0001606268-24-000032.txt : 20241031 0001606268-24-000032.hdr.sgml : 20241031 20241031104119 ACCESSION NUMBER: 0001606268-24-000032 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 85 CONFORMED PERIOD OF REPORT: 20240930 FILED AS OF DATE: 20241031 DATE AS OF CHANGE: 20241031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Via Renewables, Inc. CENTRAL INDEX KEY: 0001606268 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 465453215 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36559 FILM NUMBER: 241412955 BUSINESS ADDRESS: STREET 1: 12140 WICKCHESTER LANE STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77079 BUSINESS PHONE: (713) 600-2600 MAIL ADDRESS: STREET 1: 12140 WICKCHESTER LANE STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77079 FORMER COMPANY: FORMER CONFORMED NAME: Spark Energy, Inc. DATE OF NAME CHANGE: 20140423 10-Q 1 spke-20240930.htm 10-Q spke-20240930
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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 September 30, 2024
 
         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
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 3,323,329 shares of Class A common stock, 4,000,000 shares of Class B common stock and 3,567,543 shares of Series A Preferred Stock outstanding as of October 29, 2024.



VIA RENEWABLES, INC.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended September 30, 2024
Page No.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (unaudited)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (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 Winter Storm Uri, cash flow generation and liquidity, business strategy, prospects for growth and acquisitions, outcomes of legal proceedings, the timing, availability, ability to pay and amount of cash dividends on our 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, 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 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 Winter Storm Uri, 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, heat waves 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;
risks related to our recently completed Merger (as defined below) including the outcome of any legal proceedings, regulatory proceedings or enforcement matters that may be instituted against us and others relating to the Merger Agreement or otherwise, the impact of the Merger on our operations and the amount of the costs, fees, expenses and charges related to Merger;
competition; and
the “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, in our Quarterly Reports on Form 10-Q 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
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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.



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PART I. — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
VIA RENEWABLES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share counts)
(unaudited)
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September 30, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents$66,572 $42,595 
Restricted cash510  
Accounts receivable, net of allowance for credit losses of $3,382 at September 30, 2024 and $4,496 at December 31, 2023
41,003 63,246 
Accounts receivable—affiliates4,455 4,683 
Inventory2,897 3,124 
Fair value of derivative assets, net952 909 
Customer acquisition costs, net6,407 5,154 
Customer relationships, net1,443 342 
Deposits5,134 6,897 
Renewable energy credit asset18,024 25,456 
Other current assets8,351 6,567 
Total current assets155,748 158,973 
Property and equipment, net4,989 4,710 
Fair value of derivative assets, net 91 
Customer acquisition costs, net2,387 1,835 
Customer relationships, net424 139 
Deferred tax assets10,852 15,282 
Goodwill120,343 120,343 
Other assets3,677 2,461 
Total assets$298,420 $303,834 
Liabilities, Series A Preferred Stock and Stockholders' Equity
Current liabilities:
Accounts payable$20,661 $29,524 
Accounts payable—affiliates481 472 
Accrued liabilities17,238 15,094 
Renewable energy credit liability13,855 15,706 
Fair value of derivative liabilities, net4,091 19,141 
Other current liabilities60 59 
Total current liabilities56,386 79,996 
Long-term liabilities:
Fair value of derivative liabilities, net405 54 
Long-term portion of Senior Credit Facility89,000 97,000 
Total liabilities145,791 177,050 
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, 2024 and December 31, 2023
88,044 88,065 
Stockholders’ equity:
       Common Stock:

