UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): March 29, 2023
 
Via Renewables, Inc.	
(Exact Name of Registrant as Specified in its Charter)	
 
Delaware	 	001-36559	 	46-5453215	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification Number)	
 
12140 Wickchester Ln, Ste 100
Houston, Texas 77079
(Address of Principal Executive Offices)
(Zip Code)
 
(713) 600-2600
(Registrant’s Telephone Number, Including Area Code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐	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))	
 
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 
 
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.  ☐ 

	
 	
	Comment	

 
Item 2.02 Results of Operations and Financial Condition.
 
On March 29, 2023, Via Renewables, Inc. (the “Company”) issued a press release announcing fourth quarter and year-end 2022 earnings (the “Press Release”). The Press Release is being furnished as Exhibit 99.1 to this Current Report and is incorporated by reference herein.
 
The information in Item 2.02 of this Current Report on Form 8-K is being “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, and is not incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless specifically identified therein as being incorporated by reference.
 
Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits
 
Exhibit No.	 	Description	
 	 	 	
99.1	 	Press Release of Via Renewables, Inc. March 29, 2023	
104	 	Cover Page Interactive Data File (embedded within the Inline XBRL document)	

2	Comment	

 
EXHIBIT INDEX
 
Exhibit No.	 	Description	
 	 	 	
99.1	 	Press Release of Via Renewables, Inc. March 29, 2023	
104	 	Cover Page Interactive Data File (embedded within the Inline XBRL document)	

3	Comment	

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: March 29, 2023
 
Via Renewables, Inc.	
 	
By:	/s/ Mike Barajas	 	
Name:	Mike Barajas	 	
Title:	Chief Financial Officer	 	

4	Comment	

EXHIBIT 99.1
 
Via Renewables, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results
 
HOUSTON, March 29, 2023 (ACCESSWIRE) -- Via Renewables, Inc. ("Via Renewables" or the "Company") (NASDAQ: VIA; VIASP), an independent retail energy services company, today reported financial results for the year ended December 31, 2022. 
 
Key Business Highlights
 
 	·	Recorded $(27.5) million in Net Loss and $12.6 million in Adjusted EBITDA for the fourth quarter	
 	·	Recorded $(7.1) million in Gross Loss and $31.9 million in Retail Gross Margin for the fourth quarter	
 	·	Achieved $11.2 million in Net Income and $51.8 million in Adjusted EBITDA for the year ended 2022	
 	·	Achieved $103.4 million in Gross Profit and $114.8 million in Retail Gross Margin for the year ended 2022	
 	·	Average monthly attrition of 3.8%	
 	·	Total liquidity of $76.9 million as of December 31, 2022	
  
Summary Fourth Quarter 2022 Financial Results1
 
Net Loss for the quarter ended December 31, 2022, was $(27.5) million, which is driven by a $(37.9) million mark-to-market loss on our hedges. This compares to Net Loss of $(37.3) million for the quarter ended December 31, 2021 which included a $(46.2) million loss on the mark-to-market for the hedges. The decrease in Net Loss was primarily the result of a $9.7 million increase in cash settlements on derivative instruments. 
 
For the quarter ended December 31, 2022, Via Renewables reported Adjusted EBITDA of $12.6 million compared to Adjusted EBITDA of $11.6 million for the quarter ended December 31, 2021. The increase in Adjusted EBITDA was due to higher gross margin quarter over quarter, partially offset by increases in customer acquisition spend and an increase in G&A expense. While G&A increased in 2022, this was mainly due to 2021 legal expenses being lower than our normal run-rate as a result of favorable settlements of older legal cases.
 
For the quarter ended December 31, 2022, Via Renewables reported Gross Loss of $(7.1) million compared to Gross Loss of $(24.3) million in for the quarter ended December 31, 2021. The increase was mainly due to a reduction on the mark-to-market loss on our hedges and higher Retail Gross Margin.
 
For the quarter ended December 31, 2022, Via Renewables reported Retail Gross Margin of $31.9 million compared to Retail Gross Margin of $25.2 million for the quarter ended December 31, 2021. This increase was attributable to higher electric unit margins combined with higher natural gas volumes, partially offset by lower electric volumes and lower natural gas unit margins.
 
1 We expect to report a material weakness in the design and operation of the controls over our calculation of deferred tax assets and liabilities, and income tax expense, in our Annual Report on Form 10-K and immaterial corrections for the years ended December 31, 2021 and 2020. The information presented herein gives effect to the immaterial corrections. Please see Appendix Table A-4 and Note 2 in the Notes to the Consolidated Financial Statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2022 for a description of the adjustments.

1	Comment	

 
Summary Full Year 2022 Financial Results 
 
Net Income for the year ended December 31, 2022, was $11.2 million compared to a Net Loss of $(5.4) million for the year ended December 31, 2021. The increase compared to the prior year was primarily the result of a $64.4 million loss in 2021 due to winter storm Uri. In addition, Via Renewables had a mark-to-market loss this year of $(18.0) million, compared to a mark-to-market gain of $5.5 million a year ago. 
 
For the year ended December 31, 2022, Via Renewables reported Adjusted EBITDA of $51.8 million compared to Adjusted EBITDA of $80.7 million for the year ended December 31, 2021. The decrease is the result of a reduction in Retail Gross Margin, increases in general and administrative expenses and customer acquisition spend. General and administrative expenses were higher due to an increase in bad debt expense in 2022 and lower employee costs in 2021 due to employee retention credits related to the CARES Act that did not re-occur in 2022. 
 
For the year ended December 31, 2022, Via Renewables reported Gross Profit of $103.4 million compared to Gross Profit of $70.3 million for the year ended December 31, 2021. The increase is due to a $(64.4) million loss from winter storm Uri in 2021 partially offset by a $23.5 million reduction in the mark-to-market on our hedges.
 
