EX-99.1 2 f8k110819ex99-1_genieenergy.htm PRESSRELEASE, DATED NOVEMBER 8, 2019, REPORTING THE RESULTS OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, 2019

Exhibit 99.1

 

 

 

Genie Energy Ltd. Reports Third Quarter 2019 Results

  

NEWARK, NJ — November 8, 2019: Genie Energy Ltd. (NYSE: GNE, GNEPRA) reported third quarter 2019 net income of $0.18 per share on revenue of $85.7 million.

 

FINANCIAL AND OPERATIONAL HIGHLIGHTS

(Throughout this release, 3Q19 results are compared to 3Q18 results unless otherwise noted)

 

·Global customer base increased by 27 thousand RCEs (+8%) to 384 thousand RCEs and by 45 thousand meters (+10%) to 492 thousand meters during 3Q19;

 

·Average monthly churn was 5.3% - a decrease from 5.7% in 3Q18 and an increase from 4.4% in 2Q19;

 

·Genie Retail Energy (GRE) commenced customer acquisition in Texas - the largest deregulated electricity market in the U.S.;

 

·Prism Solar, a supplier of solar panels in which Genie holds a majority stake, received significant additional orders from JP Morgan Chase for facilities around the nation pursuant to an existing preferred supplier agreement;

 

·Consolidated revenue increased 19.3% to $85.7 million from $71.8 million;

 

·Consolidated income from operations was $6.9 million and Adjusted EBITDA* was $8.0 million, both results unchanged from 3Q18;

 

·During the quarter, Genie Energy repurchased 470,147 shares of its Class B common stock, approximately 1.7% of shares outstanding, for $3.4 million;

 

·Genie Energy’s Board of Directors has declared a third quarter 2019 dividend of $0.075 per share.

  

COMMENTS OF MICHAEL STEIN, CEO

 

“Across the Company, Genie Energy continued its strong performance with a solid third quarter. Domestically, we increased our customer base within our existing markets and entered a huge new deregulated market – Texas, with over seven million addressable meters. Internationally, we continued our rapid expansion. Within our energy services division, Prism Solar is rapidly expanding its business through its solar panel supply agreement with JP Morgan Chase. Our robust financial results and strong balance sheet enabled us to repurchase over 470 thousand shares of our outstanding common stock during the third quarter for $3.4 million while maintaining our quarterly dividend.”

  

 

 

 

CONSOLIDATED RESULTS

  

$ in millions, except EPS  3Q19  2Q19   3Q18   3Q19-3Q18
Change (%/$)
Revenue  $85.7   $61.0   $71.8    +19.3%
Gross profit  $26.4   $9.0   $21.3    +23.9%
Gross margin percentage   30.7%   14.7%   29.6%   +110 BP 
SG&A expense (including stock-based compensation)  $19.4   $18.2   $13.9    +39.2%
Stock-based compensation included in SG&A  $0.3   $0.3   $1.1   $(0.8)
Research and development   -   $0.1    -    - 
Write-down of assets held for sale to fair value   -    -   $0.5   $(0.5)
Depreciation and amortization  $0.9   $0.9   $0.5   $+0.4 
Income (loss) from operations   $6.9   $(9.3)  $6.9    NC 
Adjusted EBITDA*  $8.0   $(9.1)  $8.0    NC 
Equity in the net loss in equity method investees**  $(0.2)  $(1.1)  $(0.9)  $+0.6 
(Provision for) benefit from income taxes  $(1.9)  $1.7   $(0.7)  $(1.2)
Net income (loss) attributable to Genie Energy common stockholders  $4.9   $(7.8)  $5.5   $(0.6)
Earnings (loss) per share attributable to Genie Energy common stockholders  $0.18   $(0.29)  $0.21   $(0.03)
Net cash provided by (used in) operating activities  $12.1   $(3.1)  $8.2   $+3.9 

 

*Adjusted EBITDA for all periods is a non-GAAP measure intended to provide useful information that supplements the core operating results in accordance with GAAP of Genie Energy or the relevant segment. Please refer to the Reconciliation of Non-GAAP Financial Measure at the end of this release for an explanation of Adjusted EBITDA and reconciliation to the most directly comparable GAAP measure.