Class A common stock, par value $0.01 per share, 120,000,000 shares authorized, 3,323,329 shares outstanding at September 30, 2024 and 3,261,620 shares issued and 3,232,701 shares outstanding at December 31, 2023
33 32 
Class B common stock, par value $0.01 per share, 60,000,000 shares authorized, 4,000,000 shares issued and outstanding at September 30, 2024 and December 31, 2023
40 40 
       Additional paid-in capital39,041 40,002 
       Accumulated other comprehensive loss(40)(40)
       Retained earnings 19,171 8,972 
       Treasury stock, at cost, 0 and 28,918 shares at September 30, 2024 and December 31, 2023
 (2,406)
     Total stockholders’ equity58,245 46,600 
Non-controlling interest in Spark HoldCo, LLC6,340 (7,881)
       Total equity64,585 38,719 
Total liabilities, Series A Preferred Stock and Stockholders’ equity$298,420 $303,834 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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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,
2024202320242023
Revenues:
Retail revenues$94,254 $109,753 $295,602 $337,499 
Net asset optimization expense(482)(936)(2,610)(5,568)
Other revenue2 1,422 1,534 1,559 
Total Revenues93,774 110,239 294,526 333,490 
Operating Expenses:
Retail cost of revenues68,617 71,050 180,576 234,417 
General and administrative 17,655 17,135 55,850 51,073 
Depreciation and amortization2,502 1,816 6,752 7,146 
Total Operating Expenses88,774 90,001 243,178 292,636 
Operating income5,000 20,238 51,348 40,854 
Other (expense):
Interest expense(1,667)(2,233)(5,339)(7,377)
Interest and other income 16 9 59 96 
Total other expenses(1,651)(2,224)(5,280)(7,281)
Income before income tax expense 3,349 18,014 46,068 33,573 
Income tax expense1,694 3,355 9,654 6,599 
Net income$1,655 $14,659 $36,414 $26,974 
Less: Net (loss) income attributable to non-controlling interests(483)7,140 18,085 11,661 
Net income attributable to Via Renewables, Inc. stockholders$2,138 $7,519 $18,329 $15,313 
Less: Dividend on Series A Preferred Stock2,707 2,708 8,130 7,892 
Net (loss) income attributable to stockholders of Class A common stock$(569)$4,811 $10,199 $7,421 
Net (loss) income attributable to Via Renewables, Inc. per share of Class A common stock
       Basic$(0.17)$1.49 $3.12 $2.32 
       Diluted$(0.17)$1.47 $3.12 $2.29 
Weighted average shares of Class A common stock outstanding
       Basic3,323 3,232 3,272 3,204 
       Diluted3,323 7,232 3,272 7,204 


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

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VIA RENEWABLES, INC.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in thousands)
(unaudited)
Nine Months Ended September 30, 2024
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 EarningsTotal Stockholders' EquityNon-controlling InterestTotal Equity
Balance at December 31, 2023
3,262 4,000 (29)$32 $40 $(2,406)$(40)$40,002 $8,972 $46,600 $(7,881)$38,719 
Stock based compensation— — — — — — 1,720 — 1,720 — 1,720 
Restricted stock unit vesting62 — 1 — — — (287)— (286)— (286)
Consolidated net income — — — — — — — — 18,329 18,329 18,085 36,414 
Contribution for cash settlement / merger— — — — — — — — — — 643 643 
Distributions paid to non-controlling unit holders— — — — — — — — — — (4,495)(4,495)
Dividends paid to Preferred Stockholders— — — — — — — — (8,130)(8,130)— (8,130)
Treasury Shares— — 29 — — 2,406 (2,406)— —  
Changes in ownership interest— — — — — — — 12 — 12 (12) 
Balance at September 30, 20243,324 4,000  $33 $40 $ $(40)$39,041 $19,171 $58,245 $6,340 $64,585 

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












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Three Months Ended September 30, 2024
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 Total Stockholders' EquityNon-controlling InterestTotal Equity
Balance at June 30, 2024
3,3244,000 $33 $40 $ $(40)$38,488 $19,740 $58,261 $7,376 $65,637 
Consolidated net income (loss)— — — — — — — — 2,1382,138(483)1,655
Dividends paid to Preferred Stockholders(2,707)(2,707)(2,707)
Changes in Ownership Interest553553(553)
Balance at September 30, 2024
3,324 4,000  $33 $40 $ $(40)$39,041 $19,171 $58,245 $6,340 $64,585 

