NEWARK, N.J., March 8, 2018 /PRNewswire/ -- Genie Energy
Ltd. (NYSE: GNE, GNEPRA) reported a fourth quarter 2017 loss of
$0.01 per basic and diluted share
including the impact of a $6.5
million write-off of capitalized exploration costs. For the
full year 2017, Genie Energy reported a loss of $0.36 per basic and diluted share including the
impact of a $6.5 million
($0.28 per share) write-off of
capitalized exploration costs and $10.5
million ($0.45 per share) in
legal and regulatory accruals.
FINANCIAL AND OPERATIONAL HIGHLIGHTS
(4Q17 results
are compared to 4Q16, and full year 2017 results are compared to
full year 2016, unless otherwise noted)
- Genie Energy is sharpening it strategic focus on its retail
energy provider business after its Afek subsidiary suspended
exploratory drilling operations in Northern Israel;
- In December 2017, Genie
Energy's retail energy provider joint venture operating in
Great Britain initiated customer
enrollments under a regulatorily mandated three-month controlled
market entry period;
- Genie Retail Energy's (GRE) income from operations increased
to $12.2 million from $2.7 million and Adjusted EBITDA* increased to
$12.8 million from $3.1 million on improved electric margins and
higher levels of electricity and natural gas consumption;
- GRE's full year income from operations was $16.6 million and full year Adjusted EBITDA was
$18.8 million. Both totals
include the impact of $10.5 million
in legal and regulatory related accruals. In 2016, GRE's
income from operations was $26.5
million and Adjusted EBITDA was $27.3
million;
- Genie Energy's Board of Directors has declared a fourth
quarter dividend of $0.075 per
share.
COMMENTS OF MICHAEL STEIN, CEO OF GENIE ENERGY
"Genie Energy is strategically refocusing on our core retail
energy provider business, which has been consistently profitable
and where we see continued strong growth potential. On a
consolidated basis, this will entail a substantial reduction in oil
and gas exploration expense going forward as we move closer to a
pure play retail energy provider model.
"Genie Retail Energy attained the highest level of quarterly
Adjusted EBITDA in the history of our retail business -
$12.8 million - highlighted by strong
consumption and robust electricity margins. Full year
Adjusted EBITDA was $18.8 million,
including the impact of $10.5 million
in legal and regulatory related accruals.
"We are looking forward to building on our momentum in 2018 by
executing on our growth strategy including organic meter
acquisition, expansion to new geographies and, when opportunities
present themselves, strategic acquisitions. On the
international front, we are rolling out service in Great Britain while evaluating additional
opportunities."
*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 Measures at the end of this release for an
explanation of Adjusted EBITDA and reconciliation to the most
directly comparable GAAP measure.
CONSOLIDATED
RESULTS
|
|
|
$ in millions,
except EPS
|
4Q17
|
3Q17
|
4Q16
|
|
4Q17
-4Q16
Change
(%/$)
|
|
2017
|
2016
|
2017-2016
Change (%/$)
|
Revenue
|
$73.1
|
$69.5
|
$51.5
|
|
+41.8%
|
|
$264.2
|
$212.1
|
+24.6%
|
Gross
profit
|
$26.8
|
$21.8
|
$14.6
|
|
+83.6%
|
|
$85.5
|
$76.9
|
+11.1%
|
Gross margin
percentage
|
36.6%
|
31.3%
|
28.3%
|
|
+830 BP
|
|
32.4%
|
36.3%
|
(390) BP
|
SG&A expense
(including stock-based compensation)
|
$17.1
|
$19.5
|
$14.7
|
|
+16.6%
|
|
$80.1
|
$61.6
|
+30.1%
|
Stock-based
compensation in SG&A
|
$1.4
|
$1.4
|
$1.3
|
|
+8.1%
|
|
$5.2
|
$4.8
|
+8.3%
|
Exploration
expense**
|
$2.3
|
$0.8
|
$1.6
|
|
+40.8%
|
|
$4.9
|
$6.1
|
(19.9)%
|
Write-off of
capitalized exploration costs
|
$6.5
|
-
|
-
|
|
$6.5
|
|
$6.5
|
$41.0
|
$(34.5)
|
Equity in the (loss)
income of AMSO/Genie UK
|
$(0.4)
|
$(0.2)
|
-
|
|
$(0.4)
|
|
$(0.6)
|
$(0.2)
|
$(0.4)
|
Income (loss) from
operations
|
$0.4
|
$1.4
|
$(1.3)
|
|
+$1.7
|
|
$(6.5)
|
$(30.5)
|
+$24.0
|
Adjusted
EBITDA*
|
$8.9
|
$3.3
|
$0.3
|
|
+$8.6
|
|
$7.3
|
$14.7
|
(50.5)%
|
Net (loss) income
attributable to Genie Energy common stockholders
|
$(0.2)
|
$0.4
|
$(1.2)
|
|
+$1.0
|
|
$(8.5)
|
$(26.0)
|
+$17.5
|
Diluted (loss)
earnings per share attributable to Genie Energy common
stockholders
|
$(0.01)
|
$0.02
|
$(0.05)
|
|
+$0.04
|
|
$(0.36)
|
$(1.14)
|
+$0.78
|
Capitalized
exploration costs
|
-
|
$2.3
|
-
|
|
-
|
|
$5.6
|
$12.9
|
(56.3)%
|
Net cash provided by
operating activities
|
$5.9
|
$6.6
|
$3.9
|
|
+$2.0
|
|
$9.3
|
$15.6
|
$(6.3)
|
** Genie Energy's Afek Oil & Gas subsidiary
accounts for its oil and gas exploration activities under the
"successful efforts" method of accounting. Under this method,
acquisition costs, costs of drilling exploratory wells, and
exploratory-type stratigraphic test wells are capitalized on the
balance sheet as "Capitalized exploration costs – unproved oil and
gas property" pending determination of whether the well has found
proved reserves. Exploration costs, other than exploration
drilling costs, are charged to expense in the statement of
operations as "Exploration expense".