For the year ended December 31, 2022, Via Renewables reported Retail Gross Margin of $114.8 million compared to Retail Gross Margin of $132.5 million for the year ended December 31, 2021. The decrease was primarily attributable to lower electric volumes and unit margins as high commodity prices impacted our margins and caused our industry to raise rates which increased attrition. This was combined with lower natural gas unit margins also due to rising commodity prices and was partially offset by higher natural gas volumes mainly resulting from a book acquisition in the third quarter.
 
Liquidity and Capital Resources
 
 	 	December 31,	 	
($ in thousands)	 	2022	 	
Cash and cash equivalents	 	$	33,658	 	
Senior Credit Facility Availability (1)	 	 	38,225	 	
Subordinated Debt Facility Availability (2)	 	 	5,000	 	
Total Liquidity	 	$	76,883	 	
 
(1) Reflects amount of Letters of Credit that could be issued based on existing covenants as of December 31, 2022.
(2) The availability of Subordinated Facility is dependent on our Founder's discretion.
 
Dividend
 
Via Renewables’ Board of Directors declared quarterly dividends of $0.90625 per share of Class A common stock (retrospectively restated to effect the Company’s March 21, 2023 Reverse Stock Split at a ratio of 1 to 5 shares of common stock) paid on March 15, 2023 to holders of record as of March 1, 2023, and $0.71298 per share of Series A Preferred Stock payable on April 17, 2023 to holders of record as of April 1, 2023.
 
Business Outlook
 
"Looking forward to 2023, we're positioned very well to attract new customers. Numerous utilities have raised their rates and we're able to be more competitive with our offerings as commodity prices retreat off record highs. We've made it past a volatile high price environment and see opportunities for growth. As always, we will remain open to any potential tuck in acquisitions as well, while growing our organic sales channels " said Keith Maxwell, Via Renewables' Chief Executive Officer.

2	Comment	

 
Conference Call and Webcast
 
Via Renewables will host a conference call to discuss fourth quarter and full year 2022 results on Thursday, March 30, 2023, at 10:00 AM Central Time (11:00 AM Eastern).
 
A live webcast of the conference call can be accessed from the Events & Presentations page of the Via Renewables website at https://viarenewables.com/. An archived replay of the webcast will be available for twelve months following the live presentation.
 
About Via Renewables, Inc.
 
Via Renewables, Inc. is an independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for natural gas and electricity. Headquartered in Houston, Texas, Via Renewables currently operates in 103 utility service territories across 20 states and the District of Columbia. Via Renewables offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives. 
 
We use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should note that new materials, including press releases, updated investor presentations, and financial and other filings with the Securities and Exchange Commission are posted on the Via Renewables Investor Relations website at  https://viarenewables.com/. Investors are urged to monitor our website regularly for information and updates about the Company. 
 
Cautionary Note Regarding Forward Looking Statements
 
This earnings release 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. All statements, other than statements of historical fact included in this earnings release are forward-looking statements. The forward-looking statements include statements regarding the impacts of 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 of and terms of capital, competition, government 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 earnings release 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:
 
 	·	our ability to remediate the material weakness in our internal control over financial reporting, the identification of additional material weaknesses in the future or otherwise failing to maintain an effective system of internal controls;	
 	·	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;	

3	Comment	

 
 	·	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, 2022, and other public filings and press releases.	
  
You should review the risk factors and other factors noted throughout this earnings release 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 earnings release. 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.
 
For further information, please contact:
 
Investor Relations: 
 
Stephen Rabalais,
 
832-200-3727
 
Media Relations: 
 
Kira Jordan, 
 
832-255-7302

4	Comment	

 
VIA RENEWABLES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 AS OF DECEMBER 31, 2022 AND DECEMBER 31, 2021
(in thousands, except share counts)
 
