Genie Energy Ltd. (NYSE:GNE) Q1 2023 Earnings Conference Call May 8, 2023 8:30 AM ET
Company Participants
Michael Stein - Chief Executive Officer
Avi Goldin - Chief Financial Officer
Brian Siegel - Senior Managing Director, Hayden IR
Operator
Good morning and welcome to Genie Energy’s First Quarter 2023 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation by Genie Energy’s management, there will be an opportunity to ask questions. Please note this event is being recorded.
I will now turn the call over to Brian Siegel of Hayden IR.
Brian Siegel
Thank you, operator. With me today are Michael Stein, Genie Energy’s CEO; and Avi Goldin, Genie Energy’s CFO, who will discuss operational and financial results.
Any forward-looking statements made during this conference call, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those statements. These risks and uncertainties include but are not limited to those discussed in the reports that we file periodically with the SEC. Genie assumes no obligation to update any forward-looking statements that we have made or may make, or to update the factors that may cause actual results to differ materially from those that we forecast.
During the remarks, management makes reference to adjusted EBITDA, a non-GAAP measure. Management believes that its measure of adjusted EBITDA provides useful information to both management and investors that supplement our core operating results. Our earnings release, which is posted on the genie.com IR page, includes a reconciliation of consolidated adjusted EBITDA to its nearest comparable GAAP measures, consolidated net income and income from operations for all periods presented. In addition, adjusted EBITDA for applicable segments are reconciled in the earnings release to the respective segments’ income from operations for all periods presented.
I will now turn the conference over to Michael Stein, Genie’s Chief Executive Officer.
Michael Stein
Thank you, Brian. Welcome to Genie Energy’s first quarter earnings call.
As those of you who have been following us know, in 2022, we achieved remarkable financial results. Those results were driven by our ability to be nimble with customer acquisition and renewals while our risk management team did an excellent job managing market volatility. It was a banner year, but it came at a cost.
Throughout 2021 and 2022, we saw the size of our customer base shrink as, due to extraordinary volatility in the wholesale energy markets, we scaled back our customer acquisition efforts. However, during that period, we repeatedly stated that when the volatility subsided, we would be ready to return to growth. In the first quarter of 2023, we delivered on that promise. Allow me to elaborate.