 

**Genie Energy accounts for its investments in Orbit Energy, its joint venture operating in the U.K. and Atid, a drilling services business based in Israel in which it holds a minority stake, under the equity method of accounting. Under this method, Genie Energy records its share in the net income or loss of the venture. Therefore, revenue generated, and expenses incurred are not reflected in Genie Energy’s consolidated revenue and expenses, but the customers are included in metrics regarding our customer base.

 

METERS AND RCEs

 

Genie Energy’s global customer base increased sequentially and year-over-year driven by investment in customer acquisition in U.S. and overseas markets. Genie Energy’s global RCE and meter totals are provided in the chart below.

 

Global RCEs and
Meters at End of
Quarter (in thousands)*

  September 30,
2019		   June 30,
2019		   March 31,
2019		   December 31,
2018		   September 30,
2018		 
Electricity RCEs   309    290    271    197    216 
Natural gas RCEs   75    67    62    59    59 
Total RCEs   384    357    333    256    275 
                          
Electricity meters   392    361    322    249    269 
Natural gas meters   100    87    77    74    73 
Total meters   492    448    399    323    342 

  

*Includes RCEs and meters acquired and served by Genie Energy’s domestic and international retail energy provider businesses including operations at ventures in Finland and Japan and at our joint ventures in the U.K..

   

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SEGMENT RESULTS

 

Genie Retail Energy (GRE)

  

GRE’s financial results are summarized in the chart below:

 

Genie Retail Energy
$ in millions		  3Q19   2Q19   3Q18   3Q19-3Q18
Change (%/$)		 
Total revenue  $81.7   $54.4   $71.0    +15.0%
Electricity revenue  $78.5   $49.2   $67.3    +16.6%
Natural gas revenue  $3.2   $5.2   $3.7    (14.4)%
Gross profit  $25.7   $8.2   $20.9    +22.9%
Gross margin percentage   31.5%   15.1%   29.5%   +200 BP 
SG&A expense  $14.8   $13.7   $10.4    +42.1%
Income (loss) from operations  $10.9   $(5.4)  $10.5   $+0.4 
Adjusted EBITDA*  $11.2   $(5.1)  $11.0   $+0.2 

  

·Customers served at September 30th increased to 329 thousand RCEs and 389 thousand meters from 318 thousand RCEs and 378 thousand meters at June 30th and from 275 thousand RCEs and 342 thousand meters at September 30, 2018. Gross meter adds during the quarter totaled 76,000 compared to 45,000 in 3Q18;

 

·Average monthly churn increased to 5.3% from 4.4% in 2Q19 and decreased from 5.7% in 3Q18;

 

·Electricity revenue increased to $78.5 million from $67.3 million in 3Q18 reflecting increased meters and RCEs served and modest increases in both consumption per meter and revenue per kilowatt hour sold;

 

·SG&A expense increased to $14.8 million from $10.4 million primarily on increased customer acquisition expense in the quarter and the reversal of a $1.5 million accrual of legal expenses in 3Q18;

 

·Income from operations in 3Q19 increased to $10.9 million from $10.5 million in 3Q18. Adjusted EBITDA* increased to $11.2 million from $11.0 million in 3Q18. The increases resulted primarily from increases in kilowatt hours sold and margin per kilowatt hour sold, significantly offset by the increases in customer acquisition expense and the impact of the reversal of an accrual in 3Q18.

  

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Genie Energy Services (GES)

 

·GES’ revenue increased to $1.0 million from $0.7 million in 3Q18 reflecting the impact of the Prism Solar acquisition in 4Q18;

 

·Prism Solar has orders on hand for solar panels with a generative capacity of 35 megawatts that are expected to contribute to revenue and profits upon delivery of panels over the next several quarters;

 

·GES’ loss from operations was $0.8 million compared to a loss from operations $0.2 million in 3Q18. Negative Adjusted EBITDA* was $0.6 million compared to $0.2 million in 3Q18.