BALANCE SHEET AND CASH FLOW HIGHLIGHTS
At December 31, 2017, Genie Energy
had $125.8 million in total assets,
including $31.9 million in cash, cash
equivalents and restricted cash (short and long term).
Liabilities totaled $58.7 million and
working capital (current assets less current liabilities) totaled
$35.4 million.
Genie Energy's net cash provided by operating activities in 4Q17
was $5.9 million compared to
$3.9 million in the year ago
quarter.
DIVIDEND ON GENIE ENERGY COMMON STOCK
Genie Energy's
Board of Directors has declared a 4Q17 dividend of $0.075 per share of Class A and Class B common
stock with a record date of March 19,
2018. The dividend will be paid on or about March 23, 2018. The distribution will be
treated as an ordinary dividend for income tax purposes.
RESULTS BY
SEGMENT
|
|
|
$ in
millions
|
4Q17
|
3Q17
|
4Q16
|
|
4Q17-4Q16
Change
(%/$)
|
|
2017
|
2016
|
2017-2016
Change
(%)/$)
|
Genie Retail
Energy
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$73.1
|
$69.5
|
$51.5
|
|
+41.8%
|
|
$264.2
|
$212.1
|
+24.6%
|
Electricity revenue
|
$58.5
|
$66.2
|
$41.0
|
|
+42.9%
|
|
$222.2
|
$179.5
|
+23.8%
|
Natural
gas revenue
|
$14.1
|
$2.8
|
$10.1
|
|
+38.9%
|
|
$40.1
|
$31.0
|
+29.2%
|
Other
revenue
|
$0.5
|
$0.5
|
$0.4
|
|
+13.9%
|
|
$1.9
|
$1.6
|
+19.8%
|
Gross
profit
|
$26.8
|
$21.8
|
$14.6
|
|
+83.6%
|
|
$85.5
|
$76.9
|
+11.1%
|
Gross margin
percentage
|
36.6%
|
31.3%
|
28.3%
|
|
+830 BP
|
|
32.4%
|
36.3%
|
(390) BP
|
SG&A
expense
|
$14.1
|
$16.8
|
$11.8
|
|
+19.3%
|
|
$68.4
|
$50.4
|
+35.5%
|
Equity in the loss of
Genie UK
|
$(0.4)
|
$(0.2)
|
-
|
|
$(0.4)
|
|
$(0.6)
|
-
|
$(0.6)
|
Income from
operations
|
$12.2
|
$4.8
|
$2.7
|
|
+346.1%
|
|
$16.6
|
$26.5
|
(37.4)%
|
Adjusted
EBITDA
|
$12.8
|
$5.4
|
$3.1
|
|
+308.8%
|
|
$18.8
|
$27.3
|
(31.1)%
|
|
|
|
|
|
|
|
|
|
|
Afek
|
|
|
|
|
|
|
|
|
|
G&A
expense
|
$0.3
|
$0.3
|
$0.3
|
|
+1.2%
|
|
$1.3
|
$1.1
|
+24.1%
|
Exploration
expense
|
$2.3
|
$0.8
|
$1.6
|
|
+40.8%
|
|
$4.9
|
$6.1
|
(19.9)%
|
Write-off of
capitalized exploration costs
|
$6.5
|
-
|
-
|
|
+$6.5
|
|
$6.5
|
$41.0
|
(84.2)%
|
Loss from
operations
|
$(9.1)
|
$(1.0)
|
$(2.0)
|
|
$(7.1)
|
|
$(12.7)
|
$(48.3)
|
+$35.6
|
Adjusted
EBITDA
|
$(2.5)
|
$(1.0)
|
$(1.9)
|
|
$(0.6)
|
|
$(5.9)
|
$(7.0)
|
+$1.2
|
Capitalized
exploration costs
|
-
|
$2.3
|
-
|
|
-
|
|
$5.6
|
$12.9
|
(56.3)%
|
|
|
|
|
|
|
|
|
|
|
GOGAS
|
|
|
|
|
|
|
|
|
|
G&A
expense
|
$0.2
|
$0.2
|
$0.3
|
|
(7.9)%
|
|
$0.6
|
$0.9
|
(32.0)%
|
Research &
development
|
-
|
-
|
$(0.5)
|
|
$(0.5)
|
|
-
|
$(0.3)
|
$(0.3)
|
Equity in the loss of
AMSO
|
-
|
-
|
-
|
|
-
|
|
-
|
$(0.2)
|
$0.2
|
(Loss) income from
operations
|
$(0.2)
|
$(0.2)
|
$0.2
|
|
$(0.5)
|
|
$(0.6)
|
$0.4
|
$(1.0)
|
Adjusted
EBITDA
|
-
|
$(0.1)
|
$0.2
|
|
$(0.2)
|
|
$(0.3)
|
$(0.8)
|
+$5.0
|
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
G&A
expense
|
$2.5
|
$2.2
|
$2.3
|
|
6.9%
|
|
$9.8
|
$9.2
|
7.1%
|
Stock-based
compensation in G&A
|
$1.1
|
$1.2
|
$1.2
|
|
(5.3)%
|
|
$4.4
|
$4.4
|
2.0%
|
Loss from
operations
|
$(2.5)
|
$(2.2)
|
$(2.3)
|
|
$(0.2)
|
|
$(9.8)
|
$(9.2)
|
$(0.7)
|
Adjusted
EBITDA
|
$(1.4)
|
$(1.0)
|
$(1.1)
|
|
$(0.2)
|
|
$(5.4)
|
$(4.8)
|
$(0.6)
|
Genie Retail Energy
Genie Retail Energy's
customer base as measured in residential customer equivalents
(RCEs) increased to 301,000 at December 31,
2017 from 283,000 a year earlier, while meters served
remained unchanged at 412,000. The year over year increase in
RCE's reflects a shift to higher average consumption meters during
the course of 2017 (including as a result of the acquisition of
Mirabito Natural Gas, a commercial supplier that contributed 11,300
gas RCE's and 970 gas meters at December
31, 2017). Sequentially, RCEs and meters served
decreased from 325,000 and 446,000, respectively, at September 30, 2017, reflecting a strategic
pullback from customer acquisition activity in certain
territories.
