Источник: Nasdaq GlobeNewswire / 06 авг 2024 07:30:00   America/New_York

    Newark, NJ, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the second quarter of 2024. 

    Michael Stein, chief executive officer of Genie Energy, commented: 

    "Our solid second quarter results reflect the investments in meter and RCE growth we made in the first half of last year, combined with a stable, normalized retail energy environment. We also delivered a solid performance at Genie Renewables, where Diversegy and our operational solar farms helped drive 7% revenue growth and over 700 basis points of gross margin expansion.

    "Our strong performance over the first half of 2024 puts us on track to achieve our full year guidance of $40 to $50 million in consolidated Adjusted EBITDA. In the second quarter, we also improved our ability to fund growth and capital return initiatives by increasing our net cash, cash equivalents and marketable securities by nearly $16 million, even while in investing in our business, paying out our quarterly dividend and repurchasing $2.6 million of our common stock." 

    Second Quarter 2024 Highlights
    (Unless otherwise noted, 2Q24 results are compared to 2Q23, and results of Genie Retail Energy International (GREI) are included in discontinued operations for all periods.) 

     ●Revenue decreased 3.0% to $90.7 million from $93.5 million;
       
     ●Gross profit decreased 12.8% to $33.3 million from $38.2 million. Gross margin decreased to 36.8% from the stronger-than-usual 40.9% attained last year;
       
     ●Income from operations decreased to $10.6 million from $15.0 million;
       
     ●Adjusted EBITDA1 decreased to $12.0 million from $15.8 million;
       
     ●Net income attributable to Genie common stockholders and income per diluted share EPS attributable to Genie common stockholders of $9.6 million and $0.36 compared to $15.0 million and $0.57, respectively;
       
     ●Non-GAAP net income1 and non-GAAP EPS1 attributable to Genie common stockholders of $10.1 million and $0.37 compared to $15.0 million and $0.57, respectively;
       
     ●Cash and cash equivalents, short and long-term restricted cash, and marketable equity securities increased to $178.3 million at June 30, 2024, from $162.4 million at March 31, 2024;
       
     ●Genie repurchased approximately 169,000 shares of its Class B Common stock for $2.6 million during 2Q24;
       
     ●Genie will pay a $0.075 per share quarterly dividend to Class A and Class B common stockholders on August 22, 2024, with a record date of August 14, 2024.


    1Adjusted EBITDA, Non-GAAP net income (loss) attributable to Genie Energy Ltd. common stockholders, and Non-GAAP EPS for all periods presented are non-GAAP measures intended to provide useful information that supplements the core operating results in accordance with GAAP for 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 these non-GAAP metrics, as well as reconciliations to its most directly comparable GAAP measures.


    Select Financial Metrics

    (in millions except for EPS)* 2Q24  2Q23  Change 
    Total Revenue $90.7   $93.5   (3.0)%
    Genie Retail Energy $86.7   $89.7   (3.4)%
    Electricity $78.3   $80.2   (2.4)%
    Natural Gas  $8.4   $9.0   (6.2)%
    Others $0.0   $0.6   (99.4)%
    Genie Renewables  $4.0   $3.7   6.6 %
    Gross Margin   36.8 %  40.9%  (412)bps
    Genie Retail Energy  37.2 %  41.8%  (455)bps
    Genie Renewables  26.8 %  19.6%  721 bps
    Income from Operations $10.6   $15.0   (29.7)%
    Operating Margin   11.6 %  16.1%  (444)bps
    Net Income from Continuing Operations $9.5   $12.2   (21.9)%
    (Loss) Income Attributable to Discontinued Operations, Net of Tax $(0.1)  $3.2   (104.6)%
    Net Income Attributable to Genie Common Stockholders $9.6   $15.0   (35.8)%
    Diluted Earnings Per Share  $0.36   $0.57   (0.21)$
    Non-GAAP Net Income Attributable to Genie Common Stockholders $10.1   $15.0   (32.7)%
    Non-GAAP Diluted Earnings Per Share $0.37   $0.57   (0.20)$
    Adjusted EBITDA $12.0   $15.8   (24.0)%
    Cash Flow from Continuing Operating Activities  $17.6   $3.0   486.9 %


     *Numbers may not add due to rounding


    Segment Highlights

    Genie Retail Energy (GRE)

    GRE's second quarter revenue decreased 3.4% to $86.7 million from $89.7 million last year. Income from operations decreased 20.7% to $14.6 million from $18.4 million, and Adjusted EBITDA decreased 20.7% to $14.9 million from $18.8 million driven by a reduction in gross margins on electricity sales from the exceptionally high levels attained in the year ago quarter. Aggregate electricity units sold remained relatively consistent versus last year, as an increase in consumption per meter substantially offset a decrease in electricity meters served.