 	 	December 31,
2022	 	 	December 31,
2021	 	
Assets	 	 	 	 	 	 	
Current assets:	 	 	 	 	 	 	
Cash and cash equivalents	 	$	33,658	 	 	$	68,899	 	
Restricted cash	 	 	1,693	 	 	 	6,421	 	
Accounts receivable, net of allowance for doubtful accounts of $4,335 and $2,368 as of December 31, 2022 and 2021, respectively	 	 	81,466	 	 	 	66,676	 	
Accounts receivable—affiliates	 	 	6,455	 	 	 	3,819	 	
Inventory	 	 	4,405	 	 	 	1,982	 	
Fair value of derivative assets	 	 	1,632	 	 	 	3,930	 	
Customer acquisition costs, net	 	 	3,530	 	 	 	946	 	
Customer relationships, net	 	 	2,520	 	 	 	8,523	 	
Deposits	 	 	10,568	 	 	 	6,664	 	
Renewable energy credit asset	 	 	24,251	 	 	 	14,691	 	
Other current assets	 	 	8,749	 	 	 	14,129	 	
Total current assets	 	 	178,927	 	 	 	196,680	 	
Property and equipment, net	 	 	4,691	 	 	 	4,261	 	
Fair value of derivative assets	 	 	666	 	 	 	340	 	
Customer acquisition costs, net	 	 	1,683	 	 	 	453	 	
Customer relationships, net	 	 	481	 	 	 	5,660	 	
Deferred tax assets (1)	 	 	20,437	 	 	 	22,398	 	
Goodwill	 	 	120,343	 	 	 	120,343	 	
Other assets	 	 	3,722	 	 	 	3,624	 	
Total Assets (1)	 	$	330,950	 	 	$	353,759	 	
Liabilities, Series A Preferred Stock and Stockholders' Equity	 	 	 	 	 	 	 	 	
Current liabilities:	 	 	 	 	 	 	 	 	
Accounts payable	 	$	53,296	 	 	$	43,285	 	
Accounts payable—affiliates	 	 	265	 	 	 	491	 	
Accrued liabilities (1)	 	 	8,431	 	 	 	19,588	 	
Renewable energy credit liability	 	 	13,722	 	 	 	13,548	 	
Fair value of derivative liabilities	 	 	16,132	 	 	 	4,158	 	
Other current liabilities	 	 	322	 	 	 	1,707	 	
Total current liabilities (1)	 	 	92,168	 	 	 	82,777	 	
Long-term liabilities:	 	 	 	 	 	 	 	 	
Fair value of derivative liabilities	 	 	2,715	 	 	 	36	 	
Long-term portion of Senior Credit Facility	 	 	100,000	 	 	 	135,000	 	
Subordinated debt—affiliate	 	 	20,000	 	 	 	—	 	
Other long-term liabilities	 	 	18	 	 	 	109	 	
Total liabilities (1)	 	 	214,901	 	 	 	217,922	 	
Commitments and contingencies	 	 	 	 	 	 	 	 	
Series A Preferred Stock, par value $0.01 per share, 20,000,000 shares authorized, 3,567,543 shares issued and outstanding at December 31, 2022 and December 31, 2021	 	 	87,713	 	 	 	87,288	 	
Stockholders' equity:	 	 	 	 	 	 	 	 	
Common Stock (2)	 	 	 	 	 	 	 	 	
Class A common stock, par value $0.01 per share, 120,000,000 shares authorized, 3,200,472 shares issued and 3,171,553 shares outstanding at December 31, 2022 and 3,158,204 shares issued and 3,129,285 shares outstanding at December 31, 2021	 	 	32	 	 	 	32	 	
Class B common stock, par value $0.01 per share, 60,000,000 shares authorized, 4,000,000 issued and outstanding at December 31, 2022 and December 31, 2021	 	 	40	 	 	 	40	 	
Additional paid-in capital (1)	 	 	42,871	 	 	 	53,918	 	
Accumulated other comprehensive loss	 	 	(40	)	 	 	(40	)	
Retained earnings (1)	 	 	2,073	 	 	 	173	 	
Treasury stock, at cost, 28,918 at December 31, 2022 and December 31, 2021	 	 	(2,406	)	 	 	(2,406	)	
Total stockholders' equity (1)	 	 	42,570	 	 	 	51,717	 	
Non-controlling interest in Spark HoldCo, LLC (1)	 	 	(14,234	)	 	 	(3,168	)	
Total equity (1)	 	 	28,336	 	 	 	48,549	 	
Total Liabilities, Series A Preferred Stock and stockholders' equity (1)	 	$	330,950	 	 	$	353,759	 	
 
(1)	Amounts have been adjusted to reflect certain immaterial prior period adjustments. Please see Appendix Table A-4 and Note 2 in the Notes to the Consolidated Financial Statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2022 for a description of the adjustments.	
(2)	All share amounts have been retrospectively restated to effect the Company’s March 21, 2023 Reverse Stock Split at a ratio of 1 to 5 shares of common stock.	

5	Comment	

  
VIA RENEWABLES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 and 2020 
(in thousands, except per share data)
 
 	 	Year Ended December 31,	 	
 	 	2022	 	 	2021	 	 	2020	 	
Revenues:	 	 	 	 	 	 	 	 	 	
Retail revenues	 	$	462,815	 	 	$	397,728	 	 	$	555,547	 	
Net asset optimization (expense) revenues	 	 	(2,322	)	 	 	(4,243	)	 	 	(657	)	
Total revenues	 	 	460,493	 	 	 	393,485	 	 	 	554,890	 	
Operating expenses:	 	 	 	 	 	 	 	 	 	 	 	 	
Retail cost of revenues	 	 	357,096	 	 	 	323,219	 	 	 	344,592	 	
General and administrative	 	 	61,933	 	 	 	44,279	 	 	 	90,734	 	
Depreciation and amortization	 	 	16,703	 	 	 	21,578	 	 	 	30,767	 	
Total operating expenses	 	 	435,732	 	 	 	389,076	 	 	 	466,093	 	
Operating income	 	 	24,761	 	 	 	4,409	 	 	 	88,797	 	
Other (expense)/income:	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	 	 	(7,204	)	 	 	(4,926	)	 	 	(5,266	)	
Interest and other income	 	 	129	 	 	 	370	 	 	 	423	 	
Total other (expense)/income	 	 	(7,075	)	 	 	(4,556	)	 	 	(4,843	)	
Income (loss) before income tax expense	 	 	17,686	 	 	 	(147	)	 	 	83,954	 	
Income tax expense (1)	 	 	6,483	 	 	 	5,266	 	 	 	17,880	 	
Net income (loss) (1)	 	$	11,203	 	 	$	(5,413	)	 	$	66,074	 	
Less: Net income (loss) attributable to non-controlling interest (1)	 	 	3,625	 	 	 	(9,146	)	 	 	38,761	 	
Net income attributable to Via Renewables, Inc. stockholders (1)	 	$	7,578	 	 	$	3,733	 	 	$	27,313	 	
Less: Dividend on Series A preferred stock	 	 	8,054	 	 	 	7,804	 	 	 	7,441	 	
Net (loss) income attributable to stockholders of Class A common stock (1)	 	$	(476	)	 	$	(4,071	)	 	$	19,872	 	
Other comprehensive income (loss), net of tax:	 	 	 	 	 	 	 	 	 	 	 	 	
Comprehensive income (loss) (1)	 	$	11,203	 	 	$	(5,413	)	 	$	66,074	 	
Less: Comprehensive income (loss) attributable to non-controlling interest (1)	 	 	3,625	 	 	 	(9,146	)	 	 	38,761	 	
Comprehensive income attributable to Via Renewables, Inc. stockholders (1)	 	$	7,578	 	 	$	3,733	 	 	$	27,313	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net (loss) income attributable to Via Renewables, Inc. per share of Class A common stock	 	 	 	 	 	 	 	 	 	 	 	 	
Basic (1)(2)	 	$	(0.15	)	 	$	(1.35	)	 	$	6.83	 	
Diluted (1)(2)	 	$	(0.15	)	 	$	(1.35	)	 	$	6.75	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares of Class A common stock outstanding	 	 	 	 	 	 	 	 	 	 	 	 	
Basic (2)	 	 	3,156	 	 	 	3,026	 	 	 	2,911	 	
Diluted (2)	 	 	3,156	 	 	 	3,026	 	 	 	2,943	 	
 