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















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Nine Months Ended September 30, 2023
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 Total Stockholders' EquityNon-controlling InterestTotal Equity
Balance at December 31, 2022
3,201 4,000 (29)$32 $40 $(2,406)$(40)$42,871 $2,073 $42,570 $(14,234)$28,336 
Stock based compensation— — — — — — — 1,779 — 1,779 — 1,779 
Restricted stock unit vesting47 — — — — — — (186)— (186)— (186)
Consolidated net income— — — — — — — — 15,313 15,313 11,661 26,974 
Stock issued - reverse stock split14 — — — — — — — — — — — 
Distributions paid to non-controlling unit holders— — — — — — — — — — (4,308)(4,308)
Dividends paid to Class A common stockholders $0.90625 per share)
— — — — — — — (2,874)— (2,874)— (2,874)
Dividends paid to Preferred Stockholders— — — — — — — (2,544)(5,348)(7,892)— (7,892)
Changes in ownership interest— — — — — — — 184 — 184 (184) 
Balance at September 30, 2023
3,262 4,000 (29)$32 $40 $(2,406)$(40)$39,230 $12,038 $48,894 $(7,065)$41,829 

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














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Three Months Ended September 30, 2023
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 Total Stockholders' EquityNon-controlling InterestTotal Equity
Balance at June 30, 20233,260 4,000 (29)$32 $40 $(2,406)$(40)$38,559 $7,227 $43,412 $(13,944)$29,468 
Stock based compensation— — — — — — — 485 — 485 — 485 
Restricted stock unit vesting2 — — — — — — — — — —  
Consolidated net income— — — — — — — — 7,519 7,519 7,140 14,659 
Distributions paid to non-controlling unit holders— — — — — — — — — — (75)(75)
Dividends paid to Preferred Stockholders— — — — — — — — (2,708)(2,708)— (2,708)
Changes in ownership interest— — — — — — — 186 — 186 (186) 
Balance at September 30, 2023
3,262 4,000 (29)$32 $40 $(2,406)$(40)$39,230 $12,038 $48,894 $(7,065)$41,829 

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)
Nine Months Ended September 30,
  20242023
Cash flows from operating activities:
Net income$36,414 $26,974 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization expense6,752 7,146 
Deferred income taxes4,430 3,337 
Stock based compensation2,411 1,784 
Amortization of deferred financing costs685 619 
Bad debt expense1,858 2,717 
Loss on derivatives, net12,647 50,428 
Current period cash settlements on derivatives, net(30,337)(51,767)
Other181 126 
Changes in assets and liabilities:
Decrease in accounts receivable20,386 27,473 
Decrease in accounts receivable—affiliates228 1,886 
Decrease in inventory227 1,378 
Increase in customer acquisition costs(7,145)(4,961)
Decrease in prepaid and other current assets9,764 1,895 
(Increase) decrease in other assets(1,519)641 
Decrease in accounts payable and accrued liabilities(8,541)(29,334)
Increase in accounts payable—affiliates9 797 
Decrease in other current liabilities (264)
Decrease in other non-current liabilities (18)
Net cash provided by operating activities48,450 40,857 
Cash flows from investing activities:
Purchases of property and equipment(1,120)(1,144)
Acquisition of Customers(1,827) 
Net cash used in investing activities(2,947)(1,144)
Cash flows from financing activities:
Borrowings on notes payable405,000 258,000 
Payments on notes payable(413,000)(253,000)
Net paydown on subordinated debt facility (20,000)
Restricted stock vesting(1,013)(186)
Contribution for cash settlement of merger643  
Payment of dividends to Class A common stockholders (2,874)
Payment of distributions to non-controlling unitholders(4,495)(4,308)
Payment of Preferred Stock dividends(8,151)(7,559)
Net cash used in financing activities(21,016)(29,927)
Increase in Cash, cash equivalents and Restricted cash24,487 9,786 
Cash, cash equivalents and Restricted cash—beginning of period42,595 35,351 
Cash, cash equivalents and Restricted cash—end of period$67,082 $45,137 
Supplemental Disclosure of Cash Flow Information:
Non-cash items:
        Property and equipment purchase accrual$7 $15 
Cash paid during the period for:
Interest $4,724 $6,736 
Taxes $7,376 $2,671 
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. We conduct our 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. Via Wireless is a wholly owned subsidiary of the Company that offers wireless services and equipment to wireless 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, 2023 (the “2023 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, Sole Common Stock Shareholder, and Chief Executive Officer

