|
|
|
|
|
Delaware
|
|
001-36559
|
|
46-5453215
|
(State or Other Jurisdiction
of Incorporation)
|
|
(Commission
File Number)
|
|
(IRS Employer
Identification Number)
|
•
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
•
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
•
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
•
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit No.
|
Description
|
|
|
99.1
|
Press Release of Spark Energy, Inc. dated May 9, 2018
|
Exhibit No.
|
Description
|
|
|
99.1
|
|
||
|
|
|
Spark Energy, Inc.
|
||
|
||
By:
|
|
/s/ Gil Melman
|
Name:
|
|
Gil Melman
|
Title:
|
|
Vice President, General Counsel and Corporate Secretary
|
•
|
Achieved $15.9 million in Adjusted EBITDA, $45.7 million in Retail Gross Margin, and a $(41.8) million Net Loss for the first quarter
|
•
|
Total RCE count increased 1% to a record 1,055,000 as of March 31, 2018
|
•
|
Average monthly attrition of 4.2% for the first quarter
|
•
|
Closed on two acquisitions, adding approximately 80,000 RCEs
|
•
|
Continue to simplify, streamline, and optimize the organization
|
•
|
Expanded the senior credit facility to $200.0 million in commitments
|
•
|
Issued two million shares of Series A Preferred Stock for net proceeds of approximately $48.9 million
|
($ in thousands)
|
March 31, 2018
|
||
Cash and cash equivalents
|
$
|
21,065
|
|
Senior Credit Facility Availability
(1)
|
43,811
|
|
|
Subordinated Debt Availability
(2)
|
25,000
|
|
|
Total Liquidity
|
$
|
89,876
|
|
•
|
changes in commodity prices and the sufficiency of risk management and hedging policies;
|
•
|
extreme and unpredictable weather conditions, and the impact of hurricanes and other natural disasters;
|
•
|
federal, state and local regulation, including the industry's ability to address or adapt to potentially restrictive new regulations that may be enacted by the New York Public Service Commission;
|
•
|
our ability to borrow funds and access credit markets and restrictions in our debt agreements and collateral requirements;
|
•
|
credit risk with respect to suppliers and customers;
|
•
|
changes in costs to acquire customers and actual customer attrition rates;
|
•
|
accuracy of billing systems;
|
•
|
whether our majority stockholder or its affiliates offer us acquisition opportunities on terms that are commercially acceptable to us;
|
•
|
ability to successfully identify and complete, and efficiently integrate acquisitions into our operations;
|
•
|
competition; and
|
•
|
the “Risk Factors” in our latest Annual Report on Form 10-K, and in our quarterly reports, other public filings and press releases.
|
|
March 31, 2018
|
|
|
December 31, 2017
|
|
|||||
Assets
|
|
|
|
|||||||
Current assets:
|
|
|
|
|||||||
Cash and cash equivalents
|
$
|
21,065
|
|
|
$
|
29,419
|
|
|||
Accounts receivable, net of allowance for doubtful accounts of $4.4 million and $4.0 million as of March 31, 2018 and December 31, 2017, respectively
|
152,454
|
|
|
|
158,814
|
|
||||
Accounts receivable—affiliates
|
3,063
|
|
|
|
3,661
|
|
||||
Inventory
|
400
|
|
|
|
4,470
|
|
||||
Fair value of derivative assets