RCEs and Meters at
End
of Quarter (in thousands)
|
December 31,
2017
|
September 30,
2017
|
June 30,
2017
|
March 31,
2016
|
December 31,
2016
|
Electricity
RCEs
|
228
|
243
|
219
|
220
|
218
|
Natural gas
RCEs
|
73
|
82
|
70
|
67
|
65
|
Total
RCEs
|
301
|
325
|
289
|
287
|
283
|
|
|
|
|
|
|
Electricity
meters
|
307
|
330
|
317
|
307
|
296
|
Natural gas
meters
|
105
|
116
|
113
|
111
|
116
|
Total
meters
|
412
|
446
|
430
|
418
|
412
|
Gross meter acquisitions in 4Q17 increased to 62,000 from 54,000
in the year ago quarter but decreased from 111,000 in 3Q18.
Full year gross meter acquisitions were 355,000 compared to
235,000 in 2016. The increase reflects, in part, meters added
in 2017 by Town Square Energy following its acquisition in November
2016.
Reflective of the high rates of customer acquisition in recent
quarters, GRE's average monthly customer churn increased to 6.9% in
4Q17 from 6.7% in the year ago quarter and was unchanged compared
to the prior quarter. For the full year 2017, average monthly churn
increased to 6.6% from 6.0% in 2016.
Meters enrolled in offerings with fixed rate characteristics
constituted approximately 39% of GRE's electric load during
December 2017 compared to 32% of
GRE's load during December 2016 as
the customer mix has shifted towards fixed rate.
GRE generated all of Genie Energy's revenue and gross profit in
2017 and 2016.
GRE's revenue increased to $73.1
million in 4Q17 from $51.5
million in 4Q16. Full year 2017 revenue increased to
$264.2 million from $212.1 million in 2016.
Revenue from electricity sales in 4Q17 increased to $58.5 million from $41.0
million primarily reflecting a 23.1% increase in kilowatt
hours sold and a 16.0% increase in average revenue per kilowatt
hour sold. Kilowatt hours sold increased primarily as a
result of a shift to higher average consumption electricity meters
as well as the increase in meters served.
Full year 2017 revenue from electricity sales increased to
$222.2 million from $179.5 million on a 21.5% increase in kilowatt
hours sold – primarily reflecting the Town Square Energy
acquisition, a shift to higher average consumption meters and
higher average revenue per kilowatt hour sold.
Natural gas sales in 4Q17 increased to $14.1 million from $10.1
million in 4Q16 reflecting a 14.5% increase in therms sold
and a 21.3% increase in average revenue per therm sold reflecting
higher natural gas commodity prices. The increase in therms
sold reflected, in part, an increase in average consumption per gas
meter including the impact of the Mirabito Natural Gas
acquisition.
Full year 2017 natural gas sales increased to $40.1 million from $31.0
million reflecting a 29.2% increase in average revenue per
therm sold reflecting higher gas commodity prices while the volume
of gas sold was essentially unchanged.
GRE's gross profit in 4Q17 increased to $26.8 million from $14.6
million in 4Q16. The gross profit on electricity sales
increased to $21.6 million from
$11.1 million primarily reflecting a
58.0% increase in gross profit per kilowatt sold. The gross
profit on natural gas sales increased to $4.8 million from $3.2 in 4Q16 as the increase in revenue per therm
sold outpaced the increase in the underlying commodity
cost.
Gross profit for full year 2017 increased to $85.5 million from $76.9
million in 2016 primarily reflecting the increase in
kilowatt hours sold partially offset by weaker electricity gross
margins.
GRE's gross margin percentage increased to 36.6% in 4Q17 from
28.3% in 4Q16 as average revenue per kilowatt hour increased and
average unit cost of electricity was primarily unchanged, as well
as improved margins on natural gas sales.
Full year 2017 gross margin percentage decreased to 32.4% from
36.3% in 2016 as the increases in average revenue per kilowatt hour
sold and average revenue per therm sold trailed the increases in
the costs of their respective underlying commodities.
GRE's SG&A expense in 4Q17 increased to $14.1 million from $11.8
million in 4Q16 primarily due to increases in legal fees and
compensation expense.
Full year 2017 SG&A expense increased to $68.4 million from $50.4
million in 2017 reflecting increased gross meter
acquisitions and payroll expenses as well as an accrual of
$5.4 million in 2017 for the
settlement of class action lawsuits.
GRE's income from operations in 4Q17 increased to $12.2 million and Adjusted EBITDA increased to
$12.8 million from $2.7 million and $3.1
million, respectively, in 4Q16 primarily reflecting the
increase in gross profit that was only partially offset by the
increased SG&A expense.
GRE's full year 2017 income from operations was $16.6 million and Adjusted EBITDA was
$18.8 million including the impact of
$10.5 million in legal and regulatory
related accruals, compared to income from operations of
$26.5 million and Adjusted EBITDA of
$27.3 million in 2016.