W. Keith Maxwell, III is the Chief Executive Officer, a director, and the owner of all of the voting power of our common stock through his ownership of Retailco, LLC (“Retailco”). Retailco is a wholly owned subsidiary of TxEx Energy Investments, LLC (“TxEx”), which is wholly owned by Mr. Maxwell.

We enter into transactions with and pay certain costs on behalf of affiliates that are commonly controlled by Mr. Maxwell, and these affiliates enter into transactions with and pay certain costs on our behalf. We undertake these
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transactions in order to reduce risk, reduce administrative expense, create economies of scale, create strategic alliances and supply goods and services among these related parties.

These transactions include, but are not limited to, employee benefits provided through the Company’s benefit plans, insurance plans, leased office space, certain administrative salaries, management due diligence, recurring management consulting, and accounting, tax, legal, or technology services. Amounts billed under these arrangements are based on services provided, departmental usage, or headcount, which are considered reasonable by management. As such, the accompanying condensed consolidated financial statements include costs that have been incurred by the Company and then directly billed or allocated to affiliates, and costs that have been incurred by our affiliates and then directly billed or allocated to us, and are recorded net in general and administrative expense on the condensed consolidated statements of operations with a corresponding accounts receivable—affiliates or accounts payable —affiliates, respectively, recorded in the consolidated balance sheets. Additionally, the Company enters into transactions with certain affiliates for sales or purchases of natural gas and electricity, which are recorded in retail revenues, retail cost of revenues, and net asset optimization revenues in the condensed consolidated statements of operations with a corresponding accounts receivable—affiliate or accounts payable—affiliate in the consolidated balance sheets. The allocations and related estimates and assumptions are described more fully in Note 13 “Transactions with Affiliates.”

On June 13, 2024, we consummated the previously announced merger contemplated by that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of December 29, 2023, by and among the Company, Retailco, and NuRetailco LLC, a Delaware limited liability company and wholly-owned subsidiary of Retailco (“Merger Sub”), pursuant to which Merger Sub was merged with and into the Company (the “Merger”), with the Company continuing as the surviving corporation in the Merger, following which Mr. Maxwell and his affiliates became the owners of all of the issued and outstanding shares of the Company's Class A common stock and Class B common stock. As a result, each previously outstanding share of Class A common stock was converted into the right to receive $11.00 per share at the closing of the Merger (other than: (i) shares of Class A common stock held (a) by the Company or any subsidiary of the Company, or (b) held or beneficially owned by Mr. Maxwell and any person or entity controlled by Mr. Maxwell, including Retailco, Merger Sub and NuDevco Retail, LLC (‘‘NuDevco Retail’’), and other than certain dissenting shares). As a result of the Merger, all of the Company’s outstanding restricted stock units were converted into $11.00 per share (other than those owned by Mr. Maxwell, which were cancelled for no consideration). Effective as of the end of trading on June 13, 2024, the Class A common stock ceased to trade on NASDAQ.

New Accounting Standards Being Evaluated/Standards Not yet adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in the ASU improve reportable segment disclosures by adding and enhancing annual and interim disclosure requirements, clarifying circumstances in which entities can disclose multiple segment measures of profit or loss, providing new segment disclosure requirements for entities with a single reportable segment, and adding other disclosure requirements. ASU 2023-07 will be effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The adoption of ASU 2023-07 will result in additional segment-related footnote disclosures within the notes to the consolidated financial statements. We do not expect the adoption of ASU 2023-07 to have a material impact on the consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires enhanced income tax disclosures, particularly related to a reporting entity's effective tax rate reconciliation and income taxes paid. For the rate reconciliation, the update requires additional categories of information about federal, state, and foreign taxes and details about significant reconciling items, subject to a quantitative threshold. Income taxes paid must be similarly disaggregated by federal, state, and foreign based on a quantitative threshold. The ASU will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply retrospectively. We are evaluating the impact of adoption on our consolidated financial statements.
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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 condensed 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.

