Via Renewables, Inc. (VIA) Q1 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to VIA Renewables first quarter 2024 earnings call. This call is also being broadcast via webcast, which can be located in the investor relations section of our website at viarenewables.com. With us today for management is our CEO, Keith Maxwell, and our CFO, Mike Barajas. Please note that today's discussion may contain forward-looking statements, which are based on assumptions that we believe to be reasonable as of this date. Actual results may differ materially. We urge everyone to review the Safe Harbor Statement and yesterday's earnings release, as well as the risk factors in our SEC filings. We undertake no obligation to update these statements as a result of future events, except as required by law. In addition, we will refer to both GAAP and non-GAAP financial measures. For information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to yesterday's earnings release. With that, I'll turn the call over to Keith Maxwell, our CEO. Thank you, Steven. I want to welcome everyone to today's call. I'll begin by providing a summary of results for the first quarter, and then our CFO, Mike Brawhaus, will provide more details on the financial. In the first quarter, we reported adjusted EBITDA of $15.1 million, which is a $3.7 million decrease from the prior year of $18.8 million. due to lower unit margins compounded by mild weather, which resulted in lower gas volumes. On a positive note, we grew our customer book to 338,000 RCEs compared to 335,000 RCEs at the start of the year. We also increased the percentage of our customer-based POR markets, which compared to the first quarter of 2023, which lowers our credit risk and bad debt exposure. Looking forward to our second quart...