Genie Retail Energy – New York Regulatory Update
In
December 2016, the New York State Public Service Commission (NY
PSC) issued an order prohibiting retail energy providers (REPs) in
New York State from serving
customers enrolled in utility low-income assistance programs
(low-income customers).
Challenges to the order filed by certain REPs and industry
groups in New York State courts
delayed implementation, but ultimately the State courts upheld the
order and on November 29, 2017, the
NY PSC instructed the utilities and REPs to begin implementation of
the order.
GRE is complying with the NY PSC's low-income order and has
begun the transfer of customers as required. The order will
require GRE's REPs to transfer customer accounts comprising
approximately 21,000 meters, representing 12,000 RCEs, to their
respective incumbent utilities during the first half of
2018.
Separately, the NY PSC launched an evidentiary proceeding
intended to provide a basis for additional restrictions on the REP
industry and competitive retail energy markets. Hearings were
held in November and December of 2017, and the presiding
administrative law judges have established deadlines for initial
and reply briefs from interested parties and the PSC, respectively,
later this spring.
Afek
Genie Energy announced in November that
the preliminary analysis of results from Afek's Ness 10 exploratory
well in Northern Israel suggested
that the well's target zone does not contain commercially
producible quantities of oil or natural gas. Afek suspended
exploratory activities and no further drilling activity is planned
at this time. The company expects that any additional exploratory
drilling in Northern Israel likely
would be underwritten at least in part by outside investors and
would be contingent upon licensing and permitting.
GENIE ENERGY EARNINGS CONFERENCE CALL
This release is available for download in the "Investors" section
of the Genie Energy website (www.genie.com/investor-relations) and
has been filed on a current report (Form 8-K) with the
SEC.
At 8:30 AM Eastern time today,
March 8, 2018, 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 for seven days at
1-844-512-2921 (US toll free) or 1-412-317-6671
(international). The replay PIN is: 10115415. 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
http://genie.com/investors/email-alerts/ to have earnings releases
and other press releases emailed directly to them.
ABOUT GENIE ENERGY LTD.
Genie Energy Ltd. (NYSE: GNE,
GNEPRA), through its Genie Retail Energy (GRE) division, provides
electricity and natural gas primarily to residential and small
business customers in the United
States and, through a joint venture, in Great Britain.
GRE also operates Diversegy, a commercial brokerage and marketing
services company. Genie's GOGAS division operates oil and gas
exploration and drilling services ventures. For more information,
visit www.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.
GENIE ENERGY
LTD.
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
December
31
(in
thousands)
|
|
2017
|
|
|
2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
......................................................................................................................................
|
|
$
|
29,913
|
|
|
$
|
35,192
|
|
Restricted
cash – short-term
............................................................................................................................................
|
|
|
518
|
|
|
|
10,813
|
|
Trade
accounts receivable, net of allowance for doubtful accounts of
$1,099 and $171 at
December 31,
2017 and 2016, respectively
................................................................................................................
|
|
|
44,629
|
|
|
|
36,858
|
|
Inventory
..........................................................................................................................................................................
|
|
|
3,986
|
|
|
|
5,989
|
|
Prepaid
expenses
..............................................................................................................................................................
|
|
|
6,131
|
|
|
|
4,026
|
|
Other
current assets
..........................................................................................................................................................
|
|
|
4,985
|
|
|
|
4,932
|
|
TOTAL CURRENT
ASSETS
......................................................................................................................................................
|
|
|
90,162
|
|
|
|
97,810
|
|
Property and
equipment, net
.......................................................................................................................................................
|
|
|
4,020
|
|
|
|
1,617
|
|
Goodwill
.......................................................................................................................................................................................
|
|
|
9,998
|
|
|
|
8,728
|
|
Other intangibles,
net
.................................................................................................................................................................
|
|
|
4,859
|
|
|
|
4,277
|
|
Investment in joint
venture
..........................................................................................................................................................
|
|
|
3,450
|
|
|
|
—
|
|
Restricted cash –
long-term
........................................................................................................................................................
|
|
|
1,496
|
|
|
|
1,047
|
|
Deferred income tax
assets, net
..................................................................................................................................................
|
|
|
2,141
|
|
|
|
1,781
|
|
Other assets
................................................................................................................................................................................
|
|
|
9,652
|
|
|
|
6,553
|
|
TOTAL ASSETS
........................................................................................................................................................................
|
|
$
|
125,778
|
|
|
$
|
121,813
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Revolving
line of credit
...................................................................................................................................................
|
|
$
|
—
|
|
|
$
|
711
|
|
Trade
accounts payable
...................................................................................................................................................
|
|
|
21,068
|
|
|
|
17,274
|
|
Accrued
expenses
...........................................................................................................................................................
|
|
|
28,069
|
|
|
|
16,301
|
|
Income
taxes payable
.....................................................................................................................................................
|
|
|
2,204
|
|
|
|
2,426
|
|
Due
to IDT Corporation
...................................................................................................................................................
|
|
|
228
|
|
|
|
141
|
|
Other
current liabilities
...................................................................................................................................................
|
|
|
3,172
|
|
|
|
4,292
|
|
TOTAL CURRENT
LIABILITIES
.............................................................................................................................................
|
|
|
54,741
|
|
|
|
41,145
|
|
Revolving line of
credit..............................................................................................................................................................
|
|
|
2,513
|
|
|
|
—
|
|
Other liabilities
........................................................................................................................................................................
|
|
|
1,396
|
|
|
|
803
|
|
TOTAL
LIABILITIES
.............................................................................................................................................................
|
|
|
58,650
|
|
|
|
41,948
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
|
Genie Energy Ltd.
