Revenue increased to
Income from Operations of
Repurchased 250,000 Shares of Class B Common Stock
“We reported record first quarter revenue and gross profits, led by
First Quarter 2024 Highlights
(Compared to 1Q23 unless otherwise noted. Unless otherwise noted, results of Genie Retail Energy International (GREI) are included in discontinued operations for all periods.)
● | Revenue increased 13.7% to | |||
● | Gross profit increased 1.5% to | |||
● | Income from operations of | |||
● | Adjusted EBITDA1 of | |||
● | Net income attributable to Genie common stockholders and income per diluted share (EPS) attributable to Genie common stockholders of | |||
1Q23 net income attributable to Genie common stockholders and EPS included the benefit of a | ||||
● | Non-GAAP net income1 and non-GAAP EPS1 attributable to Genie common stockholders of | |||
● | Cash and cash equivalents, short and long-term restricted cash, and marketable equity securities totaled $162.4 million at March 31, 2024; | |||
● | Genie will pay a | |||
● | Repurchased 250,000 shares of Class | |||
1Adjusted EBITDA, Non-GAAP net income (loss) attributable to
Select Financial Metrics
(in millions except for EPS)* | 1Q24 | 1Q23 | Change | |||||||||
Total Revenue | $ | 119.7 | $ | 105.3 | 13.7 | % | ||||||
$ | 112.5 | $ | 101.4 | 10.9 | % | |||||||
Electricity | $ | 89.4 | $ | 74.5 | 20.0 | % | ||||||
Natural Gas | $ | 22.4 | $ | 26.9 | (16.8 | )% | ||||||
Genie Renewables | $ | 7.2 | $ | 3.9 | 86.9 | % | ||||||
Gross Margin | 28.2 | % | 31.6 | % | (339 | )bps | ||||||
28.6 | % | 32.1 | % | (346 | )bps | |||||||
Genie Renewables | 22.0 | % | 19.3 | % | 269 | bps | ||||||
Income from Operations | $ | 9.8 | $ | 11.3 | (12.7 | )% | ||||||
Operating Margin | 8.2 | % | 10.7 | % | (248 | )bps | ||||||
Net Income from Continuing Operations | $ | 8.4 | $ | 11.3 | (25.6 | )% | ||||||
Net Income Attributable to Genie Common Stockholders | $ | 8.1 | $ | 14.3 | (43.1 | )% | ||||||
Diluted Earnings Per Share | $ | 0.30 | $ | 0.54 | (0.24 | )$ | ||||||
Non-GAAP Net Income Attributable to Genie Common Stockholders | $ | 8.9 | $ | 14.3 | (37.7 | )% | ||||||
Non-GAAP Diluted Earnings Per Share | $ | 0.33 | $ | 0.54 | (0.21 | )$ | ||||||
Adjusted EBITDA | $ | 11.7 | $ | 12.4 | (5.6 | )% | ||||||
Cash Flow from Continuing Operating Activities | $ | 8.7 | $ | 1.5 | 481.2 | % |
* | Numbers may not add due to rounding |
Segment Highlights
Genie Retail Energy
GRE's first quarter revenue increased 10.9% to
Select Performance Metrics
RCEs and Meters in 1000s* | 1Q24 | 1Q23 | Change | ||||||||||
Total RCEs | 348 | 352 | (1.3 | ) | % | ||||||||
Electricity | 267 | 276 | (3.3 | ) | % | ||||||||
Natural Gas | 81 | 77 | 5.7 | % | |||||||||
Total Meters | 365 | 349 | 4.5 | % | |||||||||
Electricity | 281 | 271 | 3.7 | % | |||||||||
Natural Gas | 83 | 78 | 7.5 | % | |||||||||
Gross Adds | 70 | 129 | (45.8 | ) | % | ||||||||
Churn** | 5.5 | % | 4.4 | % | 110 | bps |
* | Numbers may not add due to rounding | |
** | Excludes the impacts of aggregation deal expirations |
Genie Renewables (GREW)
GREW increased first-quarter revenue by 86.9% year-over-year to
Pipeline | Total | Operational | Site Control | Permitting | Construction | |||||
