Q4 and Year End Results 2013 Highlights
15.1% year-over-year growth in electricity and natural gas customers to 615,373, up from 534,564 as at December 31, 2012, representing 80,809 net customers added. The strong growth was led by our Network Marketing and Strategic Marketing Partnership channels, up 23% and 161% in the period
Sold 5.1 million MWh of electricity, 4.7 million MMBtu of natural gas and solar systems with total generation capacity of 2,200 KW
Revenue of $507.1 million
Gross margin of $103.4 million, representing 20.4% of revenue
Adjusted EBITDA of $32.2 million, representing 6.3% of revenue
Total distributions of $37.3 million paid, normalized for distributions related to the 2012 stub period
Total cash and availability of $27.5 million, consisting of $15.3 million in cash and $12.2 million available under our credit facility
Product suite expanded to include residential solar energy products and services through marketing relationship with SolarCity
Expanded electricity and natural gas service offerings under multiple brands:
Viridian Energy entered two new electric utility service areas, five new natural gas utility service areas and three new states
FTR Energy Service entered three new electric utility service areas and one new state
Public Power entered five new electric utility service areas and three new natural gas utility service areas
Acquired a portfolio of residential and small commercial customer accounts in New Hampshire from PNE Energy Supply LLC
Strengthened the management team through the appointments of Chaitu Parikh as Chief Operating Officer, Seth Zuckerman as Senior Vice President of Finance, and Pradeep Tiwari as Vice President of Information Technology. In addition, Meredith Berkich was promoted to President of Viridian Energy and Cami Boehme was promoted to the newly created position of Chief Strategy Officer.
Q4 2014 Highlights
Sold 1.2 million MWh of electricity, 1.9 million MMBtu of natural gas and solar systems with total generation capacity of 2,000 KW
0.8% quarter-over-quarter growth in electricity and natural gas customers to 615,373, up from 610,459 as at September 30, 2013, representing 4,914 net customers added
Revenue of $128.6 million
Gross margin of $24.9 million, representing 19.4% of revenue
Adjusted EBITDA of $6.1 million, representing 4.7% of revenue. Adjusted EBITDA was impacted by a non-cash adjustment at year-end of $2.6 million relating to a change in estimate of the uncollectibility of customer accounts receivable balances in markets where we are subject to credit risk. Normalizing for this impact, Adjusted EBITDA was $8.7 million in the quarter.