    GRE Select Performance Metrics

    (RCEs and Meters in thousands)*  1Q23  2Q23  3Q23   4Q23   1Q24   2Q24  2022   2023 
    RCEs   352   380   375   350   348   345   262   350 
    Electricity   276   304   298   272   267   266   181   272 
    Natural Gas   77   76   77   78   81   78   81   78 
    Meters   349   381   385   361   365   362   276   361 
    Electricity   271   302   304   279   281   278   197   279 
    Natural Gas   78   80   81   82   83   84   79   82 
    Gross Adds   129   75   60   52   70   53   123   52 
    Churn**   4.4%  4.3%  4.4%  5.4%  5.5%  4.6%  4.8%  5.4%


     *Numbers may not add due to rounding
     **Excludes the impacts of aggregation deal expirations


    Genie Renewables (GREW)

    GREW's second quarter revenue increased 6.6% to $4.0 million from $3.7 million last year, driven by 53.3% growth at Diversegy, and a $0.4 million contribution from Genie Solar's operating portfolio.

    At June 30, 2024, Genie Solar's operating portfolio and development pipeline comprised:

    Pipeline Total Operational Site Control Permitting Construction
    MW 85 10 55 10 10
    Project Count 14 1 9 2 2


    Balance Sheet and Cash Flow Highlights

    As of June 30, 2024, Genie reported cash and cash equivalents, short and long-term restricted cash, and marketable equity securities of $178.3 million.

    Total assets as of June 30, 2024 were $322.8 million. Liabilities totaled $133.2 million, and working capital (current assets less current liabilities) totaled $132.7 million. 

    Cash provided by operating activities increased to $17.6 million in 2Q24 from $3.0 million in 2Q23.

    Trended Financial Information*

    (in millions except for EPS)**  1Q23  2Q23  3Q23   4Q23   1Q24   2Q24  2022   2023 
    Total Revenue  $105.3  $93.5  $125.0  $104.9  $119.7  $90.7  $316.2  $428.7 
    Genie Retail Energy  $101.4  $89.7  $120.3  $98.4  $112.5  $86.7  $304.6  $409.9 
    Electricity  $74.5  $80.2  $114.0  $82.1  $89.4  $78.3  $241.8  $350.8 
    Natural Gas  $26.9  $9.0  $5.0  $15.1  $22.4  $8.4  $62.1  $56.0 
    Others  $0.0  $0.6  $1.3  $1.2  $0.7  $0.0  $0.7  $3.1 
    Genie Renewables  $3.9  $3.7  $4.7  $6.5  $7.2  $4.0  $11.6  $18.8 
    Gross Margin   31.6%  40.9%  32.9%  32.1%  28.2%  36.8%  49.2%  34.1%
    Genie Retail Energy   32.1%  41.8%  33.9%  33.0%  28.6%  37.2%  50.4%  35.0%
    Genie Renewables   19.3%  19.6%  5.3%  17.2%  22.0%  26.8%  15.6%  15.1%
    Income (Loss) from Operations  $11.3  $15.0  $17.9  $(34.2) $9.8  $10.6  $78.4  $10.0 
    Operating Margin   10.7%  16.1%  14.3%  (32.6)%  8.2%  11.6%  24.8%  2.3%
    Net Income (Loss) Attributable to Genie Common Stockholders  $14.3  $15.0  $14.5  $(24.5) $8.1  $9.6  $85.9  $19.2 
    Diluted Earnings (Loss) Per Share  $0.54  $0.57  $0.53  $(0.90) $0.30  $0.36  $3.26  $0.74 
    Adjusted EBITDA  $12.4  $15.8  $18.5  $11.4  $11.7  $12.0  $83.2  $58.2 

    *Some Genie Retail Energy International (GREI) operations have been classified as a discontinued operation and their results excluded from current and historical results
    **Numbers may not add due to rounding


    2024 Commentary

    Stein continued: “Our solid performance in the first half of 2024 puts us on track to achieve our new, consolidated Adjusted EBITDA baseline of $40 - $50 million annually, representing a meaningful increase from the $25 - $30 million range we were targeting just a few years ago. 

    "In our solar portfolio, we expect to continue to build out our two New York community solar projects for the rest of the year. We have also advanced two projects, comprising 10MW of potential production, to the permitting stage and are identifying new opportunities to expand our pipeline. Also within GREW, we expect that Diversegy will report another year of strong double-digit growth."