MW | 100 | 10 | 78 | 2 | 10 | |||||
Project Count | 14 | 1 | 10 | 1 | 2 |
Balance Sheet and Cash Flow Highlights
As of
Total assets as of
Cash provided by operating activities increased to
Trended Financial Information:*
(in millions except for EPS, RCEs and Meters in thousands)** | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2022 | 2023 | |||||||||||||||||||||
Total Revenue | $ | 105.3 | $ | 93.5 | $ | 125.0 | $ | 104.9 | $ | 119.7 | $ | 316.2 | $ | 428.7 | ||||||||||||||
$ | 101.4 | $ | 89.7 | $ | 120.3 | $ | 98.4 | $ | 112.5 | $ | 304.6 | $ | 409.9 | |||||||||||||||
Electricity | $ | 74.5 | $ | 80.2 | $ | 114.0 | $ | 82.1 | $ | 89.4 | $ | 241.8 | $ | 350.8 | ||||||||||||||
Natural Gas | $ | 26.9 | $ | 9.0 | $ | 5.0 | $ | 15.1 | $ | 22.4 | $ | 62.1 | $ | 56.0 | ||||||||||||||
Others | $ | 0.0 | $ | 0.6 | $ | 1.3 | $ | 1.2 | $ | 0.7 | $ | 0.7 | $ | 3.1 | ||||||||||||||
Genie Renewables | $ | 3.9 | $ | 3.7 | $ | 4.7 | $ | 6.5 | $ | 7.2 | $ | 11.6 | $ | 18.8 | ||||||||||||||
Gross Margin | 31.6 | % | 40.9 | % | 32.9 | % | 32.1 | % | 28.2 | % | 49.2 | % | 34.1 | % | ||||||||||||||
32.1 | % | 41.8 | % | 33.9 | % | 33.0 | % | 28.6 | % | 50.4 | % | 35.0 | % | |||||||||||||||
Genie Renewables | 19.3 | % | 19.6 | % | 5.3 | % | 17.2 | % | 22.0 | % | 15.6 | % | 15.1 | % | ||||||||||||||
Income (Loss) from Operations | $ | 11.3 | $ | 15.0 | $ | 17.9 | $ | (34.2 | ) | $ | 9.8 | $ | 78.4 | $ | 10.0 | |||||||||||||
Operating Margin | 10.7 | % | 16.1 | % | 14.3 | % | (32.6 | )% | 8.2 | % | 24.8 | % | 2.3 | % | ||||||||||||||
Net Income (Loss) Attributable to Genie Common Stockholders | $ | 14.3 | $ | 15.0 | $ | 14.5 | $ | (24.5 | ) | $ | 8.1 | $ | 85.9 | $ | 19.2 | |||||||||||||
Diluted Earnings (Loss) Per Share | $ | 0.54 | $ | 0.57 | $ | 0.53 | $ | (0.90 | ) | $ | 0.30 | $ | 3.26 | $ | 0.74 | |||||||||||||
Adjusted EBITDA | $ | 12.4 | $ | 15.8 | $ | 18.5 | $ | 11.4 | $ | 11.7 | $ | 83.2 | $ | 58.2 | ||||||||||||||
Genie Retail Energy Performance Metrics | ||||||||||||||||||||||||||||
RCEs | 352 | 380 | 375 | 350 | 348 | 262 | 350 | |||||||||||||||||||||
Electricity | 276 | 304 | 298 | 272 | 267 | 181 | 272 | |||||||||||||||||||||
Natural Gas | 77 | 76 | 77 | 78 | 81 | 81 | 78 | |||||||||||||||||||||
Meters | 349 | 381 | 385 | 361 | 365 | 276 | 361 | |||||||||||||||||||||
Electricity | 271 | 302 | 304 | 279 | 281 | 197 | 279 | |||||||||||||||||||||
Natural Gas | 78 | 80 | 81 | 82 | 83 | 79 | 82 | |||||||||||||||||||||
Gross Adds | 129 | 75 | 60 | 52 | 70 | 70 | 52 | |||||||||||||||||||||
Churn*** | 4.4 | % | 4.3 | % | 4.4 | % | 5.4 | % | 5.5 | % | 4.8 | % | 5.4 | % |
* | Some | |
** | Numbers may not add due to rounding | |
*** | Excludes the impacts of expirations of aggregation deals |
2024 Commentary
Stein continued: "Despite some irregular weather patterns, energy markets have remained relatively stable, and we are well positioned with a strong retail customer base to generate attractive returns. We also continue to move Company-owned solar projects forward in our pipeline, with two projects in
Earnings Announcement and Supplemental Information
At
To participate in the conference call, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following participant access code: 763638.