Other revenue is derived from contracts with customers through the provision of wireless and other services and the sale of wireless equipment.

Revenues for electricity and natural gas sales are recognized under the accrual method when our performance obligation to a customer is satisfied, which is the point in time when the product is delivered and control of the product passes 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 12 months. Customers are billed and typically 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.

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).
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Reportable Segments
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
Retail Electricity (c)Retail Natural GasTotal Reportable SegmentsRetail Electricity (c)Retail Natural GasTotal Reportable Segments
Primary markets (a)
New England$22,122 $984 $23,106 $30,119 $993 $31,112 
Mid-Atlantic32,846 3,529 36,375 32,858 3,478 36,336 
Midwest8,654 1,221 9,875 9,384 1,089 10,473 
Southwest18,993 5,905 24,898 25,494 6,338 31,832 
$82,615 $11,639 $94,254 $97,855 $11,898 $109,753 
Customer type
Commercial$13,326 $6,458 $19,784 $11,655 $6,577 $18,232 
Residential76,374 5,120 81,494 87,012 5,411 92,423 
Unbilled revenue (b)(7,085)61 (7,024)(812)(90)(902)
$82,615 $11,639 $94,254 $97,855 $11,898 $109,753 
Customer credit risk
POR$52,342 $4,307 $56,649 $55,603 $4,078 $59,681 
Non-POR30,273 7,332 37,605 42,252 7,820 50,072 
$82,615 $11,639 $94,254 $97,855 $11,898 $109,753 

Reportable Segments
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
Retail Electricity (c)Retail Natural GasTotal Reportable SegmentsRetail Electricity (c)Retail Natural GasTotal Reportable Segments
Primary markets (a)
New England$70,732 $7,181 $77,913 $89,268 $6,060 $95,328 
Mid-Atlantic91,059 24,696 115,755 84,548 28,753 113,301 
Midwest22,481 10,699 33,180 24,342 13,409 37,751 
Southwest46,820 21,934 68,754 57,289 33,830 91,119 
$231,092 $64,510 $295,602 $255,447 $82,052 $337,499 
Customer type
Commercial$34,680 $38,476 $73,156 $31,301 $47,021 $78,322 
Residential204,278 32,464 236,742 227,669 49,158 276,827 
Unbilled revenue (b)(7,866)(6,430)(14,296)(3,523)(14,127)(17,650)
$231,092 $64,510 $295,602 $255,447 $82,052 $337,499 
Customer credit risk
POR$146,711 $30,953 $177,664 $146,826 $36,432 $183,258 
Non-POR84,381 33,557 117,938 108,621 45,620 154,241 
$231,092 $64,510 $295,602 $255,447 $82,052 $337,499 
Reportable Segments
(a) The primary markets include the following states:
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New England - Connecticut, Maine, Massachusetts and New Hampshire;
Mid-Atlantic - Delaware, Maryland (including the District of Columbia), New Jersey, New York, Pennsylvania and Virginia;
Midwest - Illinois, Indiana, Michigan and Ohio; and
Southwest - Arizona, California, Colorado, Florida, Nevada and Texas.

(b) Unbilled revenue is recorded in total until it is actualized, at which time it is categorized between commercial and residential customers.

(c) Retail Electricity includes Services.