 

Genie Retail Energy International (GRE International)

 

(Genie Energy accounts for its investments in Orbit Energy, its joint venture operating in the U.K., under the equity method of accounting. Revenue generated, and expenses incurred are not reflected in segment revenue and operating expenses. RCE and meter counts do, however, include Orbit Energy customers).

 

·Customers served at September 30th increased to 53 thousand RCEs and 103 thousand meters compared to 37 thousand RCEs and 69 thousand meters at June 30th;

 

·GRE International’s revenue increased to $3.0 million compared to nil in 3Q18 reflecting the impact of the Lumo Energia acquisition in 1Q19 and early activity in Japan;

 

·Equity in the net loss of Orbit Energy was nil compared to $0.8 million in 3Q18;

 

·GRE International’s loss from operations increased to $1.6 million from a loss from operations of $328 thousand in 3Q18. The increased loss reflects the investment in Genie Japan and, to a lesser degree, the continued investment in Lumo Energia, Negative Adjusted EBITDA* was $1.0 million compared to negative Adjusted EBITDA* of $1.1 million in 3Q18.

 

Genie Oil and Gas (GOGAS)

 

·Operations at Genie Energy’s Afek oil and gas exploration subsidiary remain suspended pending final testing on an existing well, which is expected to take place within the next two quarters;

 

·Loss from operations was $0.3 million compared to a loss from operations of $1.0 million in 3Q18 including an impairment charge of $0.5 million. Negative Adjusted EBITDA* was $0.4 million compared to negative Adjusted EBITDA* of $0.6 million in 3Q18. The improvements reflect the suspension of oil and gas activities at Afek.

 

Corporate

 

·Corporate loss from operations was $1.4 million compared to a loss from operations of $2.0 million in 3Q18. The loss narrowed on a decline in stock-based compensation, which decreased to $0.1 million dollars from $0.9 million in the year ago quarter. Negative Adjusted EBITDA* for Corporate operations was $1.2 million in 3Q19 compared to negative Adjusted EBITDA* of $1.1 million.

 

BALANCE SHEET AND CASH FLOW HIGHLIGHTS

 

At September 30, 2019, Genie Energy had $150.2 million in total assets, including $45.3 million in cash, cash equivalents and restricted cash. Liabilities totaled $62.4 million and working capital (current assets less current liabilities) totaled $46.6 million.

 

During the quarter, Genie Energy repurchased 470,147 shares of its Class B common stock representing approximately 1.7% of the shares outstanding, for $3.4 million.

  

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Cash provided by operating activities in 3Q19 increased to $12.1 million from $8.2 million in 3Q18.

 

DIVIDEND ON GENIE ENERGY COMMON STOCK

 

Genie Energy’s Board of Directors has declared a 3Q19 dividend of $0.075 per share of Class A and Class B common stock with a record date of November 18, 2019. The dividend will be paid on or about November 29, 2019. The distribution will be treated as an ordinary dividend for income tax purposes.

 

GENIE ENERGY EARNINGS CONFERENCE CALL

 

This earnings press release is available for download in the “Investors” section of the Genie Energy website (https://genie.com/investors/investor-relations/) and has been filed on a current report (Form 8-K) with the SEC.

 

At 8:30 AM Eastern time today, November 8, 2019, Genie Energy’s management will host a conference call to discuss financial and operational results, business outlook and strategy. The call will begin with management’s remarks followed by Q&A with investors.

 

To participate in the conference call, dial toll-free 1-888-348-6472 (from the US) or 1-412-902-4240 (international) and request the Genie Energy conference call.

 

The call replay will be available at 1-844-512-2921 (US toll-free) or 1-412-317-6671 (international) through November 15, 2019. The replay PIN is 10136262. A recording of the call - in MP3 format - will also be available for playback on the “Investors” section of the Genie Energy website.

 

Investors can sign up through the Genie Energy website to have earnings releases and other press releases e-mailed directly to them.

  

ABOUT GENIE ENERGY LTD.