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: 50470. The replay will remain available through
About
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
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
2024 | 2023 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 106,560 | $ | 107,609 | ||||
Restricted cash—short-term | 9,918 | 10,442 | ||||||
Marketable equity securities | 372 | 396 | ||||||
Trade accounts receivable, net of allowance for doubtful accounts of | 60,087 | 61,909 | ||||||
Inventory | 18,460 | 14,598 | ||||||
Prepaid expenses | 15,049 | 16,222 | ||||||
Other current assets | 6,085 | 5,475 | ||||||
Current assets of discontinued operations | 11,292 | 13,182 | ||||||
Total current assets | 227,823 | 229,833 | ||||||
Restricted cash—long-term | 45,541 | 44,945 | ||||||
Property and equipment, net | 16,139 | 15,192 | ||||||
9,998 | 9,998 | |||||||
Other intangibles, net | 2,643 | 2,735 | ||||||
Deferred income tax assets, net | 5,200 | 5,200 | ||||||
Other assets | 16,427 | 15,247 | ||||||
Noncurrent assets of discontinued operations | 4,533 | 7,405 | ||||||
Total assets | $ | 328,304 | $ | 330,555 | ||||
Liabilities and equity | ||||||||
Current liabilities: | ||||||||
Trade accounts payable | 22,407 | 27,881 | ||||||
Accrued expenses | 53,821 | 49,389 | ||||||
Income taxes payable | 9,614 | 6,699 | ||||||
Due to IDT Corporation, net | 120 | 145 | ||||||
Other current liabilities | 6,107 | 9,280 | ||||||
Current liabilities of discontinued operations | 8,516 | 4,858 | ||||||
Total current liabilities | 100,585 | 98,252 | ||||||
Noncurrent captive insurance liability | 45,541 | 44,945 | ||||||
Other liabilities | 2,082 | 2,212 | ||||||
Noncurrent liabilities of discontinued operations | 681 | 638 | ||||||
Total liabilities | 148,889 | 146,047 | ||||||
Commitments and contingencies | — | — | ||||||
Equity: | ||||||||
Preferred stock, | ||||||||
Series 2012-A, designated shares - 8,750; at liquidation preference, consisting of 0 shares issued and outstanding at | — | — | ||||||
Class A common stock, | 16 | 16 | ||||||
Class B common stock, | 289 | 288 | ||||||
Additional paid-in capital | 157,549 | 156,101 | ||||||
(29,285 | ) | (22,661 | ) | |||||
Accumulated other comprehensive income | (1,911 | ) | 3,299 | |||||
Retained earnings | 66,198 | 60,196 | ||||||
192,856 | 197,239 | |||||||
Noncontrolling interests | (13,441 | ) | (12,731 | ) | ||||
Total equity | 179,415 | 184,508 | ||||||
Total liabilities and equity | $ | 328,304 | $ | 330,555 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended | ||||||||
2024 | 2023 | |||||||
(in thousands, except per share data) | ||||||||
Revenues: | ||||||||
Electricity | $ | 89,396 | $ | 74,487 | ||||
Natural gas | 22,398 | 26,925 | ||||||
Other | 7,894 | 3,864 | ||||||
Total revenues | 119,688 | 105,276 | ||||||
Cost of revenues | 85,902 | 71,990 | ||||||
Gross profit | 33,786 | 33,286 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative (i) | 22,901 | 22,011 | ||||||
Provision for captive insurance liability | 1,036 | — | ||||||
Income from operations | 9,849 | 11,275 | ||||||
Interest income | 1,340 | 974 | ||||||
Interest expense | (32 | ) | (19 | ) | ||||
Gain (loss) on marketable equity securities and investments | 117 | (71 | ) | |||||
Other income, net | 80 | 3,246 | ||||||
Income before income taxes | 11,354 | 15,405 | ||||||
Provision for income taxes | (2,920 | ) | (4,068 | ) | ||||
Net income from continuing operations | 8,434 | 11,337 | ||||||
(Loss) income from discontinued operations, net of taxes | (265 | ) | 3,055 | |||||
Net income | 8,169 | 14,392 | ||||||