(1) 	Amounts have been adjusted to reflect certain immaterial prior period adjustments. Please see Appendix Table A-4 and Note 2 in the Notes to the Consolidated Financial Statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2022 for a description of the adjustments.	
(2)	All shares and per share amounts have been retrospectively restated to effect the Company’s March 21, 2023 Reverse Stock Split at a ratio of 1 to 5 shares of common stock.	

6	Comment	

  
VIA RENEWABLES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020 
(in thousands)
 
 	 	Year Ended December 31,	 	
 	 	2022	 	 	2021	 	 	2020	 	
Cash flows from operating activities:	 	 	 	 	 	 	 	 	 	
Net income (loss) (1)	 	$	11,203	 	 	$	(5,413	)	 	$	66,074	 	
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization expense	 	 	16,703	 	 	 	21,578	 	 	 	30,767	 	
Deferred income taxes (1)	 	 	1,962	 	 	 	5,507	 	 	 	3,764	 	
Stock based compensation	 	 	3,252	 	 	 	3,448	 	 	 	2,503	 	
Amortization of deferred financing costs	 	 	1,125	 	 	 	997	 	 	 	1,210	 	
Bad debt expense	 	 	6,865	 	 	 	445	 	 	 	4,692	 	
(Loss) gain on derivatives, net	 	 	(17,821	)	 	 	(21,200	)	 	 	23,386	 	
Current period cash settlements on derivatives, net	 	 	35,643	 	 	 	15,692	 	 	 	(37,414	)	
Other	 	 	26	 	 	 	—	 	 	 	—	 	
Changes in assets and liabilities:	 	 	 	 	 	 	 	 	 	 	 	 	
(Increase) decrease in accounts receivable	 	 	(21,620	)	 	 	3,229	 	 	 	37,960	 	
(Increase) decrease in accounts receivable—affiliates	 	 	(2,636	)	 	 	1,234	 	 	 	(3,020	)	
(Increase) decrease in inventory	 	 	(2,423	)	 	 	(486	)	 	 	1,458	 	
Increase in customer acquisition costs	 	 	(5,870	)	 	 	(1,415	)	 	 	(1,513	)	
(Increase) decrease in prepaid and other current assets	 	 	(10,475	)	 	 	654	 	 	 	(2,120	)	
Decrease in intangible assets—customer acquisition	 	 	—	 	 	 	27	 	 	 	—	 	
(Increase) decrease in other assets	 	 	(502	)	 	 	(190	)	 	 	288	 	
Increase (decrease) in accounts payable and accrued liabilities (1)	 	 	2,707	 	 	 	(10,213	)	 	 	(37,012	)	
Decrease in accounts payable—affiliates	 	 	(226	)	 	 	(335	)	 	 	(184	)	
(Decrease) increase in other current liabilities	 	 	(1,597	)	 	 	(705	)	 	 	1,180	 	
Decrease in other non-current liabilities	 	 	(109	)	 	 	(152	)	 	 	(188	)	
Net cash provided by operating activities	 	 	16,207	 	 	 	12,702	 	 	 	91,831	 	
Cash flows from investing activities:	 	 	 	 	 	 	 	 	 	 	 	 	
Purchases of property and equipment	 	 	(2,153	)	 	 	(2,713	)	 	 	(2,154	)	
Acquisition of Customers	 	 	(4,718	)	 	 	(3,797	)	 	 	—	 	
Net cash used in investing activities	 	 	(6,871	)	 	 	(6,510	)	 	 	(2,154	)	
Cash flows from financing activities:	 	 	 	 	 	 	 	 	 	 	 	 	
Buyback of Series A Preferred Stock	 	 	—	 	 	 	—	 	 	 	(2,282	)	
Borrowings on notes payable	 	 	289,000	 	 	 	774,000	 	 	 	612,000	 	
Payments on notes payable	 	 	(324,000	)	 	 	(739,000	)	 	 	(635,000	)	
Net borrowings on subordinated debt facility	 	 	20,000	 	 	 	—	 	 	 	—	 	
Payment for acquired customers	 	 	—	 	 	 	—	 	 	 	(972	)	
Restricted stock vesting	 	 	(663	)	 	 	(1,329	)	 	 	(1,107	)	
Payment of dividends to Class A common stockholders	 	 	(11,461	)	 	 	(10,987	)	 	 	(10,569	)	
Payment of distributions to non-controlling unitholders	 	 	(14,553	)	 	 	(17,436	)	 	 	(29,450	)	
Payment of Preferred Stock dividends	 	 	(7,628	)	 	 	(7,804	)	 	 	(7,886	)	
Purchase of Treasury Stock	 	 	—	 	 	 	—	 	 	 	(395	)	
Net cash used in financing activities	 	 	(49,305	)	 	 	(2,556	)	 	 	(75,661	)	
(Decrease) increase in Cash and cash equivalents and Restricted Cash	 	 	(39,969	)	 	 	3,636	 	 	 	14,016	 	
Cash and cash equivalents and Restricted cash—beginning of period	 	 	75,320	 	 	 	71,684	 	 	 	57,668	 	
Cash and cash equivalents and Restricted cash—end of period	 	$	35,351	 	 	$	75,320	 	 	$	71,684	 	
Supplemental Disclosure of Cash Flow Information:	 	 	 	 	 	 	 	 	 	 	 	 	
Non-cash items:	 	 	 	 	 	 	 	 	 	 	 	 	
Property and equipment purchase accrual	 	$	(4	)	 	$	(38	)	 	$	46	 	
Cash paid (received) during the period for:	 	 	 	 	 	 	 	 	 	 	 	 	
Interest	 	$	5,561	 	 	$	3,754	 	 	$	3,859	 	
Taxes	 	$	865	 	 	$	(1,788	)	 	$	23,890	 	
 
