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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
 
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from          to          
 
Commission File Number: 001-36559
Via Renewables, Inc.
(Exact name of registrant as specified in its charter)
Delaware46-5453215
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
12140 Wickchester Ln, Suite 100
Houston, Texas 77079

(Address of principal executive offices)
 
(713) 600-2600
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbols(s)Name of exchange on which registered
Class A common stock, par value $0.01 per shareVIAThe NASDAQ Global Select Market
8.75% Series A Fixed-to-Floating Rate

Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share
VIASPThe NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes     No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes     No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.        
Large accelerated filer      Accelerated filer  



Non-accelerated filer                                   Smaller reporting company
Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
    
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
        Yes     No

There were 15,857,766 shares of Class A common stock, 20,000,000 shares of Class B common stock and 3,567,543 shares of Series A Preferred Stock outstanding as of August 2, 2022.



VIA RENEWABLES, INC.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 2022
Page No.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2022 AND DECEMBER 31, 2021 (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021 (unaudited)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021 (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021 (unaudited)
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 4. CONTROLS AND PROCEDURES
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
ITEM 1A. RISK FACTORS
ITEM 6. EXHIBITS
SIGNATURES

1

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Cautionary Note Regarding Forward Looking Statements
This Quarterly Report on Form 10-Q (this “Report”) contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control. These forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), can be identified by the use of forward-looking terminology including “may,” “should,” “could,” “likely,” “will,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “plan,” “intend,” “project,” or other similar words. Forward-looking statements appear in a number of places in this Report. All statements, other than statements of historical fact, included in this Report are forward-looking statements. The forward-looking statements include statements regarding the impacts of COVID-19 and the 2021 severe weather event, cash flow generation and liquidity, business strategy, prospects for growth and acquisitions, outcomes of legal proceedings, ability to pay and amount of cash dividends and distributions on our Class A common stock and Series A Preferred Stock, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans, objectives, beliefs of management, availability and terms of capital, competition, governmental regulation and general economic conditions. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurance that such expectations will prove correct.
The forward-looking statements in this Report are subject to risks and uncertainties. Important factors that could cause actual results to materially differ from those projected in the forward-looking statements include, but are not limited to:

•evolving risks, uncertainties and impacts relating to COVID-19, including the geographic spread, the severity of the disease, the scope and duration of the COVID-19 outbreak, actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact, and the potential for continuing negative impacts of COVID-19 on economies and financial markets;
•the ultimate impact of the 2021 severe weather event, including future benefits or costs related to ERCOT market securitization efforts, and any corrective action by the State of Texas, ERCOT, the Railroad Commission of Texas, or the Public Utility Commission of Texas;
•changes in commodity prices, the margins we achieve, and interest rates;
•the sufficiency of risk management and hedging policies and practices;
•the impact of extreme and unpredictable weather conditions, including hurricanes and other natural disasters;
•federal, state and local regulations, including the industry's ability to address or adapt to potentially restrictive new regulations that may be enacted by public utility commissions;
•our ability to borrow funds and access credit markets;
•restrictions in our debt agreements and collateral requirements;
•credit risk with respect to suppliers and customers;
•our ability to acquire customers and actual attrition rates;
•changes in costs to acquire customers;
•accuracy of billing systems;
•our ability to successfully identify, complete, and efficiently integrate acquisitions into our operations;
•significant changes in, or new changes by, the independent system operators (“ISOs”) in the regions we operate;
•competition; and
•the “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, in "
Item 1A — Risk Factors" of this Report, and in our other public filings and press releases.

You should review the risk factors and other factors noted throughout or incorporated by reference in this Report that could cause our actual results to differ materially from those contained in any forward-looking statement. All forward-looking statements speak only as of the date of this Report. Unless required by law, we disclaim any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise. It is not possible for us to predict all risks, nor can we assess the impact of all factors on the business or
2

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the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
3

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PART I. — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
4