stockholders' equity:
|
|
|
|
|
|
|
|
|
Preferred
stock, $.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 December 31, 2017 and 2016
....................................................................................
|
|
|
19,743
|
|
|
|
19,743
|
|
Class
A common stock, $.01 par value; authorized shares – 35,000; 1,574
shares issued and
outstanding
at December 31, 2017 and 2016
......................................................................................................
|
|
|
16
|
|
|
|
16
|
|
Class
B common stock, $.01 par value; authorized shares – 200,000; 23,601
and 23,274 shares
issued
and 23,270 and 23,073 shares outstanding at December 31, 2017 and
2016, respectively ....................
|
|
|
236
|
|
|
|
233
|
|
Additional
paid-in capital
..............................................................................................................................................
|
|
|
130,870
|
|
|
|
128,243
|
|
Treasury
stock, at cost, consisting of 331 and 201 shares of Class B common
at
December
31, 2017 and 2016, respectively
......................................................................................................
|
|
|
(2,428)
|
|
|
|
(1,599)
|
|
Accumulated
other comprehensive income
..................................................................................................................
|
|
|
3,045
|
|
|
|
1,465
|
|
Accumulated
deficit
......................................................................................................................................................
|
|
|
(67,469)
|
|
|
|
(51,567)
|
|
Total Genie Energy Ltd.
stockholders' equity
...................................................................................................................
|
|
|
84,013
|
|
|
|
96,534
|
|
Noncontrolling
interests:
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
..............................................................................................................................................
|
|
|
(16,885)
|
|
|
|
(15,002)
|
|
Receivable
for issuance of equity
................................................................................................................................
|
|
|
—
|
|
|
|
(1,667)
|
|
Total noncontrolling
interests
............................................................................................................................................
|
|
|
(16,885)
|
|
|
|
(16,669)
|
|
TOTAL EQUITY
.....................................................................................................................................................................
|
|
|
67,128
|
|
|
|
79,865
|
|
TOTAL LIABILITIES
AND EQUITY
........................................................................................................................................
|
|
$
|
125,778
|
|
|
$
|
121,813
|
|
GENIE ENERGY
LTD.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
Year ended
December 31,
|
(in thousands,
except per share data)
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2015
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity
.......................................................................................................................
|
|
$
|
222,171
|
|
|
$
|
179,467
|
|
|
$
|
170,283
|
|
Natural gas
...................................................................................................................
|
|
|
40,098
|
|
|
|
31,031
|
|
|
|
40,757
|
|
Other
.............................................................................................................................
|
|
|
1,933
|
|
|
|
1,614
|
|
|
|
2,016
|
|
Total revenues
....................................................................................................................
|
|
|
264,202
|
|
|
|
212,112
|
|
|
|
213,056
|
|
Cost of revenues
................................................................................................................
|
|
|
178,693
|
|
|
|
135,172
|
|
|
|
146,409
|
|
GROSS PROFIT
................................................................................................................
|
|
|
85,509
|
|
|
|
76,940
|
|
|
|
66,647
|
|
OPERATING
EXPENSES, (GAINS) AND LOSSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative (i)
...........................................................................
|
|
|
80,122
|
|
|
|
61,569
|
|
|
|
66,011
|
|
Research and
development
..........................................................................................
|
|
|
—
|
|
|
|
(269)
|
|
|
|
1,985
|
|
Exploration
...................................................................................................................
|
|
|
4,879
|
|
|
|
6,088
|
|
|
|
6,583
|
|
Write-off of
capitalized exploration costs
.......................................................................
|
|
|
6,483
|
|
|
|
41,041
|
|
|
|
—
|
|
Other operating loss,
net
...............................................................................................
|
|
|
—
|
|
|
|
64
|
|
|
|
—
|
|
Gain on consolidation
of AMSO, LLC
............................................................................
|
|
|
—
|
|
|
|
(1,262)
|
|
|
|
—
|
|
Equity in the net loss
of joint ventures
...........................................................................
|
|
|
565
|
|
|
|
222
|
|
|
|
397
|
|
Loss from operations
...........................................................................................................
|
|
|
(6,540)
|
|
|
|
(30,513)
|
|
|
|
(8,329)
|
|
Interest income
..............................................................................................................
|
|
|
295
|
|
|
|
332
|
|
|
|
411
|
|
Interest
expense............................................................................................................
|
|
|
(310)
|
|
|
|
(19)
|
|
|
|
(10
|
|
Other (expense) income,
net
..........................................................................................
|
|
|
(367)
|
|
|
|
226
|
|
|
|
(183))
|
|
Loss before income
taxes
...................................................................................................
|
|
|
(6,922)
|
|
|
|
(29,974)
|
|
|
|
(8,111)
|
|
Provision for income
taxes
.............................................................................................
|
|
|
(1,726)
|
|
|
|
(2,218)
|
|
|
|
(525)
|
|
NET LOSS
..........................................................................................................................
|
|
|
(8,648)
|
|
|
|
(32,192)
|
|
|
|
(8,636)
|
|
Net loss attributable
to noncontrolling interests
..............................................................
|
|
|
1,654
|
|
|
|
7,667
|
|
|
|
1,179
|
|
NET LOSS
ATTRIBUTABLE TO GENIE ENERGY LTD.
...................................................
|
|
|
(6,994)
|
|
|
|
(24,525)
|
|
|
|
(7,457)
|
|
Dividends on preferred
stock
..........................................................................................
|
|
|
(1,481)
|
|
|
|
(1,481)
|
|
|
|
(1,481)
|
|
NET LOSS
ATTRIBUTABLE TO GENIE ENERGY LTD.