|
7,965
|
|
|
|
31,191
|
|
||||
Customer acquisition costs, net
|
20,181
|
|
|
|
22,123
|
|
||||
Customer relationships, net
|
20,878
|
|
|
|
18,653
|
|
||||
Prepaid assets
|
3,809
|
|
|
|
1,028
|
|
||||
Deposits
|
28,763
|
|
|
|
7,701
|
|
||||
Other current assets
|
23,254
|
|
|
|
19,678
|
|
||||
Total current assets
|
281,832
|
|
|
|
296,738
|
|
||||
Property and equipment, net
|
7,699
|
|
|
|
8,275
|
|
||||
Fair value of derivative assets
|
262
|
|
|
|
3,309
|
|
||||
Customer acquisition costs, net
|
6,698
|
|
|
|
6,949
|
|
||||
Customer relationships, net
|
35,074
|
|
|
|
34,839
|
|
||||
Deferred tax assets
|
30,734
|
|
|
|
24,185
|
|
||||
Goodwill
|
120,154
|
|
|
|
120,154
|
|
||||
Other assets
|
11,452
|
|
|
|
11,500
|
|
||||
Total assets
|
$
|
493,905
|
|
|
$
|
505,949
|
|
|||
Liabilities, Series A Preferred Stock and Stockholders' Equity
|
|
|
|
|||||||
Current liabilities:
|
|
|
|
|||||||
Accounts payable
|
$
|
61,687
|
|
|
$
|
77,510
|
|
|||
Accounts payable—affiliates
|
4,050
|
|
|
|
4,622
|
|
||||
Accrued liabilities
|
41,512
|
|
|
|
33,679
|
|
||||
Fair value of derivative liabilities
|
12,347
|
|
|
|
1,637
|
|
||||
Current portion of Senior Credit Facility
|
—
|
|
|
|
7,500
|
|
||||
Current payable pursuant to tax receivable agreement—affiliates
|
5,937
|
|
|
|
5,937
|
|
||||
Current contingent consideration for acquisitions
|
3,043
|
|
|
|
4,024
|
|
||||
Other current liabilities
|
2,484
|
|
|
|
2,675
|
|
||||
Current portion of note payable
|
11,332
|
|
|
|
13,443
|
|
||||
Total current liabilities
|
142,392
|
|
|
|
151,027
|
|
||||
Long-term liabilities:
|
|
|
|
|||||||
Fair value of derivative liabilities
|
11,038
|
|
|
|
492
|
|
||||
Payable pursuant to tax receivable agreement—affiliates
|
26,355
|
|
|
|
26,355
|
|
||||
Long-term portion of Senior Credit Facility
|
106,500
|
|
|
|
117,750
|
|
||||
Contingent consideration for acquisitions
|
—
|
|
|
|
626
|
|
||||
Other long-term liabilities
|
—
|
|
|
|
172
|
|
||||
Long-term portion of note payable
|
5,900
|
|
|
|
7,051
|
|
||||
Total liabilities
|
$
|
292,185
|
|
|
$
|
303,473
|
|
|||
Commitments and contingencies (Note 13)
|
|
|
|
|||||||
Series A Preferred Stock, par value $0.01 per share, 20,000,000 shares authorized, 3,707,256 shares issued and outstanding at March 31, 2018 and 1,704,339 shares issued and outstanding at December 31, 2017
|
90,758
|
|
|
|
41,173
|
|
||||
Stockholders' equity:
|
|
|
|
|||||||
Common Stock
(1)
:
|
|
|
|
|||||||
Class A common stock, par value $0.01 per share, 120,000,000 shares authorized, 13,237,981 issued, and 13,138,535 outstanding at March 31, 2018 and 13,235,082 issued and 13,135,636 outstanding at December 31, 2017
|
132
|
|
|
|
132
|
|
||||
Class B common stock, par value $0.01 per share, 60,000,000 shares authorized, 21,485,126 issued and outstanding at March 31, 2018 and December 31, 2017
|
216
|
|
|
|
216
|
|
||||
Additional paid-in capital
|
27,717
|
|
|
|
26,914
|
|
||||
Accumulated other comprehensive loss
|
(43
|
|
)
|
|
(11
|
)
|
||||
Retained earnings
|
(5,726
|
|
)
|
|
11,008
|
|
||||