Table of Contents

VIA RENEWABLES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share counts)
(unaudited)
June 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$43,196 $68,899 
Restricted cash2,327 6,421 
Accounts receivable, net of allowance for doubtful accounts of $4,040 at June 30, 2022 and $2,368 at December 31, 2021
56,292 66,676 
Accounts receivable—affiliates5,709 3,819 
Inventory2,391 1,982 
Fair value of derivative assets, net45,956 3,930 
Customer acquisition costs, net2,084 946 
Customer relationships, net6,591 8,523 
Deposits6,606 6,664 
Renewable energy credit asset16,811 14,691 
Other current assets10,785 14,129 
Total current assets198,748 196,680 
Property and equipment, net4,451 4,261 
Fair value of derivative assets, net990 340 
Customer acquisition costs, net1,177 453 
Customer relationships, net660 5,660 
Deferred tax assets18,321 23,915 
Goodwill120,343 120,343 
Other assets4,127 3,624 
Total assets$348,817 $355,276 
Liabilities, Series A Preferred Stock and Stockholders' Equity
Current liabilities:
Accounts payable$31,770 $43,285 
Accounts payable—affiliates427 491 
Accrued liabilities12,485 19,303 
Renewable energy credit liability9,469 13,548 
Fair value of derivative liabilities, net2,468 4,158 
Other current liabilities345 1,707 
Total current liabilities56,964 82,492 
Long-term liabilities:
Fair value of derivative liabilities, net11,185 36 
Long-term portion of Senior Credit Facility95,000 135,000 
Subordinated debt—affiliates20,000 — 
Other long-term liabilities— 109 
Total liabilities183,149 217,637 
Commitments and contingencies (Note 12)
Series A Preferred Stock, par value $0.01 per share, 20,000,000 shares authorized, 3,567,543 shares issued and outstanding at June 30, 2022 and December 31, 2021
87,036 87,288 
Stockholders' equity:
       Common Stock:
Class A common stock, par value $0.01 per share, 120,000,000 shares authorized, 16,002,360 shares issued and 15,857,766 shares outstanding at June 30, 2022 and 15,791,019 shares issued and 15,646,425 shares outstanding at December 31, 2021
160 158 
Class B common stock, par value $0.01 per share, 60,000,000 shares authorized, 20,000,000 shares issued and outstanding at June 30, 2022 and December 31, 2021
201 201 
       Additional paid-in capital56,447 54,663 
       Accumulated other comprehensive loss(40)(40)
       Retained earnings 9,004 776 
       Treasury stock, at cost, 144,594 shares at June 30, 2022 and December 31, 2021
(2,406)(2,406)
       Total stockholders' equity63,366 53,352 
Non-controlling interest in Spark HoldCo, LLC15,266 (3,001)
       Total equity78,632 50,351 
Total liabilities, Series A Preferred Stock and Stockholders' equity$348,817 $355,276 
The accompanying notes are an integral part of the condensed consolidated financial statements.
5

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VIA RENEWABLES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenues:
Retail revenues$98,347 $82,309 $226,405 $195,454 
Net asset optimization (expense) revenues(1,248)(114)(2,152)(254)
Total Revenues97,099 82,195 224,253 195,200 
Operating Expenses:
Retail cost of revenues61,702 36,176 130,409 158,344 
General and administrative 13,583 10,663 28,518 23,334 
Depreciation and amortization4,936 5,413 10,120 11,449 
Total Operating Expenses80,221 52,252 169,047 193,127 
Operating income16,878 29,943 55,206 2,073 
Other (expense)/income:
Interest expense(1,820)(1,552)(3,127)(2,863)
Interest and other income 206 79 255 165 
Total other expenses(1,614)(1,473)(2,872)(2,698)
Income (loss) before income tax expense 15,264 28,470 52,334 (625)
Income tax expense2,730 3,674 8,774 2,139 
Net income (loss)$12,534 $24,796 $43,560 $(2,764)
Less: Net income (loss) attributable to non-controlling interests7,916 14,313 25,968 (5,616)
Net income attributable to Via Renewables, Inc. stockholders$4,618 $10,483 $17,592 $2,852 
Less: Dividend on Series A Preferred Stock1,700 1,951 3,651 3,902 
Net income (loss) attributable to stockholders of Class A common stock$2,918 $8,532 $13,941 $(1,050)
Net income (loss) attributable to Via Renewables, Inc. per share of Class A common stock
       Basic$0.19 $0.58 $0.89 $(0.07)
       Diluted$0.18 $0.58 $0.88 $(0.07)
Weighted average shares of Class A common stock outstanding
       Basic15,745 14,685 15,701 14,656 
       Diluted15,776 14,821 15,793 14,767 

The accompanying notes are an integral part of the condensed consolidated financial statements.