COMMON STOCKHOLDERS
.......................................................................................
|
|
$
|
(8,475)
|
|
|
$
|
(26,006)
|
|
|
$
|
(8,938)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share attributable to Genie Energy Ltd.
common
stockholders......................................................................................................
|
|
$
|
(0.36)
|
|
|
$
|
(1.14)
|
|
|
$
|
(0.40)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of shares used in calculation of basic and
diluted loss per
share......................................................................................................
|
|
|
23,531
|
|
|
|
22,804
|
|
|
|
22,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Stock-based
compensation included in selling, general and
administrative expenses
.................................................................................................
|
|
$
|
5,213
|
|
|
$
|
4,813
|
|
|
$
|
5,229
|
|
GENIE ENERGY
LTD.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
Year ended December
31,
|
(in
thousands)
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
...................................................................
|
|
$
|
(8,648)
|
|
|
$
|
(32,192)
|
|
|
$
|
(8,636)
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
...................................................................................
|
|
|
2,140
|
|
|
|
581
|
|
|
|
428
|
|
Deferred income taxes
...............................................................................................
|
|
|
(361)
|
|
|
|
(139)
|
|
|
|
(180)
|
|
Provision for doubtful
accounts receivable
...............................................................
|
|
|
762
|
|
|
|
8
|
|
|
|
(29)
|
|
Stock-based
compensation
......................................................................................
|
|
|
5,013
|
|
|
|
4,813
|
|
|
|
5,229
|
|
Loss on disposal of
property
......................................................................................
|
|
|
—
|
|
|
|
25
|
|
|
|
156
|
|
Gain from repayment of
revolving credit loan payable
.............................................
|
|
|
—
|
|
|
|
(200)
|
|
|
|
—
|
|
Write-off of
capitalized exploration costs
.................................................................
|
|
|
6,483
|
|
|
|
41,041
|
|
|
|
—
|
|
Gain on consolidation
of AMSO, LLC
.......................................................................
|
|
|
—
|
|
|
|
(1,262)
|
|
|
|
—
|
|
Equity in the net loss
of joint ventures
.......................................................................
|
|
|
565
|
|
|
|
222
|
|
|
|
397
|
|
Change in assets and
liabilities, net of effect of acquisition:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
........................................................................................................
|
|
|
(93)
|
|
|
|
905
|
|
|
|
(1,062)
|
|
Trade accounts
receivable
......................................................................................
|
|
|
(8,024)
|
|
|
|
(6,030)
|
|
|
|
4,234
|
|
Inventory
.................................................................................................................
|
|
|
2,003
|
|
|
|
5,737
|
|
|
|
(274)
|
|
Prepaid expenses
.....................................................................................................
|
|
|
(2,026)
|
|
|
|
7,539
|
|
|
|
(5,615)
|
|
Other current assets
and other assets
....................................................................
|
|
|
(3,703)
|
|
|
|
2,863
|
|
|
|
(2,346)
|
|
Trade accounts payable,
accrued expenses and other current liabilities
................
|
|
|
15,310
|
|
|
|
(9,566)
|
|
|
|
4,341
|
|
Due to IDT Corporation
.........................................................................................
|
|
|
88
|
|
|
|
(298)
|
|
|
|
(104)
|
|
Income taxes payable
............................................................................................
|
|
|
(222)
|
|
|
|
1,503
|
|
|
|
380
|
|
Net cash provided by
(used in) operating activities
.....................................................
|
|
|
9,287
|
|
|
|
15,550
|
|
|
|
(3,081)
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
....................................................................................................
|
|
|
(3,292)
|
|
|
|
(586)
|
|
|
|
(324)
|
|
Investments in
capitalized exploration costs – unproved oil and gas property
...........
|
|
|
(5,531)
|
|
|
|
(12,884)
|
|
|
|
(26,969)
|
|
Proceeds from
disposal of property
............................................................................
|
|
|
—
|
|
|
|
27
|
|
|
|
—
|
|
Cash acquired from
consolidation of AMSO, LLC
......................................................
|
|
|
—
|
|
|
|
702
|
|
|
|
—
|
|
Capital contribution
to AMSO, LLC received from Total
.............................................
|
|
|
—
|
|
|
|
3,000
|
|
|
|
—
|
|
Capital contributions
to AMSO, LLC
.........................................................................
|
|
|
—
|
|
|
|
(63)
|
|
|
|
(250)
|
|
Payment for
acquisition, net of cash acquired
............................................................
|
|
|
(4,181)
|
|
|
|
(8,700)
|
|
|
|
—
|
|
Repayment of notes
receivable
..................................................................................
|
|
|
446
|
|
|
|
50
|
|
|
|
50
|
|
Investment in joint
venture
........................................................................................
|
|
|
(3,970)
|
|
|
|
—
|
|
|
|
—
|
|
Purchases of
certificates of deposit
............................................................................
|
|
|
—
|
|
|
|
(2,974)
|
|
|
|
(8,820)
|
|
Proceeds from
maturities of certificates of deposit
......................................................
|
|
|
—
|
|
|
|
11,900
|
|
|
|
4,688
|
|
Net cash used in
investing activities
............................................................................
|
|
|
(16,528)
|
|
|
|
(9,528)
|
|
|
|
(31,625)
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
.............................................................................................................
|
|
|
(8,908)
|
|
|
|
(7,395)
|
|
|
|
(4,431)
|
|
Purchases of equity
of subsidiary
.................................................................................
|
|
|
(312)
|
|
|
|
—
|
|
|
|
—
|
|
Payment for
acquisitions
..............................................................................................
|
|
|
—
|
|
|
|
(227)
|
|
|
|
(358)
|
|
Proceeds from
revolving line of credit and loan payable
..............................................