Treasury stock, at cost, 99,446 shares at March 31, 2018 and December 31, 2017
|
(2,011
|
|
)
|
|
(2,011
|
)
|
||||
Total stockholders' equity
|
20,285
|
|
|
|
36,248
|
|
||||
Non-controlling interest in Spark HoldCo, LLC
|
90,677
|
|
|
|
125,055
|
|
||||
Total equity
|
110,962
|
|
|
|
161,303
|
|
||||
Total liabilities, Series A Preferred Stock and stockholders' equity
|
$
|
493,905
|
|
|
$
|
505,949
|
|
|
Three Months Ended March 31,
|
||||||||||
|
2018
|
|
2017
(1)
|
||||||||
Revenues:
|
|
|
|
||||||||
Retail revenues
|
$
|
284,001
|
|
|
$
|
196,500
|
|
||||
Net asset optimization revenues/(expense)
(2)
|
2,687
|
|
|
(193
|
)
|
||||||
Total Revenues
|
286,688
|
|
|
196,307
|
|
||||||
Operating Expenses:
|
|
|
|
||||||||
Retail cost of revenues
|
289,876
|
|
|
145,761
|
|
||||||
General and administrative
(3)
|
30,047
|
|
|
24,493
|
|
||||||
Depreciation and amortization
|
13,019
|
|
|
9,270
|
|
||||||
Total Operating Expenses
|
332,942
|
|
|
179,524
|
|
||||||
Operating (loss) income
|
(46,254
|
)
|
|
16,783
|
|
||||||
Other (expense)/income:
|
|
|
|
||||||||
Interest expense
|
(2,245
|
)
|
|
(3,445
|
)
|
||||||
Interest and other income
|
201
|
|
|
199
|
|
||||||
Total other expenses
|
(2,044
|
)
|
|
(3,246
|
)
|
||||||
(Loss) Income before income tax (benefit) expense
|
(48,298
|
)
|
|
13,537
|
|
||||||
Income tax (benefit)/expense
|
(6,467
|
)
|
|
2,405
|
|
||||||
Net (loss) income
|
(41,831
|
)
|
|
$
|
11,132
|
|
|||||
Less: Net (loss) income attributable to non-controlling interests
|
(29,505
|
)
|
|
8,862
|
|
||||||
Net (loss) income attributable to Spark Energy, Inc. stockholders
|
$
|
(12,326
|
)
|
|
$
|
2,270
|
|
||||
Less: Dividend on Series A preferred stock
|
2,027
|
|
|
183
|
|
||||||
Net (loss) income attributable to stockholders of Class A common stock
|
$
|
(14,353
|
)
|
|
$
|
2,087
|
|
||||
Other comprehensive loss, net of tax:
|
|
|
|
||||||||
Currency translation loss
|
$
|
(83
|
)
|
|
$
|
(49
|
)
|
||||
Other comprehensive loss
|
(83
|
)
|
|
(49
|
)
|
||||||
Comprehensive (loss) income
|
$
|
(41,914
|
)
|
|
$
|
11,083
|
|
||||
Less: Comprehensive (loss) income attributable to non-controlling interests
|
(29,556
|
)
|
|
8,831
|
|
||||||
Comprehensive (loss) income attributable to Spark Energy, Inc. stockholders
|
$
|
(12,358
|
)
|
|
$
|
2,252
|
|
(1)
|
Financial information has been recast to include results attributable to the acquisition of Perigee Energy, LLC by an affiliate on February 3, 2017. See Notes 2 and 4, "Basis of Presentation and Summary of Significant Accounting Policies" and "Acquisitions," respectively, for further discussion.
|
(2)
|
Net asset optimization revenues (expenses) includes asset optimization revenues—affiliates of $648 and $0 for the three months ended March 31, 2018 and 2017, respectively, and asset optimization revenues—affiliates cost of revenues of $12 and $0 for the three months ended March 31, 2018 and 2017, respectively.
|
(3)
|
General and administrative expense includes general and administrative expense—affiliates of $6,400 and $7,300 for the three months ended March 31, 2018 and 2017, respectively.