 

Genie Energy Ltd. (NYSE: GNE, GNEPRA), is a global provider of energy services. The Genie Retail Energy division supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Retail Energy International division supplies customers in Europe and Asia. The Genie Energy Services division includes Diversegy, a commercial and industrial brokerage and consultative services company, and Genie Solar Energy and Prism Solar, which design, supply and install commercial solar solutions. For more information, visit Genie.com.

 

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

 

Contact:

Genie Energy Investor Relations

Bill Ulrey

P: (973) 438-3848

E-mail: invest@genie.com

  

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GENIE ENERGY LTD.

 

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts) 

 

   September 30,
2019		   December 31,
2018		 
   (Unaudited)     
Assets        
Current assets:        
Cash and cash equivalents  $38,826   $41,601 
Restricted cash—short-term   5,961    1,653 
Trade accounts receivable, net of allowance for doubtful accounts of $2,461 and $2,003 at September 30, 2019 and December 31, 2018, respectively   39,593    35,920 
Inventory   9,629    9,893 
Prepaid expenses   6,588    6,167 
Other current assets   3,119    2,670 
Total current assets   103,716    97,904 
Property and equipment, net   3,821    4,301 
Goodwill   12,775    11,082 
Other intangibles, net   7,444    6,321 
Investment in equity method investees   908    2,208 
Restricted cash—long-term   521    943 
Deferred income tax assets, net   14,034    15,625 
Other assets   7,011    8,480 
Total assets  $150,230   $146,864 
Liabilities and equity          
Current liabilities:          
Notes payable  $901   $923 
Trade accounts payable   20,012    18,508 
Accrued expenses   25,813    25,242 
Income taxes payable   2,026    1,463 
Due to IDT Corporation, net   153    234 
Other current liabilities   8,208    4,416 
Total current liabilities   57,113    50,786 
Revolving line of credit   2,516    2,516 
Other liabilities   2,817    900 
Total liabilities   62,446    54,202 
Commitments and contingencies          
Equity:          
Genie Energy Ltd. stockholders’ equity:          
Preferred stock, $0.01 par value; authorized shares—10,000:          
Series 2012-A, designated shares—8,750; at liquidation preference, consisting of 2,322 shares issued and outstanding at September 30, 2019 and December 31, 2018   19,743    19,743 
Class A common stock, $0.01 par value; authorized shares—35,000; 1,574 shares issued and outstanding at September 30, 2019 and December 31, 2018   16    16 
Class B common stock, $0.01 par value; authorized shares—200,000; 25,944 and 25,544 shares issued and 25,196 and 25,294 shares outstanding at September 30, 2019 and December 31, 2018, respectively   259    255 
Additional paid-in capital   139,774    136,629 
Treasury stock, at cost, consisting of 748 and  250 shares of Class B common stock at September 30, 2019 and December 31, 2018   (5,354)   (1,624)
Accumulated other comprehensive income   3,051    2,591 
Accumulated deficit   (57,621)   (53,939)
Total Genie Energy Ltd. stockholders’ equity   99,868    103,671 
Noncontrolling interests   (12,084)   (11,009)
Total equity   87,784    92,662 
Total liabilities and equity  $150,230   $146,864 

  

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GENIE ENERGY LTD.

 

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 

   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2019   2018   2019   2018 
   (in thousands, except per share data) 
Revenues:                
Electricity  $81,473   $67,292   $196,142   $181,141 
Natural gas   3,169    3,702    27,069    34,492 
Other   1,071    848    10,127    1,911 
Total revenues   85,713    71,842    233,338    217,544 
Cost of revenues   59,360    50,572    172,417    155,743 
Gross profit   26,353    21,270    60,921    61,801 
Operating expenses and losses:                    
Selling, general and administrative (i)   19,364    13,912    53,266    46,379 
Research and development   44    —    153    — 
Impairment of assets   —    451    —    2,742 
Exploration   —    —    —    244 
Income from operations   6,945    6,907    7,502    12,436 
Interest income   163    195    445    384 
Interest expense   (161)   (89)   (479)   (261)
Equity in the net loss in equity method investees, net   (238)   (861)   (2,106)   (2,082)
Gain on extinguishment of liability   —    164    —    164 
Other income, net   (85)   25    147    123 
Income before income taxes   6,624    6,341    5,509    10,764 
Provision for income taxes   (1,916)   (675)   (3,142)   (1,733)
Net income   4,708    5,666    2,367    9,031 
Loss attributable to noncontrolling interests   539    251    1,484    1,122 
Net income attributable to Genie Energy Ltd.   5,247    5,917    3,851    10,153 
Dividends on preferred stock   (370)   (370)   (1,111)   (1,111)
Net income attributable to Genie Energy Ltd. common stockholders  $4,877   $5,547   $2,740   $9,042 
                     