6

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VIA RENEWABLES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in thousands)
(unaudited)
Six Months Ended June 30, 2022
Issued Shares of Class A Common StockIssued Shares of Class B Common StockTreasury StockClass A Common StockClass B Common StockTreasury StockAccumulated Other Comprehensive LossAdditional Paid-in CapitalRetained Earnings (Deficit)Total Stockholders' EquityNon-controlling InterestTotal Equity
Balance at December 31, 202115,791 20,000 (144)$158 $201 $(2,406)$(40)$54,663 $776 $53,352 $(3,001)$50,351 
Stock based compensation— — — — — — 1,857 — 1,857 — 1,857 
Restricted stock unit vesting211 — 2 — — — (471)— (469)— (469)
Consolidated net income — — — — — — — — 17,592 17,592 25,968 43,560 
Distributions paid to non-controlling unit holders— — — — — — — — — — (7,303)(7,303)
Dividends paid to Class A common stockholders ($0.3625 per share)
— — — — — — — — (5,713)(5,713)— (5,713)
Dividends paid to Preferred Stockholders— — — — — — — — (3,651)(3,651)— (3,651)
Changes in ownership interest— — — — — — — 398 — 398 (398)— 
Balance at June 30, 202216,002 20,000 (144)$160 $201 $(2,406)$(40)$56,447 $9,004 $63,366 $15,266 $78,632 

The accompanying notes are an integral part of the condensed consolidated financial statements.











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Three Months Ended June 30, 2022
Issued Shares of Class A Common StockIssued Shares of Class B Common StockTreasury StockClass A Common StockClass B Common StockTreasury StockAccumulated Other Comprehensive LossAdditional Paid-in CapitalRetained Earnings (Deficit)Total Stockholders' EquityNon-controlling InterestTotal Equity
Balance at March 31, 202215,80420,000(144)$158 $201 $(2,406)$(40)$55,209 $8,960 $62,082 $11,114 $73,196 
Stock based compensation——————— 1,512—1,512—1,512
Restricted stock unit vesting198——2———(413)—(411)—(411)
Consolidated net income— — — — — — — — 4,6184,6187,91612,534
Distributions paid to non-controlling unit holders——————————(3,625)(3,625)
Dividends paid to Class A common stockholders ($0.18125 per share)
————————(2,874)(2,874)—(2,874)
Dividends paid to Preferred Stockholders————————(1,700)(1,700)—(1,700)
Changes in Ownership Interest———————139—139(139)—
Balance at June 30, 2022
16,002 20,000 (144)$160 $201 $(2,406)$(40)$56,447 $9,004 $63,366 $15,266 $78,632 

The accompanying notes are an integral part of the condensed consolidated financial statements.















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Six Months Ended June 30, 2021
Issued Shares of Class A Common StockIssued Shares of Class B Common StockTreasury StockClass A Common StockClass B Common StockTreasury StockAccumulated Other Comprehensive LossAdditional Paid-in CapitalRetained Earnings (Deficit)Total Stockholders' EquityNon-controlling InterestTotal Equity
Balance at December 31, 202014,772 20,800 (144)$148 $209 $(2,406)$(40)$55,222 $11,721 $64,854 $23,607 $88,461 
Stock based compensation— — — — — — — 1,402 — 1,402 — 1,402 
Restricted stock unit vesting145 — — 1 — — — (588)— (587)— (587)
Consolidated net income (loss)— — — — — — — — 2,852 2,852 (5,616)(2,764)
Distributions paid to non-controlling unit holders— — — — — — — — — — (10,186)(10,186)
Dividends paid to Class A common stockholders ($0.3625 per share)
— — — — — — — (2,651)(2,677)(5,328)— (5,328)
Dividends paid to Preferred Stockholders— — — — — — — — (3,902)(3,902)— (3,902)
Changes in ownership interest— — — — — — — (507)— (507)507 — 
Balance at June 30, 202114,917 20,800 (144)$149 $209 $(2,406)$(40)$52,878 $7,994 $58,784 $8,312 $67,096 

The accompanying notes are an integral part of the condensed consolidated financial statements.