(1)	Amounts have been adjusted to reflect certain immaterial prior period adjustments. Please see Appendix Table A-4 and Note 2 in the Notes to the Consolidated Financial Statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2022 for a description of the adjustments.	

7	Comment	

 
VIA RENEWABLES, INC.
OPERATING SEGMENT RESULTS
FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 and 2020
(in thousands, except volume and per unit operating data)
(unaudited)
 
 	 	Year Ended December 31,	 	
 	 	2022	 	 	2021	 	 	2020	 	
 	 	(in thousands, except volume and per unit operating data)	 	
Retail Electricity Segment	 	 	 	 	 	 	 	 	 	
Total Revenues	 	$	352,750	 	 	$	322,594	 	 	$	461,393	 	
Retail Cost of Revenues	 	 	275,701	 	 	 	284,794	 	 	 	306,012	 	
Less: Net (Losses) Gains on non-trading derivatives, net of cash settlements	 	 	(15,265	)	 	 	6,194	 	 	 	12,148	 	
Non-recurring event - winter storm Uri	 	 	9,565	 	 	 	(64,403	)	 	 	—	 	
Retail Gross Margin (1) —Electricity	 	$	82,749	 	 	$	96,009	 	 	$	143,233	 	
Volumes—Electricity (MWhs) (3)	 	 	2,433,906	 	 	 	2,677,681	 	 	 	4,049,543	 	
Retail Gross Margin (2) (4) —Electricity per MWh	 	$	34.00	 	 	$	35.86	 	 	$	35.37	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Retail Natural Gas Segment	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	 	$	110,065	 	 	$	75,134	 	 	$	94,154	 	
Retail Cost of Revenues	 	 	81,395	 	 	 	38,425	 	 	 	38,580	 	
Less: Net (Losses) Gains on non-trading derivatives, net of cash settlements	 	 	(3,396	)	 	 	184	 	 	 	2,334	 	
Retail Gross Margin (1) —Gas	 	$	32,066	 	 	$	36,525	 	 	$	53,240	 	
Volumes—Gas (MMBtus)	 	 	11,558,952	 	 	 	8,611,285	 	 	 	11,100,446	 	
Retail Gross Margin (2) —Gas per MMBtu	 	$	2.77	 	 	$	4.24	 	 	$	4.80	 	
 
(1)	Reflects the Retail Gross Margin attributable to our Retail Electricity Segment or Retail Natural Gas Segment, as applicable. Retail Gross Margin is a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Performance” for a reconciliation of Retail Gross Margin to most directly comparable financial measures presented in accordance with GAAP.	
(2)	Reflects the Retail Gross Margin for the Retail Electricity Segment or Retail Natural Gas Segment, as applicable, divided by the total volumes in MWh or MMBtu, respectively.	
(3)	Excludes volumes (8,402 MWhs) related to winter storm Uri impact for the year ended December 31, 2021.	
(4)	Retail Gross Margin - Electricity per MWh excludes winter storm Uri impact.	

8	Comment	

 
Reconciliation of GAAP to Non-GAAP Measures
 
Adjusted EBITDA
 
We define “Adjusted EBITDA” as EBITDA less (i) customer acquisition costs incurred in the current period, plus or minus (ii) net (loss) gain on derivative instruments, and (iii) net current period cash settlements on derivative instruments, plus (iv) non-cash compensation expense, and (v) other non-cash and non-recurring operating items. EBITDA is defined as net income (loss) before the provision for income taxes, interest expense and depreciation and amortization. This conforms to the calculation of Adjusted EBITDA in our Senior Credit Facility.
 
We deduct all current period customer acquisition costs (representing spending for organic customer acquisitions) in the Adjusted EBITDA calculation because such costs reflect a cash outlay in the period in which they are incurred, even though we capitalize and amortize such costs over two years. We do not deduct the cost of customer acquisitions through acquisitions of businesses or portfolios of customers in calculating Adjusted EBITDA.
 
We deduct our net gains (losses) on derivative instruments, excluding current period cash settlements, from the Adjusted EBITDA calculation in order to remove the non-cash impact of net gains and losses on these instruments. We also deduct non-cash compensation expense that results from the issuance of restricted stock units under our long-term incentive plan due to the non-cash nature of the expense.
 
We adjust from time to time other non-cash or unusual and/or infrequent charges due to either their non-cash nature or their infrequency. We have historically included the financial impact of weather variability in the calculation of Adjusted EBITDA. We will continue this historical approach, but during the first quarter of 2021 we incurred a net pre-tax financial loss of $64.9 million due to winter storm Uri. This loss was incurred due to uncharacteristic extended sub-freezing temperatures across Texas combined with the impact of the pricing caps ordered by ERCOT. We believe this event is unusual, infrequent, and non-recurring in nature. 
 