Reconciliation to Condensed Consolidated Financial Information

A reconciliation of the reportable segment operating revenues to consolidated revenues is as follows:

Three Months Ended September 30,Nine Months Ended September 30,
 
2024
2023
2024
2023
Total Reportable Segments Revenue$94,254 $109,753 $295,602 $337,499 
Net asset optimization expense(482)(936)(2,610)(5,568)
Other Revenue2 1,422 1,534 1,559 
Total Revenues$93,774 $110,239 $294,526 $333,490 


We record gross receipts taxes on a gross basis in retail revenues and retail cost of revenues. During the three months ended September 30, 2024 and 2023, our retail revenues included gross receipts taxes of $0.3 million and $0.3 million, respectively, and our retail cost of revenues included gross receipts taxes of $1.3 million and $1.5 million, respectively. During the nine months ended September 30, 2024 and 2023, our retail revenues included gross receipt taxes of $0.8 million, and our retail cost of revenues included gross receipts taxes of $4.0 million and $4.1 million, respectively.

Accounts receivables and Allowance for Credit Losses

The Company conducts business in many utility service markets where the local regulated utility purchases our receivables, and then becomes responsible for billing the customer and collecting payment from the customer (“POR programs”). These POR programs result in substantially all of the Company’s credit risk being linked to the applicable utility, which generally has an investment-grade rating, and not to the end-use customer. The Company monitors the financial condition of each utility and currently believes its receivables are collectible.

In markets that do not offer POR programs or when the Company chooses to directly bill its customers, certain receivables are billed and collected by the Company. The Company bears the credit risk on these accounts and records an appropriate allowance for doubtful accounts to reflect any losses due to non-payment by customers. The Company’s customers are individually insignificant and geographically dispersed in these markets. The Company writes off customer balances when it believes that amounts are no longer collectible and when it has exhausted all means to collect these receivables.

For trade accounts receivables, the Company accrues an allowance for credit losses by business segment by pooling customer accounts receivables based on similar risk characteristics, such as customer type, geography, aging analysis, payment terms, and related macro-economic factors. Expected credit loss exposure is evaluated for each of our accounts receivables pools. Expected credits losses are established using a model that considers historical collections experience, current information, and reasonable and supportable forecasts. The Company writes off accounts receivable balances against the allowance for credit losses when the accounts receivable is deemed to be uncollectible.
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A rollforward of our allowance for credit losses for the nine months ended September 30, 2024 are presented in the table below (in thousands):
Balance at December 31, 2023$(4,496)
Current period credit loss provision(1,858)
Write-offs3,078 
Recovery of previous write-offs(106)
Balance at September 30, 2024$(3,382)


4. Equity

Non-controlling Interest

We hold an economic interest and are the sole managing member in Spark HoldCo, with affiliates of Mr. Maxwell holding the remaining economic interests in Spark HoldCo. As a result, we consolidate the financial position and results of operations of Spark HoldCo, and reflect the economic interests owned by these affiliates as a non-controlling interest. The Company and affiliates owned the following economic interests in Spark HoldCo at September 30, 2024 and December 31, 2023, respectively.

The CompanyAffiliated Owners
September 30, 202445.38 %54.62 %
December 31, 202344.92 %55.08 %

The following table summarizes the portion of net income and income tax expense attributable to non-controlling interest (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income before taxes allocated to non-controlling interest$249 $8,398 $20,469 $14,021 
Less: Income tax expense allocated to non-controlling interest732 1,258 2,384 2,360 
Net (loss) income attributable to non-controlling interests$(483)$7,140 $18,085 $11,661 

Class A Common Stock and Class B Common Stock

Holders of the Company’s Class A common stock and Class B common stock vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law or by our certificate of incorporation.

As a result of the Merger, on June 13, 2024, Mr. Maxwell and his affiliates became the owners of all of the issued and outstanding shares of the Company's Class A common stock and Class B common stock. Effective as of the end of trading on June 13, 2024, the Class A common stock ceased to trade on NASDAQ.

Dividends on Class A Common Stock

Dividends declared for the Company’s Class A common stock are reported as a reduction of retained earnings, or a reduction of additional paid in capital to the extent retained earnings are exhausted. During the three and nine months ended September 30, 2024, we did not pay dividends to the holders of the Company’s Class A common stock and did not make corresponding distributions to our non-controlling interest holders.
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In April 2023, we announced that our Board of Directors elected to temporarily suspend the quarterly cash dividend on the Class A common stock. During the three and nine months ended September 30, 2023, we paid zero and $2.9 million in dividends to the holders of the Company's Class A common stock. This dividend represented a quarterly rate of $0.90625 per share on each share of Class A common stock.