|
|
Issued Shares of Class A Common Stock
|
Issued Shares of Class B Common Stock
|
Treasury Stock
|
Class A Common Stock
|
Class B Common Stock
|
Treasury Stock
|
Accumulated Other Comprehensive Loss
|
Additional Paid-in Capital
|
Retained Earnings (Deficit)
|
Total Stockholders' Equity
|
Non-controlling Interest
|
Total Equity
|
||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017
|
13,235
|
|
|
21,485
|
|
|
(99
|
|
)
|
$
|
132
|
|
$
|
216
|
|
$
|
(2,011
|
|
)
|
$
|
(11
|
|
)
|
$
|
26,914
|
|
$
|
11,008
|
|
$
|
36,248
|
|
$
|
125,055
|
|
$
|
161,303
|
|
||||||||||||||
Stock based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
817
|
|
|
—
|
|
|
817
|
|
|
—
|
|
|
817
|
|
|||||||||||||||||
Restricted stock unit vesting
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
|
)
|
—
|
|
|
(14
|
|
)
|
—
|
|
|
(14
|
)
|
|||||||||||||||||
Consolidated net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,326
|
|
)
|
(12,326
|
|
)
|
(29,505
|
|
)
|
(41,831
|
)
|
|||||||||||||||||
Foreign currency translation adjustment for equity method investee
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
|
)
|
—
|
|
|
—
|
|
|
(32
|
|
)
|
(51
|
|
)
|
(83
|
)
|
|||||||||||||||||
Distributions paid to non-controlling unit holders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,822
|
|
)
|
(4,822
|
)
|
|||||||||||||||||
Dividends paid to Class A common stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,381
|
|
)
|
(2,381
|
|
)
|
—
|
|
|
(2,381
|
)
|
|||||||||||||||||
Dividends to Preferred Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,027
|
|
)
|
(2,027
|
|
)
|
—
|
|
|
(2,027
|
)
|
|||||||||||||||||
Balance at March 31, 2018
|
13,238
|
|
|
21,485
|
|
|
(99
|
|
)
|
$
|
132
|
|
$
|
216
|
|
$
|
(2,011
|
|
)
|
$
|
(43
|
|
)
|
$
|
27,717
|
|
$
|
(5,726
|
|
)
|
$
|
20,285
|
|
$
|
90,677
|
|
$
|
110,962
|
|
|
Three Months Ended March 31,
|
||||||||
|
2018
|
|
2017
(1)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||||
Net (loss) income
|
$
|
(41,831
|
|
)
|
|
$
|
11,132
|
|
|
Adjustments to reconcile net income to net cash flows provided by operating activities:
|
|
|
|
||||||
Depreciation and amortization expense
|
11,632
|
|
|
|
8,204
|
|
|
||
Deferred income taxes
|
(6,549
|
|
)
|
|
(87
|
|
)
|
||
Stock based compensation
|
1,131
|
|
|
|
1,367
|
|
|
||
Amortization of deferred financing costs
|
295
|
|
|
|
248
|
|
|
||
Change in Fair Value of Earnout liabilities
|
—
|
|
|
|
711
|
|
|
||
Accretion on fair value of Earnout liabilities
|
—
|
|
|
|
1,226
|
|
|
||
Bad debt expense
|
2,423
|
|
|
|
356
|
|
|
||
Loss on derivatives, net
|
36,542
|
|
|
|
21,796
|
|
|
||
Current period cash settlements on derivatives, net
|
16,442
|
|
|
|
(6,178
|
|
)
|
||
Accretion of discount to convertible subordinated notes to affiliate
|
—
|
|
|
|
1,004
|
|
|
||
Payment of the Major Energy Companies Earnout
|
—
|
|
|
|
(1,104
|
|
)
|
||
Other
|
(248
|
|
)
|
|
6
|
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||||
Decrease in accounts receivable
|
9,737
|
|
|
|
3,738
|
|
|
||
Decrease (Increase) in accounts receivable—affiliates
|
354
|
|
|
|
(55
|
|
)
|
||
Decrease in inventory
|
4,070
|
|
|
|
3,322
|
|
|
||
Increase in customer acquisition costs
|
(4,274
|
|
)
|
|
(7,690
|
|
)
|
||
Increase in prepaid and other current assets
|
(22,719
|
|
)
|
|
(1,302
|
|
)
|
||
Increase in other assets
|
(58
|
|
)
|
|
—
|
|
|
||
Decrease in accounts payable and accrued liabilities
|
(9,091
|
|
)
|
|
(8,979
|
|
)
|
||
Decrease in accounts payable—affiliates
|
(572
|