Net income (loss) attributable to noncontrolling interests, net | 46 | (39 | ) | |||||
Net income attributable to | 8,123 | 14,431 | ||||||
Dividends on preferred stock | — | (157 | ) | |||||
Net income attributable to | $ | 8,123 | $ | 14,274 | ||||
Net income (loss) attributable to | ||||||||
Continuing operations | $ | 8,388 | $ | 11,218 | ||||
Discontinued operations | (265 | ) | 3,056 | |||||
Net income attributable to | $ | 8,123 | $ | 14,274 | ||||
Earnings (loss) per share attributable to | ||||||||
Basic: | ||||||||
Continuing operations | $ | 0.31 | $ | 0.44 | ||||
Discontinued operations | (0.01 | ) | 0.12 | |||||
Earnings per share attributable to | $ | 0.30 | $ | 0.56 | ||||
Diluted | ||||||||
Continuing operations | $ | 0.31 | $ | 0.42 | ||||
Discontinued operations | (0.01 | ) | 0.12 | |||||
Earnings per share attributable to | $ | 0.30 | $ | 0.54 | ||||
Weighted-average number of shares used in calculation of earnings per share: | ||||||||
Basic | 26,790 | 25,326 | ||||||
Diluted | 27,298 | 26,620 | ||||||
Dividends declared per common share | $ | 0.075 | $ | 0.075 | ||||
(i) Stock-based compensation included in selling, general and administrative expenses | $ | 749 | $ | 899 |
GENIE ENERGY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended | ||||||||
2024 | 2023 | |||||||
(in thousands) | ||||||||
Operating activities | ||||||||
Net income | $ | 8,169 | $ | 14,392 | ||||
Net (loss) income from discontinued operations, net of tax | (265 | ) | 3,055 | |||||
Net income from continuing operations | 8,434 | 11,337 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Provision for captive insurance liability | 1,036 | — | ||||||
Depreciation and amortization | 219 | 115 | ||||||
Provision for doubtful accounts receivable | 729 | 574 | ||||||
Inventory valuation allowance | 417 | — | ||||||
Unrealized gain on marketable equity securities and investments and others, net | (49 | ) | (124 | ) | ||||
Stock-based compensation | 749 | 899 | ||||||
Changes in assets and liabilities: | ||||||||
Trade accounts receivable | 1,093 | (10,643 | ) | |||||
Inventory | (2,191 | ) | (3,631 | ) | ||||
Prepaid expenses | 581 | (1,032 | ) | |||||
Other current assets and other assets | 505 | 1,138 | ||||||
Trade accounts payable, accrued expenses and other liabilities | (5,694 | ) | (2,051 | ) | ||||
Due to IDT Corporation, net | (25 | ) | (66 | ) | ||||
Income taxes payable | 2,914 | 5,004 | ||||||
Net cash provided by operating activities of continuing operations | 8,718 | 1,520 | ||||||
Net cash provided by operating activities of discontinued operations | 4,208 | 9,714 | ||||||
Net cash provided by operating activities | 12,926 | 11,234 | ||||||
Investing activities | ||||||||
Capital expenditures | (1,206 | ) | (98 | ) | ||||
Purchase of solar system facility | (1,344 | ) | — | |||||
Purchases of marketable equity securities and other investment | (2,094 | ) | (4,559 | ) | ||||
Purchase of equity of subsidiary | (1,200 | ) | — | |||||
Proceeds from sale of marketable equity securities and other investments | — | 343 | ||||||
Proceeds from settlement of equity method investment | — | 133 | ||||||
Repayment of notes receivable | — | 19 | ||||||
Net cash used in investing activities | (5,844 | ) | (4,162 | ) | ||||
Financing activities | ||||||||
Dividends paid | (2,121 | ) | (2,108 | ) | ||||
Repurchases of Class B common stock | (4,101 | ) | — | |||||
Repurchases of Class B common stock from employees | (1,508 | ) | (165 | ) | ||||
Redemption of preferred stock | — | (1,000 | ) | |||||