Earnings per share attributable to Genie Energy Ltd. common stockholders:                    
Basic  $0.18   $0.21   $0.10   $0.36 
Diluted  $0.18   $0.21   $0.10   $0.36 
Weighted-average number of shares used in calculation of earnings per share:                    
Basic   26,683    25,805    26,603   $24,895 
Diluted   27,669    26,442    27,541   $25,225 
                     
Dividends declared per common share  $0.075   $0.075   $0.225   $0.225 
(i) Stock-based compensation included in selling, general and administrative expenses  $335   $1,082   $1,106   $3,686 

  

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GENIE ENERGY LTD.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 

   Nine Months Ended
September 30,		 
   2019   2018 
   (in thousands) 
Operating activities        
Net income  $2,367   $9,031 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   2,797    1,645 
Impairment of assets   —    2,742 
Deferred income taxes   1,591    113 
Provision for doubtful accounts receivable   453    610 
Gain on sale of property and equipment   —    (18)
Stock-based compensation   1,106    3,686 
Equity in the net loss in equity method investees   2,106    2,082 
Gain on extinguishment of liability   —    (164)
Change in assets and liabilities:          
Trade accounts receivable   (1,607)   6,648 
Inventory   264    (3,926)
Prepaid expenses   (395)   143 
Other current assets and other assets   1,243    2,417 
Trade accounts payable, accrued expenses and other current liabilities   5,530    (4,404)
Due to IDT Corporation   (81)   (138)
Income taxes payable   563    (228)
Net cash provided by operating activities   15,937    20,239 
Investing activities          
Capital expenditures   (343)   (575)
Proceeds from sale of property and equipment   —    62 
Payments for business acquisition, net of cash acquired   (1,852)   — 
Payment for intangible acquisition   —    (745)
Investment in equity method investee   (719)   (658)
Investments in notes receivables   (214)   (1,225)
Cash transferred to Atid   —    (209)
Repayment of notes receivable   132    80 
Net cash used in investing activities   (2,996)   (3,270)
Financing activities          
Dividends paid   (7,220)   (6,870)
Repayment of short-term debt—Lumo Energia   (2,260)   — 
Exercise of stock options   1,405    — 
Purchase of  Class B common stock   (3,415)   — 
Proceeds from sale of Class B common stock and warrants   —    6,000 
Purchase of Class B common stock from employees   (315)   — 
Repayment of notes payable   (37)   (783)
Net cash used in financing activities   (11,842)   (1,653)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash   12    (36)
Net increase in cash, cash equivalents, and restricted cash   1,111    15,280 
Cash, cash equivalents, and restricted cash at beginning of period   44,197    31,927 
Cash, cash equivalents, and restricted cash at end of period  $45,308   $47,207 
Supplemental Schedule of Non-Cash Financing Activities          
Liability incurred for acquisitions  $2,260   $— 
Purchase of equity of subsidiary  $—   $(4,139)
Carrying value of assets contributed to New Atid  $—   $1,000 
Class B common stock issued for GRE deferred units  $—   $1,886 

  

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Reconciliation of Non-GAAP Financial Measure for the Third Quarter 2019

 

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), Genie Energy also disclosed for the third quarter 2019, as well as for comparable periods, Adjusted EBITDA, which is a non-GAAP measure. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

 

Genie Energy’s measure of Adjusted EBITDA consists of gross profit less selling, general and administrative expense, exploration expense and equity in the net loss of in equity method investees, net, plus depreciation, amortization and stock-based compensation (which are included in selling, general and administrative expense). Another way of calculating Adjusted EBITDA is to start with income from operations and add depreciation, amortization and stock-based compensation and subtract equity in net loss in equity method investees, net.