    Earnings Announcement and Supplemental Information

    At 8:30 AM Eastern this morning, Genie Energy’s management will host a conference call to discuss the Company's 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 1-877-545-0523 (toll-free from the US) or 1-973-528-0016 (international) and provide the following participant access code: 312566.

    Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and providing the replay passcode: 50905. The replay will remain available through Tuesday, August 20, 2024. In addition, a recording of the call will be available for playback on the “Investors” section of the Genie Energy website.

    About Genie Energy Ltd.

    Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division (GREW) is a vertically-integrated provider of community and utility-scale solar energy 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.

    Contact

    Brian Siegel IRC, MBA
    Senior Managing Director
    Hayden IR
    (346) 396-8696
    brian@haydenir.com

    GENIE ENERGY LTD.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except per share amounts)

      June 30,
    2024    		  December 31,
    2023    		 
           
    Assets       
    Current assets:      
    Cash and cash equivalents $122,342   $107,609 
    Restricted cash—short-term  9,178    10,442 
    Marketable equity securities  344    396 
    Trade accounts receivable, net of allowance for doubtful accounts of $7,349 and $6,574 at June 30, 2024 and December 31, 2023, respectively  54,228    61,909 
    Inventory   5,637    14,598 
    Prepaid expenses  11,743    16,222 
    Other current assets  5,576    5,475 
    Current assets of discontinued operations  7,080    13,182 
    Total current assets  216,128    229,833 
    Restricted cash—long-term  46,400    44,945 
    Property and equipment, net  20,234    15,192 
    Goodwill  12,658    9,998 
    Other intangibles, net  2,551    2,735 
    Deferred income tax assets, net  5,209    5,200 
    Other assets  15,308    15,247 
    Noncurrent assets of discontinued operations  4,295    7,405 
    Total assets $322,783   $330,555 
    Liabilities and equity        
    Current liabilities:        
    Trade accounts payable  26,585    27,881 
    Accrued expenses  36,288    49,389 
    Income taxes payable  9,062    6,699 
    Due to IDT Corporation, net  150    145 
    Other current liabilities  6,505    9,280 
    Current liabilities of discontinued operations  4,790    4,858 
    Total current liabilities  83,380    98,252 
    Noncurrent captive insurance liability  46,400    44,945 
    Other liabilities  2,771    2,212 
    Noncurrent liabilities of discontinued operations  678    638 
    Total liabilities  133,229    146,047 
    Commitments and contingencies  —    — 
    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 0 shares issued and outstanding at June 30, 2024 and December 31, 2023  —    — 
    Class A common stock, $0.01 par value; authorized shares - 35,000; 1,574 shares issued and outstanding at June 30, 2024 and December 31, 2023  16    16 
    Class B common stock, $0.01 par value; authorized shares - 200,000; 28,906 and 28,764 shares issued and 25,438 and 25,820 shares outstanding at June 30, 2024 and December 31, 2023, respectively  289    288 
    Additional paid-in capital  158,007    156,101 
    Treasury stock, at cost, consisting of 3,468 and 2,944 shares of Class B common stock at June 30, 2024 and December 31, 2023  (31,849)   (22,661)
    Accumulated other comprehensive income  1,836    3,299 
    Retained earnings  73,779    60,196 
    Total Genie Energy Ltd. stockholders’ equity  202,078    197,239 
    Noncontrolling interests  (12,524)   (12,731)
    Total equity  189,554    184,508 
    Total liabilities and equity $322,783   $330,555 


    GENIE ENERGY LTD.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)

      Three Months Ended June 30,  Six Months Ended June 30, 
      2024   2023  2024   2023 
      (in thousands, except per share data) 
    Revenues:              
    Electricity $78,301   $80,199  $167,697   $154,686 
    Natural gas  8,414    8,975   30,812    35,900 
    Other  3,981    4,289   11,875    8,153 
    Total revenues  90,696    93,463   210,384    198,739 
    Cost of revenues  57,360    55,255   143,262    127,245 
    Gross profit  33,336    38,208   67,122    71,494 
    Operating expenses:                
    Selling, general and administrative (i)  22,015    23,173   44,916    45,184 
    Provision for captive insurance liability  640    —   1,676    — 
    Impairment of assets  118    —   118    — 
    Income from operations  10,563    15,035   20,412    26,310 
    Interest income  1,362    1,008   2,702    1,982 
    Interest expense  (331)   (30)  (363)   (49)
    Gain on marketable equity securities and investments  110    122   227    51 
    Other income, net  1,262    (104)  1,342    3,142 
    Income before income taxes  12,966    16,031   24,320    31,436 
    Provision for income taxes  (3,465)   (3,865)  (6,385)   (7,933)
    Net income from continuing operations  9,501    12,166   17,935    23,503 
    (Loss) income from discontinued operations, net of taxes  (145)   3,173   (410)   6,227 
    Net income  9,356    15,339   17,525    29,730 
    Net (loss) income attributable to noncontrolling interests, net  (256)   183   (210)   144 
    Net income attributable to Genie Energy Ltd.  9,612    15,156   17,735    29,586 
    Dividends on preferred stock  —    (176)  —    (333)
    Net income attributable to Genie Energy Ltd. common stockholders $9,612   $14,980  $17,735   $29,253 
                     