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Three Months Ended June 30, 2021
Issued Shares of Class A Common StockIssued Shares of Class B Common StockTreasury StockClass A Common StockClass B Common StockTreasury StockAccumulated Other Comprehensive LossAdditional Paid-in CapitalRetained Earnings (Deficit)Total Stockholders' EquityNon-controlling InterestTotal Equity
Balance at March 31, 202114,772 20,800 (144)$148 $209 $(2,406)$(40)$52,904 $2,139 $52,954 $(2,717)$50,237 
Stock based compensation— — — — — — — 1,025 — 1,025 — 1,025 
Restricted stock unit vesting145 — — 1 — — — (588)— (587)— (587)
Consolidated net income— — — — — — — — 10,483 10,483 14,313 24,796 
Distributions paid to non-controlling unit holders— — — — — — — — — — (3,747)(3,747)
Dividends paid to Class A common stockholders ($0.18125 per share)
— — — — — — — — (2,677)(2,677)— (2,677)
Dividends paid to Preferred Stockholders— — — — — — — — (1,951)(1,951)— (1,951)
Changes in ownership interest— — — — — — — (463)— (463)463 — 
Balance at June 30, 202114,917 20,800 (144)$149 $209 $(2,406)$(40)$52,878 $7,994 $58,784 $8,312 $67,096 

The accompanying notes are an integral part of the condensed consolidated financial statements.












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VIA RENEWABLES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
  
Six Months Ended June 30,
  20222021
Cash flows from operating activities:
Net income (loss)$43,560 $(2,764)
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization expense10,120 11,449 
Deferred income taxes5,595 4,680 
Stock based compensation1,922 1,571 
Amortization of deferred financing costs713 517 
Bad debt expense1,833 (113)
Gain on derivatives, net(57,460)(25,928)
Current period cash settlements on derivatives, net21,844 390 
Other43 — 
Changes in assets and liabilities:
Decrease in accounts receivable8,585 25,057 
(Increase) decrease in accounts receivable—affiliates(1,890)380 
(Increase) decrease in inventory(409)400 
Increase in customer acquisition costs(2,590)(456)
Decrease in prepaid and other current assets2,678 6,324 
Decrease in intangible assets—customer acquisition13 27 
(Increase) decrease in other assets(705)519 
Decrease in accounts payable and accrued liabilities(19,372)(12,948)
Decrease in accounts payable—affiliates(64)(382)
(Decrease) increase in other current liabilities(1,362)473 
Decrease in other non-current liabilities(110)(28)
Net cash provided by operating activities12,944 9,168 
Cash flows from investing activities:
Purchases of property and equipment(1,126)(1,063)
Acquisition of Customers(4,034)— 
Net cash used in investing activities(5,160)(1,063)
Cash flows from financing activities:
Borrowings on notes payable223,000 371,000 
Payments on notes payable(263,000)(336,000)
Net borrowings on subordinated debt facility20,000 10,000 
Restricted stock vesting(663)(833)
Payment of dividends to Class A common stockholders(5,713)(5,328)
Payment of distributions to non-controlling unitholders(7,303)(10,186)
Payment of Preferred Stock dividends(3,902)(3,902)
Net cash (used in) provided by financing activities(37,581)24,751 
(Decrease) Increase in Cash, cash equivalents and Restricted cash(29,797)32,856 
Cash, cash equivalents and Restricted cash—beginning of period75,320 71,684 
Cash, cash equivalents and Restricted cash—end of period$45,523 $104,540 
Supplemental Disclosure of Cash Flow Information:
Non-cash items:
        Property and equipment purchase accrual$4 $69 
Cash paid (received) during the period for:
Interest$2,270 $2,145 
Taxes$1,252 $(5,866)
The accompanying notes are an integral part of the condensed consolidated financial statements.
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VIA RENEWABLES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Formation and Organization

Organization

We are an independent retail energy services company that provides residential and commercial customers in competitive markets across the United States with an alternative choice for natural gas and electricity. The Company is a holding company whose primary asset consists of units in Spark HoldCo, LLC (“Spark HoldCo”). The Company is the sole managing member of Spark HoldCo, is responsible for all operational, management and administrative decisions relating to Spark HoldCo’s business and consolidates the financial results of Spark HoldCo and its subsidiaries. Spark HoldCo is the direct and indirect owner of the subsidiaries through which we operate our retail energy services. We conduct our retail energy services business through several brands across our service areas, including Electricity Maine, Electricity N.H., Major Energy, Provider Power Massachusetts, Spark Energy, and Verde Energy. Via Energy Solutions (“VES”) is a wholly owned subsidiary of the Company that offers broker services for retail energy customers.

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) as it applies to interim financial statements. This information should be read along with our consolidated financial statements and notes contained in our annual report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). Our unaudited condensed consolidated financial statements are presented on a consolidated basis and include all wholly-owned and controlled subsidiaries. We account for investments over which we have significant influence but not a controlling financial interest using the equity method of accounting. All significant intercompany transactions and balances have been eliminated in the unaudited condensed consolidated financial statements.