 

Management believes that Genie Energy’s Adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie Energy’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA to evaluate operating performance in relation to Genie Energy’s competitors. Disclosure of this financial measure may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, Genie Energy has historically reported Adjusted EBITDA and believes it is commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting at this time.

 

Management refers to Adjusted EBITDA, as well as the GAAP measures gross profit, income (loss) from operations and net income (loss), on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and Genie Energy’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

 

Although depreciation and amortization are considered operating costs under GAAP, they primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. While Genie Energy’s oil and gas exploration business may be capital intensive, Genie Energy does not expect to incur significant depreciation or depletion expense for the foreseeable future. Genie Energy’s operating results exclusive of depreciation and amortization is therefore a useful indicator of its current performance.

 

Stock-based compensation recognized by Genie Energy and other companies may not be comparable because of the various valuation methodologies, subjective assumptions and the variety of types of awards that are permitted under GAAP. Stock-based compensation is excluded from Genie Energy’s calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie Energy’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for Genie Energy for the foreseeable future and an important part of employees’ compensation that impacts their performance.

 

Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, gross profit, income from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, Genie Energy’s measurements of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

 

Following is the reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, which is income from operations, for Genie Energy’s reportable segments and net income for Genie Energy on a consolidated basis.

  

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               GRE         
   Total   GRE   GES   International   GOGAS   Corporate 
Three months ended September 30, 2019 (3Q19)                        
Net income attributable to Genie Energy Limited  $5,247                
Net loss attributable to non-controlling interests   539                          
Net income  $4,708                          
Provision for income taxes   1,916                          
Other income, net   85                          
Interest expense   161                          
Interest income   (163)                         
Equity in the net loss of equity method investees  $238                          
Income from operations  $6,945   $10,856   $(798)  $(1,560)  $(283)  $(1,270)
Add:                               
Stock-based compensation   335    116         94         125 
Depreciation and amortization   933    187    243    488    15      
Subtract:                              
Equity in the net loss of equity method investees   238                   148    90 
Adjusted EBITDA  $7,975   $11,159   $(555)  $(978)  $(416)  $(1,235)

  

               GRE         
   Total   GRE   GES   International   GOGAS   Corporate 
Three months ended June 30, 2019 (2Q19)                        
Net loss attributable to Genie Energy Limited  $(7,466)                         
Net loss attributable to non-controlling interests   (1,035)                         
Net loss  $(8,501)                         
Benefit from income taxes   (1,678)                         
Other income, net   (157)                         
Interest expense   178                          
Interest income   (189)                         
Equity in the net loss of equity method investees   1,071                          
Loss from operations  $(9,276)  $(5,418)  $(682)  $(1,607)  $(381)  $(1,188)
Add:                               
Stock-based compensation   323    108         93         122 
Depreciation and amortization   926    186    244    482    14      
Subtract:                              
Equity in the net loss of equity method investees   1071              867    204      
Adjusted EBITDA  $(9,098)  $(5,124)  $(438)  $(1,899)  $(571)  $(1,066)

  

   Total   GRE   GES   GRE International  

GOGAS

   Corporate 
Three months ended September 30, 2018 (3Q18)                        
Net income attributable to Genie Energy Limited  $5,917                          
Net loss attributable to non-controlling interests   251                          
Net income  $5,666                          
Provision for income taxes   675                          
Gain on extinguishment of liability   (164)                         
Other income, net   (25)                         
Interest expense   89                          
Interest income   (195)                         
Equity in the net loss of equity method investees   861                          
Income from operations  $6,907   $10,469   $(165)  $(328)  $(1,022)  $(2,046)
Add:                               
Stock-based compensation   1,082    136                   946 
Depreciation and amortization   462    430    7         25      
Impairment   451                   451      
Subtract:                              
Equity in the net loss of equity method investees   861              767    93      
Adjusted EBITDA  $8,041   $11,035   $(158)  $(1,095)  $(639)  $(1,100)

 

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