    Net income (loss) attributable to Genie Energy Ltd. common stockholders                
    Continuing operations $9,757   $11,807  $18,145   $23,025 
    Discontinued operations  (145)   3,173   (411)   6,228 
    Net income attributable to Genie Energy Ltd. common stockholders $9,612   $14,980  $17,734   $29,253 
                     
    Earnings (loss) per share attributable to Genie Energy Ltd. common stockholders:                
    Basic:                
    Continuing operations $0.37   $0.46  $0.68   $0.90 
    Discontinued operations  (0.01)   0.12   (0.02)   0.24 
    Earnings per share attributable to Genie Energy Ltd. common stockholders $0.36   $0.58  $0.66   $1.15 
    Diluted                
    Continuing operations $0.37   $0.45  $0.67   $0.88 
    Discontinued operations  (0.01)   0.12   (0.02)   0.24 
    Earnings per share attributable to Genie Energy Ltd. common stockholders $0.36   $0.57  $0.65   $1.12 
                     
    Weighted-average number of shares used in calculation of earnings per share:                
    Basic  26,569    25,708   26,760    25,516 
    Diluted  27,033    26,321   27,272    26,073 
                     
    Dividends declared per common share  $0.075   $0.075  $0.150   $0.150 
    (i) Stock-based compensation included in selling, general and administrative expenses $458   $756  $1,207   $1,605 


    GENIE ENERGY LTD. 
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited) 

      Six Months Ended June 30, 
      2024   2023 
      (in thousands) 
    Operating activities      
    Net income $17,525   $29,730 
    Net (loss) income from discontinued operations, net of tax  (410)   6,227 
    Net income from continuing operations  17,935    23,503 
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Provision for captive insurance liability  1,676    — 
    Depreciation and amortization  415    191 
    Impairment of assets  118    19 
    Provision for doubtful accounts receivable  1,210    1,372 
    Inventory valuation allowance  417    — 
    Unrealized gain on marketable equity securities and investment and others, net  (443)   (162)
    Stock-based compensation  1,207    1,648 
    Changes in assets and liabilities:        
    Trade accounts receivable  6,565    (4,468)
    Inventory  6,616    (2,472)
    Prepaid expenses  4,479    (1,971)
    Other current assets and other assets  1,919    941 
    Trade accounts payable, accrued expenses and other liabilities  (18,156)   (2,430)
    Due to IDT Corporation, net  4    (21)
    Income taxes payable  2,362    (11,581)
    Net cash provided by operating activities of continuing operations  26,324    4,569 
    Net cash provided by operating activities of discontinued operations  7,011    15,671 
    Net cash provided by operating activities  33,335    20,240 
    Investing activities        
    Capital expenditures  (1,562)   (561)
    Purchase of solar system facility  (1,344)   — 
    Purchases of marketable equity securities and other investment  (3,042)   (9,312)
    Purchase of equity of subsidiary  (1,200)   — 
    Proceeds from the sale of marketable equity securities and other investments  —    8,009 
    Proceeds from settlement of equity method investment  —    282 
    Repayment of notes receivable  —    19 
    Net cash used in investing activities  (7,148)   (1,563)
    Financing activities        
    Dividends paid  (4,152)   (4,763)
    Repurchases of Class B common stock  (5,897)   — 
    Repurchases of Class B common stock from employees  (1,508)   (1,475)
    Repurchase of Class B common stock from Genie Foundation  (768)   — 
    Proceeds from the exercise of warrants  —    5,000 
    Redemption of preferred stock  —    (8,359)
    Net cash used in financing activities  (12,325)   (9,597)
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash  (140)   (37)
    Net increase in cash, cash equivalents, and restricted cash  13,722    9,043 
    Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at beginning of period  165,479    106,080 
    Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period  179,201    115,123 
    Less: Cash held at of discontinued operations at end of period  1,281    465 
    Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period $177,920   $114,658 


    Reconciliation of Non-GAAP Financial Measures for the Second Quarter of 2024

    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 disclosed Adjusted EBITDA on a consolidated basis and for GRE and disclosed Non-GAAP Net Income Attributable to Genie Energy Ltd. Common Stockholders (Non-GAAP Net Income and Non-GAAP earnings per share (Non-GAAP EPS). Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS are non-GAAP financial 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’s measure of consolidated Adjusted EBITDA starts with income from operations and adds back depreciation, amortization, and stock-based compensation and deducts impairment of assets and equity in the net loss of equity method investees, net.