|
)
|
|
(1,684
|
|
)
|
||
Decrease in other current liabilities
|
(6,653
|
|
)
|
|
(2,413
|
|
)
|
||
Decrease in other non-current liabilities
|
(171
|
|
)
|
|
(324
|
|
)
|
||
Net cash (used in) provided by operating activities
|
(9,540
|
|
)
|
|
23,294
|
|
|
||
Cash flows from investing activities:
|
|
|
|
||||||
Purchases of property and equipment
|
(754
|
|
)
|
|
(112
|
|
)
|
||
Acquisition of HIKO Energy
|
(15,041
|
|
)
|
|
—
|
|
|
||
Net cash used in investing activities
|
(15,795
|
|
)
|
|
(112
|
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||||
Proceeds from issuance of Series A Preferred Stock, net of issuance costs paid
|
48,490
|
|
|
|
38,607
|
|
|
||
Borrowings on notes payable
|
83,800
|
|
|
|
5,625
|
|
|
||
Payments on notes payable
|
(102,550
|
|
)
|
|
(46,993
|
|
)
|
||
Payment of the Major Energy Companies Earnout
|
(1,607
|
|
)
|
|
(6,299
|
|
)
|
||
Payment of the Provider Companies Earnout and installment consideration
|
—
|
|
|
|
(2,097
|
|
)
|
||
Payments on the Verde promissory note
|
(3,261
|
|
)
|
|
—
|
|
|
||
Proceeds from disgorgement of stockholders short-swing profits
|
244
|
|
|
|
666
|
|
|
||
Payment of dividends to Class A common stockholders
|
(2,381
|
|
)
|
|
(2,355
|
|
)
|
||
Payment of distributions to non-controlling unitholders
|
(4,822
|
|
)
|
|
(4,347
|
|
)
|
||
Payment of Dividends to Preferred Stock
|
(932
|
|
)
|
|
—
|
|
|
||
Net cash provided by (used in) financing activities
|
16,981
|
|
|
|
(17,193
|
|
)
|
||
(Decrease) increase in Cash and cash equivalents
|
(8,354
|
|
)
|
|
5,989
|
|
|
||
Cash and cash equivalents—beginning of period
|
29,419
|
|
|
|
18,960
|
|
|
||
Cash and cash equivalents—end of period
|
$
|
21,065
|
|
|
|
$
|
24,949
|
|
|
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
||||||
Non-cash items:
|
|
|
|
||||||
Property and equipment purchase accrual
|
$
|
180
|
|
|
|
$
|
76
|
|
|
Cash paid during the period for:
|
|
|
|
||||||
Interest
|
$
|
1,854
|
|
|
|
$
|
888
|
|
|
Taxes
|
$
|
1,268
|
|
|
|
$
|
118
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
(1)
|
||||
|
(in thousands, except volume and per unit operating data)
|
||||||
Retail Electricity Segment
|
|
|
|
||||
Total Revenues
|
220,899
|
|
|
133,694
|
|
||
Retail Cost of Revenues
|
249,547
|
|
|
108,844
|
|
||
Less: Net Losses on non-trading derivatives, net of cash settlements
|
(48,367
|
)
|
|
(11,921
|
)
|
||
Retail Gross Margin
— Electricity
|
19,719
|
|
|
36,771
|
|
||
Volumes — Electricity (MWhs)
|
2,252,024
|
|
|
1,385,114
|
|
||
Retail Gross Margin
— Electricity per MWh
|
8.76
|
|
|
26.55
|
|
||
|
|
|
|
||||
Retail Natural Gas Segment
|
|
|
|
||||
Total Revenues
|
$
|
65,789
|
|
|
$
|
62,613
|
|
Retail Cost of Revenues
|
40,329
|
|
|
36,917
|
|
||
Less: Net Asset Optimization Revenues (Expenses)
|
2,687
|
|
|
(193
|
)
|
||
Less: Net Losses on non-trading derivatives, net of cash settlements
|
(3,227
|
)
|
|
(1,940
|
)
|
||
Retail Gross Margin — Gas
|
$
|
26,000
|
|
|
$
|
27,829
|
|
Volumes — Gas (MMBtus)
|
7,677,082
|
|
|
8,219,279
|
|
||
Retail Gross Margin
— Gas per MMBtu
|
$
|
3.39
|
|
|
$
|
3.39
|
|
•
|
our operating performance as compared to other publicly traded companies in the retail energy industry, without regard to financing methods, capital structure or historical cost basis;
|
•
|
the ability of our assets to generate earnings sufficient to support our proposed cash dividends; and
|
•
|
our ability to fund capital expenditures (including customer acquisition costs) and incur and service debt.