|
|
|
14,450
|
|
|
|
3,650
|
|
|
|
2,000
|
|
Repayment of
revolving line of credit and loan payable
..............................................
|
|
|
(12,655)
|
|
|
|
(6,690)
|
|
|
|
—
|
|
Decrease in
restricted cash
........................................................................................
|
|
|
10,000
|
|
|
|
—
|
|
|
|
—
|
|
Proceeds from
exercise of stock options
...................................................................
|
|
|
108
|
|
|
|
—
|
|
|
|
174
|
|
Proceeds from sales
of equity of subsidiaries
..............................................................
|
|
|
—
|
|
|
|
1,000
|
|
|
|
2,500
|
|
Collection of
receivables for issuance of equity
...........................................................
|
|
|
—
|
|
|
|
—
|
|
|
|
1,912
|
|
Payment for option to
purchase noncontrolling interests
..............................................
|
|
|
—
|
|
|
|
—
|
|
|
|
(175)
|
|
Repurchases of Class
B common stock
........................................................................
|
|
|
(829)
|
|
|
|
(29)
|
|
|
|
(27)
|
|
Net cash provided by
(used in) financing activities
........................................................
|
|
|
1,854
|
|
|
|
(9,691)
|
|
|
|
1,595
|
|
Effect of exchange
rate changes on cash and cash equivalents
...................................
|
|
|
108
|
|
|
|
75
|
|
|
|
2
|
|
Net decrease in cash
and cash equivalents
...................................................................
|
|
|
(5,279)
|
|
|
|
(3,594)
|
|
|
|
(33,109)
|
|
Cash and cash
equivalents at beginning of period
.........................................................
|
|
|
35,192
|
|
|
|
38,786
|
|
|
|
71,895
|
|
Cash and cash
equivalents at end of period
.............................................................
|
|
$
|
29,913
|
|
|
$
|
35,192
|
|
|
$
|
38,786
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash payments made for
interest
.............................................................................
|
|
$
|
310
|
|
|
$
|
19
|
|
|
$
|
10
|
|
Cash payments made for
income taxes
.................................................................
|
|
$
|
2
|
|
|
$
|
745
|
|
|
$
|
49
|
|
SUPPLEMENTAL
SCHEDULE OF NON-CASH FINANCING AND INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B common stock
issued for GRE deferred stock units
..................................
|
|
$
|
1,845
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Receivable for issuance
of equity
written-off............................................................
|
|
$
|
1,667
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Subsidiary equity grant
reclassified to liability
.........................................................
|
|
$
|
—
|
|
|
$
|
1,688
|
|
|
$
|
1,200
|
|
Liability incurred for
acquisition
...............................................................................
|
|
$
|
—
|
|
|
$
|
312
|
|
|
$
|
—
|
|
Receivables for
issuance of equity of subsidiaries
..................................................
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,500
|
|
Reconciliation of Non-GAAP Financial Measures
for the Fourth Quarter and Full Year 2017 and 2016
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 full year and fourth
quarter of 2017, 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, research
and development expense, exploration expense and equity in the net
loss of joint ventures, 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 (loss) from operations and add
depreciation, amortization, stock-based compensation, other
operating loss, net, and the write-off of capitalized exploration
costs, and deduct the gain on consolidation of AMSO, LLC.
Management believes that Genie Energy's Adjusted EBITDA provides
useful information to both management and investors by excluding
certain expenses and gains 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.
In 2016, other operating loss, net, was net expense incurred
from drilling and related operations for a water cooperative of
agricultural settlements in the Golan Heights. This project was a
short-term water drilling project that was outside the scope of
Genie Energy's oil and gas exploration business. The other
operating loss, net, was therefore excluded from Genie Energy's and
the relevant segment's core operating results.
The write-off of capitalized exploration costs, which is a
component of income (loss) from operations, is also excluded from
the calculation of Adjusted EBITDA. The write-off of capitalized
exploration costs is primarily dictated by events and circumstances
outside the control of management that trigger an impairment
analysis. While there may be similar charges in other periods, the
nature and magnitude of these charges can fluctuate markedly and do
not reflect the performance of Genie Energy's continuing
operations.
The gain on consolidation of AMSO, LLC, which is a component of
income (loss) from operations, is excluded from the calculation of
Adjusted EBITDA. Genie Energy's equity in the net loss of AMSO, LLC
(a joint venture with Total until April 30,
2016) was included in Adjusted EBITDA because it was the
result of ongoing operations of AMSO, LLC. The gain on
consolidation of AMSO, LLC was a non-routine result of Total's
withdrawal from AMSO, LLC. The gain is not part of Genie Energy's
or the relevant segment's core operating results.
Adjusted EBITDA should be considered in addition to, not as a
substitute for, or superior to, gross profit, income (loss) from
operations, cash flow from operating activities, net income (loss),
basic and diluted earnings (loss) 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 (loss) from
operations for Genie Energy's reportable segments and net income
(loss) for Genie Energy on a consolidated basis.