As our Senior Credit Facility is considered a material agreement and Adjusted EBITDA is a key component of our material covenants, we consider our covenant compliance to be material to the understanding of our financial condition and/or liquidity. Our lenders under our Senior Credit Facility allowed $60.0 million of the $64.9 million pre-tax storm loss incurred in the first quarter of 2021 to be added back as a non-recurring item in the calculation of Adjusted EBITDA for our Debt Covenant Calculations. We received a $0.4 million credit from ERCOT for winter storm related losses during the third quarter of 2021, resulting in a net pre-tax storm loss of $64.4 million for the year ended December 31, 2021. In June 2022, we received $9.6 million from ERCOT related to PURA Subchapter N Securitization financing. For consistent presentation of the financial impact of winter storm Uri, $5.2 million of the $9.6 million is reflected as non-recurring items reducing Adjusted EBITDA for the year ended December 31, 2022.
 
We believe that the presentation of Adjusted EBITDA provides information useful to investors in assessing our liquidity and financial condition and results of operations and that Adjusted EBITDA is also useful to investors as a financial indicator of our ability to incur and service debt, pay dividends and fund capital expenditures. Adjusted EBITDA is a supplemental financial measure that management and external users of our consolidated financial statements, such as industry analysts, investors, commercial banks and rating agencies, use to assess the following:
 
 	·	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;	
 	·	our ability to fund capital expenditures (including customer acquisition costs) and incur and service debt; and	
 	·	our compliance with financial debt covenants in our Senior Credit Facility.	

9	Comment	

 
Retail Gross Margin
 
We define Retail Gross Margin as gross profit less (i) net asset optimization revenues (expenses), (ii) net gains (losses) on non-trading derivative instruments, (iii) net current period cash settlements on non-trading derivative instruments and (iv) gains (losses) from non-recurring events (including non-recurring market volatility). Retail Gross Margin is included as a supplemental disclosure because it is a primary performance measure used by our management to determine the performance of our retail natural gas and electricity segments. As an indicator of our retail energy business’s operating performance, Retail Gross Margin should not be considered an alternative to, or more meaningful than, gross profit, its most directly comparable financial measure calculated and presented in accordance with GAAP.
 
We believe retail gross margin provides information useful to investors as an indicator of our retail energy business's operating performance.
 
We have historically included the financial impact of weather variability in the calculation of Retail Gross Margin. We will continue this historical approach, but during the first quarter of 2021 we added back the $64.9 million net financial loss incurred related to winter storm Uri, as described above, in the calculation of Retail Gross Margin because the extremity of the Texas storm combined with the impact of unprecedented pricing mechanisms ordered by ERCOT is considered unusual, infrequent, and non-recurring in nature. In June 2022, we received $9.6 million from ERCOT related to PURA Subchapter N Securitization financing. The $9.6 million is reflected as a non-recurring item reducing Retail Gross Margin for the year ended December 31, 2022 for consistent presentation of the financial impacts of winter storm Uri. 
 
The GAAP measures most directly comparable to Adjusted EBITDA are net income (loss) and net cash provided by (used in) operating activities. The GAAP measure most directly comparable to Retail Gross Margin is gross profit. Our non-GAAP financial measures of Adjusted EBITDA and Retail Gross Margin should not be considered as alternatives to net income (loss), net cash provided by (used in) operating activities, or gross profit. Adjusted EBITDA and Retail Gross Margin are not presentations made in accordance with GAAP and have important limitations as analytical tools. You should not consider Adjusted EBITDA or Retail Gross Margin in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA and Retail Gross Margin exclude some, but not all, items that affect net income (loss), net cash provided by (used in) operating activities, and gross profit, and are defined differently by different companies in our industry, our definition of Adjusted EBITDA and Retail Gross Margin may not be comparable to similarly titled measures of other companies. 
 
Management compensates for the limitations of Adjusted EBITDA and Retail Gross Margin as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these data points into management’s decision-making process. 
 
The following tables present a reconciliation of Adjusted EBITDA to net income (loss) and net cash provided by operating activities for each of the periods indicated.

10	Comment	

 
APPENDIX TABLES A-1 AND A-2
ADJUSTED EBITDA RECONCILIATIONS
(in thousands)
(unaudited)
 
 	 	Year Ended December 31,	 	 	Quarter Ended December 31,	 	
(in thousands)	 	2022	 	 	2021	 	 	2022	 	 	2021	 	
Reconciliation of Adjusted EBITDA to Net Income (Loss):	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) (1)	 	$	11,203	 	 	$	(5,413	)	 	$	(27,488	)	 	$	(37,306	)	
Depreciation and amortization	 	 	16,703	 	 	 	21,578	 	 	 	3,313	 	 	 	5,080	 	
Interest expense	 	 	7,204	 	 	 	4,926	 	 	 	2,075	 	 	 	765	 	
Income tax expense (benefit) (1)	 	 	6,483	 	 	 	5,266	 	 	 	(2,243	)	 	 	(3,894	)	
EBITDA	 	 	41,593	 	 	 	26,357	 	 	 	(24,343	)	 	 	(35,355	)	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net, gain (loss) on derivative instruments	 	 	17,821	 	 	 	21,200	 	 	 	(37,994	)	 	 	(36,526	)	
Net, cash settlements on derivative instruments	 	 	(35,801	)	 	 	(15,692	)	 	 	121	 	 	 	(9,642	)	
Customer acquisition costs	 	 	5,870	 	 	 	1,415	 	 	 	1,596	 	 	 	650	 	
Plus:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-cash compensation expense	 	 	3,252	 	 	 	3,448	 	 	 	662	 	 	 	1,436	 	
Non-recurring event - winter storm Uri	 	 	(5,162	)	 	 	60,000	 	 	 	—	 	 	 	—	 	
Non-recurring legal and regulatory settlements	 	 	—	 	 	 	(2,225	)	 	 	—	 	 	 	—	 	
Adjusted EBITDA 	 	$	51,793	 	 	$	80,657	 	 	$	12,596	 	 	$	11,599	 	
 
