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 September 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)
Delaware
46-5453215
(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 class
Trading Symbols(s)
Name of exchange on which
registered
Class A common stock, par value $0.01 per
share
VIA
The NASDAQ Global Select Market
8.75% Series A Fixed-to-Floating Rate
Cumulative Redeemable Perpetual Preferred
Stock, par value $0.01 per share
VIASP
The 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 November 1, 2022.
VIA RENEWABLES, INC.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended September 30, 2022
Page No.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2022 AND
DECEMBER 31, 2021 (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND
NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021 (unaudited)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE
AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021 (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE
MONTHS ENDED SEPTEMBER 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
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 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:
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 and covenants 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 our
Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, 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
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.
Table of Contents
2
PART I. — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Table of Contents
3
VIA RENEWABLES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share counts)
(unaudited)
September 30, 2022
December 31, 2021
Assets
Current assets:
Cash and cash equivalents
$40,403
$68,899
Restricted cash
1,948
6,421
Accounts receivable, net of allowance for doubtful accounts of $5,486 at September 30, 2022 and
$2,368 at December 31, 2021
56,741
66,676
Accounts receivable—affiliates
5,642
3,819
Inventory
5,273
1,982
Fair value of derivative assets, net
25,064
3,930
Customer acquisition costs, net
2,847
946
Customer relationships, net
4,469
8,523
Deposits
6,491
6,664
Renewable energy credit asset
20,730
14,691
Other current assets
6,815
14,129
Total current assets
176,423
196,680
Property and equipment, net
4,880
4,261
Fair value of derivative assets, net
1,504
340
Customer acquisition costs, net
1,527
453
Customer relationships, net
566
5,660
Deferred tax assets
18,867
23,915
Goodwill
120,343
120,343
Other assets
4,044
3,624
Total assets
$328,154
$355,276
Liabilities, Series A Preferred Stock and Stockholders' Equity
Current liabilities:
Accounts payable
$26,992
$43,285
Accounts payable—affiliates
431
491
Accrued liabilities
13,560
19,303
Renewable energy credit liability
12,370
13,548
Fair value of derivative liabilities, net
2,166
4,158
Other current liabilities
582
1,707
Total current liabilities
56,101
82,492
Long-term liabilities:
Fair value of derivative liabilities, net
5,794
36
Long-term portion of Senior Credit Facility
93,000
135,000
Subordinated debt—affiliates
20,000
Other long-term liabilities
36
109
Total liabilities
174,931
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 September 30, 2022 and December 31, 2021
87,364
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 September 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 September 30, 2022 and December 31, 2021
201
201
      Additional paid-in capital
56,883
54,663
      Accumulated other comprehensive loss
(40)
(40)
      Retained earnings
3,222
776
      Treasury stock, at cost, 144,594 shares at September 30, 2022 and December 31, 2021
(2,406)
(2,406)
      Total stockholders' equity
58,020
53,352
Non-controlling interest in Spark HoldCo, LLC
7,839
(3,001)
      Total equity
65,859
50,351
Total liabilities, Series A Preferred Stock and Stockholders' equity
$328,154
$355,276
The accompanying notes are an integral part of the condensed consolidated financial statements.
Table of Contents
4
VIA RENEWABLES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
(in thousands, except per share data)
(unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Revenues:
Retail revenues
$117,187
$98,267
$343,592
$293,721
Net asset optimization revenue (expense)
1,672
(288)
(480)
(542)
Total Revenues
118,859
97,979
343,112
293,179
Operating Expenses:
Retail cost of revenues
102,212
40,298
232,621
198,642
General and administrative
16,302
9,719
44,820
33,053
Depreciation and amortization
3,270
5,049
13,390
16,498
Total Operating Expenses
121,784
55,066
290,831
248,193
Operating (loss) income
(2,925)
42,913
52,281
44,986
Other (expense) income:
Interest expense
(2,002)
(1,298)
(5,129)
(4,161)
Interest and other income
11
63
265
228
Total other expenses
(1,991)
(1,235)
(4,864)
(3,933)
(Loss) income before income tax expense
(4,916)
41,678
47,417
41,053
Income tax (benefit) expense
(48)
7,021
8,726
9,160
Net (loss) income
$(4,868)
$34,657
$38,691
$31,893
Less: Net (loss) income attributable to non-controlling interests
(3,987)
19,774
21,981
14,158
Net (loss) income attributable to Via Renewables, Inc. stockholders
$(881)
$14,883
$16,710
$17,735
Less: Dividend on Series A Preferred Stock
2,026
1,951
5,677
5,853
Net (loss) income attributable to stockholders of Class A common
stock
$(2,907)
$12,932
$11,033
$11,882
Net (loss) income attributable to Via Renewables, Inc. per share of
Class A common stock
      Basic
$(0.18)
$0.83
$0.70
$0.79
      Diluted
$(0.18)
$0.82
$0.70
$0.79
Weighted average shares of Class A common stock outstanding
      Basic
15,858
15,572
15,754
14,965
      Diluted
15,858
15,686
15,863
15,099
The accompanying notes are an integral part of the condensed consolidated financial statements.
Table of Contents
5
VIA RENEWABLES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in thousands)
(unaudited)
Nine Months Ended September 30, 2022
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,
2021
15,791
20,000
(144)
$158
$201
$(2,406)
$(40)
$54,663
$776
$53,352
$(3,001)
$50,351
Stock based
compensation
2,478
2,478
2,478
Restricted
stock unit
vesting
211
2
(471)
(469)
(469)
Consolidated
net income
16,710
16,710
21,981
38,691
Distributions
paid to non-
controlling
unit holders
(10,928)
(10,928)
Dividends
paid to Class
A common
stockholders
($0.54375 per
share)
(8,587)
(8,587)
(8,587)
Dividends
paid to
Preferred
Stockholders
(5,677)
(5,677)
(5,677)
Changes in
ownership
interest
213
213
(213)
Balance at
September 30,
2022
16,002
20,000
(144)
$160
$201
$(2,406)
$(40)
$56,883
$3,222
$58,020
$7,839
$65,859
The accompanying notes are an integral part of the condensed consolidated financial statements.
Table of Contents
6
Three Months Ended September 30, 2022
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
June 30, 2022
16,002
20,000
(144)
$160
$201
$(2,406)
$(40)
$56,447
$9,004
$63,366
$15,266
$78,632
Stock based
compensation
621
621
621
Consolidated
net loss
(881)
(881)
(3,987)
(4,868)
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
(2,027)
(2,027)
(2,027)
Changes in
Ownership
Interest
(185)
(185)
185
Balance at
September 30,
2022
16,002
20,000
(144)
$160
$201
$(2,406)
$(40)
$56,883
$3,222
$58,020
$7,839
$65,859
The accompanying notes are an integral part of the condensed consolidated financial statements.
Table of Contents
7