In order to pay our stated dividends to holders of our Class A common stock, our subsidiary, Spark HoldCo is required to make corresponding distributions to holders of its units, including those holders that own our Class B common stock (our non-controlling interest holder). As a result, during the three and nine months ended September 30, 2023, Spark HoldCo made corresponding distributions of zero and $3.6 million to our non-controlling interest holders, respectively.

Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income attributable to stockholders (the numerator) by the weighted-average number of Class A common shares outstanding for the period (the denominator). Class B common shares are not included in the calculation of basic earnings per share because they are not participating securities and have no economic interests. Diluted earnings per share is similarly calculated except that the denominator is increased by potentially dilutive securities.

The following table presents the computation of basic and diluted income per share for the three and nine months ended September 30, 2024 and 2023 (in thousands, except per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income attributable to Via Renewables, Inc. stockholders$2,138 $7,519 $18,329 $15,313 
Less: Dividend on Series A Preferred Stock2,707 2,708 8,130 7,892 
Net (loss) income attributable to stockholders of Class A common stock$(569)$4,811 $10,199 $7,421 
Basic weighted average Class A common shares outstanding3,323 3,232 3,272 3,204 
Basic (loss) income per share attributable to stockholders$(0.17)$1.49 $3.12 $2.32 
Net (loss) income attributable to stockholders of Class A common stock$(569)$4,811 $10,199 $7,421 
Effect of conversion of Class B common stock to shares of Class A common stock 5,803  9,088 
Diluted net (loss) income attributable to stockholders of Class A common stock$(569)$10,614 $10,199 $16,509 
Basic weighted average Class A common shares outstanding3,323 3,232 3,272 3,204 
Effect of dilutive Class B common stock 4,000  4,000 
Diluted weighted average shares outstanding3,323 7,232 3,272 7,204 
Diluted (loss) income per share attributable to stockholders$(0.17)$1.47 $3.12 $2.29 

The computation of diluted earnings per share for the three and nine months ended September 30, 2024, respectively, excludes 4.0 million shares of Class B common stock because the effect of their conversion was
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antidilutive. The Company’s outstanding shares of Series A Preferred Stock were not included in the calculation of diluted earnings per share because they contain only contingent redemption provisions that have not occurred.

Variable Interest Entity

Spark HoldCo is a variable interest entity due to its lack of rights to participate in significant financial and operating decisions and its inability to dissolve or otherwise remove its management. Spark HoldCo owns all of the outstanding membership interests in each of our operating subsidiaries. We are the sole managing member of Spark HoldCo, manage Spark HoldCo’s operating subsidiaries through this managing membership interest, and are considered the primary beneficiary of Spark HoldCo. The assets of Spark HoldCo cannot be used to settle our obligations except through distributions to us, and the liabilities of Spark HoldCo cannot be settled by us except through contributions to Spark HoldCo. The following table includes the carrying amounts and classification of the assets and liabilities of Spark HoldCo that are included in our condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023 (in thousands):
September 30, 2024December 31, 2023
Assets
Current assets:
   Cash and cash equivalents$66,466 $42,062 
   Accounts receivable40,866 62,548 
   Other current assets44,274 50,650 
   Total current assets151,606 155,260 
Non-current assets:
   Goodwill120,343 120,343 
   Other assets13,041 11,351 
   Total non-current assets133,384 131,694 
   Total Assets$284,990 $286,954 
Liabilities
Current liabilities:
   Accounts payable and accrued liabilities$37,345 $44,201 
   Other current liabilities58,639 71,994 
   Total current liabilities95,984 116,195 
Long-term liabilities:
   Long-term portion of Senior Credit Facility89,000 97,000 
   Subordinated debt affiliate
  
   Other long-term liabilities405 54 
   Total long-term liabilities89,405 97,054