 	 	Year Ended December 31,	 	 	Quarter Ended December 31,	 	
(in thousands)	 	2022	 	 	2021	 	 	2022	 	 	2021	 	
Reconciliation of Adjusted EBITDA to net cash provided by operating activities:	 	 	 	 	 	 	 	 	 	 	 	 	
Net cash provided by (used in) operating activities	 	$	16,207	 	 	$	12,702	 	 	$	(5,004	)	 	$	(6,070	)	
Amortization of deferred financing costs	 	 	(1,125	)	 	 	(997	)	 	 	(206	)	 	 	(205	)	
Bad debt expense	 	 	(6,865	)	 	 	(445	)	 	 	(3,970	)	 	 	(66	)	
Interest expense	 	 	7,204	 	 	 	4,926	 	 	 	2,075	 	 	 	765	 	
Income tax expense (benefit) (1)	 	 	6,483	 	 	 	5,266	 	 	 	(2,243	)	 	 	(3,894	)	
Non-recurring event - winter storm Uri	 	 	(5,162	)	 	 	60,000	 	 	 	—	 	 	 	—	 	
Non-recurring legal settlement	 	 	—	 	 	 	(2,225	)	 	 	—	 	 	 	—	 	
Changes in operating working capital	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Accounts receivable, prepaids, current assets	 	 	34,731	 	 	 	(5,117	)	 	 	41,960	 	 	 	20,188	 	
Inventory	 	 	2,423	 	 	 	486	 	 	 	(869	)	 	 	(562	)	
Accounts payable, accrued liabilities, current liabilities (1)	 	 	(884	)	 	 	11,253	 	 	 	(22,190	)	 	 	(4,556	)	
Other (1)	 	 	(1,219	)	 	 	(5,192	)	 	 	3,0432	 	 	 	5,999	 	
Adjusted EBITDA	 	$	51,793	 	 	$	80,657	 	 	$	12,596	 	 	$	11,599	 	
Cash Flow Data:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash flows provided by (used in) operating activities	 	$	16,207	 	 	$	12,702	 	 	$	(5,004	)	 	$	(6,070	)	
Cash flows used in investing activities	 	$	(6,871	)	 	$	(6,510	)	 	$	(471	)	 	$	(2,821	)	
Cash flows used in financing activities	 	$	(49,305	)	 	$	(2,556	)	 	$	(1,525	)	 	$	(13,908	)	
 
(1)	Amounts have been adjusted to reflect certain immaterial prior period adjustments. Please see Appendix Table A-4 and Note 2 in the Notes to the Consolidated Financial Statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2022 for a description of the adjustments.	
 
The following table presents a reconciliation of Retail Gross Margin to gross profit for each of the periods indicated.

11	Comment	

 
APPENDIX TABLE A-3
RETAIL GROSS MARGIN RECONCILIATION
(in thousands)
(unaudited)
 
 	 	Year Ended December 31,	 	 	Quarter Ended December 31,	 	
(in thousands)	 	2022	 	 	2021	 	 	2022	 	 	2021	 	
Reconciliation of Retail Gross Margin to Gross Profit (Loss):	 	 	 	 	 	 	 	 	 	 	 	 	
Total Revenues	 	$	460,493	 	 	$	393,485	 	 	$	117,381	 	 	$	100,306	 	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Retail cost of revenues	 	 	357,096	 	 	 	323,219	 	 	 	124,475	 	 	 	124,577	 	
Gross Profit (Loss)	 	$	103,397	 	 	$	70,266	 	 	$	(7,094	)	 	$	(24,271	)	
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net asset optimization expense	 	 	(2,322	)	 	 	(4,243	)	 	 	(1,842	)	 	 	(3,701	)	
Net, gain (loss) on non-trading derivative instruments	 	 	17,305	 	 	 	22,130	 	 	 	(37,265	)	 	 	(36,084	)	
Net, cash settlements on non-trading derivative instruments	 	 	(35,966	)	 	 	(15,752	)	 	 	101	 	 	 	(9,698	)	
Non-recurring event - winter storm Uri	 	 	9,565	 	 	 	(64,403	)	 	 	—	 	 	 	—	 	
Retail Gross Margin	 	$	114,815	 	 	$	132,534	 	 	$	31,912	 	 	$	25,212	 	
Retail Gross Margin - Retail Electricity Segment (1)(2)	 	$	82,749	 	 	$	96,009	 	 	$	20,345	 	 	$	15,531	 	
Retail Gross Margin - Retail Natural Gas Segment	 	$	32,066	 	 	$	36,525	 	 	$	11,567	 	 	$	9,681	 	
 
(1) 	Retail Gross Margin for the year ended December 31, 2021 includes a $0.5 million reduction related to the Winter Storm Uri credit settlements received and includes a $64.4 million add back related to Winter Storm Uri. 	
(2)	Retail Gross Margin for year ended December 31, 2022 includes a deduction of $9.6 million related to proceeds received under an ERCOT (winter storm Uri) securitization mechanism in June 2022.	
   
