Genie Energy Limited (NYSE:GNE) Q4 2023 Earnings Conference Call March 11, 2024 8:30 AM ET

Company Participants

Brian Siegel - Hayden IR

Michael Stein - Chief Executive Officer

Avi Goldin - Chief Financial Officer

Operator

Good morning and welcome to Genie Energy's Fourth Quarter and Year-End 2023 Earnings Call. Until the Q&A portion of the 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, both discussed in the reports that we filed 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 their 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 through their respective segment's 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 fourth quarter earnings call. I'm happy that we achieved record revenue for the fourth quarter and full year 2023 while exceeding our adjusted EBITDA guidance with $57 million for the full year. This achievement was a result of the extraordinary efforts of our team and several strategic moves we made over the course of 2022 and 2023 that took advantage of the volatility in global energy markets.

We are extremely pleased with the performance of the company as we accomplished our 2023 goal of materially growing the size of our customer book while establishing a new baseline of financial performance. At GRE, we ended the year with 361,000 customers and 350,000 RCEs, representing increases of 31% and 34%, respectively, over the prior year-end.