Net cash used in financing activities | (7,730 | ) | (3,273 | ) | ||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 74 | (10 | ) | |||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (574 | ) | 3,789 | |||||
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 | 164,905 | 109,869 | ||||||
Less: Cash held at of discontinued operations at end of period | 2,886 | 858 | ||||||
Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period | $ | 162,019 | $ | 109,011 |
Reconciliation of Non-GAAP Financial Measure for the First Quarter of 2024
In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in
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
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,
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
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
Non-GAAP Reconciliation - Consolidated Adjusted EBITDA
(in millions) | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2022 | 2023 | |||||||||||||||||||||||||||||||||
Income (loss) from Operations | $ | 26.9 | $ | 11.8 | $ | 23.5 | $ | 15.5 | $ | 11.3 | $ | 15.0 | $ | 17.9 | $ | (34.2 | ) | $ | 9.8 | $ | 78.4 | $ | 10.0 | |||||||||||||||||||||
Add back | ||||||||||||||||||||||||||||||||||||||||||||
Captive insurance liability | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 45.1 | $ | 1.0 | $ | 0.0 | $ | 0.0 | ||||||||||||||||||||||
Depreciation and Amortization | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | $ | 0.4 | $ | 0.5 | ||||||||||||||||||||||
Non-Cash Compensation | $ | 0.8 | $ | 0.7 | $ | 0.7 | $ | 0.7 | $ | 0.8 | $ | 0.8 | $ | 0.6 | $ | 0.5 | $ | 0.7 | $ | 2.9 | $ | 2.7 | ||||||||||||||||||||||
Impairment | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 2.1 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 2.1 | $ | 0.0 | ||||||||||||||||||||||
Equity in net loss (income) of equity method investees | $ | 0.1 | $ | (0.4 | ) | $ | 0.2 | $ | 0.1 | $ | 0.2 | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.0 | ) | $ | 0.2 | ||||||||||||||||
Adjusted EBITDA | $ | 27.9 | $ | 12.2 | $ | 24.5 | $ | 18.5 | $ | 12.4 | $ | 15.9 | $ | 18.6 | $ | 11.6 | $ | 11.7 | $ | 83.8 | $ | 58.5 |
Non-GAAP Reconciliation - GRE Adjusted EBITDA
(in millions) | 1Q24 | 1Q23 | 2023 | 2022 | ||||||||||||
Income from Operations | $ | 14.2 | $ | 16.4 | $ | 71.9 | $ | 92.6 | ||||||||
Add back | ||||||||||||||||
Depreciation and Amortization | $ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 0.3 | ||||||||
Stock-based Compensation | $ | 0.2 | $ | 0.3 | $ | 1.0 | $ | 1.0 | ||||||||
Impairment | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | ||||||||
Equity in the income of equity method investee | $ | 0.0 | $ | 0.0 | $ | 0.0 | $ | 0.0 | ||||||||
Adjusted EBITDA | $ | 14.6 | $ | 16.8 | $ | 73.2 | $ | 93.9 |
Non-GAAP Reconciliation - Consolidated Non-GAAP Net Income Attributable to
(in millions except for EPS) | 1Q24 | 1Q23 | 2023 | 2022 | ||||||||||||
Net income attributable to | $ | 8.1 | $ | 14.3 | $ | 19.2 | $ | 85.9 | ||||||||
Add back | ||||||||||||||||
Captive insurance liability | $ | 1.0 | $ | 0.0 | $ | 45.1 | $ | 0.0 | ||||||||
Income tax effect of adjustment | $ | (0.3 | ) | 0.0 | $ | (10.5 | ) | $ | 0.0 | |||||||
Non-GAAP net income attributable to | $ | 8.9 | $ | 14.3 | $ | 53.7 | $ | 85.9 | ||||||||
Diluted earnings per share | $ | 0.30 | $ | 0.54 | $ | 0.74 | $ | 3.26 | ||||||||
Total adjustments | $ | 0.03 | $ | 0.00 | $ | 1.33 | $ | 0.00 | ||||||||
Non-GAAP diluted earnings per share | $ | 0.33 | $ | 0.54 | $ | 2.07 | $ | 3.26 | ||||||||
Weighted average number of shares used in the calculation of diluted earnings per share | 27.3 | 26.6 | 26.1 | 26.4 |
# # #
Source:
2024 GlobeNewswire, Inc., source