APPENDIX TABLE A-4
PRIOR PERIOD ADJUSTMENTS 
 
The consolidated balance sheets, consolidated statements of operations and comprehensive income (loss), consolidated statements of changes in equity and consolidated statements of cash flows reflect immaterial adjustments to the historical balances of deferred tax assets, accrued liabilities, additional paid in capital, retained earnings, non-controlling interest in Spark HoldCo, income tax expense, net (loss) income attributable to Via Renewables, Inc. stockholders, net (loss) income attributable to stockholders of Class A common stock, comprehensive income (loss) and earnings per share as of and for the years ended December 31, 2021 and 2020. We made these adjustments in accordance with GAAP, to adjust the amount of deferred tax assets attributable to Via based on its ownership percentage in Spark HoldCo.
 
The Company evaluated the materiality of the errors from both a quantitative and qualitative perspective and concluded that the errors were immaterial to the Company's prior period annual consolidated financial statements, but that recording adjustments to correct the errors in that current period would materially misstate the financial statements as of and for the year ended December 31, 2022, Since the revision was not material to any prior period annual consolidated financial statements, no amendments to the previously filed annual reports was required. Consequently, the Company revised the historical consolidated financial information presented herein. Below are amounts as reported and as adjusted for each of the years (in thousands).

12	Comment	

 
 	 	December 31, 2020	 	 	December 31, 2021	 	
 	 	As Reported	 	 	Adjustments	 	 	As Adjusted	 	 	As Reported	 	 	Adjustments	 	 	As Adjusted	 	
Deferred Tax Assets	 	$	27,960	 	 	$	(1,859	)	 	$	26,101	 	 	$	23,915	 	 	$	(1,517	)	 	$	22,398	 	
Total Assets	 	 	366,667	 	 	 	(1,859	)	 	 	364,808	 	 	 	355,276	 	 	 	(1,517	)	 	 	353,759	 	
Accrued liabilities	 	 	34,164	 	 	 	285	 	 	 	34,449	 	 	 	19,303	 	 	 	285	 	 	 	19,588	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Additional Paid in Capital	 	 	55,507	 	 	 	—	 	 	 	55,507	 	 	 	54,950	 	 	 	(1,032	)	 	 	53,918	 	
Retained Earnings	 	 	11,721	 	 	 	(1,977	)	 	 	9,744	 	 	 	776	 	 	 	(603	)	 	 	173	 	
Total stockholders' equity	 	 	64,854	 	 	 	(1,977	)	 	 	62,877	 	 	 	53,352	 	 	 	(1,635	)	 	 	51,717	 	
Non controlling interest in Spark HoldCo	 	 	23,607	 	 	 	(167	)	 	 	23,440	 	 	 	(3,001	)	 	 	(167	)	 	 	(3,168	)	
Total Equity	 	 	88,461	 	 	 	(2,144	)	 	 	86,317	 	 	 	50,351	 	 	 	(1,802	)	 	 	48,549	 	
Total Liabilities, Series A Preferred Stock and stockholders' equity	 	 	366,667	 	 	 	(1,859	)	 	 	364,808	 	 	 	355,276	 	 	 	(1,517	)	 	 	353,759	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	 	 	15,736	 	 	 	2,144	 	 	 	17,880	 	 	 	3,804	 	 	 	1,462	 	 	 	5,266	 	
Net income (loss)	 	 	68,218	 	 	 	(2,144	)	 	 	66,074	 	 	 	(3,951	)	 	 	(1,462	)	 	 	(5,413	)	
Net income (loss) attributable to non controlling interest	 	 	38,928	 	 	 	(167	)	 	 	38,761	 	 	 	(9,146	)	 	 	—	 	 	 	(9,146	)	
Net Income Available to Via Renewables, Inc. stockholders	 	 	29,290	 	 	 	(1,977	)	 	 	27,313	 	 	 	5,195	 	 	 	(1,462	)	 	 	3,733	 	
Net (loss) income attributable to stockholders of Class A common stock	 	 	21,849	 	 	 	(1,977	)	 	 	19,872	 	 	 	(2,609	)	 	 	(1,462	)	 	 	(4,071	)	
Comprehensive income (loss)	 	 	68,218	 	 	 	(2,144	)	 	 	66,074	 	 	 	(3,951	)	 	 	(1,462	)	 	 	(5,413	)	
Comprehensive income (loss) attributable to non controlling interests	 	 	38,928	 	 	 	(167	)	 	 	38,761	 	 	 	(9,146	)	 	 	—	 	 	 	(9,146	)	
Comprehensive Income attributable to Via Renewables, Inc. stockholders	 	 	29,290	 	 	 	(1,977	)	 	 	27,313	 	 	 	5,195	 	 	 	(1,462	)	 	 	3,733	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) attributable to Via Renewables, Inc. per share of Class A common stock	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic (1)	 	 	7.50	 	 	 	(0.67	)	 	 	6.83	 	 	 	(0.85	)	 	 	(0.50	)	 	 	(1.35	)	
Diluted (1)	 	 	7.40	 	 	 	(0.65	)	 	 	6.75	 	 	 	(0.85	)	 	 	(0.50	)	 	 	(1.35	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash flows from operating activities:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	 	 	68,218	 	 	 	(2,144	)	 	 	66,074	 	 	 	(3,951	)	 	 	(1,462	)	 	 	(5,413	)	
Deferred income taxes	 	 	1,905	 	 	 	1,859	 	 	 	3,764	 	 	 	4,045	 	 	 	1,462	 	 	 	5,507	 	
Accounts payable and accrued liabilities	 	 	(37,297	)	 	 	285	 	 	 	(37,012	)	 	 	(10,213	)	 	 	—	 	 	 	(10,213	)	
Net cash provided by operating activities	 	 	91,831	 	 	 	—	 	 	 	91,831	 	 	 	12,702	 	 	 	—	 	 	 	12,702	 	
 
(1)	All shares and per share amounts have been retrospectively restated to effect the Company’s March 21, 2023 Reverse Stock Split at a ratio of 1 to 5 shares of common stock.	

13	Comment	

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