    Genie's measure of Non-GAAP Net Income starts with net income attributable to Genie Energy Ltd. Common Stockholders in accordance with GAAP and adds captive insurance liability and the tax effect of this adjustment. These additions are non-cash and/or non-routine items in the relevant periods.

    Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS 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’s measurement of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

    Management believes that Genie’s measure of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS provide useful information to both management and investors by excluding certain expenses that may not be indicative of Genie’s or GRE’s core operating results. Management uses Adjusted EBITDA, non-GAAP Net Income and Non-GAAP EPS, among other measures, as relevant indicators of core operational strengths in its financial and operational decision-making.

    Management also uses Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS to evaluate operating performance in relation to Genie’s competitors. Disclosure of these non-GAAP financial measures 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, Non-GAAP Net Income and Non-GAAP EPS as well as the GAAP measures revenue, gross profit, and income from operations, as well as net income, on a consolidated level to facilitate internal and external comparisons to Genie'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. Genie’s operating results exclusive of depreciation and amortization are therefore useful indicators 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’s calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’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 assets is a component of income (loss) from operations that is excluded from the calculation of Adjusted EBITDA. The impairment of assets 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's continuing operations. 

    Captive insurance liability is a non-cash charge incurred by Genie's insurance operations. While there may be related charges in other periods, the magnitude of these changes can fluctuate markedly and do not reflect the performance of Genie's continuing operations. Captive insurance losses are excluded from Genie's calculation of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’s core business with the results of other companies. 

    Following are the reconciliations of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS on a consolidated basis to its most directly comparable GAAP measure. Adjusted EBITDA is reconciled to income from operations for Genie Energy on a consolidated basis as well as for GRE. 

    Non-GAAP Reconciliation - Consolidated Adjusted EBITDA

    (in millions)  1Q23  2Q23  3Q23  4Q23  1Q24  2Q24  2022  2023 
    Income (loss) from Operations $11.3  $15.0  $17.9  $(34.2)  $9.8  $10.6  $78.4  $10.0 
    Add back                                
    Captive insurance liability $0.0  $0.0  $0.0  $45.1   $1.0  $0.6  $0.0  $45.1 
    Depreciation and Amortization $0.1  $0.1  $0.1  $0.2   $0.2  $0.2  $0.4  $0.5 
    Non-Cash Compensation $0.8  $0.8  $0.6  $0.5   $0.7  $0.5  $2.9  $2.7 
    Impairment $0.0  $0.0  $0.0  $0.0   $0.0  $0.1  $2.1  $0.0 
    Equity in net loss (income) of equity method investees $0.2  $(0.1) $(0.1) $(0.1 ) $(0.1) $0.0  $0.0  $(0.1)
    Adjusted EBITDA $12.4  $15.8  $18.5  $11.5   $11.7  $12.0  $83.8  $58.2 


    Non-GAAP Reconciliation - GRE Adjusted EBITDA

     (in millions) 2Q24  2Q23 
    Income from Operations $14.6  $18.4 
    Add back        
    Depreciation and Amortization $0.0  $0.1 
    Stock-based Compensation $0.3  $0.3 
    Impairment $0.0  $0.0 
    Equity in the income of equity method investee $0.0  $0.0 
    Adjusted EBITDA $14.9  $18.8 


    Non-GAAP Reconciliation - Consolidated Non-GAAP Net Income Attributable to Genie Energy Ltd. Common Stockholders and Non-GAAP Diluted Income Per Share

    (in millions except for EPS) 2Q24  2Q23 
    Net income attributable to Genie Energy Ltd. Common Stockholders $9.6   $15.0 
    Add back        
    Captive insurance liability $0.6   $0.0 
    Income tax effect of adjustment $(0.2)   0.0 
    Non-GAAP net income attributable to Genie Energy Ltd. Common Stockholders $10.1   $15.0 
             
    Diluted earnings per share $0.36   $0.57 
    Total adjustments $0.02   $0.00 
    Non-GAAP diluted earnings per share $0.37   $0.57 
             
    Weighted average number of shares used in the calculation of diluted earnings per share  27.0    26.1 

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