Genie Energy
Ltd.
|
Reconciliation of
Adjusted EBITDA to Net Income (Loss)
|
(unaudited)
|
$ in
thousands
|
|
|
Total
|
|
Genie
Retail
Energy
|
GOGAS
|
Afek
|
Corporate
|
Three Months Ended
December 31, 2017
(4Q17)
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
8,946
|
|
$ 12,794
|
$
14
|
$ (2,501)
|
$ (1,361)
|
Subtract:
|
|
|
|
|
|
|
Stock-based
compensation
|
1,422
|
|
108
|
200
|
-
|
1,114
|
Depreciation and
amortization
|
612
|
|
453
|
57
|
102
|
-
|
Write-off of
capitalized exploration costs
|
6,483
|
|
-
|
-
|
6,483
|
-
|
Income (loss) from
operations
|
429
|
|
$
12,233
|
$
(243)
|
$
(9,086)
|
$ (2,475)
|
Interest
income
|
88
|
|
|
|
|
|
Interest
expense
|
(88)
|
|
|
|
|
|
Other income,
net
|
29
|
|
|
|
|
|
Provision for income
taxes
|
(1,271)
|
|
|
|
|
|
Net loss
|
(813)
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
1,027
|
|
|
|
|
|
Net income
attributable to Genie Energy Ltd.
|
$
214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Genie
Retail
Energy
|
GOGAS
|
Afek
|
Corporate
|
Three Months Ended
September 30, 2017
(3Q17)
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
3,301
|
|
$
5,382
|
$
(104)
|
$
(963)
|
$ (1,014)
|
Subtract:
|
|
|
|
|
|
|
Stock-based
compensation
|
1,411
|
|
176
|
49
|
-
|
1,186
|
Depreciation and
amortization
|
487
|
|
434
|
5
|
48
|
-
|
Income (loss) from
operations
|
1,403
|
|
$
4,772
|
$
(158)
|
$
(1,011)
|
$ (2,200)
|
Interest
income
|
51
|
|
|
|
|
|
Interest
expense
|
(67)
|
|
|
|
|
|
Other income,
net
|
9
|
|
|
|
|
|
Provision for income
taxes
|
(421)
|
|
|
|
|
|
Net income
|
975
|
|
|
|
|
|
Net income
attributable to noncontrolling
interests
|
(197)
|
|
|
|
|
|
Net income
attributable to Genie Energy Ltd.
|
$
778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Genie
Retail
Energy
|
GOGAS
|
Afek
|
Corporate
|
Three Months Ended
December 31, 2016
(4Q16)
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
322
|
|
$
3,130
|
$
226
|
$ (1,896)
|
$ (1,138)
|
Subtract:
|
|
|
|
|
|
|
Stock-based
compensation
|
1,316
|
|
137
|
2
|
-
|
1,177
|
Depreciation and
amortization
|
287
|
|
251
|
6
|
30
|
-
|
Other operating loss,
net
|
64
|
|
-
|
-
|
64
|
-
|
(Loss) income from
operations
|
(1,345)
|
|
$ 2,742
|
$
218
|
$
(1,990)
|
$ (2,315)
|
Interest
income
|
75
|
|
|
|
|
|
Interest
expense
|
(23)
|
|
|
|
|
|
Other income,
net
|
59
|
|
|
|
|
|
Provision for income
taxes
|
(53)
|
|
|
|
|
|
Net loss
|
(1,287)
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
469
|
|
|
|
|
|
Net loss attributable
to Genie Energy Ltd.
|
$
(818)
|
|
|
|
|
|
Genie Energy
Ltd.
|
Reconciliation of
Adjusted EBITDA to Net Loss
|
(unaudited)
|
$ in
thousands
|
|
|
Total
|
|
Genie
Retail
Energy
|
GOGAS
|
Afek
|
Corporate
|
Year Ended
December 31, 2017
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
7,296
|
|
$ 18,841
|
$
(266)
|
$ (5,887)
|
$ (5,392)
|
Subtract:
|
|
|
|
|
|
|
Stock-based
compensation
|
5,213
|
|
516
|
255
|
-
|
4,442
|
Depreciation and
amortization
|
2,140
|
|
1,740
|
72
|
327
|
1
|
Write-off of
capitalized exploration costs
|
6,483
|
|
-
|
-
|
6,483
|
-
|
(Loss) income from
operations
|
(6,540)
|
|
$ 16,585
|
$
(593)
|
$( 12,697)
|
$ (9,835)
|
Interest
income
|
295
|
|
|
|
|
|
Interest
expense
|
(310)
|
|
|
|
|
|
Other expense,
net
|
(367)
|
|
|
|
|
|
Provision for income
taxes
|
(1,726)
|
|
|
|
|
|
Net loss
|
(8,648)
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
1,654
|
|
|
|
|
|
Net loss attributable
to Genie Energy Ltd.
|
$
(6,994)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Genie
Retail
Energy
|
GOGAS
|
Afek
|
Corporate
|
Year Ended
December 31, 2016
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
14,724
|
|
$ 27,350
|
$
(758)
|
$ (7,043)
|
$ (4,825)
|
Subtract
(Add):
|
|
|
|
|
|
|
Stock-based
compensation
|
4,813
|
|
420
|
36
|
-
|
4,357
|
Depreciation and
amortization
|
581
|
|
427
|
30
|
124
|
-
|
Write-off of
capitalized exploration costs
|
41,041
|
|
-
|
-
|
41,041
|
-
|
Other operating loss,
net
|
64
|
|
-
|
-
|
64
|
-
|
Gain on consolidation
of AMSO, LLC
|
(1,262)
|
|
-
|
(1,262)
|
-
|
-
|
(Loss) income from
operations
|
(30,513)
|
|
$ 26,503
|
$
438
|
$ (48,272)
|
$ (9,182)
|
Interest
income
|
332
|
|
|
|
|
|
Interest
expense
|
(19)
|
|
|
|
|
|
Other income,
net
|
226
|
|
|
|
|
|
Provision for income
taxes
|
(2,218)
|
|
|
|
|
|
Net loss
|
(32,192)
|
|
|
|
|
|
Net loss attributable
to noncontrolling interests
|
7,667
|
|
|
|
|
|
Net loss attributable
to Genie Energy Ltd.
|
$ (24,525)
|
|
|
|
|
|
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SOURCE Genie Energy Ltd.