|
|
Three Months Ended March 31,
|
||||||||||
(in thousands)
|
2018
|
|
2017
(1)
|
||||||||
Reconciliation of Adjusted EBITDA to Net Income:
|
|
|
|
||||||||
Net (loss) income
|
$
|
(41,831
|
)
|
|
$
|
11,132
|
|
||||
Depreciation and amortization
|
13,019
|
|
|
9,270
|
|
||||||
Interest expense
|
2,245
|
|
|
3,445
|
|
||||||
Income tax (benefit) expense
|
(6,467
|
)
|
|
2,405
|
|
||||||
EBITDA
|
(33,034
|
)
|
|
26,252
|
|
||||||
Less:
|
|
|
|
||||||||
Net, losses on derivative instruments
|
(36,542
|
)
|
|
(21,796
|
)
|
||||||
Net, Cash settlements on derivative instruments
|
(15,537
|
)
|
|
7,355
|
|
||||||
Customer acquisition costs
|
4,274
|
|
|
7,690
|
|
||||||
Plus:
|
|
|
|
||||||||
Non-cash compensation expense
|
1,131
|
|
|
1,367
|
|
||||||
Adjusted EBITDA
|
$
|
15,902
|
|
|
$
|
34,370
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2018
|
|
2017
(1)
|
||||
Reconciliation of Adjusted EBITDA to net cash provided by operating activities:
|
|
|
|
||||
Net cash (used in) provided by operating activities
|
$
|
(9,540
|
)
|
|
$
|
23,294
|
|
Amortization of deferred financing costs
|
(295
|
)
|
|
(248
|
)
|
||
Allowance for doubtful accounts and bad debt expense
|
(2,423
|
)
|
|
(356
|
)
|
||
Interest expense
|
2,245
|
|
|
3,445
|
|
||
Income tax (benefit) expense
|
(6,467
|
)
|
|
2,405
|
|
||
Changes in operating working capital
|
|
|
|
||||
Accounts receivable, prepaids, current assets
|
12,628
|
|
|
(2,381
|
)
|
||
Inventory
|
(4,070
|
)
|
|
(3,322
|
)
|
||
Accounts payable and accrued liabilities
|
16,316
|
|
|
13,076
|
|
||
Other
|
7,508
|
|
|
(1,543
|
)
|
||
Adjusted EBITDA
|
$
|
15,902
|
|
|
$
|
34,370
|
|
Cash Flow Data:
|
|
|
|
||||
Cash flows (used in) provided by operating activities
|
$
|
(9,540
|
)
|
|
$
|
23,294
|
|
Cash flows used in investing activities
|
(15,795
|
)
|
|
(112
|
)
|
||
Cash flows provided by (used in) financing activities
|
16,981
|
|
|
(17,193
|
)
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2018
|
|
2017
(1)
|
||||
Reconciliation of Retail Gross Margin to Operating Income:
|
|
|
|
||||
Operating (loss) income
|
$
|
(46,254
|
)
|
|
$
|
16,783
|
|
Depreciation and amortization
|
13,019
|
|
|
9,270
|
|
||
General and administrative
|
30,047
|
|
|
24,493
|
|
||
Less:
|
|
|
|
||||
Net asset optimization revenues (expenses)
|
2,687
|
|
|
(193
|
)
|
||
Net, Losses on non-trading derivative instruments
|
(36,712
|
)
|
|
(21,376
|
)
|
||
Net, Cash settlements on non-trading derivative instruments
|
(14,882
|
)
|
|
7,515
|
|
||
Retail Gross Margin
|
$
|
45,719
|
|
|
$
|
64,600
|
|
Retail Gross Margin - Retail Electricity Segment
|
$
|
19,719
|
|
|
$
|
36,771
|
|
Retail Gross Margin - Retail Natural Gas Segment
|
$
|
26,000
|
|
|
$
|
27,829
|
|