Genie Energy Ltd. (NYSE:GNE) Q3 2022 Earnings Conference Call November 7, 2022 8:30 AM ET

Company Participants

Brian Siegel - Hayden IR

Michael Stein - Chief Executive Officer

Avi Goldin - Chief Financial Officer

Conference Call Participants

Aaron Shafter - Great Mountain Capital Management

Brett Rush - Centennial Management

Operator

Good morning, and welcome to Genie Energy’s Third Quarter 2022 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. With me today are Michael Stein, Genie Energy’s CEO; and Avi Goldin, Genie Energy’s CFO, who will discuss operational and financial results for the three months period ended September 30th, 2022.

Any forward-looking statements made during this conference call, wheter general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties discussed in the reports that we filed periodically with the SEC. Genie assumes no obligation to either 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 they forecast.

During their remarks, management may make 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 our 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 their respective segment’s income from operations for all periods presented.

Finally, please note that Genie Retail Energy International's results were accounted for under discontinued operations during the third quarter and our historical results reported today and discussed on this call reflect this move.

I will now turn the conference over to Michael Stein, Genie Energy’s Chief Executive Officer.

Michael Stein

Thank you, Brian. Welcome to Genie Energy's third quarter 2022 earnings call. We achieved record third quarter margins and profits this quarter as energy prices remain high with increased volatility. We were well positioned from a risk management perspective and in combination with our reduced customer acquisition efforts at GRE, we were able to generate significant year-over-year increases in gross profit, adjusted EBITDA, net income and cash flow from operations.