In the opinion of the Company's management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary to fairly present the financial position, the results of operations, the changes in equity and the cash flows of the Company for the respective periods. Such adjustments are of a normal recurring nature, unless otherwise disclosed.

Use of Estimates and Assumptions
The preparation of our condensed consolidated financial statements requires estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements and the reported amounts of revenues and expenses during the period. Actual results could materially differ from those estimates.

Relationship with our Founder, Majority Shareholder, and Chief Executive Officer

W. Keith Maxwell, III (our "Founder") is the Chief Executive Officer, a director and the owner of a majority of the voting power of our common stock through his ownership of NuDevco Retail, LLC ("NuDevco Retail") and Retailco, LLC ("Retailco"). Retailco is a wholly owned subsidiary of TxEx Energy Investments, LLC ("TxEx"), which is wholly owned by Mr. Maxwell. NuDevco Retail is a wholly owned subsidiary of NuDevco Retail
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Holdings LLC ("NuDevco Retail Holdings"), which is a wholly owned subsidiary of Electric HoldCo, LLC, which is also a wholly owned subsidiary of TxEx.

ERCOT Securitization Proceeds

In June 2022, the Company received $9.6 million from ERCOT related to PURA Subchapter N Securitization financing. The Company accounted for the proceeds received as the recovery of costs of sales and services from a vendor under FASB ASC Topic 705, Cost of Sales and Services reflected as a reduction of retail cost of revenues within our consolidated statements of operations for the quarter ended June 30, 2022, as that is where the initial costs related to the impact of Winter Storm Uri were recorded.

New Accounting Standards Recently Adopted

There have been no changes to our significant accounting policies as disclosed in our 2021 Form 10-K, except as follows:

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform ("ASU 2021-01"), which clarifies the scope and application of certain optional expedients and exceptions regarding the original guidance. The amendments in these ASUs were effective upon issuance and can be applied prospectively through December 31, 2022. The Company's Series A Preferred Stock Certificate of Designations make reference to a LIBOR rate. We adopted ASU 2020-04 effective January 1, 2022 and the adoption did not have a material impact on our consolidated financial statements.

Standards Being Evaluated/Standards Not Yet Adopted

The Company considers the applicability and impact of all ASUs. New ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements.


3. Revenues
Our revenues are derived primarily from the sale of natural gas and electricity to customers, including affiliates. Revenue is measured based upon the quantity of gas or power delivered at prices contained or referenced in the customer's contract, and excludes any sales incentives (e.g. rebates) and amounts collected on behalf of third parties (e.g. sales tax).

Our revenues also include asset optimization activities. Asset optimization activities consist primarily of purchases and sales of gas that meet the definition of trading activities per FASB ASC Topic 815, Derivatives and Hedging. They are therefore excluded from the scope of FASB ASC Topic 606, Revenue from Contracts with Customers.

Revenues for electricity, natural gas, and related services are recognized as the Company transfers the promised goods and services to the customer. Electricity and natural gas products may be sold as fixed-price or variable-price products. The typical length of a contract to provide electricity and/or natural gas is twelve months. Customers are billed and generally pay at least monthly, based on usage. Electricity and natural gas sales that have been delivered but not billed by period end are estimated and recorded as accrued unbilled revenues based on estimates of customer usage since the date of the last meter read provided by the utility. Volume estimates are based on forecasted volumes and estimated residential and commercial customer usage. Unbilled revenues are calculated by multiplying these volume estimates by the applicable rate by customer class (residential or commercial). Estimated amounts are adjusted when actual usage is known and billed.

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The following table discloses revenue by primary geographical market, customer type, and customer credit risk profile (in thousands). The table also includes a reconciliation of the disaggregated revenue to revenue by reportable segment (in thousands).

Reportable Segments
Three Months Ended June 30, 2022Three Months Ended June 30, 2021
Retail Electricity (a)Retail Natural GasTotal Reportable SegmentsRetail ElectricityRetail Natural GasTotal Reportable Segments
Primary markets (b)
New England$23,636 $1,349 $24,985 $21,398 $1,402 $22,800 
Mid-Atlantic25,124 7,602 32,726 23,309 3,223 26,532 
Midwest9,292 3,121 12,413 9,362 2,910 12,272 
Southwest24,238 3,985 28,223 17,620 3,085 20,705 
$82,290 $16,057 $98,347 $71,689 $10,620 $82,309 
Customer type
Commercial$9,479 $10,764 $20,243 $11,171 $4,982 $16,153 
Residential69,548 9,200 78,748 57,390