Genie Energy Ltd. (NYSE:GNE) Q3 2024 Earnings Conference Call November 6, 2024 8:30 AM ET

Company Participants

Michael Stein – Chief Executive Officer
Avi Goldin – Chief Financial Officer

Conference Call Participants

Operator

Good morning, and welcome to the Genie Energy Limited Third Quarter 2024 Earnings Call. In today's presentation Genie Energy management will discuss Genie's financial and operational results for the three month period ended September 30, 2024. During prepared remarks by Genie Energy's Chief Executive Officer, Michael Stein; and Chief Financial Officer, Avi Goldin, all participants will be in a listen-only mode. [Operator Instructions] Avi Goldin's remarks, Michael and Avi will take questions from investors.

Any forward-looking statements made during this conference call, either in prepared remarks or in the Q&A session, whether 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 Genie Energy files periodically with the SEC. Genie Energy assumes no obligation either to update any forward-looking statements that they have made or may make or to update the factors that may cause actual results to differ materially from those that they forecast.

In their presentation or in the Q&A session, Genie Energy's management may make reference to non-GAAP measures including adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share. A schedule provided in the Genie Energy's earnings release reconciles adjusted EBITDA, non-GAAP net income, and non-GAAP earnings per share to the nearest corresponding GAAP measures. Please note that the Genie Energy earnings release is available on the Investor Relations page of the Genie website. The earnings release has also been filed on a Form 8-K with the SEC.

I will now turn the conference over to Michael Stein.

Michael Stein

Thank you, operator. Genie Energy's third quarter results were strong across the board. We generated $12 million in income from operations and $14 million in adjusted EBITDA. And as Avi will detail for you, we continue to build our capital base to pursue additional growth opportunities while returning value to stockholders through dividends and stock buybacks. Through the first nine months of 2024, we have generated $37 million in adjusted EBITDA and we are on track to deliver on the high-end of our annual adjusted EBITDA guidance of $40 million to $50 million.